Wycliffe College (Incorporated Limited by Guarantee) Report and Financial Statements Year Ended 31 August 2023 Registered company number: 00255632 Registered charity number: 311714 Iiiiniiiii 'JKtYAL20' 22112r2023 C￿PA￿Es HOUSE A15 #132 Wycliffe College (Incorporated) Report and financial statemenls for the year ended 31 August 2023 Contents Page Counal of Truslees, Officers, Registered OfficE and Advisers Annual Report by the Ctsjncil of Trustees Independent Auditorfs report 14 Consolidated Slatemenl of Financial Acliwties for the Year ended 31 August 2023 17 Consolidated Statement of Financial Activities for the Year ended 31 August 2022 19 Balance Sheet 21 Consolidated Cash Flow Statement 22 Notes to the Finanual Statements 23 Wycliffe College (Incorporated) Council of Trustees. Officers, Registered office and advisors for the year ended 31 August 2023 REFERENCE AND ADMINISTRATIVE INFORMATION COUNCIL OF TRUSTEES Trust88s are ullimately elected by the Members of the College to be its Trustees arKI also the Direct¢Jts of the ch8rity. Those who sèNed during the year are: Chalr. Mr S F M Lloyd 8Sc {Hons) Est Man. MRICS11.3.41 Vi¢• Chairs". Mrs C J Du¢kworth MA IHonsl14.61 Mr W R Garrard MBA. Bsc {Hons) (1.3.41 Mrs E A Buckley 8Sc {Hons) {6) {appO￿ted 11 J8rnwry 20231 Major General R M Clements CBE15,4) Mr S K Collingridge BA {Honsl, LLB161 (retired 31 Dee￿ber 20221 rs L C Duncan BSC, PGCE {21 Mr L Faulkner MA {Honsl. PGCE. MA {Oxonl (21 Mr J O Fullman BEng (Hons). FBCS (31 lapp(Hnted 28 March 2023) Dr L J Hair. Pho, BA {Honsl161 Miss A L Kerr 8A{Honsl {51 Mr G May BA MA (Oxonl12,41 ITetired ¢J) 7 Juty 20231 MrJ C C May OBE DL. MA (Honsl, PGCE. BA {2,41 Mr A A Opaleye BChD LDS RCS (Eng) FDS RCS (Edin) {5) Mrs A L Palk hABE. BA IHonsl161 (￿lI￿d on 30 October 20231 Mr J O C Pitt 8A IHonsl. PGCE. MA {Cantabl121 lappointed 25 Seplember 20231 Mr J Slaler FRICS13.6) Members ofthe Finance Committee Members of the Education Committee Members of the Estates Committee 14} Members of the Governance Committee 1S} membe￿ of the Ma￿eting Committee 16) Membets of the Welfare Commrttee 12) 13) Trustees are elected by the Members. wlh one third being re-e￿c1ed each year. PRESIDENT AND VICE PRESIDENTS The Members may apwinl a President and up to 3 Vice Presidents. President.. Vice Presidents= Brigadief (Reldl R J Bacon. MBA Chartered FCIPD, FCMI, CMILT Mr J C H Prit¢hard. Dipm Mr J R E Williams. FCA OFFICERS College: The Head.. Senior Deputy Head.. Mr N J Gregory BA, M.Ed Mrs C M Pettingell BSC. M.Ed Wycliffe College Ilncorporated) Council of Trustees, oificers, Registered office and advisors for the year ended 31 August 2023 {conlinued) OFFICERS Icontinuedl Prep Sch¢)ol: The Head: Senior Deputy Head- Mrs H M Grant 8Ed (Hons) Mr R D Irwin Bcs (Hons). PGCE Dirtttor ol Flnane• & Op•rations and Company Secretary: Mr A R Tayk)r MA (Cantab) Clerk to the Trustees- Mr A R Taylor MA (Cantabl REGISTERED OFFICE.. Finance Department Wydffte College {Incorporaled) Regent Street Slonehouse Gloucestershire GL10 2AD ADVISERS Bankers Lloyds Bank Commeroal Education Support Team 3hY Floor Queen Square Wolvethampton WV1 1TF Solicilors Harrison Clark Rickerbys Ellenbomugh House Wellington Street Chellenham Gloucestershire GL50 1YD Auditor Ha21ewcoJ$ Staverton Court Stsverton Chertenham Gloucestersh*e GL51 OUX Insurance Brokers Marsh Brokers Limited Education Pra¢ll￿. Capital House. 1-5 Perrymount Road Haywards Heath West Sussex RH16 3SY Investment managers Paradigm Norton Finan(yal Planning Lt Paradigm House Mauae Road Ham Green 8ristol BS20 ODD Wycliffe College (Incorporated) Annual Report by the Coun¢ll of Trustees for Ihe year ended 31 August 2023 The Council of Trustees {'the Council'l of Wydiffe College (In￿{pOrated) Presents their Annual Report for the year ended 31st August 2023 under the Cornpanies Acl 2006 and the Charitses Act 2011. together with the audited accounts for the year and confimi Ihal. the latter comply the requirements of the Act, the Trust Deed and the Charities SORP 2019. The Charity was founded in 1882 arnl is registered Ihe Charity Commission under charity number 311714. The Council. Offieers of the College and registered oifice of the Charity are as liste(l on pages 1 and 2. Particulars of the Charity's professional adwsers are given on page 2. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing Documents The Charity is gov8m8d by Artides of Assoualion adopted by Speual Resolution on 9th September 2006, as amended by Special Resolutions on 7th June 2011 and 25th March 2014. Governing Body The Charity ha5 a single Goveming Body for rts Iwo Schools, Wydiffe Senior Sch￿￿ and Wycliffe Prep School. The govemance structure comprises Members of the Charity. of unlimited numbers, and a Counctl of betsveen 8 and 15 Trustees wih the power to delegate to a number of lunckn.onal sub-commrttees or working parties. As of 31st August 2023, the Council consisted of 14 Trustees arKI there were 41 Members. Recrultment and Tralnlng of Trust¢e$ The College's Govemance Manual contains the Twstee Recxuitment aThJ InductiC￿ Policy. Roles and Responsibilities and Code of Conduct for a Truslee al Wyclrffe_ The Role of the Clerk to the Trustees sets oul the responsibililies of the Clerk induding induclK)n and training of new Trustees. The induction Process includes meetings with all members of the Leadership Team to provide a clear insight into the College's operation and a tour of the campus. Training is provided both intemalty and extemally by presentstions at Council and su committee meetings and attendance at AGBIS and other seminats that are 8vailable throughout the year. Organisational Management The Council, as the Trustees of the Charity, is legally responsible for the overall managemenl and control of both Schools of the College. Trustees mel as a Counul five limes during the year. which included a strategic business review meeting in May 2023. The delailed work of the Council is delegated to six sub-committees, each of which operate under terms of refe￿nCe. which are approved by the Governa￿£ Committee arml which are required lo report to the fvll Council on a regular basis. Finance Committee Education Committee Eslales Commrttee Governance Committee arketing Committe8 Welfare Committee Committee members are listed on page 1. In addition lo the sutrTrcommittees, certsin Twstees also act as Tnjstees for Wydiffe College Foundalitin and as Directors lor Woodpark Limited. Wycliffe College (Incorporated) Annual Report by the Councll of Trustees for the year ended 31 August 2023 Organisational Management {continuedl The Annual General Meeting in May 2023 WOVK1ed the one oc¢asion during the year for the Members lo meet and to receive the Financial Ststements and Annual Report for the year ended 31 August 2022. The slrate9ic direction of the College is delegated to the Leadership Team which has responsibility f￿ the day to day managernenl ofthe College. During the year the Leadership Team comprised. the Head. Mr N J Gregory the Prep School Head. Mrs H M Grant the Director of Finance 8nd Operations. Mr T W(M￿l {resigned 4 August 20231 the Direclor ol Finan￿ and Operations. Mr A R Taylor (appointed 21 August 2023) the Direclor of Marketing and Admissions. Miss R Wilkins lappoinled 1 January 20231 the Seniof Deputy Head (Senior Schooll. Mrs C M Peltingell the Senior Deputy Head (Prep School), Mr R D Irwin the Deputy Head (Academic) (Senior scho￿}. Mr S V ￿nDe Remuneration is set by the Council, with the objectNe of prov*ding an appropriate level of remuneration lo reward fairly and responsibly individual contributions to the College's success. Group Structure and Relationships The College provides independeni Iday and boar(Jing) education for boys and girfs between the ages of 3 and 7 years {Pre-Prep School - day only). 7 and 13 years (Prep School) and 13 and 18 years {Senior School). The College has one whcAly owned subsidiary. WoLyJpark Limiied. ￿gistered nurn￿r 2731302. whith provides letting and retail Servi￿$. Wycliffe College Foundation is a separate charity and legal entty with parallel objects an¢J common administration. There are up lo len Trustees of Wycliffe College Foundation. of which six are appointed ex officio with up lo a further four being elected periodically. two by co-opts'on and fv40 by nomination. Wydiffe College Foundation has been consolidated into the financial ststements of Wydiffe College Ilncorporatedl Limited on the b8sis of control through common Trustees. Employment and Equal Opportunities Policy The College is an equal opportunilies employer. Full and fairconsHleratson is given tojob ap￿iCatIonS from disabled persons and due consideration is given to their trainiThJ and empk)ymenl needs_ Consullalion wilh employees, or their represenlalives. has Continued al all levels with the aim of lakn.ng the views of employees into account when decisH)ns are ￿ade that are likely to affecl their interests. Communication wlh employees eontinues through normal management channels in a variety of forms and also Ihrough exceptional channels to apprise staff as ne￿SSary of current issues. Investment Pollcy and Oblectlves There are no restricttons on the Ccdlege's power5 of inve51menl other than those imposed by the donor. The policy continues to be to holij inveslments to cseate income pending utilisalion. Wycliffe College (Incorporated) Annual Report by the Council of Trustees for the year ended 31 August 2023 OBJECTS, AIMS. OBJECTIVES AND ACTMTIES Charitable Objects The Charity's Objects, as sel oul in the Artides of Assoaation of Wydiffe College Ilncorporaledl, a￿ to provide a SchcKJl for the education of boys ancl girls. the advancement of that educalion. together with physical and moral training, provision of boarding and day accommodation for teachers and children of both sexe5 and, the provision of teacher training. The College has a Strategic Plan 2019-2024. developed around thefollowing Purpose Ststemenl, Vision Slalement and ￿mS for Pupils., Purpose Statsment Inspire and educate every indiwdual in mind. arKI soul. Vlslon Ststement WyCl￿e will promote a poneering S￿rrt 8fKY erKOV￿ge indivK1uals to floursh and embrace their futures as global cjtizens. Alm$ for Puplls The College's aims the putlic benefft are for pupils to= Achieve their lull academic. spiritU81. physical and creative polenlial. Behave with 'unassLbming C￿fiden￿.". showing generosity of spillt. respect for others and appreciation of diversity. Cultivate socral and enwronmental awareness and an understsnding of their role as global ¢i1128ns. Develop skills. seIf-kno¥￿edge and resilience to fa￿ positNely all future challenges. Exhibit ¢reativity, innovalKJn and independence in their approath lo learning a￿1 to lrfe. Feel happy and Se￿￿. ' This was a cornment mèdè by lh& Inspecrx¥J ieam dunNJ thg 2016 ISI vi&r when seekrw lo descritse the Wcliffe pupils Ihey hadmet. Publlc Benefil The Trustees confimi that they have complied with thwr duty in Sectton 17 of the Charities Act 2011 to have due regard to the puL4ic benefit guidance published by the Charity Commission fw England and Wales. The Council an¢J Leadership Team encourage the slaff and the Wycliffe Community as a %thole lo identify ways in which the col￿ge can enhance its Contribut￿*Th to society- This indu¢Jes the ￿ntri￿ts0n of time. money, facilities and resources to loeal. national and intemational projects_ Some examples of the publ￿ benefft conlributions the College has made in the past 12 months,. Economic Impact Trustees have utilised the Oxfcfd EconomKs 'Economic Impact Assessment Tool 2018. to 8Stimate th8 financial impact that Wyclrffe has upon the UK economy as a whole and ￿E￿n the local Stroud Local Authority Oislrict: Year lo 31 Aug 2023 £24.6m £13.3m 603 £8.4m Totsl contribut￿n to UK GDP IdirecL S￿￿Y Chain and indrect staff spending) Of which." local impact Total jobs supported (direct, supply chain and Ir￿lTeCt stsff spendingl Totsl UK tax payments {direct. supply thain and indirect staff spending) Savings for the UK taxpayer as a ￿SuIt of attendance at Wydiffe by pupils entitled to a free UK stale place £3.4m Wycliffe College (Incorporated) Annual Report by the Council of Twstees for the year ended 31 August 2023 Public Benefit (continued) Access- Scholarships and Bursaiies Scholarships are awarded to the best applicants in their fiekls. A successfvl Stholar wrfl be a leader in their chosen field of expertise and a gotyJ role model during their tirne at Wydiffe. ScholaTships recognise lalenl in academic excellence. all rtyJnd contributi￿, art design technolw. drama. modem18nguages, music and sport. Bursaries will be awarded to pupils who a￿ looking for ￿aCeS in Year 7 and above. Bursaries wll only be awarded in exceptional circijmstances to those who would most benefft from 8 Wycirffe education but whose means make rt impossitAe to afford. The College also provides ￿gnIficant finanaal support lo families serving in thg British Arrned Forces. recognising Ihe Importan￿ of Ihe con1ribut￿n the Armed Forces make to society. The College has proV￿ed a commilment to these families that they will only pay 10% of the Sthool boarding fee after receipt of the Continuity of Education Allowance. In the year lo 31 August 2023. the total vahje of scholarships. bursaries and Forces awards (excluding stsff discounts and other concessions) was £2.2m12022." £1.9m} representing 12.2%12022'. 11.1%) of gross fee income. and a total of 246 {2022.. 237) pupils benefited in some way from these awards. T￿l￿$ng & Staff The College aims to train and induct new teathers each year and cnntinues io have links with the Gloucestershire Inilial Teacher Educatmy) Partnership. Staff are en¢ouragetl lo visit other local state s¢h(M)Is to deliver lessons and Sha￿ their experiènce and subject specific expertise. Teachers from local schools are invited to join our INSET programme, whilst school nurses alsojoin QLbr medical team for some or all of their annual training. Combined Cadet Force The College's Combined Cadet F￿ce FThided suprth to the lo￿1 community in a number of ways during the year, Plawng an integral part in the Slonehouse annual Remembrance se￿ice Supporting Ihe Royal British LegK)n by selling poppies for Remembrance Day in Stonehouse Supporting the Charitable efforts of Framplon Fair. Colthling for RBL, acting as stewards and staffing Ihe patrons tent Charity fundpising for Down Syndrome Soriety ihrough Ten Tots Event SupFKJrting the use of the range for training a l(Kal ParalYm￿.an Working wth 8risld and Gloucester Wing of the ￿r Training Corps to reAluce their staff burden for Ten Tors CCF Staff using qualifications gained thrO￿h the Cdlege io support local ATC an¢J Scout units Mrilh shooting and navtgalion trainiry. FacIlit￿S The College made its facA1￿.e5 available to the local communrty. Some lettings wern made free ofcharge. others are subsidised by the College. Where the College eharges for these lettings. rt aims lo keep the charges lo a minimum. Examples of the facilities wh￿h were frequent5y kel to local sclMx￿$. t￿Mmunity groups. clubs and teams during the year are", Aslro turf pitch {h(*key. football) Swmming pool Sports Hall (badminton. crid(et. nelball. fenryng. basketball. air pistol) Sports pitches Icrickel. rugby) Drama Iheatre Wycliffe College (Incorporated) Annual Report by the Councll of Trustees for the year ended 31 August 2023 Publ1¢ Benefit Ic¢ntlnued) Tennis courts Exam centre for extemal candidates stibng public exams Severn Stars Nova Academy The College continued as a Sevem Stsrs Nova Academy, providing training facilii¢es and coaching free of charge. Seven Stars are a Vitality Netball Supedeague team. Their Nova academies aim to provide elite training lo tslented young netballers from all backgrounds a￿osS the c￿nty. Making a DIffe￿nCe Day The College held its annual 'Making a Diffe￿n￿ Day, in late June 2023. This invofved over 2LK) pupils and 50 members of staff from across the Senior S￿￿1 spending a day in a raThJe of activities to support the local community- These activities induded- Environmental projects at Slimbridge Wetlands Centre Running a Sports Day fN I￿1 primary schools. with over 80 pupils attending Clearing a local overgrown graveyard and churthyard Singing to residents ol a local care home Weeding. litter picking and general support to Stonehouse in Bloom A sponsored walk in suprx)rt of Bristol & Weston Hospitals Chairty Volunteers The College wishes to record ￿t$ thanks to 811 Old Wydiffians, Ihe Senior an(J Prep SC￿)01 Parents Associalions and other Frier￿S of Wycliffe who have given continued and valuable support during the year. STRATEGIC REVIEW Revlew of achlèvèment and perfom)ance for the year Pupil Numbers The Council aim to maintain a balance be￿een day and boarding pupils. and boys and gids to ensure diversity across the C(Alege cDmmunity. An analysis of average pu￿1 numbers is sel out below," Senior School 212 181 59°A 41% Prep School 170 65 55% 45% Day pupils Boarders Boys Gitls Educational Perforniance Senior Scljool The academic year 2022-2023 began ISI reccgnising pupib, a¢adern￿ achievements as 'Excellenl' for the first time in Wycliffe's history. The 2023 GCSE. BTEC. AS and A level resutts saw 8 retum. nationally, to ariu￿ment wtlh pre-pandemic levels as the exams regulator. Ofqual. sought to achieve grade distribution broadly in line with 2019 levels lor pupi15 in England. Wycliffe College {Incorporated) Annual Report by the Councll of Trustees for the year ended 31 August 2023 Review of achievement and perforniance for the year (continued) At Wycliffe. oulo)mes al GCSE and A level were 9t￿ againsl the national deflation picture and in many Cases. excellent. Wth the GCSE cohort marginally stronger than the nat]onal average and A level cohort significantly lower on average, the pupils, achievements nonetheless outstripped the national picture at all levels. Within this. performance of Wydrffe's mosl able pupils, when compa￿d to that of local selective schools. was once again ex￿lIent BTEC results for the departing Year 13 cthort were particulady strong. Within the exams data the￿ were. ￿ce again. some in(JNidual narratives of success reflecting the schty)I's philosophy. Even among a few apparenyy disappointing outcomes, there were a handful of pupils for whom significant mental health and l or pastoral challenges meant that even the lowest grades were cause for celebration. For some. c(wnpletion of a course of studies. even without a qualification at ihe end. whilst not entirely satisfactory from the school's perspecttve. mel the obieclives for the pupils and their parents. Wydiffe's successful re-accreditalwjn of CReSTeD 51alus reflected its reputation for excellence in supporting those with mild lo moderate dyslexia. Prep School Strong overall acthmic progress and performance from Eady Years to Year 8 has been demonstrated in the Prep School. evidenced by the following measu￿$.. 91¢A of pupils mel or exceeded age-r&￿ted expectations in prcgress in Reading {PIRA stsndaréised assessment) 78% of pupils met or exceeded age-￿lated expectations wi prcoress in Maths (PUMA stsnLlaidise(J assessment) 770/tr of pupils met or exceeded age-related expectations in prcoress in S(ience across year groups 3 to 8 IGL SO"en￿ slandardised assessmenll 960A Wycliffe Baccalaureate Iyear 8 award intemally assessed agair)sl age-relaled expectations) Pass and above attainment. with 47% aCh￿VIng a Merit or Diskn"nction {hghest bands) Sport and Extra CurriGular- Pupils'Achievemenfs A detailed review of the pupils. numerotjs and ex¢eplMmal achievements during the yw are recorded in The Wycliffian and Young Wycliffian publications annually. These outstanding publications describe the varied activrties 8vailable to our pupils across a range of sporting. musical and other extra-curricular pursuits. 11 demonstrates how the College is committed to ensuring that our pupils educational expeiience is far broader than academic attainment. The publicalions are available lo rwew on Ihe College website". htt s..Ilwww. diffe.co.uklw htt s'.Ilwww. diffe.co.uklw -conlenVu -c¢JntenUu lOad￿2023110￿ drffian Com lele web. ads120231091Youn -w drffian LowRes. Facilrfies and Resources The Council remain commitled to invesbng in ongoing wmprovemenl lo the College's facilities. Works completed during the year I￿ude- refurbishment and improvement of certain l)oarding accommodation, inslallalion of solar panels. instsllation of deCtr￿ charging points for staff use. and inveslrnent in the CcAlege's WIFI. Wycliffe College {InGorporated) Annual Report by the Council of Truslees for the year ended 31 August 2023 Plans for future periods The College's plans for futu￿ periods relaie lo the delNery of its rolling Slralegic Milestones. For the year ended 31 August 2023 these indude ongoing delivery of the next stsge of the Diversity, Equity and Inclusion plan Strategy. ernbra￿ the benefits of being a Roundsquare member and a focus upon pupil recruitment into the Prep Schcd and t(trarders in Ihe Senior School. Fundralslng The College and Foundation do not actively fundrai%e. Donations and legacies are received from indiwduals periodically. lTrve$lment perforniance The College continues to hdd ￿VeStMents subj.ect to donor reslrielK)ns to create income pending ulilisalion. Perforrnar￿ during the year was satisfactory. Energy and Carbon Reporting The Council understsnds the need to h￿hlIght its energy ¢(*￿￿mpli0n throlpah year and lake measures lo irnprove the energy effioency for a sustainable hjlure. This equated to the following Tatios.. Associated emissions in tonnes C02e 1.231.00 Intensity ratio- tonnes C02e per pu￿1 1. The College has tsken the followNJ measures to improve ￿eryy effic*ncy. Installation of Solar Panels on selected building roofs Installation of LED throughout the entire campus Installed 3 themios pool covef lo reduce loss of heal from the swimming tm) Use of several electric vehicles Within the College's operational departments Instsllation of electric vehicle charging points bringing total to 7 over campuses Gas and Electricity procured from 100% sustainable sources through a k)cal company. Increased recycling opportunities ané facilities around ¢ampuses. Non-recyded wasie is managed by zero to landfill accredited company. The College continue5 to monitor its consumption closety and explore5 all opportunities to reduce ils carbon footprint. We have followed the 2019 HM Govemmenl Enwronmental Reporting Guidelines. We have also used the GHG Reporting Protocol Corporate Standard and have used the 2022 UK Government Conversion Factors for Company Ret4)rting. The chosen intensity Measu￿Ment ratio is totsl 9ross eNissions in metric tonnes C02e per pupil. the recommended rabo for the sector. Engagement with employoes The Counryl tskes active steps to ensure matters concerning staff are disseminated by letter, email or verbally by managers. Regular meetings take place wrth staff where management make employees aware of how Ihe College is perfom)ing and discuss the challenges it currently faces. The Council ensures that the suggestions, ￿ewS and interests of em￿oYeeS are captured and considered in our Wycliffe College (Incorporated) Annual Report by the Council of Trustees for the year ended 31 August 2023 Engagem¢nt with •mploy•es 1¢ontinu￿) decision-making. The Colkge has a strong equal opportunities policy where we actively promote and encourage opportunrties and no ernpknyee or prospectsve employee will receive unfair treatment Engagement with suppliers, cuslomers and other business relationshlps The Council recognises the need lo maintain and foster good relationshipswith our suppliers, the parent body and others. nxjnrtoring closely our dialogues wth all of them. Vthere possible the College aims lo promote local business using Iccal suppliers and seeks to balance the teneffits of maintaining strong partnering relationships with those key suppliers alongside the need to obtain value for money and the desired quality and service levds for our pupils. The College has a well*stablished payment system where we pay suppliers prompdy and accuratety. $Upw￿ng documentskn.on Whe￿ appropriate. Custorr£rs of the school are predominantly the parent bL%Jy and the College invest heavity in ensuring that parents and fully en9aged and aware of changes in the schwl and aim to inform parents in a timely manner. Communicatjon is sent through various mediums from letters. emails to a pers0nalised'pa￿ftt )rtal' which acts as a main source of inf0M￿tKin. Payft￿nts due are collected efftiently and with sensitivity, Whe￿ appropriate and the College offers many forms of payment op*'ons io best suit individual needs. The College engage positively wrth our pupils and their parents wtrwe we listen carefvlty to our pupils and value feedback and opinions of thwr parents. Promoting the success of the xhool The College is highly regarded domest￿llY and intemabonalty with de¢i5ions tsking into account the interests of, and the impact on. the pupils, the parent body. staff, suppliers. the environrnenl, the Iccal community and all others likely to be affected. We strive continually not only to maintain but also to enhance our hard-won reputalion for integrity and hgh standards. FINANCIAL REVIEW Results for the year The Council monitor5 the financial performance of the College against three key performance indicators, these being the level of surplu5, expenditure on teaching salaries and bank t¥)rfowings. Performance is revtewed by the Council on a lemily basis. The College a150 uses extemally available benchmarkin9 data from the independent schcds se¢tor to rnonilor and assess finan￿al perfOrrnar￿. The net movement in funds was a def￿[t of £1.399.59912022 deficit of £490.1581 The College reported an operab'ng surplus in the year {pre interest depreciation) of £36,77612022'. surplus of £647.258) The financial wsition at the balan￿ sheet date was less favourabbe than the prior year due to the net deficit in movement of funds. Exlemal bank torrowing5 increased to £4.612,623 12022 £3,250,000) at 31 August 2023. although Cash at bank increased by £334.615, such that the true net increased exposure was approximatety £1,028,CN)8, representing athe wotking caprtal management and capital expenditure projects over the summer. The College's trading subsidiary. Vloodpark Limrted and Wydrffe Colle9e Foundation {a separate legal ents'ty deemed to be under the control of ihe College) contributed tumo¥er. profft and net assets ouuined in note 14 to the Financial Staterr￿nts. 10 Wycliffe College (Incorporated) Annual Report by the Council of Trustees for the year ended 31 August 2023 Re$er¥¢$ Level and Poli¢y and Financial Wiability The College's unreslricled funds, including the revaluation reserve. were £22m as of 31 August 2023 12022.. £23m), vtholly ￿e￿Oyed as part of the College's premises and equipmenl supplemented by extemal funding. as required, in the fomi of a flexible secured 108n. Day to day working capitsl needs are met by careful management of short-temi liquid resources and the 10 year revofving loan tscility. Restricted funds held of £1.4m and so lolal funds at 31 August 2023 are £23.2m. The Council have considered. as part of its Risk Management. the risks and uncertainties of operating an independent educational establishmenl and has condudeLI that the nee(1 lo hold free reseNes is not crucial to the day to day operation of the College. The wlicy is Iherefore to c￿trol net current liabilities using annual operating surpluses. Exlemal borrowing, when required, is controlled in order lo meet fvrther capital expenditure lo equip the College with the up-to-date facililies needed lo maintain and further improve the slandard of educational services currenily prowded. Going Concern The College meets is day-t(pday working ￿qUIrementS through the £7.&n Revolving Credii Facility. This facility is in committed until 2027. The College's financial forecasts and proJeth"ons. o)nsKlering reasonable and possible changes to trading perforniance. show that the College should be able to oper8te within the level of its current The Council do nol anbcipate any drffulty in meeting the obligations of the Charity as and then they fall due. Forecasts indicate Ihal the covenanl may be breached at 31 August 2024. due to rising Costs. Trustees have no reason lo believe that the bank wll not agree to waTve the covenant again. given previous waivers. Trustees are ackn.vely pursuing projects lo reduce clists as well as aclions to increase pupil recruitment. The Council believe it ￿MaInS appr￿rIate to prepare the financial ststements on a gung concem basis. Prlnclpal Risks and Un¢ertalntles The Council are respOn￿￿e fc￿ the management of the risks faced by the College and place considerable importance on achievir@ compliance vth thanty. education and health and safety legislation. The College's solicitors review the prinapal Col* poliaes on a regular basis 8nd all other policies are rewewed by the College's Leadership Team. The College ernploys a full ts.me 'Risk and Compli8nce Managerf which underlines the wofile Wydiffe accords to the operational spectrum of risk management. The Council are ulb'mately accountable for all risks as￿lated wrth the College and 10 8ssisI in the reduction or. where pra¢b¢able, elimination of such risk.. it devofves such responsibility to the Head, Leadershp Team, and Risk and Compliance Manager. The College's Risk Register idenbfies any major risks lo the College. grading those risks by likelihood arKI severity induding measures lo mitvJate them. The Coun￿1 regularty rewews the effects"veness of current plans and straleoies for managing all KlenIrf￿d major risks. Key staff are aware of the register and offer risks appertaining lo their area of work for consideration and indusion in thss dcKument. In the event of a major siluation involwng or otherwse affecting the College. business CL)nlinLbity and disaster recovery plans are in place. These plans are subjecl lo regtjlar review. 11 Wycliffe College (Incorporated) Annual Report by the Council of Trustees for the year ended 31 August 2023 Principal Risks and Uncertainties (continued) Inlemal financial controls are checked by the Auditors and reviewed with Ihe Finance Commitlee annually. The key controls used by Ihe tharity indude." Engag1￿ the Council in the activities of the College., regular. informal ￿$it$ are the norm Formal agendas for all Counal and SUtr￿COmmittee meelings are distributed al least seven days befo￿ meelings". minutes, approved by Ihe Chairlsl. a￿ distributed on a timely basis Extensive finanaal management infomiation is presented to the Ccwnul well in advance of Ihe Council meetings.. the Counul are consulted on the volume, fomial and content of informalion presented for decision taking Clear operating guidelines are given to the Officers of the College An organisational structure and lines of reporting Formal written pdicies within the College Clear authorisation and approval levels, and vetting procedures as required by law for the protection of the vulnerable. The Counul have deelared themselves Satisfied that major risks have been identified and adequately mitigated wherever reasonably praclicable. 11 is recognised that systems can only prowde reasonable not absolute assurance that major risks have been adequately managed. ststemenl by the Coun¢ll In the perfonnance of their statutory duties in accordance with $172111 of the Companles Act 2006 The Council believe that they have effectively implemented their under section 172 of the Companies Acl 2006. The Council has considered the long-lemi strategy of tho business within the Strategic Repcvt and consider that this stralegy wll COn￿￿e to deliver long temi success lo the business and ils stakeholders. The Counryl is committed to maintaining an excellent reputatK)n and strives lo achieve high stand8rds. We are highly selective aboul which suppliers are used to deliver best value while maintaining an awareness of the environmentsl impa¢t of the work that they do and sirive to reduce their carbon foolprinl. The Counul recognise the importance of wider slakeholders in delivering their strategy and achieving sustainability wthin the business. The main Stakeholders in the company a￿ considered to be the employees. suppliers and customers. In Ènsuring that all our stskèholders ar8 considered as part of every decision pT￿Ss we believe we act fairly between 811 members of the Counol. Trustee$ re$ponsibililie$ The Trustees (who are also directors of Wydrffe College Ilncorporatedl for the purposes of company law} are responsible for preparing the Trustees, Report and the financial statements in accordance with appluble law and United Kingdom Aecounting Stsndards (United Kingdom Generally Accepled Accounting Practice)- Company law requires the Trustees to prepare financial statements for each financial year. which 9ive a true and fair view of the stale of affairs of the ¢h8rif8ble Company 8nd of the incoming resources and application of resources, including the income and expenditLITe. of the tharitab￿ company fLY the year. In prepariNJ these financial stslements. the Trustees are requi￿ lo.. Select suitable accounling polioes and then apply Ihem consistenlly Observe the methods and pllnaples in the Charitie5 SORP Make judgements and estimates that are reasonable and prudent 12 Wycliffe College (Incorporated) Annual Report by the Council of Trustees for the year ended 31 August 2023 TNsts•s responsibilities (continued> stste whether applicable UK Accouth'ng Standards have been follthved, subject to any malenal departures disclosed and explained in the financ￿1 statements Prepare the finanual ststemenls on the going concem basis unless il is inap[￿0priale to p￿SuMe that the charitable company will contsnue in operatKm. The Trustees are responsible for keeping adequate a¢counb"ng re¢ord5 Ihal di5cbse with rea50nab accuracy, at any ts"me, the financial posib.on of the charitsble company and enable Ihern to ensure that the financial stalemenls comply with the Compan￿$ Act 2006. The Trustees are also responsible for 5afegiJarding the assets of the charitable Company and hence for taking ￿asonable steps for the prevenb.on and deteclion of fraud and other irregularib"es. Relevant Audil Infomiation In so far as the Trustees are aware. as members of Council, at the dale of approval of this report.. There is no relevant audit information of wh￿h the chantable company's auditor is Unawa￿,. and The Trustees have taken all 5tep5 that they ought lo have taken lo make themselves aware of any relevant audit inf0m1at￿n and to establtsh that the audrtor is aware of that information. Annual Report (incorporating the Strategic Report) approved by the Council of Trustees on 11th December 2023 and signed on 115 behalf by.. MrSFMLloyd Chair of the Council of Trustees 13 Wycliffe College (Incorporated) Independent Auditors. Report to the Members of Wycliffe College for the year ended 31 August 2023 Opinion We have audited Ihe financial slatements ol Wydiffe College Ilncorporatedl Limited by Guarantee I'the Parent Charitable Company'l and ils subsidiaries (￿e Group") for the year ended 31 August 2023 which comprise the Statement of Financial AcliMb"es. the Balance Sheet. Ihe Cash Flow Statement and notes to the financial statements, including a summary of significant accounling pdioes. The financial reporting framework that has been aprAied in their PTeparatN)n is applicable law and United King¢Jom Accounting Standards (United Kingdom Generally Accepled Accoijnling Practice), induding Financial Rewrting Standard 102 The Financial Reporting Slandard applicable in the UKand RepublK of Ireland and the Charitie5 SORP IFRS1021. In our opinion the financial statements- give a true and fair view of the stsle of the Group's and of the pa￿ nt Charitsble Company's 8ffairs as 8t 31 August 2023 and of the Group's incoming resources 8nd applicalion of resources. incIL￿ing ils income and expenditure. for the year then ended- have been propedy prepared in ac¢ordan¢e with United ￿'ngdorn Generalty Accepted Accounting Practice.. and have been prepared in 8ccordance wtth the requir8m8nts of the Companies Act 2006 and the Ch8ri1ies SORP IFRS1021. Basis for opinion We conducted our audit in a￿rdance wth Intemational Standards on Au(J￿rt9 IUKI (ISAS IUKII and applicable law. Our resF)onsibilitl8s under those standards are further describèd in the Auditorfs responsibilities for the audit of the financial statements section ol our report. We are independent of the Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Stsndard. and we have fvlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audrf( evidence we have obtained is SLrfficienl and appropriate to provide a basis for our opinMTh. Conclusions relating to going concern In audiling the financial statemenls. we have corKluded that the trustees. use of the going concem basis of accounliNJ in the preparalicfi of the financial statemenls is appropriate. B8sed on the work we have perfomied. we have not klent1f￿d any material uncertaint￿$ re18ting to evenls or con¢Jilions th81. in¢JivKlually or collectNety. may ￿st swjnificant doubl on the Charitable Company's ability to continue as a going concem for a period of at least Iwelve months from when the financial stalemenls are authorised for issue. Our resFuisibilities and the respjnsibilities of the trustee5 with respect to going concem are described in the relevant sections of this report. Other infomation The Trustees are responsible for the other information. The other lnfomiatit￿ comprises the infOrmat￿)n induded in the Reference and Administrative delails, Trustees, ReFQrt and the Govemance Statement, other than the rinancial statements and our auditor's re￿rt thereon. Our opinion on the financial stslements does not cover the olhei inf0mat￿n anij. except to the extent othe￿ise ewiutty stated in our re￿. we do not express any form of assurance condusK)n thereon. In connection with our audit ol the financial statements. our responsibility is lo read the olher infom)alion and, in doing so. consider whether the other infomation is mateftally inconsistent vmth the financial slalemenls or our knowledge obtained in the audit or olherwse appears to be materially misstated. If we idenlty such material inconsistenues or apparent material misstalemenls. we are required lo detemiine whether there is a malerial misslalemenl in the financial statements or a matwial misstalement of the other information. If, based on the wod( we have performed. we condude that there is a material misststemenl ol this other infomiation. we are required lo report thal fact. We have noth￿9 to report in this regard. 14 Wycliffe College (Incorporated) Independent Auditors, Report to the Members of Wycliffe College for the year ended 31 August 2023 Opinions on other matters prescribed by the Companies Act 2006 In (yjr opinion, based the work undertaken in the course of the audit.. the information gwen in the govemors. rerKxl (in￿rPoratIng Ihe strategic report and the directors, report) for the financial year for the financial statements are prepared is consistent with the financial statements- and the strategic rewrt and the dIrect￿S. rewl have been prepared in accordance with appI￿able legal requI￿rnents. Matters on which we are required to report by ¢x¢eption In the light of otjr knowledge and understanding of Group's and the Parent Charitable Company and its enmronmenl obtained in the course of the au¢Jit. we have not identified material misslalements in the strategic report and the directors. rewrt. We have nothing to report in respect of the following mattets in relatK)n lowhich the Companies Act 2006 requires us to report lo you if. in our opinion.. adequate aceounling records have not been by the Parent Charitable Company. or returns adequate for our audit have not been received from branches not visited by us", or Ihe Parent Charitable Company financial staiements are not in agreement wilh the acc(wnling records and returns.. or certain disclosures of directors. rerwneration spear￿d by law are not made.. or we have not received 811 the infom)aI￿n arxl explanations we require for our al￿•1. Responsibilities of Trustee5 As explained more fully in thé Statement of Trustees, Re$r￿SibilIties. the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statemènts and for being salisfied that they give a true and fair view. and for such internal Control as the trustees determine Is necessary to enable the preparation of financial statements that a￿ free from material misslalement. whether due lo fraud or effor. In preparing the financial stslements, the truslees a￿ responsible for assessing the Group's and the Paienl Charitable Cornpany's ability to continue as a going con￿M. disclosing. as applicable. matters related to going concem and using the going concern basis of accounting unless the govemots either intend to liquidate Ihe Charrtable Company ￿ to cease operations. or have no realistic altematsve bjt lo do so. Auditor's responsibilities for the audit of Ihe finan¢ial slalements Our objectives are to obtain reasonal￿e ass¥Jr8nce about whether the finanual statements as a whole are freè from material misstatement, vtheiheT Ilue to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance is not a guaranlee that an audil conducted in accordance wlh ISAS {UKI wll a￿ayS delect a material misststement when il exists. Misstalemenls can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financAal statements. Irregularities. including fraud, are inslances of ncffl-(x)mrAiance wilh laws and regulations. We design [￿￿eduleS in line with our responsibilities, oullined above. to dele¢l malerial misstatemenis in respect of irregularities. ncluding fraud. The extent to which our prC￿edureS are capable of delecling irregularities, including fraud is detsiled below: We obtsined an understanding of the legal and regulatory framewcxks applicable lo the company financk41 statements or that had a fundamental effect on the operations of the company. We delerniined that the most significant laws and regulations induded UKGAAP, UK Companies Acl 2006 and taxation laws,. We assessed Ihe susceptibility of the company's finanaal statements lo material misstslemenl, induding how fraud might occur. Audit prcKedures perfomied by the engagement team included challenging assumptions and judgments rna￿e by management in its significanl accounting estimales and Kienlifying and tesling joumal entries. in particular any joumal enlries posted wlh unusual characteristics. 15 Wycliffe College (Incorporated) Independent Auditors, Report to the Members of Wycliffe College for the year ended 31 August 2023 Because of the inherenl limitations of an audit. Ihere is a risk that we will nol delect all wregulari14es, including Ih05e leading lo a material misslaleEnent in the financial 51atemenls or non-wmpliance wlh regulation. This risk increases the more that compliance with a law or regulation is removed from the events antj transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regardrng Ir￿gUI3n1les occurring due to fraud ratsr than error. as fraLKI involves intentional concealment, forgery, c￿lUSion. omission or misrepresentatK)n. As part of an audit in accordance wth ISAS IUKI. we exercise prOfeSs￿nal judgment and maintain professional scepticism throughoul the audit. We also-. Identify and assess the risks of material misstatement of the finan(ial ststements. wheiher due to fraud or error. design and perfoTh audil procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinK)n. The risk d not detecting a materia1 missiatemenl resulliTrJ from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery, inlenlional omissions, misrepresentations, or the override of intemal conlrol. Obtain an undefslanding of inlemal control relevanl to the audit in order lo design audit procedures that are appropriale In the circumstances. but not for the purpose of expressing an opinion on the effectiveness ofthe Charitable Company's inlernal control. Evaluate the appropriateness of accounting rKJlic￿s used and the reaSonab￿nesS of aecounting estimates and ￿ lated disclosu￿$ made by the trustees. Conclude on the approprialeness of tt)e govemors. use of the going COn￿M basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or Conditions that may cast signfficanl doubl on the CharitaUe Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required lo draw attents.on in our auditor's report to the related dis¢1osures in the financial statements or, rf such disclosures are ina(Sequate. to modrfy our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audrtofs report. However, futijre events or conditions may G4use Ihe Charitable Company lo cease to continue as a going concem. Evaluate the oveoll presenlalion. structure and content of the financk41 stalements. including the disclosures, and whether the financial stslefflenls represent the undedying transactions and ovents in a manner that a¢hieve5 fair presentation. We communicate wfflh those charged wth govemanee regarding. among other matters. the planned scope and timing of the audit and S￿n￿lcant audit fin{￿ngS. InC￿jding any svjntficant deficienoes in intemal control Ihal we idenb'fy during our audit. Use of our report This report is made sdely lo the Charitsble Company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Acl 2006. Our audit work has been undertaken so that we might stsle to the Charitsble Company's members Ihose matters we are required to slate to them in an auditor's repN)rt and for no other purpose. To the fullest extent pemrtted by law. we do not accept or assume responsibility to anyone other than the Ch8ritable Company and Ihe Ch8ritable Company's membefs as a bcxly. for our audit work, for Ihis report. or for the opinions we have fomed. Date Scott Lawrence A DChA (Senior Statutory Audilorl For and on behalf of Hazlewoods LLP. Statutory Auditor Slaverton 16 Wycliffe College {In¢orporated) Consolidated statement of financial activities {including summary of income and expenditure account) for the year ended 31 August 2023 Unrestricted Funds 2023 Restricted Funds 2023 Endowed Funds 2023 Total 2023 Total 2022 Note INCOME FROM CHARITABLE ACTIVITIES School Fees An¢illary trading inccrtne 15,208.116 350.756 15,208.116 441.528 14.766,066 537,008 .772 Income from trading activities other trading income 5b 264.654 264.654 130,674 Other incorne Investment income Donations and fundraising Surplus on the sale of fixed assets 13.685 9.375 21.467 35,152 10.435 19,585 110,964 Total Income 15.846.586 113.299 15.959,885 15,564.297 EXPENDITURE ON CHARITABLE ACTIVITIES Provision of education 16,892.885 103.675 16,996.560 15,649,156 Other costs Fundraising costs Financing costs Trading costs IAanagement costs Deficit on the sale of fixed assets 31.399 296.950 1,660 4.677 31.399 296.950 1.660 12.432 25.390 156,250 3.075 12.616 7,755 7113 767 767 136.165 Total expendlture 17.228.338 111.430 17.339.768 15.982.652 Net {expenditureyincome before gains, losses & Iransfers {1,381.7521 1,869 (1.379.883) {418,3551 Net profiullossl on investment assets (7.402) 112.3141 {19.716) 171,803} Nel expenditure {1,389.1541 (10.4451 (1.399.599) {490,1581 Transfers between funds Nel movement in funds {1,389.1541 (10.445) (1,399.5991 14go.158) 17 Wycliffe College {Incorporated) Consolidated statement of financial activities {including summary of income and expenditure account) for the year ended 31 August 2023 Continuad Unrestricted Funds 2023 Restrlcted Fund$ 2023 Endowed Funds 2023 Nott Total 2023 Total 2022 Reconcilialion of funfjs Total funds brought fofward 24 23.196,$69 1.467.520 24.664.089 25.154.247 Net movement in funds {1.389.154) {10.445) (1.399,5991 1490.1581 Total funds carried forward 24 21.807.415 1,457,075 23.264.4 24.664.089 The slalement of Financial Acb'vities indudes all gains and hjsses in Ihe year. Al InCc￿lng resources and resources expended are derived from continuing aaivities. The College has taken advantsge of seclion 408 of The Companies Act 2006 r￿*1 to publish its own stslement of financial aclivilies. The College's net deficit for the yearwas £1.277.204 (2022.. £463.127)- The noles on pages 23 to 47 fomi part of these accounis. 18 Wycliffe College {Incorporated) Consolidated statement of financial activities {including summary of income and expenditure a¢￿unt) for the year ended 31 August 2022 Unrnstri¢¢ed Funds 2022 Re$trTrcted Funds 2022 Endowèd Funds 2022 Total 2022 INCOME FROM CHARITABLE ACTIVITIES School fees Ancillary trading income Govemment grants 14.766.066 433.984 14.766.066 537.008 103.024 Income from trading activities Other tradin9 income 130.674 130,674 Other income Invèstment income Donations and fundrai&ng Surpluslldeficillon the sale of fixed assels 7.685 10.904 11,900 100,060 19,585 110,964 Totsl Income 15,349.313 214,984 15.564.297 EXPENDITURE ON CHARITABLE ACTIVITIES Provision of education 15.S46.272 102.813 71 15,649.156 Olhèr costs 25.3 156.250 3.075 4.650 136.165 25,390 156,250 3,075 12.616 136.165 Fundraising costs Financing costs Trading costs Investment Management costs 7.966 Totsl expendi￿re 15,871,802 110.779 71 15,982,652 Net expenditure before inveslment gains {522.489) 104.205 171) {418,3551 Net profitllkjss) on invesimenl assets (27.5751 {44.2281 171,8031 Net expenditure {550.064) 59.977 1711 1490,1581 Transfers betsveen funds 18.715 622.211 (640.9261 Nel movemenl in funds 1531.349) 682.188 (640.997> 1490,1581 19 Wycliffe College (Incorporated) Consolidated statement of financial activities {including summary of income and expenditure account) for the year ended 31 August 2022 Continued unr￿trIcted Fund$ 2022 Restricted Funds 2022 Endow•d Funds 2022 Total 2022 Re¢on¢iliation of funds Totsl funds brought forward 23.727.918 785.332 640.997 25.154,247 Nel movement in fijnds (531.3491 682.188 (640.99n {490.1581 Totsl funds carried forward 23.196.569 1.467.520 24.664.089 The t￿leS on pages 23 to 47 fom) part of these accounts. Wycliffe College (Incorporated) Balance Sheet for the year ended 31 August 2023 Consolldated 2023 Consolidated 2022 College 2023 College 2022 Notes FIXED ASSETS Tangible assels Investments 13 14 31.024.270 1.910.332 32.934.602 30.917,223 1.908,251 32.825.474 31.024.270 30,917.223 31.024.272 30.917.225 CURRENT ASSETS Stock Debtors Cash al bank and in hand 2,008 4.176.835 1.280.673 15 16 3.717.886 946,058 4,502.580 1,044.426 3.807.952 822,781 5,459,516 4.666,284 5.547.¢ 4,630.733 Creditors: Amounts falling due within one year 17 9,279,367 8.683.088 9.269.505 8,674,561 NET CURRENT ILIABILITIESI (3.819.851) {4.016.8041 {3,722,4991 {4.043,8281 TOTAL ASSETS LESS CURRE14T LIABILITIES 29.114.751 28.808.670 27.301.773 26,873.397 Creditors.. amounts falling due after more than one year 18 5.850.261 4.144.581 5.850,261 4.144,581 TOTAL NET ASSETS 23 23.264.490 24.664.089 21.451.512 22,728.816 Fund5 Unreslricled funds Rev81uation reserve General 24 24 3.139.370 18.668,045 21.807.415 3.178,240 20,018,329 23.196,569 3.139.370 18,106.780 21,246.150 3.178.240 19.332.310 22.510.550 Restrlctad funds 24 1.457.075 1,467,520 205.362 218.266 TOTAL FUNDS 23.264.4 24,664.089 21.451.512 22.728,816 The finanual stslements were approved and athhorised issue by the Counul of Trustees on 11th December 2023 and signed on their behaw by.. MrSFMLloyd Chair of the Council of Trustees Mrs C J Duck Ifice Chair of Ihe C(yJncil of Trustees The notes on pages 23 to 47 form part ofthese financial ststements. 21 Wycliffe College {Incorporated) Consolidated statement of cash flows for the year ended 31 August 2023 2023 2022 Notes CASH FLOWS FROM OPERATING ACTIVITIES Nel cash use¢J in op8ratwig activbtss 25 60.035 62,325 Cash flows from invesling activities Interest received Dividends received Payments lo acquire investments Receipts from disposal of investments Payments to a¢quirÈ tangiblè fixed assets Receipts from disposal of tangible fixed assets 942 34.209 163.4851 42.481 {1.109.4781 300 297 19,288 (1,417,582) 1.343.958 (567,051) 5.100 Cash flows used in investing aclivities 1.095.031 615.99) Cash Ilow from financing activities Net increaselldecreasel in advance fees scheme money Nel increaselldecreasel in hi￿ purchase loans Net increaselldeueasel in bank loan Net increaselldecreasel in CBIL 118.059 9.442 1,362.623 310,053 21.163 750,000 Nel cash inflowlloufflowl from finanang 1.490.124 1.081.216 Increase in cash and cash equivalents during the y 335.058 527.551 Cash and cash èquivalents al the start of the year 985.917 458,366 Total Cash and cash equivalents at the end of the year 1.320.975 985,917 Cash and cash equivalents at the end of yoar comprise: Cash at bank and in hand Cash on deposit 16 14 1.280.673 40.302 946,058 39.859 1,320.975 985.917 The noles on pages 23 to 47 IC￿ part of these financial sLrytements. Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2023 Statutory infonnation The S¢hool is a Publi¢ Benefrt Entity registered as a Charity in England and Wales and a company limited by guarantee. 11 was incorporated on 10 April 1931 {￿MpanY number. 2556321 and registered as a charity on 28 July 1966 {charty number.. 3117141. Details of the registered address is given on page 2 and details of the prinapal activity is given in the report of the council of trustees. Accounting policies Basis of preparing financial sLitements The functional Curren￿ of the College is considered to be pounds steding because that is the currency of the primary economic environment in whK* the School operates and all amounts are rounded to the nearest pound. Basis of consolidation The group accounts consolidated ihe accounts of Wydiffe College (Incorporated) limited by guarantee and ils subsidiary undertakings, Wydiffe College Foundation and Woodpark Limited on a line by line basis. The accounts a￿ made up lo 31 August 2023. Wycirffe College Foundation is deemed to be a subsidiary based on Wydiffe College Ilncorpor8tedl Limrted By Guarantee ha￿n9 ￿ntrol over the entity. No separate stalernent of financial actNlties or income anij expenditure has been presented for the chariiable company alone as pefmitted by the Companies Act 2006 and the 2015 Charities SORP. The parent compan￿$ nel expenditure for the year was £1.292.73912022'. £463.1271. The results of the subsidiary undertakings for the year are discfosed in note 14 of the accounts. Statement of Compliance The finanaal stalements have been Fwared in aceordanee 7Mth the Fin8nck91 Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. the Companies Act 2006 and the Stst8m&nt of Recommended Practi￿ applicable to charities preparing their accounts in accordance with the Financial Reporting Standar¢J applicable in the UK and Republic of Ireland {FRS 1021- effective 1 January 2019. Going Concem The financial Statements have ￿en prepared on a going ￿nCern basis. The Group had total Net Assets of £23.264.490 and Net Current Liabi1it18s of £3.799,443 at the Balance Sheet date. Trustees have prepared financial forecasts and projectsons for the years ended 31 Augusl 2024. These projections show that the Group wll return an operaling sU￿lUS for the current financial year and for the year ended 31 August 2024. Trustees are confident that actions taken in the last year lo reduce fixed operating ￿$ts and increase pupil recruitmenl wll have an ongoing positive impact. The Trustees have reviewed numerous scmwios to consider the impact of further ￿duced pupil numbers, increased costs. or capital ex￿nse requirements upon the Group's ability to meet ils obligations as and when they fall ¢Jue. They are satisfied Ihat the scenario whith would require additional liquidity is less than possi￿e. and consequently does not impact upon iheir view Ihat Ihe going concern basis is appropriate. Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2023 Accounting policies (continued) Going Concem (¢ontlnued) The Group meets day~t(Fday working capitsl requirements through the 10 year £7.5m Revolving Credit Facility. The balance on 31 August 2023 vras £4,500.000 providing £3.(X)O.000 of headroom. The Counol believe it remains aprxwiate to Prepa￿ Ihe finanaal statements on a going concem basis. Income of Wycliffe College (Incorporated) Fees and similar earn￿ income This represents the invoicetl value of fees and other income net of bjrsaries and sChola￿h1pS Fees received for education to be wvHJed in fLrture years are CArried forward as defe￿ed. Donations and fundraising Oonations received for the general purwjses of the C(Alege a￿ cxediteé to unrestricted funds. Donations S￿￿'e¢l to specific wshes of the donors are credited lo relevant restricted funds. or to endowed funds. Donated assets are valued at estimated open market value al the dale of the gift. Govemment grants Payments received from the governmeni for furloughed employees are a form of grant. This grant money is receivable as compensation for expenses alreatjy incurred, and where this is not in respect of fuiure related Costs, is recognised in income in the perio(J in which it becomes r￿e1Vable and the relaled expenses is in¢urred. Income of Wy¢liffe College Foundation Legacies Legacies are reco9nised where there is entiuement, receipt is probable and the amount can be rneasu￿d wth sufficient ￿lIabIlIty. Dividends DivKlends are included when they are ￿CeNable. 8ank Interest Bank interest is induded ￿ an basis. 24 Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2023 Accounting policies (continued Income of Woodpark Limited Hire of facilitie5 Tumover from Ihe hire of facilities is induded Wthen it i8 ￿Ce￿al￿e and lo Ihe extent that the Service has been coM￿ete￿. Sale ol goods Turnover from the sale ￿ gcKMls is included wthen the swfftant risks and ￿WardS of ownership of the goods have transferred to the buyer. the amounl can be estimate wilh reasonable certainty. it is probable that the ecorwmic benefits will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably. Exp•nditure Expenditure is accrued as soon as a liability is considered probable, discounted lo presenl value or longer term liabilities. Ovethead and other ￿$ts not direcuy atln'butable to particular lunclional aclimty categorie5 are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the year. either by reference to siaff time or space occupied. as appropriate. The irrecoveraNe element of VAT is included wlh the item of expenditure lo which il relates. Governance ￿$t$ comprise the cost of complying with constilutional and statLrtory requirements. Tanglble flxed assets The costof tangible fixed assets is their purchase cfjsl. logelherwith any inadenlal costs ofacquisition. Freehold land and buildings indude original cost 8rKY subsequent aft￿ationS and alditions. Freehold land and buildings We￿ previously revalued using RICS open market valuation on a freehold basis by an irKlependent professionally qualifieé valuer. This value has since been treated 8s deemed COSI and not updated. in line wth transIt￿al wovisions of FRS 102. Depreciatlon Deprec4alion is prowded to wnte off the cost of all relevant langible fixeil assets less estimated residual value based on current market prI￿s. ovw their useful e￿noMiC lives. The rates used are as follows.'- Freehold land & buildings Furniture and fittings Equipment Motor vehicles and boats Computer sofN¥are 2- 10.kn per annum straight line 10- 20Yo per annum slraight line 10- 33.3% per annum straight line 10- 33.3°A per annum str8ight line 20- 33.3% per annum straight line No depreciation is charged on land. Assets un¢Jer the COU￿ of rnnstruction are not depreaated until they are brought into use. An amount equal to the excess ofthe annual deweciation charge on revalued assets overthe historical cost depreciation charge on those assets is transfeffed annually from the revaluation reserve to the unrestricted funds reseThe. Investments Investrnents are valued at current market value. 25 Wycliffe College {In¢orporated) Notes to the financial statements for the year ended 31 Augusi 2023 A¢¢ounting poli¢i¢s {continuedl Stock StrJ¢ks are stated at the lower of cost ry net realtsable value. Advance fee $¢heme Advance fees represent p8yTrents in 81fv8nce in ￿SpeCt of education to be provided in future terms in accordance with a wriiten contracl. The fees for each lem) are Charged againsl the remaining balances and tsken to income. Fund ¥¢¢ounting Details and the nature and purrKJse of each fund are set out in note 24. Pension ¢o$ts The pension costs charged in the Ststement of Financial Activilies are determined as fdlows: The Teachers, Pen￿on Defined Benefits sChe￿￿- this 5¢heme is a multi-employer pension scheme. It is not possible to identify the ￿ollege'S share of the underfwng assets and liabilities of Ihe scheme on a consistent and reasonable basis and therefore. as required by FRS 102. accounts for Ihe s¢heme as if il were a ¢Jefined contribution scheme. The College's contributions. which are in accordance wilh the recommendations of the Govemment Actuary. are charged in the period in which the salaries to which they relate are payable. Auto Enrolment Pension Scheme- this scheme is a unrf(-linked defined contribution scheme from The Peoples Pension {B & CE Ltd). The College COntr￿)uteS at varied rates of pensionable salary. For further infomiatk)n. see Note 30. Operating lèases rh'e annual rents on operating leases a￿ charged to the revenue account on a straight line basis over the lease term. even rf the payments are nol made on such a basis. Benefits received and receivable as an an￿ntIVe to sMJn an operating lease are similarfy Sp￿a￿ on a straKJht-line basis over the lease term. Leased assets- the College as lessee Assets obtained under hire purchase contracts and fin￿ce leases are capilalised as tangible fixed assets. Assets aCqUi￿d by finance lease are deprec3ated over the shorter of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are induded in creditors net ofthe finance charge allocated to future perrods. The finance element of the rentsl paymonl is Charged to the Statement of Financkal Acb"wties and Retained Eamings so as lo produce a constant periodic rate of charge on the net obligation outstanding each peric#J. Financial Instruments F¥wncial instruments are recoyntsed ￿en the College bewnes paty to the contractual provisions of the inslrumenl. Financial assets a￿1 liabilities a￿ offseL with the net am￿nts presented in the financial slalemenls, when there is a legally enforceable right lo sel off the recognised amounts are there is an intention lo setde ￿ a nel basis or to realise the asset and setile Ihe liability simultaneously. 26 Wycliffe College {Incorporated) Notes to the financial statements for the year ended 31 August 2023 Accounting poli¢*s (¢ontinuedl Basic finanrAal instrnments Basic financial assets. which include trade and other receivabks and cash and bank balanc£s, are initially measured al transaction price induding transaction cosis and a subsequently carried al amortised cost using the effective interest method unless the arrangement constilutes a financing transaction. where the financial asset is measured at the present value of the flrture receipts Oiscounled at a market rate of intewt. Impairment of financial assets Financial assets, other than those held at fair value through the stslemenl of financaal activilbes are assessed for indicators of impaimient al each reporting end date. Financial assels are impaired where Ihere is objective evidence Ihal. as a result of one or more events that occurred after Ihe inilial recognition of the financial asset, the estimated future cash fl¢)ws have been affected. If an asset is impaired. the impairment k)5s if the difference between the carrying amount and Ihe presenl value of the estimate cash flows discounted 81 the asset's original effective interest rate. The impairment loss is rec￿nISed in the statement of financial aclivities. If there is a decrease in the impairment bss arising from an evenl ocojrring after the impairment was recognised, the impaimient is reversed. The reversal is such that the current carying amount does not exceed what the carrying amount would have been. had the impaimient not previously been recognised. The impairnienl reversal is recognised in the stalement of financial activities. D¢re¢agnition of financial assets Financial assets are derecognised (￿lY when the contractual righls to the cash flows from the asset expire or are settled. or when the College transfers the financial asset and substantsalty all the risks and rewards of ownership to another entity. or rf some significant risks and rewards of ownership are retsined but control of the asset has transfe￿ed lo anolher paty that is able lo sell the asset in its entirely lo an unrelated Ihird paty. Classifi¢atlon of financial liablllties Financial liabilities are classified acLyJrding lo the substan(£ of the contractual arrangements entered into. Basi¢ financial liabilities Basic financial liabilities. induding trade other payables. bank loans and advance fee payments are initially recognised al transaction price unless the arrangement ¢onstitutes a financing transaction, where the debt instrument is measU￿d al the present value of ihe future payments discounted at a market rate of ￿tereSt. Debt instruments are subsequently carried al amortised cos( using the effective interesl rate method. Dere¢ognition of financial liabilities Financial l￿bilItIeS are derecognised when and only when. the Cdlege's conlraclual obligalk)ns are discharyed. cancelled. or they expire. Interest rate swap agreements The Cdlege uses inleresl rate swap agreements to reduce exposure to interest rale Changes. Derivatives are initially recognised at fair value on the dale a derivative contract is entered inlo and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in the statement of financial activities in finance costs or income as appropriate. The college does r￿1 currently apply hedge actsJJnkn"ng for derivatives. 27 Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2023 Critical accounting judgements and key sources of estlmation and un¢ertainty In the application of the accounting poliaes. Trustees are require(I to make judgement, estimates and assijmptions about the Car￿n9 value of assets and liabilities that are not readily apparent from other sources. The eslimales and undedwng assumptions are based on historical experience and other factors that are C￿sidered to be rdevant. Actual results may differ from these estimales. The estimales and underlying aSsuMpt￿nS are reviewed on an ongoing basis. Revisions to accounting estimates are reciKJnised in the period in which the esb.male is revised if the remsion affects only that period, or in the period ol revision and fulure perFods rf the revision affects current and future perK)ds. The folk)wing key eslimates and judgements are ad¢)pted ￿ the preparation of the accounts: Depreciation of tsngitAe ffixad assets - the Trustees exeruse their judgement in assessing Ihe uselul economic life of an asset and expected residual values where appropriate. 8ad debt provision the Trustees 8dopt a pwdenl an¢J Consistent basis of recognising the provision vthich takes inlo account debt collection rates throughout the year. bl In the view olthe Tnjstees. these are likety to result in a material adjusth)ent lo their ¢8rying Amounts in the next financial year. School lees recelvable Total 2023 T¢tsl 2022 Fees re￿1VatIe consist of.. Gross fees Less.. Total scholarships, bursaries and grant making 17.699,325 12,491,209) 15,208.116 17.041.066 {2.275,0001 14,766,066 Sthool fees recA2ivable of £15.208.116 {2022- £14.766.(￿) related lo unTesth"cted funds. Other incorne Total 2023 Total 2022 al Ancillary In￿)rne Other ancillary income RegistTah"on and entrance fees School coffee shop The Wydiffian s￿Iety 305.462 35.400 27.402 72,264 441,528 418.996 15.269 29.761 72.982 537,008 Income from the Wydrffran Sotiety of£72.264 {2022- £72,982) and for Expendable Grants ofÉ18.508 {2022- £30.0421 related to restricted fun(Js. All Oiher ancillary irthme was unrestricted. b) Other trading ineA)m6 Letting of school faulities 264,654 130.674 Other trading income was ￿n￿StriCted in the current and prior year. 28 Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2023 Investment in¢ome Unrestricted Funds 2023 Restricted Funds 2023 Endowed lunds 2023 Total 2023 8ank and other interest Dividends 101 21.366 21,467 942 34,210 35.152 12.844 13,685 Unrestrl¢ted Funds 2022 Restricted Funds 2022 Endowed funds 2022 Total 2022 Bank and other interest Dividends 278 7.407 7.685 19 11,881 11,900 297 19,288 19,585 Net incoming resources for the year 2023 2022 Net income for the year is stated after. Charitable expenditure indudes.. Depreciation Profitlllossl ¢)n dispos81 of fixed assets Auditors remuneration.. - for audf( seNces - for non audit serv 1.001.364 (767) 965,515 1136,1651 35.030 3.520 1.039.147 26,875 5,375 861,600 29 Wycliffe College (Incorporated) Notes to the financial statemenls for the year ended 31 August 2023 Expenditure ¢)n raising funds Staff Other Depreciation Total 2023 Fundraisw)g costs Financing costs (see note 10) FundraisiThJ trading costs Investment management costs 31,399 31,399 296,950 1,660 12,432 342,441 296.950 1.660 12.432 311.042 31.399 Total expenditure on raising funds was £342.441 12022- £197,331) of ¥thich £7.755 (2022- £7.9661 was reslricled and £359,954 {2022- £189.3651 was unreslricled funds. Other Depreciatlon Total 2022 Fundraising costs Financing costs Isee nole 101 Fundraising trading costs Investrnent management costs 25.390 25,3gJ 156.250 3,075 12,616 197,331 156.250 3,075 12.616 171,941 25.390 Expenditure on charitable activitie5 Staff Olher Depreciation Totsl 2023 Provision of ￿￿cation Teaching Welfare Premises Support costs an¢J govemance Grants, awards and prizes Total charitable expenditure 6.430.561 1.917,326 420.780 646.780 297,355 1.767.763 7.077,341 2.214,681 3.189.907 1.001,364 1.214.973 3.276,198 23,460 4,491,171 23.460 9.983.640 6,011.556 1,001.364 16.996.560 Total tharitable expenditure was £16.996.560 {2022 £15.649.1561 of which £103.675 12022 £102,813) was rèstricted. £nd {2022 - £711 was endowment and £16.892.88512022 - £15,546,272) was unoslrided funds. Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2023 Expenditure on charitable activities {continued Staff Other Doprnciation Total 2022 Provlsion of education Teaching Welfare Premises Suppcrt costs and governance Grants, awards and prizes Total eharitable expen(iilure 6.119.563 1.691.441 358,383 638,541 199.511 1.380.171 6.758.104 1.890.952 2,704.069 965.515 1.089.835 3.203.400 2.796 4.293.235 2.796 9.259.222 5.424.419 965.515 15,649,156 Governance costs included in support costs: 2023 2022 Audilors remllnerati￿= for audit services - for non-audrt services Reimbursement of expenses to trustees 35,030 3.520 26.875 5,375 567 32.817 40,050 Travel. accommodation, training and subsisten￿ expenses Of£l.5￿12022." £5671 were reimbursed to four (th￿e in 20221 Members of Ihe Council. 10. Financing costs 2023 2022 88nk108n Fees scheme Bank charges Finance lease 174.298 46.333 39.749 36,570 296.950 73,194 37,093 22,143 23,820 156,250 Finance costs were unrestricted in the oJrrent and pricw y￿. 31 Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2023 11. Staff costs 2023 2022 Th8 aggregate payrrAI costs lor the year were as follows.. Wages and salaries Stxial security costs Superannuatitin and othèr pension eosts 8.421.190 761,233 832.615 10.015.038 7.810,883 698,755 774,974 9.284,612 No rnember of Councrf received any remunerati￿ or other benerts from the College during the year. The aggregate employee benefits of key rnanageM￿t personnel We￿ £861.31212022: £769,605). The average nurntr￿r of empkjyees duriThJ Ihe year was as follcws: Group 2023 Group 2022 Teaching staff Others 209 121 330 121 329 The nun*er of employees whose emoluments excoed £60.CKKJ were: 2023 Number 2022 Number £60,001- £70,000 £70,001 - £80,000 £80.001 - £90,000 £90,001- £100,000 £160.￿1 - £170.LXK) £180.(￿)1 - £190.000 £190.LK)1 - £200.0 Contiibutions were made to the Teachers. Pension Scheme. vthich is a defined benefits scheme for 1 of the above employees 12022.. 11- There were contribukn.ons of £101.371 12022.. £31.450110 8 money purchase scheme for the other employees. 12. Taxatlon The Charity is exèmpt from tsx on inu)me and gains falling wilhin section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains A¢1 1992 to the extent that Ihese are applied lo its charilable cA4ects. 32 Wycliffe College (Incorporated) Notes to Ihe financial slatements for the year ended 31 August 2023 13. Tangible assets- Group hlotor Freehold land and Bull8 643.761 140.237 1159.Ml 624.208 3.11&736 186.211 12.813.236) 491.711 459.389 104,862 1158.4721 405.779 16.944 3.626 11.352.709 1,001.364 13,647,943) 8.7C6.130 9,424 NÈI botsk valut At 31 ￿9￿st 2023 At 31 August 2022 29.681,682 367.4(1) 476.689 659.756 479.661 .542 194.008 31.024.270 29.756,349 10,516 30.917.223 IndLKled in Ihe freehold land and buiklirgs is land valued at £11.214,474 wlwch is not deweuaied. Mel carrying amount of Ihe assets helLI L￿derfMance ￿aSe$ are £378.411. During the year ended 31 Auwst 2023. Ihe Cc4* e￿C*d to remove nrf NBV items Irom the fixed 8ssel wister is inelu(Jéd within the ¢tX81 of disrosals and deprecialjon on dispJ5aL8 lines abJ¥e of £3.641.010 respectfulty. 'Thè College has ekcted. in accorda￿ Ir￿tiLl1a1 gukya￿e under 35.10ldl of FRS 102. to Use th¢ c8rwng value of any of the atM)ve as5eis pr8VKm￿IY carried at a valuation, as their ¢Jeemed cosl. 34 Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2023 14. Investments Investments- Group Lisled investments 2023 2022 Market value at 1 Seplember 2022 Additions Oisposals Realised gains Revaluations 1.868,392 1,866,572 63,485 1,417.582 142,4811 {1,343.9581 1.212 9.821 120.578 (81.6251 Market value at 31 Augjst 2023 Cash on deposil 1.870.030 40.302 1.868.392 39,859 At 31 August 2023 1.910.332 1.908,251 2023 2022 Invéstments - Coll•g• Investments in subsidiaries Subsidiary undertakings Woodpark Limited The wholly owned trading subsidiary Woodpark Lirnile(J is incorporated in England & Wales (company number.. 027313021 and pays all of its taxable proffts to ihe charity under the gift aid ￿heMe. Woodpatl( Lwnited operates all commeraal trading operations carried on al the Wycliffe College premises. A summary of the trading resulls and financial pèrfomiance of the subsidiary alone is-. 2023 2022 Tumover Cost of sa 272.277 407 135.180 357 Gross profit Adminislrab've expenses Operating profit and profft for the year 271,870 6,554 265.316 134,823 7,862 126.961 Donation made to Cdlege Retained profit for the year 265,316 126,961 35 Wycliffe College {Incorporated) Notes to the financial statements for the year ended 31 August 2023 14. Investments {continuedl Wycliffe College Foundation The Company has Ihe r￿h1 lo appThnl trustees of Wydiffe College Foundation and as a result of this is deerned lo have control of the charity. The cttarity is ￿lstered in England & Wales (charity number: 10782861. A summary of the trading results and finanaal performance of the subsidiary alone is: 2023 2022 Inc4)me Expenditure 38.433 141,011 129.955 85.182 Nel {expendilureVincome before inveslment gair Net Ilossesygains on investment assets Nel {expenditu￿vin¢Ome for the year {102.578) 19,716) {122.294} 44,773 {71,8041 {27.031) Totsl fvnds broughl forward Total funds ￿rried forward 1,934.482 1,812,188 1,961.513 1,934.482 15. Debtors Group 2023 Group 2022 Collego 2023 College 2022 Schooi fees Trade debtors Other debiors Prepayments Amounts ¢Jue from subsidiary company 3.702.303 3.397,268 147 158.291 162,180 3,702.303 3,397.268 79.757 394.TTS 6.594 394,775 122.404 159.232 398,908 129.048 4.176.835 3.717.886 4.502,580 3,807,952 16. Cash at bank and in hand Group 2023 Group 2022 College 2023 College 2022 Cash at bank 1.280.673 946.058 1.044,426 822.781 Wycliffe College (Incorporated) Notes to the financial ststements for the year ermled 31 August 2023 17. Credltors: amounts falling due within one year Group 2023 Group 2022 College 2023 College 2022 Bank loan Trade creditors Sock41 security and Olher taxes Other crèditors Outstsnding pension contributions Fees deposits Accruals Hire purchase Advance fees scheme Fee5 recer¥e(J in advance 20.408 717,516 20.408 697.902 626.775 626,628 5.714 203.103 427 3,353 105,341 202.222 427 34.072 51.656 1.400,593 258.249 140,499 1.323.964 5,326.696 9.279.367 52,438 1,212.014 355.073 128,593 1.571.834 4.532.831 8.683.088 52.438 1,212,014 347,574 128.593 1.571.834 4.532,831 8,674,561 1.400,593 250,749 140,499 1,323.964 5.326,696 9.269,505 18. Credltors: amounts falling due after More than one year Group 2023 Group 2022 College 2023 College 2022 Bank ban {note 201 Advance fees scheme {note 4.592,215 3,250.CM)O 4,592.215 3.250.000 19) HI￿ purch8se (note 21) 896.736 530.807 896.736 361.310 5,850.261 530,807 363,774 4,144,581 361.310 5,850,261 363.774 4.144.581 19. Advancè fèes scheme Parents may enter into a contract to pay the schwl up to the equivalent of five years, luition fees in advance. The money may be relumed subject to spectfi¢ conditions on demand. Assuming pupils will remain in the schcM)l. advance fees wll be applied as follow5.' Group 2023 Group 2022 College 2023 College 2022 Within 2 10 S years Within 1 10 2 years GTe8ler than S years Within 1 year 371.605 405,443 119,688 1,323,964 2,220.700 399.786 131.021 371.605 405.443 119,688 1,323.964 2,220,700 399,786 131.021 1.571.834 2.102.641 1,571.834 2.102,641 37 Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2023 19. Advance fee$ scheme {¢ontinued) The balance ￿p￿sents the accrued liatslity under the conlrads. The movements during the year were.. Group 2023 lknup 2022 College 2023 College 2022 Balance at 1 September 2022 New c£)nlracls Amounts accrued lo contracts as debt-finanaro costs 2.106.393 1.485.019 1.792,588 1.575.115 2,106,393 1.485.019 1.792.588 1.575,115 44.874 29.330 44,874 29.330 3.636.286 3,397,033 3.636,286 3.397,033 Amounts utilised in payments of fees Refunds Balance al 31 August 2023 (1.401.731) {13.855) 2.220,700 {1.294.3921 {1,401,7311 113,8551 2,220,700 11.294.392) 2.102.641 2,102,641 20. Bank loan Group 2023 Group 2022 College 2023 College 2022 Due in one ye8r Due in betsveen 2 and 5 years Total 20.408 4.592.215 4.612.623 20,408 4,592,215 4.612.623 3,250,000 3.250.000 3.250,000 3.250.000 The College has agreed loan facil￿"e$ as folows-. A revolving loan facility of £7.5 million for a perirmj of 10 years at 8n interest rale of 1.59% over base rate and repayable in full by 20 March 2027. The loan is secured by way of a legal charge over various College prcperties. The College entered into an interest rate swap agreement during the year ended 31 August 2017 10 mitigate the interest rate risk of the above kian. part of this agreement, The College was committed lo pay a fixed interest rale of 1_12% and ￿Ceive an amount of interest equal to the UK Base Rate. on a notional amount of £1.000.LNJO. The terminatK)n date of the swap was 31 March 2022. The College accepted a fixed rate loan of £120k during the year eThJed 31 August 2023 to fvnd capital projects. As part of the boan conditions. the Comege was committed to pay a fixed interest rale of 8.44%. Wycliffe College (Incorporated) Notes to the financial staternents for the year ended 31 August 2023 21. Hire purcha Group 2023 Group 2022 College 2023 College 2022 More than 5 years Within 2 10 5 years Within 1 to 2 years 54.2 178.769 128,341 361.310 110.274 137,882 115.618 363.774 54.200 178,769 128,341 361.310 110,274 137.882 115.618 363,774 Wilhin 1 year 140,499 128.593 140,499 128,593 501.809 492,367 501.809 492,367 22. Financial instruments Group 2023 Group 2022 Financial assets measured at fair value 1,870,030 1.868,392 Induded within financial instvuments held at fair value is investments. 23. Analy$Trs of n•t assets between funds 2023 Group Unrestricted funds Revalualion Reserve Restricted Funds Endowed Funds General Total Tangible fixed assets Investments Nel curront liabilities Long term liabilities 3,139.370 27.884,9 31.024,270 683.723 1.226.609 1.910,332 {4.050.3171 (5.850.261) 230,466 13.819.8511 15.850.261) 3.139.370 18,668.045 1,457.075 23.264,490 39 Wycliffe College (Incorporated) Notes to the financial ststements for the year ended 31 August 2023 23. Analysis of net assets between fvnds l¢onlinued) 2023 Cdlege Unrestricled funds Revaluation Reserve Restricted Funds Endowed Funds General Total Tangible fixed assets Investments Nel current liabilities Long term liabilities 3.139.370 27.884,900 31,024.270 {3.927.861) (5.850.261} 205,362 {3.722,4991 {5.850,2611 3.139.370 18.106,780 205.362 21,451.512 2022 Group Unrestricled funds Revaluation Reserve Re$lri¢ted Fund$ Endowed Funds General Total Tangible fixed assets Investments Nel current 3.178.240 27.738.983 728.981 30,917.223 1,908.251 1,179,270 (4.305.054) (4.144.581) 288,250 {4.016,8041 {4.144,5811 Long temi liabilities 3.178.240 20.018.329 1,467,520 24,664,089 2022 College Unrestrlcted funds Revaluation Reserve Restricted Funds Endowèd Funds Genèral Total TangitAe fixed assets Investments Net Gu￿ent 3,178,240 27.738.983 30,917.223 (4,262.0941 {4.144.5811 218.266 {4,043.828) {4.144,5811 Long term liabilities 3.178,240 19.332,310 218.266 22.728.816 Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2023 24. Funds analysis- Group Current year Gainsl (losses) And Transf•rs At1 September 2022 At31 August 2023 Income Expenditure Unrestricted funds Revaluation reserve General funds 3.178.240 20,018.329 138,8701 31.468 3.139,370 18.668.045 15.846.586 (17.228.338) 23.196.569 15.846.586 (17.228.338) {7,4021 21,807,415 Restricted funds The WyGliifian SLKiety Expendable grants General Endowment Bequests and Prize Funds Loosley Endowment Pearson Burs8ry Ward's Sthlarship J H Edwards Bequest Sibly Scholarship Wilson Scholarship Selwyn Bursary Bursaries Fund Burnet Ward Bursary Educational Grants Honours Boards Prep School Sp￿ts Miscellaneous funds Hardship fund Nowak Family Fund Keith Paget Fund 163.736 2.631 61.266 72.264 18.508 145 185.0671 56.992 152) 150.933 78.131 61,275 (841 51.899 276.511 95,601 141.040 63.294 77,740 36,967 72.009 103.434 70.096 1.191 1.057 22.376 3,021 1.467 188.493 33.691 1.467.520 175} 16301 {7.1761 {2.2771 {12,2531 {2821 11801 {3.5311 {1.3861 {5.1201 1161 (141 {3001 1401 1201 {46.5031 {3.5001 (111.4301 51.824 276.625 88.455 140,179 51.340 77.791 36.999 69.696 103.684 66.211 1,694 1.060 22.430 3.029 1.470 143.468 30.781 1,457.075 1.744 71 (1,CK)O) 1411 11.234) 1403) 14481 1286) 11.638) 12.2C4J) 11,579) (251 (221 1476) 1641 (311 11.989) 17941 {12,3141 702 781 2.814 39 830 112 3.467 1,384 113.299 Totsl funds 24.664.089 15.959.885 {17,339,7681 {19,716) 23.264.490 Further details of ihe objects of the Endowed and Restricted fvnds I(￿elh9[ wilh any restrictions on their use can be found in the fInar￿la1 statements for Wycliffe College Foundation. 41 Wycliffe College (Incorporated) Notes to the financial slatements for the year ended 31 August 2023 24. Funds analy$i$- College current year Gainsl Ilossesl And Transfèrs S•pt•mber 2022 At31 August 2023 Income Expenditure Unréstricted funds Revaluation reserve General funds 3,178,240 19.332.310 138,8701 38.870 3,139,370 18.106.780 15.949.719 (17.214,1191 22,510,550 15,949.719 {17.214.1191 21,246,150 Restricted funds The Wycliffian Society ExpendatAe grants Bequests and Prize Funds 163.736 2,631 72.264 18.508 185.0671 118.5341 150.933 2,605 51.899 {751 51,824 218.266 90,772 (103,676) 205,362 Total funds 22,728,816 16.040.491 117,317.7951 21,451,512 unrestn.cted funds in Conjuncti￿ wth the C￿￿ge.$ bank brmwing facility. are retained lo provwje working capital. Restricled Funds consist of The Wycliffian Swety, various Exwndable grants re￿iVed during the year and net incoming resources from Endowed Funds and Appeal Funds. Endowed Funds consist of indNKlual bequests and prize funds. schcAarship funds and bursary funds sel up by individual don(*s. 42 Wycliffe College (Incorporated) Notes to the financial ststemenls for the year ended 31 August 2023 24. Fund analysis-Group prior year Galnsl (losses) And Transfers At1 Seplember 2021 At31 August 2022 Income Expendlture Unrestricted funds Revaluation ￿Serve General funds 3.217,110 20.510.808 138.8701 30.010 3,178,240 20.018.329 15.349.313 {15,871,8021 23.727.918 15,349.313 {15.871.8021 18,860) 23.196,569 Restricted funds The Wycliffian sO￿etY Expendable grants General Endowmenl LLX)sley Endowmeni 151.541 14,615 4.198 72.982 30.042 81 160.7871 123.3111 {541 163,736 2,631 61.266 {18.715) 57.041 51,899 225,899 93,530 79,492 42,917 55,093 22,507 15,8841 {7.9031 (5.6731 1911 1811 {1.7101 {2311 (1121 {7,143) 12,8521 577.983 51,899 276.511 95.601 141,040 63,294 77.740 36,967 72,009 103.434 70,096 1.191 1,057 22,376 3,021 1,467 188.493 33,691 1,467.520 Pearson Bursary Ward's Scholarship J H Edwards Bequesl Sibly Scholarship Wilson Scholarship Selwyn Bursary Bursaries Fund Burnet Ward Bursary EducalKJnal Grants Honours Boards Prep Sehool Sports Miscellaneous funds Hardship fund Nowak Family Fund Keith Paget Fund 50.292 2,057 62,654 20.248 22.504 14.369 82.370 110.634 79.420 1,274 1.131 23.934 3.232 1,569 10J.000 39,290" 785,332 967 40 1.192 389 433 276 1.583 2,126 1647) {261 12.2981 12601 {290 11851 I6.(￿> 11.4231 15.2371 1161 (151 {308) 1421 120 (6.2861 (3.5141 (110.7791 24 22 460 62 101.922 767 214.984 Endowment funds Bequests and Prize Funijs General Endowment 51.970 55.342 229.491 93.677 83.922 44.363 56.699 25.533 640.997 1711 151,8991 155,3421 (229.491) 193,6771 183,9221 144,3631 156,6991 125,5331 {640,9261 Loosley Endowment Pearson Bursary Ward's Scholarship J H Edwards Bequest Sibly Seholarship Wilson Scholarship 1711 Total funds 25.154.247 15,564.297 115.982,6521 171,8031 24,664,089 43 Wycliffe College (Incorporated) Notes to the financial ststements for the year ended 31 August 2023 24. Funds analysis- C¢Alege prior year Gainsl (losses) And Transfers At1 Septsmber 2a21 At31 August 2022 Income Expenditure Unrestricted funds Revaluatson reserve General funds 3.217.110 19,756.708 {38.8701 57.585 3,178,240 19.332.310 15.323.098 (15.805.081) 22.973.818 15,323.098 (15,805.081) 18,715 22,510,550 Restricted funds The Wy¢liffian Society Expend8ble grants Olher funds 151.541 14,615 72.982 30.042 {60,7871 {23.311) 163.736 2,631 118.7151 51.899 51,899 166.156 103.024 {84.0981 33.184 218,266 Endowment funds Bequests and Prize Funds 51.970 (71} 151.8991 51.970 23,191.944 (711 {15.889,2501 151,8991 Totsl funds 15.426.122 22.728,816 25. Reconciliation of net expendituve to net cash infiow from opèrating activities Group 2023 Group 2022 Net expen¢Yiiure forlhe repo￿ng period las perthe Statement of Financial Acliviliesl Dep￿Ciall0n charge Losses {gainsl on distK)sal of tangl￿e assels Realised Igainslflosses on disposal of investments Unrealised lossesllgainsl on investments Inlerest received Dividends Teceived Increase in stocks {Increasel1de￿a$e in debtors and prepaymenls Increaselldecrease) in creditors Net C8sh used in operating aclmhes 11,415,135) 1,001,364 767 (1.2121 20.578 19421 134.2091 332 {279,6331 648.055 60.035 {490.1581 965.515 136.165 19,8211 81.625 12971 119.2881 2,244 {683,1381 79.478 62.325 Wycliffe College Ilncorporated) Notes to the financial statements for the year ended 31 August 2023 26. Anatysis of net debt At I September 2022 At 31 August 2023 Non-cash Flows Cash flows Cash in hand Deposil 946.058 39.859 334.615 443 1,280,673 40.302 985.917 335.058 1.320.975 Creditors due in one year HP liabilities Bank loan Advance fee scheme Credltors due In more than one year- HP liabilities Bank loan Advance fee scheme 1128.593) {9.4421 {20.408) (118.0591 12.4641 1140.4991 {20,4081 (1.323.964) (1,571.834) 365.929 1363,774) 13.250.OLM)) {530.807) 2.464 {361.3101 14.592,2151 (896.7361 {1,342.2151 (365,929) Nèt debt {4.859.091) {1.155,0661 16,014,157) 27. Company status The Company is limited by guarantee. the amount of each memberfs guarantee being £1. The number of members at 31 Au9USt 2023 was 41 (2022.. 401. 28. Other financial cornmitment$ Cornmitmenls in respect of non-can￿llabte operab'ng leases a￿ as follows.. Group 2023 Group 2022 College 2023 College 2022 Not later than one year Later than one year and not than fwe years 36.325 21.850 36.325 21,850 28,229 28.229 43.369 50.079 43,369 50.079 Lease payments recc¥Jnised as an expense were £17.00912022.. £23.771). Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2023 29. Related party transactions As at the balar￿ sheel date. the Col*e was owed £271,644 (2022.. £126.9611 by Woodpark Limited. During the year the College received £271.644 {2022= £126,961) from Woodpark Limited under the gift aid scheme and recharged adminislr*ion overheads of £Nil12022'. £Nil). As al the balance sheet date, the College was owed £127.264 (2022.. £2,087) bywycliffe College Foundation, a charity under common control. No trustees hava been reimbursed in 202312022.. nil) for any expen￿ incurred as a committee member of The Wydiffian Society. Trustees and members of key management have children attending the schools operated by the Charity. School fees incurred by Trustees are paid on a ¢ommer¢ial arm's length basis as available to the general publ￿. Key management can benefit from a stsff concession that can be available to all eligible members of staff who have children attending the schtx)Is operaled by the charity. 30. Pension costs Teaching Staff The Sthool participates in the Teathers, Pensicm) Scheme {'the TPS") for its teaching staff. The pension charge for the year indudes contributions p8y8Ue lo the TPS of £723,170 12022.. £774.9741 and at the year end £NIl12022.. £Nill was acLrued in respect of contributk)ns lo this scheme. The Teachers, PensKJn Scheme (tPSl is a statutory. contributory, defined benefit scheme. governed by thè Teachers, Pension Scheme Regulations 2014. Membership is automatic for teathers. All teachers have the option to opt-out of the TPS followng enrolment. The College went through a consullalw)n pr￿e$S of exiting the TPS. The Process resuhed in teachers having the option to remain in the Teacher Pension Scheme or join an Aviva Pension Scheme from effecl 1s1 September 2021. The TPS is an unfunded scheme to which both the member and employer makes contribtjtions. as a percentsge of salary - these ￿ntribull0n$ are credited lo Ihe Exchequer. Reliremenl and other pension benefits are paid by public funds provided by Padiament. Valuation of the Teachers. Pension Scheme The Govemmenl Actuary, using nomial actuarial princjples. conducts a fomial actuarial review of the TPS in accordance wth the Public Service Pensions (Valuations and Employer Cost Capl Directions 2014 published by HM Treasury every 4 years. The aim of the review is lo speafy the level of lulure contributions. Actuarial scheme valuations are dependent on assumptions aboul Ihe value ol future costs. design of benefits and many other factors. The lalesl actuari81 valuation of the TPS was Carried out as at 31 March 2020. The valuatKJn report was published by the DepartmeAt for EéucatKJn on 26 October 2023. The key elements of the valuabon and subsequent consultation are.. Employer contribution rates expected to be set at 28.6% of pensi￿able pay lincluding a 0.08% administration levy)., Tolal scheme Irdbiltties IpensK)ns currenuy in payment and the estimated cosl of future benefilsl for service to the effective dale of £262,000 million and notional assets lestimaled future ¢ontributK)ns logether wth the notional investments held 81 the v8lualKJn (Jale) of £222.200 Mill￿n, giving a notional past servic£ deficAt of £39.800 Mill￿￿n,. and 46 Wycliffe College (Incorporated) Notes to the financial statements for the year ended 31 August 2023 30. Pension costs {continuedl The SCAPE rate sel by HMT. is used to determinè the notional investment relum. The current SCAPE rale is 1.7% atv)ve the raie of CPI. A copy of the valuation report and suppxting documentation is on the Teachers, Pensions webgle. Underthe éefinitsons set oul in FRS102, the TPS is a multiemployer pensK)n scheme. The school has accounted for tis contributions to the scheme as if it were a defined conlribulion scheme. The scthool has sel (yJt above the inf(rnt￿ available on the scheme. 47