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 y￿re.
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 endoW￿d 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 satIsf￿d 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, wh￿h 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 signif￿ant 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 othe￿ise
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 follo￿￿ng 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 prO￿dureS 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 prO￿dureS 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 non￿Ompliance 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 COn￿rn,
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 con￿rn.
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 dete￿nined by a RICS registered surveyor. In the periods be￿een 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 End0v￿ent 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