The Wishford Foundation
Charity No. 1194972
Charitable Incorporated Organisation Trustees' Report and Unaudited Accounts
28 February 2022
The Wishford Foundation REPORT AND ACCOUNTS FOR THE PERIOD FROM 28 JUNE 2021 TO 28 FEBRUARY 2022
| Contents | |
|---|---|
| Page | |
| Charity Information | 2 |
| Trustees' Annual Report | 2 |
| Independent Examiner's Report | 8 |
| Statement of Financial Activities | 10 |
| Summary Income and Expenditure Account | 11 |
| Balance Sheet | 12 |
| Statement of Cash Flows | 13 |
| Notes to the Accounts | 14 |
1
The Wishford Foundation TRUSTEES’ ANNUAL REPORT
The trustees are pleased to present their report together with the financial statements of the charity for the period from formation on 28 June 2021 to 28 February 2022.
Reference and Administrative Details
Charity Number 1194972 Registered Office 25-27 High Street, Corsham, Wiltshire, SN13 0ES Independent Examiner Grosvenor House Practice Ltd, Grosvenor House, Avening, Tetbury, GL8 8HZ Bankers Lloyds Bank, 3-5 Bridge St, Newbury RG14 5BQ Trustees Mrs Penny Horsman Mr Neil Cufley Mrs Jenny Burrett
Structure, Governance and Management
Governing Document
The Wishford Foundation is a Charitable Incorporated Organisation, government by its Foundation Constitution dated 28 June 2021 and registered with the Charity Commission. (Charity Registered Number 1194972)
Appointment of Trustees
The Foundation Constitution states that the maximum and minimum number of Trustees may be amended by the Charity at an Annual General Meeting but unless amended the minimum shall be three.
Trustee Induction and Training
Any new Trustee is given all relevant documents (including the Foundation Constitution and the most recent Annual Report and Accounts). Trustees are referred to Charity Commission and other relevant guidance about the responsibilities under charity law.
Organisation
The Board of Trustees administers the charity. The Board holds meetings at least once per year.
Related Parties
The Charity has a close and mutually beneficial relationship with the Wishford Schools group. During the period covered by this report, the Charity received a donation of £5,000 from the Wishford Schools group to cover administrative costs so as to ensure other donations received could be fully applied towards the Charity’s objectives. In addition the Wishford Schools group provided administrative support to the Charity.
Risk Management
The Trustees manage risks to the Charity by reviewing annually the risks the Charity may face, and by establishing procedures to lessen the identified risks so as to minimize the impact on the Charity if they should materialise.
Objectives and Activities
The objectives of the Charity are to advance the education of pupils attending schools within the Wishford Schools group or its successor entities or such other schools as may be approved by the Trustees in particular but not exclusively by: a. establishing and maintaining educational scholarships, bursaries or grants to be awarded from time to time and in such manner as the Charity Trustees think fit; and b. awarding grants to develop and improve the educational and pastoral facilities of such schools.
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Financial Review
Investment Policy
The Charity has the power to invest in any ways the Trustees wish. The Trustees will develop an investment policy once sufficient funds are available.
Reserves Policy
The Trustees' strategy is to build reserves through planned operating surpluses. The Trustees are well aware that it will take many years to reach the desired level of reserves. In the meantime the Trustees plan to carefully manage expenditure. At the end of the year the Trustees had no funds other than those committed to current liabilities.
Principal Funding Sources
The Charity's current principal sources of funding are private donations, grants from charitable trusts and foundations, and income generated from events.
Plans for future periods
The Trust will continue to seek private donations and grants from charitable trusts and foundations and to run events to generate funding.
Trustees' responsibilities in relation to the financial statements
The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The Trustees are required to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure. In preparing these financial statements, the trustees are required to:
Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in applicable legislation;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
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The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the Trustees are aware:
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There is no relevant information of which the Charity's independent examiner is unaware; and
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• The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish that the independent examiner is aware of that information.
By order of the Trustees
Penny Horsman Chair
06 December 2022
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The Wishford Foundation
Report of the Independent Examiner to the Trustees of the charitable company on the accounts for the year ended 28 February 2022
I report to the trustees on my examination of the accounts of the Charity for the year ended 28 February 2022.
As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that, in any material respect:
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Accounting records were not kept in accordance with section 130 of the Act; or
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The accounts do not accord with the accounting records.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Tim Brown, FCCA
Grosvenor House Practice Ltd, Grosvenor House, Avening, Tetbury, GL8 8HZ 28 November 2022
4
The Wishford Foundation STATEMENT OF FINANCIAL ACTIVITIES
For the period from 28 June 2021 to 28 February 2022
| Notes Current year Restricted Funds Current year Unrestricted Funds Current year Total funds |
|
|---|---|
| 2022 2022 2022 |
|
| Income and endowments from: | |
| 3 224,587 5,000 229,587 |
|
| Donations and legacies | |
| - - - |
|
| Other trading activities | |
| - - - |
|
| Investments | |
| 224,587 5,000 229,587 |
|
| Total Income | |
| Expenditure on: | |
| - - - |
|
| Raising funds | |
| - - - |
|
| Charitable activities | |
| 4 - (78) (78) |
|
| Other | |
| Total Expenditure | - (78) (78) |
| Netgains on investments | |
| 224,587 4,922 229,509 |
|
| Net income/(expenditure) | |
| - - - |
|
| Transfers between funds | |
| Net income/(expenditure) | - - - |
| before other gains/(losses) | |
| - - - |
|
| Other gains and losses: | |
| Net income/(expenditure) | 224,587 4,922 229,509 |
| after other gains/(losses) | |
| Reconciliation of funds: | |
| - - - |
|
| Total funds brought forward | |
| 224,587 4,922 229,509 |
|
| Net movement in funds | |
| 224,587 4,922 229,509 |
|
| Total funds carried forward | |
5
The Wishford Foundation SUMMARY INCOME AND EXPENDITURE ACCOUNT
For the period from 28 June 2021 to 28 February 2022
| 2022 | ||
|---|---|---|
| £ | ||
| Income | 229,587 | |
| Interest and investment income | - | |
| Gross income for the year | 229,587 | |
| Expenditure | (78) | |
| Interest payable | - | |
| Depreciation of fixed assets | - | |
| Total expenditure for the year | (78) | |
| Net income for the year | 229,509 |
6
The Wishford Foundation BALANCE SHEET
At 28 February 2022
| Notes | 2022 £ - 229,509 - 229,509 225,509 - 225,509 |
|---|---|
| Fixed Assets | |
| Tangible assets | |
| Current Assets | |
| Cash | |
| Creditors: Amounts falling due within one year | |
| Net current assets | |
| Total assets less current liabilities | |
| Creditors: Amounts falling due after more than one year | |
| Total net assets of the charity | |
The total net assets of the charity are funded by the funds of the charity, as follows:
| Notes | 2022 £ 224,587 4,922 - 225,509 |
|---|---|
| Restricted funds 5 |
|
| Unrestricted funds 5 |
|
| Reserves (designated funds) | |
| Total charity funds | |
Approved by the board and signed on its behalf by:
Penny Horsman Chair 06 December 2022
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The Wishford Foundation STATEMENT OF CASH FLOWS
For the period from 28 June 2021 to 28 February 2022
| For the period from 28 June 2021 to 28 February 2022 | |||
|---|---|---|---|
| Notes | 2022 | ||
| £ | |||
| Cash flows from operating activities | 229,509 | ||
| Adjustments for: | |||
| Dividends, interest and rents from investments | - | ||
| Depreciation of property, plant and equipment | - | ||
| Decrease/(increase) in trade and other receivables | - | ||
| Increase/(decrease) in trade and other payables | - | ||
| Net cash provided by/(used in) operating activities | 229,509 | ||
| Cashflows from investing activities | |||
| Dividends, interest and rents from investments | - | ||
| Purchases of property, plant and equipment | - | ||
| Net cash from investing activities | - | ||
| Net cash from financing activities | - | ||
| Net increase/(decrease) in cash and cash equivalents | 225,509 | ||
| Cash and cash equivalents at the beginning of the year | - | ||
| Cash and cash equivalents at the end of the year | 225,509 |
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The Wishford Foundation NOTES TO THE ACCOUNTS
1. Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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) (effective 1 January 2015) - (Charities SORP (FRS 102)).
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
| Fund accounting | |
|---|---|
| Unrestricted funds | These are available for use at the discretion of the trustees in |
| furtherance of the general objects of the charity. | |
| Designated funds | These are unrestricted funds earmarked by the trustees for particular |
| purposes. | |
| Revaluation funds | These are unrestricted funds which include a revaluation reserve |
| representing the restatement of investment assets at their market | |
| values. | |
| Restricted funds | These are available for use subject to restrictions imposed by the |
| donor or through terms of an appeal. | |
| Income | |
| Recognition of income | Income is included in the Statement of Financial Activities (SoFA) |
| when the charity becomes entitled to, and virtually certain to receive, | |
| the income and the amount of the income can be measured with | |
| sufficient reliability. | |
| Income with related | Where income has related expenditure the income and related |
| expenditure | expenditure is reported gross in the SoFA. |
| Donations and legacies | Voluntary income received by way of grants, donations and gifts is |
| included in the SoFA when receivable and only when the Charity has | |
| unconditional entitlement to the income. | |
| Tax reclaims on | Income from tax reclaims is included in the SoFA at the same time as |
| donations and gifts | the gift/donation to which it relates. |
| Donated services and | These are only included in income (with an equivalent amount in |
| facilities | expenditure) where the benefit to the Charity is reasonably |
| quantifiable, measurable and material. | |
| Volunteer help | The value of any volunteer help received is not included in the |
| accounts. | |
| Investment income | This is included in the accounts when receivable. |
| Gains/(losses) on | This includes any gain or loss resulting from revaluing investments to |
| revaluation of fixed | market value at the end of the year. |
| assets | |
| Gains/(losses) on | This includes any gain or loss on the sale of investments. |
| investment assets | |
| Expenditure | |
| Recognition of | Expenditure is recognised on an accruals basis. Expenditure includes |
| expenditure | any VAT which cannot be fully recovered and is reported as part of the |
| expenditure to which it relates. | |
| Expenditure on raising | These comprise the costs associated with attracting voluntary income, |
| funds | fundraising trading costs and investment management costs. |
| Expenditure on | These comprise the costs incurred by the Charity in the delivery of its |
| charitable | activities and services in the furtherance of its objects, including the |
| activities | making of grants and governance costs. |
| Grants payable | All grant expenditure is accounted for on an actual paid basis plus an |
| accrual for grants that have been approved by the trustees at the end |
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of the year but not yet paid. Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Foreign currencies
Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are taken into account in arriving at net income/expenditure.
Pension costs
The charity does not currently have any paid employees.
2. Charity status
The charity is a Charitable Incorporated Organisation and consequently does not have share capital.
3. Income from donations and legacies
| Restricted funds 2022 Unrestricted funds 2022 Total funds 2022 223,262 - 223,262 1,325 - 1,325 - 5,000 5,000 224,587 5,000 229,587 |
|
|---|---|
| Dr Holt Charitable Trust | |
| Donations | |
| Wishford Schools Group | |
| Total Donations and Legacies | |
10
4. Other expenditure
| Restricted funds 2022 Unrestricted funds 2022 Total funds 2022 - (78) (78) |
|
|---|---|
| General administrative costs | |
| 5. Movement in funds | |
| At 1 March 2021 Incoming resources Resources expended Transfers At 28 February 2022 |
|
| Restricted funds | |
| - 224,587 - - 224,587 |
|
| Westonbirt School | |
| Unrestricted funds | |
| - 5,000 (78) - 4,922 |
|
| General funds | |
| - 229,587 (78) - 229,509 |
|
| Total funds | |
Purposes and restrictions in relation to the restricted funds:
Westonbirt School Donations given to advance the education of pupils attending Westonbirt School or its successor entities by: a. establishing and maintaining educational scholarships, bursaries or grants to be awarded from time to time and in such manner as the charity trustees think fit; and b. awarding grants to develop and improve the educational and pastoral facilities of such schools.
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