Company No: 03245514 (England and Wales) Charity No: 1058439 Esi. 1838 WALTHAMSTOW HALL SEVENOAKS Walthamstow Hall Annual Report of the Governing Body and Consolidated Financial Statements For the year ended 31 August 2024 Walthamstow Hall (A Charitable Company LSmlted by Guarantee) Registered Office: Walthamstow Hall, Seyenoaks, TN13 3UL Walthamstow Hall Annual Report and Accounts For the year ended 31 August 2024 Contents Page Reference and Admlnlstrative Information Page Executive Officers Page Report of the Board of Governors for the year ended 31 August 2024 Page Statement of Ethos and Alms Page Objects, Aims, Oblectlves and Activities Page RevSew of Achlevements and Performance for the Year Page Publlc Beneflt Page 18 Flnanclal Revlew and Results for the Year Page 19 Structure, Governance and Management Page 21 Prlnclpal Rlsks and Uncertalntles Page 22 Future Plans Page 24 Statement of Accountlng and ReportSng Responslbllltles Page 25 Independent Auditor's Report to the Members of Walthamstow Hall Page 29 Consolldated Statement of FSnanclal ActSvltles (Income and Expendlture Account) Page 30 Consolldated Summary Income and Expendlture Account Page 31 Consolldated Balance Sheet Page 32 Consolldated Cash Flow Statement Page 33 Notes to the Accounts Walthamstow Hall Annual Report and Accounts For the year ended 31 August 2024 REFERENCE AND ADMINISTRATIVE INFORMATION GOVERNORS, DIRECTORS AND CHARITYTRUSTEES The Walthamstow Hall Governors are the Charity Trustees, dlrector5 and members of the charitable company ("the Charity" or "the School"). They have all served In office throughouc the year and are Ilsted below.. Mrs J B Adams Mrs C Crosley Mrj D Froud Mr P A Gloyne Mr S C Heather Dr N Wjepps 5abcdefg {Chair) (Resigned 23 February 2025) {3 e from l January 2025) f (l) 2abde (Vice Chairman) (Reslgned 23 February 2025) (Chair) (Appointed 24 February 2025) (Reslgned 31 December 2024) Mrs J Joynes Drj C H Kevls Mrs S A Lewis-Davles 4 d e f Mrs J Mltchell Dr EM Murphy MrT RJ Price Mr S P Swift Mrs M M West 3 bef(1S1) (Resigned 31 December 2024) (4 and 5 comblned from 24 February 2024) (Appointed I S March 2024) b f (11) bg(Ir) Chalrman of.. l. the Flnance Commlttee the Prem15es Committee 3. the Rlsk, Compllance and Wellbelng Commlttee the Communications and Digital Commlttee 5. the Educatlon and Stafflng CommSttee Member of.. a. the Finance Commlttee b. the Premises Commlttee c. the Rlsk, Compllance and Wellbelng Commlttee d. the Communlcatlons and Dlgltal Commlttee e. the Chalrmen's Group f. the Educatlon and Stafflng Commlttee & the Assoclates (Old Glrls) Commlttee Nomlnatlve Governor appolnted by: (l) the Governing Body (11) Parents (111) Teachlng Staff The Board Is a self-appolntlng body, wlth the exceptlon of appolntments made by parents and teachlng staff, Nomlnative Governors appointed by the Governlng Body are those of the Protestsnt Christlan falth, with a preference for those who are members of the free churches. Recommended nominees may be sought from and made by The Councll for World Misslon, The Baptlst Ml551onary Society and the United Reformed Church. Trust Governors serye on the Board for terms of three years and Nominative Governors for four years. Retiring Governors of Walthamstow Hall may be re-elected for further term5. The Chairman of the Associates Committee is an Old Girl who need not be a Governor. The current Chairman is Ms Clare Jarvis. Walthamstow Hall Annual Report and Accounts For the year ended 31 August 2024 EXEcufIvE OFFICERS AND PROFFSSIONALADVISERS Headmlstress Ms L Chamberlaln Bursar, Clerk to the Governors and Company Secretary Mrs E M Walsh (Appolnted l O May 2024) Mr P A Horner (Resigned l O May 2024) Address and Registered Office Walthamstow Hall Holly Bush Lane Sevenoaks Kenc TN133UL Website www.walthamscow-hall.co.uk Telephone 01732451334 Bankers Natwest Commercial Banklng I st Floor 440 Strand London, WC2R OQS Barclays Bank plc 80 Hlgh Street Sevenoaks KenL TN13 ILR Sollcltors Warners Sollcltors 16 South Park Sevenoaks KenL TN13 IAN Mccarthy Dennlng Llmlted Mlnster House 42 Mincing Lane London. EC3R 7AE Russell Cooke LLP 2 Putney Hlll London, SW15 6AB Audltors Azets Audlt Servlces 2nd Floor Regi5 House 45 Klng Willlam Street London. EC4R 9AN Walthamstow Hall Annual Report and Accounts For the year ended 31 August 2024 REPORT OF THE BOARD OF GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2024 The Governors present their Annual Report and the audited financial statrments of Walthamstow Hall for the year ended 31 August 2024 in the format required by the Charities SORP (issued in October 2019). The report and audited financial statements also comply with the Companies Act 2006 as Walthamstow Hall was incorporated as a company limited by guarantee in August 1996. It has no share capit21 and is a registered charity. The guarantee of each Governor is limited to £ l and the Governors are the directors and members of the company. Resume ofwalthamstow Hall Walthamstow Hall has educated girls since its foundation In 1838 originally as a school and home, In Walthamstow, for the daughters of missionaries. In 1882 the School moved out of London to a purpose- built Arts and Crafts building at our present site in Sevenoaks. As the School grew the Senior School became the girls, Grammar School under the Direct Grant system. In 1992 the Junior School moved to its current site, an Edwardian building nearby. Walthamstow Hall is now a fully independent selective day School for girls aged 2 to 18 offering an enriched curriculum in a Christian setting, subject to the comments made in the Future Plans section. The Articles were amended to allow boys to be accepted into the Nursery from summer 2023. Walthamstow Hall is a registered charity number 1058439. The registered company number is 03245514. The trustees, Governors and executive officers are listed on pages 2-3. Particulars of the Charity's professional advisers are given on page 4. Governing Document The Charity, a company limited by guarantee, Is governed by its Memorandum and Articles of Association as amended by Special Resolutions dated 21 June 2001; 3 March 2005; 13 October 2010; 4 July 2011,. 23 January 2015 (taking effect on 17 March 2015); 17 March 2017, 31 January 2020 and 30 June 2023. Trustees The Directors of the charitable company (who are also its members) are the charity Trustees and are the Governors of the School. The Governing Body is a self-appointing body. Walthamstow Hall Annual Report and Accounts For the year ended 31 August 2024 STATEMENT OF ETHOS AND AIMS Today, we aim to provide the highest quality education for our pupils, with a common vision In both Junior and Senior sections of the school. Walthamstow Hall educates girls with academlc potentlal to lead confident, challenglng and fulfilling live5. The School educates girls to achieve their full potential by offering them an exceptional range of opportunities. Walthamstow Hall's Core Values: Respect, Integrity. Aspiration, Community and individuality. Walthamstow Hall is a School where: all individuals are respected and their individuality valued pup51s are encouraged to achieve and expectations are high intellectual, creative and sporting effort and achievement is recognised and a love of learning Is fostered Independent thinking, resllience and initiative are encouraged in a stlrnulating and supportive environment consideration for others, collaboration and self-dlsclpline are promoted and good behaviour Is the norm pupils learn to lead and to serie and develop a sense of responsibility and purpose both within school and In the wider community rewards and sanctions are applied consistently and fairly pupils, staffi governors and parents work In partnership We aim to provlde a broad education, rich in opportunity, in a Chrlstian setting that will foster confidence and prepare girls for challenging and fulfilling lives. Charitable Objects The School's charitable objects are to advance education by the provision of a preparatory and secondary day School for girls with a preference for the daughters of Protestant Christian Missionaries with facllities for boys to be admitted to the sixth form and to the Early Years Foundation Stage. The Charity principally provides education to gir15 from the ages of 2 to I l at the Junior School and from I I to 18 at the Senior School on separate sites in Sevenoaks, Kent from a catchment area across West Kent, Surreyi South London and East Sussex. Combined numbers at both Senior and Junior School averaged 545 (2023: 555) Walthamstow Hall Annual Report and Accounts For the year ended 31 August 2024 STATEMENT OF ETHOS AND AIMS (Continued) Aims and Intended Impact Through the above charitsble objects and for the public benefit Walthamstow Hall's aim is to provide a first- class independent education, both through strong academic tuition, and through developing wider 5POrting, artistic and social skills in all its pupils. The School strives to provide an environment where each pupil is inspired and can develop and fulfil her potential thus building self-confidence and inculcating a desire to contribute to the wider community as summarised by the phrase "aspire, flourish and set the world alight" Objectives and Activities This year the School focus was on both the continued improvement of the teaching and learning methodology and the strengthenlng of the safeguarding procedures around recruitment. We have: Continued to provlde a first class, highly effective educational and pastoral environment which recognises the personal needs of each individual and delivers academlc added value for all of our pupils and promotes the same for pupils of other schools in the wider communlty. The curriculum is reviewed continually to ensure that each pupil achieves their potential academically and provides them with a solid foundation for their next step to university, apprenticeship or on Into future employment. We have continued to embed careers and future pathways programmes across Key Stages 2-5. Continued contribution to local, national and international communities through our involvement with fellow schools and our charitable fundraising* all of which are supported by the Governors. Malntained our commitment to our programme of bursary funding and fee remlsslon, wlth a vlew to widening pupil access to the School and ensure that education is provided to girls from a broad spectrum of society. This continues to include support for a small number of Ukrainian pupils. Maintained pupll.'teacher ratios which foster a focus on the child as an Individual, and to maintain our programme of professional development for all staff. through the implementatlon of a cloud- based initiative. Continued to support pupil voice at both the Junior and Senior Schools with regular meetings of their School Councils and the Eco Councils. The Head Girl teams also represent pupil voice by their attendance at Senior Leadership Team meetings. Continue to develop Sport across both the Junlor and Senior Schools supported by a new Governor level Sports Sub-committee of the Education committee with the aim of building on sport for all at the same time as supporting elite sport. There is now an extensive range of sport offered and we are very proud of the achievements of the School teams in both regional and national competitions. Walthamstow Hall Annual Report and Accounts For the year ended 31 August 2024 REVIEW OFACHIEVEMENfs AND PERFORMANCE FOR THE YEAR Public Benefit The charitable purpose of Walthamstow Hall is the advancement of education and is for the public benefit. The Governors of Walthamstow Hall are committed to education, to broadening access to the School and to sharing the School's facilities and resources with schools in the maintained sector. Governors use a wide range of occasions to promote education of girls and continually seek new opportunities. They continue to comply with their duty In s.4 of the Charities Act 2011 to have due regard to the general and relevant sub- sector guidance, concerning the operation of public benefit published and under consultation by the Charity Commlsslon, in exercising their responsibilities as Governors. Education for Pupils The School supports the attainment of the highest standards In the Independent Schools sector. Pupils of the School achleve excellent public examination results with the evidence of the value added by the School being particularly strong,, staff act as examiners and moderators for public examinations and the School supports a comprehensive induction programme for newly qualified teachers. The teaching profession benefits from the training and continuous development programme and in-service training for Walthamstow Hall staff as they move between schools and educatlon sectors. The School continues to develop links with local schools in both the maintained and independenc sectors. Results From 2023 And Leavei'8' Destinations This year our students achieved the best A Level examination results since 2017 (excludlng the Covid years as they were marked differently). 40% of the cohort attained fully A or A* grades with seven students achieving all A* grades. With 94% of our students, exam results belng grades C or above, Walthamstow Hall consistently outperform5 national average, which this year vns 76%. Students are encouraged to vislt unlversities and attend events promoting 2 range of post-18 destinatlons Including apprenticeships. They make sound decisions based on accurate predicted grades, excellent advice and support from tutors and our UCAS Coordinator. Reflecting the School's value of Indivlduality, students move on to a very broad range of destinations which reflect their individual skills and talents, studying a diversity of courses including engineerin& event management, medicine and fashion. 84% of our leavers went to their first choice of university with none of them needlng to go through clearing. We had two pupils gaining Oxbridge places and two going on to read medicine. Walthamstow Hall Annual Report and Accounts For the year ended 31 August 2024 REVIEW OF ACHIEVEmE￿s AND PERFORMANCE FOR THE YEAR (Continued) A*A 620h 230/0 io% 20Q/o 300h 400/0 soo 600/0 70010 Percentages of each grade A L£vel Grades Summer 2024 In 2024, Walthamstow Hall pupils continued to achieve excellent results with over 34% of all GCSES taken awarded a grade 9, up from 32% Sn 2023. 58% achieved grades 8 or 9 and 75% achleved grades 7, 8 or 9. 9&8 È5&6 20116 io% 20•10 300/0 400/0 SOOh 600h Percentage9 of each grade GCSE Grades Summer 2024 73% of English language entries were awarded Grade 7, 8 or 9. and the equivalent figure for Maths was 75%. 28 pupils entered for Separate Science and. across the three Sciences. 88% of awards were at Grade 7, 8 or 9 level. We are extremely proud that l 00% of the Latin GCSE results were a grade 9 which makes us the top independent school in the country for Latin results. 90% of Drama pupils were awarded a Grade 7, 8 or 9. and 87% of those tsking the Religious Studies (short course) achieved a Grade 7, 8 or 9 All pupils leaving the top of the Junior School were able to enter their choice of senior schoo15, in either the independent or the maintained sectors, and six were awarded scholarships or exhibitions by that school (2023: 6) (including WH). Excellent results were achieved by those sitting the Kent tesL with several girls achieving scores of over 400. Walthamstow Hall Annual Report and Accounts For the year ended 31 August 2024 REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR (Continued) Value Added The School is a place of purposeful. joyful learning in which teachers and students work in partnership to achieve great things with clear evidence that what is happening in our classrooms makes a real positive difference to children's holistic outcomes. Value Added 15 the independently verified statistical measure which many schools in the UK, including Walthamscow Hall, use to track the academic progress of students from Year 7 to Year I l and again from Year 12 to Year 13. Alongside many other UK maintained and independent schools Walthamstow Hall submits data to the Centre for Evaluation and Monitoring (CEM) at Cambridge University Press & Assessment each year. They use the data to produce value added scores and a ranking for each school. The first set of data15 submitted when pupils join thelr senior school in Year 7, and when they join Year12; at these stages the pupils complete a Cognitive Ability Test (respectively called MidYIS and ALIS) which provides a baseline of their natural ability in different areas. CEM uses this data to predict the likely GCSE and A Level outcomes for each pupil. When the school submits the second set of data, the final IIGCSE and A Level grades of each pupil, the two sets of data of actual versus predicted 8rades are overlaid and the difference between the two gives the value added score. For GCSE, our value added score in 2024 placed Walthamstow Hall comfortably within the top l 0% of the Independent sector, where we have been conslstently for the last six years. For A Level, in 2024 we were ranked in the top 7 % of independent sector schools nationally. ThSs is a fantastic achievement and reflects the hard work of both the staff and pupils. Value added scores are a fantastic Indicator of the quality of a currlculum and the impact of the teaching which delivers it. Walthamstow Hall consistently achieves high value added scores, with pupils galning grades higher than the grades predicted for them by MIDYIS and ALIS. Walthamstow Hall Annual Report and Accounts For the year ended 31 August 2024 REVIEW OF ACHIEVEMEiYfs AND PERFORMANCE FOR THE YEAR (Continued) Grant Making Policy Governors have had regard to Charity Commission general and sub-sector guidance on Public Benefit. The Governors, policy, in line with that of other independent schools, is to make scholarship awards on the basis of the individual's educational ability and bursaries according to a financial assessment of parental financial situation. Bursaries The means-tested bursary scheme is open to all applicants to the Senior School and is publicised in Ilterature circulated to potential feeder schools in both the independent and maintained sectors, in the School prospectus, the School website, advertising flyers. the local press by means of advertisements and during open events. Subjectto meeting the School's academic admission requirements, bursaries are agreed, subject to available funding, where a pupil would not otheThvise be able to take up a place at the School because of the financial situation of a parent or guardian, thus widening access to a Walthamstow Hall education. It is the child's suitability for the School that is the first consideration in granting support. The amount of the bursary award is not influenced by the level of academic ability of the child but by the extent of need. Each case is independently assessed on its own merits and awards are made accordingly, subject to the School's ability to fund these within the context of what is viable according to the School's overall budget. All awards are reviewed regularly. 'Founders Bursarles, offering up to 100% support across I l +, 13+ and 16+ School entry are available. Former students (Associates) fund a Sixth Form Bursary up to 25% for those studying a science-based curriculum. Wherever possible, the School also provides means-tested hardship bursaries for the families of existing pupils that have fallen on hard times. The School provides information on eligibility for funding and assistance from external trusts and grant-providing bodies. Since the School opened its doors to Ukrainian refugees in the summer of 2022, the guests have thrived. Initially I I places were offered, and for the academic year 202312024. the number take up has reduced to slx. Places were initially offered until Summer 2023 but were subsequently extended to summer 2025 In Ilne with their three-year visas. In 202312024 the value of means tested bursaries totalled £642k compared to £712k in 202212023. This represented 5.7% of our gross fees (compared to 7% for 202212023) and provided assistance to 38 students (46 students in 202212023) including six Ukrainians pupils who received 100% 5UPPOrt (9 students in 202212023). Notwithstanding the economic Situation, the number of hardship requests remained low during the reporting period. Scholarships In additlon, the school awarded 116 scholarships to pupils (137 in 202212023), based on their educational merit and potential, totalling £293k down from £335k in 202212023 and representing 2.6% of our gross fees. Of this number, 7 (8 in 2022123) also qualified for means-tested bursary support and are included in the figures relating to bursary awards. The progress of pupils receiving scholarships is reviewed at least annually to ensure their progress and overall performance is in line with their abilities. No scholarships were withdrawn in the year as a result of reviews. 10 Walthamstow Hall Annual Report and Accounts For the year ended 31 August 2024 REVIEW OF ACHIEVEMENfs AND PERFORMANCE FOR THE YEAR (Continued) Pupil Activities Over the course of the year pupils from the Junior and Senior Schools raised over £11.3K for a number of local, national and international charities. The local House charities include.. The Hygiene Bank, Sevenoaks Larder, Sevenoaks Welcomes Refugee5, West Kent Mind, Hospice in the Weald and Rockdale. National charities have included; Children in Need, Jeans for Genes, Comic Relief. 'Wear it Pink, for Breast Cancer Now, Alice's Arc, Great Ormond Stree¢ Royal 8ritish Legion. And finally, the whole School International Charity for this Year: The Umoyo Commun5ty Project. Fundraislng took the form of cake sales, non-uniform days, Christmas movie nlght, Year 7 and 8 Social evenings Sewing, Stage and Screen, Carol service collection, Wally Pop, Christmas Fair stalls, Art exhibition and many more pupil-based activities. In additional to money donations, the Wally community has continued to donate items and tlme to much needed cause5. The Giving Tree initiative contlnued to be a big success with a large collection of items going out to support local charities. Harvest collection for Sevenoaks Larder and also a collection for The Hygiene Bank. Rockdale care home received hand-written Christmas cards for all of their resldents in December. Puplls and staff continue to volunteer their time in a variety of ways to contribute to the success of our charitable giving. Duke of Edlnburgh and Sports Leaders Awards also provide pupils with opportunltles for voluntary work. Duke of Edinburgh Walthamstow Hall students continue to actively participate in the Duke of Edinburgh Award Scheme, with the scheme of work for it now including more team building games in the first term and expedition planning sessions now starting in January. The scheme is run for Year 9 to Year 12 students involved at Bronze, Silver and Gold levels. Over this period, we had 66 pupils enrolled for Bronze, 20 enrolled for Silver and 12 enrolled for Gold. Of those enrolled from 2022 to 2024, 61 completed Bronze, 27 completed Silver and 9 completed Gold. We now offer early Gold enrolment to Year I I, who may enrol as soon as they are 16. DofE volunteering club Is now in its second year and actively supports Sevenoaks Hygiene Bank with a Year I I volunteer leader. The School completed a successful support programme with a state school in Croydon in 2024 and they are now ready to take over their own expeditions in 2025. We will remain technical advisors for them and loan them kit if required. We are into a third year of Gold Paddle Expedition collaboration with Tonbridge School and the second year of a collaboration for Hiking. The DO￿ Award Scheme blends and underpins all other extra circular activities within the School and strongly encourage5 to stay active, enhances confidence, wellbeing and a positive mental attitude. Walthamstow Hall Annual Report and Accounts For the year ended 31 August 2024 REVIEW OFACHIEVEMENTS AND PERFORMANCE FOR THE YEAR (Continued) Sport Throughout 2023124 Walthamstow Hall has continued to provide a huge range of sporting opportunitie5 for all pupils. The School has achieved success at County, Regional and National level in a range of Sport5. including silver meda15 at regionals for both lacrosse and netball. The Sports Leaders Award for Year 9 pupils has continued to be popular and has enabled them to lead lessons and Sports Days for local Primary Schools which is great for community links. The annual Sports Awards evening in June 2024 was a huge success and it was a great opportunity for everyone to celebrate the dedication and talent seen throughout the year from our pupils. Sports Day was once again a great whole School event held at Tonbridge School with all pupils participating. Drama and Music We have held a number of spectacular performances over the last year. Beginning in November 2023, the Senior School Drama department performed magical production of Peter Pan. In January 2024, Year 6 provided a Eurythmy Performance for parents and Year13 performed Brief Encounter as part oftheir Drama A Level. In June 2024, we were lucky with the weather co-operating to enable the Lower School production of "Wind in the Willows" to be performed in the wonderful setting of Riverhill Gardens. The focal polnt for the music department in the Spring term v￿S the performances of the Magic Flute Including singers from all year groups as well as our student orchestra and Junior Chamber Choir. They also supported charity collections with over £ 1,000 raised at Wally Stage and Screen in the Spring. Friends* pupils and parents were entertained by a range of solo and ensemble performances. Wally Pop again saw a variety of solo and ensembles raise over money for the Whole School charity in the summer. Other Relationships Walthamstow Hall actively supports the attainment of the hlghest standards in the Independent Schools sector, through networking with other schools and being a member of GSA (Girls, Schools Association), IAPS (Independent Association of Prep Schools), AGBIS (Association of Governing Bodies of Independent Schools) and ISBA (Independent Schools. Bursars Association). The School also co-operates wlth a number of local maintained sector schools and charities in its ongoing endeavours to share the School's facilities for sports, music and the arts and to widen public access to the educational facilities it provides. The School aims to optimise the educational use of its cultural and sporting facilities and to promote, in pupils, in the public interest, awareness of the social context of the all-round education they receive at Walthamstow Hall in order to develop pupils. wider abilities to enable them to lead confidenL challenging and fulfilling adult lives. The School has formed a strong relationship with the Sevenoaks Chamber of Commerce and benefits from the connections in the community to interact with local businesses. Moreover, the School benefits from the support of a thriving network of former pupils and a dynamic and imaginative Friends and Parents Association whose close co-operation and financial support are greatly appreciated and gladly acknowledged. 12 Walthamstow Hall Annual Report and Accounts For the year ended 31 August 2024 REVIEW OFACHIEVEMENfs AND PERFORMANCE FOR THE YEAR (Continued) Associations Walthamstow Hall is fortunate to have an excellent relationship with the Friends and Parents Association. Its committee has arranged social activities for girls and parents throughout the year and funds raised have provided additional facilities across the School including a donation for some play equipment for the Junior School and outdoor picnic table seating for the Senior School. The School continues its links with former pupils through the renamed Walthamstow Hall Association Commlttee. The annual onsite reunion on the second Saturday in June, was attended by over 80 and thls year included a tree planting ceremony in memory of our former Headmistress Jackie Lang. Use of Facilities The School also cooperates with many local organisations, maintained schools and charitie5 to optimi5e the educational use of School facilities and resources, and to promote, in our pupils, for the public benefit, awarene55 of the social context of the all-round education they receive at Walthamstow Hall. The Ship Theatre and the two Assembly Halls along with other facilities were all used by the Sevenoaks Summer Festival, the Sevenoaks Literary Festival and the Sevenoaks Three Arts Festival as well as regular use by the Sevenoaks Philharmonic Choral Society, the Sevenoaks Arts, Society, the Sevenoaks Music Club and a number of local dance, drama and muslc clubs. The Charity continues to develop its community links and markets the facilities to both organlsatlons and individuals. Local coaches teaching badminton, tennls, gymnastics, swimming• lacrosse and ballet have regular access to pitches, courts and halls, something that Walthamstow Hall has encouraged historically and continues to support. Easter and Summer Holiday Club5 were successfully operated in 2023124 by the Senior School's longstanding external provider. Additionally, the School operated its own Holiday Club at the Junior School providing a service for parents to extend care to 50 weeks a year. Two local State primary schools used the pool each week for over 60 pupils during the Autumn and Spring terms. Several hundred external swimmers make use of the pool on a weekly basis and many local children per week undertake gymnastic training making use of the London Olympic gymnastic flooring in our Mulberry Sports Hall. Local schools and youth groups were provided with minibuses to use for a variety of events. and for transport to a Scout camp in the Summer of 2024. Hildenborough Badminton club make use of the Sports, Hall seven days a week. The School has a number of very successful England level badminton players. 13 Walthamstow Hall Annual Report and Accounts For the year ended 31 August 2024 REVIEW OFACHIEVEMENfs AND PERFORMANCE FOR THE YEAR (Continued) Public Benefit Examples of Public Benefit include: Sclence- Sclence Week, May 2024 The theme for 2024 STEM Week v￿S outer space and involved St Johns and Lady Boswell Primary Schools along with Walthamstow Hall Juniors experiencing an Astrodome Show. as well as completing a rotation of workshops in Physlcs, Chemistry and Biology. They even attempted to escape veloclty on an inflatable bungee run. Science Workshops Juniors School pupils were joined by puplls from St Johns for several workshops testing for acids and alkali using ph scales and microscopes for analysls. Specialist Applicatlons Evenlngp November 2023 Walthamstow Hall held an event to reach out to local State secondary schools, inviting their students as well as ours to attend the Specialist Applications Evenlng. In 2023, we agaln held the event online, using Microsoft Teams, which enabled students from Year l O to Year 12 Inclusive to attend as many sessions as they wanted, with talks on Oxbridge, US Applications, Medicine and Higher Level Apprenticeships. The technology all worked well and. in addition to the good numbers of students and parents who logged in to the live sessions, it was possible to record the sessions for the benefit of those who missed out for any reason. Our speakers were, as ever. experts in their field and the feedback from students and parents was very positive. Academic - Secondin Students to State Schools Volunteering at St John's Primary Sevenoaks, ongoing Walthamstow Hall has a long relationship with neighbouring Primary School St John's. Slxth Form students have volunteered as part of their weekly timetable since 201 O and Year 9 Sports Leaders have continued to assist and lead PE lessons and St John's Sports, Day. This year, as last year, Year 10 pupils visited Stjohn's Primary School to perform their devised GCSE pieces to Years 4, 5 and 6. 14 Walthamstow Hall Annual Report and Accounts For the year ended 31 August 2024 REVIEW OF ACHIEVEMENfs AND PERFORMANCE FOR THE YEAR (Continued) Communi Rockdale Partnership? 2014 onwards Walthamstow Hall has a long-estsblished link with local old people's care home Rockdale House. Since 2014, a highlight of the Summer term calendar each year is the organisation of the 'Rockdale Party,, an afternoon hosted at Walthamstow Hall by all Year I I students every June, involving a tea, entertainmenL lots of chat and quizzes. A small group of elderly residents attend the themed parties each year. The residents were treated to afternoon tea and music hosted by Year I I pupils. The School also collaborates with Rockdale in a gardening project at the care home. Prior to the Rockdale Partnership Walthamstow Hall had a partnership with the Peckham Trust which stretched back decades, to the 1980's and beyond. Other Other regular Community users include ballroom dancing trrfice a week, local dance and drama clubs, Otford Folk Dancers, Sevenoaks Philharmonic Chornl Society. Sevenoaks Book Shop for Book signings, Sevenoaks Music Club, Sevenoaks Art Societyp Sevenoaks NCT, Sevenoaks Welcomes Refugees, The Llstening Room, a local Islamic School, Dartford Chinese School, Good News (Gideons), Cambridge Society of Kent and local residents, associations. Di'ama - Share Theatre Hall Stjohn's Primary School use Walthamstow Hall's Shlp Theatre each Autumn term for thelr Chrlstmas Production and every Summer for their Summer Production. St John's a150 have use of the theatre for rehearsals for these productions. Other organisations regularly make use of the Theatre and Assembly Hall at least annually and include Sevenoaks Three Arts Festival, Sevenoaks Dance Festival, Born to Perform, Drama Kids, The Housley School of Dance and Steephill School among others. Two clubs, theJPA Academy and Jane Housley School of Dance make use of our facilities weekly. They both teach songp dance and acting to young children for over 9 hours at the weekend utilising spaces across the two sltes. Music - Hostin Joint Musical Events Walthamstow Hall held a Signing Day In September 2024 in the Senior School. 65 glrls Sn Years 4 and 6 from a variety of our feeder schools attended and took part in large scale group singing themed around Josephe and the Amazing Technicolour Dreamcoat. Coaching was given by Walthamstow Hall's own teaching staff and the day concluded with a short performance to parents. There was no fee for attending the day. Hosting the 3 Arts Festival, June 2024 The Sevenoaks Three Arts Festival, a competition which celebrates music, poetry and performance arts across all age groups in the local town runs for five days each June. The festival wa5 staged in an extensive range of Walthamstow Hall buildings, including the Ship Theatre, Main Assembly Hall, Downton Music Suite and Cla55rooms. Walthamstow Hall pupi15 assisted in refreshment provision throughout the two-day festival to rnise funds for School charities. 15 Walthamstow Hall Annual Report and Accounts For the year ended 31 August 2024 REVIEW OF ACHIEVEMEiwfs AND PERFORMANCE FOR THE YEAR (Continued) ort - Share Swinunin Pool 14 organisations and Stste schools use the Walthamstow Swimming Pool, in addition, two staff swimming coaches also provide private swimming lessons to rising stars. The following group5 all use the facilities providing both clubs and local businesses with swimming training and lessons. Abracadabra Swim School Amanda Sims Swim School Endurance Coach (Mark Horn) Momentum Penguin Swim School Pool Schools Sandra Davis Swim Sevenoak5 Swimming Club Sevenoaks Triathlon Club Swim41t Swim Life Kent Tonbridge Swimming Club Stjohn's Primary School Ightham Prlmary School ort - Share S orts Fields and other S oi*s Facilities A local tennis coach provided tennis coaching during the Easter and Summer holidays and at most weekends from April to December for junior tennis players. Two-day multi-sport camps were held with up to 30 girls at a time, making use of both the outdoor facilities and the Sports Hall durlng most holiday periods. The Dance Studio was used for Yoga once a week across the year. Other - Mem ers of staff servin as vernors or fulfillin other roles Lady Boswell's C.E Primary School A Walthamstow Hall Geography Teacher serves as a Foundation Governor at Lady Boswells {C.E) Primary School. The Governor attends six full governing meetings each year and serves on committees for Curriculum and Learning and Admissions, both of which have a further three meetings per academic year. Her specific responsibilities include the role of Lead Safeguarding Governor, Online safety, Behaviour, the monitoring of the School Improvement Plan (SIP) strand A; Wellbeing and resilience, and is a Complaints panel member. These roles involve making school visits on a rolling basis and submitting written reports to the Governing Body board. 16 Walthamstow Hall Annual Report and Accounts For the year ended 31 August 2024 REVIEW OF AcHIEvEME￿s AND PERFORMANCE FOR THE YEAR (Continued) Pembury Primary School A Walthamstow Hall Deputy Head Serves as a Co-opted Governor at Pembury Primary School. The Governor attends six full governing meetings each year. She is the Governor responsible for Safeguarding and sits on the Finance Monitoring Committee. Fulfilling these roles involves making school visits on a rolling basis and submitting written reports to the Governing Body board. St John's Primary School A Walthamstow Hall Governor, and former Deputy Head Teacher, is a Governor at Stjohn's Primary School. Responslbilities include being a member of the Quality of Education Committee: responsible for literacy throughout the curriculum and Chair of the Headteacher Pay and Performance Committee. Other - Partner for Co-curricular Activities Duke of Edinburgh Once again, Walthamstow Hall mini-buses were used free of charge to transport students from the Tonbridge Gold Charity to undertake thelr Duke of Edinburgh expeditions. 17 Walthamstow Hall Annual Report and Accounts For the year ended 31 August 2024 FINANCIAL REVIEW The Governing Body remains focused on strategic planning with sound financial strategy and control continuing to be exhibited. Over the period the School consolidated works on current buildings with no new major building projects undertaken. As well as some projects at the Junior School site, the Senior School Pool changing room roof was repaired as y￿$ the Hub roof and the lift in the Lang centre. Results foi. the Year The School undertook action to reduce costs in the wake of the previous year's results and is pleased to report a return to a surplus position this year. The year end result shows a surplus for the year of £263k {202212023.' net deficit of £817k). Pupil numbers at the Junior School continued to reduce and staffing was reviewed in light of this. Fees for 202312024 were increased by 7% across the School reflecting the stubbornly high inflation and increasing food and utility costs. With the outcome of the general election in July 2024, the School was ready to implement VAT on fees and had planned for the loss of the business rates relief afforded to charitable schools. Reserves Policy The School needs reserves to ensure it can fulfil and complete the charitsble obligations and commitments It enters into. The Charity Commlsslon defines free reserves as unrestricted funds available to spend on the general purposes of the School and therefore, excludes those designated for particular purposes and those already utillsed in purchasing tangible assets. The Governors believe that the level of reserve5 freely available for the School's general purpose should be sufflcient to accommodate the continuing needs of the School and to develop and maintain its buildings and facilities and equivalent to a term's expenditure or £3.8M. At the end of the financial year the level of consolidated free reserves was £6.6M (202212023.. £6.3M) and the Governors, policy is to maintain them by means of annual operating surpluses and judicious management of investment assets, supplemented by general purpose appeals from tlme to time. Investment Policy and Objectives Artlcle 5.20 of The Articles of Association allovrfs the deposit or investment of funds with all the powers of a beneficlal owner, but to invest only after obtaining advice from a financial expert (as defined In Article 5.21) and having regard to the suitability of invescments and the need for diversification. The Governing Body's policy Is to limit any investments to interest bearing bank deposits and very low risk fixed interest securities, such as Gilts, with the aim of guarding against any significant drop in value that would compromise the School's development plans while trying to obtain as high a return as possible. This has been achieved while ensuring that the funds are easily accessible to meet the School's operating expenses, when needed. Apart from the subsidiary undertaking mentioned in the Balance SheeL the School has no material investments and any short-term credit monies are placed in bank cash deposits. 18 Walthamstow Hall Annual Report and Accounts For the year ended 31 August 2024 FINANCIAL REVIEW (Continued) Fundraising Performance The School did not actively seek donations for any specific projects and there were no major fundraising activities during the year. A total of £184,608 was raised, the majority of which came from Walthamstow Hall (Sevenoaks) Ltd. The Friends and Parents Association continued to raise and donate monies to enhance the lives of the pupils. The Old Girls continue to raise funds by providing £5,313 to provide a biennial Science Bursary. STRucfuRE, GOVERNANCE AND MANAGEMENT Recrnitment and Training of Governors Trust Governors are appointed at a meeting of the Board of Governors to fill specific skill requirements and on the basi5 of their personal competence and specialist skills. Nominative Governors may be appointed by the School staff and by the parent body. In recent years, it has proved difficult to appoint Nominative Governors to represent The Baptist Missionary Society, The Council for World Mission and the United Reformed Church and those bodies have been unable to provide nominees. The Articles of Association were previously amended by the Governing Body to ameliorate this difficulty such that nominees were no longer required to represent the three organisations, buL In keeping with the spirit and foundlng ethos of the School, the Governlng Body Is required to nominate up to three Nominative Governors who are of the Protestant Christlan falth, with a preference for those who are members of the free churches. Recommendations may continue to be sought from and made by the three organisations previously mentioned. All prospectlve Governors meet with the Chairman of Governors, the Headmlstress and the Clerk to the Governors and also visit for a tour of the School. Prior to joining. all new Governors undergo an enhanced Disclosure and Barring Service (DBS) check to confirm their suitability for the role under the School's Safeguarding Policy. Upon joining. all new Governors are provided with a copy of the governing document along with a comprehensive new governor Induction pack. In addition. they are inducted into the workings of the charity and School including board policy and procedures, through minutes of recent boards and committees and through meetings with the Chairman, the Headmistress and Bursarlclerk to the Governors, Emphasis is placed on understanding the School's policies and procedures particularly relating to safeguarding, child protection and the Prevent Duties and ensuring their effectiveness in practice. Details of on-going training are advised by the School to Governors and include events organised by AGBIS, SSC and other educational andlor professional bodies. Governors are asked to report to the Governing Body on training undertaken and. where possible, to make copie5 of presentations available. Governors also attend regular INSET training at the School including the annual update on Safeguarding. Additional E-learning is provided through NCTL, AGBIS and other providers. 19 Walthamstow Hall Annual Report and Accounts For the year ended 31 August 2024 STRucfuRE, GOVERNANCE AND MANAGEMEwf (Continued) Organisational Management The Governors of Walthamstow Hall, as the directors of the Charity, are legally responsible for the overall management and control of both the Junior and Senior Schools and meet at least four times a year. The work of overseeing the implementation of their policies is carried out by functional committees. After a functional review of the management of the School in 2020, the governance of the School now consists of the following Committees: Chairmen's Group, Premises, Finance, Education and Staffing, Communications and Digital, Risk, Compliance and Wellbeing and Associates. Each committee normally meets at least once a term, Premises will meet twice a term when a large building development is in hand and Finance will hold a second meeting in the term in which the audited annual report and accounts are presented to the Governing 8ody's Annual General Meeting, as well as a short additional meeting close to the start of the autumn term. The Governors may also from time to time establish additional temporary committees to oversee specific areas or operations. The Chairmen's Group Inltiates policyi co-ordinates rlsk management and addresses successlon plannlng and appointments. The day to day running of the School Is delegated to the Headmistress supported by her Senior Leadershlp Team, together with the Bursar. The Headmlstress and the Bursar attend meetings of all the above committees and senior leadership staff attend certaln of them. Other relevant staff members attend as required. The remuneration of key management personnel is recommended by the Pay Sub-committee to the full Flnance Committee. with final approval being given by the Governing Body• the aim being to ensure that Icey personnel are provided with appropriate incentives to encourage enhanced performance and in, a fair and reasonable manner, rewarded for their individual contributions to the School's success. The appropriateness and relevance of the remuneration policy is reviewed annually including reference to comparisons with other independent schools to ensure that Walthamstow Hall remains sensitive to the broader issues of pay and employment conditions elsewhere. Delivery of the School's charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of the School's charitsble expenditure. Group Structure and Relationship with Non-charitable Subsidiary The Charlty Is a company limited by guarantee and Ss the sole corporate trustee of two trusts, Walthamstow Hall Charity and St Hilary's TrusL that hold the property respectively of Walthamstow Hall and St Hilary, the predecessor to the present Junior School site. It is also the sole corporate trustee of The Fund5 of the Walthamstow Old Girls Association including the Fund known as the Fund of Help (the "Old Girls Association" a trust which holds property for the benefit of former pupils and former staff of the School. In addition, there is a wholly owned non-charitable subsidiary, Walthamstow Hall (Sevenoaks) Limited, which was incorporated on 25 August 1998. The principal activity of this company is managing the use of Walthamstow Hall's facilities by the wider community when they are not required by the School and making suitable charges to help defray the costs of running the facilitie5. 20 Walthamstow Hall Annual Report and Accounts For the year ended 31 August 2024 PRINCIPAL RISI(S AND UNCERTAINfIES Affordability of fees and the impact of that on pupil numbers remains a principal risk given the imposition of VAT on fees and Governors have therefore taken the decision to reduce the fees from January 2025 to ensure that the full costs of this is not passed on to parents. Whilst inflation 15 very slowly reducing, the economy is not yet returning to a growth position and the outlook is uncertain. The Governors have therefore also taken the Strategic decision to close the Bradbourne Park Road Site at the end of the 2024125 academic year, and to move those in year 3 to 6 up to a remodelled and refurbished Blackburn House to enable the use of the Senior School site facilities. Health and Safety is always a significant area for risk management. Risks range from fire, floods, Cyber-attack and personal risks, all of which are minimised by planning and robust risk assessments. The Governing Body is responslble for the man2gement of the rlsks faced by the School. R15k analysis is undertaken by the Risk, Compliance and WelSbeing Committee and Chairmen's Group. Control of risks within their areas is delegated to the functional committees. Reviewing the Risk Register is a standing agenda item of all Governor meetings. Day to day operational risk management 15 delegated to the Senior Leadership Team and the Bursar maintains the School's Risk Register. The Staff Health and Safety Committee are charged with identifying and assessing risks, estsblishing controls and promulgating updates throughout the year. A formal review of the School's risk management processes is undertaken on an annual basis, co- ordinated by the Risk, Compliance and Wellbeing Committee. Generic controls used to minimise risk include: Safer Recruitment Procedures; triannual and ongolng Safeguardlng training for all relevant staff. Vetting procedures Including DBS checks for the protection of the vulnerable. Minimum of termly unannounced reviews of processes and procedures by the Safeguarding Governor. Maintenance of a detailed Risk Register, which is regularly reviewed and updated. Detailed terms of reference together with formal agendas for all Committee and Board meetings. Strategic development planning, reviewed annually by the Chairmen's Group. Comprehensive budgeting and management accounting. Established organisational structures. Formal written policies with regular reviews. Insurance cover where applicable. The main risks arising from the group's financial policies are credit risk, liquidity risk and interest rate risk. Ci'edit risk The principal credit risk arise5 from fee debtors, regular monitoring of debtors and pursuit of unpaid fees and is conducted in accordance with the School's Fee Payments policy. Work has continued to reduce the previous level of outstanding debt and the School actively chases debtors through the School's solicitors. 21 Walthamstow Hall Annual Report and Accounts For the year ended 31 August 2024 PRINCIPAL RISKS AND UNCERTAINTIES (Continued) Liquidity risk The School maintains prudent accessible cash reserrfes to meet foreseeable needs and to invest cash assets safely and profitably. The School has healthy cash balances and has been able to meet its working capital requirements throughout the period under review. Interest rate risk The School used bank loans as a means of financing its building projects. The current bank loan set at Bank of England base rate plus 1.59%; the School has a small second 5oan which is interest free. The Governing Body remains content with the arrangements made. The Governlng Body regularly reviews the effectiveness of current plans and strategies for managing all identified major risks for the School. Junlor School - To focus on the provlsion for Years 3 to 6 in the future, provlding an excellent academic and pastoral experience in Blackburn House for girls whose aim Is a range of senior schools Including our own. Enhancing Safeguarding - with a focus on Safer Recruitment. To ensure that all senior leaders and those middle leaders working in potentially higher risk areas e.g. sporL drama, music have a good understanding of Safer Recruitment; To ensure that Governors have sufficient Safer Recruitment training to be confident in their own understanding and to interrogate Nominated Safeguarding Governor and Headmistress about the understanding of all leaders within the School; To raise whole staff awareness of Safer Recruitment; To increase the number of Level 3 trained staff and so enhance the DSL level understanding of stsff involved in welfare response. Increasing pupil Recrultment and Retention To introduce more families to the idea of Walthamstow Hall as the right choice from Key Stage 2 to the Sixth Form; To foster strong relationships with a wide range of potential feeder schools; To recruit new pupils into transition points and non-traditional entry points: To retain pupils throughout their educational journey. Developlng Professional Practice- To respond proportlonately and constructively to any actions arising from ISI report recommendations; To initiate that pha5e-in of School IP for professional coaching and development of staff; to centralise the administration of the breadth of Senior School Co-curricular activities. Strategic Planning - To develop the strategic plan for the School to 2029 which develop5 our educational offer in line with both the ethos of the School and the needs of the children whose parents are drawn to that ethos so that every pupil can aspire, flourish and set the world alight as an individual; To plan for different eventualities with respect to demographic and political change. 22 Walthamstow Hall Annual Report and Accounts For the year ended 31 August 2024 FufuRE PLANS (Continued) Governors - To ensure all Governors are trained. confident and knowledgeable in all new policies and procedures, in particular Safeguarding and Health and Safety issues; To recruit new Governors to supplementskills where required; To generate surpluses to fund development plans and resource5 for teaching and learning; To keep fee increases to a minimum consistent with maintaining academic excellence and the financial viability of the School; To raise the School's profile in the local community: To continue to promote new entranL means tested bursaries. 23 Walthamstow Hall Annual Report and Accounts For the year ended 31 August 2024 STATEMENT OF ACCOUNfING AND REPORTING REsPONsIBIL￿IEs The Governors (who are also trustees and directors of Walthamstow Hall for the purposes of charity and company law) are responsible for preparing the Governors, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Governors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Company and of the incoming resources and application of resources, including the income and expenditure, of the company for that period. In preparlng these financial statements, the Governors are required to: select suitable accounting policies and then apply them consistentlyi observe the methods and principles in the Charities SORP,. make judgements 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: prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in operation. The Governors are responslble for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. Disclosure of information to auditors Insofar as the Governors are avthre: there Is no relevant audit Information of whlch the Company's audltor Is unaware; and the Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audlt Information and to establish that the auditor is aware of that Information. Approved by the Governing Body at its meeting on 14 March 2025 and signed on its behalf by: Dr N W Jepps Chairman 24 Waltham5tow Hall Independent Auditor's Report For the year ended 31 August 2024 Independent auditor's report to the members of Walthamstow Hall Opinion We have audlted the financial statements of Walthamstow Hall (the 'charitsble parent company.) and Its 5ubsidiarles (the 'group') for the year ended 31 August 2024 which comprise the Con5011dated Statement of Financial Actlvltles. the Consolldated Summary of Income and Expenditure Accounts, the Consolidated and Charitable Company Balance Sheet, the Consolidated Cash Flow Ststement and notes to the financial statements, Includlng a summary of significant accountlng policies. The financial reporting framework that has been applied in their preparntlon Is appllcable law and Unlted Kingdom Accouncing Standards. includlng Flnancial Reporting Standard 102 'The Flnanclal Reporting Standard appllcable In the UK and Republic of Ireland, (United Klngdom Generally Accepted Accounting Practlce). In our oplnlon, the flnanclal statements: give a true and fair vlew of the state of the group's and of the charitable parent company's affalrs as at 31 August 2024 and of the group's Incomlng resource5 and appllcatlon of resources, for the year then ended; have been properly prepared In accordance wlth United Kingdom Generally Accepted Accountlng Practlce; and have been prepared In accordance wlth the requlrements of the Companles Act 2006. Basis for opinion We conducted our audlt In accordance with Internatlonal Standards on Auditing (UK) (ISAS {UK)) and appllcable law. Our responslbllltles under those standards are further descrlbed In the Audltor's responslbllltles for the audit of the financlal statements sectlon of our report, We are Independent of the group In accordance wlth the ethlcal requirements that are relevant to our audlt of the financlal statements in the UK, Includlng the FRC'S Ethical Standard and the prov151ons avallable for small entlcles, In the cSrcumstsnces set out In note I to the flnanclal statements, and we have fulfilled our other ethlcal responslbllltles In accordance wlth these requlrements. We belleve that the audlt evldence we have obtalned Is sufflclent and approprlate to provlde a basls for our oplnlon. Conclusions relating to going concern In auditlng the financlal statements, we have concluded that the trustees. use of the golng concern basls of accountlng In the preparntlon of the flnanclal statements Is approprlate. Based on the work we have perfomied, we have not Identified any material mlsstatements relatlng to events or condltlons that. Indlvldually or collectlvely, may cast significant doubt on the charitable company's ability to contlnue as a golng concern for a perlod of at least twelve months from when the financlal statements are authorlsed for Sssue. Our responslbllltles and the re5ponslbllitie5 of the trustees wlth respect to goSng concern are descrlbed In the relevant sections of this report. 25 Walthamstow Hall Independent Audbtor's Report For the year ended 31 August 2024 Other information The other information comprlses the information included in the Trustees, Annual Repor¢ other than the financial statements and our auditor's report thereon. The trustees are responsible for the other informatlon contalned within the annual report. Our opinion on the financlal statements does not cover the other information and, except to the extend otherwise expllcltly stated In our report, we do not express any form of assurance concluslon thereon. Our responslblllty Is to read the other information and, In dolng so, consider whether the other information is materially Inconsistent with the flnanclal statements or our knowledge obtalned In the course of the audit or otherwlse appears to be materlally mlsstated. If we identify such material inconsistencies or apparent materlal mlsstatements, we are required to determlne whether this gives rlse to a material mlsststement In the financial statements themselves. If, based on the work we have performed, we conclude that there Is a materlal mls5tatement of this other information, we are requlred to report that fact. We have nothlng to report in this regard. Opinions on other matters px'escrmbed by the Companies Act 2006 In our op5nlon, based on the work undertaken In the course of the audit: the Informatlon gSven In the trustees, repor( whlch Includes the dlrectors, report and strateglc report prepared for the purposes of company law, for the financial year for whlch the financlal statements are prepared Is cons5stent with the financlal statements; and the strdteglc report and the directors, report included wlthln the trustees, report have been prepared In accordance wlth appllcable legal requlrements. Mattel's on which we are required to repoit by exception In the118ht of the knowledge and understandlng of the group and the charlt2ble parent company and Its envlronment obcalned in the course of the audlt, we have not Identified material misstatements In the strateglc report or the dlrectors, report Included wlthln the trustees, report. We have nothlng to report In respect of the followlng matters In relation to whlch the Companles Act 2006 requlres us to report to you If, In our opinion: adequate accountlng records have not been kept by the charltable parent companyi or returns adequate for our audit have not been recelved from brnnches not vlslted by us; or the charltable parent company's financlal statements are not In agreement wlth the accountlng records and returns. or certaln dlsclosures of tru5tees' remuneratlon speclfied by law are not made; or we have not received all the information and explanations we requlre for our audlt. Responsibilities of trustees As explained more fully in the trustees, responslbllltles statemenL the trustees (who are also the dlrectors of the charltable company for the purposes of company law) are responslble for the preparation of the financial statements and for belng satisfied that they give a true and fair view, and for such internal control as the trustees determlne Is necessary to enable the preparatlon of financial statements that are free from materlal mlsstatemenL whether due to fraud or error. In preparing the financlal statements, the trustees are responslble for assesslng the group's and the charltable parent company's ability to continue as a 8olng concern. disclosing. as applicable, matters related to going concern and using the golng concern ba515 of accounting unless the trustees either intend to Ilquldate the group or the charitable parent company or to cease operations, or have no realistic 31ternative but to do so. 26 Walthamstow Hall Independent Auditor's Report For the year ended 31 August 2024 Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurnnce about whether the financial statements as a whole are free from materlal misstatemenL whether due to fraud or error, and to issue an audltor's report that includes our oplnion. Reasonable 355urance Is a hlgh level of assurance, but Is not a guarantee that an audlt conducted In accordance wlth ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arlse from fraud or error and are considered material If. Indivldually or in the aggregate, they could reasonably be expected to influence the economlc dec151ons of users taken on the basls of these financlal statements. Irregularltles, Including fraud, are instances of non-compllance with laws and regulatlon5. We de51gn procedures In line with our responsibilitie5, Outllned above, to detert material misstatements in respect of irregularitles, Includlng fraud. The speclflc procedures for this engagement and the extent to which these are capable of detecting Irregularitles, Includlng frnud Is detalled below: Enqulry of management and those charged wSth governance around actual and potentlal Iltlgatlon and claim5 35 well as actual, suspected and alleged fraud; Revlewing mlnutes of meetlngs of those charged wlth governance; A5sesslng the extent of compliance with the laws and regulations considered to have a dSrect materlal effect on the financial statements or the operations of the company through enqulry and In5pectlon,' Reviewing flnancial statement disclosures and testlng to supporting documentation to assess compllance with applicable laws and regulatlons; Performlng audlt work over the rlsk of management bSas and override of controls, Includlng testing of journal entries 3nd other adlu5tments for approprlateness, evaluatlng the buslness ratlonale of signlficant transactlons outside the normal course of buslness and revlewlng accountlng estimates for Indicators of potential bias. Because of the Snherent Ilmitations of an audlL there Is a risk that we wlll not detect all Irregularitles, Sncludlng those leadlng to a materlal mlssLqtement In the financial statements or non-compliance with regulatlon. Thls risk Increases the more thac compllance wlth a law or regulation Is removed from the events and transactlons reflected in the financlal statements, as we wlll be less Ilkely to become aware of Instances of non-compllance, The risk Ss also greater regardlng Irregularities occurrlng due to fraud rather than error, as fraud Snvolves Intentlonal concealment, forgeryi colluslon, omis51on or mlsrepresentatlon. A further descrlptlon of our responsibilities Is avallable on the Flnanclal Reportlng Councll's webslte at,. https.'Ilwww.frc.org.uklOur-WorklAudltlAudlt-and-assurancelStandards-and-guldancelStandards-and-guldance-for- audltorslAudltors-responslbllltles-for-auditlDescription-of-audltors-responsibilities-for-audlt.asp Thls descrlptlon forms part of our audltor's report. 27 Walthamstow Hall Independent Auditor's Report For the year ended 31 August 2024 Use of our report This report is made solely to the charitable parent companls members, as a body. In 2ccordance 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 parent 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 responsibillty to anyone other than the charitable parent company and the charitable parent company'5 members as a body, for our audit work, for this report, or for the oplnlons we have formed. John Howard FCA (Senior Statutory Auditor) For and on behalf of Azets Audit Services Statutory Audltor 2nd Floor, Regis House 45 King William Street London EC4R 9AN Date: 25/04/2025 28 Walthamstow Hall Consolidated Statement of Financial Activities (Income and Expenditure Account) For the year ended 31 August 2024 Unrestrlcted Funds Restricted Funds Endowed Funds Total Funds 2024 Total Funds 2023 Notes Income and Endowments from: Charitable Actlvltles School fees receivable Aftclllary tradlng Other tradlng activltles Non-ancillary tradlng Income Other actlvltles Investments Bank and other Interest Voluntary sources Grants and donatlon5 10.159.541 988.799 (2,361) 10.157.180 1,008,183 9,506,720 950,165 19,384 236,634 2J6.634 228,189 95.509 8,005 103.514 49,682 8,632 1.040 9,672 15.145 Total Incomlng Resources 11.489,115 28.429 2,361 1515 183 10,749,901 Expendlture on: Ralslng funds Flnanclng costs 111,999 111,999 87.618 Total deductlble c05ts 111.999 111,999 87,618 Charltable Actlvltles Educatlon and Grant-makSng 11.063.609 4S,680 30,498 1,139,787 11,479,294 Total expendlture 11,175,608 45,680 30,498 1251786 11,566,912 Net Incomlngl(outgolng) funds from operatlons before transfers 313,507 {17,251) (32.859) 263,397 (817,011) Transfers between funds 5.719 5,719 Net movement In funds for the year 313,507 (22.970) (27,140) 263,397 (817,011) Fund balances brought forward at I September 2023 13.527.423 290,785 5,419,475 19.237,683 20,054,694 Fund balances carrled forward at 31 August 2024 13 840 930 267 815 5 392 335 19 501080 19,237,683 29 Walthamstow Hall Consolidated Summary of Income and Expenditure Account For the year ended 31 August 2024 2024 Unrestricted and Restricted Fund5 Total 2023 Unrestricted and Restricted Funds Total INCOME FROM: Charitable actlvltles School fee5 Anclllary tradlng Other tradlng activltles Fundralslng Income Other Income Investments Dlvldends, bank and other Interest Voluntary sources Grants and donations- Unrestricted Restricted 10.157,180 1,008,183 9,506.720 950,165 236.634 228,189 103,514 49.682 9,672 15,145 Total Income 515 183 10,749.901 Expendlture on: Ralsing funds FlnancSng costs 11,999 87,618 111,999 87,618 Charltable actlvltley Education and grant-maklng 11,139,787 11.479.294 Total expendlture 251786 11,566,912 Net Incomel(expendlture) before Inter-fund transfers Income on endowment capltal Expendlture on endowment capltal 263.397 (817,011) Net Incomel(expendlture) for the year 263 397 817.011 30 Walthamstow Hall Consolidated and School Balance Sheets For the year ended 31 August 2024 Consolldated 2024 2023 Walthamstow Hall 2024 2023 Notes FIXED ASSETS Tangible assets Securitie5 Investments 10 19.585.640 20,087.707 19,585.640 100 19.585.740 20,087,707 100 20,087.807 19,585,640 20.087,707 CURRENT ASSETS Deb¢ors Cash and deposlts 12 528,040 4,979,534 5.507.574 701,210 2.565,912 3.267.122 599,281 4,901,957 5,501,238 729,734 2,537,288 3,267,022 CURRENT LIABILITIES Credltors payable wlthln one year 13 (2,561,106) {1.979.450) (2,554,870) {1,979,450) NET CURRENT ASSETS 2,946.468 1,287,672 2.946,368 ,287.572 TOTAL ASSETS LESS CURRENT LIABILITIES 22.532.108 21,375.379 21532,108 21,375,379 LONG-TERM LIABILITIES Credltors payable after one year 14 (3.031.028) (2,137.696) (3,031,028) (2,137,696) NET ASSETS 19,501,080 19.237,683 19.SOI.080 19,237,683 ENDOWED FUNDS IB 5,392,335 5,419,475 5,392,335 5,419,475 RESTRICTED FUNDS 18 267,815 290.785 267,815 290,785 UNRESTRICTED FUNDS Genernl Fund Property Fund Scholar5hlp and bursary fund 18 58 18 6,579,964 6.323.439 937,527 6,266,457 6,323,439 937,527 6.579.964 6,323.439 937,527 6,266,457 6,323,439 937.527 19.501.080 19,237,683 19,501,080 19,237,683 These financlal statements were approved by the Governing Body on 14 March 2025 and were slgned on Its behalf by: Dr N W Jepps (Chairman of the Goyernlng Body) The notes on pages 33 to 46 form part of the financial statements. Walthamstow Hall Consolidated Cash Flow Statement For the year ended 31 August 2024 2024 2023 Notes Net cash Inflowl(oufflow) from operating actlvltles 1,431.674 (147.716) Cash llows from Investlng activities: Payments for tangible fixed assets (232.663) (332,823) Cash flows from Ilnancing actlvltles: Loan repayments In the year 349,931 357,116 (357,116) Fees In advance scheme New fees In advance money Amounts u¢ilised 1,774,541 209.999 101,229 348,902 1,214.611 (604,789) Change In cash and cash equlvalents In the reportlng perlod 2,413.622 {1.085.328) Cash and cash equlvalents at the beglnnlng of the reportlng period 1565.912 3,651,240 Cash and cash equlvalents at the end of the reporting perlod 4.979.534 2.565.912 (l) Reconclllatlon of net Incomlng resources to net cash Ilow from opératlons 2024 2023 Note$ Net Incomlngl(outgolng) resources o) 263.397 (817,011) Adjusted for. Depreciation charge (Increase) decrease In debtors Increasel(decrease) In credltors (IncrÈa5È)Idecrease In provlslons (excludlng fee5 In advance scheme) 734,730 173.170 260,377 852,481 (181,906) 243.070 {244,350) 1,168.277 669,295 Net cash Inllowl(oufflow) from operatlng actlvltles 1,431,674 147,716 32 Walthamstow Hall Notes to the Consolidated Financial Statements For the year ended 31 August 2024 Company Limited by Guarantee The School is a company Ilmited by guarantee and is a registered charlty. Each member's Ilabllity would be limlted to an amount not exceeding £1 in the event of the School winding up. The Company is a limited liablllty company reglstered In England and Wales. The Reglstered office is Waltham5tow Hall. Holly Bush Lane, Sevenoaks, Kent TN13 3UL. Statement of Accounting Policies l. l. Basis of Preparation The accounts are prepared in accordance with Flnanclal Reporting Standard 102 'The financial Reportlng Standard applicable in the UK and Republlc of Ireland, and the Companies Act 2006 on the h15torlcal cost convention a5 modlfied by the adoptlon of current cost for Investment assets. They are prepared in accordance with appllcable accouncing standards and wlth the current Statement of Recommended Practlce, Accountlng and Reportlng by Charltles: The Charltles SORP (Issued In October 2019). The flnanclal statements are presented In Sterllng (£) whlchls a150 the functlonal currency for the company. The financial statements include the results of the unlncorporated Charity 'Walthamstow Hall Charlty,. Thls unlncorporated Charity contlnues to hold cert21n endowed funds and property (see below) not transferred to the Company following Its Incorporatlon In 1996. The Company has cash resources for worklng capltal and has no requlrement for external fundlng. The dlrectors have a reasonable expectatlon that the Company has adequate resources to contlnue In operational exlstence for the foreseeable future. They contlnue to believe the golng concern basls of accountlng approprlate In preparlng the annual flnanclal statements. 1.2. Basls of consolidation The financlal statements have been consolldated to Include the School's wholly owned subsldlaryi Walthamstow Hall (Sevenoaks) Ltd. As permitted by Sectlon 408 of the Companles Act 2006, the Income Statement of the parent Company Is not presented in these financlal statements. The parent Company s surplus for the financlal year was £263,397 (2023: deficSt £817,011). 1.3. Going Concern After revlewlng the charltable group's forecasts and prolectlons and taklng Into account the economlc condltlons and possible changes In tradlng performance, the Governors have a reasonable expectatlon that the charltable group has adequate resources to continue Sn operatlonal existence for the next twelve months from the date of thls report. The charltable group therefore contlnues to adopt the golng concern basis in preparing the financlal statements. Whllst the impositlon of VAT on fees took place In January 2025, the longer-term Impact of this on the parent body Is still uncertain. Pupll numbers are encouraging In the Senior School and changes made to the structure of the Junior School including the change co the location from September 2025 will contlnue to provide an attractive academic and pastornl offering for girls for years to come. 33 Walthamstow Hall Notes to the Consolidated Financial Statements For the year ended 31 August 2024 1.4. Tangible Fixed Assets 1.4.1. Freehold land and buildings The original land and School buildings that continue to be held by Walthamstow Hall Charity. the unincorporated charitable trust, are shown at their valuation on I September 1996, which was undertaken by an independent valuer. Similarly, land and buildings transferred from the unlncorporated charity to the Incorporated Walthamstow Hall are shown at their valuatlon on I September 1996. All land and buildings subsequent to incorporation in 1996 and held by the Incorporated Charicy, Walthamstow Hall, are Sncluded In the balance sheet at historical cost. (See note l O to the accounts.) 1.4.2. Other fixed assets Capital expenditure of a material amount Is stated at cosL or an estimate of cost, where the precise figure has not been ascertained. All the other items are written off 10 the Income and Expenditure Account In the year In whlch the expendlture15 Incurred. 1.4.3. Depreciation Depreclatlon 15 provided on all tanglble flxed assets In use, other than freehold land and bulldlng work in progress, at rates and bases calculated to write off the cost of each asset over Its estimated useful life as follows: Freehold bulldlng Furnlture and equipment Motor vehlcles Computer equlpment 2% - 1 0% stTrlght Ilne basls 5% - 33 /3% straight line basls 25% stralght Ilne basis 10% _ 331/J% strdlght Ilne basls 1.5. Current assets These are stated at the lower of cost or net reallsable fdlue. except In the case of Investment assets whlch are Included at market value. 1.6. Fee and slmllar Income Fees recelvable and charges for servlces and use of premlses are accounted for In the perlod In whlch the servlce Is provlded. Fees receivable are stated after deducting allowances, scholarshlps and other remlsslons granted by the School, but Include contributions recelved from restrlcted funds for scholarshlps. bursaries and other grants. Fees recelved for education to be provided In future years are carrled foThvard as deferred Income, .7. Donations Donatlons and Grants are credlted to the Statement of Flnanclal Actlvltle5 (SOFA) In the year In whlch they are recelved. Donations received for the general purposes of the School are credited to voluntary Income. Donations subject to specific wishes of the donors are carried to relevant restrlcted funds or to endowed funds where the amount Is required to be held as permanent capltal. 1.8. Expenditure Resources expended are accounted for on an accruals basls and allocated to expense headlngs elther on a dlrect cost basls, or apportioned according to time spent. The Irrecovernble element of VAT Is Included with the item of expense to which it relates. Supplie5 of books, expendlture and sundry equlpment are written off when the expendlture is incurred. Governance costs comprlse the costs of running the charity, including strntegic planning for its future developmenL also external audit, and all the costs of Board and SU￿CoMmIttee meetings and of preparlng statutory accounts and Satisfying public accountability. 34 Walthamstow Hall Notes to the Consolidated Financial Statements For the year ended 31 August 2024 1.9. Judgements and key sources of estimatlon uncertainty Accounting e5tlmates and judgements are continually evaluated and are based on hlstorical experience and other factors, Including expectatlons of future events that are believed to be reasonable under the clrcumstances. The Company makes estlmates and assumptlons concerning the future. The resulting accountlng estlmates and assumptlons may not equal the related actual results. There are two areas of estlmatlon and assumptlon that may represent a significant r15k of causing a materlal adjustment to the carrying amounts of assets and Ilabllities within the next financi21 year. The first of these 15 the useful economlc Ilves of the tanglble assets. The annual depreciatlon charge for tanglble assets Is sensltive to change5 In the estimated useful economic live5 and residual values of the assets. The useful economic lives and re51dual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological adyancement, future Investments, economic utilisation and the physlcal condltlon of the assets. The second area to consider15 the level of the bad debt provision. The value of trade debtors Is sensltive to the recoverability in full of the School fees. Once a debt becomes overdue it is chased and perlodlcally revlewed. If a provlslon 5s deemed necessary thls15 Included on an annual basls. l. l O. Operating leases Rentals payable under operntlDg leases are charged to the SOFA as Incurred. . I l. Pension For the accountlng perlod, the Charity contrSbuted to two Defined Contrlbutlon, Group Penslons. The first, Royal London (108538) which replaced the Teacher's Penslon Scheme from I September 2021 and the second, Peoples Penslon (Peoples Partnershlp, was B&CE) (232201) for 5UPPOrt staff. Penslon contributions are charged to the SOFA Sn the year In whlch they fall due. 1.12. Fund accounting Unrestrlcted funds comprlse those funds whlch the Governlng Body may use In the furtherance of the objects of the School. Deslgnated funds are unrestrlcted funds set aslde by the Governlng Body for speclflc future purp05e5 or objects. Restrlcted funds conslst of funds that can only be used for partlcular restricted purposes wlthln the obletts of the School. Restrlctlons arlse when speclfied by the donor or when funds are ralsed for partlcular restrlcted purposes. Permanenc endowment funds represent assets whlch must be held permanently by the Charlty. Income arlslng on these funds may be used for general purposes. 35 Walthamstow Hall Notes to the Consolidated Financial Statements For the year ended 31 August 2024 CHARITABLE ACTIVITIES- FEES RECEIVABLE 2024 2023 Fees receivable conslst of: School fees Less.. total scholarships, bursarles and allowances 11,602,551 1445 371 10,157.180 10.969,021 1,462,301 9,506,720 Add back. bursarles and other avrards pald for by restricted funds 10 157 180 9,506,720 Scholarshlps, bursarles and other awards were pald to176 puplls (2023.173). Wlthln thls, means-tested bursarles totslllng £642,197 were pald to 38 puplls (2023: £712,113 to 46 puplls). CHARITABLE ACTIVITIES- OTHER INCOME 2024 2023 Extras Reglstratlon fees Commlsslons and other Income 980,664 26,450 921,377 27,443 1,345 950,165 1008 IB3 OTHER TRADING ACTIVITIES 2024 2023 Tradlng Income Waltham5tow Hall (fradlng) Ltd Hire of premlses Rental Income 184,608 28,876 170,913 33,979 23,297 228,189 236,634 BANK AND OTHER INTEREST Unrestrlcted Restrltted Endowed Total 2024 Total 2023 Bank Interest 9S.509 8.(M)5 103,514 49,682 36 Walthamstow Hall Notes to the Consolidated Financial Statements For the year ended 31 August 2024 GRANTS AND DONATIONS RECEIVABLE Unrestricted Restrlcted Endowed Total 2024 Total 2023 Frlends and parents of Walthamstow Hall Other donations 8.632 9,672 1,040 1,040 15.145 15.145 9.672 ANALYSIS OF EXPENDITURE Total expendlture Stsff costs (note 9) Depreclatlon (note l O) Other Total 2024 Total 2023 Costs of generatlng funds Flnanclng costs (note 8) Total costs of generatlng funds 111,999 87.618 111.999 111999 87,618 Charltable expendlture Educatlon and grant maklng Teachlng Welfare Premlse5 repalr and malntenance Suppor¢ costs and governance Total charltable expendlture 5.928.479 450.037 236.420 892,325 7.507.261 113.033 9,526 612,165 688.860 387,115 620,537 1.201,290 2,897.802 6,730,372 846,678 1.469,122 2093615 11 139787 6,749,653 885,387 1,616,444 2,227,810 11,479,294 734,724 Total expended 7,507.261 734,714 3.009,801 11251786 11.566.912 Depreclatlon relatlng to the endowed fund school propertles totalllng £30,498 (2023: £30,498) has been charged dlrectly to thls endowmenr fund. b) Governance Included In Support costs: 2024 2023 Remunerntlon pald ¢0 auditor for audlt servlces Remuneration pald to audltor for other servlces Overl(under) accrual on prlor year Reimbursement of personal expenses ¢0 Governors- trdyel costs 19,200 6,540 (5,890) 16.070 7,440 5,364 28,874 Travel expenses were reclaSmed by 2 members (2023.. 2) of the Governlng 8ody. FINANCE AND OTHER COSTS 2024 2023 Loan Interest payable 11,999 87,618 37 Walthamstow Hall Notes to the Consolidated Financial Statements For the year ended 31 August 2024 STAFF COSTS 2024 2023 The aggregate payroll costs for the year were as follows: Wages and salaries Social security costs Other pension costs Other s¢aff costs 6,160.715 568.B37 743,825 6,093.288 591.099 719,221 62,696 7.466,304 7 507 261 Aggregate employee beneflts of key management personnel 696 053 670,317 2024 2023 Number of hlgher pald employees In bands of.. £60.001- £70,000 £70,001- £80.000 £80.001 £90,000 £90.001 £100,000 £ioo,001 £110,000 1110,001- £120,000 The average number of School employees durlng the year calculated on a full-tlme equlvalent basls was 148 (2023: 140). 2024 100 14 2023 98 Teachlng Welfare Premlses Support Other actlvltles 20 16 148 140 38 Walthamstow Hall Notes to the Consolidated Financial Statements For the year ended 31 August 2024 10. TANGIBLE FIXED ASSETS Freehold Land and Buildings Vehicles and Equipment Total Cost At I September 2023 Addifions Dlsposals At 31 August 2024 27.086,697 41.911 3,785.156 190,752 30,871,853 232,663 Depreclatlon Ac I September 2023 Charge for the year DIsp05als At 31 August 2024 7.597,080 468.899 3.187,066 265,831 10,784,146 734,730 8,065,979 3.452,897 518876 Net Book Value At 31 August 2024 19 062 629 523011 19585640 At 31 August 2023 19,489,617 598,090 20 087 707 I I. SECURITIES INVESTMENTS 2024 2023 Group Investments At I September 2023 New money invested Amounts extracted Group Investments at 31 August 2024 Investment Sn subsldlary School Investments a¢ 31 August 2024 100 100 100 100 Investments comprlse: Investment In subsldlary 100 100 100 100 In addltlon to the above Inves¢ments. cash balances withln the Fees In Advance scheme are Included In current assets and cash deposlts. 39 Walthamstow Hall Note5 to the Consolidated Financial Statements For the year ended 31 August 2024 12. DEBTORS Consolidated 2024 Waltham5tow Hall 2024 2023 2023 Fees and extra5 Prepayments and accrued Income Other debtors 178,735 317,168 206.881 416.637 77,692 701.210 178,735 296,126 124,420 599 281 206.881 416.637 106,216 729.734 528 040 13. CREDITORS: amounts falling due wlthln one year Consolldated 2024 Walthamstow Hall 2024 2023 2023 Bank Loan Repayments and Oyerdrnft Fees received In advance of term Deposlts repayable T￿atIon and soclal securlty Trade creditors Other credltors and accruals Fees In Advance Scheme Accruals and deferred Income 378,784 626,437 349,89J 124,296 152.562 144,475 698,709 431.019 311.143 288.345 132.570 369,943 99,253 235.198 111,979 1.979.450 378,784 626,437 349.893 124.296 146,326 144,475 698,709 85,950 2 554 870 431.019 311,143 288,345 132,570 369,943 99,253 235,198 111,979 1.979,450 2561 106 14. CREDITORS amounts falllng due after morè than one yerdr Consolldated 2024 Walthamstow Hall 2024 2023 2023 Fees In Advance Scheme Flnal Term Deposlts Bank Loan repayments ,440,193 280,914 1309 921 3031028 243,665 286.414 1,607,617 2.137.696 1.440,193 280,914 1309 921 3031028 243,665 286,414 1,607,617 2,137,696 The bank loan Is repayable by 3 October 2033 wlth the first monthly repayment pald In Noyember 2018. The loan bears Interest at 1.59% over the Bank's Base Rate. The bank loan is secured by way of a charge over the Junlor School Slte, Unwln House and Emerllne Blacl(burn Hous There Is a debenture from 2006 wlth fixed and lloatlng charges over the School and all property and assets. 40 Walthamstow Hall Notes to the Consolidated Financial Statements For the year ended 31 August 2024 15. FEES IN ADVANCE SCHEME Parents may enter Into a contract to pay to the School up to the equivalent of flve years, tuitlon fee5 In advance. The money may be returned subjert to specific conditions on recelpt of one term's notice. Assumlng pupll$ will remain in the school. fees In advance will be applled as follows: Consolidated 2024 Walthamstow Hall 2024 2023 2023 Withln two to five years Wlthln one ro two years 793,906 646.287 .440.193 698.709 2,138,902 135,326 108,339 243,665 235.198 478.863 793.906 646,287 1.440.193 698.709 2.138.902 135,326 108,339 243.665 235.198 478,863 Wlthln one year Summary of movements In Ilablllty Balance at I September 2023 New con¢racts Repayments Amounts used to pay fees Balance at 31 August 2024 478.863 1,774,541 95,497 09,999 2,138.902 16. FUNDS OF THE SCHOOL The School's funds are analysed under the followSng headlngs. ENDOWED FUNDS Permanent endowments Consolldated Prlze and Educatlon Funds Numerous indlvldual gifts to esLqbllsh prlzes lor puplls, to support the further educatlon of pupS1$ on leaving Walthamstow Hall and for the daughters of mlsslonarles. Goddard Legacy For the benefit of a pupll In need. A transfer vns made from the Tanner Fund In respect of a donatlon towards a mathematlcal bursary from the Goddard Legacy. Dlana Burn Rosen Legary To support a student Interested In furtherlng her studles In sclence (especlally chemlstry) or In forelgn languages. School property fund Thls represents an amount equal to the net book Value of the endowed property, Includlng revaluation reserve. b) RESTRICTED FUNDS There are Six named funds where the donors have placed restrlctlons on the uses to whlch the gifts may be put. The Indivldual funds thus restrlcted under charlcy law, and vthlch are Invested In the School's pooled portfollo of Investments are.. The Downton Fund To be used In rhe con5tructlon of a muslc room at the School The Tanner Fund (Angela Au) For academlc potentlal Sn mathematic5. A transfer was made from the Tanner Fund In respect of a donatlon towards mathematlcal bursary from the Goddard Legacy. 41 Walthamstow Hall Notes to the Consolidated Financial Statements For the year ended 31 August 2024 16. FUNDS OF THE SCHOOL (contlnued) b) RESTRICTED FUNDS Badmlriton Fund For the support of badmlnton at the School by the provislon of a badmlnton coach ind a bursary for a badmlnton player to attend the School. Head's Speclal Fund For the support of pupils who would otherwise be unable to engage In an academlc actlvity that is Important for their educa¢ion, for example a school trip. Btsrsary fund A consolidated fund of Indlvldual glfts to provlde bursarles to enable puplls to attend the School. The Mulberry Fund For the development of sports facllltle5 at the School. b) RESTRICTED FUNDS Sundry Speclal Trust Funds These represent gifts, dor)atlon5 and legacles recelyed from external donors for Specific purposes but where there Is no requlremenc to preserye (he capltal. Expendlture dlrectly flnanced by Such gifts Is shown under re5trlcted funds. Old Glrls (OG) Funds The Funds of the Walthamstow Old Girls Assoclatlon Including the fund known as The Fund of Help (the "Old Glrls Assoclatlon") merged wlth the Walthamstow Hall Charicy on 31 October 2019 and Its transferable assets transferred to the School wlth Endowed and Restricted funds held separately. The School Is the sole trustee of the Old Glrls Assoclatlon, whSch charlty continues to hold permanent endowment funds not trnnsferred on merger. Of note, one of the restrlcted funds now managed by the School Is a bursary fund, created and malntalned by Old Glrls, for the provlslon of support for a student studying science or maths at A Level. UNRESTRICTED FUNDS Unrestrlcted funds represent accumulated Income frorn the Schoofs actlvltles and other sources that are avallable for the general purposes of the School. 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrlcted Restrlcted Endowed Total Tanglble Flxed Assets Advance Fee5 Final Term Deposlts Net current assets Long term liabllltles 14.291.517 (2,138,902) (280,914) 3,279,150 1,309.921 13.840,930 5,294,123 19,585,640 (2,138.902) (280,914) 3,645,177 309921 19501080 98.212 267,815 5,392,335 267.815 ANALYSIS OF NET ASSETS BETWEEN FUNDS (PRIOR YEAR) Unrestricted Restricted Endowed Total Tangible Fixed Assets Advance Fees Final Term Deposits Net current assets Long term1Sabilitles 14,763,086 {478.863) {286.414) 1,137,231 1.607.61 13.527.423 5.324.621 20,087,707 (478,86J) {286,414) 1,522,870 1607617 19.237 683 94.854 290.785 5,419,475 290,785 42 Walthamstow Hall Notes to the Consolidated Financial Statements For the year ended 31 August 2024 18. SUMMARY OF MOVEMENTS ON MAJOR FUNDS At I September 2023 At31 August 2024 Incomlng resources Resources expended Total return transfers Unrestrlceed funds General reserve Property reserve Scholttrshlp & Bursary reserve Sixth form development reserve 6.236,992 6.323.439 937.527 11.299.211 (10,989.875) 6,546,328 6,323,439 937.527 WOGA 29,465 13.527.423 5.296 11,304.507 184,608 11.489,115 1,125 (10.991.000) 184.608 11,175,608 13,840,930 Tradlng company reserves 13.527,423 13 840930 Re5trlcted funds The Downton Fund The Tanner Fund The Badmlnton fund Head's Speclal Fund The Bursary Fund The Mulberry Fund Speclfled purposes Sundry speclal trust funds FPWH WOGA 10,282 46.171 39.668 10,282 40,452 33,765 (5,719) (5,903) 54,313 600 65.668 32.555 21,801 19.615 290,785 54,313 600 49.497 32,555 18,604 19,384 (35,555) (3.197) 1,025 45.680 9.045 28,429 S.719 267 815 Endowed - Permanent Consolldated Prize & Educatlon Funds WOGA Goddard Legacy Dlana Burn Rosen Legacy School Property 7.692 49.027 (3,358) 41,493 5,324,621 5,419,475 7.692 49,027 (2,361) 5.719 41,493 5294 123 5 392 3JS 30.498 30.498 2,361 5.719 43 Walthamstow Hall Notes to the Consolidated Financial Statements For the year ended 31 August 2024 18.1. SUMMARY OF MOVEMENTS ON MAJOR FUNDS (PRIOR YEAR) At31 August 2023 September Incoming resources Resources expended Total return transfers 2022 Unrestrlcted funds General reserve Property reserve Scholarshlp & Bursary reserve Sixth form development reserye 4.523,417 6.323.439 937,527 10,538.293 (11,324,718) 2.500,000 6,236,992 6,323,439 937,527 2,500.OOD 29.465 14.313.848 WOGA (2,500,000) 10.538,293 170,913 10,709.206 (11,324.718) 170,913 11,495,631 13.527,423 Tradlng company reserves 14.313.848 13 527 423 Restrlcted funds The Downton Fund The Tanner Fund The Badmlnton fund Head's Speclal Fund The Bursary Fund The Mulberry Fund Speclfied purposes Sundry 5peclal trust funds FPWH WOGA 10.282 46.171 50.701 3,348 54,313 600 42.820 32,555 23.282 24,594 288.666 10,282 46,171 39.668 (11,033) (3.236) 54,313 600 65,668 32,555 21.801 41.709 (18,861) (1,481) 6.172 40,783 1,193 42,902 290 785 Endowed . Permanent Consolldated Prlze & Educatlon Funds WOGA Goddard Legacy Dlana Burn Rosen Legacy School Property 7.692 49,027 7.692 49,027 (3,358) 41,493 5 324 621 5 419 475 (120T) 5,355,119 5.452,180 30.498 30,498 2.20 The slxth form redevelopment has been completed and so a transfer was made to release thls designated fund Into unrestrlcted generdl re5eryes In the year. Walthamstow Hall Notes to the Consolidated Financial Statements For the year ended 31 August 2024 19. CAPITAL COMMITMENTS The School dld not have any capltal commitments as at 31 Augus¢ 2024. 20. RELATED PARTY TRANSACTIONS Fees payable by Governors, as parents of children at the School totalled £75,008 (2023: £36.323) for the year. No fees were outstanding at the end of the year. None of the Governors pald reduced fee5 as a result of their offlce. £nll (2023.. £1.149) was pald to Mccarthy Dennlng for legal advice. of whlch Jayne Adams. a Trustee Is a partner. Lnll was outstanding at the year-end (2023.. Lnll). Governors, TrLtstees and Dlrectors are allowed to reclalm certsln expenses Incurred as a result of thelr office. The amount claimed durlng the year was £6,338 {2023: £5,364). 21. PENSION COSTS Followlng a consul¢atlon, It vfas agreed that the School would remaln In TPS vntll 31 Augus¢ 2022. All members of the TPS at the tlme agreed and slgned new contracts to rellect thls plan. All previou5 members of the TPS were enrolled Into a new Deflned Contrlbution Scheme with Royal London; all new teaching staff have been automatlcally enrolled Into thls scheme. The School pays In 16.48%, In Ilne with the preylous TPS level, SLiff are allowed to decide fhelr own contrlbutlon level Includlng not makingany contrlbutlons. The School has also offered those staff thacwlsh the opportunlty to make use of Salary Exchange for thelr penslon contrlbutlons. The company also makes contrlbutlons to a separdte pensSon scheme for quallfylng non-teachlng staff. Thls Is wlth Peoples Pension. The penslon cost charged In the financial statements In the year was £118,154 (2023: £120,778). At the end of the year there were £19,561 outstandlng contrlbutlons payable (2023: £19,192). 22. SUBSIDIARIES The School owns all of the issued share capltal of Walthamstow Hall ITradlng) Llmlted. a company Incorporated In England. Thls company carrles out tradlng ac¢ivltle$ on behalf of tha School. Walthamstow Hall (Tradlng) Llmlted had a turnover of £184.608 (2023: £170,910). 8ros$ profl¢ of £184.608 (2023: £170,910) and a profl¢ before and glft ald ol £184.608 In the year ended 31 August 2024 (2023.. £170,910). 23. COMMITMENTS UNDER OPERATING LEASES At 31 August 2023 the total of the School's future rnlnimum lease payments under non-cancellable operatlng lease was.. 2024 2023 Wlthln l year Wlthln 2-5 years 48,724 37,176 72.246 24. POST BALANCE SHEET NOTE From September 2025, Junlor pupils (Year5 3-6} wlll be Y￿kOMed to a new home, Blackburn House. whlch Is on the Senior School sl¢e at Holly Bush Lane. In consequence, it is intended that the Bradbourne Park Road site wlll close. By focuslng and consolldating efforts on one site, both 5tablllty and the prospect of investment for the future can be provlded, ensuring a high quallty of academic standards and pastoral care for future generacions of girls. Slnce l January 2025, all education $eryices and vocatlonal training provided by private schools In the UK for a charge. have been sublect to VAT at the standard rate of 20%. In addition to the Introduction of VAT on independent school fees, the Government has also confirmed that we will no longer be eligible for charitable business rates relief from Aprll 2025. Thls means that independent schools will be required to pay full business rntes1Sability. The business ra￿S policy change will Increase the costs to the Sthool by around £260.000 per annum. 45 Walthamstow Hall Notes to the Consolidated Financial Statements For the year ended 31 August 2024 25. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (PRIOR YEAR) Unrestrlcted Restrlcted Funds Funds Endowed Funds Total Funds 2023 Total Funds 2022 Notes Income and Endowments from: Charltable Activities School fees recelvable Anclllary tradlng Other tradlng actlvltles Non-2nclllary tradlng Income Other ac¢ivities Investments Bank and other Interest Voluntary sources Grants and donatlons 9.508,927 908,456 (2,207) 9.506,720 950,165 9.765,024 1,031,634 41,709 228.189 228,189 199,328 5,303 48.489 1,193 49.682 11,395 15,145 15,145 8,770 Total Incomlng Resources 10,709,206 42,902 2.20 10749901 11,021,454 Expendlture on: Ralslng funds Flnanclng costs 87.618 87.618 33,619 Total deductlblo costs 87,618 87,618 33,619 Charltable Actlvltles Educatlon and Grant-making 11,408,013 40,783 30.498 11,479,294 11,156,183 Total expendlture 11,495,631 40.783 30.498 566912 11,189,802 Net Incomlngl(outgolng) funds from operatlons before transfers (786,425) 2,119 {32.705) (817,011) (168,348) Trnnsfers between funds Net movement In funds for the year {786,425} 2,119 (32.705) (817,011) (168,348) Fund balances brought forward at I September 2022 14,313.848 288,666 5.452.180 20,054.694 20,223,042 Fund balances carrled forward at 31 August 2023 13.527.423 290,785 5.419,475 19.*37.683 20,054,694 46