THE WESTMI]ysfER SCHOOLSOCIETY
(Limited by Gu*rsntee)
REPORT AND ACCOUNTS
FOR THE YEAR ENDED
31 MARCH 2024
Registered Ch*rily Number: 1076221
Registered Comp•fiy Number.. 329657 {Engl*nd & W#l¢s)
'AOIFTF3N*
2111212024
COMPANIES HOUSE
#79

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.
owE￿IvEs 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 fu￿re 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 u￿n 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 dIr￿llY 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 prOJ￿ts 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.
A￿lon 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-rel￿ed 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 Inve￿ment 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 2￿6. They are also reS￿nSIble for safeguarding the assets of the charitable wmpany and hence for taking
reasonable slcps for the prcvention and de￿110￿ 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 ac￿￿ntS. 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¢ perfo￿ed, 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 AuD￿ORs, REPORT TO THE MEMBERS OF THE WESTMINSTER SCHOOL SOCIETY
(continued)
We have nothing to report in respect of the following matters in rel￿10n 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 St￿ments 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¢s￿nSIble 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 a￿Ve. 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 Op￿rtUnItIeS 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 fo￿5 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 AUdI￿￿S 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
Ho￿Tary Treasurer

THE wESTMIN￿ER SCHOOLSOCIETV
{Company Nurnber 329657)
CASH FLOW STATEMENT
AS AT31 MARCH 2024
2024
2023
CASH FLOWS FROM OPERATING A￿1VITIEs
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 a￿OuntS 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 TrU￿ceS 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 bc￿eCn 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
Gr*nt
Funding
Support
Cos¢$
Total
2024
Total
2023
Raising Funds
Invesiment Managers
37.589
37,589
37,146
Activities
Undertaken
Directly
Cr*nt
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 cO￿s
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
uNRESTRl￿ED
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
LO￿t8
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$tlO{Liabililies)
Total
Unrestricted Funds
Restricted Funds
Endowments
8,874,818
854.855
735.385
353,817
(151.613)
{111.726)
9,228,635
703,242
623.659
10.465.058
90.478
10,555.536
Reconciliation of movements in unrcalised loSk￿gainS on listed investment assets
Unrestricled
Funds
Restricted
Funds
Endowment
Funds
Total
Unrealised gains at l April 2023
Share realiscd on disposals
Share of unrealised gains for the year
1.921.148
50,535
54,198
2.025,881
(22,412)
91.679
98,325
167,592
Share of unrealised gainsl(losses) al 31 March 2024
1,887.626
142,214
152,523
2.182.363
li.
RELATED PARTY DISCLOSURES
The Society had the following related party transactions with Westminster School in the year ended 31 March 2024:
The Society paid £11,663 (2023- £24.899) in 8ranis io the S¢hool.
The Society paid £204.000 (2023: £204,000) in bursarie$ 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 acC￿nts.
17