The Wrekin College Foundation
Annual report
for the year ended 31 July 2024
Registered number: 1103684
Trustees and Advisers
Name of Trustees
Dr Haydn Griffiths , Chair Mr David William Prentice Brown (Resigned 1* January 2025) Mr Ben Longstaff Mr Richard John Pearson Mr Toby Spence Mr Neil Griffiths (Elected May 2024)
Secretary to the Trustees
Mr David William Prentice Brown (Resigned 1* January 2025) Mrs Gillian Dippenaar (Appointed 1 January 2025)
Independent Examiner Cara Turtington FCA DChA Saffery LLP 71 Queen Victoria Street London EC4V 4BE
Bankers Barclays Bank PLC PO Box 858 Wytham Court 11 West Way Oxford, OX2 0JB
Investment Managers Evelyn Partners 103 Colmore Row Birmingham, B3 3AG
Solicitors MFG Solicitors Edgbaston House Walker Street Wellington Shropshire, TF1 1HF
Address for enquiries The Bursar Wrekin College Wellington Shropshire, TF1 3BH Registration No 1103684
THE WREKIN COLLEGE FOUNDATION 1
Trustees’ report
The Trustees present their annual report for the year ended 31 July 2024:
Structure, Governance and Management
Governing Document and Body This Trust was created by deed dated 18 June 2003. The parties to this deed (the Original Trustees) were the Chairman of the Governors, an additional Governor and the Headmaster of Wrekin College, as ex-officio Trustees.
A maximum of nine Trustees were permitted by the original Trust Deed, but a resolution was passed on 8'" October 2018 increasing the maximum number to 15. This has been filed and accepted by the Charity Commission.
The Trust achieved charitable status under reference number 1103684 and commenced activities on 11 May 2004. These statements are prepared to cover the year ended 31 July 2024.
New Trustees are selected to enhance the spread of skills and experience represented on the board. The process of induction includes meetings with the Chairman, Headmaster and Bursar of Wrekin College, together with an information pack containing details of Wrekin College and duties required from Trustees, and the opportunity to attend external trustee briefing sessions.
Organisational Management
The Trustees meet at least twice a year to determine the general policy of the charity and review its overall management and control, for which they are legally responsible. The day-to-day running of the charity is delegated to the Wrekin College Development Office, and the school Bursar, who is also a Trustee.
Risk Management
The Trustees are responsible for the management of the risks faced by the Foundation, and will review annually the major risks and measures for mitigation.
They are satisfied that the mitigation of currently identified major risks has been or will be addressed.
Objects and Principal Activities
Principal Objects
The Trustees have wide powers and can apply the capital and income both for the provision of educational resources and facilities at Wrekin College and for scholarships and bursaries, as well as the provision of any other financial support to Wrekin College as the Trustees decide.
Principal Activity
The Trust's principal activity is to establish a network of relationships with potential donors drawn from past pupils, staff and parents from Wrekin College, and any other potential sources, in order to raise funds to be applied in fulfilling the Principal Object. "
Review of the Year
Regional lunches took place in London in both October 2023 and April 2024, Manchester in March 2023 and Bristol during May 2024. The latter two were new initiatives as we attempted to engage with new groups of Old Wrekinians (alumni). These meetings are important to the Foundation as they help build awareness of its work and thus help generate donations and legacies for the charity. They were all attended by the Chair of the Foundation.
In addition to these social events the annual informal Foundation Lunch was held during the MCC cricket match at the school. At this lunch, potential donors were addressed by the Chair of the Foundation. The annual Old Wrekinian
THE WREKIN COLLEGE FOUNDATION 2
Trustees’ report (continued)
Association Dinner was held in the House of Lords Dining Room in November 2023 and was very well attended by alumni. This was another good opportunity to showcase the work of the Foundation.
The Giving Wall, funded by the Old Wrekinian Association, continues to attract interest. Donors are celebrated with a named plaque on the wall in recognition of their support for the Foundation. This is a long-term project which over time will raise funds for the Foundation and become an attractive focal point outside the Chapel.
An assistant, Tina Profit, joined the Development Alumni office, which maintains regular contact with OWs and former parents with a monthly newsletter, emails and other social media. More of the school’s archives have been digitised and are available on the OWA’s ‘Wrekin Connect’ portal and these resources are generating extra interest from OWs.
All of the Old Wrekinian Association events, arranged in conjunction with the office, were attended and used to promote the Foundation. The Chair of the OWA was invited to join the board of trustees of the Foundation, to enable the school, Foundation and OWA to work closer together for the benefit of the pupils, which the Foundation supports and will support in the future.
Financial Review of the Year
Income for the year was £217,480 (£247,230 in 2023) and expenditure was £249,283 (£205,122 in 2023). Overall unrealised investment gains amounted to £134,023.
This resulted in net ingoing resources of £102,221 in the year ended 31 July 2024 (net outgoing resources of £18,626 in 2023). Overhead and expenses costs are met by the Foundation, whilst Wrekin College funds the staffing and premises costs.
Evelyn Partners continues to manage the Foundations investments.
In total £233,703 was awarded to fund prizes and bursaries to assist pupils who would not otherwise have been able to attend the school (£172,680 in 2023).
Investment Policy
The Trust Deed governs the Trustees’ investment powers. This permits full and unrestricted powers of investing at the absolute discretion of the Trustees.
The Trustees have responsibility for monitoring day-to-day management of the implementation of investment policy and investment performance. Following a tendering process in 2019, the Trustees have delegated the day-to-day management of the Trust's investments to Evelyn Partners (formally known as Smith & Williamson). The Trustees will regularly review performance and the bursar received quarterly reports as well as a year-end valuation. Regular business updates are issued by Evelyn Partners.
The Trustees’ policy is to balance capital growth with the production of sufficient income to meet the annual expenditure requirements of the Foundation whilst ensuring as far as possible the protection of the underlying value of the Foundation’s Fund.
Cash balances are held in a range of deposit accounts with yields at the upper end of available market rates for charities.
THE WREKIN COLLEGE FOUNDATION 3
Trustees’ report (continued)
Reserves Policy
The Foundation aims to have sufficient liquid reserves in order to meet one year's regular bursary award commitments. The unrestricted funds are mainly held on deposit as they may be required within the next 5 years.
Future Plans
The potential donor database will be developed and expanded. Major donors will continue to be identified and their particular areas of interest in the School ascertained.
A further Giving Day will be held in October 2025 once again with the support of Hubbub.
The Sir John Bayley Club, a giving circle that requires 10 donors each giving £1880 for seven years to support a pupil, launched in June 2022, will be further promoted.
The Foundation’s Legacy Society will be reviewed and relaunched. Legacies are an important income for any charity.
The Wrekin Music department continues to support the Foundation with an annual charity concert.
Trustees’ Responsibilities
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales 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 charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
-
e select suitable accounting policies and then apply them consistently;
-
e observe the methods and principles in the Charities SORP (FRS 102); e make judgements and estimates that are reasonable and prudent;
-
e state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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e prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are also responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
THE WREKIN COLLEGE FOUNDATION 4
Trustees’ report (continued)
Contingent Assets
During the year the Foundation was informed that they may benefit from a substantial legacy following the death of an Old Wrekinian. The amount of this residual legacy is yet to be finalised, and thus this legacy has not been recognised as income during the year. However, the amount due to the Foundation is likely to be in excess of £400,000 which will be significant for the Foundation’s activities.
Public benefit
The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning the future activities. In particular the Trustees consider how planned activities will contribute to the aims and objectives they have set.
The Trustees consider the current fundraising activities resulting in donations to Wrekin College deliver public benefit. Details of the objects which form the basis of these activities, and a review of the activities undertaken in the year are given elsewhere in this report.
Approved by the board of Trustees on 21% May 2025 and signed on its behalf by:
Mrs Gillian Dippenaar Trustee
THE WREKIN COLLEGE FOUNDATION 5
28 May 2025
Statement of financial activities
For the year ended 31 July 2024
| Notes | Unrestricted funds |
Restricted funds |
Expendable endowment |
TotalFunds 2024 |
TotalFunds 2023 |
TotalFunds 2023 |
||
|---|---|---|---|---|---|---|---|---|
| fund | ||||||||
| > | £ | £ | £ | £ | ||||
| Income | ||||||||
| Donations Gift aid |
141,012 - |
- - |
- = |
141,012 - |
173,280 8,141 |
|||
| Covenants Bequests Investment income Events Bank interest Totalincome |
6,272 41,000 38,595 476 - 197,355 |
- - 20,125 - - 20,125 |
- - - - - zs |
6,272 11,000 §8,720 476 - 217,479 |
7,036 6,000 50,523 2,098 152 247,230 |
|||
| Expenditure Management&administration |
1,251 | 652 | 875 | 2,778 | 17,597 | |||
| Cost ofraisingfunds | 5,589 | 2,915 | 3,907 | 12,411 | 42,331 | |||
| Events Equipment Grants, bursaries & prizes Totalexpenditure |
390 = - 7,230 |
- = 233,703 237,270 |
- zs - 4,782 |
390 a 233,703 249,282 |
2,514 - 172,680 205,122 |
|||
| Realised gains/{losses) on investments Unrealisedgains/(losses) on investments |
3 | 59,780 | 31,172 | 43,073 | = 134,024 |
- (60,734) |
||
| Netincome/(expenditure) | 249,904 | (185,973) | 38,291 | 402,221 | (18,626) | |||
| Transfers between funds | zs | a | ” | - | - | |||
| Netmovementinfunds | 249,904 | (185,973) | 38,291 | 102,221 | (18,626) | |||
| Funds brought forward | 867,283 | 452,236 | 606,257 | 1,925,776 | 1,944,402 | |||
| Fundscarriedforward | 1,117,187 | 266,263 | 644,548 | 2,027,997 | 1,925,776 | |||
| eee | nnn |
No operations were discontinued in the period under review.
There are no recognised gains or losses in the period other than the result for the year.
The accompanying notes are an integral part of this profit and loss account.
THE WREKIN COLLEGE FOUNDATION 7
Balance sheet 31 July 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Investments | 3 | 1,890,548 | 1,756,525 |
| CurrentAssets | |||
| Debtors | 4 | a | = |
| Cash at bank | 151,684 | 170,671 | |
| 151,684 | 170,671 | ||
| Creditors:Amounts falling duewithin 1 year | 5 | (14,235) | (1,420) |
| Netcurrentassets | 137,449 | 169,251 | |
| Total assets less current liabilities | 2,027,997 | 1,925,776 | |
| Netassets | 2,027,997 | 1,925,776 | |
| Accumulated funds | |||
| Expendable Endowment | 644,548 | 606,257 | |
| Restricted Funds | 266,263 | 452,236 | |
| Unrestricted Funds | 1,117,187 | 867,283 | |
| 7 | 2,027,997 | 1,925,776 |
The financial statements on pages 7 to 13 were approved by the Trustees on 215t May 2025 and signed on their behalf by:
He pplrshln Mrs Gillian Dippenaar Trustee
The notes on pages 9 to 13 form a part of these accounts.
THE WREKIN COLLEGE FOUNDATION 8
Notes to the financial statements Year ended 31 July 2024
1 Accounting policies
Accounting convention
The financial statements have been prepared under the historic cost convention as modified by the revaluation of investments. The financial statements have been prepared in accordance with the Statement of Recommended Practice (“SORP (FRS102)”), Financial Reporting Standard 102, and the Charities Act 2011.
Advantage has been taken of the exemption for charities with income less than £500,000 from preparing a cash flow statement under SORP (FRS 102).
The charity constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Charitable donations and covenant income
Charitable donations and receipts under deed of covenant are recognised when received.
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 settlement will be required and the amount of the obligation can be measured reliably.
Taxation
The Trust is a registered charity and is exempt from taxation on its income and capital gains provided that its activities are deemed to be of a charitable nature. Taxation deducted at source from investment income is recovered from the Inland Revenue. Taxation deducted but not recovered at the year-end is included in debtors.
Investments
investments will be shown in the balance sheet at market value. Management of the investments is delegated to Evelyn Partners (formerly known as Smith & Williamson)
Funds
Unrestricted funds are donations and other income receivable or generated for the objects of the charity without specified purpose.
Restricted funds are for the respective specific stated purposes — Provision of bursaries and prizes, support and other specific fund raising targets.
2 Trustees’ remuneration
No remuneration has been paid to the Trustees in their capacity as Trustees. The Trustees are considered to be the key management personnel.
No expenses were paid to Trustees.
THE WREKIN COLLEGE FOUNDATION 9
Notes to the financial statements (continued)
Year ended 31 July 2024
3 Investments
| 3 Investments |
||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Marketvalue at 1 August2023 |
1,756,525 | 1,829,590 |
| Additions at cost | 256,792 | 274,227 |
| Disposals atproceeds | (234,825) | (219,957) |
| Net unrealised investment increase/(decrease) | 134,023 | (60,735) |
| Increase in cash held by investmentmanager | (21,966) | (66,600) |
| Market value at31 July 2024 | 1,890,548 | 1,756,525 |
| Cost at 31 July2024 | 1,691,754 | 1,682,556 |
| Investments comprise: | £ | £ |
| Fixed Interest and Index-linked Bonds | 377,630 | 332,851 |
| Private Equity/Property Funds | 233,376 | 228,516 |
| UK Equities | 446,944 | 417,162 |
| Global Equities | 813,960 | 737,392 |
| Otherholdings oflessthan 10%and cash | 18,638 | 40,604 |
| 1,890,548 | 1,756,525 |
Direct fund management costs have been split out in the Statement of Financial Activities and shown as cost of raising funds.
THE WREKIN COLLEGE FOUNDATION 10
Notes to the financial statements (continued) Year ended 31 July 2024
| 4 | Debtors | 2024 | 2023 |
|---|---|---|---|
| £ | 2 | ||
| Debtors & Prepayments | - | - | |
| 5 | Creditors: Amounts falling due within one year | ||
| 2024 | 2023 | ||
| £ | = | ||
| Creditors /Accruals | 14,235 | 1,420 | |
| 14,235 | 1,420 |
6 Movement on restricted funds during the year
| Brought | Income | __Expenditure | Realised | Unrealised | Carried | |
|---|---|---|---|---|---|---|
| forward | gains/(losses) | gains/(losses) | ||||
| on | on | |||||
| investments | investments | |||||
| Current year WrekinASAScholarship Bursary& Prize Fund Foundation Bursary&Prize Fund |
£ 41,103 411,133 452,236 |
£ 0 20,125 20,125 |
£ 0 (237,270) (237,270) |
£ - |
£ - 31,172 31,172 |
£ 41,103 225,160 266,262 |
| Comparative year WrekinASAScholarship Bursary& Prize Fund |
41,103 | 0 | 0 | - | 41,103 | |
| Foundation Bursary& Prize Fund | 588,863 629,966 |
24,324 24,324 |
(182,376) (182,376) |
- | (19,678) (19,678) |
411,133 452,236 |
The Wrekin ASA Scholarship Bursary & Prize Fund uses its investments and income to grant scholarships, prizes and means tested bursaries to those in need.
The Foundation Bursary & Prize Fund uses its investments and income to grant scholarships, prizes and means tested bursaries to those in financial need.
THE WREKIN COLLEGE FOUNDATION 11
Notes to the financial statements (continued)
Year ended 31 July 2024
| 7Analysis ofNetAssets | Restricted | Unrestricted | Total | |
|---|---|---|---|---|
| Endowment | Income | 2024 | ||
| £ | £ | £ | £ | |
| Investments Debtors andPrepayments Cash atBank Creditors duewithin 1 year |
637,951 - 6,597 - |
257,492 - 8,770 - |
996,664 - 142,382 (14,235) |
1,890,548 0 151,684 (14,235) |
| 644,548 | 266,263 | 1,117,187 | 2,027,997 | |
| Creditors due after1year | - | - | - | 0 |
| 644,545 | 266,263 | 1,117,187 | 2,027997 | |
| Restricted | Unrestricted | Total | ||
| Endowment | Income | 2023 | ||
| £ | Zs | £ | £ | |
| Investments | 601,764 | 446 263 | 708,498 | 1,756,525 |
| Debtors andPrepayments Cash atBank |
- 4,493 |
- 5,973 |
- 160,205 |
0 170,671 |
| Creditors duewithin 1 year | - | - | (1,420) | (1,420) |
| 606,257 | 452,236 | 867,283 | 1,925,776 | |
| Creditors due after 1 year | - | - | - | - |
| 606,257 | 452236 | 867,283 | 1,925,776 |
8 Related Party Transactions
The Foundation is connected to Wrekin Old Hall Trust Limited (‘Wrekin College’) and during the year made donations totalling £233,703 (2023: £172,680) to Wrekin College. Wrekin College donated £109,000 to the Foundation in the year (2023: £80,000).
There were no other related party transactions during the year.
THE WREKIN COLLEGE FOUNDATION 12
Notes to the financial statements (continued)
Year ended 31 July 2024
9 Comparative Statement of Financial Activities
| Notes | Unrestricted | Restricted Expendable |
Restricted Expendable |
TotalFunds | ||
|---|---|---|---|---|---|---|
| funds | funds endowment | 2023 | ||||
| fund | ||||||
| £ | £ | £ | £ | |||
| Income Donations |
173,280 | - | - | 473,280 | ||
| Covenants Bequests Investment income Events Bankinterest Totalincome |
7,036 6,000 26,199 2,098 152 222,906 |
- - 24,324 - - 24,324 |
- - - - - . |
7,036 6,000 50,523 2,098 152 247,230 |
||
| Expenditure Management&administration Cost ofraisingfunds Events |
6,141 4.303 2,514 |
5,701 3,995 - |
5,755 4,033 - |
17,597 12,331 2,514 |
||
| Equipment Grants, bursaries& prizes Totalexpenditure |
- = 12,958 |
= 172,680 182,376 |
= = 9,788 |
. 172,680 205,122 |
||
| Realised gains/(losses) on investments Unrealisedgains/{losses)on investments Netincome/(expenditure) |
3 | - (21,194) (19,678) (19,862) (60,734) ee e r ee 188,754 (177,730) (29,650) (18,626) |
||||
| Transfers between funds | ; | = | = | - | ||
| Netmovementinfunds | 188,754 | (177,730) | (29,650) | (18,626) | ||
| Funds broughtforward | 678,529 | 629,966 | 635,907 | 1,944,402 | ||
| Fundscarriedforward | ti0 me 867,283 452,236 606,257 1,925,776 |
|||||
| ———— | esse |
THE WREKIN COLLEGE FOUNDATION 13