Docusign Envelope ID: 21924FE6-7527-461C-826A-F39478B4D351Docusign Envelope ID: D45A7524-F3F6-446C-AF95-F5392EC82A10 **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 Docusign Envelope ID: 21924FE6-7527-461C-826A-F39478B4D351Docusign Envelope ID: D45A7524-F3F6-446C-AF95-F5392EC82A10 **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| Docusign Envelope ID: 21924FE6-7527-461C-826A-F39478B4D351Docusign Envelope ID: D45A7524-F3F6-446C-AF95-F5392EC82A10 ## **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. Page 1 Docusign Envelope ID: 21924FE6-7527-461C-826A-F39478B4D351Docusign Envelope ID: D45A7524-F3F6-446C-AF95-F5392EC82A10 **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 Page 2 Docusign Envelope ID: 21924FE6-7527-461C-826A-F39478B4D351Docusign Envelope ID: D45A7524-F3F6-446C-AF95-F5392EC82A10 **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 Page 3 Docusign Envelope ID: 21924FE6-7527-461C-826A-F39478B4D351Docusign Envelope ID: D45A7524-F3F6-446C-AF95-F5392EC82A10 ## **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: 1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. 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 Page 4 Docusign Envelope ID: 21924FE6-7527-461C-826A-F39478B4D351Docusign Envelope ID: D45A7524-F3F6-446C-AF95-F5392EC82A10 ## **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 Page 5 Docusign Envelope ID: 21924FE6-7527-461C-826A-F39478B4D351Docusign Envelope ID: D45A7524-F3F6-446C-AF95-F5392EC82A10 ## **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 Page 6 Docusign Envelope ID: 21924FE6-7527-461C-826A-F39478B4D351Docusign Envelope ID: D45A7524-F3F6-446C-AF95-F5392EC82A10 **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 Page 7 continued... Docusign Envelope ID: 21924FE6-7527-461C-826A-F39478B4D351Docusign Envelope ID: D45A7524-F3F6-446C-AF95-F5392EC82A10 **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. Page 8 continued... Docusign Envelope ID: 21924FE6-7527-461C-826A-F39478B4D351Docusign Envelope ID: D45A7524-F3F6-446C-AF95-F5392EC82A10 ## **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. Page 9 continued... Docusign Envelope ID: 21924FE6-7527-461C-826A-F39478B4D351Docusign Envelope ID: D45A7524-F3F6-446C-AF95-F5392EC82A10 ## **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| |---|---|---|---| ||||| ||||| ||||| ||||| ||||| Page 10 continued... Docusign Envelope ID: 21924FE6-7527-461C-826A-F39478B4D351Docusign Envelope ID: D45A7524-F3F6-446C-AF95-F5392EC82A10 ## **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| Page 11 continued... Docusign Envelope ID: 21924FE6-7527-461C-826A-F39478B4D351Docusign Envelope ID: D45A7524-F3F6-446C-AF95-F5392EC82A10 ## **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| |---|---|---|---| Page 12 continued... Docusign Envelope ID: 21924FE6-7527-461C-826A-F39478B4D351Docusign Envelope ID: D45A7524-F3F6-446C-AF95-F5392EC82A10 ## **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| Page 13 continued... Docusign Envelope ID: 21924FE6-7527-461C-826A-F39478B4D351Docusign Envelope ID: D45A7524-F3F6-446C-AF95-F5392EC82A10 **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. Page 14