## **The Wishford Foundation**
**Charity No. 1194972**
**Charitable Incorporated Organisation Trustees' Report and Unaudited Accounts**
**28 February 2024**
## **The Wishford Foundation REPORT AND ACCOUNTS FOR THE YEAR TO 28 FEBRUARY 2024**
|**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 year to 28 February 2024.
## **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. The Wishford Schools group continues to provide administrative support to the Charity at no cost 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.
2
## **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. In the meantime, the Charity is generating an acceptable rate of interest income on its cash balances.
## 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.
## Principal funding sources
The Charity's current principal sources of funding are private donations.
## Awards made during the period
During the period, the Trustees approved two awards from the Westonbirt School restricted fund:
- An award to support the enhancement of sports facilities at Westonbirt School; and
- An award in partnership with the school and the Royal National Children’s Springboard Foundation to provide full bursaries for pupils to attend Westonbirt School.
## 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;
- Observe the methods and principles in applicable legislation;
- Make judgements and estimates that are reasonable and prudent;
- State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
- 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:
- There is no relevant information of which the Charity's independent examiner is unaware; and
- • 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 12 November 2024
3
## **The Wishford Foundation**
## **Report of the Independent Examiner to the Trustees of the charitable company on the accounts for the year ended 28 February 2024**
I report to the trustees on my examination of the accounts of the Charity for the year ended 28 February 2024.
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:
- Accounting records were not kept in accordance with section 130 of the Act; or
- 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 11 September 2024
4
## **The Wishford Foundation STATEMENT OF FINANCIAL ACTIVITIES**
## **For the year to 28 February**
||**Notes**
**Current year**
**Restricted**
**Funds**
**Current year**
**Unrestricted**
**Funds**
**Current year**
**Total funds**
**Prior year**
**Restricted**
**Funds**
**Prior year**
**Unrestricted**
**Funds**
**Prior year**
**Total funds**
**2024**
**2024**
**2024**
**2023**
**2023**
**2023**
3
6,955
-
6,955
24,000
41,819
65,819
300
300
-
200
200
2,595
2,595
-
248
248
6,955
2,895
9,850
24,000
42,267
66,267
-
-
-
-
-
-
(63,980)
-
(63,980)
-
-
-
4
-
(1,009)
(1,009)
-
(304)
(304)
(63,980)
(1,009)
(64,989)
-
(304)
(304)
(57,025)
1,886
(55,139)
24,000
41,963
65,963
-
248,587
46,885
295,472
224,587
4,922
229,509
(57,025)
1,886
(55,139)
24,000
41,963
65,963
191,562
48,771
240,333
248,587
46,885
295,472|
|---|---|
|||
|||
|**Income and endowments from:**||
|||
|||
|Donations and legacies||
|||
|||
|Other trading activities||
|||
|||
|Interest and investments||
|||
|||
|**Total Income**||
|||
|||
|**Expenditure on:**||
|||
|||
|Raising funds||
|||
|||
|Charitable activities||
|||
|||
|Other||
|||
|||
|**Total Expenditure**||
|||
|||
|**Net income/(expenditure)**||
|||
|||
|||
|**Reconciliation of funds:**||
|||
|Total funds brought forward||
|||
|||
|Net movement in funds||
|||
|||
|**Total funds carried forward**||
|||
5
## **The Wishford Foundation BALANCE SHEET**
## **At 28 February**
|**At 28 February**|||
|---|---|---|
|**Notes**|**2024**|**2023**
**£**
-
295,472
-
295,472
295,472
295,472|
||**£**||
||||
|Fixed Assets|||
||||
||-||
|Tangible assets|||
||||
||||
|Current Assets|||
||||
||240,333||
|Cash|||
||||
||-||
|Creditors: Amounts falling due within one year|||
||||
||240,333||
|**Net current assets**|||
||||
||240,333||
|**Total assets less current liabilities**|||
||||
||||
|Creditors: Amounts falling due after more than one year|||
||||
||240,333||
|**Total net assets of the charity**|||
||||
6
The total net assets of the charity are funded by the funds of the charity, as follows:
|**Notes**|**2024**|**2023**
**£**
248,587
46,885
**295,472**|
|---|---|---|
||**£**||
||191,562||
|Restricted funds
5|||
||||
||48,771||
|Unrestricted funds
5|||
||||
||||
|Reserves (designated funds)|||
||||
||**240,333**||
|**Total charity funds**|||
||||
Approved by the board.
Penny Horsman 12 November 2024
7
## **The Wishford Foundation STATEMENT OF CASH FLOWS**
## **For the year to 28 February**
|**For the year to 28 February**|||||
|---|---|---|---|---|
||**Notes**|**2024**|
**2023**||
|||**£**|
**£**||
|Cash flows from operating activities||(55,139)|
65,963||
|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**||(55,139)|
65,963||
|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**||(55,139)|
65,963||
|**Cash and cash equivalents at the beginning of the year**||295,472|
225,509||
|**Cash and cash equivalents at the end of the year**||240,333|
295,472||
8
**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|
9
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**
**2024**
**Unrestricted**
**funds**
**2024**
**Total**
**funds**
**2024**
6,955
-
6,955
-
-
-
6,955
-
6,955|
|---|---|
|||
|||
|||
|Donations||
|||
|||
|Wishford Schools Group||
|||
|||
|Total Donations and Legacies||
|||
10
## **4. Other expenditure**
|**4. Other expenditure**|||
|---|---|---|
||**Unrestricted**|
**Unrestricted**|
||**funds**|
**funds**|
||**2024**|
**2023**|
|General administrative costs|(289)|
(304)|
|Refund of tickets for a cancelled event|(500)|
-|
|Write off small non-reconciled balance|(220)|
-|
|Total other expenditure|(1,009)|
(304)|
## **5. Movement in funds**
|**5. Movement in funds**||
|---|---|
||**At**
**1 March**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**At**
**28 February**
**2024**|
|||
|||
|||
|**Restricted funds**||
|||
|||
|Westonbirt School|248,587
6,955
(63,980)
-
191,562|
|||
|||
|**Unrestricted funds**||
|||
|||
|General funds|46,885
2,895
(1,009)
-
48,771|
|||
|||
|**Total funds**|295,472
9,850
(64,989)
-
240,333|
|||
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.
11