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2023-08-31-accounts

WORCESTER CHRISTIAN EDUCATION TRUST Accounts- 31st August 2023

WORCESTER CHRISTIAN EDUCATION TRUST

Charity number: 1171394

Accounts – 31st August 2023

INDEX

WORCESTER CHRISTIAN EDUCATION TRUST

REPORT OF THE TRUSTEES for the year ended 31st August 2023

The Trustees are pleased to present their annual report and financial statements of the charity for the year ended 31st August 2023 .

The Financial Statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and complies with the Charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice (second edition) and Financial Reporting Standard FRS 102.

Reference and Administration Details

The charity’s name is Worcester Christian Education Trust and also operates under the name of The Brook School and The River School.

Charity Registration Number: 1171394

Registered Office: Oakfield House, Droitwich Road, Worcester, WR3 7ST

Trustees

The Trustees who served during the year and since the year end were as follows:

E Cave (resigned 13[th] October 2023) D Todorov (appointed 16th May 2023) C Crow (resigned 26[th] September 2023) E Campsall T Crow (resigned 13[th] October 2023) T Lonergan C Hunt I Hilton-Turvey (resigned 21[st] March 2023)

Senior Leadership Team

The trustees are assisted in the day to day running of the River School by the Senior Leadership Team. Members serving during the year were:

A T Parsonage (Headmaster) J Chester J Barron P Wood L Shirley

Objectives and Activities

The main objects of the charity are:

  1. To advance the education of children resident in the city of Worcester and the neighbourhood thereof by providing:

  2. a) Safe and satisfying group play for children primarily between the ages of 3-5 in which parents have the right to take part.

  3. b) A day school for children of 5 years of age and upwards.

  4. To advance the Christian faith of the residents of the City of Worcester and the neighbourhood thereof in any manner that may be thought fit.

The Worcester Christian Education Trust is a non-denominational body whose purpose is to promote the availability of Christian education for all children irrespective of social, financial or religious background. In furtherance of this aim the Trust administers The River School, an independent Christian school which was opened in 1985 to cater for children from the start of their school career through to GCSE examinations.

WORCESTER CHRISTIAN EDUCATION TRUST

REPORT OF THE TRUSTEES

for the year ended 31st August 2023 ( Continued)

In planning the activities of the charity, the trustees have considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of education and advancement of religion.

The aim of the Charity is to enable young people to achieve their fullest potential and to equip them to make a valuable contribution to society.

Achievements and Performance

The whole school including the Nursery was inspected by ISI in March 2020. The school was found to be compliant in all areas and achieved an overall assessment of “Good” with “Excellent” in numerous areas.

All sections of the school, early years, primary and secondary, are situated at Oakfield House on the northern edge of the city of Worcester, a large Georgian property with 8 acres of grounds.

The school was established to provide a Biblical Christian education. The curriculum has Christian values pervading the approach to all subjects and is designed for a socially comprehensive school where Christian commitment and family life are positively upheld.

Our aim is to enable young people to achieve their fullest possible potential and to equip them to make a valuable contribution to society. Character qualities of discipline, compassion, respect, industry and initiative are encouraged as being of equal importance to academic achievement and the development of other life skills.

The Early Years Department aims to provide a loving, caring and disciplined environment where children can learn to socialise, to care for each other and respect their leaders. It aims to introduce the children to God through simple Bible stories and songs, to provide stimulus through play and music, writing and reading skills as the children progress. The Early Years Department accepts children, from the age of 2, with government vouchers and is inspected alongside the main school.

The school has developed its own curriculum to reflect the school's objectives and in keeping with the general framework of the National Curriculum. At secondary level, pupils are prepared for GCSE examinations. Pupils at 16 years of age normally take between five and nine subjects at GCSE and the results vary each year according to the strengths of different year groups. GCSE results for this year were good with strong grades achieved across a range of subjects.

The school is led by Mr A Parsonage as Headteacher; the Nursery by Mrs J Barron; the Primary by Miss Shirley and the Seniors by Mrs P Wood. The Headteacher, and therefore the school, are registered with the Independent School's Association (ISA) and are inspected by ISI (Independent Schools Inspectorate).

The extensive grounds at The River School include woodland, orchards, a pond and open fields. The school’s grounds and small domesticated animals (guinea pigs, rabbits and chickens etc.) are used by the pupils to enhance their learning. In addition, the grounds are opened to the public twice a year as part of the National Gardens Scheme. Wedding receptions/parties take place in the grounds during weekends and school holidays.

Unpaid Volunteers

During the year, the Trust benefitted from voluntary support of parents and other individuals who assist with teaching, gardening and maintenance. The support is gratefully acknowledged by the Trustees.

Financial Review

The total income for the year was £844,771 and total expenditure on charitable activities amounted to £949,598. The balance on unrestricted funds at the yearend was £152,862 and on restricted funds £23,508.

The main source of income is from school fees, supported by a revenue generating initiative, ‘Oakfield Ventures’ with wedding receptions held in the school grounds and, rental income from the adjacent property owned by the Trust ‘Moden Lodge’.

WORCESTER CHRISTIAN EDUCATION TRUST

REPORT OF THE TRUSTEES

for the year ended 31st August 2023 ( Continued)

Reserves Policy

The trustees have examined the charity’s requirements for reserves taking account of the main risks to the organisation. It has established a policy whereby unrestricted funds not committed or invested in tangible fixed assets held by the charity should be between 2 or 3 months of expenditure. The trustees consider that this should be in the region of £100,000 in general funds given the budgeted expenditure.

The reserves are required to meet the working capital requirement of the charity and the trustees are confident that at the level indicated above, the school would be able to continue the current activities of the charity in the event of a drop in funding.

Whilst the unrestricted funds are currently below the above target, the fixed assets which are principally comprised of the school buildings are valued at a significantly high market value. Careful monitoring of spending, and the adding of other sources of income aim to enable the trustees to begin to establish the kind of reserves they consider appropriate as above.

Structure, Governance and Management

Governing Document

Worcester Christian Education Trust is registered as a charity with the Charity Commission. It is a Charitable Incorporated Organisation and was formed under a Deed of Trust dated 31st January 2017. With effect from 1st September 2017, it took over the assets and activity of a Charitable Trust with the same name and registered under reference 516511.

Appointment of Trustees

The trustees keep the composition of the board under review and will seek to appoint additional members with appropriate skills and expertise, mainly from parents who have had a long association with the school, should the need arise. Interested parties are given details of the background of the Charity in order to make them aware of current activities. New trustees are appointed by the existing trustees and there must be at least three and not more than eight trustees.

Bank Independent Examiners
HSBC Plc A J Carter & Co
6 Broad Street Chartered Accountants
Worcester 22b High Street
WR1 2EJ Witney
Oxon, OX28 6RB

Signed on behalf of the trustees by

T Lonergan ………………………………….. Trustee

Worcester

30th January 2024

WORCESTER CHRISTIAN EDUCATION TRUST

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES

I report to the trustees on my examination of the accounts of Worcester Christian Education Trust for the year ended 31st August 2023.

Responsibilities and Basis of Report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent Examiner’s Statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

A P Williams BSc FCCA A J Carter & Co Chartered Accountants

22b High Street Witney Oxon OX28 6RB 22nd February 2024

WORCESTER CHRISTIAN EDUCATION TRUST

STATEMENT OF FINANCIAL ACTIVITIES

(including an income and expenditure account)

for the year ended 31st August 2023

Note
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Other
6
Total incoming resources
Expenditure on:
Charitable activities
7
Total expenditure
Net income/(expenditure) and net
movement in funds for the year
Transfer between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted Restricted
Total
Funds
Funds
Funds
2023
£
£
£
13,043
8,530
21,573
696,484
35,196
731,680
9,100
-
9,100
82,418
-
82,418
801,045
43,726
844,771
897,225
52,373
949,598
897,225
52,373
949,598
(96,180)
(8,647)
(104,827)
-
-
-
(96,180)
(8,647)
(104,827)
249,042
32,155
281,197
£152,862
£23,508
£176,370		 Total
Funds
2022
£
15,724
697,372
4,723
85,566
803,385
836,586
836,586
(33,201)
-
(33,201)
314,398
£281,197

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derives from continuing activities.

The notes on pages 8 to 15 form part of these financial statements

WORCESTER CHRISTIAN EDUCATION TRUST

BALANCE SHEET as at 31st August 2023

Note
Fixed assets
Tangible assets
11
Total fixed assets
Current assets
Debtors
12
Cash at bank and in hand
Total current assets
Liabilities
Creditors falling due within one year
13
Net current assets
Total assets less current liabilities
Creditors:falling due after more than 1 year
14
Total net assets
15
The funds of the Charity
Restricted income funds
16
Unrestricted income funds
16
Total charity funds		 2023
£
607,844
607,844
41,306
5,170
46,476
123,336
(76,860)
530,984
354,614
£176,370
23,508
152,862
£176,370		 2022
£
625,066
625,066
39,685
58,887
98,572
74,914
23,658
648,724
367,527
£281,197
32,155
249,042
£281,197

These accounts were approved by the trustees and authorised for issue on: 30th January 2024 and are signed on their behalf by:

T Lonergan

...................................................... Trustee

The notes on pages 8 to 15 form part of these financial statements

WORCESTER CHRISTIAN EDUCATION TRUST

CASH FLOW STATEMENT FOR THE YEAR ENDED 31[ST] AUGUST 2023

Note
Statement of Cash Flows
Cash flows from operating activities:
Net cash provided by operating activities
Cash flows from investing activities:
Interest
Purchase of tangible assets
Cash flows from investing activities:
Cash inflows from new borrowing
Repayments of borrowing
Net increase/(decrease) in cash
Cash at bank at beginning of year
Cash in hand
Reconciliation of Net Income/(Expenditure)
to Net Cash Flow from Operating Activities
Net income/(expenditure)
Depreciation
Interest
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
Analysis of Cash
Cash at bank and cash equivalents		 2023
£
(18,897)
-
(19,074)
(37,971)
-
(15,746)
(53,717)
58,887
£5,170
2023
£
(104,827)
36,297
-
(1,622)
51,255
£(18,897)
2023
£
5,170
£5,170		 2022
£
(32,236)
-
(26,084)
(58,320)
50,000
(11,542)
(19,862)
78,749
**£58,887 **
2022
£
(33,201)
17,720
-
(28,492)
11,737
£(32,236)
2022
£
58,887
£58,887

WORCESTER CHRISTIAN EDUCATION TRUST

NOTES TO THE ACCOUNTS

for the year ended 31st August 2023

1. Accounting Policies

The principal accounting policies adopted, judgments and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of Preparation

The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The charity constitutes a public benefit entity as defined by FRS 102.

The Trustees consider that there are no material uncertainty about the Charity’s ability to continue as a going concern.

The accounts have been prepared on the going concern basis which assumes that the charity will be able to continue its activities for the foreseeable future. Despite the reserves being lower than would be ideal the trustees consider that the going concern basis remains appropriate given their careful budgeting.

b) Income Recognition Policies

Items of income are recognised and included in the accounts when all of the following criteria are met:

Income received in advance of a specific performance or provision of other specified service is deferred until the criteria for income recognition are met.

c) Donated Services and Facilities

In accordance with the Charities SORP (FRS 102) the general time of volunteers is not recognised in the accounts.

WORCESTER CHRISTIAN EDUCATION TRUST

NOTES TO THE ACCOUNTS

for the year ended 31st August 2023 (continued)

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Tangible Fixed Assets

Individual fixed assets costing £1,000 or more are capitalised at cost and are depreciated over their estimated useful economic lives as follows:

Asset Annual Category Rate Freehold buildings 20% on cost Furniture and equipment 10% reducing balance Soft furnishings 25% reducing balance Mini buses 25% reducing balance

i) Debtors

Trade and other debtors are recognised at the settlement amounts due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

l) Pensions

The Charity operates a defined contribution scheme, the assets of which are held outside the Charity. The contributions by the Charity in the year are detailed in note 8.

WORCESTER CHRISTIAN EDUCATION TRUST

NOTES TO THE ACCOUNTS

for the year ended 31st August 2023 (continued)

2. Legal Status of the Charity

Worcester Christian Education Trust is registered as a charity with the Charity Commission. It is a Charitable Incorporated Organisation and was formed under a Deed of Trust dated 31st January 2017. With effect from 1st September 2017, it took over the assets and activity of a Charitable Trust with the same name and registered under reference 516511.

3. Income from donations

Income from donations
Gifts and grants 2023
£
21,573
£21,573		 2022
£
15,724
£15,724

Of the £21,573 received in 2023 (2022: £15,724) £8,530 was restricted funds (2022: £8,919) and £13,043 (2022: £6,805) unrestricted funds.

The charity benefits greatly from the involvement and enthusiastic support of its many volunteers, details of which are given in our annual report. In accordance with FRS 102 and the Charities SORP (FRS 102) the economic contribution of general volunteers is not recognised in the accounts.

4. Income from charitable activities

Fees
Exam fees
School trips		 2023
£
706,238
5,833
19,609
£731,680		 2022
£
683,337
2,219
11,816
£697,372

Of the £731,680 received in 2023 (2022: £697,372) £35,196 was restricted funds (2022: £38,856) and £696,484 (2022: £658,516) unrestricted funds.

5. Income earned from other trading activity

Rental income
Income earned from other sources
Miscellaneous income
Oakfield Ventures - weddings
Job retention scheme grant		 Unrestricted
2023
£
9,100
£9,100
2023
£
5,708
76,710
-
£82,418		 Unrestricted
2022
£
4,723
£4,723
2022
£
10,839
73,127
1,600
£85,566

6. Income earned from other sources

Of the £82,418 received in 2023 (2022: £85,566) £nil was restricted funds (2022: £1,489) and £82,418 (2022: £84,077) unrestricted funds.

WORCESTER CHRISTIAN EDUCATION TRUST

NOTES TO THE ACCOUNTS

for the year ended 31st August 2023 (continued)

7. Analysis of expenditure on charitable activities

Educational costs
Staff costs
Teaching materials
Donations/gifts
Exam fees
School trips
Household costs
Establishment costs
Property maintenance
Services
General costs
IT support
School office and photocopying
Advertising
Telephone
Insurance
Bank charges and interest
Legal and professional
Oakfield ventures
Miscellaneous
Depreciation and loss on disposal of assets
Independent examination and accountancy fees
Total		 School
2023
costs
Total
£
£
667,619
667,619
29,133
29,133
2,393
2,393
5,632
5,632
20,080
20,080
2,300
2,300
16,678
16,678
34,842
34,842
5,142
5,142
12,387
12,387
3,739
3,739
4,006
4,006
14,419
14,419
26,678
26,678
2,966
2,966
46,399
46,399
15,084
15,084
36,297
36,297
3,804
3,804
£949,598
£949,598		 2022
Total
£
589,631
36,775
2,640
2,234
11,066
2,454
51,774
19,606
3,709
9,382
4,084
3,157
13,025
16,024
3,112
39,735
5,956
17,720
4,502
£836,586

Of the £949,598 expenditure in 2023 (2022: £836,586), £897,225 was charged to unrestricted funds (2022: £784,524) and £52,373 to restricted funds (2022: £52,062).

8. Analysis of staff costs and trustee remuneration and expenses

Salaries and wages
Social security costs
Employer contribution to Defined Contribution Pension Scheme.		 2023
£
620,601
35,077
11,184
£666,862		 2022
£
548,750
27,077
8,808
£584,635

No employees had emoluments in excess of £60,000 (2022: Nil). Pension costs are allocated to activities in proportion to the related staffing costs incurred and are wholly charged to unrestricted funds.

WORCESTER CHRISTIAN EDUCATION TRUST

NOTES TO THE ACCOUNTS

for the year ended 31st August 2023 (continued)

8. Analysis of staff costs and trustee remuneration and expenses - Continued

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2022: £Nil). No charity trustee received payment for professional or other services supplied to the charity (2022: £Nil).

The spouse of one Trustee was paid for some administrative work undertaken for the charity. No expenses were paid to trustees and their spouses in the year (2022: £nil reimbursed).

Some of the trustees and their spouses pay school fees at the reduced teacher rate for which they qualify as teachers.

The Trust considers its key management personnel to comprise of the trustees and the Senior Leadership Team. The total employment benefits of the key management personnel in the year was £162,068 (2022: £125,591).

9. Staff numbers

The average monthly number of employees during the year was as follows:

Teaching
Administration
Maintenance
Oakfield Events		 2023
Number
33
3
4
1
41		 2022
Number
31
4
3
1
39

10. Related party transactions

During the year the trustees and their spouses donated £1,565 to the charity in total (2022: £1,205).

11. Tangible fixed assets

Cost:
As at 01.09.2022
Additions
Disposals
As at 31.08.2023
Depreciation:
As at 01.09.2022
Charge for year
On disposals
As at 31.08.2023
Net book value:
As at 31.08.2023
As at 31.08.2022		 Freehold
Furniture
land and
Motor
and
Soft
buildings
vehicles
equipment
furnishings
£
£
£
£
732,662
400
101,220
5,897
-
-
19,074
-
-
-
(19,074)
-
732,662
400
101,220
5,897
151,840
400
57,047
5,826
12,788
-
4,417
17
-
-
-
-
164,628
400
61,464
5,843
£568,034
£-
£39,756
£54
£580,822
£-
£44,173
£71		 Total
£
840,179
19,074
(19,074)
840,179
215,113
17,222
-
232,335
£607,844
£625,066

WORCESTER CHRISTIAN EDUCATION TRUST

NOTES TO THE ACCOUNTS

for the year ended 31st August 2023 (continued)

12. Debtors

Trade debtors
Prepayments and accrued income
Other debtors		 2023
£
28,596
11,894
816
£41,306		 2022
£
30,231
8,102
1,352
£39,685

13. Creditors: amounts falling due within one year

Trade creditors
Accruals
Fees paid in advance
Taxation and social security costs
Loans
Other creditors		 2023
£
24,042
3,478
2,489
7,978
15,746
69,603
£123,336		 2022
£
4,835
3,595
2,675
4,767
18,579
40,463
£74,914

14. Creditors: amounts falling due after more than one year

Bounce back loan (falling due in less than 5 years)
Loan (falling due in less than 5 years)
Loan (falling due after 5 years)		 2023
£
18,467
17,815
318,332
£354,614		 2022
£
28,516
31,112
307,899
£367,527

15. Analysis of net assets between funds

Tangible fixed assets
Cash at bank and in hand
Other net current assets/(liabilities)
Creditors of more than one year
Total		 General
Restricted
Fund
Funds
Total
£
£
£
607,844
-
607,844
(18,338)
23,508
5,170
(82,030)
-
(82,030)
(354,614)
-
(354,614)
£152,862
£23,508
£176,370

WORCESTER CHRISTIAN EDUCATION TRUST

NOTES TO THE ACCOUNTS

for the year ended 31st August 2023 (continued)

16. Analysis of charitable funds

Analysis of movements in restricted funds

School trips
Exam fees
Statemented pupils premium accounts
Restricted gifts
Funds for giving
Total		 Balance
Incoming Resources
Funds
01.09.2022 resources
expended
Transfers
31.08.2023
£
£
£
£
£
833
19,609
(20,080)
-
362
426
5,833
(5,632)
-
627
8,905
9,754
(5,908)
-
12,751
21,991
6,847
(19,070)
-
9,768
-
1,683
(1,683)
-
-
£32,155
£43,726£(52,373)
£-
£23,508

Name of restricted fund

Description, nature and purposes of the fund

School trips Income and expenditure relating to trips organised by the school. Exam fees Income and expenditure relating to examination fees. Statemented pupils premium accounts Funding from the LEA for statemented pupils. Restricted gifts Gifts given to the charity for specific purposes. Funds for giving Fund raising by the school for either donations to other organisations or for its own use.

Analysis of movements in unrestricted funds

General fund
Total		 Balance
Incoming
Resources
Funds
01.09.2022
resources
expended
Transfers
31.08.2023
£
£
£
£
£
249,042
801,045
(897,225)
-
152,862
£249,042
£801,045£(897,225)
£-
£152,862

17. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
Total
Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
Total		 At
Cash
At
01.09.2022
Flows
31.08.2023
£
£
£
58,887
(53,717)
5,170
(18,579)
2,833
(15,746)
(367,527)
12,913
(354,614)
£(327,219)
£(37,971)
£(365,190)
At
Cash
At
01.09.2021
Flows
31.08.2022
£
£
£
78,749
(19,862)
58,887
(11,742)
(6,837)
(18,579)
(335,906)
(31,621)
(367,527)
£(268,899)
£(58,320)
£(327,219)

WORCESTER CHRISTIAN EDUCATION TRUST

NOTES TO THE ACCOUNTS for the year ended 31st August 2023 (continued)

18. Other commitments and secured assets

At 31st August 2023 the charity had commitments under non-cancellable operating leases as follows:

Telephone equipment - over the remaining 2¼ years of the lease totalling £2,786.

Photocopier - over the remaining 4 years of the lease totalling £11,667.