WYMN FOUNDATION UMITED Charity rngistrntlon numb•r 1175210 Company r•gistration number 10778571 (England and Wal•s ANNUAL REPORT AND UNAUDITED FINAPICIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 WYNN FOUNDATION LIMITED LEGAL AND ADMINISTRATIVE INFORMATION TTUSt•es MrsJBWnn MrGRWnn Mr LR Feehan Mrs H Smith Mr J Feehan Mrs C SIc*kes Charity nUM￿r 1175210 Company numbor 1077B571 Registsf•d offi Cosford Grange Hotyhead Road Cosford Shifnal Shropshire TF11 gJB IndO￿ndent •xamlner Dyke Yaxley Limited 1 Brassey Road Old Potts Way Shrewsbury Shropshire SY3 7FA WYNN FOUNDATION LIMITED CONTENTS Page Trustees. repwt Slatsmenl of Trustees, responsibilities Independ8nl examinels report Statement of financial adivilies 10 Balance sheet 11 Notès 10 thè financial statements 12-19 WYNN FOUNDATION LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their anrwal report and finon¢ial stat8men15 for the yfjar 8nded 31 March 2024. The financial slalemenls have been prepared in a¢¢ordance with the a￿untIng poliaes sel out in note 1 lo the financial statèm&nts and compty with the Foundation's Memorandum and Articles, thè Companies Act 20￿ and "Accounting and Reporting by Ch81itiès.' Statement of Recornrnended Practic• applicablè lo charibes preparing their accoun15 in accordance with the Finanaal R9PQrting Standard 8pplicable in Ihe UK and R•public of Ireland (FRS 102) (effective 1 January 20191". Obj•ctSves and octlvltle$ Pol1cl￿ and obje¢tiv$8 The Foundation's purposos as sel out in the objects contained in the Memorandum and Articles of AS￿latIOn are: o advance suoh ch81itable (acGordirJg to th8 law of England snd Wales) as the Dir8Gtots see fit fmm tu to tim&, Fn particular birt not linNted to for the public benefit lo thos61 disadvan1a￿d, in poverty, disablgd, 1K)n￿lesS or poor. and to pmvid& &ducalion for Ihe saffle in community pmj&cts, commurrity found8fvons. pmmotion and involvgmgnl of health, wellbeing and Ihe gnvifonmènt. primanly, not exdu&vely in shropshi￿, induding the lurtherènee of communty pmj8¢ts, by the way of financial assistance or otheThwse in su¢h ways as the dirèctotS think fft." In setling obje¢bvo8 and planrllng foi 8¢tivlties, the Trustees have given due consideration to general guKlan¢e published by the Charity Commission rÈlating to public benefrt. Snclude the guidance 'Public b&nefft'. running a charity IPB21'. Strategi•$ for achleving obleetlves To delNer the following seThice and support prirnarity, bul not gxdusl￿Iy. in Shrop5hir¢: Support the disa¢fvantagttd induding people and groups in poverty, disable. homtrlgss and poor people. Provide education and educational opportunities for Ihese groups in communty projèct$. Promotion of healttFrelaled projects in¢luding the improvement of hgatth, environment and wdlbeing for the community. Support of ¢ommunity projects. The Trustges have paid due regard to guidance Issu￿ by the Charity Commission in dec4dlng what actSvitles Ihe FoundalK)n shoLdd undertake. ActlVltl￿ und•rtak•n to achi•ve objo¢Oves These obieds wll ￿ delivered by.. Provision of grants to individuals Provision of giants lo organisalions Provision of support services PrOwS￿n of advo¢a¢yladV￿￿Inf0rrn8Ii0n Achievements •nd perfonnance Maln a¢hi•vom8nts of the Company The report will be structured in 5 distinct section5.' 1. General inforrTtalion about the progress that Wnn Foundation hos made 2. Grant making policy 3. Review of activtbes 4. Geographical distribution of ￿nn Foundalon funds wa grant apF4ications 5. Distribution of ￿rtn Foundation fijnds by organisallon type WYNN FOUNDATION LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 G•n•rnl Inforn￿tIOn about th• Wynn Foundation The Wnn Foundation has issuèd 58 grants for the period 1 April 2023- 31 March 2024 £ 75,005 has beèn awarded durlng the period {2023= £53.6731 £1.260 has been paid in accountancy fee$ £154 has been paid in website fee5 The secretary is fundod by a sèparate company Wnn Developments Limited There are no venue Costs 85 m@&tin9s h05ted by famlty Th$ Foundation has a website outlining our aims, how to ¢orrtact us and apply for a grant. wvM.wynnfoundation.co.uk- th9 webpage also has a seclion deilicated lo show¢asing how thtr grants have been used by Ihe organizations who hav& benefitted The grant making process and KPIS in place forthe Wnn Foundation have been revi8wgd.' A grant application fom musl btr filled out by a nominee before any application Can be considered this can be submitted by hand, post or electroniealty via the Wynn Foundalion website. Key Performance Indicators with timescales {reviewed this ye8r}: The application form will be acknowledged by the Wynn Foundation Secretary within 48 working hours of re¢eipl by email describing nèxt Steps and timeline. An Out ol Offi¢e mÈssage wdl be sel and sent when emails are not monitored. Upon re￿Ipt of the completèd grant applicalion. the Secrolary will allo¢ale it lo a Wynn Foundation Trustee, using a rolling cycle of allocations, within 48 working hours. The allorAted Trustee is to make inrtial ¢onlacl with the application nominee within 7 days lo introdu¢e themselves and arrange an assessment ol the appli￿110n at a mutually convenient ts'me. A$se5sm8nt - either by phone. Zoom or F8¢e lo Face. An assessm&nl uileria checkllsl 18 to be used to •n$ure uniform assessment information acquired. The Foundation meets qU8rterly lo diseuss, a55ess and make decisions about th• appli¢alions. Each meeting has an agenda and is minuled. Grant application nominees will b8 at1vi8ed of the Out￿Me wrfhln 7 days of the meeting of the nn Foundation TtU51ee5. Cheques lo be delivered lo appll¢anl within 2 weeks The Foundation is reglstered with the Charity Commission Thè Foundation is al30 exempt from Corporation Tax as a recognised charity WYNN FOUNDATION LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grdnt making pollcy Tre Wnn FoLJndation outlines rts Charitable ObieLl$ on the Charlty Commission Website. These objects determine which types of organisations, groups and Individuals Can appty for grants Charity Comfflission activitie5 slalement.. 'Awarding grants, support Sewlces and 8dvicg piimaklly in Shropshitp to support people and groups in povorty, dis&bl8d, hom&less antl poor people. Pffjvide educalion and educotsonal Opportun￿&$ for Ihgse gmups in community projects. Pmmc*tiOJry of health-related projects iftTrClUth￿ th& inyovem&nl of heath, enwffjnment and welfvbeing forthe community. Support ofcommunityprojects." Th& types of ¢rganisations and exdusk)ns are also ouuines on our ￿nn Foundation website and on ow application form. Ex¢lusions Can also be foLtnd on th8 website. Thes• categorie$ are typicalty supported.. Disabled Career sUPPOrt Homelessness Community group Unemployed El(lerty Young people Sporting group Other Ex¢lwlong Further guidanc• for applicants can also k found on our Excluslons Section of Ihe website. Applications for the following wll nol usually be accepleij". General appeals or letter$ requesting donations Organisalions thal do nol have charitable aims {eg commercAal companies and companie8 limitad by shares) Ovèrtty political projects linduding party-po1￿Cal and campaigning projects) Animal related ¢harities Oiganisations that have applled to u8 unsuccessfvlly within the previous 12 monihs (unless invited by us to do 30) Requests for support for Revonue costs, induding 8alaflg$. We woukl consider personnel ¢osts rf they are part of 8 project. WYNN FOUNDATION LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 R•view of aetfvltieg The organisalions, groups and iThJNiduals apptying for grants spe￿fy what the grant is required for. The Foundalion r￿ularlY gèts updates from successful applic8nts with information on how the grants havè been used. The infonnalion gathered is assessed against the original grant application's stated ￿quIrem&nI5. Here are som& examples of the grants we have allocated.. H•4dway Shropshire Email received from operations manager .1 hop8 this email finds you well. l am writing lo express our sincere gratitude for the opportunity to meet Graham yesterday. where he presented us with a generous cheque for our computer room at Headway Shropshire. We are Ihanklul for the support from The Wnn Foundation, and we arè exriled abgul the positive impact this grant will have on our complrter room. We want lo extend our gratitude lo Graham and the Wynn Foundation for their commitment lo gmpowering communty in￿"alIves. If there are any additional details or requirements for the website listing, please let us thow. Once again, thank you for the invaluable SLWPQrt and we bok fO￿ard to the positive ¢h8nges ahead-. Safe Plates Shropshire Card offhanks r8celved from the chair. Shln¥ 'Dear Claire, Thank you from us all at Shine for your donation of £1,000 to support our rTrember5 in Shropshire which arrived safely today. The ￿nn Foundation are a new supporter foi Shine and we really appreciatè your ¢onfidence in us lo deliver help and support to our 147 member of all agès in Shropshiie. Your contribution will help us lo offer anyone affe¢t¢d by spina bifida or hydrocephalus free, lifelong membership to our organyzalivn. Our members conline to tell us how much this means lo them. They highlight the valuè of i)ur expèrt knowledge, which gives them the conffideno, knowledge and resilience they need to manage long tèm heamh issues. They value thè reas$ur8nce and support we prowde, and the ¢omfort of knowing that we can be relied on al every stage of thèir lives and they tèll u5 that wè give them g sense of belonging by connecting them lo people who Share similar condrtitsns. Your support rneans that w& Gan staff our 5etvices, produce resour¢es and hdd events this year bul ultimately it means that our members have a sense of stsbilrty 8n(J communty that keeps them going. In the words of Rose whose daughter has spina bifida,. Shine 1$ the onty organi38tion th81 sees C8rys as Carys. the whole beautiful magical person that she is all al or$￿. There is not ono aspecl of her life that Shine has not been involved In. Shine have given us their lime in abundance and shown us so much love over thè years, the b$sl gift of all. could not achieve thi$ without you. Thank you for playing su¢h an important part in our wc*k. Please aeeepl thi5 correspondtnce a5 confirmaiion of re¢eipl of fvnds. We look forward to updating you on our continued pro9￿$5 and sh you well." Ag8 UK "Dear Luke. I hopè thi8 lettgl finds you well. I wanted to lake a moment to 8xpre$s my hgartfelt gratitude lo you ond the other trustee$ al the Wnn Foundation for awarding us a giant of £1,000 towards our voluntee15 Chrtstmas lunch. Every year wè bring our volunteers together to ¢elebrate thèir efforts and treat them to a Christrnas lunch. Jts a k)vety soual event lo say thank you aftd our volunteers in drfferenl departments gel lo meat ea¢h othei and so¢ialvze outside their usual volunteering roles. Wilh lots of chariti.es looking al budgets and making cuts, we really apprecAale the support in ensuring this event CA)ntinuès and we ¢an still show our appreeiation for the people who make our services what they are today. We are committed to making latei lrfe the best it ¢an b8 for every local older person. Any donation of fiJnds raised in aid of Age UK Shropshire Telford & Wrakin slay within the county of Shropshirè & Tebford. We are indopendent from the national Age UK charity. 80 evèry penny donated to US counts. Please accept this letter as a receipl ft>r th& cheque." WYNN FOUNDATION LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Tablè A- Numb•r of appli¢ants by c¥t•yory 2023- 24: 024 11 17 ommunity Group i$8bled Iderf IheT porhng group oung people 11 11 Tabk B- Number of applic•lOons by geographlcal area 2023- 24 024 10 of area ejected hropshiie elford & ￿kin Investhwnt perfomiance Investments are in a low-medium risk porifolKI which is independgntty manag&d. Flnancial revl•w Going Con￿rn After making appropriate enquirès. the Trustees have a reasonat4e oxpectalion that the ¢ompany has adequale resources lo ¢ontinue i) operational existence for Ihe fore$¢eable future. For reason, they continue lo adopl the going concem basis in preparing th9 financlal statements. Further details regording the adoption of the going conc¢m basis can be fourKI in the accounling poliues. Resorws policy The monèy was put Into the W)n Ftsundalion a5 ¥ pèrpetual fvnd. We anlScApate dbstrlbuting betsveen £40,LX)O and £80,000 pèr annurn, mainly using interest received froim the invèstment of the maiorty of the initial funds invested of £750.000. The funds have been responsibly invested to eam interest for this purpose and thus keep the charity going in perpetuity. The Charity's policy is lo hold a minimum of £40.000 as a reserve at all times. Thè Statement of the F*iawal Acllwlles shr)ws total funds of the ¢harty at 31 March 2024 were £688.390(2023: £694.9031, of Ihls £688,390. rapTesonts the freo reserve8 surplus. Stru¢tur•. govem•nc• and managemènt Corh¥titution The Foundation Is a company limited by guarantee, incorpotated in England and Wa185 on 18 May 2017, govemed by ils Memorandum Bnd Artides ofA550ciation dated 2 May 2017. 11 is registertrd as 8 ehartrty with the Charity Commission in England and Wales, regist¥red charity number 1175210. Eath ofthe Trustees agree to ￿ntribute £1 in Ihe event of the ch8rity ￿nd￿9 up. WYNN FOUNDATION LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Organisatlonal stru¢ture There is one Chair Person, electèd by th• ¢)ther committee memb&rs. There are slx Trustees on the ¢ommittee. The Trustees, who are also the directors for the purpose of company law, and ￿ s&rved during the year and up to the dale of sign8lure of the financial st8tÉmenls were.. Mrs J B MrGRWynn Mr L R Fèehan Mrs H Smith Mr J Feehan Mrs C Stokes Appolntmont olTru&tso¥ The management ufthe company is the responsibilty of the TDJslees who are elected and CO￿pted underthe terms of the Memorandum ofAssocialion. Financè person The committee utilises a treasU￿r. Account$ are prepargd by Dyke Y8xleyAccountants. The committee is made up of Trustees and mpmbeTS who support and rnaintain the Wnn Foundation. There is 8180 one $eGretary to prO￿lde adminislralr¥• profession41 support. The secretary is not a Trustee. Mèotlngs and governan¢• Meetings are held once a quarter. being a totsl of lour meètings a year and an AGM. Mèets'ngs a￿ held lo discuss all aspects of the Wnn Foundation's requirements. Grant applications ar& dislribLrted lo the members on receipt, they then iesearch and folow up on applieAlions. and present their findings al each quarterfy meeting. The Trustees discuss the appli¢alions and make a de¢ision about the awafding of a 9ranl lo organisalion who have appliod. Agendas and minutès wll be CTealed, disserninated lo all inter8sl&d pa￿.6$ and stored securety lo proMde a ILAI a¢¢ount and record of the meetings. New Trustees are inductéd into the workings of the Chartty, induding polldes and prO￿dUr¥S, and provided with appropriate supporting info￿allon. Flnanel•l risk management The Trustees have assèssèd the major risks to which the Company is exposed. In particular those ralaled to the operations and finances of the company. and are satisfied that sysl&m$ and pro¢edures are h) pl￿8 to mitigale exposure to the major risk5. Plang forfutur• pèriods Going forward the WAn Foundation will ¢onlinue to ¢arry on in perpeluity, meeb.ng its ¢harilable obl￿tiveS an using the income from invested funds for the dislribulion of grants. We have now got all structures and govemance in place lo operate the charity in the way we intended when setting it up. We have osiablished a website and applicants can apply both online of by postal applulion. WYNN FOUNDATION LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (coKfiNUED) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees. report was approved by the Board of Trustees. MrsJ BWnn Tru¥tae WYNN FOUNDATION LIMITED INDEPENDENT EXAMINER'S REPORT TOTHETRUSTEES OF WYNN FOUNDATION UMITED I report lo the Trustses on my examinatlon of f￿a￿al stalemènls of ￿nn Foundation Limitad Ilhe Foundalionl for tho year ended 31 March 2024. Respon$lbllitles and basls of report As the Trusteès of the Foundation land also its dwectors for the purposes of company L3wl you are responsibl8 for the preparalii)n of th8 finan¢ial Statements In accordance with the requirements of Ihe Companies Act 2006 Ilhe 2(106 Act). Having satisfied myself that the finana81 statements of the Foundatifxb are not requirtrd lo be audited under Part 16 of the 2008 Act and are eligible for independent examination, I report in re$pe¢t of my examination of the Foundation's financial staloments carried out under section 145 of the Charities Act 2011 {the 2011 Acll. In carying out my examination I have followed all the applicabtg Diiections givgn by the Charty Commission under se￿10n 145{5llb} of the 2011 Ad. Ind•pgndent examln•rfJ ¥tatement I have completed my examination. I confirm th81 no matt&r$ have come lo my attention in connedion with the examination giving me cause to believe that in any material respect: accounting records wer9 not kept in respect ol the Foundation as required by seclion 386 of the 2C4X Ad: or the finanaal statements do not xcord wilh those records., or the financial stslernents do not ¢ompty with the accounting requiiements of section 396 01 thè 2006 Act other than any requirement that the accounts give a true and fair ￿eW 1$ not a matter cc*nsidered as part of an independent examinAlion', or the finanaal statèments have not been prepared in accordance with the methods and principlas of Ihtt Slaternent of R&¢ommended Practice for accounting and reporting by charities applicable to charities p￿parIng their accounts in ac¢ordance with thè FinanrAal R8pth"ng Standard applicable in the UK and Republic of Ir&land IFRS 102). I have no concems and have come acros$ no other matters in o)nnection with the examlnaUtsn lo wh￿h attention should be drawn in this report in order lo enable a proper understanding of the financial s*atem&nts to be r¢a¢hed. Sta￿Y Lea Dyke Yaxley Limrted 1 Brassey Road Old Potts Way Shrewsbury Shrop$hire SY3 7FA Dafrd". glILIIGL WYNN FOUNDATION LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Truslees. who are also the directors of Wnn Foundation Limited for the pU￿0$e of company law, are responsiblè for preparing the Trustee$. Report and the )Sn8ncial stslemenls in accordanco with applicable law and Unr(ed lQngdom Accounling Standards (United Kingdom Gener8llyAccepted A¢¢ounling Pradice). Company Law requires the Trustees lo prepare financial statements for each financial year which gNe a truè and fair wew of the state of affalrs of Ihe Foundation and of the inojming resources and application of resources. induding the incomè and expenditure, of the ¢haritabbe ctsmpany for th81 year. In preparing these flnan¢io1 stslements. the Twst8es are required lo.. - select Suitable accounllng pol￿e$ and then appty Ih9rn con$istgnl1y', observe the mathods and principles in the Charities SORP- - maka judg&menl$ and e3limat8s that are reasonable and prudent., slate whether applicable UK Awunling Stsndards have been followed. subject lo any malerfal departu￿8 disclosed and explained in the finanual statements-. and prepare the finan¢lal $1olements on the going concem basis unle&8 it Ss inapproprlalg lo presume that the Foundatitsn will continue in operation. Thg Trustees are responsible for keeping adequate accounting ie¢yJrds that disdo$e with ￿aSOnable ac¢uracy at any time the financial p0s￿on of the FLiundalion and enable them to ènsure that the financial statements comply th the Companies Act 2006. Thoy are 81$0 responsiblè for safeguarding the assets of the Foundation and hence for tsking reasonable steps for the prevention and detection of fraud 8nd othgr irregulariti8 WYNN FOUNDATION LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unr•strl¢ted funds 2024 Unre$lri¢tod (ynds 2023 Nots$ Income from.. Investments 28,844 10,276 Total Ineom? 28,844 10,276 Expendltur• on". Raising funds Charitable actimtigs 3,757 59.788 15.387 70.198 Total •xpenditur• 63.545 85,585 Nel gainslllosse$) on investments f o 28,188 195.3441 N•t eX￿nditU￿ and mov¢m•Trt in funds 16,513) 1170.6531 ReconciliatFon of funds.. Fund balan¢es at 1 April 2023 694.9D3 865,556 Fund balanc¢$ at 31 March 2024 688.390 694.903 The slalemenl of financial activitses indude$ all galns and losses recognised in th¢ year. Al Inco￿ and expenditure derive from continuing activities. 10- WYNN FOUNDATION LIMITED BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notss Fixed a$$•ts Inveslmnls 12 664,495 637,567 Currnnt atsets Ca$h at bank and In hand 23.895 57,336 Net current a¥$•ts 23.895 S7,336 Total assets les¥ Current liablllties 688,390 694,903 The funds of thè Foundation Unrestricted funds 13 888.390 694.903 688.390 s94.￿3 The company 15 •ntitied to the ex¢mption from the audr( requirtment conlained in sgction 477 (rf the Cornpanies Act 20C*, foT the year ended 31 March 2024. The direetors acknowledge theiT responslbililies for complyin9 Wtth the wuirements of the Companies Act 2006 with respect lo aco)unb'ng re¢ords and th¢ preparation of ￿nancial statements. The rnernbets have not required the company lo obtain an audrt of its financlal slalemenls forthe yoar in quesloon In accordance wth section 476. These financial statements have been prgpared in a¢¢ordance with th$ pmmsions appli¢able to companles subject to the small companies regime. The financxal s18l¢menls were awoved by thé Trustees on.. . MrsJBWnn Tru8tst Company registrallon number 10778S71 (England and Wales) 11 WYNN FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Aceountlng pollcle Charity inforniation nn Foundation Limited is a private r￿MpanY limited by guarantso incorporated in England and Wales on 18 M8y 2017, company number 10778571. The Tegistered office is Cosford Grange, Holyhead Road, Cosford, Shifnal, Shropshire, TF11 gJB. The Charity Is governed by ils Memorandurn and Arbcles of Association dated 2 May 2017. Each ofthe Trustees oflhe Charity agree lo c¥)nliibule £1 in the 8venl of the Charity winding up. 1.1 A¢¢ounting convention The ffinancial statements hav8 been prepared in ac¢ordance Ythh the Foundth'on's Memorandum and Artides of Assockqtion. the Companies Act 2006 and "Accounting and Repor￿n9 by Charities.. Statement of Recommènded Practice applicable to ¢harilies preparing their accounls in aetsrdance wth th¥ Financial Repotbng Standard applicable in the UK and RepU￿1C of IrelaThJ IFRS 1021 leffe¢tive 1 January 20191" The Foundation is a Public Benefit Enlty as defined by FRS 102. The Foundation has taken 8dvantsge of the provisions in tho SORP for charities apptying FRS 102 Updatg Bulletin 1 not to prèparè a Slalernent of Cash Flows. The finandal slalernenls are prepared in slerfing. which is the fundional curren¢y of the Foundation. Monetary amounts in these financAal statements arè mundéd lo the nearest £. The financial stalemenls have been prepared under thè histOriC81 cost convenl*)n. Th¥ prinapal accounting policies adopted are $gt out below. 1.2 Golng ¢on¢em At Ihe time of approving the financial statements. the Twslee5 have a reasonablè expedation that tho Foundation has adequate resources lo continue in oper8b.onal existence for the foreseeable future. Thu$ the Trustees continue lo 3dopt the going concem basis of ¥ccounling in preparing the financial slatemenls. 1.3 Charttabl• funds Unreslrictad funds arg w￿lable for use al the disuetion of the Trustees in furtheran¢e of their charitable objectives. IA In¢ome Incomg Is recognlsed when the Foundation is legally entitled 10 It after any perfomiance conditions havè been met, the amoun1$ can be measur8d rèliabty, and it is probable that in¢ome will be received. On re￿[pt, donated professional and donatsd fa67litie5 are recognised on the basis of the value of the gift to thé company which is the amount the ¢ompany would have been willing lo pay to obtain saNices or facilities of equivalent economic benefft on the open market,. a coriesponding amount is then r•cognis#d in expenditure in the period of raceipt. Income tax recoverabl8 in relatlon lo investsnent income is recognised 8t the time the investment Income is raceived. 1.5 Expenditure Expenditure Is recognised once there is a lègal or constructive obligation to transfer economic beneffit to a third paty, it is probable that a transfer ol economic benefits will b8 reqUI￿d in sellletn8nt, and the amount of Ihè obligation can be measured reliabty. Expenditure is c1assff￿d by actimty. The costs of each activity arè made up of the lolal of dir¢d costs and shared costs, including support cost8 invofved in undertaking each activity. Direct costs attributable to 8 Single ath.vity are allocated dire¢tly lo that acliwty. Shared costs whith conlribuie to rnore than ong activity and support costs which are not attributable lo a single activity are appo￿"Oned bets￿en thos• a¢tivitses on a basis consistent with tha use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are alloealed tsn the portion of a$$et'5 use. 12- WYNN FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEmE￿rs (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2024 Aeeountlng polici•¥ Icondnuedl Expènditure on tharilable ac11vit￿$ is incurred on diredy undertaking Ihg octi¥itses which lurthor the mpanys objectives, as w$ll as any associated support ¢osts. Grants payable are charged in the year when the offer 1$ made. except in those c8$0$ where the offer is conditional, such grants being reco9nissd as expenditure when the conditions attaehèil arè lulfilled. These gran15 are noltrd 8s a commrtment, but nol awued as expeNlitur&. All expenditure 1$ indu$ive of irrecoverable VAT. 1.6 Fixed a$8Ot Invèstments Fixed asset investments are initially measured at transaction pric8 excluding transaction c051s, and are subsequenlly measured al fair value at each reportiri9 Ilate. Changes in fail value are re￿gnised in net incomellexpenditurel for Ihe year. Transaction costs are expensed as inojrrod. 1.7 C*¥h and ¢ash gquival•nts Cash and cash equivalents indude cash in hand, (Jeposrts held at C811 with banks, other short-tem liquid invastmenls wth original maturities of three month8 or less, and bank overdrafts. Bank overdrafts ar¢ $hown within borrowings in current liabililies. 1.8 Financial instruments The Foundation ha5 elecled to appty the pmmsions of Section 11 'Basic Financlal Instwment$' and SeCt￿n 12 'Othei Financial Instruments Issug$' of FRS 102 to all of its ffinancial inslruments. Financial instruments are recogni8ed ￿ the Foundation's bala￿8 sh•et when the Foundation bécomes party to the contractual prowsions ol the instrument. Financial assets and liabilities are off5el. wilh the net amounts presented in the finanryal slakments. when there is a legalty Ènforce3bLa righl to Set olf the recognised amounls and there is an intention lo settle on o net basis or to realists the 8sset and sellle Ihe liability simultaneousty. 1.9 Fund accounting Gen$ral fvnds ale unrèstricted fjjnds which available for use at the discretion of the Trustees In rtherance of the general Csbjgctives of the company and which have not been dg$i9nat•d for other purposes. Investmènt income. gain8 and losses are allocated to the akyopriate fund. Income from irw•slm•nts Unrestricted Unr•strlcted funds funds 2024 2023 Income from lisleil investrfients Interest receivable 27,861 983 7,138 3.138 28,644 10,276 13- WYNN FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Ral$ing funds Unrnxtrict•d un￿striCted fund8 funds 2024 2023 Inve8tm¢nl management 3,757 15,387 3,757 15,387 Expendilur• on eharitable actlvltlos Gr4nt maklng 2024 Grant making 2023 Dlrè¢t Costs Grant funding of activities (see note 51 58,374 68,844 Shar• ofsupport and govwnanc8 ¢o$ts 28,188 688.390 Pr•vious Y￿r. At 1 Aprfl 2[122 Incomlng re$oknrce R•¥ourc•s •xpendod Galns and At 31 March lo¥#es 2023 Gen•ral funds 885,556 10,276 185,585) 195,344) 694,903 -18- WYNN FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Anatysls of nèt assets botweon lunds Unve¥trlctsd fund• 2024 At 31 Mar¢h 2024: Investments Current asselsllliablllb8sl 864,495 23,895 688,390 UnrnstslGtgd fundg 2023 At 31 klaT¢h 2023: Investments Current a$selsl{liabililiesl 637,567 57,336 694,903 15 Relat•d party transactions There were no disdosable rglaled party Iransodions during the year12023- none). 19-