2022-08-31-accounts

Warminster School

(a company limited by guarantee)

Governors’ Report & Financial Statements

For the year ended 31 August 2022

Companies House Registered Number: 02990649 Charity Registration Number: 1042204

Warminster School Governors’ Report & Financial Statements for the year ended 31 August 2022

Contents

	Page(s)
Governors’ Report	2-7
Strategic Report	8-14
Independent Auditor’s Report	15-18
Statement of Financial Activities -	19
(including the income and expenditure account)
Balance Sheet	20
Cash Flow Statement	21
Notes to the Financial Statements	22-36

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Warminster School Governors’ Report and Financial Statements for the year ended 31 August 2022

Governors’ Report for the year ended 31 August 2022

The Governors of Warminster School present their annual report for year ended 31 August 2022, together with the audited Financial Statements for the year, and confirm that the latter comply with the requirements of the Companies Act 2006, the Company’s Memorandum and Articles of Association, the Charities Act 2011, Financial Reporting Standard 102 ‘the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’ (FRS102) and the current Statement of Recommended Practice on accounting and reporting by charities: the Charities SORP 2019 (FRS102).

Governors, Members and Advisors

Principle Address and Registered Office Warminster School Church Street, Warminster Wiltshire, BA12 8PJ Governors (also members) Ms C Drennan $ Mr C J B Goodbody ~ $ Member of the Education Committee Maj Gen A Kennett (resigned March 2022) # Member of the Finance Committee Mr T Lewis $ ~ + responsibility for Health and Safety Mrs A Martin # ~ responsibility for Safeguarding Mr J I McComas # Ms B Sunderland – Chairman Mr M Thompson $ (appointed November 2022) Mr G Vallis + (appointed September 2022) Mr D Wilson # Mr C Webb Mr J F Woolsey +# Patrons The Marquess of Bath The Bishop of Salisbury Company Secretary and Bursar Mrs K A Mines Headmaster Mr M Williams Independent Auditor Crowe U.K. LLP 4[th] Floor, St James House, St James Square Cheltenham, GL50 3PR Solicitors Middleton & Upsall 94 East Street, Warminster Wiltshire BA12 9BG Bankers Lloyds Bank Plc Canons House, Canons Way Bristol BS99 7LB

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Warminster School Governors’ Report and Financial Statements for the year ended 31 August 2022

Governors Report

Reference and Administrative Information

Warminster School originates from a boys’ school founded in 1707 and a girls’ school founded in 1874. The schools merged in 1973. Warminster School is a Charity, registered number 1042204, and also a company limited by guarantee, registered number 02990649. The Governors, executive officers and the principal address of Warminster School are listed on page 2, together with the particulars of the Charity’s professional advisors.

Structure, Governance and Management

Governing document

The Charity is governed by its Memorandum and Articles of Association dating from 1994 on incorporation.

Governing body

The Memorandum and Articles of Association state that the Directors of the charitable company shall be known as Governors, and the Members of the charitable company be known as Members. The Governors and Members who held office during the year are shown on page 2.

The structure of the Charity consists of one Governing Body of not more than twelve Governors for Warminster School, which incorporates Warminster Preparatory School.

Recruitment and Training of Governors and Senior Personnel

New Governors are appointed by ordinary resolution of the Governors at a General Meeting on the basis of nominations received, and eligibility is subject to personal competence, specialist skills and availability. New Governors are inducted into the workings of the Charity and the management of the school, including the policies and procedures, at training meetings organised for them by the Chair, the Headmaster and the Bursar. Governors’ training needs are assessed on an individual basis and training is given as appropriate. All Governors were invited to the School Safeguarding training at the start of September 2022. Recent Governor training has covered equality and diversity and understanding School data. Regular guidance notes and information from AGBIS is shared with the Governors.

Senior Personnel are recruited on the basis of national advertisement and selection by Governors and other senior personnel. The Governors’ Finance Group consider the remuneration of senior personnel where appropriate at the summer term meeting. Consideration is given to benchmarking, in particular the AGBIS Survey on Heads and Bursars Remuneration, market information and time in their position. Governors will also consider performance against objectives.

Organisational Management

The Governors are legally responsible for the overall management and control of Warminster School including Warminster Preparatory School and meet at least three times a year. There are two sub-committees, the Education Committee chaired by Ms Drennan and the Finance Committee chaired by Mrs Martin. The Finance Committee meets between two or three weeks before each meeting of the full Governing Body to consider the specific issues prior to presenting their recommendations or proposals to the full Board. The Finance Committee is the committee responsible for considering Business Risk throughout the year and reporting on this issue to the full Board during the summer term. The Education Committee meets in the morning prior to the Full Board meeting and consists of a meeting and learning walks across all departments of the School. Other Finance Committee and Education Committee members are listed on page 2.

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Warminster School Governors’ Report and Financial Statements for the year ended 31 August 2022

Governors Report (continued)

In addition, there are two Governors with specific responsibilities for Health & Safety, Giles Vallis and John Woolsey; and two Governors with specific responsibility for Child Protection, Charles Goodbody and Tim Lewis.

The day to day running of the School is delegated to the Headmaster, the Bursar and the Head of Prep. The Headmaster is supported in this by the Leadership Team of Warminster School, which comprises of the Bursar, Head of Prep, Deputy Head and Deputy Head Academic. The Leadership Team attend all Governors Meetings.

Governors’ indemnities

As permitted by the Articles of Association, the Governors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. The Company also purchased and maintained throughout the financial year Governors’ and Officers’ liability insurance in respect of itself and its Governors.

Group Structure and Relationships

Warminster School actively supports the attainment of the highest standards in the Independent Schools sector, partly through networking with other major Schools and partly through peer group studies for the evaluation of quality and performance improvement methods. We also cooperate with many local charities in our ongoing endeavours to widen public access to the schooling we can provide, to optimise the educational use of our cultural and sporting facilities and to awaken in our pupils, in the public interest, an awareness of the social context of the all-round education they receive at the School. Warminster School also benefits from the generosity of the parents through the Warminster School Parents’ Association. This is a separate entity from the Charity. Their support is greatly appreciated.

The Charity has a wholly owned non-charitable subsidiary, Warminster School Enterprises Ltd, principally providing catering to local Primary Schools. The financial results are included in Note 27. The results of Warminster School Enterprises Ltd are not consolidated with the results of the School on the grounds of materiality. The Governors recognise the community impact of Warminster School Enterprises Ltd and considers this as a significant benefit to the community.

Objects, Aims, Objectives and Activities

Charitable Objects

The Charity’s objects, as set out in its Memorandum and Articles of Association, are the advancement of education by carrying on Warminster School as a School for the education of children as boarding or day pupils, in accordance with the principles and spiritual values of the Church of England.

Public Benefit aims and intended impact

To achieve these objects, having due regard to guidance on public benefit from the Charities Commission, the public benefit aim is to provide the best possible independent education, both through strong academic tuition, and through developing wider sporting, artistic and social skills in all its pupils. This is intended to provide an environment in which each pupil can develop and become an independent learner whilst fulfilling their potential, thus helping to build self-confidence and to inculcate a desire to contribute to the wider community. The School’s aim is that each pupil leaves Warminster with the best exam results of which he or she is capable, high selfesteem, self-confidence and emotional intelligence. They should also leave possessed of a sense of the duty of service and ready and willing to play their part and contribute as a 21[st] century global citizen.

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Warminster School

Governors’ Report and Financial Statements for the year ended 31 August 2022

Governors Report (continued)

Warminster School has, since its foundation, been a School at the heart of the local community. For many years the School has operated a ‘Community Action Day’ where pupils have helped out on a variety of community projects from painting railings at sports clubs, collecting litter, and helping in Charity Shops. From September 2021 the School launched a new programme called EDGE – Explore, Discover, Grow, Engage. Every Wednesday afternoon, pupils in Years 11,12 and 13, who are not members of the Combined Cadet Force, undertake a huge range of community projects. These include: volunteering in charity shops; visiting elderly people; working with people with disabilities; helping in the Old Silk Works Dementia Centre; running after school clubs for local Primary Schools; doing conservation work in the local park; helping with maintenance of local sports clubs; gardening work in the local churchyard; playing an active role on the Warminster Youth Council and many more. The fact that the EDGE programme runs every single week, highlights our commitment to service and our desire to help our pupils engage more fully with the community in which they find themselves.

The School works with three local primary school on Wednesday afternoons. Princecroft, St Georges & Sambourne. Pupils support and, in some cases, run afterschool clubs. We are guided by the schools needs and the pupils plan and deliver these sessions. The clubs offered range from STEM to football, to dance and cooking. The Sambourne afterschool club is for their disadvantaged pupils who have tough home lives. Our pupils have four weeks training, provided by Sambourne Church, on how to support these pupils. The School continued to provide hot meals for local Primary Schools and nurseries.

Our first public Open Air Cinema Night for Alzheimer Support was very well attended, and it was lovely to be able to invite our neighbours, as well as locals into the school grounds, raising a significant amount for the charity. We also strengthened our link with a local U3A group with a number of members attending sessions of Tech Club, French conversation, debating and art club.

The last big event of Summer 2022 was the Minster Church Fete. School staff and pupils worked alongside the Minter Church parishioners for the event which was held on the School grounds. The event was very well attended and the provision of entertainment and food to support the parish assisted them in raising over £2,000.

Several members of staff act as Governors of local schools, both state and independent.

In the furtherance of these aims the School Governors, as the charity trustees, have complied with the duty in s.17 of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub-sector guidance concerning the operation of the Public Benefit requirement under that Act.

Objectives for the year

In the Spring Term 2020 the School launched a new strategic plan that set out a coherent and robust set of themes and objectives in order to drive School improvement. The overriding mission statement for the School is:

To develop and nurture rounded individuals with a love of learning and strong moral values, within a supportive and inspiring community.

Under this mission statement lie 5 key strategic themes that seek to cover all areas of School life:

Academic Achievement

Through a relevant, tailored and well organised curriculum, delivered by dedicated and expert teachers, we will equip pupils with thinking and practical problem-solving skills, as well as a knowledge base that will allow them to flourish. Through curiosity and engagement in a dynamic learning environment which embraces technology, our pupils will maximise their academic success. Teachers will have high expectations of all pupils who will become effective communicators, can self-manage and learn collaboratively, as well as independently.

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Warminster School Governors’ Report and Financial Statements for the year ended 31 August 2022

Governors Report (continued)

Personal Development

Through robust and caring practice, we will demonstrate a strong commitment to safeguarding, mental health and the wellbeing of our whole community. With a focus on core values that acknowledge and celebrate our Christian foundation, we will develop resilient and empathetic pupils who demonstrate compassion and kindness. Through proactive and well-integrated pastoral care and a wide range of co-curricular activities, we will support our pupils spiritual and social development and allow their voices to be heard. We will give them opportunities to try new things, take risks and to thrive as internationally minded individuals who embrace and celebrate difference.

Community and Outreach

We will develop a vibrant and diverse community of boarders and day students which puts service at the heart of its activity. The school will play an active role in the community, sharing our resources and expertise in working with, and learning from, state funded schools and supporting local, national and international charitable organisations. We will continue to look for ways to engage with our alumni and increase the quality of relationships with all the friends of the school. We will forge links with international partners and develop a global perspective on education.

Marketing and Admissions

Through timely, coherent and innovative communication we will make all stakeholders feel integral to the school community. We will develop a clear brand strategy that can be communicated to current and prospective parents, highlighting what makes Warminster special and distinctive. We will be mindful of the optimum size and shape of the school from 3-18 with the appropriate proportion of day students and boarders. We will celebrate diversity of background and continue to widen access to Warminster School.

Business Development

We will provide a robust business model that ensures the long-term sustainability of Warminster School, in a way that delivers a high-quality experience to pupils and represents good value to parents. We will look at creative and innovative ways of maximising and diversifying non-fee income in order to support ongoing investment. We will recruit, develop and retain excellent staff who are experts in their field and who are wholly aligned to our mission and values. We will plan and deliver improvements to our campus, creating exciting spaces for living, learning and leisure, whilst being mindful of sustainability and our impact on the environment.

For each strategic theme the School has a series of key objectives that have different timescales. The main objectives for 2021-2022 were:

1. Develop and publish a revised curriculum plan that ties in with the revised shape of the day/week. It will address subject balance, staff and pupil workload and well-being, and provides opportunities to focus on academic achievement and an invigorating and engaging curriculum.

2. Develop a robust policy for the use of technology across the curriculum.

3. To ensure that resources are in place and are used to a maximum to support mental health and wellbeing in School.

4. Training in Mental Health Support and Well-being advice

5. To develop existing pastoral resources, for example, mentoring, the Listening Service, Staff Mental Health First Aid training

6. To raise awareness of the need to specifically support male pupils

7. To develop a varied, balanced, yet manageable selection of enriching activities which cater for all and add value to the pupils’ development. The activities should be such that they provide opportunities for pupils to try new things, take risks and develop socially.

8. Build partnerships in three key areas to include local, national and international links, with a focus on sharing knowledge, facilities, resources and finance. Partnerships need a clear two-way process and can be fixed or fluid. (Ongoing)

9. Education (Canford Group, An IB World School, Swiss Education Group, Current exchange program schools, Princecroft, Woodborough, St Francis)

10. Community (Dementia Centre, Foodbank, Longleat, WCC, Bath Rugby)

11. Charity (Local & National, Royal National Children’s Springboard Foundation)

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Warminster School Governors’ Report and Financial Statements for the year ended 31 August 2022

Governors Report (continued)

Principal activities of the year

The Charity principally provides education in Warminster to boys and girls from the ages of 2-11 in Warminster Preparatory School and from 11-18 in the Senior School. It also hires its facilities to educational summer schools, provides access to the School’s sporting facilities to pupils from two other local state junior schools and to the community and uses its kitchen facilities to provide hot food daily to a number of local primary schools and nurseries.

As part of the agreement with the Church of England Cley Hill Team Ministry, the School provides the IT, telephone and fax facilities for The Minster, Warminster and helps with the costs of the Church’s Administrative Team.

In a transaction approved by the Charity Commission, the School, on 26th March 2003, granted a lease on a tract of School land to the local cricket club for £1 a year. The land has been used to build a full-length, twopitch, indoor training school. These facilities are now used by other local schools and cricket clubs, as well as by the School.

Fee remissions policy

This year the value of scholarships, grants, prizes and bursaries made to the School’s pupils out of unrestricted funds totalled £1,750,528 (2021: £1,594,145). Of this, £298,106 (2021: £275,965) 3% (2021: 3%) of fee income was awarded in Scholarships and £688,894 (2021: £670,413) 6.4% (2021: 7.2%) of fee income in bursaries, all of which are means-tested according to the school’s policy and criteria. The remainder of the funds cover standardised discounts to members of the armed forces, members of staff and siblings of current pupils. The School does not benefit from any endowments to fund scholarships. The policy of the Governors is to make awards on the basis of the individual’s educational, musical, artistic or sporting potential, or to relieve hardship where the pupil’s education and further prospects would otherwise be at risk. Details of all such awards for feeassistance, together with the terms and conditions for each kind of award, are available from the Bursary.

Details of the Reserves Policy, plans for future periods and financial risk management are included within the Strategic Report below.

The Governors’ Annual Report was approved by the Board of Governors and signed on its behalf by:

Ms B Sunderland Chair of Governors

Date: 17[th] March 2023

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Warminster School Governors’ Report and Financial Statements for the year ended 31 August 2022

Strategic Report for the year ended 31 August 2022

Achievements and Performance

The School had no fundraising activities requiring disclosure under S162A of the Charities Act.

Whole School

The School has continued its successful track record, both academically and in other measures of performance. The School received a Focused Compliance and Educational Quality Inspection from Independent Schools Inspectorate in February 2020 and successfully met the required standards.

There were enthusiastic words of commendation for the Prep School, noting that ‘children make excellent progress’ and ‘in both the Prep and Senior school’ pupils of all abilities ‘make good progress across the range of subjects’ . Inspectors continued: ‘Pupils from the Nursery to the Sixth Form display very well-developed communication and listening skills.’ Pupils have a ‘can do’ attitude and ‘a determination to succeed in all they do’ and ultimately, that ‘pupils are nurtured into rounded individuals with a positive work ethic and strong moral values.' Significant praise went to the provision for pupils with ‘educational needs and/or disabilities (SEND) and for whom English is an additional language who make consistently good progress’ and who are ‘exceeding expectations' . It is of note that the inspectors commented on the ‘high-quality resources and increasingly rigorous monitoring of teaching and learning’ ensuring that ‘pupils continue to achieve well.’

Outside the classroom the inspectors noted the ‘excellent’ quality of our pupils’ personal development. Not only did they highlight how pupils of all ages ‘demonstrate high levels of self-knowledge and self-confidence’ , but that ‘pupils flourish’ in a community which ‘inspires them with strong moral values and enjoyment through learning.’ The report also acknowledged the challenge of balancing academic study with co-curricular activities: ‘pupils make wise and sensible decisions’ and ‘develop a reflective approach towards their studies and successfully manage their commitments.’ Of significance too was the observation that our pupils ‘are proud of their work and demonstrate resilience and a determination to do well in response to the excellent teaching and pastoral guidance they receive.’ Endorsing our sense of community, the inspectors observed that our pupils have a ‘strong sense of right or wrong . . . treating each other with respect and kindness. Older pupils show real care in helping to mentor younger ones.’

Academic

Exams in the summer 2022 series were sat for the first time since summer 2019 due to the COVID-19 pandemic. Pupils were prepared according to the guidelines issued by exam boards, including the release of pre-exam material and information for candidates.

Results were very positive. A Level results were some of the best results in recent years beating results recorded in the pre-pandemic years 2017-2019. At GCSE, the School achieved their best results in over ten years with a 92% pass rate and 34% of results achieved at the top grades 9-7. Likewise, the IB results produced the highest average points score since 2016 achieving on average 33 points.

Pastoral

September 2021saw the boarding house structure change from five Boarding Houses (three Senior Houses years 9-13, one girls and two boys, and two junior Houses, one girl and one boy) to four Boarding Houses: one co-ed Sixth Form House, one intermediate Girls House and one intermediate Boys House (Years 9-11), and one coed Junior House. (Years 4-8). There were two newly appointed HMs, as well as new House staff and matrons.

The remaining Boarding house was transformed into a Health and Wellbeing Hub (opened in September 2022). The Hub houses the Medical Team and has spaces available for a listening room, counsellor room, meeting room and sensory room. To support with the set of the Hub, Veronika Chidemo was appointed an Associate Designated Mental Health Lead. Veronika conducted an audit and surveys, across the staff, pupils and parents,

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Warminster School Governors’ Report and Financial Statements for the year ended 31 August 2022

Strategic Report (continued)

asking for their thoughts and input in regards to the pastoral provision at Warminster School and how they feel that the Hub could be best utilised. Veroinka used the findings to feed into policy development, and strategic planning.

Following the opening of the Hub, there was a role review within the pastoral team. The pastoral team is led by the Assistant Head (Wellbeing and Safeguarding). In addition to this, two Health Care Assistant were recruited. The school continues to have a school counsellor and working alongside the Off the Record Listening service.

Safeguarding training was given to staff at the start of each Inset, covering online safety, self-harm and a 3 hour safeguarding training delivered by Wiltshire Council. There is one DSL and 5 DDSLs. Staff continue to use MyConcern to report concerns. The concerns are being managed by the safeguarding team and with the support of the Heads of Houses.

Co-curricular

A wide range of enrichment activities took place during the Green Zone (16.00-17.00 Monday, Tuesday, Wednesday, Thursday and Friday). From running club to origami; mindfulness yoga to croquet; art club to Warminster Singers. An increasing number of Green Zone clubs were run by dedicated Sixth Form pupils, including chess, House newsletters and mindfulness colouring. Following parental feedback, a homework club was also available for each year group.

As our community started to return to post-covid normality, pupils embraced the opportunity to take part in live theatre once more. The Senior production of Tristan and Yseult at the Atheneum theatre in Warminster was a resounding success. The cast demonstrated great resilience and adaptability as they had to make last minute changes due to Covid cases. Following the success of the Senior production, The Green Zone Drama club worked towards their Lower School production of This Changes Everything. Our younger pupils, ably directed by Year 10 Drama pupils, did not disappoint. They put on a thoroughly engaging and powerful production. The Spring Speech and Drama Showcase also allowed our pupils to demonstrate their talents in the monologues and duologues they had prepared. A wonderful evening was had by all.

Just like our thespians, our musicians were equally delighted to be able to perform to a live audience one again. In November, we were able to enjoy the musical extravaganza of Cabaret, almost two years after the last Cabaret had to be cancelled as Covid restrictions came into place. The pupils demonstrated enormous talent and commitment. A fantastic evening was had by all. Regular lunchtime concerts also afforded pupils an opportunity play to an audience as did the hugely enjoyable Spring Festival Concert. Our musicians were rewarded for their dedication and hard work with a music tour to York in the summer term. They thoroughly enjoyed the opportunity to play to a variety of live, outdoor audiences and received many compliments on their excellent performances, impeccable behaviour and camaraderie. Our musicians must also be commended for their excellent instrumental exam results.

As part of our Outdoor Pursuits Programme, preparations continued for our pupils to work towards their Bronze and Silver Duke of Edinburgh Awards. Furthermore, for the first time in a number of years we were able to enter a team of pupils for the Gold Award. The EDGE, Green Zone and lunchtime sessions, as well as weekends and holidays provided the opportunity for pupils to practise camp craft, map reading and other vital skills as they prepared for their qualifying expeditions, Finally, in the summer term the pupils embarked on their successful expedition adventures: the Bronze and Silver setting up camp in the New Forest and the Gold team in the Brecon Beacons.

In addition to the Duke of Edinburgh Award Scheme, a number of our pupils were eager to take on the Ten Tors challenge after disappointment that the event had been cancelled the previous two years due to Covid restrictions. We were able to enter a both a 35 and 45 mile team and after several practice weekends camping in bitter conditions, both teams gave it their all.

Clay Shooting was also revived this year following the lifting of restrictions and pupils were keen to take part in some friendly competitions.

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Governors’ Report and Financial Statements for the year ended 31 August 2022

Warminster School

Strategic Report (continued)

September 2022 saw the Forest School become firmly embedded into our curriculum with Year 7 and 8 pupils going to the Forest on a weekly basis for lessons spanning all areas of the curriculum. These sessions, in addition to team-building work in the Forest for other year groups has meant outdoor learning and the benefits it can bring have become firmly integrated into our School life.

The Warminster Combined Cadet Force continued to provide fantastic opportunities throughout the year for our pupils; with Covid restrictions finally lifted, pupils and staff were eager to embrace the wide range of activities that had been opened up to them. In addition to the lifting of restrictions, the change to the curriculum created the possibility of a routine two hour block of time for CCF activity as part of the EDGE programme on a Wednesday afternoon. As well as engaging weekly activities, ranging from command tasks to air rifle shooting and laser games, cadets benefited from various weekend and holidays activities throughout the year: CCF Field Craft day, Remembrance parade, a water sports weekend and an excellent water-based summer camp in Weymouth – all of which provided valuable leadership and personal development opportunities for the cadets.

Our Artists and Photographers took part in numerous competitions and House projects throughout the year and in the summer term, some had the opportunity to exhibit their work in Salisbury. We also saw our first exhibitions in the new Art Gallery with the IB Exhibition in the spring term followed by the annual Imagine Exhibition in the summer.

Charity

The Charity committee work alongside the EDGE groups to raise money for a number of charities:

Alzheimer's Society Alzheimer's Support Cinema Night BBC Children In Need (2021) Bold Voices British Red Cross (Jubilee) Cancer Research UK Macmillan Cancer Minster Church Fete Prostate Cancer UK Red Nose Day 2022 Save The Children Save The Children - Christmas Jumper day Warminster Action Group

A total of £7,266 (2021: £3,183) was raised for the groups above.

The Charity committee also supported further, non-financial ventures:

Food collection drive for Old Silk Works Staff Secret Santa Warminster Food Bank 45.6KG Ukraine clothing and supplies collection point and helping then sort and pack supplies over in Westbury.

Sport

The lifting of Covid restrictions meant that we were able to enjoy a full array of sporting fixtures throughout the year as well as being able to re-introduce a variety of lunchtime and after school clubs. These were wellattended by pupils across all year groups.

Sport is continuing to thrive at Warminster. Along with our traditional sports of hockey, rugby, netball, football and tennis, we have also seen Badminton. Cross-Country events and Clay Pigeon Shooting have also become increasingly popular.

In the autumn term we were able to once again host our Prep Hockey and Rugby festival and welcomed large numbers of pupils and their families from a broad range of feeder prep schools.

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Warminster School Governors’ Report and Financial Statements for the year ended 31 August 2022

Strategic Report (continued)

In the summer term, staff and pupils were delighted to be able to celebrate the year’s sporting achievements with our traditional Sports Award dinners where individuals and teams were recognised for their sporting achievements.

The Prep School

The pupils in Prep continue to enjoy a broad and engaging curriculum. We balance the need for a strong academic base with the many opportunities available to pupils across different subjects. Our pupils benefit from strong form teaching and more specific subject-led teaching. Our extra-curricular programme adds an exciting dimension to the education at Warminster Prep. This is supported by our own staff and by opportunities in the community.

Sport and physical exercise are actively promoted at Warminster Prep. In line with our inclusivity policy, each term, every pupil from Years 3-6 has an opportunity to represent the School in a traditional major sport. We host large and small sporting events for other independent and state schools which have included: Year 3&4 Rugby & Hockey Festivals, Key Stage 1 Football and Warminster Schools Cross Country. The hire of a local indoor swimming pool allows Reception to Year 3 classes to benefit from lessons throughout the year. Further new activities including triathlon, lacrosse and street dance add to the breadth on offer. Our facilities are used by a local tennis academy which offer lessons to our pupils during term-time and holiday club provision to the wider community. We share our sporting facilities with local primary schools and sporting clubs.

All pupils have participated in a number of musical and dramatic events. These include four major performances for all pupils from Nursery to Year 6. Our Year 6 pupils performed Romeo and Juliet, as part of the Shakespeare Schools’ Festival. Years 3&4 performed Wiz Wham Alakazam. The Head of Music continues to work with three choirs, a string group and band. We have sixty-nine pupils playing an instrument taught by a team of ten local peripatetic teachers. Pupils perform in a number of concerts and whole school functions. Children have performed outside of school at the local Christmas Fayre and Church summer fete.

Charitable events feature throughout the year. This year we have supported local and national charities including; Royal British Legion Poppy Appeal, Warminster Food Bank, Children in Need and Warminster Hospital. Events have included fun activities both in school and the wider community. Our children attend the local dementia centre, on a weekly basis, working with its residents and staff.

Our facilities have been made available to local associations. Access for the neighbouring primary school has been arranged to enable local children to make use of the School’s Astro-turf. Our School Hall has been used by local primary schools. A very busy programme of outreach events has been organised, including sporting events, plays and musicals.

The pupils continue to enjoy an active, challenging and diverse curriculum at the Prep School. The Head of Prep, with the management team, continue to review and develop activities for the pupils. Staff training and professional development is on-going

Financial review

Financial statements

The net fee income for 2021-22 has increased from the prior year; £7.6m 2021 to £9.2m 2022. The prior year income was reduced due to the impact of a partial closure costing £125k, the remaining increase is due to the increase in pupil numbers throughout the school. Expenditure has continued to be tightly controlled, and despite the continuing increase in cost of living and the need to market the school strongly, it has been possible to continue the growth of the surplus. Governors consider this to be a good financial result given the current economic climate.

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Warminster School Governors’ Report and Financial Statements for the year ended 31 August 2022

Strategic report (continued)

Reserves policy

The capitalised expenditure on the Charity’s premises and equipment is financed by our secured bank borrowings. The Charity’s unrestricted funds stood at £6.0M (2021: £5.7M) as at 31[st] August 2022. Restricted Funds are £26k. The prize fund represents donations from former staff and pupils of the School and are used to provide speech day prizes. The Old Verlucian Foundation fund represents monies received from the Old Verlucian Foundation and are reserved for the purpose of purchasing books for the School’s library. The Hardship Fund has been created to financially support families who are suffering short term financial hardship due to the pandemic. Tangible Fixed assets account for £9.4M of the reserves leaving a balance of £(3.4)M net assets and long term liabilities.

The Charity’s assets are sufficient to meet its obligations. The Governors’ aim is to continue to build up our resources by means of annual operating surpluses whilst continuing to invest in resources for current and future pupils.

Investment policy

The School holds shares and securities in the Church of England Investment Fund to the value of £11k (2021 £11.5k). The investment policy is a programme related policy to support future Bursaries.

Principal Risks and Mitigating Factors

The Governors are responsible for the management of the risks faced by the Charity. Detailed considerations of the risks are delegated to the Finance Committee, which is assisted by the Headmaster, the Head of Prep and the Bursar. Risks are identified, assessed and controls are established throughout the year. A formal review of the Charity’s Risk Management process is undertaken on an annual basis. The key controls used by the Charity include:

• formal agendas for all Committee and Board activities;

• detailed terms of reference for all Committees;

• comprehensive strategic planning, budgeting and management accounting;

• established organisational structure and lines of reporting;

• formal written policies;

• clear authorisation and approved levels; and

• vetting procedures as required by law for the protection of the vulnerable.

Through the risk management process established for the Charity, the Governors are satisfied that major risks are identified and appropriately mitigated where necessary.

Principle risks are identified as being:

• Maintaining pupil numbers.

• The Marketing and Admissions Team continue to work with external agencies and prospective pupils to ensure that the pupil number on roll is maintained. The School accepts a need for fluidity within year group numbers and will react proactively to the changing demographics. Strategic focus on pupil retention at key points of education targeting Year 11’s to stay for Sixth Form and Year 6’s to progress to the senior school.

• The bank withdrawing facilities.

• Maintaining a good working relationship between the bank and the School remains a key focus for the Bursar. Currently information is shared regularly and the bank has clear insight into the School forecasts.

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Governors’ Report and Financial Statements for the year ended 31 August 2022

Warminster School

Strategic report (continued)

• Change in political horizon with a labour government removing charitable status of Independent Schools and putting VAT on fees.

• The Governors have formed a working group to plan for the impact of VAT on School fees. This group will review potential business structures and also forecast the impact on the operating costs, fees and affordability and potential changes in strategic direction to mitigate against the impact that this could have on the business.

• Financial impact of the pandemic on the wider school community; adversely affecting debt and pupil numbers.

• Constant review of the debtors and the numbers of prospective pupils allowing us to be forewarned of this impact. The Bursar maintains open communication with a number of families with current pupils to support them through this time.

It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

Financial Risk Management

The Charity’s operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The school is exposed to credit risk as its main customers are the parents of pupils. The school is active in discussing payment terms with parents and agreeing payment plans through a third party where required. The school is exposed to liquidity risk but minimises the exposure by actively monitoring the monthly cash flow. Similarly, the school is also exposed to a rise in interest rates which it minimises by ensuring a reasonable contingency amount within the appropriate budget heading. In addition, the Charity has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Charity. The Charity is not exposed to commodity price risk as a result of its operations.

Plans for the future

The School’s strategic plan is a live and dynamic exercise that focuses on five key areas detailed at the start of the annual report. Key points from each of these areas for the future are:

Academic Achievement: To develop a revised curriculum plan to tie in with a revised shape of the week. This will address subject balance, staff and pupil workload and wellbeing and provide an opportunity to focus on academic achievement. The Publication of a teaching and learning plan/toolkit to all school stakeholders which will include revised marking policy and revised teaching and learning expectations. To continue to increase value added scores in public examinations.

Personal Development: To develop a varied, balanced, yet manageable selection of enriching activities which cater for all and add value to the pupils’ development. The activities should be such that they provide opportunities for pupils to try new things, take risks and develop socially. To re-establish regular pupil voice within the School.

Community and Outreach: Build partnerships in three key areas to include local, national and international links, with a focus on sharing knowledge, facilities, resources and finance. Partnerships need a clear two-way process and can be fixed or fluid. Develop dedicated time in the school week for pupils to work with community.

Marketing and Admissions: To continue to focus on pupil number growth through use of the marketing and admissions strategy. To focus on pupil retention.

Business Development: To continue to focus on reducing fixed costs where possible and to ensure value for money in all areas of the Business. To focus on financial recovery from the pandemic, ensuring a continued good relationship with the bank. To continue to grow non-fee income working to ensure the School is fully utilised in holiday periods. To introduce a minimum of two green initiatives per year to reduce the School’s impact on the environment.

13

Governors’ Report and Financial Statements for the year ended 31 August 2022

Warminster School

Strategic report (continued)

Statement of Governors’ Responsibilities

The Trustees (who are also Governors of Warminster School for the purposes of company law) are responsible for preparing the Governors’ Annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgments and 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 financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Governors are responsible for the maintenance and integrity of the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In so far as the Governors are aware:

• there is no relevant audit information of which the charitable company’s auditors are unaware; and

• the governors 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.

Connected persons

Details of transactions with connected persons are shown in note 27 to the financial statements.

Independent Auditor

Crowe. U.K. LLP have expressed their willingness to continue in office being eligible for re-appointment under the provisions of the Companies Act 2006.

The Governors’ Annual Report and Strategic Report were approved by the Board of Governors and signed on its behalf by:

Ms B Sunderland Chair of Governors

Date: 17[th] March 2023

14

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WARMINSTER SCHOOL

Opinion

We have audited the financial statements of Warminster School for the year ended 31 August 2022 which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charitable company’s affairs as at 31 August 2022 and of the incoming resources and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Governor's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.

Other information

The Governors are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial 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 conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.

15

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit:

• the information given in the Governors’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors’ report included within the Governors’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the Governors’ report.

In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the Governors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of Governors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of Governors

As explained more fully in the Governors’ responsibilities statement on page 14 the Governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governors are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governor either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

16

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the Charitable Company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation, employment legislation, Charities Act 2011, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context were The Education (Independent School Standards) Regulations 2014.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of Governors and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within fee scholarships, bursaries and discounts, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, the bursar and the Finance SubCommittee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, designing audit procedures over scholarships, bursaries and discounts, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

17

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Tara Westcott Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor 4[th] Floor St James House St James Square Cheltenham GL50 3PR Date: 25 April 2023

18

Governors’ Report and Financial Statements for the year ended 31 August 2022

Warminster School

Statement of financial activities for the year ended 31 August 2022

Note Income from: Charitable activities School fees receivable (2) Other educational income (3) Other trading activities Other trading activities (3) Other income (3) Investments Investment Income (4) Voluntary sources Income from Government Grants (5) Donations (3) Total Income Expenditure on: Raising funds (7) Charitable activities (7) Total Expenditure (7) Net income from operations Net gains on investments (12) Net income for the year (6) Net movement in funds in the year Fund balances brought forward as at the end of the year (19) Fund balances carried forward at the end of the year (18)	Unrestricted Funds Restricted Funds Total Funds 2022 Total Funds 2021 £ £ £ £ 9,181,392 - 9,181,392 7,556,019 731,094 - 731,094 574,287 85,148 - 85,148 82,740 17,278 - 17,278 52,534 309 - 309 299 240 - 240 243,483 2,242 10,000 12,242 14,191
	10,017,703 10,000 10,027,703 8,523,553
	99,649 - 99,648 129,715 9,641,347 - 9,641,348 8,316,104
	9,740,996 - 9,740,996 8,445,819
	276,707 10,000 286,707 77,734 (533) - (533) 2,225
	276,174 10,000 286,174 79,959
	276,174 10,000 286,174 79,959 5,678,147 15,202 5,693,349 5,613,390
	5,954,321 25,202 5,979,523 5,693,349

The notes on pages 19 to 36 form part of these financial statements.

19

Governors’ Report and Financial Statements for the year ended 31 August 2022

Warminster School

Warminster School is a company limited by Guarantee No. 02990649

Balance Sheet As at 31 August 2022

Note Fixed Assets Tangible Assets (11) Investments (12) Total Fixed Assets Current Assets Stocks and work in progress (13) Debtors (14) Cash at bank and in hand Total current assets Creditors: amounts failing due within one year (15) Net current liabilities Total assets less current liabilities Creditors: amounts failing due after one year (15) Net assets (24) The Funds of the Charity Restricted income funds (18) Unrestricted income funds (18) Total charity funds	2022 £ £ 9,448,065 10,999 9,459,064 58,071 512,998 3,579 574,648 (2,632,560) (2,057,912) 7,401,152 (1,421,629) 5,979,523 25,202 5,954,321 5,979,523	2022 £ £ 9,448,065 10,999 9,459,064 58,071 512,998 3,579 574,648 (2,632,560) (2,057,912) 7,401,152 (1,421,629) 5,979,523 25,202 5,954,321 5,979,523	2021 £ £ 9,626,392 11,532 9,637,924 48,483 546,360 4,332 599,175 (2,873,244) (2,274,069) 7,363,855 (1,670,506) 5,693,349 15,202 5,678,147 5,693,349	2021 £ £ 9,626,392 11,532 9,637,924 48,483 546,360 4,332 599,175 (2,873,244) (2,274,069) 7,363,855 (1,670,506) 5,693,349 15,202 5,678,147 5,693,349
		9,459,064 (2,057,912)		9,637,924 (2,274,069)
	574,648 (2,632,560)		599,175 (2,873,244)
		7,401,152 (1,421,629)		7,363,855 (1,670,506)
		5,979,523		5,693,349
		25,202 5,954,321		15,202 5,678,147
		5,979,523		5,693,349

The notes on pages 19 to 36 form part of these financial statements.

The Financial Statements on pages 19 to 36 were approved by the Board of Governors on 17[th ] March 2023 and signed on its behalf by:

Ms B Sunderland Chair of Governors

Date: 17[th] March 2023

20

Warminster School Governors’ Report and Financial Statements for the year ended 31 August 2022

Warminster School is a company limited by Guarantee No. 02990649

Cash flow statement Year ended 31 August 2022

Note Cash Flows from Operating activities Net cash inflow from operations 23 Cash Flows from Investing activities Purchase of Fixed Assets Net Cash used in Investing Activities Cash Flows from Financing Activities Repayment of borrowings Net Cash used in Financing Activities Cash and cash equivalents at the beginning of the reporting period Change in cash and cash equivalents in the reporting period 23 Cash and cash equivalents at the end of the reporting period	2022 2021 £ £ 435,978 76,131 (62,805) (67)
	(62,805) (67)
	(216,361) (211,718)
	(216,361) (211,718)
	(315,936) (180,282)
	156,812 (135,654)
	(159,124) (315,936)

The notes on pages 19 to 36 form part of these financial statements.

21

Warminster School Governors’ Report and Financial Statements for the year ended 31 August 2022

Notes to the financial statements for the year ended 31 August 2022

1 Accounting policies

Warminster School is a Charity, registered number 1042204, and also a private company limited by guarantee, registered number 02990649. The Governors, executive officers and the principal address of Warminster School are listed on page 2, together with the particulars of the Charity’s professional advisors. The Governors report lists the operations and activities of the Company.

The accounting policies of the School have been applied consistently throughout the year and in prior years.

Basis of accounting

The charitable company’s financial statements have been prepared on the going concern basis under the historical cost convention, modified by the revaluation of investments, and in accordance with applicable accounting standards in the United Kingdom, including Financial Reporting Standard 102 ‘the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’ (FRS102), the Companies Act 2006 and the current Statement of Recommended Practice on accounting and reporting by charities: the Charities SORP 2019 (FRS102) and the Charities Act 2011. The charity is a public benefit entity.

Consolidation

The charitable company has not prepared group financial statements as the results of the subsidiary undertakings are not material to the group as a whole. Accordingly, these financial statements present information about the charitable company as a single undertaking. Exemption provided by section 405A of the Companies Act 2006.

Going Concern

The Governors have undertaken planning and forecasting for 2022/23 and 2023/24 and continue to closely monitor their financial performance and cash flow headroom. The projections show that the School can meet its current obligations and remain within its bank financing facility.

The Governors believe that the company’s financial resources and contingency planning is sufficient to ensure the ability of the school to continue as a going concern for the foreseeable future, being at least twelve months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.

School fees and extras

School fees and extras represent teaching fees and related income invoiced termly in advance, net of scholarships and other allowances. This income is recognised on a receivable basis when there is a binding commitment for the transfer of funds to the School. Fees and Extras relate to goods and services provided wholly within the United Kingdom. Fees received in advance are held as creditors on the balance sheet. An accrual is made for any income due to the School, which has not been invoiced in the year.

22

Governors’ Report and Financial Statements for the year ended 31 August 2022

Warminster School

Grants receivable

Grants from government bodies and other sources are received for specific projects/costs and are recognised in accordance with their individual terms and conditions. Income is recognised when the School has entitlement to the funds which is when any performance conditions attached are met, it is probably that the income will be received and the amount can be reliably measured. Grant income will be deferred if received in advance of meeting performance conditions or if the funder specifically states that the income must be spent in a future accounting period.

Donations and other income

As well as its principal fee income stream, the School generates income in the following categories which are recognised on an accruals basis.

• Investment income.

• Rent and lettings income.

• Other income, which comprises registration fees, management charges and donations.

Donations and legacies are recognised on a cash basis unless there is a legally binding commitment for the transfer of funds before cash is received, in which case the income is recognised at this point. Donations subject to specific wishes of donors are credited to relevant ‘restricted funds’.

Funds for Special Purposes

Funds are classed as unrestricted and restricted. Unrestricted funds can be utilised for any of the charity’s operating expenditure. Restricted funds are monies to be used for a specific purpose, for example speech day prizes. Details are shown in the notes to the financial statements.

Expenditure

Expenditure is allocated to expense headings on a direct cost basis. The irrecoverable element of VAT is included with the item of expense to which it relates.

• Expenditure on raising funds are those costs incurred in attracting other income to the School, and relevant financing costs.

• Charitable activities includes all types of expenditure incurred in providing teaching and boarding programmes.

• Governance costs are those costs incurred in the governance of the School. These include the fees for statutory audit and governors’ liability insurance.

Pension Schemes

The Charity exited from the Teachers’ Pension Scheme on 31[st] August 2020 and a new defined contribution scheme with Royal London is provided in place of this from 1[st] September 2020. The Charity also contributes to individual personal pension schemes for various non-teaching staff at rates according to individual employment contracts. Further details are given in note 20 to the financial statements.

Tangible Fixed Assets

All tangible fixed assets are held in the balance sheet at cost less accumulated depreciation. Cost includes the purchase price of the asset plus all other costs incurred in bringing the asset into use. Subsequent expenditure is capitalised where it extends the life or increases the value of the asset.

23

Governors’ Report and Financial Statements for the year ended 31 August 2022

Warminster School

Long leasehold and freehold properties

The Charity owns a number of buildings and areas of land within and around the town of Warminster. Many of these properties are historic.

The Charity does not depreciate the historic or listed freehold and long leasehold buildings or buildings which are attached to, or extensions of, such property. In the opinion of the Governors, any depreciation in respect of such buildings would be immaterial due to the high residual value of the properties concerned. Governors regularly commission an appropriate valuation of these buildings to support this policy and conduct an annual impairment review. The last valuation undertaken by Savills in 2017 for a portion of the properties indicated that the net realisable value of the properties was substantially greater than the carrying value as shown in the financial statements.

Recent purpose-built academic blocks are depreciated at 2% per annum straight line. Work at the school’s expense carried out to Leasehold property is depreciated at the appropriate rate to write off the work by the end of the Lease.

Other fixed assets

The policy with regard to other assets is that all significant assets purchased for more than £1,000 will be capitalised. Fixed assets are held at cost which includes the purchase price and any costs of putting the asset into use. Fixed assets under construction are held in a separate category and not depreciated until completed and in use. Depreciation as provided is expected to write off the cost of the fixed assets within their useful lives. The following methods and rates of depreciation applied during the year:

Property built since 2002 on freehold and leasehold land	2%	Straight Line
Sports Facilities	4%	Straight Line
Catering & Property Equipment	10%	Straight Line
Furniture, Fittings & Equipment	20%	Straight Line
Motor Vehicles	33%	Straight Line

Included within the heading ‘Furniture, Fittings & Equipment’ are the capital costs of the School’s computer network system. Peripheral computer equipment, such as work stations and printers, is written off in the year of purchase. The useful economic lives and residual values of fixed assets are reviewed annually.

Investments

All Investments are held in the United Kingdom. Investments are included in the balance sheet at market value at the balance sheet date. Any unrealised gains or losses are reflected in the Statement of Financial Activities.

Stocks

Stocks are valued at the lower of cost and net realisable value on a first in first out basis. Stocks are reviewed annually and a provision created for any slow moving or obsolete stock where required.

Leased Assets

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the Statement of Financial Activities on a straight line basis over the lease term .

24

Governors’ Report and Financial Statements for the year ended 31 August 2022

Warminster School

Concessionary Loans

Public benefit entity concessionary loans are loans made or received between public benefit entities at below the prevailing market rate of interest and are for the purposes of furthering the objectives of the public benefit entity. The loans are measured at the amount received or paid and are recognised in the Statement of Financial Position.

Creditors

Creditors are recognised where the School has a present obligation which results from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or readily estimated.

Debtors

Short term debtors are initial measured at transaction price.

Financial Instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions.

Critical accounting judgements and estimation uncertainty

There are no critical accounting judgements made in applying the School’s accounting policies.

The following significant estimates and assumptions have been made in applying the School’s accounting policies:

The annual depreciation charge for fixed assets is sensitive to changes in the estimated useful economic lives of the assets. The lives are reassessed annually and considered to reflect the remaining life of the asset.

The charity makes an estimate of the recoverable value of trade and other debtors. Factors such as the aging profile of the debtors and historical experience are taken into account. Bad Debts are considered on a case by case basis by taking into account the likelihood of recovery. Debts are written off by approval of the Governors if this is deemed appropriate.

25

Governors’ Report and Financial Statements for the year ended 31 August 2022

Warminster School

2 School fees

Gross fees Less: Scholarships, Bursaries and other Remissions Granted Less: COVID-19 Deduction 3 Other income Other trading activities Lettings income Other educational income Income for extras Registration fees Donations Donations Other income Miscellaneous	2022 2021 £ £ 10,931,920 9,275,050 (1,750,528) (1,594,145) - (124,886)
	9,181,392 7,556,019
	2022 2021 £ £ 85,148 82,740
	85,148 82,740
	704,359 546,337 26,735 27,950
	731,094 574,287
	12,242 14,191
	12,242 14,191
	17,278 52,534
	17,278 52,534

26

Governors’ Report and Financial Statements for the year ended 31 August 2022

Warminster School

4 Income from investments

4 Income from investments
COIF Charities Investment Fund 5 Income from government grants Income from Coronavirus Job retention Scheme 6 Net expenditure The net expenditure for the year is stated after charging: Depreciation: Auditors remuneration: Audit related assurance services Other assurance related services Operating lease rentals: Land and buildings Equipment Interest payable and similar charges: Interest payable on overdraft Interest payable on loans Bank charges	2022 2021 £ £ 309 299
	309 299
	2022 2021 £ £ 240 243,483
	240 243,483
	2022 2021 £ £ 241,132 267,661 23,825 19,890 1,800 1,200 65,000 50,000 23,663 23,663 10,334 12,537 68,171 75,300 16,414 17,434

7 Total expenditure

Expenditure on raising funds Lettings costs Financing costs (note 6) Charitable activities Teaching Welfare Premises Support Operating Costs Governance Costs (note 8) Total expenditure	Total Total Staff costs Other costs Depreciation 2022 2021 £ £ £ £ £ - 4,730 - 4,730 24,444 - 94,919 - 94,919 105,271
	- 99,649 - 99,649 129,715
	4,622,678 653,806 27,161 5,303,645 4,863,648 892,890 403,085 3,873 1,299,848 1,053,511 310,807 853,751 206,242 1,370,800 1,142,455 695,377 940,238 3,856 1,639,471 1,234,820
	6,521,752 2,850,880 241,132 9,613,764 8,294,434
	- 27,583 - 27,583 21,670
	6,521,752 2,978,112 241,132 9,740,996 8,445,819

27

Warminster School

Governors’ Report and Financial Statements for the year ended 31 August 2022

8 Governance costs

Governance costs
Services provided by the company’s auditors exclude VAT Fees payable for the audit Fees payable for other services – Teachers’ Pension return Governors’ expenses Employee information Staff costs Wages and salaries Social security costs Other pension costs (note 20)	2022 2021 £ £ 25,062 19,890 1,800 1,200 721 580
	27,583 21,670
	2022 2021 £ £ 5,471,252 5,118,749 492,536 448,942 557,964 562,724
	6,521,752 6,130,415

9 Employee information

There were no redundancy or termination payments made in year.

The average number of employees including part time staff (head count) during the year was:

Teaching and house staff Administration Other	2022 2021 Number Number 137 137 26 26 78 79
	241 242

Key Management personnel of the School are deemed to be the Headmaster, the Bursar, two Deputy Heads and the Head of Prep. The total amount paid to key management personnel, including Employers Pension, National Insurance and any Benefits in Kind was £498,894 (2021: £432,805).

The Governors received no remuneration (2021: £nil). Governors’ travelling and training expense are reimbursed when claimed. Expenses of £721 (2021: £580) were paid to two Governors in 2022.

The number of employees whose emoluments were £60,000 per annum or above:

	2022	2021
	Number	Number
£60,000 - £69,999	2	1
£70,000 - £79,999	1	2
£80,000 - £89,999	1	1
£90,000 - £99,999	-	-
£100,000 - £109,999	1	-

None of the employees above have retirement benefits accrued under defined benefit schemes.

28

Governors’ Report and Financial Statements for the year ended 31 August 2022

Warminster School

10 Taxation

The School is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the charity’s primary objectives, if these profits and surpluses are applied solely for charitable purposes.

11 Tangible fixed assets

Cost At 1 September 2021 Additions Disposals At 31 August 2022 Accumulated Depreciation At 1 September 2021 Disposals Charged in the year At 31 August 2022 Net book value At 31 August 2022 At 31 August 2021	Property on Freehold and Leasehold land Sports Facilities Furniture, fittings & equipment Motor vehicles Total £ £ £ £ £ 10,696,807 318,548 2,140,260 174,367 13,329,982 7,060 8,024 37,401 10,320 62,805 - - - - -
	10,703,867 326,572 2,177,661 184,687 13,392,787
	1,689,944 188,003 1,651,278 174,365 3,703,590 - - - - - 141,382 2,946 94,511 2,293 241,132
	1,831,326 190,949 1,745,789 176,658 3,944,722
	8,872,541 135,623 431,872 8,029 9,448,065
	9,006,863 130,545 488,982 2 9,626,392

The long leasehold property held by the Charity is a 99 year lease which ends on 27 June 2064. However, during the last 21 years of the lease period the Charity has the option to acquire the freehold reversion for £10. The lease has therefore been treated as a freehold. In line with the School’s accounting policy for historic buildings, the leasehold property has not been depreciated. St Boniface playing fields cannot be sold without the agreement of St Boniface Trust.

The cost of freehold and long leasehold buildings not being depreciated is £3,632,184 (2021: £3,632,184).

12 Fixed asset investments

UK Listed Investments Market value at the beginning of the year Revaluation in year Market value at the end of the year	2022 2021 £ £ 11,532 9,307 (533) 2,225
	10,999 11,532

The listed investment represents 571.55 shares in the Charities Official Investment Fund.

13 Stocks

Stocks	2022 2021 £ £
	58,071 48,483

29

Warminster School

Governors’ Report and Financial Statements for the year ended 31 August 2022

14 Debtors

4 Debtors
Trade debtors Other debtors Intercompany debtors Prepayments & accrued income	2022 2021 £ £ 305,146 263,461 150,876 152,116 16,854 68,965 40,122 61,818
	512,998 546,360

Trade debtors are stated after provisions for impairment of £150,370 (2021: £94,960).

15 Creditors

Bank loan (secured) Bank overdraft (secured) Concessionary loan – Ivy House purchase Trade creditors Fees in advance Advanced fees (note 17) Deposits St Boniface Sports Field Purchase Taxation and social security Other payroll creditors Other creditors Accruals and deferred income	Amounts falling due within one year Amounts falling due after more than one year 2022 2021 2022 2021 £ £ £ £ 121,054 116,361 1,315,192 1,436,246 162,701 320,268 - - 100,000 100,000 41,667 141,666 16,065 78,933 - - 1,131,114 1,263,500 - - 32,290 66,180 16,770 40,594 456,440 435,955 - - 4,000 4,000 48,000 52,000 115,601 114,686 - - 97,251 91,566 - - 163,994 196,851 - - 232,050 84,944 - -
	2,632,560 2,873,244 1,421,629 1,670,506

Fees in advance represents cash paid before year end relating to the following term. Advanced fees represents fees paid in advance for a minimum of one years’ education.

The bank overdraft and bank loans are secured by way of a legal charge over the charitable company’s long leasehold properties. The renegotiated bank loan’s capital is repayable under a 15 year term fixed annuity loan with final repayment due in June 2032. Interest is charge on the outstanding balances at a rate of 2.25% over the bank’s base rate for the bank overdraft and 4.11% for the loan.

Ivy House was purchased in 2015 for a total sum of £750,000. The outstanding sum of £141,667 is repayable in instalments over the next two years at an interest rate of 3% over bank’s base rate. This has been treated as a concessionary loan.

16 Bank Loans

6 Bank Loans
Due in 1 year Due within 1 – 2 years Due within 2 – 5 years Due after 5 years	2022 2021 £ £ 121,054 116,361 125,988 121,054 410,875 394,095 778,329 921,097
	1,436,246 1,552,607

30

Governors’ Report and Financial Statements for the year ended 31 August 2022

Warminster School

17 Advanced Fees

In specific circumstances the school can receive fees in advance in respect of certain pupils. The advance payments held by the school as at 31 August 2022 will be applied to offset fees as follows:

Within 1 year Within 1 to 2 years Between 3 and 5 years	2022 2020 £ £ 32,290 66,180 16,770 17,887 - 22,707
	49,060 106,774

The advance fees balance represents the accrued liability under the contracts. Capital movements during the year were:

Balance brought forward New contracts Amounts utilised or refunded Discount applied Balance carried forward	2022 2021 £ £ 106,774 62,729 111,585 296,850 (192,834) (275,216) 23,535 22,411
	49,060 106,774

18 Movement in Funds

Restricted Funds Prize Fund Old Verlucian Other Funds Hardship Fund Unrestricted Funds General Fund Total Funds	At 1 September 2021 Income Expenditure Gain on Investment Transfers At 31 August 2022 £ £ £ £ £ £ 5,415 - - - - 5,415 1,520 - - 10,000 - - - - - - 1,520 10,000 8,267 - - - - 8,267
	15,202 10,000 - - - **25,202 **
	5,678,147 10,017,703 9,740,996 (533) - 5,954,321
	5,678,147 10,017,703 9,740,996 (533) - 5,954,321
	5,693,349 10,027,703 9,740,996 (533) - 5,979,523

The prize fund represents donations from former staff and pupils of the School. The funds are used to provide speech day prizes.

The Old Verlucian Foundation fund represents monies received from the Old Verlucian Foundation. These funds are used for the purpose of purchasing books for the School’s library.

The Hardship Fund represents donations received to support families suffering short term financial hardship.

The Other Fund represents a donation received to support a School club for the refurbishment of electric motorcycles.

31

Governors’ Report and Financial Statements for the year ended 31 August 2022

Warminster School

19 Movement in Funds (year ended 31[st] August 2021)

Restricted Funds Prize Fund Old Verlucian Foundation Fund Hardship Fund Unrestricted Funds General Fund Total Funds	At 1 September 2020 Income Expenditure Gain on Investment Transfers At 31 August 2021 £ £ £ £ £ £ 5,415 - - - - 5,415 1,520 - - - - 1,520 13,134 12,801 17,668 - - 8,267
	20,069 12,801 17,668 - - **15,202 **
	5,593,321 8,510,752 8,428,151 2,225 - 5,678,147
	5,593,321 8,510,752 8,428,151 2,225 - 5,678,147
	5,613,390 8,523,553 8,445,819 2,225 - 5,693,349

20 Pensions Obligations

The Charity participates in the following Pension Schemes:

(a) defined contribution pension schemes, the assets of which are held separately from those of the Charity in independently administered funds.

The total pension cost charge represents contributions payable by the Charity to these schemes as follows:

2022 2021 £ £ Defined Contribution Scheme 557,964 562,724 557,964 562,724 The following contributions had not been paid to the Schemes at the year-end: 2022 2021 £ £ Defined Contribution Scheme 72,849 68,971 72,849 68,971	2022 2021 £ £ 557,964 562,724
	557,964 562,724
	72,849 68,971

All pension charges are charged to unrestricted funds, in line with the fund out of which wages and salaries are paid.

32

Warminster School

Governors’ Report and Financial Statements for the year ended 31 August 2022

21 Operating Lease commitments

At 31 August 2022, the company had total commitments under non-cancellable operating leases as follows:

Less than one year Between 1 and 2 years Between 2 and 5 years After 5 years	Land and Buildings Equipment 2022 2021 2022 2021 £ £ £ £ 65,000 65,000 25,343 23,663 130,000 65,000 15,566 14,958 195,000 195,000 3,976 - 327,917 392,917 - -
	717,917 787,917 44,885 38,621

22 Company limited by guarantee

The liability of the Members is limited. In the event of the charitable company being wound up, the Members have undertaken to contribute to the assets of the charitable company such amounts as may be require not exceeding £1 each. There were 11 (2021: 11) members of the charitable company at the year end.

23 Notes to the Cash Flow

i) Reconciliation of net debt

Cash Overdraft Facility Bank Loan (within one year) Bank Loan (after one year)	Balance at 1 September 2021 Cash-flows Balance at 31 August 2022 £ £ £ 4,332 (753) 3,579 (320,268) 157,567 (162,701) (116,361) (4,693) (121,054) (1,436,246) 121,052 (1,315,194)
	(1,868,543) 273,173 (1,595,370)

ii) Reconciliation of net expenditure to net cash flow from operating activities

Net income for the reporting period Depreciation Increase in stocks Gain on investments Increase/(decrease) in debtors Increase in creditors Net cash inflow from operating activities	2022 2021 £ £ 286,174 79,959 241,132 267,659 (9,588) (6,445) 533 (2,225) 33,362 (258,047) (115,635) (4,770)
	435,978 76,131

33

Warminster School Governors’ Report and Financial Statements for the year ended 31 August 2022

iii) Analysis of cash and cash equivalents

Cash Overdraft Facility	Balance at 1 September 2021 Cash-flows Balance at 31 August 2022 £ £ £ 4,332 (755) 3,577 (320,268) 157,567 (162,701)
	(315,936) 156,812 (159,124)

24 Allocation of the Charity’s Net Assets

Restricted funds Unrestricted Funds At 31st August 2022	Tangible Fixed Assets Investments Net assets Long term liabilities Total £ £ £ £ £ - - 25,202 - 25,202 9,448,065 10,999 (2,083,114) (1,421,629) 5,954,321
	9,448,065 10,999 (2,057,912) (1,421,629) 5,979,523

25 Allocation of the Charity’s Net Assets for the year ended 31 August 2021

Restricted funds Unrestricted Funds At 31st August 2021	Tangible Fixed Assets Investments Net assets Long term liabilities Total £ £ £ £ £ - - 15,202 - 15,202 9,626,392 11,532 (2,289,271) (1,670,506) 5,678,147
	9,626,392 11,532 (2,274,069) (1,670,506) 5,693,349

34

Governors’ Report and Financial Statements for the year ended 31 August 2022

Warminster School

26 Statement of Financial Activities for the year ended 31 August 2021

Income from: Charitable activities School fees receivable Other educational income Other trading activities Other trading activities Other income Income from Government Grants Investments Investment Income Voluntary sources Donations Total Income Expenditure on: Raising funds Charitable activities Total Expenditure Net (expenditure)/income from operations Net gains on investments Net (expenditure)/income for the year Net movement in funds in the year Fund balances brought forward as at the end of the year Fund balances carried forward at the end of the year	Unrestricted Funds Restricted Funds Total Funds 2021 Total Funds 2020 £ £ £ £ 7,556,019 - 7,556,019 6,931,552 574,287 - 574,287 618,062 82,740 - 82,740 57,815 52,534 - 52,534 22,879 299 - 299 182 243,483 - 243,483 486,582 1,390 12,801 14,191 32,156
	8,510,752 12,801 8,523,553 8,149,228
	129,715 - 129,715 112,906 8,298,436 17,668 8,316,104 8,413,447
	8,428,151 17,668 8,445,819 8,526,353
	82,601 (4,867) 77,734 (377,125) 2,225 - 2,225 329
	84,826 (4,867) 79,959 (376,796)
	84,826 (4,867) 79,959 (376,796) 5,593,321 20,069 5,613,390 5,990,186
	5,678,147 15,202 5,693,349 5,613,390

35

Warminster School

Governors’ Report and Financial Statements for the year ended 31 August 2022

27 Related Party Disclosures

Warminster School Enterprises Ltd

Warminster School Enterprises Ltd is a company limited by shares, incorporated in the UK, registered number 2651234. Its registered office is the same as the address of the School on page 2. Warminster School Enterprises Ltd is under the control of Warminster School, as the Charity owns the entire share capital of this company. Expenditure of £79,787 was recharged to Warminster School Enterprises Ltd in the year (2021: £67,162). The balance owed to Warminster School at year end was £22,551, (2021: £68,965). As the results are not material for the year, they have not been consolidated within the financial statements.

The company’s debtors amounted to £47,080 (2021: £35,370) in respect of sales invoices that were outstanding at the year end.

The company’s creditors amounted to £34,712 (2021: £99,902), which was due in respect of purchase invoices outstanding at the year end and charges due to Warminster School.

The full trading results of Warminster School Enterprises Ltd are as follows:

	2022	2021
	£	£
Turnover	171,416	102,525
Cost ofsales	(104,618)	(66,942)
Gross profit	66,798	35,583
Administrationexpenses	(9,426)	(8,491)
Profit on ordinary activities before taxation	57,372	27,092
Taxon profit onordinary activities	-	-
Profit for the financialyear	57,372	27,092

The total shareholders’ funds as at 31 August 2022 was £62,713 (2021: £5,341).

Scholarships and Discounts Awarded to Governors’ Children

There were no scholarships, discounts or other awards made to Governors’ children during 2021/22.

36