The Ken Wrigley Memorial Charity A Charitable Incorporated Organisation Registered Charity Number: 1208157 Report of the Trustees and Financlal Ststements Year Ended S Aprll 2025 Higgs LLP 3 Waterfvont Business Park Brierley Hill West MldlarKIs DYS ILX
The Ken Wrigley Mernorlal Charlty Index to the Flnancial Statements Year Ended 5 Aprll 2025 Page Contents Rofereno and Admlnlstrative Informatlon Tnjstees, Annual Report Statement of Flnanclal Actlvities Balance Sheet 10-12 Note5 to the Accounts
The Ken Wrigley Memorial Charity Reference and Admlnistratlve Information Year ended 5 April 2025 Governlng DocumeTht The Charfty is governed by the CIO Foundatlon Constitutlon dated 8 May 2024. The Charlty's reglstered charlty number is 1208157. Trustees Sharon Ann Hallma {Chalr} (appolnted 8 May 2024) Julia Annette Savage (appolnted 28 May 2024) John Bruce Rostron (appolnted 8 May 2024) Mark Allan Guest (appolnted 8 May 2024) Secretary Ms Klrsty McEwen Bankers CAF Bank Ltd 25 King5 Hlll Avenue Kings Hill West Malllng Kent ME19 4JQ Sollcltors Hlggs LLP 3 Waterfront Buslness Park Brlerley Hlll West Mldlands DY5 ILX Investment Managers Rathbones Investment Management The Colm0 Building 20 Colmore Circus Queensway Blrmlngham 84 6AT
The Ken Wrigley Memorial Charity Trustees. Annual Report Year ended 5 Aprfl 2025 The Tmstees present their annual report and financlal statements of the Charity for the year ended 5 Aprll 2025. The financial statements have been prepared in accordance with the accountlng policles set out In note I to the accounts and comply wlth the Charlty's governln9 document, the Charities Act 2011 and the Statement of Recommended Practice appllcable to the charltles preparlng thelr accounts vilth the Financlal Reporting Stsndard appllcable on I January 2019. Structure, Governance and Management The Charity was reglstered wlth the Charlty Commlssion on 8 May 2024 under reglstered charity number 1208157, and is constituted under the CIO Foundation Constitution dated 8 May 2024 ("the Governlng Document"). The Charity does not artlvely fundralse and seeks to continue charitable work through the careful stewardshlp of Its existlng resources. The Goveming Document provides for a mlnimum of two Trustees and a maxlmum of twelve Trustees. Trnstees must hold at least one rneeting each year, either in person or by sultable electronic means. The quorum at any meetlng Is two Trustees. At the Trustees, meetlngs, the Trustees agree the broad strategy and areas of actlvFtles for the Charity, Induding conslderatlon of grant making, Investment, reserves and risk managernent pollcles and perfornian. The day to day admlnlstratlon of grdnts and the pr0tr55ing and handllng of applScations prior to conslderation by the Trustees Is delegated to the Secretary. The Trustees would take account of the recommendations of the ICSA best practlce gulde 'Recruitment, Appolntment and Induction of Charity Trustees, should the need to recruit new Trustees arlse. The Trustees would look to recrult In Ilght of an appropriate skills audit of the current Board and taking Into account the experien, expertlse and diverslty of the current Board, as well as thelr knowledge of the Charlty's area of beneflt arnd benefidal class. New Trustees may be sought by open advertlsement or through a dialogue with major grant recipients and local community groups respecting the ethos of the Charlty to contlnue the charitable work Intended by the settlors, the Trustees actlvely seek those wlth a knowledge of the local aw when conslderlng any prospectlve candidate. The ultlmate declslon on selectlon Is a matter for the Trustees. On appolntment new Trustees sign a Trustee Declaration and Undertaklng committing them to the glvSng of thelr time and expertise. It also conflrms thelr ablllty to act In the role of Trustees. The inductlon process has been changed to follow the ICSA good practlce gulde with a formal Inductlon programme for any newly appointed trustee being led by the Setretary, to Include Initial tralnlng In the grant maklng process, the duties and re5ponsibilitles of the Trustees and the role of any sub cornmlttee5. The welcome pack Include5, amongst other information and guidance, a brlef history of the Trust, copy of recent Trustee (and sub commlttee) minutes. a copy of the last three years of annual reports and accounts, a copy of the Governlng Document and a copy of the Charity Commlsslon's guidance'The Essentlal Trustee: What You Need to Know. and 'Charltles and Public Benefit,.
The Ken Wrigley Memorlal Charity Trustees. Annual Report Year ended 5 Aprll 2025 The Trustees Intend In the upcoming year, wlth the support of the Secretaryi to developlng a code of conduct for Trustees In¢ludlng f¢rmal statements of roles and responslbllltles and to undertake work on the Charlty Governance Code. All Trustees glve of their time freely and no Trustee remuneration was paid In the year. Trustees are entltled to dalm reasonable out of pocket expenses and where they do those are noted In the accounts. Trust are required to dlsclose annually (and a5 they arise) any potentlal Interests which mlght confllct and register them wlth the Secretary and In accordance with the Charity's wrltten confllcts of Interest pollcy. Rlsk Management The Trustees have considered the major risks to whlch the Charlty Is exposed and have reviewed those risks and established systems and procedures to manage those rlsks. The major financlal rlsk Is the varlability of investment returns on the portfolio and its impact on income levels and capltal grovrth. The Trustees have actlvely sought to mana9e this rlsk by appoiriting iathbones Investment Management as DIsctIOnary Managers of the Investment portfollo. Their role Is to monitor the performance of the portrolio, to take appropriate actlon to mltlgate any loss to the portfollo, and to ensure that the objectives as detalled in the Investment Policy Statement are followlng and revlewed annually. The major operational rlsk Is the extent to whlch grants awarded to Individuals and charitable or not for profit oryanisatlons advance5 the objects of the Charlty and demonstrate sufficlent publlc beneflt. The Charlty has managed its rtsk by retalnlng Trustees of suffbclent expertlse and experlence, and through the quality of the institutlons and the people who they support. In addition. the Trustees rely on the Secretary to undertake appropriate and prowrtionate due d111gen on applicatlons and ensure all grant glvlng retalns a focus on the publlc beneflt. The major regulatory impact of the Common Reportlng Stsndard Cthe CRS?, on the operatlon of the Charlty. CRS Is being an internatlonal tax transparency reglme almed at preventlng tax evaslon. CRS came Into fortt from l January 2D16 and the Charlty is now requlred to provlde informatlon about thelr beneflclarles, tax resldency status to HMRC, who wlll then share thls Informatlon with the approprlate tsx authorlty In other jurisdictions, The Charfty Is subject to this reglme because it relles on Investments for more than 50% of Its income and those Investments are prOfelOnallY managed by a flnanclal Institution under (iiscretionary mandate. This means the Trustees are required to carry OLrt due diligence to establish a tax resldency status of all beneficlarles, keep records of efforts to comply wlth the reglme, register with HMRC as a flnanclal Instltutlon fFlnanclal Institution") if they have reporting requirements and report to HMRC if requid. The grant appllcatlon process Is revlewed annually and the grant applicatlon form expanded to collect the necessary due di15gence informatlon that is required In order to establish tax residency status of all grant reclpients, both individuals and charity and not for profit organlsatlons. This includes additional informatlon Including tax resident jurisdlction, tax identifbcatlon number (for Individuals) and entlty ststus (for organisatlon5). The Trustees wlll keep this under review.
The Ken Wrigley Memorial Charity Trustees. Annual Report Year ended S Aprfl 2025 Objects and Actlvities tor the Publlc Benefft The obJects of the CIO are for such charltable purposes (according to the law of England and Wales) as the Trustee5 see flt from tlme to tlme In the Parlsh of Klnver In the County of staffordshlre ("Area of Benefiv). The Trustees conflrm that they have referred to the guldance contalned in the Charlty CommSssion's general guidancÈ on public benefit when reviewing the Charlty's objects and purposes and in planning future activitie5 and settlng the grant maklng pollcy for the year. The Trustees Intend o setting a Grant Maklng Policy and will review this on an annual basls. This wlll be avallable on request. The Trustees have a wlde discretion to make grants to charities and for charltable purpose5. The Charlty carries out its objects by providlng grants to Indlvlduals (for excluslvely charltsble purposes) and to charitable and not for profit organlsations wlthln the area of beneflt (for excluslvely charitable purposes). By focuslng on these areas, the Charlty achleves Its strdteglc priorlty of malntalning a stable grant maklng prcgramme, with balanclng support to individuals and to charities and voluntary organisatlons {for excluslvely charltable purp05es). Grant Maklng Pollcy The Charity will establish Its grant making policy to achieve Its objects ft)r the public benefit, to Improve the lives of indivlduals wlthln the area of benefit. The Trustee5 will review the grant maklng pollcy annually to ensure it reflects the Charity's objerts and thereby advan5 publlc benèfit. The Trustees have power to spend or retaln both capltal and Income. Thu5 both income and capltal is expendable without distinction in furtherance of the objects. The Charity's beneflclarles are Individuals and charitable and not for profit organisations (for exclusively charitable purposes) wlthin the prescrlbed area of beneflt. The general policy of the Trustees is not to give retrospective grants and the Trustees will only consider one applicatlon from any appllcant, Grant Maklng prOdUre Applicatlons can only be consldered If they are on the Charity's standard appllcation form. The application form must be completed and returned {together with a copy of any supporting information relevant to the application) to the Secretary at least four weeks before the meeting at whlch the appllcatlon Is to be considered. The Trustees meet at least twlce a year to consider appllcations. It Is the pollcy of the Trustees to consider grants on an equal opportunltles basls, regardless of gender, religlon and ethnic background.
The Ken Wrigley Memorlal Charlty Trustees, Annual Report Year ended 5 Aprfl 2025 Public Beneflt The Trustees confirm that they have referred to the Information contalned In the Chartty Commission'5 general guidance on public benefit when reviewing the Charity's objects and actlvltles, thelr grant maklng pollcy and plans for future perlod. The objects. and artivities of the Charity are largely determined by the provisions of the governlng document, and from there the Trustees exerclse a dlscretlon In consldering how best to meet the publle benefit test and ensure that as many Indlvldua15 and charltable and not for proflt organlsation5 With partlcular needs will galn advantage. Monltorlng ana Khlevement The Trustees have contlnued wlth an aspiratlon to seek a reasonable return over the lorw term. It is intended that the portfolio will show a welcomed recovery and that the long term objectlves to meet income needs and grow the capltal are obtsinable, Financlal Revlow The Charlty's worf( Is entirely rellant on income and Investment returns from Its capltal. As at 5 April 2025, the value of the capltal fvnd stood at £0. Durlng the year the income of the Charlty was £0. Investment Poll¢y and Performan The investment powers of the Trustees are wlde and allow the Trustees to invest funds In any matter (after taklng such advlce as they conslder necessary} and havlng regard to the suitablllty of investments and need for diverslficatlon. The pdncipal Investment holdings of the Charity eomprlse funds and portfollos of quoted securlties. As at 5 April 2025, It Is Intended the value wlll represent IOOOh of the Charlty's investments. The management of the portfolio Is undertaken on a discretionary management basls by Rathbones Investment Management and a written Inve5trnent policy wlll be reviewed on at least an annual basls by the seary In conjunttlon wlth the Investment managers and ultimately approved by the Trustees. The dlscretlonary managers are Instructed to maxlmlse the Income on the portfolio whilst preserving the capltal, wlthln the con5tralnts of a medlum rlsk Investment portFollo. Following investment advlce, the Trustees agreed to retain cash on deposit wlth Rathbones Investment Management for the capltal account of £0 and for the broker account of £D. Cash in bank wlth CAF Bank Ltd of £0. Reserve6 Pollcy The whole of the Charity's capltal 15 expendable and this distlnction between capital and Income Is not relevant. The Trustees appreclate that the general prlnciples of charlty law require Trustees to spend their income wlth In a reastsnable perlod of retelpt. The Trustee5 will set and agree a pollcy which broadly identlfles the framework withln whlch the Charlty wlll operate Its reserves. The Intentlon Is that the Charity will retaln an approprlate and reasonable level of reservès whilst conCurtIY ensuring that It uses the income in a manner that Is within the objects at the best interests of the Charlty and Its beneflclaries.
The Ken Wrigley Memorial Charity Trustees. Annual Report Year ended 5 Aprll 2025 sin the Charity will receive all of its Income from the investment portfolio, the Trustees aye mlndfvl that the source of Income can be volatlle and subJect to sudden changes in the market. They are concerned that in any year there Is a risk that they cannot meet thelr ongolng admlnistration and profe&sional expense Commitments as and when they arlse, due to any fluctuatlons In the market which may prevent or 5ignlficantly reduce Income. The Tnjstees will consider, In conjunctlon with the professional advisers, the level of reserves to retain frown surplus unrestricted funds. They have decided to bulld up a pot of reserves equlvalent to one yearfs adfflinistrative and professlonal expenses but excludlng grant commitment5. Thls wlll ensure that should there be any fluctuatlons In the market which redu the Income avallable for distrlbution, the Charlty can use its reserves to continue to meet its obligations and Ilablllties as and when they fall due. plan for Future Perlods The Trnstees belleve their grant5 will translate intQ slgnlflcant publlc beneflt. In cementing the arrangernent5 already In place, and beglnnlng with its activities as set out in thls report, 50 that the many and varied charitsblè and not for proflt organlsations, and individuals may contlnue to benefit in real terms from its financlal support, the Charity alms to provide a long term commltment and thereby encourage and support individuals and charltable and not fvr profit oryanisations. The Intention is to establish a programme of grant glvlng which will translate into slgnlflcant publlc benefit. The Trustees wlll focus on those Indlviduals and organisatlons who would beneflt In real tenns (impart) from its financlal support, thus provlding and ensuring a longer- term commitment to support. Trustees, Responslbilltles In Relation to th• Finan¢lal Statements The Trustees are responsible for prepari ny the Trustees, Report and the flnancial statements i accordan wlth applicable law and regulatlons and United Kingdom Acrnunting Standard5. The law appllcable to charitie5 In England and Wales requlred the Tru5tee5 to glve a true and falr vlew of the state of affairs of the Charlty and of the i ncomlng resources and appllcation of resources, Including Income and expenditure of the Charity for that period. In preparlng these financial statements, the Trustees are requlred to: •selert 5ultable accounting policies and then apply them conslstently j •observe the methods and principles of the Charities SORP; •make Judgements and estimates that are reasonable and prudent: •state whether applicable attountlng standèrds have been followed, subject to any materlal departure5 dlsclosed and explained in the fina nclal statements,, and •prepare the flnancial statements on the golng concern basis unless it is inapproprlate to presume that the Charlty will continue in operatlon. The Trustees are responsible for keeping adequate accountlng records that are sufflclent to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financlal posltion of the Charlty and enable them to ensure that the flnancial statements comply wlth the Charities Art 2011, the Charlty (Accounts and Reports) Regulatlons 2008 and the Governing Document. They are also responslble for safeguardlng the assets of the Charlty and hence for taking reasonable steps for the prevention and detectlon of fraLJd any other irregularitles. The Trustees are responsible for the maintenance and integrity of the Charity and flnanclal Informatlon Included on the Reolster of Charities.
The Ken Wrigley Memorial Charity Trustees. Annual Report Year end•d 5 Aprll 2025 Approved by the Trustees and sl ed on their behalf by: Ms S A Hallmark Chalr
The Ken Wrigley Memorial Charity statement of FSnanclal Activitles Year ended 5 Aprll 2025 Not•s Unrertrlcted Funds Total Funds 2025 20Z4 Incom• resour¢es: Income rtsourtss from generated nds Total Incomlng r•sourc•s Resour$ expend. Investment management costs Charftable actlvltles Cost of grant maklng Govemance costs Totsl resources expended Net (outgolng)Ilncornlng resources before other re¢ognlsed galns and losse5 Realised oainsl{losses) on Investment assets Unrealised galnslllosses) on Investment assets N¢t movement In funds Reconclllatlon of funds Total funds brought fonvard Totsl funds carrled forward
The Ken Wrigley Memorial Charlty Balance Sheet Year ended 5 Aprll 2025 Notes Unrestricted Funds rotsl Funds 2025 2024 Fixed Assets Investments Total Fixed Assets Current Assets Cash with bank and Investment managers Debtors Totsl eurr•nt asset• Llabllltles Creditors falling due within one year Net current assets Totsl assets less current Ilabllltles Credltors falllng due after more than one year Net assets The funds of the Charity Unrestdcted Income funds Total Charity fuhd$ The notes on pages 10 to 12 form a part of these accounts. Approved by the Trustees and 51gned on thelr behèlf by.. Ms S A Hallmark Chalr
The Ken Wrigley Memorial Charlty Notes to the Accounts Year end•d 5 April 2025 l. Accounting policies (a) Ba$1$ of preparatl The flnanclal statements have been prepared under the hSstorfc cost conventlon, wlth the exceptlon that investments are Included at marl(et value. The flnanclal ststements have been prepared In accordance wSth the Stètement of Recommended Prartlce.. Accountlng and Reportlng by Chanties (FRSEE) issued In January 2015 and appllcable UK Accountlng Standards and the Charlties Att 2011. (b) Funds stNrture The Charlty has one fund, an unrestrfrted Income fund, Th151s a fund whlch the Trustees are free to use for any purpose In furtherance of the charbtable objects. Unrestrlrted funds Include deslgnated funds where the Trustees. at their dlscretlon, have created a fvnd for a spedftc DufDDSe. (c) Incomlng resourc•s All Incornlng resources are recognlsed On the Charfty has entltlement to the reSoUs, It Is certaln that the resources wlll be recelved and the monetary value of Incomlng resources can be measured wlth sufficient reliability. (d) Expendlture on ralslng funds Liabllltles are recognlsed as resources experKled as soon as there Is a legal or eonstructlve obligatlon committing the tharlty to the expendlture. All expendlture 5$ accounted for on an ccrua15 basls and has been classifled under headlngs that aggregate all costs related to the category. Grants payable are payments made to charltsble organlsatlon5 In the furtherance of the charltable objects of the trust. Slngle or multi-year grant5 are accounted for when either the reclplent has a asOnable expectatlon that they wlll recelve a grant and the Trustees have agreed to pay the grant wlthout condltjon, or the reclplent has a reasonable expectstlon that they wlll recelve a grant and any condltlon attachlng to the grant Is outslde the control of the Charfty. Provlslons for grdnts are made when the Intentton to make a grnnt has been communlcated to the reclplent but there Is unrtaInty about elther the timlng of the grant or the amount of the grant payable. (e) Expendlture on generatlng funds The costs of generating funds consists of Investment management fees, legal fees, aceountancy fees and other governan and regulatory fees. (f) Charitsble artivities The cost of charltable activltles Includes grants made. (g) Governance costs Governan costs comprise all costs Involvlng the publlc accountability of the Charlty and Its compllance wlth regulation and good praLtlce. These (y)sts Indude costs related to the preparatlon of the accounts, the Indepen(Jent examlnatlon fee and legal fees. (h) Flxed asset Investment Investments are stated at Maet value as at the balance sheet date. The statement of financial activities Includes the net galn and losses arfslng on revaluatitsn and disposals throughout the year. (l} Reallsed galns and losses All gaSns and losses are taken to the Statement of Financlal Activlties as they arlse. Realised gains and losse5 on Investments are calculated as the dlfference betw8en sales proceeds and opeDlng market value (purchase date If later). Unrealised 9ains and losses are calculated as the dIfferen between and market value at the year end and openlng market value {or purchase date if later). Reali5ed and unreallsed galns a not separated In the Statement of Flnanclal Attlvltles, io
The Ken Wrigley Memorial Charity N¢te$ to the Accounts Year ended 5 Aprll 2025 U) Contlngent liabllltles aTrd provlslons In accordance wtth the SORP, a contlngent Ilablllty Is dlsclosed for those grants, whlch do not represent Ilabllltle$, Whe the posslble obllgatlon, whlch arlses from past events, wlll only be conflrmed by the ocojrrence of one or fflore UnrtaIn future events not wholly vvithln the Tru5tee5' control. Provlslons are recognlsed for those grants where there Is uncertalnty as to the tSming or amount, and any uncertalnty regardlng the amount is more than one of determlnlng a basls for reasonable estlmatlon of the Ilablllty artslng from that construttlve obllgatlon. 2. Related party transactlons and Trustees, rémunératlon There were n¢ related party transactions or Trustees, remuneration paid for the financial year ending 5 April 2025. 3. Investment Income 2025 2024 Dividend5 - UK equititle5 Dlvldends - Non-UK equltles Interest - UK flxed Interest securltles Interest on cash deposlts Interest - Non-UK flxed Interest securltles 4. Investment Manager's ¢ost8 Z025 2024 Rathbones Investment Management LEI Fees . Analysls of charltabl• •xpendltur• The Chamty undertakes Sts char6tsble artlvltles through grdnt maklng and awarded grants to a number of organlsatlons In furtheran of Its charftsble actlvltles. Grant funded actlvlti•s: 2025 2024 Total li
The Ken Wrlgley Memorlal Charity Notes to the Accounts Year ended S April 2025 6. Governance costs 2025 2024 Independent examination fee Bank charges Legal fees: Administration Accounts preparatlon VAT 7. Flxed asset Investments Movement In flxed asset Inv•$tments Market value as at 5 Aprll 2024 Add105 to investments at cost Disposals at carylng value Net gain/(Ios5) on ValUatIOn Net movement on cash Market value as at 5 AprS12025 Investmants at market value ¢omprlsod: 2025 2024 Equltles Fixed interest securltle5 Cash held within portfollo Total 8. Analysls ol current Ilabllltltes and long term crnditors editors under l year Legal fees VAT there¢r) Independent examlnerfs fee 12