REGISTERED CHARITY NUMBER: 241900
Report of the Trustees and Audited Financial Statements for the Year Ended 5 April 2025
for
The Wilfrid and Constance Cave Foundation
Butt Miller Chartered Accountants and Statutory Auditor
1 Minster Court Tuscam Way Camberley Surrey GU15 3YY
The Wilfrid and Constance Cave Foundation
Contents of the Financial Statements for the Year Ended 5 April 2025
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Report of the Independent Auditors | 4 to 6 |
| Statement of Financial Activities | 7 |
| Statement of Financial Position | 8 |
| Notes to the Financial Statements | 9 to 16 |
| Detailed Statement of Financial Activities | 17 |
The Wilfrid and Constance Cave Foundation
Report of the Trustees for the Year Ended 5 April 2025
The trustees present their report with the financial statements of the charity for the year ended 5 April 2025. The trustees have adopted the provisions of 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 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Public benefit
The charity makes grants to a wide variety of charitable organisations and the trustees declare that they have complied with the duty imposed under the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.
GRANT MAKING POLICY
The trustees and the donations committee decide at their half-yearly meetings what grants they will make and to review any feedback they have received. Nominations for grants are elicited by the individual trustees and committee members who are empowered to put forward proposals for donations to be made on an annual basis, both locally and nationally as well as additional donations on an ad hoc basis. As a rough principle, the amount of grants made is twice the income received from the Charities Property Fund holding of the charity.
Details of grants made to institutions can be found in note 4 to the accounts.
ACHIEVEMENTS AND PERFORMANCE
During the year, the charity has made 49 grants totalling £182,000 (2024: 42 grants totalling £141,000) to organisations.
The trustees intend to limit spending in order to maintain investment capital and to preserve the longevity of the charity.
Since the Covid-19 pandemic, all trustee meetings have been undertaken on Zoom.
FINANCIAL REVIEW
Principal funding sources
The charity's income is derived primarily from dividends and interest on its investments. Income for the year, excluding gains and losses on sale of investments, was £154,493 (2024: £188,878) and grants to the value of £182,000 (2024: £141,000) were disbursed.
Programme related investment
In February 2014 the charity purchased a property which was let to a grant recipient for a peppercorn rent. The Trustees sold the property to the tenant in May 2025. More details can be found in note 10 of the accounts.
Reserves and investment policy
The trustees recognise the need to maintain reserves to ensure the charity can meet its financial obligations on a twelve month rolling basis. In particular, the charity needs to ensure that there are sufficient funds to meet administration costs and to take fresh initiatives or respond to future/emergency funding of grants. The level of reserves at the year end was £4,571,182 (2024: £4,691,106).
The charity's investment policy, as executed by its independent investment advisers, is one of investing in medium risk income producing investments sufficient to maintain and sustain its charitable giving objectives. During the year the portfolio was moved from the Responsible Investment Portfolio to the Sustainable Investment Portfolio.
FUTURE PLANS
The charity will continue its support of existing and new projects in the immediate future.
Page 1
The Wilfrid and Constance Cave Foundation
Report of the Trustees for the Year Ended 5 April 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Wilfrid and Constance Cave Foundation also known as 'The Cave Foundation' is an unincorporated Trust, constituted under a Trust Deed of Settlement dated 17 March 1965 and is a registered charity, number 241900.
The objects of the charity are to support, encourage and donate to such bodies, associations and organisations as the trustees shall from time to time select.
Trustees are appointed by the Board of Trustees and donation committee members. Voting occurs every two years.
At the half-yearly meetings, the trustees agree the broad strategy and areas of activity for the charity, including consideration of investments, reserves and risk management.
In addition, grant making is then considered by the trustees and the donations committee.
Recruitment and appointment of new trustees/committee members
Trustees and committee members are appointed by invitation and are family members. Trustees have to be at least 21 years of age while committee members have to be at least 18.
Risk management
The charity trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The trustees consider variability of investment returns on the investment funds to constitute the charity's major risk.
They have appointed professional investment advisers to assist in fund administration and to maintain and increase the resources available for grant making.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
241900
Principal address
Clewer Boatyard Ltd Clewer Court Road Windsor Berkshire SL4 5JD
Trustees
Mr M D A Pickin Ms E J Pickin Mr J J Thorne Miss M Howells
Mr M D A Pickin and Miss M Howells jointly hold the title to the charity's investment property in their capacity as trustees/committee members of the charity.
Auditors
Butt Miller Chartered Accountants and Statutory Auditor 1 Minster Court Tuscam Way Camberley Surrey GU15 3YY
Page 2
The Wilfrid and Constance Cave Foundation
Report of the Trustees for the Year Ended 5 April 2025
REFERENCE AND ADMINISTRATIVE DETAILS
Bankers
HSBC Bank plc 128 High Street Slough SL1 1JF
Investment Managers
HSBC Global Asset Management 78 St. James's Street London SW1A 1HL
Cordea Savills LLP 33 Margaret Street London W1G 0JD
EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and The Charity (Accounts and 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.
Approved by order of the board of trustees on 23 October 2025 and signed on its behalf by:
Mr M D A Pickin - Trustee
Page 3
Report of the Independent Auditors to the Trustees of The Wilfrid and Constance Cave Foundation
Opinion
We have audited the financial statements of The Wilfrid and Constance Cave Foundation (the 'charity') for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Statement of Financial Position 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 5 April 2025 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
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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 (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 section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit 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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements 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 financial statements are 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.
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 Report of the Independent Auditors 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 any form 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 this gives rise to a material misstatement in the financial statements themselves. 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
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Page 4
Report of the Independent Auditors to the Trustees of The Wilfrid and Constance Cave Foundation
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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.
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.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors 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 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 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
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The nature of the charity and the environment in which it operates, its control environment and operations, including the design of the charities policies and staff remuneration;
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Results of our enquiries of management about their own identification and assessment of the risks of irregularities;
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Any matters we identified having obtained and reviewed the charity's documentation of their policies and procedures relating to:
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identifying, evaluating and complying with laws and regulations such as the Charities Act 2011, Charities SORP (2019) and payroll taxes. and whether they were aware of any instances of noncompliance;
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detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
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the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
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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.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
Our procedures to respond to risks identified included the following:
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Enquiries of management and staff including concerning actual and potential litigation and claims and any instances of noncompliance with laws;
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Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
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In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; checking internal controls are being followed are as per its policies and assessing suitability; assessing the judgements made in making accounting estimates; and evaluating the rationale of any significant transactions that are unusual or outside the normal course of the charity.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of noncompliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, 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 by, for example, forgery or intentional misrepresentations, or through collusion.
Page 5
Report of the Independent Auditors to the Trustees of The Wilfrid and Constance Cave Foundation
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 Report of the Independent Auditors.
Use 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' 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 and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Butt Miller Chartered Accountants and Statutory Auditor 1 Minster Court Tuscam Way Camberley Surrey GU15 3YY
27 October 2025
Page 6
The Wilfrid and Constance Cave Foundation
Statement of Financial Activities for the Year Ended 5 April 2025
| Notes INCOME AND ENDOWMENTS FROM Investments 2 EXPENDITURE ON Raising funds 3 Charitable activities Donations Other Total NET INCOME/(EXPENDITURE) Other recognised gains/(losses) Gains/(losses) on revaluation of fixed assets Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2025 Unrestricted fund £ 154,493 20,888 182,000 28,193 231,081 (76,588) (43,336) (119,924) 4,691,106 4,571,182 |
2024 Total funds £ 188,878 20,853 141,000 19,886 181,739 7,139 92,220 99,359 4,591,747 4,691,106 |
|---|---|---|
The notes form part of these financial statements
Page 7
The Wilfrid and Constance Cave Foundation
Statement of Financial Position 5 April 2025
| Notes FIXED ASSETS Investments Investments 9 Investment property 10 CURRENT ASSETS Debtors 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Unrestricted funds TOTAL FUNDS |
2025 Unrestricted fund £ 4,194,743 265,000 4,459,743 25,270 104,250 129,520 (18,081) 111,439 4,571,182 4,571,182 4,571,182 4,571,182 |
2024 Total funds £ 4,284,220 245,000 4,529,220 24,746 148,401 173,147 (11,261) 161,886 4,691,106 4,691,106 4,691,106 4,691,106 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 23 October 2025 and were signed on its behalf by:
Mr M D A Pickin - Trustee
The notes form part of these financial statements
Page 8
The Wilfrid and Constance Cave Foundation
Notes to the Financial Statements for the Year Ended 5 April 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The presentation currency of the financial statements is the Pound Sterling (£).
Going concern
At the time of signing these accounts, the trustees do not believe that there are any material uncertainties related to events or conditions that cast significant doubt upon the charity's ability to continue as a going concern.
Financial reporting standard 102 - reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to this category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Creditors at the year end are measured at settlement amounts less any discounts allowed.
Grants are made at the trustees' discretion and are generally payable without performance conditions. They are included in the Statement of Financial Activities when they are paid.
Any grants which are offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Investments
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Listed investments are included at closing market value at the statement of financial position date. Any gain or loss during the year is taken to the Statement of Financial Activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
continued...
Page 9
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
The Wilfrid and Constance Cave Foundation
1. ACCOUNTING POLICIES - continued
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Pension costs
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Realised and unrealised gains and losses
All realised gains and losses are taken to the Statement of Financial Activities as they arise. Unrealised gains and losses are calculated as the difference between the market value at the year end and the opening market value (or purchase date if later).
2. INVESTMENTS
| Investment income Bank and sundry interest receivable |
2025 £ 129,774 24,719 154,493 |
2024 £ 170,794 18,084 188,878 |
|---|---|---|
There is no rental income as the property was let for a peppercorn rent during the year.
3. RAISING FUNDS
Investment management costs
4.
| Portfolio management costs Building insurance Property management costs Property repair costs GRANTS PAYABLE Donations |
2025 £ 19,321 786 781 - 20,888 2025 £ 182,000 |
2024 £ 19,269 699 780 105 20,853 2024 £ 141,000 |
|---|---|---|
GRANTS PAYABLE
continued...
Page 10
The Wilfrid and Constance Cave Foundation
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
4. GRANTS PAYABLE - continued
The total grants paid to institutions during the year was as follows:
| GRANTS PAYABLE - continued The total grants paid to institutions during the year was as follows: |
||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Westcountry Rivers Trust | 2,000 | 2,000 |
| The Farmer's Club Pinnacle Award | 7,000 | 7,000 |
| The Children's Hospice South West | 3,000 | 3,000 |
| Two Moors Festival | 4,000 | 4,000 |
| Twitchen Parish Hall | 1,000 | - |
| The Story Museum | 5,000 | 5,000 |
| Exmoor Search and Rescue | 3,000 | 3,000 |
| North Devon Hospice | 1,000 | - |
| TVAP | 3,000 | 3,000 |
| St Margaret's Hospice | 1,000 | - |
| Exmoor Society | 5,000 | 5,000 |
| The Winsford Recreation Association | - | 4,000 |
| Force Cancer Charity | 2,000 | - |
| Shakespeare Hospice | 3,000 | - |
| Himalayan Children | 2,000 | - |
| Thames Hospice | 5,000 | 5,000 |
| Alexander Devine Childrens Hospice | - | 5,000 |
| Exford Village Green New Play Area | - | 2,000 |
| Berkshire Community Foundation | 5,000 | - |
| Get Matthew Moving | - | 3,000 |
| Swan Support | 6,000 | 1,000 |
| Chulmleigh Academy Trust | - | 3,000 |
| Blackheath Old Elthamians Hockey Club | - | 3,000 |
| Regal Theatre | 2,000 | - |
| Live Music Now South West | 2,000 | 3,000 |
| Exmoor Young Voices | 3,000 | 3,000 |
| Morebath Cricket Club | - | 2,000 |
| Arts at the Old Fire Station | 3,000 | - |
| The Dunster Festival | 2,000 | 2,000 |
| Bournemouth Symphony Orchestra | 5,000 | 3,000 |
| All Saints Church Dulverton | 3,000 | 3,000 |
| Devon Baroque Orchestra | - | 1,000 |
| Fusion Arts (Gaon) | 5,000 | 13,000 |
| Low Carbon Oxford North | - | 1,000 |
| Pilton Community College | 9,000 | - |
| Quadstar | 4,000 | 3,000 |
| Simonsbath Festival, St Lukes Church | 2,000 | 2,000 |
| Blackheath Halls Youth Choir | - | 5,000 |
| Small Hope Bay Foundation | 5,000 | 3,000 |
| Macmillian Cancer Support | - | 2,000 |
| Turkey/Syria Earthquake appeal | - | 10,000 |
| Alzheimer's Research UK | - | 1,000 |
| Friends of Kings Nympton School | - | 2,000 |
| The High Sheriff of Somerset | - | 2,000 |
| The Avenues Youth Project | 6,000 | 10,000 |
| Improbable Theatre | - | 2,000 |
| Sobell House Hospice Charity | - | 3,000 |
| Cancer Research UK | - | 4,000 |
| Friends of South Molton C of E Primary School | - | 2,000 |
| Share Oxford | 1,000 | 1,000 |
| Wiltshire Wildlife Trust | 4,000 | - |
| Contains Art CIO | 2,000 | - |
continued...
Page 11
The Wilfrid and Constance Cave Foundation
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
| 4. GRANTS PAYABLE - continued The Listening Centre Meshaw Parochial Church Council The Batten Disease Family Association Chivenor Air Cadets 722 Squadron Calvert Exmoor Life Chance Trust Alzheimer's Society Addington Fund Promiseworks Island Farm Donkey Sanctuary Parkinson's Care & Support UK The Open Door (Taunton) |
2,000 2,000 2,000 1,000 30,000 5,000 3,000 5,000 3,000 2,000 1,000 10,000 182,000 |
- - - - - - - - - - - - 141,000 |
|---|---|---|
| 5. | SUPPORT COSTS | ||||
|---|---|---|---|---|---|
| Governance | |||||
| Management | Finance | costs | Totals | ||
| £ | £ | £ | £ | ||
| Other resources expended | 12,763 | 139 | 15,291 | 28,193 | |
| Support costs, included in the above, are as follows: | |||||
| 2025 | 2024 | ||||
| Other | |||||
| resources | Total | ||||
| expended | activities | ||||
| £ | £ | ||||
| Wages | 11,053 | 11,053 | |||
| Pensions | 481 | 481 | |||
| Office costs | 686 | 539 | |||
| Website costs | 241 | - | |||
| Travel | 302 | - | |||
| Bank charges | 139 | 146 | |||
| Auditors' remuneration | 4,740 | 4,510 | |||
| Accountancy | 3,400 | 3,157 | |||
| Legal and professional fees | 7,151 | - | |||
| 28,193 | 19,886 |
continued...
Page 12
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
The Wilfrid and Constance Cave Foundation
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024.
Trustees' expenses
One of the trustees was reimbursed travel expenses of £302 to attend an Awards Ceremony held by a grant recipient. No trustees were reimbursed for expenses for the year ended 5 April 2024.
7. STAFF COSTS
8.
9.
| Wages and salaries Other pension costs The average monthly number of employees during the year was as follows: Administration No employees received emoluments in excess of £60,000. AUDITORS REMUNERATION Auditors' remuneration Accountancy and other services FIXED ASSET INVESTMENTS MARKET VALUE At 6 April 2024 Additions Disposals Revaluations At 5 April 2025 NET BOOK VALUE At 5 April 2025 At 5 April 2024 There were no investment assets held outside the UK. |
2025 £ 11,053 481 11,534 2025 1 2024 £ 4,510 3,157 7,667 |
2024 £ 11,053 481 11,534 2024 1 2023 £ 4,260 2,945 7,205 Listed investments £ 4,284,220 2,518,410 (2,544,551) (63,336) 4,194,743 4,194,743 4,284,220 |
|
|---|---|---|---|
continued...
Page 13
The Wilfrid and Constance Cave Foundation
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
10. INVESTMENT PROPERTY
| FAIR VALUE At 6 April 2024 Revaluation At 5 April 2025 NET BOOK VALUE At 5 April 2025 At 5 April 2024 |
£ 245,000 20,000 265,000 265,000 245,000 |
|---|---|
The investment property was purchased on February 2014 for £274,162. The property was revalued on 20 January 2025 by A M Turner MRICS on behalf of Bradleys Surveyors Limited at £265,000.
The trustees consider that the valuation of the property in January 2025 is not materially different from its fair value as at 5 April 2025.
The property was let to The Exmoor Society over a five year lease from 2022 for a peppercorn rent. If the property was let on a commercial basis the annual rentable value is expected to be £18,000. The trustees sold the property to The Exmoor Society in May 2025.
11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accrued income receivable Other debtors 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Accruals |
2025 £ 24,523 747 25,270 2025 £ 6,015 12,066 18,081 |
2024 £ 24,003 743 24,746 2024 £ 47 11,214 11,261 |
|---|---|---|
continued...
Page 14
The Wilfrid and Constance Cave Foundation
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
13. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 154,493 TOTAL FUNDS 154,493 |
At 6.4.24 £ 4,691,106 4,691,106 Resources expended £ (231,081) (231,081) |
Net movement in funds £ (119,924) (119,924) Gains and losses £ (43,336) (43,336) |
At 5.4.25 £ 4,571,182 4,571,182 Movement in funds £ (119,924) (119,924) |
|---|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 6.4.23 £ 4,591,747 4,591,747 |
Net movement in funds £ 99,359 99,359 |
At 5.4.24 £ 4,691,106 |
|---|---|---|---|
| 4,691,106 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 188,878 (181,739) 92,220 99,359 188,878 (181,739) 92,220 99,359 |
Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 188,878 (181,739) 92,220 99,359 188,878 (181,739) 92,220 99,359 |
|---|---|---|
| 99,359 |
continued...
Page 15
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
The Wilfrid and Constance Cave Foundation
14. RELATED PARTY DISCLOSURES
The charity made grants during the period to The Story Museum, Oxford of £5,000 (2024: £5,000). Ms K Pickin, who is a member of the donations committee, is involved with the charity.
In addition to the property lease with The Exmoor Society, further details for which can be found in note 10, the charity made grants during the period of £5,000 (2024: £5,000).
15. POST BALANCE SHEET EVENTS
The investment property was sold in May 2025 to The Exmoor Society for £125,000.
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The Wilfrid and Constance Cave Foundation
Detailed Statement of Financial Activities for the Year Ended 5 April 2025
| 2025 £ INCOME AND ENDOWMENTS Investments Investment income 129,774 Bank and sundry interest receivable 24,719 154,493 Total incoming resources 154,493 EXPENDITURE Investment management costs Portfolio management costs 19,321 Building insurance 786 Property management costs 781 Property repair costs - 20,888 Charitable activities Grants to institutions 182,000 Support costs Management Wages 11,053 Pensions 481 Office costs 686 Website costs 241 Travel 302 12,763 Finance Bank charges 139 Governance costs Auditors' remuneration 4,740 Accountancy 3,400 Legal and professional fees 7,151 15,291 Total resources expended 231,081 Net (expenditure)/income (76,588) |
2024 £ 170,794 18,084 188,878 188,878 19,269 699 780 105 20,853 141,000 11,053 481 539 - - 12,073 146 4,510 3,157 - 7,667 181,739 7,139 |
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This page does not form part of the statutory financial statements
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