## **Treasurer’s Report for Fiscal year 2023/2024** Delivered on 6/2/2025 at the AGM by Richard Grevatt On behalf of all the committee members I would like to thank the leadership at the school for their continued support throughout the year, most notably Alastair Tighe and Jody Wells. A special mention should also go to Trevor Phillips, and Michelle Bennetts for the continued support from the Catering department, without whom we would not be able to host many of our events. I would also be remiss if I did not thank Wayne Bradshaw and his exceptional team in the Grounds department for all the hard work they do in shuffling around the kit we need to facilitate our events. I am happy to report that the accounting functions of the PFA have finally entered the current electronic age. We have closed 2 paper-based accounts, replaced them with one current account which allows us to process payments digitally and have access to digital statements. This was a much-needed step for us. We have also began using an online accounting software that enables us to maintain accurate up to the minute reporting and reconciliations. In conjunction with these changes, we have put in place more robust cash handling procedures around events which have allowed us to accurately measure the performance of individual events. All in all, some positive changes have begun and have continued into the new year. For fiscal 2023/2024 our income has increased by 15% over the previous year, in a large part due to the hard work of Ann Whalley and Hannah Candlin in making the summer ball a huge success as well as the efforts of Louise Tulley within the uniform shop which has shown an increase of almost 25% over last year. The entire committee should feel proud of the fact that at the same time our income increased, our expenses have reduced year on year. This is a testament to the hard work of the committee and the many volunteers that work tirelessly to provide the support needed to organise and run our events. One problematic area that we face when looking back over the fiscal year is that we were unable to provide as much funding as we would like. There are many reasons for this but primarily this is due to a lack of funding requests from the school body. This is something that the committee are keenly aware of and are taking measures to increase the awareness of what we do and who we can provide assistance to. Hopefully the committee’s actions will see that we turn this around for next year and increase the number of contributions we can provide. The result of this activity is that the WCSPFA completed the year with a surplus of £5880.64, which will be rolled into the available charitable funds for fiscal 2024/2025. With this year’s surplus taken into account we now have in excess of £40000 in our account. In short, we have too much money in the bank and need to disburse more each year to enable us to provide as much “cherry on top” to the students as possible in the coming years. The proper handling of this surplus is a priority task for the committee to sort out this year. Page 1 of 2 Finally, the committee would like to offer a huge thank you to our chair, Marcel Lichter in what is expected to be his final year in that capacity. Whilst Marcel has agreed to stay involved, we are not certain if his other commitments will allow for his inclusion on the committee or to act on a volunteer basis. Either way we would be delighted to have him involved in any capacity. Thank you, Marcel, from all of us that have had the pleasure to work with you over the past few years. ## Wells Cathedral School PFA Detailed Statement of Financial Acitvites (All combined accounts) Year ending 31 July 2024 |Income & Endowments
Aucton Proceeds
Subscriptons (WCS)
Fundraising Events
Uniform Sales
Total Income
Less Cost of Sales
Expenditures on raising funds
Uniform Shop (to parents, houses)
Total Cost of Sales
Gross Proft
Less Expenses
Labour (Uniform Shop)
Sub Contractors (WCS Catering, lightng, band)
Marketng
Postage
Equipment Hire
Accountng Fees
Subscriptons
Insurance
Meetng refreshments
Total Expenses
Less Charitable Donatons
Bid donatons
Donatons to WCS (freworks, music department)
Total Charitable Donatons
Net Proceeds|Major Events
4,339.54
Revenue
Proft
6,465.50
Summer Ball
9,757.15
6,526.32
10,095.90
Sports Days
1,794.70
1,228.08
11,140.52
Jazz Picnic
1,922.92
1,765.00
32,041.46
Uniform Shop
11,140.52
3,449.12
24,615.29
5,256.16
Donatons Made
4,342.41
Dance Floor
1,094.87
9,598.57
Lego sets
1,483.20
Visualizer for Geo Dept.
478.80
22,442.89
Pizza Oven
1,483.20
SEND equipment
478.77
Fun funds
1,378.10
3,348.99
5,302.07
3,558.94
29.00
Wells Cathedral School PFA
11.40
Statement of Financial Positon (All combined accounts)
30.00
Year ending 31 July 2024
720.00
153.00
96.00
General Account
3563.37
198.95
Uniform Account
325.49
8,146.28
Bankline Account (New)
35743.71
Cash in hand
1813.15
41445.72
5,302.07
3,114.00
8,416.07
5,880.54| |---|---| Page 2 of 2 Created 30 May 2025 From Date 1 August 2023 To Date 31 July 2024 ## **Wells Cathedral Parents and Friends Association Profit & Loss Statement** **(All values reported in GBP)** ## **Turnover** |4010
Uniform Sales
4011
Subs
4012
Fundraising
4013
Auction Proceeds
**Total Turnover**
**Less Cost of Sales**|11,140.52
6,465.50
10,095.90
4,339.54
**32,041.46**| |---|---| |5000
General Purchases
5202
COGS - Uniform
**Total Cost of Sales**
**Gross Profit**
**Less Expenses**|(5,256.16)
(4,342.41)
**(9,598.57)**
**22,442.89**| |6000
Productive Labour
6002
Sub-Contractors
6200
Marketing and Sales Promotions
6204
Bid Donations
7501
Postage and Carriage
7601
Audit and Accountancy Fees
7700
Equipment Hire
8200
Donations
8201
Subscriptions
8204
Insurance
8205
Refreshments / Staff Welfare
9998
Suspense Account
**Total Expenses**
**Profit Before Tax**|(3,348.99)
(3,558.94)
(29.00)
(5,302.07)
(11.40)
(720.00)
(30.00)
(3,114.00)
(153.00)
(96.00)
(198.95)
33,628.41
**17,066.06**
**39,508.95**| REGISTERED CHARITY NUMBER: 1196517 Wells Cathedral School Parents & Friends Association Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 July 2024 Webb & Co Ltd Accountants and Business Advisers One New Street Wells Somerset BA5 2LA Wells Cathedral School Parents & Friends Association Contents of the Financial Statements for the year ended 31 July 2024 |||Page|| |---|---|---|---| |Report of the Trustees|1|to|2| |Independent Examiner's Report||3|| |Statement of Financial Activities||4|| |Balance Sheet||5|| |Notes to the Financial Statements|6|to|9| |Detailed Statement of Financial Activities||10|| Wells Cathedral School Parents & Friends Association ## Report of the Trustees for the year ended 31 July 2024 The trustees present their report with the financial statements of the charity for the year ended 31 July 2024. The trustees have adopted the provisions 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 UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## OBJECTIVES AND ACTIVITIES ## Objectives and aims The objectives of the charity are to advance the education of pupils at Wells Cathedral School by providing and assisting in the provision of facilities for education at the school not normally provided by the school governing body. Ancillary activities include the fostering of more extended relationships between staff, parents and others associated with the school, and engaging in activities which support the school. ## Public benefit The trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the Charity Commission's general guidance on public benefit, 'Charities and Public Benefit'. ## Grantmaking Grants from all areas of the school can be submitted for consideration to the Trustees in accordance with their application policy. ## ACHIEVEMENT AND PERFORMANCE ## Charitable activities The charity continues to deliver the charitable outcome for which it was formed. ## Fundraising activities The main sources of income are the optional subscriptions which are added to school fees, and the sale of used school uniform, both on behalf of parents, and the sale of unclaimed lost property. Other income is generated during the year from various fundraising activities. Bids are submitted by staff at the school for equipment to support learning and social activities of the pupils, and are voted on by the trustees. The charity made a surplus of £164 for the year (2023 - deficit of £1,198). ## FINANCIAL REVIEW ## Reserves policy The Trustees regularly review reserves to ensure that adequate funds are maintained to continue their charitable purposes. The reserves of the charity at the balance sheet date were £42,494 which the trustees consider adequate to meet the future needs of the charity. ## Going concern There are no material uncertainties about the charity's ability to continue ## STRUCTURE, GOVERNANCE AND MANAGEMENT ## Governing document The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. The charity is operated under the rules of its CIO Association as adopted 25 February 2022. ## Induction and training of new trustees The trustees regularly review the charity's needs to ensure that new trustees are recruited with the skills required by the charity. Page 1 Wells Cathedral School Parents & Friends Association Report of the Trustees for the year ended 31 July 2024 REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1196517 Principal address C/o The Bursary Wells Cathedral School 15 The Liberty Wells Somerset BA5 2ST Trustees R W Gilbert M Lichter (resigned 6/2/2025) R Grevatt (appointed 1/11/2023) E M Willcock T L Loveridge (appointed 24/2/2025) Independent Examiner Barry Davidson, FCA, FCCA Webb & Co Ltd Accountants and Business Advisers One New Street Wells Somerset BA5 2LA 05/06/2025 Approved by order of the board of trustees on ............................................. and signed on its behalf by: ...................................................................... R Grevatt - Trustee Page 2 Independent Examiner's Report to the Trustees of Wells Cathedral School Parents & Friends Association ## Independent examiner's report to the trustees of Wells Cathedral School Parents & Friends Association I report to the charity trustees on my examination of the accounts of Wells Cathedral School Parents & Friends Association (the Trust) for the year ended 31 July 2024. ## Responsibilities and basis of report As the charity trustees of the Trust 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 Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## Independent examiner's statement 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 Trust 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. Barry Davidson, FCA, FCCA Webb & Co Ltd Accountants and Business Advisers One New Street Wells Somerset BA5 2LA Date: ............................................. Page 3 Wells Cathedral School Parents & Friends Association ## Statement of Financial Activities for the year ended 31 July 2024 |2024
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
6,466
Charitable activities
Uniform sales
11,292
Event fundraising
10,088
Total
27,846
EXPENDITURE ON
Raising funds
19,902
Charitable activities
2
Event fundraising
7,000
Support cost
780
Total
27,682
NET INCOME/(EXPENDITURE)
164
RECONCILIATION OF FUNDS
Total funds brought forward
42,330
TOTAL FUNDS CARRIED FORWARD
42,494|2023
Total
funds
£
6,025
12,405
9,765
28,195
16,546
11,947
900
29,393
(1,198)
43,528
42,330| |---|---| The notes form part of these financial statements Page 4 ## Wells Cathedral School Parents & Friends Association ## Balance Sheet 31 July 2024 |2024
Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
5
5,513
CURRENT ASSETS
Debtors
6
-
Cash at bank and in hand
41,421
41,421
CREDITORS
Amounts falling due within one year
7
(4,440)
NET CURRENT ASSETS
36,981
TOTAL ASSETS LESS CURRENT
LIABILITIES
42,494
NET ASSETS
42,494
FUNDS
8
Unrestricted funds
42,494
TOTAL FUNDS
42,494|2023
Total
funds
£
5,710
4,862
32,640
37,502
(882)
36,620
42,330
42,330
42,330
42,330| |---|---| The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: ............................................. R Grevatt - Trustee The notes form part of these financial statements Page 5 Wells Cathedral School Parents & Friends Association ## Notes to the Financial Statements for the year ended 31 July 2024 ## 1. ACCOUNTING POLICIES ## Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. The financial statements are prepared in sterling rounded to the nearest £. ## Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Plant and machinery - 10% on cost ## Taxation The charity is exempt from tax on its charitable activities. ## Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Page 6 continued... Wells Cathedral School Parents & Friends Association ## Notes to the Financial Statements - continued for the year ended 31 July 2024 ## 2. CHARITABLE ACTIVITIES COSTS ## 3. |CHARITABLE ACTIVITIES COSTS||| |---|---|---| |Event fundraising
Support cost
OTHER
Support costs|Grant
Direct
funding of
Support
Costs
activities
costs
£
£
£
788
6,212
-
-
-
780
788
6,212
780
2024
£
780|Totals
£
7,000
780| |||7,780| |||2023
£
900| Included in Support costs is the Independent Examiner fee of £780 - (2023 -£900). ## 4. TRUSTEES' REMUNERATION AND BENEFITS There were no trustees' remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023. ## Trustees' expenses There were no trustees' expenses paid for the year ended 31 July 2024 nor for the year ended 31 July 2023. ## 5. ## TANGIBLE FIXED ASSETS |TANGIBLE FIXED ASSETS|| |---|---| ||Plant and| ||machinery| ||£| |COST|| |At 1 August 2023|7,142| |Additions|575| |At 31 July 2024|7,717| |DEPRECIATION|| |At 1 August 2023|1,432| |Charge for year|772| |At 31 July 2024|2,204| |NET BOOK VALUE|| |At 31 July 2024|5,513| |At 31 July 2023|5,710| Page 7 continued... Wells Cathedral School Parents & Friends Association ## Notes to the Financial Statements - continued for the year ended 31 July 2024 ## 6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |6.|DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR|||| |---|---|---|---|---| ||||2024|2023| ||||£|£| ||Other debtors||-|4,621| ||Prepayments||-|241| ||||-|4,862| |7.|CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR|||| ||||2024|2023| ||||£|£| ||Trade creditors||3,720|222| ||Other creditors||720|660| ||||4,440|882| |8.|MOVEMENT IN FUNDS|||| ||||Net|| ||||movement|At| |||At 1/8/23|in funds|31/7/24| |||£|£|£| ||Unrestricted funds|||| ||General fund|42,330|164|42,494| ||TOTAL FUNDS|42,330|164|42,494| ||Net movement in funds, included in the above are as follows:|||| |||Incoming|Resources|Movement| |||resources|expended|in funds| |||£|£|£| ||Unrestricted funds|||| ||General fund|27,846|(27,682)|164| ||TOTAL FUNDS|27,846|(27,682)|164| ||Comparatives for movement in funds|||| ||||Net|| ||||movement|At| |||At 1/8/22|in funds|31/7/23| |||£|£|£| ||Unrestricted funds|||| ||General fund|43,528|(1,198)|42,330| ||TOTAL FUNDS|43,528|(1,198)|42,330| Page 8 continued... Wells Cathedral School Parents & Friends Association ## Notes to the Financial Statements - continued for the year ended 31 July 2024 ## 8. MOVEMENT IN FUNDS - continued Comparative net movement in funds, included in the above are as follows: ||Incoming|Resources|Movement| |---|---|---|---| ||resources|expended|in funds| ||£|£|£| |Unrestricted funds|||| |General fund|28,195|(29,393)|(1,198)| |TOTAL FUNDS|28,195|(29,393)|(1,198)| ## 9. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 July 2024. Page 9 Wells Cathedral School Parents & Friends Association ||Detailed Statement of Financial Activities||| |---|---|---|---| ||for the year ended 31 July 2024||| |||2024|2023| |||£|£| |INCOME AND ENDOWMENTS|||| |Donations and legacies|||| |Subscriptions||6,466|6,025| |Charitable activities|||| |Fundraising income||21,380|22,170| |Total incoming resources||27,846|28,195| |EXPENDITURE|||| |Raising donations and legacies|||| |Plant and machinery||772|714| |Other trading activities|||| |Fundraising costs||18,977|15,692| |Subscriptions||153|140| |||19,130|15,832| |Charitable activities|||| |Insurance||337|706| |Sundries||451|754| |Grants to institutions||6,212|10,487| |||7,000|11,947| |Support costs|||| |Finance|||| |Independent examiner fees||780|900| |Total resources expended||27,682|29,393| |Net income/(expenditure)||164|(1,198)| This page does not form part of the statutory financial statements Page 10