Wycliffe College (Incorporated Limited by Guarantee) Report and Financial Statements Year Ended 31 August 2022 Registered company number: 00255632 Registered charity number: 311714 Wycliffe College (Incorporated) Reporl and financlal statements for the year ended 31 August 2022 Contents Page Council of Truslees. Ollicers, Registered Office and Advisers Annual Report by the Council of Trustees Independent Auditorfs report 14 Consolidated Statement of Financial Activities for the Year ended 31 August 2022 17 Consolidated Statemenl of Financial Activtties for the Year ended 31 August 2021 19 Balance Sheet 20 Consolidated Cash Flow Statement 21 Notes to the Financial Statemenls 22 Wycliffe College (Incorporated) Council of Trustees, Officers, Registered office and advisors for the year ended 31 Augusl 2022 REFERENCE AND ADMINISTRATIVE INFORMATION COUNCIL OF TRUSTEES Trustees are ultimately elected by Ihe Members ol the College to ￿ ils Tnjstees and also the Directors ol the chalily. Those who served during the year are.. Chalr: Mrs F M Lloyd Bsc (Hons) Est Man, MRICS11.3,41 Vice Chalys.. Mrs S J Lacey. Meng. BA IHonsl 1,41 Irelired 13 December 2021) Mrs C J DuckwoTih MA {Honsl14,6} Mr W R Garrard hABA, Bsc {Honsl11.3.4} lar¥>oinled v￿ Ghair 13 December 20211 Major Genera5 R M Clements CBE15, 41 Mr S K Collingrklge BA (Hons), LLB161 Iretlred 12 December 20221 Mrs L C Duncan Bsc, PGCE121 Mr L FauH(ner MA {Honsl, PGCE, MA IOxonl12) lappoinled 17 November 2021) DT L J Hair, PhD, BA IHons)16} Miss A L Kerr BA IHons}15} Mr G T Mason Msc, LLB151 (relir￿1 29 NOveMtr￿r 2021) Mr G May BA MA IOxonl12. 41 Mi J C C May OBE DL. MA IHons}, PGCE, BA121 lappoinled 20 Seplembei 20211 Mr A A Opaleye BChD LDS RCS (Engl FDS RCS IEdin)151 lappoinled 17 August 20221 Mrs A L Palk MBE. BA (Honsl {6) Mr J Slaler FRICS13,61 Members ol the Finance Commtitee Members ol the Education Committee Members ol the Eslates Commillee (41 Membgrs ol Ihe Governance Commttlee (51 Members ol the Marketing Commillee {61 ￿emtr￿S ol the Wellare Committee 121 131 Trustees are elected by the Members. one third being re-elect￿1 each year. PRESIDENT AND VICE PRESIDENTS The Members may appoint a President and up to 3 Vice PT&sidents. Mr S P Eiheri(h3e. MBE. TD. JP, MBA {retired 4 December 20211 Brigadier IReld} R J 8acon. MBA. Chartered FCIPD. FCMI, CMILT lappoinled President 1 January 20221 Mr J C H Prilchard, Dipm Mr J R E Williams, FCA President- Vice Presidents= OFFICERS College- The Head.. Senior Depuly Head= Mr N J Gregory BA. M.Ed Mrs C M Peltingell BSC, M.Ed Wycliffe College {Incorporated) Council of Trustees, Officers, Registered office and advisors for Ihe year ended 31 August 2022 (contlnued) OFFICERS (continued) Prep School: The Head: Senlor Deputy Head: Mrs H M Grant BEd (Honsl MT R D Irwin BCS (Hor￿1. PGCE Director of Finance & Operatlons and Company Secretary: Mr T P Wood BA (Hons). FCA Clerk to the Trustees: Mr T P Wood BA (Hcfftsl. FCA REGISTERED OFFICE.. Finance DepaTlmellt Wyclille College Ilrwtpoiated) Regent Slreel Sionehouse Glouceslershire GLIO 2AD ADVISERS Bankers Lbyds Bank Commercial Education Support Team 3rd Floor Queen Square Wolverhampton WV1 1TF Sollcltors HaNi80n Clark Rickerbys Ellenborough House Wellington SITeet Chellenharn Glouceslershire GL50 IYD Audltor Hazlewoods Slaverlon Gourl Slaverton Chellenham Gkjs GL51 OUX Insurance Brokers Marsh Brokers Limited Education P1aCt￿e, Capital House. 1-5 Perryfflounl Road Haywards Heath Wesl Sussex RH16 3SY Investment m8nagers Paradigm Norton Financial p￿nnIng Ltd Paradigm House Ma¢rae Road Ham Green Bristol 8S20 ODD Wycliffe College (Incorporaled) Annual Report by the Council ot Trustees lor the year ended 31 August 2022 The Council of Tnjstees I'lhe Council'l ol Wycliffe College Ilncorporatedl presents their Annual Reporl for the year ended 31 sl Augusl 2022 under the Companies Act 2006 and the Charities Act 2011, together with the audited accounts lor the year and confirm that, Ihe laller comply wlh Ihe requirements ol the Act, the Trust Deed and the Charities SORP 2019. The Charity was founded in 1882 a￿1 is registered wlh Ihe Charity Commission under charity number 311714. The Council. Officers of rhe College and regislered office ol the Charity are as listed on pages 1 and 2. Particulars ol the Charity's professional a¢fvisers are given on page 2. STRUCTURE, GOVERNANCE AND MANAGEA4ENT Governlng Documents The Charily is governed by its Articles ol Asswalion adopled by Specxal Resdution on 91h Seplemk*r 2006, as amended by Special Resolutions on nh June 2011 and 251h March 2014. Goveming Body The Charity has a single Governing Body lor ils two schools, Wycliffe Senioy School and Wyclille Prep School. The governance structure comprises Members of the Charity, ol unlimited numbers, and a Council ol between 8 and 15 Trustees with the power to delegate lo a number of functional sub-commillees or working parties. As of 31st August 2022, the Council consisted of 14 TnLstees arKI there were 40 Members. Recrultment and Tralnlng of Trustees The College's Governance Manual rAintains the Truslee Recruitment arKI Induction Policy, Roles and R8sponsibililies and Code of Conduct lor a Tr￿Slee al Wycliffe. The Role of Ihe Clerk to the Trustees sels oul the responsibilities ol the Clerk including induction and training of new Tnjslees. The induction Process includes meetings with all members ol the Leadership Team lo provKle a clea¥ insight into the College's operation and a lour ol the campus. Training is provided both inlemally and externally by presenlalions al Council ar￿ sub- committee meetings and allendance al AGBIS and other seminars Ihal are avalable throughout the year. Organlsatlonal Management The Gouncil. as the Trustees ol the Charity. is kgally resp)nsible for the overall management and conlrol ol both Schools ol the College. Trustees mel as a Council fNe limes during the year, which included a strategic business Teview meeting in May 2022. The detailed WO￿ ol the Council is delegated lo six sub-committees. each ol which operate under terms ol reference, which aTe a￿T0ved by the Govemance Commiltee aThJ which are rwuired lo reporl lo the lull Council on a regular basis. Finance Committee Education Committee Eslales Committee Governanc8 Commillee Marketing Commstlee Welfare Committee Committee members are listed on page 1. In addilion lo the suboommitlees. certain Trustees also act as Trustees for Wydiffe College Foundalion and as Directors lor Woodpark Limited. Wycliffe College (Incorporaled) Annual Report by the Council of Trustees for Ihe year ended 31 August 2022 Organisational Management {continued) The Annual General Meeting in May 2022 provided the one Imxasion durirKJ the year lor Ihe Members io meet and to receive the Financial Slalemenls and Annu￿ Report lor the year ended 31 Augusl 2021. The strategic direction ol Ihe College is delegaied lo the Leadership Team which has responsibilily lor the day lo day managemenl ol the College. During the yea¥ the Leadeiship Team comprised= Ihe Head, Mr N J Gregory Ihe Prep School Head. Mrs H M Granl the Direclor ol Finance and Operations, Mr T P Wood the Director ol Mar1(eling and Admissions. Miss T Gingell {resigned 30 Seplemb8r 2022) the Direclor ol MaTkeling and Admissions. Miss R Wilkins lappoinled 1 January 20231 the Senior Deputy Head (Senior School), Mrs C M Pellingell lapwinted 1 September 20221 the Senior Deputy Head (Prep &hooll. Mr R D Iwn the Depuly Head (Academic) (Senior School), Mr S V Dunne the Depuly Head IPasloral) {SenKY School). Mrs K L CortrAn (resigned 31 Augusl 20221 Remuneralion is sel by the Council. with Ihe rt4'eclive ol woviding an appropriate level ol iemuneralion lo reward lairty and responsibly indiwdual contrit￿l0nS lo the College's success. Group Stru¢ture and Relatlonshlps The College provides inde￿ndent {day and boarding) education for t￿yS and girls bètween the ages ot 3 and 7 yeais IPie-Prep School- day onty). 7 and 13 years {Prep School) and 13 18 years Isenior School). The College has one wholly owned subsidiary. WOOdpa￿ ￿mited. regisiered number 2731302, which provides lelling and retail services. Wyclille College Foundation is a separale charity and legal entity wilh parallel objects and common adminislralion. There a¥e up to ten Tiuslees ol Wyclille College FouThJalion, ol which six are appoinled ex ollicio with up lo a further four being e¢ecled peri(Kli¢ally. Iwo by ctroplion and two by nomination. Wyelille College Foundation has been consolidated into the linancial slalemenls ol Wyclille COl￿e {Incorporaledl Limited on the basis ol control through common Trustees. Employment and Equal Opportunities Poll The College is an equal opw)rtunilies employer. Full and fairconsi(leralion is given tojob applications from disabled peisons and due consideration is gNen to their Iraining and employment needs. Consullalion with employees, or their represenlalives, has continued al all levels wilh Ihe aim ol laking the wews ol employees into account when decisiorbs are made that are likely lo allecl their inleresls. Communication wlh employees ¢onlinues through normal management channels in a variety ol lomis and also through exceplional channels to apprise staff as ecessary ol current issues. Investment Pollcy and Oblecllves There are no restrictions on the College's powers ol investment other than those imposed by the donor. The policy continues lo be lo hold investments lo creale income per￿Ing ulilisation. Wycliffe College (Incorporated) Annual Report by the Council of Trustees for the year ended 31 August 2022 OBJECTS, AIMS. OBJECTIVES AND ACTIVITIES Charitable Objects The Charilrfs thjects, as sel out in the Articles of Association of Wydille College Ilncoiporaledl, are lo provide a School lor the education of kxjys and girls. the adVar￿ment ol Ihal education, together with physlcal and moral training, provision ol boarding and day accomrn(KJalion lor teachers and children ol both sexes and. Ihe provision ol teacher Iraining. The College has a Strategic Plan 2019-2024. developed arou￿1 the lollowing Pury)ose Statement, Vision Slalemenl and for Pupils- Purpose Statement Inspire and educate every indiwdual in mind. body and soul. Vlslon Statement Wyolille will promote a pioneeriNJ spirit and er￿0￿ra9e individuals lo IEwrish and embrace their lulures as global citizens. Alms lor Puplls The College's aims lor the public benefrt are for pupils to.. Achieve their full academic. spiritual. physical and creative potential. Behave with 'unassumiry confidence" showing generosily ol syril, respect lor others and appreciation ol diversty- Cullivate social and enwronmenlal awareness and an underslanding ol their role as global citizens. Develop skills, setf-knowledge and resilience lo face wstlivety all future challenges. Exhibit crealivily, innovation and Independer￿ in their apwoach lo learning and lo lile. Feel happy and secure. ' Thts was a comm￿1 mad8 by Ihe team Ihe 2016 ISI vtsffl s￿k￿)g to descfth the Wifle pU￿ts theyhad m8t. Publlc Beneflt The Trustees conlirm thal they have complied with their duly in Section 17 01 the Charities Act 2011 to have due regard lo the Fxjb1￿ benelil guidance puLlisI￿d by the Charity ComFnission lor England and Wales. The Council and Leadership Team encourage the slafl and the Wyclille Community as a whole lo identsly ways in which the College can enhance ils conlribul*)n lo S￿lely. This includes the contribution ol lime, money, facilities and resources lo local, nalional and international Fyojects. Some examples of the publ￿ benefit conlribulions the College has made in the past 12 months. Econorn￿ Impact Trustees have ulilised the Oxford Economics 'Economi¢ Impact Assessment Tool 2018. to estimate the financial impact that Wyclille has upon ihe UK ￿onomY as a whole and uw)n the local SlroLKI Local Authority District. Year to 31 Aug 2022 £23.1m £13.4m 590 £7.1m Tolal contribution to UK GDP {direcl. supply chain and ir)direcl staff spending) Of which.. local impact Total jobs supported {direct. supply chain and indirect slalf spending) Total UK lax payments (direct. supply chain and indirect stall spending) Savings IOT the UK taxpayer as a result ol attendance al Wyclilfe by wjiyls enlilled lo a free UK slate place £3.Om Wycliffe College (Incorporated) Annual Report by ihe Council of Trustees for the year ended 31 August 2022 Public Benefil Icontlnuedl Access- Scholarships and Bursaries Scholarships are awwded lo the best aFplicants in their fiekls. A su(￿essIV1 Scholar wll be a leader in their chosen field ol expertise and a good role m(xtel duTlThJ their lime al Wycliffe. Scholarships recognise lalenl in academ￿ excellence. all round contribution. art. desiun technology. drama, modern languages. music and sport. Bursaries will be awarded lo wpils Vh￿ are looking for pLqces in Year 7 and akx)ve. Buisaries w¢ll only be awarded in exceplional circumstances lo those wtho would most benetil from a Wycliffe education bul whose means make il impK)ssible to allord. The College also provides significant financial supp)rt lo lamilies seryiry in Ihe Brilish Amied Forces, recognising the irnportance ol the conlribulion the Armed Forces make lo society. The College has provided a ¢ommilmenl lo these families that they wll onty pay IO% of the School boardirvJ feè after receipt ol the Conlinuily ol Education Allowance. In the year lo 31 August 2022. the lolal value ol scholarships. buisaiies and Forces awards (excluding stall discounts and other concessions) was £1.9m12021.. £1.6ml Tepresenling I1.1.￿{2021.' lo.4.￿) ol gross f88 income, aThY a lotal ol Z3712021: 249) pupils berteffted in some way Irom these awards. Training & Staff The College aims lo ITain and inducl new teachers each year and ContinL￿ lo have links with the Gloucestershire Inilial Teacher Education Partnership. Stall are encouraged lo visil other IrKal slate schooL8 lo deliver le&sons and share their experien￿ and subject specific expertise. Teachers fr￿) thal schods are imiiled tojoin our INSEf Fyogramme. whilst ￿h0o1 nurses also join our medical team for some or all ol Iheir annual IrainirMJ. Gombined Cadet Force The College's Comtrmned Cadet Force Fwovided sut4)ort to the local commLEnily in a number ol ways duTing the year., Playing an integral part in the Sionehouse annual Remembran￿ Service Inviting cadets Irom olher cadel faetions, such as ihe Tewkesbury Sea Cadets tojoin leadeiship training sessions Running the National Nawgalion Award Scheme Allowing Bristol and Gloucester Wing liee use ol the indoor shooting range Facilit￿S The College made its facilities availalje lo the local communty. Some letlings were made free ol charge., others are subsidised by Ihe College. Where Ihe College charges for these lettings. tt aims to keep the charges lo a minimum. Examples ol the facilities which were frequentty let to l(thl sthoois, commLFnily groups, clubs and teams during the year are- Aslro lull pilch (hockey. foolWII Swimming pool Sports Hall Ibadminlon. cricket. netball. le￿Ing. baskelball, air Fxsloll Sports pitches Icrickel, rugby) Drama Ihealre Tennis courls Exam centre for exlemal candidates sitting public exams Wyclilfe College (Incorporaled) Annual Report by the Council of Trustees for the year ended 31 August 2022 Severn Stars Nova Academy The College conlinued as a Sevem Stays Nova Academy, providing Iraining lacililies and coaching tree ol charge. Seven Slars are a Vilalily Nelball Superleague leam. Their Nova academies aim lo provsde elile training lo talented young nelballers from all backgrOur￿S across Ihe counly. Making a Difference Day The College held ils annual 'Making a Dillerence Day, in late June 2022. This invofved over 21)0 pupils 2nd 50 members ol stall from across the Senior School S￿ndIng a day in a lange of activities lo support the local community. These activities included- Environmental projecls at Slimbiidge Wetlands Centre Running a Sports Day lor local primary schools, with i)ver 80 pupiLs attending Clearing a local oveigrown gravey*d and churchyard Fence painting al a local primary school Singing lo residents ol a iocal care home Weeding. litleT picking and general suw)rt lo Stonehouse in Bloom A sponsored walk in support ol Ihe Pied Piper Charity Publlc 8enefll (conllnued) Volunleers The College wishes lo record ils Ihanks to an Wycliflians, the Senior and Prep School Parents Associalioris and olhw Friends ol Wyclille who have given conltnued and valuable SLtpport during the year. STRATEGIC REVIEW Review of achlevement and perlomance for the year Pupll Numbers The Council aim lo mainlwn a balance belween day and boarding pupils, and boys and girts to ensure diversity across the CcAlege community. An andysis of average pupil nUmi￿rg Is sel out b810w; Prep School 179 50 55% 45% Senlor School 219 183 Day pupils Boarders Boys Girls 41V. Educatlonal Perfomwnce Sen￿r Sch(K)I Among the academic priorities completed during 2021-2022 were the further establishment ol the school's own evidence-based Teaching Philosophy. supporled by a maturing QA process. and a new rigorous and collaboralive system lor leacher developmenl, the roll-out ol an enhanced IT programme lo support learning with the realisalion of the school's Classfoom ol the Future scheme, the successful reacciedilalion ol CReSTeD stalvs through consistent, effective provision lor pupils with Additional Needs. and the completion of a new Gurricvlum Map loi the Who￿ College. An inlegraled inspection ol Ihe school in September 2022, whilst occurring in the 2022-2023 year, happened so early in the Autumn Term Ihal il has to be seen in conlexl 012021-2022, relying as il did largely on data. pupil work. and pupil exI￿rien￿S tsom that and wevious years. Wycliffe was recognised as being excellent both in terms ol purAI achievements and personal development, with inspectors including significant recognttion ol specific initiatives that have been developed over recent years lo imwove FAJpiI achievements urKler both those headings. Wycliffe College (Incorporated) Annual Report by the Council of Trustees lor the year ended 31 Augusl 2022 Aller the IITSI Isummer seiiesl pu￿1¢ examinations in GCSE and A levels since 2019 there were some exceptional results when sel againsl expeclations ar￿ taknng inlo account a range ol individual issues that pupils had overcorne. The school's overall perforniar￿e compared lo expectations, and national dats sets was extremely good. As is the norm. the 2022 Sixth Form cohort was ol lower ability than lor all Sixlh Forms and yet the 81 Year 13 leavers delivered 100 ol ail A Level grades at either A. or A {more than four out ol every ten grades) and well over 60% were at B or higher. The Year 11 cohort was ol marginally higher ability than the nationJ norni, a￿1 al GCSE over one-third ol grades were awarded al 9-7 and eight ol every ten grades was al 5 or higher. Against baseline, GCSE perfom7ance in 2022 saw a mean average glade increase 01.48 per pupil. The Grade 5+ pass rale nalionally wag 58.1°A- at Wycliffe it was 76.￿￿. Wyclille analyses the resulls ol those pupils who coukl have altended selective Grammar Schools th local selective schools lo provide lik&lor-like analysis. This year Ihe results confirmed several years, worth ol analysis Ihat demonslrale Ihal Wycliffe Fmjpils who coukl have gone lo grammar schools perform al leasl as wdl as the pupils in those schooLs. These Tesulls are confirmation of the College's commilmenl lo prowde an outstanding education for pupils ol all abilities and we ￿ngra1VIate all PUPNIS on their achievements. Review of achievement and perfornianc8 for the year {continued) Prep School Excellent overall academic progress and performance from Early Years to Year 8 has been demonslraled in the Prep School, evtdenced by the lollowing measures: 91% 01 pupils met or exceeded agtrrelaled expectalK)ns in progress in Reading IPIRA slandardised assessment) 85Vo ol pupils mel or exceeded age-relaled expectations in progress in Maths (PUMA standardised assessmenl) 86°/p ol PUFxls met or exceeded agfrrelaled expeclalions in progiess in Science {GL Science slandardised assessment) 100Y. Wy¢lille Baccalaureate Iyear 8 award inlemalty assessed against age-relaled expectalionsl Pass and above attainmellt. with 59% achiewng a hAerit or Distinction (highest barKlsl Sport and Extra curr￿￿1ar- Pupils, Achievements A detailed review of the puiyls. numerous and exeeplional achievements during the year are recorded in The Wyclillian and Young Wyclillian publicalions annually. These oulslanding publications describe the varied achvilies available lo our pupiL% across a raThJe ol SFX)rting. musical and other extra-curricular pursuits. 11 demonstrates how the College is commilled lo er7SUTing that our pupils educalional experience is lar broader Ihan aGademic atlainmenl. The publications are ava￿able lo review on the COl￿e website., clille. -conlenVu loads120221101W cliffian2022. .conlenVu loads120221101Y clilfian2022. htt s.'Ilwww. FacilitEs and Resources The Council remain committed lo investing in orvJoing imwovemenl to the College's facilities. Workg completed dLtring the year include.. re-roofing ol several key buildings on campus, relurbishmenl and improvement of certain boarding accommodalion, inslallalion ol electr￿ Charging points lor stall Ltse, and investment in Ihe College's ICT provision wilhin the Sentor classrooms. Wycliffe College (Incorporated) Annual Report by the Couneil of Trustees for the year ended 31 August 2022 Plans for future periods The College's plans lor lulure periods relate lo the delivery ol ils rolling Strategic Mileslones. For the year &nded 31 August 2023 Ihese include ongoing delivery ol Ihe next stage ol the Diversily, Equity and Inclusion plan Slralegy, embrace the benefits ol becoming a Roundsquare member and a locus upon pupil reuuitsnent into the Prep School arKJ Lx)ard8rs in Ihe Senior School. Fundralslng The College and Foundalion do not actively lundraise. Donations and legacies are received from individLJals periodically. Investment performance The College continues lo hold investments subjecl lo donor reStr￿1￿)￿S to creale income pending ulilisalion. Performan￿ during the year was salislactory. Energy #nd Carbon Reporting The Gouncil understands the need lo Trmghlighl ils energy consumplion through the year and lake measures lo improve the energy etfi(xency lor a sustainable future. Over the year energy consijmption lolalled 6.287,809 kwh. This equated lo Ihe followng Tatios= A$S￿lated emissions in tonnes C028 1.158.00 Inlensily ralio- tonnes C02e pei pupil 1.84 The College has taken the followirKJ measures lo imwove energy eff￿K￿nCy. Inslallalion ol LED throughout the entire campus Installed a thermos FK)ol cover lo reduce loss ol heal from the swimming Fy)ol Use ol Sever￿ electr￿ vehicles Within the Col￿ge'S operational departments Inslallalion ol electric vehicle charging PL)inls bringing total to 7 over campuses Gas and Electricity procured liom 1￿ suslainable sources through a k)cal company. Increased recycliNJ opportunities arKI lacililies arouThJ campuses. Non-recycled waste is managed by zero to laThMill accredited company. The College ¢ontinues lo monitor ils consumption dosely and eX￿or￿ all LPPOrtunilies to ieduce ils carbon looiprinl. We have followed the 2019 HM Government Enwronmenlal Reporling Guidelines. We have also used the GHG Reporting Protocol - Corporate Sland*d and have used the 2022 UK Govemmenl Conversion Factors lor Company Reporting. The chosen intensity measurement ralio is lolal gross emisworE in metri¢ tonnes C02e per pupil, Ihe recommended ralio lor the sector. Engagement wlth employees The Council lakes active steps lo ensure matters concerning siafl are disseminated by leller, email or verbally by manageTS. Regular meetings lake place with staff where management make employees aware ol how the College is perfoiming and discuss the challenges il currently laces. The Councll ensures Ihal the suggestions, views and interests ol employees are captured and considered in our decision-making. The College has a strong equal opportunities policy wheTe we actively promotg and encourage opportunities and no employee or prOs￿lIVe employee will receive unfair treatment. Wycliffe College {IncorpoYated) Annual Report by the Council of Trustees tor the year ended 31 August 2022 Engagement wlth suppllers, customers and other buslness relationships The Council r￿ogniSeS the need lo maintain and losler good relationshipswilh our sun)liers, the parent body and others, monitoring closely OUT dialogues with all ol them. Wherè ￿SSIble the College aims lo promote local business using local sUp￿ie[S and seeks lo balance the benefits of maintaining strong partnering relationships with those key suwjliers alongside the need lo oblain value for money and the desired quality and service levels lor our pupils. The College has a well-eslablished payment system wheie we pay suppliers promptly arKI accurately, with supporting documentation where appropriate. Customers ol Ihe school are predominantly Ihe parent body and the College invesl heavily in ensuring that parents and fully engaged and aware ol changes in the school and aim lo inform parents in a timely manner. Communication is senl through varKJus mediums from letters. emails lo a personalised 'parent portal. which acts as a main source ol information. Paymenls due are collected efticienlly and wilh sensilivily, where apwopriate and the College oflers many lom￿ of payment oplions lo best suit individual needs. The College engage posilivety wlh our pupils aryj their par￿ts where we listen carelulty to our pupils and value feedback and opinions ol their parents. Promoting the success of Ihe school The College is highly iegarded domesI￿alty arKI internationally with decisions taking into accovnl the inleresls ol, and the irnpact on. the pupils, the parenl body. stall. suppliers, the environment. the local community and all others likely to be affected. We strive continually not only to maintain bul also lo enhan￿ our hard-won repulalK>n loi integ¥sty and hwJh slandards. FINANCIAL REVIEW Results for the year The Council monitors the financial performance ol the College against three key perfoimance indicators, these being Ihe level ol surplus. ex￿￿J11Ure on leaching salaries and bank ￿rrowings. Performance is reviewed by the Ci)uncil on a leTmly basis. The College also uses exleinally available benchrnarking dat8 from the independent schools Sect￿ lo monilor and assess financial perfomiance. The nel movement in lunds was a delicil 01 £490,15812021= deticil 01 £807.8861- The Council was satisfied with the financial performa[￿e in the year, with lh8 Collego reporting an operating surplus Ipre interest and deprecialionl 01 £635,01012021.. delicil 01 £117,000) The financial posiiion al the balance sheet dale was less favourable than the prior year due lo the nel delicil in movement ol funds. Exlemal bank borrowings increased lo £3,250,00012021 £2.500,0001 al 31 August 2022, although cash at bank increased by £500.000. such that the true nel increased exposure was approximalety £250.000. representing aclNe working capital management and relatively limited capf(al expendilure. The College's trading subsidiary, Woc(Ipark Limited and Wycliffe College Foundalion la separate legal enlily deemed lo be urKJeT the eonlrol of the College) contributed lurnover. profit and nel assets outlined in note 14 to the Financial statements. Reserves Level and Pollcy and Financlal Vlablllty The College's unrestricted funds, including Ihe revaluation Teserve, were £23m as of 31 August 2022 1£24m 20211, wholly deployed as part of the College's premises and equipment supplemented by external funding. as required. in the form ol a flexible secured loan. Day lo day working capilal needs are met by careful management ol short-teTm liquid resources and the 10 year revolving loan facility. Fleslricled funds hekl ol £1.5m and so lolal funds al 31 August 2022 are £24.7m. 10 Wycliffe College {Incorporaled) Annual Report by the Council of Truslees for the year ended 31 August 2022 The Council have considered. as part ol ils Risk Management, the risks arKI uncertainties ol operating an independenl educalional esiablishmenl and has concluded Ihal Ihe need to hold free ieserves is not crucial lo the day lo day operalion ol Ihe College. The policy is Iherefore lo contiol nel current liabililies using annual operating Surpluses. Exlernal borrowing, when required. is controlled in ￿de¥ to meet further capital expenditure to equip the College with the up-to-dale facilities needed to maintain and further imyove the standard of educalional services currently provided. Golng Con¢em The College meets is day-to4ay worlang requirements Ihrough the £7.5m Revofving Credit Facilily. This lacility is in commilled until 2027. The College's financial forecasts arKJ Projections, considering reasonable and possible changes lo trading peilormance, show that the College should be able lo opeiate within Ihe level ol ils current The Council do not an1￿1pate any dilficulty in meeting the t￿lIgationS ol the Charity as arKJ when they fall due. Forecasls indieale Ihal the covenant may b8 breached al 31 Augusl 2024. due to risina utility costs. Trustees have no reason lo t￿lIeVe ihal the bank will not agree lo waive the covenant again, given previous waivers. Trustees are actively pursuing PTojects to reduce energy consumplion and therefore costs as well as actions lo i￿reaSe rAJFMI recruilment. The Council believe il remains apwrtwriale lo prepare the financial slalemenls on a going concem basis. Prlnclpal Rlsks and Uncertalnlies The Council are responSi￿e for the managemenl ol the risks faced by the College and place considerable importance on achieving compliance %Mth charity, education and health and safely legislation. The College's So1￿110rS review the principal College policies on a regular basis and all other policies are reviewed by the College's Leadership Team. The College employs a full lime "Risk and Cofflpliance Manager" which underfines Ihe tmolile Wycliffe accords to the opeialional spectrum ol risk management. The Council are ullimalety accountable for all rlsks assoualed with the College and lo as51St in Ihe reduction or, where practicable, elimination ol such risk- il devolves such responsibility lo the Head, Leadership Team. and Risk and complian￿ Manager. The college's Risk Register identifies any major risks to the College, grading those risks by likelihood and severity including measures lo fflitigale them. The C¢yJncil regularfy reviews the ellecliveness of current plans and strategies lor managing all identified fflaior risks. Key stall are aware ol the register and oller risks appertaining lo Iheii area ol work for consideralion and irKlusion in this document. In the event ol a major situation invofving or oiherwise affecting the College. business continuity and disaster recovery plans are in place. These plans are subject to regular review. Internal financial controls are checkpAI by the Auditors and reviewed wlh the Finance Commillee annually. The key controls used by Ihe charily indude: Engaging the Gouncil in the acliwlies ol the College.. regul*, informal visils are Ihe nomi Formal agendas loi all Council and sutFcommitlee meetings *e distributed al least seven days IoTe meetings- minules, approved by the Chair{s), ale distllbuled on a timely basis 11 Wyclifle College (Incorporated) Annual Report by the Council of Trustees for ihe year ended 31 Augusl 2022 Extensive financial management infom7alion is presented to the Council well in advance ol the Council meetings.. Ihe Council are consulled on the volume. lormal and content ol inloimalion presenled lor d￿lSIOn taking Clear operating guidelines are gNen lo the Officers ol the College An organisalional structure and lines ol reporting Formal written pol￿1eS within Ihe College Clear aulhorisalion and approval levels, and vetting wocedures as required by law lor the woleclion ol the vu1rbÈr8t￿e. The Council have declared themselves satislied that major risks have been idenlilied and adequately miligaled wherever reasonably practicable. It is recognised that syslems can only WOVKle ieasonable not absolule assurance that major risks have teen adequalety manaoed. Statement by the Council in the performance of their statutory dutles In accordance wlth s172111 of the Companies Act 2006 The Council believe that they have effectively imtAemenled their duiies under section 172 01 the Companies Act 2006. The Council has ￿ns￿dered the loThJ-lerm slTalegy ol Ihe business wlhin the Siralegie Report and consider that this strategy will continue lo deliver long term success lo the business and ils stakehoklers. The Council is commilled to maintaining an excellent rewlalion arKI slrNes to achieve high standards. We are highly seleclive about which suppliers ar8 used lo deliver t￿81 value while maintaining an awareness ol the environmenlal impacl ol the work that they do and slrive lo reduce their carlx>n foolprinl. The Council recognise the impOrtar￿ ol WKler slakeholders in delivering their slralegy arKI achievinu suslainabilily wlhin Ihe kxjsiness. The main stakeholders in Ihe company are considered lo be the employees, suw>liers and customers. In ensuring Ihal all our stakeholders are considered as part of every decision prwe&s we believe we act laiTly between all members ol the Council. Trustees responslbllltles The Trustees (who are also directors ol Wycliffe College Ilncorporaledl lor the purposes of company lawl are responsible lor preparing Ihe Trustees, Report and ihe financial slalemenls in accordance with applicable law and United Kingdom Aixounling Sta￿lards (Uniled King(lom Generally Accepled Accounting Practtcel. Cofflpany law requires the Trustees lo prepare financial slalemenls lor each financial year, which grve a Irue arKI lair view ol the stale ol all￿rS ol the charilatAe company and ol the incoming resources and application ol resources. including the income and expernltture, ol Ihe charilable company for the year. In preparing Ihese tinar￿[al statements. the Trustees are required to.. Select suitable accounling policies and then apply them consistenlty Observe the methods and principles in the Charities SORP Make judgements and eslimales Ihal are reasonable and F￿￿lent Slate whether aAYicable UK AccounlirKJ Standards have been followed, subjecl lo any maleTial departures disclosed and explained in Ihe financial slalemenls Prepare the financial slalemenls on Ihe going concem basis unless il is inawropriale to presuffle that the charitable c(Mnpany will continuo in operation. 12 Wycliffe College (Incorporated) Annual Report by the Council of Trustees for the year ended 31 August 2022 The Trustees are responsible I￿ keeping adequate accounling records that disclose with reasonable accuracy. al any lime, the financial FK>silion ol Ihe charitable company and enable them lo ensure Ihal the financial slalemenls Com￿Y with the Companies Act 2006. The Trustees are also responsible lor safeguarding the assets ol the charitable company aml he￿e IOT taking Teasonabie steps for the prevention and detection ot fraud other irregularities. Relevant Audlt Informatlon In so lar as the Trustèes are aware, as memkws ot c￿n￿l. al Ihe dale of aw)roval ol this report.. There is no relevant audit inlormation ol which the charitable company's auditor is unaware. and The Trustees have taken all sleps that they ouohl lo have laken lo make themselves aware ol any relevant audit infomialion and lo eslabli8h that the auditor Is aware ol that informalion. Annual Report lincorporaling Ihe Strategic Report) approved by the Council of Trustees on It li217 L- and signed on ils hall by.. MTSFMLloyd Chair ol the Courril of Tnjstees Date.. 13 Wycliffe College (Incorporated) Independent Auditors, Report lo the Members ol Wyclilfe College for the year ended 31 August 2022 Opinion We have audited the financial slalemenls ol Wyclilfe College Ilncoiporaledl Limiled by Guarantee I'lhe Parent Ch2Tilable Companfl and ils subsidiaries I"Ihe Group") for the year ended 31 Augusl 2022 which comprise the Slalement ol Financial Activities, the Balance Sheet, the Cash Row Statement and noles lo the linanual slalements, including a summary ol significant accounting polic￿$. The financial repDrling framework that has been applied in their preparalion is applicable law and United Kingdom Accounling Standards Iuniled Kingdom Generally Accepled Accounting Practice), induding Financial Reporting Standard 102 The Financ￿1 Reporting Standard applicable in the UKand AepuNic ol Ireland aThYlhe Charities SORP IFRS1021. In our opinion the financial slatemenls-. give a true and lair view of the slate ol Ihe Group's and ol the Parent Charilabie Gompany's affalrs as al 31 August 2022 and of the Group's incoming resources aTKI aN)lication ol resources, including its income and expenditure, for the year then ended: have been Properly prepared in accordance with United Kingdom Geneially A￿pIed Accounting Practice" and have been prepared in accordance with the requirements ol the Companies Act 2006 and Ihe Charities SORP IFRS1021. Basls for oplnlon We conducted our audit in accordance wlh Intemat￿naI Standards on AuditirvJ IUKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit ol the financial slalemenls section ol our report. We are independent of the Charitable Company in accordance with the ethical requi¥emenls Ihal are relevant lo our audit ol the financial slalemenls in the UK, including the FRC'S Ethical Standard. and we have luifilled our other ethical iesponsibililies in accordance with these requirements. We believe that the audit evtdence we have obtained is sufficient and appropriate lo provide a basis lor our opinion. Concluslons relating to golng concern In audiling the financial slalements. we have concluded that Ihe trustees, use ol the going concern basis of accounting in the preparation ol the financial statements is appropriate. Bastrd on the work we have perfom)ed, we have nol identified any material uncerlainlies relating lo events or conditions Ihal, individually or colieclively, may casl signif￿ant doubl on Ihe Charilatle Company's ability to continue as a going concern lor a period ol al least twelve months Irom when the financial statements are aulhorised lor issue. Our responsibilities and the TespJnsiLilities of the tnjslees with respect lo going concein are described In the relevant sections ol thi% report. Other Inlormatlon The governors are responsitAe IOT the other inlomialion. The other information comprises the informalion included in Ihe Reference and Adminislralive details, Trustees. Rewrt and the Governance Slalemenl, olher Ihan the financial statements and our auditor's report thereon. Our opinion on the financial slalemenls tjoes not cover the other information and, except lo lh8 exlenl otherwise expliciity stated in our report. we do not express any form ol assurance conclusion Iheieon. In connection with our audil ol the ffinancial stalemenls. our responsibility is lo read the other information and, In doing so, COnSKler whether the other inlormalion is materially inconsister71 wilh the (inancial slalemenls or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. 11 we identify such material Inconsislencies or apparent material misslalemenis. we *e ieqvired lo determine whether there is a material misslalemenl in the financial slalemenls or a malerial misstatement ol the other information. 11, based on the work we have performed, we conclude that there is a Materi￿ misslatement of this other information. we are required lo report that lacl. We have nothing lo report in this regard. 14 Wyclllfe College {Incorporated) Independenl Auditors, Report to the Members of Wycliffe College lor Ihe year ended 31 August 2022 Oplnlons on other matters prescrlbed by the Companies Acl 2(106 In our opinion, based on Ihe work undertaken in Ihe course ol the audil.. the inlomalion given in the oovernors. rewrt lincorwraling the Strateg￿ report and the directors. repoill lor the financial year lor wh￿h the financial slalements are prepared is consistent with the financial slalements., and the strategic report and Ihe directors. report have bèen wepared in aCcOrda￿e with apFJicable legal requirements. Matters on which we are required to report by exception In the light ol our knowlethJ8 and underslandirwJ ol Group's and the Parent Charitable Company and its environment obtained in the course of the audit, we have nol idenlilied malerial misstatements in the strategic report and the directors, rewrt. We have nothing to report in respecl ofthe following matters in relation lo which the Companies Act 2006 requires us lo report lo you it. in our oimnion: adequate accounliNJ records have not been by the Parent Charitable Company, or retums adequate for our audit have not been received from branches not wsited by us., 01 the Parent Charitable Company financial statements are not in agreemeN wth the accounting records and returns., or certain disclosures of directors. remuneration specified by law are not made. or we have not received all the inlortnation and explanations we require lor our audil. Responslbllltles of Twstees As explained mole lully in the Slalemenl ol Trustees, Reswnsibililies, the Iruslees {who are also the directors ol Ihe charitable company lor the purtKJses ol company fawl are responsible lor the preparation ol the financial slalemenis and lor being satisfied that they gwe a Ifue and lair view, and lor such internal conlToI as the Iruslees determine is necessary lo enable the preparation ol tinanual statements that are Iree from material misstatement. whether due lo fraud or eiior. In preparing the financial slalements, the Irvslees are reSpOns￿le for assessing the Group's and the Parenl Charitable Company's abilily lo continue as a going concem, disclosing. as applicable. matters related lo going concern and using the going concern basis ol accounting unless the governors eilher intend lo liquidate Ihe Charitable Company or lo cease operations. or have no realist￿ aliernative bul lo do so. Audilor's responsibilities lor the audlt of the flnanclal statements Our objectives are lo obtain reasonable assurance about whether the financial slalements as a whole are free Irom material misstatement, whelhw due lo fraud or eiror. and lo issue an auditor's rewrt that includes our opinion. Reasonable assurance is a high level of assuiance, bul is not a guarantee that an audit conducted in accordance wilh ISAS IUKI will a￿ayS delect a material misslalemenl when il exists. Misslatements can arise from fraud or error and are considered material il. indNidually or in the aggregate, Ihey could reasonably be expected lo inlluence th8 economic deCI5￿nS ol users taken on the basis ol these financial stalemenls. Irregularilies. including ITaud. are instances ol non-compliance with laws and regulations. We design procedures in line with our responsitmlities. outlined above, lo delecl malerial misstalements in respect ol irregularities, Including fraud. The exlenl lo wh￿h our wocedures are capable ol delecling irregularities, including liaud is detailed below.. We obtained an understanding ol Ihe legal and regulalory frameworks apFAicable to the company financial slalemenls or that had a lundamenlal effect on the opeialions ol the company. We determined that the most significant laws and regulations included UKGAAP, UK Companies Act 2006 and taxation laws.. We assessed the susceplibilily ol the company's finartial statements lo material misslalemenl, including how fraud might occur. Audit procedures performed by the engagement team included challenging assumptions andjudgmenls made by managemenl in ils significanl aeLounling eslimales and idenlilying and lesling journal entries. in particular any journal enlries wjsled with urbusual characlerislics. 15 Wycliffe College (Incorporated) Independent Auditors. Report to the Members of Wycliffe College for the year ended 31 August 2022 BecaLtse ol the inherenl limilations ol an aLLlil, there is a risk that we will not detect all irregularities, including those leading lo a maleiial misstalemenl in the financial slalemenls or non-complian￿ with regulation. This risk inueases the more Ihat compliance with a law or regulation is removed from the evenls and transactions reflected in the financial stalemenls. as we will be less likely lo become aware ol instances ol non-compliance. The risk is also greater regarding irregularities occurring due lo liaud ralher than error, as fraud involves inlenlional concealment. forgery, collusion, omission or misrepresenlalion. As parl ol an audit in aecordance wth ISAS IUKI, we exercise proleSsK￿al It￿ment and maintain professional sceplicism throughout the aLKlit. We also: Idenlily and assess the risks ol material misslalemenl of the linaneial slalemenls, whelher due to fraud or error, design and perform audit procedures restx)nsive lo those risks, and obtain audit evidence that is sullicienl and approp¥iale to provide a basis lor our opinion. The risk ol not detecting a material misslalemenl resulting from fraud is h*Jher than for one resulting from eNor, as fraud may involve collusion, loroery, intentional omissions. misrepresenlalions, or the overTKle ol internal control. Obtain an underslanding ol intemal eontiol rel8vanl lo the audil in order to design audit procedures that are appropriate in the circumstances. but not lor the pUr￿se of expressir¥J an opinion on the ellecliveness ol the Charitable Company's inlernJ control. Evaluate Ihe appropriateness ol accounting FK)IKies used and the reasonableness ol accovnling eslimales and related disclosures made by the Irustees. Conclude on the appropriateness ol the govemors, use ol the going concem basis of accounting and, based on the audit evidence obtained, whelher a material uncertainly exists related lo events or conditions that may cast significant doubl on the Charilable Company's ability to continue as a going concern. 11 we conclude that a material uncertainly exlsls. we are required lo draw allenlion in our a￿lItOr'S report lo the related disclosures in the financial slalemenls or, il such disdosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained up to the dale ol our audilorfs report. However. fulure events or conditions may cause the Charitable Company to cease lo continue as a going cOn￿rn. Evaluate the overall presentation. structure and conlenl ol Ihe financial stalemenls, including the disclosur8S, and whether the financial slaternenls represent the underlwng transactions and events in a manner Ihal achieves laii presentation. We communicate with those ch*ged with governance regarding, among other matters, Ihe planned scope and liming ol the audit and significant audit findings, llKILKling any signilicanl deh"ciencies in intern￿ control that we identify during our audit. Use of our report This report is made solely lo the Ch*ttable Company's members, as a body, in accordance wlh Chapter 3 of Part 16 01 the Companies Act 2￿. OUT audit work has been undertaken so that we mighl slate lo the Charitable Company's members those mallers we are required lo stale lo them in an auditor's report and lor no other purpose. To the lullesl exlenl permilled by law. we do not accept or assume reswnsibility lo anyone olher than the Charitable Company and the Charilable Company's memtr*rs as a body. for our audil woik, lor this report, or lor Ihe opinions we have lormed. Date DR¢¢rnb.er.2022 Scoll Lawrence FCA DChA {S8nior Slatulory Auditor) For and on behalf ol Hazlewoods LLP. Slalulory AudKior Staverlon 16 Wycliffe College (Incorporaled) Consolidated statement of financial activities (ineluding summary ot income and expenditure accounl) for the year ended 31 August 2022 Unreslrlcled Funds Rgslrk Fund$ 2022 Endowed Funds 2022 Total 2022 Total 2021 Note INCOME FROM CHARITABLE ACTIVITIES School Fees Ancillary trading incom8 Government grants 14.766.066 4&8.984 14,766,066 537,008 13.591,043 263.221 210,532 103.024 Income from tradlng actlvllles Other trading income 130.674 130,674 45,595 Other Income Investment income Donations and lundiaising Surplus on the sale ol fixed assets 7.685 10,904 11.900 100.060 19,585 110.964 17,721 158,531 2,833 Total Income 15.349.313 214.984 15,564.297 14,289.476 EXPENDITURE ON CHARITABLE ACTIVITIES Provision ol education 15.546.272 102,813 71 15.649.156 15.156.810 Other costs Fundraising costs Financing costs Trading cosls Management costs Delicil on the sale of fixed assets 25,390 156,250 3,075 4,650 25,390 156,250 3,075 12,616 24,423 137,506 1,073 12,725 7.￿6 7113 136,165 136.165 Totsl expendlture 15,871.802 110.779 71 15,982,652 15,332,537 Net {expendilurellincome before gains. losses & transfers (522.489) 104.205 {71) 1418,3551 11,043,061) Net prolivllossl on investment assets {27,575) {44,228} {71,8031 235,175 Nel expenditure 1550,0641 59.977 {71} 1490.1581 1807.8861 Transfers between funds 18,715 622.211 {640.9261 Nel movement in lunds {531,3491 682.188 {640.9971 1490.1581 {807,8861 17 Wycliffe College (Incorporated) Consolidated statement of linancial aclivtties (Including summary ol income and expenditure account) for the year ended 31 Augusl 2022 Contlnued Unrestricted Funds 2022 Restrtcted Funds 2022 Endowed Funds 2022 Note Total 2022 Tol81 2021 Reconciliation ol luThJs Total lunds brought lorw*d 24 23,727,918 785,332 640.997 25,154.247 25,962,133 Nel movement in funds 1531.349) 682,188 1640,9971 1490,1581 1807,8861 Total funds carried foNard 24 23,196,$69 1,467,520 24,664,089 25,154,247 The slalemenl ol Financial Activities ir￿lUdeS all gains and losses in the year. All incoming resources and resources expended are derived from continuing actwities. The College has laken advankge of seclion 408 of The Companies Act 2006 not lo publish r(s own slalement ol financial aclivilies. The College's net deficit for the year was £463.12712021'. £1.191.8501. The notes on pages 2210 46 lomi part ol these accwnls. 18 Wycllfle College (Incorporaled) Consolidated statement of financial activities {Includlng summary of income and expenditure account) lor the year ended 31 August 2021 Unrestr4Cted Funds 2021 Rèstrtcted Funds 2021 Endowèd Funds 2021 Total 2021 INCOME FROM CHARITABLE ACTivmES School lees Ancillary trading income Government grants 13.591,043 185,019 210,￿2 13,578,093 263,221 210.532 78.202 Income from trading actlvltles Other trading income 45,595 45,595 other income Inveslmenl income Donalions and fundraising Surpluslldelicitlon the sale ol fixed assets 11,170 15.416 6.551 143.115 17,721 158,531 2,833 Total Income 14,061,608 227.868 14,289,476 EXPENDITURE ON CHARITABLE ACTIVITIES Provision ol education 15,062,023 94.073 714 15,156,810 other costs Fundraising costs Financing Costs Trading costs Investment Management costs 24.423 137. 1.073 24,423 137.506 1.073 12.725 4,287 Total expendlture 15,233,463 98,360 714 15.332,537 Net expenditure ￿lOre inveslmenl gains Net profivllossl on investment assets {1.177.0051 97.885 134.658 59,851 17141 77.439 11,043,061) 235,175 Nel movemenl in funds {1,073.970) 189.359 76,725 1807,8861 Total funds brought loNard Nel movement in funds 24.801,888 {1,073.970) 595.973 189,359 564,272 76.725 25,962,133 1807,8861 Total lunds carried loNard 23.727.918 785.332 640,997 25.154.247 The notes on pages 22 10 46 lom part ol these accounts. 19 Wycliffe College {Incorporaled) Balance Sheet tor the year ended 31 Augusl 2022 Consolidated Consolldaled 2021 College 2022 College 2021 Notes FIXED ASSETS Tangible assets Inveslmenls 13 14 30,917,223 1,908,251 32,825,474 31,456.952 1,913,138 33,370,090 30.917,223 31,456.952 30.917,225 31,456.954 CURRENT ASs￿s Stock Debtors Cash al bank and in hand 2,340 3,717,886 946,058 4,584 3,034.750 411,798 1,887 3,062,111 307,382 15 16 3.807,952 822.781 4,666,284 3,451.132 4.630,733 3,371,380 Credltors: Amounts falling due wlthln one year 17 8,683,088 8.210,486 8.674.561 8,179,900 NET CURRENT ILIABILITIESI (4,016,804) 14.759,3541 14.043.828) 14,808,520) TOTAL ASSETS LESS CURRENT LIABILITIES 28.808.670 28,610,736 26,873,397 26,648,434 Creditors.. amounts falling due after more than one year 18 4.144.581 3.456,490 4.144.581 3,456,490 TOTAL NET ASSETS 24.664.089 25,154,247 22.728.816 23,191,944 Funds Unreslricled lunds Revaluation reserve General 24 24 3.178,240 20,018,329 23,196,569 3,217.110 20.510.808 23,727,918 3,178,240 19,332,310 22,510,550 3,217,110 19,756,708 22,973,818 Restrlcted funds 24 1,467,520 785,332 218,266 166,156 Endowed funds 24 640,997 51,970 TOTAL FUNDS 24,664,089 25,154.247 22,728.816 23,191,944 The linancial statements were approved aThJ aulhorised IOT issue by the Counc410l Truslees on .... and signed on their behal MrSFMLloyd Chair ol the Council ol Trustees MrsCJ woilh Ice Chair ol Ihe Council ol Trustees The notes on pages 22 10 46 lomi part ol these financial statements. Wycliffe College (Incorporated) Consolidated statement of cash flows for the year ended 31 Augusl 2022 2022 2021 Notes CASH FLOWS FROM OPERATING ACTivmES Net cash used in operating actMI 25 62,325 395.543 Cash flows from inveslirtg aCtiv￿e$ Interest re¢eived Dividends received Payments to acquire inveslmenls Receipts from disposal ol investments Paymenls to acquire tangible fixed assets Receipts from disposal ol tangible fixed assets 297 19,288 11,417,582) 1,343,958 1567,0511 5,100 567 17,154 1255,2681 75,091 {182,4131 6,700 Cash flows used In Investing actrvltles 615,990 338.169 Cash flow from financing activities Nel increaselldecreasel in advance lees scheme money Net increaselldecreasel in hire purchase loans Nel increase1ld￿reaseI in bank loan Net increaselldecreasel in CBSL 310.053 21,163 750.000 238,797 11.8781 750,001 11,000,000) Nel cash inllowl{oulllow} Irom financing 1.081,216 13.080 Increase in cash and cash equivalents duriNJ the year 527,551 44,294 Cash and cash equivalents al the start ol the year 458,366 414,072 Total cash and cash equlvalenls al the end of the year 985,917 458,366 Cash and cash equlvalenls al Ihe end of year comprlse: Cash al bank and in hand Cash on deposit 16 946,058 39,859 411,798 46,568 14 985,917 458,366 The notes on pages 22 10 46 form part ol these fina￿lar slalemenls. 21 Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2022 Slalutory information The School is a Public Benefit Enlty registered as a Charty in EThJland and Wales aThY a company limited by guarantee. It was incorporated on 10 April 1931 (company number= 2556321 and regislered as a charily on 28 July 1966 (charity nLIM￿r. 3117141. Details ol the registered address is given on page 2 and details ol the principal aclivily is given in the TeTXJrt ol the council ol trustees. l Aceountlng pollcles Basis of preparing tinancial statements The lunclional currency ol the Colkge is considered to be pounds sterling because that is the currency ol the primary economic enviTonmenl in which the School operates and all amounts are rounded lo the nearest pound. Ba$ls ol consolldatlon The group accounts consolidated the accounts of Wycliffe College Ilncorpoialedl limited by guarantee and ils subsidiary undertakings, Wyclilfe College Foundation and Woodpark Limited on a line by line basis. The accounts are made up lo 31 August 2022. Wycliffe College Foundation is deemed lo be a subsidiary based on Wydille College Ilncorporaledl Limited By Guarantee having contToI over the enlity. No separate slalemenl of financial actiwties or i￿ome and expenditure has been presented lor the charitable company alone as peimitted by the Companies Act 2￿6 and the 2015 Gharilies SORP. The parent company's nel expenditure lor the year was £463.127 {2021= £1.191.850}. The resulls of the subsidiary undertakings loi the year are disclosed in note 14 of the accounts. Statement of Complian¢9 The financial statements have been prepaied in accordance vAth Ihe Financial Reporting Standard applicable in Ihe UK and Re￿bI￿ ol Ireland {FRS 1021, the Companies Act 2006 arKI Ihe Slalemenl ol Recommended Practice applicable to chariiies preparing their accounls in accordan￿ with the Financial Reporting Standard apFAicatle in the UK arKJ RepublK of Ireland (FRS 102)- effective 1 January 2019. Going concern The financial Stalemenls have been wepared on a going concem basis. The Group had total Nel Asset8 01 £24.664.089 and Nel Current ￿abilItieS of £4,016.804 al the Balance Sheet dale. Trustees have prepared financial forecasts and projections for Ihe years ended 31 August 2023 and 31 August 2024. These projections show that the Group will ietum an operaling surplus for the current financi year and lor the year ended 31 August 2024. TnJstees are conlidenl that actions taken in the last year lo reduce fixed operating costs and increase pupil retruitment will have an ongoing positive impact. The Truslees have reviewed numerous scenarios lo consKler Ihe impact ol further reduced pupil numbers, increased cosls, or capital expense requirements upon Ihe Gioup's ability lo meet its obligations as and when they fall due. They are satislied that the scenario which would require additional liquidity is less than posslble, and consequently (k&s not impact upon their view that the going concern basis is appropriate. Wycliffe College (Incorporated) Notes to the tinancial statements for the year ended 31 August 2022 Accountlng policies Icontlnued) Going Concern (continued) The Group meets day-lo-day wothiw capFtal requirements Ihrough the 10 year £7.5m Flevolving Credit Facility. The balance on 31 August 2022 was £3.250.000 providing £4.250.000 ol headroom. The Council believe ti remains appropriale to prepare the linanual slalemenls on a going concern basis. Income of Wycllffe College {IncoTporated) Fees and slmllar eamed Income This represenis Ihe invcAced value of lees and olheT income nel ol bursaries and scholarships Fees received (or education lo be provided in lulure years are carried lorward as defe￿ed. Donallons and lundraislng Donations received lor the general FMJfFK)ses ol the College are credited lo unrestricted funds. Donations subject lo specific wishes ol Ihe donors are C￿edIted to relevant restricted funds. or to endowed funds. Donated assets are valued al eslimaled OFtn market value al the date ol the gill. Government grants Payments received from the government for furfoughed employees are a lorm ol granl. This grant money is receivable as compensation loi expenses already incurred, and where this is not in respect ol tulure rdaled ¢osls, is recognised in income in the peri¢xl in which it becomes receivable and the related expenses is incurr&Y. Income of Wycllffe College Foundatlon Legacles Legacies are recognised where there is enlillemenl. receipt is probable and Ihe amount can measured with sufliaenl reliability. Divldends Dividends are included when Ihey are rewvable. Bank Interest Bank interest is included on an accwals basis. Wycliffe College (Incorporated) Notes to the financlal stalements for the year ended 31 August 2022 Accountlng policles Icontlnued) Income of Woodpark Ltmited Hire of facilities Turnover from the hire ot laulities is i￿[￿ded when il is receivable and to Ihe exlenl Ihat the service has been completed. Sale of goods Turnover from the sale of goods is included ￿en the slgnff￿anI risks and rewards ol ownership ol Ihe goods have Iransleryed lo the buyer. Ihe amount can be eslimale wih Teasonable certainly, il is probable that the eeonomic benefits will Ilow lo the company and the costs incurred or lo be incLsrred in respecl of Ihe transition can be measured reliabty- Expenditure Expenditure is accTued as soon as a liat41ily is cOr￿KIer￿a wobable. discounted lo present value or longer term liabililies. Overhead and other costs not direclly altributable to particular lunclional activity categories are apportioned over the relevant ealegories on the basis ol management estimates ol the amount attributable lo that activity in Ihe year. either by reference lo stall tin7e or space rtcupied, as appropriale. The irrecoverat4e element ol VAT is included with the item ol expenditure lo which il relates. Govemance costs comprise the cosl ol (>Jmptying with cMstilubonal and slalutory requirements. Tangible fixed assets The cost ol tangible assets is theirwrchase cosl. logelher with any incidental costs ol acquisition. Freehold land arKI buikjings incI￿le orwJinal cost and subsequent alleralions and a(*litions. Freehokl land and buiklings were prewously revalued using RICS open Ma￿et valuation on a freehold basis by an independent professionally qualified valuer. This value has since ￿en treated as deemed cost and not updated, in line wilh Iransilional provisions ol FRS 102. Depreciation Depreciation is provided lo write off Ihe cost ol all relevanl tangible fixed assets less estimated residual value based on cijrrenl markel prices. ovei their useful economic lives. The rates used are as follows-. Freehold land & buildings Fumilure and littings Equipmenl Motor vehdes and L*)ats Computer software - 2- 1(Pk per annum slraight line 10- 20% per annum slraighl line 10- &3.3Yo per annum slraighl line 10_ 33.30A per annum slraighl line - 20- 33.3% per annum slraighl line No deprecialton is charged on laiKI. Assets Ltnder the course of construction *e not depreciated until they are brought into use. An amount equal lo the excess ol the annual depreciation charge on revalued asseis i)ver the historical cost depreciation charge on those assels is Iranslwed annual￿ from Ihe ievalualion reserve to the unresliicled lunds reseNe. Investments Inveslments are valued at (#Jrrenl market value. 24 Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2022 Accounting policles {contlnued) Stock Stocks are slated al the lower ol ¢xEI or net redisable value. Advance fee scheme Advance fees represent payments in advance in respect ol educalion to be provided in lulure leyms in accordance with a written contracL The lees IOT each temi are charged against the remaining balances and taken lo income. Fund accountlng Details and the nature and FMJfFJose ol each fund are set out in note 24. Pension costs The pension costs charged in the Slalemenl ol Fin￿la1 ActNtknes are determined as follows.. The Teachers, Pension Defined Benelits Scheme- this scheme is a mulli-employe¥ pension scheme. 11 is not possible to idenlrfy the -College's share ot the underlying assels and liabilities ol Ihe scherne on a consislenl and reasonable basis aThY Iherelore. as requiTed by FRS 102, accounts lor the scheme as il il were a defined contribution scheme. The College's contributions, which are in accordance with the recommendalions ol the Government Actuary, are charged in the period in which the salaiies lo wh￿h they relate are payable. Auto Enrolmenl Pension Scheme- this scheme is a unil-linked defined contribution scheme from The Peoples Pension IB & CE Lldl. The College conlribules al varied rates ol pensionable salary. For turther information, see Note 30. Operatlng leases The annual Tents on operating leases are charged lo the revenue account on a straight line basis over the lease term, even il the payments are rK)t made on such a basis. Benefits received and receivable as an incentive lo sign an operating lease are similarly spread on a slraighl-line basis over the lease lerm. Leased assets: the College as lessee Assets oblained under hire Purchase contracts and linance leases are capilalised as tangible fixed assels. Assets acquired by finance lease ale depreciated over the shorter ol the lease term and their useful Iwes. Finance leases are those where subslanlially all oi ihe benefits and iisks ol ownership are assumed by the company. obl￿allonS under such agreements are i￿luded in creditors nel ol the finance charge allocated to future per1(￿s. The finance element ol the renid payment is charged lo the Slalemenl ol Financial Activities and Retained Earnings so as lo woduce a constant periodic rale ol ch*oe on the nel obligation oulslanding each Feriod. Financial Instruments Flnancial instruments are recognised vthen the College becomes party lo the conlraclual Provisions ol the InslrumenL Financial assets and liabilities are ollsel. with the nel amounts presented in the financial slalemenls, when there is a legalty enforceable right lo sel off Ihe recognised amounts are there is an intention lo Settle on a nel basis OT lo realise the asset and selde the liability simulianeously. Wycliffe College {Incorporated) Notes to the financial statements for Ihe year ended 31 August 2022 Accountlng pollcles {continued) Basic financial instruments Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured al transaction prtce indthJiThJ liansaction costs and a subsequently carried al amorlised cost using the elleclive inleresl melhod unless Ihe arrangemenl conslitules a linan¢ing transaction, where Ihe linancial asset is measured al the present value ol the luture receipts discounted al a market rale ol interest. Impairment of Ilnanclal assets Financial assels, other Ihan those hekl at fair value through the statement ol financial activities are assessed IOT indicators ol impairmenl al each reFKlrting end date. Financial assets are impaired where there is obJ"eclwe evidence Ihal, as a resull ol one or more events that occurred allei the initial recognition of the financial asset. the estimated lulure cash flows have been affected. 11 an asset is impaired, Ihe impairment loss il the difference between the carrying amount and the present value ol Ihe estimate cash flows discounted at the assel's orKJinal ellective interest rate. The impairment loss is recogni%ed in the slalemenl ol financial activities. 11 IheTe is a decrease in the impaimienl loss arising from an event occurring aller Ihe impairment was recognised. the impairmenl is reversed. The reversal is such Ihal the current carrying amount does not exceed what Ihe carrying amount would have been, had Ihe impairment not previously been recognised. The impairmenl reversal is recogni￿1 in the statement ol linanctal activities. Derecognltlon of flnanclal assets Financial assets are dereciyJnIs￿ onty W￿fi the conlraclual rights lo the cash flows from the asset expire or are sellled. or when Ihe College Iranslers the financial asset and subslanlially all the risks and rewards of ownership lo anolher enlily, or il some signilieant risks arKI iewards ol ownership are retained but control ol the asset has Iranslerred lo another party that is able to sell the asset in Its enlirely lo an unrelated Ihird party. Classlflcatlon of flnanclal liabllities Finawal liabilities are cfassified a¢x¢yding lo the subslance of the contractual arrangements entered into. Baslc flnanclal liabllilies Basic financial liabililies. including liade and olher payables, bank loans and advance lee payments are iniltally recognised al Iransacliorb price unless the affanoemenl conslilules a financing Iransaclion, where the debt instrument is measured al the Present value ot the future payments discounted at a market rate ol interest. Debl instruments are sut&sequentty carried al amortised cost, using the eflecttve inleresl rate method. Derecognitlon of financial liabilities FinarKial liabilities are tsrecognised when and onty when. the College's contractual obligations are discharged, cancelled. or they expire. Interest rate swap agreernents The College uses inleresl rale swap agreements lo redu￿ exF)osure to interest rale changes. Derivalives are initially recognised al lair value on Ihe dale a derivative contract is entered into and are subsequenlly re-measured al thei¥ lair value. Changes in the lair value ol derivatives are recognised in the slalemenl ol linancial aclivilies in finance costs or income as apwoprialo. The ollege doès not currently apply hedge accoun11￿ IOT derivatives. Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2022 Crltlcal accountlng ludgements and key sources of eslimation and uncertalnty In the applicaiion ol Ihe accounling policies, Trustees are required lo make judgement, eslimales and assumplions about the carwng value of assets and liabililies that are not readi￿ apparent from other souices. The estimates and underlying assumptions are based on historical experience and olher factors that are considered lo be relevant. Actual iesulls may diller Irom these eslimales. The eslimales and underlying assumplions are reviewed on an ongoing basis. Revisions to accounliThJ eslimales are recL¥Jnised in the peric(l in which the estimate is revised il the revision allects only that period, or in the period ol revision and future pericKls il the revision affects curienl and lulure periods. The lolli)wng key estimates and jLhYgements are adopled in the preparation of the ae£ounls: Depreciation ol langible fixed assels - the Trustees exercise Iheir judgement in assessing the useful economic life ol an assel and expected residual values where appropriate. Bad debt provision - the Trustees adopl a prudenl and consislenl basis ol recognising the provision whth lakes into aeu)unt debt coMecli)n rates Ihroughoul the year. b} In the view ol the Trustees. these are likely lo result in a material adjustment lo Iheir carryiThJ amounts in the next financial year. School fees recelvable Total 2022 Total 2021 Fees receivable consist ol: Gross fees Less: Tolal scholarships, bursaries and granl making 17,041.066 {2.275,0001 14.766.066 15,571,570 11,980,527) 13,591,043 School fees receivable of £14,766.06612021 - £13,591.043) related lo unreslTicled funds. Other income Total 2022 Total 2021 a} Ancillary income Othe¥ ancillary income Regislralion and enlrance lees School collee shop The Wyclillian Society 418,996 15.269 29.761 72,982 537,008 165,181 25,400 14,140 58,500 263,221 Incomefrom the Wydiflian Society 01 £72.982 {2021- £58,5￿) and lor Expendable Granls of £30.042 {2021 - £19.7021 related to restl￿ed funds. All other ancillary income was unrestricted. b) Other trading income Lelling ol school facilities 130,674 45,595 Olher trading income was unrestricted in the c#Jffenl and prior year. Wyclilfe College (Incorporated) Notes to the financial statements for the year ended 31 August 2022 Other Income {contlnued) cl Govemmenl grants Governmenl lurfough scheme 210,532 Government granls were unrestricted in Ihe C￿￿8n1 and Fyior year. Investment income Unrestrlcled Funds 2022 RestrScled Funds 2022 Endowed funds 2022 Total 2022 Bank and other interest Dividends 278 7,407 7.685 19 11,881 11.900 297 19,288 19,585 Unrestrlcted Funds 2021 Restrlcted Funds 2021 Endowed funds 2021 Total 2021 Bank and other inlwest Divhlends 11,170 11.170 6,551 6,551 17,721 17,721 Net Incomlng resour￿$ for ihe year 2022 2021 Nel income lor Ihe year is staled after: Charitable expendibJre includes.. Depreciation ProliU{lossl on disposal of fix￿ assets Auditors remuneTalion= - loi audit seNices - loi non audit seNi 965,515 1136,1651 977.520 2.833 26,875 5,375 861,600 26,538 3,487 1,010,318 Wycliffe College (Incorporaled) Notes lo Ihe financial statemenls for the year ended 31 August 2022 Expenditure on ral$ing lunds Stsff Other Depreciation Total 2022 Fundraising costs Finanoing costs (see n(rte 101 Fundraising trading costs Investment management costs 25,390 25,390 156.250 3.075 12,616 197.331 156.250 3.075 12,616 171.941 25,39) Total expenditure on raising lunds was £197,331 12021- £175.7271 of which £7,96612021 - £4.2871 was restric1￿1 arKI £189,365 (2021- £171,440) was unieslricted funds. Slaff Other Depreciation Total 2021 Fundraising costs Financing costslsee note 10) Fundraising trading costs Investment managemenl costs 24.423 24,423 137,506 1.043 12,755 175,727 137.506 1.043 12,755 151.304 24,423 Expenditure on charitable actlvitles Stsff Other Depreclatlon Total 2022 Provislon of education Teaching Welfare Premises Support costs and governance Grants. awards and prlzes Total charitable expenditure 6.119,563 1.691.441 358,383 638,541 199,511 1.380.171 6,758,104 1,890,952 2.704,069 965.515 1.089,835 3.203.400 4.293.235 2,796 2.796 9.259.222 5,424.419 965.515 15,649,156 Total charitable expenditure was £15.649.156 {2021 £15,143,860) ol which £102.813 12021 £88,923) was restricted, £71 12021 - £7141 was endowment and £15,546.27212021 £15,054.2231 was unrestricted funds. Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2022 Expendlture on charitable actlvltles {contlnued) Staft (Xher Depreclatlon Total 2021 Provl$lon of educallon Teaching Welfare Premises Support costs and governance Granls, awards and prizes Total charita￿e expendilure 6.470.549 1.817.175 372,377 482,207 249,414 1,298.393 6,952,756 2,066,589 2,648,290 977,520 1.107,916 2.266.508 3,474,424 14,751 14.751 9,768,017 4.411,273 977,520 15,156,810 Governance costs included in support costs: 2022 2021 Auditors remuneralion.. lor audit services lor non-audil seNices Reimbursement ol expenses to trustees 26,875 5.375 567 32,817 26.538 3,487 959 30,984 Travel. accommodation. training and subsistence expenses of £56712021.. £9591 were reimLwrsed to three {five in 20211 Members ol the Council. 10. Financlng costs 2022 2021 Bank loan Fees scheme Bank charges Finance lease Bad debts and bad debts prowsKJn 73,194 37,093 22,143 23,820 48.819 23,429 21.127 17.572 26,558 137,506 156.250 Financ* cosls were unrestricted in the current ￿ prior year. Wycliffe College {Incorporaled) Notes to the financial slatements for the year ended 31 August 2022 11. Staff costs 2022 2021 The aggregate payroll costs for the year were as follows: Wages and salaries Soeial security costs Superannuation and other per￿lon costs 7.810.883 698.755 774,974 9,284,612 7,828,104 709.760 1,230,153 9,768,017 No memk*r of Council r￿e1Ve￿ any remuneration or olher benefits from the College during the ye￿. The aggiegale emptyee benelils of key management pwsonnel were £769,605 {2021: £874,884). The average number ol emtAoyees duriNJ the year was as follows: Group 2022 Group 2021 Teaching staff Others 217 121 338 121 330 The number ol emP￿)YeeS whose emoluments exceed £60.000 were: 2022 Number Number £60,￿l- £70,000 £70,001- £80.000 £80.001- £90,000 £90.001 £100,000 £160,001 £170,000 £180,001 - £190,000 Contributions weie made lo the Teachers, Pension Scheme, which is a defin￿ benefits scheme lor 1 01 the abov8 employees {2021- 61. There were conlritwtions 01 £31,450 {2021: £12,499} to a money purchase scheme lor the above employees. 12. Taxalion The charity is exempt from tax on income and gains falling wihin section 505 01 the Taxes Act 1988 or section 252 01 the Taxation ol Chargeable Gains Act 1992 to Ihe exlent that these are applied to ils chaiilable objects. 31 Wycliffe College (Incorporaled) Notes lo the linancial statements for the year ended 31 August 2022 13. Tangible Ilxed as3els- Gmup Freehold land and Bulldlngs Fumiture AThJ tllng5 Vehlcles Under Comput Software conslnitttli*) Totol Cost or deemed c051. Al I SepiÉmbei 2021 Ad(Ilions duiing Ihe ywdl tJsry)saL% durfry theyear AI 31 AugLL%I 2022 36,730,140 140,( 137.4 1m.674 1.716 3298.7S5 ￿0,468 203.412 86.679 (3,7501 I3,7￿) 3.598.397 653.397 21a64 41.847,834 567,051 1144.9531 42,269,932 If37.458) 96.870.228 1.120, 27.460 Depreclallon Al 31 Augusl 2021 Pro￿￿e￿ durftVJ year On disposals Al 31 Auoust 2022 541.790 572.089 481.846 181,915 2.979.489 140.872 11.6251 3.118.736 374.119 87￿6 (2.0661 459,389 13.641 3.303 lo.3￿),8& 965,515 13.6911 11,352,709 7,313,879 643.761 16.944 Net book value Al 31 Augusl 20Y2 Al 31 Augusi 2021 29,75Q349 30.188,&EO 47&689 479.￿1 319.255 194,0 196.349 10&16 20,917,223 31.456,952 137.423 7.829 Includ￿ In the freeho￿ land aNI bu1￿1￿j$ is laTrY Valu￿ at £11.214,474 is not depr￿1a1ed. The nel carrying am(MJnt ol assets hdd urkI8r finance leases are ￿1.771 Duriro thè year the Group disFK)sed 01 £137.4¥J of as$8ts c￿￿1n￿l￿n ¢￿ris&￿ ol p¥olessh)nal i*)sts relatlng lo the proposed development ol the Berry[￿￿j sit$. 'The Group has elected, in a￿OrdanCe the transilional guidance under S￿iK)n 35.10(dl ol FRS 102. to use Ihe caTryino value ol any ol the above assets previously carried at a valualion, as thèir d8èmwJ cosl. 32 Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 Augusl 2022 13. Tangible fixed assel$- College Freohold Fumllure And Ffiitlngs Vehlcles nd Boats lartd and Under Computer Software Bulldlngs eonstruciion EquIpw￿l Co$t or deemed ¢o$i' Al I September 2021 Addilions during Ihe year Disposals duTrng the year Al 31 Augus12W22 36,7W140 14Ql 137. 1.¢M.674 3W.T35 510.468 3tKI.412 86.679 13,7501 13,7501 3.598,397 653.397 21,364 41,847.837 567.051 1144,9531 42.269.932 1137.4531 36.870,228 1.120.450 27.460 Depre¢laiion Al 91 Augus1202f Provide(I during year On dispos&s Al 81 Augu512022 6.541. 571 481.846 161.915 2.979.489 140.872 374,119 87.336 13,641 3,303 lo.3￿1, 965,5t5 13,6911 11.352,709 7.113,879 643,761 a.118.TJ6 459.389 16,944 Nèt book value Al 31 AuguÈi 2022 AI 31 A￿U512021 29.756,349 30.188.39J 476.689 479.661 194,008 10.516 7,725 30,917,223 31,456.952 137,4YJ fA17.829 319.255 196.349 Irthded in th8 Ire8hL4d la￿1 aT¥J LrtJiklirvJs is laThJ VaK￿d al £11,214,474 wfvc* is not deprecialed. Nel carying amounl ol Ihe assels hekj under leases are £341,771 During Ihe year the College of £137.423 of assets undw C￿￿￿10n ¢wrised of profeswrw Lx)yts rela1￿9 to lh• proposed development of the Be￿￿leky site. 'The College has electsd. in ac(x)rdane8 the tran&tK#)al guidance under Section 35.10ldl ol FRS 102, to use the cawrying value 01 any ol the above assels previousty at a valu8tion. &8 Iheii deemed cosL Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2022 14. Investments Investments- Group Listed investments 2022 2021 arkel value al 1 September 2021 Addilions Disposals Realised gains Revaluations 1,866,572 1,417.582 11.343.958) 9,821 81,6251 1,451,347 255,268 175,0911 235,048 Market value at 31 August 2022 Cash on deposit 1,868,392 39,859 1,866.572 46,568 Al 31 Auousl 2022 1,908,251 1.913,140 2022 2021 Investments- College Investments in sut&sKli4ries Subsidiary undertakings Woodpark Llmlted The wholty owned trading subsKJiary Woodpart knmiled is incorporaled in EnglarKI & Wales Icompany number.. 027313021 and pays all of rts taxable proliis lo the charity uThJer the gift akl scheme. Woodpafk Limited operates all commercial Irading Operatior￿ carried on at the Wycliffe College premises. A summary ol the ITading results and finatKial pertomiance ol the sut&5idiary alone Is: 2022 2021 Turnover Cost ol sales 135,180 135 45,136 GTOSS profil Adminislralive expenses OK￿rating profit and profil lor Ihe year 134,823 7,862 126.961 45,136 4,401 40,735 Donation made lo CollwJe Retained prolil lor the year 126,961} {40.7351 Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 Augusl 2022 14. Investments (continued) Wyclitfe College Foundation The Company has the iMJhl lo apFK)inl Iruslees of Wycliffe College Foundation and as a result ol this is deemed lo have control ol the charily. The charity is registeied in England & Wales (charity number.. 10782861. A summary ol the trading Tesuhs arKI financial perfornian￿ ol the subsidiary alone is". 2022 2021 Income Expenditure 129,955 85,182 175.538 26.7481 Nel lexpendilurellincome before inveslmenl gal￿4 Nel Ilossesllgains on investment assels Nel lexpendilurellincome lor the year 44,773 1,804 (27,0311 148,790 235,175 383,965 Total fijnds brought lonward Total funds carried forward 1,961.513 1,934,482 1,577,547 1,961,513 15. Debtors Group 2022 Group 2021 College 2022 College 2021 School fees Trade debtors Other debloTS Prepayments Amounls due from substdiary company 3,397,268 147 158,291 162,180 2,794.886 3,397,268 2,794,886 6.494 233.371 122,404 159,232 33,854 233,371 129.048 3.717.886 3,034.750 3.807,952 3,062,111 16. Cash at bank and in hand Group 2022 Group 2021 College 2022 College 2021 Cash at bank 946,058 411.798 822,781 307,150 Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2022 17. Creditors: amounts falllng due within one year Group Group 2021 College 2022 College 2021 Trade Creditors Social security and oiher taxes Other credil(Ks Oulslanding pension contributions Fees deposits AccnJals Hire purchase Advance lees schem8 Fees received in advance 626,775 179,296 626.628 179,296 203,103 203.412 283.868 202. 202.328 427 427 259,227 52,438 1,212,014 355.073 128,593 1.571.&34 4,532,831 8,683,088 12,993 1,295.652 480.563 110.673 1,196,630 4,447.399 8,210.486 12,993 1,295,652 475.062 111,313 1,196.630 4,447,399 8,179,900 1,212,014 347,574 128.593 1.571,&34 4.532,831 8.674.561 18. Credltors: amounls falling due after more than one year Group 2022 Group 2021 College 2022 College 2021 Bank loan Inole 201 Athiance tees scheme {nole 191 Hire purchase Inole 211 3,250.000 2,500,￿)0 3.250,000 2,500,000 530.807 363,774 4,144,581 595.958 530.807 363,774 4.144,581 595,958 360,532 3,456,490 360.532 3,456,490 19. Advance fees scheme Parents may enter into a contract lo pay the school up lo Ihe equivalent ol live years, luilion lees in advance. The money may be returned subject to specific condilions on demand. Assuming pupils will remain in the school, advance lees will be applied as follows-. Group 2022 Group 2021 College 2022 College 2021 Wilhin 2 10 5 years Within 1 10 2 years Greater than 5 years Wilhin 1 year 399,786 131.021 231.328 285,295 79.335 1.196,630 1,792,588 399,786 131,021 310,663 285,295 595,958 1,196,630 1,792,588 1,571,834 2.102.641 1.571.834 2,102,641 36 Wy¢lifle College (Incorporated) Notes to the financial stalements for the year ended 31 August 2022 19. Advance fees scheme (continued) The balar￿ represents the lialylity under Ihe conlracts. The movements during the year were.. Group 2022 Group 2021 College 2022 College 2021 Balance at 1 Seplember 2021 New contracts Amounts accru￿1 lo corrtracts as debl-linancing costs 1.792,588 1.575.115 1.553,791 1.394,411 1.792,588 1,575,115 1,553,791 1.394.411 28.797 29,330 28,797 3,397,033 2.976,998 3,397.033 2,976,998 Amounts ulilised in payments ol fees Balance at 31 August 2022 11.294,392) 2.102.641 {1.184.4101 1.792,588 {1.294.3921 2,102,641 11,184,410) 1.792,587 Bank loan Group Group 2021 College 2022 College 2021 Dije in belween 2 and 5 years 3,250,(￿10 2.500.000 3,250,000 2,500,000 The College has agreed loan lacililies as folk)ws= A revo￿1ng loan lacilty of £7.5 million lor a period of 10 years al an interest rate ol 1.59% over base rale and repayable in lull by 20 March 2027. The loan is secured by way ol a legal charge over v*ious Colleg8 properties. The College entered into an interest rate swap agreemenl during the yeai ended 31 August 2017 10 miligale the inleresl rale risk ol the above loan. As pail of Ihis agreement. The College was commilled lo pay a fixed inleresl rale 011.12% and receNe an amount ol interest equal lo the UK Base Rate. on a notional amount of £1.000.000. The lerminalion dale of the Swdp was 31 M￿ch 2022. 37 Wycliffe College (Incorporated) Notes to the financial statements tor the year ended 31 August 2022 21. Hlre purchase Gr0￿P 2022 Group 2021 College 2022 College 2021 More than 5 years Within 2 10 5 years Wilhin 1 10 2 years 110,274 137,882 115.618 363,774 164.044 91,728 104,760 360.532 110,274 137.882 115,618 363,774 164,044 91.728 104.760 360,532 Within 1 year 128.593 110.673 128,593 111,313 492.367 471.204 492,367 471,844 22. Flnanclal Instruments Group 2022 Group 2021 Financial assets measuied at fair value 1.868,392 1,866,572 Included within financial inslrumenls hekl al fair value is investments. 23. Analysis of net assets between funds 2022 Group Unrestricted fvnds Revaluatlon Reserve Restricted Funds Endowed Funds General Total Tangikse lixed assets Investments Net current 3.178,240 27.738.983 30,917,223 728.981 1.179.270 1,908,251 {4,305,0541 {4,144,5811 288,250 14.016.804) 14.144,5811 Long lerm liablltties 3,178,240 20.018.329 1.467.520 24,664,089 Wycliffe College {Incorporated) Notes to the financial stalements lor the year ended 31 August 2022 Analysls of net assets between funds (continued) 2022 College Unrestricted funds Revaluatlon Reserve Restrlcted Funds Endowed Funds General Total Tangible fixed assets Investments Nel current liabilities Lon9 term Ilabililies 3.178240 27.738.983 30,917,223 14,262,094) 14,144,581) 218.266 14,043,828) 14,144,581) 3,178,240 19.332.310 218,266 22,728.816 2021 Group Unrestrlcted funds Revaluation Reserve Restricted Funds Endowed Funds General Total Tangible flxed assets Investments Nel Current 3.217.110 28.239,842 704,937 31,456,952 1,913,138 619.176 589,027 16,477,482) 11.956,489) 166,156 51.970 {6.259.3541 11,956.4891 Long lerm liabilibes 3,217,110 20.510,808 785.332 640,997 25,154,247 2021 College Unrestricted funds Revaluatlon Reserve Restrlcled Funds Endowed Funds General Total Tangible fixgj assets Inveslmenls Net current 3.217.110 28,239,842 31.456.952 16,526.646} {1.956.490) 166,156 51.970 16,308,520) {1,956,4901 Long term liabiltties 3.217,110 19.756,708 166,156 51.970 23.191,944 Wyclilfe College (Incorporated) Notes to the financlal slatements for the year ended 31 August 2022 Funds analysls- Group current year Galnsl {lossesl And Transfers At1 September 2021 At31 August 2022 Income Expendlture Unrestrlcted fund$ Revaluation reserye General funds 3,217,110 20.510.808 138,870) 30,010 3,178.240 20,018,329 15,349,313 115.871,802) 23,727.918 15,349,313 115.871.8021 {8,8601 23,196,569 Restricted lunds The Wyclillian Society Expendable grants General Endowment Bequests and PiÉze Funds Loosley Endowment Pearson Bursary Ward's Scholarship J H Edwards Bequest Sibly Scholarship Wilson Scholarship Selwyn Bursary BuTsaries Fund Burnet Ward Bursary Educational Grants HonouTS Boards Prep School Sports Miscellaneous funds Hardship fund Nowak Family Fund Keith Paget Fund 151.541 14,615 4,198 72,982 30,042 81 {60.787) 123,3111 {541 163,736 2,631 61,266 118.7151 57,041 51,899 225,899 93,530 79,492 42,917 55,093 22,507 {5,8841 {7,9031 {5,6731 (911 1811 {1,7101 12311 11121 (7,1431 12.8521 577.983 51,899 276,511 95,601 141,040 63,294 77,740 36,967 72,009 103,434 70,096 1.191 1,057 22,376 3.021 1,467 188,493 33,691 1.467,520 YJ,292 2,057 62,654 20,248 22.504 14,369 82.370 110,634 79.420 1.274 1.131 ¥J,934 3.232 1.569 100,OCM) 39,290 785,332 967 {6471 (26} {2.2981 {2601 {2901 {185} 16,060} 11.423) 15,2371 1161 (151 13081 (421 {201 16,2861 13,5141 (110,7791 1,192 389 433 276 1,583 2,126 1.586 24 101.922 767 214,984 Endowment lunds Bequests and Prize Funds General Endowment Loosley Endowment Pearson Bursary Ward's Scholarship J H Edwards Bequest slb￿ Scholarship Wilson Scholarship 51.970 55.342 229,491 93,677 83,922 44,363 56.699 25,533 640.997 {711 151,8991 155,3421 {229,4911 193,6771 183.9221 144,3631 156,6991 125.5331 {640,9261 {711 Total lunds 25.154.247 15,564,297 115.982.6521 171,8031 24.664.089 Further delails ol the objects ol Ihe ENlowed and Reslitled funds l(%Jelher any restrictions on their use can be found in the linancial statements lor Wydiffe College Foundation. 40 Wycliffe College (Incorporated) Notes to the financial ststements tor the yeav ended 31 August 2022 24. Funds analysls- College cunent year Gainsl (losses) And Tiansfers A11 September 2021 At31 August 2022 Income Expendlture Unrestrlcled funds Revalualion leserve General funds 3.217.110 19,756.708 138.870} 57,585 3,178,240 19,332,310 15.323,098 {15.805,0811 22.973.818 15,323,098 {15,805.0811 18,715 22,510,550 Restrlcted funds The Wycliffian Society Expendable grants Bequests and Prrze Funds 151,541 14.615 72,982 30,042 (60,7871 (¥3,3111 163,736 2,631 118,7151 51,899 51,899 166.156 103,024 (84,0981 33,184 218,266 Endowment funds Bequests and Prize FurKIs 51.970 1711 (51,8991 51.970 23,191.944 {711 115,889.2501 (51.8991 Total funds 15.426,122 22.728,816 Unresliicted funds in conjunction wilh the College's bank ￿Trowing facility. are retained lo pro￿de working caylal. Reslricled Funds consisl ol The Wycliifian kniety. various Expendable grants recewed during the year and nel incoming iesources liom Endowed Funds and Appeal FurKIs. Endowed Funds consist ot indivKlud bequests and syize funds. scholarship funds arKJ bursary funds sèt up by individual donors. 41 Wycliffe College (Incorporated) Noles to the financial slatements lor the year ended 31 August 2022 Fund analysls- Group prlor year G8insl Ilossesl And Transfers At1 September 2020 At31 August 2021 Income Expenditure Unrestrlcted funds Revalualion reserye General funds 3.178,240 21,623.648 38,870 64.165 3.217,110 20.510,808 14.048,658 {15.225,6631 24.801,888 14.048,658 (15.225,663} 103,035 23,727,918 Restrleted fund8 The Wyclillian Society Expendable grants GeneTal Endowment Loosley Endowment Pearson Bursary Ward's Scholarship J H Edwards Bequest Sibly Scholarship Wilson Scholarship Selwyn BLErsary 8ursaries Fund Buinel Ward Bursary Educational Grants Honours Boards Prep School Sports iscellaneous funds Hardship lund Nowak Family Fund Keith Paget Fijnd 144,052 32.625 3,619 43,467 2.945 55,449 17.501 19.451 12.420 72.4 93,030 68.592 1.101 978 58.7(Kl 19,702 70 716 151,2111 I32.￿2) {381 14711 {1,3821 {2,1011 {1901 (2111 {1351 12.2861 11,0091 17441 {121 151,541 14.615 4,198 50,292 2,057 62,654 20,248 22,504 14.369 82,370 110,634 79.420 1,274 1.131 23,934 3,232 1,569 100,000 39,290 785,332 15,150} 547 6,580 913 8,393 2,649 2.944 1,880 10,973 14,082 10,373 167 320 4.531 18 2.793 1301 (817) 423 590 100,000 39.290 227.868 595,973 {93.210} 54,701 Endowment lunds Bequests and Prize Funds General Endowment Loosley Endowment Pearson Bursary Ward's Scholarship J H Eobjards Bequest Sibly Scholarship Wilson Scholarship 52,684 48,066 199.320 81.361 72,889 38,531 49.245 22,176 564,272 25.962.133 17141 51,970 55,342 229.491 93,677 83,922 44.363 56.699 25,533 640,997 25,154.247 7,276 30,171 12,316 11.033 5,832 7,454 3.357 77,439 235,175 17141 115.332.537) Total funds 14,289.476 Wycliffe College (Incorporated) Notes to the financial statements lor the year ended 31 August 2022 24. Funds analysls- College prlor year Gainsl {losses} And Transters At1 September 2020 At31 August 2021 Income Expendlture Unrestrlcted funds Revaluation reserve General funds 3,178,240 20,976,572 38,870 138.870) 3,217,110 19,756,708 14.043,706 {15.224,7001 24.154.812 14,043,706 115,224,700) 22,973,818 Restrlcted lund3 The Wyclillian Society Expendable granis Other funds 144,052 32,625 58.71x1 19,702 {51.211) 137,7121 151,541 14,615 3,217.110 176,677 78,405 {88,9231 166,156 Endowmenl funds Bequests and Prize Funds 52,684 (714) 51,970 Total funds 24,384,173 14,122.108 {15.314.3371 23,191,944 Reconclllatlon of nel expendlture to net cash Inflow from operating activltles Group 2022 Group 2021 Nel expenditure lor the rewrtirwJ pericd (as per the Slalemenl of Financiai Aclivitiesl Depreciation ch*ge Losses1gains} on dispos￿ ol langli Jle assets Realised Igainsvosses on disposal ol investments Unrealised bssesllgainsl on investments Interest received Dividends recewed Increase in siocks Ilncreaselldecrease in debtors and prepayments Increaselldecrease} in Creditors Nel cash used in operating aclmlies 1490.1581 965,515 136,165 19,8211 81.625 12971 119,2881 2,244 16&3.1381 79,478 62.325 1807,8861 977,520 12,8331 {235,048} 15671 {17,1541 8,910 345,184 127,417 395.543 Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2022 26. Analysis of net debt At 1 September 2021 At 31 August 2022 Non-cash Flows Cash flows Cash in hand DeF)OSit 411.798 534,260 {6.7091 946,058 39.859 458.366 527.551 985,917 Credltors due In one year: HP liabilities Advance lee scheme Creditors due In more than one year: HP liabililies Bank loan Advance fee schem8 1110.6731 11.196.630) 121,162) (310.053) 3,242 {65.151) 1128,5931 11,571.8341 (3eA).532) {2.500.0001 {595,958) {3,2421 (363,7741 13.250,0001 {530,8071 1750.OCKSI 65.151 Net debt 14,305.427) 1553,6641 14.859.091) 27. Company status The Company is limited by guarantee, the amount ol each member's guarantee being £1. The number of members al 31 Augusl 2022 was 40 {2021= 381. Other financlal commitments Commliments in resp￿1 ol non-Ca￿dIaN8 opeTatir¥J leases are as lollows: Group 2022 Group 2021 College 2022 College 2021 Not later than one year Laler than one year and not Ihan five years 21.850 18,127 21,850 18,127 28,229 3.163 28,229 3,163 50.079 21.290 50,079 21,290 Lease payments recryJnised as an extEnse were £23,771 (2021: £23,220). Wycliffe College {Incorporated) Notes to the financial statements for Ihe year ended 31 August 2022 29. Related party Iransactlons As at the balance sheel date. the Col￿ge was owed £126.961 {2021: £40,735) by Woodparf( miled. During the year the College receNed £126,961 12021.. 40.7351 from Woodpark Limited under the gill aid scheme and recharged adminislralion overheads ol £Nil {2021.' £Nill. As al the balance sheet dale, the Cdlege was owed £2,08712021: £Nil) by Wydiffe College Foundation, a charity under common control. No trustees have been reimlxjrsed in 202212021: nil) f¢y any expenses incurred as a committee member of The Wydilfian Society. Trustees and members ol key managemenl have children allending Ihe schools operated by the Charity. School lees incurred by TnJstees are paKI on a commercial arm's length basis as available lo Ihe general public. Key managemenl can benelil Irom a stall concession that can be available lo all el*Jit￿e m8mt￿rS of slafl who have children attending the schools operated by the charity. 30. Pension costs Teachlng Staff The School parlicipales in the Teachers. Pension ￿erne I'lhe TPSI for its teachiThJ stall. The pension charge lor the year includes conlribulions paYa￿e to the TPS of £774.974 12021: £1,230,153) and al the year end £Nil12021.- £Nill was accrued in respect ol conlributions lo this scheme. The Teachers, Pension Scheme ffPSI is a slalulory, contribulory, defined benefit scheme. governed by the Teacheis. Pension Scheme Regulations 2014. Membership is automatic lor teachers. teachers have the opbon lo opt-out ol the TPS lollowng enrolment. During the year. the Colleoe went through a e0nsullal￿n pr¢xess of exi(ing the TPS. The process iesulled in teachers having the oplKJn lo remain in the Teacher P8llsK)n Scheme ￿ join an Aviva Pension Scheme from ellecl 1st September 2021. The TPS is an unlunded scheme lo which ￿th the member arKI employer makes contributions, as a peicenlage ol saEary- these contributions are uediled lo the Exchequer. Retirement and other pension benefits are paid by puNic wovided by Parliament. Valuation ol Ihe Teachers, Pension Scheme The Govemmenl Actuary. using normal aGtuarial principles, conducts a formal actuarial review of ihe TPS in accordance with the Public SeNce Pensions Ivalualions and Employer Cost Cap} Direclions 2014 published by HM Treasury every 4 years. The aim of the review is lo specify the level ol future conlribulions. Actuarial scheme valualions are dependent on assumptions about the value ol future costs, design ol benefits and many olher lactOTS. The lalesl actuarial valuation ol the TPS was carried out as al 31 March 2016. The valuation report was puljished by the Department lor Educallon on 5 March 2019. The key dements ol the ¥￿￿allOn a￿1 subsequent consullalion are.. Employer ￿nIn1XIt10n rates set al 23.68% of pènsionable pay {including a 0.08Y. adminislralion levyl., Total scheme liabilities (pensions currently in payment and the estimated cosl of lulure benelilsl for seNice lo the elfeclive date of £218,100 million and nolional assels lestimaled lulure contributions logelher wih the notional inveslmenis held al the valuation dale) 01 £196.100 million, giwng a notional past seNice delicil ot £22,000 million., and Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 Augusl 2022 30. Penslon costs (continued) The SCAPE rale sel by HMT, is used lo delermine the notional investment relum. The currenl SCAPE rate is 2.4Yo above Ihe rale ol CPI. Assumed real rale ol return is 2.4Y. in excess ol prices and in excess ol eamings. The rate ol Teal earnings growth is assumed lo be 2.2%. The assumed nominal iale ol return induding eainings growth is 4.45%. The next valuation result is due to be implemented Irom 1 April 2023. A copy ol the valuation report and sur¥)ortiro ￿c￿Mental10n is on the Teachers. Pensions websile. Under the definitions sel out in FRS102. the TPS is a mulli-employer pension scheme. The school has accounted lor tts conlribulions to the scheme as il il were a dèfined contribution scheme. The school has sel out above the information availab￿ on the scheme.