AMS FOUNDATION WE FINANCIAL STATEMENTS YEAR ENDED 31 AUGusf 2024 tered Chari Nutnber". 528403
ADA S FOUNDATION WEM TRiI TRUST INF RMATION ATqNUAL REPORT 2024 CHARTfY NUMBER 528403 CHAIRMAN Jane Mather (appointed on 18th March 2024) Mr Robert Lumley (resigned on 26th February 2024) VICE CHAIRMAN Mr Andrew Cross OTSIER TRUSTEES r Gareih J¢nkins MTS Paulirte Dee Mr Mark Cooper Mr Robert Hatts ADDRESS OF C The Thomas Adams School Lom'¢ Hill Road Wem Shrewsbury SY4 SUB INDKPKNDENf E Jonathan Rimrner James, Holyoxk & ParkerLtd l KJ]ights Court Ar¢hers Way Battlefield Enterprise Park Shrewsbury Shropshir¢ SYI 3GA
ATtON WEM TRUST FINAN TEMEFrrs FOR THE YEAR NDED31 AUGU T 2024 NT Page Trust Inforn)atioTh Tntstees Report Independent Examiners Repo Statement of FinartOi81 Aetivi es B410n¢e Sheel Note$ 8-14
AMSF
UNDA
ION WEM TRusr
srE
POR
FOR THE Y
EN
AU
ST 2024
The Tru5t¢e5 pr¢s¢nt th¢ir annual report together with
31 August 2024.
he financiai statements of the charity forthe year ended
OBJEcfivES Af4D ACTIVITIES
a. POLICKES AND OBJECTIVES
The prin¢ipd activitses of the TTht are the prnvÈgion
promotion of education by awarding prizes to the pupi
education of persons who are in need of fman¢ial &8Si
faeilities for the Thonjas A
S FOUN TION WEM TRUST TRUSTEES. REPORT FOR T EYEARE ED 31 AUCU T 2024 STRUCTURE, COVERNATrICE AND MA GEMEf+rr a. CONSTIfuTION The Ch3rity is ¢ortstituted under & Charity Co ?002 and 27 Febnory 2007. The Charity is reg J5siott Scheme dated 7 October 1998 as amended on 4 March ttrrd undEr nutnber 528403. Ther¢ have been changes in the obje¢tivies ince tbe last annu reporL b. Vi ETHOD OF APPOINTMENT OR EL crioN OF TRUSTEES There should be on¢ ex officio tru5te¢, viho wil should be tt¥o nominatcd tru5tcc4 one appoint by the Old Wemians As50Giation. Thert shoul ho are voted in by the trustees at a Speci me b¢ the Headmaster of Thomas Adams School, W¢nL Th¢r¢ by Draper5' Company of th¢ City of London, and one appointed be not l¢ss than two and not more thsn five co-opted trustees, in8. Each appointment is for a period of four years. c. POLICIES ADowfED FOR THE INDU TION AND TRAINIIYG OF TRUSTEES New ttustrcs arr w¢lroEned with a pack eontsi from the Charity Commission and a letter from ing t copy of the Schem¢ and its amendTnents. a Welconie leaflet e Secretary of th¢ Trust detsilin8 th¢ ¢urrent board of Tn]stees. d. ORGATr41SATIONAL STRucfuRE AN DECISION IVIAKING The organisatiot] stntcture and decision makin pncess is as laid down in the Schem¢ of the Charity. RISK MANAGEMENr The Tnjstses have Lgsessed the major risks to operations and fillances ofthe Chatity. and are major Tisks. hich the Ch2rity is exposed, in particular thost r¢lat¢d to the atisfied that systetn5 are in place to mitigate our exposure to the
ADAMS F UNDATI WEM TR po RTHEY EN ED3 uGur 2024 TRusfEES' RESPONSIBiufiES sfATEME The Trustees are responsible for prewdring the Truste applicable law 8nd United Kingdom A¢UtJt1ng Stsn Practitel. The law applicable tts Gbarities in England & Wajes financid year which give a true alld fair view ofthe st xnd appltcation of resourc¢s of the cfftkrity for that pe are required to.. 5, report and the fillanci41 stst¢ments in accordance with ards (United Kingdom Generally Accepted Aecounting uires the Trt]stees to prepare fir*ancial 5tat¢ment$ for ¢aGh te of affairs of the charity and of the incoming resources d. In preparin8 these financial statementy the Trnstees select suitable accounting policies and then appl obsejve the methods and principle5 laid out in th ]n&k¢ judgements and accouJitin¥ estimAtes that a prepare the finaneial statements on the going con Charity will cootinue In operaiion. them con5iStendy- Charities SORP. reasonable and pwdent. ern blS unless it is inappropriate to presume that the The Trustees are responsible for keeping proper accou ¢haritys transaction5 and disclose wtth reasonable ac¢ enable them to ensure that the financial Statements co and Repottsl R¢gulations 2008 and the prowisions of t the assets of the charity and hence for taking r¢asonabl irregularities. t(ng records that are sUffi¢letQ show at)d explain the racy at any tiD)e the finallcial posÉtion of the charity and y with the Charities Act 2011, the Charity (Accounts trust d¢¢d. They are also responsible for s8fcguarding steps for the prevention and detection of fraud and other This repDrt was approved by the Trustees on L7th Mar 2025 and signed on their behalf by- Mr5 Jan¢ Mather, Chair MrAudrew Cro$& Vice Chair
S FOUNDATION WEM TRUST FO E YEAR ENDED 31 AUGUST 2024 I report on die accounts of Adam5 Foundation on p2ge5 6 to 14. em Trust for th¢ year ended 31 August 2024 which ar¢ set oui Ye Re5 On5ibiliti of Tru5tee5 and xaminer The Charity's tre5 are responsible for th¢ p not required for this year under section 144(2) examination is needed. pardtion of the accounts.Th¢ Trllstees consider that an audit is f the Charities Act 2011 {the Act) and that an independent It is my respoTksibility to.. examine the acwut)ts (under se¢tin 145 0 follow the procedures laid down in the s¢ction 14515}(b) of the A¢t)' and ' stste whetherparticular matters have GD theA¢t); eneral Direction5 given by the Charity Commission (der lo my attention. of Inde ndent Examiner's Stateme My examination was caTri¢d out in aGcDrdanG¢ An examsnation includes a review of the accou accowits presented with those records. It also i accounts, and 5¢eking explanation5 from you ndertak¢n do not PTovide all the eviilenc¢ that an optlOn as to whether ttle fin30¢ial STalemetJ D]atters Set out in the 5tat¢ment b¢low. 'th the General Directions given by th¢ Charity Commissioners. ting re¢otds kept by the Cb2rity 2nd a comparison of the ¢lude5 consideration of any unusual iterns or disclosures in the trustees concerning any such matters. The procedures uld be required in an audit, and cons4uently I do not &yJress pr¢sent a true and fair view" aTLd this report is limited to those dent Examiner'$ Stateme In the course of my ex2minatio no matter has come to my attention.. which gives me reasonable Cause to belie requirements to ensure that.. e that, in any material respecl the fTUSt has not met the • the at¢tswit$ dia not accord with the acco ting records,. or the accounts dd not comply wilh the appl set out in the Charities (Accounts and Re aOunts give a'twe and fail view which cable requirements concerning th¢ forni and content of accounts rts) Regulations 2008 other than any requirement that the s not a matter considered as part of an independent examination. to vknich, in my opinion, attention should accoutrt5 to be reached. draw] in orderto enablr a prop¢r und¢rstandin8 of the Jon8Ehon Rimmer Jame5 Holyo8k & P8rk¢r Limited l Knights Court Archers WÈY, Battleficld Enterprise Park Shrewsbury. SYI 3GA Dale 21stMar¢h 2025
SFO DATI 14 WEM TRUST EM£f4T F FINAN LAcr IES R THEYE ENDED 31 AUG 2024 Pertn4neDt 'cted Rutritttd EDdvThment d$ FUd$ Fund Uttre 2024 Totil Total Note Intoe and Endowments Incoming Resourees from generattd funds ChaTitable activities Investment inGoin¢ 500 214 20.500 4.850 10.000 4,673 2,636 Tot%1 Income 714 2,636 25,350 14.673 ExpeDdRture Charitable activitie5 22 856 11,676 34,532 23.952 Total Expendlthre 22 856 11,676 34,532 23.952 Net Éncoming restsurc&s1(resourees expended)before investment gaiR5 142) 2,636 (11ffj7K) (9,182) (9J79} Net gainsl(losse5) on investments 14 87 2,878 3,898 7.763 (1,901 Net incomel (expenditure) before transfe 5514 (7,778) (1,419) (11,180) Increase in tiivestments 14 501 Transfer between fvnds 17 00 (8QOI Net intomel {expenditure) before Other recognised and loss&s 46 4,714 (7,778) 11,419) (10,679) Net m0venllt fund5 46 4.714 (7,778) (1,419) (10,679) Total funds brought forward 23. 49J20 357,578 429,899 44079 Total hDds carried foTward 24. 46 54.033 349,800 428,479 429,899 All activiiies relate to ¢ontinuin8 operations. The I1c5 on p8ges 8 to 14 fornl part of th¢s¢ flneneial s tements.
AD S FOUND Tl NWEMTR BALA CE SHE T 31 AUGusf 2024 2024 2023 Fixed Assets Tangible assets Investments 13 14 307.145 104231 411J76 318,820 96.469 415289 Current Assets Debtor5 Cash at BaDk 4Dd in hand 15 206 20.247 206 17,555 20,453 17,761 Current LiybilitÉes Creditors: amounts falling due within one year 16 3.350 3,152 3,350 3,152 Net curTeDt assets 17,103 14,609 Total a$5ets less current assetslOi&bilities) 428,479 429,899 CreditOTS.' amounts falling du¢ after ot)e year Net rrent Assets 428.479 429,899 Capital aDd Re5erv&s Pernianetit Endowment Funds R¢5tricted Funds Unre5trirted Funds 349.800 54,033 24,646 357,578 49.320 23,001 42¥.479 429.899 n2nciai ststem¢nts on pages 6 to 14 appToved bythe truste on 17th Mar¢b 2025 and Signed on sts behalf by: Mrs lane Mather. Chair Mr Andrew Cross. Vice Chair The notes on pages S 14 forni part of these Inancial 5tatrmcnts.
DATIOIY WEM TR NOTES ON ANCIAL ATEMENTS YEAR E DED 31 AUCUST 2024 l. Atcounting Polleies Basis of actountiRg The financial st&tem¢nts have beell prepared in ac Statem¢nt of Re¢omm¢nded Practice appli¢abl¢ Financial Reporting Standard applicable irt the 2015)- (Charities SORP (FRS 102)), the Finallcia of [relat (FRS 102) end the Charitie5 Ad 2011 ordanc¢ with Accounting and Reporting by Charities.. charitses preparing their accounts in accordance with the atjd RepublÈc of Ireland (FRS 102) Icffective l January Reporting thndard applIcable in the UK and Republi¢ d appli¢abl¢ regulation5. The Adams Foundation Wem Trust meets the defi and liabilitie5 2re initially recognised at hi$iorica] relevant accounting policy noie{s). 'tion of a publi¢ benefit entity under FRS 102. Assets st or trdadIoll vatue unless otherwise stated in the lllcomirjg resources Ineom¢ is r08*S¢d when the charity ha5 ¢ntitl¢ be received and the amount of the income can be t to the in¢ome aljd it 15 probable that the in¢om¢ will easured reliably. IAvffslmeJtt Income Dividends and inter¢5t are included in the income d expenditure account when they are Te¢eiY¢d. Resource$ expended and basis of #llocation of e Expenditure is includd when incutr¢d. The tmajo Certatn shared costs are apportioned to activities in of costs are directly attFibulable to Specific arttvities. rther8nce of the objects of the charity. Fixed asscts The Trust's freehold properties are included at cost for deplation are based on an estimated usefvl li forms part of the Pernmnent Endowment Funds (N ess provisiolls for depreciation. Provisions of 50 years. Th¢ value of the freehold properties e 17). Other fixed &%sets have be¢n ¢apitslis¢d and d¢pre¢ at¢d over the following period.. Freehold property 2Yo sti¥iglLt line Inve5tmellts xnd iDVUtmeDt gaill5 and Ios5eS Investments comprise UK equities, other U.K. fjxe tntsts. They sr¢ All quoted on recognised stock loss¢s on disposal and revaluation to market Value a Activiti¢s. interest stocks, and inCOTne and fixed interest Ullit anges. No unquoted inve5trnents are held. Profits and the yegr end are dis¢los¢d th¢ Statement of FinclaI The value of ihc investnients forn)s part of the Penll ent Endowm¢nt Funds (Note 17}.
ADA ou TION M TRusr FINAP4CIAL STATKME FOR YE NDED 3 AUGusf 2024 CONTINUED Fund #ceounting Funds held by thc clwity are either. Unrcstricted g¢n¢ral fimd8- these ar¢ discretion of the tst¢t$. that can be uged in a¢eord2nce Mith the charitable objeGts at the • Restricted fvnds- these &e fullds that c the ¢lwity. Restriotiolls apply wh¢n sp restricted purpK>ses. ottly be used for parti¢ylar restri¢ted purposes withill the object of ified by the donor or when funds are raised for parti¢ular Endowmetrt funds- th¢se are made up of o el¢ments'. (l} The trU5t's freehold p charitable activities. rties ivhich are used for the pvrpose of the Tru5Vs (2) Investments which are income is derived to s eld for the long ierm and provide a r¢source from which pport the Tru5Ys gencral charitabl¢ activities. Debtors Trade and other dcbtors are recx>gnistd Pr¢paym¢nts are valued atthe amouttf P the seitl¢nJent amount duc aftcr any trade discount offered. paid net of anv trade discounts due. Cash at bank and in Cash at bank and c&sh in hand includes of three months or less from the date of h short iemi hitshly liquid inve5tmcnts Mpith & short MattLty ¢quisitioii or openino of the deposit or similar aoUnt Credltors and provRsions Creditor5 alld provisions are re¢ognised ev¢nt that will probably result in thE oblsgation can be measured or Cstimated settIem¢Dt aOllt alier &llowirt8 lor an beTe the ¢haritv has a present obligation resulting from a past fer of fundg to a third party and the amount duc to settle the reli&bly. Creditors and provssion5 Ate J)ornially recognised at th¢ir tr&de discounts due. Going coneern The financial statements have been p material un¢¢rtainti¢s extst. The truste income 2nd expenditure for 12 months and ¢xpendiwr¢ is sufficient wsth the ¢on¢em artd on a goin8 conc¢m basis as the trustees beli¢ve that DO have considered the level of fvllds held and the expe¢ted level of fro]n allthorising these financial $tatetnellts. Th¢ budgettd income evel of reserves for the charity to be abl¢ to continue a5 a going 2. DonatioDS in kind In additionto the amounts in¢luded in i volunteer help during th¢ year. The T withour this 8ra¢¢fidly rec¢iv¢d help. accounts, the Trust bcnefit¢d from a not inconsiderable aTnount of st Could not continue to provide its Current lev¢1 of operations
AMSF UNDATIOh' WEM TRU NOTES TO INANCIAL ATE NTS YEAR ENDE I AUGusf 2024 ED 3. lllcome from Charitable aetivitiej P¢rmaDtot ricted Re5triettd EndowttLent 2024 2023 Ch4rity inetsming resourees- Grant rweived Donattons received Mottgage cost Itabilsty and admin charge 0,000 500 20,000 500 10,000 0,500 20JOO 10.000 4. luvcstm¢nt IDcothe Perm%nent trrcted Rutritted Endowjnellt 2024 2023 Rental inrome InvE5tm¢nt inwme Bank interest 1,857 357 1,857 2.807 186 1.849 2.771 53 2,450 186 ,214 2.636 4.850 4,673 S. An4lysis of r¢soDrces expended by expendltttr type Depretiotion costs 2024 2023 Dire and support costs Governance {notc 8) 11,676 21,488 1,368 33,164 1.368 22.902 1,050 11,676 22.856 34.532 23,952 6. AD&ly5is of expendi¢ure on chrit&ble activities Unre$ cted Ilestritt¢l Endowment unds Fullds Fwid$ 2024 Tot41 2023 Tot1 Direct and support ¢05ts .488 11.676 33,164 22,902 488 11.676 33,164 22,902 7. Aknxlysis of resource5 expended by activlties Acti ulldc ties Grant fuudingl alitrt DonAtiolls tly of *ctiviti Support eosts dire 2024 Totat 2023 Totsi Direct and support Costs 13 044 800 850 14,694 23,952 13 44 800 850 14,694 23,952
UN TION WEM TRUST TES FINANCIAL STATEMEpirs YEAR ED 31 AiFGUSTr' 2024 coiYr114UED 8. Coverngnce costs FermarLtNt URrestri¢ted Restricted EndoFYmEllt Funds Funds Ftsllds 2024 Tot81 2023 Accountancy L¢gal & professional fres 1.068 300 1,068 3QO 1,05D 1.368 1,368 1.050 9. Direct eosts 2024 T•t*l 2023 Total Market study tnsurdnce Deprccifttion 19,632 206 11,676 176 11,676 31.514 11.852 10. Gr8nts to individuals #nd DonF4ti0 Grants t individuals 2024 2023 Totsl Total Grants lo individuals Donation To Thomas Adams 800 800 45Q 10,000 800 80Q 10.450 11. Support Costs 2024 Total 2023 Total Se¢r¢tary's honorarium 850 600 850 600 12. Net incomiDg resourcesl(rÈsource5 ex This is ststed after charwg.. ended) 2024 2023 Totsl Total DepTlation of taijgible fixed ossets 11,676 11,676 11,676 11,676 During the year, no Trust¢es r¢1Ved During the year, no TTUStees re¢eived Dllring the year, no Trustee5 Te¢eived y remunerdtion {2023 - £Nil) y benefits in kind12023 - £Nil) y reimbursement of expen5es12023- 11)
NDATION WE TR OTES TO T NA CIAL sfATE YEAR END I AUGUST 2024 cowriNUE 13. Tangible red assets Land & buildings Total Cojt I Septemb¢r 2023 Additions at cost 583,781 583.781 31 August 2024 583,781 583,781 Depretiatio I September 2023 Charge for the yeo 264.960 11,676 264.960 11,676 31 August 2024 276,636 276.636 Net Book Amount 31 August 2024 307.145 3Q7.145 I September 2023 318,821 318,821 14. Fixed asset investments COIF CharAty Funds MArket valuo I September 2023 Purchases in year GaiDJ(L05s} on r¢vaiuation at year eod 31 Au8USt 2024 96,469 7.762 104.231 15. Debtors: AJnounts f%lllng due within one yeAr 2024 21123 Other debtors Prepaymettts and accrued inctsrnc 206 206 206 206 16. Creditors: Amount$ falling due within one yèar 2024 2023 Bank loans and overdrati% Trade tT¢ditors Accruals and defe income 700 2,650 700 1650 3,350 3,35Q
12 S FOUNDATION WEM TRiJsr ADA N(¥fES THE FINANCI TATEMENTS KD AUGUST 2024 CONTINUED l i. Statement of fun BToughi Incomt lesl FotTh'ard E%pendl(ure Trnn$fers iwlout CRrried Forwgrd (Losses) Unrestrictsd fund5 Unrestricted fvnds 23,001 (1421 800 987 24.646 Endowment funds End0%¢nI fvnds 3i7,i78 111,6761 3.898 349,800 Restrkted funds Eckersley fimd 49.i20 {800) 2,878 54,033 49.i20 ?.6 j) (800) 2,878 54.033 Tota] fimds 4?9,899 19.18Jl 7,763 428.479 KndoTved The end0d funds include the land and iTrvesknents held for th¢ purpose of gen pN)perty related borrowings and major £9,675. Thi5 i5 shown as an IntCrA deb expenditure of £1 1.676 relates to the de buildin05 oi¥lled b!. the charity, along with cert&in endowed ating fund5 TO SUPPOrt the restricted fi]nds of the Charity, less the rk5 funded bi. th= unresrricttd fund in thr Past amounting to r/(creditorl berni¢en funds in note 18. The endowed fund reciation of the building. Rutricted fund Th¢ E¢kersley fund is a s¢holarshLP 5rlL iltty. achievtm¢nt or progres5 and are e whereb%' studeni) are chosen each year for their aGad¢mic W¢d a grant. Sunary of funds Brought Income IEs5 Forn'ard ExpÈndkture TrAn$feYs ithlclut Ggin51 {53c$} Carri¢d Fonvard General funds Endowment fi]nd5 Restricted fidS {1421 {11.6761 2.635 800 987 3,898 2,878 24,646 349.800 54,033 J<7.478 49,)20 (800) 429,899 (9,18Jl 7.763 428,479
ATI N WEM TRUST STA EMEF4T OR THE YEAR END D31AU ST2024 CONTINUE 18. Analys of net 45sets between funds ¢Dt Restricted Uttrestritted unds Fullds Fund5 20Z4 Totxt 2023 Totst Tangible flxed assets Fjxed ass¢t invlellts Curr¢nt 355ets Creditors due within one year Creditors due thr more than one yeer Enternat debtorllcreditor) bettvten fvnds 30 145 330 307,145 318,820 13,254 104,231 96,469 5,067 20.453 17.762 (3,350) {3JSO) {3,152) 38,647 15J86 (9 675 9.675 349 800 54.033 24,1>46 428,479 429,899 19. Reigted party tr4Dsaetlons The school w&5 charged £Nil {2023= £Nill for mort age liability ¢osts by the Trnst during th¢ year. 14