THE WELSH SCHOOLS TRUST LTD REGISTERED CHARITY NUMBER 1167479 COMPANY LIMITED BY GUARANTEE NUMBER 04783466 REPORT AND FINANCIAL STATEMENTS 31 AUGUST 2024
The Welsh Schools Trust Registered charity number 1167479 Company limited by guarantee number 04783466 Reference and Administrative Details Board of Trustees (Company Directors) Ms Glenys Roberts (Chair) Mrs. Ann Batey {resigned 11 June 2024) Mrs Angela Robinson (resigned 16 July 20241 Mr Ceredig Thomas (Vice-chair) Ms Carole Boyce Ms Rhiannon Evans Dr Catherine Emmerich {resigned 11 June 2024) Dr Lynne Sykes Mr David Edwards (appointed 24 September 2024) Ms Gwendoline Jones (appointed 10 October 20231 Mr Ceri Myers (appointed 24 September 2024) Ms Beverley Williams {appointed 24 September 2024) Registered Office 73, Cornhill. London EC3V 3QQ Correspondence address Hanwell Communty Centre. Wescott Crescent, London W7 1 PD. Independent Examiner Thomas Ward FCA, Lonsdale Ward Limited, 5. Market Yard Mews 194-204 Bennondsey Street, London SE1 3TQ Insurance Brokers Hayes Parsons, Colston Tower. Colston Street, Bristol BS14XE Bankers HSBC UK
The Welsh Schools Trust Ltd. Trustees, and Directors, Re rt 3118124 Pur ose of the cha . The London Welsh School (Ysgol Gymraeg Llundain) was established in 1958 by a group of parents to provide an education for children between the ages of 3 and 11yrs. The school is an Independent School with charitable status and registered as a company limited by guarantee. Its objective is to provide children with a bi-lingual education in Welsh and English by following the National Curriculum of Wales. The school operates on a non-selective basis and admits pupils without reference to ability or aptitude. The hOol'S Fee Policy includes a dispensation process, so that no child is turned away on financial grounds. The Trustees therefore believe that the public benefit objectives of The Charity Commission's guidance are met. 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 pupils in the best of British values. The pupils are encouraged to aim for excellence in every endeavour, to develop an enquiring mind, and to acquire a love of learning and of the Welsh language and culture. Achievements and rforniance: The school's academic perf0mnCe is monitored by three Trustees who are members of the Curriculum and Stsndards SUrnm1ttee. The group meets twice a term with the Headteacher to scrutinise and support the standard of teaching and leaming from Early Years to Year 6. It monitors pupil attainment and progress. drawing on both fomative and summative data. A summary of this information is provided for the Board's scrutiny. The Board is satisfied with the results. Our experienced staff ensure that the school maintains a high standard of education and offers a wide range of learning opportunities to our pupils both during the school day and as extra curricular, after school activities. The Board reiVeS a temty Lead Teacherfs Report updating us with developments and continues to work diligently to support and advise the Headteacher and Staff. Regular meetings are held between the Chair of Directors and the Headteacher in which the Headteacher is held to account and matters such as CPD of stsff, resourcing and marketing are discussed. The school continues to struggle with attracting new pupils and numbers on roll have not returned to pre-pandemic levels. One teacher was made redundant during the academic year and the workload was distributed among the remaining teachers. The Welsh School is resilient and as we plan for the future we will work to our strengths to share our common goal which is to offer our pupils a sound, high quality bilingual education within a nurturing environment. We were awarded GOOD in our Otsted inspection in January 2023 which is testimony to our hard work and SI11enCe. The pupils participate in a wide range of extra-curricular activities in London and Wales. These include participating in the annual St. David's Day Service at The Palace of Westminster, competing at the Urdd National Eisteddfod and, at the end of the Summer Term, a three day visit to the Urdd's recreational centre at Llangrannog, to name but a few. Otsted has commended our Personal Development provision as outstanding.
The Welsh Schools Trust Ltd. Trustees. and Directors, Re ort 3118124 continued Financial review: The school's financial statements aCMpanY this report. The Income and Expenditure account for the financial year to 3118124 resulted in a shortfall of £54,156. This compares with a shortfall of £13,965 for the financial year to 3118123. The school's total income of £217,430 for the year ending 3118124 is derived from three sources. 160/0 of this income comes from parental fees and the London Borough of Ealing's {LBoEI contribution to nursery education. Another 46 /0 of the income is derived from a grant received from the Welsh Govemment which is subject to a new application every year. The remaining 380/0 of income arises from donations from institutions and private individuals, including the Radnor Walk and Kings Cross Chapel Trusts, and the fundraising events of the school's Parents Teachers Friends Association {PTFA). The Trustees 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 890/0 of the school expenses are staff salary, pension and training costs, rent for Ihe school building payable to London Borough of Ealing, educational material, insurance and depreciation of fixed assets. Management accounts are prepared three times a year by our accountants at the end of each term, the results of which are compared with a budget. Significant variances are investigated and explained. The Designated Fund in the Balance Sheet of £55,000 which was established to meet exceptional costs not normally incurred in the operation ofthe school or unexpected shortfalls of income is being reversed and the funds reallocated to the General Funds. Thanks to donations from the PTFA and the Chapels a modest Diamond Jubilee Bursary Fund was set up during 2019120 and added to during 202012021.This fund was utilised during the year lo meet costs inCued that were not covered by parental fees. Financial outlook for 2024125 and 2025126: The financial outlook for the academic year 2024125 remains challenging due to a number of factors: pupil numbers have not recovered over the period since the Covid-19 pandemic reducing the total fee income. There is a continuing campaign to raise the profile of the school and attract new families and this is the major focus of the school's strategy over the next 2 -3 years. grant funding provided by the Welsh Govemment which is subjecl to an annual application was renewed for academic year 2024125 and is the subject of ongoing discussions for the academic year 2025-26. Increases in expenses continue to exceed income generated even though costs are tightly Gontrolled. 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. Pupil numbers have remained consistent and the chapels have continued to provide support for the academic year ended 31 August 2024. To secure the future of the school beyond the academic year ended 31 August 2025, the Trustees continue discussions with Welsh Government officials and are exploring other longer term funding options.
The Welsh Schools Trust Ltd. Trustees, and Directors, Re ort 3118124 continued Structure Govemance and Mana ement The Welsh Schools Trust Ltd. is a company limited by guarantee and a registered charity. The charity operates as a school known as The London Welsh School l Ysgol Gymraeg Llundain. The address of the school is Hanwell Community Centre, Wescotl Crescent, London W7 1 PD. The school is regulated by Ofsted and is registered as a charity. The school is also incorporated as a company limited by guarantee. The affairs of the school 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 provided in Ihe Reference and Administrative Section above. Appropriate training is given to Board members on a regular basis. Board meetings are held twice a temi i.e. six times a year. Certain duties are delegated to Board sub-committees which meet on a more frequent basis. These sub-committees comprise of the Curriculum and Standards Sub- committee. the Finance Sub-committee, and the Risk Sub-committee. The Board maintains a Risk Register which covers the key strategic, reputational. operational, regulatory and finanGial risks of the school. The Risk Register is reviewed annually. with risks being prioritised appropriately. Controls to mitigate the risks are induded in the Register. Appropriate risks are insured with Ecclesiastical through brokers Hayes Parsons. a Bristol based broker specialising in school insurance. The Ecclesiastical policy includes employers, liability cover for £10 million, and PubliG and Product liability for £10 million. as well as other insurable risks. We employ Solomon Belay as the school's Data Protection Officer {DPO) who reviews General Data Protection Regulations (GDPR) requirements and ensures that the school is compliant. No data breaches have bean detected or reported by the school since the GDPR introduction in May 2018. All sensitive electronic school data is stored on the school's central data server. Paper based sensitive school data is appropriately marked and stored securely in locked filing Gabinets. Information Technology Security is reviewed on a regular basis by Solomon Belay. All computers at the school have anti-virus protection installed (Sophos Intercept) and are protected with the latest anti-virus definitions and software. A Sonic Wall firewall is instslled on the school network to prevent unauthorised access from the intemet to school systems. The school has a close relationship with the Parents Teachers Friends Association (PTFAI which is open to all parents, carers and friends to join. It organises fundraising events involving the SGhool families, the wider local community and supporters from Wales. 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 by". Glenys Roberts (Chair) 131h May 2025
Report of the Independent Examiner to the Trustees of The Welsh Schools Trust Ltd I report on the accounts of The Welsh School Trust for the year ended 31 st August 2024, which comprise the Statement of Financial Activities. the Balance Sheet. the Cash Flow Statement 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 accordance with Chapter 3 of Part 8 of the Charities Act 2011. My examination has been undertaken so that I might state to the Charity's Trustees those matters l am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law. I do not accept or assume responsibility lo anyone other than the Charity and the Charity's Trustees as a body, for my examination, for this report, or for the opinions I have fomied. Respective responsibilities of Trustees and Examiner The Charity's Trustees are responsible for the preparation of the accounts. The Charity's Trustees consider an audit is not required for this year under section 144{21 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to.. Examine the accounts under section 145 of the 2011 Act., To follow the prOdreS laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Act-, and To stste whether particular matters have come to my attention. Basis of Independent Examinerfs Report My examination was carried out in accordance with the general Direclions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison ofthe 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 eviden that would be required in an audit and Consequently I do not express an audit opinion on the view given by the accounts. Independent Examinerfs Statement In connection with my examination. no matter has come lo my attention which gives me reasonable cause to believe that, in any material respect, the requirements: to keep accounting records in accordance with section 145 of the 2011 Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met. I draw your attention to notes 2a and 2b that outline the uncertain status of the school beyond the completion of Ihe summer term in 2025 and the basis of preparation of the accounts that takes this into account. 5, Market Yard Mews 194-204 Bermondsey Street London SE1 3TQ Thomas Ward FCA Lonsdale Ward Limited 13th May 2025
The Welsh Schools Trust Statement of Financial Activities (Incorporating an Income and Expenditure Account) For the year ended 31 August 2024 Unrestricted Funds 2024 Unrestricted Funds 2023 Notes Income from: Donations and legacies Grants received Donations Charitable activities Parental contributions Sundry income Investments Bank interest ceiVed 100,703 78.139 97.312 89.640 34.649 232 43.747 362 3.708 3.270 Totsl Income 217,431 234,331 Expenditure on- Charitsble aclivrties Educational materials Support costs 6.494 265.092 9,943 238.351 Total Expendlture 271.586 248.294 Excess of expenditure over income (54,155) {13,963) Tolal Funds Brought Forward 126.760 140.723 Total Funds Carried Fonvard at 31 August 2024 72.605 126.760 The statement of financial activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities. The notes on pages 10 to 13 fomi part of the financtal statements.
The Welsh Schools Trust Company registration number . 04783466 Balance Sheet as at 31 August 2024 Note 2024 2023 Tangible Fixed Assets 1.038 1,934 Current Assets Cash at bank Debtors 79,051 124,631 6,308 79.051 130,939 Creditors, amounts falling due within one year (7,484) (6,113) Net Current Assets 71.567 124,826 Net Assets £ 72,605 £126,760 Unrestricted Funds General funds Designated funds 72.605 47,760 79,000 £ 72,605 £126,760 The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its accounts for the year ended 31st August 2024 in accordance with seclion 476 of the Companies Act 2006. The Directors acknowtedge their responsibilities for complying with the requiraments of the Companies Act 2006 wtth respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to small companies subject to Ihe small companies regime and in accordance with the provisions of FRS 102 SORP. Approved by the Board of Twstees on 13th May 2025 And signed on their behalf by= Glenys Roberts (Chair) Director The notes on pages 10 to 13 fomi part of the financial statements.
The Welsh Schools Trust Ltd Statement of Cash Flows For the year ending 31 August 2024 Note 2024 2023 Cash flows from operating activities: Net cash (used)Iprovided by Operating activities Cash flows from investing activlties Interest Payments to acquire fixed assets {49,288) (26,150) 3,708 3,270 {1,549} Change in cash and cash equivalents In the reporting period (45,580) {24,429) Cash and cash equivalents at the start of the reporting period 124.631 149,060 Cash and cash equivalents at the end of the reporting period £ 79,051 £ 124.631
10 The Welsh School Trusts Notes to the Financial Statements For the year ended 31 August 2024 General infomiatlon The London Welsh School (Ysgol Gymraeg Llundain) is an Independent School with charitable status and registered as a company limited by guarantee, inGorporated in England and Wales. Its objective is to provide children with a bi-lingual education in Welsh and English by following the National Curriculum of Wales, and to nurture the children in the best of British values. The tharity is a public benefit entity. The address of its registered office is 73, Comhill. London EC3V 3QQ. Summary of Significant Accounting Policies {al Basis of accounting These financial statements have been prepared in accordance with 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). 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 to all periods presented in these financial statements are set out below. The preparation of financial statements in Gonfomiity wilh FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise 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 fomiation of estimates. Actual outcomes in the future could differ from such estimates. Ib) Going concem There are material uncertainties over whether the school will have adequate resources to enable it to conlinue after the completion of the summer term in 2025. The Trustees have adopted Ihe going concem basis for preparing these accounts whiGh assumes that the school will continue for at least 12 months from the date these accounts are approved by Ihe board. In the opinion of the Trustees any adjustments to these accounts in the event that the school was required to close would not be material. Ic) Income recognition All incoming resources are included in the Statement of Financial Activities (SOFA) when the Charity becomes legally entitled to the income, it is probable that the income will be received, and the amount can be quantified with reasonable accuracy. Income from govemment and other grants are recognised when the charity has entitlement to the funds. any perfomiance conditions have been met. it is probable that the income will be received, and the amount can be measured reliably and is not deferred. (d) Expenditure recognition 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. All expenditure is charged to the SOFA on an accruals basis.
The Welsh Schools Trust Ltd Notes to the Financial Statements For the year ended 31 August 2024 Accounting Pollcles {continued} {e) Tangible fixed assets Tangible fixed assets are stated at cost less accumulated depreciation and any accumulative impairmenl losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less any residual value, of each asset evenly over its estimated useful life as follows: Land and buildings Equipment 33 /0 straight line 33°/o Straighl line Gffts in kind Gifts in kind are brought into account at their estimated market value at the time the relevant gifts are made. (g) Debtors School fee and other debtors are reccgnised at the settlement amount due less any impaimient losses for bad or doubtrul debts. (h) Creditors and provisions Creditors and provisions are recognised where the School has a present obligation resulting from a past evenl 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 normally recognised at Iheir settlement amount after allowing for any trade discounts due. Financial instruments Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which reGoverability is in doubt. 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. ti) Pensions Contributions to defined contribution plans are expensed in the periods to which they relate. (kl Fund accounting The general funds of the School represent unrestricted funds expendable at the discretion of the Trustees in furtherance of the objects of the charity. Designated funds comprise unrestricted funds which have been set aside by the Trustees for a specific purpose. Grants 2024 2023 Welsh Govemment London Borough of Ealing Other local authorities 90,000 8,403 2,300 93,360 3,952 100,703 97,312
12 The Welsh Schools Trust Ltd Notes to the Financial Statements For the year ended 31 August 2024 Charltable expenditure - support ¢osts 2024 2023 Staff costs Propety costs Administrative expenses 201,899 28,601 34,592 177,584 28,279 32,488 265,092 238,351 Administrative expenses include an independent examiner's fee of £690 (2023 - £660). 5. Salaries Staff costs Wages and salartes Social Security Costs Pension cosls 170,551 9,178 22,170 148,989 8,627 19,968 201.899 177,584 The average number of employees during the year was 6 (2023: 6), engaged in the management and operation of the school. During the year no employee received emoluments above £60,000 (2023: Nil). Key management is considered to be the Trustees. No trustees reiVed any remuneration or were reimbursed for expenses incurred. Taxation The Trust is exempt from COTporation tax on tts charitable aGtivities. Fixed assets Land and Buildin Total Cost As at 1 st September 2023 Additions 14,000 15,176 29,176 At 31st August 2024 14,000 15.176 29,176 Depreaation As at 1st September 2023 Charge for the period 14.000 13,242 896 27,242 896 As 8131 st August 2024 Net book value As at 31st August 2024 14.000 14,138 28,138 1,038 1,038 As at 31st August 2023 1,934 1.934
13 The Welsh Schools Trust Ltd Notes to the Financial Statements For the year ended 31 August 2024 Creditors- amounts falllng due within one year 2024 2023 Other taxation and social security payable Accruals 2.812 4,672 2,387 3,727 7,484 6,114 Summary of Funds General Funds Designated Funds Total Funds As at 1st September 2023 Deficit for the year Transfer from Designated Fund 47,760 (54,155) 79,000 79,000 126,760 (54,155) 79,000 At 31st August 2024 72,605 72,605 All funds are unrestricted. Designated Funds previously reported that represented funds set aside to meet unexpected shortfalls and bursaries have been utilised in the current year. Lease commitments 10. The trust has annual commitments of £27.948 in respect of a lease on its propety that has one year to run. 11. Notes to the cash flow statement Reconciliation of net income to net cash inflow from operating activrties: 2024 2023 Net (expenditure)lincome Bank interest receivable Deprecialion {IncreaseyDecrease in debtors Increasel{Decrease) in creditors (54,155) (3,708) 896 6,308 1,371 (13.963) (3,270) 1,128 (4,618) {5,427) Net cash provided (used) by operating activities (49,288) {26,150)