Wln¢hgster Shooi College Foundatlon TTUStees' rep)rt and financial 5tat8m?nt8 Reglstered number 283420 31 March 2024
Winchester Show College Foundation Rogistered numbar 283120 CONTENTS OF THE FINANCIAL STATEMENTS 31 March 2024 Conl Is Tru81ees' annual report, Sndudinu 5talemenl of Truslee5' responsibilities In respect of Tnjslees. annual report and finantlal Slalemen15 Independent exaFniner's rep lo Ihe Trustee5 of the Winthesitr Shoei College Foundation Stslemenl offinancial activities BalanTr sheel Notes lo ItE fin8ncial slalements
Winchester Shoei College Foundati< Rqgi¥tered nurnber 283420 TRUSTEES. ANNUAL REPORT Year elldgd 31 March 2024 Ren¢• admlnratrlltwe Inlormatlon Tru¥tees SolicitOFS K Okaml J Okami H Ichi K Suzuki D Wllows Lee Bollon Mwier-William5 1 The Sanctuary WesiTninster London SWIP 3JT Secretary 8ank8r¥ H Dellar of Lee Bolton Monier-Wilb'am8 arclays SD Jewry Street Winchester S023 8RG Buslnoss addre¥$ Other relevarrt organi54tions 5 Kerrfield nchest Hampshire S022 SEX Shoei Joshi Gakuin 2-26-5 Shirokanedai Minalo-ku Tokyo 108-0071 Japan AGGountant Rothmans LLP Chartered Accountants Chihvorth Point 1 Chilwonh Road Soulhamplon S016 7JQ The University ofWinGhester Wesl Hill Winchester Hampshi S022 4NR Independènt examlnar Lisa Witson FCA Rothman8 LLP Charfered AccDUlltan15 Chifvorth Point 1 Chilworth Road Souihamplo Harnpshire S016 7JQ Page 1
W1n¢hasr Shoei College Foundation ReglJtered numbpr 283420 TRUSTEES, ANNUAL VIEPORT Year ended 31 Ilarch 2034 The TtU5tees gre eaSed lo pre5errt ItEir 9nnu81 report and the audited financial sialements for Ihe year ended 31 March 2024. structuro, Gowrnance and Managèmant Vlfinchesier Shopi College Foundation is governed by a TN51 Deed d8led 23 Seplember 1981 and is a regislered Charily Ih the Charity C(bTmission Ireg151ered number Z834201. A Trustee is appoinled lo the Board of Trustees by an eledion tÈld ty seNThJ members of the Board. Durlng the year under remewlhe following persons served 35 TTU5tees'_ K Okami J Okarni H lthlkl D Willows K Suiuki J OkaTni is a Tru51ee of Mfinchesler Shoei College Foundation bul is remuneraled by Sho* Joshi Gakuin as he is actively involved in the reciuiimenlof 8ludenl$ from Japan arKJ 1$, in essÈncÈ, aÉecondee tsf sho Josly Gakuin lowhotn he remans accthjniable Tru5tqo5' power5 The Tru$tee5 are ernpowered lo invesl Ihe funds of Winchester Shoei College Found81ion as Ihey consider 8ppropri81e. Trustee induction and trainin9 Truslees are provided wilh Ihe Charity prospectus and 8re sirongly encouraged 10 8llend the Annual General Meeting and keep up lo dalewilh thange5 in legislaOn In general. the Induction and Irairvng of Trustees Is done Informally. R18k managemont and Intsrnol control The Trustees have assessed Ihe rnaior rkS lowhich the Ch8rity iy exposed, In particularthose related to operations of Winchester Shoei College Foundation. The Trustees hève identified Ihal the rnain risks lo which the Charity Is exposed are Ihe v3riabilily in 51udenl nurnbers. Ihe reliance on continued finanial ppt fr(wll Shoei J05hi Gakuin, 115 sister entity, and the exposure lo foreign exchange ralE flwtualions. The Trustees regulady give consideralian lowhelher Shoei Joshi Gakuin wll conlinue lo offer financial supporf into the foreseeable fulure and are $81isfied thai sysiems are in plate io mitigaie the Chanty'È exposure to n5k5. The Tiuslees have conlinued lo fo5 Iheir efforts on markeling for the reuuilmenl of $tudenls and the Charity's current and future plans lo ensure adequate poliue5 are in place lo address all TnaiDr operaliDnal, financial and general risks. including the reserves policy. forw1Ch more de11$ can be found below. Organi¥•tional stwcture The daityoperalions of Ihe Charity are superwsed by Ihe De8n of Ihtr Cdleye. Dr J OkaTlli, who is a150 a TfUSlee. Significanl dec48ions Ihal affect the aperalion of the Charity are discussed by Ihe Tru51ees together Mrilh the Trustees ol Shoei Joshi Gakuin, ils &sler entity. Reference and adminislralive Snformalion Is detailed on page 1. Related partles The Tmsiee5 are aware of Iheir responsibilitie5 to record transactions wlh relaled partEs the finanaal slalemenls and rnonilor all connections th Truslees and Otr connecied parties of Charity. Tht Chanly ha$ a very dose relalionship th ShoÈi JoslH Gakuin and Ihe policies and operations of Ihe two enlille5 are con5i51enl. In the ereMY unlikely event of a disagreemenl belween the orgatTrisaliun$ ur the Trustees Ihereof. the Charity has Independence lo deterrnine ils erabon5. Page 2
Wln¢h88ter Shool College Foundation Re9Sittrr&d numbw 283420 TRUSTEES. ANMUAL REPORT contlnu Year JI March 2D24 ObjectlV88 and actlvhlos The prinupal activiti8s of ihe Charily are to promoiè prlmary. se¢9[ary. hier and furth2r education In general, and Ihe gher education of young people and malure students from Japan and Ihe United Kingdom in particular. In furtran of the above obieclives, If Trustees shall have reg8rd lo the adVanment of the Christian religion and lo the advancernenl of Shoei Jo¥hi Gakuin in Jap4 To fulfill Ihe5e objectives Ihecharity offers lectures, serninars and other forms of luilion lo siLrdenls enrolled wlh the Charity. There have been no changes In the pdlfAes 8dopied 10 fulfill Wnchesier Shoei College FoundaliDn's ObctiVeS during the year. Pybll¢ benefft In rewevAng Ihe Charills aitns. objectives and planning fulure aclivils, the Trutslees have taken Into account the Charity Commission's gener85 gu1dance on public bpnefil. The Trustees ere th81 the 3cb'vilies undwtaken are aKways In linewlh the ch3ri1atsle objectives and airns ol Ihe Charity. The College Is commilled lo safeguarding promoting the wdfare of OLY students and expEGlS all Staff 10 Share this COTnmilrnent We provide public benefit Ihrough the provision of culturally appropriate and accessible education and the encowagemenl of cultural undetsknding bÈtween the people of Japan and Ihe peOe ofihe United Kingdom. Achl&vemont$ and porformanGe In the opinion of the Trustees. the Charily h8s achieved ils 0.ectIveS for the year. The quality of edLulion continued lo be e¥ttllenl. hjlhough lth Japanese Yen ha$ c(K)tinued lo fluciLJale, efforts have rernained con5151enl lo recruit students for the current acAdemit year. The Trustees Bre satisfied with the number of sludenls al present. FlnanGial review The Slalemenl of Financial Activities Ivr the year shows nel outgoing resources of -£11.596 12023.. £60,443), vthieh has decreased the accuTnulaled surplus of gener31 unre51ricted fund5 catried lorward lo £48.847 12023 £60.4431, The accuTnula1 surplu5 of designaled unre51ricted reser¥es stsnds al £390.65512023.' £390.6551. In the 2023124 academic year. IVinche$ier Shoei College FndatiOn had 4 sdentS12022r23.' 51. Expendilufft In the year related to Ihe furthering of these 51udenls' educalional standards The prinupal risks of Ihe Charity and Ihe TrLBlee5' responses lo those risks are discussed above. In the opinion of Ihe Truslees, If* Charity's 8ssels and irtoming resowces are sufficient lo fijlfill the obligation5 of Ihe Chanly. ResBrves pdlcy Winchester Shoei CLIge Foundation mainlains a level of reservessuffiraenllo enable currenland future &tOratiOn, repairs and purth8ses of premises and assets and 10 eover the operatianal needs ofthe Charity. In addition. Ihe Trustees consider il prudent io mein18in free reserves lo cover al kasi one year's thaniable experlIe in ra5e Ihere is a reduced flow of Income, or a delay in Iran5rn1tling the incorne frorn J8pan, lo ihe Chanly. Free reseives, disclosed in the financial slalemenls as bolh general snd designated funds, are available for the ongoing use and coniinuiny benefit orthe Chalily and 115 obieclives. Please refer lo NDle 11 of the finanoal slalemenls lor further delals of the designated fund8. The free resen$ as 8131 March 2024, excluding tangible assets amount tD £439,(5 12023.. £447.0661 which Should be sufficient, b85ed on the Crty'S forecast levels of costs, for the Chanty 10 8UPPOrt Its cwenl level of athwlies and finanual commibnenis, as well a$ pui the Chanty on an even greaier flllancial fooling In order io recruit even higher numbers of 51uden15. Charilyconlinues lo receive ongoing l81ed party suppcét from Shoei Joshi Gakuin. Page 3
WinGhvstq4 Slyvw Cullty¥ TRUSTEES. ANI4iIAL IIEPORT continu•d Y•4y •nd•fj 31 2024 IDr firtvlvr ¢4) Siu' I'&+. ITWI iJltr 1 iiFpIO¥iil Ihi$ Titssliyr¥' AiyN- l Ilixl 4¥ Ni a TnJSl• tol hyTillwAtf4 rfr.14tyL yrd try rr5ei. corKwr ur41¥• rn 5¢ Ira4pprow0 tc ¢414y leole& ¥J art r. Its 4É jl tty Ihe MJ.. TPy FWhRI4ty •4 Or D) to ¥tr14ithi¢ ¥¥P.u Df thwty IV PPWOn'. ilq¢i hly y IFiJ* ¥
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE WINCHESTER SHOEI COLLEGE FOUNDATION Registered number 283420 31 March 2024 Independent oxamln¥i's report tD Ihe Trustees ol The WFnthe%ter Shoeb College Foundation I report lo the Irusiees on my examinalion of Ihe accaunls of Thewinchesler sho College Foundation Iihe Chaiityl for the year ended 31 M8rch 2024. vthich are sel out on pages 6 10 17. Rfrspon8ibilitK98 and ba818 of roport As the Iruslees of the Chanly you are respon$ible for Ihe txepaiation of the Sccounls in occordan wlh the wuiremenls of the Ch8ribe8 Ad 20111.lhe Arl'l. I report in respect ol rny examination of the Trustees. accwnls carried Dui under Sectn 145 tsl the 2011 Ad and In Garrying out my examinaiion I havp folli)wed all the applicable Oire¢bons given by the Charily Comrnission under Section 14515llbl ol the 2011 Act. Independent oxamlnerfs 8tatomtnt I have compleied my exatninalion. I confirtn Ihal no malen4 tnaller5 have come to rny allen11 in conctIon wilh Ihe erdTninalioD giwng rne cause to belie¥e Ihal in any material respecl. 111 accounting records were not kept in SpeCt of the CharY a8 required by sectson 130 01 the Act., or 121 the accoun18 do not accDrd wlh those records, or 131 the accounts do nol comply wilh Ihe applicable requirements conMIng Ihe fom and conlenl of accounts sel out in Ihe Charitie$ lAcu13 and Reportsl Regulations 2008 olherlhan any requirement Ihallhe accounts gwe a'lrue and fair Mew, whith 15 nol a maller considered as part 018n Independent ex8mination. I have no cencerns and have come ècross no Olher mallers in confiection the exatninaliDll ID vthich aupntson 5houkl be dravm in this report In urder lo enable a Prop understanding of the accounls lo be reaclEd. Lisa Wilson FCA Inslilule of Chartered Accountant8 in Engla & Wales Rolhmans LLP Chartered Accounlanls Chilworth Point I Chilworih Road Soulhampio S016 7JQ Dale. 18 Novetnber 202 4 Page 5
Winchestershoei Colle98 Foundation Rtrgistered number 283420 STATEMENT OF FINANCIAL ACTIWTIES For The Yr Ended 31 March 2024 Nole5 2024 2023 INCOME AMD ENDOWMENTS FROM Donation8 and legaues Chantae activilies Investment Income 75 120,966 2,729 77.637 7.147 Total 84,784 123.770 EXPENOITURE ON 196.3801 163.3271 Totsl 196.3801 163,3271 NET INCOME 0.443 RECONCILIATION OF FUIIDS Total funds broughtforwar 451,098 390.5 General funds carried forward Designated fU1- the Trust Fund 48,847 390.655 60.443 390.655 TOTAL FUNDS CARRIED FORWARD 439,9)2 451.098 The Charity has no recognised gains vr1055es ottEr than the inCLe and expendilLre shown above for eilher Ihe curreni or the preceding fin8nual year. l of the above resum8 denve from continuing acUMlleE and Ihere is no drfferen beiween the nel income for the current or preceding years their hislonc81 cost equivalent. AJI funds are unresliic¢ed incorne funds. P3ge 6
Wln8h•st•r Sho•1 College FoumdatiDn R•glst•rad numb•T 283420 BALANCÈ SHEET 31 Mar¢h 2024 Ncle 2024 2028 FIXED ASSEYS Tanglble assets 437 4.032 437 4.032 CURRENT ASSETS Debtors Prepayments and Ac¢rued income Cash at bank 8nd in h8t)d 1.580 17,517 435,903 7.170 19.577 447.299 455,orKI 474.046 CREDITORS Amvunls falliw due ¥*ilhln one year Awruals 10 132.5141 13.4211 123,8911 13,2891 NET CURRENT ASSEYS 439,06S 447,Q66 NET ASSET8 439,502 451,098 THE FUNDS OFTHE CHARITY Unrestrted fund 439,sir2 451,098 TOTAL CHARITY FUNDS 439,502 451.098 2a io, 20y4 Trso flnandal $latements wera approved by the b08rtt efTnMte88 1....... ................ by. and were Sned on rt$ behalf J Ok8ml- TN&teÈ Th• n¢)t•5 on y#95 8 to 17 lorm •fth•flnanol•l 6tatsm•nts, P8ge 7
Winchester Shool College Four¥datloft Regiytered numbpr 283420 31 March 2024 NOTES TO THE FINANCIAL STATEMEIITS STATUTORY INFORMATION Wnthesler Shoei College Foundation Is a Itusl registered in England and Wales. The thanbe8 registered office adS 1$. Lee Bolton Monier-williams, 1 The Sanctuary, London. SWIP 3JT. ACCOUNTING POLICIES Basi5 of proparfng tho Ilnan¢lal 8tatem8nt8 Thefinanaal statements of the thaniy.which 1$ a public benefit enlilyunder FRS 102, have been prepared in at£ord8nce vhlh the Charities SOAP IFRS 1021 'Accounlin9 and Reporting by Charilies. S131emenl of Recommended Practi aPicable to charilies prepanng their accounts in accordance wrth Financial eporling SlarKlard aP1¢8e In the VK &nd RewNic of Ireland IFRS 1021. The financial slalement5 have been prepared under the historical cast convention. The finan0* statements have been prepared lo give a 'lrLE and f3ir' and have departed from Ihe Charities (Accoun15 and Report51 Regulations 2008 only lo the extent required to provide a'lrue and fair view,. T$ departure h8$ Involved fdlowing ihe relevant version ol the Slalemeni of Recomlllende Practice applicable lo charitie5 preparing their accounts in accordance with the Finanual Reporting Slandafd apiCable In the UK 8nd Rep11¢ of Ireland IFR81021 ralherlhanlhe Accounting and Reportirrfj by Charilie5" Slalemenl of Recomtnended Practice effective from 1 Apnl 2005 which has been VAIra. The accounts a150 comply the Charity'$ governing documents. The ch8riVs furKtional an esenl81ional currency is £ Slerfing. Slonlflcant ludgoment8 and e8t¢matos Inherent In Ihe applicaliw of many of Ike accounting pdicies used in weparing the 51alements Is the need for Iruslees lo make iudgernenls. eslimales and assumplims Ihgt affecl the reported amount of assels and Iiabiliii8s al th8 dale of th8 finanoal slalemenl and Ihe reporting amoun15 of income and expenses dunng the year. Actual outcomes C(14 differ Irom those eslimales and assumptions used. The accouniing judgements ano eslimales that COLld have 8ignific8nl impact on the results ofihe tharity are sei C1 below and should be read in coniunclion Wllh the 1nlormalion provided in the Note5 lo Ihe finanual 8181emenls'. Critical Judgemenis M2nagemenl deiermine whether finan&al instrumenls are basic or advanced and when lo deal th recDgnising, derecognising, measuring and disclosing finanud inslrumen15. These decisions depend on an assessmeni made of accounting standards. Man39emenl detemine whElher lo adopt a pdity of revaluation for th8 langitle assets. In making their iudgeFnent Ihey have a$se$$ed the nature of the tangible assets hdd a (Jelerrnined Ihal H policy of revaluation WOLdd nol be apprryriale. Significant Eslirnales To delerffline vthelher the are iDdicalor5 of itnpairmenl of the cotnpanV$ Invesknenl assei8. Faclors laken inlo consideration in reaclmng such a dwsion include the economic Mabilily at expected future fIn8nOI perfotmance of the asset, To delermire whelher there are IndicaliKs of irnpairmenl of the company s tangible as5els. Faciors taken into consideration in reachng Such a decision indude the economic viability and expected future finanaal perforynance of the asset. Page 8
WlnchASt•r Sho•1 College Foundation Regixtered numbBr 283420 31 March 2024 NOTES TO TME FINANCIAL STATEMENTS contlnued GolAg ton¢•rn Based on the Charity'5 oJrrenl financial 513ndin9 and the following undertaking, Ihe Trustees are of Ihe opinion ihal il Is appmpliale lo considerlhe Chalily a grAng concern 85 there are no malenal uncertainties about Ihe chaniy's ability lo continue a1 the financial 51alemenls have therefore beetF prepared on going concern basis. The financial slalernen15 do not indude any adiu5tsnenls IhBt ¥)Uld $thI from the b8818 of prep8ralion being In8ppropriale. Truslees have deuded that free reser¥es. 85 diydosed in the financi41 statements, are both general snd designated fund8 whith are available for the oTrgoitvJ use and continuing benefit of the Charity and ils obieclives. Al Ihe balance sheel Oale the Charity hekl free reserves, excluding iangibk 8ssels, of £439,065 12023.. £447.0661. Mlhough Ihere has been a decrease in re5Erves, the Chaniy remains liqud 8nd h&s a sound long term rdalion5hip 1th Shoei Joshi Gakuin. ils sister enlily, who ha$ provided assuran lo ihe Ch8rily that il VAII continue lo make availablethe funds required 10 SUPPOrt the Charity'8 objectives and Ihal it Intends lo support the charity'5 proiecl for the fD[e5eeab fuiure. The Trusie8s acknoedge Ihal there can be no ttrtainly that thi5 SUPPOrt ¥wll continue ienItelY. though 81 the dale of approval of these fin8nual 818lernen15. they have no reason to believe Ihe support wll be wilhdr8wn in the foreseeable fu1u. Incom6 8xpendlturfr I Incoming reswrces and expenditu are included in Slatetnenl of Finanaat Actimiies on an accruals basis, In particular.. Incomlny resources from charitable4¢tivsties Income from activiiies in fUrtheraTh of the Charity'5 Objects compri5e5 tuition, adminislr81ion 8ccommoJation fees recwvable. The lees are paid up fronl in advanTr of the beginniryj of the academic ye3r and 8fe recognised a8 the serwces are prole£l. As the acadetnic year Is nol ciFteminus wlh Ihe Charity's accounling year, those lees allribulable lo the period vhyth falls after the accounting year end are deferred and induded in credilors. SIL&Jenl CrllMent commission represen1$ fee$ payablÈ by Ihe Universiiy ol Winchester lor the cost of recfuiling sluden15 lo the Univer511y's luilion prograrnmes and Is recognised immediately Lpon the student's entry lo the luilion prDgramrne Ml fees are generatsd In the UK. Voluntaryincomè Voluntary Income relates to donations by Shoei Jo8hi GakLin and Is recogni5ed as income when it 15 retEived by the Charity, pr[ded any conditsons a118ched lo the donations In respect of their inlended purp05e are mei. Charitable activltles andyovérnnce costs Charitable 3ctsMlie5 consist of direGI expendilure and support costs. Threcl expenditure 15 all expenditure ireclly relating lo the Charity'5 objects. induding directty allribulable $8lanes. and these costs are alloc8led on an 8clual ba515 lo Ihe st¢1T1¢ areas acbmty tD which Ihey relate. Support costs comprise CO515 incurred direcity in supp(Kt of expenditure on ihe objects of the Chanly GovernarTrtt costs relale lo the rnana9emenl of the Charily's assets, cornpliancÈ wlh cDnsiiluiion81 and si8lulNy requirernenls a the general runniro of the Charity, as opposed to the direct rnJnayeTnenlfunEbon$ Inherent in gener81irvJ funds. r&xtlon Winchester Shoth College Foundalion is considered to p355 the lesls Set OLrt in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets IP* definition of 8 charilatAe trust for UK Income lax purpose&. Acc(Kdingly. the Charily Is PDlenlially exe[pt from laxalion in respeci of Ir¢ome or capital gains received thin categories covered ty Part 10 Intome Tax Act 2007 or Seclion 256 of the Taxation of Chargeable Gains Acl 1992, to the exienl that such income or gains are applied exclusively lo Charitae pwpose5. The Charilvs actsvilies are exernpl troTh VAT and accOrdilY irrecoverable VAT is charged lo the Slalemenl of Financial ACtIlieS when Incurred and included wlhin the expenditure category lo which lates or capitsli5ed Urer larKJible fixed assets If relating to capital expendilure. Page 9
WinEhe5tqr Shoel Collego Foundatfjon Rgylst8r8d t)umb8r 28342 31 March 20Z4 NOTES TO THE FINANCIAL STATEMENTS continued ACCOUNYING POLICIES contInd Incomo and exp8nd6tur8 COntlnu0d.. Foreign currency transactions Tfansactions in fLKeign currenLye5 are recorded al a rale of exchang2 equivalÈfii to that wevailing al the dale of the Iran58cIion5. Flxed assets and d8prKlJtlon 0eprec48tion Is provided by the Charity to wite off the G05t less IIE estsTnated sIdUal v81ue of ngIble rixed assets. olherlh8n freehLld land, by equal in51amenis aver t1[ estimated u&eful eunomic lives 8S Freehcld buildings Fumilure and equipment 40 year512'A% p2r annurnl S ye3r5120% per annurnl JI additions that fall within the above fixed asset categories are capilalised. Short tprffl dpbtovs and creditors Debtors 3nd CTe(lit5 receivalAe and payable wlhin one yearor upon demand are reetrded al transaction pricewhelher or not a rale of Inleresi 15 charged on Ihe balance. Any losses ansing from impairrnenl are recognised In the Income slalement in other oper4ling ewenses. Fund accounting Unrestricted generB1 funds can be used in 8Ctordance Wlh Ihe charitable objectives at the d15crelion of the TnJsieES. Oesignaied lunds eomprise un51rICIed funds that have been earmarked by the Trustees for parlicylar purposes. The a5m and use of each designated fund Is tnore fully described laier In Ihe5e notes lo the financial slalErnenl$ (Nole 111. Reslricled funols are fwds which a10 be used in accordance th sperific resiriclions irnposed by donors or which have been Tai5ed by the Charity lor a reslri¢ied purpose. Currenlly, the Charity holds no such reslTh¢ied fund8. Inveslmenl Income and gains are allocaied 10 the appropri81e nd. Page10
WlnGh•E¢or Shoo1 College Foundatfjon Registortd numbpr 283420 31 March 2024 NOTES TO THE FINANCIAL STATEMENTS continued lfivèstmènt Incom6 2024 2023 Bank interest 7.147 2,729 7,147 2,729 InGorniiig r8sourtos from ¢harltabl& a¢tlvltl88 2024 2023 Tuition fees 47.623 16.474 79,264 Student recruitment income Accommodation 13.540 41.702 77.637 120,%6 Tuition lees indude ell1ran fee5 and exatn enlrènte fees. Accommod81ion fees Indude administration fee5. P898 11
WlnchgSt•r Shoel CoU0gg F04Jndation Registered number 283420 31 March 2024 NOTES YO THE FINANCIAL STATEMENTS contlnuod R•soure8s expendod.. charftablo actlvltlos 2024 Unrestricted 2023 Unrtstricted Re¥tricted Rostrlet Direct eXperrtu Support costs Governance c051s Totsl reSrS expended 61.875 13,504 21.001 96 380 105,544 147,5761 5,359 63 327 Dlrect oxpenditvre 2024 2023 Employee emdumenls Travdling 8nd enterlailling Classroom rent University accomrnodalion c051s Accommodalion refunds 15.032 186 30.634 14.896 1.127 13,949 82 60.329 31.185 61,875 105,545 Support CO8t8 2024 2023 Depreu81ion of larbJible fixed assets Payroll adminisiration Telephone, postage and stationary Cleaning 8nd gardening Repairs. maintenance. Insurance and sundry LTrl8pidalions assessmenl Lighl, heat and water cosis Rent & rales Bank chargps 3,595 3,096 544 400 1.907 3,684 2,850 429 1.921 160.0001 408 3,218 15 567 3,381 14 13,504 147,5761 GDv9rnanGg co%ts 2024 2023 Independent ex8minalion Accountancy. laxalion and olher profe5wonal services Professional lees 938 3,130 16,935 900 2,990 1.469 21.001 5.359 Page12
nGhoster Shoqi Collgge Foundatlon Registered number 283420 31 March 2024 NOTES TO THE FINANCIAL STATEMENTS cotttlnued Staff costs and numboT8 The average number of slaff employed by the Charity dvring the year allalysed by caleg(ry was 88 follows.'- 2024 2023 hAanagefflenl 8nd adminislralion The aggregate payroll costs were 88 follow8'.- 2024 2023 Wages and salaries Sooal serAffity Pension 12,018 11,997 3.011 1.947 15,032 13,949 No emrloyee8 01 the Charity received remunerab.on of rnore th8n £60,000 One Twsiee CeiVed remuner81ion exceeding £60,000 frorn Shoei Joshi Gakuin in rdation to ser provided as Dean as per his employment contract with Shoei Joshi Gakuin. R8mun8vatlan olTru8t808 by Sho81 Joshi Gakuln In relation to the above ¥eryi¢g5 2024 2023 Dr J Okami Wages and salanes SotrA81 seujriiy 88,350 6.579 69.004 7.169 94,929 .173 Dr J Ok¥mi is a Trustee the Dean of Wincheslv Shoei C(Alege and Is coniractually employed and rernuneraleil by Shoei J05hi G3kuin. the College's s151er Entity. Dr J QkaTr71'8 gross salary paid by Shoei J05hi G8kJin in respect of these sere5 amounted lo £88,350 for the year12023' £89,004) and as5oaled Sooal Securily cos15 omounled lo £6.57912023 £7.1691. In accordance th& Charitie8 SORP IFRS 1021, Ihs Is not reported a5 a cost of It* Charity in the Slaiement of Financial A¢414&S on page 6. No other TFu51ee received re[eraD during the yèar or the preceding year. Page 13
Vllnch•8t8r Shoei College Foulldfjtlon Rgglstorgd number 283420 31 March Z024 NOTES TO THE FINANCIAL STATEMENTS contind Tancible fixed u$ets Frgehold property Fumiture and equipmenl Total Cost Al be9infjing of year Additions SPOS8ls 133.628 1,213 134,841 Al end ofyear 133,628 1.213 134,841 Doprociation Al beginning of year Charge for year Disposals 1130,2761 13,3521 15331 1?431 1130,8091 13,5951 Al end of year 1133.6281 It34,4041 Net book v8lue Al 31 March 2024 437 437 Al 31 March 2023 3,352 679 4,032 All tangib fixed assets a used for direcl charitable putposes. Freehold property is staled 31 cosl less depreci3lion in accordance vlith UK Gener811y Accepted Accounting Practice. The Trustee5 are of the opinion that although Il Is nth considered practical lo Lndertake a lormal valuation al this point Inlime, the open market value ofihe inleiesl In freehold properly is considerably higher than the carrying nel book value of £0.00 12023.. £3.2521 reported thIN th& financial slal&nenl8. Page14
Vlnchest81 Shoèl Coll8g6 Foundatlon RegistEr8d numbw 263420 31 Plarch 2024 NOTES TO THE FINANCIAL STATEMENTS contlrtuod Deblor5 2024 2023 Amounts (hved from reL8led p8ty Prepay{ne8 1,580 17,517 7.170 19.577 19,097 26.747 C•sh #i b#Mk and In hand 2024 2023 Current accounts". Trustees Df Winchester Shoei College Sawry5 Accouni Chilbollon Rèsidence Cash in hand and card 40.011 376,392 18.622 878 58,850 379.245 7.926 1.278 435,903 447.299 io. Credit¢)rs.' •mount5 falling duE Within onp year 2024 ZD23 Cre(Al [d Fees reied ill advance Taxation and 50oal 5ecuriIy Othw creditors 15 23,557 10,745 1,509 12,514 23.691 Deferd Income comprises luilion and accomrTioOalion fees lolalling £10,745 12023 £23,557) whith were re1Ve4 In advance of the year il relales lo. Tuilion and accommodalion fee5 tolalling £23.557 were released lo income from deferred incolne in the current year. Page 15
WinGhester Shoei College FoLTrndation Rog15tvrgd number 283420 31 March 2D24 NOTES TO THE FINANCIAL STATeMEtr4TS contlnugd Movement in Jccumulated ynrestricled funds Balance at IncoTning resources Rp5Durcey èxpènded 8alance at 31.03.2024 01.04.2023 General fund Designated f-The Tru51 Fund 60.443 390.655 84,784 196,3801 48.847 390,655 Total accurnulated unreslricled funds 451.098 84.784 196.0201 429.502 Designated fund. The Trust Fund represents an advancernenl of funds lo the Initial trust fund from Shoèi Joshi Gakuin, which is repayable al the discrelim of Winchester Shoei College Foundation. 1118 to be spent by the Tru51ees of Winthester Shoei College Foundation ID acc(Kdance their pav5 as laid in Ihe Trust Deed. vthelher as lo capilal DT Income, in furtherance of Ihe abjec15 of Winchester Shoei Colleye Foundation. There are no perforrnare based conditions attached lo the funds. In the event of thé aciiwlies of Winchester Shoei College Foundatio ceasing. any balance of Ihe Trust Fund remaining whirh has been spem Is 10 be di51ribuled lo Shoei J05hi Gakuin lo further 115 objeclive5 in Japan. The gccumulaled surplu5 15 held forlhe purposes sel out in Ihere5eNe5 pdicies note page 3of Ihe Twsiee5' Report. In the event of the aclivilie5 ofwinche51er Shoei Cdlege Found8lion ceasing. the a¢¢umulated $uWu$ may be used for other 5imilaf chafilable functions, wilh the consenl of Ihe UK Charity Commission and Sho Joshi Gakuin. Comparative fi9uro5 for movement in 8ccurnulatod unrostrictod funds alance at 01.IM.2022 Incomlng resources Rqsourc expended Balance at 31.03.2023 General fund Designaled fund- The Trust Fund 123.770 163.3271 60.443 390,655 390,655 Total awjmulaled unreslricted funds 390.655 123,r/o 163,3271 451,098 Page 16
Winchester Shaol Collogo Foundatlon Registered number 283420 31 March 2024 NOTES TO THE FINANCIAL STATEMENTS continuBd Shoei Joshi Gakuin Shoei JoslN Gakuin is a scho(A based in JapanwkHch proides studen15. TecTuts students and wovides certain rnan3geTnenl servicES lo the Winchester Shoei College Foundalion. These 5erwixs are covered by fees for recruiting 51uderrt5 frorn Shoei J05hi Gakuin and other acadeTnic in51ituli0fis. One of the Trustees of the Winchester Shoei Collegè Foundation, Mr K Okami. participates In the managÈmeM of Shoel Joshi Gakuift. However, ihe Independence ofwinchesler Shoei clAge Foundalion 15 adequately maintained as Mr K Okaml Is not able lo undertake sole deasion-making behawof Ihp College QT Shoei Joshi Gakuin. Tuition, arcommod81ion and administraliverashreiEipt5 received in the yÈar. and vdunlary InCLwne fioFn Shti Joshi Gakuin, werÈ£48,35012023." E106.0061 fEspeclivdy. EXpt forthe amounlsalready rectsgnised as fee$ recelved advance or deferred inCDTne las more fulty detailed In Note 101 or the iiansaction5 described mwe fully In Note 13. the were no outstanding or prepad atnounts al eilherthe beginning or end ol the year under review. Ro¥d party traii$arfi•ns The freehold property disclosed In Note 7 of these finanrid slalemenls is Used as 8 of residen of E J Okatni. the Dean ofwinthesler ShDei College. G Okami, ihe wfe of Dr J Okaml reived remunerabon from the Charity for her senAces as follows'.- 2024 2023 Wage5 and salarie5 Social sÈuJrily 7.367 7,361 Detsils of the emoluments e1Ve by Trustees together v*lh expenses 1mbUr8ed lo Twstees have been disdosed In full in Note 6 of these finan¢i81 slalemenis. tk Okami 18 unerated by Shoei JosFi G8kn for his seNices as Oe8n of ihe College arKJ retses no remuneration from Winchester Sho4 College Foundation. Induded within Debtors i% an amount of £1,57912023. £7,170) recoverable by ihe Charity froffi Shoei Joshi Gakuin In re&pecl of the Employerfs Sorial Secunty cost of Dr J Okami's salary, which was paid by Winthesler Shoei College FoundaliDll during the finanttal year on th8 condiliaTr that thi5 amountwould subsequently be recavErEd from ShD& Joshi Gakuin. 14. Contlngen¢lo8 and capltal commltmonts The Truslèe5 confirm there are no OlhEr conlinyeni liabilities or capi181 commitments for the Chèrily th81 shodd be disclosed In Ihe Trust8es' Annual Report fin8nual tstaiemenis. Page 17