The Duncan Wordsworth Founda�on
Charity Number: 1198126
Trustees' Report and Financial Statements For the year ended 31[st] March 2025
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 |
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The Duncan Wordsworth Founda�on
Reference and administra�ve details of the CIO, its Trustees and advisors For the year ended 31st March 2025
| Trustees | H D Wordsworth |
|---|---|
| J Wordsworth | |
| K J Wordsworth | |
| H E McBain Allan | |
| K E White (appointed 27thMay 2025) | |
| S E Booker (appointed 27thMay 2025) | |
| 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 |
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The Duncan Wordsworth Founda�on
Trustees' report
For the year ended 31st March 2025
CIO for the year ended 31 March 2025.
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.
A dona�on of £8,258 has been paid to Ellis Guilford School for prizes to be awarded to students in all subjects at their annual awards ceremony.
The Founda�on has also donated £35,000 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)
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The Duncan Wordsworth Founda�on
Trustees' report (con�nued) For the year ended 31st March 2025
Achievements and performance -
The Charity has con�nued to 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 for prizes awarded at their annual awards ceremony helped to develop links with the school and encourage effort and a�ainment among students.
The Founda�on receives regular reports from Westlake United Church Trust regarding the use and impact of the dona�on made. The dona�ons made in this year have enabled them to fund a number of projects. These have included funding a full �me member of staff to set up a new project to improve student behaviour and crea�ng a communal therapy garden. The funds have also enabled the Trust to send 100 children on a weekend camp, purchase new indoor and outdoor play equipment for their nursery school, as well as funding the crea�on and staffing of a new library.
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 interest on cash at bank and outstanding debtors.
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.
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The Duncan Wordsworth Founda�on
Trustees' report (con�nued) For the year ended 31st March 2025
Investments
The Founda�on makes investments to further its charitable purposes by genera�ng an improved rate of return on charity assets.
On 12 October 2024, the Charity 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 Charity of £337,500 as a return on the ini�al investment. Although the Trustees are ac�vely pursuing the proceeds of sale and receipt of the income, at the date of approval of these financial statements no such amounts had been received. Therefore, the Trustees have taken a prudent approach to include a provision for nonreceipt in these financial statements (note 6) and will con�nue to ac�vely pursue receipt.
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 its stated objec�ves. It also intends to con�nue suppor�ng Westlake United Church Trust in South Africa to provide educa�on to students in Westlake.
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.
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The Duncan Wordsworth Founda�on
Trustees' report (con�nued) For the year ended 31st March 2025
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: 30[th] January 2026
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The Duncan Wordsworth Founda�on
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE DUNCAN WORDSWORTH FOUNDATION For the year ended 31st March 2025
I report to the trustees on my examination of the financial statements of The Duncan Wordsworth Foundation (the Charity) for the year ended 31 March 2025.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 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 section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations 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 Accounting Practice.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
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The Duncan Wordsworth Founda�on
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE DUNCAN WORDSWORTH FOUNDATION For the year ended 31st March 2025
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Philip A Handley FCA
Institute of Chartered Accountants in England and Wales HSKS Greenhalgh Ltd Charlotte House Stanier Way The Wyvern Business Park Derby DE21 6BF
Date: 30 January 2026
HSKS Greenhalgh Ltd is part of the Dains group
Charlotte House Stanier Way The Wyvern Business Park Derby DE21 6BF
- t: 01332 200105 e: derby@hsksg.co.uk
DAINS.COM
Dains is a trading name of HSKS Greenhalgh Ltd (Registered in England and Wales No. 07686667). Registered office: 2 Chamberlain Square, Paradise Circus, Birmingham B3 3AX. HSKS Greenhalgh Ltd is registered in England and Wales for a range of business activities by the ICAEW. HSKS Greenhalgh Ltd is part of the Dains group of companies.
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The Duncan Wordsworth Foundatlon
The Duncan Wordsworth Founda�on Charity Number: 1198126
For the year ended 31 March 2025
| Unrestricted Total funds funds Note 2025 2025 £ £ Income from: Dona�ons and legacies 3 - - Investments 4 337,860 337,860 Other 5 46,430 46,430 _ _ Total income 384,290 384,290 Expenditure on: Charitable ac�vi�es 6 78,283 78,283 Other 6 3,337,500 3,337,500 _ _ Total expenditure 6 3,415,783 3,415,783 Net (expenditure)/income before investment gains (3,031,493) (3,031,493) Net gains on investments 1,500,000 1,500,000 _ _ Net movement in funds (1,531,493) (1,531,493) Reconcilia�on of funds: Total funds brought forward 13 2,831,733 2,831,733 Net movement in funds (1,531,493) (1,531,493) __ __ Total funds carried forwards 13 1,300,240 1,300,240 |
_ |
|---|---|
The Duncan Wordsworth Founda�on Charity Number: 1198126 Balance sheet As at 31 March 2025
| Note Fixed Assets Investments 10 Current Assets Other debtors 11 Cash at bank and in hand Liabili�es Creditors: amounts falling due within one year 12 Net current assets Total net assets The Funds of the Charity Unrestricted funds Total charity funds |
£ 630,155 673,475 1,303,630 3,390 |
2025 £ _- - 1,300,240 _ 1,300,240 1,300,240 _ 1,300,240 |
£ 583,725 752,508 |
£ 583,725 752,508 |
2024 £ 1,500,000 1,500,000 1,331,733 _ 2,831,733 2,831,733 _ 2,831,733 |
|---|---|---|---|---|---|
1,336,233 4,500 |
|||||
their behalf by:
H D Wordsworth
Trustee
Date: 30[th] January 2026
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The Duncan Wordsworth Founda�on Charity Number: 1198126
For the year ended 31 March 2025
| Note Cash fows from opera�ng ac�vi�es Net cash provided by / (used in) opera�ng ac�vi�es 14 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 Cash and cash equivalents at the beginning of the repor�ng year Cash and cash equivalents at the end of the year 15 |
2025 £ (79,393) 360 - 360 (79,033) 752,508 __ 673,475 |
2024 £ (83,168) 404 (1,500,000) |
|
|---|---|---|---|
(1,499,596) |
|||
(1,582,764) 2,335,272 __ 752,508 |
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The Duncan Wordsworth Founda�on Charity Number: 1198126 Notes to the financial statements For the year ended 31 March 2025
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 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.
2.3 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
2.4 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.
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The Duncan Wordsworth Founda�on Charity Number: 1198126 Notes to the financial statements For the year ended 31 March 2025
2.4 Expenditure (con�nued)
All expenditure is inclusive of irrecoverable VAT.
2.5 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the CIO; this is normally upon no�fica�on of the interest paid or payable by the ins�tu�on with whom the funds are deposited
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 Debtors
valued at the amount prepaid net of any trade discounts due.
2.9 Cash at bank and in hand
Cash at bank and in hand includes cash only
2.10 Creditors
Trade creditors are recognised at se�lement amount a�er any trade discounts (provided normal credit terms apply).
2.11 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.
2.12 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
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The Duncan Wordsworth Founda�on Charity Number: 1198126
For the year ended 31 March 2025
3 Income from dona�ons and legacies
| Unrestricted Funds 2025 £ Gi� Aid income - - 4 Income from investments Unrestricted Funds 2025 £ Bank interest received 360 Other investment income 337,500 337,860 5 Other income Unrestricted Funds 2025 £ Other interest received 46,430 6 Analysis of expenditure by ac�vi�es Grant funding of ac�vi�es 2025 £ Grants to ins�tu�ons and individuals 67,854 Other Debtor provision 3,337,500 Total expenditure 3,405,354 |
Total funds 2025 £ - - Total funds 2025 £ 360 337,500 337,860 Total funds 2025 £ 46,430 Support costs 2025 £ 10,429 - 10,429 |
||||
|---|---|---|---|---|---|
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The Duncan Wordsworth Founda�on Charity Number: 1198126
For the year ended 31 March 2025
| Analysis of expenditure by ac�vi�es (con�nued) Grant funding Support of ac�vi�es costs 2024 2024 £ £ Expenditure on charitable ac�vi�es Grants to ins�tu�ons and individuals 77,598 7,070 Analysis of support costs Total funds 2025 Professional fees 6,364 Bank charges 75 Governance costs 3,990 10,429 7 Analysis of grants Grants to Grants to Individuals Ins�tu�ons 2025 2025 £ £ Grant funding 24,597 43,257 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 – 2025 £ Ellis Guilford School 8,257 Westlake United Church 35,000 43,257 |
Total funds 2024 £ 84,668 Total funds 2024 5,520 50 1,500 7,070 Total funds 2025 £ 67,854 Total funds 2024 £ 77,598 2024 £ 50,000 10,000 60,000 |
|
|---|---|---|
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The Duncan Wordsworth Founda�on Charity Number: 1198126
For the year ended 31 March 2025
8 Independent Examiner’s remunera�on
The Independent Examiner’s remunera�on amounts to a fee of £3,390 (2024 - £1,500).
9 Trustees’ remunera�on and expenses
and no Trustee expenses have been incurred.
10 Investments
| 10 Investments | ||
|---|---|---|
| Other | Investments | |
| investments | Total | |
| £ | £ | |
| Cost or valua�on | ||
| As at 1 April 2024 | 1,500,000 | 1,500,000 |
| Addi�ons | - | - |
| Disposals | (1,500,000) | - |
| As at 31 March 2025 | - | 1,500,000 |
Other investments represent 15 holiday lodges, sold for £3.0m on 12 October 2024.
11 Debtors
| Accrued income 12 Creditors: Amounts falling due within one year Accruals |
2025 £ 630,155 630,155 2025 £ 3,390 3,390 |
2024 £ 583,725 583,725 2024 £ 4,500 4,500 |
|---|---|---|
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The Duncan Wordsworth Founda�on Charity Number: 1198126
For the year ended 31 March 2025
13 Statement of funds
| Statement of funds – current year Balance at 1 Apr 24 Unrestricted funds General funds 2,831,733 Statement of funds – prior year Balance at 1 Apr 23 Unrestricted funds General funds 2,332,272 |
Income 384,290 Income 584,129 |
Expenditure Gains/losses (3,415,783) 1,500,000 Expenditure Gains/losses (84,668) - |
Balance at 31 Mar 25 1,300,240 Balance at 31 Mar 24 2,831,733 |
|---|---|---|---|
14
| 2025 £ Net income for the year (as per Statement of Financial Ac�vi�es) (3,031,493) Adjustments for: Interest on investments (360) Other investment income (337,500) Debtor provision 3,337,500 Decrease /(increase) in debtors (46,430) Increase/(decrease) in creditors (1,110) __ Net cash provided by opera�ng ac�vi�es (79,393) 15 Analysis of cash and cash equivalents 2025 £ Cash at bank 673,475 |
2024 £ 499,461 (404) - - (583,725) 1,500 __ (83,168) 2024 £ 752,508 |
|---|---|
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The Duncan Wordsworth Founda�on Charity Number: 1198126
For the year ended 31 March 2025
16 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.
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