## **ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST**
**Charity registration number 1037597 (England and Wales)**
**Company registration number 02772962**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 AUGUST 2024**
## **ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|P Strong|
|---|---|
||E Tate|
||S Ostrowski|
||E Coxhead|
||C Matthews|
||R Thevathason|
||A Taylor|
|**The Headmaster and Bursar (Chief Executive**|
R Goody|
|**Officer)**||
|**Charity number**|1037597|
|**Company number**|02772962|
|**Registered office**|St Winefride's School|
||Belmont|
||Shrewsbury|
||Shropshire|
||SY1 1TE|
|**Independent examiner**|Dyke Yaxley Limited|
||1 Brassey Road|
||Old Potts Way|
||Shrewsbury|
||Shropshire|
||SY3 7FA|
## **ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 3|
|Independent examiner's report|4|
|Statement of financial activities|5|
|Balance sheet|6|
|Statement of cash flows|7|
|Notes to the financial statements|8 - 17|
## **ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_
The trustees present their annual report and financial statements for the year ended 31 August 2024.
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 trust's governing document, 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**
The object as set out in the Memorandum, which is the governing document, is the running of an independent school.
In accordance with the Memorandum, the School is a day school and kindergarten for pupils up to the age of eleven, educating them to a high standard to enable them to move to a senior school.
The school aims to help low income parents by offering reduced fees to enable their children to attend the school.
The school aims to teach children the importance of giving and sharing with people who are less fortunate.
## _Public benefit_
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake.
## _Volunteers_
The Charity is not dependent upon the services of unpaid volunteers.
## **Achievements and performance**
## _Significant activities and achievements against objectives_
The average number of pupils in the year ended 31 August 2024 was 100 (2023: 94), made up of 47 infants (2023: 47), 53 juniors (2023: 49). 5 additional pupils in kindergarten (2023: 5).
The Trustees report a fee income for the year of £582,593 (2023: £546,304) and a deficit for the year of £70,160 (2023: £153,199 deficit).
## **Financial review**
## _Reserves policy_
It is the Charity’s policy to retain adequate reserves to be able to fund future operations. Prior to 1 September 2020, the Headmistress was paid a salary below market value. There had previously been a policy of building up reserves to cover the additional costs that arised when a new full time Head teacher was appointed as at 1st September 2023.
Following the appointment of Mrs E Devey reserves will be used to cover a salary at market value. Also the trustee's have started to use the reserves to update the school building and facilities as planned.
As at 31 August 2024, the trust’s level of free reserves stands at £440,904 (2023: £494,711). Free reserves are calculated as total unrestricted funds, excluding designated funds, and any unrestricted funds tied up in tangible fixed assets.
The calculation is as follows:
- Total Unrestricted Funds: £840,308
- Less: Designated Funds: £(82,505)
- Less: Unrestricted Funds Invested in Fixed Assets: £(316,899)
- Free Reserves: £440,904
The school has set up a restricted fund to provide a bursary for under privileged children wishing to attend the school. £18,106 is held in a separate bank account as resources designated for special purposes (2023: £17,918).
- 1 -
## **ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## _Investment policy_
The Memorandum allows the Directors to invest monies not immediately required for its purposes in such investments, securities or property as the Directors shall think fit, subject to Charity Law.
## _Major risks_
The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The School has a risk assessment policy in place which is continually updated. It also maintains an insurance policy which covers major risks.
## **Plans for future periods**
The School expects to continue its educational function and to remain viable.
The School is currently providing financial assistance to local, national and international charities, as well as clubs in a deprived areas of Shrewsbury, and plans to continue to do so in the future.
## **Structure, governance and management**
The charity is registered as a company limited by guarantee and is constituted under its Memorandum and Articles of Association.
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:
P Strong
E Tate
S Ostrowski
E Coxhead
C Matthews
R Thevathason
A Taylor
## _Recruitment and appointment of trustees_
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum.
New trustees are invited to attend Trustees meetings and are assisted by other members of the Board.
## _Long serving trustees_
The following have been Trustees of the Trust for over 9 years; Mr P Strong (11 years) and Mr E Tate (11 years).
## _Organisational structure_
The charity is organised with a Board of Trustees.
The day to day management of the company are delegated to the Headmaster and Bursar, Mr R Goody.
## _Other matters_
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
- 2 -
## **ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST**
**TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_
The trustees' report was approved by the Board of Trustees.
E Tate
## **Trustee**
4 July 2025
- 3 -
## **ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST**
I report to the trustees on my examination of the financial statements of St. Winefride's School Shrewsbury Trust (the trust) for the year ended 31 August 2024.
## **Responsibilities and basis of report**
As the trustees of the trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the trust are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the trust’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
## **Independent examiner's statement**
Since the trust’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of Association of Chartered Certified Accountants (ACCA) - UK, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the trust as required by section 386 of the Companies Act 2006.
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination; or
- 4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Audrey Williams FCCA **Dyke Yaxley Limited**
1 Brassey Road Old Potts Way Shrewsbury Shropshire SY3 7FA
Dated: 7 July 2025
- 4 -
## **ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**2**
1,350
-
Charitable activities
**3**
633,522
-
Other trading activities
**4**
693
-
Investments
**5**
26,824
188
**Total income**
662,389
188
**Expenditure on:**
Charitable activities
**6**
732,737
-
**Total expenditure**
732,737
-
**Net income/(expenditure) and**
**movement in funds**
(70,348)
188
**Reconciliation of funds:**
Fund balances at 1 September
2023
910,656
17,918
**Fund balances at 31 August**
**2024**
840,308
18,106|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
1,350
1,193
-
633,522
592,280
-
693
999
-
27,012
9,669
102
662,577
604,141
102
732,737
757,442
-
732,737
757,442
-
(70,160)
(153,301)
102
928,574
1,063,957
17,816
858,414
910,656
17,918|**Total**
**2023**
**£**
1,193
592,280
999
9,771
604,243
757,442
757,442
(153,199)
1,081,773
928,574|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 5 -
## **ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST**
## **BALANCE SHEET**
## _**AS AT 31 AUGUST 2024**_
|**2024**
**Notes**
**£**
**Fixed assets**
Tangible assets
**13**
**Current assets**
Debtors
**14**
203,621
Cash at bank and in hand
607,465
811,086
**Creditors: amounts falling due within**
**one year**
**15**
(269,571)
**Net current assets**
**Total assets less current liabilities**
**The funds of the trust**
Restricted income funds
**18**
Unrestricted funds
**19**|**2023**
**£**
**£**
316,899
179,427
667,030
846,457
(251,323)
541,515
858,414
18,106
840,308
858,414|**£**
333,440
595,134|
|---|---|---|
|||928,574|
|||17,918
910,656|
|||928,574|
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 August 2024.
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 4 July 2025
E Tate
## **Trustee**
Company registration number 02772962 (England and Wales)
- 6 -
## **ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST**
## **STATEMENT OF CASH FLOWS**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
|**Notes**
**Cash flows from operating activities**
Cash absorbed by operations
**22**
**Investing activities**
Purchase of tangible fixed assets
Investment income received
**Net cash generated from investing activities**
**Net cash generated from financing activities**
**Net decrease in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2024**
**£**
(250)
27,012|**£**
(86,327)
26,762
-
(59,565)
667,030
607,465|**2023**
**£**
**£**
(168,753)
-
9,771
9,771
-
(158,982)
826,012
667,030|
|---|---|---|---|
- 7 -
## **ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **1 Accounting policies**
## **Charity information**
St. Winefride's School Shrewsbury Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is St Winefride's School, Belmont, Shrewsbury, Shropshire, SY1 1TE.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the trust's Memorandum and Articles, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 trust is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the trust. 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 trust 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.
Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Income**
Income is recognised when the trust 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.
Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount.
Fees are recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that the income will be received. Income is deferred in respect of cash received relating to future fees.
Deferred income is £225,393 (2023: £241,352) as a result of fee invoices being raised prior to the year end which relate to the following academic year.
Debtors are recognised when the charity has entitlement to the funds after any performance conditions have been met, the amounts can be measured reliably, and it is probable that the income will be received.
- 8 -
## **ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **1 Accounting policies**
**(Continued)**
## **1.5 Expenditure**
All expenditure is accounted for on an accruals basis and related costs aggregated into categories. Costs are allocated between direct charitable costs, support & governance costs and other costs according to the nature of the cost.
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property & improvements 2% per annum straight line Equipment 25% per annum reducing balance Website 33.3% per annum straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.7 Impairment of fixed assets**
At each reporting end date, the trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.8 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.
## **1.9 Financial instruments**
The trust 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 trust's balance sheet when the trust 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.
## **1.10 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
## **1.11 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
- 9 -
## **ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **2 Income from donations and legacies**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Grants|1,060|600|
|Donated goods and services|290|593|
||1,350|1,193|
Amounts received in the prior year in respect of nursery funding were previously disclosed under 'income from donations and legacies - grants'. In order to present a more accurate and consistent analysis of income in line with the Charities SORP (FRS102), the comparative amount has been reclassified to 'income from charitable activities - fee income'.
## **3 Income from charitable activities**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|**St Winefride's School**|||
|Fee income|582,593|546,304|
|Income from trips and tuck shops|50,929|45,976|
||633,522|592,280|
## **Charitable trading income**
Amounts received in the prior year in respect of nursery funding were previously disclosed under 'Income from donations and legacies - Grants'. In order to present a more accurate and consistent analysis of income in line with the Charities SORP (FRS102), the comparative amount has been reclassified to 'Income from charitable activities - Fee income'.
## **4 Income from other trading activities**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Fundraising events|693|999|
- 10 -
## **ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **5 Income from investments**
||**Unrestricted**|**Restricted**|**Total**|**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|---|---|---|
||**funds**|**funds**||**funds**|**funds**||
||**2024**|**2024**|**2024**|**2023**|**2023**|**2023**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Interest receivable|26,824|188|27,012|9,669|102|9,771|
## **6 Expenditure on charitable activities**
||**St**|**St**|
|---|---|---|
||**Winefride's**|**Winefride's**|
||**School**|**School**|
||**2024**|**2023**|
||**£**|**£**|
|**Direct costs**|||
|Staff costs|549,291|469,169|
|Depreciation and impairment|16,791|21,874|
|Uniform|450|-|
|Cost of trips and tuck shop purchases|6,694|5,702|
|Repairs and renewals|13,365|76,019|
|School books and educational equipment|6,469|9,021|
|Light, heat, and water|15,362|11,955|
|Cleaning expenses|20,639|13,884|
|Telephone, postage, and stationery|9,682|10,580|
|General rates|3,867|4,294|
|Sundry items|5,882|2,326|
||648,492|624,824|
|Grant funding of activities (see note 7)|120|-|
|**Share of support and governance costs (see note 8)**|||
|Support|82,725|124,735|
|Governance|1,400|7,883|
||732,737|757,442|
|**Analysis by fund**|||
|Unrestricted funds|732,737|757,442|
- 11 -
## **ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **7 Grants payable**
|Grants to institutions (1 grant):
Lingen Davies
-
**8**
**Support costs allocated to activities**
Staff costs
Courses, licenses and subscriptions
Insurance
Advertising
Accountancy
Governance costs
**Analysed between:**
St Winefride's School
**9**
**Net movement in funds**
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements
Depreciation of owned tangible fixed assets|**St**
**Winefride's**
**School**
**2024**
**£**
120
**2024**
**2023**
**£**
**£**
40,982
75,975
12,829
26,518
18,695
16,916
4,941
5,326
5,278
3,926
1,400
3,957
84,125
132,618
84,125
132,618
**2024**
**2023**
**£**
**£**
1,400
3,957
16,791
21,874|
|---|---|
## **10 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year (2023: £nil).
One of the trustees received reimbursement of expenses totaling £444 during the year for expenses incurred (2023: £nil).
Key management personnel received reimbursement of expenses totaling £115 during the year for expenses incurred (2023: £nil).
Donations received includes a donation of £240 (2023: £nil) from Mr E Tate, a trustee of the trust.
- 12 -
## **ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **11 Employees**
The average monthly number of employees during the year was:
|Teaching
Administration of the school
Total
**Employment costs**
Wages and salaries
Social security costs
Other pension costs
There were no employees whose annual remuneration was more than £60,000.
**Remuneration of key management personnel**
The remuneration of key management personnel was as follows:
Aggregate compensation|**2024**
**Number**
19
2
21
**2024**
**£**
497,992
31,466
60,815
590,273
**2024**
**£**
52,659|**2023**
**Number**
19
2|
|---|---|---|
|||21|
|||**2023**
**£**
465,765
28,578
50,801|
|||545,144|
|||**2023**
**£**
37,527|
## **12 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.
- 13 -
## **ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
|**13**
**Tangible fixed assets**
**Freehold**
**property &**
**improvements**
**Equipment**
**£**
**£**
**Cost**
At 1 September 2023
487,946
197,947
Additions
-
250
At 31 August 2024
487,946
198,197
**Depreciation and impairment**
At 1 September 2023
183,434
169,019
Depreciation charged in the year
9,527
7,264
At 31 August 2024
192,961
176,283
**Carrying amount**
At 31 August 2024
294,985
21,914
At 31 August 2023
304,512
28,928
**14**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income
**15**
**Creditors: amounts falling due within one year**
**Notes**
Other taxation and social security
Deferred income
**16**
Trade creditors
Other creditors
Accruals|**Website**
**£**
6,478
-
6,478
6,478
-
6,478
-
-
**2024**
**£**
196,331
300
6,990
203,621
**2024**
**£**
8,202
225,393
12,719
23,257
-
269,571|**Total**
**£**
692,371
250|
|---|---|---|
|||692,621|
|||358,931
16,791|
|||375,722|
|||316,899|
|||333,440|
|||**2023**
**£**
173,055
402
5,970|
|||179,427|
|||**2023**
**£**
-
241,352
3,886
718
5,367|
|||251,323|
- 14 -
## **ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
|**16**|**Deferred income**|||
|---|---|---|---|
|||**2024**|**2023**|
|||**£**|**£**|
||Other deferred income|225,393|241,352|
||Deferred income is included in the financial statements as follows:|||
|||**2024**|**2023**|
|||**£**|**£**|
||Deferred income is included within:|||
||Current liabilities|225,393|241,352|
||Movements in the year:|||
||Deferred income at 1 September 2023|241,352|259,601|
||Released from previous periods|(211,634)|(224,228)|
||Resources deferred in the year|195,675|205,979|
||Deferred income at 31 August 2024|225,393|241,352|
|**17**|**Retirement benefit schemes**|||
|||**2024**|**2023**|
||**Defined contribution schemes**|**£**|**£**|
||Charge to profit or loss in respect of defined contribution schemes|60,815|50,801|
The trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the trust in an independently administered fund.
## **18 Restricted funds**
The school has a restricted fund to provide a bursary fund to assist under privileged children wishing to attend the school.
||**At 1**|**Incoming**|**At 31 August**|**At 31 August**|
|---|---|---|---|---|
||**September**|**resources**||**2024**|
||**2023**||||
||**£**|**£**||**£**|
|Restricted Bursary|17,918|188||18,106|
|**Previous year:**|**At 1**|**Incoming**|**At 31 August**||
||**September**|**resources**||**2023**|
||**2022**||||
||**£**|**£**||**£**|
|Restricted Bursary|17,816|102||17,918|
- 15 -
## **ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_
## **18 Restricted funds**
## **(Continued)**
Cash at bank includes an account with Santander for the restricted funds of £18,106 (2023: £17,918). During the year interest of £188 (2023: £102) was received on the restricted fund balance.
## **19 Unrestricted funds**
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.
||**At 1**|**Incoming**|**Resources**|**At 31 August**|
|---|---|---|---|---|
||**September**|**resources**|**expended**|**2024**|
||**2023**||||
||**£**|**£**|**£**|**£**|
|Asset fund|82,505|-|-|82,505|
|General funds|828,151|662,389|(732,737)|757,803|
||910,656|662,389|(732,737)|840,308|
|**Previous year:**|**At 1**|**Incoming**|**Resources**|**At 31 August**|
||**September**|**resources**|**expended**|**2023**|
||**2022**||||
||**£**|**£**|**£**|**£**|
|Asset fund|82,505|-|-|82,505|
|General funds|981,452|604,141|(757,442)|828,151|
||1,063,957|604,141|(757,442)|910,656|
In an agreement with the Union of the Sisters of Mercy Great Britain, the assets of St Winefride's school were transferred to the company on 1st January 1993. The value of the assets at that date was £80,419 and this was credited to the Asset Fund. During 1994 it was recognised that certain interest was being received under reduction of tax. The tax was refunded by the Trusts bankers. £2,086 related to before 1st January 1993 and was credited to the capital fund.
## **20 Analysis of net assets between funds**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
**At 31 August 2024:**
Tangible assets
316,899
-
Current assets/(liabilities)
523,409
18,106
840,308
18,106|**Total**
**2024**
**£**
316,899
541,515|
|---|---|
||858,414|
- 16 -
## **ST. WINEFRIDE'S SCHOOL SHREWSBURY TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2024**_
|**20**|**Analysis of net assets between funds**|||**(Continued)**|
|---|---|---|---|---|
|||**Unrestricted**|**Restricted**|**Total**|
|||**funds**|**funds**||
|||**2023**|**2023**|**2023**|
|||**£**|**£**|**£**|
||**At 31 August 2023:**||||
||Tangible assets|333,440|-|333,440|
||Current assets/(liabilities)|577,216|17,918|595,134|
|||910,656|17,918|928,574|
|**21**|**Related party transactions**||||
||There were no disclosable related party transactions during the year (2023 - none).||||
|**22**|**Cash absorbed by operations**||**2024**|**2023**|
||||**£**|**£**|
||Deficit for the year||(70,160)|(153,199)|
||**Adjustments for:**||||
||Investment income recognised in statement of financial activities||(27,012)|(9,771)|
||Depreciation and impairment of tangible fixed assets||16,791|21,874|
||**Movements in working capital:**||||
||(Increase)/decrease in debtors||(24,194)|6,086|
||Increase/(decrease) in creditors||34,207|(15,494)|
||(Decrease) in deferred income||(15,959)|(18,249)|
||**Cash absorbed by operations**||(86,327)|(168,753)|
## **23 Analysis of changes in net funds**
The trust had no material debt during the year.
- 17 -