The Duncan Wordsworth Foundation Charity Number.. 1198126 Trustees, Report and Financial Statements For the period ended 31" March 2023 The Duncan Wordsworth Foundation Content5 Page Reference and administrative details of the CIO, its Trustees and advisors Trustees, Report Independent auditor's report on the financial statements Statement of financial activities 12 Balance sheet 13 Statement of cash flows 14 Notes to the financial statements 15 The Duncan Wordsworth Foundation Reference and administrative details of the CIO, its Trustees and advi50r5 For the period ended 31st March 2023 Trustees H D Wordsworth J Wordsworth K J Wordsworth H E McBain Allan Charity Registered Number 1198126 Prlnciple Office 78 Tinwell Road Stamford PE9 25D Independent auditor Streets Audit LLP Tower House Lucy Tower Street Lincoln LNI IXW Bankers Cater Allen Private Bank 9 Nelson Street Bradford BDI SAN Solicitors Mills and Reeve Solicitors 78-84 Colmore Row Birmingham B3 2AB The Dun¢an Wordsworth Foundatlon Trustees, report For the period ended 31st March 2023 The TrLtstees p￿sent their annual report together With the audited financial statements of the CIO for the period ended 31 March 2023. The Foundation was established as a Charity Incorporated Organi5ation ICIOI and registered with the Charity Commission on 3 March 2022. The Foundation has broad aims focjjsed on attemp￿ng to support students from deprived social backgrounds by offering bursaries for attainment in mainly STEM subjects. The purpose of these bursaries is to level the playing field for students who have the ability but perhaps do not have the ftnancial means to go on to university. Objectives and actlvities The objects of the Duncan Wordsworth Foundation are to pay or apply capital and income to or towards or for the benelit or furtherance of such charitable purposes or charitable organisations Iwhether corporate or unincorporètedl at such time, in such manner and in such proportions as the charity Trustees may from time to time determine. The Foundation received an establishing donation during this period. The starhng point for the Foundation was to support a single school, Ellis Guilford Secondary in Nottingham. Ellis G4Jilford is the Alma Mater of the Chairman of the Foundation who happened to be brought up in Nottingham. Ellis serves a poor community close to the centre of Nottingham and has recently come out of special measures IOFSTEDI. The Chairman of the Foundation who is also the main donor specilically wanted to begin the work ofthe Foundation bysupportingthe communitythatsupported him when he was a child. Mr Word5WOrth was lucky enough to gain an apprenticeship on leaving Ellis Guilford in 1947 and went on to be sponsored to go to University by Brush Electricals Ltd of Loijghborough. In line with this objective of Ellis Guilford school has been approached and there has been a meeting with the headteacher Chris Keen and his senior leadership team who are very enthusiastic about working with the Foundation to enhance the life chances for some of their students. The start point for the discussion was an offer by the Foundation to give three Elli5 Students £7.000 (seven thousand pounds) per year for three years to help them through their university degree. Discussions with the school have centred around establishing how the students who are to benefit from the bursaries are to be selected, when the bursaries will be given, and the method of transferring the funds. It has been decided that to foster posikn.ve attitudes towards STEM subjectsthe Foundation will offer annual prizes to everv vear group for maths, biology, chemistry, and physics across the school. These prizes will increase in value from year seven to year 11. Unfortunately, the students leave the school after vear eleven as the School has no sixth form. It was agreed that tracking the students after they have left the school to offer support as they enter their university courses may be a challenge. The Duncan Wordsworth Foundation Trustees, report (continued) For the period ended 31st March 2023 It has therefore beefi agreed that financial awards of £6￿ will be offered for each year of the student's sixth form studies for those students selected to benefit ultimately from the university bursaries in order to maintain a relationship between the School and the students who have been selected. The first prizegiving was held at the school at the end of the summer term 2022. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public Benelit.. running a charity IPB21 Achlevements and performance During the period covered by these financial statements, the charity received donations totalling £2,335,000 from Duncan and judith Wordsworth. These donations will be invested or awarded as grants or bursaries after the end of this financial period. The charity's objective is to support three students a year through sixth form and university. In order to achieve this objective it will identify students with the support of the Ellis Guilford school and make disbursements to them throughout their sixth form and university education. Work on this objective has been ongoing throughout the founding year of the charity and the Trustees are satisfied the charity has all arrangements in place to start making disbursements in the next linancial year as planned. Flnancial Revlew Going concern After making appropriate enquiries, the Trustees are confident that the CIO has adequate resources to continue in operational existence for the foreseeable future. When reaching this conclusion, the Trustees have considered the impact of post balance sheet events on the charity's finances. On this basis, they have adopted the going concern basis for the preparation of these financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Reserves The Foundation holds reserves of £2,335,272 at the end of the financial period. These reserves relate to the initial donations received by the Foundation, all of which are unrestricted funds. The Charity's policy is to hold a minimum level of reserves of £260,0(XJ to enable it to support students for the full five years it has committed to do so. The Duncan Wordsworth Foundation Tru5tee5' report {continuedl Forthe period ended 31st March 2023 Risks The trustees continually review the risks to which the Foundation is exposed. Appropriate system5 and procedures have been established to manage or mitigate these risks Plans for future periods The Foundation is planning to continue to support Ellis Guildford Secondary in Nottingham through bursaries and prizes to student5 Studying STEM subjects in line with it's stated objectives. Structurej governance and management Constitution The Duntan Wordsworth Foundation is a registered charity, number 1198126 in England and Wales. The Foundation is established as a Charitable Incorporated Organisation ICIOI and therefore is governed by a Conskn"tution, which sets out the Foundation's charitable objectives. The Constitution requires that there must be at least three charity trustees. If the number falls below this minimum, the remaining trustees may act only to call a meeting of the charity trustees. In selecting individuals for appointment as charity trLtstees due regard will be had to the skills, knowledge and experience needed forthe effecrive administration of the CIO. All appropriate training is offered according to the needs of trustees. The Charity is run on a day to day basis by two of the trustees, Duncan and Judith Wordsworth. The Duncan Wordsworth Foundation Trustee5' report (continued) For the period ended 31st March 2023 Statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, report and the linancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountr"ng Practice). The law applicable to charities in England & Wales and Scotland requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the CIO and of its incoming resourtes and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently,. obSe￿e the methods and principles of the Charities SORP IFRS 1021,. make judgements and accounting estimates that are reasonable and prudent- state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the finantial statement5 on the going concern basis unless it is inappropriate to presume that the CIO will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the CIO'S transactions and disclose with reasonable accuracy at any time the financial position of the CIO and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, the Charities and Trustee Investment Iscotlandl Act 2005. the Charities Accounts (Scotlandl Regulations 2006 las amended) and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the CIO and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie5. Disc105ure of information to audltors Each of the persons who are Trustees at the time when this Trustees, report is approved has confirmed that: so far as that Trustee is aware. there is no relevant audit information of which the charity's auditors are vnaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. The Duncan Wordsworth Foundation Trustees. report (continued) For the period ended 31st March 2023 Auditors The auditors, Streets LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor5 at a meetinB of the Trustees Approved by order of the members of the board of Trustee5 and signed on their behalf by H D Wordsworth Trustee Date: 14 June 2024 The Duncan Wordsworth Foundation Independent Auditors. Report to the Members of The Duncan Wordsworth Foundation Opinion We have audited the financial statements of The Duncan Wordsworth Foundation Ithe'ch8rity'} for the period ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of s¢gnificanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). The financial statements have been prepared in accordance with Accounting and Reporting by Charl£ies preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 102} in preference lo the Accounting and Reporting by Charities". statement of Recommended Practice issued on l April 2005 which is referred to in the extant regulations bLtI has been withdrawn. This ha5 been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015 In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as al 31 March 2023 and of incoming resources and application of resources for the period then ended., have been properly Prepared in accordance with Unrted Kingdom Generally Accepted Accour*ting Practice.. and have been prepared in accordance wrth the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standard$ on Auditing {UK) IISAS IUKI) and applicable law. Our fesponsibililies under those standards are further described in the Auditors, responsibilities for the audit of the financial statements seetion of our report. We are independent of the charity in 2¢cordance with the ethical requirements that are relevant lo our audit of the financial 51aternents in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wrth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for OUT opinion. Concluslons relating to golng concem In audrting the financial statements, we have concluded that the Trustees. use of the going concefn basis of accounting in the Preparat￿Sn of the fi'nancial statements is appropriate. Based on the work we have performed, we have not identffied any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the charity's ability to continue as a going concern for 8 period of at least￿e1Ve months from when the tinanciaS statements are aulhorised for issue. The Duncan Wordsworth Foundation IndepÈndent Auditors, Report to the Members of The Duncan Wordsworth Foundation {continued) Our responsibilities and the responsibilitie$ of the Trustees Wlth respect to going concern are described in the relevant sections of this report. other information The other information comprises the information included in the Annual Report other than the financial statements and our Auditors, Report Ihereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the exlenl otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so. consider whether the other inft)rmalion is materially inconsistent with the finaneial ststemenls or our knowledge obtained in the course of the audrt, or otherwise appears to be materially misstated. If we identity such material inconsislen¢ies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we eonclude that there is a material misstslemenl of this other information, we are required to report that fael. We have nothing to report in this regard. Matters on whlch we are required to report by exceptlon We have nothing to report in respect of the following mattels where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Trustee$, Report is inconsistent in any material respect wrth the financial statements- or sufficient accounting records have not been kept", or the financial Statements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we require for our audit. Responslbilities of trustees As explained more fully in the Trustees. Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misslatemenl, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the charity or to cease operattons, or have no realistic altemative but to do so. The Duncan Wordsworth Foundation Independent Auditors, Report to the Members of The Duncan Word5WOrth Foundation {continuedl Audltors. responsibilities for the audit ot the financtal statements We have been appointed as auditor under section 154 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectwes are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect 2 material misstatement when it exists. Misstslemenls can arise from fraud or error and are Considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic deeision$ of users taken on the basis of these financial statements. If[￿vIar111es, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wrth our responsibilities, outlined above, to detect material misslaternents in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling irregularities, including fraud Is detailed below.. the engagement partner ensured that the engagement team colteclively had the appropriate competence, capabilities and skills to identify or recognise non-eompliance with applicable laws and regulations. we identified the laws and regulations applicable lo the company through diseussions with directors and other management, and from our commercial knowledge and experience of the charity and sector in which it operates., we focused on specific laws and Iegulalions which we considered may have a direct material effect on the financial statements or the operations of the company, including SORP 2015 IFRS 1021 we assessed the extent of compliance with the law5 and regulations identified above throu9h making enquiries of management and inspecting legal correspondence.. and Klenlified laws and regulations wefe communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obloining an understanding of how fraud might occur, by= making enquiTies of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud,. and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulat￿1ns. To address the risk of fraud through management bias and override of controls, we.. performed analytical pro￿dureS to identify any unusual or unexpected relationships.. tested journal entries lo identify unusual transactions. assessed whether judgements and a55umption5 made in determining the accounting estimates set out in Note 2 were indicative of potential bias; and investigated the rationale behind significant or unusual transactions. reviewed Trustee meeting minute5 for evidenre of appropriate deciston-making and management controls. 10 The Duncan Woidsworth Foundatlon Independent Auditors, Report to the Members of The Duncan Wordsworth Foundation (continued) In response to the risk of irregularities and non-compliance with laws and regulations. we designed procedures which included, but were not limited lo.. agreeing financial statement disclosures lo underlying supporting documentation., reading the minutes of meelings of those charged with governance., enquiring of management as to actual and potential liligalion and claims., and There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial Iransaclions. the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required lo identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due lo fraud can be harder to detect than those that arise from error as they may involve deliberate ¢oneealment or collusion. A further description of our Tesponsibilities for the audit of the financial statements is located on the Financial Reportsng Council's website at- www.frc.org.uklaudrtorsresponsibililies. This descripbon forms part of our Auditors, Report. Use of our report This report is made solely lo the charity's trustees, as a body. in accordance with Part 4 of the Charits"es {Accounts and Reports} Regulations 2008. Oui auditwork has been undertaken so that we might stale to the charity's Iruslees those matters we are required to slate to them in an Auditors, Report and for no other purpose. To Ihe fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the charity and ils trustees, as a body, fof our audit work. for this report, or for the opinions we have formed. Streets Audit LLP Tower House Lucy Tower Street Lincoln LN1 IXW Date.. 18 June 2024 Streets Audit LLP are eligible lo act as auditors in terms of section 1212 of the Companses Act 2006. The Duncan Wordsworth Foundation Charity Number.. 1198126 Statement ot financial artivities For the period ended 31 March 2023 Unrestricted funds 2023 Total fund5 2023 Note Income fmm: Donations and legacies Investment5 2,335,000 272 2,335,(M)O 272 Total income 2 335 272 2 335 272 Expenditure on- Other 3,000 Total expendlture Net movement in funds 32ZL72 2 332 272 Reconclllatlon of funds: Net movement in funds 2,332,272 2,332,272 Total funds carried forwards 27 The notes on pages 15 to 18 form part of these financial statements 12 The Duncan Wordsworth Foundation Charity Number.. 1198126 Balance sheet As at 31 March 2023 Note 2023 Current Assets Cash at bank and in hand 2 335 272 2,335,272 Liabillties Creditors.. amounts falling due within one year Net current assets 2,332,272 Total net assets The Funds of the Charity Unrestricted funds 2,332,272 Total charlty funds These financial statements were approved and authorised for issue by the Trustees and signed on their behalf by= ordsworth Trustee Date.. 14 June 2024 The note5 on pages 15 to 18 form part of these financial statements 13 The Duncan Wordsworth Foundation Charity Number-. 1198126 Statement of cash flows For the period ended 31 March 2023 Note 2023 Cash flows from operating artivities Net cash generated from operating activities 2,335,0 Cash flows from investment activitie5 Net cash generated from investment activities 272 Change in cash and cash equivalents in the period 2 335 272 Cash and cash equivalents at the end of the period The notes on pages 15 to 18 form part of these financial statements 14 The Duntan Wordsworth Foundation Charity Number: 1198126 Notes to the financial 5tatementS Forthe period ended 31 March 2023 l. General informatlon The Duncan Wordsworth Foundation is a Charitable Incorporated Organisation ICIOI registered with the Charity Commission in England and Wales . The registered number and address is given on the Reference and Administrative Detai15 page. The activities of the Charity are set out in detail in the Trustees, report. 2. Accounting pollcies 2.1 83si5 of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021- Accounting and Reporttng 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 IFRS 1021 leffective I january 20191 and the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The Duncan Wordsworth Foundation meets the definthon of a public benefi.t enb.ty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The functional currency of the accounts Is GBP. Amounts in these financial Statements are presented rounded to the nearest £1. 2.2 Reporting period The ftnancial statements are presented for a 13-month period, being from the date of ￿gIStratiOn of the CIO, 3 March 2022, to 31 March 2023 2.3 Going concern The financial statements have been prepared on a going concern basis. The Foundation holds liquid funds sufficient to support its cash flow requirements over the foreseeable future under all anticipated scenarios. Therefore, the trustees consider there are no material uncertainties about the Charity's ability to continue a5 a going concern. 2.4 Sncome All income is recognised once the CIO has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliablv Donations have been recogni5ed in the period that they have been received 2.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 15 The Duncan Wordsworth Foundation Charity Number.. 1198126 Notes to the financial statements For the period ended 31 March 2023 Expenditure on charitable activities is incurred on di￿(tIY undertaking the activities which further the CIO'S objectives. as well as ary a550ciated support costs. All expenditure is inclusive of irrecoverable VAT. 2.6 Tayation The CIO is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the CIO is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charitable purposes. 2.7 Cash at bank and in hand Cash at bank and in hand includes cash only 2.8 Creditors Trade creditors are recognised at settlement amount after any trade discounts (provided normal credit lerm5 apply). 2.9 Liabilties Liabilities are recogni5ed when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. 2.10 Ftjnd accounting General funds are unrestricted funds which a￿ available for use at the discretion of the Trustees in furtherance of the general objectives of the CIO and which have not been designated for other purposes 3. Income from donations and legacies Unrestricted Funds 2023 Totsl funds 2023 Donations 2 335 000 2 335 000 16 The Duncan Wordsworth Foundation Chafity Number.. 1198126 Notes to the financial statements For the period ended 31 Mar¢h 2023 4. Income from investments Unrestricted Funds 2023 Total funds 2023 Bank interest received 272 272 5. Analysi5 of expendlture on ¢haritable attivities Summary byfund type Support costs 6. Analysis of expenditure by artivities support costs Total funds 2023 2023 Support Costs Analysis of support costs Governance costs 7. Auditors remuneration The auditors remuneration amounts to a fee of £3,0 8. Tru5tee5 remunerdtion and expenses Durin8 the period, no Trustees received any remuneration or other benefits. During the period ended 31 March 2023, no Trustee expenses have been incurred 17 The Duncan Wordsworth Foundation Charity Number-. 1198126 Notes to the financial statements For the period ended 31 March 2023 9. Credltors: Amounts falling due withln one year 2023 Accruals 10. Ststement of funds Statement of funds- current period Income Expenditure Balance at 31 Mar23 Unrestricted funds General funds £2 272 11. Reconcillatlon of net movement in funds to net cash flow from operating attivities 2023 Net income for the period la5 per Statement of Financial Activities) 2,332,272 Adjustments for: Increase in trade creditors 3.000 Net cash provided by operating activities 12. Related part tran5athons The Duncan Wordsworth Foundation received donations totalling £2,335,(XJO from Duncan and Judith Wordsworth. There were no terms and conditions attached to these donations. There are no outstanding bolances owed to or from related parties at the year end. 13. Non-adjustlng event after the reporting period Subsequent to this reporting period, the charity made an investment of £1,500.0￿ with the aim of generating an improved rate of return on these charity assets. The company in whith the investment was made has since entered administration and as a result the tfustees have significant doubt about the recoverability of the investment. The full extent of the loss is not yet known. 18