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REGISTERED CHARITY NUMBER: 526129
Report of the Trustees and
Unaudited Financial Statements For The Year Ended 31 July 2024
for THE WIGAN FOUNDATION FOR TECHNICAL EDUCATION
Leavitt Walmsley Associates Limited Chartered Certified Accountants 8 Eastway Sale Cheshire M33 4DX
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THE WIGAN FOUNDATION FOR TECHNICAL EDUCATION
Contents of the Financial Statements For The Year Ended 31 July 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 14 |
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THE WIGAN FOUNDATION FOR TECHNICAL EDUCATION
Report of the Trustees For The Year Ended 31 July 2024
The trustees present their report with the financial statements of the charity for the year ended 31 July 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The object of the charity is to advance the education of students attending Wigan and Leigh College. It does this primarily by supporting the welfare of the students of the college and by supporting or subsidising educational visits and activities which are of benefit either to students' studies or which advance students' cultural and social education.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in relation to public benefit in deciding what activities the charity should undertake.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity continued to receive income from listed investments and income with regard to the rental of facilities at the Foundation Centre.
The trustees allocated £35,000 to the subject departments to help fund continuing activities under the 'FAB Futures' scheme.
The principles of the scheme are that activities should be planned and delivered that:
-
Increase understanding and curiosity about future opportunities for work or further study
-
Raise aspirations and remove barriers - real or unreal - that prevent students fulfilling their potential in life
-
Encourages students to dream dreams of success in work and life
-
Nurtures belief in their own ability
-
Be fun, interesting, exciting ultimately leading to FAB Futures
In addition to this donation for subject areas, £5,000 was allocated to provide financial support for aspects of hardship not fundable by mainstream funding and to expand the counselling service, and £5,000 was allocated to events that facilitate some larger scale activities across the entirety of the student body.
FINANCIAL REVIEW
Financial position
Total income for the year amounted to £61,864 (2023: £61,787). Of this income £36,500 (2023: £36,500) relates to income from rent received and £25,365 (2023: £25,287) relates to investment income.
The total expenditure on unrestricted funds during the year amounted to £74,979 (2023: £47,822) and total expenditure on endowment funds amounted to £9,012 (2022: £9,012). Fund balances as at 31 July 2024 amounted to £674,671 (2023: £687,786) and £748,205 (2023: £691,004) respectively.
Reserves policy
It is the policy of Wigan Foundation for Technical Education to maintain sufficient reserves, both assets and cash, to generate sufficient income to fulfil its objectives in relation to supporting the students of Wigan and Leigh College. The trustees will review annually the level of reserves and, if appropriate, designate sufficient reserves to fund capital projects put forward by Wigan and Leigh College.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Wigan Foundation for Technical Education was founded in 1905 and registered as a charity on 1 September 1974. The charity is governed by a scheme dated 17 March 1999.
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THE WIGAN FOUNDATION FOR TECHNICAL EDUCATION
Report of the Trustees For The Year Ended 31 July 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure
The trustees who served during the year, and up to the date of signature of these financial statements, are:
P Collier A R Waterfield G M Bretherton D L Brennan L Shea J Wright A Dawe
The charity has seven trustees nominated by the trustees at a quorate meeting of trustees. This includes the college principal who is also a trustee, ex officio. The chair of the charity is chosen by the trustees.
The trust deed requires the trustees to hold no less than two ordinary meetings in a 12 month period. In reality the trustees meet three or four times a year to discuss the charity's activities and approve requests for assistance.
Induction and training of new trustees
Training and development of trustees is provided whenever it is necessary, such as when there are changes in charity legislation or regulatory requirements.
New trustees are provided with an induction programme organised by the chair and clerk which covers the duties as set out within 'The Essential Trustee' (a Charity Commission document) and provides specific information relating to the charity, its relationship with Wigan and Leigh College and its charitable activities. Training on particular aspects of funding and related educational policy matters is provided at meetings of the trustees by officers of the college and others, as and when appropriate.
Risk management
The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
526129
Principal address
Wigan & Leigh College Parsons Walk Wigan Greater Manchester WN1 1RS
Trustees
Mr P Collier - Trustee Mr A Waterfield - Trustee Mr G Bretherton - Trustee Mrs D Brennan - Trustee Mrs L Shea - Trustee Mr J Wright - Trustee Mrs A Dawe - Trustee
Independent Examiner
Steven John Collings FCCA Leavitt Walmsley Associates Limited Chartered Certified Accountants 8 Eastway Sale Cheshire M33 4DX
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THE WIGAN FOUNDATION FOR TECHNICAL EDUCATION
Report of the Trustees For The Year Ended 31 July 2024
Approved by order of the board of trustees on 12 November 2024 and signed on its behalf by:
Mr A Waterfield - Trustee
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Independent Examiner's Report to the Trustees of The Wigan Foundation for Technical Education
Independent examiner's report to the trustees of The Wigan Foundation for Technical Education
I report to the charity trustees on my examination of the accounts of The Wigan Foundation for Technical Education (the Trust) for the year ended 31 July 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Steven John Collings FCCA
Leavitt Walmsley Associates Limited Chartered Certified Accountants
8 Eastway Sale Cheshire M33 4DX
12 November 2024
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THE WIGAN FOUNDATION FOR TECHNICAL EDUCATION
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Charitable activities Charitable expenditure Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Statement of Financial Activities For The Year Ended 31 July 2024 Unrestricted Endowment fund fund Notes £ £ 3 61,864 - 74,979 9,012 - 66,213 (13,115) 57,201 687,786 691,004 674,671 748,205 |
Statement of Financial Activities For The Year Ended 31 July 2024 Unrestricted Endowment fund fund Notes £ £ 3 61,864 - 74,979 9,012 - 66,213 (13,115) 57,201 687,786 691,004 674,671 748,205 |
31.7.24 Total funds £ 61,864 83,991 66,213 44,086 1,378,790 1,422,876 |
31.7.23 Total funds £ 61,787 56,834 (17,735) (12,782) 1,391,572 1,378,790 |
|---|---|---|---|---|
Notes 3 |
Unrestricted fund £ 61,864 74,979 - (13,115) 687,786 674,671 |
The notes form part of these financial statements
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THE WIGAN FOUNDATION FOR TECHNICAL EDUCATION
Balance Sheet
| 31 July 2024 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 6 20,000 Investments 7 555,000 575,000 CURRENT ASSETS Debtors 8 4,078 Cash at bank 98,189 102,267 CREDITORS Amounts falling due within one year 9 (2,596) NET CURRENT ASSETS 99,671 TOTAL ASSETS LESS CURRENT LIABILITIES 674,671 NET ASSETS 674,671 FUNDS 10 Unrestricted funds Endowment funds TOTAL FUNDS |
Endowment fund £ 356,976 391,229 748,205 - - - - - 748,205 748,205 |
31.7.24 Total funds £ 376,976 946,229 1,323,205 4,078 98,189 102,267 (2,596) 99,671 1,422,876 1,422,876 674,671 748,205 1,422,876 |
31.7.23 Total funds £ 385,988 880,016 1,266,004 4,078 111,231 115,309 (2,523) 112,786 1,378,790 1,378,790 687,786 691,004 1,378,790 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 12 November 2024 and were signed on its behalf by:
Mr P Collier - Trustee
Mr A Waterfield - Trustee
The notes form part of these financial statements
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THE WIGAN FOUNDATION FOR TECHNICAL EDUCATION
Notes to the Financial Statements For The Year Ended 31 July 2024
1. STATUTORY INFORMATION
The Wigan Foundation for Technical Education is a UK registered charity. The principal address can be found on the Legal and Administrative page.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)'. The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and listed investments. The principal accounting policies adopted are set out below.
Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Hence, the trustees continue to adopt the going concern basis of accounting.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The critical estimate is the valuation of land and buildings.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Investment income and rental income is recognised when the charity becomes entitled to receive that income.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants payable are charged in the year when the offer is conveyed to the recipient.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
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THE WIGAN FOUNDATION FOR TECHNICAL EDUCATION
Notes to the Financial Statements - continued For The Year Ended 31 July 2024
2. ACCOUNTING POLICIES - continued
Tangible fixed assets
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognised in the statement of financial activities.
Impairment of tangible fixed assets
At each reporting date, the charity reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/(expenditure) for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Financial instruments
The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and financial liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently measured at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.
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THE WIGAN FOUNDATION FOR TECHNICAL EDUCATION
Notes to the Financial Statements - continued For The Year Ended 31 July 2024
2. ACCOUNTING POLICIES - continued
Financial instruments
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
3. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.7.24 | 31.7.23 | |
| £ | £ | |
| Rents received | 36,499 | 36,500 |
| Income from listed investments | 25,365 | 25,287 |
| 61,864 | 61,787 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 July 2024 nor for the year ended 31 July 2023.
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THE WIGAN FOUNDATION FOR TECHNICAL EDUCATION
| Notes to the Financial Statements- continued For The Year Ended 31 July 2024 5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Investment income 61,787 EXPENDITURE ON Charitable activities Charitable expenditure 47,822 Net gains/(losses) on investments - NET INCOME/(EXPENDITURE) 13,965 RECONCILIATION OF FUNDS Total funds brought forward 673,821 TOTAL FUNDS CARRIED FORWARD 687,786 6. TANGIBLE FIXED ASSETS COST OR VALUATION At 1 August 2023 and 31 July 2024 DEPRECIATION At 1 August 2023 Charge for year At 31 July 2024 NET BOOK VALUE At 31 July 2024 At 31 July 2023 Cost or valuation at 31 July 2024 is represented by: Valuation in 2023 |
Endowment fund £ - 9,012 (17,735) (26,747) 717,751 691,004 |
Total funds £ 61,787 56,834 (17,735) (12,782) 1,391,572 1,378,790 Freehold property £ 555,600 169,612 9,012 178,624 376,976 385,988 Freehold property £ 555,600 |
|
|---|---|---|---|
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THE WIGAN FOUNDATION FOR TECHNICAL EDUCATION
Notes to the Financial Statements - continued For The Year Ended 31 July 2024
6. TANGIBLE FIXED ASSETS - continued
If land and buildings had not been revalued they would have been included at the following historical cost:
| Cost Aggregate depreciation Value of land in freehold land and buildings |
31.7.24 £ 472,500 85,050 20,000 |
31.7.23 £ 472,500 |
|---|---|---|
| 85,050 | ||
| 20,000 |
Freehold land and buildings were valued on an existing use basis on 31 July 2022 by Avison Young Chartered Surveyors.
7. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 August 2023 and 31 July 2024 | 897,751 |
| PROVISIONS | |
| At 1 August 2023 | 17,735 |
| Revaluation adjustments | (66,213) |
| At 31 July 2024 | (48,478) |
| NET BOOK VALUE | |
| At 31 July 2024 | 946,229 |
| At 31 July 2023 | 880,016 |
There were no investment assets outside the UK.
Cost or valuation at 31 July 2024 is represented by:
| Listed | |||
|---|---|---|---|
| investments | |||
| £ | |||
| Valuation in 2023 | 897,751 | ||
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 31.7.24 | 31.7.23 | ||
| £ | £ | ||
| Prepayments and accrued income | 4,078 | 4,078 |
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THE WIGAN FOUNDATION FOR TECHNICAL EDUCATION
Notes to the Financial Statements - continued For The Year Ended 31 July 2024
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors 10. MOVEMENT IN FUNDS Unrestricted funds General fund Endowment funds Endowment fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 61,864 Endowment funds Endowment fund - TOTAL FUNDS 61,864 Comparatives for movement in funds Unrestricted funds General fund Endowment funds Endowment fund TOTAL FUNDS |
At 1.8.23 £ 687,786 691,004 1,378,790 Resources expended £ (74,979) (9,012) (83,991) At 1.8.22 £ 673,821 717,751 1,391,572 |
31.7.24 £ 2,596 Net movement in funds £ (13,115) 57,201 44,086 Gains and losses £ - 66,213 66,213 Net movement in funds £ 13,965 (26,747) (12,782) |
31.7.23 £ 2,523 At 31.7.24 £ 674,671 748,205 1,422,876 Movement in funds £ (13,115) 57,201 44,086 At 31.7.23 £ 687,786 691,004 1,378,790 |
|---|---|---|---|
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THE WIGAN FOUNDATION FOR TECHNICAL EDUCATION
Notes to the Financial Statements - continued For The Year Ended 31 July 2024
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 61,787 | (47,822) | - | 13,965 |
| Endowment funds | ||||
| Endowment fund | - | (9,012) | (17,735) | (26,747) |
| TOTAL FUNDS | 61,787 | (56,834) | (17,735) | (12,782) |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Endowment funds Endowment fund TOTAL FUNDS |
At 1.8.22 £ 673,821 717,751 1,391,572 |
Net movement in funds £ 850 30,454 31,304 |
At 31.7.24 £ 674,671 748,205 1,422,876 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 123,651 | (122,801) | - | 850 |
| Endowment funds | ||||
| Endowment fund | - | (18,024) | 48,478 | 30,454 |
| TOTAL FUNDS | 123,651 | (140,825) | 48,478 | 31,304 |
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THE WIGAN FOUNDATION FOR TECHNICAL EDUCATION
Notes to the Financial Statements - continued For The Year Ended 31 July 2024
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 July 2024.
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