2021-12-31-accounts

Charity number: 267127

THE W O STREET CHARITABLE FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

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 - 26

THE W O STREET CHARITABLE FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021

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 2021

The Trustees present their annual report together with the audited financial statements of the The W O Street Charitable Foundation for the 1 January 2021 to 31 December 2021.

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.

Page 2

THE W O STREET CHARITABLE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

(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 10. 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.

Page 3

THE W O STREET CHARITABLE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

(continued)

Achievements and performance

During the year the Foundation made grants totalling £422,075 and incurred other costs of £247,172. 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 £32,100 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 .Following a review, the Trustees have decided to end distributions to this Trust and going forward will be making grants to the relatively newly established Jersey Community Foundation in order to maximise available charitable funds for charitable projects 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.

At the year end, the market value of the investments held by the Foundation was £21,860,936.

The Trustees report that the performance of the funds held in the Foundation delivered a positive return 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 and cumulative total 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 grant-making.

Financial Review

The accounts summarise the transactions of the Foundation during its year ended 31 December 2021.

The balance sheet as at 31 December 2021 places a value on the combined income and capital accounts at £22,267,471. The income received in the year to 31 December 2021 was £323,160 and there was £151,982 in income reserves and £22,115,489 in capital reserves.

Page 4

THE W O STREET CHARITABLE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

(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 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 2022.

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.

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THE W O STREET CHARITABLE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

(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

Page 6

THE W O STREET CHARITABLE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

(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 2021, were committed to expenditure of £nil (2020: £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.

Page 7

THE W O STREET CHARITABLE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021

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: 4 November 2022

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 2021 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 2021 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.

Page 9

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:

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

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

3. the timing of the recognition of income;

4. the split of income and expenditure between funds;

5. laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards;

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

7. inappropriate journal entries;

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.

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THE W O STREET CHARITABLE FOUNDATION

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

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

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

2. review of grants made for compliance with the terms of the Trust deed;

3. an ISAE Type II report was obtained in respect of the third party investment manager giving assurance that reliance can be placed on their valuation, movement and income reports;

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

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

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

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

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

9. enquiries of management and those charged with governance as to whether the charity complies with such laws and regulations and discussion with the same regarding any known or suspected instances of non compliance;

10. enquiries with the same concerning any actual or potential litigation or claims and inspection of relevant legal correspondence;

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

12. reviewing the minutes of trustees meetings;

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).

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.

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THE W O STREET CHARITABLE FOUNDATION

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

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

4 November 2022

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 2021

Note Income from: Investments Total income Expenditure on: Raising funds 3 Charitable activities 4 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 2021 £ 316,286 316,286 - 480,572 480,572 (164,286) - (164,286) 225,228 60,942 91,040 60,942 151,982	Capital fund 2021 £ 6,874 6,874 127,050 61,625 188,675 (181,801) 2,340,941 2,159,140 (225,228) 1,933,912 20,181,577 1,933,912 22,115,489	Total funds 2021 £ 323,160 323,160 127,050 542,197 669,247 (346,087) 2,340,941 1,994,854 - 1,994,854 20,272,617 1,994,854 22,267,471	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

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

The notes on pages 17 to 26 form part of these financial statements.

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THE W O STREET CHARITABLE FOUNDATION

BALANCE SHEET AS AT 31 DECEMBER 2021

Note Fixed assets Investments 6 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 7 Net current assets Total net assets Charity funds Capital fund Income fund Total funds	455,829 455,829 (49,294)	2021 £ 21,860,936 21,860,936 406,535 22,267,471 22,115,489 151,982 22,267,471	467,360 467,360 (45,741)	2020 £ 19,850,998
				19,850,998 421,619
				20,272,617
				20,181,577 91,040
				20,272,617

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

Christopher Priestley

Date: 4 November 2022

The notes on pages 17 to 26 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 2021

.

	2021	2020
	£	£
Cash flows from operating activities:
Net income/(expenditure)	1,994,854	(294,523)
Adjusted for:
Gain on investments	(2,340,941)	(28,089)
Investment income	(323,160)	(484,973)
Decrease in trade and other receivables	-	2,400
Increase/(decrease) in trade and other payables	3,553	(95)
Net cash flows from operating activities:	(665,694)	(805,280)
Cash flows from investing activities:
Interest and dividends received	323,160	484,973
Purchase of investments	(5,491,001)	(5,227,933)
Proceeds from sale of investments	5,822,004	5,697,826
Net cash flows from investing activities:	654,163	954,866
Net increase/(decrease) in cash and cash equivalents:	(11,531)	149,586
Opening cash and cash equivalents	467,360	317,774
Closing cash and cash equivalents	455,829	467,360
Movement in cash:	(11,531)	149,586

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THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

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 2021

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 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.

2.7 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.

2.8 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.

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THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

2. Accounting policies (continued)

2.9 Fund accounting

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

3. Raising funds

Investment management fees Investment management fees	Capital fund 2021 £ 127,050 Capital fund 2020 £ 114,132	Total funds 2021 £ 127,050
		Total funds 2020 £ 114,132

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THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

4. Charitable activities

	Income **fund **	Capital fund	Total funds
	2021	2021	2021
	£	£	£
Grant funding (see appendix 1)	422,075	-	422,075
Support costs (see below)	58,497	61,625	120,122
Total 2021	480,572	61,625	542,197
	Income **fund **	Capital fund	Total funds
	2020	2020	2020
	£	£	£
Grant funding	564,263	-	564,263
Support costs	69,527	59,663	129,190
Total 2020	633,790	59,663	693,453
Analysis of support costs	Income **fund **	Capital fund	Total funds
	2021	2021	2021
	£	£	£
Audit and accountancy fees	6,000	-	6,000
Legal and professional fees	11,785	-	11,785
Subscriptions and other costs	-	146	146
Governance costs	40,712	61,479	102,191
Total 2021	58,497	61,625	120,122

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THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Analysis of support costs (cont.)

5. 6.		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
	Auditors' remuneration Fees payable to the Charity's auditor for the audit of the Charity's annual accounts Fixed asset investments Cost or valuation At 1 January 2021 Additions Disposals Revaluations At 31 December 2021		2021 £ 6,000 2021 £ 19,850,998 5,491,001 (5,691,276) 2,210,213 21,860,936	2020 £ 6,000 2020 £ 20,292,802 5,227,933 (6,310,308) 640,571 19,850,998

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THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Fixed asset investments (cont.)

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	2021 £ 15,694,533 1,272,364 334,977 322,786 2,775,452 1,460,824 21,860,936	2020 £ 14,177,562 858,598 784,636 195,359 2,522,002 1,312,841
		19,850,998

During the year, listed investments of book value £5,691,276 were disposed of for proceeds of £5,822,003, leading to a realised gain of £130,728.

7. Creditors: Amounts falling due within one year

	2021	2020
	£	£
Accruals	49,294	45,741

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THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

8. Summary of funds

Summary of funds - current year

Income fund Capital fund	Balance at 1 January 2021 £ 91,040 20,181,577 20,272,617	Income £ 316,286 6,874 323,160 Income £ 432,187 52,786 484,973	Expenditure £ (480,572) (188,675) (669,247) Expenditure £ (633,790) (173,795) (807,585)	Transfers in/out £ 225,228 (225,228) - Transfers in/out £ 113,633 (113,633) -	Gains/ (Losses) £ - 2,340,941 2,340,941 Gains/ (Losses) £ - 28,089 28,089	Balance at 31 December 2021 £ 151,982 22,115,489
						22,267,471
						Balance at 31 December 2020 £ 91,040 20,181,577
Summary of funds - prior year
Income fund Capital fund	Balance at 1 January 2020 £ 179,010 20,388,130 20,567,140
						20,272,617

9. Analysis of net assets between funds

Analysis of net assets between funds - current year

Fixed asset investments Current assets Creditors due within one year Total	Income fund 2021 £ - 163,525 (11,543) 151,982	Capital fund 2021 £ 21,860,936 292,304 (37,751) 22,115,489	Total funds 2021 £ 21,860,936 455,829 (49,294)
			22,267,471

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THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

9. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

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

10. 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 £11,785 (2020: £17,954) were charged to income with £1,962 (2020: £2,894 ) 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 £102,191 (2020: £105,161) of which £40,712 (2020: £45,573) was charged to income and £61,479 (2020: £59,588 ) to capital. At the year end a balance of £8,161 (2020: £7,212) 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 effective 1 April 2018. 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 (2020: none).

11. 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 2021

. Appendix 1: Details of grants paid

	2021
Name of institution	£
Community Foundations for Lancashire and Merseyside	50,000
W O Street Jersey Charitable Trust	40,000
Emmott Foundation	40,000
Direct Educational Grants	29,100
Alex The Leukodystrophy Charity	5,000
Back on Track	5,000
Bolton Deaf Society	5,000
Bury Metropolitan Arts Asscn	5,000
Calibre Audio	5,000
Disability Challengers	5,000
East Cheshire Eye Society (Macclesfield Society for the Blind)	5,000
Glenboid Development Trust	5,000
Kids Out	5,000
Lake District Calvert Trust	5,000
Listening Books	5,000
New College Worcester	5,000
The Brainwave Centre Ltd	5,000
The Girl's Network	5,000
The Michael Tracey Project	5,000
The No Way Trust	5,000
Torch Trust for the Blind	5,000
Ulverston Inshore Rescue	5,000
Veterans at Ease	5,000
Vista Blind (Royal Leicestershire Rutland & Wycliffe Society)	5,000
Lancashire Teaching Hospitals Charity	4,200
Get Set Girls	4,000
Redthread Youth Ltd	4,000
Re-engage	4,000
The Brittle Bone Society	4,000
Turning Corners	3,525
Abby's Heroes	3,500
Autistica	3,500
Communities Welfare Network	3,500
Devon in Sight	3,500
East Sussex Vision Support	3,500
Epic Partners	3,500
Families United Network	3,500
Fight Against Blindness	3,500

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THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Group B Strep Support	3,500
Guild Care	3,500
Kent Association for the Blind	3,500
Kinship	3,500
Manchester Cares	3,500
PramaLife	3,500
Spitalfields Crypt Trust	3,500
The Freedom Project	3,500
Theodora Children's Charity	3,500
Villiers Park Education Trust	3,500
Bladder Health UK	3,000
British Wheelchair Sports Foundation	3,000
Challengers	3,000
Douglas Bader Foundation	3,000
Haworth Riding for the Disabled	3,000
Hearts & Minds	3,000
High Peaks Homeless Help	3,000
Marks Hall Estate	3,000
Ormskirk Street Pastors	3,000
Rathbone Coburg Café	3,000
Sporting Challenge	3,000
The Charity of Elizabeth Jane Jones	3,000
The Wingate Special Children's Trust	3,000
Thumbs Up	3,000
Transitions UK	3,000
Wolverhampton & District MS Therapy Centre Ltd	3,000
East Bristol Advice & Information Centres-Wheel 2 Learn	2,750
Footsteps Foundation	2,500
Muma Nurture	2,500
Warrington Youth Club Ltd	2,500
Wheelyboat Trust	2,500
White Lodge Centre	2,500
Batten Disease Family Association	2,000
Criminion	2,000
Ospreys Wheelchair Rugby	2,000
Rowan Alba	2,000
St Andrews Environmental Network	2,000
Bailliestone Community Care	1,500
Walking with the Wounded	1,500

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