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
R￿e￿n¢• 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¢has￿r 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 legisla￿On In general. the Induction and Irairvng of Trustees Is done Informally.
R18k managemont and Intsrnol control
The Trustees have assessed Ihe rnaior r￿kS 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 ￿pp￿t 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 fo￿5 Iheir efforts on markeling for the reuuilmenl of $tudenls and the Charity's current and
future plans lo ensure adequate poliue5 are in place lo address all TnaiDr operaliDnal, financial and general risks. including
the reserves policy. forw1￿Ch more de￿11$ 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 Ot￿r 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 e￿reM￿Y 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. hi￿er and furth2r education In general, and Ihe
gher education of young people and malure students from Japan and Ihe United Kingdom in particular. In furt￿￿ran￿ of
the above obieclives, If* Trustees shall have reg8rd lo the adVan￿ment 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 Ob￿ctiVeS during the
year.
Pybll¢ benefft
In rewevAng Ihe Charills aitns. objectives and planning fulure aclivil*s, the Trutslees have taken Into account the Charity
Commission's gener85 gu1dance on public bpnefil. The Trustees e￿￿re 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 peO￿e 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$ier Shoei College F￿ndatiOn had 4 s￿dentS12022r23.' 51. Expendilufft In the year
related to Ihe furthering of these 51udenls' educalional standards The prinupal risks of Ihe Charity and Ihe TrLBlee5'
responses lo those risks are discussed above.
In the opinion of Ihe Truslees, If* Charity's 8ssels and irtoming resowces are sufficient lo fijlfill the obligation5 of Ihe
Chanly.
ResBrves pdlcy
Winchester Shoei CLI￿ge Foundation mainlains a level of reservessuffiraenllo enable currenland future ￿&tOratiOn, repairs
and purth8ses of premises and assets and 10 eover the operatianal needs ofthe Charity. In addition. Ihe Trustees consider
il prudent io mein18in free reserves lo cover al kasi one year's thaniable exper￿lI￿￿e in ra5e Ihere is a reduced flow of
Income, or a delay in Iran5rn1tling the incorne frorn J8pan, lo ihe Chanly.
Free reseives, disclosed in the financial slalemenls as bolh general snd designated funds, are available for the ongoing
use and coniinuiny benefit orthe Chalily and 115 obieclives. Please refer lo NDle 11 of the finanoal slalemenls lor further
delals of the designated fund8. The free resen￿$ as 8131 March 2024, excluding tangible assets amount tD £439,(￿5
12023.. £447.0661 which Should be sufficient, b85ed on the C￿rty'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 hyTi**llw*Atf4 rfr.14￿t￿yL yrd try
*r￿r5e￿i. corKwr ur41¥• rn 5¢ Ira4pprow￿0 tc* ¢*414y
leol￿￿e& ¥J art r. Its￿￿￿ 4É￿ jl t￿￿￿t￿y Ihe
MJ.. TP*y FWhRI*4ty •4 Or￿ D) to
¥tr14*ithi¢ ¥*¥P.u Df thwty IV PPWOn'. i*lq¢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$ible for Ihe txepaiation of the Sccounls in occordan￿ wlh the wuiremenls
of the Ch8ribe8 Ad 20111.lhe Arl'l.
I report in respect ol rny examination of the Trustees. accwnls carried Dui under Sect￿n 145 tsl the 2011 Ad and In Garrying
out my examinaiion I havp folli)wed all the applicable Oire¢bons given by the Charily Comrnission under Section 14515llbl
ol the 2011 Act.
Independent oxamlnerfs 8tatomtnt
I have compleied my exatninalion. I confirtn Ihal no malen4 tnaller5 have come to rny allen11￿ in con￿ctIon wilh Ihe
erdTninalioD giwng rne cause to belie¥e Ihal in any material respecl.
111 accounting records were not kept in ￿SpeCt of the Char￿Y a8 required by sectson 130 01 the Act., or
121 the accoun18 do not accDrd wlh those records, or
131 the accounts do nol comply wilh Ihe applicable requirements con￿MIng Ihe fom and conlenl of accounts sel out
in Ihe Charitie$ lAc￿u￿13 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 Y￿r Ended 31 March 2024
Nole5
2024
2023
INCOME AMD ENDOWMENTS FROM
Donation8 and legaues
Chanta￿e 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 fU￿1- 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 inCL￿e 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
Unrestr￿ted fund
439,sir2
451,098
TOTAL CHARITY FUNDS
439,502
451.098
2a io, 20y4
Trso flnandal $latements wera approved by the b08rtt efTnMte88 ￿1....... ................
by.
and were S￿ned on rt$ 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 a￿d￿S 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￿ aP￿icable to charilies prepanng their accounts in accordance wrth Financial
eporling SlarKlard aP￿1¢8￿e 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 ap￿iCable In the UK 8nd Rep￿11¢ of Ireland IFR81021 ralherlhanlhe Accounting and Reportirrfj
by Charilie5" Slalemenl of Recomtnended Practice effective from 1 Apnl 2005 which has been
VAI￿ra￿￿.
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 C￿1 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 fIn8n￿OI 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 a￿1 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
ackno￿edge Ihal there can be no ttrtainly that thi5 SUPPOrt ¥wll continue i￿e￿nItelY. 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 pro￿l￿e£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 ￿Crl￿lMent 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 andyovérn*nce 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&x*tlon
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 Charita￿e pwpose5.
The Charilvs actsvilies are exernpl troTh VAT and accOrdi￿lY irrecoverable VAT is charged lo the
Slalemenl of Financial ACtI￿lieS when Incurred and included wlhin the expenditure category lo which
lates or capitsli5ed Ur￿er 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 contIn￿d
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 t￿1[ 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(lit￿5 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 un￿51rICIed 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 a￿10 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 eXper￿rtu
Support costs
Governance c051s
Totsl reS￿r￿S 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 se￿re5 amounted lo £88,350
for the year12023' £89,004) and as5o￿aled 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[￿￿era￿D￿ 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 contin￿d
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{ne￿8
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 re￿i￿ed ill advance
Taxation and 50oal 5ecuriIy
Othw creditors
15
23,557
10,745
1,509
12,514
23.691
Defer￿d Income comprises luilion and accomrTioOalion fees lolalling £10,745 12023 £23,557) whith were
re￿1Ve4 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 pav￿￿5 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 perforrnar￿e 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 pro*ides 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 clA￿ge 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. EX￿pt 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 re*ived 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 G8k￿n for his seNices as Oe8n of ihe College arKJ rets￿es 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