Company Registration Number 02185224 Charity Registrntion Number 519496 Wyclif Independent Christlan Educational Association Limited Compally Limited by Guarantee Report and Unauditsd Financial Statements for the Year Ended 31 July 2024
Wyelif Independent ChristiaD Educational Association Limited CompaDy Limited by Guarantee Company Inforniation Trustees Alan Southgate Sarah Corney Karl O'Dare David Morley David Jones (Resigned 21 March 2024) Gavin Meth¢ringham (Resigned I l December 2023) Adam Fairnlan (Appointed 15 June 2023) Dr Amanda Bosanquet (Appointed 21 March 2024) Company Secretary Sarah Bufton Treasurer Dr. Paul Corney Company Number 02185224 Cbarity Number 519496 Registered Otyice Ebenezer Baptist Church Wyndham Street Machen Caerphilly CF83 8PU Accountants R H Jeffs & Rowe Limited Chartered Accountants Pontypridd CF37 2HW Bankers Lloyds Bank plc Market Square Pontypridd Website http://wyclifchristianschool.or
Wyclif Independent Christian Educatlonal Association Limited Company Limited by Guarantee Contents Page Trustees Report Independent Examinerfs Report Statement of Financial Activities Balance Sheet Cash Flow Statement Notss to the Financial Statements 9-14
Wyclif IndependeDt Christian Educational Association Limited Company Limited by Guarantee Trnstees, Report for the Year Ended 31 July 2024 The trustees present their report and the financial statements for the Year ended 31 Juty 2024. This report also represents the Directors, Report required by company law. Trustees The trustees who served during th¢ Year are as stated below". Alan Southgate Sarah Corney KaTI O'Dare David Morley David Jones (Resigned 21 March 2024) Gavin Metheringham (Resigned I l December 2023) Adam Fainnan (Appointed 15 June 2023) Dr Amanda Bosanquet (Appointed 21 March 2024) Structure, GovernaDce and Management The organisation is a Gbaritable company limited by guarantee. incorporated on 29 October 1987 2nd registered a charity on 7 December 1987. The COTnpany was established under a Mcmoranduin of Association which established the objects and powers of the charitable Lompany and is governed under its Articles of Association . OrganisatioDal Strncthre All major decisions and staff appointments are made in the regular governors meetings (trustees meeting). The school governors set policy and the school's senior management team are required to implement the school policy set by the board of governors. Members of the senior management team attend all governor meetings. This is usually the Headteacher and Deputy Headteacher. All pay is reviewed and decided by the governing body. Quarterly, the Treasurer makes a full fll)ancial report to the governing body including review of payments, receipts and reserves. Annual budgets are PTepared and presented to the governing body eacli yeaT. Staff remuneration is reviewed annually and dlded by the governing body. Appointment of New Trustees & TrainiDg New twstees are appointed by the governing body. All govcrnors are subject to DBS saftguarding checks and receive safeguarding training. All major decisions and staff appointments are made in the regular governors meetings (trustees meeting). Objectives and Activities The objective is to promote and provide for the advancement of Christian education in Mid-Glamorgan, South Glamorgan and Gwent by the running of a school. Page I
Wyclif Independent Christian EducatioDal Association Limited Company Limited by GuaraDtse Trustees, Report for the Year EDded 31 July 2024 . continued Public Benefit The School Continues to provide a Christian based education for children from the age of 4 until 18. The School promotes the academic, moial, and physical development of the children. thus preparing them for the responsibilites of adult life. A number of our children have special needs and these arc catered for with tbe cooperation of the appropriate authorities. The modest fee structure ensures that parents who would not nonnally be able to afford school fees have access to a Christian education that they wish to have for their children. The Trustees have had regard to the Charity Commission's guidance on public benefit. Annual Review The subjects offered at GCSE level during tlie year were.. English Language, Englisli LiteratUTe, Mathematics. Physics, Chemisty. Biology, History, ICT (Sliort Course), Religious Studies and Spanish. Additionally at Year 13, the followuig subjects have bcell provided at GCE A Level.. MatliematÉ¢s, English, Spanish, Computer Science. Physics, History, Art and Geography. In 2024, 12 pupils completed Year I I GCSE examinations with 90.2 % of students acbieving the tkvel 2 national standard. Tbis is defined as 5 or more A _ C grndes including Mathematics and English Language. In 2024, 10 students completed 29 Year 13 GSE A Level examinations with 79 % of these exams resulting in A _ C grades. Financial Review The Statement of Financial Activities (SOFA) is designed to show the user what funds the charity generated during the year, and how those funds are spent. The SOFA also shows the fvnds and assets designated by the trustees for a specific purpose, and those funds and assets that can be spent or utilised at the trustee's discretion, within the confines of the charity's aims and objectives. These are the unrestricted funds of the charity. Income generated by the charity this year increased to £571,912 from £503,188. Costs for the year increased to £548,622 froni £525,008. Full details of expenditure are shown in note 3 of the accounts. The charity therefore made an overall surplus of £23,290 (LIY - Deficit £21.819). The charity balance sheet is a snap shot value in costs tern]s only, of tlie charity's vale as at the close of business on the 31 July 2024. No attempt has been made to place a market value on any of the buildings or equipmeDt as the trustees have no plans to sell significant &8sets, but instead plan on continuing to use the asset to help the charity with its aims and objectives. On the balance sheet the fixed assets decreased in cost value to £125,547 from £129,714. This decrease is due to the deduction from the depreciation charge which reflects the Costs of wear and tear from usage. Money held by the charity increased by £144,630 during the year whilst debtors increased by £6,592. CreditOTS and other money owed by the charity at the year-end increased by £123,819 from last year. Page 2
Wyclif Independent Christian Educational Association Limited Company Limited by Guarantee Trustees, Report for the Year Ended 31 July 2024 . continued The balance sheet then shows the funds split between unrestricted and restricted, with note 10 of the accounts showing what assets arc reflected in the fund balances. Reserves Policy The trustees recognise the importance of maintaining unrestrictcd fvnds at a level necessary to fund the continuing activities of the charity. The reserves hcld in the bank accounts totalled £222,295 at the year-end (LIY_ £77,665). Annually a fornial assessment of our reserves is made. Quarterly, the treasurer makes a full fancIal report to the governing body. Investment Policy The trustees have considered the most appropriate policy for investing fidS and have concluded that funds surplus to the immediate requirements of the charity should be placed in a bank deposit account and transferred &s required. Future Plans The charity plans continuing the activities outlined above in future years subject to pupil numbers. This report is prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. The TnteeS Report was approved by the Board on P-T¢:.D.e&. ZDIFand signed on its behalf by: Trustee Page 3
Independent Examiner's Report to the Trustees of Wyclif Independent Christian Educational Association Limited report to the trustees (who are also Directors for the poSe of company law) on my examination of the financi&l statements of Wyclif Independent Christian Educational Association Limited ('the charitable compan)H) for the year ended 31 July 2024 which comprise the Statement of Financial Activities. the Balance Sheet- and related notes. This report is made solely to the charity's trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work h&8 beKn undertaken so that I Niight state to the charity's trustees those matters I am required to stats to them in this report and for no otlier purpose. To the fullest extent pennitted by law, I do not accept or assume responsibility to anyone otlier than the ch8Tity and the charity's trustecs ks a body, for my work, for this repo¢ or for tlie opinions I have fornied. Responsibilities and Basis of Report As the trustces of cbaritable company you are responsible for the preparation of the fmancial statements in accordance with the rquirements of the Companies Act 2006 Cthe 2006 ACV). Having satisfied myself that th¢ financial statements of the charAtable company are not required to be audited undcr Part 16 of the Act and are eligible for independent examination. I report in respect of my examination of the charitable company's financial statements Carried out under section 145 of the Charities Act 2011 ('thc 2011 Act,) and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5)(b) of the 2011 ACL An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the fInan¢ial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently l express no opinion as to wliether the financial statements present a 'true ]d fairf view and my report is limited to those specifIc matters set out in the independent examiner's statement. Independent ExamiDer's Statsment I have completed my examination. I confinn that no material matters have come to my attention in connection with the exartLination giving me cause to believe that in any material respect: - accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Ac¢ or - the financial statements do not accord with those records. or - the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair view which is not a matter considered as part of an independent examination. or the fInancial statements have not been prepared yn accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporttng Standard applicable in the UK and Republic of Ireland (FRS 102)- I havc no concerns and have come across no other matters in connection with the examination to which attention should bc drawn in this report in order to enablc a proper understanding of the financial statements to be rcached. Mr.RE as Bsc FCA R H Jeffs & Rowe Limited Chartered Accountants Pontypridd Date: (ql,,1102 Page 4
Wyclif IndependeDt Christian Educational Association Limitsd Company Limited by Guarantee ststemellt of Financial Activities for the Year Ended 31 Juty 2024 Totsl Year to 31107ll4 Totsl Year to 31107ll3 Notes Unrestricted Restricted Income Incoming resources from charitabl¢ activities: School Fees Voluntary income: - Gifts, donations and other income Investment income 512.035 512.035 462.006 54,288 329 5,260 59.548 329 41.006 176 Total Income 566,652 5,260 571.912 503.188 Expenditure Charitable activities: - School operating costs 543,362 5,260 548.622 525,007 Total Expenditllre 543,362 5,260 548,622 525,007 Movement in total funds for the year: Net Incoming (Outgoing) resollrc&s 23.290 23,290 (21,819) Total Funds brought forward 221,769 221,769 243,589 Total Funds earrAed fonY2rd 245,059 245.059 221,770 The statement of fmancial activities includes all gains and losses TecolSed in the year. All incoming resources and resources expended derive from continuing activitics. Page 5
Wyclif Independent Christian Educatfional Association Limited Company Limited by Guarantee Company Registration Number 02185224 Balanee Sheet as at 31 July 2024 2024 2023 Notes FSxed Assets Tangible assets 125,547 129,714 Current Assets Debtors Cash at bank and in hand 27,893 222.295 21,301 77.665 250,188 98,966 Creditors: Amounts Falling Due Within One Year (130,730) (6,911) Net Current Assets 119.458 92,055 Total Assets Less Current Liabilities 245,005 221.769 Funds Unrestrictsd Funds Restricted Funds 245.005 221,769 245,005 221,769 Page 6
Wyclif Independent Christian Educational Association Limited Company Limited by Guarantee Registration Number 02185224 Balance Sheet (continued) Directors, statements required by Sections 475(2) and (3) for the Year ended 31 July 2024 In approving these financial statements as trustees of the company we hereby confirnl: (a) that for the Year stated above the company w&s entitled to the exemption conferred by Section 477 of the Companies Act 2006 . (b) that no notice has been deposited at the registered office of the company pursuant to Section 476 requesting that an audit be conducted for the Year ended 31 July 2024 ' and (c) that we acknowledge our responsibilities for: (l) ensuring that the company keeps accounting records which comply with Section 386 ' and (2) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial Year and of its profit or loss for the Year then ended in accordance with the requirements of Sections 394 and 395 and which othenvise wmply with the provisions of the Companies Act relating to financial statements, so far as applicable to the company. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. Under Companies Act 2006, s454, on a voluntary b&sis, the trustees can amend these financial statements if they subsequently prove to be defective. The financial statements were approved by the Board on Director aDd Trustee The notes on pages 9 to 14 fom an integral part of these financial statements. Page 7
Wyclif Independent Christian Educational Association Limited Company Limitsd by Guarantee Cash Flow Statement for the Year Ended 31 Juty 2024 2024 2023 Notss Reconciliation of operating profitl(loss) to net cash inflow from operating activities Operating profitl(loss) Depreciation (Increase) in debtors Increase in creditors 23,236 6,189 (6,592) 123,819 (21,820) 5,934 4,457 (218) Net cash iDflow from operating activities 146,652 (11,647) Cash flow ststement Net cash inflow from operating activities Capital expenditure Increase in cash in the Year 146,652 (2,022) (11,647) (1,797) 144,630 (13,444) Recollciliation of net cash flow to movement in Det funds (Note ) Increase in casb in the Year Net funds at l August 2023 144,630 77,665 (13,444) 91,109 Net funds at 31 July 2024 222,295 77,665 Page 8
Wyclif IndepeDdent Christian Educational Association Limited Company Limited by Guarantee Notes to the Financial Statements for the Year Ended 31 July 2024 Accounting Policies a) Basis of Accounting and AssessmeDt of Going CoDcern These accounts have been prepared under the historical cost convention with items reCols¢d at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard, applicable in the United Kingdom and Republic of Ireland (FRS I02) and with the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. The trustees consider that there are no material uncertainties about the School's ability to continue as a going concern for the year to come. The financial statements are presented in Sterling (£), the CoMpanS functional currency, and rounded to the nearest pound. The company has consistently applied all relevant accounting standards. 1.2. Taxation The School, being a Tegistered charity, is not liable for Tax on its charitable activities. IJ. Income All income is included in the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantifjed with reasonable accuracy. The following specific policies are applied to particular categoTies of income: Income for charitable services is received by way of school fees due for the year. Voluntary income is received by way of donations, gifts and unconditional grants and are included in full in the Statement of Financial Activities when receivable. Where relevant, donated services and assets arc included at the value to the charity where this can bc quantified. The value of services provided by voluntcers has not been includcd in these accouDts. Investment income is included when receivable. 1.4. Fund Accounting The unrestricted funds of the Charity comprise those monies which are available to be used towards the meeting of the charitable objectives of the Charity at the discretion of the Management Committee. The restricted fvnds aTe monies raised or received for a specific purpose and accounted for in accordance with the donors imposed conditions. Page 9
Wyclif Independent Christian Educational Association Limited Company Limited by Guarantee Not to tbe Financial Statements for the Year EDded 31 July 2024 1.5. Expenditure Expenditure is recognised on an accrual b&8is as a liability is incued. Expenditure includes any VAT which cannot be fully recovered. School operating costs are those costs incurred in the year for the running of the school and the provision of ¢ducatioD throughout the year. Governance costs includ¢ those costs associated with meeting the constitutional and statutory requirements of the charity 8nd include the audit fees and costs linked to the strat¢Ei¢ management of the charity. All costs are allocated between the expenditUTe categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appTopriate basis. 1.6. Tangible Fixed Assets and Depreciation Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows: Land and Buildings Building element depreciated on a Straight Line basis over 50 years. No depreciation is provided for on freehold land. Depreciated on a Straight Line basis over 25 years. 200/0 per annum on a reducing balance basis. Improvements to Building Fixtures, Fittings and Equipment 1.7. Pensions The pension costs charged in the financial statements represent the defined contribution scheme costs payable by the company during the Year. The regular cost of providing retirement pensions and related benefits is charged to the profit and loss account over the employees, service lives on the basis of a constant percentsge of earnings. 1.8. Debtors Trade d¢btors and other debtors are recognised at the settlement amount due after any trade discounts offered. Prepayments are valued at the amount prepaid net of any discounts duc. 1.9. Creditors Creditors are recognised where the charity has a present obligatlon resulting from a past event that will probably result in the transfer of funds to a third paty and the amount duc to settle the obllgation can be measured or estimated reliably. Creditors are nornially rccognised at their settlemcnt amount after allowing for any trade discounts due. Page 10
Wyclif Independent Christian EducatlODal Association Limited Company Limited by Guarantee Notes to the Financial Ststements for the Year Ended 31 July 2024 Net Income 2024 2023 Net Income is stated after charging: Depreciation and other amounts written off tangible assets Independent Examinels remuneration 6,189 1,500 5,934 1,380 Donations, Gifts & Other Income 2024 2023 Gifts Gift Aid 50,491 9,057 36,671 4.335 59,548 41,006 3. Totsl Expenditure Basis of Allocation School Operating Costs Governance Total Year to 31107124 Total Year to 31107123 Costs directly allocated to activities Wages and salaries Teaching materials Books Direct Direct Direct 414,103 21,203 16,649 414,103 21.203 16,649 401,412 12,441 11.485 451.955 451.955 425,338 Support costs allocated to activities Rent and maintenance Wages and salaries (Admin) Pension contributions Printing, postage & stationery TeIephone & digital services Accountancy School events and other Depreciation Direct Direct Direct Direct Direct Direct Direct Direct 35,892 13,805 15,409 3,823 5,382 35,892 13,805 15.409 3,823 5,382 1,500 14,667 6,189 42,559 12,175 14,076 4,110 5,488 1,380 13,947 5,934 1,500 14.667 6,189 95,167 1,500 96,667 99,669 547,122 1,500 548,622 525,007 Page 11
Wyclif Independent Christian Educational Association Limited Company Limited by Guarantee Notes to the Financial Ststements for the Year Ended 31 July 2024 Staff Costs Total Total Year to Year to 31107124 31107123 Staff costs during the Period comprised of the following: Staff Salaries and Expenses Social Security Costs PeDsion Contributions 397,833 30.075 15,409 386,938 26.649 14,076 443,317 427,663 The average number of employees during the Period amounted to 43 (2023 .' 31), and can be analysed as follows: Teachers Management & Administration 42 30 43 31 No employee was paid £60,000 or more during the Period (2023 . Nil), The Trustees received no remuneration or benefits in connection with the perforniance of their duties. No Trustee expenses occured during the year. No related party transactions have occured during the year. Page 12
Wyclif Independent Christian Educational Association Limited CompaDy Limited by Guarantse Notes to the Financial StstemeDts for the Year Ended 31 July 2024 Tangible Fixed Assets LaDd and Property Fixtures, Buildings Improvements Fittings and Freebold Equipment Total Cost At l August 2023 Additions 59,680 114,690 13,934 2,022 188,304 2,022 At 31 July 2024 59,680 114,690 15.956 190,326 Depreciation At l August 2023 Charge for the Year 8,354 597 39,295 4,588 10,941 1,004 58,590 6,189 At 31 July 2024 8,951 43,883 11,945 64,779 Net book values At 31 July 2024 50,729 70,807 4,011 125,547 At 31 July 2023 51,326 75,395 2.993 129,714 Debtors 2024 2023 Outstanding Fees Gift Aid due 20,738 7,155 16,966 4,335 27,893 21,301 Creditors: Amounts Falling Due Within One Year 2024 2023 Other Taxes and Social Security Costs Prepaid Fees 1,755 128,975 2,305 4,606 130,730 6,911 Page 13
Wyclif Independent Christian Educational Association Limited CompaDy Limited by Guarantee Notes to tbe Financial Ststements for the Year Ended 31 Juty 2024 Profit and Loss Account Reserves Totsl At l August 2023 Profit for the Year 221,769 23,236 221,769 23,236 At 31 July 2024 245,005 245,005 Unrestricted l Restricted Funds At Incoming Outgoing Transfers 01108123 Resources Resourtts At 31107124 Unrestricted Funds -school Operation Restricted Funds -Building Modernisation 221,769 566,652 (543,362) 245,059 5,260 (5,260) 221,769 571,912 (548,622) 245.059 10. Analysis of Net Assets Between Funds Total Unrestricted Restricted Tangible Fixed Assets Current Assets Cuffent Liabilities 125,547 250,188 (130,730) 125,547 250,188 (130,730) 245,005 245,005 11. Company Limited by Gwarantee The two rnembcrs of the company. H T Bilton and Dr E R M SaundcTS, undertake to contribute to th¢ assets of the company, in the event of the cornpany being wound up. such amounts as may be required not exceeding £1 each. Page 14
Wyclif Independent Christian Educational Association Limited Company Limited by Guarantee Detsiled Trading Profit and Loss Account 2024 2023 Tllrnover Fees receivable Donations, gifts and other income 512,035 59.548 462,006 41,006 571,583 (397,833) 503,012 (386,938) Wages and salaries (excluding PAYE and ND Gross profit 173,750 116,074 PAYE and NI Pension contributions Rent and maintenance Teaching materials Books Printing, postage & stationery Telephone & digital services School events and other Depreciation on freehold property Depreciation on property improvements Depreciation on fixtures & equipment Accountancy Bank charges 30,075 15.409 35,892 21,203 16,649 3,823 5,382 14,667 597 4,588 1,004 1.500 54 26,649 14,076 42,560 12,441 11,485 4.110 5,488 13,947 597 4,590 747 1,380 (150,843) (138,070) Operating profitlooss) 22.907 (21,996) Other income and expenses Interest receivable Bank deposit interest 329 176 329 176 Net profit/Ooss) for the Year 23,236 (21,8?0) Page 15