Charlty Re8lstration Number: 525744 CHRIST COLLEGE BRECON REPORT OF THE GOVERNORS AND CONSOUDATED FINANCIAL STATEMEf4TS FOR THE YEAR ENt)ED 31 AUGUST 2024 A¥et5 Audit SeThlces Chartered Accountanis & Statutory Audltors Ty Derw Lime Tree Court Cardiff Gate Busine55 Park Cardiff CF23 8AB CHRIST COLLEGE BRECON Contents Reportofthe Govemors 1-12 Report of the Inilependent Auditors 13-15 Statement of Financial ACt￿rtieS 16-17 Balance Sheet 18-19 Statement of Cash Flows 20 Notes lo the Consolldated Finanual Statements 21-54 CHRIST COLLEGE BflECON REPORTOF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 The trustees present thelr report and flnanclal statements of the College for the year ended 31 August 2024. The flnoncial statements have been prepared in accordan￿ wlth the accounting polkies set out in note I to the financial statements and compty with the charity's governing document and"Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing thelr accounts in accordance with the Financial ReportinB Standard applicable in the UK and Republic of Ireland IFRS 1021 effective l January 20191" OBJEcfs AND AcnviTIES Charitable obJe¢ts The provision of a Christian and Ilberal education to boys and glrLs of good chardcter 15 the prlnclpal oblectlve of Chrlst College Brecon. Maln activities In fulfilling its chaiitable objects, Chfi%t College's main activities are: The provision of education to children aged between 5 and 18. This includes sitting external exams In year5 11 and 13, predomlnantly GCSE and A level The provlsion of boardin& and of support and welfare facilities foc all pupils The provlsion of wlder eduotlonal arbd extra-curricular aciivitie5 for the broader development of pupils The provision of excellent facilities to ènable the above The extension of facilitie5 to provide eduCat￿nal benefits to non-puplls, particularly chrldren a8ed 5-18 years old livin8 in Brecon and the su¥rourbding area. Pupil numbers toialled 383 In 2023124. Thls tompares to 397 pupils in 2022123. Of the total, St Nicholas House educated 65 pupils durlng 2023124, compared to 59 in 2022123. The College also allows its facilitie5 to be used by local group5 and groups from further afield throughout the year. Grant makln8 policy and publ1¢ benefft Christ College Brecon, founded orlglnalty wlth a 81ft of 60 shllllngs from Henry Vlll to educate 20 poor 5¢holars of 8recon. continues to make si8nlficant grants of scholarships, bursarles and prizes and other awards to puplls. Christ College's policy 15 to make the award of scholarships on the basls of an Indlvldual's educatlonal or sporting potential, and bursaries on the basls of financial need. It Is the College's policy tofavour means-tested bursarles over scholarships. This tontributes tothe school's aim5 and objective5 by ensuing that glfted and talented pupils are encoura6ed to join Christ College and 15 Intended to meet the College's charitable vbje¢is by providin8 a5s1stan￿ to as broad a group of pupils as possible. Remlssions of fees are also given to those wtth more than one child at the ColleBe and those from variou5 pro*e$sions such as the clergy. Durlng the year Bur5arles, Scholarshlps and Remi5slons amountlng to £2,260,985 12023.. £2,097,7841 were gnien. In addition, £33,88712023.' £34,0481 was aw8rded Irom restrlaed funds in accordance to the conditions Imposed by the orh8inal donor. CHRIST COLLEGE BRECON REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 GTant rnak5ng pollty and publi¢ bÈnefft l¢ontlnuedl These can be summarised a5 below.. Value £392,581 £905,024 £963,380 Number ofAwards 79 69 215 Academlc 5cho13rships Bursarie5 Remi5slons The College continues to invitè many local schools to use its ￿sources. without charge, fc¢r events such as its ¢r055-counlry Contest. In addition, Christ College helped local schools by providing them with the College's minibus and driver for their school trips which has ?Ileviated expensive transport costs. Beneficiaries of these servlces have been, amongst others, Cradoc Primary, Llanfae5 Primary and Brecon HIBh School. Servlce to the wider commun*ty is reflerted in the provision of sports facilities to, amonBst others, Brecon Hockey. Hockey Wales, South Powys Youth Rugby, the local Netball LeaEue, Brecon Corries Football, Hay on Wye & Brecon Crlcket Clubs as well as local rugby clubs. Christ College a150 provided facilitie5 for Wales Karate, the Royal Institute of Phy51CS, the Duke of Edinburgh Awards, the Church Monuments Society, Welsh Exiles and the Brecon Choir Festival. At various tlmes during the year members of the publlc were able to vlslt the school's historic buildin85. The Governors are satisfied that they have complied with the duty in Section 4 of the ChaTlties Act 2011 to have due regard to public benefit guidance p￿bl￿hed by the Charlty Commission. Their compliance with this duty 1% a matter that they keep under regular review. Aims and Intended Impact The College seeks to maxlmFse the spiritual, Intellectual, aesthetic, physical, cultilral and moral development of each pupil and so prepare him or her for thè opportuntties, responsibilities and achievements of adult life. The College Chapel provide a stimulus and focus for Christian and moral teaching actording to the doctrine of the Church in Wales, whilst also respecting other feligious t¥aditions as well as being a venue for Old Breconlan weddlngs. The broad academic curriculum sets high expectatiorns of achievement. A wide range of extra-currlcular facilities, opporrunlties and experlences Is provided. As well as bullding self-tonfidence and f05tering life-long leisure interests, these aim to prornote an (tnderstanding of the princlples and value of leadership, the benefits of playinE and workln8 as a team, the importance of self- d￿cipline and effective personal organisation and a willin8nesS to contribute to the community as responsible citiien. The fullness of the weekly routlne for boarde￿ and day puplls allkels Crucia￿ to the achievement of these aspirations. Criteria for SU￿t$S The achievement of the College's financial aims will ensure that resources are available to underpin its charitable activities. particularly the provision of bursaries. A supported place at Christ Colle8e is only of value if the College meets its educational aim5. CHRIST COLLEGE BRECON REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Operational performance of Christ College Holiday Activitles Limited Christ College Holiday Activities Ltd ICCHAI has returned to full operation p05t Covid-19 and in the summer of 2024 all the normal lets were back and CCHA were operating at near full capacity. This summer CCHA ran a very successful summer adventure camp which included 48 pupils from Japan, 5 from Malaysia and 9 from China. The plan is to increase the number of summer camps in the coming vears and reduce the number of lets in order to maximise profitability. In summer 2025, therefore we will be holding two summer camps- one in July and one in August. The focus will be on recruiting many more international students. This will be a challenge, and we have appointed Ben CroLtcher as International Recruitment Officer to lead on this stage of the CCHA plan. Additionally. CCHA is getting more approaches from a wider variety of groups and next year we will accommodate the British Youth Mijsic Theatre, a musical group named Boys Aloud from Cardiff and Cricket Wales with whom we are developing strong ties. Cricket Wales are returning for two camp5 in 2025. A profit of £127,394 wa5 returned in 202412023- £98,730). If the profit of the summer camp and other residential /educational activities Iwhich are attributed to CC81 are considered the overall total was £211, 010. The growth of CCHA is a key feature of CCBS strategy to increase non-school fee revenue in the coming years. Operational performance of 1541 Limited 1541 Ltd was established primarily to facilitate coopeiation with a partner School, King Henry Vlll, Malaysia IKH81. In the last 4 years KH8 has been through a difficult period as the original owners IBSSBI struggled with debts and falling school numbers during and post Covid-19 lockdown. In 2022 Lotus KFM Bhd took over management and operational control over the school and successfully brought it back on course after a difficult few years. School numbers are now good (just over 7001, and the future looks promising. In July 2023 the Receivers were called in to BSSB after the owner defaulted on debt repoyments. The business 15 up for sale and Lotus KFM Bhd are in the closing stages of acquiring the school. 1541 Ltd are currently negotiatin8 With Lotus to secure a new payment plan and it 15 hoped this will be in place by the end of this year. Separately 1541 Ltd are trying to recoup some money from BSSB andlor Datuk Benny Hoe but it is not thought that there is much Chance of success. At the 1541 Ltd AGM in October 2024 1541 Ltd reported a loss of £33,500. The Governors of CCB are prepared to support 1541 Ltd on the basis of future profitability. The total debt for missed royalty payments had been submitted to Deloittes the BSSB receivers. CHRIST COLLEGE BRECON REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST2024 Fundraising performance Donations for 2023124 were £177,449. Our second 'Givin8 Dal took place on Friday 17, May 2024. The total raised was £28,247 from 176 donors. It is proposed to hold another day in October 2025. The Development Office works very closely with the Old Breconian Associatiork IOBAI and the OBA continues to organise a wide range of reunions, social activities and 5POrt5 events. The Community Hub tontinues to be an excellent platform for engaging with the wider 08 community. It has been agreed Ifollowing donors, consentl to use the existing Pavilion Fur¢d money1£67KI to build new 6 lane cricket net5 and to renovate the pavilion within existing funds. It is unlikely that we could raise the £1.5m needed to rebuild the pavilion and it was agreed that this was an excellent use of funds. Investment performance against objettlves During 2023124, the value of the funds held in investments increased from £4,550,202 to £5,179,096. The world's stock markets around the world recovered from several geo-political shocks and entered more stable operating economic environment and was reflected in the performance of the investment portfolio. The investment fund attrarted realised gains and unrealised gain5 of £580k and £7k respectively. FINANCIAL REVIEW AND RESULTS FOR THE YEAR Group Results: 2024 £'ooo io,ioo 9,242 2023 £'ooo 8.880 7,992 2022 2021 £'ooo 7,114 5,811 2020 £'ooo 7,593 6,228 Total Income Total Expendlture lexcluding depreciation) 8,041 7,279 In the year, the group's net income over expenditure before investments gains amounted to £280,353 12023.. £363,897) and a net increase in funds of £858,42412023'. £377,7131. Net assets increased to £17,008,338 12023.. £16,149,904). Depreciation of £561,720 12023: £524,621} has been charged in respect of fixed assets. Thi5 15 irb line with the group's depreciation policy. These a55ets were also maintained to a high standard with repairs and maintenance costs also being expensed in the Statement of Financial Activities. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The trading conditions for Christ College, in line with the widereconomy, recovered strongly with trading returning to pre-Covid19 levels. The sharp impact of inflation affecting all economies internationally has eased off considerably which in turn ha5 restored national and international economic confidence. Mar8ins remain tight and the satisfactory financial performance was made possible through jLtdicious stewardship of resources. This careful stewardship was as much driven by the expectation of an imminent change of government whose flaEship policy was to charEe VAT on school fees. Along with many other schools In the sector the expectation that this would cause some instability in the short to medium term. Despite thi5 the governors remain committed to investing in the school infrastructure making capital improvements to the value of £lm 12023= £318kl. Of this £622k was spent on the substantial refurbishment of St. David's boarding house which has been closed sirice 2017. CHRIST COLLEGE BRECON REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 FINANCIAL REVIEW AND RESULTS FOR THE YEAR Icontlnuedl Christ College Holiday Aclivitles Llmlted contributed £211,oc￿ 12023.. £138,0001 and 1541 Limlted contributed £nil12023'. £nill to the operations of the College. Detalls of the subsldiaries, performance are included In note 16 to the financial statements. Reserves policy Total unrestricted, restricted and endowment funds of the gTOUP amounted to £17,008k 12023: £16,150kl at the year-end. Govèrnors have resofved to hold in the region of E2.5rn reserves In the forrn of cash or near-cash to cover the St. Davbd's house improvement project. Of that £600k was alfeadv been expended during the course of the yeai. The Governors require5uffic4ent reserye5 to ensure that the College can pay Its short-terrn creditors and Meet the operating cost5 of the business for at least two months. Over the last few years the Governors have buitt up these rèserves to underpin development of the school's facilities in lieu of further borrowin8. At 31 August 2024, the group has "free reserves. of £3,840k12023'. £3,634kl and thè college ha5 "free reseTves" of £3.903k 12023.. £3,665kl. Free reserves are defined as unrestricted investments plus unrestricted net current assets le55 unrestricted long-terrn liabilities, as shown in note 26. The Board of Governo￿ feel due to the long-term loan liabilities belng secured over the College's land, buildings and Snvestment assèts, as shown in note 21, this figure does noi fairly reflect the group's aLlual free resetves. When the loan liability is excluded the group's free reserves are £4,512k 12023.. £4,347kl and the College's free reserves are £4,575k12023- £4,378kl. The reserves policy focuses on the bulldin6 of unrestricted reserves and having achieved a posltive free reserves position to continue to bolster them. The group's unrestricted net current assets, as showt) in nole 26. amount to £2,656,156 12023.. £2,399,612). The Governors con5Fder this level of re5e¥ves to be reasonable given thai fees for the new academic yeaf are recelved withln a few days of the financial year end. Reserves are considered to be available and adequate to fulfil the obli6ations of the Collège. Investment pollcy The Governors intend that the real value of the Investment assets be malntained or enhanced over the 10Th8 term by investment in a portfolio cort515ting of equities, fixed income stocks. property and cash. A reasonable level of income is ieqvired and a medium level of risk accepted. In order to meet these objectives, the Governors employ RBC Brewirn Dolphin as their agent to give advice ork a diversffied portfolio of sultable investments. Investment powers The Governor5 have the power5 to Invest Sn any area In accordance with the 1960 Scheme Clause 60. PLANS FOR FUTURE PERIODS The School continues to look to develop its academlc offering to best meet the future needs of Its puplls. It continues to strive to become a leading school in Chararter education to bulld upon the successful launch of the one week'Beacons course, for year 9 pupils and the ever-evolvSn8 and effective curriculum for life for the 61h form. CHRIST COLLEGE BRECON REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023 PLANS FOR FUTURE PERIODS l¢ontlnued} In the next Stage of our development, we will continually strwe to enhan￿ our edLtcational provlslon, whilst ensL%fin8 that our bLtslne5s model has adjusted to the new VAT, Business Rates and National insurance costs post October 2024 budget. We are in the prO￿sS of developing St David house ready for use as either additional boarding house, Of a5 a residual educatiLlll centre available to hire out through CCHA. The flnal declsion will depend on the demands of the boarding market which are currently more turbulent than usual sinte the Ort 24 budget announcement to add VAT ta school fees. including all aspects of boarding provision. We aim to change our school Structure to include a prep school (Reception to year81, and a senlor5chool (year 9-131. Through this new structure we aim to enhance the 2. cvrriculum offering and leadership opportunities for pupils aged 11-13. We aim to broaden the offering to oui international pupiis to include short-stay opportunitie51le5S than I term) for pupi15 fiom abroad lookin8 for a taster experience in a traditional UK boardinB school. We plan to bvild a slx lanes of crlcket nets to enhance our cricket fatillties both to attract cricketers to CCB and to look to run cricket camps in the surnmer in the hope of increasinB revenue and pupil recruitment opportunities. CHRIST COLLEGE BRECON REPORT OF THE GOVERNORS FOR 7HE YEAR ENDED 31 AUGUST 2024 sTRU￿￿RE, GOVERNANCE AND MANAGEMENT Governing document Chri8t College Brecon is a registered charity. It was oriEinallyfounded by KinB Henry Vlll by Royal Charter dated 19 january 1542 althouEh the current-day school was established by an Act of Parliament In 1855 and was subsequently regulated by a Scheme made under the Endowed Schools Acts on 28 Jvne 1880, as altered and amended by Schemes of 23 November 1906 and 23 Avgust 1921. Chrbst College Brecon 15 now regulated by a Scheme made by the Minister of Educallon under ihe Charitable Trusts Acts 1853-1925, sealed on 26 September 1960, and varied by Schemes of the Charity Commissioners of the 27 september 1977. the 7 DeCeM￿r 1984, the 7 March 1995, the 27 September 1996 and the 21 September 2015. The College's legal status ts as an unincorporated associatlon as deflned by the Charities Act 2011. Governlng bodle5 Christ College Brecon is managed by a Board of Governors being as such a body corporate, the detsils of which are explained on page 13. The Board of Govemors currently consists of 15 competent persons being.. 2 Ex-officio Governors- 3 Nominative Governors. and 10 CO￿ptatIve Governors. The Current￿ serving ex-officlo Governors are: The Lord Bishop of Swansea and Brecon and,. The Archdeacon of Brecon. The NominatNe Governor5 shall be appointed a5 follows- One by Brecon Town Council; One by the Old Breconian A5socialion and- One by the Society of Friends of Christ College Brècon. The Co-optatNe Governors a￿ entltled to hold office for fNe years and nominative governors for four Methods used to recrult and appolnt new Governors Ex-offlclo Governors are appointed by vlrtue of their office. Nominative Governors are nominated by the constltuent organi5ations, with thelr appointment ratified by the Board of GoveTnors. Recommendatlon5 for Co-optatlve Governors are made to the Governance Cornmlttee who consider the qualrfications, expertise and skills of the proposed Governor based upon a skilts matrix. Cooptalive Governors are formally appointed by the full Board of Governors Upon recommerbdation of the Governance Committee. CHRIST COLLEGE BRECON REPORT OFTHE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 20Z4 Methods used to recrult and appolnt new Governors (continued) Newly appointed Governors are inducled by the Chair and Clerk into the worklngs of the Board, Its policies and aims. Seminars are arianged both throu8h Association uf Governing 8odie5 of Independent S¢hools and independently. Charity Governance Code of Practlce The Governors of Christ College have resolved to comply with the Charity Comm15sion's code of practice for good Èovernance. There ère seven principles which are considered to be necessary to quallfy as a well governed charity. The Goverllors have assessed the school against each of these.. Organisational purpose Leadershlp Integrity Decision making. risk and control Board effectiveness Diversity Openness and accountability Followlng thi5 a55essmenl, the Governors conclyded that the school wa5 broadly compliant with the principles. The ethos of the code of prartlce Ss to promote continual impyovement and to that end the Governing Body hi8hli8hted areas for further improvernent. Or8anisattonal mana6ement Under the authortty ol the 1960 Scheme. the Head has under h15 tontrol most aspects of the internal organisatlon, managemerst and discipline of the College. The Head liaises c105ely with the Governors, and has a senior management team to whom he delegates day to day functions. The latter cons1Sted durin8 the reportlfi8 year of a Bursar, Deputy Head IAcademicl and Deputy Head IPastorall. Management of flnance and estates and strategic plannlng were very largely delegated to the Finante and Infrastructure Committeè of the Board of Governors. There were two further Board SLSb- committee5.- SlrateBy. Marketing & Development Committee and Education & Community Commlttee. both of whlch had Senior Management atlendance. In addition. a Governor sat on the Hea¢th and Safety Committee; a Governor had designated responsibility for safeguarding ard child proteLtion. There were also panels of Governors to consider appeHls. distipline. grievances and Complaints. Group structure and relatlonshlps The College has two wholly owned non-charitable subsidiaries. Christ College Htsliday Activlties Limited offer5 courses and holiday lettings. and operates a school shop, to @enerate additional income. 1541 Limlted is a company set up to collaborate in the operation of schools overseas foi commercial Bairtr. Govern5n8 Body Commlttees The aoverning body operates through committees who report to the main board. The cornmrttees are.. Education and Community; Finance and InfrastTUCture,' Strategy. Marketing and Dèvelopment,. Governance Foundation All Bovefnors would be reoulred to serve on at least one commitlee. CHRIST COLLEGE BRECON REPORTOFTHE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Rlsk management The risks identrfied in 2023-24 Move back to the mainstream as the world in general and the school In particular moved on fiom the pandemic that dominated life during the preceding two years. Key risks and mitl8atin8 actio￿ identified by the Governors were.. Catastrophi¢ loss of Income followin8 the imposition of VAT on sf hool fees. Without èny mitigation the imposition of VAT on school fees represents a 20% price hlke for parents. ThtS 15 particular vulnerability for our day market where about 60% of our locally recruited puplls receive some fomi of financl61 support. Thi5 indlcates that thls segment of the CCB market is particularly price sensrf(ive. The Boverning body have SOUEht to mitl8ate the Impact of this increase by reducing the net school fees and phaslng the full VAT increase over 8 period of three academic years. As a lon8er-temi response, the 8overnors have in place a strategic plan to: Grow our less prlce sensltlve and more profitable boardln8 market,. Glow the charitable foundation to fund more bursaries: Grow ancillary commercial and overseas schools. income. Over reliante on key members of stsff A common problem wlth Small oiganisations such as ChTi5t College is that Membe￿ of stafl bulld up a￿a$ of expertise which is not shared with others. This could leave the school exposed when that person then moves on whetherthi5 is for career purposes, retirement or suddenly for some other reason. Loss of Student Sponsor Lkence A Student 5pon50r licence (previously called Trer IV licencel Is required to enrol internatlonal pupils. Each year CCB can apply to 5pon501 a set number of international pupi15. The Boarder Agency UK carefullv monttor5 and controls International student immigratlot). There Is considerable political pressure to control immSgration and overseas student numbers are counted in this equation. Fallure to demonstfatt or abide by re8ulations ¢oncomitant with the Student Sponsor Licence could result in the licence being wlthdrawn whlch would have catastrophic consequences forthe School. Arrangements for pay and remuneratSon of key mana8emtnt personnel A sub-cornmSttee delegated by the board of Eovernors sets key mana8ement personnel pay. The sub- committee reviews pay each year and wlll conslder remuneratlon agalnst current market rates. CHRIST COLLEGE BRECON REPORT OFTHE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 REFERENCE AND ADMINISTRATIVE DETAILS Charlty name Christ College Brecon Reglstratlon number 525744 Principal address Chrkt College Brecon Powys LD3 8AF Governors Christ ColleBe Brecon is managed by a Board of Governors being as such a body corporate. The Governors who seNed durlng the year were as follows.. Govemors Professor Michael C R Davies FRSE FLSW (Chair of Governors and member of all govemor commltteesl The RiEht Reverend john Loma5 (Lord Bishop of Swansea and Breconl The Venerable Alan Jevon5 (Archdeacon of Breconl 4,51¢1.6,8 Mrs Julia Cheirett. 1.2,3 Ms Louise E Davles• 3 Mrs Baljtt Gandhi-lohnson 5 Mr Philip Jones. (¢1, 6,7,8 Judge Milwyn Jarman KC I Mr Nigel KilEallon 5- Resigned March 2024 Mrs Nicola Maughan (Deputy Chair of Governors) Ilcl,7lcl,8 Mrs Lesley Perry 5,8lcl Mr Rupert Poole S- Resigned July 2024 Mr Mark Rhydderch-Roberts',3lcl MT Leon Spight" Mr Kevan Thornber 5- Appointed March 2024 * Denotes member of the Finance and InfraStr￿CtUre Commlttee l Denotes member of the GovernaTrce Commf(tee 2 Denote5 member of the Health and Safety Commtttee 3 Denotes member of Foundation Committee 4 Denote5 designated Governor for Child ProtertlDn 5 Denotes member of EducHtitsn and Community Cornrnlttee 6 Denotes member of Remuneration Commlttee 7 Denotes member of Concessions Commlttee 8 Denotes member of the Strate8y, Marketing and Development Committee cl Denotes comrn￿tee chalr Key Management Personnel MrG D Pear50n-Head Mr H Mackridge- Deputy Head- Academic Mr S Hill- Deputy Head Pastoral Mr M N Allen- Bursar and Clerk to Governors io CHRIST COLLEGE BRECON REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 Bankers Lbyds Bank pl¢ Beaumont Hguse Phoenix Way Swansea Enterpilse Park Swansea SA7 9DL Solicltors Redklte 48 Free Street Brecon L03 7BN Insurance brokers Creative Risk Solutions Podl Capital Shopping Park Leckwith Road Cardiff CFII 8EG Auditors Azets Audit Services Ty Derw Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB Investment advisors Brewin Dolphln Securities Limited 2 Floor 5 Callaghan Square Cardiff CFIO 5BT li CHRIST COLLEGE BRECON REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 RESPONSIBILITIES OF THE GOVERNORS The trustees are responsible for preparinÈ the Governors, Report and the fin&ntial statements in accordance with applicable law and United Klngdom Accounting Standards, including Financlal Reporting Standard 102: The Financial ReportAng Stondurd oppliioble in the UK and Republic of Irel(Jnd (United Kingdom Generally Accepted Accounting Practicel. Company law requlres the governors to prepare financial staterneTrtsforeach finènclal year which give a true and fair vÉew of the state of affairs of the charity and the group and of the income and expenditure, of the charity for that period. In preparing these financial statements, the trustees are required to= select suitable accountinÈ policles and then apply them consistently. obseNe the rnethod5 and principles in the Charities SORP. make judgments and accountin8 estimates that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, and prepare the flnanclal statements on the Èoin8 concern basis unless It is inèppropriate to presume that the charity will continue in business. The governo￿ are responslble for maintaining proper accounting record5 which disclose with reasonable accuracy at any tFme the financial position of the charity and enable them to ensure that the financtal statements compty with the Charities Ad 2011. They are also responsible for safeguarding the assets of the ¢haTlty and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the governors are aware- there is no relevant audit inforfflation of which the charity'5 auditors are unaware,. and the Eovernors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that Information. The governgF5 ale responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the Untrted Kingdom 6overnin8 the preparation and dissemlnation of financial ststements may differ from leEislation in otherjurisdictions. y Order ¢1 the Board Professor Michael Davie5 (Governor) Date.. 2 REPORT OF THE INDEPENDENT ALIDITORS TO THE MEMBERS OF CHRIST COLLEGE BRECON FOR THE YEAR ENDED 31 AVGU5T 2024 OplnioTh We have audited the financial statements ol Christ College Brecon Ithe 'parent charitVI and its subsidiaries Ilhe'group'l for the year ended 31" August 2024 which cornprise the consolidated and parent Statement of Financial Activities, the corysolidated and parent Balance Sheet, the consolidated Statement of Cash Flgws and noies to the financial statements. including signifitant accountlng pollcles. The financlal reporting framework that has bee￿ applied in their preparation is applicable law and United Kingdom Accounting Standards, Including Financial Reporting Standard 102 The Finunciol Reporting 5tondGrd applicuble in the UK ondRepublic of Irelond (United Kingdom Generally Accepted Accounting Pratticel. In our oplnion the financial statements: give a true and fair view of the state of the gro¢Jp's and parent charity's affalrs as at 31 Augusi 2024, and of the group's in¢omin8 resources and application of resources, in£luding its Income and expenditUTe, for the year then ended- have been property prepa￿d In accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirement5 of the Charities Act 2011. Basi5 for opinia We conducted our audr( In accordance with International Standards on Auditing IUKI {ISAs IUKII and applicable law. Our responslbilities under those standards are further described in the Auditijrfs responsibilities for ihe audit of the financial statements section of our report. We are Tftdependent of the group and parent charlty in accordance with the ethical requirement5 that are relevant to our audit of the financia5 statements in the UK. including the FRrys Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with thèse requirements. We believe that the audFt evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatln8 to going concern In auditing the financial statements, we have concluded that the trustèes, use of the going concern ba51s of accounting in the p￿paratIOn of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertalntles relating to events or conditions that, Individually or collectively, rnay cast signifi¢ant doubt on the group's ot parent charitvs ability tLTr continue as a going concem for a period of at le3st twelve months from when the fJNancial Statements are authorised for issue. Our responsiblllties and the responsibilities of the trustee5 Wlth respettto 80in8 concern are described in the relevant sections of this report. Other Information The other information comprises the Information included in the Éovernors annual report, other than the financial statement5 and our auditorfs report thereon.The trustees are re5ponslble for the other Information contained within the annual report. Our opinion on the fFnancial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclus1011 thereon. Our re5ponsibillty is to read the other infolmation and. Sn doing $0, consider wheiher the other information Is materially inconsistent with the fSnancial 51atements or our knowledge obtained in the course of the audit or otherwlse appears to be rnaterially misstated. If we identrfy such material inconsistencie5 or appaient material mlsstatements. we are required tts determine whether this Btves rise to ¥ material misstatement in the financial statements themselves. 13 REPORTOFTHE INDEPENDENT AUDITORS TO THE MEMBERS OF CHRIST COLLEGE BRECON FOR THE YEAR ENDED 31 AUGUST 2024 Other information Icontlnuedl If, based on the work we have performed, we conclude that there is a material misstatement of this Other Information, WE are required to report that fact. We have nothlng to report In thi5 re8ard. Matters on whlch we are required to report by exceptlon We have nothin8 to report in respect of the following matters in relation to which the Charitses (Accounts ond Reports) Regulatlons 2008 require us to report to you if, in our opinion.. the information given in the financial statements Is Inconsistent in eny materlal respect with the trustees. report,. or sufficlent accounting records have not been kept.. or the parent Charity's financial staternents are not in agreement wlth the accounting records and returns,. or we have not received all the inforrnation and explanation5 we requife for our audlt. Responsibilities of trustees As explained more fully in the tTYStees' respon5ibilitle5 Statement set out on page 12 the trustees are responslble for the preparation of the finarkcial statements and for bein8 satisfied that they give a true and fair view, and for such internal cor>trol a5 the trustees determine Is necessary to enable the preparation ol rinancial statements that afe free from material misstatement, whether due to fraud or error. In preparing the financial statements, the truslees are responsible for a55essiTrg the group's and parent charitls ability to continue a5 a 8oln8 concern, dlsclosln8, as applicable, matters related to going con￿rn and using the going Concern basis of accounting unless the trustees either intend io liquidate the group or the parent charity or to cease operations, or have no reallstlc alternative but to do so. Audltorf5 responsibilities ft>r the audlt of the finènclal statements We have been appoinled as auditor vnder sectlon 151 of the Char6tles Act 20118nil report In accordan with regvlatiolls made under section 154 of that Act. Our otsjectivès are to obtaln reasonable a55urance about whether ihe financial statement5 a5 a whole are free f¥om material mi55tatement, whether due to fraud or error. and to Issue an auditorfs ieport that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guhrantee that an audit conducted in accor(lance with ISAS IUKI will always detert a material mlsstatement when it exists. Misstatements can arise from fraud or error and are consldered material if. 1ndivldua1￿ or In the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further descrlption of our responsibilitles is available on the Financial Reporting Council'5 web5tte at: htt slLw%vw.frc oi Our-work Audst Audit-and-a55urance Standard5-arid- idÈnce standard5-and- vidance-for-auditc>rs 1Auditors-res￿on51b1Ill￿es-for-8Vd￿t Descri tion-ol-auditors-res audii,as x Thi5 de5crlption forms part of OLsr audltorfs report. Extent to which the aLFdlt was considered capable of detecting Irregularltles. includin8 fraud Irregularities, Including fraud, are instances of non-complian￿ with laws and regulatlons. We deslgn procedures in line with our re5ponslbllities, outlined &bove anij on the Financial Reportln6 Councll's webslte, to detect mateiial misstatements in respect of irregularities, irhcludin8 fraud. 14 REPORT OFTHE INDEPENDENT AUDITORS TO THE MEMBERS OF CHRIST COLLEGE BRECON FOR THE YEAR ENDED 31 AUGUST 2024 Extent t? whl¢h the audit was considered capable of detertin8 irregularitles, Including fraud Icontlnuedl We obtain and update our understanding of the entity, Its activities, its control envtronment, and likely future developments, including in relation to the legal and regulatory fiamework applicable and how the enttty is complying with that framework. Based on th￿ understandin8, we bdentify and assess the risks of material misstatement of the financlal statements, whether due to fraud or error, design and perform audit procedures responsive to those risk5, and obtain audit evidence that ts sufficient and appropriate to provide a basis for our opinion. This includes consideretion of the risk of aLls by the erntity that were contrary to applicable laws arsd regulations, Including fraud. In response to the risk of Irre8ularilie5 and non-cornpliance with laws and regulations, including fraud, we e5IEned procedures which intluded.. Enquiry of mollagement and those charged with Eovernance around actual and potential litigation and clatms as well as artual, suspected and alleBed fraud,. Reviewing miTrutes of meetings of those charged with governance,. A55essingthe extent of compliance with the law5 and regulations considered to have a dirÈtt material effect on the linancial statements or the operations of the entity through enquiry dnd inspection; Reviewlng financial statement disclosures and testing to supportin8 documeritation to assess compliance wlth applicable laws and regulations.. Performing audit work over the risk of management bla5 and override of controls, including testlng of journal entries and other adjustments for appropriatenes5, evalLtating the buslness rationale of signifitant transaciion5 Outside the normal course of busine55 and revlewinE accounting estimates for indicators of potential bia5. Because of the inherent Ilmitations of an audit, there is a rlskthat we will not detect all irregularftles, including those leadin8 to a material misstatement in the financial Statements or non-compliance with regulation. This risk increases the more that compliance wrth a law or regulation 15 removed from the events and transactions reflerted In the financial statements. as we will be le55 likely to become aware of in5tantes of non- compliance. The risk of not detecting a Fnaterial m15Statement resulting from fraud Is hlBher than for one resultin8 from error, as fraud may involve collusion, forgery, intentional omi55ioThs, mi5repfesentatlon5, or the override of internal control. Use of our report This repcirt is made solew to the charit￿$ trustee5, as a body. in accordance with Part 4 of the Charities IAccour¥ts and Reports) Regu1ation5 2008. Our audit work has been undertaken so that we might st3te to the charitvs trustees those matters we are required to state to them in an 3udito4s report and for no other purpose. To the fullest extent permitted by law, we do not at￿pt or assume responsibility to anyone other than the charity and the charitvs trustees as a body. for our audit work, for this report, or for the opinlons we have forrned. Azets Audrt Services Accountants & Statutory Auditors Ty Derw Lime Tree Court Cardiff Gate Busines5 Park CF23 8AB Date.. I Ao Azet5 Audit Services is ell8ible to ad as an auditoi In term5 Qf settion 1212 of the Companles Act 2006. 15 CHR15T COLLEGE BRECON CONSOLIDATED STATEMENT OF FINANaAL AcfiviTIES FOR THE YEAR ENDED 31AUGUST 2024 Unre5tritted RÈstrlrted Endowment funds funds funds Total 2024 Totèl 2023 Note Income and endowments from: Donations and IEÈacies Charitable 3Ltivitie5 Other tradinB activtties Christ College Hollday Actlvities Limited 1541 Limlted Investments Other income Total Income ondendowments 47,621 ,523,128 173,562 69.828 117,449 8,523.128 173,562 173.275 7.924,607 149,074 16 16 312,949 163,043 132,661 57,264 9.410,228 312,949 163.043 175fv21 57.264 9,522.416 247.303 163.043 129,263 93.793 8,880,358 26.137 16.223 95,965 16,223 Expendlture on.. Raising fund5 Charitable activities Chrlst College Holiday Activlties Limited 1541 Limited Totol expendlture I1￿.403 8,609,339 100.403 42.911 8,759.590 112,593 8,118,393 107,341 16 16 185,526 196,543 185,526 196.543 105,919 179.556 9,091.811 107,341 42,911 9.242.063 8.516,461 Net goins/flosse5? on Investments 15 317,939 636.356 173,421 162,045 86.711 60,023 578.071 858,424 13,816 377,713 Net movement infvnds Re¢onclliation of Funth Total funds brought forward Totqlfvnds corriedfvnvard 23 24,25 26 14,252,101 14,888,457 1,152.380 1.314,425 745.423 16,149,904 805,446 17,008.328 15,772,191 16,149.904 The Statement of Financial Activities includes all gain5 and lossès recognised in the year. All incoming resources expended derive from continui￿8 activities The notes on paEe5 21 to 54 form part of the financial statements 16 CHRIST COLLEGE BRECON STATEMENT OF FINANCIAL ACTIVITIES- COLLEGE FOR THE YEAR ENDED 31 AUGUST 2024 Unwlrlcted fund5 Restrlrted Endowment funds funds Total 2024 Total 2023 Note Income and endowments from: Donations and legacles Charitable activitie5 Other trading activlties Investments Other income Tothl Income und endowments 47,621 8,523.128 173,562 260,084 57,264 9,061.657 69.828 117,449 8,$23.128 173.562 302,444 57.264 9,173,846 173,275 7.924.607 149,074 227,991 93,793 8,568,740 26,137 16,223 95,965 16.223 Expenditure on., Raislng funds Charitable activities Totql expeftdlture 100.403 8.609,338 8,709,471 100.403 8.7S9.590 8.859.993 112,593 8,059,304 8,171,897 107.341 107.341 42,911 42,911 Net golns/110$5esJ on Investments Net movementlnfvnd5 15 317,939 669,855 173,421 162,04S 86,711 60.024 578.071 891,924 13,816 410,659 Rec¢n¢illatlon of Funds 23 Total funds brought forward 24,25 TotLYlfvnds carrledfvmard 26 14.282.477 14,952,332 1.152.380 1.314,425 745,423 16.180.280 805.446 I7￿2,203 15,769,621 16,180,280 The Staternent of Flnancial Artlvltles Includes all gains and losses reco8ni5ed in the year. All Incoming resource5 expended derive from continuing actIv￿leS The notes on pages 21 to 54 form part of the financial statements 17 CHRIST COLLEGE 8RECON CONSOLIDATED BALANCE SHEET AS AT31 AUGUST 2024 2024 2023 Note Flxed assets.. Tangible assets Investments 14 15 11.049,563 5,179,096 16,228,659 10,617.332 4,550,202 15,167,534 Current assets: Stocks Debtors Cash at bank and in hand 17 18 19 9,813 319.622 4,881,291 5,210,726 13.513 238.867 4,209,373 4,461,753 Liabilitie5'. Creditors- Amounts falling due within one year 20 12,554,570} 12,061,528) Ivet currentassets 2,656,156 2,400,225 Total assets less current Ilabilitie5 18,884.815 17,567,759 Creditors.. Amounts falling due after more than one year 21 IL876,4871 {1,417,8551 Total net assets 26 17,008,328 16,149,904 The fvnds ofthe group: Endowment fund5 Restrirted Income funds Unrestricted funds Total charity funds 23 24 25 26 805.446 1.314,425 14.888.457 17.008.328 745,423 1,152,380 14,252,101 16.149.904 These financial statements were approved by the Board of Governors on 30 November 2024 a kiej Professor Mlchael Davies Trustee The notes on page5 21 to 54 form part of the financlal statements 18 CHRIST COLLEGE BRECON BALANCE sHE￿- COLLEGE AS AT 31 AUGUST 20Z4 2024 2023 Note Fixed assets: Tangible assets Investments 14 15 11.049.563 5,180,097 16,229,660 10,617,332 4,551,203 15,168.535 Current a55el5.' Debtors Cash at bank and in hand 18 19 449,06S 4.749,306 5.198,371 380,790 4,049,603 4.430,393 Liabilities: Creditors.. Amounts falling due within one year 20 12.479,3411 12,000,793) Net current Jssets 2,719.030 2,429,600 Total assets less current liabllltles 18,948,690 17,598,135 Creditors- Amounts falling due after rnore than one year 21 11,876.4871 11.417,8551 Total net assèts 26 17.072.203 16,180,280 The funds ol the ¢harlty' Endowment fund5 Restrirted income funds UnTestricted funds Tot41 chartty funds 23 24 25 26 805.446 ¥314,425 14,952,332 17.072.203 745,423 1.152.388 14,282,477 16,180.280 These financ5è1 statements were approved by the Boaid of Governo￿ on 30 November 2024 Professor Mlchael Davies Trustee The notes on page5 21 to 54 form part of the financial statement5 19 CHRIST COLLEGE 8RECON CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUSf 2024 Note 2024 2023 Net cash provided by operating actlvtties 32 1.651.432 1,274.615 Coshflow5from investing Ortivities.. Dwidends, interest and rent5 from investments Purchase of property planl and equipment Proceed5 from sèle of investments Purchase of investments Net cash used in Inve5tlng artlvTrtles 96.739 1993,951) 948.884 1997.241) 1945.5691 110,728 1317,9911 1,811.989 11,879,853) 1275,1271 14 15 15 Cqshflowsfromfinoncing ortivlties." Repayments of borrowing Net cash used In finan¢lng actlvlties 133,9451 133.9451 140,9471 140,9471 Chan8e In cash and ¢ash equivalent5 in the rep¢rting perlod 671.918 958,541 Cash and tash equlvalents at the be8innin8 of the reportlng period 4.209,373 3,250,835 Cash and cash equivalents at the end of the reportin8 period 32 4,881,291 4,209,376 The notes on pages 21 to $4 form part of the financial statements 20 CHR15T COLLEGE BRECON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES The following accountln8 poli¢S¢s have been used consistently In dealing with item5 which are considered material in relation to the charitvs financiol statements. Bosls of Preparatlon The financial staternents have been prepared in accordance with the charity's govemlng document, anil "Accounting and Reportlng by Charitie5.' Statement of Recommended practi￿ applicable to charities preparin8 their accounts In atcordance with the Financial Reportlng Standard applicable ift the UK and Republic of Ireland IFRS 1021 (effective l January 20191" The charity is a Public Benefit Entity as defined by FRS 102. The accounts Ifinancial statements) have been prepared to give a 'true and fairf view and have departed from the Charities IAccounts and Reports) Regulation5 2008 only to the e)rtent requlred to provide a 'true and fair vlew,. This departure has Involved lollowing Accounling and Reporting by Charities preparin8 thelr account5 in accordance wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 rather than the Actounting and Reporting by Charities: Statement of Recommended Practice effective from l Aprfl 2005 which has slnce been withdrawn. Christ College Brecon meets the definition of a publlc beneflt entlty under FRS 102. Assets and liabilities are initially reco£ni5ed at historical cost or transaction value except that.. tangible fixed assets arE stated at their valuation on I September 1986 whlchls the deemed ost on transition to FRS102. and additions since that date are stated at cost. Investments held at fair value through the statement of financial artivity- bl Rourhdln8 Fieures contained in the finat)cial statements have been rounded to the nearest pound. Cash Flow No separate cash flow statement has been presented for Chrlst College Brecon r(self as the College has taken advantage of the exemptions In paragraph 1.12 of FRS 102. Presentation of the accounts on a Bolng ¢oncÈrn basis The group reported a net unrestricted inflow of £280,532 12023.. £363,897) before transfer5 and losses on Investment5 forthe year. These accounts have been prepared on a 8oin8 concern basis, the Group ha5 net current asset5 of £2,656,15612O23'. £2,4CKS,2251. Forecasts prepared take Into account timlnES of the receipts of fees and as such the Governors considerthe going concern basis rs the most appropTlate basis a5 a result of plojections prepared which indicète the College will be able to operate within the facilities currently available. Thi5 college is monltorlng results on a frequènt basis. The governors are of the view that that on this basis the college is a going concern and there are no material uncertainties about the college's abillty to continue as a g0SnB concern. 21 CHRIST COLLEGE BRECON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES l¢ontlnued) Group Financlal Statements The financial statements consolidate the results of the charity a￿d its wholly owned subsidiarses Christ College Holiday Activsties Limited 1541 Limited on a line-by-line basts. Taxation A5 a re8lStered charity, Christ Colle8e Brecon is entitled to the exemption from taxation in respect of Income and capital Eains received wlth sections 521-536 of the Income Tax Act 2007 and section 256 of the Taxation of Chaoeable Gains Act 1992 tothe exlent that these are applied to it5 charitable objects purposes only. Forèi8n Currencv Transactions denominated in foreign currencies are recorded at the rate rulin8 at the date of the transactlon. Monetary assets and liabilities denorninated In forei8Tr ¢uFrencie5 are translated Into sterling at the rates of exchange rullnE at the balance sheet date. All drfferences are included in net outgolng resources. Re¢ognltlon of Income These are included in the Statement of Finantial Activf£ies ISOFAI when.. The charity or [¢5 subsidiary have entltlement to the funds,. any performance conditiorss attached to the itemlsl of income have been met or are fully withsn the ¢(>ntrol of the charity or its subsidiary,. there is sufficient certainty that receipt of the income is considered probable,. and the amount can be measured reliably. Grants and donations Grants and donations are only Included In the SOFA when the general income reco8nition criteria are met15.10 to 5.12 FRS 102 SORPI. Donations received for the general purposes of the College are credited to "other unrestricted fLsnds" to distinguish them from direct College income. Donations subject to specific wishes of the donor5 a￿ carried to relevant restricted funds, or to endowed funds where the amount is requlred to be held as perwllanent capthtal. Donations. are recoEni5ed when the charity h35 been notified in WTlting of both the amount and settlement date. In the event that a donation 15 subject to condition5 that require a level of performar¢ce before the charity Is entitled to the funds, the income is deferred and not recognised until either those condltions are fully met. or the fulfilrnent of those conditions 15 wholly within the control of the charity and itls probable that those conditions will be fulfilled in the reportin8 period. Income 15 accrued when the Gift Ald payment is payable to the parent charity under a legal obligation. Legacies Legacie5 are sncluded In the SOFA when receipt is probable, that 15, when there has been grant of probate, the executors have established that thefe are suff icient assets in the estate and ar4V conditions attached to the legacy are either within the control of the charity or have been met. 22 CHRIST COLLEGE 8RECON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POUCIES Icontinuedl Income from Inlere5t and dlvidends This 15 included in the accounts when recelpt is probable and the amount receivable can be measured reliablv. Investsnent galns and1055es Thi5 includes any rèalised or unrealised gains or losses on the Sale of Investments and any gain or los$ resultinÉ from revaluinB Énvestments to market value at the end of the year. All gain5 and10sse5 are taken to the Statement of Flnarncial Activities as they arise. Realised galns and 1055es on Investments are calculated as the difference between sales proceeds and their opening carrylngvalue or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fail value at the year end and their carrying value. Realised and unrealised Investmenl galns and 1055es are comblned in the Statement of Financial Activltie5. Fees and slmilar income Fee5 receivable and char8es forservices and use of premises are accounted for in the period in which the seNlce is provided. Fees recelvable are stated after dedurting scholarships, bursaries and remissions allowed by the College, but include contributions received from scholarship funds and othertrusts. Expenditure Recognition and Irrecoverable VAT Expenditure 15 recoEnised once there 15 a legal or constructive obltgation to make a payment to a thlrd party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure i% classlfied under the followlng activlty headlngs: Expenditure on charitable actNities includes all costs relating to the lurtherance of the charity's objective5 as stated In the tnistees report and their a550clated support costs. Irrecoverable VAT is ¢harBed as a cost against the a¢tNity for which the expenditure was incurred. The charity ha5 Incurred expenditure on support costs. Support Costs have been allocated betweèn Eoveinance costs and other SllPPOrt. Governance costs comprise all costs Involvlng public accountablllty of the charlty and Its compliance with reBulation and good practice. SL¢PPOrt C05t5 are bllocated In accordance wilh the actual costs incurred and, where costs are shared beiween different expenditure groupings, at the Governors, best apportionment. The charity recogfjises termlnation benefrts as a liability and an expense only when the entity is demonstrably committed eiiher toterrninate the empk)ytnent of an employee ofBroup of employees befofe the normal retirement date or io pyovlde termination benefits as a result of an offer made in order to encourage voluntary redundancy. Offsetting There has been no offsetting of assets and Ilabllitles, or Income and expenses. unless required or permitted by the FRS 102 SORP or FRS 102. 23 CHRIST COLLEGE BRECON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POLICIES Itontinuedl Tangible fixed assets lor iJse by charity All College buildings and equipment wefe valued at 15eptember 1986. In accordance with the transitional arrangements of Financial Reporting Standaid 102, these valuations have not been updated. Additlons slnce that date are slated at cost. The ihre5hold for capitalislng equipment, fixtures and fitting5 is now £500. In the past all Items with an expetted useful life of more than one year were capitalised. The College is responsible for keepin8 the buildin8s in a ftt and useful condition and these costs are written off as incurred. Depreciation is provided on the strai8ht.line method over the expeded useful life of each category of tangible fixed assets, as follows:_ Addition5 frgm I Septernber 2000 Additions up to 31 Au8USt 2000 Freehold land and buildiN8s Over 15-30 years Furniture and equipment Over 1-10 years Motor vehicles Over 5 years Other leased asset5 Over the term of the lease All weather pitch Over 10.50 years Over 50 years Over 5-20 years Over 5 years Over the term of the lease Investments Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at fair value Itheir market value) at the year end. The same treatment is applied to unlisted investments unless falr value cannot be measured rellably In whlch ose it is measured at C05t less impairment. Stocks and work In progre5$ Stocks held for sale as part of non-eharitable trade are measured at the lower of cost or net reali%able value. Stocks of Eoods for resale by Christ Colle8e Holiday Activfiies Limited are valued at the k)wer of cost and net realisable value, after making due allowance for obsolete and slow movinB item5. Cash at bank and hand Cash at bank and cash in hand includes cash and short term highly liquid investments with 8 Short maturity of th¥ee months or less from the date of acquisition or opening of the dep05It or similar account. Financial Instruments The Charity has elected to apply the pfovislons of SertSon Il'Basic Flnanclal Instruments, and Section 12 '0ther Financlal Instruments Issue5. of FRS 102 to all of its financial instruments. Financial instruments are recognlsed bn the charity's balance Sheet when the charity becomes party to ihe contrattual provisions of the instrument. Financlal assets and liabilitie5 are oftset, with the net amounts piesented in the financial statement5, when there is a legally enforceable right to set off the reco8nised amounts and there L% an IntentiQfb to settle on a net basi5 or to realise the asset and settle the liability simultaneously. 24 CHRIST COLLEGE BRECON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POUCIES Icontinuedl eoslcllnunciolossets Basic financial assets, which Include debtors and cash and bank balances, are inttlally measured at transaction price includinÈ transaction costs and are subsequentty carrled at amortised cost Using the effective Interest method unle5S the arranEement constitutes a fifianclng transaction, where the transaction 15 measured at the present value of the futvre receipts discounted at a market rate of Inlere5t. Financial assets classrfied as receivable withirb one year are not amortised. Derecognition offinonciolassets Financial assets are derecognised OTr￿ when the contractual rights to the cash flows from the asset expire or are settled, or when the ch3rlty transfers the financial asset and substantially all the risks and rewards of ownership to another entity. or if some significant and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the a55et in Its entl￿ty to an unrelated third party. Bosicfinanciol Ilobllltles Basic financial liabilities, Includln8 creditors and bank loans are initially recognised at transaction price uTrless the arrangement constitutes a financin8 transa¢tlon, where the debt instrument 15 measured at the present value of the future payments discounted at a market rate of interest. Financlal Ilabilitles classified as payable wlthin one year are not amortised. Debt instruments are subsequently carried at amortlsed cost, uslng the effective inierest rate method. Trade creditors are obli8atlons to pay for goods or servlces that have been acquired In the ordinary course of operations from suppliers. Amount5 payable ère classrfied as current liabilitles rf payment Is due within one year or less. If not, they a￿ presented as non-curreul liabilities. Trade creditors are recognised Initially at transaction pri￿ and subsequently measured at amortised cost uslng the effectwe interest method. Derecognition ofllnonclal Ilobilitie5 Financlal liabilriie5 are derecognised when the charltls contractual obligatlons explre or are discharged or cancelled. Hire purtl>ase and flnance leases Asset5 obtained under hire purchase contracts and finante leases are capltalised as tan8ible assets and depreciated over the shorter of the lease term and their useful lives. Obligatlons under such aBreements a￿ included in creditors net of the flnance charge allctcated to future pertods. The flnance element of the rental payment Is charged to the profit and loss account so as to produce a constant periodic rate of tharge on the net obli8ation outstanding in each period. Deferred Income Fees paid in advance are included in creditors and released the Statement of Financial ALtlvitles as they fall due. Funds Unrestrlcted funds are avallable to Spend on artivlties that further any of the purposes of charity. 25 CHRIST COLLEGE BRECON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGiJsf 2024 AccouNfiNG POUCIES Icontlnuedl Designated funds are unrestricted funds of the tharity which the trustees have decided at their dlscretion to set aslde to use for a specific purpose. RestTiCted funds are donations and grants which the donor has specified are to be SO￿lY used for particular areas of the charity's work or for specific projects bein8 undertaken by the charity, Endowment funds are subjeLt to specific conditions by donors that the capital must be maintained by the charity. Employee benefits The Cost of any unused holiday entitlement Is retO8nised in the peiffiod in which the employee'5 servlces are recelved, Termination benefits are recognlsed Immediate￿ as an expense when the charity is demonstrabty committed to terminate the employment of an employee or lo provide terniination benefrt5. Operatlng leases Rental thar8es are charged OTh a straight-line basis overthe term of the lease. Pension Schemes The charrLy operates a defined contribution pension scheme forcertaSn members of staff. The a55ets of the scheme are held separBtely from those of the charity. The contributions are charged to the Income and expenditure account and allDCated between unrestricted and restricted fund5 where applicable. The regular cost of providing retlrement penslons and related benefits Is charged to the statement of financial activities over the employees, seNice live5 on the basi5 of a con5tanl percentage of earnings. Any difference between the charBe to the statement of financial activities and the contributions paid to the scherne 15 shown as an asset or liabllity In the balance sheet. The College also contribute5 to the Teacher5, Penslon Scheme la defined benefit scheme operated by the Department of Education and Skills), at rates Set by the Scheme Actuary and advised to the Colle$e by the Scheme Admlnlstrator. The scheme Is a mvlti-employer pension scheme and it is not PO55ible to idÈnttfy the assets and liabilitie5 of the scheme whith are attributable to the school. In accordance with FRS 102 therefore, the scheme is accounted for as a defined contribution s¢heme. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENT5 In the application of the charlty's accounting policies, the trustee5 are required to makejudBements, estimates and assurnptions about the carrying amount of assets ard liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and otherfactors that are considered to be relevant. Attual results may drffer from these e$tlmates. The estimates and Underlying assumptions are reviewed on an ongoing basis. Revisions to accountlng estimates are recognised in the period in whi¢h the estimate is revlsed where the revision affects only that period, or in the perlod of the reV￿lon and future periods where the revlslon affects both current and future periods. 26 CHRIST COLLEGE BRECON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 INCOME FROM DONATIONS AND LEGACIES Unregtrlrted funds Restricted Endowmert lunds funds Total 2024 Total 2023 Group and College Donations and gifts 47.621 47,621 69.828 69.828 117.449 117,449 173,275 173.275 INCOME FROM CHARrrABLE ACTIVITIES Unrestrfcted lunds Restrlcted Endowment nds funds Total 2024 Total 2023 Group and College Fees and otherfeÈs receivable School trip Income Registration fees Exaffllnation fees Insurance comm155ions 8.150,S39 301,049 16,347 55.046 147 8,523,128 8,150.539 301,049 16.347 55,046 147 8.523.128 7,685,205 157,179 24,439 57,571 213 7,924,607 Fees recelvable: Z024 2023 Gr05s fees Lè$5: total scholarships, bursaries and remissions Add back: scholarships, prizes, etc. pald for by restrirted funds, scholarships paid for by outside trusts 10,411,524 9,796.133 12.260,9861 12,110,928) 8,150.538 7,685.205 The above edu£ational awards were made to 215 individuals12023.' 2341. The total scholarship5. pri2es, etc. paid lor by twst funds consist ofr. 2024 2023 Scholarshlps, ett. Prize5 125 12S 27 CHRIST COLLEGE BRECON NOTES TO THE CONSOUDATED FINANCIAL sfATEMEMrs FOR THE YEAR ENDED 31 AUGUST 20Z4 INCOME FROM CHARITABLE ACTIVITIES Icontlnued} Gros5 fees receivable may be analysed by the fDllowing: 2024 2023 Boarders Flexible boarders Day-boarders Day pupils Music and drama tuition EAL Incomellnternatlonal khool Other fee income Pupil hosting scheme 5,367.102 829,839 138.918 3.564.693 40,801 228.256 234.475 7.440 10.411.524 5,230,381 701,591 3,617.735 52,792 12,793 173.702 7,140 9,796.134 Pupil numbers are calculated as the average number in each category overthe school year: 2024 No 2023 No Boarders Flexible boarders Day pupils 153 29 203 385 159 25 211 395 INCOME FROM OTHER TRADING A￿1v￿E5 Unrestricted lunds Restricied Endowment lunds lunds Total 2024 Total 2023 Group and College Rent Mlnibus income J5.985 157,577 173,562 15,985 157,577 173,562 17,866 131,114 149.074 28 CHRIST COLLEGE BRECON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 INCOME FROM INVESTMENTS Unrestrlcted fvnd5 Re5trlcted Endowment fvnds funds Total 2024 Total 2023 Group Interest Incorne Dividend income 78.282 54.379 132,661 78.282 96,739 I75￿21 18,534 110,729 129,263 26,137 26,137 16.223 16,223 College Interest income Dlvidend Income Gift aid from sybsidiaries 78,282 54?79 127,423 78.282 96,739 127,423 30Z,443 18.534 110,728 98,729 227,991 26,137 16223 26.137 16,223 INCOME FROM OTHER SOURCES Unrestrlcted funds Restrfcted Endowment funds lunds Total 20Z4 Total 2023 Group and ColleBe Sundry Income 57.264 57.264 57,264 57.264 93,793 93,793 EXPENDITURE ON RAISING FUNDS Total 2024 Total 2023 stsff costs Other Depreciation Group and Colle8e Raising funds 69.841 69,841 30.562 30.562 100.403 100.403 112,593 112,593 29 CHRIST COLLEGE BRECON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 EXPENDITURE ON CHARITA8LE ACTIVITIES Total 2024 Total 2023 Staff costs Other Depreclatlon Group Teoching costs School trip expenditufe Welfare Piemises Admi Flnancing and other cost5 Governance costs 3,316,139 194.369 292,996 1,082.284 967,178 747.334 66,973 74.513 3,425,647 55.092 3,565,600 292.996 1,232,031 2.221.336 1.306,141 66.973 74.513 8,759.590 3.237,691 136,900 1,273,407 2,173,218 1.191,642 27,466 78,069 8,118,393 137,864 781.018 537,202 11.883 473.140 21,605 4.722,22a 561,720 2024 2023 Other expenditure consists ol., Group Advertising, marketing and publiclty Audit and accouniancy fee5 Bank Interest, charges and fees Catering costs Commissions paid Equipment hire Functions House supplies Insurance IT costs Legal and professyonal fees PTintinB, postage and stationery RecrLsiltnent Rent, rates, water and utilities Repair5 and maintenance School trip expenditure Staff expenses and travel Subscriptions Teaching and sports supplies Telephone Travel Training and welfare Transport Loss on disposal of fwed assets Advertising, marketing and publicEty 171,837 20,400 16.845 869.604 112.759 1,083 57.263 69.644 96.612 142,958 106.397 50.406 18,748 481.329 400,645 291.740 2,499 38.178 359.410 31,538 63.841 29.509 62,Q47 133,103 20,016 68,662 813,228 77,372 1,083 32.757 84,777 198,772 106,828 49,752 24,921 540,264 418,537 155.478 22,057 32,69t5 353,349 27,300 78.014 21,314 57,41)0 16,801 133,103 3,334,475 171,837 3.425.648 30 CHRIST COLLEGE BRECON NOTES TO THE CONSOLIDATED FINANCIAL 5TATEMENT5 FOR THE YEAR ENDED 31 AUGusf 2024 EXPENDITURE ON CHARITABLE ACTIVITIES {contlnued) Total 2024 Staff costs Other Depreciatlon 2023 College Teaching costs School trip expenditure Welfare Premise5 Admin FinancTrng and other costs Governance costs 3,316,139 194,369 292.996 1.082,284 967,178 747,334 66.973 74,513 3,425,648 55.092 3,565,600 292.996 1,232,031 2,221.336 1,306,141 66,973 74,513 8,759,590 3,237.691 136.900 1,273,407 2,173.218 1,191,642 27.466 78,069 8,059,304 137.864 781,018 537,202 11.883 473,140 21.605 4,772,223 561,720 2024 2023 Other expenditur¢ conslsts of: College Advertisin& rnarketing and publltity Audit and accountancy fees Bank interest, charges and fees Catering tosts Commissions paid Equipment hire Function5 House supplles Insurance IT costs Legal and profe55ional fees Printlng. postage and stationery Recruitment Rent, rates, water and utilities Repairs and maintenance School trlp expenditure stsff expenses and trave5 Subscription5 Teachlng and sports supplie5 Telephone Travel Tralnlng and welfare Transport Loss on disposal of fixed a55ets 171,837 20,400 16,845 869.604 112,759 1.083 57.263 69.644 96,612 142.958 106.397 50.406 18.748 481,329 400.645 291,740 2.499 38.178 359.410 31.538 63,841 29.509 62,047 133,103 20,016 68,662 813.228 77,372 1,083 32,757 84,777 198,772 106,828 49,752 24,921 540,264 418,537 155,478 22,057 32.690 353,349 27,300 78,014 21,314 57,400 16,801 3,334,475 3.425,648 31 CHRIST COLLEGE BRECON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR TPEEYEAR ENDED 31AUGUST2024 io. AUDITORS REMUNERATION Fees for examination of the accounts.. Totsl 2024 Total 2023 Group Auditors fee5 Other fees 24.5L 7.5th) 22,760 6.960 College Audltors fees Other fees 17,( 7,500 15,800 6,960 ii. GOVERNANCE COSTS Governance costs incurred durlng the year relate to.. 2024 2023 Group Legal and professional fees Audlt and accountancy fees 42,513 32,000 48,349 29,720 College Legal and professional fees Audit and ac¢ountanLry fees 42,513 Z4.500 48.349 22,760 32 CHRIST COLLEGE BRECON NOTES TO THE CONSOLIDATED FINANCIAL STATEMETrirs FOR THE YEAR ENDED 31 AUGUST 2024 12. ANALYSIS OF STAFF COSTS AND THE cosr OF KEY MANAGEMEllf PERSONNEL 2024 2023 Group and College Wa8e5 and salaries Social security costs Pension costs- teachinE Pension costs- non-teaching 3,745,249 369,335 579,293 148.187 4.842.064 3,426,967 330.746 475,001 139,175 4,371,889 Pension ¢oThtiibutkfyns were made to the Teachers, Pension Scheme forteaching staff and to a Broup personal pension scheme independently administered by the Jelf Group for non-teaching staff. Dtjring the year the college made cash payrnents for iedundancy and settlernent arrangements totalling £16,OCQ12023- £7,000). There were no amounts outstanding in reLHtion to the above at the balance Sheet date. Employee5 earning over £60,000.. The number of employees who received employee benefits for the reporting period of more th•n £60.000 were: 2024 2023 Irestatedl No No £60,￿0 to £69,999 £70,000 to £79,999 £80,LK)O to £89,999 £90,CQO to £99,999 £IOO,000 to £109,999 £120,000 to £129,000 £130,000 to £139,999 £170,000 to £179,999 18 28 26 Contributions totalling £424,639 12023.. £341,478) were made to the Teachers, Pen51on Scheme durin8 the year, which is a defined benefit scheme for the above staff members, and contribution5 totslling £Thil12023: £ nlll weie made to a defined contribution scheme. The above emoluments include the residential emolument5. Key man3gement personnel The total amount paid to key management personnel for their5e￿ice5 to the college during the year totalled £516,70912023.' £448,420). 33 CHRIST COLLEGE BRECON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENf5 FOR THE YEAR ENDED31AUGUST2024 13. STAFF NUMBERS Group and ColleBe The average monthly number of staff employed during the year was 3$ follow5: Total 2024 No Tot81 2023 No Teaching Support Eslate Domestics 51 41 20 22 134 50 39 19 23 131 34 CHRIST COLLEGE BRECON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. FIXED Ass￿ INVESTMENTS 2024 2023 Group Carryin8 Ifairlvalue at beginning of period Add: additions to investments during peiiod Less.. disposals at carrylng value Addl Ideductl.. net gaÈn/ Ilossl on revaluation Dealin8 account Carryin6 Ifairl value at ertd of year 4,550,202 4,468,522 997,241 1,879,853 1879.8781 11,722,639) 578,071 13,816 {66,541 189,3501 5,179.095 4,550,2L12 College Carrying Ifairl value at beginnTrng of period Add: additions to investments during period Less.. disposals at carrying value Addl Ideductl.. net gain/ Ilossl on revaluation Dealing account Carrying Ifalrl value at end of year 4,551,203 4,469,523 997,241 1,879,853 (879,8781 11,722,639) 578.071 13.816 {66,541} 89,3501 5,180,096 4,551,203 Analysls of investments 2024 2023 Fair lue Fair value Book cost Book cost Cash or cash equivalents Listed investments Investment in trading subsidiarle5 45,743 5.133.353 I,ooi 5,180.097 45.743 4.062.994 112,722 4,437,478 I,(KJi 4,551,201 112,722 3,935,357 I,ooi 4,049,080 4.109,738 The investment portfolio is split between unrestricted. restricted and endowment funds. The rati05 of the portfolio can be seen below.. 2024 2023 Unre5trirted Endowmenl Restricted 55 15 30 loo 55 16 29 i(x) 36 CHRIST COLLEGE SRECON NOTESTO THE CON50LIDATED FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 AUGUST2024 i& TRADING SUBSIDIARIES Chr15t College Holld¥y Act￿tIeS Limited The College own5 I0L)96 of Christ Colle8e Holiday Activtties Limited. which gift aids its taxable profits to the College, This company lets the College premises durlng term-time and holiday periods and runs the College shop. Christ College Holiday Activltles Llmlled Is a company reglstered In England and Wales, company number 02421643. The registered office of the company is CIO Azets, Ty De￿, Lime Tree Court, Cardlff Gate Business Park, Cardiff, United KinBdom, CF23 8AB. Its trading results and balance sheet P051tion, extracted from tts audited accounts, were.. _ 2024 2023 Profft and Loss A¢¢ounl Turnover Recharge5 to Christ Colle6e 8recon Expendlture Recharge5 from Christ College Brecon Profit foryear 312.949 247,303 1122,0701 163,4561 127,423 1105,9181 142,6561 98,729 Statement of Changes In Equlty Balance brought forward Profrt and total comprehensive income for the period Distributions to parent charlty under gift aid Balance carried forward 3.572 127,423 1127.423) 3,572 3,572 98,730 198,7301 3,572 Balance Sheet Current assets Current liabilitie5 Capitsl and reserves 224.428 12ZOA56) 3,572 177,477 1173,9051 3,572 37 CHRIST COLLEGE 8RECON NOTES TOTHE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 20Z4 16. TRADING SUB51DIARIES Icontinuedl 1541 Ltd The College owns l(X)% of 1541 Limited, which Bift aids it5 taxable profit5 to the College. The college has stgned with DBH Holdin85 of Malay51a to Set up [15 first international school outside of the UK. The company reteives reimbursements of any costs incurred in relatlon tothe project and will recefve advance profrts for 3 years. and subsequently a share of the profits of the school. 1541 Limited Is a ¢ornpany registered in England and Wales. company number 09917491. The registered offite of the company Is Chrlsl College. Bridge Street, Brecon, Powys, LD3 8AF. its trodlng results and balaTr￿ sheet P05ttion, extracted from its audlted accounts, were.. 2024 2023 Proflt and Loss Account Tumover Expendlture Recharges to Chrlst College Brecon (L055}/profit for year 163,043 1166.9691 {Z9,5741 {33.5001 163,043 1167.5551 12E,4321 132,9441 Statement of Changes in Equity Balance brought fomard ILossll Profit and total comprehensive incorne forthe perlod Distributions io parent charity under Erfi aid Balance ¢arrled forward (32.9431 (33,5(Kil 132.9441 166,4431 132.9431 Balant* Sheèt Fixed and current assets Current Ilabilitles Capital and rèseNes 23.966 190,4091 166.4431 27,622 160,5651 132,9431 38 CHRIST COLLEGE BRECON NOTES TOTHE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. STOCKS 2024 2023 Group Goodsfor resale.- OpenlnE balance Added in period Expensed in period Closlng balance 13.513 7277 110,9771 9.813 11,097 11.720 19,3tk41 13,513 18. DEBTORS Group 2023 College 2023 Z024 2024 Trade debtors Prepayments and èccrued income Other debtor Balances due from group undertakings 71.294 240,421 7,906 22.645 199,062 17,160 135.3021 240,421 7,906 19.1691 199,062 17,161 236,039 449.065 173,736 380,790 319.622 238.867 19. CASH AT 8ANKAND IN HAND Group 2023 ColleKe 2023 2024 2024 Cash at bank and on hand 4.881.291 4.881,291 4,209,373 4,209,373 4,749,306 4.749.306 4,049,603 4,049,603 20. CREOITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group College 2024 2023 2024 2023 Bank loan5 Trade creditors Accruals and deferred income Taxation and soclal security Other creditors 41,645 316,278 1,999.078 113,692 83.877 2,554,570 33,943 217,723 1,620,339 98,462 91,061 2,061,528 41,64S 264.378 1,991,578 97,866 83,874 2,479,341 33,943 182,380 1,603,360 90.241 90.869 2.￿0.793 39 CHRIST COLLEGE BRECON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31AUGusf2024 21. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group and Colle8e 2024 2023 Bank loans Deferred income 671.545 1.204.942 1.876,487 713,190 704,665 1,417,855 Deferred income rèlates to fees re￿IVed in advance and can be spltt in to the following categorles: Advante fees Parents may enter into a contract to pay to the college tuition fee5 in advance. without limit. The money may be returned, subject to specific conditions, on the receipt of one tem)'s notite. Final tèrm deposlts A returnable deposit 15 required from all applicants to the school. This is returned once the pupil completes their course at the college. Michaelmas term fees Fee5 are requlred before the term commences. Fees paid in respect of the forthcoming Michaelmas term are therefore treated as fees paid in advance. The movement deferred income In the year can be seen below: 2024 2023 Grou and Colle Balance at the start of the reporting period Amounts added in Current period Amounts released to income from prevlous periods Balance ?t the end of the reportinE period 2,133,336 1,609.851 11.328.238 10,319,618 {10,411.5241 19,796,1331 3.050.050 2,133,336 40 CHRIST COLLEGE BRECON NOTES TO THE CONSOLIDATED FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31AUGUST2024 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAM ONE YEAR {continuedl Deferred income Itontlnuedl The amounts 5plIt over the period are as follows; Advance fees 2023 Flnal temi deposits 2024 2023 Michaelmas term fees 2024 2023 2024 Grou and Colle e Within l year Within 2-5 years Aftei 5 years 698,000 789.1146 59,838 1.546,884 210,000 330,450 39,204 579,654 124.695 245.209 110,850 480,754 97,148 250,761 84,250 432,IS9 1,022,413 1,121,524 1,022,413 1,121,524 Bonk loa The bank loans are secured over certaln land. bullding and Investmeni assets. The balance outsianding on the loans at 31 August 2023 is E713,19012023.' £747,1341- Thè governors estimate the value of the property securing the loan to be £3,145,00012023.. £3,145,000). The value of the investment portfolio totalled £5,179,09612023- £4,550,202). The amount repayable on the bank loan 15 as follows: 2024 2023 Repayable within one year Repayable between two and five years Repayable in more than five year5 41,645 182.443 489.102 713.190 33,943 135,772 577,419 747,134 41 CHRIST COLLEGE BRECON NOTES TOTHE CONSOUDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2024 21. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR (continu￿) Lloyds Bank plc has a first legal charge over the freehold land and buildings of the followlng addresse5: 36 Orchard Street, Brecon 50 Orchard Street, Brecon 51 Orchard Street, Brecon 52 Orchard Street, Brecon 53 Orchard Street, Brecon 54 Orchard Street, Brecon 56 Orchard Street, Brecon 57 Orchard Street, Brecon 58 Orchard Street, Brecon 64 Orchard Street, Brecon 65 Orchard Street, Byecon l Orchard Garden5, Brecon 2 Orchard Gardens, Brecon 314 Or¢h8rd Gardens, orecon Arts Centre Dinas Road, Brecon St David's House. Christ College, Brecon Orchard Boarding House, Christ College, BTecon Headmlstress HoLFse, Christ College, Brecon Christ College, 3recon Lloyds Bank plc a150 has a legal char8e over the college's portfolio of stocks and shares. Hlre purchase contracts The net book value of fixed assets held under hlre Pltrchase contracts durin8 the year totalled £33,02912022: £47.0431. 42 CHRIST COLLEGE BRECON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 22. OPERATING LEASE COMMITMENTS Group and College At 3110812024 there are no operating lease commÉtments due. 23. ENDOWED FUNDS Atl September 2023 Gain5 and lo$$es 31 August 2024 Income Expenditure Transfers Group and ColleBe Black Cat OBA award Dr Herdrnan fund Edward Edwards Sundry The Friends of Chr15t College Fund 59,795 227,901 241,101 53,813 129,043 1,301 4.960 5,247 1,171 13,7831 114,4211 {13.3141 13,4061 17.9861 6,863 26,157 27,672 6.176 14,575 64,176 244.597 26,706 57.754 138,676 33,770 745.423 735 16.222 5,268 86.711 39,773 805.446 142,9101 These funds are a number of separate trusts set up by individual donors. These trust funds are pooled for investment purposes and each fund 15 allocated its proportion of Investment income, Bains and losses. All endowment fund income is used to provide scholarships and bursaries. Previous ear Atl September 2022 At 31 AuEust 2023 Galns and losses Income Expenditure Tronsfers Group and Colle8e Black Cal OBA award Dr Herdman fund Edward Edwards The Giving Back Fund The Frlends of Christ ColleBe Fund 59,581 227,085 240,238 53,620 128,581 1,433 5.462 5,778 1,290 3,093 11,4331 15,4621 15,7781 11,2901 13,0931 214 816 863 193 462 59,79S 227,9t)I 241,101 53,813 129,043 33,649 742,754 809 17,865 18091 117,8651 121 2,669 33,770 745,423 43 CHRIST COLLEGE BRECON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2024 24. RESTRtCtED FUNDS Atl Sepiember 2023 At 31 Au8USt 2024 Galn$ and 105ses Income Expenditure Transfers Group and College Scholarship funds Prize fund5 Fovndatlon - general Sir Barrie and Lady Stephens scholarship fund Kelvln Bryan bursary Peter Lloyd bequest Powell Donation Chapel & Herktage fund Pavi1Son Project 164,132 60,203 255,172 19.232 8,397 39.144 183,364 64,207 359,310 362,703 14.3931 118.6911 83,68S 317,853 66,217 226,gSI 21,885 613 39.354 1,152,380 13,9101 177.354) 48.760 10.518 34,813 3.357 147 9,413 173,421 .979 261,764 24.504 8,912 50,640 1.314,425 17381 (22551 10,407 1,873 95.965 {107.3411 Scholarship and Prlze funds: Capltal and income from these funds15 used to provlde awards to pupils Foundatlon -general.. Foundation funds are used to pay for mean-tested bursarie5 in pursuance of our chariiable purpose. Chapel and Heritage Fund.. This fund promotes, protect5 and presetwes the school's heritage of whlch the chapel Is a central part. Peter Uoyd bequÈ5t- In 2018 the college received a legacyfrom the late Petei Lloyd to provide flnancial asslstance through the bursary scheme. Powell donation= Donation received to support pupils through bursary awards. Kel¥ln Bryan bur5ary.' A dDnation to pay for a full scholarship for a pupil whose parent5 tould not otherwise afford the school fees. Preference is Biven to pupils who ex￿1 at wgby andlor chemistry. Pavlllon project: Funds raised to restore the iconic cricket pavllion as part of the school's prornotion of cri¢ket which has a k>ng trad￿lon at the Ctslle8e. 44 CHRIST COLLEGE BRECON NOTES TO THE CONSOLIDATEO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 24. RESTRICTED FUNDS lcontlnued) Prevtous Year Atl september 2022 At 31 Au8USt 2023 Gair)s and losses Income Expenditure Transfers Group and ColleEe Schoiarshlp fijnds Prlze funds Foundation general Sir Barrie and Lady Stephens scholaiship fund Chapel repair fund Peter Lloyd bequest Powell Donation Kelvin Bryan bursary Pavilign Project 163,532 59,987 254,238 87,961 1,662 7,194 187,9611 11,6621 17,1941 60D 216 934 164,132 60,203 255,172 316,691 613 226,121 21,805 65,975 39,210 1,148,172 8,959 9,355 6,397 617 1,866 15,442 139,453 18,9591 19,3551 16,3971 16171 11,8661 115,4421 1139,4531 1,162 317,853 613 226,951 21,885 66,217 39,354 1,152,380 830 80 242 144 4,208 45 CHRIST COLIEGE BRECON NOTESTO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31AUGUST2024 25. UNRESTRSCTED FUNDS Atl September 2023 At 31 Augvgt 2024 Gain5 and losses Income Expendlture Transfers Group Foundation General funds 1,776,216 12,475,885 14,252,100 105.721 9,304,505 9.410,226 11,5501 19.090,2601 19M91,8101 36.265 136.2651 317.939 2,234,591 12.653.865 14.888,456 317.939 College Foundatlon General funds 1,776,216 12,506,261 14,282.476 105.721 B,955.936 9.061,657 11,5501 18,708,191) 18,709.7411 36.265 136.2651 317,939 2,234,S91 12.717.741 14.952,332 317.939 The Foundatlon fund: This fund reflects accumulated historical donatlons made forthe general benefit of ihe school. These funds are held primariW as a contingency fund and currentty £300k Is desianated for roofing and othei emergency repairs. Of the balance, these funds are intended to fund scholarshlps and bursaries at the governors, discretion 3nd atso to provide a reserve forfuture building projects. General funds: The general fund is retained to cover ihe fixed assets and provide worklng capital. Prevlous e Atl September 2023 At 31 Au8lJSt 2024 Gains and losses Income Expendr(ure Transfers Group Foundatio General funds 1.769,277 12.111,988 13,881,265 6.939 1.776,216 I2.475￿85 14.252,101 8,723.040 8,723,040 18.359,1431 18.359.143) 6,939 College Foundation General funds 1,769,277 12,109,418 13,878,695 6,939 1,776,216 12,506.261 14.282A77 8.411.422 L8,014.5791 8,411,422 18,014.5791 6.939 46 CHRIST COLLEGE BRECON NOTES TO THE CONSOLIDATED FINANCIAL sfATEMEfrITS FOR THE YEAR ENDED 31 AUGusf 2024 2E*. ANALYSIS OF Nrf ASSEfs BEfwEEN FUNDS Net current 55ets Long temi liabilities Flxed a55et5 Investrnents Total Group Endowment funds Restritted funds UnrestrictedAund5.' General funds 805,446 1,314,425 805.446 1.314.425 11.049,563 11,049563 3,059,837 5,179,096 2.656.156 2.656,156 (1,876.4871 {1.876.4871 14.88&457 17,008.328 College Endowrnent funds Restricted funds Unrestrfrtedfvnds,. General fvnds 805,446 1,313,813 805.446 1,314,426 613 11,049.563 11.049.563 3.060,838 5,180,097 2,718.417 2.719,030 11,876.4871 11,876.4871 14,952,3ai 17,072.203 Prevlous eor Net current assets Long term Fixed assets Investments Total Group Endowrnent funds Re5triLted funds Unrestrirtedfvnds.. General lunds 745,423 1,151,767 745,423 1,152,380 613 10,617,332 10,617,332 2,653,012 4,550.202 2,399,612 2,4￿,225 11,417,8551 11,417,855) 14,252,101 16,149,904 Coll4e Endowment funds Restricted funds Unrestrlctedfvnds.. General funds 745,423 1,151,767 745,423 1,152,380 613 10,617,332 10,617,332 2,654,013 4,551,203 2.428,987 2,429.600 11,417,855) 11,417,855) 14,282,477 16,180,280 47 CHRIST COLLEGE BRECON NOTES TOTHE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGusf 2024 27. FOUNDATION INCOME AND EXPENDITURE Group and College The Christ Colle8e Foundation wa5 established as a continuous fundraising programme to provide the Goverrnors with the resources to fund scholarship5 and bursaiies for deserving young people regardless of their financlal clrcLsmstances, and to Improve the schoLTrI'5 facilities. Durin8 the year £117,449 was received by the Foundation12023.. £139,453), of which nil related to the endowment fund12023: £105,8001, £57,548 related to the restricted funds Ibursariesl12023.' nlll, £47,621 related to the unrestricted fund12023.' £7,194), £12,280 to restricted caprtal fund12023: £24,797) and £nil to the restrfcted prize fund12023.. £1,6621. 28. PENSION OBUGATIONS Group and Colle8e Deflned Contrlbutlon Scheme The College operates a defined contribution scheme for non-teachlng staff. The assets of the non- teaching staff scheme are held 5epar8tely from those of the Colleee in a Group Personal Pension Scheme independently admlnistered by The Jelf Group. The pension cost chaoe represents contributions payable by the College to the non-teaching staff fund and amounted to f 141,487 12023.. £139,1751- At year end £14,98812023'. £13,876) was accrued in respect of contr¢butions to the scheme. Defined Btnefitscheme.. The School participates Sn the Teachers, Pension Scheme IEngland and Wales) I'the TPS'I, for Its teaching staff. Thls is a illulti-employer defined benefits pension scheme and it É5 not possible or appropriate to corhsistently identify the liabilities of the TPS which are attributable to the College. The pension charge for the year includes contribution5 payable to the TPS of £579,293 12023.. £475.0011. At the yeèr-end E68.22012023: £53,8401 was accrued in respect of contributions to this scheme. The cost in the year ended 31 August 2024 15 not expected to be signifjcantly different to this year. The Teacher5, Pension Scheme ITPSI 15 a statutory, contributL)ry, defined benefit scheme, Boverned by tho Teachers, Pensions Re8ulatlDns 2010, and the Teache￿, Pension Scheme Regulations 2014. These regulations apply to teachers in schools and other educational establishment5, Includ4ng academles, in England and Wale5 that are malntained by local authorlties. In addition, teachers In many independent and voluntary-aided schools and teachers arsd ledurer5 In some establishments of further and higher education may be eligible for membership. Membership is automatic for full-time teachers and lectU￿r$ and, from l Jeruary 2007. automatic too for teachers 8nd lecturers in part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out of the TPS. Although member5 may be employed by variou5 bodies. their retlrement and other pension beneftts are set out in re8ulations made under the Superannuation Act 1972 and are paid by public funds provided by Parliament. 48 CHRIST COLLEGE BRECON NOTES TOTHE CONSOLIDATED FINANCIAL STATEMENTS FOR THEYEAR ENDED31 AUGUST 2024 28. PENSION OBUGATIONS Icontinuedl The TPS Is an unfunded scheme and rnembers contrib¢Jte on a 'pay as you go, basis these £ontributlons, along with those m8dp by employer5, are credtted to the Exchequer under arrangements 6overned by the above Act. The Teachers, Pensions Regulatlons 2010 require an annual account, the TÈachers' Pension Budgeting and Valuatlon Account, to be kept of receipts and expendiiure Ilncluding the cost of pension increases). From l April 2001, the Account has been credited with a real rate ol return, which Is equivalent to a55umlng that the balance in the Account is invested in notional investrnents that produce that real rate of retuyn. The latesl actuarlal revlew of the TPS was carried out as at 31 March 2016 ar*d in accordance with The Public SeNice Penslons {Val￿atIonS and Employer Cost Capl Directions 2014. The valuation report was published by the Department on 2611012023 The key resuths of the V21uation are: employer contribution rates were set at 28.6% of pensKJnable pay, in line with current regvlatlons, plus an additional 0.08% of pensionable pay for the cost of Scheme administration. The new employer contributTron rate forthe TPS was implemented in April 2024. A full copy of the valuation report and sUPPOrting documentation can be fottnd on the Teachers, Pension Scheme website at the following location.. Teacher5. Pension Scheme land Wales Annual Re ort and Accounts 2023-2024 Lord Hutton, who chaired the Independent Public Service Pensions Commisslon, published his final report in March 2011 and made recommendations about how pensions can be made 5UStain3ble and affordable, whilst remaining falr to the workforce and the taxpayer. The Government accepted Lord Hutton's recommendations as the basis for consuhation and Mintsters engaged in e￿enSive discussions with trade unlons and other representative bodies on reform of the TPS. Those discus510n5 concluded on 9 Marth 2012, and the Departrnent published a Proposed Final Agreement, setting out the deslgn for a refomed TPS to be Implemented from l Aprll 2015. The key provislons of the reformed scheme include.. a pension based On career average earnings,. an accrual rate of 1157th- and a Normal Pension Age equal to State PÈnston A@e, but with options to enable members to retire earlier or later than their Normal Pension Age. Importantly, pension benefits built up before l April 2015 will be fully protected. 49 CHRIST COLLEGE BRECON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGusf 2024 28, PENSION OBLIGATIONS Icontinuedl Irj addition. the Proposed Final Agreement incl(tdes a Governrrent commitment that those within 10 years of Normal Pension Age on l April 2012 will see no £hanBe to the age at whlch they can retire, anil no decrease in the amount of pension they receive when they retire. There will also be further transitional protection, tapered over a three and a half year period, for people who would fall up to three and a half year5 Outside of the 10 year protection. In his intèritn report ol October 2010, Lord Hutton recomrnended that short-term savings were also required. and that the only realistic way of achieving these wa5 to increase member contribution5. At the Spendin8 Review 2010 the Government announced an average increase of 3.2 percentage points on the contribLltion rates by 2014-15. The increases have been phased in since April 2012. The arrangernents for a reformed Teachers, Penslon Scheme, in line wlth the remalnder of the recommendatio)ns made by Lord Hutton, have now been implemented. The Career Average Revalued EarninEs ICAREI scherne was implemented from l April 2015. whe¥eby benefits will accrue on career average basis and there is a normal pension age aliBned to the state pension age. Z9. RELATED PARTIES Group and Colle8e Governors, remuneration and be#efits None of the governors havè been paid any remuneration or rece￿ed any other benefits from a eEnployrnent with their college or a related entlty. Governors, expenses No governor was reimbursed for travel expenses during the current or prioT year. Transactionls) with related parties A number of governors have had children and grandchildren who are educated at the college. Fees were paid on normal term5. Christ College Holidèy Activitie5 Limited wa5 under the control of Christ College Brecon throughout the current and previous year. Recharges to the cornpany totèlled £63,456 12023.. £42,656) and recharges from the companv totalled £nil12023.. £nill, Amounts due lo the college at 31 August 2024 from Christ College Holiday A¢iivities Limlted were £149.38012023: £116.6511. The 8ift aid re￿1Ve￿ during the year was £127,42312023.. £98,730). 1541 Llmlted was under the control of Christ College Brecon from its date ol incorporation on 15 December2015. 50 CHRIST COLLEGE BRECON NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 29. RELATED PARTIES Irontlnuedl Recharges to the company during the period totalled £29,57412023: £28,432) rechar8es from the companii totalled £nil12D23- £ nil) was invoiced. Amounts due to the college at 31 Au8USt 2023 from 1541 Limited were £86,65912023: £57,085). The gift ald recEived during the year was £nll12023- £nill. Duetothe Thature of the college's operations and the tomw>sition of its Board (being largely recruited locally) it is POS5ible that transactions will take place with organisations in which a member of the board may have an interest. All transactSons involving orEanlsations In whlch a member of the board may have an interest are tonducted at arms, length And in accordance with the college's flnancial reEulation5 avd normal procurement procedures. The college maintains a register of interests of rneTnbers of the Board aFFd senlor management and has a pollcy for the management of potential Cgnflict5 of interest, Christ College Brecon holds funds on behalf of the Society of Friends of Christ College due to the Society not having access to a bank account. The college h8s no entitlement to the funds and therefore the income and expenditure has not been recogni5ed withln the financial statements. The Friends owed the School £7,856 at 31 August 202412023.. £nlll. The Friends of Christ College set up a perlranent endowment fund in its name which is held by the Chrlst College Foundatlon, The brought forward value of the fund is £39,773. The Income from the endowment 15 used towards bursaiies at the college. 30. FINANCIAL INSTRUMENTS Group and College 2024 2023 Carrylng amount of finan¢l•l assets Instrument5 measured at fair value through profit or loss 5,179.095 5,179.095 4,550,202 4,550,202 In Janvary 2015 Christ College Brecon entered into a £l,OOQ,OOD interest rate cap9 agreement for a period of 10 years. The interest rète tap Is to proteL1 against future interest rate rises for a new £1,000,000 variable rate loan drawn down in january 2015. The interest rate is capped at 4% and an arrangernent fee of £45,040 wa5 pald. The fee paid 15 offset against the balance of loans due after morethan one year on the balance sheet and will be amortised to the statement of financial activities over 10 years. At the year end the interest rate cap agreement Ilability to Christ ColleÈe Brecon was £nil12023- £nill. The bank loans held by the college are flnancial instruments which are measured at amorttsed cost Isee note 211. The loan financing 15 in the form of secured loans with the college having both fixèd varlable interest rate loans. The market risk facing the college is that it is widely expected that interest rates will rise as the economic recovery gain5 momentum, however as noted above the colle8e has entered into an interest rate agreement to mltigate against the risk. 51 CHRIST COLLEGE BRECON NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 yi. CIPITAI COMMITMENTS At 31 August 2024 the college has committed spend to ongoing developments at £877k 32. RECONCILIATION OF NET INCOMEI{EXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Group Nèt Income for the reportlng period 858,424 377,713 Adjustmentsfor.. Depreciation char8es IGainsl/losses on investment5 Dividends, inter￿1 arld rents from investments Loss/lprofitl on the sale of fixed assets Ilncreasel/decrea5e in stocks Increase in debtors Increase/ldecrea5el in credttors Net ¢ash prO￿ded by operatlng activities 561.720 1580.5361 196,739)) 524,621 113,8161 {110,7281 16,801 12,4161 1106,6851 589,125 1,274.615 3,7QO 180.7541 985.616 1,651,431 Analysls of cash and cash equlvalent5 Cash In hand Total Cash and Cash Equivalents 4.881.291 4,881,Z91 4,209,373 4,209,373 51$ of chan es In net qlebt Other non-cash chan8es Balance carried fonvard OpenlnÈ balance Interest changes Cash-lows Cash 4,209,373 4,209,373 671.917 671,917 4.881,291 4,B81,291 Bank loans falling due within one year Bank loans fa114n8 due after more than one year Finance lease oblEations Total 133,943) 17,7011 {4L6451 {713,1901 16,497 17,446 7,701 1671.545) 3,454,538 972,020 27.466 4,168,1Th) 52 CHRIST COLLEGE BRECON NOTES TO THE CONSOLIDATEO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 33. COMPARATIVE STATEMENT OF FINANCIAL AcfiviTIES Unrestricted funds Restricted Endowment fund5 funds Total 2023 ro Incomè and endowments from.. Donations and legacies Charitable activities Other trading artivitles Christ College Holiday Activities Limlted 1541 Limited Investments Other income Totul Income ondtndowments 66,252 7,924,607 149,074 107,023 173,275 7.924.607 149.074 247,303 163,043 78,968 93,793 8,723,040 247,303 163,043 129,263 93,793 8,880,358 32,430 17,865 139,453 17,865 Expènditure on.. Raising fupd5 Charttable activlties Christ Colleee Holiday Attlvities Limited 1541 Limtied Totol expendlture 112,593 7,961,075 112,593 8,118.393 139,453 17,865 105.919 179,556 8,359,143 105,919 179.556 8.516,461 139,453 17,865 Net gains/(ltsssesJ on investments Net mgvement in fvnds 6,939 370,836 4,208 4,208 2.669 370,836 13,816 4,208 Re¢onclliation ctf Funds Total funds brought forward Totulfvnds corriedfonvord 13,881.265 14,252,101 1.148,172 1,152,380 742,754 15,772,191 14,252,101 1,152,380 53 CHRisfcoLLEGE BRECON NOTES TO THE CONSOLIDATED FINANCIAL STATEmEP￿s FOR THE YEAR ENDED 31 AUGUST 2024 33. COMPARATIVE STATEMENT OF FINANCIAL AcfiviMES Icontlnuedl Unrestricted fvnds Restricted funds Endowment funds Total 2023 Income and endowments from: Donations and legacies Charitable actlvSties Othertrading activities Investments Other Income Totolincome and endowments 66,252 7,924.607 149,074 177.696 93.793 8,411,422 107,023 173.275 7,924,GO? 149,074 227,991 93.793 8,568,740 32,430 17,865 139,453 17,865 ExpeEKliture on: Ralslng funds Charitable actlvities Totolexpendlture 112,593 7,901,986 8,014.579 112,593 8.059,304 8,171.897 139,453 139,453 17,865 17,865 Net goins/(losses) on investments Net movement IAfvnd5 6,939 403,782 4.208 2.669 403.782 13,816 4.208 Recontili*ion of Funds Total funds brought forward rotolfund5 corrledfvtword 13,878.695 14.282.477 1,148,172 1,152,380 742,754 14,282,477 15,769,621 1.152,380 54