REGISTERED COMPANY NUMBER: 04234021 (England and Wales) REGISTERED CHARITY NUMBER: 1087799
REPORT OF THE TRUSTEES AND
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
FOR
WISBECH EDUCATIONAL FOUNDATION
Wheelers
Chartered Accountants, Tax Consultants & Statutory Auditors 27-29 Old Market
Wisbech Cambridgeshire PE13 1NE
WISBECH EDUCATIONAL FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Report of the Independent Auditors | 5 | to | 8 |
| Statement of Financial Activities | 9 | ||
| Balance Sheet | 10 | ||
| Cash Flow Statement | 11 | ||
| Notes to the Cash Flow Statement | 12 | ||
| Notes to the Financial Statements | 13 | to | 24 |
WISBECH EDUCATIONAL FOUNDATION (REGISTERED NUMBER: 04234021)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2025
The Trustees submit their report and financial statements for the year ended 31 January 2025 under the Companies Act 2006, the Company's Memorandum & Articles of Association, the Foundation's Scheme and the Charities (FRS102) '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 January 2015)'.
OBJECTIVES AND ACTIVITIES
Objectives and aims
Wisbech Educational Foundation is a charity with the objective of "advancing education for the public benefit in or near Wisbech in particular but not exclusively by promoting the education of children attending independent schools in the area through the provision of grants to those in financial need, scholarships or prizes."
The Foundation is a continuation of the Wisbech Grammar School Charity which can trace it's history back to 1379 when a school was founded by the Wisbech Guild of the Holy Trinity at St Peter's and St Paul's church. Chartered by Edward VI in 1549 as a grammar school for boys, for much of its history it offered a largely classical curriculum of Greek, Latin and arithmetic under the governance of the Wisbech Corporation. After the first 150 years the school moved premises to the old guildhall in Hill Street and then on to South Brink before merging with the Wisbech High School for Girls in 1970 at their present site on North Brink.
For much of the 20th century, it was a non-fee paying voluntary-aided school, but following local council plans to remove this status and merge the Grammar School with a nearby secondary modern school, the governors took the decision to become fully independent in 1983 becoming a fee-paying day school, run by the charity for pupils aged 11 to 18 to attend from the three counties of Cambridgeshire, Norfolk and Lincolnshire. Following the closure of the nearby St Audrey's Convent, a significant feeder for the senior school, a new junior and infant preparatory school was opened in 1997 for pupils aged 4 to 11, now known as Magdalene House.
In 2020, the charity transferred the business of the day to day running of the school to Wisbech Grammar School Ltd and Wisbech Educational Foundation now carries on charitable educational work within the local community. This includes awarding bursaries to those pupils who fulfil the academic criteria for entry to an independent school, and who will act as a positive role model, but who would otherwise be unable to afford the education on offer. The Foundation will also consider bursaries for other fee paying educational courses on its merits.
The trustees have regard to the Charity Commission's guidance on public benefit.
STRATEGIC REPORT
Achievements and performance Charitable activities
During the year, substantial bursaries were paid to assist pupils to attend Wisbech Grammar School who would not otherwise have been able to do so.
Fundraising activities
The charity does not carry out significant fundraising activities.
Financial review
Financial review (including reserves policy)
Having relinquished the day to day running of the school to Wisbech Grammar School Ltd, the charity's finances are on a much sounder footing. The trustees have kept a tight control on the charity's running costs and the charity has made a surplus before gains and losses during the course of the year.
The charity ceased participation in the Cambridgeshire County Council Pension Fund on 31 January 2020 and the liability in the accounts is in accordance with the cessation valuation report dated 1 September 2020. The charity intends on repaying this liability in ten annual instalments, with the first instalment paid in September 2021, however, it is still in the process of formally agreeing and documenting the payment plan.
The charity's principal source of funding is the income it receives from its land and buildings. The trustees intend to use approximately one third of its rental income to fund bursaries, one third toward settlement of the pension cessation liability and one third to cover the charity's running costs and build its reserves so they can be invested to provide investment income to enable the charity to meet its objectives.
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WISBECH EDUCATIONAL FOUNDATION (REGISTERED NUMBER: 04234021)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2025
STRATEGIC REPORT
Plans for future periods
The charity is hoping to provide bursaries to pay 100% of the School fees for pupils from the local area who wish to attend the Sixth Form and earlier years at the Senior School of Wisbech Grammar School but whose parents are unable to afford the fees.
To qualify for such a bursary, the pupil would ideally be someone who does not attend the school and would have to apply to Wisbech Grammar School for a place.
The pupil would have to satisfy the Grammar School that they had the necessary academic qualifications for a place in the Sixth Form and his or her parents would have to satisfy the Grammar School's criteria for the award of a 100% bursary. The Grammar School would then initially make the recommendation to the charity to fund the Bursary.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing instruments
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
Co-opted trustees are elected by the Board of Trustees. The term of office for co-opted trustees is three years following which they are eligible for re-election.
The Bishop of Ely has the right to nominate one trustee and the Master and Fellows of Magdalene College Cambridge has the right to nominate two trustees. All nominations are confirmed by the Board of Trustees.
New trustees receive an induction into the workings of the Charity and are provided with Terms of Reference relevant to their position.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
04234021 (England and Wales)
Registered Charity number
1087799
Registered office
2 The Crescent Wisbech Cambridgeshire PE13 1EH
Trustees
Chairman: Dr Q Wong, MB.BS, FRCGP, DRCOG Vice Chairman: Mrs E Morris, LLB Treasurer: Mr C Goad, BFP, FCA
Dr C Mair BSc, BVetMed, MRCVS Mrs J Bodger BEd Mr I MacLachlan (resigned 22 April 2024) Dr K Hart MBCRB, FRCPCH Mr T Chapman (appointed 24 April 2024) Mr P O'Connor (appointed 27 March 2025) Mr E Blundy (appointed 27 March 2025)
Company Secretary
Mr C Goad BFP FCA
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WISBECH EDUCATIONAL FOUNDATION (REGISTERED NUMBER: 04234021)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2025
REFERENCE AND ADMINISTRATIVE DETAILS Auditors
Wheelers Chartered Accountants, Tax Consultants & Statutory Auditors 27-29 Old Market Wisbech Cambridgeshire PE13 1NE
Bankers
Lloyds Bank plc 25 Gresham Street London EC2V 7HN
Solicitors
Fraser Dawbarns LLP 21 Tuesday Market Place King's Lynn PE30 1JW
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Wisbech Educational Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Wheelers, will be proposed for re-appointment at the forthcoming Annual General Meeting.
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WISBECH EDUCATIONAL FOUNDATION (REGISTERED NUMBER: 04234021)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2025
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 27 October 2025 and signed on the board's behalf by:
Dr Q K K Wong - Trustee
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WISBECH EDUCATIONAL FOUNDATION
Opinion
We have audited the financial statements of Wisbech Educational Foundation (the 'charitable company') for the year ended 31 January 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 January 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with 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 that 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.
Emphasis of matter - Investment Property Valuation
Included within note 12 to the financial statements are details regarding the valuation of the Investment Property. The Charity has undertaken an assessment of the carrying value of the property which has resulted in the recognition of an impairment loss of £38,461. As detailed in the note, the assessment is based on various assumptions regarding the outcome of ongoing negotiations with the tenant which may have a material impact on the carrying value of the Investment Property. Our opinion is not modified in respect to this matter.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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 otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WISBECH EDUCATIONAL FOUNDATION
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 charitable company'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 trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WISBECH EDUCATIONAL FOUNDATION
Our responsibilities for the audit of the financial statements
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 a Report of the Independent Auditors 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility of the prevention and detection of fraud rests with those charged with governance of the entity.
Our approach was as follows:
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We obtained an understanding of the legal and regulatory frameworks that are applicable to the Charity and determined that the most significant are those that relate to the reporting framework (United Kingdom Accounting Standards in conformity with the Companies Act 2006, Charities SORP (FRS 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) and FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland") and the relevant tax regulations in the United Kingdom.
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We understood how Wisbech Educational Foundation is complying with those frameworks by identifying the Charity's policies and procedures regarding compliance with laws and regulations.
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We assessed the susceptibility of the Charity's financial statements to material misstatement, including how fraud might occur by enquiry during the planning and execution phases of our audit.
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Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved:
o Review of trustee minutes of meetings to identify any instances of non-compliance with laws and regulations, including communications with regulators and tax authorities.
o Auditing the risk of management override of controls, including through review of adjustments for appropriateness.
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.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WISBECH EDUCATIONAL FOUNDATION
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Helen Garrett BA FCA, CTA (Senior Statutory Auditor) for and on behalf of Wheelers Chartered Accountants, Tax Consultants & Statutory Auditors 27-29 Old Market Wisbech Cambridgeshire PE13 1NE
28 October 2025
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WISBECH EDUCATIONAL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JANUARY 2025
| Notes INCOME AND ENDOWMENTS FROM Donations and capital grants 3 Investment income 4 Other income Total EXPENDITURE ON Charitable activities 5 Charitable activities Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ - 237,053 - 237,053 181,919 (38,900) 16,234 3,692,370 3,708,604 |
Restricted funds £ 87,000 - - 87,000 - (192) 86,808 5,393 92,201 |
31.1.25 Total funds £ 87,000 237,053 - 324,053 181,919 (39,092) 103,042 3,697,763 3,800,805 |
31.1.24 Total funds £ - 220,463 17,218 237,681 91,673 (1,671,375 ) (1,525,367 ) 5,223,130 3,697,763 |
|---|---|---|---|---|
The notes form part of these financial statements
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WISBECH EDUCATIONAL FOUNDATION (REGISTERED NUMBER: 04234021)
BALANCE SHEET
31 JANUARY 2025
| Notes FIXED ASSETS Investments Investments 11 Investment property 12 CURRENT ASSETS Debtors 13 Cash at bank CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 15 PENSION LIABILITY 19 NET ASSETS FUNDS 18 Unrestricted funds Restricted funds TOTAL FUNDS |
31.1.25 £ 9,152 4,138,409 4,147,561 209,031 221,622 430,653 (105,313) 325,340 4,472,901 (349,687) (322,409) 3,800,805 3,708,604 92,201 3,800,805 |
31.1.24 £ 9,344 4,176,870 4,186,214 126,000 166,697 292,697 (80,626) 212,071 4,398,285 (326,138) (374,384) 3,697,763 3,692,370 5,393 3,697,763 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 27 October 2025 and were signed on its behalf by:
Dr Q K K Wong - Trustee
Mr C Goad BFP FCA - Trustee
The notes form part of these financial statements
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WISBECH EDUCATIONAL FOUNDATION
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2025
| Notes Cash flows from operating activities Cash generated from operations 1 Interest element of hire purchase or finance lease rental payments paid Interest paid Net cash provided by operating activities Cash flows from investing activities Interest received Net cash provided by investing activities Cash flows from financing activities Loan repayments in year Capital repayments in year Pension liability capital repayment Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
31.1.25 £ 116,379 - (3,382) 112,997 19 19 (6,118) - (51,973) (58,091) 54,925 166,697 221,622 |
31.1.24 £ 149,432 (28) (3,773) 145,631 9 9 (26,139) (216) (51,504) (77,859) 67,781 98,916 166,697 |
|---|---|---|
The notes form part of these financial statements
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WISBECH EDUCATIONAL FOUNDATION
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 JANUARY 2025
| 1. | RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH | RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH | FLOW FROM | |
|---|---|---|---|---|
| OPERATING ACTIVITIES | ||||
| 31.1.25 | 31.1.24 | |||
| £ | £ | |||
| Net income/(expenditure) for the reporting period (as per the | ||||
| Statement of Financial Activities) | 103,042 | (1,525,367 ) | ||
| Adjustments for: | ||||
| Losses on investments | 38,653 | 1,607,861 | ||
| Interest received | (19) | (9) | ||
| Interest element of hire purchase and finance lease rental payments | - | 28 | ||
| Capital contribution adjustment | 439 | 63,514 | ||
| Interest paid | 20,657 | 25,809 | ||
| (Increase)/decrease in debtors | (83,031) | 6,000 | ||
| Increase/(decrease) in creditors | 36,638 | (28,404) | ||
| Net cash provided by operations | 116,379 | 149,432 | ||
| 2. | ANALYSIS OF CHANGES IN NET FUNDS | |||
| At 1.2.24 | Cash flow | At 31.1.25 | ||
| £ | £ | £ | ||
| Net cash | ||||
| Cash at bank | 166,697 | 54,925 | 221,622 | |
| 166,697 | 54,925 | 221,622 | ||
| Total | 166,697 | 54,925 | 221,622 |
The notes form part of these financial statements
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WISBECH EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
1. STATUTORY INFORMATION
Wisbech Educational Foundation is a charitable company, limited by guarantee, registered in England and Wales. The company has no share capital and in the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The register number company number is 04234021 and the registered charity number is 1087799. The registered office is located at 2 The Crescent, Wisbech, Cambridgeshire, PE13 1EH..
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 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 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Significant judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.
The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements.
Investment property
Investment property is stated at fair value with changes in the fair value being recognised in the Statement of Financial Activities. No depreciation is provided in respect of investment property in accordance with FRS102 Chapter 16.
The fair value of investment property is assessed on an annual basis by the trustees. The main investment property has been included at a valuation of £3.95m (2024: £3.99m). The 2025 valuation is based on a discounted cash flow forecast, accounting for the trustees expected rental increases over the remaining term of the lease.
Pensions liability
The Charity ceased participation in the Cambridgeshire County Council Pension Fund on 31 January 2020. The Charity has had various discussions with Cambridgeshire County Council and the appointed actuary of the scheme, who have indicated that the cessation liability amounts to £525,000. This liability together with the associated assumptions is the liability referred to in these financial statements as detailed in note 20, reduced by the first, second, third and fourth installments settled in September 2021, August 2022, February 2024 and September 2024 respectively. The Charity has not received any indication that the cessation liability will be revised.
continued...
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WISBECH EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2025
2. ACCOUNTING POLICIES - continued
Basis of preparing the financial statements
Interest free loans
The charity has a long term liability being a loan which is interest free until 31 January 2030. In accordance with FRS102, this loan is discounted to its present value. From 31 January 2030, the agreement provides that interest will be charged at 2% above base. The trustees consider that this is a market rate of interest and as a result, this rate is considered appropriate for use in the discounting calculations.
Income
Income is recognised in the Statement of Financial Activities once the company has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
i) The Charity's general fund consists of funds which the Charity may use for its purpose at its discretion, in furtherance of the general objectives of the Charity.
ii) The Charity's restricted funds are those where the donors have imposed restrictions on the use of the funds which are legally binding.
Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the quoted bid market price or market value. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the period.
Trade and other debtors
Trade and other debtors are recognised and carried at the lower of their original invoiced value and recoverable amount. Provision for impairment is made through the Statement of Financial Activities when there is objective evidence that the company will not be able to recover balances in full. Balances are written off when the probability of recovery is assessed as being remote.
Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand includes cash and short term highly liquid investments with an original maturity date of three months or less. For the purposes of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.
continued...
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WISBECH EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2025
2. ACCOUNTING POLICIES - continued
Creditors and provisions
Creditors and provisions are recognised where the company 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 and provisions are recorded at transaction price.
Leasing commitments
Rentals under operating leases are charged in the Statement of Financial Activities on a straight-line basis over the lease term. Lease incentives are recognised over the lease term on a straight-line basis.
Financial instruments
Basic financial instruments are initially recognised at transaction value and subsequently measured at their fair value.
Financing transactions are measured initially at the present value of future cashflows discounted at a market rate of interest and subsequently measured at amortised cost using the effective interest method.
3. DONATIONS AND CAPITAL GRANTS
| Legacies 4. INVESTMENT INCOME Rent and lettings COIF and Charifund shares Deposit account interest 5. CHARITABLE ACTIVITIES COSTS Direct Costs (see note 6) £ Charitable activities 97,551 |
31.1.25 £ 87,000 31.1.25 £ 236,914 120 19 237,053 Support costs (see note 7) £ 84,368 |
31.1.24 £ - 31.1.24 £ 220,336 118 9 |
|---|---|---|
| 220,463 | ||
| Totals £ 181,919 |
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WISBECH EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2025
6. DIRECT COSTS OF CHARITABLE ACTIVITIES
| 31.1.25 | 31.1.24 | |
|---|---|---|
| £ | £ | |
| Bad debts | (3,230) | (19,904) |
| Grant expenditure | 100,781 | 24,999 |
| 97,551 | 5,095 |
The Charity, during the year, provided grants to support students of Wisbech Grammar School Limited with their school fees totalling £100,781 (2024: £24,999).The amount committed but not paid at the 31 January 2025 amounted to £106,640 (2024: £30,988).
7. SUPPORT COSTS
| Management £ Charitable activities 54,453 Support costs, included in the above, are as follows: Management Legal and professional fees Rates, water, gas, electricity and rent Insurance Other costs Finance Bank interest Interest on pension scheme liabilities Loan interest Hire purchase interest |
Governance Finance costs Totals £ £ £ 20,657 9,258 84,368 31.1.25 31.1.24 Charitable Total activities activities £ £ 859 960 12,000 12,000 41,488 38,985 106 48 54,453 51,993 31.1.25 31.1.24 Charitable Total activities activities £ £ 132 52 3,250 3,721 17,275 22,036 - 28 20,657 25,837 |
Totals £ 84,368 |
|---|---|---|
| 25,837 |
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WISBECH EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2025
7. SUPPORT COSTS - continued Governance costs
| SUPPORT COSTS - continued Governance costs |
||
|---|---|---|
| 31.1.25 | 31.1.24 | |
| Charitable | Total | |
| activities | activities | |
| £ | £ | |
| Auditors' remuneration | 9,258 | 8,748 |
| NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | ||
| 31.1.25 | 31.1.24 | |
| £ | £ | |
| Auditors remuneration | 9,258 | 8,748 |
8. NET INCOME/(EXPENDITURE)
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 January 2025 nor for the year ended 31 January 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 January 2025 nor for the year ended 31 January 2024.
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income Other income Total EXPENDITURE ON Charitable activities Charitable activities Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 220,463 17,218 237,681 91,673 (1,671,644 ) (1,525,636 ) 5,218,006 3,692,370 |
Restricted funds £ - - - - 269 269 5,124 5,393 |
Total funds £ 220,463 17,218 237,681 91,673 (1,671,375 ) (1,525,367 ) 5,223,130 3,697,763 |
|---|---|---|---|
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Page 17
WISBECH EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2025
| 11. | FIXED ASSET INVESTMENTS | ||
|---|---|---|---|
| 31.1.25 | 31.1.24 | ||
| £ | £ | ||
| Shares | 4,152 | 4,344 | |
| Other | 5,000 | 5,000 | |
| 9,152 | 9,344 | ||
| Additional information as follows: | |||
| Unlisted | |||
| investments | |||
| £ | |||
| MARKET VALUE | |||
| At 1 February 2024 | 4,344 | ||
| Revaluations | (192) | ||
| At 31 January 2025 | 4,152 | ||
| NET BOOK VALUE | |||
| At 31 January 2025 | 4,152 | ||
| At 31 January 2024 | 4,344 | ||
| There were no investment assets outside the UK. | |||
| Cost or valuation at 31 January 2025 is represented by: | |||
| Unlisted | |||
| investments | |||
| £ | |||
| Valuation in 2025 | 4,152 | ||
| Investments (neither listed nor unlisted) were as follows: | |||
| 31.1.25 | 31.1.24 | ||
| £ | £ | ||
| Valuation brought forward | 5,000 | 5,000 |
Other fixed asset investments have been included at a trustee's valuation of £5,000 based on comparable market data.
continued...
Page 18
WISBECH EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2025
12. INVESTMENT PROPERTY
| FAIR VALUE At 1 February 2024 Revaluation At 31 January 2025 NET BOOK VALUE At 31 January 2025 At 31 January 2024 |
£ 4,176,870 (38,461) 4,138,409 4,138,409 4,176,870 |
|---|---|
The Investment Property is stated at fair value with changes in fair value being recognised in the Statement of Financial Activities. No depreciation is provided in respect of this property in accordance with FRS 102 Chapter 16.
The property, let to Wisbech Grammar School Limited, is let under two non-cancellable leases which commenced on 31 January 2020 for 25 years. The leases have a remaining term of 20 years with provisions for rent reviews on 31 January 2025 and every five years thereafter.
The rental from these leases in the year amounted to £190,000 (2024 - £190,000).
On 1 February 2023, the Trustees agreed with the tenant a variation to the leases which resulted in the ongoing rent passing being reduced from £240,000 to £190,000 for a period of 2 years, which coincided with the option to purchase the property for £5.6m on 31 January 2025. On the 31 January 2025 it was intended that the rent would revert back to that calculated under the terms of the lease being a base rent of £290,000 adjusted for RPI from November 2019 to January 2025 capped at a maximum increase of 15%. The tenant approached the Charity to request that a further variation is effected for the period 1 February 2025 to 31 January 2028 with the revised rent being £218,500 per annum for the next 3 years. The above factors indicate that the property has been impaired and the Trustees have undertaken a review of the carrying value using a discounted cashflow model based on the likely rent over the remaining period of the lease together with an assessment of the reversionary interest at the end of the lease term discounted using a discount rate of 7.00%. This has indicated a carrying value of £3,953,409 and as a result the carrying value has been impaired by £38,461 (2024 - £1,608,130).
Based on the assumptions made, the future minimum lease rentals receivable are as follows:
| Not later than one year | £218,500 |
|---|---|
| Later than one year but not later than five years | £1,125,275 |
| Later than five years | £4,111,485 |
The property known as Town Field, Elm, which does not form part of the purchase option agreement, was valued by Alan J Faulkner MSc MRICS FAAV, a RICS registered valuer, of Maxey Grounds as at 24 November 2023, based on its market value in accordance with the requirements of the RICS Valuation - Global Standards 2022, at £185,000. The trustees consider this valuation to be appropriate at 31 January 2025.
Fair value at 31 January 2025 is represented by:
| Fair value at | 31 January 2025 is represented by: | |
|---|---|---|
| £ | ||
| Valuation in | 2025 | 4,138,409 |
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Page 19
WISBECH EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2025
13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| Other debtors Prepayments and accrued income CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors Accruals and deferred income |
31.1.25 £ 207,000 2,031 209,031 31.1.25 £ 11,019 33,325 60,969 105,313 |
31.1.24 £ 126,000 - |
| 126,000 | ||
| 31.1.24 £ - 19,656 60,970 |
||
| 80,626 |
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Included within deferred income is rent of £54,970 (2024: £54,970) received in advance.
15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| 31.1.25 | 31.1.24 | |
|---|---|---|
| £ | £ | |
| Other creditors | 349,687 | 326,138 |
Included within other creditors is an amount of £276,402 (2024: £314,806) which represents the present value of a non interest bearing loan. The terms of this are that it will be interest free for ten years from 30 January 2020 and thereafter accrue interest at 2% above base. Effective from 1 February 2023, it was agreed that rental income will be offset against this loan for an amount up to £50,000 per annum. The principal amount outstanding at 31 January 2025 amounts to £334,576 (2024: £390,723). The difference between the principal amount and present value of the loan is included within unrestricted general funds as a capital contribution.
16. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
| 31.1.25 | 31.1.24 | |
|---|---|---|
| £ | £ | |
| Within one year | 12,000 | 13,427 |
| Between one and five years | 31,000 | 35,833 |
| 43,000 | 49,260 |
Following the completion of the transfer of the business and tangible assets of the school, excluding the freehold land and buildings, on the 31 January 2020 to Wisbech Grammar School Limited, the operating lease and hire purchase contract liabilities were being met by Wisbech Grammar School Limited. All operating lease liabilities have now been assigned to Wisbech Grammar School Limited. The hire purchase contracts have been fully settled.
The amounts paid in respect of non-cancellable operating leases for the year ended 31 January 2025 amounted to £12,000 (2024: £12,000).
continued...
Page 20
WISBECH EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2025
17. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Investments Current assets Current liabilities Long term liabilities Pension liability 18. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds Restricted funds Legacy fund TOTAL FUNDS Net movement in funds, included in the above are Unrestricted funds General fund Restricted funds Restricted funds Legacy fund TOTAL FUNDS |
Unrestricted funds £ 4,143,409 342,604 (105,313) (349,687) (322,409) 3,708,604 as follows: Incoming resources £ 237,053 - 87,000 87,000 324,053 |
Restricted funds £ 4,152 88,049 - - - 92,201 At 1.2.24 £ 3,692,370 5,393 - 5,393 3,697,763 Resources expended £ (181,919) - - - (181,919) |
31.1.25 Total funds £ 4,147,561 430,653 (105,313) (349,687) (322,409) 3,800,805 Net movement in funds £ 16,234 (192) 87,000 86,808 103,042 Gains and losses £ (38,900) (192) - (192) (39,092) |
31.1.24 Total funds £ 4,186,214 292,697 (80,626) (326,138) (374,384) 3,697,763 At 31.1.25 £ 3,708,604 5,201 87,000 92,201 3,800,805 Movement in funds £ 16,234 (192) 87,000 86,808 103,042 |
|---|---|---|---|---|
| as | ||||
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Page 21
WISBECH EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2025
18. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net movement At 1.2.23 in funds £ £ Unrestricted funds General fund 5,218,006 (1,525,636 ) Restricted funds Restricted funds 5,124 269 TOTAL FUNDS 5,223,130 (1,525,367 ) Comparative net movement in funds, included in the above are as follows: Incoming Resources Gains and resources expended losses £ £ £ Unrestricted funds General fund 237,681 (91,673) (1,671,644 ) Restricted funds Restricted funds - - 269 TOTAL FUNDS 237,681 (91,673) (1,671,375 ) A current year 12 months and prior year 12 months combined position is as follows: Net movement At 1.2.23 in funds £ £ Unrestricted funds General fund 5,218,006 (1,509,402 ) Restricted funds Restricted funds 5,124 77 Legacy fund - 87,000 5,124 87,077 TOTAL FUNDS 5,223,130 (1,422,325 ) |
At 31.1.24 £ 3,692,370 5,393 3,697,763 Movement in funds £ (1,525,636 ) 269 (1,525,367 ) At 31.1.25 £ 3,708,604 5,201 87,000 92,201 3,800,805 |
|---|---|
continued...
Page 22
WISBECH EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2025
18. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted funds Legacy fund TOTAL FUNDS |
Incoming resources £ 474,734 - 87,000 87,000 561,734 |
Resources Gains and Movement expended losses in funds £ £ £ (273,592) (1,710,544 ) (1,509,402 ) - 77 77 - - 87,000 - 77 87,077 (273,592) (1,710,467 ) (1,422,325 ) |
|---|---|---|
The Legacy fund represents a legacy from an Estate to which the charity was notified that it was a residual beneficiary of during the year ended 31 January 2025. The fund is to be used solely for the provision of bursaries for children who have passed the entrance examinations for Wisbech Grammar School and whom in the opinion of the Trustees of the charity, are in need of financial assistance to pay their school fees.
19. PENSION AND SIMILAR OBLIGATIONS
The Charity ceased participation in the Cambridgeshire County Council Pension Fund on 31 January 2020. The liability in the accounts is in accordance with the cessation valuation report dated 1 September 2020.
The Charity has had various discussions with Cambridgeshire County Council and the appointed actuary of the scheme, who have indicated that the cessation liability amounts to £525,000. This liability together with the associated assumptions and reduced by the subsequent payments in an installment plan, is the liability referred to in these financial statements. The Charity is still however in the process of formally documenting this agreement together with the payment plan by which it is to be settled. The figures advised by the actuary on behalf of the Cambridgeshire County Council includes a fixed interest sum of £27,250 in recognition of the fact that the liability is to be paid over a ten year term. In accordance with the Cambridgeshire County Council cessation valuation report, there is currently pending litigation which may result in changes to the calculated liability. The Charity, however, has not received any indication that the liability will be revised.
20.
CONTINGENT ASSETS
During the year, the charity was notified that it was a residual beneficiary of two Estates. The amount receivable from one of the Estates has been recognised as income within the financial statements, as entitlement to the legacy has been confirmed and the Trustees have been able to reliably ascertain the amount receivable at £87,000.
Although entitlement of the legacy from the second Estate has been confirmed, the Trustees have not been able to reliably ascertain the amount receivable due to the nature of the assets of the Estate. It is understood that the amount receivable at the current best estimate would be approximately £80,000.
continued...
Page 23
WISBECH EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2025
21. RELATED PARTY DISCLOSURES
During the year, the charity paid £47 to an accountancy practice for professional services. A trustee of the charity is a partner in the accountancy practice.
Page 24