2023-07-31-accounts - The West Buckland School Foundation

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Coiw)any rvgistration nui]kner: 04475523 Charity registration nuiitrr: 1096487 The West Buckland School Foundation IA LOIIViliiy liJi]iied by gwanieel Annual Rep)rt and Fiimllcial StareI1ll for the year ejlded 31 July 2023 WEST BUCKLAND SCHOOL FOUNDATION

THE IVEsf BUCKL.4ND scHL FOLtNDATION CONTENTS ReterenLe Athilinistrative tktails Trustees, Rewrt 2to8 Ststei]rnt of Trustees. Re%yin%ibilities I11dndent Exdn]iner's RvtK)rt Stsiei]rnt of Financul ALtivilivs io BdlanLe Sheet Ilto12 Noies to the Financial Statelln(s 13to32

THE IVEsf BUCKL.4ND SCHOOL FOLTNDATION REFERENCE AND ADNItNISTIL4TITrT DETAILS Chariti" Regi5tralion Number 1096487 Compan!" Regi51ralion Number IM4755?3 The LhaTiry is illLnrp()raied lli Engla1 and Wales. Wesi BULKIld We51 Buckl)d BARNSTAPLE Iki'un EX3? OSX Registered orfiee Accountants Gloi'vr Siaiibury Chartered ALLoulltants 30 Bear Street BARNSTAPLE EX3? 7DD Solicito Wollei]s Avery. House Litn) Rwd Ruuiids'H'ell Business Park BARNSTAPLE tkvon EX313TL Bank'ers Virgin Mi)ne5' 40 Si VinLeiii PlaLe GLASGOW GI 2HL Page I

THE IVEsf BUCKL.4ND scHL FOLtNDATION TRusfEES' REPORT Tlie trustevs, wlio are direciors t'or Ilie purp(i%e% ot L()tnp<lliJ' law. pre%enl Ilie ailliual rep()rt l()gether witli the tllfdncial staleiilents ot Ilie Llwitable L()nIp1) tor the elided 31 July 2023. Trustees and officers The trustevs Jnd oftiLers serving during the and since the end MTere as follows: Trustees: Mr H OrLlurd-Lisle IChdiT Mrs L Wakefield MrWHGeen The Counle55 of Arrdn MBE VLL Mr M Wi¥hth¥m Ire%igned 6 Jul J, ?023) Dr T Bigge Mr M J Hf0rd Ire%igned 6 Jul), 20231 Mr S Sn)ith Mrs B Ddly Mrs A D Webb Mr K R UndevXI Ire%igned 18 Ma), 20231 Mr J E CIM)[ Mr D J SedgwiLk Ire%igned 18 Ma), ?0?31 Ms A C Jenkills laPtK)inled 3 Januar), 20231 Mrs R A W(M)*ey Idpwinled l Novei]trr 20231 Page 2

THE IVEsf BUCKL.4ND scHL FOLtNDATION TRusfEES' REPORT Statement of Trustees, Reswbnsibililies Tlie trustevs (wh() are also Ihe direciors ot Tlie West BUCkla Scli(K)l Foundatioii tor (he purp()%es ot L(IIIIPilllJ' Idii'i are Te%tx)n%ible tor prepariilg Ihe trustees. retx)rt aiid Ilie t-lliaiicial state111]lS iii dLLorddiiLe w'illi iippIiLdble Idll. and UIiited Klli¥di)ni ALLI)uniing SuIiddrds (United KiiigTd()m Generally ALLepled ALLiiuntin¥ PrdLtiLel. including FRS 10? 'Yhe Fncial Rep)rtiii¥ Stdnddrd IppIiLable in the UK dnd RvpubliL of I[eld, CiTriiwany law requires the truslees to prep4ll¥ til1 state1]ts fur eaLh fil1ClaI edr. Uiider LIIIIIPdny Idw the truslees must nut appri)ve the tiiunLial StatenlitS unless they are Sdiisfied ihal Ili¥y give a true dnd tdir i ieiy (Ft the stdte ot dtldirs ot Ihe Lluritsble L()IllP<iny and ot il)e iiicollllng resources dnd appliLaiii)n of resources. including its incoI1 diid eXndIn1¢. of ihe Lluritdble Lllil]Piiny tor tthai periixl. In prepariA)g these t-lluiicial statenrnts. Ilie truslees are required to: seleLt suitable aLL()untin¥ p()IiLiv% dnd appl )' thviii l()11tndy. observe tlie iiEtl1S ]d prinLiple% in Ilie CILiriiies SORP: INke judg7enni estiiiutvs thdt are redsonable ld prudeiit. sldle wlieiher dppIiLdble aLLI)unlin¥ bLdard* coiiiprisiiig FRS 10? have ell folliTrwed, gubjeL to dny. iiuterial dvpffiure% di5LIused explained iii Ihe tiiuiiLul ststenllts. dnd prepdre the t~Lia1 slalenrnts un the gvoingF LviILerll basis unless it is in4ippr()priilte to pre4uii thdi tlie Lharilable Cl)[np. w'ill Lunlinue in bu5invs5. LU o) J The trustvvs are restK)nsible tor keeping pri)[ aLL()unling rvLords' ihdi can disLlose with redsoiuble

z u ilLLuraLJ' at an), lill the fil1CLaI p(i%itiiTrn ot the charlble L()IllPdllJ" dnd enable theiii lo eiisure ihal O <( < tliv fal]ll1 slateiirnls Ll)ttwls' H'iih tlie Act ?(K)6. Tliej. are dlso re5)51b1e fL)r (J (n 4ate¥uLdIn, the assels ot tlie Llwiidble LlTrll]P<inJ' aiid heiiLe tor taking redsoiuble 4tep% for ihe prev¢niii)n dvtvLliun of trdud dnd oiher irtegmlarff ie Tlie trustVVS Te4p)nsible tor the 1Thinlee and inlegrii), of the L()rp)rdte dnd finaiiLMI iiiforiiulioii InLIud on the charitable L(lnIplS b u'ebs'iie. LegTj%ldtii)n gJL)i'ertiiiigF ilie prepdrdlion diid di5seiiuiuliuii ot t-Lia1 slale1t mii)" ditfer troiii legisldtii)n in oiher juri%diLiii)n%. Structure, governance and management Nalure olgoverning docuinenl Tlie We%1 BuLklaiid SL'liuul Founddtion is a L()nIp1. liiillied bj. gUdT4iiiiee dnd it is gT()I'eriied b), its. MelliurdiidI] ]d AlliLles (Ft A55(Ktion. The Li)li]P1' Mlas inLI)rtx)rdled 2 Jlll), 2002 dlld Tegi%tervd as a Ll]drilJ' froni 12 MdfLh ?(K)3. Page 3

THE IVEsf BUCKL.4ND scHL FOLtNDATION TRusfEES' REPORT Organisaftollal 51ructure The West Buckld SL'hwl Foundation. the FouThlaiioll. was sei up for ihe InrI1 of Wesr BUckIld SLI1)1 I Ilie SL'h(M)Ii. a Lharitj. thai pr(Ivides educaiioii tor pupil% dged 3 10 18. Over ilie ye<ir Ilie Th'ork ot tlie Fouiidaiion Th'as carried out b). a tull llliie Fouiidatioii & Aluiimii Director, d55iSted by pan lill Fouiidatiuii & AluIi]ni OttlLepi. Frojii Feb[ry" ?0?? oI)e utfiLer M.'as iii Llidr¥e ot fiiianLe dnd dthillnislrdliun, tlie oilier in Lhdrge of events and Lun]nwniLdtiotLS. Tlie hllrd ot truslees, wlio [et terml).. are resp¢)Sible tor ulTin]are strategTiL decisioiis haiiiiig TegTÉird to advice troiii tlie Fouiidaiion & Aluii)ni Direcior aiid oilier adi'isors. Tliere is I)0 stdtuti)ry requirent to hold &ill dnnudl generdl nEeting. Ivhere V]LieS dfi5e the trustees will Éipixiinl Tepl<iLennt trustvvs truni w'iiliin the u'ider k.liwl Li)IiiniuviiiJ" UT 11,ho have speLifiL skills djid experi¥iiLe Ihdl it IS telt w'ould be usvtul uIi Ihe BUd. Trusiees .111. unless the), resigFII OT dre Teiiwved by a vote of the other dirvLiors serve for a terni of 3 A trustee slull nut serve for lire thdn 3 LonseLUlive unless it is uihvnvise agryeed by the uiher directors. Major risks and Munagemeni of those risks The Irustevs hdve trxamined the principal funLtion of the FoundJtion aiid LOiL%ider thai ihe tx)%qible TiSks tu whiLh the Fuuiiddlion is exp)¥td are iilljiiII5ed subjeLI i)nl)' lo noriiul inve%llll]I TiSk. c( z Tliese risks are tu be reviewed annudilj.. LU o) J ObiectiTr'es and actiiTrties Objects and aims Tlie Foundatiuii exi515 tu Nuptxirt and pri))te the Llidriuble purp(Trie% ot West BuLkidiid SL'li()ol, Bdrnsl<iple. Dvvon ihri)ugTh tlie tunding ot bur5dri L41Pital proieLts and geiierdi projeLts aWded at tlie disLrelioii ot Ihe Trusteek Objective5, s1rnleeS and aetiTrYties 9¥ Drd il)¥uf Wril .kIal5L1wI b}'J Ye7 1.LwJMlaiiullFlUts3" itu(kut iagy I:) Page 4

THE IVEsf BUCKL.4ND scHL FOLtNDATION TRusfEES' REPORT Welt BUckId Sch1 Foulhdaiion Lollillhues to c(K)rdinaie t"undrdlNllig lliitiai jlTes oil lIalt ot ilie SLliool. Tliese tunds eiLible Ilie kliwl to iihi'esi in sei-eral proffcts. S'ear oil s'e<. lI]iCI] ei)liaiice diid enriLli ihe eduLdiiul expeii¥iiLe tur uur studenis. DuringT ?O?71?3 there w'&lS iio iiiajoi Ldpildl fundraisingT LdI1]pa]g but several snEIll C&lIl]P&iigtLS. Soi]r of the 51iuller pri)jeLl% tunded froni donalions include the Queen EliutIl 11 Iileinorial garden wliiLli was iTrftlLi<ills.' I)¥d b). Paul OrLhdrd-Lisle. the SL'liwl's Pdtroii oil SpeeLh TrdS The g¢irden. wliiLh has been tunded b). a generi)uN doiutiun and a leg<lL5'. was lush witli N'ibrani floH'.ers diid ie¥etsble% the trqUi1 Path.8).% and sedting areas uffer a spaLe for refleLIioii dnd Teii]eii]brdllLe. Tlidiiks. tu Ihe generiliiry. of our Li)I]lUnits'. the Founddti(Mi lus purLli¢ised Iiuiiy ileii]s tL)r the k.hwl inLludin¥ brass in5m1nnts tor the Prep smdents. a IiK)bi]e LfiLkel net, piaiio 51wls. bOtI S¢dliIigi tor the clu1. GPS sp()tl% IfdLkin¥T equipii*i)i. rugib), tdLkle bag4 diid a iiew electroiiic SLoreboard tor tlie StM)rt% Hall. The Foundaiioii also Coihllliues to 4p()n%i)r Ilie WBS Flyer Ilie SLliool's eleciric kii car. Tliis car LI)[1te¥ in Ihe GTveiitM)ii'er Educaiioii Trusr's L()Iiwetiti()n to dvsi¥n, build TaLe &in eleLtriL L&ir. thus in5PiTing swdvnts to exLel in SLiellLe. TeclllioI()gy, Engineering and Maths. The Foundatioii's Bursary Fund of £2.2ni coniiDUei to pr(Ivide IncoiiE to help %upp()n ihe Fouiiddtion's Bur%dry' PrI)gr and in Ihe ?0?? j?0?3 pvriiKI. Ilie Fouiidatioii, H"iili ihe help ot ihe SL'I)uol, pr()N'ided iliirteen 11. tunded pldLe% lo Ial Lliildren during the dLddeiiiiL eIr. These C( Z bursdries undersLure the sLh(M)I's LOlllllllts1I1[ to tililering tsleiii diid PTllI'idiiig ¥i'ery studeiii witli LU o) J tliv IiptMTrrmnilJ' tu bULLeed, TegldI5 of their bdLkgr(Tru. The trdnsforiiutioiul bursaries are for

z u entr. intu Year 7 uiitil tlie end of the Sixth Funii. Tlie deteriiuiiation of the%e bur%ary' studeiits to O <( < dLliieve iheir tknteIiiidl iii ever). .). th¥). caI) and lake advantagpe ot every, ()ppK)rmiiiry' thes, c1 fiiid p()%itively' iiiyaLt% on ei'ery Pdrt ot our L()tntnunit)'. T,0 oilier sixili torii]ers were SUp}rted by Ilie Fouiidation's end0,1}le1]I tuihd wilh ii)p-up bursaries II) Ilhe ?022-23 acadeiillc year aiid ilie Founddtioii tuuiid donors to NUPtK)rt tive other btudentb I']Vu5 )"e¢W gr()up%. Tlie Founddtion Lontiiiues to TllÉlll4ige the H¢ir(Lhlp Fulld whiLh M.'dS up willi fuiids leti uver froiii tliv Wesr BULkI]d SL'hwl Coi.'id-19 Enr¥enLJ' Fuiid. The Hdrdship Fuiid utfers fiiiaiiLMI d55i5taiiLe to taiiiilies ot Studenis at West BuLkland Ihat nuj" be experieiiciiig unexpeLted diid unpldnnvd f1]ll1 diftlLulties due to adi'erse lite ei'vnts SULh as SiLknes5. deatli, loss of en]pl(lynnt, loss ot hiTru%ingT or %epdfdlll)n. Graiils troni the Fuiid nu)" be used io Pil), for SLIILKII tees or extrd% suLh as buses, lunLhes. trip% unifurni. During ?02?12023 £6.633 was used froiii tliv HdShIp Fuiid tu NllPP()rt til'e taiilllies. A tresli caiiipaign Thas lliiliaied '1[h tlie aiIi) ot grnTh'iIig Ilie nuiiiber ot llidividuals leaiing legidcies to lup)[[ die SLliix)l. Our IvgilL)' N(KietJ" -.aS reirdiid -The 18)8 S(Kiery- aiid vxi%ting legiil()rs were hollour with gi)Id Idpel bdd¥e% teaiuring the sch(K)I's whedtsheat l(Igii. Currentls, Ihe Founddtion hds TeLeived leg<5. pledgTes exLeeding £2 nlillion. To observe the biLentvnary' of the birth of the Reveret¥J J(i%eph Brereton. Ihe visionary Lo-fOujer of ihe sLhuol. the Foundd(ion deliN'ered a Lon]n*nK)rdtive service and IuiiLh. Furtlieriiiore. Ihe wliule LlllllliiunitS ji)iiied in a LelebrJiion to nurk the I(hh iijll running of the rvnuwned Exnr Ruii, a 1iing%LdIll&T Iradiliun dt Ihe sLbwl. Page 5

THE IVEsf BUCKL.4ND scHL FOLtNDATION TRusfEES' REPORT A key Pdrt ot Ilie Fouiidaiioii's work is to %uptx)rt the aluii)ni b), wi)rking iii taiideiii witli ilie Old We%r BuLkland A5sIKiaiion IOWBAI aiid lis i"arious aciii'iiies. ii.'liicli enL()n]P4LS% reuiiioI)s, sp(irtiiig eN'viit% diid publiL<ililTrll%. Thri)UgTh these etionk the). etititii'elj" Li)ni'e)" Ilie sLh()ol'% g7(11 djid Ispirati()l to dluinni, furlir PLenIN and oiher I1]][5 of the Wesi BuLklathJ LiTrn]nwnity. The Lundoii ieuiiiun iiurked d Ni¥nitlLdnt Illlle510ne as it the tirst rv¥Tjiindl reuiiiuii SlllLe the oiiset of tlie PdndeniiL ]d tlie Npiriled gdiheriiig Thas a heartw4]Illg tes1alill( to up for10s11111]e. MureoN'er. new ei'enls buLh as the tirsl OIA'BA MediLal and HedliliLare Professions Diimer. were i11trjuLed. The event served as a plaltiTrrni tur our aluiimi. Lurrvnt PdTenL% diid foriiier plentI wlio hdve pursued careers in i]]ediLal hedlthLdre-reldled t-Id5'. lo LotuieLI widi our aspiriiig studenls eÉigTer to eiiibark on buiiildr pr()tes5i(Tr jounie}-s. Public belief Tlie Fouiidaiion pr()I'ide% on-going %uptX)rt tor Ihe sch(Kyl thTI)ugTh bUrrIeS iiThicli broadeii access aiid tijriliers die purtK)sv% ot die LhdTlt)' tor Ilie ii'.ider publiL benetii. The Fouiidaiioii also raises IIM)nvy t'or C<iPital prujeLts' aiid generdl sLh(K)l equipnYtLI. The also n¥t11 ihe M.'ider Li)iimiunity Is exteriul gTllUP% aLLe55 the traLilities of Wesi BuLkId SLb(K)l. Tlie trustees Lolltinii that they hdve L(Iniplied with Ihe require11LS ot kn'tioii 4 ot il)e Clidrities ALI 2011 to due r¥¥drd to the publiL benelii guiddllLe publi%lied b). the Cl]&irit)" Cuiilli]issioii fL)r Ei]gT1]d aiid Wdles. Financial reiieii. LU o) J As at 31 Juls 20?3 the Fouiidaiion Bursary Fun(ts under invesiiiiK rnÉli]dgvntnl were valued at £2,187,fy19. Other e15 l inLludin¥ )ne. ring-t.eled tor L41Pitdl PTC)jVLtS dnd bur%drie%l lutslled £3?3,851. All tuiids pert()rtlllligT in lllie wilh ur aiK)I"e iiui-kei expYLtdiiiill% dnd ilie Trusiees dre (J (n Ii<iPPJ w'illi the t-llUllLidl p(K%iliiin ot the Foundaiion and its dbilii)" 10.suptM)n the SL'liool. InveslIint Mdn£igvr% Ei'elvn Partners Loiiiinue to re%p()iid tM)%itikelJ' to the Trusrees. reque%1 to preserve L<ipifdl w'hile pri)i'idingT incoii tor burwivi and tlieir pert()rnunLe is i'iewed as gT(XKI by tlie Truslees. The pert(Trrne ot tlie bur%41ry' tujid is L()n%i%teiitlJ' iiwniiured. and ilie Iiii'esti)iii MdniigTer% Te}rt tu the Buard at least t.]le a J'edT. Should deLiSiOi]s need to be tskeii out of 1110se IiieeringT%, this is Larried out by the nuilted Trusiees for eaLh aLLnuiif. PTesided over by ibe Cliair. Well BuCkI)d Sc11)1 contribuied £83.011 iowards statt aiid adiiliiiistraiioii costs llicurred b), Ilie Foundaiioii. As in previous J'edN not all work undertdken b). the Founddtiuii Laii be direLtIy dttribuidble to tundTaisingT as Founddiion 5utt Loiiiinued io NUPPI)rt Wesr BuLklatbJ SL'liool in Iiuiiy &iredS, in PllTtiLuli with Ihe Bur4dry' Pr()¥Tdviin*. the Enr¥VenL. Fuiid aiid ilie Old WesT Bucklatbj As'suLMtion IOWBAI. This ts eslinuted to be appri)XiillÉltel)' of dll work. The Foundation continues to ()Tale in a diffiLult econoimic Lliiiute but will strive to llicrease its. bur%dry' tuiid by increasing regTU14 dunJtion& eiicouraging one-off doiutions dnd '(rking iowards eIicouragllig legaLS pledgie%. The ddtsbase is ¢bIll the Fuundaiiun to LonlliwiiiLdte iiKyre etteLlitrvlJ' Th'lili as Th'ide a LIIIL%tituetLJ' as tM)%%ible. Tlie Periiuiieiii Eiiduwli1I[ FuIid ISI MiLhael's aiid Aldn Cdiej" Fund) is ]ng invested on a total Teturii basis ]d detsils ot this L] be toulld Jt Ihe end ot Dole 19. Page 6

THE IVEsf BUCKL.4ND scHL FOLtNDATION TRusfEES' REPORT Poliey oil reserves Reserves are tu be held at a suILl¥t level wheieby funds" can be doiuled to ilie Wesl Buckland SLliool tu help Th'ith Ldpildl pr()jeLl% bursaries. Surplus tuiids ot Ilie Fouiidaiioii are iiivesied llSlI)g liii'esliiienr Fund MdnÉigTeN 1io-.eVer. sutticieihi cash reseTh.'es are neLes%drils' 11]ainoiiied to P£i)' Fouiiddlioii burs<1ry' pupil%' tees edLh sLbiM)I teriii. The are P<iid troiii BuTSdr)' Fulld divideiids iii ddditioii to de%1¥ndled dOtIons. Tlie incon)e and pr()penS' Ot the charily shall applied si)lely iowards Ihe pmin()ti()n ot ilie ObC[S aiid iio Part shall be paid or I[terred. direLilJ" or indireLilJ". bj, waj. ot dii'ideiid, tMliiUS or utlierwise by way (Ft pri)tit. to ineiithrs ot the Chariry. EaLli regi%tvred 5hdreholder of the charity undvrtdkes lo Luiitribule nounts. Ibui not exLeediiig £10) toivards the bettle11t of the ch7[) s debis lubiliiies if it Is ..Ouj up. If there are futlds reiiuiiiiiig dfter bettlenlent of all debts atKI lubiliiivs. this will be trat]sferred to dnoiher Lluri(y hdi'ing biiilllar i)bjeLt li1vesten1poIicY aiid objectives Tlie trustvvs are pertnitted tu ini'e5t IiK)iiies not IdIale1), required for its. purp(i%e% iii or UP()11 SULh inve%innt. seLuril)' or pl()rts. of 2n5. nature and ii) 1. part of the world diid wliether jiiiw()Iving' liabiliiies or pr(KIuLing' iIicoii or not as Ihe Lhdrii). slrdll ii) lis discreiioii Illli til to ilie LU o) J extent Ilui tlie Ll]driry shall have tlie SaI1 tMiiiier% in all re%lL$ as it 11 IlTere Ilie absolute owner aiid

z u benetlLidlly entitled. (J (n Financial instruments Objectives aiidpolicies The LhdTily'S activities eX1)e it to a llui]knr of risks- inLluding Lredil ri%k, ch flow risk diid liquidilj. TiSk. The use ot t-Lia1 derii'aiii'es is gI)Ver b). the LlidritJ"'s p)IiLie% Éippr(Iked by tliv iK)ard ot Iruslees, w'hiLh pri)i.'iik wrillen prinLiple% OI) Ilie use ot flluiILial derivatii'es to Ii]iiiliige Iliebe Tisks. The LIrit). d5 not use derii'dlive t11la1 insiruIlnts fur speLul31ive puqxTr%e8. CashfloH' risk Tlie LhdTltJ s inVes1nt activities Y eX1)e il to the t-ll]anciai risks. ot Lhaiiges in ti)reign LufTenLy exLhdngTe Tatvs and interest rate Credil risk Tlie LhÉirily s prinLipal funCIal Sets are ballk bal L<i%h. trade oiher rvLeivdbles. dnd iiivestiill1s. Tlie Lredil ribk on liquid funds. derii'dtive fiiunLial inslruI]lIts is liinited 'auSe ibe Ll)unterpffiie% are ballks Th'iih high Lredit-Tdiin&% dsNigDed b). inierllaiional Lredit-raiin¥ agencies. Tlie LhÉirilJ' hds nu Signiticant LOnLentrdtion ot Lredit risk, with eX)u[e %PTead over a large iiuiilber ot Ll)unlerpdrtie%. Page 7

THE IVEsf BUCKL.4ND scHL FOLtNDATION TRusfEES' REPORT LIqulty risk lil urder to i]uintain liquidity. to ensure that sutfiLieDt funds- are avdiidble for ongoillg iip¢ratii)n8 and tuture dvve1l)pnn1, tlie LILwil)' uses a iiiixture ot li)ng-terni aiid short-ienii debi tiifdiice. Furilier details re¥ardin¥ Iiquidiry risk can be tound in Ihe ALLI)unling Policies iii Ihe t-lllaiicial stateiiiellts. The An1 rewrt was 4wpri)ved by the trus1ees of the Lharit), on 14 April 2024 dnd %igned on its. behalt by: Mr H OrLhdrd-Lisle (Chair) Trusiee Page 8

THE IVEsf BUCKL.4ND SCHOOL FOLTNDATION INDEPENDENT EL4I¥IINER'S REPORT TO THE TRIISTEES OF THE M:EST BUCKLAND SCHOOL FOUNDATION {'THE COIIIPANY,) I TetM)rt to Ilie Lhdritj. tSleeS on ni). exaii]inaiioll ot Ihe accounts ot Ihe Ci)nwdliy tor the year elided 31 JLLIJ ?073. RespKbllsibililies and of rep)rt As tlie LhaTiry's trustees ot Ihe Ci)IllPdny la] also its direciors tor Ilie purtK)%es ot Ll)IllPÉiny lawl yl)U &ire Te%tM)n%ible tor the prepall1)ll Ot the lOunt5 in &LurddiiLe with ihe requirennt% Dt. Ibe CiTrnwanie% ALt 2(m)61't 2(K)6 ALt'). Having tIStI¥d myself thdt the aLLOUDts of the Ci)i]wdn)' are Doi required to be dudiled uiider Part 16 ot ihe 2(K)6 ALt are eligTible tur indyndent etI1)ll. l Tetx)rt iii re%peLI ot iiiy exaiiiiiutioii ot y()ur LhÉirit! s aLLounts as lried out under seLiion 145 Df the Clurities ALt ?011 I't1 ?011 ALt'). In carryiiig out nil, e.xa1ni1IOn I hai'e tollo..ed the DireLtions giveii b} Ihe Chdrily Cuiilllli55ion under seLiiun 14515Xbi of the ?01 I ALI. In(kndent examiner's statement SlllLe The West BuLkland k.liwl Founddtion's gri)%5 ll)coiI]e exceeded £250.(KM) yi)UT exaiilliier iiiu%t be a liri1r of a tKKts.' listed in seLtion 145 ot the ?011 ALt. l Loiifinii Ilidl l aiii qudlified to uiidertdke Ihe exaiiii1Iull beL'Ju I 17 a i111r of Ilie Insiiiule ot Chartered ALLouiitanis lll EiigTlillid Wdles IICAEWI. whiLh is one of the listed tKNJies. I hdvv L()n)plered my exalltion. l LoiifiTni that no tter5 hdve Con to iiiy dttentioii iii LU o) J LOlllieLtiuii w'illi the exaiillnation gii-.ing Ii)e cause to believe: l. acci)Ulllingi reLurds' Th'ere nut kept iii res[ of The Wesl BuLkldiid .11()1 Foundation as required b5 beLtion 386 ot Ihe ?(M)6 ALI. or 2. the dLLounls du not dLLord with those reLord&' UT 3. the dLLounls du nut ci)tnpl)' with the aLL()unting require1]nL$ of 5VLtion 396 of ihe 2006 ALI L)ther than TeqU1rent that the aLLounts give a 'irue ]d fair vie... whiLh is not a Iiuller Lonsidervd as part (Ff an indendent exdmindri()n' or 4. ttie dLLuunls lui'e not been prep<ired iii aLcorde I1111 Ilie ii*ihoMts aiid prinLiple% ot ilie Staieiiieiii ot RecoillllIIded Praciice t'or dLLiTruJilllig aiid rvtK)rtiiig b). clharities lÉippIiLÉible to Llidrities prepdriiig, their aLLuunts in aLLOrdJ['e with ilie FlluiILial RvtM)rting Stdnddrd iypIiLdble in the UK RepubliL of Ire1dj IFRS 10211. I ILqve no coihcerns and have Con across no oiher i1]aerS in CO]eCTIo11 widi Ihe exaiiiiilatioii to wliicli atteiitlon sliould be drawn in this retx)rt it) order to enable a pr(Iper undvr4ldiidlll¥ Ot ilie dLLounls tu be TeJLhed. K Tonts BSL FCA Ilistite of Chartered ALLounlanls in Englalld and Wales IICAEW 31) Bear ,Street BARNSTAPLE EX32 7DD 16 April 2024 Pdge 9

THE IVEsf BUCKL.4ND SCHOOL FOLTNDATION ST ATENIENT OF FINANCI,4L .4CTII"ITIES FOR THE YEAR ENDED 31 JULY 2023 {INCLI,TDING INCOLIIE .4ND EXPENDITURE ACCOUNT AND STATENIENT OF TOTAL RECOGNISED GAINS .4ND LOSSE Unrestricted Restricted Elldoiiinent fuD(is funds fullds Total 2023 Total 2022 Note Incolne and Endoiiments from: tkiiidlioi)s diid legTaLie% Other Iiadingi dL[iN'ities InveslIi*nr incoi Other incoiile 1?5.073 9.1?9 1.705 13 4?.659 769 69.491 167.732 9.898 74.?03 13 259.466 9.859 62.243 Toldl InLon 135,920 11?.919 3.(X)7 ?51.846 331.568 Eipenditure on: Raising tuiids. Chdriuble dLlivities Other exndIre Toldl Expendiftire Gauisllosses on investhlent dssets 110,693 112.467 140.?591 {1?5.1891 183.7481 15941 {23.7541 123,851) {165.4481 (111,8551 183.7481 180.0851 {134.7(K)I (137.656 15941 1272.9501 1215.7911 193.9191 12831 194.20?) 131.0321

z u Net inLoil11gxpedi[U[¥) Transters between tunds. 1118.656 1.138 2.130 11 1381 1115.3061 84,745 Net n1)vent In Mnds (117.518 992 1115.3061 84,745 Reconciliation of funds Toidl tuiids bri)ught furwdrd ?9.562 2.480.752 118.835 2.6?9.149 2.544.404 Toidl tuiids Larried fOrwd 19 30.78? ? 363.234 119.827 2,513.843 2,629,149 All of the ¢lwiry'S activities derive Iruniconiinuing <[all(l[L8 duting the alK)ve IWO lI(mL. The Mnds bredkdown for ?0?2 is skH)wn in tK)te 19. Page 10

THE IVEsf BUCKL.4ND SCHOOL FOLTNDATION {REGISTIL4TION NUllBER: IW7ii23) BALANCE SHEET AS AT 31 JULY 2023 2023 2022 Note Fixed assets Tdng7ible dssels Ini'estn*nis 15 16 2.343 1.349 2.308.476 2.443.224 2.310.819 2.444.573 Current assets Debiors Casli at bank ]d in ILllld 17 13.357 ?06.111 21.(I)2 180.372 219.468 201.974 Creditors: Amounts falling due Mithin one l'ear 18 116.4441 117,3981 Iyet current assets 203.074 184.576 Net assets 2,513.843 2,629,149 Funds of the charil).: Endoiijnent funds 119.827 118.835 O <( < Restricted income funds RestriLted funds 2.363.234 2.480.752 Unrestricted income funds u1¥StrIcted funds 30.782 29.562 Total funds 19 2.513.843 2.6?9.149 Page 11

THE IVEsf BUCKL.4ND SCHOOL FOLTNDATION {REGISTIL4TION NUllBER: IW7ii23) BALANCE SHEET AS AT 31 JULY 2023 For tlie finCl year endin¥ 31 July 20?3 the LhaTiI)' was entitled to exen]pti()n froiii dudil illlder 5eLtioii 477 ot the C()mpdnie% ALt ?(M)6 rvldiing to siiEIll coiiwai)ie& DireLlors' Te4vTr4lblljtie Tlie ii]eiiibers hdve llut Tequired Ihe LlidTilJ' to ubtain an audil of its. dLLouiits' for ibe ye iii queNliiTrn in dLLorddnLe with seLtion 47& Tlie dir¥Liors ackniiwledgye Iheir resp)lIbilItieS fur conwlvillg '1th ihe requireiirnt8 of ibe ALI witli TespeLt to dLLI)unlingT reLords Ilhe prepiWatii)n ot aLLOUlIts. The f1]L1 slateiirnls on Pdge% 10 to 32 were appmved by the trustee5. dnd autliorised for issue on 14 April 2024 %igiied on their half by: Mr H OrLhdrd-Lisle (Chair Trustee Page 12

THE IVEsf BUCKL.4ND SCHOOL FOLTNDATION NOTES TO THE FINANCIAL sfATEI¥IENTS FOR THE YEAR ENDED 31 JLILY 2023 I CHARITY STATUS Tlie Lli<iTltJ is a Lhdri15.' liniited bj guarantee and cnnsequev]tlJ' not have share Lapital. Each of tliv tru%tvvs is lidble tu Luiitribule an aiiK)unt not exLeedllig £10 loli,d5 the assets ot ihe Lhdril} ill tliv event of liquiddlinn. Tlie prinLipdl plaLe ot'busilless i& Wesl BuLkId SL'h(Mil Wesl BuLkId BARNSTAPLE Devon EX32 OSX These fill1 slalenrnts. were duthorised fur issue by the trustee5 on 14 April 2024. 2 ACCOUNTING POLICIES Summan" of Significant accounling wblifies and k-ei accountinge5timates Tlie prinLiPdl ilLLI)unling' p(iliLie% applied in the prepdratii)n ot Ihese till)Lial StatenlI. dre Set out below. These p()lieie% have I#ll c()IL%L%tenilJ' applied io dll the years PTe%enled. unless uilierwise 51dled. Statement of compliance Tlie t-a1]ll1 slaleiirnls hdi'e been prepared iii LrdanCe witli ALC()unting and Re)rtIng by (J (n Clurilies: Suleil11[ ot ReLOnllinded Praclice IdppIiLdble lo Llurities preparii)g iheir dLLUUlIts iii dLLorddiiLe with the Fl1 Rep()rtill¥, Sunddrd 2ppliLable II) the LTK dnd RepubliL Ot Ireldiid IFRS 10?11 il%%uvd in (ki0r 2019 Iclidrities SORP IFRS 10211. Ilie Fin1claI Re)rtI1]g Staiidard dppIiLiible lli the UK RepubliL Ot Irelalld IFRS 1021 alld Ilie Ci)ii]P4inie% Aci 2006. Basis of preparalion Tlie Wesl BULkIld SL'hwl Foundation tneets the defmition of a public liri1 enriry, under FRS 10? Asbeis ]d liabililivs are inilidllJ' rthi)giiiNed at historiLal Lust or IrdllSdLtiOll N'dlue ui)less utlierwise slaled in the Televant aLLI)unting p)liL J. note The Lhdrilies functio1 dnd pre%entati()n Curre), is the £ stvrlin Going coneern The Irustevs Lonsider that there are no i]uteridl unLVrtdillties aix)ui ihe Ll]iiTify's dbiliry to Lolltinue as a goii)g concern nor Y signiticant areas of unLertainry thdt affeLI the carryiivg Vdlue of <issets' lield by the Lharilj.. Eiemption from preparing a cash floil" stalenjent Tlie Llidritj. i)pled to e1 J ad()pt Bulleiitl I publi%lied un 2 February 2016 dnd have iheretore not ii1Lluded a Lds11 tluii. blaleil11[ iii Ihese t-llunLial suieii*nts. Page 13

THE IVEsf BUCKL.4ND SCHOOL FOLTNDATION NOTES TO THE FINANCIAL sfATEI¥IENTS FOR THE YEAR ENDED 31 JLILY 2023 Judgements Tliere are no judgennl% which Ihe trustees have iikide in Ihe PT(Ke%s ot applying Ihe ¢lCL()Ulltllig p()licie%. K. source5 of estimation uncertain Tliere are iio kei.. sources (Ft trillliulion unLVrtdiilt)' that bave a signifiL41nl risk of causiiig a iiuleridl djusiiiriii to dssels dnd Imbiliiies to be diSLlosed. Incolne and endoiiments All lllLO11 IS TeL()giiiied OllLe the charilS' hJ5 enti1lvnllt to Ilie iIlLoine. it is PTnbable ihai ibe iIILuiiie M.'ill be received Jiid the ]Ut ot the inLOil reLeii'able LaIi be i1ured rvlidbl)". Donations and legacies tkiiidlions are TeL()gniied 'hell the charits. has en notified in Ting of [}th the anu)uiit dnd sellle1it date. In the evvnt thdt a dOlI0n is subieLt lo Loiidilions that require a level of perti)rtn£cv by the LhaTlt) ttore Ihe LhaTilJ' is eDliiled to the tunds-. the iiicoine is deferred dnd nut TeL(IgTiii%ed uiiiil eiilier those Lundiiiuns are tullj" lit. or the tulfdiiiii of those Loiidiiioiis is wh(Illy wiiliiii ilie Loiiirul ot Ihe Llwi15' ]d it is priTrbdbl¢ tkui Ihese Lundi(iutLS H"ill be fUIt-ed iii ibe Te}rti1]g, peri(xl. LegTaLy gitis are TeL()¥ni%ed a Ld5e bs. L basi5 tolli)wing the grlt of pri)bate when ihe LU o) J ddiilllli5tratorlex¥Luior tur the estate has LOlilliiulliLdled iii 11.Titing tmltli the aiiK)uiii and seitleiiienl date. lil the event thdt the gift 15 in the turni of Set uiher than OT d flllaiicial dsset Irdded on a TeL(IgTiiiied blLKk exLhange, reLiigTnili()n is NubieLt lo Ihe i'alue of the g7ifi tIng rvliÉibls" iiied%urdble (J (n willi a degree ot Teoble dLLuf¢KJ' and Ihe lille lo Ihe dsset lul'li ell trdiisferred io ihe Llidrily. Grants receivable Graiiis &ire TeLI)gnisvd wheii Ihe ch7[5. hds an ell1iileIilI[ to the tuiids- diid ¢lli)' LoI)dilions liiiked to tliv gTdnls hdve beeii iiiet. Wliere perti}rne Loiidiiions are alldLlied to the gTraiit diid are yel lo be Inet. Ihe income is TeL()gniNed as a lidbilil). inLluded OI) the baldiiLe slieei as deferred ii)coiiie to be Teledsed. Doiiated services alldfacilities Wliere services or tl11t1#S are pri)vided io the Lharit), as a dOtiOn ihai would n()Tnully be PulLISed fruiii our %upplierK this benefit is inLluded in the fllunciai ststenllts. at it's fdir Vdlue uiiless it's tair i'aIue Lannot be Telidblj. nrasured. Ihen at Ilie Losl lo Ilie doiior or tlie resale value ot TIK)ds dial are to be sold. Eipenditure All e.1ndItUre is Tee()¥ni*d once there is a legal or lotructive i)bligati()n to ihal exndInIre, it is pr()bdble settle1ilIt IS Tequired the atwunt call be i1ured relidbls,. All Losts. are allted to the iwpli<ible eXndIre hedding that aggrvg4ile sin]]1 Losts lo that Lateg()ry. Raisiiigfuiids Tliese are Lusls incurred in attraLting v(pluntJry income. Ilie tllanagvntnl ot llivestti]eiits alld iliose iiicurred in trdding 2ciivities that raise ti]nds. Page 14

THE IVEsf BUCKL.4ND SCHOOL FOLTNDATION NOTES TO THE FINANCIAL sfATEI¥IENTS FOR THE YEAR ENDED 31 JLILY 2023 Charitable aclivi¢ies Chdriuble exndin¢ conwrises those Losts incurred by the clwiry in ihe delivery of its aLtivities aiid services tor its beiieticiaries. Ir inLludes tK>th L05ts Ihai cali be alliKated direLdy io sucli aciiviiies ]d tthose costs ot an illdireci nalure neLNd, to suptx)rt Iheiii. Granlprovisions Provisions tor gtanis are i]ude w'hen the intellTlOVI to IiEike a &y[lt hds iyen LoiiuiiuniLated to ihe Tecipient bui diere is unLertdinl)' atM)ui eiiher the titning ot Ilie gr11 or Ihe diwunt ot gTrdlli Pilydble. Supwrt costs Suppi)n Lo%ts inLlude Leiiirdl funLtions and knie all(Kated to dLtii'ii)" Lost LdtVgTiirie% where LUSIS are %Lif1clIS. illLurrvd. N1)n-%Lif]L Losts hdve not been ail(Kdted dgi11%1 dLtii'iles. whiLII is LOllSiStent H.'iih previous )'edtS. GoT¥ernance costs Tliese inLlude ihe Losts. Jttribuidble to the Lhdrit) S Ll)iiu>lidllLe with Lollstiftltional dnd %tatut()ry Tequiren*nl%. inLludin¥ audit. Strategic entl and trustees n]vetingT% dnd reiiiibursed expenses. c( z Taxation Tlie LhdTitS.' is LUi15idered tu pas% the tVSts svt out II) Pldgrdph I k.Iiedule 6 ot the FiiuiiLe ALI ?010

z u diid iherefore it ineets tlie de1-Illll ot a Llidriuble Li)IllP¢inj" tur UK LI)TtM)fdll()n tax purp(i%es. O <( < ALLI)rdingl)'. Ihe Lhatil). is p()ieniialls' exeii)pt troiii ts[10n ii) resLI ot ll]COii or Lapltdl gains received Th'ithin Cdlegi)rie% covered bj. Clidpier 3 Pdrt 11 ot Ihe Ci)rtM)T<ili()n Tdx Aci 2010 or Sectioii 256 ot tlie Taxation ot ChdfgTedble Gaills Aci 1992. to Ilie exteni Ilui sucli llicoine or gains dre dpplied exLlu%ivels tu Lliariidble purp()%. Tangible fixed assets Iiidiwidudl tixed assels are initially reLor(kd at ci)M. less 2ny subsequ¢ni dLLunwldted depr¢¢iation aiid lubsequent acLuAiiulated itry)4iirtnent losse& Deprecialion and amortisation DepreLi<iti()n is priTri'ided on ITIble t-Lxed ¥t5 bo ds Io WTite off Ilie Losl OT Vdludtii)ii, less Éiny estiiiuted Te51dl fvdlue, over their extL¢ed useful econoinjc life as follows: Asset clL&s Furnitiire equipnnt xed asset iniestments Fixed assvt investi1n(s, other Ihdn pri1gTdnm relad invesllneiits. die included at iiurkel Vdlue <lt tliv bdldnLe bheet dale. Redlised g44iliS and 105ses un inkvstn*ntS dre LalLulated ds ihe difterenLe belweeii bales priKeeds aiid Iheir iiurket I'dlue at the Start ot Ihe )"edT. or Ilieir sub%equeni LiINf. djid are chdr¥vd or Lrediled tu the Statenlent of Financial ALtiI'llieS in the ri{KI of di%p()sai. Deprecialion method and rnle ?5% 4traighi IiDe bdsis u1ed115¥d gains and losses Tepre4ent the n]0veilnt in kl Vdlues during ihe year and are Lredited or Lhdrged tu the Sulelilit ot FinanLial ALiii.'itiei b#d oil the IiEirkei N'dlue dl il)e }edr end. Page 15

THE IVEsf BUCKL.4ND SCHOOL FOLTNDATION NOTES TO THE FINANCIAL sfATEI¥IENTS FOR THE YEAR ENDED 31 JLILY 2023 Trade deblors Trade debtors are Jiiy)unls due froii) LU5tomets tor n*rchaIidi sold or senTices rt()rnd iii ilie 11rdin4Y course ot. business. Trd& debtors TeL()g1iid initiall). at the tratLI10 PTiLe. They sub%equently niedsured <lt di11)rted Lost usingF the efteLiive iniere5t ith{mI less prui.'isioii for iiiwdlrnl11. A pro)visio)11 fL)r tliv inip£ilTllftit of de debiors Is eSidblished ,he There is i)bjeLlive evideiiLe that the Lhlirity will nut be able to LulleLt all lI0UnIS due dLLI)Tding to Ihe i)rigindl ternis ot the reLeiN'dbles. Cash and cash equii"alents Cds11 dnd L1] equii dienil LUIi]prise Lash un hdlld ull detThiLS. and other short-lvrm hi¥hly liquid investi15 that Teddii). LOnVVrtible to d known l}unt of Lh and die 4ubjeLt to dn iIL8i¥niticant Tisk of chdnge In i'alue. Trade creditors Trd& Lredilurs are iibli¥¢lti(in% to Pdj. tur g(MKl% or seTh'.ices that hdve been ¢lLquired iii il)e i)rdiiury course ot business troiii 5upplier ALLuuntS Pdl'dble are Lla%sified as Lu[re liabilities if ihe LliÉiriry dues iiot an unLoiidiiiul iigiht. at Ihe end ot the re)1, [1(1. to defer seitle111I[ L)t ihe creditor tor at leasi twelve iij)iiilis atter Ilie retK)rting dale. It Iliere is an uncoiidiiioiLII riglil to deter settleiiEiht tor at least twelve nn(S after the rvtx)rling dale. they are PTe%ented as noii-curreirt Imbilities.

z u Trd& Lrediiors are TeL()gni%ed inili4111)' at the traIactIOn PTiLe dnd subsequeiitly nEasured <lt dJiN)rtis¥d Lost uslng the efteLtive interest nYthiNJ. Page 16

THE IVEsf BUCKL.4ND SCHOOL FOLTNDATION NOTES TO THE FINANCIAL sfATEI¥IENTS FOR THE YEAR ENDED 31 JLILY 2023 Fund structure Uiwestricted inconr tunds are generdl tuimts thai are available t'or use at Ihe trustees discrelloii iii turilierance ot tlie (TrbieLtii:e% ot Ihe LhdTiry. ReblriLted incoii tunds are i110se doted for use In a pdrtiLular area or for %lfiL purtK)s, Ibe use ot w'liiLII is TestriLted tu thdl area or purp(lie. Periiuieiii endOwnt tunds are Iliose dLquired IOT which Ilie tnistees hdve no tMlW'er Io Lonvert ihe L<iPital intu inLonr and inLuIir is to be Used tor a speLifiL PUryM)se. Ihe use of wliiLIi is TestriLled to Ihdt PUTtxiNe. The ternts ot the dLqUL%itii)n required the ¢id()ptii)n ot ihe loLIl Teturn Ippr()ilLh tu invesft1]eiit Ihai the Ldpitdl should be preri.ed in relatioii lo intlatioii. Financial instruments Classificatio FInl1 assets Jnd tinL1 liabilities are reLI)gnised when the Ll]iility b¥L'oli5 a Pdrty to ibe LuiilraLtUdl proN'isloiis of tlie in5mJnient. FinL1 liabiliiies Jnd equits. instrUnnts are LlJ5sified aLL(ITding to ilie 5ubs'tsiiLe of ihe LoiitraLtUdl entered into. An equitj. instru111]t is an), LontrdLi ihal evidences a residudl iiitere5t in the d55els of the chaTlt)' after deduLting all of ils liabilities. c( z Recognition aiid measuremenl LU o) J Ail fU1]cIal d55ets' Imbilities are iniliall). Iwasured at trdnklLliOn price linLludingi irdllsdLtion

z u Liis1% I, exLept tor Iliose tilLcial 5¥t5 classitied as dt tair value thri)ugh pri)til or loss, wliicli are O <( < initl<illy' iiEasured at tair i'alue IwhiLh is ni)TnullJ' Ilie [ra1CtIo11 price exLludiiig Iraiisactloll Lll%ts1, (J (n uiiless tlie iIrrdn¥rennt LO1litU[es d tiiunLing [ranLtI017. It dn drrang7enn[ Loi]51ituies a tIll)lIng Irdlls<LeiiiTrn. the t-lIa1 asset ur tuwiLial li4ibiliiJ' is Iasured at ilie prvenl Vdlue of ihe fijture Pilyiitnl% disLounted at a nwkvt rate of interest tor d Sllnildr debi in5tniiit. Fil]Cial assets and liabiliiies are I)15. otisei in the Stalenlit ot fil]Cial p)sAiii)ii wheii. aiid iiilly wlieii ihere exists a legTdil) enforLedble right to svt uff the reLii¥iii%ed ainouiits diid il)e LliTlIed when and i)niy when a) the LoiitrdLtual righL% lo ilie Lasli flows froiii ihe fiiidiiLuI dsset expwe or are seTtled. bi Ihe Llurir). transfers to dnotlier part), %ub%Vdl)lially all ot tlhe rlsks ld rewards ot (DI)ershIP ot Ihe tiiLincial &%sei. or L I Ibe LIrit,. despile haiiiiig retsllied soiiie, bui iiot all, Ni¥nitlLdnt risks and reii'ards ot l)WllVT%hip. IS Iraiisterred coiitrol ot ilie Isset to dnoiher party. FIcl liabilities dereci)gnid ()nlJ' when the <)bligdtii)n speLified in ihe LuiitrdLt is disLhdrgTvd, LdllLelled or expire& Page 17

THE IVEsf BUCKL.4ND SCHOOL FOLTNDATION NOTES TO THE FINANCIAL sfATEI¥IENTS FOR THE YEAR ENDED 31 JLILY 2023 Debt instruments Debt insirunn1s whiLh n]vet the ti)Ilowing Lollditions are sub8¢qu¢lltly n]easuTed at dnK)rtised Lust using The ettective interest nEthod= (al The LontrdLwI Teiurn to the holder is l il a tixed anM)unt' lill a [MlI1ve fixed rale or a KS111Ve varuble rate; or liiil a COnl[lOll of a p(liirive or a negiltive fixed rdte and a [MlI1ve vdriable Tate. Ibl Tlie LontrJLt Thy pri)iii(k tor Tep3v*t% ot Ihe prinL W411 or Ehe remrn to rlie holder Ibui not b(ithi to be liA)ked to a Nin¥le relei'ani obsern'able llide.x ot geiierdl price iiitlaiioii ot Ilie LurreiiLs iii whiLh the debt instrUnt is deni)minated. pri)vided SULh lit5. not leveraged. ILI The LunlraLt may pri)vide tur a de1ernb1e vlatIOn of the return to ihe holder during ilie life of tliv instrun1, pr()vided thdt lil the new rate litieS Lulldition Idl diid the vartio1] Is nut LiiiilingTenl on tuture ei'enls other Ihdn (l > a Lhdnge of a LontrdLtual N'druble Tate; 12110 pri)teL T ihe li()Ider d¥dlIL%t Lredit deieriurJiion ot Ihe issuer. 13) Lhdnges in leie5 dpplied b), a Leiitrdl bdi]k or arisii)g troiii Lhaii¥es in Televant tIon or Idll or i li I the Ile.. rdle is a iiurkel Tate ot inlere51 djid lisfivs Londiliun ial. Idl Tliere is no LontrdLrudl provision thdt Lould. by its teriiis. rvsuli in Ilie holder 108itigy ibe c( z prinLiPdl TrUnt or anj. lliieresi auribuiable to Ihe Lurrvnt [lIK1 or prior pvriiKL%.

z u lel ColltraLtUdl pruvi5iL)y]s that perniit the issuer lo prepay d debt instru111 OT rni11 ilie holder to O <( < PUI it bJLk to ilie issuer before 1[11. not Li)ntiiigent uIi tu(ure ei.'enls. uiher thdii to pri)teL T ihe iiolder il¥dlIL%t the Lredit dvteriL)rdtion of the i55uer ur <1 Lhdnge in Lontrol of ihe issuer. OT to priTrteLI tliv Iiulder or issuer dgT<iitLSt change% In levies applied by a Lentrdl bai]k or arising from Ll)dii¥es 111 Telev[ 1101] or Idll.. It) CL)ntrdLtUdl prol isions tntl) pernllt the exien5ion of the terIii of the debi in%frUnt. priii'ided tlidl ihe Teturn to ihe hulder and ans. oiher LoiitrdLlual proNisioThs dppliLable during ihe exleiided teriii luiii ot die casli or otlier LUilSideratioii ex[Cted tu be Paid ur reLeii'ed. net ot in]P<linil. With thv exeeption LFf hedgTing Instrunt5. Uther debi instnints not n*eiing ihese Luiidiiions are ilfd%ured at tdir vdlue IhTI)u¥h pri)tii or luss. Coiillllltlinis tu iiuke Jiid receii.-e lo5 which tneet the LotKlitiotLS nlItIoned alx)Ve dre nasUred at Lust IwhiLh iiu5 be llill less in1pliI. Page 18

THE IVEsf BUCKL.4ND SCHOOL FOLTNDATION NOTES TO THE FINANCIAL sfATEI¥IENTS FOR THE YEAR ENDED 31 JLILY 2023 Inveslments Investntnis in nun-Lonvertible pr¢fer¢nL¢ shares nOll-pubIe i)Idinary or pr¢f¢ren¢¢ SIr¥S (where sliares are publiLI) traded or dieir t'air value is reliabl), tnv41AufÉible l are ii]easured Élt tair value ihri)ugTh priitit or loss. Where t'air value callnot liasUred reliÉibl)'. llivesttiieiits are 11]edsured at Lost less inipdlrnn[. Fair value measuremenl Tlie best evidence ot tair value is a qu()ted price tor an ideiiiical asset in an aciive iiurket. Wheii qUl)i¥d priLes are UvalIdb1¥. the PTiLe ot d rvLeDt tralLCl1()n tur ideiitlLal dsset PTI}iiides evideiiLe ot fair value as liin¥ as Iliere hds not en d %igTnifiLdVIt LI]£inge iii eLoiiuiillL LifLuiiistsI)Les or a %igTnifiLdnt Idp%e of llll]e billLe the trdnsJLiion twk pldLe. If the iiurkei is nol dLlive diid reLeiit IrJnsdLtioiis ot an iden(iLal et on Iheir 07) are not a giMKI estiiiule ot fdir vdlue, Il)e fdir N'dlue is esliiiuled by using a fvdluation teLhnique. Page 19

THE IVEsf BUCKL.4ND SCHOOL FOLTNDATION NOTES TO THE FINANCIAL sfATEI¥IENTS FOR THE YEAR ENDED 31 JLILY 2023 3 INCOME FROIII IKINATIONS AND LEGACIES Llnrestricted funds Dt5ignaled General Restricled funds Tolal 2023 Total 2022 Donations Jnd legaLie Do11n5 frutn individuals Le¥aLies Giti did TeL1dli1 Graiils. inLludin¥ C<iPital grdllt%' Grt5 frutn other Lharities Dundtvd servlces fraLilities 7.?8? 34.249 41.531 1?7.988 5.0(K 19.943 8.410 9.69) ?8.5(M) 83.011 28.5(M) 83.011 26.667 79.868 1 ?0.073 4?.659 167.73? 4 INCOlE FROI¥I OTHER TILIDING ACTIIITIES Unreslricted fullds General Re5tricled funds Total 2023 Total 2022 O <( < Tradingy inconr; Sdles L)f giM)d% servlces Other Irddin¥ incoii Events inconr; Other evenls incon 159 159 149 1.21K 8.970 769 9,739 8.510 9.1?9 769 9.898 9.859 5 INvEsTlENT INCOL¥IE Unrestricted fun(Ls General Endoiiinenl funds Pernwenl Restricled funds Tolal 2023 Total 2022 Inlerest Teceivable dlld simil liieoiiie. Iiiterest TeLvivdble on bank dep()%i1s Other incoii)e frotn red Set iiives1iill15 1.705 67.791 70.298 61.886 1,705 69.491 3,007 62,243 Page 20

THE IVEsf BUCKL.4ND SCHOOL FOLTNDATION NOTES TO THE FINANCIAL sfATEI¥IENTS FOR THE YEAR ENDED 31 JLILY 2023 6 EXPENDITURE ON RAISING FLTNDS A) COSTS OF GENEILITING tM)NATIONS AND LEGACIES LIDrestricled funds General Total 2023 Total 2022 Other direLt L05ts ot generating vi)luntary' itiLOtt 10.693 10,693 11,713 B) INvEsTlENT TrL4NAGENIENT COSIS Endoii"menl funds Pernwenl Restricled funds Tolal 2023 Total 2022 Other inves1nt ngllnt Lust Adiillnislrdliuii ot the investi(5 12.467 594 13.061 12.138 12.467 594 13,061 12,138 O <( < 7 EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted funds Designated General Restricled funds Tolal 2023 Total 2022 Note Grdnt funding ot dLlii'ilies AIILKdtvd supwrt LUSts io 8J85 1?5.189 138,774 83,161 19.577 7.097 19.577 7.097 21.274 7,420 Governle Lusts 35.?59 1?5.189 165.448 111.855 Page 21

THE IVEsf BUCKL.4ND SCHOOL FOLTNDATION NOTES TO THE FINANCIAL sfATEI¥IENTS FOR THE YEAR ENDED 31 JLILY 2023 8 OTHER EXPENDITLtRE Unnstricled funds General Total 2023 Total 2022 Stsff Losls Wagies dnd 1leS 'ial %eLuritJ' Peiisioii Lusts tkpreLi<itiiTrn, dnK)llltiull other sinlildf Los1s 7?.020 7.31J) 3.601 737 72.0?0 7.3) 3.&)1 737 70.043 6.445 3.380 217 83.748 83.748 80.085 Tlie staft. are enu)l()}'ed bs. West Buckland sch1. Tlie Chdrii) does t1 have ¢lliJ vnyli)yee%. Tlie LUSt% bliowii the i.'Jlue ot the seri'iLes doted bj. the sLhLK)l. 9 ANAL YSIS OF GOI'ERNANCE COSTS LU o) J GOVERNANCE COSTS Unnstricled fun(ts General Total 2023 Total 2022 IiidqKtknkni eIller tevs EItIOn of the funCIal st4ilvments 7.097 7.097 7.420 7,097 7,097 7,420 Page 22

THE IVEsf BUCKL.4ND SCHOOL FOLTNDATION NOTES TO THE FINANCIAL sfATEI¥IENTS FOR THE YEAR ENDED 31 JLILY 2023 10 GRANT-MAKING Anall'sis of grants Grants to institutions 2023 Grants to indiiiduals 2023 2022 Bursdries tor individuals Additiuiul fundingi tur butS3ry Tecipients Equlpnnt tur Wesi BuLkland SL'hLKII We%1 BuLklaiid SL'hLK)l elirle' tut¥J Wesi BuLk1<U SL'h(K)I hdr(L%hip lUj 96.129 5.267 15.055 2.833 ?9.(rf17 16.138 40.(KM) 9.135 7.771 37.378 65.?73 101.396 17.888 To help the School during Ihe Covid-19 pandemiL. school tees tor the Foundation's bursary gtudents had been paid in advance tor teffl up io Summer 2022. henLe the lower figure in Grdnis to individuals 2022. LU o) J li NET INCONIINGIOLryGOING RESOLTRCES O <( < Net liilll¥i)in¥llinLiTrn]in¥ resources tor the j'e1 illLludw. 2023 2022 tkpreLi<itii)n of fixed se15 737 217 Page 23

THE IVEsf BUCKL.4ND SCHOOL FOLTNDATION NOTES TO THE FINANCIAL sfATEI¥IENTS FOR THE YEAR ENDED 31 JLILY 2023 12 STAFF COSIS Tlie &ire¢te Piiyri)11 Losls Bere as follow 2023 2022 Staff costs during the l.ear iiere: Wages laleS 72.0?0 70.043 'idl seLuriry Lusls 7.3) 6.445 Pen5iUii Losts 3.601 3,380 83.011 79.868 The staff are etnployed by West BuLkland School. The Chariti, does not have employees. The C( Z Losts shown are The value ot. Ihe services donaied bj, the school.

z u No perM)n TeLeived enN)lunYnls of nre thdn £th.(m during the y. 13 TRANSFERS There was £1,138 of the unapplied total return of the petmanent endowment allocated to income shown '1[hin iransters, as deiailed in note 19. Page 24

THE IVEsf BUCKL.4ND SCHOOL FOLTNDATION NOTES TO THE FINANCIAL sfATEI¥IENTS FOR THE YEAR ENDED 31 JLILY 2023 14 T AXATION Tlie LhdTiiy is a TegisteTed clJaTiI)' dnd is therefore exenwt fronit&xation on its charitable dLtivities. 15 TANGIBLE FIXED ASSETS Furniture and equipment Total Cost Ai l August 2022 Additions 6.558 1.731 6,558 1.731 At 31 July 2023 Dep2(10 AI l AugTu%I 2022 Charge for ihe )ear At 31 July 2023

z u Net book I'alue o At 31 July 2023 At 31 July 2022 8.289 8.289 5.2(V) 5,209 737 737 5.946 5,946 2,343 2,343 1.349 1.349 Page 25

THE IVEsf BUCKL.4ND SCHOOL FOLTNDATION NOTES TO THE FINANCIAL sfATEI¥IENTS FOR THE YEAR ENDED 31 JLILY 2023 16 FIXED Ass INVESTNIENTS Listed ini'estments Total larket ialue At l August 2022 Revdludtion InLoii* and Tr)SterS in Mdlld¥elll1[ Lhdrge% transters out At 31 July 2023 2.443.224 2.443.224 194.2011 194,2011 70.?9) 70.299 (110.8461 1110.846) ? 308.476 2.308,476 Net book I'alue At 31 July 2023 At 31 July 2022 2.308.476 2.308,476 2.443.??4 2.443.??4 Funher details ot each ini'eslment are disclosed in note 24. '1th the reslricled tund iolalling £2,187.649 and the tunds held i(hin the endom'ment tund iniestvneni toralling £120,827 whiLh LU o) J in total is the above tigure ot £2u08.476. There was £l.IKK) still held wiihin the Endowrnent

z u tund investment tund at 31 Jul5" 2023 above Ihe toral of the Endowmeni fund per the Statement ot Financial ALtivities which is due to be trnnsterTed out at this date. 17 DEBTORS 2023 2022 Trd& debtors PrepdyII*I)I 9.975 3.382 19.?50 2.352 13.357 21.(Kb2 18 CREDITORS: ANIOLNTS FALLING DUE 11:ITHIN ONE YEAR 2023 2022 Trd& Lreditors ALLruals 9.014 7.430 8.967 8.431 16.444 17.398 Page 26

c£

THE IVEsf BUCKL.4ND SCHOOL FOLTNDATION NOTES TO THE FINANCIAL sfATEI¥IENTS FOR THE YEAR ENDED 31 JLILY 2023 19 FUNDS (CONTINLTED) The permaneni end0,ment 1st Michael's and .41an Ca) Fund) is inNested on a total return basis, as Tequired bs, The donor. The donor qUired that the tunds should be n]anaged so that the Lapital is preserved in relation to intlaiion. The Trusrtts. took advice trom Iheir invesirnent adi'isors, Srniih & Williamson, and the reiail priLe index has been used to calculate ihe inflation measure up to 31 Jul) 2022, the Trusiees have iaken the decision 10 use the consumer price index in Ihe year to 31 Jul) 2023. The dale ot the iniiial i.alue of the Irusi for investmeni and the establishmeni date ot The iniiial value ot Ihe unapplied toial return was I l Ociober 2014. In the year ended 31 Jul) 2023 an additional £6.186 has been added to ihe original gili Lomponenr to satist5-. This Tequiremeni. The inNe5tment fund aptAication of 10121 relurn to rnineI endoiimenl fundk. [Tnapplied total return EdoiN.1en¢ Total Opening value ot. endowii]enl: Gift coii]tM)nent of perii]aneiit plus infldtion as dt l Au¥u.%t 20?2 c( z Uiupplied tuldl Telurn Total:

z u Movei)ient in llpplied iotal return and eihdowii)eni in tliv y'e¢lr: (J (n inveslIint return.. dividends inlerest Ini'eslIint Temrn: reL(Igni%ed and ueLl)gLsed IdilLslili)Kse%i InveslIint IlUl)dgYeiiiir Losts. Total: 96.057 96.057 22.778 22.778 118.835 96.057 ??.778 3.(K)7 3.007 1283) 1283) 15941 2.130 11.1381 1594) 2.130 11,138) Uii<ipplied tuldl Teiurn allted to incon Uii<ipplivd iutdl Teturn all(KJted to gift coiiy)nent for iiifldlioii 6,186 16,1861 Net moTrement in the TetM)rting period Cli)sing vdlue of rnnt end0,rnI. Gift ¢()nwneni of pen]LIll endow7t Tried turwdrd 6.186 (5.1941 19921 102 ?43 102.243 Uiupplied tni31 relurn Tothl 17.584 17.584 102 ?43 17.584 119.827 Page 29

THE IVEsf BUCKL.4ND SCHOOL FOLTNDATION NOTES TO THE FINANCIAL sfATEI¥IENTS FOR THE YEAR ENDED 31 JLILY 2023 20 ANAL YSIS OF NET ASSEfs BETM"EEN FLTNDS Total Endoiiinent funds at funds 31 Juli Pernllent 2023 Unrestricled funds General Restricled funds T<ingTible fixvd assels Fixed assvt invesMniS Current dssels Curreiit liabilities 2J43 2.343 1?0.827 2.308.476 11,(KX)I 219,468 116.4441 2.187.619 181.175 15.51AII 39.?93 110.8i41 Toidl net asseis 30.787 2J63.?34 119.827 2.513.843 Total Endoiiitlent funds at funds 31 Juli Pernllellt 2022 ITDnStricled funds General Restricted fun(ts TdngTible fixed assels Fixed asset investtnents Current assets O <( < Current Imbilities (J (n Toldl net assels lJ49 1.349 119.835 2.443.2?4 11,(XX)I 201,974 117.398 2J23389 165.9?3 18.5(11 37.051 18.8381 29.56? ?.480.752 118.835 2,629,149 21 ANALYSIS OF NETFL5 At l Augu51 2022 At 31 Julv 2023 Clsh flom" Casli at bank ]d in ILllld 180J72 180J72 25.739 206.111 ?06.111 Net fullds 25.739 At l Augu51 2021 At 31 Jul), 2022 C&sh flom Ch at bank in hdnd 154.252 ?6.1_1) 180.372 Nei tunds 154.252 ?6.1_1) 180.372 Page 30

THE IVEsf BUCKL.4ND SCHOOL FOLTNDATION NOTES TO THE FINANCIAL sfATEI¥IENTS FOR THE YEAR ENDED 31 JLILY 2023 22 TRusfEES RENIUNEIUTION AND EXPENSES No tru%tev%, nor [()1L% Lo1eLled with theni. hdve reLeived any reniuDeration froni ihe LIvdTi(y duriiigT ihe J'edr. No tfUStees ILive received any reinibursed troiii Ilie LluTity during Ihe yedr. 23 RELATED PARTY TRANSACTIONS Duringi Ihe J'ear the LharitJ' iiude the ti)Iliiwing related pary trdnsaLtiot]s: West BucldaDd khool Inidiigible iiicoii)ii)g resources (Ff £83.011 1 ?0?? £79.8681 repreNenL% the Lusts. of il)e serviees duiuled b), West BuLkild k.liwl Jnd tor "hILh iio reiiilburseii[ll is rvquirvd. ddditiuiul £28.K) is pr()I'ided bj. the k.liwl to Ihe Founddiion as a Lontribu(i()n to.d5 ddiiiiiiislrdtioii Lo%t%. Duringi the )'edr the Foundation nude grants of £138.774 1 ?0)? _ £83.1611 to ihe SL'lI()ol. Ai ibe baldiiLe blieei date the diiN)unt due to Wvsf BuLklatKI SLliwl w'as £9.014 (?02? _ 8.530). Page 31

THE WEST BUCKLAND SC.HOOL FOITNDATION NOTES TO THE FINANCIAL ST.4TEI¥1ENTS FOR THE YEAR ENDED 31 JULY 2023 24 INVESTMENTS - RESTRICTED BURSARY 1NDs AND ENDOWThIENT FUND RESTRICTED ENDOWMENT West Buckland SLhool Foundation FOllee Brisiow Fund Si Michael's & Alan Carey Fund Bursary Fund Balance brought torward Investments Ch held as pan of pontolio lJ39.094 164.323 584.327 35.645 2.123.421 199.968 107.470 12.365 1.703.417 619.972 2.323.389 119.835 Transfers in Interest Dividends Equalisaiion Oiher income Managerneni tees LU o) J Transfers out

z . Realised gainl{loss) on in%'estmenis O <( . Unrealised (loss)Igain on investments 3.923 39.061 3.340 17.316 7,263 56.377 543 2,128 1.086 13.917) {13.886) 1568) 122.679) 3.652 (12.467 (96.fv17) 1.337 (95255) 336 (594) (1,138) {429) 146 18J50) 182.761) I.5 {72J76) {116.432) {19.308) (135.740) 992 Balance carried forward Investments Ch held as pan of pontolio lJ3.037 23.948 591.143 9.521 2.154.180 33,469 118.642 2.185 I6.985 (ffi.664 2.187.649 120.827 There is £l.(K)O still held within the Endowment tund inVeStnnt tid at 31 July 2023 alK>ve the totat ot. the Endowment tund per the Statement ot" FinanLial ALtivities wlllLh is due to transterred out. Page 32