Williams College Oxford Programme
(A company limited by guarantee)
Report and Financial Statements
For the year ended 30th June 2025
Charity No: 292252 Company No: 1927272
Registered office: 145 Banbury Road Oxford OX2 7AN
Williams College Oxford Programme
Contents
| Report of the Trustees | 1 |
|---|---|
| Independent examiners' report | 3 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes forming part of the financial statements | 7 |
Page 1
Williams College Oxford Programme
Report of the Trustees for the year ended 30th June 2025
The trustees present their report and the financial statements for the year ended 30th June 2025.
Objectives and activities
The company is a charity, registered with the Charities Commission. Its objects are to advance the education of students who are members of the President and Trustees of Williams College (the “College”), Williamstown, Massachusetts, United States of America, an educational charity established under an act of the Commonwealth of Massachusetts. The College has established, and for 41 years has operated, a programme of formal education at Exeter College, Oxford University, which provides an opportunity each year for approximately 26 undergraduate students to spend a full year as visiting students at Exeter College, with regular access to the University’s curricular programmes, libraries and other academic resources. Their education is advanced through enrolment in tutorials with Oxford faculty members, attendance at scheduled lectures, and study for examinations, among other academic activities. Through participation in the programme, the students are granted credit toward a baccalaureate degree in the arts and sciences. The College offers the opportunity to apply for the Williams-Exeter Programme at Oxford to all of its students, approximately half of whom attend the College with the help of financial aid provided by the College. In addition, those who attend the programme benefit from funding provided by the College to enhance their educational experience, through cultural exchange, visitation of UK heritage sites and special academic events. The company has from time to time received contributions from UK residents which are intended, and employed, to support the education of the College’s students. In addition, the company has been the recipient of in-kind gifts, including most recently an in-kind gift from the Estate of illustrator Pauline Baynes consisting of a collection of Ms. Baynes’ illustrations, paintings and drawings. The Baynes collection is made available for study both within the College and to members of the public
The Trustees confirm they have complied with their duty in section 17(5) of the Charities Act 2011 to have due regard to the Public Benefit guidance published by the Charity Commission.
Achievements and Performance
During the year the charity received total income of £146,776 (2024: £173,147) and expended £146,776 (2024: £173,147) in furtherance of its objectives as detailed above.
Financial review
All cash reserves are expended each year for the benefit of the charity's objectives. The only reserves held at the balance sheet date are represented by the investment bequeathed to the charity, from which it derives income, and non-cash net current assets.
Governance
The charity, which is a company limited by guarantee, is governed by its memorandum and articles of association.
Page 2
Williams College Oxford Programme
Report of the Trustees for the year ended 30th June 2025
Board of Trustees
Trustees, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are as follows:-
Maud Mandel Douglas Gollin John Gerry
Responsibilities of the trustees
Company law requires the trustees to prepare financial statements for each financial period which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial period. In preparing those financial statements, the trustees should follow best practice and:
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select suitable accounting policies and then apply them consistently:
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make judgements and estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to assume that the company will continue on that basis.
The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102) and in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board of Trustees on 12th March 2026 and signed on its behalf by:
Maud Mandel Trustee
Page 3
Williams College Oxford Programme (A company limited by guarantee)
Independent examiner's report
Report to the trustees of Williams College Oxford Programme
I report on the accounts for the year ended 30th June 2025 which are set out on pages 5 to 9.
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act,) and
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to state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below.
Page 4
Williams College Oxford Programme (A company limited by guarantee)
Independent examiner's report
Report to the trustees of Williams College Oxford Programme - continued
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 which gives me cause to believe that in, any material respect:
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accounting records were not kept in accordance with section 130 of the 2011 Act, or
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the accounts do not accord with the accounting records.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached.
R M Morgan Cox Hinkins & Co. Limited Accountants and Taxation Advisors The Old Dairy 12 Stephen Road Headington Oxford
Date: 12th March 2026
Page 5
Williams College Oxford Programme
(A company limited by guarantee)
Statement of Financial Activities (including Income and Expenditure Account) For the year ended 30th June 2025
| Unrestricted Notes funds £ Income Voluntary income 3 144491 Royalties received 2285 Total income 146776 Expenditure Charitable activities 4 143142 Governance costs 4 3634 Total expenditure 146776 Net income for the year - Total funds at 1st July 2024 50000 Total funds at 30th June 2025 50000 |
Restricted Total funds Total funds funds 2025 2024 £ £ £ - 144491 169412 - 2285 3735 - - 146776 173147 - 143142 169879 - 3634 3268 - 146776 173147 - - - 50000 50000 - 50000 50000 |
Restricted Total funds Total funds funds 2025 2024 £ £ £ - 144491 169412 - 2285 3735 - - 146776 173147 - 143142 169879 - 3634 3268 - 146776 173147 - - - 50000 50000 - 50000 50000 |
|---|---|---|
| 173147 | ||
| 169879 3268 |
||
| 173147 | ||
| - 50000 |
||
| 50000 |
Page 6
Williams College Oxford Programme
(A company limited by guarantee)
Balance Sheet as at 30th June 2025
| Notes Fixed assets Investments 6 Current assets Debtors 7 Creditors: amounts falling within one year 8 ( Net current assets Net assets Funds of the charity Unrestricted funds 9 Total funds |
2025 £ 50000 624 624 ) ( - 50000 50000 50000 |
2024 £ 50000 600 600 ) - 50000 50000 50000 |
|---|---|---|
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(a) For the year ended 30th June 2025 the company was entitled to exemption from an audit under Section 477 of the Companies Act 2006.
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(b) Members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
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(c) The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting periods and the preparation of accounts.
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102)
Approved by the board of directors on 12th March 2026 and signed on its behalf by:
Maud Mandel Director
Page 7
Williams College Oxford Programme (A company limited by guarantee)
Notes forming part of the Financial Statements For the year ended 30th June 2025
1 General information
Williams College Oxford Programme is a registered charity (charity number 292252), incorporated as a company, limited by guarantee, registered in England and Wales. The address of the registered office is 145 Banbury Road, Oxford OX2 7AN. There were no changes in the principal activity of the charity which continues to be the advancement of the education of students who are members of the President and Trustees of Williams College, Williamstown, Massachusetts, U.S.A. by providing opportunities to follow a programme of formal education at Exeter College, Oxford.
The financial statements are prepared in sterling, which is the functional currency of the charity, and are rounded to the nearest pound.
2 Accounting policies
- (a) The financial statements have been prepared under the historical cost convention, as modified by the inclusion of investments at original valuation, and in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act 2006 and follow the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102).
The charity constitutes a public benefit entity as defined by FRS 102.
The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
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(b) Donor funds are recognised in full in the Statement of Financial Activities in the period in which the charity is entitled to the donation. Donations in kind are valued and disclosed as incoming resources.
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(c) Resources expended are recognised in the period in which they are incurred.
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(d) Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of management and support costs.
Page 8
Williams College Oxford Programme
(A company limited by guarantee)
Notes forming part of the Financial Statements For the year ended 30th June 2025
| 3 Voluntary income Unrestricted Restricted funds funds £ £ Donations 144491 - 144491 - 4 Total resources expended Basis of Educational allocation advancement Governance £ £ £ Costs directly allocated to activities Financial aid for students Direct 1661 Staff costs Direct 69236 Independent examination Direct 624 Support costs allocated to activities Staff costs Time spent 72245 3010 143142 3634 5 Employees Staff costs during the year amount to: Salaries and wages Social security costs Pension costs - defined contribution Number of employees with emoluments of more than £60,000. 60,000 - 69,999 70,000 - 79,999 |
Total funds 2025 £ 144491 144491 Total 2025 £ 1661 69236 624 75255 146776 2025 £ 134246 4737 5508 144491 - 1 |
Total funds 2024 £ 169412 |
|---|---|---|
| 169412 | ||
| Total 2024 £ 3135 102711 600 66701 |
||
| 173147 | ||
| 2024 £ 159219 4031 6162 |
||
| 169412 | ||
| 1 - |
Page 9
Williams College Oxford Programme
(A company limited by guarantee)
Notes forming part of the Financial Statements For the year ended 30th June 2025
5 Employees (continued)
The average number of employees during the year, calculated on the basis of payroll headcount, was as follows:
| Educational advancement Administration & support |
2025 Number 9 1 10 |
2024 Number 9 1 |
|---|---|---|
| 10 |
6 Fixed asset investments
Fixed asset investments comprise a bequest of paintings, drawings and other materials by the distinguished British illustrator Pauline Baynes. The bequest was valued upon receipt and continues to be carried in the balance sheet at valuation without impairment or depreciation.
Royalties from the collection are applied towards the advancement of the objects of the charity.
7 Debtors
| 2025 £ Other debtors 624 Other debtors includes £600 due from Williams College (2023 : £600) 8 Creditors: Amounts falling due within one year 2025 £ Accruals 625 9 Unrestricted Funds Balance Income Expenditure 30/06/24 General fund 50000 146776 ( 146776 ) |
2024 £ 600 |
|---|---|
| 2024 £ 600 |
|
| Balance 30-Jun-25 50000 |
10 Trustee expenses
No Trustee received any remuneration or expense reimbursement from the charity during the year.