**THE WESTMINSTER SCHOOL SOCIETY (Limited by Guarantee)** **REPORT AND ACCOUNTS** **FOR THE YEAR ENDED** **31 MARCH 2022** **Registered Charity Number: 1076221** **Registered Company Number: 329657 (England & Wales)** ## **THE WESTMINSTER SCHOOL SOCIETY** **(Limited by Guarantee)** ## **REPORT AND ACCOUNTS** **----- Start of picture text -----**
CONTENTS Pages
Report of the Council 1 - 4
Report of the Auditors 5 - 7
Statement of Financial Activities 8
Balance Sheet 9
Cash Flow report 10
Notes to the Accounts 11 - 16
**----- End of picture text -----**
## **THE WESTMINSTER SCHOOL SOCIETY** ## **REPORT OF THE COUNCIL** **FOR THE YEAR ENDED 31 MARCH 2022** ## **To be presented to Members at the 82nd Ordinary General Meeting, to be held on 2.5.23.** The Council has pleasure in presenting their eighty-first Report along with the financial statements of the Society for the year ended 31 March 2022. ## **OBJECTIVES AND ACTIVITIES** The Society was founded in 1937 by Lord Greene, Master of the Rolls, and other distinguished Old Westminsters, as an independent charity to raise and administer funds to support the education of pupils at Westminster School, and is principally funded by the generosity of Old Westminsters and their parents. An objective of the Society is to build up its funds for the capital and income to benefit future generations of pupils at the School. In addition to its unrestricted fund, the Society is the trustee of restricted and endowed funds whose objects are to benefit the School. The Society has a longstanding practice of funding bursaries to enable pupils to obtain a Westminster education which they would otherwise be unable to afford. The Society invites grant applications for purposes which will enhance life within the School. These grants are made at the discretion of the Council and are based on their understanding of the desires of donors to the Society, as well as the needs of the School and of its present and prospective pupils: a primary aim of the Council is to reinforce success, whether academic, artistic or sporting. ## **BURSARIES AND GRANTS** The Council members are responsible for the distribution of funds in the form of bursaries and grants in accordance with the Society’s objects and for evaluating whether bursaries and grants made have been effective in meeting these objectives. The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have regard to public benefit guidance published by the Charity Commission in determining the activities undertaken by the Society. All bursary applications are considered on a case-by-case basis by the School based upon the Society’s objects, and are reviewed by the Council. The majority of the Society’s bursaries are used to meet its objectives of relieving need, hardship and distress of eligible beneficiaries and their dependents by contributing to fees of young people while attending Westminster School. Such applications are means-tested and are paid directly to the School to ensure they are used for the purpose intended. The Society also makes grants to the School to contribute towards the cost of capital or other projects which further the School’s activities. ## **ACHIEVEMENTS AND PERFORMANCE** ## **1. Bursaries** The pattern of the Society’s Bursaries was continued with a total contribution of £204,000 (2021: £154,000). ## **2. Grants** The Council made grants to the School from the General Fund totalling £11,862. The major items were: Laser cutter and 3D printer £4,700 Installation of Elizabeth I effigy £2,000 ## **3. Lecture** In March 2022 Dr Ben Pilgrim from the University of Nottingham gave the Tizard Lecture on ‘The Chemistry of Water: Everything you want to H2Know’. 1 ## **THE WESTMINSTER SCHOOL SOCIETY** ## **REPORT OF THE COUNCIL** **FOR THE YEAR ENDED 31 MARCH 2022** ## I **NVESTMENT POLICY AND PERFORMANCE** In addition to its general fund, of which both the capital and income are available to the Council, the Society maintains restricted and endowed funds whose objects are to benefit the School. There have been no significant changes in the objectives or policies of the Society during the year. The Council has delegated day-to-day responsibility for the management of its listed investments to fund managers Canaccord Genuity Wealth Limited and Waverton Investment Management Limited, and has set guidelines for the investment of each Fund based upon the required risk profile. Performance criteria are built into the Council’s regular review with Canaccord and Waverton during the year. The Council has reviewed the performance of each individual Fund against appropriate market indices and is satisfied with the performance during the year. Canaccord’s Total Return for the year under review was +6.66%. Waverton’s Total Return for the year under review was +9.17% ## **FINANCIAL REVIEW** The Society is reliant on the income from its tangible assets and investments. The Society’s investment income decreased from £186,854 in 2021 to £185,104 in the year under review. Expenditure increased from £261,317 in 2021 to £297,701. There was an overall surplus for the year under review of £801,215 and after taking into account realised and unrealised gains on investments there was a surplus of £1,671,366. The net income for the year was £1,671,366. This comprises £1,248,828, £216,428, and £206,110 in the unrestricted, restricted, and endowment funds respectively. The total funds (unrestricted, restricted and endowment) under the stewardship of the Council now stand at £11,504,305 (2021: £9,832,939). ## **RISK MANAGEMENT** The Council annually assesses the major risks faced by the Society and has established controls to mitigate those risks as far as practicable. The Council believes that the assets and reserves of the Society are adequate to fulfil its obligations. The Council Members have identified the following risks: - Investments will drop in value. - Donations made will not be spent in accordance with the Society’s objectives. Action taken to mitigate the risks: - Council Members have appointed professional firms to manage the investments. - Grants are considered and approved for payment at Trustee meetings. In accordance with the Society’s objects set out in its Memorandum of Association, the Council’s policy is to decide annually how far to spend its capital and income immediately and otherwise to build up a permanent fund for the benefit of the School. ## **RESERVES** At the year end, the charity held restricted funds totalling £862,558, endowment funds of £831,673 and unrestricted general funds of £9,810,074. The policy of the Council is to try to ensure that the total investments are maintained at an amount which will produce sufficient income to cover the Charity’s annual grants, legacies and bursaries as described above. At the year-end the charity held listed investments valued at £8.7m, and an investment property valued at £2.4m, which the Council feels is sufficient to generate the necessary level of income in order to meet the charity’s spending requirements. 2 ## **THE WESTMINSTER SCHOOL SOCIETY** **REPORT OF THE COUNCIL (continued)** **FOR THE YEAR ENDED 31 MARCH 2022** ## **PLANS FOR FUTURE PERIODS** The School Society is a lasting testimony to the philanthropic concerns and generosity of Lord Greene and many other Old Westminsters. The Council will continue to offer bursaries to pupils at Westminster School, and grants to Westminster School. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Society’s governing documents, which are its Memorandum and Articles of Association dated 2[nd] July 1937, the Charities Act 2011 and the Accounting and Reporting by Charities: Statement of Recommended Practice. The Society is a company registered in England N[o] 329657 with liability limited by guarantee, and is also a registered charity N[o] 1076221. The principal and registered office of the Society is at 17 Dean’s Yard, London SW1P 3PB. The charity does not employ any staff and therefore no staff-related disclosures are needed. ## **MEMBERSHIP OF THE COUNCIL** Membership of the Council is limited to Old Westminsters and two School Governors nominated by the Governing Body. During the year, and to the date the financial statements were approved, the members of the Society’s Council were as follows: **E N W Brown** RR 1968-73 (Chairman) _#_ **M C Baughan** (Hon Treasurer), RR 1955-59 ***D Barnes** , AA 1967-73 ***A C N Borg** , BB 1955-60 **D M Eaton Turner** LL 1974-79 **T P J Edlin** DD 1993-98 ***C F Lewis** , GG 1980-82 **P W Matcham** RR 1965-70 **T B C H Woods** , GG 1969-74 _* Members retiring by rotation at the AGM, but willing to be re-elected # nominated by the Governing Body_ The Council has between nine and fifteen members, of whom not more than four may be members of the Governing Body. Members of the Council are elected at the Society’s Annual General Meeting, or may be appointed by the Council. In the latter case, the newly elected members must retire at the following Annual General Meeting and may offer themselves for re-election, along with other members retiring by rotation. In total, a third of those members not nominated by the School’s Governing Body retire by rotation at each Annual General Meeting. The Council usually meets three times a year to agree broad strategy and areas of activity for the Society, including consideration of grants, investments, reserves and risk management policies and performance. Applications for grants and reports on their outcomes are considered by the Council. The members of the Council are unpaid and are not reimbursed with any expenses. ## **REFERENCE AND ADMINISTRATION DETAILS** The Registered Office of the Society is 17 Dean’s Yard, London, SW1P 3PB. The principal advisors of the Society are the following: Auditors: Haysmacintyre LLP, 10 Queen Street Place, London, EC4R 1AG Bankers: The Royal Bank of Scotland, 49 Charing Cross, SW1A 2DX Investment Managers: Canaccord Genuity Wealth Limited 41 Lothbury, London, EC2R 7AE Waverton Investment Management Limited, 16 Babmaes Street, London, SW1Y 6AH 3 THE wE￿MI￿sTER SCHOOLSOCIETY REPORT OF THE COUNCIL{eomtin•ed) FOR THE YEAR ENDED 31 MARCH 2022 COUNCIL MEMBERS, RESPONSIBILITIES STATEMENT The Council {memt¢rs of which are also director5 of The Westminster khool Society for the purposes of company law and Trustees for the purposes of charity lawl is responsible for preparing the Rew1 of the Council and the financial Statements in accordance with gppli¢able law arKI United Kingdom Accounting Stsndards (United Kingdom Generally Accewed Accountin¥ Practice). Company law requires the Tnjsiees io prepare financial swemenLS for each financial year which give a The and fair view of the sraie of affaiTS of the charitable company and of the in¢oming resources and appli￿lOn of resources. including ihe incorne and expenditure. of the ¢hariiable t(￿￿panY for that period In weparing ihese financial sts*ments. the Trustees are required io: Select 5Uitabl¢ ¥couniing policies and then apply them consismily: Observe the tnethods and principles in the Chariiies SORP. Make judgements and estimaies that are reagonable and Emvdent: Swe wheiher applicable UK Accounting srandard8 have t*en follow￿ subjed to any marerial departur¢5 disc105ed and explained in the financial swements: Prepare the fmancial slaiements on thegoing concern basis unless ti is inapwoprta* ￿ presume the charithble cornpany will continue in business. The Trus*es are responsible for keeping prow acc¢)unting reconls that dis¢lose with reasonable a¢¢uracy at any lime the rmancial position of the charitable companv and enable them to ensure that the finan¢ia] stalements comply with the Companies A¢1 ?000. They are also responsible for5afeguthing the a55ers of the charitabk Company and hence for ￿king reasonable steps for the prevention and d¢￿tIOn of fraud and other irregularities. In so far &8 we are aware: There is no relevani audit inforniation of which the charitable c(vnpany's auditor is unawore; and The TNsitts have thken all steps they ought to have raken ro make then￿elVeS aware of any relevant audil infom)aiion and io estsblish the auditor is aware of that inforniaiion. The TThst¢es" report has been prepared taking advantage of the small e¢)mpany exemptiort$ ￿0vided ￿. Section 415A of the Companies Act ?IX)6. This report was approved by the Council ? May ?O?J and signed its behalf by: ouncil **INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE WESTMINSTER SCHOOL SOCIETY** ## **Opinion** We have audited the financial statements of the Westminster School Society for the year ended 31 March 2022 which comprise The Statement of Financial Activities, Balance Sheet and notes to the accounts, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the charitable company’s affairs as at 31 March 2022 and of the charitable company’s net movement in funds, including the income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: - the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or - the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. ## **Other information** The Trustees are responsible for the other information. The other information comprises the information included in the Report of the Council. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the Report of the Council which includes the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the directors’ report included within the Report of the Council has been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Council (which incorporates the directors’ report). 5 **INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE WESTMINSTER SCHOOL SOCIETY (continued)** We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the charitable company; or - certain disclosures of Trustees’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the Trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the Trustees’ report and from the requirement to prepare a strategic report. ## **Responsibilities of Trustees for the financial statements** As explained more fully in the Trustees’ responsibilities statement set out on page 4, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to compliance with regulatory requirements of company law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to recognition of income and management bias in certain accounting estimates. Audit procedures performed by the engagement team included: - Inspecting Trustees’ meeting minutes - Inspecting correspondence with regulators and tax authorities; - Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulation and fraud; - Evaluating management’s controls designed to prevent and detect irregularities; - Identifying and testing journals, in particular journal entries posted with unusual descriptions, concentrating on those posted at the year-end; and - Challenging assumptions and judgements made by management in their critical accounting estimates. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 6 ## **INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE WESTMINSTER SCHOOL SOCIETY (continued)** ## **Use of our report** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Jane Askew (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of Haysmacintyre LLP, Statutory Auditors London Date: EC4R 1AG 3 May 2023 7 ## **THE WESTMINSTER SCHOOL SOCIETY** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 31 MARCH 2022** **----- Start of picture text -----**
Unrestricted Restricted Endowment Total Total
Funds Funds Funds 2022 2021
Notes £ £ £ £ £
INCOME AND
ENDOWMENTS FROM:
Donations and legacies 913,812 - - 913,812 1,088
Investments 4 158,439 26,665 - 185,104 186,854
---------------- --------------- -------------- ---------------- ----------------
Total income 1,072,251 26,665 - 1,098,916 187,942
---------------- --------------- -------------- ---------------- ----------------
EXPENDITURE ON:
Raising funds
Investment managers’ fees 38,677 105 - 38,782 32,987
Charitable activities 256,606 2,313 - 258,919 228,330
---------------- --------------- -------------- ---------------- ----------------
Total expenditure 295,283 2,418 - 297,701 261,317
---------------- --------------- -------------- ---------------- ----------------
Net gains on investments 471,860 192,181 206,110 870,151 1,345,890
----------------- ---------------- -------------- ---------------- ----------------
Net income/(expenditure) 2 1,248,828 216,428 206,110 1,671,366 1,272,515
Reconciliation of funds:
Fund balances brought forward
at 1 April 2021 8,561,246 646,130 625,563 9,832,939 8,560,424
------------------- ----------------- ---------------- ------------------- -------------------
Fund balances carried forward
at 31 March 2022 9,810,074 862,558 831,673 11,504,305 9,832,939
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There are no gains or losses other than those presented above. The results for the year and the prior year are derived from continuing activities. The Income and Expenditure Account required under the Companies Act 2006 is as above excluding the unrealised gains/losses on investment assets. No separate Income and Expenditure Account has therefore been produced. 8 IHE WEsfMINSTER SCHOOLSOCIETY (Company Nurnber329657) BALANCE SHEET ASAT31 MARCH 2022 2021 No¢es FIXED ASSETS Inve5trnents 11.156,039 9J20.580 CURRENT ASSETS DebtOTS Cash at bank and in hgnd 9,780 775.500 761.915 785,?80 761.915 CREDITORS: Amount$ f#llln¥ dut wlthln OD¢ y¢8r {437,0141 (449J56 NET CURRENT ASSETS 348,266 312,359 NET ASSETS 11,504.305 9,832.939 RESERVES UTY¢strlcted Re5tri¢¢¢d Endowment 9,810,074 862.358 831.673 8.561,246 646.130 625.563 10 11,504,305 9.832,939 The flnancial siatem¢nts have been prepared in accordance with ihe special proviJion5 r¢141in8 to companie5 subject to the small componies remirne wrthin Pon 15 of the Companies Acr 2006. The fin•ftelai statements were approved by the TrnJt¢M authorised f(Y issue on 2 M•y 2023 and s18ned on their behalf, by.. irnian o ou easurer ## **THE WESTMINSTER SCHOOL SOCIETY** ## **CASH FLOW STATEMENT** ## **FOR THE YEAR ENDED 31 MARCH 2022** |**FOR THE YEAR ENDED 31 MARCH 2022**|**FOR THE YEAR ENDED 31 MARCH 2022**|**FOR THE YEAR ENDED 31 MARCH 2022**| |---|---|---| |**_________________________________________________________________________________________________**||| ||**2022**|**2021**| ||**£**|**£**| |**CASH FLOWS FROM OPERATING ACTIVITIES**:||| |Net cash used in operating activities (see below)|593,789|(97,971)| ||------------------|------------------| |**CASH FLOWS FROM INVESTING ACTIVITIES:**||| |Dividends, interest and rent from investments|185,104|186,854| |Purchases of investments|(1,085,142)|(1,086,965)| |Proceeds from sale of investments|319,834|803,292| ||------------------|------------------| |**NET CASH PROVIDED BY INVESTING ACTIVITIES**|(580,204)|(96,819)| ||------------------|------------------| |**CASH FLOWS FROM FINANCING ACTIVITIES**|-|-| ||------------------|------------------| |Change in cash and cash equivalents in the year|13,585|(194,790)| |**CASH AND CASH EQUIVALENTS**
At the beginning of the year|761,915|956,705| ||-----------------|-----------------| |At the end of the year|**775,500**|**761,915**| ||========|========| |**RECONCILIATION OF NET INCOME TO NET CASH**
**INFLOWS FROM OPERATING ACTIVITIES**
Net income for the reporting period (as per the statement of financial activities)|1,671,366|1,272,515| |(Gains) on investments|(870,151)|(1,345,891)| |Dividends, interest, and rents from investments|(185,104)|(186,854)| |Increase in debtors|(9,780)|-| |(Decrease)/increase in creditors|(12,542)|162,259| ||---------------------|--------------------| |Net cash used in operating activities|593,789|(97,971)| ||==========|==========| 10 **THE WESTMINSTER SCHOOL SOCIETY** **NOTES TO THE ACCOUNTS** **FOR THE YEAR ENDED 31 MARCH 2022** ## **1. ACCOUNTING POLICIES** The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below. ## Basis of Accounting The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) – the Statement of Recommended Practice for Charities (SORP) (Second Edition, effective January 2019) and the Companies Act 2006. ## Preparation of the accounts on a going concern basis Having considered future budgets and cash flows, the Trustees confirm that they have no material uncertainties about the entity’s ability to continue as a going concern for the foreseeable future. ## Funds Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Council in furtherance of the general charitable objectives. Restricted funds are used for specific purposes as stated by the donor. Expenditure which meets these criteria is charged to the fund. ## Investments Investments are included at market value. All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and the opening market value (or purchased date if later). Investment properties are stated at open market value. ## Cash and bank Cash at bank and in hand includes bank accounts, cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## Income recognition Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Legacies and donations are included in full in the Statement of Financial Activities when there is entitlement, probability of receipt and the amount of income receivable can be measured reliably. 11 **NOTES TO THE ACCOUNTS** ## **THE WESTMINSTER SCHOOL SOCIETY** **FOR THE YEAR ENDED 31 MARCH 2022** ## **1. ACCOUNTING POLICIES (continued)** ## Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: - Costs of raising funds comprise fees paid in respect of fund management advice in relation to the charity’s portfolio of quoted investments. - Expenditure on charitable activities includes the costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities. These costs comprise charitable grants and bursaries. It also includes governance costs. Charitable grants and donations are made where the Trustees consider there is real need following a review of the details of each particular case and comprise single year payments rather than multi-year grants. Grants and donations are included in the statement of financial activities when approved for payment. Provision is made for grants and donations approved but unpaid at the period end. Overheads have been apportioned between the Funds according to the fund balances at the beginning of the year. ## Grants and bursaries Grants and bursaries are accounted for in the year in which they are awarded. ## Estimation uncertainty In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year. Analysis of Total Expenditure 2022 |nalysis of Total Expenditure|2022||||| |---|---|---|---|---|---| |**Raising Funds**
Investment Managers
**Charitable Activities**
Scholarships & Bursaries|**Activities**
**Undertaken**
**Directly**
**£**
38,782
=======
**Activities**
**Undertaken**
**Directly**
**£**
-|**Grant**
**Funding**
**£**
-
=======
**Grant**
**Funding**
**£**
204,000|**Support**
**Costs**
**£**
-
=======
**Support**
**Costs**
**£**
-|**Total**
**2022**
**£**
38,782
=======
**Total**
**2022**
**£**
204,000|**Total**
**2021**
**£**
42,058
=======
**Total**
**2021**
**£**
154,000| |Administration Costs|-|-|9,542|9,542|9,307| |Professional Fees|-|-|33,515|33,515|54,605| |Grants and Lectures|-|11,862|-|11,862|10,418| ||---------------|---------------|---------------|---------------|---------------| ||-|215,862|43,057|258,919|228,330| ||=======|=======|=======|=======|=======| 12 ## **THE WESTMINSTER SCHOOL SOCIETY** ## **NOTES TO THE ACCOUNTS (continued)** ## **FOR THE YEAR ENDED 31 MARCH 2022** ## Analysis of Total Expenditure 2021 **----- Start of picture text -----**
Activities Grant Support Total
Undertaken Funding Costs 2021
Directly
£ £ £ £
Raising Funds
Investment Managers 42,058 - - 42,058
======= ======= ======= =======
Activities Grant Support Total
Undertaken Funding Costs 2021
Directly
£ £ £ £
Charitable Activities
Scholarships & Bursaries - 154,000 - 154,000
Administration Costs - - 9,307 9,307
Professional Fees - - 54,605 54,605
Grants and Lectures - 10,418 - 10,418
--------------- --------------- --------------- ---------------
- 164,418 63,912 228,330
======= ======= ======= =======
2. NET INCOME IS STATED AFTER CHARGING: 2022 2021
£ £
Auditor’s remuneration – audit (net of VAT) 8,800 7,800
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No remuneration was paid and no expenses were reimbursed to any of the members of the Council. ## **3. STAFF COSTS** The Society had no employees in 2022 or 2021. The Society’s administration is undertaken by Westminster School and the associated costs are charged to the Society. ## **4.** |**INVESTMENT INCOME**
**2022**|**2021**| |---|---| |**£**
Income from listed investments
107,025|**£**
108,638| |Interest receivable
79|216| |Rent receivable
78,000|78,000| |---------------|---------------| |185,104|186,854| |=======|=======| 13 ## **THE WESTMINSTER SCHOOL SOCIETY** ## **NOTES TO THE ACCOUNTS (continued)** **FOR THE YEAR ENDED 31 MARCH 2022** |**5.**|**FIXED ASSET INVESTMENTS**|**FIXED ASSET INVESTMENTS**|**FIXED ASSET INVESTMENTS**||||**2022**|**2021**| |---|---|---|---|---|---|---|---|---| ||||||||**£**|**£**| ||Listed investments||||||8,756,039|7,120,580| ||Investment property||||||2,400,000|2,400,000| ||||||||------------------|------------------| ||||||||11,156,039|9,520,580| ||||||||=========|=========| ||**Listed UK investments**
Market value at 1 April 2021||||||7,120,580|5,491,016| ||Additions at cost||||||1,085,142|1,086,965| ||Proceeds on disposal||||||(319,834)|(803,292)| ||Realised gain on disposals||||||8,117|99,269| ||Net gain/(loss) on revaluation||at 31 March||||862,034|1,246,622| ||||||||------------------|------------------| ||Market Value at 31 March||||||8,756,039|7,120,580| ||||||||=========|=========| ||Historic Cost at 31 March||||||6,184,537|5,218,003| ||||||||=========|==========| ||**Investment property**
Balance transferred from freehold property||||||2,400,000|2,400,000| ||Net (loss)/gain on revaluation||||||-|-| ||||||||------------------|------------------| ||||||||2,400,000|2,400,000| ||||||||=========|==========| ||The property was revalued on||an open market basis at 31 March 2017. The trustees||||reviewed the valuation in both|| |**6.**|2022 and 2021 and do
**CREDITORS**|not believe that it has materially changed since||||that time.|**2022**|**2021**| ||||||||**£**|**£**| ||Westminster School||||||360,503|373,236| ||Grants Payable||||||39,251|36,180| ||Accruals and Deferred Income||||||37,260|40,140| ||||||||---------------|---------------| ||||||||437,014|449,556| ||||||||=======|========| ||Deferred Income represents rent that has been invoiced in advance.||||||**2022**|**2021**| ||||||||**£**|**£**| ||Deferred Income at 1 April 2021||||||19,500|19,500| ||Released in the year||||||(19,500)|(19,500)| ||New deferrals||||||19,500|19,500| ||||||||--------------|--------------| ||Deferred Income at 31 March||2022||||19,500|19,500| ||||||||=======|=======| |**7.**|**UNRESTRICTED FUNDS**|||||||| |||**Balance at**||||||**Balance at**| |||**1 April**|||||**Investment**|
**31 March**| |||**2021**||**Income**|**Transfers**|**Expenditure**|
**Gains**|**2022**| ||||**£**|**£**|**£**|**£**|**£**|**£**| ||General Funds|8,561,246||1,072,251|-|(295,283)|471,860|9,810,074| |||==========||========|========|=========|=========|==========| 14 ## **THE WESTMINSTER SCHOOL SOCIETY** ## **NOTES TO THE ACCOUNTS (continued)** **FOR THE YEAR ENDED 31 MARCH 2022** **----- Start of picture text -----**
8. RESTRICTED
FUNDS 2022 Balance at Balance at
1 April Investment 31 March
2021 Income Transfers Expenditure Gains 2022
£ £ £ £ £ £
Blackwell Fund 70,726 1,411 - (135) 21,077 93,079
Sir Adrian Boult 99,237 2,543 - (190) 37,996 139,586
Scholarship Fund
College Endowment 25,186 6,672 - (577) - 31,281
Fund
Keasby Fund 239,453 5,242 - (453) 78,276 322,518
Sir Henry Tizard 18,126 7,127 - (692) - 24,561
Fund
Trust Fund 193,402 3,670 - (371) 54,832 251,533
------------------ -------------- -------------- -------------- -------------- ------------------
646,130 26,665 - (2,418) 192,181 862,558
======== ====== ====== ======= ======= =========
RESTRICTED
FUNDS 2021 Balance
at Balance at
1 April Investment 31 March
2020 Income Transfers Expenditure Losses 2021
£ £ £ £ £ £
Blackwell Fund 59,234 1,385 - (147) 10,254 70,726
Sir Adrian Boult 82,468 2,499 - (4,215) 18,485 99,237
Scholarship Fund
College Endowment 19,257 6,568 - (639) - 25,186
Fund
Keasby Fund 198,214 5,160 - (2,001) 38,080 239,453
Sir Henry Tizard 12,483 7,000 - (1,357) - 18,126
Fund
Trust Fund 163,527 3,604 - (404) 26,675 193,402
------------------ -------------- -------------- -------------- -------------- ------------------
535,183 26,216 - (8,763) 93,494 646,130
======== ====== ====== ======= ======= =========
**----- End of picture text -----**
The Blackwell Fund represents monies granted or donated to finance travel and courses for Under School teachers. The Sir Adrian Boult Scholarship Fund represents monies granted or donated to fund music scholarships. The College Endowment Fund was set up in 1960 to provide income for the upkeep of College and maintenance of the Queen’s Scholars and others specified in the Deed dated 29 January 1960. The Keasby Fund represents monies granted or donated for the benefit of the Common Room. The Sir Henry Tizard Fund comprises funds donated for the purpose of extending facilities for scientific teaching and research and to pay for an annual Tizard Memorial Lecture. The Trust Fund represents monies granted or donated for a variety of specific purposes. ## **9. ENDOWMENTS** |**ENDOWMENTS**||||||| |---|---|---|---|---|---|---| ||**Balance at**|||||**Balance at**| ||**1 April**||||**Investment**|**31 March**| ||**2021**|**Income**||**Expenditure**|**Gains**|**2022**| ||**£**|**£**||**£**|**£**|**£**| |College Endowment Fund|281,666||-|-|99,623|381,289| |Sir Henry Tizard Fund|343,897||-|-|106,487|450,384| ||------------------|--------------||--------------|---------------|------------------| ||625,563||-|-|206,110|831,673| ||========|=======||========|=======|========| 15 ## **THE WESTMINSTER SCHOOL SOCIETY** ## **NOTES TO THE ACCOUNTS (continued)** **FOR THE YEAR ENDED 31 MARCH 2022** **----- Start of picture text -----**
10. ANALYSIS OF NET ASSETS 2022 Tangible Net Current Total
Fixed Assets Investments Assets/(Liabilities)
£ £ £ £
Unrestricted Funds - 9,163,758 646,316 9,810,074
Restricted Funds - 1,026,629 (164,071) 862,558
Endowments - 965,652 (133,979) 831,673
---------------- -------------------- ----------------- --------------------
- 11,156,039 348,266 11,504,305
======== ========== ======== ==========
ANALYSIS OF NET ASSETS 2021 Tangible Net Current Total
Fixed Assets Investments Assets/(Liabilities)
£ £ £ £
Unrestricted Funds - 8,243,742 317,504 8,561,246
Restricted Funds - 659,395 (13,265) 646,130
Endowments - 617,443 8,120 625,563
---------------- -------------------- ----------------- --------------------
- 9,520,580 312,359 9,832,939
======== ========== ======== ==========
**----- End of picture text -----**
Reconciliation of movements in unrealised losses/gains on listed investment assets **----- Start of picture text -----**
|||||| |---|---|---|---|---| |Unrestricted|Restricted|Endowment| |Funds|Funds|Funds|Total| |£|£|£|£| |Unrealised gains at 1 April 2021|1,794,763|69,268|38,547|1,902,578| |-|-| |Realised on disposals|8,117|8,117| |Unrealised gains for the year|262,516|192,181|206,110|660,807| |------------------|-------------------|------------------|----------------| |Unrealised gains at 31 March 2022| |2,065,396|261,449|244,657|2,571,502| |=========|=========|========|=========| **----- End of picture text -----**
## **11. RELATED PARTY DISCLOSURES** The Society had the following related party transactions with Westminster School in the year ended 31 March 2022: - The Society paid £11,862 (2021: £8,318) in grants to the School. - The Society paid £204,000 (2021: £154,000) in bursaries to the School. - The Society has been using the School premises to house its office on a rent-free basis. - The Society received rent of £78,000 (2021: £78,000) from the School. - The Society paid £9,539 (2021: £9,134) to the School for administrative expenses. ## **12. TAXATION** The Society is a registered charity, and no liability to taxation arises on the income or capital gains in the accounts. 16