WPA CHAWTABLE FOUNDATION Report & Accounts FOR THEYEAR ENDED 5 APRIL 2024 WPA CHAIUTABLE FOUNDATION Report & Accounts for the year ended 5 April 2024 Chairman's Statement Reference and Administrative Details Trustees Report Trustees Responsibilities Report of the Independent Auditor 9-13 Statement of Financial Activities 14 Balance Sheet Statement of Cash Flows Notes to the Accounts 17-23 WPA CHAIUTABLE FOUNDATION Chairman's Statement for the year ended 5 April 2024 The WPA Charitable Foundation has continued to provide much-needed travel and accommodation assistance to families living in the South West of England, in accompanying their children to hospital. The travel costs for treatment, that often takes place at regional specialist centres far from home, are significant and often compounded when the family circumstances mean that working hours need to be reduced to take care of the children as well as other family responsibilities. Like 2022-2023, the last twelve months have been another busy year for the WPA Charitable Foundation. The Charity spent over £1 17,945 12023: £126,730) supporting 139 families12023. 1 J 71, with 258 grants averaging £457 12023: 275, £4611. Somerset, where we are based, represented 4096 of applications, while Devon and Cornwall together shared 44Vo. Twenty-four of the forty-seven social workers on our records made applications during the year. The extent of familial challenge caused by an ill child never ceases to amaze me. These are often exacerbated when funds are tight and one parent or both having to stop work to care for the child and other parts of the family further compounded by the 'general surge in living costs, all underlining the value of our work. The Charity is pleased to have continued supporting Brainwaves Priority Travel fund with two payments during the year in August and February. In summary, Brainwave exists to help children with disabilities and additional needs to achieve greater independence by improving mobility, communication skills and learning potential through a range of specialist therapies provided at their Somerset Centre in Bridgwater. While we remain most grateful toWe5tern Provident Association Ltd for their invaluable support, the voluntary sector, including our network of charity and welfare officers making applications on behalf of their families, behalf, should also be applauded for their indispensable work in their communities. Looking ahead,theWPACharitable Foundation is well positioned tocontinuedelivering its objectives helping West Country families in the forthcoming year. The Rt. Hon.The Earl ofcromer l October 2024 WPA CHAIUTABLE FOUNDATION Registered Charity No 230151 Reference and Administrative Details Trustee The WPA Foundation Chairman The Rt. Hon. The Earl of Cromer The Directors of The WPA Foundation are: The Rt. Hon. The Earl of Cromer P.C. Hall M.C. Kramer A.C.B. MacEwan Secretary K.J. Bell Icippointed 11 May 20231 Principal office Rivergate House Blackbrook Park Ave Taunton Somerset TA12PE WPA CHAIUTABLE FOUNDATION Registered Charity No 230151 Reference and Administrative Details continued Auditor PKF Francis Clark Blackbrook Gate 1 Blackbrook Park Taunton Somerset TA12PX Bankers Barclays Bank PIC 15 Queen Square Bristol BSI 4NP Investment advisor St. James's Place Wealth Management St. James's Place House l Tetbury Road Cirencester Gloucestershire GL7 1FP WPA CHA￿ThBLE FOUNDATION Trustee's Report for the year ended 5 April 2024 TheTrustee presentsthe reportand audited accounts of the WPACharitable Foundation forthe year ended 5 April 2024. Legal and administrative information set out on pages 2 and 3 form part of this report. The accounts comply with current statutory requirements, the Governing Instruments and the Charities SORP IFRS 1021 Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 20191. Prlncipal actlvltles and objectlves The WPA Charitable Foundation I'the Charity.), an unincorporated registered charity (registered number.. 2301511, has its roots in the Bristol Hospitals Fund Ilncorporatedl which was set up in 1940 before the establishment of the National Health Service. The Governing Instruments of the Charity provide that its a55ets should be applied for the benefit of hospital patients, medical charities and medical research. The Trustee is guided by the Memorandum of the Bristol Hospitals Fund las amended). The grants made by the Trustee are principally focused on helping families of sick or terminally ill children, where these families experience financial hardship in meeting the cost of travel to and from the hospitals, as well as accommodation costs, where their children are receiving treatment. The Charity is reliant on donations received by third parties and on the income generated by its investments to meet the anticipated requests for grants and other financial assistance. Achievements and performance As set out in the Chairman's statement on page 1, the key achievement continues to be the provision of financial assistance to families with children who are profoundly ill. There has been a small decrease in requests for grants during the period with 258 grants being made to 139 families ',2U23." 275 grants made to l J7 famil ies). The Charity does not have any employees,. administration services are donated by Western Provident Association Limited. The Trustee has complied with the duty in section 17 151 of the Charities Act 2022 to have due regard to the public benefit guidance published by the Charity Commission in February 2014. WPA CHARThLE FOUNDATION Trustee's Report continued Financial review The Charity aims to maintain the level of reserves sufficient to keep grants at current levels, through income generated from the investment portfolio and from donations. The reserves are allocated as outlined in note13 to the financial statements. The reserves of the Charity now stand at £569,362 12023.. £644,172), of which £91,601 12023: £92,626) are restricted and £477,76112023.' £i51,5461 are unrestricted. The investment objective of the Charity for the financial investments is to seek a steady stream of income and modest growth in capital values overthe medium term. Financial investments totalling £561,78512023.. £633,661, are held in collective investment funds comprising a mix of investment classes, both bytype and geography, as well as cash. Overall, the portfolio achieved a gain of 6.8Wo 2023. d1055 of 3.20/vl. The Charity's investment portfolio is managed by St.James Place.Corporate bondfunds returned 1.896, mixed assets returned 4.196, and equity funds returned 17.70/0. The performance of the investment portfolio is measured with reference to CPI on a rolling three year basis. The average annual return on the portfolio over the last three years was 0.4¥0, compared to CPI at 6.9%. There are no investment policy restrictions. The returns from the investment portfolio provides funding to make grants to families with sick children, grants and donations of £117,945 were issued in the year12023'. £126,730). The Charity's income is also supplemented bydonations receivedfrom third partiesand the related WPA Group, donations of £33,331 were received in the year 12U23. £20,5491. The role of liaising with social workers and almoners,through whom the majority ofthe requests for resources of the Charityare received, is carried out pro bono by employees of Western Provident Association Limited I"WPA"}. The financial management of the Charity Was similarly taken on by employees of WPA, working in their own time or time donated by WPA. WPA CHAIUTABLE FOUNDATION Trustee's Report continued The Charity continued to fund travelling expenses incurred by parents of sick children in visiting their children ortaking their children to hospital for treatment. In the year to 5 April 2024, 258 grants have been made for this purpose i2023..27 j! from the unrestricted fund, amounting to £116,94512023'. £125,730). The Trustee considers that the activities represent a satisfactory performance against the Charity's objectives. The Charity expects to continue the activities outlined above in forthcoming years. Structure, governance and management The WPA Foundation, a company limited by guarantee, is theTrustee of the Charity.The names of the Directors of The WPA Foundation at year end and the principal office of the Charity are set out on page 2. New Directors, appointed by existing Directors, are known to the Company as being of sound repute and integrity. Newly appointed Directors to the CorporateTrustee benefit from an induction process. The induction pack includes an overview of the structure and interplay between the Charity and the Corporate Trustee, a brief history of the Charity including 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. Additionally, the Charity Commission's trustee duty requirements are outlined along with an overview of recent interactions with the Commission. The Trustee has a standing practice of taking advicefrom external independentadvisors, as appropriate. WPA CHAIUTABLE FOUNDATION Trustee's Report continued The Governing Instruments comprise of the Deed of Trust and Special Resolution established on 31 December 1969 a5 amended by the Schemes of 11 November 1976 and 11 August 1992. Decisions relating to the Charity are made by the Trustee. Meetings of the Trustee are held during the year to agree the broad strategy of the Charity and to consider the making of grants, investments, reserves and risk management. The Trustee receives regular reports on the performance of the investment portfolio. The WPA Foundation is in the process of applying for charitable status with the Charity Commission. Following this,the aim isforthe WPA Charitable Foundation to be merged into the WPA Foundation creating one charitable entity. Risk management The Trustee considers that the principal risk faced by the Charity 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 expertise in their chosen sector or geography. The financial assets are diversified to protect against adverse market movements in any one asset class or geographic location. Approved by the Corporate Trustee and signed on its behalf by: A.C.B. MacEwan Director l October 2024 WPA CHAIUTABLE FOUNDATION Trustee's Responsibilities for the year ended 5 April 2024 Charity law requires the Trustee to prepare accounts for each financial period that give a true and fair view of the state of affairs of the Charity as at the end of the financial period and of the incoming resources and application of resources for the year. In preparing these accounts, the Trustee is required to.. select suitable accounting policies and then apply them consistently; observe the methods and principles of the SORP,. make adjustments and estimate5 that are reasonable and prudent,. prepare the accounts on the going concern basis unless It is inappropriate to presume that the Charity will continue in operation. The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity 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.. A.C.B. MacEwan Director 1 October 2024 WPA CHARThLE FOUNDATION Independent Auditor's Report to the Trustee of WPA Charitable Foundation Opinion We have audited the financial statements of WPA Charitable Foundation Ithe"Charity"I for the year ended 5 April 2024, which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements- give a true and fair view of the state of the Charity's affairs as at 5 April 2024 and of its income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011. Basi5 for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities 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 Charity in accordance with the ethical requirementsthat are relevanttoouraudit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the Trustee5' use of the going concern basis of accounting in the preparation of the financial statements 15 appropriate. Based ontheworkwe have performed,we have not identified any material uncertainties relating to events or conditions that, individually or collectively, 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 original financial statements were authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. WPA CHAIUTABLE FOUNDATION Independent Auditor's Report to the Trustee of WPA Charitable Foundation continued Other information The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express anyform of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception In the light of our knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements 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 opinion: the information given in the Trustees, Report is inconsistent in any material respect with the financial statements; or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records; or we have not received all the information and explanations we require for our audit. Responsibilities of the Trustee As explained more fully in the Statement of Trustees, Responsibilities set out on page 8, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such 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 error. 10 WPA CHAIUTABLE FOUNDATION Independent Auditor's Report to the Trustee of WPA Charitable Foundation continued In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. Auditors, responsibilities forthe audit of the financial statements We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report 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 IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of Users taken on the basis of these financial Statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedure5 in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularitie5, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: As part of our audit planning, we obtained an understanding of the legal and regulatory frameworkthat is applicable to the Charity. We gained an understanding of the industry in which the Charity operates as part of this assessment to identify the key laws and regulations affecting the Charity. As part of this, we reviewed the Charity's website for indication of any regulations and certification 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 Data Protection Regulation I'GDPR"). We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011. WPA CHAIUTABLE FOUNDATION Independent Auditor's Report to the Trustee of WPA Charitable Foundation continued We discussed with management how the compliance with these laws and regulation5 is monitored and discussed policies and procedures in place. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the Charity's ability to continue operating and the risk of material misstatement to the accounts. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following.. Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements. Reviewing the Charity's GDPR policy and enquiries of the Charity's compliance officer as to the occurrence and outcome of any 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 enquiries, we discussed with management whether there had been any instancesof known oralleged fraud,of which managementconfirmed there were none. We a55e55ed the susceptibility of the financial statements to material misstatement through management override or fraud, including in relation to cash income and expenditure, and obtained an understanding of the controls in place to mitigate 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 conducted audit procedures including: Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. Reviewing estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation. 12 WPA CHAIUTABLE FOUNDATION Independent Auditor's Report to the Trustee of WPA Charitable Foundation continued 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.uk/ auditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the Charity's Trustees, as a body, in accordance with Part four of the Charities IAccounts and Reports) Regulations 2008. Our audit work has been undertaken 50 that we might state to the Charity's Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed. PKF Francis Clark, Statutory Auditor Blackbrook Gate 1 Blackbrook Park Taunton Somerset TA12PX l October 2024 PKF Francis Clark is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 13 WPA CHARThLE FOUNDATION Statement of Financial Activities (including income and expenditure account) for the year ended 5 April 2024 Unrestricted Funds 2024 Restricted Funds 2024 Total Funds 2024 Total Funds 2023 Note5 Income Donations 33,331 15,197 33,331 15,197 20,549 12,167 Investment Income I Icl,6 Totsl Income 48,528 48,528 32,716 Expenditure on raising funds Investmenr managemeni cosrs 14 ExpendI￿re on charitable activities Gianrs and dor31ions isiued I Idl,7 Managemeni and admini5rraiion cosis I lel,8,14 116,945 23,702 1,000 25 117,945 23,727 126,730 21,430 140,647 1,025 141,672 148,160 Total expenditure 140,647 1,025 141,672 148,174 Net gainslllosse51 on investments Realised Ios5e5 on investments Uniealised gains111055esl on Inve5tment5 1 (fl,9 Total net gains11105se51 on invèstments Net expenditure for the year and net movement in funds 127,7991 15,2371 18,334 18.334 18,334 18,334 133,0361 173,7851 11,0251 174,8101 1148,4941 Reconciliation of funds: Toial funds broughi forward 551.546 92,626 644,172 792,666 Total funds