CHARITY REGISTRATION NUMBER: 1171715
Wavestone UK Trust (formerly PEN Trust)
Unaudited Financial Statements
5 April 2025
BURGESS HODGSON AUDIT LIMITED
Chartered accountants
Camburgh House
27 New Dover Road
Canterbury
Kent
CT13DN

Wavestone UK Trust (formerly PEN Trust)
Financial Statements
Year ended 5 April 2025
Page
Trustees, annual report
Independent examiner's report to the trustees
Statement of financial activities
Statement of financial position
Notes to the financial statements

Wavestone UK Trust (formerly PEN Trust)
Trustees. Annual Report
Year ended 5 April 2025
The trustees present their report and the unaudited financial statements of the charity for the year
ended 5 April 2025.
Reference and administrative details
Registered charity name
Wavestone UK Trust (formerty PEN Trust)
Charity registration number
1171715
Principal office
10 Exchange Square
Broadgate
London
EC2A 2BR
The trustees
l Main
A Hancock
C Goddard
L Hubbard
C Poskitt
(Resigned 31 March 2025)
(Resigned 5 August 2025)
(Appointed 2 April 2025)
(Appointed 2 April 2025)
Independent examiner
Andrew Collyer
Burgess Hodgson Audit Limited
Camburgh House
27 New Dover Road
Canterbury
Kent
CT13DN

Wavestone UK Trust (formerly PEN Trust)
Trustees. Annual Report (continued)
Year ended 5 April 2025
Structure, governance and management
Appointment of trustees
Austen Hancock. Charlie Goddard and lain Main were appointed as Trustees by special resolution
during the formation of the Trust and the signing of Trust's governing document in 2017. They were in
place during registration with the Charity Commission in 2016117 and have been in place during this
eighth full year of operation. lain Main retired from the board at the end of March 2025. Charlie
Goddard retired as a trustee in August 2025. Lee Hubbard and Chadotte Poskitt have been appointed
as trustees during the AGM conducted on the 2nd April 2025.
Tmstees
Please refer to figure 1 below. The Trust is managed by the Trustees, who meet quarterly at Trustee
meetings, at which all business of the Trust is discussed, including management, funding and
grant-giving. Feedback and recommendations from the Management Group are also considered at
these meetings.
Management Group
Under the Trustees sits a management group, made up of the Trustees and some employees of
Wavestone Advisors UK who volunteer to help the Trust. This is the day-to-day operational group of
the Trust and handles the relationships with the charities to which the Trust gives funding. This group
also maintains the relationship with the management team at Wavestone UK, in order to manage the
funding provided by the Trust.
This governance structure is depicted in the diagram below.
Wavestone UK Trust- Governance Model
Trust Deed
Trust Charter
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Objectives and activities
Objectives of the charity and its constitution
1. The advancement of education and the relief of those in need by reason of youth.
2. The occasional giving of grants to other charities, as agreed by the Trustees.
The Trustees have managed the charity throughout its operation with the utmost regard to following
the Charity Commission's guidance on public benefit. These are set out in the Trust deed, which is the
governing document of the Trust, and constitutes its organization and operation.

Wavestone UK Trust (formerly PEN Trust)
Trustees. Annual Report (continued)
Year ended 5 April 2025
The Trust is primarily a grant-giving charity, using its funding to grant funds in turn to other UK
charities. Vvhere the Trust has established multi-year relationships with 'partnel charities, Trustees
and Trust volunteers will provide limited non-financial support to these organizations. The Trust was
set up by employees of PEN Partnership Ltd (known from mid-2024 as Wavestone Business Advisors
UK Ltd, ('Wavestone')), a management consulting business based in Central London, to receive
funding from this business and in tum use this funding to provide grants to UK registered charities in
the areas of the charitable objectives as set out above. The PEN Trust has been renamed and will
now operate under the new name of Wavestone UK Trust"
In normal operating conditions Wavestone donates an annually granted sum to the Trust to enable it
to carry out its objectives.
Achievements and perforniance
The Trust continued its grant￿1VIng partnerships with three main UK charities (Lords Taverners,
Downside Fisher, Renaissance Foundation) representing the majority of charitable activities and the
majority of funding provided.
The Trust also provided donations to other charities at the discretion of the Trustees. In the fourth
quarter of 2024, the Trust, under its new operating name "Wavestone UK Trust
selected a new
fourth charity partner "Shooting Stars, Children's Hospice" Further details on structure and
performance can be found below.
Performance - non-financial
The Trust has achieved its objectives this year, donating much needed grants to Youth Charities
around London and the Southeast, and providing one-off donations to other charities as selected by
volunteers running the Trust.
The main objectives of our partner charities are listed below and can be found in their own literature.
Charitable donations (CC number)
Downside Fisher {252196)
Societal benefft provided
Provision of youth services and youth club facilities to children and
young people in South London
Provision of sports and especially cricket-based leisure and
education to disadvantage and disabled young people
Provision of external education and experience programmes for
disadvantaged children and child carers in East London
The charity provides care services to life-limited children and their
families at home, in the community and at their two hospices,
Christopher's in Guildford and Shooting Star House in Hampton.
These services included respite care. symptom management and
end of life care. A wide range of therapy and bereavement
counselling services are also provided for children and family
members.
Lords Taverners13060541
Renaissance Foundation (1128772)
Shooting Stars (1042495)
Trustees and Trust volunteers have also worked with our main partner charities to provide
non-financial support where possible. This has included-
Technical I IT support
Project and event management
Marketing and online promotion
The Trust continues to build these relationships and is looking forward to continuing them into the next
period.

Wavestone UK Trust (formerly PEN Trust)
Trustees. Annual Report (continued)
Year ended 5 April 2025
Financial review
In this eighth year of the Trust's existence, it performed as per its objectives and was Suc￿sS￿J1 in
doing so, donating over £79,613 to charities in the UK. The trust continued to receive funding from
Wavestone Foundation, and in turn providing grants to partner and other UK charities.
RESER VES A T YEAR END
In this year we closed the accounts with £77,713.06 in the bank, as the Trusts was able to grant >50 %
of its revenue for this year. Grants were slowed by the delay in the Trust's income, and accepting a
new charitable partner towards the latter end of the financial year. This sum is budgeted to be granted
in FY 25126.
Performance - financial
Opening balance
The Trust commenced this reporting period with an opening balance of £9,761.48.
Funding
The Trust received £151,874.23 in donations from PEN Partnership and Wavestone in this reporting
period.
Expenditure
Total expenditure on Trust activities was £79,620.65 which is made up of charitable grant giving in
totality. The Trust also faced £110.50 of bank charges (net of loyalty payments) and £4,200 of
administration costs (External Auditor invoice). Please refer to externally audited financial statements
for further details.
Reserves
At the end of the period the Trust held a cash surplus (unrestricted fijnds) of £77,713.06. This surplus
will be used in the next period according to the Trusts reserves policy, namely.. Reserves are
maintained into the following year and used in addition to the Trusts annual funding to achieve its
objectives.
The trustees, annual report was approved on
trustees by..
1st October 25
and signed on behalf of the board of
L Hubbard
Trustee

Wavestone UK Trust (formerly PEN Trust)
Independent Examinerfs Report to the Trustees of Wavestone UK Trust
(formerly PEN Trust)
Year ended 5 April 2025
I report to the trustees on my examination of the financial statements of Wavestone UK Trust (formerly
PEN Trust) {'the charity,) for the year ended 5 April 2025.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in
accordance with the requirements of the Charities Act 2011 ('the Act,).
I report in respect of my examination of the charity's financial statements carried out under section 145
of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given
by the Charity Commission under section 145(5)(b) of the Act.
Independent examinerfs statement
I have completed my examination. I confirm that no material matters have come to my attention in
connection with the examination giving me cause to believe that in any material respect..
accounting records were not kept in respect of the charity as required by section 130 of the
Act., or
the financial statements do not accord with those records., or
the financial statements do not comply with the applicable requirements con￿MIng the
form and content of accounts set out in the Charities (Accounts and Reports) Regulations
2008 other than any requirement that the accounts give a 'true and fair, view which is not a
matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to
which attention should be drawn in this report in order to enable a proper understanding of the
accounts to be reached.
Andrew Collyer
Burgess Hodgson Audit Limited
Independent Examiner
Camburgh House
27 New Dover Road
Canterbury
Kent
CT13DN
0111012025

Wavestone UK Trust (formerly PEN Trust)
Statement of Financial Activities
Year ended 5 April 2025
2025
Unrestricted
funds Totsl funds Total funds
2024
Note
Income and endowments
Donations and legacies
Total income
151,874
151,874
99,800
151,874
151,874
99,800
Expenditure
Expenditure on charitable activities
Totsl expenditure
86,372
86,372
122,487
86,372
86,372
122,487
Net incomel(expenditure) and net movement in funds
65,502
65,502
(22,687)
Reconciliation of funds
Total funds brought forward
Total funds carried forward
7,422
7,422
30,109
72,924
72,924
7,422
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The notes on pages 8 to 10 forni part of these financial statements.

Wavestone UK Trust (formerly PEN Trust)
Statement of Financial Position
5 April 2025
2025
2024
Note
Current assets
Cash at bank and in hand
77,714
9,762
Creditors: amounts falling due within one year
Net current assets
10
4,790
2,340
72,924
7,422
Total assets less current liabilities
72,924
7,422
Net assets
72,924
7,422
Funds of the charity
Unrestricted funds
72,924
7,422
Total charity funds
11
72,924
7,422
These financial statements were approved by the board of trustees and authorised for issue on
1st October 25 and are signed on behalf of the board by..
L Hubbard
Trustee
The notes on pages 8 to 10 forni part of these financial statements.

Wavestone UK Trust (formerly PEN Trust)
Notes to the Financial Statements
Year ended 5 April 2025
General inforniation
The charity is a public benefit entty and a registered charty in England and Wales and is
unincorporated. The address of the principal Offi￿ is Wesffield Cottage, 150 Bloomfield Road,
Bath, BA2 2AT.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial
Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of
Recommended Practice applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities
SORP (FRS 1021) and the Charities Act 2011.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the
revaluation of certain financial assets and liabilities and investment properties measured at fair
value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements,
estimates and assumptions that affect the amounts reported. These estimates and judgements
are continually reviewed and are based on experience and other factors, including expectations
of future events that are believed to be reasonable under the cirCumstan￿s.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the
charity's purposes.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the
charity, it is probable that the economic benefits associated with the transaction will flow to the
charity and the amount can be reliably measured. The following specific policies are applied to
particular categories of income"
income from donations or grants is recognised when there is eviden￿ of entitlement to the gift,
receipt is probable and its amount can be measured reliabty.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any
VAT which cannot be fully recovered. and is classified under headings of the statement of
financial activities to which it relates..

Wavestone UK Trust (formerly PEN Trust)
Notes to the Financial Statements (continued)
Year ended 5 April 2025
Accounting policies (continued)
Resources expended (continued)
expenditure on charitable activities includes all costs incurred by a charity in undertaking
activities that further its charitable aims for the benefit of its beneficiaries, including those support
costs and costs relating to the governance of the charity apportioned to charitable activities.
Financial instruments
Financial instruments are classified and accounted for, according to the substsnce of the
contractual arrangements entered into.
Debtors and creditors with no stated interest rate and receivable or payable within one year are
recorded at transaction price. Any losses arising from impairment are recognised in the profit and
loss account in other administrative expenses.
Donations and legacies
Unrestricted Total Funds Unrestricted Total Funds
Funds
2025
Funds
2024
Donations
Donations received
151,874
151,874
99,800
99,800
Expenditure on charitable activities by fund type
Unrestricted Total Funds Unrestricted Total Funds
Funds
2025
Funds
2024
All charitable activities
Support costs
79,612
6,760
79,612
6,760
120,025
2,462
120,025
2,462
86,372
86,372
122,487
122,487
Expenditure on charitable activities by activity type
Activities
undertaken
directly
Support Total funds
costs
2025
Total fund
2024
All charitable activities
Governance costs
79.612
79,612
6,760
120,025
2,462
6,760
79,612
6,760
86,372
122,487
Independent examination fees
During the reporting period there were £4,200 fees payable to the independent examiner for the
independent examination of the financial statements (2024.. £2,340).

Wavestone UK Trust (formerly PEN Trust)
Notes to the Financial Statements (continued)
Year ended 5 April 2025
Staff costs
The total staff costs and employee benefits for the reporting period are £Nil (2024: £Nil).
The average head count of employees during the year was Nil {2024'. Nil).
No employee re￿iVed employee benefits of more than £60,000 during the year (2024.. Nil).
Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were
received by the trustees.
No trustee expenses have been incurred.
10. Creditors: amounts falling due within one year
2025
2024
Accruals and deferred income
4,790
2,340
11. Analysis of charitable funds
Unrestricted funds
At
6 April 2024
At
Income Expenditure S April 2025
General funds
7,422
151,874
(86,372}
72,924
At
6 April 2023
At
Income Expenditure 5 April 2024
General funds
30,109
99,800
(122,487)
7,422
12. Analysis of net assets between funds
Unrestricted Total Funds
Funds
2025
Current assets
Creditors less than 1 year
Net assets
77,714
(4,790)
72,924
77,714
(4,7901
72,924
Unrestricted Total Funds
Funds
2024
Current assets
Creditors less than 1 year
Net assets
9,762
{2,340)
7.422
9,762
(2,3401
7,422
10