Wembley Educational
Charitable Trust
Annual Report and Financial
Statements
31 December 2022
Company regi8tralion number
oee81480 (England and Waksl
Charity Registration number
1153762

Contents
Reports
Reference and adminislralive detsils of
the charity, ils Trustees and advisers
Trustees, report
Independent auditor's report
Financial statements
Statement of
financial activities
12
Balan￿ sheet
13
Statement of cash flows
14
Principal accounting policies
15
Notes to the financial statements
18
Wembley Educational Charitable Trust

Reference and administrative detsils of the charity. its Trustees
and advisers
Trustees
Mr Richard Fairbairn
Mr Jean-Pierre Muslier
Mr Arnaud Vaissié
Ms Florence Gomez
Registered office
23 Cromwell Road
London
SIMT 2EL
Charlty reglstratlon number
1153762
Company registration number
08681480 (England and Walesl
Audltor
Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Bankers
HSBC
HSBC Holdings PLC HBEU
West London Corpomte
2nd Floor, Space One
1 Beadon Road
Hammersmith
London
W6 OEA
Banque Transatlantique
26 Avenue Franklin Roosevelt
Pari5
Sollcltors
Adam Pery & Co LLP
10 Spaces Business Centre
15-17 Ingale Place
London
SW8 3NS
Stone King LLP
16 St John's Lane
London
EC1M 4BS
Wembley Educational Charitable Trust 1

Trustees. report 31 December 2022
The Trustees presenttheir reportwith the financial statements of the charity forthe year ended
31 December 2022.
The report has been prepared in accordance with Part 8 of the Charities Act 2011 and
constitutes a directors, report for the purposes of company legislation.
The accounts have been prepared in accordance with the accounting policies sel out on
pages 15 10 17 of the attached accounts and comply with the charitable company's
memorandum and articles of association, applicable laws and the requirements of Accounting
and Reporting by Charities.. Statement of Recommended Practice applicable to charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in
the United Kingdom and Republic of Ireland {FRS 1021.
Introduction
The charity was incorporated as a company limited by guarantee on g September 2013 as
Wembley Educational Charitable TrLJSt I'WECT l and obtained charitable status on 11
September 2013. In the event of the winding up of the charity each member guarantees a
sum not exceeding £10.
Objectives
The objectives for which the charity is established are to advance, for the public benefit, the
education of pupils In the French education system. The objectives are in particular, but not
limited lo, the provision of premises and facilities for schools offering a French or a broader
bilingual curriculum in the Wembley area, and ancillary educational and other charitsble
activities ft)r the benefit of the community at large. The charity aims lo provide assistance in
establishing, maintaining, carrying on, managing and developing such schools.
In setting the charity's objectives and planning its activities, the Iruslees have given careful
consideotion to the Charity Commission's geneol guidance on public benefit
ACHIEVEMENTS AND PERFORMANCE
Review of the year
Wembley Educational Charitable Trust owns respectively premises in Vvembley that are
leased lo Lycée International de Londres Winston Churchill {LILI and premises in Ealing that
are leased to Ecole Andre Malraux. As a landlord, WECT therefore collects rents from these
o schools.
Ecole Andre Malraux is a 200 pupil primary school from 310 10 years old. The school is owned
by the French stste Lycée Francais de Londres Charles de Gaulle. The deeply discounted
rent was negotiated a few years ago and there is limited interaction with the school apart from
insurance, rent and aulhorisation lo do works.
Lycée International de Londres Winston Churchill which opened in September 2015 is an all-
though school and has a board of governors who meet regularly to make key decisions for
the school.
Wembley Educational Charitable Trust 2

Trustees. report 31 December 2022
ACHIEVEMENTS AND PERFORMANCE Iconlinuedl
Review of the year Icontinuedl
The school levels of admission have improved and is approaching 830, although they
continue to be below target. Lycée Churchill is still short of around 70 pupils this year in
comparison with the initial projection. The school's financial situation therefore remains fragile
but has been solidified from a number of cost savings, Including the lower level of rent which
has been fixed for the next 30 years.
Within the current downgraded economic situation, the school is facing inflats'onary costs and
will therefore need lo further adjust its expense's structure linclLJding slaffl.
The charity had lolal funds as at 31 December 2022 of £7, 134,00012021- £7,005,000). Once
the programme related investments and loan are excluded, the charity had free reserves of
£1,115,000 12021 £739,000). The Iruslees are of the opinion that the free reserves are
adequate. The amount of cash at bank and in hand was £1,924,000 al 31 December 2022.
FINANCIAL REVIEWAND RESERVES
During the year, the charity earned rental income of £2,702,000 12021 £2,701,000) and
donations of £448,00012021 £447,000>. Totsl income for the year was £3,150,00012021
£3, 152,0001.
Costs relating to charitsble activities in the year amounted lo £3,021,00012021 - £6,303,000
and included one off costs of £1,777,000 in respect of the refinancing of the loan).
Reserves policy
The Iruslees regularly monitor the cash position of the charity to ensure that there are
sufficient funds for capital projects and the running of the charity, including the servicing of
bank finan￿. In particular, at the current time, the reserves need lo be sufficient to enable
the charity to operate in the current downgraded economic situation.
GOVERNANCE. STRUCTURE AND MANAGEMENT
Organisation
The trustees meet officially in person once a year and the last AGM was held on 26 January
2023. The Trustees also hold conference calls when required and there are at least monthly
email exchanges regarding budgets. Any new trustees are inducted regarding their
responsibilities and the activities of the WECT through detailed briefings.
It is understood that Current Iruslees have a long-term commitment and therefore there are
no changes lo the trustees currently envisaged.
All trustees have agreed lo adhere to the charity's conflicts of interests, policy and have signed
a statement lo this effect.
Wembley Eduealional Charitable Trust 3

Trustees. report 31 December 2022
GOVERNANCE, STRUCTURE AND MANAGEMENT Iconlinuedl
Trustees
The following Iruslees were in office al 31 December 2022 and served throughout the period..
Trustees
Mr Arnaud Vaissié
Mr Jean-Pierre Mustier
Mr Richard Faiibaim
Ms Florence Gomez
Trustees, field of expertise is complimentary and they have been involved since inception of
the Trust. Any new appointments will need the full board approval.
Key management personnel
The trustees consider that they comprise the key management of the charity in charge of
controlling, running, directing and operating the charity.
None of the Iruslees receive any remuneration for their servI￿s.
Trustees. responsibilities Statement
The Iruslees Iwho a￿ also directors of Wembley Educational Charitable Trust for the
purposes of company lawl are responsible for preparing the trustees, report and financial
statements in accordan￿ with applicable law and United Kingdom Accounting Standards
(United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare fi'nancial statements for each financial year
which give a true and fair view of the stale of affairs of the charity and of the income and
expenditure of the charity for that period. In preparing these financial statements, the trustees
are required lo..
select suitable accounting policies and then apply them consistently.,
observe the methods and principles in Accounting and Reporting by Charities.. Statement
of Recommended Practice applicable to charities preparing their accounts in accordan
with the Financial Reporting Standard applicable to the United Kingdom and Republic of
Ireland IFRS 1021,
make judgements and estimates that are reasonable and prudent.,
• slate whether applicable United Kingdom Accounting Standards have been followed,
subject lo any material departures disclosed and explained in the financial statements.,
and
+ prepare the financial statements on the going concern basis unless il is inappropriate to
presume that the charity will continue in operation.
Wembley Eduealional Charitable Trust 4

Trustees. report 31 December 2022
GOVERNANCE, STRUCTURE AND MANAGEMENT Iconlinuedl
Trustees, responsibilities statement Iconlinuedl
The Iruslees are responsible for keeping proper accounting records that disclose with
reasonable accuracy at any lime the financial position of the charity and enable them lo
ensure that the financial statements comply with the Companies Act 2006. They are also
responsible for safeguarding the assets of the charity and hen￿ for taking reasonable steps
for the prevention and detection of fraud and other irregularities.
Each of the Iruslees confirms that.
so far as the trustee is aware, there is no relevant audit information of which the charity's
auditor is unaware,. and
the trustee has taken all the steps that he ought to have taken as a Iruslee in order to
make himself aware of any relevant audit information and to establish that the charity's
auditor is aware of that information.
This confirmation is given and should be inlerpreled in accordance with the provisions of s418
ofthe Companies Act 2006.
Risk management
The trustees have reviewed the risks faced by the charity and have procedures in place to
mitigate the risks identified.
The key risk to the charity is the level of admissions al the tenant schools, this could be
affected by Brexit or the COVID-19 pandemic and could ultimately have the potential lo affect
the ability of ils tenant schools to pay their rent in accordance with the lease agreements. The
admissions numbers are monitored and the schools themselves are implementing their own
communications strategies to ensure the schools operate at as close to full capacity as
possible. One aspect of this is the introduction of the English International Programme which
stsrted al Lycée Churchill in September 2018.
Raising funds
The charity does not actively fundraise although it welcomes donations. The charity aims to
achieve best practice in the way In which it communicates with donors and other supporters.
11 lakes care with both the tone of its communications and the accuracy of ils data and never
sells data, it never swaps data and ensures that communication preferences can be changed
al any lime. The charity manages its own fundraising activities and does not employ the
services of professional fvjndraisers. The charity undertakes lo react lo and investigate any
complaints regarding ils fundraising activities and lo learn from them and improve ils service.
During the year, the charity received no complaints about its fundraising activities.
FUTURE PLANS
Given the limited rent level from Ecole Andre Malraux combined with its solid financial
situation, the Trust's priority will focus on supporting the Lycée Churchill's sustainability. A
review of possible synergies and collaborations that may lead to cost savings or revenues
optimisalion will be carried out in 2023.
Wembley Eduealional Charitable Trust 5

Trustees. report 31 December 2022
FUTURE PLANS Iconlinuedl
As landlord, WECT will also ensure that the planned maintenance works lo the building are
duly implemented and provisioned in the school's budget.
The above report has been prepared in accordance with the special provisions as sel out in
Financial Reporting Standard FRS102 and Part 15 of the Companies Act 2006 relating to
small companies.
Approved by the Board of Trustees..
JP Mustier
Trustee
Approved on.. 12 July 2023
Wembley Eduealional Charitable Trust 6

Independent auditor's report 31 December 2022
Independent auditor's report to the members of Wembley Educational Charitable Trust
Opinion
We have audited the financial statements of Wembley Educational Charitable Trust (the
'charitable company'l for the year ended 31 December 2022 which comprise the stslemenl
of financial activities, the balance sheet, the statement of cash flows, the principal accounting
policies and the notes to the financial slalements. The financial reporting framework that has
been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in
the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Praclicel.
In our opinion, the financial stalemenls..
give a trLJe and fair view of the slate of the charitable company s affairs as at 31
December 2022 and of ils income and expenditure for the year then ended.,
have been properly prepared in accordance with United Kingdom Generalty Accepted
Accounting Practice., and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordanTr with International Standards on Auditing IUKI IISAS
IUKII and applicable law. Our responsibilities under those standards are further described in
the auditor's responsibilities for the audit of the financial ststemenls section of our report. We
are independent of the charitsble 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 concorn
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 lo events or conditions that, individually or collectively, may cast significant doubt on
the charity's ability to continue as a going concern for a period of al least I￿e1ve 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.
Wembley Educational Charitable Trust 7

Independent auditor's report 31 December 2022
Other infomiation
The trustees are responsible for the other information. The other information comprises the
information included in the annual report and financial stalemenls, other than the financial
statements and our auditor's report Ihereon. Our opinion on the financial statements does not
cover the other information and, except to the extent othe￿iSe explicitly staled 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 lo read the other
information and, in doing so, consider whether the other information is materialty inconsislenl
with the financial stslemenls or our knowledge obtained in the audit or othetwise appears to
be materially misstated. If we identify SLJch material inconsistencies or apparent material
misslatemenls, we are required to determine whether there is a material misslalemenl in the
financial statements or a material misststemenl of the other information. If, based on the work
we have performed, we conclude that the￿ 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..
the information given in the Iruslees, report, which is also the directors, report for the
purposes of company law, for the financial year for which the financial statements are
prepared is consislenl with the financial slalements., and
the trustees, report, which is also the directors, report for the purposes of company law,
has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In 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 misslalements in the
trustees, report. We have nothing to report in respect of the following matters in relation to
which the Companies Act 2006 requires us to report to you If, In our opinion..
adequate accounting records have not been kept, or returns adequate for our audit have
not been received from branches not visited by us., or
the financial statements are not in agreement with the accounting records and returns.,
or
certain disclosures of Iruslees, remuneration specified by law are not made., or
we have not received all the information and explanations we require for our audit., or
the trustees were not entitled lo prepare the financial statements in accordance with the
small companies regime and lake advantage of the small companies, exempb'ons from
the requirement lo prepare a strategic report.
Wembley Educational Charitable Trust 8

Independent auditor's report 31 December 2022
Responsibilities of trustees
As explained more fully in the Iruslees, responsibilities statement, the trustees (who are also
the directors of the charitable company for the purposes of company lawl 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 misstalemenl, whether due to
fraud or error.
In preparing the financial statements, the Iruslees 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 concem basis of accounting unless the Iruslees either
intend to liquidate the charitable company or to cease operations, or have no realistic
alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are lo obtain reasonable assurance about whether the financial statements as
a whole are free from material misstslement, whether due to fraud or error, and to issue an
auditor's report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guamntee that an audit conducted in accordance with ISAS IUKI will always delecl
a material misstslement 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 stslements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We
design procedures In line with our responsibilities. outlined above, lo detect material
misstatements in respect to irregularities, including fraud. The exlenl to which our procedures
are capable of detecting irregularities, including fraud, is detailed below".
How the audlt was consldered capable of detectlng Irregularltles Includlng fraud
Our approach to identifying and assessing the risks of material misstatement in respect of
irregularities, including fraud and non-compliance with laws and regulations, was as follows..
* The engagement partner ensured that the engagement team collectively had the
appropriate eompetence, capabilities and skills to identify or recognise non-compliance
with applicable laws and regulations.,
• We identified the laws and regulations applicable lo the charity through discussions with
management and from our knowledge and experience of the charity sector,.
* We focused on specific laws and regulations which we considered may have a direct
material effect on the accounts or the activities of the charity. These included bul were
not limited lo the Charities Act 2011,. Accounting and Reporting by Charities.. Statement
of Recommended Practice applicable lo charities preparing their accounts in accordan
with the Financial Reporting Standard applicable to the United Kingdom and Republic of
Ireland IFRS 1021 leffeclive 1 January 20191,. and The Companies Act 2006., and
Wembley Educational Charitable Trust 9

Independent auditor's report 31 December 2022
Auditor's responsibilities for the audit of the accounts Icontinuedl
How the audit was considered capable of detecting irregularities including fraud
(continued)
+ We assessed the extent of compliance with the laws and regulations Identified above
through making enquiries of management and those charged with governance and review
of minutes of trustees, meetings.
We assessed the susceptibility of the charity's financial statements to material misstatement,
including obtaining an understanding of how fraud might occur, by..
Making enquiries of management and trustees as to where they considered there was
susceptibility lo fraud, their knowledge of actual, suspected and alleged fraud,. and
* Considering the internal controls in place to mitigate risks of fraud and non-compliance
with laws and regulations.
To address the risk of fraud through management bias and override of controls, we..
* Performed analytical prO￿dureS to identify any unusual or unexpected relationships.,
• Tested and reviewed journal entries to identify unusual transactions.,
• Tested the aulhorisalion of expenditure.,
* Assessed whether judgements and assumptions made in determining the accounting
eslimales were indicative of potential bias., and
Investigated the rationale behind significant or unusual transactions.
In response lo the risk of irregularities and non-compliance with laws and regulations, we
designed procedures which included, bul were not limited to.
• Agreeing financial ststemenl disclosures to undedying supporting documentation",
+ Reading the minutes of meetings of trustees., and
Enquiring of as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed
that laws and regulations are from financial Iransaclions, the less likely il is that we would
become aware of non-compliance. Auditing standards also limit the audit procedures required
to identify non-compliance with laws and regulations lo enquiry of the trustees and other
management and the inspection of regulatory and legal correspondence, if any.
Material misstalemenls that arise due to fraud can be harder to delect than those that arise
from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located
on the Financial Reporting Council's website al www.trc.org.uklaudilorsresponsibilities. This
description forms part of our auditor's report.
Wembley Educational Charitable Trust 10

Independent auditor's report 31 December 2022
Use of our report
This report is made solely to the charitsble 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 stale lo the charitable company's members those mallers we are required
to slate to them in an auditor's report and for no other purpose. To the fullest extent permilled
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 auditwork, for this report,
or for the opinions we have formed.
Catherine Biscoe (Senior Statutory Audilorl
For and on behalf of Buzzacott LLP, Slatulory Auditor
130 Wood Street
London
EC2V 6DL
Dale: 19th July 2023
Wembley Educational Charitable Trust 11

Statement of financial activities Year ended 31 December 2022
2022
Total
funds
£'ooo
2021
Total
funds
£'o(xJ
Notes
Income and expendlture
Income from..
Donations and legacies
Charitable activities
Provision of premises and facilities
Interest re￿1vable
Bank interest re￿Ivable
Total incom8
447
2,702
2,701
3.150
3,152
Expenditure..
Expenditure on charitable activities
Provi510n of piemise5 and facilities
Total 8XP8nditure
3.021
3.021
6,004
6,004
Net in¢ome lexpenditurel
129
12.8521
Net income (expendi￿re) and net movement in fund¥
129
12.8521
Reconclllatlon of funds..
Total funds brought forward at 1 January 2022
7.005
9,857
Totsl fund¥ carried forward at 31 December 2022
7,134
7,005
All of the charity's activities derived from continuing operations during the above Iwo financial
periods.
All recognised gains and losses are included in the above statement of financial activities.
All funds of the charity are unrestricted.
The notes on pages 18 to 22 form part of these fi'nancial statements.
Wembley Educational Charitable Trust 12

Balance sheet 31 December 2022
2022
£'ooo
2021
£'ooo
Notes
Fixed a85ets
Programme related investsnents
4S,271
48,300
Non-currnnt assèts
Debtors
2,021
2,021
2.064
2.064
CUr￿nt assets
Debtors
Cash at bank and in hand
10
83
1,924
2,007
87
1,572
1.659
Liabilities:
CieditOlS'. 8mount5 falling due within on8 y88r
11,7461
11,7441
Net current ￿Se1 (liabiliti￿)
261
1851
Total assets less current liabilities
47,553
48,279
Creditors- amounts falling due after one year
12
140,4191
141,2741
Total net assets
7,134
7,005
The funds of thè eharity=
Unrestricted funds
Total charitable funds
7,134
7,134
7.005
7.005
Approved by the Trustees and
signed on their behalf by".
JP Muslier
Approved on.. 12 July 2023
Wembley Educational Charitable Trust
Company Registration Number 08681480 (England and Wales)
Wembley Educational Charitable Trust 13

Statement of cash flows 31 December 2022
2022
£'ooo
2021
£'ooo
Notes
Cash flow frorn op8ratin9 activities..
Net cash provided by (used inl operating activities
1,177
18351
Cash flow from financing activities..
Repayment of boriowing
Net cash used In financlng actlvltles
18251
18251
14,0591
14,0591
Changè in eash and eash èquivalènts in thè y•ar
352
14,8941
Cash and cash equivalents at 1 January 2022
1,572
6,466
Cash and cash equivalents at 31 December 2022
1,924
1,572
Notes to the cash flow 8tstement ft)r the year to 31 December 2022.
A ReconcSllatlon of net movement In funds to net cash flow from operatlng actlvltles
2022
£'ooo
2021
£'ooo
Net movem8nt in funds las per th8 stat8ment of financial aetivitiesl
Adjustments for:
Impaiment of programme related investments
Decrease in debtors
(Decrease) in creditors
Write off ol Asset5 und81 construction
Net cash provided by lused inl operating activities
129
12,8521
1,029
47
1281
1,645
449
11601
83
1,177
18351
B Analysls of cash and cash equlvalents
2022
£'ooo
2021
£'ooo
Cash at bank and in hand
Total cash and cash equivalents
1.924
1,924
1,572
1,572
C Analysis of changes in net debt
At31
December
2022
£'ooo
At 1 January
2022 Cash flows
£'ooo
£'ooo
Cash
1,572
352
1,924
Loans falling due within one year
Loans falling due after more than one year
Total
18241
141,2741
140,5261
1301
855
1,177
1854
140,4191
139,3491
Wembley Educational Charitable Trust 14

Principal accounting policies 31 December 2022
The principal accounting policies adopted, judgements and key sources of estimation
uncertainty in the preparation of the financial statements are laid out below.
Basls of preparatlon
These financial statements have been prepared for the year to 31 December 2022, wth
comparative information for the year ended 31 December 2021.
The financial statements have been prepared under the historical cost convention with items
recognised at cost or transaction value unless otherwise slated in the relevant accounting
policies below or the notes lo these financial stslements.
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 with the Financial Reporting Standard applicable in the United
Kingdom and Republic of Ireland Icharities SORP FRS 1021 issued on 1 January 2019, the
Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and
the Charities Act 2011.
The charity conslitules a public benefit entity as defined by FRS 102.
The financial statements are presented in sterling and are rounded to the nearest thousand
pounds.
Critical accounting estimates and areas of judgement
Preparation of the accounts requires the trustees and management to make significant
judgements and estimates.
The items in the accounts where these judgements and estimates have been made include
the valuation of programme related investment properties.
Estimates used in the accounts, particularly with respect to the value of programme related
investment properties are subject lo a greater degree of uncertainly and volatility.
Assessment of going concern
The Iruslees have assessed whether the use ofthe going concern assumption is appropriate
in preparing these accounts. The Iruslees have made this assessment in respect lo a period
of one year from the dale of approval of these accounts.
Income recognition
Income is recognised in the period in which the charity has entillemenl to the income, the
amount of income can be measured reliably and il is probable that the income will be
received.
Income comprises donations, rentsl income and interest receivable.
Wembley Educational Charitable Trust 15

Principal accounting policies 31 December 2022
Income recognition Iconlinuedl
Corporate donations are recognised when the charity has confirmation of both the amount
and settlement date. In the event of donations pledged but not received, the amount is
accrued for where the receipt is considered probable. In the event that a donation is subject
to conditions that require a level of performance before the charity is entitled lo the funds,
the income is deferred and not recognised until either those conditions are fully met, or the
fulfilmenl of those conditions is wholly within the control of the charity and il is probable that
those conditions will be fulfilled in the reporting period.
Rentsl income on assets leased under operating leases is recognised on a straight line
basis over the lease temi.
Interest on funds held on deposit is included when receivable and the amount can be
measured reliably by the charity. This is normally on nolificalion of the interest paid or
payable by the bank.
Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive
obligation commilling the charity lo make a payment to a third party, il is probable that a
transfer of economic benefits will be required in settlement and the amount of the obligation
can be measured reliably.
All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs
and support costs. All expenses, including support costs, are allocated or apportioned lo the
applicable expenditure headings. The classification be￿een activities is as follows..
* Expenditure on raising funds includes all expenditure associated with raising funds for
the charity.
• Expenditure on charitable activities includes all costs associated with furthering the
charitable purposes of the charity through the provision of its charitsble aclivilies. Such
costs include direct and support costs in respect to the provision of premises and
facilities for schools offering a French or broader bilingual curriculum in the Wembley
area and providing assistance with estsblishing, maintaining, managing and developing
such schools, including governance costs.
Allocatlon of support and governance costs
Support costs represent Indirect charitable expenditure. In order to cary out the primary
purposes of the charity il is necessary lo provide support in the form of personnel
development, financial procedures, provision of office services and equipment and a
suitsble working environment.
Governance costs comprise the costs involving the public awounlability of the charity
(including audit costs) and costs in respect lo its compliance with regulation and good
pmctice.
Support costs and govemance costs are apportioned based on the proportion of time spent
on the activity.
Wembley Educational Charitable Trust 16

Principal accounting policies 31 December 2022
Programme related investments
Programme related investments comprise freehold property used by other charitable
organisalions for purposes consistent with the charity's objectives. They are slated at fair
value. The properties are periodically independently valued by a professional chartered
surveyor on a fair value basis which lakes into consideration rental charge and the current
use of the premises as schools. The value is considered each year and any impairment is
written off and treated as charitable expenditure in the statement of financial activities.
Debtors
Debtors are recognised al their settlement amount, less any provision for non-recoverabilily.
Prepayments are valued al the amount prepaid. They have been discounted to the present
value of the future cash receipt where such discounting is material.
Cash at bank and in hand
Cash at bank and in hand represents such accounts and instruments that are available on
demand or have a maturity of less than three months from the date of aequisilion.
Credltors and provlslons
Creditors and provisions are recognised when there is an obligation al the balance sheet
date as a result of a past event, it Is probable that a transfer of economic benefit will be
required in settlement, and the amount of the settlement can be eslimaled reliably. Creditors
and provisions are recognised at the amount the charity anticipates it will pay to settle the
debt. They have been discounted lo the present value of the future cash payment where
such discounting is material.
Bank loans are a basic fi'nancial instrument and are recognised al their transaction value,
which is normally the principal amount advanced plus transaction costs. Subsequent lo
initial recognition, loans are staled at amortised cost with any difference be￿een cost and
redemption value being recognised through the statement of financial activities using the
effective interest method.
Funds structure
The funds of the charity are unrestricted and can be expended al the dI￿retIOn of the
trustees in line with the governing document of the charity.
Wembley Educational Charitable Trust 17

Notes to the financial ststements 31 December 2022
1 Income from donatlons and legacles
2022
Total
funds
£'ooo
2021
Total
funds
£'ooo
Cash donation re￿iVed from Kentish Town Education Charitable Trust
Total funds
447
447
2 Income from charltable actlvltles
2022
Total
funds
£'ooo
2021
Total
funds
£'ooo
Rental income
2,702
2,701
3 Expenditure on charitable activities
2021
Total
Support
funds
costs
£'ooo
£'OOO Irestatedl
2022
Total
funds
£'ooo
D1￿ct Support
costs
costs
£'ooo
£'ooo
Direct
costs
£'ooo
Provision of premises and
Charitable donations
Governance costs (note 41
Accountancy
Interest P8yable
Bank charges
Legal and professional
Costs in respect of sports
hall written off
Premises costs
Impaitment of progratllme
related investrnent
Total funds
107
107
329
16
1.483
86
86
388
16
1.941
1,777
14
329
16
388
16
1,483
1.941
1,777
14
90
90
47
55
5S
47
1,029
2,621
1.029
3,021
1,645
5,539
1,645
6,004
400
465
The 2021 figures have been reslaled to reanalyse costs be￿een charitable donations and
governance costs.
4 Governance costs
2022
Total
funds
£'ooo
2021
Total
funds
£'ooo
Legal and professional fees
Administrative fees
10
378
388
320
329
Wembley Educational Charitable Trust 18

Notes to the financial ststements 31 December 2022
5 Staff costs, remuneratlon of key management and trustees expenses and
remuneration
The charity employed no staff during the period12021 none).
The key management personnel of the charity in charge of directing and controlling, running
and operating the charity comprises the trustees. None of the trustees received any
remuneration for their services during the period. No trustees were reimbursed for expenses
incurred relating to travel and accommodation in the performance of their duties.
6 Net income and net movement in funds
This is slated after charging..
2022
Total
funds
£'ooo
2021
Total
funds
£'ooo
Auditorfs remuneration
12
7 Taxation
Wembley Educational Charitsble Trust is a registered charity and therefore is not liable lo
income lax or corporation tax on income derived from its charitable activities, as it falls within
the various exemptions available lo registered charities.
The charity registered for Value Added Tax in August 2016 with the effective date of 30
September 2013. Therefore expenditure is recorded exclusive of VAT where applicable.
8 Investments
Prograrnm8 Progiamme
related
related
Investment
investment
property
property
2022
2021
£'ooo
£'ooo
At 1 January
Impairment
At 31 December
46,300
11.0291
45,271
47,945
11,6451
46,300
The original property 154 Foty Lane, Wembley Park, HAO 9HDI is rented to Lyceé
International de Londres Winston Churchill, a registered charity, for purposes consistent
with the charity's objectives,. running a bilingual (French and English) school in Wembley,
therefore the propety is classified as a programme related investment.
In 2019 Ealing Educational Charitable Trust transferred the Ecole Andre Malraux building lo
the charity. The property is let for purposes consistent with the charity's objectives., running
a bilingual (French and English) school in Ealing, therefore the property is classified as
programme related investment.
Wembley Educational Charitable Trust 19

Notes to the financial ststements 31 December 2022
8 Investments Icontinuedl
On 31 December 2021 the properties in Ealing and Wembley were valued by Gerald Eve
LLP. The valuations were prepared In accordance with the requirements of the Royal
Institution of Chartered Su￿eY0rs IRICSI Valuation
Global Standards 2022 and the
national standards and guidance set out in the UK national supplement (November 20181,
the International Valuation Stsndards and Financial Reporting Standard 102. On 31
December 2022 the property in Wembley was valued by Gerald Eve LLP and the trustees
have used this valuation to inform their assessment of the value of the propety in Ealing.
9 Debtors: amounts falllng due after one year
2022
£'ooo
2021
£'(K)O
Other debtors
2.021
2,064
Other debtors in both current and long-term debtors ￿late to 8 deposit held by ANEFE as
security against the bank loan Inole 131.
10 Debtors: amounts falling due within one year
2022
£'ooo
2021
£'CK)O
Trade debtois
Other debtors
74
83
78
87
11 Creditors: amounts falling due within one year
2022
£'ooo
2021
£'(K)O
Trade creditors
Defer18d Income
Accruals
Bank loan Inote 131
VAT liability
35
667
48
854
142
1,746
1Crf)
667
824
140
1,744
Income has been deferred because Wembley Educational Charitable Trust received rent
from Lycée International de Londres VVThnslon Churchill in December 2022 for the period
covering 1 January 2023 10 31 March 2023, therefore this income will appear in next year's
accounts ending 31 December 2023. The movements in deferred income are analysed
below..
2022
£'ooo
2021
£'coo
Bioughl forward
Released in year
Deferied In year
667
16671
667
667
667
16671
667
667
Wembley Educational Charitable Trust 20

Notes to the financial ststements 31 December 2022
12 Credltors: amounts falllng due after one year
2022
£'ooo
2021
£'(K)O
Bank loan Inote 131
40,419
41,274
During the prior year the terms of the loan with Banque Transallantique were renegotiated.
The total loan facility from 23 July 2021 was reduced to £42.5m on a 30 year term expiring
June 2051 at a fixed rale of interest of 3.549 /o.The French Slate has guaranteed the
repayment of the loan up lo the value of £47 million. The deposit held by ANEFE forms part
of the security against the loan.
13 Loans
Loans repayable, included within creditors are analysed as follows..
2022
£'ooo
2021
£'ooo
Vvholly repayable." within five years
Not wholly repayable.. within five years
5,610
35,664
41,274
5,415
36,683
42,098
14 Related party transactions
KT Educational Charitable Trust
Three of the charity's trustees are also trustees of KT Educational Charitable Trust
(Company Registration Number 07057043 England and Wales).
During the current year, Wembley Educational Charitable Trust paid for administrative fees
of £107,072 12021 £86,152) incurred by KT Educational Charitsble Trust. This has been
treated as a donation in the year. Wembley Educational Trust received donations of
£448,00012021'. £447,000) from KT Educational Charitable Trust during the year.
Lyceé Intemational de Londres
Rent of £2,666,66712021- £2,666,667) for the year ended 31 December 2022 was charged
to Lyceé International de Londres. Al 31 December 2022 £667,000 12021 £667,000) of
rent relating lo 2022 had been received and is included in creditors.
Lyceé International de Londres is a registered charity (Company Registration Number
09033139 England and Wales) which has a common trustee, Mr Vaissié, with Wembley
Educational Charitable Trust. In his roles Mr Vaissié acts in a manner which will avoid any
conflicts of interests.
Wembley Educational Charitable Trust 21

Notes to the financial ststements 31 December 2022
15 Net assets
The total unrealised gains as at 31 December 2022 constitutes movements on revaluation
and are as follows..
2022
£'ooo
2021
£'ooo
Unreali8ed gains..
On programme related investment properties
Total unrealised gains at 31 December 2022
4,308
4,308
5,337
5,337
Reconciliation of movement in unrealised gains:
Unrealised gains at 1 January 2022
Impairrnent
Total unrealised gains at 31 De¢ember 2022
5.337
11,0291
4.308
6,982
11.6451
5,337
Wembley Educational Charitable Trust 22