WYNN FOUNDATION LIMITED
Charity registration number 1175210
Company registration number 10778571 (England and Wales)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
WYNN FOUNDATION LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mrs J B Wynn
Mr G R Wynn
Mr L R Feehan
Mrs H Smith
Mr J Feehan
Mrs C Stokes
Charity number
1175210
Company number
10778571
Registered office
Cosford Grange
Holyhead Road
Cosford
Shifnal
Shropshire
TF11 9JB
Accountants
Dyke Yaxley Limited
1 Brassey Road
Old Potts Way
Shrewsbury
Shropshire
SY3 7FA
WYNN FOUNDATION LIMITED
CONTENTS
Page
Trustees' report
1 - 7
Statement of Trustees' responsibilities
8
Accountants' report
9
Statement of financial activities
10
Balance sheet
11
Notes to the financial statements
12 - 18
WYNN FOUNDATION LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The Trustees present their annual report and financial statements for the year ended 31 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Foundation's Memorandum and Articles, the Companies Act 2006 and "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

Policies and objectives

The Foundation's purposes as set out in the objects contained in the Memorandum and Articles of Association are:

 

"To advance such charitable purpose (according to the law of England and Wales) as the Directors see fit from time to time, in particular but not limited to for the public benefit to relieve those disadvantaged, in poverty, disabled, homeless or poor, and to provide education for the same in community projects, community foundations, promotion and involvement of health, wellbeing and the environment, primarily, but not exclusively in Shropshire, including the furtherance of community projects, by the way of financial assistance or otherwise in such ways as the directors think fit."

 

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, include the guidance 'Public benefit: running a charity (PB2)'.

Strategies for achieving objectives

To deliver the following service and support primarily, but not exclusively, in Shropshire:

 

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Foundation should undertake.

Activities undertaken to achieve objectives

These objects will be delivered by:

 

 

Achievements and performance

 

Main achievements of the company

The report will be structured in 5 distinct sections:

 

1. General information about the progress that Wynn Foundation has made

2. Grant making policy

3. Review of activities

4. Geographical distribution of Wynn Foundation funds via grant applications

5. Distribution of Wynn Foundation funds by organisation type

WYNN FOUNDATION LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

General information about the Wynn Foundation

 

WYNN FOUNDATION LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -

Grant making policy

The Wynn Foundation outlines its Charitable Objects on the Charity Commission Website. These objects determine which types of organisations, groups and individuals can apply for grants

.

Charity Commission activities statement:

"Awarding grants, support services and advice primarily in Shropshire to support people and groups in poverty, disabled, homeless and poor people. Provide education and educational opportunities for these groups in community projects. Promotion of health-related projects including the improvement of health, environment and well-being for the community. Support of community projects."

 

The types of organisations and exclusions are also outlines on our Wynn Foundation website and on our application form. Exclusions can also be found on the website.

 

These categories are typically supported:

 

Exclusions

Further guidance for applicants can also be found on our Exclusions section of the website.

 

Applications for the following will not usually be accepted:

WYNN FOUNDATION LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -

Review of activities

The organisations, groups and individuals applying for grants specify what the grant is required for. The Foundation regularly gets updates from successful applicants with information on how the grants have been used. The information gathered is assessed against the original grant application's stated requirements. Here are some examples of the grants we have allocated:

 

Testimony from East Shropshire Talking Newspaper

Chris Pitchford of ESTN submitted a grant application to the Wynn Foundation earlier this year which the Trustees were happy to support and sent this message of thanks:

 

"I am writing firstly to acknowledge receipt of the cheque, but most importantly to thank you very much for your most generous funding which will be absolutely invaluable in helping me to maintain, fix, backup, and enhance my studio, which I use heavily to support the East Shropshire Talking Newspaper For The Blind Service, for which I have been proud to serve as a volunteer for 33 years.

 

The funding will allow us to keep everything running smoothly, and other backup provisions will allow me to ‘hotswap’ any given item in the event of a failure, thus preventing any disruption to the service on which many of our visually impaired listeners rely for both information, entertainment, and in some cases, company."

 

Testimony from Connect For Life

"Thank you so much for your incredible donation of £2,830 in support of Connect For Life.

 

This amazing donation and your support allow us to continue to provide the best service possible to those who really need it."

 

Testimony from MNDA

The funds will go towards helping patients such as Claire, who is living with MND

 

Claire has received help from MNDA with items such as:

“The wheelchair was great but some of the extras which are not funded by the NHS are what makes the difference to my quality of life in it. With the support of my amazing occupational therapist I successfully applied for a grant for attendant controls. Initially I could control my wheelchair all the time myself but as my hands got weaker friends or carers are able to ‘drive’ the chair for me – it’s heavy and impossible to push!

 

Another extra the MND Association provided was the riser option on my wheelchair. It means I can bring myself still seated up to whatever level I need to be. It means I can be at the right height to take part in conversations with people who are standing and it really makes such a difference. My family is all very tall and it means I can be the right height for lots of hugs and kisses.”

 

Testimony from Dog A.I.D

"The support from Wynn Foundation Limited has made such a difference to individual lives through this partnership and to the organisation and I know I speak on behalf of Hazel and Teddy in sincerely thanking you.

 

I look forward to updating you in Spring next year when all being well, Teddy will nearly be qualified and a new partnership will be in training.

 

Many thanks to you all for your kind support."

 

WYNN FOUNDATION LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -

Table A - Breakdown of funds awarded by category:

 

 

2023

2022

Career Support

-

1,500

Community Initiatives

15,570

9,898

Disabled

11,103

2,000

Health

-

11,100

Home

-

6,500

Mental Health

-

2,000

Sport

8,850

-

Young People

12,500

16,867

Total

53,673

49,865

 

 

Table B - Geographical distribution of Wynn Foundation Funds 2021/22:

 

 

2023

2022

National

-

4,000

Shropshire

39,423

31,313

Telford and the Wrekin (Council area)

14,250

14,552

Total

53,673

49,865

 

Investment performance

Investments are in a low-medium risk portfolio which is independently managed.

Financial review

Going concern

After making appropriate enquires, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Reserves policy

The money was put into the Wynn Foundation as a perpetual fund. We anticipate distributing between £40,000 and £80,000 per annum, mainly using interest received from the investment of the majority of the initial funds invested of £750,000. The funds have been responsibly invested to earn interest for this purpose and thus keep the charity going in perpetuity. The charity's policy is to hold a minimum of £40,000 as a reserve at all times.

 

The Statement of the Financial Activities shows total funds of the charity at 31 March 2023 were £694,903 (2022: £865,556), of this £694,903 represents the free reserves surplus.

Structure, governance and management

Constitution

The Foundation is a company limited by guarantee, incorporated in England and Wales on 18 May 2017, governed by its Memorandum and Articles of Association dated 2 May 2017.

 

It is registered as a charity with the Charity Commission in England and Wales, registered charity number 1175210. Each of the Trustees agree to contribute £1 in the event of the charity winding up.

WYNN FOUNDATION LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -

Organisational structure

There is one Chair Person, elected by the other committee members. There are six Trustees on the committee.

 

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mrs J B Wynn
Mr G R Wynn
Mr L R Feehan
Mrs H Smith
Mr J Feehan
Mrs C Stokes

Appointment of Trustees

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.

Finance person

The committee utilises a treasurer. Accounts are prepared by Dyke Yaxley Accountants.

The committee is made up of Trustees and members who support and maintain the Wynn Foundation. There is also one secretary to provide administrative and professional support. The secretary is not a Trustee.

Meetings and governance

Meetings are held once a quarter, being a total of four meetings a year and an AGM. Meetings are held to discuss all aspects of the Wynn Foundation's requirements.

 

Grant applications are distributed to the members on receipt, They then research and follow up on applications, and present their findings at each quarterly meeting. The Trustees discuss the applications and make a decision about the awarding of a grant to organisation who have applied.

 

Agendas and minutes will be created, disseminated to all interested parties and stored securely to provide a full account and record of the meetings.

New Trustees are inducted into the workings of the Charity, including policies and procedures, and provided with appropriate supporting information.

Financial risk management

The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

 

Plans for future periods

Going forward the Wynn Foundation will continue to carry on in perpetuity, meeting its charitable objectives and using the income from invested funds for the distribution of grants. We have now got all structures and governance in place to operate the charity in the way we intended when setting it up. We have established a website and applicants can apply both online of by postal application.

 

 

WYNN FOUNDATION LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -

The Trustees' report was approved by the Board of Trustees.

Mrs J B Wynn
Trustee
30 November 2023
WYNN FOUNDATION LIMITED
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -

The Trustees, who are also the directors of Wynn Foundation Limited for the purpose of company law, 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).

 

Company 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 Foundation and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the Trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent; and

 

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

 

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

WYNN FOUNDATION LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WYNN FOUNDATION LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 9 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wynn Foundation Limited for the year ended 31 March 2023, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made to the charity's Trustees, as a body, in accordance with the terms of our engagement letter dated 31 August 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Wynn Foundation Limited and state those matters that we have agreed to state to the charity's Trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wynn Foundation Limited and the charity's Trustees as a body, for our work or for this report.

It is your duty to ensure that Wynn Foundation Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Wynn Foundation Limited. You consider that Wynn Foundation Limited is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.

We have not been instructed to carry out an audit or a review of the financial statements of Wynn Foundation Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Dyke Yaxley Limited
1 December 2023
Chartered Accountants
1 Brassey Road
Old Potts Way
Shrewsbury
Shropshire
SY3 7FA
WYNN FOUNDATION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
Unrestricted
Unrestricted
funds
funds
2023
2022
Notes
£
£
Income from:
Investments
2
10,276
4,904
Expenditure on:
Raising funds
3
15,387
8,674
Charitable activities
4
70,198
51,205
Total expenditure
85,585
59,879
Net gains/(losses) on investments
9
(95,344)
9,391
Net movement in funds
(170,653)
(45,584)
Fund balances at 1 April 2022
865,556
911,140
Fund balances at 31 March 2023
694,903
865,556

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

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
WYNN FOUNDATION LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
11
637,567
778,221
Current assets
Cash at bank and in hand
57,336
87,335
Net current assets
57,336
87,335
Total assets less current liabilities
694,903
865,556
Income funds
Unrestricted funds
694,903
865,556
694,903
865,556

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 30 November 2023
Mrs J B Wynn
Trustee
Company registration number 10778571
WYNN FOUNDATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
1
Accounting policies
Charity information

Wynn Foundation Limited is a private company limited by guarantee incorporated in England and Wales on 18 May 2017, company number 10778571. The registered office is Cosford Grange, Holyhead Road, Cosford, Shifnal, Shropshire, TF11 9JB. The Charity is governed by its Memorandum and Articles of Association dated 2 May 2017. Each of the Trustees of the Charity agree to contribute £1 in the event of the Charity winding up.

1.1
Accounting convention

The financial statements have been prepared in accordance with the Foundation's Memorandum and Articles of Association. the Companies Act 2006 and "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 Foundation is a Public Benefit Entity as defined by FRS 102.

 

The Foundation has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

1.4
Income
Income is recognised when the Foundation is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the company which is the amount the company would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

 

Income tax recoverable in relation to investment income is recognised at the time the investment income is received.

1.5
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 shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

WYNN FOUNDATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 13 -

Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.

 

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 when the conditions attached are fulfilled. These grants are noted as a commitment, but not accrued as expenditure.

 

All expenditure is inclusive of irrecoverable VAT.

1.6
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The Foundation has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the Foundation's balance sheet when the Foundation becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.9

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 company and which have not been designated for other purposes.

 

Investment income, gains and losses are allocated to the appropriate fund.

2
Investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Income from listed investments
7,138
4,832
Interest receivable
3,138
72
10,276
4,904
WYNN FOUNDATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
3
Raising funds
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Investment management
15,387
8,674
15,387
8,674
4
Charitable activities

Charitable Expenditure

Charitable Expenditure

2023
2022
£
£
Grant funding of activities (see note 5)
68,844
49,865
Share of support costs (see note 6)
154
140
Share of governance costs (see note 6)
1,200
1,200
70,198
51,205
WYNN FOUNDATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 15 -
5
Grants payable

Charitable Expenditure

Charitable Expenditure

2023
2022
£
£
Grants to institutions:
1st Edgmond Scout Group
-
500
A Better Tomorrow
-
1,500
Alb Swimming Club
2,550
-
Albrighton Flower Club
750
250
Albrighton War Memorial Working Group (AWMWG)
3,000
-
Arin Yorke
1,000
-
Big Holiday Club - St Andrews Shifnal
-
1,037
Bright Star Boxing
4,000
4,000
Chris Thorpe
3,000
-
Christmas Smile, Telford
-
2,500
Communities Academies Trust
-
500
Connect4Life
2,830
-
Connexus Homes
-
2,400
DeafBlind
1,004
-
Dulcie - BrainTumour from local press
1,000
-
East Shropshire Talking Newspapers
849
-
Educating Kids Outdoors Ltd
3,000
-
England Hockey Talent Academy - Stourport
1,000
-
KG Theatre
1,500
-
Lawley Lightmoor Commets
1,000
-
Lingen Davies Cancer Fund
-
3,000
Little Stars Baby Bank
2,000
-
Live Music Now
1,400
-
MERU
-
3,000
Midlands Air Ambulance
-
3,000
Motor Neurone Disease Association
1,500
-
NC Utd U8s
500
-
Norton in Hales Cricket Club
-
1,000
One Voice Telford & Shropshire Windrush Community
1,500
-
PODS
3,000
-
Priory School
-
565
SAHA Rapids U15 Football Team
850
-
Samaritans of Shrewsbury
-
2,000
Save Our Shropshire
-
2,000
Sea Change Trust
-
1,500
Shifnal Scouts Group
-
600
Shrewsbury and Oswestry Crucial Crew
1,500
-
Shrewsbury Choral Society
1,500
-
Shrewsbury Musical Theatre Company CIC
200
-
Shropshire Bookfest
3,000
-
Shropshire Child Contact Centres
3,000
-
Shropshire Inclusive Dance (Elite Dance)
1,000
4,415
Shropshire Peer Counselling & Advocacy Service (PCAS)
1,500
-
Shropshire RCCC
-
1,448
Shropshire Supports Refugees
-
500
WYNN FOUNDATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Grants payable
(Continued)
- 16 -
Sinclair United
-
750
Sound of Music - St Andrews Shifnal
-
2,000
Southmead Project Bristol
-
500
St Mary's RC Church, Shifnal
-
1,000
Stretton Arts Forum
240
-
Telford Crisis Support
-
3,000
Telford Gateway
1,000
-
Telford West Indian Association
1,500
-
The Sequel Trust
-
2,000
The Soldiers Charity
-
300
Up and comers eagles u11 girls team
500
-
Whittington Music Festival
250
-
Wrekin Swimming Club
1,250
-
ZARACH Leeds Project
-
3,000
64,844
48,265
Grants to individuals
4000
1,600
68,844
49,865
6
Support costs
Support costs
Governance costs
2023
Support costs
Governance costs
2022
£
£
£
£
£
£

Sundry expenses

154
-
154
140
-
140
Accountancy
-
1,200
1,200
-
1,200
1,200
154
1,200
1,354
140
1,200
1,340
Analysed between
Charitable activities
154
1,200
1,354
140
1,200
1,340

There were no payments to the accountants in respect of fees for the independent examination in governance costs in the year (2021: £1,200). The Foundation did not require an independent examination in 2022.

7
Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Foundation during the year. There were also no Trustee expenses incurred during the year.

WYNN FOUNDATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 17 -
8
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
6
6
There were no employees whose annual remuneration was more than £60,000.
9
Net gains/(losses) on investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Revaluation of investments
(13,431)
(78,356)
Gain/(loss) on sale of investments
(81,913)
87,747
(95,344)
9,391
10
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

11
Fixed asset investments
Listed investments
£
Cost or valuation
At 1 April 2022
778,221
Additions
2,088,503
Valuation changes
(95,344)
Disposals
(2,133,813)
At 31 March 2023
637,567
Carrying amount
At 31 March 2023
637,567
At 31 March 2022
778,221
WYNN FOUNDATION LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 18 -
12
Analysis of net assets between funds
Unrestricted funds
Unrestricted funds
2023
2022
£
£
Fund balances at 31 March 2023 are represented by:
Investments
637,567
778,221
Current assets/(liabilities)
57,336
87,335
694,903
865,556
13
Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

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