THE WESTMINSTER SCHOOL SOCIETY (Limlted by Gu4ronte¢) REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021 Re%lstered ChArlty Number: 1076221 Reglytsrcd Company Number: 329657 (England & W*les)
THE WESTMINSTER SCHOOL SOCIETY (Limiltd by Guarnntee) REPORT AND AccouNrs CONTENTS PaRes Report of the Coun¢il Report of theAuditors Ststernent of Financial A¢tivities Balance Sheet Notes to the Accounts 10- 13
THE WESTMINSTER SCHOOL SOCIETY REPORT OFTHE COUNCIL FOR THE YEAR ENDED 31 MARCH 2021 To be presented to Members at the 81st OrdinAry Cetsergl Meetlngi to be held on 8th M9reh 2022. The Coun¢il has pleasure in presenting their eighiieth Report along with the financial stslements of the Society forthe year ended 31 Mawh 2021. 0ECTIVEs AND ACTivrrJES The So¢iety was founded in 1937 by Lord Gre¢ne, Master of the Roll& and other distinguished Old Westminsters, an indcpendent charity io fE4ise and adrnini5t¢T fvnds to support the educa¢ion of pupils * Westminster School. and is principally fund¢d by the generosity of Old W¢s¢minsiers and their paren(S. An obj¢¢tiv¢ of ihe Society is to build up its fund8 for the capital and income to benefit generations of pupils at the School. In addiiion to its unrestricted fund. the Society 15 the tTUSt¢e of restricted and ¢ndow¢d fijnds whose objects are to benefit the Sch(M)l. The Society hLq a longstonding PTa¢lice of fvnding bursaries to enable pupils to obtain a Westminster education which they would otherwise be unable to afford. Th¢ Society invites grdnt appli¢ations for purposes which will enhan¢e life within the S¢hool. These grants are made at the di5¢r¢tion of the Council and are based on their understanding of the desires of donors io the Society, as well as th¢ needs of the School aftd of its present Hnd prospeciive pupils- a primary aim of (he Council 1$ w reinforce 5UCCess, whether academic, artisii¢ or sportin8. BURSARIES AND GRANTS The Coun¢il members are responsible for the distribution of funds in the form of bursarie5 and grant$ in g4ccoTdonc¢ with th¢ So¢i¢ty'$ ubjeLls and for evaluating whether bursari¢5 Dnd grants madc hav¢ been effective in meeting these objectives. The Trus¢e¢$ ¢onfimi that they have complied with the duty in ctIOn 17 of thc Charities Aci 201 I to have regaTd to public benefit guidance published by the Charity Commission in d¢t¢rminin8 the activities undertaken by th¢ Society. All bursary application5 are ¢onsid¢r¢d on a case-by-c49e basts by the School b8$ed upon the Society's objects, and are reviewed by the Council. The majority of the Soci¢ty'S bursories are used to meet its objectives of relieving n¢ed, hardship and distress of eligiblc b¢n¢fi¢iaries And ihcir dependents by contributing to fees of youn8 people while attending Westminster School. Su¢h applications are means-iested and are paid dir¢¢tly to the School to ensure they are used for the purpose intended. The Society also makes grants to the School lo contribute towards the c05t of Capital or other projects which fvrther the School's aetiviiies. ACHIEVEMENTSAND PERFORMANCE Burs4rle¥ The pattern of the So¢iety's Burwies coniinued with a tot#1 ¢ontribution of £154.000. 2. GTgnt$ The Coun¢il made grants to the School from the Genernl Fund iotslling £8.318. The major items were.. Weather Balloon project Library bags £2,480 £2.000 3. Leeture In January 2021 th¢ online Tizard Lecture was given by Dr Anna Ploszajski on 'The science of swimming the English Channel,. 4. Covld-19 Pandemic At the time of approval of the Annual Report. the COVID-19 pandemic continues io evolve Hnd the long-term impact on the Charity. in common with oth¢r organisat10115. 15 unknowD.
THE WESTMINSTER SCHOOL SOCIETY REPORT OF THE COUNCIL FOR THE YEAR ENDED 31 MARCH 2021 ACHIEVEME]YTS AND PERFORMANCE (eotstlnued) INVESTMENT POLICY AND PERFORMANCE In addition to its general fund, of which both the capital and inCOTn¢ are available to the Council, the Society maintain5 restricted and endowed fund5 whosc obj¢¢ts are to benefit the School. There have bn no 5ignifi¢ant ¢hange$ in the objectives or policies of the Society during the year. The Council has d¢l¢gat¢d day-to-day responsibility for the management of its listed investments to fund managers Canaccord Genuity W¢alih Limited and Waverton Investment Management Litnhted, and has 5Ct guidelines for the inveslment of each Fund b¢d upon the required risk profile. Perforn)anc¢ criteria are built into the Council's regular review with Canaccord and Rathbones during the year. Th¢ Council has reviewed the perfom)ance of ea¢h individual Fund against approprihte market indices and is satisfied with the perforniance during the year. Canaccord's Total ReNrn for the year under revi¢w +25.48Q/o. The PIMFA Balanced ReNm for the period w&$ +22.04D/o. WavertotL'S Total Retum for the year under review 20 was +22.770/0. FINANCIAL REVIEW The Society is relianl on the in¢ome from its tangible &%sets and investm¢nt8. The Society'5 investment income de¢reased from £226,653 in 2020 to £186.854 in the year under review. Expenditure increased from £236,664 in 2020 to £261,317. The was an overall deficit for the year under review of £73,375 and aftcr takin8 into account realised and unrealised gain$ on investments there was gl SUTplus of £1,272,515. The Net income for the year was £1,272.515. This comprises £l.001,297, £110,947. and £100.271 in ihe unrestri¢ied, restricted. and endowment fijnds respectiv¢ly. The total fundy (unrestricted. re$tri¢*d and endowment) under Che stewardship of the Coun¢il now stand at £9.832,939 (2020: £8,560,424). RISK MANAGEMENT The Council artnually assesKs the major risks faced by the So¢iery and has established controls to mitigale those risks as far a$ practicable. The Council beli¢v¢$ that the a5s¢ts And reserves of the Sociery are adequate to fvifil it5 obligations. In accordance with the Society's objects set oul in lis Memorandum of Associgltion. th¢ Council's policy is to decide annuglly how far to spend its ¢8pital and income immediately and othenvis¢ to build up 8 pern)an¢nt fvnd for the benefit of the School. RESERVES At th¢ y¢ar end, the charity held restricted funds totalling £646,130, endowmertt funds of £625,563 and unrestricted general fiJnd5 of £8,561.246. The policy of the Council is to ty to ¢n5ure that the total investments are mainlained at an amount which will produce suificient income to wver the Charity's annual 8rants, legacies and bursaries as described above. Ai the year-end the charity held lisied inv¢s¢m¢nts valued at £7. Itn, and an investtnent property valued al £2.4m, which the Council feels is sufficient to generale the n¢cessary level of incotne in order to meet the charity's spending r¢quirements.
THE WESTMINSTER SCHOOL SOCIETY REPORT OF THE COUNCIL (eontlnued) FOR THE YEAR ENDED 31 MARCH 2021 PLANS FOR FUTURE PERIODS The S¢hool Society is a lasting testimony to the philanthropi¢ ¢on¢erns and generosity of Lord Greene and many other Old Westmin5ter5. The Council will continue to offer bur58ries ¢0 pupils at Westminster S¢hool, and grants to Westminster School. STRUCTURE, GOVERNANCE AND MANACEMENT The financial $totemen¢8 have been prepared in a¢¢ordance wtth the accounting policies set out in note l to the accounts and ¢t>mply with Ihe So¢iery's governing do¢umenls. which are its Memorondum and Articl¢s of Association dated 2rA July 1937, the Chariti¢s Act 201 l Bnd the Accounting and Reporting by Chariti¢s: Statement of R¢¢ommended Practice. The Society is a company registered in England N. 329657 with liability limited by guarantee, and is also a registered chariry N. 1076221. The principal and registered otTice of th¢ So¢i¢ty is ai 17 Dean's Yard, London SWI P 3PB. MEMBKRSHIPOFTHE COUNCIL Membership of the Council is limited to Old W¢siminsters and ttvo School Governor5 nominated by the Governing Body. Durin8 the year. and ¢0 the date ihe fjnancial statements were approved. th¢ members of th¢ Society's Couftcil were as follows.. N W Brown RR 1968-73 (Chairnan)
M C BaughAn {Hon Treasurer), RR 1955-59
D BArn¢i. AA 1967-73 AC N Borg, BB 1955-60 D M Eaton Trrner LL 1974-79 T PJ Edlln DD 1993.98 C F Lewlg, GG 1980-82 T B C H Woodg, GG 1969-74 Members rellrlng by rolalion di ihe AGM, bNI willlng ¢0 be r¢-élecied 11 nominaledby ihe Governing Body P W Malcham RR 1965-70 The Council h#s between nine and fiftc¢n members, of whom noi more than four may be members of the Gov¢rnin8 Body. Members of the Colkncil are electcd at the Society's Annual General Meeting, or may be appointed by the Coullcil. In the latter c85¢, the newly elected members must retire ut the following Annual General Meeting and may offcr themselves for re-ele¢lion, along with other m¢mbers r¢tiring by rotation. In totsl, a third of those members not nominated by the School'5 Governing Body retire by rotation al each Annual General Me¢ling. The Council usu¥lly meets three times a year to agree broad strategy and areos of activity for the So¢i¢ty, including consideration of 8ranis, invesknents, reserves and risk management poli¢ies and perfom]an¢¢. Applications for grants and report5 on Ih¢ir outcomes are con5Ldered by the Coun¢il. The members of the Council ar¢ unpaid and ar¢ not reimbur5¢d with any expenses. REFERENCE AND ADMINISTRATION DETAILS The Registered Office of the Society is 17 Dean's Yard, London. SWIP 3PB. The principal advisors of the Society are the following.. Haysmltyre LLP, 10 Queen Street Place, London. EC4R I AG The Royal Bank ofscotland, 49 Charing Cross, SWIA 2DX Cana¢¢ord Genuity Wealth Limited 41 Lothbury, London, EC2R 7AE Waverton Investment Management Limit¢d, 16 Babmaes Str¢eL IL)ndon, SWIY 6AH
THEW&lIN&rKR SCHOOLsocirrY REpoKfoFTHE COUNCIL(¢0111Id) FOR THEYL4R ENDED 31 MARCH 2•21 TRUSTEES RESPONSIBILrriES sfATEMENr Th¢ cuu11 (mwnbm of which are al dlrocth of Tho W¢Iner Sthool So¢iety fi>r the pwposes of ¢ompaTry law and Tn&ees ftjr the pwPO of drIty1&w) is resFWiIQ for pr¢poring the R¢port of the Courtil and the finwKial stat¢m¢nt5 in Ac¢ordlln¢¢ applicAb knw And unit Kin8dom A¢¢ountin8 Slarthrds (unit KingdThn GeneTrlly A¢ryted A¢eountin8 PTrLth¢1 Cornpany law requires the to PT¢PSrn finan¢ial foreach fin1 year whl¢h 8iv• a In and f8ir view of the Aate of affairs of the ¢hwitable cornpmy orLd of the incomin8 resou¢5 Application of wourte4 including the Inujme gnd exPdIry of the chaTilabl¢ ¢¢)rnpthy for period. lrt prnpvin8 th¢ financial sta¢¢mtsl4 the Trustees are r4uired to: Stl#t syi¢ablo Ac¢ourth8 poli¢lu wl then apply ¢oMisieMty: Obsmil th# methods priti¢lples in the Choridu SORP: Stst¢ whethw appliiable UK A¢¢oundng thndlrds hv¢ bem follorf to any M•111 d¢tATiwei dilos&J ¢xpl8in¢d in th¢ fingncial #atthetit4 Prepart the fin¢1 rtthmentsonthegolngconcern buliunleu tt Is Inwroprikn to th•1 thv¢huli•ble company will ¢¢ll• in bwinm. Th• Trus ore r¢sponslbh f(r ke¢pln8 proper&xowrtin8 wrds th8t disclo wlth rernbl• ac4yJrn¢y a¢Any tim¢ th¢ final141 posldon of the dwityble c4)mpany and enabk them to ¢n5ur¢ tljat th¢ finoncial stst¢ments mPlY with th¢ Companies Act2006. They arn 8130 wnslblt for fe8U0[dInI th¢¢(&0rthe ¢h•dthbl¢ c4)mpY And hence fOrkill8 reJBornble $ for the prevention aTh4 det¢rti¢m of fixud and othw InwdAAti¢•. In w far•sw¢ w• •war•: Th¢ IJ no r¢levmt audh Infi)nnlltiort ofwhKhthe thlritsbie ¢ompony'$ •udSior1g Unaw. and Tho Tnees hAv¢ tsken dl stsps that tY ou8ht to hv¢ IAken to make ihems¢lve8 awllr¢ of •ny rdvnnt Éudll infoTm•tlon and to estsblish the Audilor Is awar¢ of th&t tyifonMrfon. The TnMte41' re1 Iw pdking adv•rts8•of the Imdl ¢omp•ny ex¢mptigns by xlon415A of COmleS A¢t 2006. Thls report •ppmed by the Cl¥ll1 cffj 25th JAnuary 2(Q2 th1 on Its t¢hlf by: E N W Browi Cha of the Cffjundl
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE WESTMINSTER SCHOOL SOCIETY Opinion We have audited the f]nanci¥41 stai¢Tnen¢s of the Weslminster School So¢iety for the year ended 31 March 2021 which ompri5e Th¢ Stat¢ment of Financial Activities, Balance Sheet and notes to the a¢count5, including a summary of 5ignifirant a¢¢oun¢ing policies. The financial rep)rting framework that has been applied in iheir preparation i5 applicable law and UDlted Kingdom Accounting Siandards, including Financial Reporting StaDdard 102 The Finoncial Reporting Siandardapplicable in ihe UK ondRepublic oflreland(Unitrd Kingdom Genernlly Accepted Accounting Prn¢ti¢e). In our opinion, the financial statements.. give a true and fair view of the stste of the charitable Company's affairs as at 31 March 20218nd of the charitable company's net movemeni in fjjnds. including the income and cxpendiNre, for the year then ended. have been properly prepared in accordance with United Kingdorn Generally A¢c¢pt¢d Aw)uniing Practic¢. and have been prepared in accordance with the requirements ofthe Companies Ac(2006. Basls for oplnlon We conducted our audit in a¢cordan¢e with International Standards on Auditin8 (UK) (ISAS (UK)) and applible law. Our responsibilities underthose standards are further deS¢Tid in the Auditor's rcsponsibilitie5 for ihe audit of the financial ststements section of our report. We are independent of th¢ ¢hority in accordancc with the eihical requir¢m¢Dts that are relevant to our audit of the financial 5talements in the UK. including the FRC'S Ethical Standard, and we hav¢ fvifilled our other ¢thical responsibilities in accordance with th¢se requirements. W¢ believe that the audil cvid¢nce we h&ve obthined 15 5UtTi¢i¢ni and appropriate to provide a basis lor our opinion. Covcluslons relatlng to going concern We hav¢ nothing lo report in r¢sp¢ci of the followin8 matter5 in r¢la¢iOlI to which the ISAS (UK) require u$ to repon to you where.. the Trusl¢es' use of the goin8 ¢on¢¢rn basis of accountlng in the preparation of ihe financial siat¢ments is not appropria¢¢' or the Trnste¢s have not disclosed in the financial statements any id¢ntified material uncertainties thot may casl significani doubt about the Charitable company's obility to continue to adopt the going concern basis of a¢¢ountin8 for a period of at least twelve months from the date when the financial statements are Authorised for i5SU¢. Other Inforniatlon The Trustees are responsible for the other infomia¢ion. The other infomiation comprise5 the infornialion in¢luded in the Report of the Council. Our opinion on the financial statements doe5 not cover the other inforn)ation and, except to the ex¢ent oth¢rwi5¢ explicitly stated in our r¢port, we do not express any forni of assuraD¢e conclusion (hereon. In conn¢¢lion with our audit of thc financial statements. our responsibility is to read the other infomation and, in doing so, on5idcr whether the othcr infomiation is materially incon5lStent wilh the financial stalemenis or our knowledge obtained ITh the audit orotherwise appears io be materially misstated. If we ideniify such maierial inconsistencie5 or apparent rnaterial misstatements, we are required to detemiine whether there is a material misstatement in the financial st¥i¢ments or material misstalement ol the other inforn)ation. If, based on the work w¢ have perforned, we conclude that there is a material misstatement of this other inforniation. we are required to report that fact. We hav¢ nothing to report in this regard. Oplnlong on other matters prescrlbed by the Cornp¥nles Act 21x16 In our opinion, based on th¢ work undertaken in the ¢ourse of the audit- the inforniation given in the Report of the Council (which includes the directors, report prepared for the purposes of company law) for the financial year for whi¢h th¢ financial st&tements are prepared is consistent with the fingncial statements; and Ihe directors, report included within the Report of the Coun¢il has been prepared in accordance with applicable legal r¢quir¢ments. M4ttery on whlch we are required to report by exeeplio In the lighi of the knowledge and understanding of ihe charitable company &nd Its environment obtsined in th¢ ¢ourse of the audit, w¢ have not identified material Enisstatements in th¢ Report of the Council (which incorporates the directors, report).
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE WESTMINSTER SCHOOL SOCIETY (contlnued) We have nothing to report in respect of the following matters in r¢lation to which the Companies Act 2006 requires US to reporf io you if, in our opinion.. adequate accounting records have not been kem by the ¢haritsble company- or certain disclosur¢s of Trustees, remuneration specified by law are noi made. or we have noi received all the inforniation and explanations we require for our audit. or th¢ Trustees were not entitled to prepare the finan¢ial stytemenis in accordanc¢ with the small compani¢s' regime and take advantage of the small companies, exemptions in preparing the TNstees' r¢port and from the requirement to Prepa a 8trat¢gi¢ r¢wrt. Responsibiliti¢s •( Trustees for the finAncial statements As explained more fully in the Trnstees, responsibilities statement set out on pag¢ 4, th¢ Trustees (who are also the direcior5 of thc charitable company for the purpose5 of company law) are responsible for the preparation orth¢ financial statements and for being satisfied that they give a tNe and fair vi¢w, and for such inlernal control as ihe Thstees delemine is Decessary to enable ihe preparation of financial staternents that ar¢ fr¢¢ from material misstaiemeni whe(h¢r due to fraud OT ¢fTOr. In preparingthc financial statements, the Trustee5 are responsible fora55es5ing the charitable company's ability to continue as a going Concern, disclosing, as applicable. mallers r¢lat¢d to going ¢on¢ern and usin8 the going concern basis of accounting un1¢55 thc TSte¢S either intend to liquidate th¢ charitable company or to cease operalion$, or have no realistic alternative bul lo do so. Audltor'5 reJpon$lbllltle5 for the audlt of the flnanclAI statemeDts Our obj¢clive$ are to obiain reasonable assuran¢e obout whether the finan¢i81 statements hs a whole are free from material mi55tatcrnent, whether due to ftaud or eOr, and to issue an auditor's T¢POrt that includ¢s ouropinion. Reasonable assuTance is a high level of ossurance, but is not a guwantee that an audit conducd in accordan¢¢ with ISAS {UK) will always dct¢ct a matcrial missratement when it exists. Mi53¢al¢m¢nts can arise from fraud OT eor and are consid¢r¢d material if, individually or in the oggregE4te, they could reasonably be expected to influence the cnOmiC decisions of users tsken on the b15 of th¢s¢ finan¢ial statement&. 1c8larities. including fraud. are in5tance5 of non-complian¢e with laws and regulations, We dcsign procedures in line with tsur r¢$ponsibilitie5, OUtlin¢d above. io detect material missialements in respe¢t of irregularitie$, including fraud. The extent to which our pr(Kedures are capable of d¢t¢¢tin8 irregularitlcs, including fraud is d¢lailed below-. Based on our undersianding of th¢ ¢hdrity and the environment in which it operates. we id¢ntifi¢d thai the principal risks of non-compliance with laws and regulations related to compliance with regulatory requirement$ of eompany law and we considered the extent to which non-¢ompliance might have a material effect on the financial 5¢atement5. W¢ also considered th05c law$ 8nd regulations that have a direct impact on th¢ pr¢paraiion of the financial statemen¢S such as the Companies Act. We evaluated managemenl'5 incentives and opportunitie$ for fraudulent manipulation of the financial ststemenis (includin8 the T15k of override of controls), and detemiined that the principal risks were related to recognition of income And m4n48ement bias in certain accountillg ¢$tirnates. Audit pro¢edures perfornied by the ¢Thgagem¢nt tc8m included.. Inspecting This¢ee5' tneetrn8 minutes Inspecting correspondenc¢ with regulators and tax authorities. Di5¢ussions with management including consideration of known or su8pected instances of non- ¢omplianc¢ with law5 and regulation and fraud. Evaluating management's controls designcd to prevent and delect Irregularities. Identifying and testing journa15, in particular journal entries Posted with unusual d¢scrip¢ion5, conccntrdting on those p05t¢d at ihe year-end,. and Chall¢n8ing assumptions and judgeTnents made by m¥4nagement in their ¢rili¢al accounting ¢5timates. A further description of our responsibililie5 for the audit of the financial ststements Is located on the Financial Reporting Council's w¢bsit¢ at= www.frc.or nsi This description fornis part of our audi¢or'$ report.
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WESTMINSTER SCHOOL SOCIETY {¢ontinued) Use of our report This report is mad¢ sol¢ly to the ¢haritsble company'5 meinbers, Is a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2CH)6. Our audii work has been undertaken so that we might State to the charitable company's members those matteTS wc ar¢ r¢quiTed to stste io them in an Audito5 r¢port and for no otherpurpose. To the fullest¢xtent pem)itted by law. we do nota¢c¢pt or assumeresponsibility to anyon¢ other than the charitable company and the charitable compangs member5 as a body. for our audit work. for this report. or for the opinions we have fomied. Adam Halsey (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP, stalory Auditor5 Date.. 28 January 2022 10 Que¢n Street Place London EC4R IAG
THE WESTMINSTER SCHOOL SOCIETY STATEME]YT OF FINANCIALAcfiviTIES FOR THE YEAR ENDED 31 MARCH 21121 Unrestricted Restricted Endowment Funds Funds Funds Tot1 2021 Total 2020 Notss INCOME AND ENDOWMENTS FROM: Donations and Ixgacies Inyestmenis 1.088 160,638 1,088 186,854 50 226,653 26.216 Totsl income 161,726 26.216 187.942 226,703 EXPENDITURE ON: Raising ndS Investment managers. fees Charitable activities 32.568 219.986 419 8.344 32.987 228,330 42,058 194,606 Totsl expenditure 252.554 8,763 261,317 236,664 Net gainsl(103ses) on inves¢m¢nis ,152.125 93.494 100,271 1.345,890 (476,063) Net Intomel(expendlture) 1.001,297 110.947 100.271 ,272,515 (486,024) Reconciliation of funds.. Fund bglanees brought forwrd It l April 2020 7,499.949 535,183 525,635 .560,424 9.046,448 Fund balan¢¢i ¢Arrled forwArd It 31 M•reh 2021 .561.246 646.130 625,563 9.832,939 ,560,424 There are no gains or losses other than those presented above. The results for the year and the prior year are derived from ¢ontinuing activities. The Income and Expenditure Account required under the Companies Act 2006 is as abov¢ excluding ihe unre&lised gainsllosses on investment assets. No separate Income and Expenditure Account hos therefor¢ been produ¢ed.
THE WLsrwiiKsrER SCHOOLSOCIETY (C•mpw Nullbber329657) ASAT31 MARCH 2021 FIXEDA&8ETS 9.520S80 7,891.016 C•th at bgrt In 761.915 956,705 761,915 956.705 CREDTfoRS: Am•wDts fUliidu¢ vAthIA yrnr (449556) (287297) NET CURRENT A&SETS 312.359 669.41)8 NET A8SET8 9,832.939 8,560.424 RESERVFS s61.246 646.130 625,563 7.499.949 535.183 5252Y2 io 9,831939 &560,424 Thr finpn¢lAI st•temerts h•ve bt¢n pryr¢d In x(¥)rdr• wlth tho will pmvtslom ft18liD8 to w101 subJe¢t to th• 11 cornpanieB regime withln Part IS of th¢ Comwl¢s A¢t 2006. Th6 t]nkn1 tht¢rneth w¢wo ApPrnv by the and for Iw 25 J4nu•ry 2022 Jlped on th•r b¢hdC by: pOJo ENWBro Chaimwi of the co¢11
THE WESTMINSTER SCHOOL SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021 CCOUNTING POLICIES The princhpal accounting policie5 adopted, jud8¢m¢n¢$ and key source5 of estimarion un¢¢rtainty in the preparation of the accounts are laid out below. The finanGial statements have becn PT¢par¢d in aecordance with Accounting and Reponing by Charities.. Ststem¢nt of Recommended Pwti¢e applicable to charities preparing their accounts in ac¢ordance with the Financial Reportin8 Standard applicable to the UK and Republic of Ireland (FRS 102) (effective l January 2015) - the Stal¢ment of Recomm¢nd¢d Practice for Charities (SORP 2015) (Second Edition, eff¢ctive January 2019) and the Companies Act 2006. ar Having considered futur¢ budgets and cash flows, the TTu$iees confTh that they have no materia] un¢¢rtainties about the entity's ability to continue a$ a going concern for th¢ foreseeable ture. sh Flow S The Trustees have taken advant88¢ of the provisions of FRS102 (SORP2019) for smaller charities and have chos¢rt not to prepare a cash flow sthtement. Unrestricted funds comprise a¢¢umulated sujpluses and deficits on gen¢ral funds. They are available for use at the discretion of the Council in furtheronce of the general charitable objectives. Restricted fiJnd3 are used for specific PUTP05eg a8 9thted by the donor. Expenditure which meets the5¢ crit¢ria is charged to the fund. Inv¢stment5 are included at market value. All gains and1055¢5 are taken to the Statement of Financial Activitie5 a$ lhey arise. Realised gain5 and Ios5¢s on invesm)ents are ¢alculated as the dityerence betw¢¢n s&l¢s proceeds and opening morket value (purchase dat¢ if later). Unrealised gains and105ses are calculatcd as the difference between Ihe market value at the year end and ihe openin8 markei value lor PUTthas¢d date if later). Inv¢$m)eni properties a styled ai open market value. han CAsh at bank and in hand includes bank accoun1$, cash and Short term highly liquid inve$trnents with a shorr marity of three month5 or less from the date of aul$ll10Th or opening of the deposit or similar account. edii rovi Creditors and provisions are recogni5ed where the charity ha5 8 present obligation reguliing from & past ¢vent thal will probably result in (he transfer of funds to a third party and th¢ amount due to settle the obligaiion can be measured or estimated reliably. CreditOTS and provisions are nomially recogni5ed ut their settlem1 amount after allowing for any trad¢ dis¢ounts due. come rcco Income is reGogni5ed when the charity has entitlement to the funds, any perfornanc¢ conditions attached io the item(s) of in¢om¢ have b¢¢n met, it is probable that the incomr will be receiv¢d ond the amount ¢an be measured reliably. Dividends ar¢ re¢o8nis¢d once th¢ dividend has been declared and notification ha$ been received of the dividend due. Interest on funds held on deposit is included when receivable and the amount Can be measured reliably by ¢he charity,. this is Dornially upon notification of the interest paid or Yable by Ibe bank. Legacies and donations ar¢ included in full in the stsiement of Financial Activitie$ when there is entitlement. probability of receipt and the amount of income rceeivable can be measured reliably. io
THE WESTMINSTER SCHOOL SOCIETY IYOTES TO THE ACCOUNTS FOR THE YEAR EI¥DED 31 MARCH 21121 ACCOUNTING POLICILS (continued) ndi Expenditur¢ is rccognis¢d one¢ there is a legal or con5tructlve obligation to make a paytn¢nt to a third party. it is probabl¢ that s¢ttl¢m¢nt will be required and the amount of the obligation can be m¢asur¢d reliably. Expendityre is lassifi¢d under the following activity heading5: Costs ofrllising fundg comprise fees paid in respeci of nd management advi¢¢ in relation to the charity's portfolio of quoted investm¢nts. Expenditure on charitable a¢tivili¢s includes the costs as80¢ioted with furthering the charitable PUTPOS¢S of the charity through thc provision of its charitable actlVili¢s. These costs comprise charitable grants and bursories. It also include5 gov¢rnan¢e Sts. Charitsble grants and donation5 aTe mad¢ where the Trustees consider there is reY41 need following a r¢vi¢w of ihe details of each particularcasc and Comprise single year paymertis rather than mul¢i-y¢ar grants. Grants and donation5 are included in thc statcm¢ni of financial activiti¢5 when approved for paym¢nl. Provision is made for grants and donations approved bul unpaid at the period end. Overheads h&ve been apportioned between the Funds a¢wrding to the fund balan¢es Bt the beginnin8 of the year. Grants and bur5arie$ are a¢counied for in the year in which they are awarded. In ihe view of the TN5t¢e8 in applying the glccounting policies adopted, no judgements w¢r¢ r¢quired that have a Si8nificont effect on the amounts recognised in the r]nan¢i81 slatements nor do any estimatC5 or assumptions mode carry a significant risk of mot¢rial adjustmenl in lhe nexi financial year. A¢tlvltles uttdeken Dlreelly Gr8nt Fundlng Support Costy TotAI 2021 Total 21120 Ralsln¥ Fundj Investment Managers 42,058 42,058 42.058 Actlvitiej Undertaken Directly Crant Fundin¥ Support Costs Tot1 2021 Tot1 2021 Charlt*ble Activili¢s Scholarship5 & Bursaries Administration Co&t5 Professional Fees Grants and Lectures 154,000 154,000 9,307 54,605 10,418 154,000 9,250 22,485 8,871 9,307 54.605 10,418 164,418 63,912 228,330 194,606
THE WESTMINSTER SCHOOL SOCIETY NOTES TO THE ACCOUNTS {eontlnued) FOR THE YEAR ENDED 31 MARCH 2021 Anal sis f Total Ex enditure Actlvitks Undertaken Directly Grant Funding Support Costs Tot81 2020 Raising Fund$ lrtvestsnertt Managers 42,058 42,058 Activitiej Undertaken Dir¢¢tly Grfint Funding Support Co$ts Totsl 20211 Chirl¢4bl¢ A¢tlvltkJ S¢holarship$ & Bursaries Adminisiration Costs Professional Fees Gran1$ and Le¢re$ 154.000 154.000 9,250 22.485 8,871 9,250 22,485 8,871 162.871 31,735 194,606 NET INCOME IS STATED AER CHARGING: 21121 2020 Auditor's remuneration- audit (n¢t of VAT) 7.800 7,400 No rernuneration was paid and no expenses were reimbursed to any of the members of the Council. Le8aci¢s Noiified The Society is the beneficiary of the will of a fomier Westminster School pupil who died in 2019. £913,71 Iwos received from the EstAie in August 2021. This legacy has not been accrued in ¢hes¢ financial stltements as the recognition ¢riteri8 for its inclusion has not been mel. STAFF COSTS The So¢iety had no employee$ itt 2021 or 2020. The So¢iety's admini5trution is undertak¢rt by We51minst¢r S¢hool and the aswciated cosrs are charged to the So¢i¢ty- INVESTMENT INCOME 2021 2020 Income from listed Investments Intere51 rei¥&ble Renl receivable 108,638 216 78,0(Kl 147,400 1,253 78.000 186.854 226,653 12
THE WESTMINSTER SCHOOL SOCIETY NOTES TO THE ACCOUNTS (contlnued) FOR THE YEAR ENDED 31 MARCH 2021 FIXED ASSET INVESTMENTS 2021 21J20 Listed iDV¢Stments Investm¢nt propcrty 7,120,380 2,400,000 5,491,016 2,400.000 9.520,580 7.891.016 Ligted UK Iov¢g¢ments Market value at l April 2020 Addi¢ions 8t ¢ost Proc¢ei15 on disposal Reali8¢d gain on disposals Net gAinl{1055) on revoluation at 31 Mllrch 2021 5,491.016 1,086.965 (803.292) 99.269 1,246,622 6,149,549 2265,630 (2,448,100) 66.399 (542,462) Markct Vulue 4131 March 2021 7,120,580 5,491,016 Hlstoric Cost at 31 Mar¢h 2021 5.218.003 4,720,039 Invutm¢tht prop¢rty Balan¢¢ tran$f¢rred from freehold propety Net (lossygAiTr on revaluation 2,400.OIYJ 2.400,000 2.400,000 2,400,0(KJ The propety was revalued on An open market basis at 31 March 2017. The trnsiees reviewed lh¢ voluation and do not believe thnt it has materially changed since th41 time. CREDITORS 2D21 2020 We5tminsier School Grants Payable Ao¢Tuals ond Deferred Income 373,236 36,180 40,140 224,148 34,054 29,095 449.556 287.297 Deferred Incorne represents rent that has been invoi¢¢d in advance. 2021 2020 Deferred Lncome at l April 2020 Released in the year New deferrnls 19,500 {19,500) 19,500 19,500 (19,500) 19,500 Deferred Income at 31 March 2021 19.5(10 19,500 UNRESTRICTED FUNDS Balance at l Aprll 2020 B8lance it 31 March 202] Inyegtment Galn5 Infome Transfers Expenditure G¢n¢rdl Funds 7,499,949 161.726 (252,554) 1,152,125 8,561,246 13
THK WESTMINSTER SCHOOL SOCIETY P40TES TO THE AccouNfs {colltinued) FOR THE YEAR ENDED 31 MARCH 2021 RESTRICTED FUNDS 2021 Balance at l April 2D20 B#l4nee at 31 MArch 2021 Investment Galn5 Intomt Transfers Expelldlture Blackwell Fund Sir Adrian Boult Scholarship Fund College Endowment Fund K¢asby Fund Sir Henry Tiwd Fund Tru51 Fund 59,234 82,468 1.385 2.499 (147) {4.215) 10,254 18.485 70,726 99,237 19,257 6.568 (639) 25,186 198.214 12,483 5,160 7,000 (2.001) (1,357) 38,080 239,435 18,126 163,527 3,604 (404) 26.675 193,402 535.183 26,216 (8,763) 93.494 646.130 RESTRICTED FUNDS 2020 Bal*nce 4t l Aprll 2019 B4lAn¢e 9¢ 31 March 2020 Invulm¢rtt Income Tr#n$f¢rs Expendlture Bla¢kwell Fund Sir Adrian Boult Scholarship Fund College Endowment Fund Keasby Fund Sir Henry Tizard Fund TN5t Fund 60.135 88.016 1,261 2,280 (544) (4.910) {1,618) (2,918) 59,234 82,468 15.689 6,045 (2.477) 19.237 201.410 10,025 4,749 6,373 (1,945) (3,917) (6,000) 198,214 12,483 165,90 3.281 (1,448) {4,207) 163,527 541,176 23.991 (15,241) (14,743) 533,183 The Blackwell Fund represents moni¢$ 8ranted or donated to finance travel and courses for Under School teachers. The Sir Adrian Boult Scholarship Fund repre5¢nt$ monies granted or donatcd to nd mu51¢ scholarships. The College Endowment Fund was set up in 1960 10 provide income for the upkeep of Coll¢8e and maintenance of the Queen's Scholars and others specified in the Deed dated 29 January 1960. The Keasby Fund represent5 monies granted OT donat for the benefit of th¢ Common Room. The Sir Henry Tizard Fund cotnpris¢s funds donated for the purpose of extendin8 facilitie5 for Scientific t¢aching and research and io pay for an annual f17Ard Memorial Lectur¢. The Trust Fund represents monies granted or donat¢d for a voriety of specific purposes. ENDOWMENTS Balance at l Aprll 2020 Bal4nee at 31 Mareh 2021 Investment Cain$ In¢ome Expenditure College Endowrnent Fund Sir Henry Ti7Aid Fund 233,200 292,092 48,466 51.805 281,666 343,897 525,292 100271 625,563 14
THE WESTMINSTER SCHOOL SOCIETY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 MARCH 2021 10. ANALYSIS OF LYET ASSETS 2021 Tangibl¢ N¢t Current Fixed A8gets Investments Ag$etsl(Llabllltles) Totwl Unre$tricted FuDd8 Restricted Funds Endowments ,243,742 659.395 617,443 317,504 (13.265) 8.120 8,561,246 646,130 625,563 9,520,580 312,359 9,832,939 ANALYSIS OV NET ASSETS 2020 Tlnglble N¢t Current FIX Assets Investments A$yetsl{LIHbllltles) Totsl Unrestrictcd Funds Restricted Funds Endowments 6,807,945 555,127 527.944 692,004 (19,944) (2,652) 7,499.949 535.183 525.292 7,891,016 669,408 8,560,424 Reconciliation of movem¢ni8 in unre4lised losseslgains on li$t¢d investment assets Unrestrlcted Funds RtrIcted Funds Endowment F¥nd8 Totsl unrlIS¢d gains al l April 2020 Share realised on disposals Share of unrealised gains for the year 856,925 (115,020) 1.052,858 (24,226) (61,723) 770,976 (115,020) 1,246,621 93,494 100,270 Share of unrealised 8ainsl(105ses) ut 31 March 2021 1,794,763 69,268 38,547 1.902.577 11. RELATED PARTY DISCLOSURES The Society had the following r¢lai¢d pgny transactiony with Westminster Sthool in the y¢8r ended 31 March 2021.. The Society paid £8,3 I8 {2020: £7,727) in grants to the School. The So¢i¢ty paid £154.000 (2020.. £154.000) in bursaries to the School. The Society been using the School premises to house its office on a rent-free basis. The Society received rent of £78,000 (2020.. £78,000) from the School. Th¢ Society paid £9,194 (2020: £9,134) to the School for athninistrotive expens¢5. 12. TAXATION The Society is a registered charity, and no liability to taxation lSe5 on the incorne or capital gains in the accounts. 15