WPA Charitable Foundation Report & Accounts For the year ended 5 April 2025 WPACharitable Foundation Rcport and Accounts | 5 April 2025 Contents 15 Chairman's Statement Statement of Financial Activities 16 Reference and Administrative Details Balance Sheet 17 Trusree's Report Staiemenr of Cash Flows 18 Trustee's Responsibilities Notes to the Accounts 10 Report of the Independent Auditor WPACharitable Foundation Rcport and Accounts | 5 April 2025 Chairman's Statement for the year ended 5 April 2025 The WPA Charitable Foundation (the "Charity") has continued its commitment to supporting families living in the South West of England with travel and accommodation costs associated with hospital treatmentfor their children. During the past twelve months, the Charity provided £113,345 in support12024.. £117,945). a55iSting 193 familie$ 12024.. 1391 through 285 grant$ 12024.. 2581, with the average grant totalling £39812024.. £4571. These figures reflect a longer-term upward trend.. over the past three years, the number of grants awarded has increased by 68%, with associated expenditure rising by4296 overthe same period. Several factors have contributed to this increase. The continued impact of the COSt-of-living crisis has placed significant pressure on many families, particularly those already facing financial vulnerability. Thi5 ha5 been further exacerbated by reduced funding from other charities offering similar support, which has limited the alternative sources of assistance typically accessed by social workers and welfare officers. Additionally, we have seen a short-term rise in accommodation related grants due to the temporary closure of family-hospital accommodation near Bristol Children's Hospital for refurbishment. We are also led to believe that there is a growing awareness ofour work amongst medical staff on thewards who are, anecdotally, increasingly signposting families to our support- a development we warmly welcome. With no employee5, the Charity 15 reliant on a dedicated network of hospltal, community, and charitable partners who submit applications on behalf of families in their care. We remain especially grateful to Western Provident Association Limited for its continued support, which 15 deeply appreciated by everyfamily we assist. Over the course of the year, we have been humbled by many sinceTe messages of thanks from those we have helped. sadly, we also witness how misfortune can disproportionately affect certain families. for whom the burden of a seriously ill child is compounded by further challenges that many would find overwhelming. Looking ahead, we are progressing with the integration of The WPA Charitable Foundation into the broader WPA Foundation, a process we expect to complete by the calendar year-end. The WPA Foundation Ithe "Foundation-l is the sole corporate trustee for the Charity. When the Foundation applied for charitable 5tatU5 in its own right, it was outlined that the longer term intention of both entities was that once the Foundation obtained charitable status then the two charitable entities would be merged together, with the assets and liabilities of the Charity transferring to the Foundation in order that the activities and operations of both entitie5 are conducted through a single, combined, modernised and incorporated charity moving forwards. WPACharitable Foundation Rcport and Accounts | 5 April 2025 Chairman's Statement continued Without doubt, the Charity is making a small but important difference to families who find themselves in deeply distressing circumstances,. work which we will continue in the coming years and beyond. Henry Kenyon Chairman 5 November 2025 WPACharitable Foundation Rcport and Accounts | 5 April 2025 Reference and Administrative Details Trustee TheWPA Foundation Chairman H.J. Kenyon Trustees of The WPA Foundation E.R.E Baring (resigned 23 January 20251 P.C. Hall (resigned 30 September 20241 H. Kenyon (appointed l October 20241 M. C. Kramer (resigned 30 September 20241 A.C.B. MacEwan Iresigned 8 May 20251 A. J. Pugh lappointed i October 20241 M. J. Southern lappointed 8 May 20251 Secretary K. J. Bell Principal Office Rivergate House Blackbrook Park Avenue Taunton Somerset TAI 2PE WPACharitable Foundation Rcport and Accounts | 5 April 2025 Reference and Administrative Details continued Auditor PKF Francis Clark First Floor Blackbrook Gate I Blackbrook Park Taunton Somerset TAI 2PG Bankers Barclays Bank PIC 15 Queen Square Bristol BSI 4NP Investment advisor St. Jamess Placewealth Management St. James's Place House l Tetbury Road Cirencester Gloucestershire GLI IFP WPACharitable Foundation Rcport and Accounts | 5 April 2025 Trustee's Report for the year ended 5 April 2025 The Trustee presents the report and audited accounts of the WPA Charitable Foundation for the year ended 5 April 2025. Legal and administrative information set out on pages 2 and 3 form part of this report. The accounts comply with current StatLJtory reqLJirementS, 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 IFRS 1021 leffective l January 20191. Principal activities and objective5 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 asset5 should be applied forthe benefit of hospital patients, medical charities and medical research. TheTrustee is guided bythe Memorandum of the Bristol Hospitals Fund las amendedl.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 cost. where their children are receiving treatment. The Charity is reliant on donations received by third parties and on the income generated by its investment5 to meet the anticipated request5 for grants and other financial assistance. Achievemenrs and performance As set out in the Chairman's Statement on page I, the key achievement continues to be the provision of financial assistance to families with children who are profoundly ill. There has been an increase in requests for grants during the period with 285 grants being madeto 193 families12024.. 258 grants made to 139 families). 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 2011 to have due regard to the public benefit guidance published by the Charity Commission in FebrLJary 2014. WPACharitable Foundation Rcport and Accounts | 5 April 2025 Trustee's Report continued Financial review The Charity aims to maintsin 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 note 13 to the financial Statements. The reserves of the Charity now stand at £486,39612024.. £569,362), of which £90,57612024.. £91,601 l are restricted and £39502012024.. £477,761) are unrestricted. The investment objective of the Charity for the financial investment$ 15 to seek a steady stream of income and modest growth in capital values over the medium- term. Financial investments totalling £467,274 12024.. £561,785), are held in collective investment funds comprising a mix of investment classes. both by type and geography, as well as cash. Overall, the portfolio achieved a gain of 3.3% 12024. 6.8901. The Charity's investment portfolio is managed by St. James Place. Corporate bond funds returned 7.296, mixed assets returned 2.5%, and equityfunds returned 1.1 %. 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 wa5 2.1 %, compared to CPI at 5.3%. There are no investment policy restrictions. The returns from the investment portfolio provides funding to make grants tofamilies with sick children,. grants and donations of £1 13,345 were issued in the year12024." £117,945). The Charity's income is also supplemented by donations received from third partie5 and the WPA Foundation, donations of £42,120 were received in the year 12024. £33,3311. The role of liaising with social workers and almoners, through whom the majority of the requests for resources of the Charity are received, is carried out pro bono by employees of Western Provident Association Limited I"WPA"l. The financial management of the Charity wa$ Similarly taken on by employees of WPA, working in their own time or time donated by WPA. The Trustee considers that the activities represent a satisfactory performance against the Charity's objectives. The Trustee is in the process of integrating The WPA Charitable Foundation into The WPA Foundation this is expected to be completed by the end of the calendar year 2025. Once integrated, the activities of the Charity are expected to continue as outlined above in forthcoming years. WPACharitable Foundation Rcport and Accounts | 5 April 2025 Trustee's Report continued Srrucrure, governance and management TheWPA Foundation,a company limited byguarantee, is theTrustee of thecharity. The names of the Director5 ofThe 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 Foundation as being of sound repute and integrity. Newly appointed Directors to the Corporate Trustee 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 inclLJding its governing documents and a focus on its purpose. Copies of Trustee Board and Charity Meeting pack5 are provided forthe 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 Wlth the Commission. The Trustee has a standing practice of taking advice from external independent advisors, a5 appropriate. The Governing Instruments comprise of the Deed of Trust and Special Resolution established on 31 December 1969 as amended by the Schemes of I l November 1976 and I l August 1992. Decisions relating to the Charity are made by theTrustee. Meetings of the Trustee are held during the year to agree the broad strategy of the Charityand to consider the making of grants, investments, reserves and risk management. The Trustee receives regular reports on the performance of the investment portfolio. TheWPA Foundation obtained charitable status in January 2025 and is proceeding with the integration of the WPA Charity Foundation into The WPA Foundation which is expected to be achieved by the end of the calendar year 2025. WPACharitable Foundation Rcport and Accounts | 5 April 2025 Trustee's Report continued Risk managemenr The Trustee considers that the principal risk faced by the Charity is the financial risk arising from the investments held by the Charity. Investment a55et5 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 5elertion of investment managers who have a 50und 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 geographii location. Approved by the CorporateTrustee and signed on its behalf by.. Mark Southern Trustee 5 November 2025 WPACharitable Foundation Rcport and Accounts | 5 April 2025 Trustee's Responsibilities for the year ended 5 April 2025 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, theTrustee is required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the SORP,. make adjustments and estimates that are responsible and prudent., iv. 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 (Accounts & Reportsl 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 irregularitie5. The Trustee confirms that the accounts comply with current statutory requirements and those of the Charity's trust deed. Signed on behalf of the CorporateTrustee by.. Mark Southern Trustee 5 November 2025 WPACharitable Foundation Rcport and Accounts | 5 April 2025 Independent Auditor's Report to the Trustee of WPA Charitable Foundarion Opinion We have audited the accounts of WPA Charitable Foundation Ithe'charity") for the year ended 5 April 2025, which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows, and Notes to the accounts, including a summary of significant accounting policies. The financial reporting framework that ha5 been applied in their preparation 15 applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'lunited Kingdom Generally Accepted Accounting Practice). In our opinion the accounts.. give a true and fair view of the stste of the Charity's affairs as at 5 April 2025 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. Basis 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 accounts section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the accounts 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. Conclusions related ro going concern In auditing the accounts, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the accounts is appropriate. Based on the work we 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 accounts were authorised for issue. Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report. 10 WPACharitable Foundation Rcport and Accounts | 5 April 2025 Independent Auditor's Report continued Other information The Trustee is responsible for the other information. The other information comprise5 the information included in the annual report, other than the account5 and our auditor's report thereon. Our opinion on the accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not expre55 any form of a55urance conclusion thereon. In connection with our audit of the accounts, our responsibility is to read the other information and, in doing $0, consider whether the other information is materially inconsistentwith theaccounts orour knowledge obtained intheauditorotherwise 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 accounts 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 ofourknowledgeand understanding ofthecharityand itsenvironment obtained in the course of the audit, we have not identified material misstatements in theTrustees' Report. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Report51 Regulation5 2008 requires us to reportto you if, in our opinion.. the information given in the Trustee's Report is inconsistent in any material respect with the accounts., or sufficient accounting records have been kept., or the accounts are not in agreement with the accounting records and returns,. or iv. we have not received all the information and explanations we require for our audit. Responsibilities of Trusrees As explained more fully in the Ststement of Trustees, Responsibilities set out on page 9, theTrustees are responsible forthe 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 the financial Statements that are free from rnaterial mi55tatement, whether due to fraud or error. In PTeparing the financial statements, theTrustees are responsible for assessing the Charity's ability to continue a5 a going convern, disclosing, as applicablem matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity orto cease operations, or have no realistic alternative not to do so. WPACharitable Foundation Rcport and Accounts | 5 April 2025 Independent Auditor's Report continued Auditor's responsibilities for the audit of rhe accounts 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 isa high level ofassurance, butisnotaguaranteethatan auditconducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatement5 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 financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations.we design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed as follows.. As part of our audit planning, we obtained an understanding of the legal and regulatoryframeworkthat isapplicabletothe Charity.Wegained 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. A5 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 regulation5 we identified were health and safety regulations and breache5 of The General Data Protection Regulation I"GDPR"l. We also considered those laws and regulations that have a direct impact on the preparation of the accounts such as the Charities Act 2011. 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 procedure5, 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. We also evaluated management's incentives and opportunities for fraudulent manipulation of 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 or any non-compliance with laws and regulation5 that could affect the financial statements. Review of the Charity's GDPR policy and enquiries of the Charity's compliance officer as to the occurrence and outcome of any reportable breaches. Reviewed legaland professional coststo identifyanypossible non-compliance or legal cost5 in respect of non-compliance. WPACharitable Foundation Rcport and Accounts | 5 April 2025 Independent Auditor's Report continued Auditor's responsibilities for the audit of rhe accounts continued As part of our enquiries, we discussed with management whether there had been any instances of known or alleged fraud. We assessed thesusceptibilityofthefinancial statementsto 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 opportunitie5 for fraudulent manipulation of the financial statements. Based upon our understanding we designed and conducted audit procedure5 including.. Audited 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 estimate5 andjudgements made in the accountsfor 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. The risk of not detecting a material misststement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-complianie with law5 and regulation5 that are not closely related to event5 and transactions reflected in the financial statements. A further description of our responsibilities for the audit of the aicounts is located on the Financial Reporting Council's website at www.frc.org.ukl auditorsresponsibilities.This description forms part of our auditor's report. WPACharitable Foundation Rcport and Accounts | 5 April 2025 Independent Auditor's Report continued Use of our report This report is made solely to the Charity's Trustee, as a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. Our audit work has been undertaken $0 that we might state to the Chèrity'sTrustee 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 Trustee as a body, for our audit work, for this report, or for the opinions we have formed. PKF Francis Clark, Statutory Auditor First Floor Blackbrook Gate I Blackbrook Park Taunton Somerset TAI 2PG 7 November 2025 WPACharitable Foundation Rcport and Accounts | 5 April 2025 Statement of Financial Activities for the year ended 5 April 2025 Unrestricted Funds 2025 1£) Restricted Funds 2025 Total Funds 2025 Total Funds 2024 Income Note Donations Invesrmeni income Ilbl.5, 14 42,120 15,857 42,120 15,857 33,331 15,197 Total income 57,977 57,977 48,528 Expenditure on charitable activities Granis and donaiion5 issued Management and administrarion costs 1112,3451 127,8031 11,0001 1251 1113,3451 127,8281 1117,94SI 123,7271 Ilel,8, 14 Total expenditure 1140,1481 11,0251 1141,1731 1141,6721 Net gains on investments Unrealised gains on invesimenis 230 230 18,334 Total net gains on investments 230 230 18,334 Net expenditure forthe year and net movement in funds 181,9411 11,0251 182,9661 174,8101 Reconclliatlon of funds Total fund5 broughi forward 477,761 91,601 569,362 644,172 Total fund5 carried forward 395,820 90,576 486,396 569,362 The Statement of Financial Activities include5 all gains and1055es recogni5ed in the yearto 5 April 2025. The notes on pages 17 to 21 form part of these accounts. WPACharitable Foundation Rcport and Accounts | 5 April 2025 BaLance Sheet as at 5 April 2025 asat asat 5 April 2025 5 April 2024 Fixed assets Note Invesrmenis unresiricted Investments restricted 376,698 90,576 470,184 91,601 Total fixed assets 467,274 561,785 Current assets Debtors unrestricted Cash at bank unrestricted 2,966 22,642 2,681 11,267 Total ¢yrrent assets 25,608 13,948 Liabilities Creditor5 falling due within one year unrestricted 16,4861 16,3711 Net ¢urrent assets 19,122 7,577 Total net assets 486,396 569,362 The fund5 of the Charity Unrestricted fund ftestricied fund 395,820 90,576 477,761 91,601 Total ¢harityfunds 486,396 569,362 The accounts on pages 14 to 21 were approved by the Board of the CorporateTrustee on S November 2025 and were signed on its behalf by.. Mark Southern Trustee On behalf of the CorporateTrustee Charity Registration Number 230151 The note5 on page5 17 to 21 form part of these accounts. WPACharitable Foundation Rcport and Accounts | 5 April 2025 Statement of Cash FLOWS for the year ended 5 April 2025 20251£1 20241£) Net cash flows used In operating actlvltles 199,2231 1103,6531 Cash flow5 from investing activities Net receipts Iiom Investments Cash ieceipts fiom/ltol dividends and interest 110,000 598 107,000 11,5931 Net cash flows provlded from Investlng actlvltles 110,598 105,407 Net cash flows used In operating actlvltles 11,375 1,754 Cash and cash equivalenis at beginning of period 11,267 9,513 Cash and cash equivalents at the end of the period 22,642 11,267 Notes to the statements of cash flows Net expenditure for the year 182,9661 174,8101 Adjustments foi.. Gains on investmenrs Nei invesimeni reiurn reiained wiih invesimeni managers Ilncrea£el/decre3se in trade and other receivables IDecrea5el/inciease in tiade and other payables 12301 115,8571 12851 115 118,3341 115,1971 2,827 1,861 Cash used in operating a¢tivities 199,2231 1103,6531 WPACharitable Foundation Rcport and Accounts | 5 April 2025 Notes to the Accounts for the year ended 5 April 2025 Accounting poli