Wycliffe College Foundation ReF¥)rt and Financid Slalemenls Year Ended 31 August 2020 Registered charity number- 1078286
Wycliffe College Foundation Report and financial statements foi" tlie yeai" elided 31 Auyust 2020 Cvriteiit Page- Trustees and advisers Report of the Trustees Independent audilor's report Slalernent of financial activities 10 Balance sheet Notes to the finanGial statements
Wycliffe College Foundation Trustees and advisors fui. Ili¥ y¥ili erided 31 Auyust 2020 TRUSI The Iruslees who served during the year were.. Chairman.. Brigadier (Retdl R J Bacon. MBA, Chartered FCIPD. FCMI, CMILT Trustees: Mr S P Elherldge, MBE, TD, JP, MBA Mr N J Gregory, BA. M.Ed Mrs S J Lacey, MEng, BA (Honsl Mr T Pwood, BA (Honsl, FCA Secretary: Mr T P Wood, BA IHonsl. FCA Principal address- Finance Department Regent Street Stonehouse Gloucestershire GL10 2AD Reglsterad Charity Number: 1078286 ADVSSERS Bankers Lloyds Bank Commercllal Bdrnwood 1 Barnell Way Gloucester GL4 3RL Solicltors Harrison Clark Rickerbys Ell¥iibuiuuyli Hvub¥ Wellinglon Street Chellenham GloucesleiEhiie GL50 1YD ALtdlloi BDO LLP Bridgewaler House Counlerslip Bristol BS1 GBX Investment managers Paradigm Norton Financial Planning Ltd Paradigm House Macrae Road. Ham Green Bristol 8S20 ODD
Wycliffe College Foundation Report of the trustees foi tlie y¥<lW 31 August 2020 Tlie Trustees preseni ihelr report with the financial siaioments ot Ihe charity for the year ended 31 August 2020. The Trustees have adopted the provisions of A¢¢ounling and Reporting by Charities.. Slalemenl of Recommended Practice {SORP 2nd Edition) applicable lo charities preparing their accounts in accordan¢e wth the Financial Reporting Standard applicable in the UK and Republic of Iroland IFRS 1021 {eff8clive 1st January 20191. OBJECTS. AIMS, OBJECTIVES AND ACTIVITIES Charitable Objects The Charity's 0.e¢l8, as sel out in ils Trijst Deed, a to protnote and advan the education ol pupbls of Wycliffe College in partiCLlar by the following means.. (al making and granting sd)olarships, exhibitions. bursaries, maintenance allowances. grants, awards, prizes and other benelaclions tenable al Ihe College-, Ibl furthering or improving the education afforded by the College., Icl improving. modernising or Inéintdining the buildings and grounds of the Cdlege,. and {dl by such other Charitae means as the trustees dol8rmine from time lo lim8. In Ihe furtherance of these aims, the Trusteeb have complied with the duly in Section 17 of the Charities Act 2U11 lo have due regard lo the Charity Commission's published general and relevant sub-sector guidance ConrnIng Ihe operation of the Publlc Benefit requirement under the Act. Strategic Aim and Intended Impact Within these Objects. Wycliff¢ College Foundation's aim is to support the aims of Wycllffe College by the granting of scholarships and bursaries lo existing and prospeclwe pupils and through donations for the improvement. modernisalion and m8inlenance of the College and ils property. Objectives for the Year Thc focu3 continijed to be further widening of aGGess to Ilio) ¥JuLaliuii pruvi(Jed by Wyciirre College through the granting of scholarships and bursaries. Stratcgics to Aohiove the Year's Objective To derive sufficient income and capital growth from the investment portfolio to enable up lo £45,000 lo be awarded in O1h1p- and burgarie3. Principal activlties of the year The Charity has continued to support Wydiffe College through awards lo pupils and donations for capital projects. Grant.making polley The Charity has continued to make awards from unreslricled funds by way of scholarships and means lesled bursaries. Sueh awards are made either to enable pupils whose parents would otheThwse have not been able lo afford full fees to benefit from an independent education al Wycliffe College, or to enable pupils lo remain atwycliffe ere financial circumstanS have changed to the extent that such a pupil's education would otherwise be al risk. Awards made frorn reslricled funds ar8 made in accordance with the wishes of the original donor. In addition. grants are made for various edu¢alional prqecls or other purposes from funds generated by the Foundation Office. The objects of all funds (restricted and unrestri¢ledl are listed on page 3.
Wycliffe College Foundation Report of the trustees for the year ended 31 Augu>t 2020 (cuiilliiugd) OBJECTS, AIMS, OBJECTIVE5 AND AL'I IVII IkS- (conrinued) OBJECT OF FUNDS General Endowment Fund For the improvement, modernisation and maintenance of Wy¢liffe College and its propety and for the furtherance and improvement of the education afforded by Wycliffe and for scholarships and bursaries lo enable boys and girfs lo benefil from an education al Wydiffe. in the expectation that such will endow the fund subsequently and anolher generation may receive similar advantage. The Lewis Bequest There is a non-binding wish of Ihe donor that the bequest be used for the purpose of enabling children lo be educated al Wycliffe. The Loosley Endowment Fund Scholarshlp To be awarded to a child or grandchild of a Wy¢liffian for entry into the Sixth Form p8culadY one wllh lalenl in either Music or Malhemalics. The Pearson Bursary To enable a child lo be educated al Wycliffe whose parents are unable lo fund full fees. The Wards Scholarshlp To be awarded lo a Wycliffian al Sl John's College. Cambridge or lo assist one al another universty. The J H Edwards Bequest To enable a child to remain al Wycliffe who might forfinancial reasons leave. The Sibly Scholarship To be awarded lo a vegetarian wth qualities of character, promise of leadership and keenness in sport. The Wilson Scholarship To be awarded to a pupil talented in and sludwng Art or Music al age 13+ The Lloyd Robinson Award To be awarded lo a pupil tdenled al Sports, with preference given lo cricket and rugby. The Healey Bursary To be awarded to children of Old Wycliffians who wthoul such assslance would not be able lo either enter the Ojllege or ¢onlinue their education al the College. The Margaret Pendrill Scholarship To be awarded to a Sixth Form pupil for Sc4ence. The Selwyn Bursary To be awarded to a gSrl living within twelve mile5 of Gloucester Cathedral and who attends Wycliffe College. The Burnetward Bursary To be awarded to a promising young person who, for finan(aal reasons, would olhernise have not been able to benefit from a Wycliffe education. Appeal Funds These represent cUrn1 gifts, donations, legacies elc. generated by the work of the Foundation Office since May 2011. Expenditure is reslricted to the speafic purpose of each fund wth the exception of the Trustees Discretionary Fund.
Wycliffe College Foundation Report of the trustees for tlie yeaw ¥iiilEd 31 August 2020 {contlnued) ACHIEVEMENTS AND PERFORMANCE Operational Performance The Charity is pleased lo have awarded a lolal of £32,398 12019.. £31.050110 13 12019.. 161 pupils to relieve hardship where a pupil's or potential pupil's education and future prospects would otherwise have been al risk. Fundraising Performance The FoLJndalion Office hds generated gifts and donations totalling £14,329 {2019= £27,066). The Trustees are most grateful for the continuing generosity and support of all the many donors. Investment Perfomiance Throughout the year the portfolio continued lo be managed, in accordance with the agreed investment strategy, by Paradigm Norton Financial Plannirig Ltd. The value ol the portfolio showed a decrease of 2.50/0 over the course of the year after taking into account cash inflows and outflows, compared lo 17.7'A decrease in FTSE All-share Index. FINANCIAL REVIEW The nel movement in funds for the year was a deficit of £33.620 {2019.' surplus of £21,144). after crediting £34,570 12019. gain £25,207) of unrealised losses less realibed gains of £10,491 12019.. loss £4,902) on investment assets. The Trustees made awarcls and grants lolalling £32,39812019'. £31,050). Reserves Policy The Charity's total reserves of £1.58 million al 31 st August 2020 12019.- £1.61 million) included £0.4 million restricted funds12019.. £0.4 millio) aiid £O.J Iiiilliuii ¥iiduwgd fuiids12019.' £0.5 mllllonl, leaving free reserves ot £0.6 million12019.' £0.7 million). The Ch8rity's re8eryes policy is to niaintaiii suffi¢i¥iil UlilEbliiLled reserves to enable 11 to meei lis financial obligations on a fund by fund basis. These obligations are reviewed annually. The Trustees consider that the investments held by the Charity, as sel out in the notes lo the financial slatemenls, together with other readily rcali4¥able 08get¥ e3 3t8ted in the DalanGe oheet, nieet tliis requli¥iTieiil. Investmant policy and objectives The Trusle68' policy is to maintain and to increase the purchasing power of the Charity's Investment portfollo. over the medium lo long-lerm, after withdrawng each year such sums as may be specified from time lo lime. Withdrawals may be met from income or from capiial except from permanent endowed luiidts. FUTURE PLANS For the financial year 2019120, to Continue to award scholarships and bursaries, to assist in and bwcsen access lo the independent edu¢alion provided byWycliffÈ College. To continue lo work wlh the Foundation Office of Wycliffe College in its fundraising efforts. Going concern The Trustees have a reasonable expectation that there are adequate resources lo continue in operational existence for the forseeable future. They believe that there are no material uncertainties that call into doubl the charity's ability lo continué #s a going concern. Th8 accounts have thercforo been prepared on the basis that the charity is a going GOnrn. STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity was founded in 1957, and is registered with the Charity CommissSon under charfly nurllber 1078286. The Trusteès and principal addr&ss of the Charity arè listed on page 1. Particulars of the Charity's professional advisers are also given on page 1.
Wycliffe College Foundation Report of the trustees fvr tlie y¥¢lW YriEl¥d 31 Auyusl 2020 (¢oii¢liiuÈd) blKUCTURE, GOVERNANCE AND MANAGEMENT- (continued) Governing Document During the year under review the Charity was governed by the Scheme dated 8th October 2009 which replaced the fomier trusts of the Charity. Govemance Structure The governing body consists of fwe ex-officio Trustees, two Nomlnaled Trustees and two Co-opted Trustees. The Ex-offi'cio Trustees serving al 31st August 2020 were as follows.. The President of Wycliffe College Inc. - Mr S P Etheridge, MBE, TD, JP, MBA The Chair of the Council of Trustees of Wydiffe Cdlege Inc. Brigadier (Retdl R J Bacon. MBA, Chartered FCIPD, FCMI, CMILT The Vice-chair of the Council of Trustees of Wycliffe College Inc. Mrs S J Lacey, MEng, BA {Honsl The Head ofwyeliffe College Inc. - Mr N J Gregory, BA, M.Ed The Director of Finance & Operations ol Wycliffe College Inc. Mr T P Wood, BA {Hons), FCA The Nominated Trustees are apwinled.. One by the Council of Trustees ofwycliffe Cdlege Ilncorporaledl- one vacancy One by the Ex-officio Truslees- one vacancy The Co-opted Trustees are appointed.. Two by the Trustees - two vacancies Recruitment and Training of Trustees The majority of Trustees are members of the Council of Trustees or Leadership Team ofwycliffe College Inc. and all Truslees are included in the training provided by Wycliffe College. Trustees were offered a full programme of briefings on charity law Ihroughoul the reportino period. New Trustees are inducted into the workings of the Challty by the Secretary on appoinlmenl. Organisational Management The Truslees mel Iwce during the year lo review investment performance, lo approve the annual accounts, lo discuss the granting of scholarships and bursaries, and the general operation of the Charity. Th8 Trustees are awdre of the Charity Code of Governance and ils prinapl8s. and how they aff8¢l the Charity. Group Structure and Relatlonships Wydiffe College Ilncorporaledl is a separate charity and legal enlily with parallel objects and common adminislralion and trusteeship. The Charity benefits frorn the generosity of a thriving network of Old Wydiffians and also parents of pupils at the school. Risk Management The Trustees are responsible for the management of risks faced by the Charity-
Wycliffe College Foundation Report of the trustees foi" tlie yeai. ¢iiiJed 31 Augubt 2020 (Gontlnuedj STRUCTURe. GOVERNANCE AND MANAGEMENT - {coniinued) Risk Management - (continued) Key controls used by the Charity Include.. to re¢dve periodic financial reports from the Director of Finance & Operations and to meet on al least two occasions per annum., formal agendas for all Board activity distributed at least 7 days before rneelings., financial managemenl information presented lo Trustees well in advance of meetings., established organisalional structure and lines of reporting., clear aulhorisation and approval levels., use of investment advisers, Paradiom Norton Financial Planning Ltd. to manage the investment portfolio, in accordance with the Investment Policy Slalemenl drawn up by the Trustees. Through the risk management prosseS established for the Charily, the Trustees are satisfled that major risks identified have been adequately mitigated wherever reasonably practicable. STATEMENT OF TRUSTEES RESPONSIBILITIES The Trustees are responsible for preparing the Trustees. Report and the financial slalemenls in accordance wth applicable law and United Kingdom Accounu'ng Standards (Uniled Kingdom Generally Accepted Accounting Practi1. The law applicable to charities in England & Wales requires the Trustees lo ppare financial statements for èach financial year which give a true and fair view of the slate of affairs of the charity and ol the in¢orlling resources and application of resources of the charity for that period. In preparSna these financ4al stalemenls. the Trustees are required to.. select sullable accounting wlicles and then apply them consistently.. observe the methods and principles in the Charities SORP 2015 {FRS 1021.. make judgements and eslimales that are reasonable and prudent., stale whether applicable accounting 8t2nd2rds hAVKI. hg.g.n fdlowad. gubj•¢t to any matOri91 d$partur8S disclosed and explained in the financial slalem&nts', prepare the financial slalemenls on the going concem basis unless il is Inapproprialo lo presume that the charity continij?. in npp.rAlinn The Trustees are responsible for keeping accounting records that disdose with reasonable accuracy al any time the financial position of the Charity and enable thém to pnsure that Iha linaneial statements complywlh the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and provisions of the S¢heme. 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. Approved by the Trustees on 22nd May 2021 and signed on their behalf by-. Mrs S J Lacey> MEng. B Trustee
Wycliffe College Foundation Independent auditor's report Oplnlon We have audited the financial slalemenls of Wycliffe College Foundation {Charity"I for the year ended 31 August 2020 which comprise the slalemenl of financial activities. the balance sheet, and notes lo the financial statements, including a summary ol significant accounting policies. The flnanclal reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Pra¢ticel. In our opinion, the financial slalemenls.. give a true and fair view of the slate of the Charity's affairs as at 31 August 2020 and of the ils income and expenditure for the year then ended.. have been properfy prepared in accordance wth United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance ¥Mlh the requiremenls of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those stsndards are further described in the Auditor's responsibilities for the audit of Ihe financial slalemenls section of our report. We are independent of the Charity in accordance with the ethical requirements relevant lo our audit of the financial slalemenls in the UK, induding the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance wlh these requirements. We believe thal the audit evidence we have obtained is sufficient and appropriate to provide a bass for our opinion. Concluslons related tD going wwiierii We have nothing to report In respect of the following matters in relation lo which the ISAS IUKI require us lo report 10 you where.. the Trusle8s' use of the ooing COnM bass of accounting in the preparation of the financial statements is not appropriate.. or the Trustees have not dilOSed in the financial statements any identified material uncertainties that may c8sI significant dout)l about Ihe Lharily's abilily lo continue to adopt Ihe going conrn fiasis of accounll.ng for period of at least twelve months from the dale when the financial slalerllents are aulhorised for issue. other informatio The other information Comprises the information included In the Report of th8 Trustees, other than the financial staiements and our auditor's report thereon. The Trustees are responslble for the other information. Our opinion on the finanaal slalements does not cover lh8 Other information and, except lo the exlenl otherwise eXplitlY staled in our report, we do not eXpsS any form of assurance conclusion Ihereon. In connèction wlh our audil of the financ4al slalemenls, our responsibility is lo read the other infumation and, in doing so, consider whether the other information is materially inconsislenl wlh Ihe liiiancial slalements or our knowledge obtained In the audit or OthernlSe appears lo be maleiially misslaled. If we identify such material inconsistencies or apparent material misslalemenls. we are reqUId to determine whether there is a material mlsslalement In the financial statements or a material misslJt¢rllent of tl)e other information. If, based on the work we have perfomed, we conclude that there is a material mlsslalemenl of this other infomiation, we are required lo report that fact. We have nothing to report in this regard.
Wycliffc College Foundation Independent auditor's report Matters on which we are required to report by exception We have nothing lo report in respect of Ihe following matters in reialion lo which the Charities Act 2011 requires us lo report to you if. in our opinion., the Information contained In the financial StatentS is inconsistent in any material respect wlh the Trustees. Annual Report., or adequate accounting records have not kept.. or the financial slalemenls are nol in agreement wth the a¢counling records and retums.. or we have not received all the information and explanations we require for our audit. Rosponslbllities of Truslees As explained more fully in the Statement ol Trustees, Responsibilities, the Trijstees are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determines is necessary lo enable the preparation of financial slalemenls 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 lo continue as a going concern, disclosing, as applicable, matters relaled lo going concem and u&ng the going concem basis of accounting unless the Trustees either intend lo liquidate the Charity or to cease operations. or have no realistic allernalive bul to do so. Auditor's rèsponsibilities for tha audlt of the financial statements We have been appoiiitLBd as auditor uiidvi btrLliuii 144 uf Chadtles Act 201.land report In accordan wth Ihe Act and relevant Tegulalions made or having effect Ihereunder. Our objectives are to obtain rsa60nable assui"aiiiv dLMJul wliellier tlie financial statements as a whole are free from rnalerial misslalement, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit Conducted in accordance with ISAS IUKI wll always detect a materlal mi551aleineiil wlisii it ¥xi¥lb. MibbLdtYlTient5 can arlse from fraud or error and 8re considered material if, indlvidually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stalemenls. A further description of our responsibilities for the audit of the financial slalemenls is located at the Financial Reporting Council's l°FRC's"I website al.. htlps.'IhwM,frc.org.uklaudilorsresponsibililies. This description forrns part of our auditor's report. Use of our report This report is made solely to the Charity's trustees, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might slate lo the Charity's Iruslees those mallers we a required to slate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not a¢p1 or assume responsibilily lo anyone other than the Charity and the Charity's Iruslees as a tx)dy, for our audit work, for this report, or lor the opinions we have formed. 8DO LLP, slalutory auditor Bristol, UK Dale.. 27 May 2021 BDO LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under se¢tion 1212 of the Companies A¢1 2006. BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC3051271.
Wycliffe College Foundation Statement of financial activities fvr tl)¢ y¢<li ¢l)Kl¢d 31 Ayyuibl 2020 Unresiricted funds 2020 Restricted funds 2020 Endowed funds 2020 Total 2020 Total 2019 Note Income and endowments from: Voluntary sources Donations and legacies 1,509 12,820 14,329 27,066 Invèstmènts Gross dividerHls and interest Bank deposit interest 13,318 7,950 332 21,268 341 16,777 345 Total income and endowment5 14.836 21.102 35,938 44.188 Expenditurg Oll= Raising funds 5,944 3,547 9,491 10,439 Charltablo activities 20.961 15.027 35,988 32.910 Total expenditure 26,905 18,574 45,479 43,349 Net incoming funds froin operatloi)s before investment gains 112,0691 2.528 19,5411 839 Net Ilossesygains on investment assets 110,1451 {6,OSS1 {7,8791 124,0791 20,305 Net {expenditurell Income and net movement in funds 122,2141 (3.5271 {7.8791 133,6201 21,444 Reconclllatlon of funds Total funds brought fonKard 12 668,877 422,823 519,467 1,611,167 1.590,023 Total funds carried forward 12 646,663 419,296 511.588 1.577,547 1,611,167 The notes on pages 1110 18 fom) part of these financial ststements.
Wycliffe College Foundation Balance sheet at 31 Auyu>t 2020 Note 2020 2019 Fixed assets Investments 1,501,974 1,540,707 Current assets Debtors Cash al bank and in hand 1.879 82.426 737 73,087 84,305 73,824 Creditors- amounts falling due wlthln one year 10 18,7321 13,3641 Net current assets 75,573 70,460 Net assets 1,577.547 1,611,167 Funds Unreslricled funds Reslricted funds Endowod funds 12 12 12 646,663 419,296 511,588 668,877 422,823 519,467 Total funds 1,577,547 1.611,167 The financlal statements were approved by the board of Iruslees on 22nd May 2021 and signed on its behalf by.. Mrs S J Lacey¥ MEng. BA IHonsl Trustee MrT P Wood, BA (Hons), FCA Secretary The notes on pages 1110 18 fomi part of these financial slalemenls. io
Wycliffe College Foundation Notes to the financial statements fvr tIiE yE<ir triided 31 August 2020 Legal status of the Charity Wycliffe College Foundation is a charity registered with the Charity Commission in England and Wales. regislration number 1078286 and is governed by the Scheme dated 8th October 2009. The princApal address is Regent Street, Stonehouse, Gloucestershi, GL10 2AD. Accounting pollcles Basis of preparing the financlal statemenls The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordan with the Charities SORP 2- Edition {FRS 102) Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1st January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard ¢ippli¢able in the UK and Republic of 5reland' and the Charities Act 2011. The financial statements have been prepared urbder the historical c05t convention. with Ihe exception investments which are h&ld al market value. The presentational currency of these finanGial tslalemenls is £ sterling and amounts are rounded trj the nearest £1. The followng accounting polie8 have been applied.. Going ¢oncern The Trustees have con51dered wtri¥llier il ib iippiupiial¥ lu yi¥yaiv abiDuiits oli a 901119 GOIiGerii basis. Th have a reasonable expectation that there are adequate resources lo continue in operational existence for the forseeable future. They believe that there are no material uncertainties that call into doubl the charity's ability to continue a5 a guiriy LvfiLerri. Tlie aLLuuiilb liv¥ Ili¥ief(u¥ be¢ii piepared on tlie basi5 that th¢ ¢harity is a going concern. All income is recognised in the Statement of Finanaal Activities once the chaty has entltlemenl lo the funds, il is probable that the income will be received and the amount can be rneasured reliably. Income from dividends are included in the Slalemenl of Financial Activities when they are received. Incom8 from bank Interest is included in the Statement of Financid Activities on an accruals basis. Expenditure Expenditure is recognised once there is a legal or conslruclive obligation to m8ke 8 payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. 11
Wycliffe College Foundation Notes to the financial statements for tlie yeai eiidfjil 31 August 2020 {conrinued) A¥Gvunting pollcles (conllnued) Allocation of Income and Expenditure - Scholarship and Bursary Funds Various Trust funds were merged on 1 sl January 1994 and since 1 sl September 2001 the apportionment of income and non-allributable expÈnditure has been based upon fund balancos as al the beginning of each financial year as adjusted for significant donations during the year. Since Isl September 2008 Governan Costs have all been charged to Unreslrlcled Funds. For Funds established since May 2010, the apportionment of income and non-allribulable expenditure has been based upoii fund bdl£inces as recalculated al 1st September, 1st January and 1st May. Investments Investments are recognised inilially al fair value whlch Is normally the Iransaclion price excluding Iransaclion costs. Subsequently, they are measured al fair value with changes recognised in nel gainslllossesl on investments in the Slalemenl of Financial Activities if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments a measured at cost less impairmenl. Debtors Trade and other debtors an? recognised al the settlement amount due. Prepayments are valued al the amount prepaid. Cash at bank and In hand Cssh al bank and cash in hand includes cash and short term highly liquld investments wlh a short m8lurily of three months or less frorn fhe dale of acquisition or opening of fhe deFX)sil or similar account. Creditors Creditors are recognised ere the charity has a present obligation resulting from a past event that will probably re8uIt in the transfer of funds to a tliiid tjdi Iy iiiid Ilig (imount due io settle the obligaiion Can be measured or estimated reliably. Creditors are normally recognised at their selllement amount. Finantrial instruments The charity only has financial assets and fSn8ncial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured al aMOrti co- -t wth the exception of investments whl¢h are lield at laii value. Taxation AB a regi- -tcrcd charity, Wyoliffe Collrye foundation 55 not liable to iiiGuiii¥ IX aii(J Lurpuratlon lax on Income and gains derived from ils charitable activities as il falls within the various exemptions available lo registered charities. Fund Ac¢ountlllg Unrestri¢led Funds are available lo the Trustees lo apply for the general purposes of the Trust as sel out in the Trust D6èd. Reslricled Funds consist of net incoming resources from Endowed Funds and Appeal Funds. Endowed Funds consist of scholarship and bursary funds sel up by individual donors. Each Fund is allocaled its proportion of investment gains and losses. 3 Critical accountlng estimates and assumptions The charity makès estimates and assumptions concerning Ihc future. The resulting accounting estimates vlll by definition, seldom equal the actual results. There are no eslimales or assumptions that are deemed lo have a significant risk of causing material adjuslmenl lo the carrying amounts of assets and liabilities wthln the next rinancial yèar. 12
Wycliffe College Foundation Notes to the flnanclal statements for ihe year ended 31 August 2020 (contlnued) Donations and legaciès Unrestricted 2020 Restricted 2020 Endowed 2020 Total 2020 Donations 1,509 12.820 14,329 Unrestrictèd 2019 Restricted 2019 Endowed 2019 Total 2019 Donations 24,977 2,089 27,066 Expenditure Unrestricted 2020 Restrl¢t8d 2020 Endowed 2020 Total 2020 Expenditure on raising funds.. Investment management costs 5,944 3.547 9.491 Expendrfure on charitabl& actlvltles.. Scholarships and bursaries Governan costs 17.371 3.590 15,027 32,398 3.590 Total charitable expenditure 20.961 15,027 35,988 Total expendlture 26,905 18,574 45,479 Unr8stricted 2019 Restricted 2019 Endowed 2019 Total 2019 Expenditure on raising lunds.. Investment management w515 4.319 6,120 10,439 Expendilure on charitable acllvltles.. Scholarships and bursaries Educational grants GovgrncinLe costs 25,800 5.250 31,050 1.860 1,880 Total charitable expenditure 27,660 5.250 32,910 Total expenditure 31,979 11,370 43,349 13
Wycliffe College Foundation Notes to the flnanclal statements fow tIiE year ended 31 Augusi 2020 (Gonrinued) Expendlture fcontlnuea) Governan costs represent the support costs of the charity and these can be summarised as follows.. 2020 2019 Auditorfs remuneralSon for audit services Auditorfs remuneration for other se1viS 2,500 1.000 1.860 3,500 1,860 Trustees remuneratlon and benefits No Trustee received any remuneration, expenses or other benefits frorn the Trust during the year {2019 £Nill. Employees The charity had no employees in the current or previous year. Listed Investments 2019 Markctt value at 1 I r tptembei" Addillons Disposals Rcali3ed g8in8111055es1 on disposals Unrealised Ilossesllgain on revaluation 1,485,821 475,190 1485.5851 10.491 134,5701 1,504.467 475,762 1514,7131 14,YU21 25,207 Market value al 31$t August Cash on deposit 1.451,347 50,627 1,485.821 54,886 1,501,974 1,540,707 The hislori¢al cost of non-cash investments al 31st August 2020 was £1,244.448 (2019.. £1,105,876). 14
Wycliffe College Foundation Notes to the financial statements for the year ended 31 August 2020 (GuiiliKruvilJ Debtors.. amounts duè In one year 2020 2019 Other debtors 1.879 737 10 Creditors: amounts due in one year 2020 2019 Amounts owed lo group undertakings Accruals 5.232 3,500 3,364 8,732 11 Analysis of net assets betwoen funds Fund Current assets Currenl Ilabilities InstMentS 2020 Unrestricted funds Reslricled funds Endowment funds 571,090 419,296 84,305 18,7321 646,663 419,296 511,588 1.401,974 84,305 {8,732} 1,577.547 Fund balances 2019 CL¢rrent asset5 Current liabilities Inv8Stmènts Unrestricted funds Restricted funds Endowment funds 617,222 404,018 519,467 54,501 19.323 12,846} 1518) 668,877 422.823 519.467 1,540,707 73.824 {3,3641 1,611.167 15
Wycliffe College Foundation Notes to the flnanclal statements for IIJV ye<ir ended 31 August 2020 (continued) 12 Funds Balance 1 Seplemb&r 2019 Balanco 31 August 2020 Incomlng resources Resourcès Investment exponded Gainsllloss esl Unr6strleted funds General Fund Lews BeqLJest Truslees Discr81ionary Fund 146,714 413,523 108,640 2,922 8,234 3,6QO 119,4431 15,838) 11,624) 12.2251 16,2721 11,6481 127,968 409,647 109,048 Total unrestrictad fund8 668,877 14,836 126.9051 110.1451 646.663 Restricted funds General End0ment Fun Loosley Endowment Fund Pearson Bursary Fund 3,632 43.648 4,159 72 869 83 1301 {3881 1551 {6621 3.619 43.467 jjiiii Ward's Seholarship Fund J H Edwards Bequest Fund Sibly Scholarship Fund Wilson Scholarship Fund Selwyn Bursary Fund Bursaries Fund BLirnat Ward Bursary Edu¢ational Grants Fund Honours Boards Prpp Schod Sports Pavilion Miscellaneous Funds Hardship fund (1,2341 12,0081 11561 11741 {631 18671 12671 12961 11891 {1,1241 {1,4171 11,0421 1171 1131 2,945 55,449 17,S01 19,451 12.420 72,490 93,030 68,592 1,101 978 23,900 2,793 1,560 57,185 17,574 19,532 12,472 74,127 93,417 68,717 1.106 881 23,568 2.805 1,139 350 389 248 1,476 1.860 1,528 22 118 232 56 12.560 {1,9891 (8301 18111 1101 {81 (251 111,0001 143) Total restricted funds 422,823 21,102 {18.5741 {6,055) 419,296 Endowment funds General Endowment Fund Loosley EndnwmF¥nt Fi Ird Pearson Bursary Fund Ward's Scholarship Fund J H Edwards Bequ&st Fund Sibly Scholarship Fund Wilson Scholarship Fund 48,805 202,3go 82,614 74,012 39,124 50.004 22,518 17401 13,0701 11,2531 {1,1231 1593) 17581 13421 48,065 199.320 81.361 72.889 38,531 49,246 22.176 Total endowment funds 519,467 {7.8791 511,588 Totsl funds 1.611.167 35,938 {45,4791 124,0791 1.577,547 16
Wycliffe College Foundation Notès to the flnanclal statements fur tlie year 31 Augubt 2020 {contlnued) 12 Funds (conrinued) Balanc& 1 September 2018 Balance 31 August 2019 Incoming resources Rè50urces Investment expended Gainsllloss esl Unrestricted funds General Fund Lewis Bequest Trustees Discretionary Fund 159,224 418,499 82,799 1.763 4,636 25,536 116,4071 (15.2231 13491 2,134 5.611 654 146,714 413,523 fj08,640 Total unrestricted funds 660,522 31,935 131,9791 8,399 668.877 Restricted funds General Endowmant Fund Loosley Endowment Fund Pearson Bursary Fund Ward's Scholarship FLJnd J H Edwards Bequest Fund Sibly Scholarship Fund Wilson Scholarship Fund Selwyn Bursary Fund Bursaries Fund Burnet Ward Bursary Educational Grants Fund Honours Boards Prep School Sports P2vilion Miscellaneous Funds 3.71 42,631 5,144 58,13g 17.937 19,245 12.327 74,320 90.400 67,500 525 881 23.443 2,805 574 2,678 960 1,443 624 757 381 823 2,460 846 581 16561 (1,6611 (1,9451 (2.3971 {9871 {4701 12361 12,0121 16031 14021 3,632 43.648 4,159 57,185 17,574 19.532 12,472 74,127 93,417 68.717 1,106 881 23,568 2,805 996 1.160 773 125 Total restricted funds 419,011 12.253 -11,370 2,929 422,823 Endowm&nt fiindg General Endowrnenl Fund Loosley EndowTNenl Fund Pogrgtsn Burgsry Fund 48,110 199,149 81,453 72,264 38,369 49,088 22,057 695 3,241 1,161 1,748 755 916 461 48,805 202,390 82,614 74.012 39.124 50.004 22,518 Ward's Scholarship Fund J H Edwards Bequest Fund Sibly Scholarship Fund Wilson Scholarship Fund Total endowment funds 510,490 8.977 519.467 Total funds 1.590.023 44,188 43,349 20,305 1,611,167
Wycliffe College Foundation Not8s to the flnanclal statements fvr Ilie ye<ir 31 August 2020 (contlnued) 12 Funds fcontinueil) Unreslricled Funds are available lo th8 Trusl8es lo apply for the general purposes of the Trust as sel out in the Trust Deed. Reslricled Funds consist of nel incoming resources from Endowed Funds and Appeal Funds. Each Fund is allocated its proportion of investment income and bears its own expenses. Endowed Funds consist of scholarship and bursary funds sel up by individual donors. Each Fund is allocated ils proportion ol investment galns and losses. Of the above funds, the followng are pemanenl endowed funds.. Ward's Scholarship Fund £3,00012019.' £3.000) Sibly Scholarship Fund £71512019.. £7151 Wi150n SGholarship Fund £87412019.. £8741 13 Related partles During the year a lolal of £Nil was donated lo Wycliffe College 12019= £Nill. Donations loldling £Nil were received from Wydiffe College in tl)e yedr12019: £24,852). 18