Wychwood School Charty Limited Report and Financial Statements For the Year Ended 31 October 2023 Registered Charity: 309684 Company Number: 0380424 111111111 'ACU)A(AYX' 12101r2tr24 COMPANIES HOLtsE A11 Nick Westbury Chartered Certified Accountants Wychwood School Charity Limited Wychwood School Charity Limited Company Infomiation Olrectors: Mrs D J Pluck Ms A F E Stewart W R C Briant JPOCole Ms M C cra￿rd (deceased 8 May 2023) Ms D Croft (appointed 29 June 2023) Ms R Page Ms J Sainsbury Trustees (who are also the ￿r￿neffiCI￿ sharehokJer5): WR C Brianl Ms M C Crawford (retired on l December2022) Ms R Page {apP￿nted 1 Decemter 2022) Mrs D J Pluck Ms A F E Stewart Company $e¢retary: O S Radnor Registered Offi¢e and Principal Office: Wychwood S¢hcKJl 74 Banbury Road Oxford OX2 6JR Independent examiner- N We5tbury FCCA The Old Engine Shed lthetton's Yard Chapel st￿et 81oxham Oxon OX15 4NB Principal Bankern". Barclays Bank PLC Company number (The Cornpany is registered kn England and Wales): 0380424 Charity reglslratlon number {Registered with the Charity Commission for England and Wales): 309684 Wychwood School Charity Limited Report of the Directors for the year ended 31 October 2023 The Directors are pleased topresenl their annual report ttydelherwith the unaudtted financial statements of the Charitab￿ company for the year ended 31 October 2023. The financial statements compty wrth the Charities Act 2011, the Cc￿panieS Aet 2006, the Memorandum and Articles of Assooation, Accountsng and Reporting by Chanties." Statement of Recommended Pl￿tice appluble to charib.es preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) leffeclive 1 January 201 SI. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution and admlnlstration The Company was incorporated on 5 May 1943. The nO￿benefIcIal V•vnershp of the Shares rests with Trustees governed by a setdement daled 16 November 1957. The company ts a registered Charity and is governed by the th¢les of Asscciation dated 2 October 2021. The Directors. Truslees, Company secretary profeSsi￿al advisers during the year a￿ shown on page 1. Organisational management The Board of Directors meet once a tem) with resw)ns*)ilrties for investment, bursary provision and fundr8tsing. Two Directors are nominated to sit on the Board of Wyctvrtoo(I Schcd (Oxfordl Limited. Directors'induction and training Oireclors are briefed on their oblNJations under charty and corrpany law, the conlenl of the Memorandum and Articles of Assc¢￿tIOn. the commrttee and decisionvmaking processes and business plan and recent performance of the charty. Directors are encour4ed to attend appropriate extemal training events where these will facilrtate the undertaking of their role. Key Management Personnel Remuneration The Directors are the key management perg)nnel. All Diredors of the company lin¢luding those ath'ng as Dwectors of Wctrmood SchGoI {Oxfordl Limited) give their time on a prt) l)ono basis and no remuneration was paid in the year. Details of Directors, expenses and related paty transa¢tK)ns are disclosed where necessary in the notes to the financial slalemenls. The 01￿ClOr$ are required lo disclose all relevant interests and. in accordance with the coffwny's policy, wthdra•V from decisK)ns Whe￿ a confiict of interest arises. OBJECTIVES AND ACTIVITIES Charitable objects The charty provides support lo the pupils of Wchwwd School through the provisic￿ of grants and bursaries and by providing financial support for the sch¢y)I's development. Aims and intended impact The missKJn of Wchwogj Sthool is lo enable pupils lo realise their &ademic potential and to develop their individual talenls, preparing them for lrfe in the wtder conNnunity- Sector ¢hw¢)￿ School is an active member of the Girls. SchLx)l Association and the Boarding Schools. Association. ACHIEVEMENTS AND PERFORMANCE The charity wll contsnue lo supp)rt the puplls attending Wychwood Sdw)or through bursaries and the school was part￿￿larlY appreckative of this support dunng the pandemic. Wychwood School Charity Limited Report of the Directors for the year ended 31 October 2023 (continued) BENEFIT AND SOCIAL RESPONSIBILITY The Board of Direclofs considers that rt has complied wth Section 17{5) of The Charitie$ Ad 2011 10 have due regard to the public benefit guidan¢e published by the Charrty Commission. FINANCIAL REVIEW The Statement of Financial ACtmt￿ is set out on page 7. This Sh(W￿ net expenditure of £10.11712022.. net expenditure of £130,413). Reserwes polky The eharty has a Small endtrwmenl and domr ¥nposed ￿$tr￿ed reserves which will be maintained in COrdan￿ with donor wishes. All of rts general reserves have been designated to support the development of the school. Investment policy There are no restrictions on the chanty's power to invest. The Board's policy is lo m•ntsin capital value and distribute returns in ￿CordanCe wrth rts obJ"eclives. GOING CONCERN The Directors consKlerthe ch* ha5 adequate resources lo continue for the fr)reseeable future. For this reason, il adopts a going concern basis in preparing these financial statements. PLANS FOR THE FUTURE The Board wll rnainlain a close invofvement with the sthty)I's operations IhroLtgh ts Board nominated Directors of Wchwood School (Oxford} Limrted. Itwill continue lo keep ebsely involvedwrth Ihe Wychwood Association. The schwl ¥wll continue lo focus on its core c*4e¢tive of supporb.ng ￿chWOOd in its mission- Ac8dem exceMenG8 Ihrcwgh creatwty ￿tI￿￿ght PRINCIPAL RISKS AND UNCERTAINTIES Risk management Risk man￿eMent is an integral part of govemance to whth the charty is eommrtted. The Directors of the charty have assured the sch￿1 of continued support and further ￿VeStMent to enable it to ffth)ve forward. Wychwood School Charity Limited Report of the Directors for the year ended 31 October 2023 (continued) STATEMENT OF DIRECTORS. RESPONSIBILITIES The Directors are responsible forprepariThJ the report and financial statement in acciydance with applicable law and regulalions. Company law require5 the Directors to prepare their annual ￿POrt and financial 51alemenls for eath financial year. Under that the Direetots have elected to prepa￿ the finan￿al statements in accordance th United Kingdom Generally Accepted Accounting PraCt￿e (Unrted Kingdom Accotsnting Standards and applicable lawl. Under company law the Diredors must not approve the financial stalen*nts unless they ale satisfied thal they give a true and fair view of the stale of affairs of the charitable company and of the profil or loss of the ¢harilabie ¢cmpany for that year. In prepariry these financial staternents, the Directors are required lo: select suitable a￿nt1llg pol￿e5 and then appfy them consislenty mae judgemenls and estimates that are reasonable arKI prL•Jent stale whether applicable UK Acwjnting Slandards have been folk)wed, subject to any materk41 departures disclosed arKI explwned in the fin￿la1 statements prepare the financial state￿￿ on the going COn￿M basis ￿r￿e$S it is inappropriate lo presume that the chantsble eunpany w41 continue in business. The Directors are responsible for keeping adequate accounting records that dI￿10$e with reasonable a￿ur0￿ al any time the financial posrtion of the charitable company and enable them to ensure that the financial statements comply vmth the Ccfflpanies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the preventson and detection of fraud and other irregularities. This Teport was approved by the Board ￿ 8 December 2023 Mrs D J Pluck, Chairman of the 8oard Wychwood School Charity Limited Report of the independent examiner to the trustees of Wychwood School Charity Limited I reFQrt to the trustees on my examination of the accounts of the Company for the year ended 31 October 2023. Responsibilities and basis of report As the charity's trustees of the Company {and also rts Directors for the purwses of company lawl you are responsible for the weparat*M of the accounts in accordance with the requirements of the Compan￿3 Act 2006 {'Ihe 2006 Act'l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examinab"on, I report in respeci of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 I'lhe 2011 Acfl. In carrying out my examination I have followed the Directions given by the Charity Comrrmssion under section 145{51 (b) of the 2011 Act. Independent examiner's statement I have completed my examinats"on. I confim th* no matters have co￿￿ to my attention in cnnnection with the examination giving me cause to believe.. 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act.. or 2. the accounts do not accord with those records: or 3. the accounts do nol comply with the accounting requireThnts of sectioft 396 of the 2006 Act other than any requireff*nl that the accounts give a true and frair view which is not a maller considered as part of an independent examinaiion.. or 4. the accounts have not been prepared in &cordance the methcxls and principles of the ststement of Recommended Practice for accounting and reporb.ng by ¢harib"e$ applicable to charities preparing their accounts in accordance wilh the Finanoal Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021. I have no concems and have come across no other matters in connectson with the examinal¥)n to which attention should be drawn in this report in order lo enable a proper understanding of the a¢¢ounls to be reached. N Westbury FCCA The Old Engine Shed Vvhetton's Yard Chapel Street Bloxham Oxon OX15 4NB 10 January 2024 Wychwood School Charity Limited statement of "Financial Activities for the year ended 31 October 2023 (Including the income and expendilure account) T•tal Total Fynds Funds Fund 2023 2022 INCOME AND ENDOWMENTS FROM: Donations and legacies School fees Investments 1,682 15.325 61.099 2,182 15,325 62,134 591 723 312 85,202 Total Income 78.1C6 1.223 312 79,641 85.793 EXPENDITURE: Charitable a¢tlvitles: Expendilure 58.532 4.698 63,230 40,307 Total expenditure $8,532 4.698 63.230 Net Income and ne¢ movement in funds 19.574 13.4751 312 16,411 45,486 Losses on investments (26.528) 26.5281 (175.8991 Net expendilure for the reporting year (6.954) {3.475) 312 10.1171 (130.4131 Total fund$ al 1 November 2022 6,994.999 28,743 10.360 7.034,102 7.164,515 Total funds at 31 October 2023 6,988,045 10 672 7.023,985 7 034,102 The ststemenl of financial activities include(l all gains and bsses recognised in the year. Wychwood School Charlty Limltsd Company number: 0380424 Balance Sheet as at 31 October 2023 Notes 2023 2022 Fixed assèts Investments 4.881.946 4.659,081 Current assets Debtors Investments Cash at bank and in hand 18,987 1.880,905 248.9( 2,148.798 18.987 1.907,433 453.123 2,379,543 Llabilities Creditors.. amounts falling due within one year 4.022 Net current assets 2.142.539 2.375,521 Net assets 7.024.485 7,034,602 The funds of the charity Called up share caprtal Endowment fund Restricted income funds Unrestr￿e1 income funds.. Designated funds Tot41 charity funds 51x1 10,360 28.743 10 10 10 10.672 2S,268 6.994,999 7 034 602 7.024,485 The Directors are satisfied that the ccffipany is entrfed to exemption from the requirement to obtain an audit under Sectton 477 of the Companies Act 20[6. The sharehoklers have not requi￿ the conyany to obtain an audit in accordance with seCt￿n 476 of the Act. The Diredors ackncmledge their reSPC￿S1bIlit￿S for complying wrth the requirements of the Ccxmpanies Act 2006 with respect to aceounting records and the preparat￿Th of finarKial statew£nls. The r￿n¢￿1 slalements have been prepared and delNered in aecordance with the special provisions applicable lo com nies subject to the small companies regime. Ms R PaJe 01￿ctor Approved by the Board on the 8 December 2023 Wychwood School Charity Limited Cash Flow Statement for the year ended 31 October 2023 2023 2022 Cash lexpendedvinflow by operating aclivities 12 43.486 1.118,579 Cash flows from investing activities Investment incc*ne 62.134 85.202 Purchase of shares in joint venture company {222.865} (1.150,000) Cash expended by investing activities 160.731 1.064,798 (Decrease}lincrease In cash and cash equlvalents in the year 11 (204.2171 53,781 Cash and cash equivalents at the start of tjfe year 453.123 399.342 Cash and cash equivalents at the end of the year 248.9 453.123 Wychwood School Charity Limited Notes to the Financial Statements for the year ended 31 October 2023 Accounting policies Basis olpreparation The fina￿101 statements have been prepared in accordance with thekcounting and Reporting by Charities.. Slalement of Recommended Practti appli￿ble lo charrties preparing their financial statements in accordance wrth the Financial Reportsng Standard applicable in the UK and Republic of Ireland {FRS 1021 {effectNe 1 January 2015> - (Charities SORP {FRS 102}1. the Financ￿1 Reporting Standard 4)plicable in the UK and Republi¢ of Ire￿nd IFRS 102> and the Companies Act 2006. chwood Schcol Charity Limited meets the definition ofa public benefit entity under FRS 102. Asse15 and l￿bi1￿1es are initially rects3n￿d * historical cost or Iransactson value. The presentation curren¢y is £ sterling_ Reconciliation with prevlous GeneraltyA￿ePted Accounting Practl¢e In preparing the financk41 statements. the Directors have constdered whether in applying the a¢eounling poliues required by FRS 102 and the Charities SORP FRS 102 the restalemenl of comparative items was required_ No such adjustments were conshyered necessary. Going con¢em As sel out in the Rep)rt of the Directors. the Oirectors beI￿ve that the eompany has adequate resources to continue in operational existen¢e for the foreseeab￿ future and they believe rt is appropriate to appty the going con¢em basts of accounting irT preparing the financial statements. Income Income is recogni5ed when the charitable Mmpany has entit￿ment lo the funds, any performance condrtions attached to the rtems of incorre have been met. it is prO￿le that the income will be received and the amount can be measured reliably. Invest￿￿nt ir￿)rne is induded when receivable the amount can be rrEasured reliabty by the charitable company. Fundaccounting Unrestricted funds are availabk to spend on actiwlies that further ￿Y ol the purposes of the charitable company. Designated funds are unrestricted funds of the charitable company which the Diieclofs have decided at their discretion to sel aside to use for a specific purpose_ Restrided funds are donab.ons which the donor has spe¢ffied are to be SO￿lY used for particular areas of the eharrtable eompany's work or for Spec￿ pro1￿ts being undertaken by the chartsble company. Eypenditure and iffecoverable VAT Expenditure is recognised once there is a legal or ￿nSt￿cl￿e obligalim to make a payment to a third party, it is probable that settknienl will be required and the amount of the oblvJation can be measured reliably. Expendi(ure on charilable actrvrties in¢ludes the costs undertaken to further the purposes of the chanty and thwr asstxiated supFort costs. Irrecoverable VAT is charged as a cosl against the aCtI￿ty for ￿1th the expenditure was incurred. Wychwood School Charlty Llmited Notes tolhe Financial Statements for the year ended 31 October 2023 Investments As detailed in Note 5 the directors have adopted the cost mo*Jel for the ccthpany's investment in Wchwood Schwl Ioxfordl Limited. Other investsnents are a fomi of financial instrument and are initially recognised at their transaction cost and subsequentty measured at fairvalue * the balance sheet date. unless the value cannot be measured reliab￿ in wh￿h ￿se rt is measured at cost impaimenl. Investment gains and losses. whether realised or unrealised. are combined and presented as 'Gainsll105ses) on investments. in the Statwnent of Finan￿01 ActNilies, Taxation chwood School Chanty Limrted is a registered chanty and as Such is exempl from in¢t)me tsx and Cofporation tax under provisions of Section 478 ofthe Corporation Tax Act 2010. There 1$ no similar exemption for VAT. wh￿h is induded in expendrture or in the cost of assets a5 appropri*e. 2 Investmont income 2023 2022 Interest on investrnenls Interest on loan to IWchwocnt venture ¢cthpany. ReStrKI￿ income furKls cOrr￿e.. Schuller Memorial Fund Glft Fund 8ur5ary Fund Total At 1 November 2022 Nel movemenl in the ye At 31 October 2023 4.698 4.698 24,045 723 28,743 3.475 25,268 500 24.768 Represented by.. Net current assets 24.768 25,268 24.768 The Gift Fund will be spent on a bench. The Bursary Fund represented money given to provide bursaries lo cover all or part of the fees for pupils who would not otherwise be able lo attend the school. The Bursary Fund was fvlly used in the year. The Sehuller Memollal Fund is used for French related activilies. The En¢Jowmenl Fur￿ is a proe fvnd. The income from the fund may be used lo lund an annual prize in resped of poetry andlor prose-poety wnpelrtKJn and lo buy book5 for the Charlotte Kell collection of poetry and art. The amount of the endcrn￿t represented by 8ccumulated income al 31 October 2023 is £439 {31 October 2022. £1271. Wychwood School Charity Limited Notes to.the Financial Statements for the year ended 31 October 2023 11 Analysis of changes in cash and cash equivalents At1 November 2022 At31 October 2023 Nonacash Changes Cash flows Cash al bank and in hand 453.123 (204.2171 248.906 Total 453,123 204,217 248 906 12 Re¢onciliation of net movement in funds to cash Ilow from operating adivities 2023 2022 Net expendiéure for the reportin9 year Shortlall on the reValUath￿ of investrnents Investrnent income Decrease in debIc￿$ Increase in creditors 110.1171 26,528 162,1341 (130,413} 175,899 185,202) 1,155,473 2,822 2.237 Net cash(8Xpènded￿Infl0W on operating activities 43,486 1 118.579 13 Related party transa¢tion$ Directors are eharged sehod fees al the nomal rate and are not entitled lo discounts by virtue of being a director. Three of the directors of the company. Mrs D J Pluck, Ms A F E Stewart and Ms D Croft, have also seNed as directors of Wychwc•)d School (Oxtord) Limited in the year. They received no remuneration in those roles. -14-