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.
0￿ECTIVEs 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 b￿n 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..
Haysm￿l￿tyre 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(¢0￿111￿Id)
FOR THEYL4R ENDED 31 MARCH 2•21
TRUSTEES RESPONSIBILrriES sfATEMENr
Th¢ cuu￿11 (mwnbm of which are al￿ dlrocth of Tho W￿¢￿In￿er Sthool So¢iety fi>r the pwposes of ¢ompaTry law
and Tn&ees ftjr the pwPO￿ of d￿rIty1&w) is resFWi￿IQ 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 fin￿1￿ 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 exP￿dI￿ry 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•1￿11 d¢tATiwei
di*los&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¢
final￿141 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)mp￿Y And hence fOr￿kill8
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 Tn*ees hAv¢ tsken dl stsps that t￿Y 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' re￿1 Iw p￿￿￿d￿king adv•rts8•of the Imdl ¢omp•ny ex¢mptigns by *xlon415A of
COm￿leS A¢t 2006.
Thls report •ppmed by the Cl¥ll￿1 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 appli￿ble law.
Our responsibilities underthose standards are further deS¢Ti￿d 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 T￿Ste¢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 e￿Or, 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 conduc￿d in accordan¢¢ with ISAS {UK) will always dct¢ct
a matcrial missratement when it exists. Mi53¢al¢m¢nts can arise from fraud OT e￿or and are consid¢r¢d material if,
individually or in the oggregE4te, they could reasonably be expected to influence the c￿nOmiC decisions of users tsken on
the b￿15 of th¢s¢ finan¢ial statement&.
1￿c8￿larities. 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 Audito￿5 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, sta￿lory 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
Tot*1
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 forw*rd
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 f*Uliidu¢ vAthIA yrnr
(449556)
(287297)
NET CURRENT A&SETS
312.359
669.41)8
NET A8SET8
9,832.939
8,560.424
RESERVFS
s￿61.246
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(¥)rd￿r• wlth tho will pmvtslom ft18liD8 to w￿101 subJe¢t to th•
11 cornpanieB regime withln Part IS of th¢ Comwl¢s A¢t 2006.
Th6 t]n￿kn1 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$trnents with a shorr ma￿rity
of three month5 or less from the date of a￿ul$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 settlem￿1 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
uttde￿ken
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
Tot*1
2021
Tot*1
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 A￿ER 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 re￿i¥&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
R￿trIcted
Funds
Endowment
F¥nd8
Totsl
unr￿lIS¢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