WPA CHARtrABLE FOUNDATION Report & Accounts FOR THEYEAR ENDED 5 APRIL 2022
wPACHARrLE FOUNDATION Report & Accounts for the year ended 5 April 2022 Chairman's Ststement Reference and Adminlstratlve Details Trustees Report Trustees Responsibilities Report of the Independent Auditor Statement of Financlal Activities 9-13 14 Balance Sheet 15 Statement of Cash Flows 16 Notes to the Accounts 17-23
WPA CHARLE FOUNDATION Chairman's Statement for the year ended 5 April 2022 In the last twelve months. the WPA Charltable Foundatlon has nearly doubled the amount of much needed sUPPOrt towards accommodation and travel costs for families accompanying thelr children to and from hospital. In line with previous years, the average age of the children181. average payment (£4681 and geogiaphical spread remains broadly similar while each applicatlon underlines the challenges faced by the children and their parents. Feedback has been overwhelmingly appreciative and our support is much valued. Thi5 Success can be attributed to the changes to qualifying criteria and grant levels that were made 18 months ago, our relatlonshlp with hospital welfare officers and charlties who are supplying the appllcations, as well as the signlficant Increase in need exacerbated by the post pandemlc'cost of Ilvlng, rises. With the'opening-up'of the UK after the pandemiG we envlsage the need for our support Increasing. In addltlon to this, l am pleased that our relationship wlth the Brainwave charity, helping children wlth disabilities achleve greater Indèpendence. has deepened with the Charity continuing to support their Priorlty Travel Fund asslsting familles from across the UK We remaln most grateful for the support of WPA and theirteam who assist in the administration of the Charity on a pro bono basis thereby maximising fijnds available for distribution. Thanks to everyones hard work and supporL the WPA Charitsble Foundation is well prepared to continue delivering its objectives helping Westcountry famllies In the forthcoming year. It is, with great sadness, that we must report the death of fellow, and longest servln Dlrertor, John Wright who has been a loyal supporter of the Charity slnce 1999. His incisive observations were good for us all and a contributing factor to the solld foundation5 that we have today. The Rt. on. eEar Cromer
WPA CHARtrABLE FOUNDATION Registered Charity No 230151 Reference and Administrative Details Trustee The WPA Benevolent Foundatlon Llmited Chairman The RL Hon.The Earl of Cromer The Dlrertors of The VIPA Benevolent Foundation Limited are: The fft. Hon. The Earl ofcromer P.C. Hall R. A. Johnson (resigned 27 Awil 2021) M.C. Ktamer lappolnted 27 Awil 2027) A.C.B. MacEwan J.A. Wright {retired 30 June 2022) Secretsry N.A. Royle Pfincipal offi Foundatlon House CLtlmhead Taunton Somerset TA3 7DY
WPA CHARtLE FOUNDATION Registered Charity No 230151 Reference and Administrative Details continued Audltor PKF Francis Clark Blackbrook Gate I Blackbrook Park Taunton Somerset TAI 2PX Bankers Barclays Bank Pk 15 Queen Square Bristol BSI 4NP Investment advisor St James s Place Wealth Management St. James's Place House 1 Tetbury Road CErenSter Gloucestershire GL7 IFP
WPA CHARLE FOUNDATION Trustee's Report for the year ended 5 April 2022 TheTrustee presentsthe report and audited accounts ofthe WPACharitable Foundation forthe year ended 5 April 2022. Legal and adminlstratlve informatlon Set out on pages 2 and 3 fomi part of thls reporL The accounts comply with current statutory requirements. the Goveming Instruments and the Charltles SORP IFRS 102) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts In accordance with the Flnanclal Reporting Standard applicable in the UK and Republic of Ireland IFRS IO¥ (effectlve l January 2019). prtndpal a<tlvhles and obJ•¢tlv•s The WPA Charitable Foundation ltthe Charity, an unInCoorated registered charlty Ireglstered number: 230151), has its roots in the Bristol Hospitsls Fund {Incorporated) whlch was Set up in 1940 before the estsblishment of the National Health Service. The Govemlng Instruments of the Charlty provide that it5 assets should be applied for the benefft of hospltal patients. medical charities and medical research. The Trustee Is guided by the Memorandum of the Bristol Hospita15 Fund las amended). The grants made by the Trustee are principally ft)cused on helping families of Sick oi termlnally 111 children. where these families experience finanoal hardship in meetin9 the cost of travel to and from the hospitals where their diildren are reIving treatment The Charlty Is reliant on donatlons received by third parties and on the income generated by its investments to meet the anticipated requests for grants and other financlal assistance. A<hiev•ments and performance As set out in the Chaimian's statement on page l. the key achievement contlnues to be the provision of financial assistance to families with children who are profoundly 111. There has been an Increase in requests for grants during the period wlth 167 grants being made to100 families12021: 76 grdnts made to 63 families). The aiarfty doe5 not have any employees; admSnlstration services are donated by Westem Provident Association Limited. The Trustee ha5 complied wlth the duty In section 1715) of the Charities Art 2011 to have due regard to the publlc benefit guidan published by the Charity Commission in February 2014. Last year, it was reported that COVID-19 did not materlally impactthe charltsble grants awarded, this remains the case forthe current year.
WPACHARrrABLE FOUNDATION Trustee's Report continued Flnandal revl•w The Charlty aims to maintaln the level of reserves sufficient to keep grants at current levels. through income generated from the investment portfolio and frorn donations. The reservesareallocated as outlined in note13 tothefinancial statements.The reserves of the Charity now stand at £792,66612021: £820.3971, of which £93.65112021.' £94,676) are restrlrted and £699,01512021: £725,721) are unrestrlcted. The investment objectlve of the Charltyfor the financlal investments Is to seek a steady stream of income and modest growth In capital values overthe medium term. Financial Investments totalllng £749,847 (2021: £816,169), are held in collective investmentfunds comprislng a mix of investment classes. both by type and geography, as well as cash. Overall, the portfolio achleved a break even of O.0%12021: a profit of 6.7%). Thechaiity's investment portfolio is managed bySt.James Place. Corporate bond funds retumed-3.696, mlxed assets retumed-l%, altematives returned1.4%, and equltyfunds retumed 1.6%.The perf0mlan of the Investment portfolio is measured with reference to CPI on a rolling three-year basis. The average annual retum on the portfolio over the last three years was 0.2%, compared to CPI at 3.1%. There are no investment policy trictions.The retuinsfrom the investment portfolio provides funding to make grants to familles wlth slck thildren, grants and donations of £79,245 were Issued in the year (2021: £39,876). The Charws income is also supplemented bydonations received from third parties and the related WPA Group. donatlons of £56.867 were received in the year12021: £5,059). The role of liaising wlth soclal workers and almoners, through whom the majorty of the requests for resources of the Charity are reived. is carried out pro bono by employees of Western Provldent Assoaation Limited IUIPA.). The financial management of the Charity was slmllarly taken on by employees of WP& working in thelr own tlme ortime donated by WP The Charlty continued to fund travelling expenses incurred by parents of sick thildren in visltlng theirchildren ortaking theirchildren to hospltal fortreatment. In the yearto 5 Aprll 2021167 grants have been madeforthis purpose (2021: 761, from the unrestrlcted fund, amounting to £78,24512021: £38,876). The Trustee consklers that the activlties represent a satisfactory performance against the Charltys objectives.
WPACHARrrABLE FOUNDATION Trustee's Report continued The Charlty expects to continue the artivitie5 Outllned above in forthcoming years. Strurturei governance and management The WPA Benevolent Foundation Limited, a company limited by guarantee, is the Trustee of the Charlty. The names of the Director5 of The WPA Benevolent Foundation Umlted at year end and the prlncipal office of the tharity are set out on page 2. New Dlrectors, appolnted by existing Dlrectors, are known to the Company as being of sound repute and integrity. Newly appointed Dirertors to the Corporate Trustee benefit from an inductlon pro55. The induction pack includes an overview of the structure and interplay between the Charity and the Corporate Trustee, a brief history of the Charity induding its governing documents and a focus on Its purpose, Copies of Trustee Board and Charity Meeting packs are provided for the preceding 18 months along with the most recent audited report and accounts for both entities. Addltlonally, the Charity Commission s trustee duty requirements are outlined along with an overview of recent interactions with the Commission. TheTrustee hasa standing practiceoftaking advifroM external Independentadvisors, as appropriate. The Goveming Instruments comprise of the Deed of Twst and Special Resolution establlshed on 31 December 1969 as amended by the Sthemes of 11 November1976 and 11 August 1992. Decisions relatlng to the Charity are made by the Trustee. Meetings of the Trustee are held durlng the year to agree the broad strategy of the Charity and to consider the making of grants, Investments, Teserves and risk management. The Tw5tee receives regular reports on the perf0mlan of the Investment portfolio.
WPA CHARThLE FOUNDATION Trustee's Report continued Riskmanagement The Trustee considers that the principal risk faced by the Charlty Is the financial risk arising from the investments held by the Charity. Investment assets are monitored to ensure that they meet the aims and objectives of the Charity,. data from investment managers Is used to assist with this. Equity risk is managed through the careful selection of Investment managers who have a sound track record and expertlse in their chosen sector or geography. The financial assets are diverslfied to protect against adverse market movements in any one asset class or geographic locatlon. Approved by the Corporate Trustee and signed on its behalf by. io<È__ A.C.B MacEwan Director of the Corporate Trustee 14 October 2022
WPACHARtrABLE FOUNDATION Trustee's Responsibilities for the year ended 5 April 2022 Charity law requires theTrustee to prepare accounts for each financial period that give a true and fair view of the state of affair5 of the Charity as at the end of thefinancial period and of the incoming resource5 and appllcation of resources for the year. In preparing these accounts, the Trustee is requlred to: select suitable accounting policies and then apply them consistently; observe the methods and principles of the SORP,. make adjustments and estimates that a reasonable and prudent; prepare the accounts on the going concern basls unless it Is Inappropriate to presume that the Charty will continue in operatlon. The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any tlme the financial position of the Charty and enable them to ensure that the accounts comply with the Charities Act 2011 and the Charity IAccounts & Reports) Regulations 2008. 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. The Trustee confirms that the accounts comply with current statutory requirements and those of the Charity s trust deed. Signed on behalf of the Corporate Trustee by.. 14rf~a_ 14 October 2022
WPA CHARrrABLE FOUNDATION Independent Auditor's Report to the Trustee of WPA Charitable Foundation Oplnlon We have audited the financial statements of WPA Charitsble Foundation Ithe°ChariY) for the year ended 5 April 2022, whith comprfse the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flow5, and Notes to the Financial Statements, including a summary of slgnificant accounting policles. The financial reporting framework that has been applled in thelr preparation Is appllcable law and United Kingdom Accounting Standard5, including FRS 102 The Flnancial Reporting Standard applicable in the UK and Republic of Irdand, (United Klngdom Generally Accepted Accounting Practice). In our opinion the financial statements" give a true and falr view of the state of the CharItS affairs as at 5 Aprll 2022 and of its income and expenditure forthe yearthen ended; have been properly prepared in accordance with United Klngdom Generally Accepted Accounting Pract1 and have been prepared In accordance wlth the iequirements of the Charities Act 2011. Ba$is for oplnlon We conducted our audlt In accordance wlth Internatlonal Standards on Auditing (UK) {ISAs IUK)) and appllcable law. Our responslblllties under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charty in accordan with the ethical requlrementsthatarerelevanttoouraudltofthefinanaal statements intheULincluding the FRC'S Ethical Standard, and we have fulfilled our other ethical responslbllities In accordance with these requirements. We believe that the audlt evidence we have obtained is sufficient and appropriate to provide a basls for our opinion. Conclusions relatlng to golng concern In auditing the financlal statements, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the financial statements appropriate. Based on theworkwe have perfonned, we have notldentffied anymaterlal uncertainties relating to events or conditions that, individually or collectively. may cast signfficant doubt on the Charitys abillty to continue as a golng concem for a period of at least twelve months from when the original financlal statements were authorised for issue. Our responsibilities and the responslbllities of the Trustee5 with respect to going concern are described in the relevant sections of thls report.
WPA CHARThLE FOUNDATION Independent Auditor's Report to the Trustee of WPA Charitable Foundation continued Other Infomiatlon TheTrvstees are respon5iblefortheother infonnatlon. The otherinfom)ation comprises the infomiation included in the annual report, other than the financlal statements and our audttor's report thereon. Our opinion on the financial statements does not cover the other information and, exceptto the extent otherwise expllcitly stated in our reporL we do not expre55 anyform of assurance concluslon thereon. In connection with our audlt of thefinandal ststements. our responsibilty is to read the other Information and in doing so, considerwhetherthe other information is materially inconsistent with the financlal statements or our knowledge obtained in the audit or otherwise appearsto be matsrially misststed. If we identlfysuch material inconslstencies or apparent material misststements, we are required to determine whether there is material misstatement in the financial statements or a material misstatement of the other infomiation. If, based on the work we have performed, we conclude that there is a materlal misstatement of thls other informatlorn we are required to report that fact. We have nothing to report In thls regard. Matters on whl¢h we are requlred to report by exceptlon In the light of our knowledge and understanding of the Charity armd its environment obtained in the course of the audiL we have not identlfied material misststements in the Trustees, Report. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if. In our opinlon: the infomiation given In the Trustees, Report Is Inconslstent In any materlal respect with the financial statements,, or sufficient accounting records have not been kept. or the financial statement5 are not in agreement with the accounting records; or have not received all the Information and explanatlons we requireforouraudit R•sponslbllltles of the Trustee As explained more fully in the Statement of Trustees. Responsibilities set out on page 8, the TNstees are responsible for the preparation of the financial staternents and for being satisfied that they give a true and fair view, and for suth internal control as the Trustees determine Is necessary to enable the preparation of financial statements that are free from material misStatemen( whether due to fraud or error. 10
WPAcHARLE FOUNDATION Independent Auditor's Report to the Trustee of WPA Charitable Foundation continued In preparing the financial statements, the Trustee5 are responslble for assessing the Charitys ability to continue as a going concern, discloslng, as applicable, matters related to going concern and using the going concern ba515 of accounting unless the Trustees elther intend to liquldate the Charity orto cease operations, or have no realistic altemative but to do so. Audltors, responsibllltles forthe audlt of the flnanclal statements We have been appointed as auditor under section 145 of the Charities Act 2011 and report In accordance wlth the Art and relevant regulations made or havlng effect thereunder. Our objectives are to obtain reasonable assurance aboirt whether the financial Statsments as a whole are free from material misstatement, whether due to fraud or error, and to Issue an auditorfs reportthat includes our opinion. Reasonable assurance Is a high level of assuran, but is not a guarantee that an audit condurted in accordance with ISAS (UK) will always detect a rnaterial misstatement when it exists. Misststement5 can arise from fraud or error and are consldered materlal if, individualty or in the aggregate, they could reasonably be expected to influence the economlc decisions of users tsken on the basis of these financial statements. Irregularities, induding fraud, are instsnces of non-compllano with laws and regulations. We deslgn procedures In Ilne with our responsibilities, outlined above, to detect rnaterlal misstatements In respect of irregularlties, including fraud. The extentto whlch our procedures are capable of detecting Irregularities, including fraud is detailed below.
WPACHARtrABLE FOUNDATION Independent Auditor's Report to the Trustee of WPA Charitable Foundation continued As part of ouraudit planning, we obtalned an understanding of the legal and regulatory frameworkthat is applicableto the Charity. We galned an understanding of the industry in whlch the Charity operates as part of thi5 asse55ment to identify the key laws and regulations affecting the Charty, As part of this, we reviewed the Charity's website for Indicatlon of any regulatlons and certffication in place and discussed these with the relevant Individuals responsible for compliance. The key regulations we identified were health and safety regulations and breaches of The General Dats Protection Regulation I°GDPR'). We also considered those laws and regulatlons that have a dlrett impact on the preparation of the financial statements such as the Charltles Act 2011. We discussed wth management how the compliance with these laws and regulations is monitored and discussed policies and ProdureS in place. A5 part of our planning procedures, we assessed the risk of any non-compllance with laws and regulations on the Charity's ability to continue operating and the rlsk of material mlsstatement to the accounts. Based on this understanding we designed our audlt prOdureS to identlfy non-compliancewith such lawsand regulations. Our procedures involved thefollowlng: Enqulrles of management regarding their knowledge of any non<0mplian with laws and regulations that could affect the financial statements. Revlewlng the Charty's GDPR policy and enquiries of the Charty s compliance officer as to the occurrence and outcome of ary reportable breaches. Reviewing legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance. As part of our enquirles, we dlscussed wth management whether there had been any instances of known or allegedfraud, of which management confirmed therewere none. We assessed the susoptibility of the financial ststements to material misstatement through management override or fraud, including in relation to cash income and expendlture, and obtained an understanding of the controls in place to MItate the risk of fraud. We also evaluated management s Incentives and opportunities for fraudulent manipulation of the financial statements. Based upon our understanding we designed and condurted audit procedures including: Auditing the risk of management override of controls, includlng through testing journal entries and other adjustments for approprlatene55, and evaluating the buslnes5 rationale of significanttransactions outsidethe normal courseof business. RleWIng estimates and Judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates. 12
WPA CHARrfABLE FouNDAllON
Independent Auditor's Report to the
Trustee of WPA Charitable Foundation
continued
Because of the inherent limitations of an audi¢ there is a risk that we will not detert
all Irregularities. Including those leading to a material misstatement in the financial
statements. Thi5 risk increases the further removed non
WPA CHARfrABLE FouNDAllON Statement of Financial Activities (including income and expenditure account) for the year ended 5 April 2022 Unrestrl<t•d R•stslct Fund5 Funds 2022 2022 Total Tot1 Funds Fmds 2022 2021 Notes Ineom• Donations Investment income 11bl,5,14 Ilc) 56A67 10565 56,867 10.565 5IJ59 6557 Totsl th¢om• 67A32 67A32 Exp•ndllure ¢)h r•lsM¥ funds Irbvestment management costs 208 Grdnts and donations issued Ild),7 Managementand admknistration costs Ilel,8.14 78,245 IOA85 I,0 79,245 10,510 39.976 88,730 1,025 89,755 44764 Totsl exp•ndlthre 88,938 1,025 89,963 49.275 N•tgalnslO055•5) on lThvestmthts Realised gains/llossesl on Investments i(f),9 unrealisedlbsse5ygainsoninvestments I (fl,9 Total nt110ss•511galns on Investmnts N•t{txpend1r•}1lnMm••olthe ymrand n•tmoV•mwrtlnfd% 2A32 (7,6321 11510) 54827 17k+321 152001 15,2001 53.317 (26.7061 11,0251 127,7311 1558 R•concllladon of fvnd&' Totsl funds brought fOard 13 n5,721 94,676 820397 804739 Totsl fundsnrr1ed1onrt1 13 699,015 93,651 792,666 820,397 The Statement of Flnancial AcUvltie5 include5 all gains and losses recognised in the yearto 5 April 2021 The notes on pages 17to 23 form partof these accounts. 14
WPACHARrrABLE FOUNDATION Balance Sheet as at 5 April 2022 as* 5 Apyll 2023 asat S Aprll 2021 Notes Investments UnstriCted 1fttments Restrlcted 655,171 721A93 749,847 816.169 Debtor5 Unrestrlcred Cash at bank Unrestricted Cash at bank Restrlcted 3,141 45208 830 8245 47324 9JJ75 Uabllltles Creditors falling duewlrhin one year Net¢urr•nt •ss•ts 05 41819 42 Totsl nataets 791606 820.397 Th•funds olth•Charlty Unrestricred furid Restricted fund IU),13 699M15 93h51 72S,721 9476 Tot•1 <harltyfvnd5 792,666 820,397 The accounts on pages 14 to 23 were approved by the Board of the CofporateTrustee on 14 October 2022 and were slgned on its behalf by. On behalf of the CorporateTrustee Charity Registratlon Number 230151 The notes on pages 17 to 23 form part of these accounts. 15
WPACHATABLE FOUNDATION Statement of Cash Flows for the year ended 5 April 2022 2022 2011 Cash iiows us•d in op•rallng acdvltles (35,7491 (41,9051 N•1 cashllows from op•r•tlng •cllvlll•s {35.7491 141.9051 Cash Ilowsfrom Inv•sdnga¢llvhl•s Cash placed on deposit sh receipts from dfvidends and interest 66,583 5,104 4J63 N•tcashllowsprovldqd fromlltol Invesllng acllvttl•s 71A87 4563 Net dKrea5• In cash and ash equlval•nts Cash and cash eqijlvalents at beginning of the perk)d 35.938 8245 1>7.3421 45,587 Cash and eash •qufvalentsat end of th• p•Tlod 44,183 8J45 Notestothè stat¢m•nt of cash flows N•t l•xp•ndlthr•Vlhcom• forth•y•r Adjustments for.. - L¢sse511gainsl on investments - Net investment retum tstalned wth invesmient managers - Ilncreasel/decrease in trade and other receivables - IDecrease)fincrea5e in trade and other payables (27.7311 15M58 52 {105651 123111 (3421 153,317) 16,557) 1A42 Cath used In op•rio {35.7491 141,9051 16
WPACHARtrABLE FouNDAllON Notes to the Accounts for the year ended 5 April 2022 1 AOUntIng pollcles The accounts have been prepared in accordan with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing thelr accounts In accordance wlth the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 102) {effertive 1 January 2019)- (Charities SORP IFRS 102)). the Financlal Reporting Standard appllcable In the UKand Republic of Ireland IFRS 1021, and the Charities Act 2011. A summary of the accounting pollaes, which have been applied consistently. Is set out below. la) Basls of accountlng The accounts are prepared In accordance wlth the historical c05t conventlon. The accounts have been presentsd on a going concem basis as the Trustee believes the Charlty has Sufficient resour5 to pay Its liabilities as theyfall duefor a period of at least twelve months from the date of issue. WPA Charltsble Foundation meets the definition of a public benefft entity under FRS 102. Assets and liabilities are initially recognised at historical cost ortransactlon value unless otherwise stated In the relevant accounting pollcy note. The accounts are presented In pounds Sterling which is also the functional currency of the Charlty. (b) Donatlons and glfts Cash donations and gifts are accounted for when recelvable. Non-monetsry gifts and donatlons are included as Income at a aSonable estimate of the asset's cuent value to the Charty. (c) Inv•skn•nt Incom• Investment income and interest on the Statement of Flnancial Attlvltles comprises bank interest and dividend income, which is Included on the Ststement of Financial Activitles as they accrue to the Charity. Id) Grants and donatlons Issued Grants Issued are accounted for when approved. All grants are for the benefit of Indlvldua15 and generally do not exceed £lmO. 17
WPACHARtrABLE FOUNDATION Notes to the Accounts continued (•) Management and admlnlstratlon costs Management and adminlstration costs are accounted for on an accruals basls. Administration servlces donated by WPA are included in donations and administration costs at an estimate of their open market value. (f) Inv•stments Investments are comprised of collective investment funds and cash depOts held for investment purpose5. Investments are held at market value, as advlsed by the investment managers. Gains and losses on realisatlon and changes in falr value are disdosed on the Statement of Finandal Activities. (g) IrrKoverable VAT IeCOVerable VAT Is d)arged to the Statement of Finanaal Activities. (h} Recognltlon of Ilabllltles Liabilities are recognised when an obligation arises to transfer economic benefits as a result of past transactions or events. ri) Fund accountlng Unrestricted funds comprise accumulated surpluses and deficlts on general funds. They are available ft)r use at the discretion of the Trustee in furtherance of the general obJectlve5 of the Charlty. Restrlcted funds arefunds whlch are to be used in accordance wlth specific restrictlons Imposed bythe donor.The alm of the restrlcted fund Is set out in note 13. 2 SlgnlfianlJudgem•nts and •stimates There are no significant Judgements or estimates within these accounts. The estimate of the value of adminlstration services received is recognised In both income and expenditure and therefore has a nil net impact on the resultfor the period. The value is based on an estlmated salary plus overhead cost. 3 Audltor remuneratlon 2022 2021 Audit of accounts 4092 18
WPA CHARtrABLE FouNDAllON Notes to the Accounts continued 4 TNst••'s remuneratlon and expens•s There wa5 no remuneratlon for the Trustee in the year12021: nil) and there was no reimbursement for Trustee expenses. No remuneratlon was paid to key management personnel in the year {2021: nil). 5 Doiiatlons Vnr•strkt•d Restrl¢ted Funds Funds 2022 2022 Funds 2022 Fuhds 2021 Gits D0Tr3ted services 50,907 5,960 So,7 326 4,733 326 4.733 $6A67 56.867 Unr•5tr1CI R•strlct•d Funds Funds 2022 2022 Funds 2022 Funds 2021 2021 Investment Interest ÷nds Bank Intsrest 10,555 10555 6557 6557 io 10 1$65 10,565 6A57 6J57 7 Grnnts and donatlons Issued Unr•5tr1rt•d R•strld•d Funds Funds 2022 2022 Funds 2022 Funds Funds Funds 2021 Grants issued 78245 1,000 79245 38,876 1,000 39,876 19
WPAcHARLE FOUNDATION Notes to the Accounts continued 8 Man•g•m•nt and admlnlstratlon T4)tal Funds 2021 Funds 2022 Funds 2022 Funds 2021 Funds 2022 Administration Bankcharge5 Audit fees 5,960 37 4A88 5,985 37 4,488 4.733 38 4m2 4,758 38 iOA85 25 10.510 8063 Included in management and administration are govemance costs of £4A88 12021: £4,092). 9 N•t gainslllosAs) on Inv•$tm•nts Funds 2012 Funds 2022 Fund5 20LI Funds 2021 Funds 2021 2021 Realised galns1 Ilossesl on InvesDnents 2rt32 11.5101 l? J10} Uniealis 005sesl/gains on investments (7h32) 17,6321 54827 54027 15aooi IsJooi 53J17 53,317
WPA CHARtrABLE FOUNDATION Notes to the Accounts continued 10 Inv•stm•nts B•lanc• Purd••ses at6 Aprfl Sal•s Rdnv•51•d Chahg•s B•lanr• 2021 at<05t proueds Incom• lnrn4t at5Aprll value 2012 SL Jamegs Place Investment- Quoted Iunrestrictedl St. Jamegs Pla Investment- Restritted 254908 4&5,741 4.958 1122191 654388 94,676 94.676 Hargreaves Lansdown- Quoted (Unrestricted) Hargreaves Lansdown- Unresrricted Cash 88A18 394 1962311 7,019 377.767 (376.9841 783 Hargreaves Lansdown- Restricted Cash 94fi76 194,6761 81&169 501,811 {567,8911 4.938 {5,200) 749.847 2022 Historical cosr at perfod end St.Jamgs lace Investment-Quoted (Unrestrlc¢ed) Hargreaves Lansdown- Qwted Iunrestrlcted) 748,991 256286 8972 748.991 345.9S8 All quoted investments are establlshed in the UL 11 Dobtors 2022 2021 Interest Investment Income Prepaymen 3.116 16 814 16 3.141 21
WPAcHARLE FOUNDATION Notes to the Accounts continued 12 Credltor& amounts falllng du• wlthln on• y•ar 2022 1021 Trade creditors Accruals and deferred income 4,502 4505 4047 13 Analysls of n•t a55•ts UnMstrl¢ted Relded Fund5 Funds Total Funds Investsnents at marketvalue." SLJ8mes¥ Aace 5nvestment Hargreaves Lansdown cash 654388 783 94fi76 749.064 783 655.171 9V76 749A47 Debtor% Interest Investment income Prepayments Cash at bank Credthrs.. amountsfalling due thin oneyear 3.116 16 45208 14,5051 3.116 16 44.183 14505) {1,0251 TotalfwK15 at5Aprll 2021 699015 93.651 791666 Total fuhds at5 Aprll 2Q21 725.721 94676 820,397 Funds orfglnate from three legacles, one of whkh Is restrlcted. The income from the restrlcted fund is to be used for the benefft of Inhabltants of PickwicK Corsham, Wiltshire, who experience hardship through ill health, as nominated by Corsham Parish Council. In the event there are no longer any such inhabitants then the fund becomes a °gift in defaulv to be used for the wider purposes of the WPA Charitable Foundation. The other two legacles were amalgamated in 2010 and form the unrestricted funds of the Charlty and default to the general purposes of the Charlty.
WPA Charitable Foundation
Notes to the Accounts continued
14 Related party transactions
The WPA Benevolent Foundation Limited is the corporate trustee of WPA Charitable Foundation. The WPA Benevolent Foundation made £50,000 during the year (2021: £0). Western Provident Associated Limited (WPA) made donations amounting to £2 (2021: £25). There were no balances outstanding at the period end (2021: no balances outstanding).
Western Provident Association Limited also donated administration and management services. The value of these services has been estimated at £5,960 (2021: £4,733), and has been included within donations and administration.
15 Taxation
WPA Charitable Foundation is a registered charity and tax exemption applies to the income arising from, and expended on, charitable activities and to any investment income and gains.
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WPA Charitable Foundation
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2022