Wychwood School Charity Limited Report and Financial Statements For the Year Ended 31 October 2024
Registered Charity: 309684 Company Number: 0380424
Wychwood School Charity Limited
Wychwood School Charity Limited
Company Information
Directors:
Mrs D J Pluck Ms A F E Stewart W R C Briant J P O Cole Ms D Croft Ms R Page Ms E Sainsbury (appointed 21 March 2024) Ms J Sainsbury
Trustees (who are also the non-beneficial shareholders): W R C Briant Ms R Page Mrs D J Pluck Ms A F E Stewart
Company secretary: D S Radnor
Registered Office and Principal Office:
Wychwood School 74 Banbury Road Oxford OX2 6JR
Independent examiner:
N Westbury FCCA The Old Engine Shed Whetton's Yard Chapel Street Bloxham Oxon OX15 4NB
Principal Bankers: Barclays Bank PLC
Company number (The company is registered in England and Wales):
0380424
Charity registration number (Registered with the Charity Commission for England and Wales): 309684
-1-
Wychwood School Charity Limited
Report of the Directors for the year ended 31 October 2024
The Directors are pleased to present their annual report together with the unaudited financial statements of the charitable company for the year ended 31 October 2024.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution and administration
The company was incorporated on 5 May 1943. The non-beneficial ownership of the shares rests with Trustees governed by a settlement dated 16 November 1957. The company is a registered charity and is governed by the Articles of Association dated 2 October 2021.
The Directors, Trustees, Company secretary and professional advisers during the year are shown on page 1.
Organisational management
The Board of Directors meet once a term with responsibilities for investment, educational support and fundraising. Two Directors are nominated to sit on the Board of Wychwood School (Oxford) Limited.
Directors' induction and training
Directors are briefed on their obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making processes and business plan and recent performance of the charity. Directors are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.
Key Management Personnel Remuneration
The Directors are the key management personnel.
All Directors of the company (including those acting as Directors of Wychwood School (Oxford) Limited) give their time on a pro bono basis and no remuneration was paid in the year. Details of Directors' expenses and related party transactions are disclosed where necessary in the notes to the financial statements. The Directors are required to disclose all relevant interests and, in accordance with the company’s policy, withdraw from decisions where a conflict of interest arises.
OBJECTIVES AND ACTIVITIES
Charitable objects
The charity provides support to the pupils of Wychwood School through the provision of grants and by providing financial support for the school’s development.
Aims and intended impact
The mission of Wychwood School is to enable pupils to realise their academic potential and to develop their individual talents, preparing them for life in the wider community.
ACHIEVEMENTS AND PERFORMANCE
The charity will continue to support the pupils attending Wychwood School through grants.
-2-
Wychwood School Charity Limited
Report of the Directors for the year ended 31 October 2024 (continued)
BENEFIT AND SOCIAL RESPONSIBILITY
The Board of Directors considers that it has complied with Section 17(5) of The Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.
FINANCIAL REVIEW
The Statement of Financial Activities is set out on page 6. This shows a net surplus of £168,091 (2023: net expenditure of £10,117). The Charity’s grants for two academic years have fallen in these accounts.
Reserves policy
The charity has a small endowment and donor imposed restricted reserves which will be maintained in accordance with donor wishes. All of its general reserves have been designated to support the development of the school.
Investment policy
There are no restrictions on the charity’s power to invest. The Board’s policy is to maintain capital value and distribute returns in accordance with its objectives.
GOING CONCERN
The Directors consider the charity has adequate resources to continue for the foreseeable future. For this reason, it adopts a going concern basis in preparing these financial statements.
PLANS FOR THE FUTURE
The Board will maintain a close involvement with the school’s operations through its Board nominated Directors of Wychwood School (Oxford) Limited. It will continue to keep closely involved with the Wychwood Association.
The school will continue to focus on its core objective of supporting Wychwood in its mission – Academic excellence through creativity of thought.
PRINCIPAL RISKS AND UNCERTAINTIES
Risk management
The directors have examined the principal areas of the Charity’s operation and considered the major risks faced in each of these areas. In the opinion of the directors the charity has established systems which, under normal conditions, should allow these risks to be mitigated to an acceptable level in its day-to-day operations.
-3-
Report of the Directors for the year ended 31 October 2024 (continued)
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
The Directors are responsible for preparing the report and financial statement in accordance with applicable law and regulations.
Company law requires the Directors to prepare their annual report and financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the profit or loss of the charitable company for that year. In preparing these financial statements, the Directors are required to:
-
select suitable accounting policies and then apply them consistently
-
make judgements and estimates that are reasonable and prudent
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They 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 was approved by the Board on 18 January 2025
Mrs D J Pluck, Chairman of the Board
-4-
Report of the independent examiner to the trustees of Wychwood School Charity Limited
I report to the trustees on my examination of the accounts of the Company for the year ended 31 October 2024.
Responsibilities and basis of report
As the charity’s trustees of the Company (and also its Directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
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 examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
N Westbury FCCA The Old Engine Shed Whetton's Yard Chapel Street Bloxham Oxon OX15 4NB
tba
-5-
Wychwood School Charity Limited
Statement of Financial Activities for the year ended 31 October 2024 (Including the income and expenditure account)
| Unrestricted Notes Funds £ INCOME AND ENDOWMENTS FROM: Donations and legacies 1,319 School fees - Investments 2 65,105 Total income 66,424 EXPENDITURE: Charitable activities: Expenditure 3 108,803 Total expenditure 108,803 Net (expenditure)/income and net movement in funds (42,379) Gains/(losses) on investments 7 210,112 Net income/(expenditure) for the reporting year 167,733 Total funds at 1 November 2023 6,988,045 Total funds at 31 October 2024 7,155,778 |
Restricted Funds £ - - 784 784 500 500 284 - |
Endowment Total Total Fund 2024 2023 £ £ £ - 1,319 2,182 - - 15,325 338 66,227 62,134 |
|---|---|---|
| 338 67,546 79,641 |
||
| 264 109,567 63,230 |
||
| 264 109,567 63,230 |
||
| 74 (42,021) 16,411 - 210,112 (26,528) |
||
| 284 25,268 25,552 |
74 168,091 (10,117) 10,672 7,023,985 7,034,102 |
|
| 10,746 7,192,076 7,023,985 |
The statement of financial activities included all gains and losses recognised in the year.
-6-
Company number: 0380424
Balance Sheet as at 31 October 2024
| Notes Fixed assets Investments 5 Current assets Debtors 6 Investments 7 Cash at bank and in hand Liabilities Creditors: amounts falling due within one year 8 Net current assets Net assets The funds of the charity Called up share capital 9 Endowment fund 10 Restricted income funds 10 Unrestricted income funds 10 Total charity funds |
19,458 2,091,018 208,337 |
2024 £ 4,881,946 2,310,630 7,192,576 500 10,746 25,552 7,155,778 7,192,576 |
18,987 1,880,905 248,906 |
2023 £ 4,881,946 2,142,539 |
|---|---|---|---|---|
| 2,318,813 (8,183) |
2,148,798 (6,259) |
|||
| 7,024,485 | ||||
| 500 10,672 25,268 6,988,045 |
||||
| 7,024,485 |
The Directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The shareholders have not required the company to obtain an audit in accordance with section 476 of the Act.
The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime.
Ms R Page Director Approved by the Board on the 18 January 2025
-7-
Cash Flow Statement for the year ended 31 October 2024
| Notes Cash expended by operating activities 12 Cash flows from investing activities Investment income Purchase of shares in joint venture company Cash generated/(expended) by investing activities Decrease in cash and cash equivalents in the year 11 Cash and cash equivalents at the start of the year Cash and cash equivalents at the end of the year |
2024 £ (106,796) 66,227 - 66,227 (40,569) 248,906 208,337 |
2023 £ (43,486) |
|---|---|---|
| 62,134 (222,865) |
||
| (160,731) | ||
| (204,217) 453,123 |
||
| 248,906 |
-8-
Notes to the Financial Statements for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Wychwood School Charity Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value. The presentation currency is £ sterling.
Reconciliation with previous Generally Accepted Accounting Practice
In preparing the financial statements, the Directors have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items was required. No such adjustments were considered necessary.
Going concern
As set out in the Report of the Directors, the Directors believe that the company has adequate resources to continue in operational existence for the foreseeable future and they believe it is appropriate to apply the going concern basis of accounting in preparing the financial statements.
Income
Income is recognised when the charitable company has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Investment income is included when receivable and the amount can be measured reliably by the charitable company.
Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of the charitable company. Designated funds are unrestricted funds of the charitable company which the Directors have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charitable company’s work or for specific projects being undertaken by the charitable company.
Expenditure and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Expenditure on charitable activities includes the costs undertaken to further the purposes of the charity and their associated support costs.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
-9-
Notes to the Financial Statements for the year ended 31 October 2024
Investments
As detailed in Note 5 the directors have adopted the cost model for the company’s investment in Wychwood School (Oxford) Limited.
Other investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gains/(losses) on investments' in the Statement of Financial Activities,
Taxation
Wychwood School Charity Limited is a registered charity and as such is exempt from income tax and corporation tax under provisions of Section 478 of the Corporation Tax Act 2010. There is no similar exemption for VAT, which is included in expenditure or in the cost of assets as appropriate.
| 2 Investment income Interest on investments |
2024 £ 66,227 66,227 |
2023 £ 62,134 |
|---|---|---|
| 62,134 |
-10-
3 Analysis of expenditure on charitable activities
| Support costs Grants paid to Wychwood School (Oxford) Limited 4 Analysis of support costs Miscellaneous costs Independent examination 5 Fixed Asset Investments Investment in Wychwood School (Oxford) Limited |
2024 £ 4,567 105,000 109,567 2024 £ 3,245 1,322 4,567 2024 £ 4,881,946 |
2023 £ 1,563 61,667 |
||
|---|---|---|---|---|
| 63,230 | ||||
| 2023 £ 403 1,160 |
||||
| 1,563 | ||||
| 2023 £ 4,881,946 |
Investment in Wychwood School (Oxford) Limited
On 1 September 2021 a joint venture company, Wychwood School (Oxford) Limited (company number 12763747) assumed the responsibility for operating the school. The joint venture is wholly owned by Wychwood School Charity Limited and Aspire UK Holdings Limited. Aspire UK Holdings Limited have the right to appoint three directors to the board and Wychwood School Charity Limited have the right to appoint two directors to the board. Aspire UK Holdings Limited own 51% of the investment in the joint venture and Wychwood School Limited 49%.
The investment is accounted for as an associate under the Charities SORP FRS102 and therefore the cost model is adopted.
-11-
Wychwood School Charity Limited
Notes to the Financial Statements for the year ended 31 October 2024
| 6 Debtors Other debtors 7 Investments held as current assets Market value as at 31 October 2023 Revaluation gain/(shortfall) Investments at open market valuation 8 Creditors: amounts falling due within one year Accruals and deferred income 9 Share capital 2024 No Allotted, called up and fully paid: Ordinary shares of £1 each 500 |
2023 No 500 |
2024 £ 19,458 2024 £ 1,880,905 210,113 2,091,018 2024 £ 8,183 2024 £ 500 |
2023 £ 18,987 2023 £ 1,907,433 (26,528) |
|
|---|---|---|---|---|
| 1,880,905 | ||||
| 2023 £ 6,259 2023 £ 500 |
-12-
Notes to the Financial Statements for the year ended 31 October 2024
10 Analysis of fund balances between the net assets
| At 1 November 2023 Net movement in the year At 31 October 2024 Represented by: Fixed assets Net current assets Restricted income funds comprise: At 1 November 2023 Net movement in the year At 31 October 2024 Represented by: Net current assets |
Unrestricted Funds £ 6,988,045 167,733 7,155,778 4,881,946 2,273,832 7,155,778 |
Restricted Funds £ 25,268 284 25,552 - 25,552 25,552 Gift Fund £ 500 (500) - - - |
Endowment Fund £ 10,672 74 10,746 - 10,746 10,746 Schuller Memorial Fund £ 24,768 784 25,552 25,552 25,552 |
Total £ 7,023,985 168,091 |
|
|---|---|---|---|---|---|
| 7,192,076 | |||||
| 4,881,946 2,310,130 |
|||||
| 7,192,076 | |||||
| Total £ 25,268 284 25,552 25,552 25,552 |
The Gift Fund was spent on a bench.
The Schuller Memorial Fund is used for French related activities.
The Endowment Fund is a prize fund. The income from the fund may be used to fund an annual prize in respect of poetry and/or prose-poetry competition and to buy books for the Charlotte Kell collection of poetry and art. The amount of the endowment represented by accumulated income at 31 October 2024 is £513 (31 October 2023: £439).
-13-
Notes to the Financial Statements for the year ended 31 October 2024
11 Analysis of changes in cash and cash equivalents
| Cash at bank and in hand Total |
At 1 November 2023 £ 248,906 248,906 |
Cash flows £ (40,569) (40,569) |
Non-cash changes £ - - |
At 31 October 2024 £ 208,337 |
|---|---|---|---|---|
| 208,337 |
12 Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/(expenditure) for the reporting year (Gain)/shortfall on the revaluation of investments Investment income Increase in debtors Increase in creditors Net cash expended on operating activities |
2024 £ 168,091 (210,113) (66,227) (471) 1,924 (106,796) |
2023 £ (10,117) 26,528 (62,134) - 2,237 |
|---|---|---|
| (43,486) |
13 Related party transactions
Three of the directors of the company, Mrs D J Pluck, Ms A F E Stewart and Ms D Croft, have also served as directors of Wychwood School (Oxford) Limited in the year. They received no remuneration in those roles.
-14-