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¥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 p8￿culadY 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 cUr￿n1 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 GOn￿rn. 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 pro￿sseS 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 Practi￿1. The law applicable to charities in England & Wales requires the Trustees lo p￿pare 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 COn￿M bass of accounting in the preparation of the financial statements is not appropriate.. or the Trustees have not di￿lOSed 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 con￿rn 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 eXpli￿tlY staled in our report, we do not eXp￿sS 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 Othern￿lSe appears lo be maleiially misslaled. If we identify such material inconsistencies or apparent material misslalemenls. we are reqUI￿d 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 Stat￿entS 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¢
  • 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