REGISTERED CHARITY NUMBER: 326882
REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
FOR
THE I S A CHARITY WORKING NAME: THE WOVEN FOUNDATION
Byrd Link Audit & Accountancy Services Limited Statutory Auditor Honeybourne Place Jessop Avenue Cheltenham Gloucestershire GL50 3SH
THE I S A CHARITY
WORKING NAME: THE WOVEN FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 4 |
| Report of the Independent Auditors | 5 to 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Cash Flow Statement | 10 |
| Notes to the Cash Flow Statement | 11 |
| Notes to the Financial Statements | 12 to 19 |
| Detailed Statement of Financial Activities | 20 |
THE I S A CHARITY WORKING NAME: THE WOVEN FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 JANUARY 2025
TRUSTEES Adriana Paice Kent Charlotte Louise Grinling Richard Paice (resigned 10.11.25) Timothy Slack PRINCIPAL ADDRESS 2 The Mansion Northwick Park Blockley Moreton in Marsh GL56 9RJ REGISTERED CHARITY NUMBER 326882 AUDITORS Byrd Link Audit & Accountancy Services Limited Statutory Auditor Honeybourne Place Jessop Avenue Cheltenham Gloucestershire GL50 3SH SOLICITORS Lawrence Stephens Solicitors 50 Farrington Road London ECIM 3HE BANKERS Handelsbanken 35 Hay's Mews London W1J 5PY
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THE I S A CHARITY WORKING NAME: THE WOVEN FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2025
The trustees present their report with the financial statements of the charity for the year ended 31 January 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objects
To apply the capital and income of the trust fund to the benefit of such charitable purpose or charitable institutions or charitable foundations within the United Kingdom in such a manner and in such proportions as the trustees may from time to time in their absolute discretion determine, provided that the trustees may during such periods as is allowable by law accumulate any surplus income by investing the same and the resulting income to and as part of the trust fund.
Activities and achievements for the year
In planning our activities for the year, we kept in mind the Charity Commission's guidance on public benefit at our trustee meetings. During the year, the charity continued to sponsor a number of projects including a Curatorial Fellowship for young curators and an initiative to support ex-offenders, to secure sustainable employment.
In addition, the charity supported young furniture makers as well as leading bespoke footwear designers, to sustain, grow and develop their practice.
Students and disadvantaged members of society have benefited from the support provided through grants and campaigns funded by the charity. The activities have enabled the beneficiaries to access and make the first steps towards sustainable employment. The trustees intend for the charity to continue to support the same beneficiaries in the future. They have also developed a substantial new Fund to support new thinking and innovation in regional Museums through the introduction of an independent curator. The Fund was launched in February 2023 and it will run for a 2 year programme.
Grant making policy
The charity provides grants to individuals and organisations that support its charitable objectives. Grant applications are considered by the trustees and awarded at their discretion based on eligibility, the purpose of the request, and the availability of funds.
ACHIEVEMENTS AND PERFORMANCE
Fundraising activities
The charity does not carry out significant fundraising activities.
FINANCIAL REVIEW
Financial position
Total income for the year was £1,196,580 (2024: £126,948) primarily from donation income. Total expenditure was £113,259 (2024: £91,589) of which £55,891 (2024: £44,585) was grants and donations.
Investment policy
The Trustees’ Act 2000 confers the charity’s investment powers.
The charity invested in a property which has been rented out since 2025 and is generating rental income. The trustees intend to continue holding the property as a long-term investment to provide a stable income stream for the charity’s activities.
The charity holds shares in ISA (Holdings) Limited. The trustees’ objective in holding these shares is to generate long-term capital growth to support the charity’s future. The performance of this investment is kept under regular review.
The trustees aim to keep the majority of the charity’s surplus funds in interest-bearing bank accounts and do not intend to invest in high-risk funds.
Reserves policy
It is the intention of the trustees to build up the trust fund with a view to establishing a significant charitable foundation when sufficient funds are available. The funds at the year-end were £2,570,118 (2024: £1,486,576).
Going concern
The charity has cash resources and no requirement for external funding. The Trustees have a reasonable expectation that the charity has adequate resources and that there are no material uncertainties about the charity’s ability to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the financial statements.
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THE I S A CHARITY WORKING NAME: THE WOVEN FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2025
PLANS FOR FUTURE PERIODS
The Trustees and management intend to continue with the current activities, providing grants for mentoring and business incubation, supporting professional development in the visual arts and campaigning for the employment of people with lived experience of the criminal justice sector.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The Charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Risk Management
The Trustees actively review the major risks faced by the charity on a regular basis, and having examined operational and business risks confronting it, can confirm that they have established systems to mitigate the significant risks.
1. Methods used to recruit and appoint new Trustees.
The appointment, recruitment, and terms of office of Trustees are determined by the governance needs of the Foundation to meet its mission. New Trustees are recruited through relevant scientific, research or business networks. Active consideration is given to the diversity of the Board. Any person who is willing to act as a Trustee and is permitted by law to do so, may be appointed by an ordinary resolution of the member. To date Trustees have been appointed based on their skills and knowledge, and the contribution they can offer the Foundation.
The Charity has to have a minimum of three and a maximum of 5 trustees. The trustees can hold their office for life. There are no specific constitutionals provisions for appointment. Trustees are recruited and appointed through the recommendation from existing trustees and their professional advisors. Please find the attached Constitution - adopted in 2023 - for reference.
The charity makes decisions when trustees agree, in consensus, on the ability of the grant to meet the aims and objectives of the charity's purpose and values. In line with the attached theory of change framework.
Currently there are no formal guidelines are in place for the induction and training of trustees; however in practice there are clear written policies related to the governance, evaluation and administration of the Charity which are presented both electronically and reviewed in person with the other trustees to enable any questions, or concerns to be raised and addressed. Going forward, we will look to draft some formal guidelines to support these materials.
2. The charity's organisational structure and how decisions are made
The organisational structure of the Foundation is as follows:
o Board of Trustees: the governing entity; the board ratifies policy and makes operational, funding and strategic decisions by majority vote.
o Staff: responsible for carrying out the day-to-day activities of the Foundation in accordance with its charitable objectives. They are supervised by the Trustees and supported in their decision making through a Delegated Scheme of Authority.
o Scientific Advisory Board (SAB): responsible for providing the Foundation with non-binding scientific advice on its programmes and strategy.
3. Policies and procedures for induction and training of Trustees
New trustees receive an induction covering the charity’s objectives, governing document, policies and regulatory responsibilities, and ongoing training is provided where necessary to support effective governance.
Relationships with related parties
During the year, shares in I.S.A. (Holdings) Limited were gifted from the Reginald Paice 1981 Trust. A P Kent and The I S A Charity were beneficiaries of the trust. A P Kent is also a Trustee of The I S A Charity, and a shareholder and director of I.S.A. (Holdings) Limited.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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THE I S A CHARITY WORKING NAME: THE WOVEN FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2025
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and The Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material
departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
It is the charity’s intention to continue to make grants in the areas of the arts, education, travel and similar charitable causes.
13th March 2026
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Adriana Paice Kent - Trustee
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE I S A CHARITY
Opinion
We have audited the financial statements of The I S A Charity (the 'charity') for the year ended 31 January 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 January 2025 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE I S A CHARITY
Our responsibilities for the audit of the financial statements
We have been appointed as auditors 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 auditor's 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: We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, at the audit planning stage and discussed these between the audit engagement team. Discussions with those charged with governance around laws, regulations and compliance were also undertaken at the audit planning stage. We then designed and performed audit procedures in response to these identified risks. Such audit procedures include obtaining sufficient, appropriate audit evidence to provide a basis for our audit opinion.
We obtained an understanding of the legal and regulatory frameworks within which the Charity operates, focusing on key laws and regulations which have a direct effect on the determination of material amounts and disclosures within the financial statements. We considered the Charities Act 2011 and Charities SORP (FRS 102) to be such key laws and regulations. We have assessed the impact of any breaches in these laws and regulations and considered whether any such findings have a material impact on the financial statements.
We also considered the systems and controls in place and the opportunities and incentives that may exist within the Charity for fraud or manipulation of these financial statements. We identified the key risks on the financial statements in relation to fraud were management override of controls and income recognition. The audit procedures designed to respond to these risks included sample testing on journals and review of key accounting estimates, discussion with management and those charged with governance, reviewing legal expenditure, and Trustee meeting minutes along with sample testing on income streams.
Our audit procedures, together with our assessment of risks identified at planning, were transparent to the Charity and have been communicated to the Trustees throughout the audit as well as within the audit engagement team.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. Ultimately, it is the responsibility of the Trustees for the prevention and detection of fraud and non-compliance.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Byrd Link Audit & Accountancy Services Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE I S A CHARITY
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Byrd Link Audit & Accountancy Services Limited Statutory Auditor Honeybourne Place Jessop Avenue Cheltenham Gloucestershire GL50 3SH
Date: 17th March 2026
Byrd Link Audit & Accountancy Services Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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THE I S A CHARITY WORKING NAME: THE WOVEN FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2025
| Notes INCOME AND ENDOWMENTS FROM Donations 2 Investment income 3 Total EXPENDITURE ON Support costs 4 Charitable activities 5 The Exceptionals Other Grants to Institutions Cotswold Food Bank Curatorial Fund Museum of the Home Total Net gains/(losses) on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2025 Unrestricted fund £ 1,168,806 27,774 1,196,580 57,368 281 1,450 5,200 41,460 7,500 113,259 221 1,083,542 1,486,576 2,570,118 |
2024 Total funds £ 125,000 1,948 126,948 47,004 3,517 4,600 5,200 31,268 - 91,589 (2,569) 32,790 1,453,786 1,486,576 |
|---|---|---|
The notes form part of these financial statements
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THE I S A CHARITY WORKING NAME: THE WOVEN FOUNDATION
BALANCE SHEET 31 JANUARY 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 11 | 861 | 1,214,553 |
| Investments | |||
| Investments | 12 | 1,209,117 | 40,310 |
| Investment property | 13 | 1,226,454 | - |
| 2,436,432 | 1,254,863 | ||
| CURRENT ASSETS | |||
| Debtors | 14 | 1,274 | 1,014 |
| Cash at bank | 15 | 158,664 | 248,856 |
| 159,938 | 249,870 | ||
| CREDITORS | |||
| Amounts falling due within one year | Amounts falling due within one year 16 |
(26,252) | (18,157) |
| NET CURRENT ASSETS | 133,686 | 231,713 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | TOTAL ASSETS LESS CURRENT LIABILITIES | 2,570,118 | 1,486,576 |
| NET ASSETS | 2,570,118 | 1,486,576 | |
| FUNDS | 17 | ||
| Unrestricted funds: | |||
| General fund | 2,570,118 | 1,486,576 | |
| TOTAL FUNDS | 2,570,118 | 1,486,576 |
The financial statements were approved by the Board of Trustees and authorised for issue on
13th March 2026 ............................................. and were signed on its behalf by:
............................................. >77m Adriana Paice Kent - Trustee
The notes form part of these financial statements
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THE I S A CHARITY WORKING NAME: THE WOVEN FOUNDATION
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JANUARY 2025
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Purchase of fixed asset investments Purchase of investment property Interest received Net cash used in investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2025 £ 1,066,327 1,066,327 - (1,168,586) (13,139) 25,206 (1,156,519) (90,192) 248,856 158,664 |
2024 £ 106,749 106,749 (215,657) - - - (215,657) (108,908) 357,764 248,856 |
|---|---|---|
The notes form part of these financial statements
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THE I S A CHARITY WORKING NAME: THE WOVEN FOUNDATION
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JANUARY 2025
1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges (Gain)/losses on investments Interest received (Increase)/decrease in debtors Increase in creditors Net cash provided by operations |
2025 £ 1,083,542 378 (222) (25,206) (260) 8,095 1,066,327 |
2024 £ 32,790 378 2,569 - 53,805 17,207 106,749 |
|---|---|---|
2. ANALYSIS OF CHANGES IN NET FUNDS
| At 1.2.24 | Cash flow | At 31.1.25 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 248,856 | (90,192) | 158,664 |
| 248,856 | (90,192) | 158,664 | |
| Total | 248,856 | (90,192) | 158,664 |
The notes form part of these financial statements
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THE I S A CHARITY WORKING NAME: THE WOVEN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
1. ACCOUNTING POLICIES
Basis of preparation
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The ISA Charity is an unincorporated charity (charity number 326882) registered in England and Wales. The registered address is 2 The Mansion, Northwick Park, Blockley, Moretion-in-Marsh, GL56 9RJ. 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 Recommend Practice effective from 1 April 2005 which has since been withdrawn.
The ISA Charity constitutes a public benefit entity as defined by FRS 102.
Income
Donations are 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.
Income from investments is recognised only if received or declared and receivable. Investment income is dividend and interest income from investments.
Rental income is recognised once the charity has entitlement to the income and it is probable that the income will be received.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include governance costs, investment management costs and other professional fees incurred as costs of running the charity. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure where the conditions attaching are fulfilled
Grants awarded subject to conditions that remain unmet at the year end are treated as commitments and are not accrued as expenditure until the relevant conditions have been satisfied.
The stated aims and objectives of the charity is to support, 'such charitable purposes or charitable institutions or charitable foundations within the United Kingdom and in such manner and in such proportions as the Trustees from time to time in their absolute discretion determine.' In relation to this stated objective, our mission is to give people and organisations the tools to go further than they imagined. We foster personal growth and professional skills development to unlock new thinking and drive meaningful change in larger organisational frameworks. This includes being an incubator or an accelerator for new skills, innovation and meaningful change for our beneficiaries; facilitate space and opportunity for new thinking to generate new direction, agency and tools for positive long-lasting impact in communities and across sectors; and to model, nurture and celebrate a culture of innovation motivated by positive social change. Our grant giving, either to individuals through institutions, or to institutions directly, enables us to support this core mission. Our diverse range of awards and initiatives support people in broadening their horizons and developing new paths for the future. Attached is an overview of our Theory of Change.
Liabilities
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 the charity anticipates it will pay to settle the debt.
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THE I S A CHARITY WORKING NAME: THE WOVEN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2025
1. ACCOUNTING POLICIES - continued
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 20% on cost
Freehold property is recognised at cost less accumulated depreciation. Depreciation is charged once the asset first comes into use.
Investments and investment property
Investments and investment property are shown at their most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Cash at bank
Cash at bank and in hand includes cash and short term highly liquid investments held to meet short term cash commitments as they fall due rather than for investment potential. Cash and short term highly liquid investments have a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Going concern
The charity has cash resources and no requirement for external funding. The Trustees have a reasonable expectation that the charity has adequate resources and that there are no material uncertainties about the charity’s ability to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the financial statements.
2. DONATIONS
3.
| Donations Donations - shares INVESTMENT INCOME Dividends received Rental Income |
2025 £ 220 1,168,586 1,168,806 2025 £ 2,568 25,206 27,774 |
2024 £ 125,000 - 125,000 2024 £ 1,948 - 1,948 |
|---|---|---|
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THE I S A CHARITY WORKING NAME: THE WOVEN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2025
| 4. SUPPORT COSTS Support costs Support costs Other trading activities Support costs Aggregate amounts 5. CHARITABLE ACTIVITIES COSTS The Exceptionals Other Grants to Institutions Cotswold Food Bank Curatorial Fund Museum of the Home 6. GRANTS PAYABLE The Exceptionals Other Grants to Institutions Cotswold Food Bank Curatorial Fund Museum of the Home |
2025 2024 £ £ 57,270 46,895 2025 2024 £ £ 98 109 57,368 47,004 Grant funding of activities (see note 6) £ 281 1,450 5,200 41,460 7,500 55,891 2025 2024 £ £ 281 3,517 1,450 4,600 5,200 5,200 41,460 31,268 7,500 - 55,891 44,585 |
|---|---|
Included within the grants payable towards the curatorial fund, £32,200 (2024: £31,628) was paid to individuals. No other payments were made to individuals.
The support costs of £57,368 (2024: £47,004) all relate to grant making activities.
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THE I S A CHARITY WORKING NAME: THE WOVEN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2025
7. SUPPORT COSTS
| Management £ Raising donations and legacies 7,366 Other trading activities - 7,366 |
Governance Finance costs £ £ - 49,904 98 - 98 49,904 |
Totals £ 57,270 98 57,368 |
|---|---|---|
Amounts payable to the auditor total £11,700 (2024: £nil)
Support costs includes governance costs in respect of Accountancy of £1,140 (2024: £1,080) and professional fees of £37,064 (2024: £22,105).
Support costs, included in the above, are as follows:
| 2025 | 2024 | |||
|---|---|---|---|---|
| Raising | ||||
| donations | Other | |||
| and | trading | Total | Total | |
| legacies | activities | activities | activities | |
| £ | £ | £ | £ | |
| Rates and water | 1,825 | - | 1,825 | 15,302 |
| Insurance | 699 | - | 699 | 1,833 |
| Light and heat | 795 | - | 795 | 2,944 |
| Sundries | 3,669 | - | 3,669 | 2,053 |
| Office expense | - | - | - | 1,200 |
| Depreciation of tangible and heritage assets | 378 | - | 378 | 378 |
| Bank charges | - | 98 | 98 | 109 |
| Accountancy and professional fees | 49,904 | - | 49,904 | 23,185 |
| 57,270 | 98 | 57,368 | 47,004 |
8. TRUSTEES' REMUNERATION AND BENEFITS
The trustees' received £nil (2024: £nil) remuneration for the year ended 31 January 2025 nor for the year ended 31 January 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 January 2025 nor for the year ended 31 January 2024.
9. ANALYSIS OF EMPLOYMENT COSTS
The average number of employees during the year was nil (2025: nil).
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations Investment income Total EXPENDITURE ON Support costs |
Unrestricted fund £ 125,000 1,948 126,948 47,004 |
|---|---|
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THE I S A CHARITY WORKING NAME: THE WOVEN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2025
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Charitable activities The Exceptionals Other Grants to Institutions Cotswold Food Bank Curatorial Fund Total Net gains/(losses) on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 11. TANGIBLE FIXED ASSETS Cost At 1 February 2024 Transfer to investments At 31 January 2025 Depreciation At 1 February 2024 Charge for year At 31 January 2025 Net book value At 31 January 2025 At 31 January 2024 12. FIXED ASSET INVESTMENTS Market value At 1 February 2024 Additions Revaluations At 31 January 2025 Net book value At 31 January 2025 At 31 January 2024 |
Freehold property £ 1,213,315 (1,213,315) - - - - - 1,213,315 Listed investments £ 40,310 - 221 40,531 40,531 40,310 |
Computer equipment £ 1,889 - 1,889 651 377 1,028 861 1,238 Unlisted investments £ - 1,168,586 - 1,168,586 1,168,586 - |
Unrestricted fund £ 3,517 4,600 5,200 31,268 91,589 (2,569) 32,790 1,453,786 1,486,576 Totals £ 1,215,204 (1,213,315) 1,889 651 377 1,028 861 1,214,553 Totals £ 40,310 1,168,586 221 1,209,117 1,209,117 40,310 |
|---|---|---|---|
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THE I S A CHARITY WORKING NAME: THE WOVEN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2025
12. FIXED ASSET INVESTMENTS - continued
There were no investment assets outside the UK.
Cost or valuation at 31 January 2025 is represented by:
| Valuation in 2023 Valuation in 2024 Valuation in 2025 |
Listed investments £ 42,879 (2,569) 221 40,531 |
Unlisted investments £ - - 1,168,586 1,168,586 |
Totals £ 42,879 (2,569) 1,168,807 1,209,117 |
|---|---|---|---|
Fixed asset investments are a form of financial instrument and are recognised in accordance with note 1.
13. INVESTMENT PROPERTY
| Fair value Additions Transfer from freehold property At 31 January 2025 Net book value At 31 January 2025 At 31 January 2024 |
£ 13,139 1,213,315 1,226,454 1,226,454 - |
|---|---|
Investment properties were valued by the Trustees on a market value basis at 31 January 2025 in accordance with note 1. The trustees reviewed the local property market for to assess the value of the proper.
No independent professional valuation was obtained in respect of the property at that date.
The investment property address is 2 Whitehorse Mews, London, SE1 7QD. The title of the property belonging to the Charity is held in the names of the Trustees, A P Kent, C L Grinling and T J Slack.
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other debtors 15. CASH AT BANK Bank deposit account Total |
2025 £ 1,274 2025 Total funds £ 158,664 158,664 |
2024 £ 1,014 2024 Total funds £ 248,856 248,856 |
|---|---|---|
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THE I S A CHARITY WORKING NAME: THE WOVEN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2025
16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Other creditors Accrued expenses |
2025 £ - 14,552 11,700 26,252 |
2024 £ 17,077 - 1,080 18,157 |
|---|---|---|
17. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above ar Unrestricted funds General fund TOTAL FUNDS |
e as follows: Incoming resources £ 1,196,580 1,196,580 |
At 1.2.24 £ 1,486,576 1,486,576 Resources expended £ (113,259) (113,259) |
Net movement in funds £ 1,083,542 1,083,542 Gains and losses £ 221 221 |
At 31.1.25 £ 2,570,118 2,570,118 Movement in funds £ 1,083,542 1,083,542 |
|---|---|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.2.23 £ 1,453,786 1,453,786 |
Net movement in funds £ 32,790 32,790 |
At 31.1.24 £ 1,486,576 1,486,576 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources resources expended £ £ 126,948 (91,589) 126,948 (91,589) |
Gains and Movement losses in funds £ £ (2,569) 32,790 (2,569) 32,790 |
|---|---|---|
The general fund represents unrestricted funds available to the charity to be used for its general charitable purposes and day-to-day operations enabling the charity to fulfil its charitable objectives and grant giving activities.
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THE I S A CHARITY WORKING NAME: THE WOVEN FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2025
18. RELATED PARTY DISCLOSURES
In the year ended 31 January 2025, the Charity received a donation of £nil (2024: £125,000) from ISA (Holdings) Limited.
In the year ended 31 January 2025, the Charity received a gift of shares in ISA (Holdings) Limited from the Reginald Paice 1981 Trust, recognised at a total fair value of £1,168,586 at the date of receipt, comprising A Ordinary shares of £292,146 and Ordinary E shares of £876,439.
A P Kent and R Paice are Trustees of the Charity during the year and also directors and shareholder of ISA (Holdings) Limited. A P Kent an The I S A Charity were also beneficiary of the Reginald Paice 1981 Trust.
The Charity occupies premises under a licence agreement with WS Marketplace 6 Limited, a subsidiary of ISA (Holdings) Limited, at a peppercorn rent.
19. GRANT COMMITMENTS
At the balance sheet date, the charity had authorised but not yet committed (in a legally or constructively binding way) grant awards totalling £nil (2024: £nil).
20. PRIOR PERIOD ADJUSTMENT
Property classified as investment property of £997,658 and other debtors of £198,580 have been reclassified as freehold property. The other debtors balance was ongoing renovation works on the property and has been reclassified as additions in 2024.
An additional cost of £17,077 has been identified relating to the freehold property and has now been included as an addition of freehold property and a trade creditor.
The property was not in a condition to be rented out until the year ending 31 January 2025 and therefore did not meet the requirements to be classified as investment property.
Overall, the net impact to the statement of financial activities and balance sheet is £nil.
21. FUTURE MINIMUM LEASE RECEIPTS
The Charity leases its investment property under a commercial lease commencing 17 April 2024 and ending 16 April 2027.
The property is let on a commercial full repairing lease for a term of three years. Annual rent is £33,608 plus VAT for the first year and £50,412 plus VAT from the second anniversary until expiry, payable quarterly in advance.
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THE I S A CHARITY
WORKING NAME: THE WOVEN FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2025
| INCOME AND ENDOWMENTS Donations Donations Donations - shares Investment income Dividends received Rental Income Total incoming resources EXPENDITURE Charitable activities Grants to institutions Support costs Management Rates and water Insurance Light and heat Sundries Office expense Computer equipment Finance Bank charges Governance costs Accountancy and professional fees Total resources expended Net income |
2025 £ 220 1,168,586 1,168,806 2,568 25,206 27,774 1,196,580 55,891 1,825 699 795 3,669 - 378 7,366 98 49,904 113,259 1,083,321 |
2024 £ 125,000 - 125,000 1,948 - 1,948 126,948 44,585 15,302 1,833 2,944 2,053 1,200 378 23,710 109 23,185 91,589 35,359 |
|---|---|---|
This page does not form part of the statutory financial statements
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