THE WESTMINSTER SCHOOL SOCIETY (Limited by Guarantee) REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 Reglstered Charity Number: 1076221 Reglstered Company Number: 329657 (England and Wales)
THE WESTMINSTER SCHOOL SOCIETY (Limited by Guarantee) REPORT AND ACCOUNTS CONTENTS Pages Report of the Council 14 Report of the Auditors 5-7 ststement of Financial Activities Balance Sheet Cash Fbw Statement 10 Notes to the Accounts 11-19
THE WESTMINSTER SCHOOL SOCIETY REPORT OF THE COUNCIL FOR THE YEAR ENDED 31 MARCH 2025 To be presented to Members at the 85th Ordinary General Meeting The Council has pleasure in presenting their 84th Report along with the financial statements of the Society for the year ended 31 March 2025. OBJECTIVES AND ACTIVITIES The Society was founded in 1937 by Lord Greene. Master of the Rolls, and other distinguished Old Westminsters, as an independent charity to raise and administer funds to support the education of pupils at Westminster School, and is principal funded by the generosty of Westminsters and their parents. An objective of the Society is to build up its funds for the capital and income to benefrt future generations of pupils at the School. In addition to ils unrestricted fund, the Society is the trustee of restricted and endowed funds whose objects are to benefrt the School. The Society has a longstanding practice of funding bursaries to enable pupils to obtain a Westminster education which they would otherwise be unable to afford. The Society invites grant applications for purposes which will enhance lrfe within the School. These grants are made at the discretion of the Council and are based on their understanding of the desires of donors to the Society, as well as the needs of the School and of its present and prospective pupils.. a primary aim of the Council is to reinforce success, whether academic, artistic or sporting. BURSARIES AND GRANTS The Council members are responsible for the distribution of funds in the fomi of bursaries and grants in accordance with the Societys objects and for evaluating whether bursaries and grants made have been effective in meeting these objectives. The Trustees confim that they have complied with the duty in S.17 of the Charities Act 2011 to have regard to public benefft guidance published by the Charity Commission in determining the activities undertaken by the Society. All bursary applications are considered on a case by case basis by the School based upon the Societys objects, and are reviewed by the Council. The majority of the Societys bursaries are used to meet these objectives of relieving need, hardship and distress of eligible beneficiaries and their dependents by contributing to fees of young people attending Westminster School. Such applications are means tested and are paid directty to the School to ensu they are used for the purpose intended. The Society also makes grants to the School to contribute towards the cost of capital or other projects which further the School's activities. ACHIEVEMENTS AND PERFORMANCE 1. Bursaries The pattern of the School's bursaries was continued wtth a total contribution of £210,000 (2024 £210,000). 2. Grants The Council made grants to the School from the General Fund totalling £14,660 (2024 £11,663) and wrote off grants totalling £15.516 (2024 £11,569). The major grants awarded yre. Travel awards £9.000 Library bags £1,600 CNC Router for Hooke Workshop £1,550
THE WESTMINSTER SCHOOL SOCIETY REPORT OF THE COUNCIL FOR THE YEAR ENDED 31 MARCH 2025 INVESTMENT POLICY AND PERFORMANCE In addition to its General Fund, of which both the capttal and income are available to the Council, the SocEty maintains restricted and endoWd funds whose objects are to benefrt the School. There have been no significant changes in the objectives or policies of the Society during the year. The Council has delegated day to day responsibilty for the management of its listed investrnents to fund managers Canaccord Genuty Wealth Limited and Waverton Investment Management Limited, and has set guidelines for the investment of each fund based upon the required risk profile. Performance criteria are built into the Council's regular review wrth Canaccord and Waverton during the year. The Council has reviewed the performance of each individual fund against appropriate market indi$ and is satIsfd with the performance during the year. Canaccord Total Retum for the year under review was -0.300A. The PIMFA Balanced Return for the period was 4.580A and the ARC Balanced Retum was 2.53%. Waverton's Total Return for the year under review was 4.29%. FINANCIAL REVIEW The Society is reliant on the income from its tangib assets and investments. The Societys investment income decreased from £289.362 in 2024 to £285,494 in the year under review. Expenditure decreased from £277,125 in 2024 to £270.994. Before gains and losses, there was an overall surplus for the year under review of £14,625 (2024: surplus of £12,312) and after taking into account realised and unrealised gains on investments there was a surplus of £765.677 (2024.. surplus of £484,990). The net surplus for the year was £765,677. This comprises surpluses of £718.637. £15.641 and £16,774. in the unrestricted. restricted and endowment funds respectively. The total funds (unrestricted, restricted and endowment) under the stewardship of the Council now stand at £11,806,203 {2024.. £11,040,526). RISK MANAGEMENT The Council annualty assesses the major rtsks faced by the Society and has established controls to mitigate those risks as far as practicable. The Council believes that the assets and reserves of the Society are adequate to fulfil its obligations. The Council members have identified the following risks.. Investments wll drop in value. Donations will not be spent in accordance IMth the Societys objectives. Action taken to mitigate the risks. Council Members have appointed professional firms to manage the investrnents. Grants are considered and approved for payment at Trustee meetings. In accordance with the Societys objects set out in its Memorandum of Association, the Council's policy is to decide annually how far to spend tts caprtal and income immediately and otherwise to build up a pemanent fund for the benefit of the School. RESERVES At the year end, the chanty held restricted funds totalling £907,040, endowment funds of £738,758 and unrestricted general funds of £10,160,405. The policy of the Council is to try to ensure that the total investments are maintained at an amount which will produce sufficient income to cover the charitys annual grants, legacies and bursaries as described above. At the year end the charity held listed investments valued at £8.478m, and an investment property valued at £3.045m, whh the Council feels is sufficient to generate the necessary level of income in order to meet the chariws spending requirements.
THE WESTMINSTER SCHOOL SOCIETY REPORT OF THE COUNCIL FOR THE YEAR ENDED 31 MARCH 2025 PLANS FOR FUTURE PERIODS The SchcKJI Society is a lasting testimony to the philanthropic concems and generosty of Lord Greene and many other Old Westminsters. The Council will continue to offer bursaries to pupils at Westminster School, and grants to Westminster School. STRUCTURE, GOVERNANCE AND MANAGEMENT The financial statement have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Socievs goveming documents, which are its Memorandum of Articles of Association dated 2 July 1937, the Charities Act 2011 and the Accounting and Reporting by Charities.. Statement of Recommended Practice. The Society is a company registered in England {No 32%57) with liabilty limited by guarantee, and is also a registered charity (No 1076221). The principal and registered office of the Society is at One Bartholomew Close, London EC1A 7BL. The charity does not employ any staff and therefore no staff-related disclosures are needed. MEMBERSHIP OF THE COUNCIL Membership of the Council is limited to Old Westminsters and two School Govemors nominated by the Governing Body. During the year and to the date the financial statements were approved. the members of the Society's Council were as follows: E N W Brown (RR) 1968173 (Chaimian) D Barnes (Aq) 1967ri3 ' D M Eaton Turner (LL) 1974-79 T P J Edlin (DD) 1993-98 P W Matcham (RR) 1965-70 C Baughan (RR) 1955-59 (Hon Treasurer) A Basirov (GG) 1989-94 A C N Bory (BB) 1955-60 (resigned 18.03.25) C F Lewis {GG) 1980-82 ' D J Mahoney (GG) 1989-94 (appointed 21.03.25) . Membets retiring by rotation at Ihe AGM, but willing to be elected The Council has betsveen nine and ftfteen members, of vthorn not more than four rnay be members of the Governing Body. Members of the Council are elected al the Societys Annual General Meeting, or may be appointed by the Council. In the latter case, the newly elected members must retire at the following Annual General Meeting and may offer themselves for re-election, along with other members retiring by rotation. In total, a third of those members not nominated by the School's Goveming Body retire by rotation at each Annual General Meeting. The Chaimian or Treasurer ll11 discuss the Societys history, activities and achievements with new members of the Cauncil to ensure that they understand how the Sociews objectives are met and what their duties as a trustee are. Council members receive regular reports from the Investment Managers about investment performance. The Council usually meets three times a year to agree broad strategy and areas of activity for the Society, including consideration of grants. investments, reseNes and risk management policies and performance. Applications for grants and reports on their outcomes are considered by the Council. The members of the Council are unpaid and are not reimbursed wrth any expenses. PUBLIC BENEFIT The trustees confimi that they have complied with their duty under section 17 of the Charities Act 2011 to have due regard to the Charty Commission's guidance on public benefrt vthen carrying out their responsibiltties.
THE WESTMINSTER SCHOOL SOCIETY REPORT OF THE COUNCIL FOR THE YEAR ENDED 31 MARCH 2025 REFERENCE AND ADMINISTRATION DETAILS The Registered Office of the Society is One 8artholomew Close, London EC1A 7BL The principal advisors of the Society are as follows: ttors.. Godfrey Wilson Ltd, 5th FkK)r, Mariner House, 62 Prince Street, Bristol, BS1 4QD Bankers: Royal Bank of Scotland, 49 Charing Cross Road, SW1A 2DX Canaccord Genuty Wealth Limited 88 Wood Street, EC2V 7QR Waverton Investment Mgmt Ltd, 16 Babmaes Street, SW1Y 6AH Investment Mana ers.. TRUSTEES. RESPONSIBILITIES STATEMENT 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 for each financial year which give a true and fair view of the state of affairs of the charitsble 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 Chartties SORP.. Make judgements and estimates that are reasonable and pwdent.. State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and Prepare the financial statements on the going concem basis unless rt is inappropriate to presume that the charttable company will continue in business. The Trustees are responsible for keeping proper accounting records that disclose wf(h reasonable accuracy at any time the financial posf(ion 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. In so far as we are aware: There is no relevant audit infomiation of which the charitable companls auditor is unaware,. and The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit infomation and to establish that the auditor is aware of that infomiation. The Trustees. report has been prepared taking advantage of the small company exemptions provided. by section 415A of the Companies Act 2006. This report was approved by the COUNI on 6 November 2025 and signed on its behalf by.. oft
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WESTMINSTER SCHOOL SOCIETY OPINION We have audited the financial statements of The Westminster School Society (the 'SocieV) for the year ended 31 March 2025 which comprise the statement of financial activities. balance sheet. statement of cash flows and the related notes to the financial statements. including a summary of signifant accounting policies. The financial reporting framewor* that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102= The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements= give a true and fair view of the state of the charivs affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expendrture, for the year then ended., have been propedy prepared in accordan wrth United Kingdom Generally A¢pted Accounting Practice: and have been prepared in accordance with the requirements of the Companies Act 2006. BASIS FOR OPINION We ¢onducted our audit in accordan WTth International Standards on Audrting (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements sectKJn of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wf(h these requirements. We believe that the audtt evidence V have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements. we have concluded that the directors. use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not hJ8ntified any material uncertainties relating to events or condriions that. individually or collectively, may cast significant doubt on the charitys ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. OTHER INFORMATION The other information comprises the infomiation included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infomiation. Our opinion on the financial statements does not cover the other information and, except to the extent otheise explicitly stated in our report, we do not express any fomi of assurance conclusron thereon. In connection with our audit of the financial statements, our responsibilty 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 perfomied, 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.
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE WESTMINSTER SCHOOL SOCIETY OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audit: the infomiation given in the trustees. report, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements., and the directors, report included within the trustees, report has been prepared in accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and understanding of the company and its environment obtained in the course of the audrt, we have noL identified material misstatements in the directors, report included within the trustees. report. We have nothing to report in respect of the follong matters in relation to which the Companies Act 2006 requires us to report to you rf, in our opinion.. adequate accounting records have not been kept or retums adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and retums,. or certain disclosures of trustees, rernuneration specified by law are not made: or we have not received all the information and explanations we require for our audit- or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. RESPONSIBILITIES OF THE TRUSTEES As explained more fully in the trustees. fesponsibilities ststement set out in the trustees, report, 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 intemal control as the trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's abilty to continue as a going concern. disclosing, as applicable, matters related to going concem and using the going concern basis of acccnjnting unless the trustees etther intend to liquidate the chanty or to cease operations, or have no realistic alternative but to do so. OUR RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtsin reasonable assurance about vthether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS {UK) wll always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf. 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 procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed betow. (1) We obtained an understsnding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance wtih applicable law and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE WESTMINSTER SCHOOL SOCIETY (2) We reviewed the charty's policies and procedures in relation to= Identifying, evaluating and complwng wrth laws and regulations, and whether they were aware of any instsnces of non-compliance" Detecting and responding to the risk of fraud. and whether they were aware of any actual, suspected or alleged fraud,. and Designing and implementing intemal controls to mitigate the risk of non-compliance wrth laws and regulations, including fraud. (3) We inspected the minutes of trustee meètings. {4) We enquired about any non-routine communication with regulators and reviewed any reports made to them. (5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations. (6) We performed analytical prOdureS to identrfy any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error. (7) We assessed the risk of fraud through management override of controls and carried out prOdureS to address this risk. Our procedures included.. Testing the appropriateness of journal entrtes. Assessing judgements and accounting estimates for FKitential bias: Reviewing related party transactions,. and- Testing transactions that are unusual or outside the normal course of business. Because of the inherent limitations of an audit: there is a risk that we will not detect all irregularities, includin9 those leading to a material misstatement irk.the financial statements or nonOmpliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilrties for the audtt of the financial statements is located on the Financial Reporting Council's website at.. W*WI.frc.org.uklaudrtorsresponsibilities. This description fonns part of our auditorfs report. USE OF OUR REPORT This report is made solely to the charws 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 chariws members those matters we are required to stste to them in an audrtols report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilty to anyone other than the charty's members as a body, for our audit work, for this report, or for the opinions we have fomied. Date: ,I,/Lr William Guy Blake ACA (Senior Statutory Auditor) For and on behalf of.. GODFREY WILSON LIMITED Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS14QD
THE WESTMINSTER SCHOOL SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Restricted Endowment Funds Funds Funds Total 2025 2024 Notes INCOME AND ENDOWMENTS FROM: Donations and legacies Investments 125 239.480 125 285,494 75 289,362 46,014 Total income 239.605 46,014 285,619 289,437 EXPENDITURE ON: Raising funds Investment managers, fees Charitable activities 40,328 227,485 40,328 230,666 37,589 239,536 3,181 Total expenditure 267,813 3.181 270.994 277,125 Net gains on investments 718,637 15,641 16,774 751,052 472,678 Net income and Net movement in funds 9-11 690.429 58.474 16,774 765,677 484,990 Reconciliation of funds.. Fund balances brought forward at 1 April 2024 9,469,976 848,566 721.984 11,040,526 10,555,536 Fund balances carried forward at 31 March 2025 10,160.405 907.040 738.758 11,806,203 11,040,526 There are no gains and losses other than those presented at)ove. The resutts for the year are derived from continuing activities. The Income and Expendtture Account required under the Companies Act 2006 is as above excluding the unrealised gainsllosses on investment assets. No separate Income and Expendrture Account has therefore been produced.
THE WESTMINSTER SCHOOL SOCIETY BALANCE SHEET AS AT 31 MARCH 2025 Restated 2024 2025 Notes FIXED ASSETS Investments 11,662,056 10,932,402 CURRENT ASSETS Debtors Cash at bank and in hand 14.813 420.368 435,181 14,440 537,373 551,813 CREDITORS: Amounts falling due within one year (291,034} (443.689) NET CURRENT ASSETS 144,147 108,124 NET ASSErs 11,806,203 11,040,526 RESERVES Unrestricted funds Restricted funds Endowment funds 10,160.405 907.040 738,758 9,469,976 848,566 721,984 10 12 11,806,203 11,040,526 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 6 November 2025 and signed on their behalf, by. innan of un
THE WESTMINSTER SCHOOL SOCIETY CASH FLOW STATEMENT AS AT 31 MARCH 2025 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net cash used in operating activities (see below) (423,897) {103.696) CASH FLOWS FROM INVESTING ACTIVITIES Dividends, interest and rents from investments Purchase of investments Proceeds from sale of investments Changes in investment cash held for reinvestment 285.494 {1,257.699) 1,187.984 91,113 289,362 (714,782) 512,895 192,780 Net cash provided by investing activities 306.892 280,256 CASH FLOWS FROM FINANCING ACTIVITIES Change in cash and cash equivalents during the year (117,005) 176,560 CASH AND CASH EQUIVALENTS At the beginning of the year 537,373 360,813 Atthe end of the year 420,368 537,373 RECONCILIATION OF NET INCOME TO NET CASH INFLOWS FROM OPERATING ACTIVITIES Net (deficit) l income for the reporting period (as per the statement of financial activrties) Losses l {gains) on investments Dividends, interest and rents from investments (Increase) I decrease in debtors (Decrease} l increase in creditors 765,677 (751.052) {285,494) (373) (152,655) 484,990 (472,678) {289,362) 173,354 Net cash used in operating activities (423,897) (103,6961 10
THE WESTMINSTER SCHOOL SOCIETY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below. Basis of Accountin The financial statements have been prepared in accordance wrth Accounting and Reporting by Charities.. ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102) (effective January 2015} - the Statement of Recommended Practice for Charities (SORP 2015) (Second Edition, effective January 2019) and the Companies Act 2006. Westminster School Society meets the definition of a public benefrt entty under FRS 102. Assets an¢J liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. aration of the accounts on a oin concem basis The accounts have been prepared on the assumption that the entty is able to continue as a going COnrn, which the trustees consider appropriate having regard to the current level of unrestrided reseNes. There are no material uncertainties about the enttys abilty to continue as a going conrn. Funds Unrestricted funds comprise accumulated surpluses and deficits on general funds. They are available for use at the discretion of the Council in furtherance of the general charitable activtties. Restricted funds are used for specifr purposes as stated by the donor. Expenditure which meets these crf(eria is charged to the fund. The income generated by the funds held on endowment is restricted and is, therefore, disclosed separately as part of restricted funds for the year. Investments Investments are included at market value. All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses of investments are calculated as the difference between sales proceeds and opening market value at the year end and the opening market value (or purchase date rf later). Investment Investment propety is property {land or a building. or both) held to eam rentals or for capiial appreciation or both. Investment property is initially measured at cost when purchased. Investment propety is subsequently measured at fair value at the reporting date. This method of valuation applies to all the charity's investment properties. Valuations are undertaken by a RICS registered surveyor on a 3 year basis, wtih trustee valuations undertaken in the interim. Gains or losses arising from changes in the fair value of investment propety are included in net profit or loss on the face of the Statement of Financial Activrties for the period in which they arise. Cash and bank Cash at bank and in hand includes bank accounts. cash and short temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 11
THE WESTMINSTER SCHOOL SOCIETY NOTES TO THE ACCOUNTS {continued) FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (continued Creditors and rovisions Creditors and provisions are recognised vthere the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliabty. Creditors and provisions aTe normally recognised at their settlement amount Income reco nrtion Income is recognised when the charity has entrtlement to the funds. any perfonnance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount due to settle the obligation can be measured or estimated reliably. Dividends are recognised once the dtvidend has been declared and notification has been received of the dividend due. Interest on funds held on deposrt is included when receivable and the amount can be measured reliabty by the charty., this is nomially upon notrfication of the interest paid or payable by the bank. Legacies and donations are included in full in the Statement of Financial Activities when there is entitlement, probability of receipt and the amount of income receprfable can be measured reliabty. enditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probably that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activty headings" Costs of raising funds comprise fees paid in respect of fund management advice in relation to the charivs portfolio of quoted investments. Expenditure on charitable activrties includes the costs associated with furthering the charitable purposes of the charity through the provision of rts charitable activrties. These costs comprise charitable grants and bursaries. 1t.also includes governance costs. Charitable grants and donations are made where the Trustees consider there is a real need follovring a review of the details of each particular case and comprise single year payments rather than multi-year grants. Grant¥ and donations are included in the Statement of Financial ActivrtFes when the offer is conveyed to the recipient. Provision is made for grants and donations but unpaid at the period end. Overheads have been apportioned between the Funds according to the fund balances at the beginning of the year. Grants and bursaries Grants and bursaries are accounted for in the year in which they are awarded. Estimation uncertain In the application of the Charivs accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlytng assumptions are based on historical experien and other factors that are considered to be relevant. Actual resutts may differ from these estimates. The estimates and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised rf the revision affects only that period, or in the period of the revision and future periods rf the reviston affects both current and future periods. 12
THE WESTMINSTER SCHOOL SOCIETY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (continued Estimation uncertain continued The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are as follows.. The valuation is of investment property is deemed to be the market value of the land and buildings on a market rental value basis, as detenined by a RICS registered surveyor. In the periods beeen fomial valuations, trustees perform an interim assessment based on land registry and other available data. 2. ANALYSIS OF TOTAL EXPENDITURE 2025 Activities Grant Undertaken Funding Directly Support Costs Total 2025 Total 2024 Raising funds Investment managers 40,328 40,328 37,589 Charitable activttles Scholarships and bursaries Administiation costs Professional fees Grants and lectures 210,000 210,000 12,164 10.200 (1.698) 230,666 210,000 10,907 18,240 389 .239,536 12.164 10,200 (1,698) 208,302 21364 ANALYSIS OF TOTAL EXPENDITURE 2024 Actlvltles Grant Undertaken Funding Directly Support Costs Total 2024 Raising funds Investment managers 37,589 37,589 Charitable activities Scholarships and bursaries Administration costs Professional fees Grants and lectures 210,000 210,000 10,907 18,240 389 239,536 10,907 18.240 389 210,389 29,147 NET INCOME IS STATED AFTER CHARGING: 2025 2024 Auditorfs remuneration - audit (net of VAT) 12.600 15,200 No remuneration was paid and no expenses were reimbursed to any of the members of the Council. 13
THE WESTMINSTER SCHOOL SOCIETY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 MARCH 2025 4. STAFF COSTS The Society had no employees in 2025 or 2024. The Societys administration is undertaken by Broadfield Law UK LLP (2024.. Westminster School) and the associated costs are charged to the Society. Unrestrlcted Restrfcted Funds Funds Total 2025 Total 2024 5. INVESTMENT INCOME Income from listed investments Interest receivable Rent receivable 151,574 9.906 78,000 239,480 43,854 2,160 195,428 12,066 78,000 285,494 197,077 14,285 78,000 289,362 46,014 6. FIXED ASSET INVESTMENTS Restated 2024 2025 Listed investments Investment propety 8,617.056 3,045,000 11,662,056 8,707,402 2,225,000 10,932,402 Listed UK investments Market value at 1 April 2024 Additions at cost Proceeds on disposal Realised loss on disposals Net (loss) I gain on revaluation at 31 March 2025 8,477,731 1,257,699 11.187,984 {31,722} 137,226) 8,478,498 138,558 8,617,056 7,528,167 714,782 (512,895) (11,110) 758,787 8,477,731 229,671 8,707,402 Cash held for investment Historic cost at 31 March 2025 6,622,649 6,295,368 Investment property At 1 April 2024 Revaluation 2,225,000 820.000 2,500,000 (275.000) At 31 March 2025 3,045,000 2,225.000 Historic cost at 31 March 2025 2,020,999 2,020,999 The investment property comprises the propety held on 8 Gayfere Street. The propety was valued as at 31 March 2025 by Tuckemian, RICS registered valuer {2024= interim Trustee valuation). The fair value is deemed to be the estimated market value of the buildings and the land. 14
THE WESTMINSTER SCHOOL SOCIETY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 MARCH 2025 DEBTORS Restated 2024 2025 Accrued income 14,813 14,440 8. CREDITORS 2025 2024 Westminster School Grants payable Accruals and deferred income 228.736 30,198 32,100 291,034 366,647 37,142 39,900 443,689 Deferred income represents rent that has been invoiced in advan 2025 2024 Deferred income at 1 April 2024 Released in the year .New deferrals 19,500 (19,500) 19,500 19,500 19,500 (19,500) 19,500 19,500 9. UNRESTRICTED FUNDS 2025 Balance at 1 Aprll 2024 Balance at 31 March 2025 Investment Losses Income Transfers Expenditure General Fund 9,469,976 239,605 (267.813) 718,637 10,160,405 UNRESTRICTED FUNDS 2024 Balance at 1 April 2023 Balance at 31 March 2024 Investment Gains Income Transfers Expenditure General Fund 9,228,635 231,728 (273,060) 282,673 9,469,976 15
THE WESTMINSTER SCHOOL SOCIETY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 MARCH 2025 10. RESTRICTED FUNDS 2025 Balance at 1 April 2024 Balance at 31 March 2025 Investment Losses Income Transfers Expenditure Blackwell Fund Sir Adrian Boult Scholarship Fund College Endowment Fund Keasby Fund Sir Henry Tizard Fund Trust Fund 86,430 2.328 (175) 1,715 90,298 127,802 4.254 {259) 3.092 134,889 54,192 298.868 12.077 9,489 (775) (605) 65,494 314,123 6,371 47.080 234.194 11,810 6,057 (893) (474) 57,997 244,240 4,463 848,566 46.014 {3,181} 15.641 907,040 RESTRICTED FUNDS 2024 Balance at 1 April 2023 Balance at 31 March 2024 Investment Gains Income Transfer5 Expenditure Blackwell Fund SirAdrian Boult Scholarship Fund College Endowment Fund Keasby Fund Sir Henry Tizard Fund Trust Fund 73,622 2,962 (209) 10,055 86,430 104,581 5.393 (299) 18,127 127,802 40,184 250.517 14,920 11,723 (912) (712) 54,192 298,868 37,340 33,438 200,900 15.006 7,705 (1.364) (569} (4,065) 47,080 234,194 26,158 703,242 57.709 91,680 848,566 • The Blackwell Fund represents monies grant8J or donated to finance travel and courses for Under School teachers. . The Sir Adrian Boult Fund represents Mon granted or donated to fund music scholarships. . The College End0vent Fund was set up in 1 to provide inwne for the upkeep of College and rnaintenan of the Queen's Scholars and others specified in the Deed dated January 1960. • The Keasby Fund represents monies granted of donated for the benefft of the Common Room. • The Sir Henry Tizard Fund comprises funds donated for the purpose of extending facilities for teaching and research and to pay for an annual Trzard Memorial Lecture. • The Trust Fund represents monies granted or donated for a variety of specific purposes. 16
THE WESTMINSTER SCHOOL SOCIETY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 MARCH 2025 11. ENDOWMENTS 2025 Balance at 1 April 2024 Balance at 31 March 2025 Investment Galns Income Transfers Expenditure College Endowment Fund Sir Henry Tizard Fund 328,271 8,108 336,379 393,713 721,984 8.666 16,774 402,379 738,758 ENDOWMENTS 2024 Balance at 1 April 2023 Balance at 31 March 2024 Investment Gains Income Transfer5 Expenditure College Endowrnent Fund Sir Henry Tizard Fund 280,746 47,525 328,271 342,913 623,659 50,800 98,325 393.713 721,984 17
THE WESTMINSTER SCHOOL SOCIETY NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 MARCH 2025 12. ANALYSIS OF NET ASSETS 2025 Tangible Fixed Assets Investments Net Current Assetsl(Liabs) Total Unrestricted funds Restricted funds Endowments 10.184,894 738,404 738,758 (24,489) 168,636 10,160,405 907,040 738,758 11.662.056 144,147 11,806,203 ANALYSIS OF NET ASSETS 2024 (Restated) Tangible Fixed Assets Investments Net Current Assetsl(Liabs) Total Unrestricted funds Restricted funds Endowments 9.516,209 694,209 721,984 (46,233) 154,357 9,469,976 848,566 721,984 10,932,402 108,124 11,040,526 13. FINANCIAL INSTRUMENTS AT FAIR VALUE 2025 2024 Financial assets measured at fair value 8,478,498 8,477.731 Financial assets measured at fair value comprise financral investments (excluding cash). 14. TAXATION The society is a registered charty. and no liabilrty to taxation arises on the income or gains in the accounts. 18
THE WESTMINSTER SCHOOL SOCIETY NOTES TO THE ACCOUNTS (contlnued) FOR THE YEAR ENDED 31 MARCH 2025 15. PRIOR PERIOD COMPARATIVE - STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted Endowment Funds Funds Funds Total 2024 INCOME AND ENDOWMENTS FROM: Donations and legacies Investments 75 231,653 75 289,362 57.709 Total income 231,728 57,709 289.437 EXPENDITURE ON: Raising funds Investment managers, fees Charitable activities 37.484 235.576 105 3,960 37,589 239,536 Total expenditure 273,060 4.065 277.125 Net gains on investments 282,673 91,680 98,325 472,678 Net income and Net movement In funds 241,341 145,324 98,325 484.990 16. RELATED PARTY DISCLOSURES The Society had the following reLqted paty transactions wilh Westminster School in the year ended 31 March 2025.. . The Society paid £14,650 (2024.. £11,663) in grants to the School. • The Society paid £210,000 (2024.. £210,000) in bursaries to the School. . The Society has been using the School premises to house rts Offi on a rent-free basis. . The Society received rent of £78,000 (2024.. £78,000) from the School. • The Society paid £10,550 {2024: £10,309) to the School for administrative expenses. 17. PRIOR PERIOD RESTATEMENT Prior period investments and debtors have been reststed to reclassify accrued income of £14,440 previously shown as part of listed investments as at 31 March 2024. 19