Charity number: 210089 THE ￿xAmTREE TRUST TRUSTEES REPORT AND FINANCIAL srATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 THE WIXAMTREE TRUST CONTENTS Page Reference and administrative details of the charity, its Trustees and advlsers Trustee$, report Independent auditors. report 8-10 statement of flnanclal actlvltles li Balance sheet 12 statement of cash flows 13 Notes to the financial statements 14-22 THE WIXAMTREE TRusr REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, rrs TRUSTEES AND ADVISERS FORTHEYEAR ENDED 5 APRIL 2024 Trustees C.E.S. Whltbread P.D. Patten - resigned December 2023 H.F. Whitbread M. Stern V. Rotheroe- appcinted October 2023 R. Heseltine- appoliited October 2023 Charfty reglstered number 210089 Address 6 Trull Farm Bulldings Tetbury GIOU￿stershIre GL8 8SQ Administrdtor The Trust Partnership (Foundations) Limited Independent audltors Dunkley's Statutory Auditor Woodland Grarvje Woodlands Lane Bradley Stoke Bristol BS32 4JY Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Solicitors Veale Wasbrough Vizards LLP 24 King William Street London EC4R 9AT Investment advisers Sarasin & Partner5 LLP Juxon House ILKI St. Paul's Churchyard London EC4M 8BU Waverton Investment Management knmited 16 Babmae5 Street London SWIY 6AH Whitley Asset Management Calder & Co., 5t vIn￿￿t House 30 Orange Street London WC2H 7HF Page I THE WIXAMTREE TRUST TRUSTEES, REPORT (continued) FOR THEYEAR ENDED 5 APRIL 2024 The Trustee5 present their annual report together with the audlted flnandal statements of The Wlxamtree Trust for the 6 April 2023 to 5 Aprll 2024. ObJectlves and Artlvitles a. Policles and objectlves The Trustees aim to distribute each year to worthy causes, an agreed annual budget from its investment portfolio, after tsking into consideration the value of OLrtstanding pledge commitments arKI administration and professional fees. Publi¢ benefit When reviewing the airns and objectives of the Trust as noted below, and considering applications for grants, the Trustees conffimi that they have complied with their duty to have regard to guidan￿ on public benefit published by the Charity Commission. 'The Tntst ￿uSe5 n705t of its support on organi5ations based in Bedfothire or projects for the benefft of the people of th3t County. A smallnumberofnationalcharities With a tscus on familysoci3/issues are alsosupported. Furthermore, the trustees are also synFP8thetic towards applKations receivedfrom organistDns of whKh the late Humphrey Whitbread w35 a benefactor., b. Grant making policy The approach to grant making 15 generally reactive with the Trustees making grants to charitable bodies at their discretion. They focus their 5UPPOrt on organisations based in Bedfordshire or projects for the benefit of the people of that county. A small number of national charities are also supported. The Trustees are also sympathetic towards applications received from organisations of which the late Mr Humphrey Whitbread was a benefactor. Funding applications from Bedfordshire churches are referred to 8edfordshire & Hertfordshire Histortc Churches Trust who each year receive a grant from the Trust to support such requests. It is the Trustee5' usual prartice to grant only single payment donations, however, charitles may reappty on the annrversary of their last award. Also, the Trustees are able to award multi-year èwards if wished. The Trustees are sympathetic towards appllcations for cfft costs. The Tnjst does not fund individuals direttly. Monltorlng and update reports Recipients of donations are required to acknowledge safe receipt of payment and provide a report on how they used the grant before any further funding will be coTrsidered. The Clerk and Trustees also undertake visits to some of the projects that have benefited from the Trusys asSistsn￿. c. Strategic alliances In 2005, the Tnjstees signed a Memorandum of Urjderstanding with the Bedfordshire and Hertfordshire Historic Churches Trust (B&HH￿I. The Trustees of B&HHCT had agreed to use their specialist knowledge to rewew applications received by The Wixamtree Trust from Bedfordshire churches seeking support for repair5 to the fabric of their buildings and for other projetts. Representstives from B&Hpicf visrted the pmjects, assessed the needs and infom)ed the Trustees of grant recommendations to the Wixamtree Trustees on a quarterly basis. Page 2 THE WIXAMTREE TRusr TRusfEES' REPORT (continued) FORTHEYEAR ENDED 5 APRIL 2024 In April 2011 the Trustees reviewed these arrangements wlth the Chairman and Grants Secretary of the B&HH and agreed that In order to speed up the application5 and make the decision making pr￿$5 more efficien¢ to grant an annual donation direLt to B&HH￿. Church applicants now apply direttly to B&HH￿ for funding, using the link on The Wixamtree Trust's website to the B&HHcf's website, where an application forni can be downloaded, and if suc￿$Sful will receive a grant from The Wixamtree Trust Fund held by B&HHcf. The B&HH Grant Secretary no longer has to refer applications to The Wixamtree Trust Tru5tee5 for approval, ￿t instead has to provide a schedule of awards given each quarter. During the year under review, the Twstees approv￿ a donation of £IIO,000 to B&HHCT comprised of £9S,000 to be made available to distrlbute to local Beéfordshlre churches In accordance with The Wixamtree Trusys agreed criteria, £10,000 for their own Endowment Fund and E5,000 towards the promotional cost associated with the 2023 Bike'n Hike event, The Chairman and Grants Secretary of the B&HHCT attend the first meeting of the Trusys finandal year in person. Following this the amount of the annual donation is agreed. and to cover both the annual contribution towards B&HHcf's Endowment Fund and a sum to cover grants to Bedfordshire churches. Apart from the Endowment Fund element of the donation the other funds will be shown in B&HHcfs accounts as "Restricted Fund - The Wixamtree Trust Fund". B&HHCT payments are raised and sent out with a covering letter explaining that the donation has been given from The w1xamt￿e Trust Fund. Achievements and perforniance . Review of activities Requests for support were recelved from 168 (2023: 143) organisations during the year ar￿ diarltable grants amounting to £991,028 (2023.. £907,461} We￿ awarded to 137 {2023: 124) of these, an increase in cash terms of 9,Z% (2023-. increase of 24.8Vo) on the previou5 year. See Note 7 to the Accounts for an analysis of these donations. The £250,000 donation to Maldwell Hall Sthool in 2017 was retumed to the Trust due to a change in circumstaTKes meaning the Muslc Room projert that was to be supported was cancelled. Therefore, the net flgU￿ shown in note 7 amounts to £741,028. Additionally, at the year end, six pledges amounting to £26,￿0 were outstanding which had been approved on the understanding that ￿rtain conditions were met before the funds were released-. A list of the organisations supported during the year can be found on the TrLtst's webslte.. www.wixamtree.org. b. Investment policy and performance Review of investment managers There are three Investment Managers, Sarasin aTrJ Partners, Whitley Asset Management and Waverton Investment Management, holding equal share of the po￿0110. The Trustees have engaged the service5 of Edward Goodehild to oversee the three investment Managers on an annual basis for a set fee. This is reviewed annualty in Ortober. The Trustees continue to erKourage new TTUStees to Joln the Boardi particularly any holding finandal acumen. In ent ectiv Creation of three separate portfolios from the accounting standpoint (a) Wixamtree TtUSt (b) Wixamtree Whitbread (Waverton are the custodians of the Whrtbread shares) (c) consolidated version of these combined. The aim being to protect the capital in real (inflation adjusted) terms while provlding sufficient annual revenue to enable the Trust to maintsin Its hobitual level of donations. Page 3 THE WIXAMTREE TRusr TRUSTEES. REPORT (continued) FORTHEYEAR ENDED 5 APRIL 2024 AssetAlI ti Upon the move to the new investment managers, the initial strategic asset allocation was as follow5: Equities 670/0, Bonds 20010, Altematives 9¢kn, Propety 2% and cash 2Vo. The asset allocation position as at 31 March 2024 was as follows.. Equities 72%, Bonds 18%, Altematives 7%, Property Ioh and cash 2%. The portfolio figures above are an amalgamation covering the positions of all three investment managers. The performance of potsled funds to be compared against individual asset class benchmarks. Peer group comparison data also available upon reque5L InvestmentRestrictions Full discretion within pooled funds for The Wixamtree Trust main account. Asset all(￿ation policy to be discussed at each Trvstee meeting. No ethical restrictions to be applied to the accounts (fixed income and equity common investment funds do not have exposure to the tobacco sector). One specific holding to be rijn on a non-discretionary basis. Remaining holding in Whftbread PLC to be disposed of at some future date subject onty to the precise agreement of the Trustees. c. Golng concern After making appropriate enquiries, the Trustee5 have J reasonable expectation that the tharity has adequate resour￿5 to continue in operational existen￿ for the foreseeable future. For this reason, they continue to adopt the going con￿rn basls in p￿parIng the financial statements. The Trustees are of the opinion that the Charity will have 5ufflcient resources to meet its liabilities as they fall due. d. Financial review The Ststement of Financial Ath"vities on page 11 discloses the Trust's net increase in funds for the year of £2,780,536 (2023 - decrease of £2,491,550> which results in total funds at the balance Sheet date of £32,823,306 {2023 - E30,042,770). The movement in funds includes gains on revaluation and disposal of invesbnent assets of £3,122,449 {2023 - loss of £1,869,054}. Reserves policy The Trustees do not regard the charity's investments to be part of the free reserves of the charity, as they are held f(x the purpose of earning income in future year5. Capitsl fvnds have been created to represent the value of these investments, which at 5 April 2024 amounted to £32,397,958 {2023'. £29,985,580). F￿e ￿serVeS, at 5 April 2024 were in surplus at £425,348 (2023., £57,190 in surplus). This figure is reduced by grant commitments, which will be paid out of future income. Excluding these future grant commitments, the income fund would total £605,348 which, in the opinion of the Trustees, are required for ongoing expenses, outstanding pledges, future approved donations and additional or occasional major appeals for grants. The Trustees, tx)Iicy is to aim to Spend down tovvards their objective of a minimum of £IOO,000 available in free resetves, subject to review from time to time. f. Material investments policy The Trust Deed authorfses the Trustees to make and hold investments. Page 4 THE WIXAMTREE TRUST TRusfEES' REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2024 Strnctu￿ governance and n7anagement . Constitution The charity is an unincorporated trust, constituted under and governed by a trust deed dated 7 May 1949. It is registered charity, number 210089, and was created for general charitsble purposes. The trust does not artively fundraise. The trust is organised so that the Trustees meet four times a year or more frequently, if required, to manage its affairs. A representative of Veale Wasbrough Vizard5 LLP attends these rneets.ngs for the purpose of providing legal advice to the Trustees rf and when required. A small grants subcommittee was established in April 2016, to deal with grant awards up to £3,000 in between meetings. All decisions taken by this committee are minuted at the next Trustees meeting. In 2023 it wa5 agreed to raise the limit up to and including £4,000 for small grant c¢)ns"Kieration. The Twstees regularly review Governance issues and address any areas of weakness that are identlfied. Suth issues a￿ monitored on a regular basis. The Trustees reviewed tha"r Govemance and with the assistance of Veal Wasbrough Vizards updated this by formal ￿$OlUtion to formalize the proceeding of Trustees. including allowing meetings to be held electronically, agreeing a quorum would be made up of three Trustees attending any given meeting. A copy of the resolutlon was fully signed by the Board and has been lodged with the Charity Commission accordiThJly. b. Method of appolntment or elertlon of Trustees The appointment of new Trustee5 under the Trust Deed rested with Mr Humphrey Whitbread during his lifetime, but now the TnJ5tees must rely on the Trustee Att 1925 as amended by the Trustee Act 2000. The current Trustees therefore have a statutory power to appoint new Tnjstees. Of the six ojrrent Tnjstees, three are member5 of the Whitbread famity, all of whom are familiar with the duties and responsibilities of charity trijsteeship from their involvement with this and other charities. Of the other tt)ree Trustees, Mrs Marion Stern, Mr Julian Polhill and Mr RuFet H￿￿'rE, are also invdved with other charities and foundations. The Trustees have agred review dates every three years to confirm, or othawise, th￿r conts"nuation as Trustees. Appointment of new Trustees come as the result of personal recommendations, and interview5 follow. The TNstees are seeking a new Trustees wth financial experien￿. It is noted that Mr Paul Patten stepped down as a Trustee in December 2023 after many years of SeN1￿ as Clerk and then becoming a Trustee In 2016. ￿S0, the Board were delighted to have Mrs Victoria Rotheroe and Mr Rupert Heseltine join them in October 2023 as new Trustees. c. Policles adopted for the indurtion and training of Trustees Once Trustees have accepted their appointsnents, an induction pack is sent to them with copies of the relevant trugt dotumÈntg and an explanation of the operating methods of thÈ trust with ward to investments. income, accounts and so on. Tnjstees are encouraged to attend course5 and events whlch may be relevant to The Wixamtree Trust in particular or charities generallyi and are encouraged to visit the various projetts whith The Wixamtree Trust supports. Investment managers induding Salasin and Partners, Whitley Asset Management and Waverton Investment Management hold conferences and training seminars which the Trustees can also attend. The Administrator maintsins a Register of Trustees and eath Trustee has signed a Fit and Proper Persons Declaration form. Page 5 THE WIXAMTREE TRUST TRUSTEES, REPORT (continued) FOR THEYEAR ENDED 5 APRIL 2024 Flnance sub committee In 2007 the Trustees established a finan￿ subcommlttee to ensure that Ilnes of communicatlons btheen the Tnjst and its Investment Managers are kept as open as possible. The core sub-committee comprise5 C.E.S. Whitbread, P.D. Patten (until December 2023}, H.F. Whitbread, J Pollhill and they meet with representatives of the Investment Managers as and when they consider it neces5aryi in order to discuss any investment issues. Other Ttijstees joln the sub-commtiee rneetings when relevanL The whole Trustee Board met in-person in March 2024 with all of the three Investsment Managers and Mr Edward Goodd)Ild to review their portfolio. d. Administration The Trustees entered into an ag￿ement with The Trust Partnershlp (Foundations) Limited, formally known as The Trust Partnership LLP ￿p), on l June 2LKJ5 for the administration of the day to day running of the Trust. e. Webslte The Trust has a website.. www.wixamtree.org to assist applicants in their research of the Trusvs guidelines, past donations, application prows, meeting dates and deadline5 for submriting applications. f. Trade Mark Reglstratlon In 2010 the Trustees decided to register The Wixamtree Trust with the UK Trade Mark5 Registry. The mark has been reregistered under No 2566904 as of 3 De￿rnber 2020 and lasts for 10 years. g. R15k management The Trustees regularly review the charity'5 activities and the operational risks which it faces. The charity is not fundraising charity and has no employees, and apart from administratr've and professional servi￿$ has no outside suppliers, nor fixed assets or equipment which might in some circumstances t)e considered to present a risk. Meetings are held each quarter with reports on investments at the same intervals either presented in person by a representative of Sarasin and Partners, Whitley Asset Management and Waverton Investment Management or via a printed report. Management Accounts and other reports are also pr￿UCed at each meeting by the Administrator. Although the cheque book and finanaal d¢xuments such as bank statements are held by the charity's Administrator, neither the Administrator nor any other employee of The Trust Partnership (Foundations) Limited was a signatory to the bank accounts during the year. Online financial transarts'ons are required to be set Lbp by the accounts manager at The Trust Partnership (Foundations) Limited, and then requires the authorisation of a Trustee, to enable the payment to be acboned. h. Dats Protection Dats protecbon law reform5 were introdutrd with the General Dats Protertion Regulation (GDPR) which took effert from 25 May 2018. The Btsard rewewed its polides and procedures to ensure compliance wlth the new Regulation and the Trust's Privacy Policy is available from the Secretsry or can be found on the Trusys website. Page 6 THE WIXAMTREE TRUST TRUSTEES. REPORT (continued) FOR THEYEAR ENDED 5 APRIL 2024 Trustees. responslbillties statement The Tnjstees are responsible for preparing the Tru5tees' report and the financial Statements in accordance with pplicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Prartice). The law applicable to charitfes In England & Wales requires the Trustees to wepare flnancial ststements for each financial year which give a true and fair view of the state of affalrg of the charity and of the irKomtng resources and application of resources of the charity for that pericxj. In preparing these financial ststements, the Trust￿ are required to: select suitsble accounting FolScles and then apply them consistendy; observe the methcxys and principles in the Charities SORP; make judgments and accounts.ng e5timate5 that are reasonable and prudent; prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that the charity will continue in operation. Charity's transartions and disc105e with reasonable acajracy at any time the financial posltion of the charlty and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report wa approved by the Trustees, on 23 October 2024 and slgned on thelr behalf by: CES. Whi Chair of Trustees Page 7 THE WIXAMTREE TRUST REPORT OF THE XNDEPENDENT AUDrroRSTO THE TRusfEES OFTHE WIXAMTREE TRUST Opinion We have audited the finanaal statements of The Wixamtree Trust (the 'charity') for the year ended 5 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the finanual statements, including a summary of significant accounting policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdorn Accounting Standards (United Kingdom Generally Accepted Accounting practi￿). In our opinion the financial Statements.. give a true and fair view of the state of the charity'5 affair5 as at 5 April 2024 and of its incoming resources and application of resources, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Prartice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basts for opinion We conducted our audit in accordance with International Stsndards on Auditing {UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements seLtion of our reporL We ère independent of the charity in accordance with the ethical requirements that are rdevant to our audit of the finanaal ststements in the UK, including the FRCS Ethical Standard, and we have fulfilled our other ethical responsibilitie5 in accordance with these requirements. We believe that the audit ewdence we have obtained is suffioent and appropriate to provide a basis for our opinion. Conclusions relatlng to going concem In auditing the finanaal statements, we have conduded that the trustees, use of the going concem basis of accounting in the preparation of the financial ststements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collettivelyi may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve Months from when the financial statements a￿ authorised for i55ue. Our responsibilities and the responsibilities of the trustees with respeLt to going con￿rn are described in the relevant section5 of thi5 report. Other information The trustees are responsible for the other information. The other information comprise5 the information included in the Annual Report. other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other informhtion and, except to the extent otherwise explicitly stated in our rep￿, we do not expres5 any form of assuran￿ conclusion thereon. In connection with our audit of the finanaal statements, our responslbilty is to read the other information and, in doing so, consider whether the other informatiori 15 materially inconsistent with the financial ststements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identfy such material inconsistencies or apparent material misstatements, we are required to determine whether thi5 gives rise to a material misstatement in the financial ststements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomiation, we are required to report that fatt. We have nothing to report in this regard. Page 8 THE WIXAMTREE TRUST REPORT OFTHE INDEPENDENT AUDrroRS TO THE TRusfEES OFTHE WIXAMTREE TRusr Matters on which we are requlred to report by exceptlon We have nothing to rewrt in respect of the following matters where the Char6ties (Accounts and RewfG) Regulations 2008 requires us to report to you if, in our opinion: the information given In the Report of the Twstees is inconsistent in any material ￿pert with 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 ieceived all the Inforn￿tiOn and explaiiatrons we require for our audlt. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the tnJ5tees are responsible for the preparation of the financial ststements which give a true and fair view, and for SLtch internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or emr. In preparlng the finanoal ststements, the trustee5 are responsible for assessing the charity's atillty to conts'nue as a going COn￿rn, disclosing, as applicable, matters related to going con￿rn and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistlc altemative but to do so. Our responsibllities ft)r the audlt of the financial statements We have beerb appointed as auditors under Section 144 of the Charities Att 2011 and report in accordan with the Act and relevant regulations made or hav+ng effect thereunder. Our obj'ertives are to obtaln reasonable assurance about whether the financlal statements as a whole are free from mèterial misstatement, whether due to fi.aud or ei"ioi", and tQ iEsue a Report of the Independent Auditors 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 (UK) will always detect a material misstatement Wh￿ it exists. Mlsstatements can arise from fraud or error and are consldered materlal If, indlvidually or In the aggregate, they could reasonably be exmed to influentr the economlc decislons of users tsken on the basis of these financial ststements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Extent to whith the audit was considered capable of deterting irregularities, including fraud We identify and assess the risks of material misstatement of the financial ststements, whether due to fraud or error, and then design and perform audit prsxedures responsive to those risks, including obtaining audit eviden￿ that 15 Sufficient and appropriate to provide a ba515 for our opinion. Identifying and assesslng potential risks related to Irregularitles In identifying and assessing risks of m4terial misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following.. - the nature of the industry and sector, control environrrbent and business perfom)ance including the design of the companls remuneration policies, bonus levels and Performan￿ tsrgets. any matters we identified, having obtained and reviewed the company's documentstion of their pdicies and procedures relating to.. identifying, evaluating and complying with law5 and regulations and whether they were aware of any instances of non-compliance,. detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with law5 and regulations; - the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. Paye 9 THE WIXAMTREE TRUST REPORT OFTHE INDEPENDENT AUDrroRS TOTHE TRUSTEES OF THE WIXAMTREE TRusr As a result of these procedu￿, we considered the opwtunities and incentfves that may exist within the organisation for fraud and idenb.fied the greatest potentsal for fraud in the areas of management override of controls, and revenue recognition. We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a dirett effect on the determination of material amounts and dlsclosures in the financial statements. Audlt response to risks identified Our proTrdures to respond to rlsks identified induded the following: enquiring of management, concerning actual and potential Iltlgation and claims; performlng analybcal procedures to identfy any unusual or unexpected relationships that may indlcate rlsks of material misstaternent due to fraud,. in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assesslng wttether the judgements made in making accounting estimates are indicative of a potential bias. and evaluating the busir*ss rationale of any significant transaclions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regula￿n$ throughout the audit. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Uso of our report This report is made solely to the charity's trustees, as a body¢ in accordance with Part 4 of the Charities (Accounts and Reports} Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors, rew)rt and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the tharity and the charity's trustee5 as a body, for our audit work, for this report, or for the opinions we have fomied. Matthew Stuart Dobbin5 (Dec 16, 2024 09..04 GMT) Dunkley's Ststutory Audltors Chartered Accountsnts Eligible to act as an auditor in terrns of Section 1212 of the Companies Act 2006 Woodlands Grange Woodlands Lane Brddley Stoke Bristol BS32 4JY 16/12/2024 Date: Page 10 THE WIXAMTREE TRUST STATEMENT OF FINANCIAL ACTIVTfIES FORTHEYEAR ENDED 5 APRIL 2024 Capital funds 2024 Income funds 2024 Total funds 2024 Total funds 2023 Income and endowmentsfrom: Investments other irmme 653,110 9,919 653,110 9,919 540,450 2,334 Totsl income and endowments 663,029 663,029 542,784 Expendlture on: Raising funds Charitable activities 214,638 214,638 790,304 215,801 949,479 790,304 Total expenditure Net (expenditure) before Investment losse$)I gains Net1105ses)/gains on investments Net (expenditure)lincome before transfers 214,638 790.304 1,004,942 1,165,280 (2L4,638) (127,275) (341,9131 (622,496) 3,122,449 3,122,449 (1,869,054) 12 2,907,811 (127,275) 495,433 2,780,536 (2,491,550) Transfers btheen Funds 15 (495,433) Net (expenditure)lincome bd (721,028) 165,000 907,461 (912,461) Accrued at 5 Aprll 2024 180,000 160,000 A grant of £250,000 was retumed durin9 the year. See the'Review of Activities, section on page 3 of the Trustees, Report for further detail. Therefore, the net figure for grants payable shown in note 7 amounts to £741,028. Payable Js follows: 2024 2023 Grants payable lyr (note 14) 130,000 50,000 80,000 80,000 Total 180,000 160,000 10. Net Incomel(expenditure) This is stated after charging.. 2024 2023 Auditors, remuneration - audit 4,800 2,160 During thè year, no Trusteès receivèd any ￿MuneratiorI {2023 - ENIL). During the year, no Trustees received any benefits in kind12023 -£NIL). Trustees received reimbursement of expenses amounting to £171 in the current year (2023 - ENIL). 11. Auditors. remuneratlon The auditor's remuneration amounts to an audit fee of £4,800 {2023 - £2,160), year end accountsncy SeNi￿S completed by The Trust Partnership amounts to £3,600 (2023 - £3,61X)). All funds are unrestricted. Page 18 THE WIXAMTREE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 5 APRIL 2024 12. Fixed asset investments Cash awaltlng Investment Listed securltles Total Market value At 6 April 2023 AdditKJns Disposals Revaluations Increase in cash awaiting investment 29,319,758 7,270,624 (7,708,808) 3,122,449 652,330 29,972,088 7,270,624 {7,708,808) 3,122,449 (145,267} {145,267) At 5 April 2024 32,004,023 507,063 32,511,086 13. Creditors: Amounts falllng due wlthln one year 2024 2023 Trade creditors Accruals Grants accru&1- (see Note 9) 6,555 63,499 130,OIKI 2,411 56,941 80,000 200,054 139,352 14. Creditors: Amounts falling due after more than one year 2024 2023 Grants accrued - (see Note 9) 50,000 80,000 All funds are unrestricted. Page 19 THE WIXAMTREE TRusr NOTES TO THE FINANCIAL STATEMENTS FORTHEYEAR ENDED 5 APRIL 2024 15. Statement of funds ststement of funds- current year Balance at 6 April 2023 Balance at 5 April 2024 Transfers inlout Income Expenditure Gains Income funds 57,190 663,029 (790,304) 495,433 425,348 Capitsl funds 29,985.580 (214,638) (495,433) 3,122,449 32,397,958 Totsl of funds 30,042,770 663,029 11,004,942) 3,122,449 32,823,306 Income funds reP￿ent unexpended income available for fvture expenditure in accordance with the charivs objectives. Transfers from capital funds to income funds are in respect of cash transfers from capital account to income account during the year. Capitsl funds represent the charity's investments held for the purpose of earning income in future years. The Trustees have the power to apply the capital of the charity in making grants in accordan￿ with the charity's objectives and the current poliry 15 to make gronts from both income and capital funds. The income fund is currenuy in surplus by £425,348. This Is due to futu￿ grant commitrnents, which will be paid out of future income. Excluding these future grant commitments, the income fund would total £605,348. statement of funds- prior year Balance at 6 April 2023 Balance at 5 April 2024 Transfers Inlout Income Expenditure Income funds 228,900 542,784 (949,479) 234,985 57,190 Capitsl funds 32.305,420 (215,8011 {234,985} (1,869,054) 29,985,580 Total of funds 32,534,320 542,784 {1,165,280) (1,869,054) 30,042,770 All funds are unrestricted. Page 20 THE WIXAMTREE TRUST NOTES TO THE FINANCIAL sfATEMENTS FOR THEYEAR ENDED 5 APRIL 2024 16. Anatysis of net assets between funds Analysis of net Jssets between funds- current year Capitsl funds 2024 n¢ome funds 2024 Total funds 2024 Fixed asset Sriveslments Current assets Creditors due within one year Creditors due in more than one year 32,511,086 32,511,086 562,274 562,274 (86,926) (200,054> (50,000) (50,000} {113,126) 32,397,958 425,348 32,823,306 Analysls of net assets betrJe¢n fvnds- prior year Capital funds 2023 Income funds 2023 Total fund$ 2023 Fixed asset investments Current assets Creditors due within one year Creditor5 due in more than one year 29,972,088 29,972,088 290,034 290,034 188,171) {139,352J (80,000) (80,0001 151,181) 29,985,580 57,190 30,042,770 All funds are unrestricted. 17. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net (expenditu￿)11ncvme for the year (as per Statement of Hnancial Activities) 2,780,536 {2,491,550) Adjustmentfor: L05ses/{Gains) from investments Dividends and interest from investments (DecTease)/Increase in creditors (3,122,449) {653,110} 30,702 1,869,054 (540,450) (12,9181 Net cash used in operating actlvities 18. Analysis of cash and cash equivalents (964,321) (1,175,864) 2024 2023 Cash in hand 562,274 290,034 562,274 290,034 Page 21 THE WIXAMTREE TRUST NOTES TO THE FINANCIAL sfATEMENTS FORTHEYEAR ENDED 5 APRIL 2024 19. Related Party Transartlons The following related party transactions were undertaken during the year: Grants amounting to £25,000 were paid to SchoolReaders CIO. The partner of a trustee of The Wixamtree Trust is a trustee of Schoolreaders CIO. Grants amounting to £20,000 were paid to Autism Bedfordshire. A trustee of The Wixamtree TtUSt is related to Aut15m Bedfordshire. Grants arnountlng to £4,000 were pald to Bedforshlre Festtval of Muslq Speech and Drama. The partner of a trustee of The Wixamtree Trust is a trustee of Bedforshire Festival of Music, Speech and Drama. Trustees We￿ reirnburs￿ £86 in relation to travel expenses. Page 22