2020-12-31-accounts

Charity number: 267127

THE W O STREET CHARITABLE FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

THE W O STREET CHARITABLE FOUNDATION

CONTENTS

	Page
Reference and administrative details of the Charity, its Trustees and advisers	1
Trustees' report	2 - 8
Independent auditors' report on the financial statements	9 - 13
Statement of financial activities	14
Balance sheet	15
Notes to the financial statements	17 - 28

THE W O STREET CHARITABLE FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020

Trustees	Christopher Priestley
	Zedra Trust Company (UK) Ltd
Charity registered number 267127 Principal office Zedra Trust Company (UK) Ltd Booths Hall Booths Park 3 Chelford Road Knutsford WA16 8GS Investment managers Cazenove Capital 1 London Wall Place London EC2Y 5AU Independent auditors Simmons Gainsford LLP Chartered Accountants 14th Floor 33 Cavendish Square London W1G 0PW Bankers Barclays Bank PLC 6th Floor, Aurora Building 120 Bothwell Street Glasgow G2 7JS Solicitors Withers LLP 20 Old Bailey London EC4M 7AN

Page 1

THE W O STREET CHARITABLE FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their annual report together with the audited financial statements of the The W O Street Charitable Foundation for the year 1 January 2020 to 31 December 2020.

Legal and administrative information set out on page 1 forms part of this report. The financial statements comply with statutory requirements, the requirements of the Foundation's governing instrument and the Statement of Recommended Practice - 'Accounting and Reporting by Charities'. They also include any other additional information required by law.

Objectives and activities

The W O Street Charitable Foundation is a grant-making charitable trust established by William Openshaw Street. The Trust Deed is drawn in wide terms permitting the Trustees to apply income for such exclusively charitable objects and purposes as they shall in their absolute discretion think fit. The Trustees are also permitted to apply capital for exclusively charitable objects and purposes. Given the settlor’s wish expressed in the Trust Deed that the Foundation should ‘continue in perpetuity and that capital should be distributed only if the Trustees believe this to be the right and proper course’, it has not been the general practice of the Trustees to distribute capital (except as part of the total return investment policy described below); however, the Trustees keep this policy under active review. Capital distributions were made, exceptionally, in 2011 to create the three W O Street Transformation Funds (which are described more fully in previous years’ Trustees’ Reports and referred to further below).

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Foundations’ aims and objectives and reviewing the grant-making policy.

The Foundation makes grants, paying close regard to the wishes of the late Mr Street (which are detailed further below), who had particular interests in education, the relief of poverty, the relief of persons with financial difficulties (particularly the aged, blind and disabled) and the relief of ill health or sickness and social welfare generally. The trustees also have a particular interest in projects in the county of Lancashire, as defined before the local government reorganisation in 1974, and Jersey where Mr Street spent significant parts of his life.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Structure, governance and management

The W O Street Charitable Foundation was established by William Openshaw Street by a settlement deed dated 5 December 1973. Following the settlor’s death on 4 February 1981, assets were transferred from Mr Street’s estates in both Jersey and the UK into the Foundation, in accordance with his will dated 5 December 1973 and a codicil thereto dated 14 July 1977. A small, final payment was received from Mr Street’s estate during 2011, following the death of the last life tenant of a fund established by his will. The Foundation is registered at the Charity Commission under number 267127.

The Foundation is administered on a day-to-day basis by Zedra Trust Company (UK) Limited at its offices at Booths Hall, Booths Park 3, Chelford Road, Knutsford Cheshire, WA16 8GS. Applications are invited to Zedra Trust Company (UK) Limited and an application form will be furnished for completion and subsequent consideration by the Trustees. New Trustees are appointed by formal deed.

Details of the Foundation are also published in the Guide to Major Trusts and the Directory of Grant Making Trusts. Applications can be made by either registered or statutory charitable organisations; however, applications directly from individuals are not considered. The Trustees aim to consider applications on a quarterly basis.

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THE W O STREET CHARITABLE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

(continued)

Trustee recruitment, training and remuneration

Zedra Trust Company (UK) Limited are the administrators of the Foundation; Christopher Priestley is a partner in Withers LLP who are the solicitors to the Foundation. Trustee training is carried out through Zedra Trust Company (UK) Limited and Withers LLP as appropriate.

For details of Trustee remuneration see note 12. The Trustees are considered to be key management personnel

Reserves policy

It is not the policy of the Trustees to retain income for future needs, although the Trustees may do this if particular projects that involve longer-term funding are approved by the Trustees.

The capital is generally retained to generate sufficient income to support annual grants and to maintain the Trustees’ policy over the longer term.

Risks

The Trustees have undertaken a review of the risks to which the Foundation is exposed to ensure that systems have been established to mitigate such risks. One of the most significant risks identified is the potential loss incurred by a fall in the value of the Charity’s investments. The Trustees have considered this risk carefully and review the investment portfolio regularly with the investment manager, ensuring that the Charity’s investments are spread over a wide and varied portfolio. Any grants distributed by the Foundation are only approved by the Trustees if funds are available.

Investment policy

The policy of the Trustees has been to invest the trust fund in accordance with the wide investment powers given to them by the Trust Deed so as to produce a regular and sustainable level of income. The investment management of the trust fund, which the Trustees delegate, is undertaken by Cazenove. The investment portfolio is managed on a total return basis, with the aim of generating approximately £500,000 for distribution from the Foundation each year. The Trustees may use their discretion to top up income with capital funds in order to meet this aim. The trust fund is invested in a combination of equity, bond, property, private equity, commodity, and absolute return funds.

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THE W O STREET CHARITABLE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

(continued)

Achievements and performance

During the year the Foundation made grants totalling £564,263 and incurred other costs of £243,322. The net grants paid in the year are in line with the Foundation’s objectives to distribute the available income receivable in the year. A detailed list of the grants made is included in the appendix to the accounts.

Grants were made to a variety of organisations which were both national and local in origin, and covered a variety of causes including education, poverty, illness and disability, elderly and social and family welfare. These are in line with the stated grant-making policies of the Foundation. The Foundation specifically paid £40,000 to the W O Street Jersey Charitable Trust in line with the stated policies and £51,992 was spent on educational bursaries as part of the specific policy to support this charitable area of work.

Reference is made elsewhere in this report to Mr Street’s expressed wishes in relation to the way in which the Trustees should exercise the wide charitable discretions which he conferred upon them. Among these was the request that in exercising their discretions they should ‘so far as is practicable, give preference to persons resident in or otherwise connected with the county of Lancashire and the Island of Jersey (but not to the exclusion of others) who are in [the Trustees’] opinion worthwhile members of that section of the community which is adjudged by [the Trustees] to form what is commonly called "the Middle and Lower Middle classes’”.

For many years the Trustees have made distributions to the W O Street Jersey Charitable Trust as a means of meeting the needs of inhabitants in Jersey.

In relation to the county of Lancashire (as it was before the 1974 local government reorganisation), the Trustees have adopted a number of approaches over the years and have now established the W O Street Transformation Fund at Forever Manchester, the Community Foundation for Lancashire and the Community Foundation for Merseyside. The Trustees also endeavour to make their interest in Lancashire clear in directories in which the Foundation’s details are published.

The Trustees are pleased to have continued to make distributions to many charities in this area and to some national charities requiring funding specifically for projects in the pre-1974 Lancashire area.

The Trustees continued to provide bursary support to Bury Grammar School and have pledged to continue this support in the short term.

At the year end, the market value of the investments held by the Foundation was £19,850,998.

The Trustees report that the performance of the funds held in the Foundation delivered a positive return of 2.44% for the year whilst continuing to maintain the levels of their grant making. The Trustees are satisfied with this performance and are grateful to their investment managers in this respect.

The Trustees measure the success of the Foundation by the number of grants made, the effect of those grants in furthering the Foundation's charitable purposes and by the ability of the Trustees to sustain their level of grantmaking.

Financial Review

The accounts summarise the transactions of the Foundation during its year ended 31 December 2020.

The balance sheet as at 31 December 2020 places a value on the combined income and capital accounts at £20,272,617. The income received in the year to 31 December 2020 was £484,973 and there was £91,040 in income reserves and £20,181,577 in capital reserves.

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THE W O STREET CHARITABLE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

(continued)

Future plans and impact of COVID-19

The Foundation will continue to be administered under the terms of the Trust Deed and in accordance with the wishes of Mr Street and the policies as described in this Report.

The Foundation has increased its level of grant making during the pandemic and the Trustees do not believe that Covid-19 will have a significant impact on the Foundation's ability to operate in the coming years. The Trustees will continue to monitor the situation and will take the necessary steps to negate any negative impact Covid-19 may have.

Relationship with other charities

The Foundation maintains a close relationship with The W O Street Jersey Charitable Trust which is administered by Trustees in Jersey for charitable purposes within Jersey and an annual grant of income is made to this trust.

The Trustees support the Emmott Foundation (registered charity number 209033), which makes educational grants, and will also continue to work with Forever Manchester and the Community Foundations for Merseyside and Lancashire in relation to the WO Street Transformation Funds, in particular to ensure that the grants they make directly do not duplicate those made by the Community Foundations from the Transformation Funds.

Going concern

It is the Trustees’ general policy to distribute all funds held in income reserves. Because of timing differences between receipt of assets and cash and the authorisation of grant payments, a balance of undistributed income may be held in reserve at the year end and it is intended that this will be carried forward and distributed in 2021.

The Trustees have reviewed the circumstances of the W O Street Charitable Foundation and consider that adequate resources continue to be available to fund the activities of the Foundation for the foreseeable future. Whilst the Coronavrius pandemic has created greater uncertainty, the Trustees have taken the necessary measures to protect the Foundation's assets and are of the view that the Foundation is a going concern.

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THE W O STREET CHARITABLE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

(continued)

Review of activities and grant-making policy

The Foundation supports a wide range of activities in the following categories:

• Education

• General welfare (particularly the elderly, the blind and the disabled)

• Family and social welfare

Grants are made to UK-registered charities and to organisations with charitable status. The Foundation also provides grants to assist with fee-paying schooling where there is unexpected financial difficulty, although the Trustees do not normally provide support for individuals, other than through educational bursaries.

The Trustees support national, regional and local charities, particularly in areas where a grant would make a real difference to the recipients.

The Settlement Deed of 5 December 1973 gives the Trustees a wide discretion as to the charitable causes which they can support and imposes only two legal constraints on them; first in preventing them from making grants for certain specified purposes; and secondly, with regard to the cap on the amount which they can apply to benefit causes in Jersey.

The Trustees are, however, directed to have regard to Mr Street’s wishes and do so when exercising their discretions. These wishes can be divided into three categories:

Geographic

Mr Street asked the Trustees to consider the periods of time he had spent in the UK and Jersey respectively when considering the application of funds between England and Jersey. In view of the cap contained in clause 4(d) of the Trust Deed, no more than 10% is to be distributed to Jersey; the Trustees note that Mr Street appears to have used the terms 'England' and 'the United Kingdom' interchangeably in his letters of wishes and they therefore generally make the balance of their distributions within the UK.

Sectoral

The Trustees were directed to have particular regard to the advancement of education and the relief of poverty (or to use the modern formulation ‘need’). Three particular issues were expressly mentioned by Mr Street:

• educational expenses which could not be provided by parents or guardians without hardship;

• providing those who could not otherwise afford them with surgical or medical treatment or comforts or facilities for convalescence; and

• the relief of those who need financial help, including in particular the aged, blind or disabled persons, pensioners and other persons who are compelled to live on a fixed or inadequate income.

The Trustees are, therefore, particularly interested in causes which might be seen as falling within these categories.

Jersey/Lancashire connection

Finally, Mr Street indicated that he would like the Trustees: 'so far as is practicable’ to ‘give preference to persons resident or otherwise connected with the county of Lancashire and the Island of Jersey (but not to the exclusion of others) who are in [the Trustees’] opinion worthwhile members of that section of the community which is adjudged by [the Trustees] to form what is commonly called "the Middle and Lower Middle Classes”. For this reason, the Trustees are always keen to learn of causes with a connection with Lancashire (which they take to include those areas now in metropolitan areas which were formerly part of Lancashire) in addition to the grant

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THE W O STREET CHARITABLE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

(continued)

they make for Jersey.

As fiduciaries, the Trustees have to consider how best to spend the money which Mr Street gave them to distribute. The Trustees strongly believe that Mr Street’s funds should be used to their best effect. Therefore, after assessing and comparing the information supplied to them by applicants for grants, they look to apply the Foundation’s funds in a way that they believe would give lasting benefit and make a significant difference whilst, at the same time, producing real ‘value for money’.

The Trustees, as at 31 December 2020, were committed to expenditure of £nil (2019: £nil).

Trustees' responsibilities

The Charity Trustees are responsible for preparing a Trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of The W O Street Charitable Foundation and of the income and expenditure of The W O Street Charitable Foundation for that year.

In preparing those financial statements, the Trustees are required to:-

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• follow applicable accounting standards, subject to any material departures disclosed and explained in the financial statements.

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in operation.

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of The W O Street Charitable Foundation and enable them to ensure that the financial statements comply with relevant law. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statements as to disclosure of information to auditors

So far as the Trustees are aware, there is no relevant audit information of which the Foundation’s auditors are unaware, and each trustee has taken all the steps that he or she ought to have taken as a trustee in order to make himself or herself aware of any relevant audit information and to establish that the Foundation’s auditors are aware of that information.

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THE W O STREET CHARITABLE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Auditors

The auditors, Simmons Gainsford LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Christopher Priestley Trustee Date: 14/10/2021 | 09:17 PDT

Page 8

THE W O STREET CHARITABLE FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE W O STREET CHARITABLE FOUNDATION

Opinion

We have audited the financial statements of The W O Street Charitable Foundation (the 'charity') for the year ended 31 December 2020 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 31 December 2020 and of its incoming resources and application of resources for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting 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 (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 United Kingdom, including the Financial Reporting Council'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.

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THE W O STREET CHARITABLE FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE W O STREET CHARITABLE FOUNDATION (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. 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 course of 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:

• 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 and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, 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.

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THE W O STREET CHARITABLE FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE W O STREET CHARITABLE FOUNDATION (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 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 Auditors' 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 (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.

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 below:

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 proceduresare capable of detecting irregularities, including fraud is detailed below:

In order to identify and assess the risks of material misstatements, including fraud and non-compliance with laws and regulations that could be expected to have a material impact on the financial statements, we have considered:

1. the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities;

2. the nature of the charity including its management structure and control systems (including the opportunity for management to override such controls);

3. management’s incentives and opportunities for fraudulent manipulation of the financial statements including the charity’s performance targets; and

4. the environment in which it operates.

We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006. Based on this understanding we identified the following matters as being of significance to the entity:

1. laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, tax and pension legislation and distributable profits legislation;

2. the timing of the recognition of income;

3. the split of income and expenditure between funds

4. management bias in selecting accounting policies and determining estimates;

5. inappropriate journal entries;

6. compliance with the terms of the Trust deed regarding nature of donations made;

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THE W O STREET CHARITABLE FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE W O STREET CHARITABLE FOUNDATION (CONTINUED)

1. valuation of fixed asset investments and reliance on the controls of the third party investment manager.

We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:

1. enquiries of management and those charged with governance as to whether the charity complies with such laws and regulations;

2. enquiries with the same concerning any actual or potential litigation or claims;

3. discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud;

4. inspection of relevant legal correspondence;

5. assessment of matters reported to management, if any, and the result of the subsequent investigation;

6. review of donations for compliance with controls and terms of the Trust deed;

7. obtaining an understanding of the relevant controls;

8. obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year;

9. challenging assumptions made by management in their specific accounting policies and estimates, in particular in relation to impairment of investments;

10. Review of controls put in place by third party investment manager;

11. identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash;

12. review of bank statements, trust deed and funds movement to ensure income and expenditure is being allocated correctly;

13. reviewing the financial statements for compliance with the relevant disclosure requirements;

14. performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud;

15. reviewing the minutes of trustees meetings;

16. considered the implementation of controls during the year.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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THE W O STREET CHARITABLE FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE W O STREET 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 Auditors' report.

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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Simmons Gainsford LLP

Chartered Accountants Statutory Auditors 14th Floor 33 Cavendish Square London W1G 0PW

Date: 14/10/2021 | 09:17 PDT

Simmons Gainsford LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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THE W O STREET CHARITABLE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Note Income from: Investments Total income Expenditure on: Raising funds 4 Charitable activities Total expenditure Net expenditure before net gains on investments Net gains on investments Net (expenditure)/income Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Income fund 2020 £ 432,187 432,187 - 633,790 633,790 (201,603) - (201,603) 113,633 (87,970) 179,010 (87,970) 91,040	Capital fund 2020 £ 52,786 52,786 114,132 59,663 173,795 (121,009) 28,089 (92,920) (113,633) (206,553) 20,388,130 (206,553) 20,181,577	Total funds 2020 £ 484,973 484,973 114,132 693,453 807,585 (322,612) 28,089 (294,523) - (294,523) 20,567,140 (294,523) 20,272,617	Total funds 2019 £ 567,167
				567,167 118,768 571,479
				690,247 (123,080) 1,960,550
				1,837,470 -
				1,837,470 18,729,670 1,837,470
				20,567,140

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 17 to 28 form part of these financial statements.

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THE W O STREET CHARITABLE FOUNDATION

BALANCE SHEET AS AT 31 DECEMBER 2020

Note Fixed assets Investments Current assets Debtors 8 Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Total assets less current liabilities Total net assets Charity funds Capital fund Income fund Total funds	- 467,360 467,360 (45,741)	2020 £ 19,850,998 19,850,998 421,619 20,272,617 20,272,617 20,181,577 91,040 20,272,617	2,400 317,774 320,174 (45,836)	2019 £ 20,292,802
				20,292,802 274,338
				20,567,140
				20,567,140
				20,388,130 179,010
				20,567,140

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Christopher Priestley

Date: 14/10/2021 | 09:17 PDT

The notes on pages 17 to 28 form part of these financial statements.

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THE W O STREET CHARITABLE FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

.

	2020	2019
	£	£
Cash flows from operating activities:
Net expenditure/(income)	(294,523)	1,837,470
Adjusted for:
Loss/(gain) on investments	(28,089)	(1,960,550)
Investment income	(484,973)	(567,167)
(Increase)/Decrease in trade and other receivables	2,400	(2,400)
Increase in trade and other payables	(95)	2,620
Net cash flows from operating activities:	(805,280)	(690,027)
Cash flows from investing activities:
Interest and dividends received	484,973	567,167
Purchase of investments	(5,227,933)	(4,361,552)
Proceeds from sale of investments	5,697,826	4,412,877
Net cash flows from investing activities:	954,866	618,492
Net increase/(decrease) in cash and cash equivalents:	149,586	(71,535)
Opening cash and cash equivalents	317,774	389,309
Closing cash and cash equivalents	467,360	317,774
Movement in cash:	149,586	(71,535)

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THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. General information

The W O Street Charitable Foundation is a registered charity in England and Wales, registration number 267127. The address of the registered office is Booths Hall Booths Park 3, Chelford Road, Knutsford, WA16 8GS.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The W O Street Charitable Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The Trustees have reviewed the Foundation's financial position and have confidence that the Foundation has adequate resources to continue in operation for a minimum of twelve months from the date of approval of the financial statements.

Whilst the Coronavrius pandemic has created greater uncertainty, the Trustees have taken the necessary measures to protect the Foundation's assets and are of the view that the Foundation is a going concern.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

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THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is accounted for on an accruals basis.

Investment management costs comprise those costs directly attributable to managing the investment portfolio and raising investment income. These costs are allocated to the capital account.

Charitable expenditure represents expenditure incurred on activities in the futherance of the charity's objectives (which includes Trustees' management fees). All expenditure on charitable activities is allocated to the income account except for Trustees' management fees which are allocated between the capital and income accounts.

Charitable expenditure also includes support costs which represent expenditure incurred in the general running of the charity and includes legal, secretarial and audit costs.

2.5 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

2.6 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.7 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

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THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.9 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.10 Fund accounting

The unrestricted income fund can be spent on any purpose within the Foundation's objects at the discretion of the Trustees.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical accounting estimates and assumptions:

Assessing indicators of impairment:

In assessing whether there have been any indicators of impairment in relation to assets, the Trustees have considered both internal and external sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

4. Raising funds

		Total
	Capital fund	funds
	2020	2020
	£	£
Investment management fees	114,132	114,132

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THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

4. Raising funds (continued)

		Total
	Capital fund	funds
	2019	2019
	£	£
Investment management fees	118,768	118,768

5. Charitable activities

	Income **fund **	Capital fund	Total funds
	2020	2020	2020
	£	£	£
Grant funding (see appendix 1)	564,263	-	564,263
Support costs (see below)	69,527	59,663	129,190
Total 2020	633,790	59,663	693,453
	Income **fund **	Capital fund	Total funds
	2019	2019	2019
	£	£	£
Grant funding	439,524	-	439,524
Support costs	71,559	60,396	131,955
Total 2019	511,083	60,396	571,479

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THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Analysis of support costs

	Income **fund **	Capital fund	Total funds
	2020	2020	2020
	£	£	£
Audit and accountancy fees	6,000	-	6,000
Legal and professional fees	17,954	-	17,954
Subscriptions and other costs	-	75	75
Governance costs	45,573	59,588	105,161
Total 2020	69,527	59,663	129,190
	Income **fund **	Capital fund	Total funds
	2019	2019	2018
	£	£	£
Audit and accountancy fees	9,240	(3,240)	6,000
Legal and professional fees	16,294	-	16,294
Subscriptions and other costs	-	84	84
Governance costs	46,025	63,552	109,577
Total 2019	71,559	60,396	131,955

6. Auditors' remuneration

	2020	2019
	£	£
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts	6,000	6,000

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THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

7. Fixed asset investments

Cost or valuation At 1 January 2020 Additions Disposals Revaluations At 31 December 2020	2020 £ 20,292,802 5,227,933 (6,310,308) 640,571 19,850,998	2019 £ 18,383,577 4,361,552 (3,952,957) 1,500,630
		20,292,802

All investments are held on a recognised stock exchange and at the year end market value comprised of the following:

Equity funds Bond funds Multi-Asset funds Hedge funds Property funds Alternatives	2020 £ 14,177,562 858,598 784,636 195,359 2,522,002 1,312,841 19,850,998	2019 £ 13,624,787 986,580 1,541,801 279,991 2,660,900 1,198,743
		20,292,802

During the year, listed investments of book value £6,310,309 were disposed of for proceeds of £5,697,826, leading to a realised loss of £612,482.

8. Debtors

	2020	2019
	£	£
Due within one year
Other debtors	-	2,400

9. Creditors: Amounts falling due within one year

	2020	2019
	£	£
Accruals	45,741	45,836

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THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

10. Summary of funds

Summary of funds - current year

Income fund Capital fund	Balance at 1 January 2020 £ 179,010 20,388,130 20,567,140	Income £ 432,187 52,786 484,973 Income £ 530,271 36,896 567,167	Expenditure £ (633,790) (173,795) (807,585) Expenditure £ (511,083) (179,164) (690,247)	Transfers in/out £ 113,633 (113,633) - Transfers in/out £ 52,749 (52,749) -	Gains/ (Losses) £ - 28,089 28,089 Gains/ (Losses) £ - 1,960,550 1,960,550	Balance at 31 December 2020 £ 91,040 20,181,577
						20,272,617
						Balance at 31 December 2019 £ 179,010 20,388,130
Summary of funds - prior year
Income fund Capital fund	Balance at 1 January 2019 £ 107,073 18,622,597 18,729,670
						20,567,140

11. Analysis of net assets between funds

Analysis of net assets between funds - current period

Fixed asset investments Current assets Creditors due within one year Total	Income fund 2020 £ - 104,297 (13,257) 91,040	Capital fund 2020 £ 19,850,998 363,063 (32,484) 20,181,577	Total funds 2020 £ 19,850,998 467,360 (45,741)
			20,272,617

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THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

11. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Fixed asset investments Current assets Creditors due within one year Total	Income fund 2019 £ - 190,254 (11,244) 179,010	Capital fund 2019 £ 20,292,802 129,920 (34,592) 20,388,130	Total funds 2019 £ 20,292,802 320,174 (45,836)
			20,567,140

12. Related party transactions

During the year, Withers LLP, the firm in which Christopher Priestley is a partner, received fees for legal services provided by or to the Trustees, as authorised by the settlor in the Trust Deed. Fees of £17,954 (2019: £14,914) were charged to income with £2,894 (2019: £1,968 ) accrued for at the year end.

Zedra Trust Company (UK) Limited (the Trust Company), which is considered to be key management personnel, received management fees totalling £105,161 (2019: £109,577) of which £45,573 (2019: £46,026) was charged to income and £59,588 (2019: £63,552 ) to capital. At the year end a balance of £7,212 (2019: £7,512) was accrued.

The settlor authorised such charges in the Trust Deed by providing that the Trust Company shall be entitled to remuneration in accordance with the scale and other fees usually charged by it from time to time. The Trust Company publishes its Standard Terms and Conditions and fees are authorised under the Terms of the current Fee Booklet published on 1 July 2002. By concession, fees have not been charged at this authorised rate but rather on a time spent basis.

No trustee expenses have been incurred or reimbursed to trustees. The charity has no employees (2019: none).

13. Fund transfers

Fund transfers relate to monies transferred from the capital bank account to the income bank account to ensure funds are available to facilitate grant funding activity.

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THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

. Appendix 1: Details of grants paid

	2020
Name of institution	£
W O Street Jersey Charitable Trust	40,000
Emmott Foundation	30,000
Lancashire Community Foundation	25,000
AGE UK Lancashire	10,000
British Red Cross Lancashire	10,000
Safety Net	5,413
Greater Manchester Arts Centre (Home)	5,408
Sedgley & District Community Association	5,000
Rennie Grove Hospice	5,000
MS-UK	5,000
Chailey Heritage Foundation	5,000
Lifelites	5,000
TA Turn2Us	5,000
Gtr Manchester Youth Network	5,000
Teenage Cancer Trust	5,000
Childhood Eye Cancer	5,000
Kids Care Camp	5,000
Pathfinder Guide Dog	5,000
The Move Partnership	5,000
Bowel Cancer	5,000
Cotteridge Church	5,000
Good Shepherd	5,000
Hospitality & Hope	5,000
Speaker for School	5,000
North West Ambulance	5,000
Alzeimers Society	5,000
Childrens Aid Team	5,000
Mount Camphill Society	5,000
Charlotte Straker Project	5,000
Blind Veterans	5,000
South East Cancer Help	4,500
SAMS	4,212
World Heart Beat	4,145
Lewis Manning	4,000
Sunny Days	4,000
Lennox Children	4,000
The Community Hub	3,900
The Chronicle Sunshine Fund	3,800

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THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Yesu	3,500
Sense Trust	3,500
Sutton Vision	3,500
Assist Trust	3,500
Steps	3,500
Hope House Childrens Hospice	3,500
Community Central Hall	3,500
Lighthouse	3,500
Stepping Stones	3,500
Cancer Support UK	3,000
North West/West Coast Crash Wheelchair Rugby	3,000
Crohn's & Colitis UK	3,000
The Respite Association	3,000
St Mark's Church Scarisbrick	3,000
Chipping Show	3,000
Headway	3,000
Assistance in Disability (Dog A.I.D)	3,000
Homelands-Fife (SCIO)	3,000
Hillhouse	3,000
The Shallowford Trust	3,000
Roald Dahl's Marvellous Childrens Charity	3,000
The Guide Dogs for the Blind Association	3,000
Roy Castle Lung Cancer	3,000
School Home Support	3,000
SUSO Speaking Up Speaking Out	3,000
Whizz Kids	3,000
Kidney Patient	3,000
Build Charity	3,000
Paces Sheffield	3,000
Thomas Morley Trust	3,000
Warwickshire Social Inclusion Partnership	3,000
Elder Abuse	3,000
Young & Inspired	3,000
Child Bereavement	3,000
Edwards Trust	3,000
PCC of St George	3,000
PCC Upholland Parish Church	3,000
Everton & Anfield Together	3,000
Dame Vera Lynn Children's Charity	3,000
Ehlers Danlos Support UK	3,000
NMC Midlands R/C	3,000
Norfolk Deaf Association	3,000

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THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

Soundabout	3,000
St Wilfreds Hospice	3,000
Hugs Foundation	3,000
West of England MST	3,000
St Oswald's Kitchen	3,000
NS Therapy CNT Norfolk	2,800
Just Kidding	2,730
Open Door Exmouth	2,677
Creating Adventures	2,500
Action for ME	2,500
Space 4 Autism	2,500
Step by Step	2,500
Ability North London	2,500
Farnworth Baptist Church Food Bank	2,500
The Trussell Trust	2,500
Farms City Child	2,500
Snowdrop Project	2,500
Deafblind UK	2,500
Asperger's Childrens & Carers Together (ACCT)	2,450
SCRATCH	2,400
White Lodge Centre	2,000
Lifeworks Charity Ltd	2,000
Mercia MS Therapy Centre	2,000
Amersham Band	2,000
Friends of Holcot	2,000
One Parent Families Scotland	2,000
Havens Hospice	2,000
Francis House Family Trust	2,000
Equal Arts	2,000
ERICS The Childrens Bowel & Bladder Charity	2,000
Metro Sports	2,000
Parasol Project	2,000
Jigsaw Trust	2,000
Clapton Common Boys Club	2,000
British Disabled Angling Ass	2,000
Treloar Trust	2,000
SERVE	1,950
Alternatives to Violence	1,900
The Sussex Association for Spina Ifida and Hydrocephalus (SASBAH)	1,750
The Children Charity	1,500
Royal Blind Asylum	1,500
Douglas MacMillan Hospice	1,500

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THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

The Norfolk Hospice Tapping House	1,374
Wilberfoss, Kexby & Newton Playing Fields Association	1,000
Bradford Holy Trinity Church	1,000
Centre Point Manchester	1,000
Liverpool Heart & Chest Hospital Charity	1,000
Direct educational grants	51,992
Total	564,263

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