The trustees present their annual report and financial statements for the year ended 30 June 2025.
The financial statements have been prepared in accordance with the accounting polices set out in note 1 to the financial statements and comply with the charity's memorandum and articles of association, the Companies Act 2006 and statement of recommended practice, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of lreland (FRS 102) effective 1 January 2015).
In October 2022, Wasps Holdings Limited entered administration leading to a period of disruption to the activities of the Wasps Community Foundation, with team members tasked with the operation, delivery and administration of the Wasps Community Foundation being made redundant.
Certain assets and the brand of Wasps were purchased by Halo 22 Limited ("Halo 22") under plans to re-establish the rugby playing operations of the Club. The trustees are working with the directors of Halo 22 as to continue the work of the Wasps Community Foundation and securing its long- term future.
The objective of the WCF is to promote the education, motivation and inspiration of people through the power of sport, in particular the advancement of education, the protection of good health, both mental and physical and the relief of poverty distress and disability or sickness and other exclusively charitable purposes which are in the opinion of the Trustees beneficial to our communities.
The aims of our foundation are:
To help build a more active, inclusive and healthy community;
To improve educational standards within our community;
To help create a safer and more cohesive community.
Our commitment to our community is through long-term projects that contain a focused purpose and outcome. Our community benefit greatly from the activities, and once the outcome has been achieved, the engagement vehicle of rugby allows us to further our aims of developing our brand and reputation while our Partners and Sponsors benefit from their investment.
Grants, funding, donations and awards totaled £nil (2024: £nil) and included £nil (2024: £nil) from grants and £nil (2024: £nil) from donations.
Donations and grants were nil in the year to 30 June 2025 due to impact of Wasps Holdings Limited entering into administration in October 2022.
A deficit of £51 for the year has been incurred (2024: £1,423) leaving surplus funds of £22,660 to be carried forward (2024: £22,711).
It is the objective of the charity to increase unrestricted funds to the level required to provide sufficient funds to cover administration costs for a period of three months.
Wasps Community Foundation (WCF) is a charitable company limited by guarantee, incorporated on 17 August 2008. The company was established under a Memorandum of Association and is governed under its Articles of Association, copies of which are available for inspection at the company's office or may be obtained by writing to the secretary. In the event of the company being wound up, all the members of the company guarantee to contribute an amount not exceeding £10.
The trustees, who are also directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out below. The articles provide that at each AGM one third of the trustees retire for re-election, if appropriate.
The WCFs objectives are to cover as wide a spectrum of social and community needs as possible. To this end the WCF seeks to make its Board of Trustees as diverse as possible in terms of geographical knowledge, background, experience and capabilities. In this way, the requirements of the WCF and the community are best served. Suitable candidates are considered by the existing board of trustees.
The board of trustees has the power to appoint new trustees after due consideration by the board. Potential Trustees are recommended to the board by existing Trustees and Patrons. New trustees have normally shown interest in WCF and therefore have a clear concept of what the Foundation is, what it aims to do and broadly how it goes about doing it.
New trustees spend time with the staff and Chairman to gain an in-depth knowledge of the governance and administration of the foundation's activities. The foundation provides a dedicated 'Trustee pack' for new Trustees to provide a structured and more formal approach to induction.
The governance of the WCF (WCF) rests with the board of trustees. The board has a membership with no defined maximum number and meets quarterly, unless exceptional meetings are required. Meetings include input from the Director of WCF and Head of Community of Wasps (HOC). HOC is responsible for the Community team, who deliver programmes on behalf of the WCF, the Director of WCF and HOC, or any other individuals invited to contribute at meetings have no voting rights.
The Director of WCF is responsible for managing the operation of the WCF on behalf of the trustees and reports directly to the chairman of that board. The HOC is responsible for the day to day organisation of the projects, initiatives, and current applications to various funds. The Community Team handle all matters relating to liaison with many communities in the immediate and extended counties making them aware of the aims and objectives of the WCF.
This activity has been impacted by the entering of administration of Wasps Holdings Limited (see above) in October 2022.
The following Trustees who have held office during the period are:
None of the Trustees has any beneficial interest in the company.
Under the Memorandum and Articles of Association, the charity has the power to do all such lawful things as are necessary for the achievement of its objects.
The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. The trustees conduct, on an annual basis, their own review of the major risks to which the charity is exposed and put into place systems to mitigate those risks identified. The trustees entrust the financial management and reporting of the WCF to Wasps Holdings Limited.
In October 2022, Wasps Holdings Limited entered administration leading to a period of disruption to the administration of the Wasps Community Foundation, with team members tasked with the operation of the Wasps Community Foundation being made redundant.
Certain assets and the brand of Wasps were purchased by Halo 22 Limited ("Halo 22") under plans to re-establish the rugby playing operations of the Club. The trustees are working with the directors of Halo 22 as to continue the work of the Wasps Community Foundation and securing its future.
In previous years a strategic plan was developed which allows for diversification of funding and co-operation with other charities, voluntary bodies, and statutory authorities so long as the income and property of the charity shall be applied solely towards the promotion of the objects. Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects to ensure consistent quality of delivery for all operational aspects of the charitable company. These procedures are periodically reviewed to ensure that they meet the needs of the charity.
Despite Wasps Holdings Limited falling into administration, the trustees will look to continue the good work of the Foundation in conjunction with the new owners of the Wasps brand.
This report has been prepared in accordance with the special provisions within Part 15 of the Companies Act 2006 relating to small companies.
The Trustees report was approved by the Board of Trustees Trustees.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Wasps Community Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Begbroke Manor, Spring Hill Road, Begbroke, Oxfordshire, OX5 1SH, England.
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard 102, the Companies Act 2006, the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting Charities (SORP FRS102). The incorporate the results of principal activity which is described in the Trustees Report, and is continuing. The following principal accounting policies have been applied.
At the time of approving the financial statements, the trustees have a reasonable expectation that the 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.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the company.
Restricted funds are subject to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
All income is included in the statement of financial activities when the charity is entitled to the income and the amount can quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Investment income is included when receivable
Incoming resources from charitable activity are accounted for when earned
Incoming resources from grants, where related to performance and specific deliverables, are accounted for as the charity earns the right to consideration by its performance
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT and is reported as part of the expenditure to which it relates:
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activity and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Costs of generating voluntary income represent those costs which are incurred by the charity in the course of activities, which are designed to generate additional income that can be used for charitable purposes.
All costs are allocated between expenditure categories of the statement of financial activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly; others are apportioned on an appropriate basis.
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.
The average monthly number of employees (including directors) during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
There were no disclosable related party transactions during the year (2024 - none).
The company was controlled throughout the year by the trustees collectively. The company is limited by Guarantee and has no shareholders, and as such the equal voting rights held by the trustees means that there is no ultimate controlling party.