Wycliffe College Foundation Report and Financial Statements Year Ended 31 August 2024 Registered charity number: 1078286
Wycliffe College Foundation Report and financial statements for the year ended 31 August 2024 Contents Page Trustees and advisers Report of the Trustees Independent auditor's report 8-10 Statement of financial activities Balance sheet 12 Notes to the financial statements 13-20
Wycliffe College Foundation Trustees and advisors for the year ended 31 August 2024 TRUSTEES The trustees who served during the year were.. Chairman: Mr S F M Lloyd Bsc (Hons} Est Man, MRICS Trustees.. Brigadier (Retd} R J Bacon, MBA, Chartered FCIPD, FCMI, CMILT Mrs C J Duckworth MA (Hons) Mr C A San José M L B Godley Secretary.. Mr A R Taylor MA (Cantabl (retired 21 August 2024) Mr L Godley {appointment 21 August 2024) Principal address- Finance Department Regent street Stonehouse Gloucestershire GL10 2AD Registered Charity Number.. 1078286 ADVISERS Bankers Lloyds Bank Commercial Barnwood 1 Barnett Way Gloucester GL4 3RL Solicitors Harrison Clark Rickerbys Ellenborough House Wellington Street Cheltenham Gloucestershire GL50 1YD Auditors Hazlewoods Staverton Court Staverton Cheltenham Gloucestershire GL51 OUX Investment managers Paradigm Norton Financial Planning Ltd Paradigm House Macrae Road, Ham Green Bristol BS20 ODD
Wycliffe College Foundation Report of the Trustees for the year ended 31st August 2024 The Trustees present their report with the financial statements of the charity for the year ended 31st August 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1st January 2019). OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES Charitable Objects The Charity's Objects, as set out in its Trust Deed, are to promote and advance the education of pupils of Wycliffe College in particular by the following means.. a) making and granting scholarships, exhibitions, bursaries, maintenance allowances, grants, awards. prizes and other benefactions tenable at the College., bl furthering or improving the education afforded by the College- c) improving, modernising or maintaining the buildings and grounds of the College., and d) by such other charitable means as the trustees determine from time to time. In the furtherance of these aims, the Trustees have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's published general and relevant sub-sector guidance concerning the operation of the Public Benefit requirement under the Act. Strategic Aim and Intended Impact Within these Objects, Wycliffe College Foundation's aim is to support the aims of Wycliffe College by the granting of scholarships and bursaries to existing and prospective pupils and through donations for the improvement, modernisation and maintenance of the College and its properly. Objectives for the Year The focus continued to be further widening ofaccess to the education provided by Wycliffe College through the granting of scholarships and bursaries. strategies to Achieve the Year's Objectives To derive sufficient income and capital growth from the investment portfolio to enable up to £147k (2023.. £127k) to be awarded in scholarships and bursaries. Principal activities of the year The Charity has continued to support Wycliffe College through awards to pupils and donations for capital projects. Grant-making policy The Charity has continued to make awards from unrestricted funds by way of scholarships and means tested bursaries. Such awards are made either to enable pupils whose parents would otherwise have not been able to afford full fees to benefit from an independent education at Wycliffe College, or to enable pupils to remain at Wycliffe where financial circumstances have changed to the extent that such a pupil's education would otheiSe be at risk. Awards made from restricted funds are made in accordance with the wishes of the original donor. In addition, grants are made for various educational projects or other purposes from funds generated by the Foundation Office. The objects of all funds {restricted and unrestricted) are listed on page 3.
Wycliffe College Foundation Report of the Trustees for the year ended 31st August 2024 (continued) OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES - continued OBJECT OF FUNDS General Endowment Fund For the improvement, modernisation and maintenance of Wycliffe College and its property and for the furtherance and improvement ofthe education afforded by Wycliffe and for scholarships and bursaries to enable boys and girls to benefit from an education at Wycliffe, in the expectation that such will endow the fund subsequently and another generation may receive similar advantage. The Lewis Bequest There is a non-binding wish of the donor that the bequest be used for the purpose of enabling children to be educated at Wycliffe. The Loosley Endowment Fund Scholarship To be awarded to a child or grandchild of a Wycliffian for entry into the Sixth Form - particularly one with talent in either Music or Mathematics. The Pearson Bursary To enable a child to be educated at Wycliffe whose parents are unable to fund full fees. The Wards Scholarship To be awarded to a Wycliffian at st John's College, Cambridge or to assist one at another university. The J H Edwards Bequest To enable a child to remain at Vvycliffe who might for financial reasons leave. The Sibly Scholarship To be awarded to a vegetarian with qualities of character, promise of leadership and keenness in sport. The Wilson Scholarship To be awarded to a pupil talented in and studying Art or Music at age 13+ The Lloyd Robinson Award To be awarded to a pupil talented at Sports, with preference given to cricket and rugby. The Healey Bursary To be awarded to children of Old Wycliffians who without such assistance would not be able to either enter the College or continue their education at the College. The Margaret Pendrill Scholarship To be awarded to a Sixth Form pupil for Science. The Selwyn Bursary To be awarded to a girl living within twelve miles of Gloucester Cathedral and who attends Wycliffe College. The Burnet Ward Bursary To be awarded to a promising young person who, for financial reasons, would otheNise have not been able to benefit from a Wycliffe education. Keith Paget Fund To be awarded to a pupil talented at Sports, with a preference given to squash. Nowak Family Fund This was a donation from a family whose child attended the College to fund a transformational bursary for a pupil
Wycliffe College Foundation Report of the Trustees for the year ended 31st August 2024 (continued) OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES - continued Prep School Sports Pavilion This was a fund-raising campaign (in 201512016) for a new sports pavilion for the cricket pitch at the Prep School Appeal Funds These represent current gifts, donations, legacies etc. generated by the work of the Foundation Office since May 2011. Expenditure is restricted to the specific purpose of each fund with the exception of the Trustees Discretionary Fund. ACHIEVEMENTS AND PERFORMANCE Operational Performance The Charity is pleased to have awarded a total of £147,000 (2023.. £126,780) to 6 pupils (2023.. 12 pupils) to relieve hardship where a pupil's or potential pupil's education and future prospects would othewise have been at risk. Fundraising Performance The Foundation Office has generated gifts and donations totalling £2,290 (2023.. £4,061). The Trustees are most grateful for the continuing generosity and support of all the many donors. Investment Performance Throughout the year the portfolio continued to be managed, in accordance with the agreed investment strategy, by Paradigm Norton Financial Planning Ltd. The value of the portfolio showed a decrease of 2.13 % over the course of the year after taking into account cash inflows and outflows, compared to 12.7 % increase in FTSE All-share Index. FINANCIAL REVIEW The rset movement in funds for the year was a profit of £92,541 (2023.. loss of £122,294), after crediting £202,639 (2023.. debiting £20,578) of unrealised gains less realised gains of £9,383 (2023: £1,212) on investment assets. The Trustees made awards and grants totalling £147,000 (2023 £126,780). Reserves Policy The Charity's total reserves of £1.9 million at 31st August 2024 (2023.. £1.81 million) included £1.3 million restricted funds12023.' £1.2 million) leaving free reserves of £0.6 million {2023'. £0.6 million}. The Charity's reserves policy is to maintain sufficient unrestricted reserves to enable it to meet its financial obligations on a fund by fund basis. These obligations are reviewed annually. The Trustees consider that the investments held by the Charity, as set out in the notes to the financial statements, together with other readily realisable assets as stated in the Balance Sheet, meet this requirement. Investment policy and objectives The Trustees, policy is to maintain and to increase the purchasing power of the Charity's investment portfolio, over the medium to long-term, after withdrawing each year such sums as may be specified from time to time. Withdrawals may be met from income or from capital except from permanent endowed funds.
Wycliffe College Foundation Report of the Trustees for the year ended 31st August 2024 (continued) FUTURE PLANS For the financial year 202412025, to continue to award scholarships and bursaries, to assist in and widen access to the independent education provided by Wycliffe College. To continue to work with the Foundation Office of Wycliffe College in its fundraising efforts. GOING CONCERN The Trustees have a reasonable expectation that there are adequate resources to continue in operational existence for the foreseeable future. They believe that there are no material uncertainties that call into doubt the charity's ability to continue as a going concern. The accounts have therefore been prepared on the basis that the charity is a going concern. STRUCTURE, GOVERNANCE AND MANAGEMENT The Charity was founded in 1957 and is registered with the Charity Commission under charity number 1078286. The Trustees and principal address ofthe Charity are listed on page 1. Particulars of the Charity's professional advisers are also given on page 1. Governing Document During the year under review the Charity was governed by the Scheme dated 8th October 2009 which replaced the former trusts of the Charity. Governance Structure The governing body consists of five ex-officio Trustees, two Nominated Trustees and 0 Co-opted Trustees. The Ex-officio Trustees serving at 31st August 2023 were as follows.. The President of Wycliffe College Inc. CMILT The Chair of the Council of Trustees of Wycliffe College Inc. Mr S F M Lloyd Bsc {Hons) Est Man, MRICS The Vice-chair of the Council of Trustees of Wycliffe College Inc. Mrs C J Duckworth MA {Hons) The Head of Wycliffe College Inc. Mr C A San José The Director of Finance & Operations of Wycliffe College Inc. Brigadier (Retdl R J Bacon, MBA, Charlered FCIPD, FCMI, Mr L B Godley The Nominated Trustees are appointed.. One by the Council of Trustees of Wycliffe College Inc. One by the Ex-officio Trustees - one vacancy one vacancy The Co-opted Trustees are appointed: Two by the Trustees - two vacancies Recruitment and Training of Trustees The majority of Trustees are members of the Council of Trustees or Leadership Team of Wycliffe College Inc. and all Trustees are included in the training provided by Wycliffe College. Trustees were offered a full programme of briefings on charity law throughout the reporting period. New Trustees are inducted into the workings of the Charity by the Secretary on appointment.
Wycliffe College Foundation Report of the Trustees for the year ended 31st August 2024 (continued) STRUCTURE, GOVERNANCE AND MANAGEMENT - continued Organisational Management The Trustees met twice during the year to review investment performance, to approve the annual accounts, to discuss the granting of scholarships and bursaries, and the general operation of the Charity. The Trustees are aware of the Charity Code of Governance and its principles, and how they affect the Charity. Group Structure and Relationships Wycliffe College (Incorporated) is a separate charity and legal entity with parallel objects and common administration and trusteeship. The Charity benefits from the generosity of a thriving neIOrk of Old Wycliffians and also parents of pupils at the school. Risk Management The Trustees are responsible for the management of risks faced by the Charity. Key controls used by the Charity include.. to receive periodic financial reports from the Director of Finance & Operations and to meet on at least two occasions per annum., formal agendas for all Board activity distributed at least 7 days before meetings., financial management information presented to Trustees well in advance of meetings., established organisational structure and lines of reporting., clear authorisation and approval levels., use of investment advisers, Paradigm Norton Financial Planning Ltd, to manage the investment portfolio, in accordance with the Investment Policy Statement drawn up by the Trustees. Through the risk management processes established for the Charity, the Trustees are satisfied that major risks identified have been adequately mitigated wherever reasonably practicable.
Wycliffe College Foundation Report of the Trustees for the year ended 31st August 2024 (continued) STATEMENT OF TRUSTEES RESPONSIBILITIES The Truslees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). The Charities Act 2011 requires the trustees to prepare financial statements for each financial year. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019). The Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the Charity for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Statement of Recommended Practice "Accounting and Reporting by Charities" the SORP applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees on and signed on their behalf by= MrSFMLloyd Chair of the Council of Trustees
Wycliffe College Foundation Independent Auditors, Report to the Members of Wycliffe College Foundation for the year ended 31 August 2024 Opinion We have audited the financial statements ofwycliffe College Foundation (Charity) for the year ended 31 August 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the slate of the Charity's affairs as at 31 August 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charites Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the academy trust in accordance wilh the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe Ihat the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the Reference and Administrative details, Governors, Report and the Governance Statement, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or othemise appears to be materially misstated. Ifwe identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report thal fact. We have nothing to report in this regard.
Wycliffe College Foundation Independent Auditors, Report to the Members of Wycliffe College Foundation for the year ended 31 August 2024 Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the trustees, report., or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records., or we have not received all the information and explarsations we require for our audit. Responsibilities of Trustees As explained more fully in the trustees, responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the governors either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under the Act and relevant regulations made or having effect thereunder. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards of Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We obtained an understanding of the legal and regulatory frameworks applicable to the company financial statements or that had a fundamental effect on the operations of the company. We determined that the most significant laws and regulations included UKGAAP, UK Companies Act 2006 and taxation laws., We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included challenging assumptions and judgments made by management in its significant accounting estimates and identifying and testing journal entries, in particular any journal entries posted with unusual characteristics. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
Wycliffe College Foundation Independent Auditors, Report to the Members of Wycliffe College Foundation for the year ended 31 August 2024 The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org. uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with the Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Date Scott Lawrence FCA DChA {Senior Statutory Auditor) For and on behalf of Hazlewoods LLP, Statutory Auditor Staverton 10
Wycliffe College Foundation Statement of financial activities for the year ended 31 August 2024 Note Unrestricted Funds 2024 Restricted Funds 2024 Total 2024 Total 2023 Income and endowments from: Voluntary sources Donations and legacies 2,230 60 2,290 4,061 Investments 13,697 26,987 40,684 34,372 Total income and endowments 15,927 27,047 42,974 38,433 Expenditure on: Raising funds Charitable activities (4,168) (83,850) (8,307) (66,150) (12,475) (150,000} 112,431) (128,5801 Total expenditure {88,018} (74,457) (162,475) (141,011) Net Incoming funds from operations before investment gains (72,091) (47,410} {119,501) {102,578) Net gainsl(losses) on Investment assets 70,671 141,371 212,042 (19,716) Net (expenditure)lincome (1,420) 93,961 92,541 {122,294} Net movements in funds (1,4201 93,961 92,541 (122,294) Reconciliation of funds Total funds brought fOard 636,001 1,176,187 1,812,188 1,934,482 Total funds carried forward 634,581 1,270,148 1,904,729 1,812,188 The notes on pages 13 to 20 form part of these financial statements 11
Wycliffe College Foundation Balance Sheet at 31 August 2024 2024 2023 Notes FIXED ASSETS Investments 1,869,669 1,910,332 CURRENT ASSETS Debtors Cash at bank and in hand 2,738 35,322 32,120 Creditors: Amounts falling due within one year 10 3,000 130,264 Net current assets 35,060 98,144 Net assets 1,904,729 1,812,188 Funds Unrestricted funds Restricted funds 12 12 634,581 1,270,148 636,001 1,176187 1,904,729 1,812,188 Total funds The financial statements were approved by the board of trustees on and signed on its behalf by: MrLB Trustee odley Secretary The notes on pages 13 to 20 form part of these financial statements 12
Wycliffe College Foundation Notes to financial statements for the year ended 31 August 2024 Legal status of the charity Wycliffe College Foundation is a charity registered with the Charity Commission in England and Wales, registration number 1078286 and is governed by the Scheme dated 81h October 2009. The principal address is Regent Street, Stonehouse, Gloucestershire, GL10 2AD. Accounting policies Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP 2nd Edition IFRS 102) Accounting and Reporting by Charities,. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (effective 1 sl January 20191, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are held at market value. The presentational currency of these financial statements is £ sterling and amounts are rounded to the nearest £1. The following accounting policies have been applied.. Going concern The Trustees have considered whether it is appropriate to prepare accounts on a going concern basis. They have a reasonable expectation that there are adequate resources to continue in operational existence for the foreseeable future. They believe that there are no material uncertainties that call into doubt the charity's ability to continue as a going concern. The accounts have therefore been prepared on the basis that the charity is a going concern. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Income from dividends is included in the Statement of Financial Activities when they are received. Income from bank interest is included in the Statement of Financial Activities on an accruals basis. Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. 13
Wycliffe College Foundation Notes to financial statements for the year ended 31 August 2024 Accounting policies (continued) Allocation of Income and Expenditure - Scholarship and Bursary Funds Various Trust funds were merged on 151 January 1994 and since 1s1 September 2001 the apportionment of income and non-attributable expenditure has been based upon fund balances as at the beginning of each financial year as adjusted for significant donations during the year. Since 1st September 2008 Governance Costs have all been charged to Unrestricted Funds. For Funds established since May 2010, the apporlionment of income and non-attributable expenditure has been based upon fund balances as recalculated at 151 September, 151 January and 1s1 May. Investments Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in net gainsl{losses} on investments in the Statement of Financial Activities if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment. Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity ofthree months or less from the date ofacquisition or opening ofthe deposit or similar account. Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their setllement amount. Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Taxation As a registered charity, Wycliffe College Foundation is not liable to income tax and corporation tax on income and gains derived from its charitable activities as it falls within the various exemptions available to registered charities. Fund accounting Unrestricted Funds are available to the Trustees to apply for the general purposes of the Trust as set out in the Trust Deed. Restricted Funds consist of net incoming resources from Endowed Funds and Appeal Funds. Endowed Funds consist of scholarship and bursary funds set up by individual donors. Each Fund is allocated its proportion of investment gains and losses. 14
Wycliffe College Foundation Notes to financial statements for the year ended 31 August 2024 Critical accounting estimates and assumptions The charity makes estimates and assumptions concerning the future. The resulting accounting estimates will by definition, seldom equal the actual results. There are no estimates or assumptions that are deemed to have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year. Donations and legacies Unrestricted 2024 Restricted 2024 Total 2024 Donations 2,230 60 2,290 Unrestricted 2023 Restricted 2023 Total 2023 Donations 3,001 1,060 4,061 Expenditure Unrestricted 2024 Restricted 2024 Total 2024 Expenditure on raising funds.. Investment management costs 4,168 8,307 12,475 Expenditure on charitable activities.. Scholarships and bursaries Governance costs Total charitable expenditure Total expenditure 80,850 3,000 83,850 88,018 66,150 147,000 3,000 150,000 162,475 66,150 74,457 Unrestricted 2023 Restricted 2023 Total 2023 Expenditure on raising funds.. Investment management costs 4,676 7,755 12,431 Expenditure on charitable activities.. Scholarships and bursaries Governance costs 51,225 1,800 75,525 126,780 1,800 Total charitable expenditure Total expenditure 53,055 57,731 75,525 83,280 128,580 141,011 15
Wycliffe College Foundation Notes to financial statements for the year ended 31 August 2024 Expenditure (continued) Governance costs represent the support costs of the charity and these can be summarised as follows: 2024 2023 Auditor's remuneration for audit services 3,000 1,800 Trustees remuneration and benefits No Trustee received any remuneration, expenses or other benefits form the Trust during the year (2023 - £Nill. Employees The charity had no employees in the current or previous year. Listed investments 2024 2023 Market value at 1 September Additions Disposals Realised gainsl(losses) on disposals Unrealised gainsl(losses) on revaluation 1,870,030 801,437 {1,050,615) 9,383 202,639 1,868,392 63,485 (42,481) 1,212 120,578) Market value at 31 August Cash on deposit 1,832,874 36,795 1,870,030 40,302 1,869,669 1,g10,332 9 Debtors 2024 2023 Amounts owed by related party 2,738 2,738 16
Wycliffe College Foundation Notes to financial statements for the year ended 31 August 2024 10 Creditors: amounts due in one year 2024 2023 Amounts owed to related party Accruals 127.264 3,000 3,000 3,000 130,264 11 Analysis of net assets between funds Fund Balances 2024 Current Assets Current Liabilities Investments Unreslricted funds Restricted funds 625,201 1,244,468 12,380 25,680 (3,000) 634,581 1,270,148 1,869,669 38,060 3,000 1,904,729 Fund Balances 2023 Current Assets Current Liabilities Investments Unrestricted funds Restricted funds 683,723 1,226,609 82,542 {50,422) (130,264) 636,001 1,176,187 1,910,332 32,120 130,264 1,812,188 17
Wycliffe College Foundation Notes to financial statements for the year ended 31 August 2024 12 Funds Balance Investment Galnsl Ilossesl Balance 31 August 2024 1 September 2023 Incoming Resources Resources Expended Unrestricted funds General Fund Lewis Bequest Trustees Discretionary Fund 130,147 383,775 122,079 4,803 8,265 2,859 (1,467) {85,175} (1,376) 14,462 42,644 13,565 147,945 349,509 137.127 Total unrestricted funds 636,001 15,927 {88,0181 70,671 634,581 Restricted funds General Endowment Fund Loosley Endowment Fund Pearson Bursary Fund Ward's Scholarship Fund J H Edwards Bequest Fund Sibly Scholarship Fund Wilson Scholarship Fund Selwyn Bursary Fund Bursaries Fund Burnet Ward Bursary Educational Grants fund Honours Boards Prep School Sports Pavilion Miscellaneous Funds Hardship Fund Nowak Family Fund Keith Paget Fund 61,275 276,624 88,454 139,549 51,339 77,791 36,999 69,697 103,684 66,212 1,694 1,060 22,430 3,030 1,470 143,467 31,412 1,406 6,347 2,030 3,202 1,178 1,785 849 1,598 2,379 1,579 39 24 515 69 34 3,292 721 (433) (1,954) 18,365) {2,486) {363) {549) (261) (5,492) (732} (4,5931 (12} {7} (158) (21) {10) (48,798) (222) 7,365 33,248 10,632 16,773 6,171 9,350 4,447 8,377 12,462 7,958 204 127 2,696 364 177 17,244 3,776 69,612 314,265 92,751 157,038 58,325 88,377 42,034 74,180 117,793 71,156 1,925 1,204 25,483 3,442 1,671 115,205 35,687 Total restricted funds 1,176,187 27,047 (74,457) 141,371 1,270,148 Total funds 1,812,188 42,974 162,475 212,042 1,904,729
Wycliffe College Foundation Notes to financial statements for the year ended 31 August 2024 12 Funds (continuedl Balance Investment Gainsl (losses) Balance 31 August 2023 September 2022 Incoming Resources Resources Expended Transfers Unrestricted funds General Fund Lewis Bequest Trustees Discretionary Fund 134,282 422,219 128,726 3,921 8,244 3,741 (6,640) (42,046) (9,045) (1,417) (4,642) (1,343) 130,147 383,775 122,079 Totsl unrestricted funds 685,228 15,906 57,731 7,402 636,001 Restricted funds General Endowment Fund Loosley Endowment Fund Pearson Bursary Fund Ward's Scholarship Fund J H Edwards Bequest Fund Sibly Scholarship Fund Wilson Scholarship Fund Selwyn Bursary Fund Bursaries Fund Burnet Ward Bursary Educational Grants fund Honours Boards Prep School Pavilion Miscellaneous Funds Hardship Fund Nowak Family Fund Keith Paget Fund 61,266 276,510 95,600 140,410 63,293 145 1,744 71 2,650 702 (52} (630) (7,176) (2,277) (12,253) (84) {1,000) {41) (1,234) 1403) 1448) 1286) (1,638) (2,200) (1,579) (25) (22) {476) (64) (31) (1,989} {794} 61,275 276,624 88,454 139,549 51,339 77,740 36,967 72,010 103,434 70,097 1,191 1,057 22,376 781 498 2,856 3,836 2,814 544 39 {282) (180) (3,531) (1,386) (5,120) (16) (14) (300) 77,791 36,999 69,697 103,684 66,212 1,694 1,060 22,430 Sports 830 3,022 1,467 188,492 34,322 112 54 3,467 1,384 (40) 120) (46,503) (3,500) 3,030 1,470 143,467 31,412 Total restricted funds 1,249,254 22,527 83,280 12,314 1,176,187 Total funds 38,433 141,011 19,716 1,812,188 19
Wycliffe College Foundation Notes to financial statements for the year ended 31 August 2024 12 Funds (continued) Unrestricted Funds are available to the Trustees to apply for the general purposes of the Trust as set out in the Trust Deed. Restricted Funds consist of net incoming resources from Appeal Funds. Each Fund is allocated its proportion of investment income and bears its own expenses. 13 Related parties As at the balance sheet date, the Foundation was owed £2,737 (2023: owe £127,264 to} by Wycliffe College. 20