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2024-12-31-accounts

Charity number: 267127

THE W O STREET CHARITABLE FOUNDATION

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

THE W O STREET CHARITABLE FOUNDATION

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 7
Independent auditors' report on the financial statements 8 - 11
Statement of financial activities 12
Balance sheet 13
Notes to the financial statements 15 - 25

THE W O STREET CHARITABLE FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2024
Trustees Christopher Priestley
Zedra Trust Company (UK) Limited
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 Sumer Auditco Limited
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 2024

The Trustees present their annual report together with the audited financial statements of the The W O Street Charitable Foundation for the 1 January 2024 to 31 December 2024.

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 2024

(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.

No Trustee remuneration has been incurred during the current and prior year. 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.

Achievements and performance

During the year the Foundation made grants totalling £507,000 and incurred other costs of £214,271. 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. During the year, a grant of £50,000 was made to the Jersey Community Foundation.

Page 3

THE W O STREET CHARITABLE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

(continued)

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’”.

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 £21,741,979.

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 2024.

The balance sheet as at 31 December 2024 places a value on the combined income and capital accounts at £22,031,566. The income received in the year to 31 December 2024 was £503,758 and there was £122,737 in income reserves and £21,908,829 in capital reserves at the year end.

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 2023.

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.

Page 4

THE W O STREET CHARITABLE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

(continued)

Key performance indicators

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

Grants are made to UK-registered charities and to other UK organisations with charitable status. The Foundation also provides grants to assist with fee-paying schooling where there is unexpected financial difficulty. During the year, grants were also made to educational bursary funds.

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:

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

Page 5

THE W O STREET CHARITABLE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

(continued)

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 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 2024, were committed to expenditure of £Nil (2023: £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:-

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 6

THE W O STREET CHARITABLE FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Auditors

Sumer Auditco Limited is being reappointed as the company's statutory auditor for the current year in accordance with section 485 of the Companies Act 2006.

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

Christopher Priestley

Date: 16/10/2025 | 11:17 BST

Page 7

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 2024 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:

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 8

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:

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.

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.

Page 9

THE W O STREET CHARITABLE FOUNDATION

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

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:

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:

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:

Page 10

THE W O STREET CHARITABLE FOUNDATION

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

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.

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.

Sumer Auditco Limited

Chartered Accountants Statutory Auditors 14th Floor 33 Cavendish Square London W1G 0PW 24/10/2025 | 07:28 BST Date:

Sumer Auditco Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 11

THE W O STREET CHARITABLE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024

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
2024
£
497,226
497,226
-
537,706
537,706
(40,480)
-
(40,480)
54,361
13,881
108,856
13,881
122,737		 Capital fund
2024
£
6,532
6,532
126,134
58,147
184,281
(177,749)
1,569,813
1,392,064
(54,361)
1,337,703
20,571,126
1,337,703
21,908,829		 Total
funds
2024
£
503,758
503,758
126,134
595,853
721,987
(218,229)
1,569,813
1,351,584
-
1,351,584
20,679,982
1,351,584
22,031,566		 Total
funds
2023
£
453,954
453,954
121,563
689,918
811,481
(357,527)
756,937
399,410
-
399,410
20,280,572
399,410
20,679,982

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

The notes on pages 15 to 25 form part of these financial statements.

Page 12

THE W O STREET CHARITABLE FOUNDATION

BALANCE SHEET AS AT 31 DECEMBER 2024

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		 332,933
(43,346)		 2024
£
21,741,979
21,741,979
289,587
22,031,566
21,908,829
122,737
22,031,566		 265,263
(115,773)		 2023
£
20,530,492
20,530,492
149,490
20,679,982
20,571,126
108,856
20,679,982

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

16/10/2025 | 11:17 BST

Christopher Priestley

Date:

The notes on pages 15 to 25 form part of these financial statements.

Page 13

THE W O STREET CHARITABLE FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
£ £
Cash flows from operating activities
Net income/(expenditure) 1,352,302 399,410
Adjusted for:
(Gain)/loss on investments
Investment income		 (1,569,813)
(503,758)		 (756,937)
(453,954)
(Increase)/decrease in trade and other receivables - 5,000
Increase/(decrease) in trade and other payables (73,144) 72,783
Net cash flows from operating activities (796,473) (279,744)
Cash flows from investing activities
Interest and dividends received 503,758 453,954
Purchase of investments (5,130,408) (4,983,418)
Proceeds from sale of investments 5,488,734 4,897,018
Net cash flows from investing activities 862,084 367,554
Net increase/(decrease) in cash and cash equivalents 65,611 87,810
Opening cash and cash and cash equivalents 265,263 631,407
Movement in cash and cash equivalents 67,670 (366,144)
Closing cash and cash equivalents: 332,933 265,263
Cash and cash equivalents at the end of year comprise:
Cash at bank 332,933 265,263
Total Cash at bank and in hand 332,933 265,263

Page 14

THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 2019), 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 in October 2019 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.

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.

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 furtherance 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.

Page 15

THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

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.

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

Total Total
Capital fund funds funds
2024 2024 2023
£ £ £
Investment management fees 126,134 126,134 121,563

Page 16

THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

4. Charitable activities

Income
**fund **		 Capital fund Total
funds
Total
funds
2024 2024 2024
2023
£ £ £
£
Grant funding (see Appendix 1). 507,000 - 507,000
529,975
Support costs (see below) 29,989 58,147 88,136
159,943
Total 2024 536,989 58,147 595,136
689,918

Analysis of support costs

Income
**fund **		 Capital fund Total
funds
Total
funds
2024 2024 2024
2023
£ £ £
£
Audit and accountancy fees 6,930 - 6,930
7,200
Legal and professional fees 3,772 - 3,772
8,651
Subscriptions and other costs 60 - 60
-
Governance costs 19,227 58,147 77,374
144,092
Total 2024 29,989 58,147 88,136
159,943

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THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

5. Auditors' remuneration

2024 2023
£ £
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts 7,500 7,200

6. Fixed asset investments

Valuation
Valuation b/fwd
Additions
Disposals
Revaluations
At 31 December 2024		 2024
£
20,530,492
5,130,408
(5,275,047)
1,356,126
21,741,979		 2023
£
19,687,155
4,983,418
(4,835,838)
695,757
20,530,492

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

Equity funds
Bond funds
Hedge funds
Property funds
Alternatives		 2024
£
16,641,238
1,522,480
381,413
2,278,998
917,850
21,741,979		 2023
£
14,593,357
1,441,979
341,447
2,302,206
1,851,503
20,530,492

During the year, listed investments of book value £5,130,407 were disposed of for proceeds of £5,490,792, leading to a realised gain of £215,746.

Page 18

THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. Creditors: Amounts falling due within one year

Trade creditors
Accruals and deferred income		 2024
£
717
42,629
43,346		 2023
£
1,080
114,693
115,773

8. Summary of funds

Summary of funds - current year

Income fund
Capital fund		 Balance at 1
January
2024
£
108,856
20,571,126
20,679,982		 Income
£
497,226
6,532
503,758		 Expenditure
£
(537,706)
(184,281)
(721,987)		 Transfers
in/out
£
54,361
(54,361)
-		 Gains/
(Losses)
£
-
1,569,813
1,569,813		 Balance at
31
December
2024
£
122,737
21,908,829
22,031,566

Page 19

THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. Summary of funds (continued)

Summary of funds - prior year

Income fund
Capital fund		 Balance at
1 January
2023
£
169,171
20,111,401
20,280,572		 Income
£
436,846
17,108
453,954		 Expenditure
£
(596,538)
(214,943)
(811,481)		 Transfers
in/out
£
99,377
(99,377)
-		 Gains/
(Losses)
£
-
756,937
756,937		 Balance at
31
December
2023
£
108,856
20,571,126
20,679,982

9. 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
2024
£
-
162,018
(39,281)
122,737		 Capital fund
2024
£
21,741,979
170,915
(4,065)
21,908,829		 Total
funds
2024
£
21,741,979
332,933
(43,346)
22,031,566

Analysis of net assets between funds - prior period

Fixed asset investments
Current assets
Creditors due within one year
Total		 Income
fund
2023
£
-
148,673
(39,817)
108,856		 Capital fund
2023
£
20,530,492
116,590
(75,956)
20,571,126		 Total
funds
2023
£
20,530,492
265,263
(115,773)
20,679,982

Page 20

THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 £4,852 (2023: £8,651) were charged to income.

Zedra Trust Company (UK) Limited (the Trust Company), which is considered to be key management personnel, received management fees totalling £77,052 (2023: £144,009) of which £58,087 (2023: £50,712) was charged to income and £19,288 (2023: £93,297) to capital. At the year end a balance of £5,489 (2023: £77,699) 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 (2023: 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.

Page 21

THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Appendix 1: Details of grants paid

2024
Name of institution £
Crackerjacks Childrens Trust 2,000
Emmott Foundation 40,000
Jersey Community Foundation 50,000
PCC of Christ Church and Holy Trinity Walton Breck 3,000
Yesu 3,500
Home-Start Walsall 4,000
Chorley and South Ribble Shopmobility 4,000
Children's Heart Federation 3,500
Ovacome 3,000
NAYC / Pioneer Center 2,500
The Shallowford Trust 5,000
Carousel Project 1,000
PBC Foundation 2,000
Calvert Exmoor 5,000
Assist Trust 3,500
Caudwell Children 5,000
Justlife Foundation Limited ( Justlife ) 5,000
Listening Books 5,000
Muscular Dystrophy Support Center ( NMC Midlands) 3,000
Blind Veterans UK 5,000
Dementia Together 2,500
Greater Manchester Youth Network 5,000
Pathfinder Guide Dog Programme (Pathfinder Dog) 5,000
The BUILD Charity 2,500
Farms for City Children 3,000
Cystic Fibrosis Care 2,000
Family Support Work (FSW) 3,000
Sight Scotland 2,000
Newlife the Charity for Disabled Children 5,000
Soundabout 3,000
Ormiskirk Street Pastors 3,000
Emmauns Bolton 5,000
Twins Trust 3,000
Yyateley Industries for the Disabled 2,500
Spinal Muscular Atrophy UK 2,500
Exeter Gateway Center 2,500
Disability Positive 3,000
Climbing Out 3,500

Page 22

THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Appendix 1: Details of grants paid (continued)

Sutton Vision 5,000
The Ehlers-Danlos Support UK 3,000
The Mount Camphill 2,500
Signhealth 3,000
Drama Expressions for Children 3,000
Special Needs Enterprise-Stepping Stones Charity 3,000
British Disabled Angling Association 2,500
Marches Family Network 3,000
Hi Kent 2,500
Rutherglen Comminity Carers 2,500
Over the Wall 3,000
Lupus UK 3,000
Victoria's Promise 2,000
ERIC, The Children's Bowel and Bladder Charity 2,000
Roald Dahl's Mervellous Childrens Charity 3,000
Clatterbridge Cancer Charity 2,500
Hebron Trust 3,500
Sane 2,000
Castle Point Social Car Scheme Limited 2,000
The Feed Foundation 500
Young & Inspired 500
Country Food Trust 500
Vineyard Community Center 500
Sunshine Wishes Children Charity 500
Open Door Exmouth 3,500
Giving Day 3,000
Armonico Consort 3,000
Family Addiction Support Service (FASS) 3,000
East Sussex Vision Support 5,000
Insight Gloucesteshire 5,000
Grampian Society for the Blind 5,000
Shift.ms 5,000
Little Hearts Matter 5,000
The Mustard Tree 5,000
Depaul UK-Nightstop Greater Manchester & Cheshire 5,000
Bickerstaffe Pensioners Social Fund 5,000
Restart the Heart CIO 5,000
Side by Side 3,000
The Meath Epilepsy Charity 5,000

Page 23

THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Appendix 1: Details of grants paid (continued)

Mind Over Cancer 3,000
In Charley's Memory (ICM) 5,000
The Ambulance Staff Charity (TASC) 5,000
Scleroderma and Raynaud's Uk 3,000
Sunrise Partnership 3,000
Omega, Ending Isolation, Ending Loneliness 5,000
Reminiscence Learing 3,000
The Vine Center 5,000
Wetherby in support of the Eldrely 5,000
Rowan Alba LTD 5,000
The Royal British Legion Poppy Factory 3,000
Free to be Kids 2,000
Emily's Star 2,000
British Wireless For the Blind Fund 3,000
Royal National Institue of Blind People 3,000
Coventry Resource Centre for the Blind 3,000
Outreach Community & Residential Services 3,000
Douglas Bader Foundation 3,000
Vision Care for Homeless People 3,000
Support After Murder and Manslaughter (SAMM) 2,000
Baillieston Community Care 3,000
British Epilepsy Assocation (Epilepsy Action) 3,000
Whoopsadaisy 3,000
MACS (Microphthalmia, Anaphthalmia and Coloboma Support) 3,000
Time Away 3,000
Bendrigg Trust 3,000
Disability Challengers 3,000
The AT Society 3,000
Dame Vera Lynn Children's Charity 3,000
Multiple Sclerosis UK LTD 3,000
Just Kidding 3,000
Encephalitis International 3,000
Batten Disease Family Association 2,000
The Marmalade Trust 5,000
Age Concern North Norfolk 2,000
LifeCare Edinburgh 3,000
The Parish of Earlsfield St Mary with St George 3,000
Second Chance Medway 3,000
Happydays Ministries UK 3,000

Page 24

THE W O STREET CHARITABLE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Appendix 1: Details of grants paid (continued)

Quaker Social Action 3,000
The Grab Trust 3,000
Cre8 Macclesfield Limited 1,000
Yes Outdoors 3,000
Youth Leeds UK 3,000
Grace Kelly Childhood Cancer Trust 3,000
Refresh Carers 3,000
Hourglass 3,000
Lighthouse-support women through stormy times 3,000
Social Square 3,000
Edward's Trust 3,000
Progressability.org 3,000
Mitchell's Miracles Neuroblastoma Charity 3,000
TLC : Talk Listen Change 3,000
Surval Deaf East Community 2,000
Contact Hostel 5,000
507,000

Page 25