THE WESTMINSTER SCHOOLSOCIETY (Limited b), Guarantee) REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 Registered Charity Number: 1076221 Registered Company Number: 329657 (England & Wales) THE WESTMINSTER SCHOOLSOCIETY (Limited by Guarantee) REPORT AND ACCOUNTS CONTENTS Pages Report of the Council Report of the Auditors Stateinent of Finaneial Activities Balance Sheet Cash Flow Report 10 Notes to Ihe Accounts THE WESTMINSTER SCHOOLSOCIETY REPORT OFTHE COUNCIL FOR THE YEAR ENDED 31 MARCH 2023 To be presented to Memb¢r5 at the 83rd Ordinarv General Me¢ting? to b¢ held on 215¢ March 2024. The Council has pleasure in presei)ting their eigFhtieth Report along with the fin[￿cial statemeiits of the Society for tlie year ended i l March 2023. OBJECTIVESANDACTIVITIES The Society was foui)ded 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 educatioi) of pupils at Westminster School. and is principally funded by the generosity of Old Westminsters and their parei)ts. Ali objective of the Society is to build up its funds for the capital and inconie to benefit future generati01i5 of pupils at the School. In addition 10 its unrestricied fund, the Society is Ihe trUS￿e of restrIc￿d and endowed funds whose objecis are to benefit the School. The Society has a longstanding practice of funding bursaries to enable pupils to obiain a Westminster education which they would otherm'ise be unable to atTord. The Society invites grdni applications for purposes which will enhance life within Ihe School. These grants are made at the discretion of the Council and are based on their understanding of Ihe desires of donors 10 the Societi,, as well as the needs of the School and of its present and prospective pupils.. a primary aim of the CL)uncil is to reinforce success, whether academic: artistic or sporting. BURSARIES AIYD GRAIYTS The Council members are responsibl¢ for the distribiition of funds in th¢ fomi of bursaries and grants in g¢cordance with the Society's objccts and for evaluating wliether bursaries and grants made have been effective in ineeting these objectives. The Triistees confirm that they have complied with the dut), in section 17 of the Charities Act 2011 to have regard to public benefit giiidance publi%hed by the Charity Commission in detennining the activities undertgken by the Society. All buTsary applications are considered on a case-by-case basis by the School based upon the Society's objects, and are reviewed by the Coiiiicil. The Inajority of the Society's bursarie5 are used to meet its objective5 of relievingF i)eed, Iiard5hip and distres5 of eligTible beneficiarie5 and their dependents by coiitributiiig to fees of young people while attending Westtnin5ter School. Such applications are means-te5ted and are paid diTectly to the School to ensure they are used for the purpose intei)ded. The Society also make5 grants to the School to contribute towards the cost of capital OT other projects which ￿rther the School's activities. ACHIEVEMENTS AND PERFORMANCE Bursaries The pattem of the Society's Bursaries was continued with a total contribution of £204,000 (2022 £204,000). Grants The Council made grants to the School from the General Fund totalling £24,892. The major iiems were.. Wireless data loggers and probes Travel Awards Fencing Equipment £8,199 £8,000 £3,980 INVESTMENT POLICY AND PERFORMANCE In addition to its general fund, of which both the capital and income are available to the Council, rhe Society maintains restricted and endowed funds whose objects are to bcncfit the School. There have been no significant changes in the objectives or policies of the Society during the year. THE WESTMINSTER SCHOOLSOCIETY REPORT OFTHE COUNCIL FOR THE YEAR ENDED 31 MARCH 2023 ACHIEVEMENTS AND PERFORMANCE (¢ontinu¢d) INVESTMENT POLICY AND PERFORMANCE (continued) The Council ha5 delegated day-to-day responsibility for the maiiagemeiit of its listed iiivestmeiits to fund managFers Caiiaccord Genuity Wealth Limited ai)d Waverton Investmeiit Managemeiit Liinited, and has set ￿U]de1]ll¢S for the investment of each Fund based upoii the required risk profile. Perfortnaiice criteria are built iiito the Council s regFular review with Canaccord and Rathbones duiing the year. The Council has revieN4'ed the performai)ce of each individual Fund against appropriate market indices and is 5atlsfitd with the perfomjance during the year. Canaccord's Total Retiin) for the year under review was-5.82Q/D. The PIMFA Balai)¢ed Retum for the peiiod was -3.2i /0. WaNertOll's Total RetUTll for the vear under review wa5-2.77 /. FINANCIALREVIEW The Sociery is reliant on the income from its tangible assets and investmenis. The Sociery's investmeni income increased from £185,104 in 2022 10 £237,163 in the }'ear under review. Expenditure decreased from £297,701 in 2022 10 £287,070. There was an overall deficit for the year under review of £49,807 and after taking into account realised and unrealised gains on investments there was a deficit of £948,769. The Nei deficit for the year was £495.428. This comprises £128,098, £159,316. and £208,014 in the unrestricted, restricted, and endowment funds respectively. The total funds (unrestricted, restricted and endowment) under the stewardship of the Council now sLind at £10,555,536 (Restated 2022.. £11,050:964). RISK MANAGEMENT The Council annually assesses the major risks fa¢ed by the So¢iety and has established controls to mitiggte those risks as far as practicable. The Council believes that the assets and reserves of the Society are adequate to fulfil its obligations. The Couiicil members have identified the following risks-. IiiveslJnents will drop in value. Donation5 Inade will not be spent iii accordance with the Society'5 objectives. Action taken to mitigate the risks.. Coui)cil Men)bers have appointed professional firms to mana¥e the investn)ents. Graiits are considered and approved for payment at Trustee meetings. In accordance with the s￿IetY s objects set out in its Meniorandum of Association. the Council's policy is to decide annually how far to spend its capital and income immediately and oiherwise to build up a pemanent fund for the benefit of the Sch(x)l. RESERVES At the year end, the charity held restricted funds toialling £703,242, endowment funds of £623.659 and unrestricted general funds of £9,228,635. The policy of Ihe Council is to try to ensure that the total investments are maintained ar 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 £7.5m, and an investment property valued at £2.5m. which Ihe Council feels is sufficient to generate the necessary level of income in Lirder to meet the charity's spending requirements. PLANS FOR FUTURE PERIODS The School Socieiy is algsting testimony to the pliilanthropic concerns and generosity of Lord Greene and many other Old Westminsters. The Council will ¢ontinue to offer bursaries to pupils at Westminster School, and grants to Westminsier Scliool. GG 1969-74 (died 28.5.23) ustee are. Council members receive regular reports from the Investment Managers about investment performance. The Council (members of which are also directors of The Westminster School Society for the purposes of company law and Trustees for the purposes of charity law) is responsible for preparing the Report of the Council and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to: - Select suitable accounting policies and then apply them consistently; - Observe the methods and principles in the Charities SORP; - Make judgements and estimates that are reasonable and prudent; - State whether applicable UK Accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. - There is no relevant audit information of which the charitable company's auditor is unaware; and - The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. repared taking advantage of the small company exemptions provided by section 415A of the Companies Act 2006. This report was approved by the Council on 21[st] March 2024 and signed on its behalf by: ## **Opinion** We have audited the financial statements of the Westminster School Society for the year ended 31 March 2023 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: - at 31 March 2023 and of the charitable - 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 Aud statements section of our report. We are independent of the charity in accordance with the ethical requirements that are 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: - statements is not - appropriate; or - the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast nting - 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 ( - of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and - 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 report). **(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 - we have not received all the information and explanations we require for our audit; or - to prepare a strategic report. ## **Responsibilities of Trustees for the financial statements** As explained more fully in the T atement 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 T 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. ## **statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material ance 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. 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 correspondence with regulators and tax authorities; - Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulation and fraud; - - 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. ## **(continued)** A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting www.frc.org.uk/auditorsresponsibilities s report. ## **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) For and on behalf of Haysmacintyre LLP, Statutory Auditors Date: 10 Queen Street Place London EC4R 1AG THE WESTMINSTER SCHOOLSOCIETY STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 Restated Tntal 2022 Unrestri¢t¢d Restricted Endowment Funds Funds Funds Total 2023 Notes INCOME AND ENDOWMENTS FROM: Donatioi)s and Legacies Investments 100 199,171 100 237.163 91i,812 185,104 37,992 Total income 199,271 37.992 237.263 1,098,916 EXPENDITURE ON: Raising funds Investmeni managers, fees Chariiable activities 37.146 246.572 37,146 249,924 38,782 258,919 3,352 Total expenditure 283.718 3,352 287,070 297,701 Net (losses)Igains on investmenis (43,651) (193,956) (208,014) (445,621) 416,810 Net (expendi¢ureVincome {128.098) (159,316) (208,014) (495,4281 1.218.025 Reconciliation of funds: Fund balances brought fo￿ard at l April 2022 (as originally stated) 9,810,074 862,558 831,673 11,504,305 9,832,939 Prior period adjustrnent 13 {453,341) (453,3411 Fund balances brought forward (as restated) 9,356,733 862.558 831,673 11,050,964 9,832,939 Fund balances earried forward at 31 March 2023 9,228,635 70i.242 62i,659 10,555,536 11,050,964 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 ablive excluding the unrealised gainsllosses on invesiment assets. No separaie Income and Expenditure Account has therefore been produced. The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The financial statements were approved by the Trustees and authorised for issue on 21[st] March 2024 and signed on their behalf, by: THE WESTMINSTER SCHOOLSOCIETY (Compan). Number 329657) CASH FLOW STATEMENT AS AT 31 MARCH 2023 2023 R￿tated 2022 CASH FLOWS FROM OPERATING ACTIVITIES Net cash used in operating activities (see below) {443,869) 593,789 CASH FLOWS FROM INVESTING ACTIVITIES Dividends. interest and rent from investh)ents Purchase ol. investments Proceeds fioni sale of iiivestments Changes in invesuneni cash held for reinvestmeni 2i7,16i {342,270) 571,180 {207,200) 185.104 {1,085,142} 319.834 (97.118} 258,873 1677,322) CASH FLOWS FROM FINANCING ACTIVITIES Change in cash and cash equivalenis in the year (184,996) (83,533) CASH AIYD CASH EQUIVALENTS At the beginning of the year 545,809 629,342 At the end of the year 360,813 545,809 RECOIYCILIATION OF NET INCOME TO NET CASH INFLOWS FROM OPERATING ACTIVITIES Net {deficit)iincoTne foT tl)e reporting period {as per the statement of finaiicial activities) Losseslluaiiis) on investinents Dividend5. Iiiterest and rents from investments Decreasel(Iiicrease} iii debtors IDecrease)Ilncrease in creditors {495,428) 445,621 {237,163) 9,780 {166,679) 1,218,025 1416.810) 1185,104} (9,780) (12,542} Net cash used in operating activities {44i:869) 593,789 10 THE WESTMINSTER SCHOOLSOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTJNG POLICIES The principal accounting policies adopted, judgements and key sources of estimation uncertainry in the preparation of the accounis are laid out below. Basis of Accountin The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statsment of Recommended Practice applicable to charities preparing their accounts in accordance ￿'1th the Financial Reporting Standard applicable to the UK and Republic of Ireland IFRS 102) {effective l January 2015) the Statement of Recommended Practice for Charities ISORP 2015) (Second Edition, effective January 2019} and Ihe Companies A¢t 2006. aration of thc accounts on a nin ci)nccrn basis Having cansidcrcd fu￿rC budgct£ and ca%h flows, the Trllstees confirm that they have no material uncertainties gbout the entity's ability to continue as a going concern for the foreseeable future. Funds Unrestricted fund5 comprise accuniulated 5urpliises and deficit5 on LFeiieral ￿nds. They are available for use at the discretion of the Couiicil iii furtheraiice of the bFeiieral charitable objectives. Restricted fiinds are used for specific purposes as stated by the doi)or. EXpendI￿re which meets these criteria is Chaiged to the fund. Investments Investments are included at market value. All gains ai)d losses are taken to the Statement of Financial Activities as they aiise. Realised gains and losses on investments are LalLulated as the diffeience betw'een sales proceeds and opening Inarket value (purchase date if later). Uniealised gains and losses ale Calculated as the difference betweei) the markei value at Ihe year end and the opening markei value (or purchased date if laier). Investment properties are stated ar open market value. Cash and bank Cash at bank and in hand includes bank accounts, cash and short term highly liquid investhients with a short maturity of three nionths or less from the dale of acquisition or opening of the deposit or similar account. Creditors and rovisions 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 fvnds to a Ihird party and the amount due to settle the obligation can be measured or estimated religbly. Creditors and provisions are normall}, recognised at their settlement amliunt after Ilowing for any trade discounts due. Income reco nition Incoinc is rccogniscd when tlie charity has entitlement to the funds, any perfonnance conditions attaclied to the iteni{s} of incom¢ have been met, it is probabl¢ Ihat the inconie will be received and the amount cgn be measured reliably. Dividends are recogni5ed oiice the divideiid has been declared and notification has been received of the dividend due. Interest on funds held on deposit 15 included wheii receivable and the amouiit can be Ineasured reliably by the charity,. this is normally upon notification of the iiitere5t paid or pavable bj. the bank. Legacies and donations are ii)cluded in full in the Statement of Financial Activities when there is entitlement, probabilit), of receipt and the amoui)t of income receivable can be measured reliably. THE WESTMINSTER SCHOOLSOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES (continued) nditure Expenditure 15 recogFnised once there is a legFal or constrnctive obliu5atioii to make a payment to a third party, it is probable that settlement will be required and the amount of the obligFatioii can be tneasuTed reliably. Expenditure is classified undeT 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 quotcd invc%tmcnts. Expendi￿re on charitable activities includcs the costs associated with funhcring the charitable purposes of the charity throiioh tlie provision of its charitable activities. These costs Coinprise ¢haritablc 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 cach particiilar case and comprise sin£le year payments rather thaii multi-year grants. Cjrants and donations are included in the 5tatenient of financial activities when appToved for payment. Provision is Inade for grants and donati0115 approved but uiipaid at the Period end. Overheads have been apportioned between the Funds accordiiig to the fund balances at the beginning of tlie year. Graiits aiid bursarie5 Grants ai)d bursaries are accounted for in the year in which they are awarded. Estimation uncertain 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 fit)ancial statements nor do any estiinates or assumptions made earry a signilicant risk of n)aterial adjustment in the next Iinancial >'ear. Anal sis of Total Ex enditure 2023 Activities Vndertaken Direetly Grant Funding Support Costs Total 2023 Total 2022 Raising Funds Investment Managers 37,146 37,146 38,782 Activitie5 Undertaken Directly Grant Funding Support Costs Total 2023 Total 2022 Charitable ActiTrities Scholarships & Bursaries Administrdtion Costs Professional Fees Graiits and Lectures 204,000 204,000 10,045 10,680 25,199 204,000 9,542 33,515 11,862 10.045 10.680 25,199 229,199 20.725 249,924 258,919 12 THE WESTMINSTER SCHOOLSOCIETY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 MARCH 2023 Anal sis of Total Ex enditure 2022 Activities Undertaken Direetly Grant Funding Support Costs Total 2022 Raising Funds Investment Managers i8,782 38,782 Actii'ities ilndertake Directly Grant Funding Support Costs Total 2022 Charitable A£tiviti¢s Schnlar%hips & Burswies Adniinistration Costs Professional Fees Grants and Lectures 204.000 204,000 9,542 33,515 11,862 9,542 33.515 11,862 215,862 43.057 258,919 NET INCOME IS STATEDAFTER CHARGING: 2023 2022 Auditor's remuneration- audit (net of VAT) 9,800 8,800 No remuneration was paid and no expenses were reimbursed to any of the members of ihe Council. STAFF COSTS The Society had no employees in 2023 or 2022. The Society's administration is undenaken by Westminster School and rhe associated costs are charged to the Society. IiYVESTMENT INCOME 2023 2022 Income from listed investments Interest receivable Rent re¢eivable 154,961 4,202 78,000 107,025 79 78,000 237,163 185,104 THE WESTMINSTER SCHOOLSOCIETY NOTES TO THE ACCOUNTS (eontinued) FOR THE YEAR ENDED 31 MARCH 2023 FIXED ASSET INVESTMENTS Restated 2022 2023 Listed investinents Investment property 7,965,058 2,500,000 8,532,i89 2,400,0(X) 10,465,058 10,932,i89 Listed UK investrnents Restaied Market value at l April 2022 Additions at cost Proceeds on disposal Realised {loss)Igain on disposals Net (lossllgain on revaluation at 3 1 Mar¢h 2023 8,302,698 342,270 1571.180) {53,954) 1491.667) 7,120,580 1,085,142 (3 19,834) 8,117 408,693 Market Value at 31 March 2023 7,528,167 8,302,698 Cash held for investment 436,891 229.691 7,965,058 8,532,389 Historic Cost at 31 March 2023 6,024,266 6,184,537 Investment property Balance transferred from freehold property Net (lossllgain on revaluation 2,400.000 100,000 2.400.0(10 2,500.000 2,400.000 The property M'as revalued oil an open market basis at 16 June 2022. The tnjstees reviewed the valuation and do not believe that it has materially chaiigFed since that time. CREDITORS 2023 2022 'estminster School Grant5 Payable Accruals and Def£￿ed Inconie 188,252 50,823 31,260 360,503 39,251 37,260 270,335 437,014 Deferred Income represenis reni Ihat has been invoiced in advance. 2023 2022 Deferred Income ai l April 2022 Released in the year Ne￿ deferrals 19,500 119,500) 19,500 19,500 (19,500) 19,500 Deferred Income at 31 March 2023 19,500 19,500 14 THE WESTMINSTER SCHOOLSOCIETY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 MARCH 2023 UNRESTRICTED FUNDS 2023 Restated balanee at l April 2022 Balance at 31 March 2023 Investment Losses Income Transfers Expenditure General Fund 9,356.733 199.271 (43,651) 9,228,635 (283,718) Restated Balance at 31 March 2022 UNRESTRICTED FUNDS 2022 Restated Investment Gains Balance at I April 2021 Income TraNsfer5 Expenditure 8,561,246 1,072,251 (295.283) 18,519 9,356,733 RESTRICTED FUNDS 2023 Balanee at Balanee at 31 March 2023 Investment Losses 2022 Ineome Transfers Expenditure Blackwell Fund Sir Adrian Boult Scholarship Fund College Endowment Fund Keasby Fund Sir Henry Tizard Fund Trust Fund 93.079 139,586 1,983 3,592 (168) (251) {21.272) {38.346) 7i,622 104.581 31.281 9,646 {743) 40,184 322,518 24.561 7,579 10,033 (581) (1.156) {78.999) 250,517 33,438 251,533 5,159 (453) 155,339) 200,900 862,558 37,992 13.352) (193.956) 703,242 THE WESTMINSTER SCHOOLSOCIETY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 MARCH 2023 RESTRICTED FUNDS 2022 Balanee at April 2021 Balanee at 31 March 2022 Investment Gains Income Transfers Expenditure Blackwell Fund Sir Adrian Boult Scholarship Fund Collegc Endowment Fund Keasby Fund Sir Henry Tizard Fund Trust Fui)d 70.726 99.237 (1351 (1901 21.077 37.996 93.079 139.586 2,543 25,186 6,672 1577) 31,281 239,453 18,126 5,242 7,127 {453) {692) 78,276 322,518 24,561 193,402 3,670 {371) 54,832 251,533 646,130 26,665 {2:418) 192,181 862,558 The Blackwell Fund represents monies granted or donated to finance travel and courses for Under School teaeheis. The SirAdriaii Boult Seholarship Fund represents Inoiiies granted or donated to fund n)usic scholarships. The College Endowment Fuiid w'as set up in 1960 to providt inLoine for the upkeep of College and maintenance of the Queen's Scholars and others specilied in the Deed dated 29 Jaiiuary 1960. The Keasby Fund represents moiiies granted or donated for the beiiefit tsf the Common Rooin. The Sir Henry fizaid Fund Comprises funds donated ftsr the PUTpose of exteiiding facilities for sciei)tific 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. ENDOWMENTS 2023 Balance at l April 2022 Balance at 31 March 21)23 Investment Losses Income Expenditure College Endowment Fund Sir Henry Tizard Flind 381,289 450,i84 {100,543) (107,471) 280,746 342,913 831,673 (208,0141 623,659 ENDOWMENTS 2022 Balance at Balance at 31 March 2022 Investment Losses 2021 Income Expenditure College Endowment Fund Sir Henry Tizard Fund 281,666 343,897 99,623 106,487 381,289 450,384 625,563 ?06,110 831,67i 16 THE WESTMINSTER SCHOOLSOCIETY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 MARCH 2023 10. ANALYSIS OF NET ASSETS 2023 Tangible Fixed Assets Net Current Assetsl(Liabilities) Total Investments Unrestricted Funds Restricted Funds Endowments 8.874,818 854,855 735,385 353.817 9.228,635 703,242 623,659 (111,726) 10.465,058 90,478 10.555,536 ANALYSIS OF NET ASSETS 2022 (r¢$¢at¢d) Tangihl¢ Fixed Ass¢tS Net Current Ass¢ts/(Liabilities) Totsl Investments Unrestricted Funds Restricted Funds Eiidowments 8,940.108 1,026.629 965.652 416.625 (164.071) (133.979) 9,356,733 862,558 8i1,673 10,932.389 118,575 11,050,964 Re¢ot)ciliation of moven)ents in unrealised losseslgains on listed investment assets Unrestriettd Funds Restrietcd Funds Endowment Funds Total Unrealised gains ai l April 2022 Share realised on disposals Share of unrealised gains for the year 2,065,396 (53,954} (90,294} 261,449 244,657 2,571,502 (53,954) (491,667) {210,914} {190,459} Share of unrealised gains/(losses) at 31 March 2023 1,921,148 50,535 54.198 2,025.881 ii. RELATED PARTY DISCLOSURES The Society had the following related party transactions with Westminster School in the year ended 31 March 2023.. The Society paid £24,899 (2022.. £11,862) in grants 10 the School. The Society paid £204,000 (2022.. £204,000) in bursaries to the School. The Society has been using the School premises to house its office on a rent-free basis. The Society Teceived relit of £78,000 (2022.. £78,000) froin the School. The Society paid £9,94012022.. £9,539) to the School for adininistrative expenses. 12. TAXATION The Society is a registered charity, and no liability to taxation arises on the it]come or capital gains in the accounts. 17 THE WESTMINSTER SCHOOLSOCIETY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 MARCH 2023 13. PRIOR PERIOD ADJUSTMENT During the preparaiion of the 2023 financial statements, investments and unrealised gains were fL)und to be overstated in the prior year. The adjustments necessary to cover this are as follows.. Year ended 31 Marth 2022 (a5 previnusly stated) Year ended 31 March 2022 las restated) Prinr period adjustmeiit Net gain on investments 870.151 (453.341) 416,810 Unrestricted funds 9,810,074 (453.341) 9,356,733