THE WESTMI]ysfER SCHOOLSOCIETY (Limited by Gursntee) REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 Registered Chrily Number: 1076221 Registered Comp•fiy Number.. 329657 {Englnd & W#l¢s) 'AOIFTF3N 2111212024 COMPANIES HOUSE
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THE WESTMINSTER SCHOOLSOCIETY (Limited by GuaraDtee) REPORT AND ACCOUNTS CONTENTS Page5 Report of the Council Report of the Auditors Stsiement of Financial Activities Balance Sheet Cash Flow Report 10 Notes to the A¢counts
THE WESTMINSTER SCHOOL SOCIETY REPORT OFTHE COUNCIL FOR THE YEAR ENDED 31 MARCH 2024 To be prtsented to Membtrs at the 84ih Ordinary Ceneral Metling. The Council ha5 pleasure in pruenling their eightie(h Report along wiilt the financial statements of the Society for the year ended 31 March 2024. owEIvEs AND ACTIVITIES The Society was founded in 1937 by Lord Greene, M&ster of the Rolls, and other dislinguishcd Old Westminsters. as an independent charity to raise and adminisier funds to support ihe education of pupils ai We51minster School. and is principally funded by lh¢ generosity of Old Wesiminsters and their parents. An objective of the Society is to build up its funds for the eapital and income to benefit fure generations of pupils ai the School. In addition to its unresiricted fund. the Society is the iruslee of restricted and endowed funds whose objects are to benefit the School. The Society has a longstanding praeiice of funding bursaries io enable pupils to obtain a Westminster UratiOn which they ¥vould Ofherwise be unable lo afford. The Society inviles granl applications for purposes whi¢h will enhance life within the School. These grants are made at ihe discreiion 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 ils present and prospective pupils.. a primary aim of the Council is lo reinforce succcss, wheiher acadernic. artislic or S)rting. BURSARIES AND GRANTS The Council fflembers are responsible for the distribution of funds in (he fomi of bursaries and grants in accordance with the Society's objects and for evaluating whether bursaries and grants made have been effective in meeiing Ihese objectives. The Trustees confirni that they have complied with the duty in section 17 of the Charities Aci 201110 have regard to publi¢ benefit guidance published by the Charity Commission in deiennining the aciivilies undertaken by the Society. All bursary applications are considered on a case-by-case basis by the School based un the Society's objects, and are reviewcd by the Council. The majority of Ihe Society'5 burwics are u%d lo meei its objeciivcs of relieving need. hardship and distress of eligible beneficiarics and their dependenls by contributing ¢0 fees of young peopl¢ while 8tt¢nding Weslmin5ter School. Such applications are m¢ans-Icsled and are paid dIrllY to the S¢hool io ensure ihey are used for the purpose intended. The Society also mike5 grants to ihe School lo ¢ontribute ioward5 Ihc cosl of ¢apital or other prOJts which further the School's activities. ACHIEVEMENTS AND PERFORMANCE Bursaries The pattern of th¢ Society'5 Bursaries was Coniinued with a totsl contribution of £210,000 (2023 £204,000). 2. Grant$ The Council mad¢ grants to the School from ihe General Fund tallIng £l1.663 and WTOte off unclaimethexpired grants tolalling £11.569. The major grants awarded were: Travel Awards Virtual R¢ality Headsets Squash Equipment £6.000 £4.398 £920 IIYVESTMENT POLICY AND PERFORMANCE In addition io its general fund. of which both the capital and in¢orn¢ are available to the Council, the Society Maintains restricted and endowed funds whose obje¢ts are to benefit the School. There have been no significanl changes in the objcctive5 or policies of ihe Society during ihe year.
THE WESTMINSTER SCHOOL SOCIETY REpoiYf OFTHE COUIYCIL FOR THE YEAR ENDED31 MARCH 2024 ACHIEVEMENTS AND PERFORMANCE (eontintsed) INVESTMENT POLICY AND PERFORMANCE {continued) The Council has delegaled day-to-day responsibility for the management of its ITsted investments to fund managers Canaccord Genuity Wealth Limited and Waverton Invesiment Management Limited, and has set guidelines for the investmenl of each Fund based upon the required risk profile. Performance criteria are built into the Council's regular review with Canaccord and Raihbones during Ihe year. The Council has reviewed the perforniance of each individual Fund against appropriate markei indiees and is satisfied wilh the perforniance during the year. Canaccord'5 Total Return foT ihe year under review was 10.04 /•. The PIMFA Balanced Return for the period was -12.Y/•. Waverton's Total Return for the year under review was 15.7 %. FINANCIAL REVIEW The Society is reliant on the income from its tangible assets and investments. The Society's investment income increased from £237.163 in 2023 10 £289.362 in ihe year under review. Expenditure decrea5cd from £287,070 in 2023 to £277.125. There was an overall surplus for the year under review of £12.312 and after taking into account realised and unrealised gains on investments there was a profil of £484.990. The Nel profil for Ihc year was £484,990. Thi5 comprises £241.341, £145.324. and £98.325 in the unrestricted, restricted. and endowment funds respeciively. The iolal funds (unrestricled, restricted and endowmcnl) under the siewardship of ihe Council now sland at £11,040,526 (2023: £10,555,536). RISK MANAGEMENT The Council annually &ssesses the major risks faced by the Society and has established controls 10 mitigaie 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 objettives. Alon taken to mitigate ih¢ ri5ks-. Council Members have appointed professional fimis to managc the inycsthienls. Grants are considered and approved for payment al Trusiee rneetings. In accordance wilh the Society's objects set out in its Memorandurn of Association, thc Council's policy 15 to decide annually how far to spend its capital and income immediately afid othen¥ise lo build up a pernianenl fund for th¢ benefit of ihe Schi)ol. RESERVES At the year end. the charity held restricted funds totslling £848,566. endowmeni funds of £721.984 and unrestricted generdl furtds of £9,469,976. The policy of the Council is to try io ensure ihat the total investments are maintained at an amount which will produce sutTicient in¢ome to cover the Charity's annual grants. Icgacie5 and bursaries a5 dc5cribed above. At the year-end the tharity held listed investments valued at £8.5m, and an investment property valud at £2.225m, whi¢h the Council feels is sufficient to generate the necessary level of income in i)rder to meet the charity's spending requirements. PLANS FOR FUTURE PERIODS The School Society is a lasting testimony to the philanthropic concerns and generosity of Lord Greene and many other Old Weslminster5. The Council will ¢ontirtue to offer bursarie5 to pupils at Weslminster School. and grants io Wesiminster
THE WESTMINSTER SCHOOL SOCIETY REPORT OFTHE COUNCIL (continued) FOR THE YEAR ENDED 31 MARCH 2024 STRucfuRE. COVERNANCE AND MANAGEMENT The financial slatements have been prepared in a¢¢ordance with the accounting policies se¢ out in noie I to the accounts and comply with the Society'5 governing documenls. which are its Memorandum and Articles ofAssociation dated 2nd July 1937, the Charities Act 201 l and the Accounting and Reporting by Charities: Sthiemenl of Recommended Practice. The Society is a company registered in England NO 329657 with liability limited by guarantec, and is also a registered charity N. 1076221. The principal and registered olfice of the Society is ai 17 Dean's Yard. tA)ndon SW I P 3PB. The charity docs not employ any stsff and therefore no s1aff-reled disclosures are needed. MEMBERSHIPOFTHE COUNCIL Membership of ihe Council is limiied Old Wesiminsters and two School Governors nominaied by the Governing Body. During the year, and to the date the financial statements wcr¢ approved. the members of the Society's Council were as follows: E N W Brown RR 1968-73 (Chairnian) D Barnes AA 1967-73 AC N Borg BB 1955-60 T PJ Edlin DD 1993-98 PW Mgteham RR 1965-70 M C Baughan RR 1955-59 (Hon Treasurer) 'A Basirov GG 1989- 94 (apwjinted 3.12.24) D M Egton Turner LL 1974-79 C F Lewis GG 1980-82 T B C H Woods GG 1969-74 (died 28.5.23) Members retiring by rolalion ai ihe AGM, bul willing lo be re-elecied
nominaled by ihe Gov¢rning Body
The Council has between ninc 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 Coun¢il. In ihe lattcr case. Ihe newly ele¢t¢d members must retir¢ ai the following Annual General Meeting and may offer Ihemsclves for re-election, along with other members retiring by rotalion. In lotal. a third of those members not nominaied by the School's Governing Body relire by rolation at each Annual General Mceiing. The Chaimian or Trcasurcr will dis¢uss the Society's history, aciivilies and achievements with new members of the Council lo ensure that they understand how the Society's objeclives are mei and what their duties as a trusiee are. Council members receivc regular reports from the Invement Managers about invesimcnl p¢rfonnance. The Council usually meets three iimcs a year to agree broad strategy and areas of activity for the Society. including consideration of grnnLS, inv¢sknenis. reserves and risk management policies and perfornlance. Applications for granis and reports on their ouicomes are considered by the Council. The members ol. the Louncil are unpaiij &iid not r¢imbur3ed with any expenses. REFERENCE AND ADMINISTRATION DETAILS The Registered Office of thc Society is 17 Dean's Yard, London, SW I P 3PB. The principal advisors of the Society are the following= Auditor Haysmac LLP, 10 Queen Street Place. London, EC4R IAG Banke The Royal Bank of Scotland. 49 Charing Cross. SW I A 2DX Investment Mana ers: Canae¢ord Genuity Wealth Limited 88 Wood Street, iA)ndon. EC2V 7QR Waverton Investment Management Limited. 16 Babmaes Street. London. SW I Y 6AH
THE WESTMINSTER SCHOOL socirry REPORT OFTHE COUNCIL (continued) FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES. RESPONSIBILITIES STATEMENT The Council (members of which are also directors of The Wesiminmer School Sociery for the purposes of company law and Trustees for the purwses of charity law) is resp)nsible for preparing the Report of ihe 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 charitsble company and of ihe incoTning resources and application of resources, including ihe income and expenditure, of the charitable company for that period. In preparin8 these financial statements, the Trusiees arc required to". Select suitable accounting policies and Ihen apply them ¢onsistenily: Observe the methods and principles in the Charities SORP; Make judgements and estimates that are reasonable and prudent; Slate whether applicable UK Accounting standards have been followed, subject to any material departures disclosed and explained in Ihc financial slat¢ment5- Prepare Ihe financial siaiements on the goin8 concern basis unless it is inappropriAie to presume thal the charitsble company will conlinuc in busintss. The Trustees are responsible for keepin8 proper accounting records that diselose with reasonable accuracy ai any time the financial position of ihe chariiable company and enable them to ensure that the financial stalemenls comply with the Companies Act 26. They are also reSnSIble for safeguarding the assets of the charitable wmpany and hence for taking reasonable slcps for the prcvention and de110 of fraud and other irregularilies. In so far as we are aware.. There is no relevant audit inforniation of which the charitable company's auditor is unaware; and The Trustees have taken all steps thai they oughi to have taken io rnake ihemselves aware of any relevant audit infomiaiion and lo establish that the auditor is aware of ihal infomialion. On 18 November 2024 the company's auditor change41 its name from Haysmacintyre LLP to Haysmac LLP. The Trustees, report has been prepared taking advantage of Ihe srnill company excmptions provided by se¢tion 415A of the Companies A¢i 2006. This report was approved by the Council on l T December 2024 and signed on its behalf by: E N W Brown, Chairnian of the Council
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WESTMINSTER SCHOOL SOCIETY Opinion We have audited the financial statements of the Westrninster School Society for ihe year ended 31 March 2024 which comprise The Statemeni of Financial Activiiies. Balance Sh¢¢t and not¢s to ihe acntS. including a summary of Significant accounting policies. The financial reporting framework that has been applied in their preparalion is applicable law and United Kingdom Accountlng Siandards. including Financial Reporting Stsndard 102 The Financial Reporling Siapldardapplicable in ihe UK and Republic oflreland (United Kingdom Generally Accepted Accounting Pra¢tice). In our opinion, the financial 51atements: give a true and fair view of ihe state of the charitable company's affairs as ai 31 March 2024 and of the chariiable company's net movemeni in fund5, including the income and expenditure. for the year then ended. have been properly prepared in a¢cordancc with United Kingdom Generally Accepted Accounlin8 Pracli¢e: and have been prepared in accordan¢e with the requirements of the Companies Act 2006. B45is for opinion We conducted our audil in a¢cordan¢e with Iniernaiional Standards on Auditing (UK) (ISAS (UK)) and applicabl¢ law. Our responsibilities under ihose stsndards are further described in the Audilor's responsibilities for the audii of the financial statements section of our report. W¢ are independent of the charity in a¢¢ordan¢e with th¢ ethical requirements ihal are relevant to our audit of the financial sialements in the UK. including ihe FRC'S Ethical Standard. and we have fulfilled our other ethieal responsibilities in a¢¢ordance wilh these requirements. We believe that the audit evidence we have obiained is suffi¢ient and appropriaie to provide a basis for our opinion. Conclusions relating to going coneern We hav¢ nothing report in respect of the following matters in relation to which the ISAS (UK) require us lo report to you where.. Ihe Trustees, use of the going coneem basis of accounting in the preparation of ihe financial statements is not appropria1¢: or Ihc Trusiees have not disclosed in ihe financial staiemenis any idenlified material uncertainties that may casi significant doubt aiK)ut the charitsble company's ability io conlinue to adopl ihe going concem basis of accounting for a period of at least twelve monihs from ihe date when ¢he financial statements are 8Uthorised for issue. Other InformA¢ion The Trustees are responsible for ihe other infomiaiion. The other inforniaiion comprises the infomialion included in the Report of ihe Council. Our opiniort on the financial staiements does not cover the other infom)ation and. except to the extent othcrwise cxplicitly 51ated in our report, we do not express any fo of assurance conclusion Ihereon. In ¢onnection wilh our audit of the financial statements. our responsibility is to read the orher infom)ation and, in doing so, onsider whether the other inforniation 15 materially inconsistenl wilh the financial stalements or our knowledge obtained in the audit or otherwise appears to b¢ malerially misstal¢d. If w¢ identify 5u¢h material inconsisiencies or apparent material missiatements. we are required to delerniine wheiher there is a material misslai¢ment in the financial slatements or material misstatement of the other infomiation. If. based on the work we hav¢ perfoed, we conclude ihat there is a material misslatement of this other infomialion. we are required io report that fact. We have nothing to report in this regard. Opinions on other marters prtseribed by the Companies Act 21)06 In our opinion. based on the work undertaken in ihe course of the audit.. the infom)ation given in the Report of the Council (which includes the directors. report prepared for.the purposes of company law) for the fTnancial year for which the financial statements are prepared is consislent with the financial staiemenls. and the directors, report included within ihe Report of the Council has been prepared in accordance with applicable legal requirements. Mgtters on whleh we are required to report by exttption In the light of the knowledge and understanding of ihe charitable company and its environmMt obtained in the wurse of the audit. we have not identified material misstaternents in the Report of the Council (which incorpordies the directors, report).
INDEPENDENT AuDORs, REPORT TO THE MEMBERS OF THE WESTMINSTER SCHOOL SOCIETY (continued) We have nothing to report in respect of the following matters in rel10n io which ihe Companies Act 2006 require5 US to r¢port to you if, in our opinion: adequate accounting records have noi been kept by the charitable company. or certain di5closur¢s of Trustees, remuneration specified by law ar¢ not rnade. or we have not received all the inforniation and explanaiions we require for our audil. or the Trustee5 were not enlitled to prepare the financial Stments in accordance wilh the small companies. regime and take advantage of the small companies. exemptions in Preparing the Trustee5' report and frorn the requirement lo prepare a strategi¢ report. Respon$ibilities of Trnstees for the fi•anci41 st4¢ements As explained more fully in the Tru5tecs' rcspon5ibililies staiemenl sei out on page 4. the Trustees (who are also the directors of the charitable company for the purwses of wmpany law) are resFK)nsible for the preparation of the financial statements and for being satisfied that they give a Irue and fair view. and for such iniernal control as the Trustees detemiine is necessary to enable the preparntion of financial slaterncnls ihat are fr from m*eTial rnisstaiement, whether due lo frnud or crror. In preparing the financial statements. Ihe Trustces arc r¢snSIble for assessing the charitable company's ability to continue as a going concern. disclosing. as applicable, matters related to going concem and using the going ¢on¢em b&8is of accounting unless the Trusiees either iniend io liquidate the charitable company or to cease operaiions. or have no realistic alternative bul to do so. Auditor's responsibilities for the Audit of tht finaneial statements Our objectives are to obtain reasonable assurance alx)ut whether the financial statcrnen15 as a whole are free from material misstatement, wheih¢r due to fraud or error, and lo issue an auditor's report thal includes our opinion. Reasonable assurat)ce is a high level of assurance. but is not a guarantee that an audii conducied in 4¢¢ordance with ISAS (UK) will always detect material misstaiemcnt when it exis(s. Misslatemcnls can arise from fraud or error and are considered material if. individually or in the aggregate, they Uld reasonably be expected influence the economic decisions of users tsken on the basis of these financial stalements. Irregularilies. including fraud, are instances of non-compliance wtth laws and regulations. We design procedures in line with our responsibilities, outlined aVe. to del¢cl material misstatemettts in respect of irregularities. including fraud. The extent io whi¢h our procedures are capable of delecting irrcgulariiies. including fraud is detailed below: B&sed on our understanding of the charity and Ihe environment in which it operates, we identified that the principal risks of non-eompliance with laws and regulations related to compliance with regulatory requirements of company law and we considered the extcnl lo which non-compliance might have a material effect on thc fin8ncial staiements. We also considered those laws and regulations that have a direct impact on the preparation of the financial Statements such as ihe Companies Act. We evaluated manag¢m¢nl's incentives and OprtUnItIeS for fraudulent manipulalion of the financial statements (includin8 the risk of override of contro15). and dclcrmined thai the principal risks were related to recognilion of income and management bias in certain accounting cslimates. Audit procedures perfomcd by the engagement team included: Inspcciing TTusiees' meeting minutes Inspecling correspondence wilh regulators and tax auihorilics- Discussions with management including consideration of known or suspected instances of non- compliance wilh laws and regulation and fraud. Evaluating rnanagement's controls designed to prevent and d¢¢t irr¢gularities- Identifying and testing journals, in particular journal entries posted wilh unusual descriptions, concenlrating on those posted at the Year-d. and Challenging &UmptIonS and judgemenis mad¢ by management in their critical 8ccounting estimates. Because of the inherent limitations of an audil. 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 ihat complian¢¢ wilh a law or regulation is removed from the events and tran5action5 reflected in the financial slaiemenls, as we will be less likely io become aware of insi8nees of non-compliance. The risk is also greater regarding irregularities occurring due to fraud raiher ihan error. Is fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE WESTMINSTER SCHOOL SOCIETY (continued) A further description of our responsibilities for the audit of the financial slatements is located on ihe Financial Reporting Council's website at.- lvwiv.fr .Iik/¢iiidi(orsre i)sibil ilies. This description fo5 part of our auditor's report. Use of our report Thi5 r¢port is made solely to the chariiable cornpany's members. as a body. in a¢ciYdance wilh Chapter 3 of Part 16 of the Companies Aci 2006. Our audtt work has bttn undenaken so Ihai we might stsie io the charilable company's members those matters we are required to statc lo them in an AUdIS rew)rt and for no other purpose. To the fullest extent pemitted by law. we do not accept orassume responsibility to anyone oiher ihan the chariiable company and the charitable company's members as a body, for our audit work. for thi5 rcport. or for ihe opinions we have fornied. Jane Askew (Senior Stalutory Auditor) For and on behalf of Haysmac LLP, Siatulory Auditors Date: 17 December 2024 l O Queen Street Place London EC4R IAG
THE WESTMINsfER SCHOOL SOCIETY STATEMENT OF FINANCIALACTIVITIES FOR THE YEAR EIYDED 31 MARCH 2024 Unrestricted Rtstrirttd Endowment Funds Funds Funds Total 2024 Total 2023 Iyotes INCOME AND ENDOWMENTS FROM: Donations and L£gacies Investments 75 231.653 75 289J62 100 237,163 57.709 Totsl income 231.728 57.71)9 289,437 237.263 EXPENDITURE ON: Fiaising funds Investment managers. fees Charitable activitie5 37,484 235.576 105 3.960 37,589 239.536 37,146 249.924 Total expendilure 273.060 4.065 277.125 287.070 Na gaInsl{los) on investments 282,673 91,680 98,325 472,678 (445.621) incomel(expenditure) 241.341 145.324 98.325 484,990 (495.428) Reconciliation of funds: Fund b*lAnces brought forward It l Aprll 2023 9.228.635 703.242 623.659 10,555,536 11,050.964 Fund balances brought forward 9.228.635 703.242 623.659 10,555J36 11,050,964 Fund balances urried forward t31 March 2024 9.469.976 848.566 721.984 11,040.526 10,555.536 There are no gains or losses other than those presented above. The results for the year and the prior year are dwived from rA)ntinuin8 ¥tivities. The Income and Expendilure A¢¢ouni required under the Companies Act 2006 is as above excluding the unrealised gainsllosses on invesmient assets. No separate Income and Expenditure Account has ihercfore bcen produccd.
THE WESTMIiYSTER SCHOOL SOCIETY {Comp*ny Number329657) BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 FIXED ASSETS Investments 10.946.842 10,465,058 CURRENT ASSETS Debtors Cash at bank and in hand 537.373 360,813 537,373 360.813 CREDITORS: Amounts fallinz dut within one year (443.6891 (270,335) NET CURRENT ASSETS 93,684 90.478 NET ASSETS 11.040,526 10,555,536 RESERVES Unresiricted R¢stricled Endowment 9.469,976 848.566 721.984 9,228,635 703.242 623.659 10 11.040.526 10,555,536 The financial staternents have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of th¢ Compani¢s Act 2006. The financial siaiemenis were approved by the Trustees and authorised for issue on 17th December 2024 and signed on iheir behalf. by.. ENWBrown Chairnian of thc Council M C Baughan HoTary Treasurer
THE wESTMINER SCHOOLSOCIETV {Company Nurnber 329657) CASH FLOW STATEMENT AS AT31 MARCH 2024 2024 2023 CASH FLOWS FROM OPERATING A1VITIEs Net cash used in operating activilies (see below) (103,696) (443,869) CASH FLOWS FROM INVESTING ACTIVITIES Dividends. interest and rent from investments Purchase of invesiments Proceeds from sale of invcslments Changes in investment cash held for reinvestment 289,362 (714.782) 512,895 192.780 237.163 (342.270) 571,180 (207,200) 280,256 {677.322) CASH FLOWS FROM FINANCINC ACTIVITIES Change in cash and cash equivalcnt5 in the ycar 176,560 (184,996) CASH AND CASH EQUIVALENTS At the beginning of the yeAr 360.813 545,809 At the end of the year 537,373 360.813 RECONCILIATION OF NET INCOME TO NET CASH INFLOWS FROM OPERATING ACTIVITIES incomel{defi¢il) for the reporting period {as per the statement of financial activities) (Gain5lllosscs on invesimenls Dividends. Inierest and rents from investments De¢reaSel(ln¢re) in debtors Increasel(decrease) in creditors 484.990 (472,678) {289,362) (495,428) 445.621 (237.163) 9.780 (166.679) 173.354 Net cash used in operating activities (103.696) (443.869) io
THE WESTMINSTER SCHOOL SOCIETY NOTES TO THE ACCOUNTS FOR THE Y.EAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES The principal accounting policie5 adopted. judgements and key sources of estimation uncertainty in ihe prepaTalion of the aOuntS are laid oui below. of Accountin The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Staiement of Recommended Practice applicable to Charities preparin8 their accounts in accordance with the Financial Reporting Siandard applicable lo Ihe UK and Republi¢ of Ireland (FRS 102) (effeclive l January 2015) - Ihe Statement of Recommended Practicc for Charities (SORP 2015) (Sewnd Edition. effective January 2019) and th¢ Companies Act 21x16. Pre rail f ihe account oin neern basis Having considered future budgets and cash flows. Ihc TrUceS confirni ihat ihey have no material uncertaintie5 about Ihe entity's ability io ¢ontinu¢ as a going ¢on¢¢rn for th¢ forcs¢¢ablc future. Funds Unresiricted funds comprise a¢eumulaled surpluses and deficits on general funds. They are available for use at th¢ dis¢reiion of the Council in fiirtherance of the general charitable objectives. Restricted fund5 are used for sp¢¢ific purw)Ks as stated by the donor. Expenditure which rneels thcsc criteria is charged to the fund. nv me Investments are inclLtded at rnarket value. All gains and losses are iaken to the Sialcrnent of Financial Activities as they arise. Realised gains and losses on investmenls arc calculal¢d as lh¢ difference b¢ten sales proceeds and openin8 market value (purchase dale if lalcr). Unrealised ga•ns and losses arc calculated &s the difference between the market value at the year end and ihe opening market value (or pur¢hased date if later). Investment properties are slated at open markel value. Cash and bank Cash ai bank and in hand includes bank accounis, cash and short iernl highly liquid investments with a short maturity of three monihs or less from the dale of acquisition or opening of Ihe deposil or similar account. Credilo and rovi ions Creditors and provisions are recognised where the charity has a present obligation resulting frorn a past evenl that will probably result in ihe transfer of funds io a Ihird party and the amount due to settle the obligation can be measured or esiimalcd reliably. Creditors and provisions are nomally recognised at their settlernent amouni after allowin8 for any irade discounts duc. Inc me reco nition Income is recogntsed when the charity has entitlement to the funds, any perforniance conditions 8rta¢hed to the item(s) of in¢ome have been rnet. il is probable that the inwrnc will be received and the amount cat) be measured reliably. Dividends are recognIs once the dividend 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- ¢his is nornially upon notificalion of the interest paid or payable by the bank. Lega¢ies and donations are included in full in ihc Statement of Finan¢ial A¢¢ivilies when there is entitlcmenL probability of receipt and the amount of income receivable Can be measured reliably.
THE WESTMINsfER SCHOOL SOCIETY NOTES TO TH E ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2•24 ACCOUNTING POLICIES (continued) Expenditure is recognised once there is a legal or constructive obligaiion to make a payment to a ihird party. it ts probable that settlemenl will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following aclivity. headings: Costs of raising fLtnds comprise fees paid in respect of fund management advice in relatii)n to the charity's portfolio of quoted investments. Expenditure on charilablc activities includes the costs associated with furthering the charitable purposes of the eharity through the provision of its charitable aclivilies. These costs comprise charitable grants and bursaries. It also includes governan¢¢ 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 paymenls rather than mulii-year grants. Granls and donalions are included in the statement of financial activities when approved for payment. Provision is made for grants and donations approved but unpatd at the period end. Overheads have been apportioned bceCn thc Fund5 accordin8 to the fund balance5 al the beginnin8 of the year. Grants and bursaries Grants and 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 significanl effect on the amounls recognised in the financial statements nor do any esiimates or assumptions made ¢arry a significant risk of material adjustment in the next finan¢ial year. Anal f Total Ex nditure 2 24 Activities Undertaken Directly Grnt Funding Support Cos¢$ Total 2024 Total 2023 Raising Funds Invesiment Managers 37.589 37,589 37,146 Activities Undertaken Directly Crnt Funding Support Costs Total 2024 Total 2023 Charitgble Attivities Scholarships & Bursaries Administration Costs Professional Fees Grants and Lectures 21 O,lY)o 210.000 10.907 18,240 389 204.000 10.045 10,680 25,199 10,907 18.240 389 210.389 29.147 239,536 249,924 12
THE WESTMINSTER SCHOOLSOCIETV NOTES TO TH E ACCOUNTS (continued) FOR THE YEAR E]WDED 31 MARCH 2024 Anal sis of Total Ex enditure 2023 Attivities Undertaken Dirtttly Grgnl Funding Support Costs Total 2023 Raising Funds Investmeni Managers 37.146 37,146 Activities Undertaken Directly Gran¢ Funding Support Costs To¢¥1 2023 Charit*ble Attivities Scholarships & Bursaries Administration Cosls Professional Fee5 Gran15 and Leclurcs 204.000 204.000 10.045 10.680 25,199 10.045 10,680 25,199 229.199 20,725 249.924 NET INCOME IS STATED AFfER CHARGING: 2024 2023 Auditor's r¢muneration - audit (nel of VAT) 15.2(Kl 9,800 No remuneration was paid and no expenses were reimbuT5ed to any of the mernbers of the Council. STAFF cOs The Society had no employees in 2024 or 2023. The Society's administration is undertaken by Westminster School and the asso¢Tated costs are charged to the Society. INVESTMENT INCOME 2024 2023 Income from listed invemmenls Interest receivable Rent receivable 197.077 14.285 78.01)0 154,961 4,202 78.000 289.362 237.163 13
THE WESTMINSTER SCHOOL SOCIETY NOTES TO TH E ACCOUIWTS (contiAued) FOR THE YEAR ENDED 31 MARCH 2024 FIXED ASSET INVESTMENIS 2024 2023 Listed investments Investment property 8.721,842 2,225,000 7.965.058 2.500.000 10.946.842 10.465,058 Listed UK investments Markel value * l April 2023 Additions at cost Proceeds on disposal Realised {lossygain on disposals Nel (loss)Igain on revaluaiion at 31 March 2024 7,528.167 714.782 (512.895) (11.110) 758.787 8,302,698 342,270 (571.180) (53.954) (491,667) Markct Value at 31 March 2024 8.477.731 7,528,167 Cash held for investment 244,111 436.891 8.721.842 7.965,058 Historic Cost at 31 March 2024 6.295.368 6,184,537 Investment pn)perty Balance brought forward Net (lossygain on revaluation 2,500,000 (275,000) 2,400.000 100.000 2.225.000 2,5QO,000 The property was revalued on an open maTket basis at 16 June 2022. The trustees reviewed the valuation along with Land Registry data and decided to reduce ihe value of the property as at 31.3.24 by I l°/o. CREDITORS 2024 2023 Wcstminstcr School Grants Payable Accruals and Deferred Income 366,647 37.142 39.900 188.252 50,823 31,260 443,689 270.335 Deferred Income represents rent ihat has been invoiced in advance. 2024 2023 Deferred Income at l April 2023 Released in ihe year New deferrals 19,500 (19.500) 19.500 19,500 (19,500) 19.500 Deferred Income at 31 Marth 2024 19.500 19.500 14
THE WESTMINSTER SCHOOLSOCIETY NOTES TO TH E ACCOUIYTS (Continued) FOR THE YEAR ENDED31 MARCH 2024 UNRESTRICTED FUNDS 2024 Balance #t Balance it 31 March 2024 l April 2023 Investment G#ins Intome Transfers Expenditure General Fund 9.228.635 231.728 (273,060) 282.673 9,469,976 uNRESTRlED FUNDS 2023 BA14nce At 31 March 2023 Balan¢¢ at I April 2022 Investment Losses Income Transfers ExpeDditure 9,356.733 199.271 (283,718) (43.651) 9.228.635 RESTRICTED FUNDS 2024 Balanee al l April 2023 Balance at Investment 31 M#reh Losses 2023 Income Transf¢n Expendltu Blackwell Fund Sir Adrian Boult Scholarship Fund College Endowment Fund K¢asby Fund Sir Henry Tizard Fund Trust Fund 73,622 104.581 2.962 5.393 (209) (299) 10.055 18,127 86.430 127,802 40,184 14,920 (912) 54.192 250.517 33.438 11,723 15.006 (712) (1.364) 37.340 298,868 47.080 200,900 7,705 (569) 26.158 234,194 703,242 57.709 (4,065) 91.680 848,566 15
THE WESTMINSTER SCHOOLSOCIETY NOTES TO THE ACCOUNTS (tontinued) FOR THE YEAR EIYDED 31 MARCH 2024 RESTRicfED FUNDS 2023 Balance Balance 4¢ 31 March 2023 Investment 2022 Income Transfers Exptnditurt Blackwell Fund Sir Adrian Bouli 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) 73.622 104,581 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) (55.339) 200,900 862.558 37.992 {3,352) (193.956) 703.242 The Blackwell Fund represents monies 8ranted or donated to finance travel and cour5cs for Under School teachers. Th¢ Sir Adrian Boulf Scholarship Fund represents monies granlcd or donated io fund music scholarships. The College Endowment Fund was sel 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 facililie5 for scientific teachin8 and research and to pay for an annual fizard Memorial Leciure. The Trust Fund represents monies granied or donaied for a variety of specific purpos¢s. ENDOWMENTS 2024 Bal8nce At l April 2023 Balance at Investmenl G¥in$ 31 MAreh 2024 Income Expendilure College Endowment Fund Sir Henry Tizard Fund 280,746 342.913 47.525 50,800 328,271 393,713 623.659 98.325 721,984 ENDOWMENTS 2023 Balante at l April 2022 B4lance at Investment LOt8 31 March 2023 Income Expenditure College Endowment Fund Sir Henry fizard Fund 381,289 450,384 (100.543) (107.471) 280,746 342.913 831,673 (208,014) 623.659 16
THE WESTMINSTER SCHOOL SOCIETY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED JI MARCH 2024 I& ANALYSIS OF NET ASSETS 2024 Tangible Fixed Assets Net Current A$setsl(LiAbilities) Totsl Investment$ Unrestricied Funds Restricted Funds Endowments 9.154.637 979,426 812.779 315,339 {130,860) (90,795} 9,469,976 848,566 721,984 10.946.842 93,684 11.040.526 ANALYSIS OF NET A&SETS 2023 Tangible Fixed Assets Iwvesthients Ne¢ Current As$tlO{Liabililies) Total Unrestricted Funds Restricted Funds Endowments 8,874,818 854.855 735.385 353,817 (151.613) {111.726) 9,228,635 703,242 623.659 10.465.058 90.478 10,555.536 Reconciliation of movements in unrcalised loSkgainS on listed investment assets Unrestricled Funds Restricted Funds Endowment Funds Total Unrealised gains at l April 2023 Share realiscd on disposals Share of unrealised gains for the year 1.921.148 50,535 54,198 2.025,881 (22,412) 91.679 98,325 167,592 Share of unrealised gainsl(losses) al 31 March 2024 1,887.626 142,214 152,523 2.182.363 li. RELATED PARTY DISCLOSURES The Society had the following related party transactions with Westminster School in the year ended 31 March 2024: The Society paid £11,663 (2023- £24.899) in 8ranis io the S¢hool. The Society paid £204.000 (2023: £204,000) in bursarie$ lo the School. The Society has been using the School premises io house lis office on a rent-free basis. The Society received rent of £78.IYJO (2023: £78.000) from the School. The Society paid £10,309 (2023- £9,940) to the School for adminislrative expenses. J2. TAXATION The Society is a registered charity. and no liability to taxation arises on the income or capilal gains in the acCnts. 17