Company registration number: 04055940 Charity reglstratlon number. 1082938 Wings South West (A company limited by guarantee) Annual Report and Financial Slatements for the Year Ended 31 August 2024 WESTCOTTS CHARTSRED ACCOUNTANTS & BUSINESS ADVISFRS
Wlngs South Wast Contents Reference arKI Administrabve Details 1to2 Trustees, Report 3to9 Independent Examine¢s Report 10 Statement of Financial ACtIeS 11 Balance Sht 12 Notes to the Finandal Statements 131026
Wings South West Reference and Admlnistrative Details Charlty Registration Numbèr 1082938 Company Reglstratlon Number 04055940 Reglstered Office Bowood House Abbotsham BTdeford Devon EX39 5NX Trustees: Mr D G Archer Mrs A Bowser Mr C B Jones (resigned 26 February 2024) Dr S J Ley - Chair of Trustees Mrs R Lynch (appointed 16 September 2024) Mrs V A Reason (resigned 9 Dember 2024) Mr l J Rogers Mrs M J Sawle Founder, CEO & Dlrector Dr P A Bowser Founder & Secretary Mrs A Bowser Bankers Lloyds Bank PIC 5 High Street Bideford Devon EX39 2AD Bardays 38 Boutport Street Bamstaple Devon EX31 1HH Independent Examiner Westcotts (SVV) LLP 47 Boutport street Bamslaple Devon EX31 1SQ Page 1
Wings South West Reference and Administrative Details Sollcltors: Seldons LLP 18 The Quay Bideford Devon EX39 2HF Page 2
Wings South West Trustees. Report The trustees, who are directors foi the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 August 2024. Strudure, govarnanc8 and management Nature of governing document Wings South West is a company limited by guarantee, govemed by its Memorandum and Articles of Associalion and is also regISted with the Charity Commission. Wings South West is established for all such purposes as are recognised as charitable by English Law and which are covered by the Memorandum and Articles of Association. Recrultment and appolntment of trustees Trustees are selected on the basis of their interest in helping people to have a future and a hope, particularly those who are disadvantaged socialty, academically, or by family circumstances. Trustees should be able to work within the charitys objectives and activities and should complement existing Trustees with relevant expertise and time. Induction and training of trustees The continuing support for training and development of Trustees is always under review. New Trustees , who are elected by the Board of Trust&s. a recruited through volunteering. introduction or by targeting specific relevant experien. They are given support and introduced to the Charity in a number of ways, dependent upon their previous experien and any prior involvement with the Charity. Both induction and ongoing development may include reference to the many resour5 available from the Charity Commission. time spent viith the slaff, mentoring and external training. Objectives and activities Objects and aims The main objectives of the Charity are to help alleviale poverty and distress, to offer education and learning in a wde context and to deliver recreational opportunities particularly for disadvantaged people. In specific contexts (e.g. churches, assemblies) a further objective is to help explore aspects of the Christian faith. Page 3
Wings South West Trustees. Report Objectlves. strategles and activities The main activities in relation to the objectives are: The development and running of a community centre (the Wings Hall) in the middle of Bideford that also offers schools work with pupils who are disengaged and a disability group, and; Offering practical work-based projects (motor mechanics, conservation, construction. sports, outdoor pursuits and multimedia) and training with young people who are NEET (Not in Employment, Education or Training), adults who fa difficulties, and at College, all at a second site on the outskirts of Bideford. Risk Management The Trustees of Wings South West ('Wings') are responsible for identifying and directing the potential major risks associated wth safeguarding. GDPR, finances. recruitment and redundancies and all policies under which the charity operates. Day to day risk management devolves lo the Management Team who is responsible for ensuring Tisk assessments are carried out for all aclivities and in implementing the strategic direction set by the Trustees. Where appropriate. systems or procedures have been established to mitigate the risks the charity faces. Internal control risks are minlmised by the implementation of procedures for authorisation of all transactions and projects. ProCedUS are in place to ensure compliance with safeguarding and health and safety of staff, volunteers, participants and visitors to both centre or off-site activities. All ProdureS and policies are reviewed either annually or every three years to ensure Wings continues to meet the needs of beneficiaries and the requirement of the Charity Commission. Public benefit The Trustees consider that the objectives of the Charity. as stated earlier, comply with the Charities and Public Benefit: Summary Guidance for Charity Trustees (Charities Act 2011). The Trustees also unanimously agree that the requirements for due regard to the Public Benefit guidance has been satisfied. The overall aim of Wings is to give people a future and a hope by encouraging positive relationships and offering creative leaming opportunities that help develop skills, self-esteem and confidence. The Public Benefit from Wings is that it largely works with disadvantaged young people who are struggling at school, not in employment, education or training, young offenders (or at risk of offending), those who have learning disabilities and adults experiencing difficulties. Wings listens to the needs of all those we work with. evaluales what intervenlions are most likely to work, puts in place relevant positive activities and services and then measures the effect of these on their development and destinations. Achievements and Performance Report to Be Included In the Accounts to end August 2024 Northem Devon (North Devon and Torridge) is one of the largest and most deprived rural areas in the UK. The prospect for economic and social stability, or even groW(h, for the vast majority of the population continues to be unlikely. particularly in the light of ongoing economic issues and the cost of living crisis Page 4
Wlngs South West Trustees. Report Torridge in particular suffers as this district has one of the I0est average household incornes and one of the lowest GDPS in the UK. It is also a frustrating anomaly that the deprlvation indiS are calculated by also taking into account the positive nature of the environment we live in. Although all o live here are grateful for the beauty around us. financial poverty is a blight. The majority of people Wings works with are facing considerable generational difficulties including rural deprivation. family breakdown and household presSus, a lack of employment or training opportunities, a social environment that pushes increasing numbers into a poverty trap with concomitant risks of offending and mental health issues. a marginalisation of those with leaming, physical or behavioural difficulties and disabilities, and for those who are under 18, an education system that does not 'fit' every pupil. Gener31 As Wings enters its twenty fifth year it is interesting to reflect on the many ups and downs of fOnIng and running a charity over a period that has induded one of the worse financial crises in history, a major capital project that fell at the last hurdle, a devastating pandemic and, most recently. a damaging cost of living crisis. Perhaps unsurprisingly the impact of the pandemic is still being felt and seen in the lives of the children, young people. families and vulnerable adults who lived through it, but also on charities, including those who gave. and continue to give out grants, and those. like Wiros that directly deliver public benefit. Over the Iwenty five years our income now lotals almost seven million pounds and we have consistently employed an average of ten people at any given time and have had the privilege of working with thousands of children. young people and adults: seeing lives changed and giving many a future and a hope. Moving forward to the past few years, and together 1th mary charities in the UK that deliver vital front-line servIs, Wings has been facing the near 'perfect storm. of trying to deal with increasing needs (numbers and severity)., yet with a decreasing level of financial resources. To help counter this scenario we continue to maintain low overhead costs and are particularly grateful that we own one of our ntreS and pay a peppercom rent for the other. Although we had been diversifying income streams away from our traditional grants route, particularly via partnership working, we have been pushed back into that avenue due to both a financial crisis in education and a lack of a clear local authority vision in supporting children wth Special Education Needs and Disabilities (SEND). Since 2016 Wings has been moving more intentionalty and strategically into education, especially working with those children who are struggling at school or marginalised by the learning environment they are in. For the last seven years we have been successfully working Trmth Petroc in one of their sub-contracted post 16 initiatives. specifically Viith students who would not cope in a large College. We are incredibly grateful to Petroc staff for their support and encouragement in this partnership and the measurable qualifications and life-skill benefrts it has brought to so many young people. During 2022 we started a dialogue wth Devon County Council about becoming an altemative provider for pre 16 children" first completing and achieving Quality Assurance approval. Although we have started the Wings Academy and have laken on an eXperiend and excellent educator to be the overall Head of Education and the Academy Lead, the progress has been patchy although when students join, the results are very positive. The Academy has the same characteristics as our other initiatives including operating a relational model of working alongside individuals via practical activities and in group settings, valuing them in what they do and who they are, giving them a future and a hope and, finally, helping them build resilien. Page 5
Wings South West Trustees. Report Over the past few years we have been saddened by the increasing needs we are seeing in the chTldren and young people we engage with at the College and the Academy, particularly in the area of worsening mental health including very high levels of anxiety. We were also shocked by the number of parents contacting us about the Academy tho all gave similar stories about feeling pressurised to take their child out of school and moving Ihem 'off-roll'. Although this avoids parents being fined the net result is that funding is then no longer available to them for their child so they cannot access alternative providers like Wings. The national press has labelled them as 'ghost children,, as they. scandalously, become 'invisible' educationally with them having little chance of re-entering education. As this report is being written we are still trying to identify possible funding routes for the innovative solutions we have identified, none of which is rocket scien. There continues to be an enormous amount of press interest and articles around special education needs, absenteeism, large Academy Trusts and the disproportionate number of children struggling at school. Sadly, even though there are some amazing practitioners in Devon County Council the overall performan of the Local Authority is poor and it is the children themselves who are suffering the most with parents, carers and genuine. professionalty run altemative providers feeling powerless and uncertain of what can be done. It is an unmitigated disaster where possible solutions seem as far away as ever with none being enacted upon. Historically, Wings has been a youth-based organisation. Although children and young people remain a core focus, particularly wth those aged 11 to 25 and around learning and education, over the past ten years we have also been working TrIh other disadvantaged groups where relationship building and the use of our existing expertise, facilrties and equipment has been much needed, and requested. This has been most apparent in our work with individuals with leaming and physical disabilities (the Unity Community) where since opening up again after the pandemic the numbers attending have continued to increase and have now reached pre-pandemic levels and beyond, with a second day now being planned. We are also keen to explore how to help tackle the concomitant mental health issues of anxiety and depression faced by many individuals with disabilities as this is often not understood, and rtainlY under-reported, partially due to a focus on their primary condition. However, research from others, and our own observations, suggests that their primary disabilities are a 'norm' for them and it is anxiety and depression that significantly affects their quality of life. There is also a more general dilernma involving those children and young people who are most vulnerable. including looked-after children. that are not always well served by frameworks that are meant to support them. Unregulated 'homes' and accommodation for children are under constant review with many providers seeming to be driven by financial gain. with very little 'care'. The same is also true of 'alternative providers, where there is little regulation. although as this report is being written. the Department for Education and Devon County Council continue to push for more rigorous control of quality of provision and safeguarding. As Wings pursues its aim of becoming a preferred alternative provider we welcome this move in further protecting the most vulnerable and giving them a genuine future and hope. As mentioned earlier a parallel concern is that the levels of anxiety among the children and young people we work with are at Unpreented levels and both early interventions and long-term help urgently needs to be put in pla. The reasons for this exponential Increase in anxiety are complex and numerous including the COV11>19 pandemic and the inSSant multimedia bombardment of individuals, including pomography. 'sexploitation'. false narratives. unsavoury role models and conspiracy Iheories. Page 6
Wings South West Trustees. Report Centres The Wings Hall remains central to a number of activities although since the pandemic it has not been widely open to groups. apart from Unity and the Ukrainian Hub. The latter was set up in May 2021 with the support of The Pickwell Foundation and Torridge District Council as a place to meet for families who moved to the area to escape their worn-tom country. We. and all those who attend the Hub are so thankful for the ongoing financial support that Torridge District Council continues to give, thout which it would not be able continue. The second Wings centre (Lendon Barn) at Abbotsham. on the outskirts of Bideford, is the principal base for the Majority of (xjurses to help those who are struggling at school. These include functional skills (eg English, Maths) teaching plus practical initiatives such as motor meGhani(s. conservation. construction. sports, fitness. outdoor pursuits and multimedia. It is the home of the Wings College (post-16), and. for two days in the week. the Wings Academy (pre-16). Support As to the future of its current and potential activities. Wings is very fortunate to have 8 professional and passionate staff team who are well supported by excellent Trustees. volunteers and other organisations that are seeking to help disadvantaged children, young people and adults reach their full potential. The importance of volunteers to Wings has always been highlighted since the charity was first fomied almost 25 years ago. and we wish to express our gratitud8 to thern again this year. As well as individuals. we are indebted again this year to many organisations and charities for financlal support including the Barry and Peggy High Foundatlon and many local schools and colleges especially Highgate Hill House, Marland and Pelroc. Without thelr support and the confidence they show in Wings we would have achieved nothing. After e1ve years as a Trustee, Mrs Vera Reason stepped down in December 2024. We are so grateful to Vera for the incredible support she has given to Wiros and for her genuine care towards staff, volunteers and those we with, which has been much appreciated. We are delighted to record that Mrs Rebecca Lynch joined Wings as a Trustee in Septsmber 2024. Financial review During the year the Charity has achieved total incoming resources of £330.574 (2023: £240,391) of which £96.177 (2023: £69.675) related to restricted funds. The total resources expended for the year was £331.540 (2023: £269,521) which resulted in net outgoing resources. before investment gainsllosses of £966 {2023: £29.130). Investment losses during the year were £Nil (2023: £11.700)- Total funds at the year end stood at £569.544 (2023: £570.510) with £23.000 (2023: £30,300) related to restricted funds and £546,544 (2023= £540,210) shown a5 unwtricted funds. Policy on reseNes The Trustees continue to set a reserves policy that rellects the best interests of the Charity and its beneficiaries. Trustees regularly monitor resetve levels to ensure effectiveness of the policy in the light of changing risks. The Charity aims to hold six months operating reserves, which equate5 to around £120.000. When reviewing unrestricted funds, the Trustees remove funds held as tangible fixed assets from consideration as it is not deemed to be readily available funds. The totsl of unrestricted funds. exduding tangible fixed assets, as at 31 August 2024 was £249,374 (2023: £237,009). Page 7
Wings South West Trustees. Report Plans for future periods Wrth the current invaluable work of Wings with children, young people and adults, and the financial pressures created by the pandemic and the economic difficulties there is a little doubt it is a time of considerable transition for the Charity. In order to sutvive, and even grow. there are six key aaS Wings is focusing on, and investing in. namely" Listening to identifying and acting on the growing needs of children, young people and adults. particularly where there is disadvantage Identifying local schools and other organisations ere joint initiatives would be of value in benefiting children young people Helping to tscilitate community engagement in addressing local issues including unemployment and lack of occupation 8id writing and building partnerships with existing and new charities with thom Wings share similar objectives Coordinating support from local. national and intemational companies and charities . Having robust Financial Systems and G0veMan reviews Statement of trustees. responsibllltles The trustees (who are also the directors of Wings South West for the purposes of company law) are responsible for preparing the trustees, report and the financial ststements in accordance with applicable law and United Kingdom Accounting Slandards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The Teport and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies. Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied Ihat they give a true and fair view of the state of affairs of the charitable company and of the incoming reSoUrS and application of resources. including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are qUired to: select suitable accounting policies and apply them consistently. observe the methods and principles in the Charities SORP", make judgements and estimates that are reasonable and prudent" slate whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will conlinue in business. The trustees are responsible for keeping proper accounting recoTds that can disclose wtth reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assels of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 8
Wlngs South West Trustees. Report The trustees are responsible for the maintenano and integrity of the corporate and financial infomation included on the charitable companvs website. Legislation governing the preparation and dissemination of financial statemenls may differ fiom legislation in other jurisdictions. Small companies provision statamont This report has been prepared in accordance with the small companies regime under the Companies Act 2006. Dr P A Bowser Chief Executive Officer The annual report was approved by the trustees of the charity on behalf b and signed on its Dr S J Ley- Chair Trustees Page 9
Wings South West Independent Examlner's Report to the trustees of Wings South West ('the Company.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2024. Responsibilities and basls of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requiremenls of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your charity's accounts as carried out under seclion 145 of the Charities Act 2011 {'the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent exaMIneS ststement sin the Companvs gross income exeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of ICAEW. which is one of the listed bodies. I have completed my examination. I confirm that no matters have corne to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of Wings South West as required by section 386 of the 2006 Act., or 2. the accounts do not accord wilh those records" or 3. the accounts do not comply viith the aountIng requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination: or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounls in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no conM8 and have come across no otheT matters in connection with the examination to which attention should be drawn in this port in order to enable a proper understsnding of the accounts to be ached. Catherine Williams FCA DChA Independent Examiner Westcotts (SW) LLP 47 Boutport Street Bamstaple Devon EX31 1SQ SJC Page 10
Wlngs South West Statement of Flnanclal Activities for the Year Ended 31 August 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrèstricted funds Restricted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies other trading activities Investment income 5,372 227.270 1.755 96.177 101,549 227.270 1,755 88,154 150.418 1,819 Total income 234.397 96.177 330,574 240,391 Expenditure on: Raising funds Charitable activities (1.510) (268,011) (231.063) (100.477) (331,540) Total expenditure Gainsl(losses) on investment assets (231.063) (100.477) (331.540) (269.521) (11.700) Net incomel(expenditure) Transfers between funds 3,334 3.000 (4,300) (3,000) (966) (40,830) Net movement in funds 6,334 (7,300) (966) (40,830) Reconciliatlon of funds Total funds brought forward Total funds carried forward 19 540.210 30,300 23,000 570,510 611,340 546,544 569,544 570,510 All of the charity's activities derive from conlinuing operations during the above periods. The funds breakdown for 2023 is shown in nole 19. The notes on pages 13 to 26 form an integral part of these financial statements. Page 11
Wings South West (Reglstratlon number: 04055940) Balance Sheet as at 31 August 2024 2024 2023 Note Fixed assets Tangible assets 14 297.170 303.201 Current assets Debtors Cash at bank and in hand 15 16 11,408 270,860 32.687 242.843 282,268 275,530 Creditors: Amounts falling due within one year 17 (9,894) (8,221) Nét current assets 272,374 267.309 Not assets 569.544 570.510 Funds of the charity: Restrlcted income funds Restricted funds 23,000 30,300 Unrestrlcted income fund5 Unrestricted funds 546,544 540,210 Total funds 19 569,544 570,510 For the financial year ending 31 August 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: The members have not required the charity to obtain an audit of its accounts for the year in question in accordance wth section 476- and The directors acknowledge their responsibililies for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The fin nci I statements on pages 11 to 26 were approved by the trustees, and authorised for issue £5. and signed on their behalf by: DrSJ Ley-chairo Chair of Trustee rustees The notes on pages 13 to 26 form an integral part of these financial statements. Page 12
Wlngs South West Notes to the Financial Statements for the Year Ended 31 August 2024 1 Charity status The charty is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of its registered office is.. Bowood House Abbotsham Bideford Devon EX39 SAX 2 Accountlng policies Summary of significant accountlng policies and key accounting estlmates The principal accounting policies applied in the pparatIOn of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities= Statement of Recommended Practi (applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP {FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102> and the Companies Act 2006. Basis of preparatlon Wings South West meets the definition of a public benefrt entity under FRS 102. Assels and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevanl accounting policy notes. Going concern The trustees consider that there are no material UnrtaInlieS about the charity's ability to continue as a going concern nor any significant areas of UnrtaInty that affect the carrying value of assets held by the charity. Income and endowments All income is recognised once the charity has entitlement to the income, it is probable that the income will be reiVed and the amount of the income re1vable can be measured reliably. Page 13
Wlngs South West Notes to the Financial Ststements for the Year Ended 31 August 2024 Donations and legacies Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of perf0mlan by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Grants receivable Grants are recognised when the charity has an enlltlement to the funds and any conditions linked to the grants have been met. Where perforrnan condltions are attached to the grant and are yet to be met. the income is recognised as a liabilsty and induded on the balance sheet as deferred income to be released. Investment income Dividends a recognised once the dividend has been declared and notification has been reiVed of the dividend due. Expendlture All expenditure is recognised once there is a legal or constructive obligation to that expenditure. it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on Ihe spread of staff costs. Raising funds These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. Charltable a¢tlvltles Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and serVIS for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support Ihem. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent Mrith the use of resources, for example. allocating propety costs by floor areas. or per capita, staff costs by the time spent and other costs by their usage. Page 14
Wlngs South West Notes to the Financial Statements for the Year Ended 31 August 2024 Taxation The Charity is considered to pass the tests set out in Pafagraph 1 Schedule 6 of the Finance Act 2010 and therefore it meels the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains reiVed within categories covered by Chapter 3 Part 11 of the Corporalion Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusivety to charitable purposes. Tangible fixed assets Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation and amortisatlon Depreciation is provided on tangible fixed assets so as to write off the cost or valuation. less any estimated residual value. over their expected useful economic life as follows: Asset class Land and buildings Computers Motor vehicles Equipment Depreciation mathod and rate 1 OA straight line 15% reducing balan 25 % reducing balance 200A reducing balance Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible lo a known amount of cash and are subject to an insignificant risk of change in value. Fund structure Unrestricted income fijnds are general funds that are available for use at the trustees discretion in furtheran of the objectives of the charity. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Flnanclal Instruments Classification Financial assets and financial liabilities are recognised when the charity becomes a paty to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the Substan of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Page 15
Wlngs South West Notes to the Financial Statements for the Year Ended 31 August 2024 Recognition and measurement All financial assets and liabilities are initially measured at transaction price {including transaction costs). except for those financial assets classified as at fair value through profrt or loss, which are initially measured at fair value (which is normalty the transaclion price excluding transaction cosls), unless the arrangetnent constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is ffleasud at the presenl value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of fjnancial position when, and only when there exists a legally enforable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when a} the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party subslantially all of the risks and rewards of ownership of the financial asset. or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another paty. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Investments Investments in non-convertible preferen shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably. investments are measured at cost less impairment. Investments in subsidiaries and associales are measured at cosl less impaimient. For investments in subsidiaries acquired for consideration including the issue of shares quali"ng for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. Page 16
Wings South West Notes to the Flnanclal Statements for the Year Ended 31 August 2024 3 Income from donatlons and legacies Unrestrlcted fvnds General Restrictsd funds Totsl 2024 Donatlons Donations including Gift Aid Grants received Grants reiVed 5.372 5,372 96.177 96,177 5,372 96,177 101.549 Unrestricted funds Genoral Restrfctsd funds Total 2023 Donations Donations including Gift Aid Grants receivod Grants reiVed 6,819 6.819 11.660 69,675 69.675 81,335 88.154 18,479 Page 17
Wings South West Notes to the Financial Statements for the Year Ended 31 August 2024 4 Income from other trading activities Unrestricted funds General Total 2024 Courses and activities Trax income Disability enabling Wings College (Petroc) Media Course income Sale of products and other income HI income 40,070 7.631 10,589 166,954 965 61 1,000 40.070 7,631 10,589 166,954 965 61 1,000 227.270 227,270 Unrastricted funds General Total 2023 Courses and activities Trax income Disability enabling Wings College (Petroc) Media Course income Sale of products and other income Hire income 8,340 12,732 7,219 111,258 6,115 1,629 3,125 150,418 8,340 12,732 7.219 111.258 6,115 1,629 3,125 150,418 5 Investment Income Unrestricted funds General Total 2024 Interest receivable on bank deposits 1,755 1,755 1,755 1,755 Unrestricted funds General Total 2023 Intest receivable on bank deposits Other income from fixed asset inveslments 511 1,308 511 1,308 1,819 1.819 Page 18
Wings South West Notes to the Financial Statements for the Year Ended 31 August 2024 6 Expgndlture on raising funds a) Invostment management costs Unrestrlcted funds General Total 2023 Other investrnent management costs. Amounts payable to investment managers 1.510 1.510 1,510 1.510 7 Expendlture on charitsblo activities Unrestrlcted funds General Restrlctsd funds Total 2024 Charitable activities Allocated support costs 228,486 2,577 100,477 328.963 2,577 231,063 100,477 331,540 Unrestricted funds General Restrlcted funds Totsl 2023 Charitable activities Allocated support costs 177.609 3,110 87.292 264,901 3,110 180,719 87.292 268,011 Page 19
Wings South Wast Notes to the Financial SL2tements for the Year Ended 31 August 2024 8 Analysis of support costs Charitable activities expendlture Unrestricted funds General Total 2024 Independent Examination Fees 2.577 2,577 Unrestricted funds Genoral Total 2023 Independenl Examination Fees 2,440 2,440 9 Net Incomingloutgoing resources Net outgoing resouros for the year indude: 2024 2023 (Gains)Ilosses on other investment assets 11,700 10 Trustees remuneration and expenses No remuneration or other benefits from employment ryth the Charity or related entity were reiVed by Ihe Trustees. 11 Staff costs The aggregate payroll costs were as follows: 2024 2023 Staff costs durlng the year were: Wages and salaries Social security costs Pension costs 232.312 17,547 4.355 165.335 10,086 3,482 254.214 178.903 Page 20
Wings South West Notes to the Flnanclal Ststemants for the Year Ended 31 August 2024 The average head count of employees during the year was 11 {2023.'8). The average number of full-time equivalent employees during the year is analysed as follows,. 2024 2023 Operational Staff No employee received emoluments of more than £60,000 during the year. 12 Independent examinetrs remuneration 2024 2023 Independent Examlnation Fees 2,577 3.110 13 Taxatlon The charty is a registered charity and is therefore exempt from tsxation. Page 21
Wings South West Notes to the Financial Statements for the Year Ended 31 August 2024 14 Tanglble flxed assets Land and buildings Motor vehicles Computer equipment Equipment Total Cost At 1 September 2023 Additions 275.764 94.132 4.461 52.380 24,653 2,048 446,929 6,509 At 31 August 2024 275,764 98.593 52.380 26.701 453,438 Depreciation At 1 September 2023 Charge for the year 17,981 65.254 49,095 11,398 143.728 2,757 6,667 821 2,295 12.540 Al 31 August 2024 20,738 71,921 49,916 13,693 156.268 Net book value At 31 August 2024 255,026 26.672 2.464 13,008 297,170 At 31 August 2023 257,783 28,878 3.285 13,255 303,201 15 Debtors 2024 2023 Trade debtors Prepayments VAT recoverable Other debtors 237 6,022 2,340 2.809 22.205 5,351 2.322 2.809 11,408 32.687 16 Cash and cash equivalents 2024 2023 Cash at bank 270.860 242,843 Page 22
Wlngs South West Notes to the Financial Ststements for the Year Ended 31 August 2024 17 Creditors: amounts falllng due within one year 2024 2023 Trade creditors other taxation and social security Other creditors Accruals 371 5,879 1.144 2,500 {141) 4.109 1.253 3,000 9.894 8.221 18 Pension and other schemes Deflned contribution pension scheme The charity operates a defined contribution pension scheme. The pension cost charge for Ihe year represents contributions payable by the charity to the scheme and amounted to £4,355 (2023 £3,482). Page 23
Wings South West Notes to the Flnancial Statements for the Year Ended 31 August 2024 19 Funds Balance at Balance at 31 August 2024 September 2023 Incomlng Resources resources expondod Transfers Unrestrlcted funds General Funds Fixed Asset Fund 237.009 303,201 234.397 (218,523) (12,540) {231,063) <3,509) 6,509 249.374 297.170 540,210 234,397 3,000 546.544 Restricted funds Bary and Peggy High Foundation Awards for All ASDA Torridge DC Abbotsham Baptist Parish Council Bideford Bridge Trust Book Relief UK NDVS ND Atlantic Classic MCC Disabled Leamers Bideford Rotsry 23.500 50,000 8,800 400 24,400 1,000 200 2,000 1,000 1.333 (60,500) {8,800) (400) (22,200) (1,000) {200) 13.000 6,800 9,000 (2,000) 1.000 (1,333) 1.000 (1,000) (5,544) (500) (100,477) 500 30,300 96,177 (3.000) 23.000 Total funds 570,510 330,574 (331,540) 569.544 Separate unrestricted funds have been created to represent the appropriate book values of both the investment and tangible fixed assets held in the accounts. whe restricted funds are reIVed for capital expenditure and the expenditure has been fully met and funds used, the restriction is deemed to be lifted and the asset value is transferred to, and regarded as unrestricted, within the designated tangible fixed asset fund from then on. We are indebted to the Bary and Peggy High Foundation and Torridge District Council for their continuing support this year. Page 24
Wings South West Notes to the Financlal Ststements for the Year Ended 31 August 2024 Balanco at1 September Incoming Resourcos 2022 resources expended Transfers other recognlsed galnsl (losses> Balance at31 August 2023 Unrestricted funds General Funds Investec Investment Fund Fixed Asset Fund 156,807 169.408 (166,809) 77,603 237,009 91.979 314.637 1,308 (2,012) (79.575) (11,700) (13,408) 1,g72 182,229) 303,201 563,423 170,716 11,700 540,210 Restrictsd funds Barry and Peggy High Foundation PETROC (Project Hope) Pickwell Foundation Claire Milne ASDA Devon CC Defibrilator Torridge DC Abbotsham Baptist 26,667 50.000 (53,167) 23,500 2.875 (2.875) (15,000) (6.250) (2.450) (1,200) (5.400) 15,000 6,250 2,450 1,200 12,200 6,800 47,917 69,675 87,292) 30,300 Total funds 611.340 240.391 (269,521 (11.700 570,510 The specific purposes for which the funds are to be applied a as follows: The Barry and Peggy High Foundation have provided a further annual grant towards work with disadvantaged children and adults. The Claire Milne Trust provides support to the work with Ihe Unity Community. The Pickwell Foundation grant is for the creation of the Wings Ukrainian Hub in support of families moving to the UK and escaping the war in Ukraine. All other listed funds represent other fully or partially satisfied grant income in the year that has been spent. All other funds included here relate to funding towards salaries of employees of the Charity or specific purchasing of project reSoUrs. Page 25
Wings South West Notes to the Financial Statements for the Year Ended 31 August 2024 20 Analysis of net assets between funds Unrestricted funds General Total funds Rostrlcted at 31 August funds 2024 Tangible fixed assets Current assets Current liabilities 297.170 259,268 (9,894 546,544 297,170 282,268 (9,8g4 569,544 23,000 Total net assets 23,000 Unrestricted funds General Total funds at 31 August 2023 Restrlcted funds Tangible fixed assets Current assets Current liabillts-es 303,201 245,230 {8,221) 540,210 303,201 275,530 {8.221) 570.510 30,300 Total net assets 30,300 21 Related party transactions During the year, the charity (as a Company Limited by Guarantee) paid remuneration under employment contract to one of its Iwo Founding Directors. Paul Bowser reiVed total remuneration (induding employers, national insurance) of £16,567 (2023: £16.348) for his role as CEO. Paul is employed to his relevant expertise and experience for the post. The appointrnent and remuneration is permitted under the Artides and Memorandum of WirwJs South West. Page 26