## **The Duncan Wordsworth Founda�on**
Charity Number: 1198126
Trustees' Report and Financial Statements For the year ended 31[st] March 2024
**The Duncan Wordsworth Founda�on**
## **Contents**
||Page||
|---|---|---|
|Reference and administra�ve details of the CIO, its Trustees and advisors||2|
|Trustees' Report||3|
|Independent examiner’s report on the fnancial statements||7|
|Statement of fnancial ac�vi�es||9|
|Balance sheet||10|
|Statement of cash fows||11|
|Notes to the fnancial statements||12|
1
**The Duncan Wordsworth Founda�on**
## **Reference and administra�ve details of the CIO, its Trustees and advisors For the year ended 31st March 2024**
|Trustees|H D Wordsworth|
|---|---|
||J Wordsworth|
||K J Wordsworth|
||H E McBain Allan|
|Charity Registered Number|1198126|
|Principal Ofce|78 Tinwell Road|
||Stamford|
||PE9 2SD|
|Bankers|Cater Allen Private Bank|
||9 Nelson Street|
||Bradford|
||BD1 5AN|
|Independent Examiner|HSKS Greenhalgh Ltd|
||Charlo�e House|
||Stanier Way|
||The Wyvern Business Park|
||Derby|
||DE21 6BF|
|Solicitors|Mills and Reeve Solicitors|
||78-84 Colmore Row|
||Birmingham|
||B3 2AB|
2
**The Duncan Wordsworth Founda�on**
## **Trustees' report**
## **For the year ended 31st March 2024**
CIO for the year ended 31 March 2024.
The Founda�on was established as a Charity Incorporated Organisa�on (CIO) and registered with the Charity Commission on 3 March 2022.
The Founda�on has broad aims focused on a�emp�ng to support students from deprived social backgrounds by offering bursaries for a�ainment 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 financial means to go on to university.
## **Objec�ves and ac�vi�es**
The objects of the Duncan Wordsworth Founda�on are to pay or apply capital and income to or towards or for the benefit or furtherance of such charitable purposes or charitable organisa�ons (whether corporate or unincorporated) at such �me, in such manner and in such propor�ons as the charity Trustees may from �me to �me determine.
The Founda�on has con�nued to support Ellis Guilford School in No�ngham. Bursaries are being paid to three former Ellis Guilford School students totalling £7,000 per year for three years to support them through their university degree. Financial awards have also been paid to those students selected to benefit ul�mately from the university bursaries to maintain a rela�onship between the Founda�on and the students whilst they complete their sixth form studies.
The Founda�on has donated £47,000 to Ellis Guilford School to enable them to purchase equipment for their science laboratories. The school is now one of the best equipped for science in the area. A dona�on of £3,000 has also been paid to Ellis Guilford School for prizes to be awarded to students in STEM subjects.
The Founda�on has also donated £10,000 to Westlake United Church, a charity based in South Africa which supports educa�on in the township where it operates. The dona�on is being used to sponsor children to enable them to stay in educa�on, and to fund the provision of educa�on in literacy, numeracy and computer skills.
In se�ng objec�ves and planning for ac�vi�es, the Trustees have given due considera�on to general guidance published by the Charity Commission rela�ng to public benefit, including the guidance 'Public Benefit: running a charity (PB2)
3
**The Duncan Wordsworth Founda�on**
## **Trustees' report (con�nued) For the year ended 31st March 2024**
## **Achievements and performance -**
support three students through university, and six students through sixth form, by means of payment of a bursary. Prior to receiving their first instalment, the university students provided details of their A level results and acceptance at university. To receive future instalments, they are asked to provide an update on their university experience.
The dona�on to Ellis Guilford School to purchase science equipment has allowed teaching of the subject to be transformed to more of a journey of discovery and experience by individual learners. This has resulted in a greater number of pupils op�ng to study triple sciences, and improved engagement and enjoyment in the subject. The Founda�on is liaising with the Elis Guilford School about the possibility of a study to measure the impact of the ac�vi�es of the Founda�on on the school.
The Founda�on receives reports from Westlake United Church Trust regarding the use and impact of the dona�on made. The ini�al dona�on made has enabled them to fund a number of projects including computer training, a�er school study groups and install data projectors in classrooms.
## **Financial Review**
## Going concern
resources to con�nue in opera�onal 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 prepara�on of these financial statements. Further details regarding the adop�on of the going concern basis can be found in the accoun�ng policies.
## Income
The principal source of funding during the year was Gi� Aid recovered on the dona�on received in the previous financial year.
## Reserves
to the dona�ons and Gi� Aid received by the Founda�on, all of which are unrestricted funds.
The Charity's policy is to hold a minimum level of reserves of £260,000 to enable it to support students for the full five years it has commi�ed to do so.
## Investments
The Founda�on makes investments to further its charitable purposes by genera�ng an improved rate of return on charity assets.
4
**The Duncan Wordsworth Founda�on**
## **Trustees' report (con�nued) For the year ended 31st March 2024**
## Risks
The trustees con�nually review the risks to which the Founda�on is exposed. Appropriate systems and procedures have been established to manage or mi�gate these risks
## **Plans for future periods**
The Founda�on is planning to con�nue to support Ellis Guilford School in No�ngham through bursaries and prizes to students studying STEM subjects in line with it's stated objec�ves.
## **Structure, governance and management**
## Cons�tu�on
The Duncan Wordsworth Founda�on is a registered charity, number 1198126 in England and Wales. The Founda�on is established as a Charitable Incorporated Organisa�on (CIO) and therefore is governed by a Cons�tu�on, which sets out the Founda�on's charitable objec�ves.
The Cons�tu�on 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 mee�ng of the charity trustees. In selec�ng individuals for appointment as charity trustees due regard will be had to the skills, knowledge and experience needed for the effec�ve administra�on 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.
5
**The Duncan Wordsworth Founda�on**
## **Trustees' report (con�nued) For the year ended 31st March 2024**
## **Statement of Trustees' responsibili�es**
accordance with applicable law and United Kingdom Accoun�ng Standards (United Kingdom Generally Accepted Accoun�ng Prac�ce).
The law applicable to chari�es in England & Wales and Scotland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the CIO and of its incoming resources and applica�on of resources, including its income and expenditure, for that year. In preparing these financial statements, the Trustees are required to:
- select suitable accoun�ng policies and then apply them consistently;
- observe the methods and principles of the Chari�es SORP (FRS 102);
- make judgements and accoun�ng es�mates that are reasonable and prudent;
- state whether applicable UK Accoun�ng Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- that the CIO will con�nue in business.
explain the CIO's transac�ons and disclose with reasonable accuracy at any �me the financial posi�on of the CIO and enable them to ensure that the financial statements comply with the Chari�es Act 2011, the Charity (Accounts and Reports) Regula�ons 2008, the Chari�es and Trustee Investment (Scotland) Act 2005, the Chari�es Accounts (Scotland) Regula�ons 2006 (as 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 preven�on and detec�on of fraud and other irregulari�es.
## **Disclosure of informa�on to independent examiners**
that:
* so far as that Trustee is aware, there is no relevant informa�on of which the charity's independent examiners are unaware, 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 informa�on and to establish that the charity's independent examiners are aware of that informa�on.
Approved by order of the members of the board of Trustees and signed on their behalf by
H D Wordsworth Trustee Date: 29 January 2025
6
**The Duncan Wordsworth Founda�on**
**Independent examiner’s report For the year ended 31st March 2024**
Founda�on (the Charity) for the year ended 31 March 2024.
## **Responsibili�es and basis of report**
accordance with the requirements of the Chari�es Act 2011.
145 of the 2011 Act. In carrying out my examina�on I have followed all the applicable Direc�ons given by the Charity Commission under sec�on 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in sec�on 145 of the Chari�es Act 2011. I confirm that I am qualified to undertake the examina�on because I am a member of the Ins�tute of Chartered Accountants in England and Wales, which is one of the listed bodies.
accordance with the relevant version of the Statement of Recommended Prac�ce applicable to chari�es preparing their financial statements in accordance with the Financial Repor�ng Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accoun�ng and Repor�ng by Chari�es: Statement of Recommended Prac�ce issued on 1 April 2005 which is referred to in the extant regula�ons but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accoun�ng Prac�ce.
connec�on with the examina�on giving me cause to believe that in any material respect:
1. accoun�ng records were not kept in respect of the charity as required by sec�on 130 of the Chari�es Act 2011.
2.
3. form and content of financial statements set out in the Chari�es (Accounts and Reports) Regula�ons 2008 other than any requirement that the financial statements give a true and fair view, which is not a ma�er considered as part of an independent examina�on.
7
**The Duncan Wordsworth Founda�on**
## **Independent examiner’s report (con�nued) For the year ended 31st March 2024**
I have no concerns and have come across no other ma�ers in connec�on with the examina�on to which a�en�on should be drawn in this report in order to enable a proper understanding of the
## **Philip A Handley FCA**
Ins�tute of Chartered Accountants in England and Wales HSKS Greenhalgh Ltd Charlo�e House Stanier Way The Wyvern Business Park Derby DE21 6BF
Date: 30[th] January 2025
HSKS Greenhalgh Ltd is part of the Dains group
8
The Duncan Wordsworth Founda�on Charity Number: 1198126
## **For the year ended 31 March 2024**
|Unrestricted
funds
Note
2024
£
Income from:
Dona�ons and legacies
3
583,725
Investments
4
404
________
**Total income**
584,129
Expenditure on:
Charitable ac�vi�es
84,668
Other
-
________
**Total expenditure**
5
84,668
**________**
**Net movement in funds**
**499,461**
**Reconcilia�on of funds:**
Total funds brought forward
12
2,332,272
Net movement in funds
499,461
**________**
**Total funds carried forwards**
**12**
**2,831,733**|Total
funds
2024
£
583,725
404
________
584,129
84,668
-
________
84,668
**________**
**499,461**
2,332,272
499,461
**________**
**2,831,733**|Total
funds
2023
£
2,335,000
272
________
2,335,272
-
3,000
_______
3,000
**________**
**2,332,272**
-
2,332,272
**________**
**2,332,272**|
|---|---|---|
The Duncan Wordsworth Founda�on Charity Number: 1198126 **Balance sheet**
**As at 31 March 2024**
|**Note**
Fixed Assets
Investments
9
**Current Assets**
Other debtors
10
Cash at bank and in hand
**Liabili�es**
Creditors: amounts falling due within one year 11
**Net current assets**
**Total net assets**
**The Funds of the Charity**
Unrestricted funds
**Total charity funds**|**£**
583,725
752,508
1,336,233
4,500|**2024**
**£**
1,500,000
1,500,000
1,331,733
________
**2,831,733**
2,831,733
________
**2,831,733**|**£**
-
2,335,272|**£**
-
2,335,272|**2023**
**£**
_______-
-
2,332,272
________
**2,332,272**
2,332,272
________
**2,332,272**|
|---|---|---|---|---|---|
||||
2,335,272
3,000
|||
|||||
||
their behalf by:
## **H D Wordsworth**
Trustee
Date: 29 January 2025
10
The Duncan Wordsworth Founda�on Charity Number: 1198126
## **For the year ended 31 March 2024**
|Note
**Cash fows from opera�ng ac�vi�es**
Net cash provided by / (used in) opera�ng ac�vi�es
13
**Cash fows from investment ac�vi�es**
Interest from investments
Purchase of investments
Net cash provided by / (used in) inves�ng ac�vi�es
**Change in cash and cash equivalents in the year/period**
Cash and cash equivalents at the beginning of the
repor�ng year/period
**Cash and cash equivalents at the end of the**
**year/period**
14|2024
£
(83,168)
404
(1,500,000)
(1,499,596)
**(1,582,764)**
2,335,272
________
**752,508**|2023
£
2,335,000
272
_______
272
**2,335,272**
-
________
**2,335,272**|
|---|---|---|
11
The Duncan Wordsworth Founda�on Charity Number: 1198126 **Notes to the financial statements For the year ended 31 March 2024**
## **1. General informa�on**
The Duncan Wordsworth Founda�on is a Charitable Incorporated Organisa�on (CIO) registered with the Charity Commission in England and Wales. The registered number and address is given on the Reference and Administra�ve Details page. The ac�vi�es of the Charity are set out in detail in the Trustees' report.
## **2. Accoun�ng policies**
## 2.1
Accoun�ng and Repor�ng by Chari�es: Statement of Recommended Prac�ce applicable to chari�es preparing their accounts in accordance with the Financial Repor�ng Standard applicable in the UK and Republic of Ireland (FRS 102) (effec�ve 1 January 2019) and the Financial Repor�ng Standard applicable in the UK and Republic of Ireland (FRS 102).
Assets and liabili�es are ini�ally recognised at historical cost or transac�on value unless otherwise stated in the relevant accoun�ng policy.
rounded to the nearest £1.
## 2.2 Repor�ng period
of the CIO, 3 March 2022, to 31 March 2023. Given that the current repor�ng period is a year, the amounts presented may not be reliably comparable.
## 2.3 Going concern
funds sufficient to support its cash flow requirements over the foreseeable future under all an�cipated scenarios. Therefore, the trustees consider there are no material uncertain�es about the Charity's ability to con�nue as a going concern.
## 2.4 Income
All income is recognised once the CIO has en�tlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably
Where the right to receive Gi� Aid has been established, the amount receivable is recognised as
12
The Duncan Wordsworth Founda�on Charity Number: 1198126 **Notes to the financial statements For the year ended 31 March 2024**
## 2.5 Expenditure
to a third party, it is probable that a transfer of economic benefits will be required in se�lement and the amount of the obliga�on can be measured reliably.
Expenditure on charitable ac�vi�es is incurred on directly undertaking the ac�vi�es which further the CIO's objec�ves, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## 2.6 Taxa�on
The CIO is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the defini�on of a charitable company for UK corpora�on tax purposes. Accordingly, the CIO is poten�ally exempt from taxa�on in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corpora�on Tax Act 2010 or Sec�on 256 of the Taxa�on of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## 2.7 Investments
Investments are measured ini�ally at cost and subsequently at fair value unless fair value cannot be measured reliably, in which case they are measured at cost less impairment.
## 2.8 Cash at bank and in hand
Cash at bank and in hand includes cash only
## 2.9 Creditors
Trade creditors are recognised at se�lement amount a�er any trade discounts (provided normal credit terms apply).
## 2.10 Liabili�es
Liabili�es are recognised when there is an obliga�on 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 se�lement, and the amount of the se�lement can be es�mated reliably.
## 2.11 Fund accoun�ng
General funds are unrestricted funds which are available for use at the discre�on of the Trustees in furtherance of the general objec�ves of the CIO and which have not been designated for other purposes
13
The Duncan Wordsworth Founda�on Charity Number: 1198126 **Notes to the financial statements For the year ended 31 March 2024**
## **3 Income from dona�ons and legacies**
|Unrestricted
Funds
2024
£
Dona�ons
0
Gi� Aid income
583,725
583,725|Total
funds
2024
£
0
583,725
583,725|Total
funds
2023
£
2,335,000
0
2,335,000|
|---|---|---|
## **4 Income from investments**
|Unrestricted
Funds
2024
£
Bank interest received
404
**5**
**Analysis of expenditure by ac�vi�es**
Grant funding
of ac�vi�es
2024
£
Grants to ins�tu�ons and individuals
77,598
Support costs|Total
funds
2024
£
404
Support
costs
2024
£
7,070
Support
costs
2023
£
3,000||Total
funds
2023
£
272
Total
funds
2024
£
84,668
Total
funds
2023
£
3,000|
|---|---|---|---|
|||||
14
The Duncan Wordsworth Founda�on Charity Number: 1198126
**For the year ended 31 March 2024**
## **Analysis of support costs**
|Professional fees
Bank charges
Governance costs|Total
funds
2024
5,520
50
1,500
7,070|Total
funds
2023
-
-
3,000
3,000|
|---|---|---|
## **6 Analysis of grants**
|Grants to
Grants to
Individuals
Ins�tu�ons
2024
2024
£
£
Grant funding
17,598
60,000
An analysis of grants awarded to ins�tu�ons is given below –
Ellis Guilford School
Westlake United Church||Total
funds
2024
£
77,598
50,000
10,000
60,000|
|---|---|---|
||||
## **7 Independent Examiner’s remunera�on**
The Independent Examiner’s remunera�on amounts to a fee of £1,500. The auditor’s remunera�on in 2023 amounted to a fee of £3,000.
## **8 Trustees’ remunera�on and expenses**
and no Trustee expenses have been incurred.
15
The Duncan Wordsworth Founda�on Charity Number: 1198126
## **For the year ended 31 March 2024**
**----- Start of picture text -----**
9 Investments
Other Investments
investments Total
£ £
Cost or valua�on
As at 1 April 2023 - -
Addi�ons 1,500,000 1,500,000
As at 31 March 2024 1,500,000 1,500,000
Other investments represent 15 holiday lodges.
10 Debtors
2024 2023
£ £
Accrued income 583,725 -
583,725 -
11 Creditors: Amounts falling due within one year
2024 2023
£ £
Accruals 4,500 3,000
4,500 3,000
12 Statement of funds
Statement of funds – current year
Balance at Income Expenditure Balance at
1 Apr 23 31 Mar 24
Unrestricted funds
General funds 2,332,272 584,129 84,668 2,831,733
Statement of funds – prior period
Income Expenditure Balance at
31 Mar 23
Unrestricted funds
General funds 2,335,272 3,000 2,332,272
**----- End of picture text -----**
16
The Duncan Wordsworth Founda�on Charity Number: 1198126 **Notes to the financial statements For the year ended 31 March 2024**
**13**
|Net income for the year/period (as per Statement of Financial Ac�vi�es)
Adjustments for:
Interest on investments
Increase in debtors
Increase in creditors
Net cash provided by opera�ng ac�vi�es
**14 Analysis of cash and cash equivalents**
Cash at bank|2024
£
499,461
(404)
(583,725)
1,500
________
(83,168)
2024
£
752,508|2023
£
2,332,272
(272)
-
3,000
________
2,335,000
2023
£
2,335,272|
|---|---|---|
## **15 Related party transac�ons**
Three have been no transac�ons with related par�es during this year. There are no outstanding balances owed to or from related par�es at the year end.
## **16 Non-adjus�ng event a�er the repor�ng date**
On 12 October 2024, the CIO entered into an agreement for the sale of its investments, in the sum of £3.0m. Furthermore, the agreement also confirmed an amount payable to the CIO of £337,500 as a return on the ini�al investment. At the date of approval of these financial statements no such amounts had been received but the Trustees an�cipate full se�lement.
17