Reglstered number: CE032926 Charlty number.. 1203931 Waln Foundation CIO (A charltable incorporatsd oryanisatlon) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2024 WAIN FOUNDATION CIO IA charhablo Incorporat￿ organi$allonl CONTENTS Refergnce and administratlve detalls of tho charlty, Its Trutsteos and advlsgrs Trusts8s' report Ind•p•ndent auditors. report on the flnanclal ststements Statement ol financial •¢tivitles 10 Balanco $he•t statoment of ush nows 13 Notes to tho flnanclal statgm•nts 14-20 WAIN FOUNDATION CIO IA charltablfr Incorporatsd oryanlsatlon REFERENCE AND ADMINISTRATIVE DgfAILS OF THE CHARITY, ITS TRUSTEes AND ADVISERS FOR THE PERIOD ENDED 30 JUNE 2024 Tn￿lee3 W Pin$wugh (appointed 10 Juty 2023) W F Ainscough lappointed 10 Juty 20231 K Greenkaf lappoinled 10 July 2023} N Chesworth (appointed 10 Juty 2023) J Smith18ppointad 10 July 2023) Company reghler number CE032926 Charity roglstgr9d numb•r 1203931 R•glster•d offlce Harrock Hall Estate Offlee High M¢)or Lane Wrighlin9ton Lancashire WN6 9QA Page 1 WAIN FOUNDAnoN CIO (A charitable Incorporated oryanlsatlon TRUSTEES. REPORT FOR THE PERIOD ENDED 30 JUNE 2024 The trustees present their annual report and financial statements for the period from 10 July 2023 to 30 June 2024. Since Ihg charty qualifie5 as $mall under sg¢tion 382 of the Companies Ad 2006, the Strategic report required of medium and large eompanies under the Companie$ Act 20(A Islrategic Report gr4 Directors, Reporti Regulations 2013 has been omitted. Objectives and activities a. Pobcios and obiectlves Wain Foundallon's objèctives are lo advance any purposes which are ex¢lusTvety charrtable under the law of England and Wales by providing grants lo regislored, exempt, or exc¢ptgd charities. Wain Foundatk)n supports both local charities across a wide range of 8ectors. We are pathubarty passv)nate about projects that f￿uS on any of the following fi8lds'. Children and famili95 Health. mental health and disabilty Special need5 and colleges EducalN)n Poverty and homel&ssngSS In setting objectives and planning for activities, the Trustees have given due Consideration to gener81 guidancè published by the Charity Commission relating lo Publ￿ b6nefrt, includirsg the guidance 'Publk benefit.. runnin9 harily IPB21'. b. Public benefit The Iruslees ¢onfim they have complied with the duty in section 17 of the Charf(ie¥ Act 2011 to have dl￿ regard to public benefit guidance published by the Charity Commission. Achi•v•ments and porfornianc• . Maln achlevements of thg charlty During Ihe year, Wain Foundation awarded grants totalling £5,004,700 to Rainbow Hub NW Limited en8blin9 it to nslruct and open the Rainbaw Hub Schwl, an independent $p¥ial school for children aged 4-11 with nèurop disabilities including ¢e￿braI palsy. b. Flnanclal revlew Total income for the year. £5,001,200 Total èxpenditure: £5,005,600 Wain Foundation does not have any employees. All trustees give thwr lime freety and no Iru8tee remuneration or expenses was paid in thè ￿riod. Wain Foundation does use the services of volunteers. Page 2 WAIN FOUNDATION CIO IA charitabh incorporat8d oryani$ation) TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 30 JUNE 2024 Achlovèmènts and p•rformanco {cOn￿n￿ed> c. Going Conc•rn After making appropriate enquirfe8, the trusleeg have a reasonable expect8lM)n that the Foundalion has adequ8le resources lo continue in operational existence for the foreseeabl8 future. For this reason thgy continue lo adopt the going concem basis in preparing the financial stslemenls. Further detail$ regarding the adoption of Ihg going concern basis Can be found in the accounting p)licles. d. Reser¥es pollcy Wain Foundalon'8 grant expentjiture is discretionary and as such minimal reserves are held. The trustees ensure that no grant is awarded that Wain Found*lon 1$ unable lo award. At the balan￿ sheet date, the chanty has a positive cash at bank balance anfj a deficit on reservos creatod by accrued expendilire. The Iruslees have considered the chttritys abilty to receive don*ion income after the balance shegt dale that is sufficient to eover this deficit and as S￿h have a reasonable expectation that the charfty wlll have sufficient reserves lo Ser¥￿e Oxpendilure as rt falls dug for p8ymenl. Wain Foundation has minimal operational needs limited lo bank charges and audit fegs only. For thi8 reason the Iwstees consider SUff￿lent to meet future grant commitments and oporational needs. •. Prfnclpal fundlng Wain Foundation's onty 50ur¢e of funding is from Wain Group Limited. Page 3 WAIN FOUNDATION CIO {A ¢harltable Incorporaled organ15atlonl TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 30 JUNE 2024 Flnanclal revlew Structur•, govornance and man•g8mont a. consti￿110Th Wain Foundation CIO is registered as a charitabl8 company kmited by guarantee and was set up by a Trust deed dated 10 Juty 2023. Plans for futur8 periods The tru8tees intend to cffib.nue guppotting charitable organisations aligned wf(h Wain Foundation's 0￿8¢tIVes. FLrtur¥ priofttios include.. Refining the grant making process for transparency: Maintaining relationships wrth recipients of the grants., Strengthening impact as8essm8nt and reporting., Devehjping the Wain Foundation website. ststement ol Truslee8' rg$ponslbilltle5 The Trustees Iwho ore also the directors of thè chanty for the Purposes of company lawl are responslble for preparing the Truste8s' report and the fi'nancial statements in a¢¢ordance wf(h applicab￿ law an(J Unile(I Kingdom Accounting Standards Iunited Kingdom Generalty Accepted Accounting Practice}. Company knv requires the Trustees to prepare financial sl*emenls for èach financial period. Under company law, the TTUSteos must not approve the finan¢i81 slatamants unless they are $olisfied that they gwe a true and fair view of the slate of affairs of the charity and of ils incoming reseurces and application of resources. including it5 income and expenditure. for that perlod. In preparing these financial st81emen18. the Trustees are rèqulred to.. setect suitable accounting policies and then appty them Gonsislenlly., obs•rve the methods and principl85 of tha Charitie$ SORP IFRS 1021,. make judgments and accounting estimates that are reasonable and prudent- State whether applicable UK Accounting Standards IFRS 1021 have beèn followed, subject lo any material departures disclosed and explained in the financial stslements., prepare the financial slalemenls on the going concem basis unless r( is inappropriat& lo presume that the charity will contlnue In business. The Trustees are rosponsible for keeping adequata accounting records that are $yffi¢ient lo show and explain the Chartys transactions and disclose byith reasonable a¢¢uracy at any time the financial positk)n of the charity and enable them to ensure that the financi81 ststemenls comply with tha Companies Act 2006. They aro also responsible for Safeguarding the assets of the charity and hen￿ for taking reasonabl8 staps for the prevention and del&tion of fraud anty other irre9uLarilEs. Risk Factor The Iruslees have assessed the major risks to which the Foundation is exposed, and are satisfied thal systems are in place lo mitMJ*e exposure lo the major risks. Page 4 WAIN FOUNDATION CIO IA charitabl• In¢orpornted organisationl TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 30 JUNE 2024 Approved by order ofthe memb8r5 of the t￿ard of Tru8lee8 and signed on their behalf by.. N Ch•8worth Trustee Date: 191112S Pap5 WAIN FOUNDATION CIO (A charltable Incorporatsd organlsatl¢)nl INDEPENDEMT AUDITORS. REPORT TO THE MEMBERS OF WAIN FOUNDATION CIO Oplnlon We have a￿￿lled the financial statements of Wain Foundatbn CIO {Ihe 'charitabl& ¢ompanW) for Ihe period ended 30 June 2024 which comprise the Slal&ment of financiol athrtles, the Balance sheet, the Statem&nt of cash kn and the related note8, including a summary of significant accounting policies. The financial reporting framewot1( that has been applied in their preparation is appl￿18 law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Stsndard applicable in the UK and Republic of IreL8nd' {Uniled Kingdom Generally Accepted Accounting Practice). In our opinion the linancial statements.. give a truo and f•ir of the state of thè ehaiitabl• company's affairs a8 8t 30 June 2024 and of118 Incoming rnsources and application of resources, including its income and expenditure for the p9ri0d th9n ended., have been prcpgrfy prepared in accordance wth United Kingdom Generalty Accepted Accounting Prnclu.. and have been prepared in accordance vmih the reqU1￿ments of the Charrties Act 2011. Basls for oplnion We ¢onduct8d our audit in accordance with Inlematlonal Standards on Auditing {UKI IISAS IUKII and applicable law. Our responsibilities under those standards are lurther degcribed in the Auditors. responsibilitie5 for the audit of the financial statements section of our report. We are independent of the Charitat￿e Company in accordance with the ethical requirements that are relevant lo our audit of the financial 51alem8nls in the United Kingdom, including the Financial Reporting Couneil's Ethical Standard, and we have fulfilled our other ethical responsibili(ies in acwrdance with these requirements. We believe that the aydil evidence we have obtained is sufficient and apprcpriale to prowde a b88is for our opinw. Con¢lu$lon$ r•lallng to golng con¢grn In audf(ing the financial statements, we have concluded that the Twstegs, use of the going concern basis of accounting in the preparation of the financial stslemenls is appropri81e. Based on the wort we have performed, we have not identified any material uncertainties rdating to events or conditions that, indmdually or Collecti￿￿, may c8sI $ignifi¢anl doubl on the charitable companls ability lo continue as a going concern for a period of at least ￿fve month8 from when the financial statomenls arg authorised for issue. OLTrr responsibilities and the responsibilitie$ of the Truytees vAth respect to going concem are described in the rglevanl 5e¢tions of this report. Page 6 WAIN FOUNDATION CIO IA ¢harltable incorporated organisation} INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF WAIN FOUNDATION CIO {CONTINUED) Oiher Informatlon The other infomation ¢omprl$e$ the infonnation included in th8 Annual roport othèr than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other infomiation contained wthin the Annual report. Our q)inion ¢)n the finanual statements doas not ¢ovor the other information and, except to the extent otherwi8e explicitty slal&J in our report, we éo not express any fom of assurance conclusion thereon. Our reswsibilify is to read the othgr infomi8tion and. in doing so. consider whether the other information is materially in¢onsislent vAth Ihg financial statements or our knoYAedge obtained in the course of the audit, or olhejwise appear5 to be materially mi$stated. If we identify Suth material In￿nsIStenc1eS or apparent m8lerial misstatements, we are required lo delernine ￿ether thbs gNes rise lo a material mis$tatemant in the financial statements theMse￿e$. If, based on the work we have performed, V￿ condude that there is a material mis$talemenl of this other infomiation, wa are required to report that fact. We have nothing lo r8POrt in thi8 Tegard. Matters QD whlch we aro requlrèd to report by exceptlon We have nothing lo r8port in respect of the follo￿ng matters where the Charrt*s (Account5 and Reports) Regulations 21108 requires us to report to you if, in our opinion= the information given in the Trustees. report ts inconsistent in any material respect with the finanaal sLgtement$.' or sufficient accounting record$ have not been kept.. or the financial statements are not in agreement wrth the ￿aUntIng records and returns., or we have not received 811 the infomiatffi and explanations we require for our audit. R•sponslbllltles of trust￿5 As explained more fulty in the Truytees, responsibiliti8$ stal8m&nt, the Trustees {who are also the directors of the charitabK8 company for the purposes of company ￿} are responsible for preparation of the financial slaler*nts and for being satisfied that thoy give a true and fair vww, and for such internal control as the Trustees detemiine is necessary to enable the pr8paration of financial statements that afe free from material misstslement, whether due to fraud or error. In preparing the financial ststement$, the Twstees are responsible for assesying tha Charitable companls ¥bilty to ¢ontlnu¢ 8$ a going concern, discbsing. 88 8pplieabla, matt•r8 rebtod to going ¢on¢em and using the going concem basis of accounting unless the Tru$la&s either intend to liquidate the charilabb company or to cease oper8t&?n8, or have no reali$lK aKemative but to d) so. Pag& 7 WAIN FOUNDATION CIO IA ¢haritabl8 incorporated oryanhation) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF YIAIN FOUNDATION CIO ICONTINUEDI Audltors, responsibilitios for the audit of tha financial statements We have been appointed as auditor under section 144 of th& CharilE$ Act 2011 and report in a￿1rdance wth the Act 8fKI Televanl regul8ticns made or having effect I￿rtunder. Our objedivas are to obtain reasonab￿ assurance about whether the financial statements as a whole 8re free from material misststemenl, whether due to fraud or error. and to issue an Audilor8' report that includss our opinion. Reasonable assurance is a high level of assurance, btrt is not a guarantee that an audit condu¢led in accordance wilh ISAS (UK} will athys deted a material mis5ts1ement when it exists. Misslatemenls can arise from fraud or error and ar8 considered material if, individualty or in the aggregate, they coukl reasonably be expected to infiuenco the econom￿ decis￿8 of users taken on the basls of Ih88e financial stslemenls. Irregularities, induding fraud. are instances ol non-ctyrpliance wrth laws and rggulations. We design procedures in line wlh our responsibilit￿s, outlined d)ove, to dgtect material misslalemonls in respect of iThegularities. including fraud. The exi8nt to which oui procedures are Capable of detecting irragularitie¥. inGluding fraud is detailed bek)w'. . We revie•ved the susceptibility of the charitys financial statoments lo material misstatement and Klenlified the principal risks. implements'ng a serios of testing proce award granlg to other charltable organisatitins for the purpose of public benefit as the Trustees, may 81 their discretion, think frt. Accounting pollcles 2.4 Basis of preparation of financial stat•ments Th8 financial Statements of the charitable company. whlch is a publlc benefit entlty under FRS 102. have been preparad in accordance wlh the Charities SORP IFRS 102>'Accounting and Reporting by Charities.. Statement of Re¢ommended PraBlise applicabl8 to Charrt￿ preparing their accounts in accordance with the Financial Reporting Stèndaid applicable in the UK and Republic of Ireland {FRS 1021 leffedive 1 January 20191.. Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable in the UK 8nd Rèpublic of Ireland, and tho Companigs Act 2006. The financial $￿te￿nIS have been PTepared under the historical cost convention. The presentational curreney of the charity is pound sterling (£1 and the amounts in the fin8n¢ial ststements have been rounded lo the nearest £1. There are no material uncertainties about the charills abilty lo continue as a g￿ng concem. 2.2 Going concLYn The finanaal stslemenls have been prepargd on the going C￿cern ba$1$ on the Tru5tee$' assumption thal the Charrty will continue lo meet ils obligations as they fall due. 2.3 Income All income is reccfv3nis8d in the Statement of Financial AclivilieB On￿ the charity has entitlement lo the fvnds, it is probable that the income will b? r•¢•iv¢d and the amount ¢sn bè mèasured relbabty. 2.4 EX￿nditUre Expendtiure is recesnised on an a￿rualS basis as a liability is incurred. 2.6 Taxation Th& Charity is exempt from tax on its charitable aetwities. 2.6 Llabllllles and provtslons Liabilities are recognised when there is an obligation 81 the Bala￿9 sheet dale as a resu￿ of a past event, it is probable that a transfer of economic benefrt will be required in settlement. and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the tharity anticipates r( will pay to sat￿? th8 debt or the anounl it has receNed as advanced payments for tha goods or services il musl provide. Page 14 WAIN FOUNDATION CIO (A ¢harhable Incorporat•d organlsatlonl NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2024 Accounting policies {contlnued) 2.7 Fund accounllng General funds are ursreslricted funds which are availabk for use al the diScret￿)n of the tNste88 in fvrtherance of the general objeetives of the Charity and which have not been designated for other purposes. Restricted funds can only be used for Part￿￿laT restricted purposes ￿thin tho objedsof the Charrty. Restricted fund5 ￿ onty b8 usgd for partKular restricted purposes wrthin the objects of the Charty. Restrictions arise when ¥pectfied by the donor or when funds are raised for particular reslricled purpos8$. Income from donatlons and 1oga¢les Restrlcted Unrestrictgd fund8 nds Period Pgrlod ended ended 30 Jun• 30 June 2024 2024 Total funds Perfod ended 30 Jun• 2024 Donali¢)n$ and girts 5,000,000 1,200 5,001,200 Analysis of grants Grants to In8tltution Perlod ended 30Jun8 2024 Total funds Perlod ended 30 Jun• 2024 Raintow Hub NW Lld 5.000.000 s.000,(x)o Page15 WAtN FOUNDATION CIO {A ¢harltsbl8 incorporated organlsationl NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2024 Analy$b of expenditure t)n Charllable activities Restrictod Unrestrl¢t•d funds lunds Period Pèrfod ended end•d 30Jung 30 June 2024 2024 Total Perfod eniled 30 June 2024 Charitab18 adivities s,[￿,000 5.600 S,OOS.600 Analysls of oxp•ndlture by activities Grant Share of fundlng of support & activilios gov•rnance (see note 61 costs Perlod Perfod èndèd ended 30 Jun 30 Jun• 2024 2024 Total funds Period ended 30 June 2024 Direct costs 5,01)O.000 5.600 5.005,600 An•ly¥i5 of support costs Grantmakin Totsl funds Perlod ended 30 June 2024 Pfjrii>d ended 30 June 2024 Audit fee Bank charges 5,400 200 5,400 200 5,600 5,600 Page 16 WAIN FOUNDATION CIO IA charitable inCo￿orat￿ owgan1sa￿Onj NOTES TO THE FINANCIAL STATEMEpirs FOR THE PERIOD ENDED 30 JUNE 2024 Auditorn. rgmuneratlon Perlod ended 30 June 2024 Fees payable to the chartys auditor for the audit of thè Chari￿8 annual accounts Tntst••s' rnmuneration and oxp8nsas During the period. no Trustees received any remuneration or other benefits. During the peritrd ended 30 June 2024, no Trustee expenses have been incurred. cr￿lt0￿. Amounts falling due within on• year 30 June 2024 Accruals and deferred income 5.400 Page 17 WAIN FOUNDATION CIO IA ¢hathabl• incorporated oryanlsatlon) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2024 10. Statement of funds Statement of funds- currenl perlod Balan¢0 at 30 Junè 2024 In¢oma Expenditure Unrestricted funds Donations and LegarAes Charrtable 8Ctivrti8s 1,200 15,6001 15.600) 1,200 15,6001 14AOO) Restrl¢t•d lunds Donations and Legacies 5,000,000 15,000,000) Totsl of funds 5,001,200 15.005,61JOI 14,4001 11. Summary offynds Summary of funds - current perlod B•lan¢e at 30 Juno 2024 Income Expèndlture General funds Reslri¢l8d funds 1,200 15.6001 S,000,IN>O {5,000,0001 14,41)0) 5.001.200 15,005,600) {4.4001 Page18 WAIN FOUNDATION CIO {A charttable Incorpornted organisation) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2024 12. Anaty818 of not aS8ets btheen fvnd$ Analysis of n•t assets between funds- £urr•nt ￿riod Unrestricted funds 30 Junt 2024 Total funds 30 June 2024 Current assets Credkors due wthin one year 1,000 15,400) 1,000 15,400) Total (4,400) 14.4001 13. Roconclllatlon of n81 movomont In funds lo not cash flow from operatlng a¢tlvltlos Period ended 30 June 2024 Net incomelexpend6ture for the period {as per Statement of Financial Actsvitie31 {4.4001 Adjustments for. Increase in creditors Net cash provided by operatlng actlvltl•s 1.000 1& Anaty$is of ¢•sh and cash equfvalents 30 June 2024 Cash in hand Total cash and cash equlvalents Page 19 WAIN FOUNDATION CIO IA charitable i￿orPorated organisatlon) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2024 15. Anatysis of changes In net debt At 30 June 2024 Cash flov•S Cash at bank and in hand 1,000 1,000 1,1)00 16. Members. liabilty Each member of the charitsble cor￿nY undertakes to conlribuie to the assets of thè eompany in the event of f( being wound up whi18 helshe is a member, or wrthin one year after helshe ceases to be a memter, such amount as may be required, not exceeding £NIL for the dobts and liabilities contracted before helshe Ceases to be a member 17. Related party transactions 30 June 2024 Donations from Wain Gr¢yJp Ltd Grants aworded lo Rainbryu Hub NW Ltd 5,001,21)0 6.000,000 Page 20