THE WELSH SCHOOLS TRUST LTD REGISTERED CHARITY NUMBER 1167479 COMPANY LIMITED BY GUARANTEE NUMBER 04783466 REPORT AND FINANCIAL STATEMENTS 31 AUGUST 2022
The Welsh School Trust Registered charity numbtr 1167479 Company limited by guarantee number 04783466 Reference and Administrative Details Board of Trustees (Company Directors) Ms Glenys Roberts (Chair) Mrs. Ann Baley Miss Elin Hughes- resigned 12 July 2022 Ms M. Eiri Jones- resigned 12 July 2022 Mrs Angela Robinson Mr Ceredig Thomas Ivice-chairl Mr Jonathan Wnght- resigned 12 July 2022 Ms Carole BoY- appointed 7 July 2022 Ms Rhiannon Evans- appointed 7 July 2022 Dr Catherine Emmerich - appointed 5 October 2022 Dr Lynne Sykes- appointed 5 October 2022 Teaching staff as at 31 August 2022 Lead Teacher & Class 1 leacher". Mr Tom Sugg Class 2 teacher and SENDCO.. Miss Lisa Medi Jones Registered Office 73, Comhill. London EC3V 3QQ Correspondence address Hanwell Community Centre, Wescott Crescerbl, London W7 1 PD. Independent Examiner Thomas Ward FCA. Lonsdale Ward Limited. 5, Market Yard Mews 194-204 Bemiondsey Stet. London SE1 3TQ Insurance Brokers Hayes Parsons. Colston Tower. Colslon Street, Bristol BS1 4XE Bankers HSBC UK
The Welsh Schools Trust Ltd. Trustees. and Directors. Re ort 3118122 Pur ose of the chari The London Welsh School Iysgol Gymraeg Llundainl was established in 1958 by a group of parenls to provide an education to children beiween the ages of 3 to 11 years old. The school is an Independent School with charitable status and registered as a company limited by guarantee. Ils objective 15 to provide childreTr with a bi-lingual educalion in Welsh and English by following the National Curriculum of Wales. and to nurtu thè ehildren in Ihe best of British values. The school operates on a non-seleclive basis and admits pupils without reference to ability or aplilude. The school's Fee Policy includes a dispensation process, so that no family is tumed away on financial grounds. The Trustees therefore believe that the public benefit objectives of The Charity Commission's guidance are mel. Whilst aiming for the highest standards of academic education. the school's ethos is based on Christian principles, which provides the pupils with a sound moral compass and nurtures the children in the best of British values. The pupils are encouraged to aim for excellence in every endeavour, to develop an enquiring mind, and lo acquire a love of leaming and of the Welsh language. Achievements and erformance: The school's academi¢ performance is monitored by three Trustees who are members of the Curriculum and Standards Sub-committee. The group meets twice a term with the Lead Teacher lo scrutinise and support the standard of teaching and leaming fmrn Earty Years lo Year 6. 11 monitors pupil attainment and progress. drawing on both formative and sutnmative data. A summary of this information is provided for the Board's scrutiny. The Board is satisfied with the results. The school, as all others, faced a challenging academic year of combining classroom and virtual teaching during the continuing pandemic lockdowns. On reopening of the schools, adhering lo the strict Govemmenl protocols, combined wlh the constant vigilance and anxiety of a Covid 19 outbreak brought additional challenges which were well managed by the Staff. They worked exlremely hard to bridge the achievemenl gap created by last year's disruption to education. Throughout, the Board has worked diligently to support and advise the Lead Teacher and Staff. All six annual Board Meetings have taken pla via Zoom webinar. The long term impact of the pandemic has had an effect on the schix)I this year with pupil numbers for September 2021 not increasing as expected. due to a range of reasons". limited marketing, PTFA fund raising OPFK)rtunibes and restn"ctions on njnning the molher and baby group Miri Mawr, lo narne bul a few. However, the Welsh Schi)ol is resilient and as we plan for the future we will work to our strengths to Sha our common goal which is to offer our pupils a sound, high quality bilingual education within a nurturing environment. The pupils participate in a wide range of extra-curricular activities in London and Wales. These include attendance al an annual Sl. Daviij's Day Service al The Palace of Weslminsler, competing at the Urdd National Eisteddfod, and a week's visit in July lo the Urdd's recreational centre at Llangrannog.
The Welsh Schools Trust Ltd. Trustees, and Directors. Re ort 3118122 continued Financial review.. The school's financial statements acwmpany this report. The Income and Expenditure account for the financial year to 3118122 resulted in a surplus of £259. This compares with a surplus of £21,718 for the financial year to 3118121. The school's total income of £254,391 for the year ending 3118122 is derived from three sources. 380/0 of this income comes from parental fees and the London Borough of Ealing's ILBOEI conlribution to nursery education. Another 35°/o of the income is derived from a grant received from the Welsh Government which is subject lo a new application every year. The remaining 270/. of income arises from donations from inslilulions and private individuals, including the Radnor Walk and Kings Cross Chapel Trusts, and the fundraising events of the school's Parents Teachers Friends Association IPTFAI. The Trustee5 recognise that donation and bequest income is highly volatile and unpredictable. and it cannot be assumed that this level of donation income can be sustained in future years. The five principal expense categories that account for 940/0 of the school expenses are staff salary, pension and training costs. rent for the school building payable to London Borough of Ealing, educational material. insurance and depreciation of fixed assets. Management accounts are prepared three limes a year by our accounlanls at the end of each term, the results of which are compared with a budget. Significant variances are investigated and explained. The school has established a Designated Fund in the Balance Sheet of £55.000 lo meet exceptional costs not normally incurred in the operation of the school or unexpected shortfalls of income. An example would be a serious fire forcirkg the closure of the 5¢hool building, and the requirement lo pay a premium for a short lease of an altemative building. The Trustees have discretion on what type of extraordinary situation would require these Reserves lo be used, but the authority of all Board members would be required lo release funds from the Designated Fund. Cash deposits meeting at least the value of the Designated Fund are held in HSBC Money Market accounts on a term of 3 or 6 months. Thanks lo donations from Ihe PTFA and Ihe Chapels a modest Diamond Jubilee Bursary Fund was sel up during 2019120 and added lo during 202012021.This fund is ring fenced from the School's other funds. 11 has been established to provide financial assistance to pupils or families in need of support. Financial outlook for 2022123: The financial outiook for the academic year 2022123 is not positive because of a drop in pupil numbers. There is a marketing campaign ongoing lo raise the profile of the school and attract new families_ Costs are being tightly controlled. Our slrategy for the next couple of years continues to focus on increasing pupil numbers. Although pupil numbers have reduced and there has been a reduction in lotsl fee income there has been no correspondillg decrease in costs. Our major costs are fixed and not dependent on the number of pupils. We have been grateful in past years for the generous financial support of Trusts of Radnor Walk and Kings Cross Chapels, as well as the vigorous fundraising efforts of the school's PTFA None of this financial support is guaranteed. In addition, the last couple of year's PTFA fundraising events were curtailed by the Covid 19 pandemic and due lo reduced pupils numbers memt>ership of the PTFA is reduced. Despite Ihe5e uncertainties we remain ¢onfident that the Trust will continue lo meet its obligations as they fall due and maintain the very high standards that it has always required
The Welsh Schools Trust Ltd. Trustees. and Directors, Re ort 3118122 continued Structure Govemance and Mana ement The Welsh SGhools Trust Ltd. is a company limiied by guarantee and a registered charity. The charity operates as a school known as The London Welsh School l Y5gol Gymraeg Llundain. The address of the school is Hanwell Comrnunity Centre. Wescott Crescenl, London W7 1 PD. The school is regulated by Ofsled and is registered as a charity. The school is also incorporated as a company limited by guarantee. The affairs of Ihe sGhool are govemed by a Board of Directors. The Directors of the company are also the Trustees of the charity. A list of names of the Trustees is provi(ted in the Referènce and Aoministratsve Section above. Govemance rules slipulale that the Chair of Govemors should serve no more than two terms of three years and therefore. Mrs Margaret T. Jones stepped down as Chair al the end of the 202012021 academic year and resigned as a Director and Trustee on 1$t December 2021. We thank her for all her hard work and her lorsg term supr)ort of the school. Her successor is the previous Vice-chair. N¢iss Glenys Roberts. The Trust welcomes to the Board Rhiannon Evans and Carole Boyce, who both became trustees on 7m July 2022 and Dr Lynne Sykes and Dr Catherine Emmerich, who joined the Board subsequent to the Trust's financial year end on 5th October 2022. Appropriate Iraining is given lo Board members on a regular basis. Board meetings are held twice a term i.e. six limes a year. Certain dulles are delegated to Board sub-committees which meet on a more frequent basis. These sub-committees Gompnse of the Curriculum and Standards Sub- committee, the Finance sUb-MmIttee. and the Risk Sub-committee. The Board maintains a Risk Regisler which covers the key slralegic. reputational, operation81, regulatory and financial risks of the school. The Risk Register is reviewed annually, with risks being prioritised appropriately. Controls to miligale the risks are included in the Register. Appropriate risks are insured wilh Aviva (to 31 August 20221 through brokers Hayes PaTSOnS, a Bristol based broker specialising in school insurance. The Aviva policy includes employers, liability cover for £10 milliofj. and Public and Pfoduct liability for £10 million. 8s well as other insur8ble risks. Jonathon Wrighl, {up until his resignation on 12 Juty 2022} is the school's Data Protection Officer IDPOI who reviews General Data Protection Regulations IGDPRI requirefflents and ensures that the school is compliant. No data bfea¢hes have been detected or reported by the school Sin the GDPR introduction in May 2018. All sensilive eleclronic school data is stod on the school's central data server. Paper based sensitive schwl data is appropriately marked 8nd stored securely in locked filing cabinets. Information Technology Security is reviewed on a regular basis. All computers al Ihe schtK)I have anti-virus protection installed (Kasperskyl and are protected with the latest anti-virus definitions and software. A Sonic Wall firewall Is installed on the schix)I ne1w0 to prevent unauthorised access from the inlernel to school systems. The school has 8 close relalionship vrilh the Parents Teachers Friends Association IPTFAI which is open lo all parents, carers and friends to join. It organises fundraising events involving the school families and the wder local community. The school receives donations from the fund- raising activities of the PTFA. which is shown as part of the school's donation income. PTFA is registered as a separate charity. Trustee report approved on 23rd March 2023 by.. Glenys Roberts {Chairl
Report ofthe Independent Examiner to the Trustees of The Welsh School Trust Ltd I report on the accounts of The Welsh School Trust for the year ended 31 sl August 2022, which comprise the Slalemenl of Financial Aclivilies. the Balance Sheet. Ihe Cash Flow Slalemenl and the related notes. set out on pages 10 to 13. This report is made solely to the Charity's Trustees, as a body, in acu)rdance with Chapter 3 of Part 8 01 the Charities Act 2011. My examination has been undertaken so that I might state to the Charity's Trustees those malters l am required lo slate to Ihetn in an independent examiner's report and for no other purpose. To the fullest exlenl pemitted by law, I do not accept or assume responsibility to anyone olher than the Charity and the Charity's Trustees as a body. for my examination. for this report. or for the opinions I have formed. Respective responsibilities of Trustees and Examiner The Charity's Truslees are responsible for the preparation of the accounts. The Charity s Trustees consider an audit is not required for Ihis year under section 144121 of the Charities Act 2011 Ilhe 2011 Acll and that an independent examination is needed. 1115 my responsibilty to.. Examine the accounts under section 145 of the 2011 Act., To follow the procedures laid down in the General Diredions given by the Charity Commission under seclion 14515llbl of the Act". and To stale whether particular matters have come to my attention. Basis of Independent Examiner's Report My examination was carried out in accordance with the general Directions given by the Charity Commissioners. An examination includes a review of the accoLJnting records kept by the Charity and a comparison of the accounts presented with those records. 11 also includes a consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in an audrt 8nd consequently I do not express an audit opinion on the view given by the accounts. Independent Examiner's Statement In connection with my examination. no matter has come to my attention.. which gives me reasonable cause to believe that. in any material respect, the requirements.. to keep accounting records in accordan with section 145 of the 2011 Acl-, and to prepare accounts which accord with the accounting records and comply with the accoLJnting requirements of the 2011 Act have not been mel., or bl to which, in my opinion, attention should be drawn in order lo enable a proper understanding of the accounts to be reached 5, Market Yard Mews 194-204 Bermondsey Street London SE1 3TQ Thomas Ward FCA Lonsdale Ward Limited 23rd March 2023
The Welsh Schoo5 Trust Statement of Financial Activltiés {Incorporating an Income and Expenditure Account) For the year ended 31 August 2022 Unrestricted Funds 2022 Unrestricted Funds 2021 Notes Income from- Donations and legacies Grant received Donations Charitable activities Parental contribution5 Sundry Income Investrnenls sank Interest received 97,445 68.246 109,964 63,644 88,301 141 91.473 907 258 23 Total Income 254.391 266,011 Expènditure on: Charitable activities Educational materials Support costs 8.195 245.937 9.120 235,173 Total Exp•nditure 254.132 244,293 N8t Incfjme 259 21.718 Total Funds Brought Foarly 140,464 118,746 Total Funds Carried Forward at 31 August 2022 140.723 140,464 The statern8nt of financial actwits.es indLMles all gains and losses recrynised in the year. l incorning resources and resources expended derive from wnts"nuing activitses. The notes on pages 10 to 13 fom) part of the finanaal siatements.
The Welsh School Trust Company registration number .' 04783466 Balance Sheet as at 31 August 2022 Nole 2022 2021 Tangible Fixed Assets 1.513 1,488 Current Assets Cash at bank Debtors 149,060 1.690 149.255 130 150.750 149,385 Creditors, amounts falling due within one year {11.540) {10,409} Net Current Assets 139,210 138,976 Net Assets 140.723 140.464 Unrestricted Funds General funds Designated funds 61,723 79.000 61.464 79,000 140.723 140.464 The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating lo small companies. The members have not required the company to obtain an audit of its accounts for the year ended 31st August 2022 in accordance with section 476 of the Companies Act 2006. The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 wilh respect to accounting rdS and the preparation of financial statements. The financial slalemenls have been prepared in accordan with the provisions applicable to small companies subject lo the small companies regime and in accordance with the provisions of FRS 102 SORP. Approved by the Board of Trustees on 23rd March 2023 And si ned on their behalf by= rvlrs A.E. Robinson Director The notes on pages 10 to 13 forrn part of the financial slatemenls.
The Welsh School Trust Ltd Statement of Cash Flows Forthe year ending 31 August 2022 Note 2022 2021 Cash flows from operaling actlvitles- Net cash lusedllprovided by Operating activities 701 121,2251 Cash flows from investing activities Interest Payments to acquire fixed assets 258 (1,1541 23 12,2321 Change in cash and cash equivalents In the reporting perlod (195) 123,4341 Cash and cash equlvalents at the start of the reporting periixl 149.255 172,689 Cash and cash equivalents at the end of the reporting period 149,060 149,255
10 The Welsh School Trust Notes to the Financial Statements For the year ended 31 August 2022 General infomiation The London Welsh School Iysgol Gymraeg Llundain) is an Independent School with charitable status and registered as a company limited by guarantee, incorporated in England and Wales. Ils objective is to provide children with a bi-lingu81 education in Welsh and English by following the National Curriculum of Wales. and lo nurture the children in the best of British values. The charity is a public benefit enlty- The address of its registered office is 73, Cornhill, London EC3V 3QQ. Summary of Significant Accounting Policies lul Basis of accounting These financial statemenls have been prepared in accordan with Accounting and Reporting by Charities.. Statement of Recommefided Practice applicable to chanlies preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102), the Charities Act 2011 and the Companies Act 2006. The financial statements are prepared under the historical cost convention. The principal accounting policies that have been applied lo all periods presented in these financial slalements are set out below. The preparation of financial slalements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management lo exercjse its judgement in the process of applying the accounting policies selected for use by the Charity. Use of available information and application of judgement are inherent in the formation of e5timales. Aclual outcomes in the future could differ from such estimates. Ibl Going concem Having reviewed the funding facilities available lo the School together with the expected ongoing demand for places and the School's future projected cash flows, the Trustees have a reasonable Èxpé¢tation that the School has adequate resources to continue its activities for the foreseeable future and consider Ihat there wère no material UnrtaIntieS over Ihe School's financial viability. Accordingly, they also conlinue to adopt the going concern basis in preparing the financial statements. l¢} Income recognilion Al incomir¥J reSoUrS a included in the Slalement of Financial Ath'vilies ISOFAI when the Charity becomes legally enlilled lo the income, it is probable that the income will be received, and the amount can be quantified with reasonable accuracy. Income from govemmenl and other grants are recognised when the charity has entitlement lo the funds, any performance conditions have been mel. il is probable that the income will be received, and the amount can be measured reliably and is not deferred. Idl Expenditure cognItion Liabilities are reGnised as expenditure as soon as there is a legal or constructive obligation committing the Charity lo that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is charged to the SOFA on an accruals basis.
The Welsh School Trust Lld Notes to the Financial Statements Forthe year ended 31 August 2022 Accounting Policies Icontinuedl (el Tangible fixed assets Tangible fixed assets are slated al cost less accumulaled depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets al rates calculated lo write off the cosl. less any residual value. of each asset evenly over its eslimaled useful life as follows.. Land and buildings Equipment 33°A straight line 33% straight line ifj Gifts in kind Gifts in kind are brought into account at their estimated market value al the time the relevant gifts are made. Igl Debtors School fee and olher debtors are recognised at Ihe settlement amount due less any impairment losses for bad or doubtful debts. {h} Creditors and provisions Creditors and provisions are recognised where the Schi)ol has a present obligation resulling from a past event that will probably result in the transfer of funds lo a third party and the amount due lo settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognise(l at their settlement amount after allowing fof any trade discounts due. Financial instruments Basic financial instruments are initially recognised al transaction value and subsequently measured at amortised cost. Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specrfic provision is made for debts for which recoverability is in doubl. Cash at bank and in hand is defined as all cash held in bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions. ') Pensions Contribution5 to defined contribution plans are expensed in Ihe periods lo which they relate. Ikl Fund acix)unting The general funds of the School represent unrestricted funds expendable al the discretion of the Trustees in furtherance of the objects of the charity. Designated funds comprise unrestricted funds which have been sel aside by the Trustees for a specific purpose. Grants 2022 2021 Welsh Govemmenl London Borough of Ealing .000 7.445 90,000 19,964 97.445 109,964
12 The Welsh School Trust Ltd Notes to the Financial Statements For the year ended 31 August 2022 Charitable expenditure- support costs 2022 2021 Staff c051s Property costs Administrative expenses 193,133 29.964 22.840 183,696 30,277 21,200 245,937 235, 173 Adminislralive expenses include an independent examiner's lee of £60012021 £6001. 5. Salaries Staff costs Wages and salaries Social Security Costs Pension costs 161.657 10,030 21.446 155,470 7,730 20,496 193.133 183,696 The average number of employees during the year was 8 12021.. 81. engaged in the management and operation of the seh(M)l. During the year no employee received emoluments above £60.000 {2021.' Nill. Key management is considered to be the Trustees. No trustees received any remuneration or were reimbursed for expenses incurred. Taxation The Trust is exempl from corporation lax on ils charitable activities. Fixed assets Land and Buildin ui Total Cost As at 1st September 2021 Additions 14,000 12,473 1,154 26,473 1,154 At 31 st August 2022 14.000 13.627 27,627 Depreciation As e11 sl September 2021 Charge for the period 14,000 10,985 1.129 24,985 1,129 A5 al 31st August 2022 Net book value As at 31 st August 2022 14.000 12,114 26,114 1,513 1.513 As at 31 st August 2021 1,488 1,488
13 The Welsh School Trust Ltd Notes to the Financial Statements For the year ended 31 August 2022 Creditors- amounts falling due within one year 2022 2021 Other taxation and social security payable Accruals 2,190 9.350 2.186 8,223 11,540 10,409 Summary of Funds General Funds Designated Funds Total Funds A5 al 151 September 2021 Surplus for the year 61.464 259 79.000 140,464 259 At 31st August 2022 61.723 79,000 140,723 All funds are unreslricled. The Trustees have delemiined thal there should be a designated fund sel aside to meet exceptional costs not nomially incurred in the operation of the schoo1 or unexpected shorttalls of income of £55,000 and a bursaries fund of £24,000 lincluding a 2021 transfer of £10,000) to meet the cost of bursaries in luture years. 10. Lease commitments The trust has anr)ual commitments of £27.948 in respect of a lease on its property that has 3 years to run. 11. Noles to the cash flow statement Reconciliation of net income lo net cash inflow from operating activilies.. 2022 2021 Net income Bank interest receivable Depreciation IlncreasellDecrease in debtors IncreasellDecreasel in creditors 259 12581 1,129 {1,5601 1.131 21,718 1231 1.105 5.989 (50.0141 Nel cash provided lused) by operating activities 701 {21.2251