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← The West Buckland School Foundation

2024-07-31-accounts

Company registration number: 04475523 Charity registration number: 1096487

The West Buckland School Foundation

(A company limited by guarantee) Annual Report and Financial Statements for the year ended 31 July 2024

THE WEST BUCKLAND SCHOOL FOUNDATION

CONTENTS

Reference and Administrative Details 1
Trustees' Report 2 to 7
Statement of Trustees' Responsibilities 3
Independent Examiner's Report 8
Statement of Financial Activities 9
Balance Sheet 10 to 11
Notes to the Financial Statements 12 to 31

THE WEST BUCKLAND SCHOOL FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS

Charity Registration Number 1096487
Company Registration Number 04475523
The charity is incorporated in England and Wales.
Registered Office West Buckland School
West Buckland
BARNSTAPLE
Devon
EX32 0SX
Accountants Glover Stanbury Chartered Accountants
30 Bear Street
BARNSTAPLE
EX32 7DD
Solicitors Wollens
Avery House
Bankers Liberty Road
Roundswell Business Park
BARNSTAPLE
Devon
EX31 3TL
Virgin Money
40 St Vincent Place
GLASGOW
G1 2HL

Page 1

THE WEST BUCKLAND SCHOOL FOUNDATION

TRUSTEES' REPORT

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 July 2024.

Trustees and officers

The trustees and officers serving during the year and since the year end were as follows:

Trustees: Mr H Orchard-Lisle (Chair)
Mrs L Wakefield (resigned 28 June 2024)
Mr W H Geen
The Countess of Arran MBE VLL (resigned 28 June 2024,
Trustee Emeritus voted July 2024)
Dr T Bigge
Mr S Smith (resigned 28 June 2024)
Mrs B Daly
Mrs A D Webb
Mr J E Cooper
Ms A C Jenkins
Mrs R A Woosey (appointed 1 November 2023)
Ms S E Nicholson (appointed 3 January 2024)
Mr P H Smalley (appointed 3 January 2024)

Page 2

THE WEST BUCKLAND SCHOOL FOUNDATION

TRUSTEES' REPORT

Statement of Trustees' Responsibilities

The trustees (who are also the directors of The West Buckland School Foundation for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position 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.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's webpage. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Structure, governance and management

Nature of governing document

The West Buckland School Foundation is a company limited by guarantee and it is governed by its Memorandum and Articles of Association. The company was incorporated 2 July 2002 and registered as a charity from 12 March 2003.

Page 3

THE WEST BUCKLAND SCHOOL FOUNDATION

TRUSTEES' REPORT

Organisational structure

The West Buckland School Foundation 'the Foundation' was set up for the benefit of West Buckland School 'the School', a charity that provides education for pupils aged 3 to 18. The Foundation and Alumni office is led by a full-time Director, supported by two part-time staff members. One manages finances and assists with the bursary programme, while the other handles alumni communications and events.

The Board of Trustees, which meets termly, is responsible for ultimate strategic decisions having regard to advice from the Foundation & Alumni Director and other advisors. There is no statutory requirement to hold an annual general meeting. Where vacancies arise the trustees will appoint replacement trustees from within the wider School community or who have specific skills and experience that it is felt would be useful on the Board. Trustees will, unless they resign or are removed by a vote of the other directors serve for a term of 3 years. A trustee shall not serve for more than 3 consecutive terms unless it is otherwise agreed by the other directors.

This year saw leadership transitions within the Foundation’s governance. Lucy Wakefield stepped down as Chair in 2023, with Hugo Orchard-Lisle assuming the role and Angela Webb appointed as Vice Chair. Three new trustees—Sarah Nicholson, Paul Smalley, and Rachael Woosey—joined the board, bringing fresh insights and expertise. The Foundation also bid farewell to long-serving trustees Stuart Smith, and Lucy Wakefield, both of whom made significant contributions over their years of service. Lady Arran received special recognition as Trustee Emeritus and was honoured with a painting by Sixth Form Roland Bailey Art Scholar Sam C. This tribute acknowledged her long-standing commitment to the School and the Foundation.

Major risks and management of those risks

The trustees have examined the principal function of the Foundation and consider that the possible risks to which the Foundation is exposed are minimised subject only to normal investment risk. These risks are to be reviewed annually.

Objectives and activities

Objectives and aims

A core mission of the Foundation is to provide life-changing bursary support, ensuring talented local students have access to a West Buckland education, regardless of financial circumstances. This year, through income from the Endowment Fund and contributions from donors, the Foundation funded ten fully supported places for local students.

The long-term impact of this programme is evident in the success of former bursary recipients. Notably, Jonathan L, who left the school in 2019, graduated with First-Class Honours in Theology from Durham University and is now undertaking a Master’s at Corpus Christi College, Cambridge. His achievements reflect the transformative effect of the Foundation's Bursary Programme.

Page 4

THE WEST BUCKLAND SCHOOL FOUNDATION

TRUSTEES' REPORT

Objectives, strategies and activities

The past year has been a period of progress and impact for West Buckland School Foundation. Through strategic initiatives, philanthropic support, and community engagement, the Foundation has continued to play a vital role in enhancing opportunities for students and strengthening the School’s future.

The Foundation continues to work closely with the Old West Buckland Association (OWBA) to foster lifelong connections among alumni, former parents and staff. As well as sporting and social reunions, the OWBA has been helping with careers networking and the Entrepreneurs & Small Business Owners dinner connected aspiring Sixth Form students with alumni and parents who have built successful careers in business and entrepreneurship.

In response to financial hardships faced by some families, the Hardship Fund has continued to provide critical support, enabling students to remain at the School despite unforeseen circumstances. Over the past year, many students have benefited from this initiative, reinforcing the Foundation’s commitment to maintaining stability in students’ education during difficult times.

Public benefit

The Foundation provides on-going support for the School through bursaries which broaden access and furthers the purposes of the charity for the wider public benefit. The Foundation also raises money for capital projects and general school equipment. These also benefit the wider community as external groups access the facilities of West Buckland School.

The trustees confirm that they have complied with the requirements of Section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Achievements and performance

The Foundation delivered a range of events, fostering a strong sense of community while raising significant funds to support its mission. Highlights include:

• 20th Anniversary Dinner Dance & Auction – Held at Saunton Sands Hotel in November 2023, this event celebrated two decades of the Foundation’s work and raised over £20,000 for the Bursary Fund.

• Giving Day – In March 2024, the Foundation ran the School’s first-ever Giving Day, held alongside the iconic Exmoor Run. The initiative united alumni, parents, staff, and friends of the School, raising an impressive £80,000 for transformational bursaries and outdoor learning projects, including donations received since and matched amounts.

Page 5

THE WEST BUCKLAND SCHOOL FOUNDATION

TRUSTEES' REPORT

Thanks to the generosity of its donors, the Foundation funded several key projects to enrich the student experience:

• Cutting-edge equipment for The Loft, the School’s new creative media suite.

• The refurbishment of tennis courts, honouring former student Eric L’s success in international youth tennis.

• Continued sponsorship of the WBS Flyer, the School’s electric kit car, which secured a top ten finish at the Greenpower International Finals at Goodwood.

• Development of outdoor learning facilities, including a climbing wall, playhouse, bell tent, STEM kits, cricket nets, and laser guns, all made possible through Giving Day donations.

• In the next financial year refurbishment of the School's swimming pool, with generous support from the Orchard-Lisle Charitable Trust.

Financial review

The 1858 Legacy Society continues to grow, securing pledges of planned legacy gifts exceeding £2.5 million. These commitments will help ensure the School’s long-term sustainability and ability to provide transformational opportunities for future generations.

As we reflect on this year’s successes, the Foundation remains steadfast in its commitment to supporting the School’s students, staff, and wider community. With a clear mission and the ongoing generosity of our supporters, we look forward to continuing our work to strengthen the School’s future.

Policy on reserves

Reserves are to be held at a sufficient level whereby funds can be donated to the School to help with capital projects and bursaries. Surplus funds of the Foundation are invested using Investment Fund Managers; however, sufficient cash reserves are necessarily maintained to pay Foundation bursary pupils' fees each school term. These are paid from Investment Fund dividends in addition to designated donations.

The income and property of the charity shall be applied solely towards the promotion of the objects and no part shall be paid or transferred, directly or indirectly, by way of dividend, bonus or otherwise by way of profit, to members of the Charity.

Each registered shareholder of the charity undertakes to contribute amounts (but not exceeding £10) towards the settlement of the charity's debts and liabilities if it is wound up. If there are funds remaining after settlement of all debts and liabilities, this will be transferred to another charity having similar objects.

Investment policy and objectives

The trustees are permitted to invest monies not immediately required for its own purposes in or upon such investment, security or property of any nature and in any part of the world and whether involving liabilities or producing income or not as the charity shall in its discretion think fit to the extent that the charity shall have the same powers in all respects as if it were the absolute owner and beneficially entitled.

Page 6

THE WEST BUCKLAND SCHOOL FOUNDATION

TRUSTEES' REPORT

Financial instruments

Objectives and policies

The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.

Cash flow risk

The charity’s investment activities may expose it to the financial risks of changes in foreign currency exchange rates and interest rates.

Credit risk

The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments.

The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties.

The annual report was approved by the trustees of the charity on 24 April 2025 and signed on its behalf by:

Mr H Orchard-Lisle (Chair) Trustee

Page 7

THE WEST BUCKLAND SCHOOL FOUNDATION

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WEST BUCKLAND SCHOOL FOUNDATION ('THE COMPANY')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2024.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

Since The West Buckland School Foundation's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of The West Buckland School Foundation as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

K Toms BSc (Hons) FCA Institute of Chartered Accountants in England and Wales (ICAEW)

30 Bear Street BARNSTAPLE EX32 7DD 25 April 2025

Page 8

THE WEST BUCKLAND SCHOOL FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024 (INCLUDING INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES)

Unrestricted Restricted Endowment Total Total
funds funds funds 2024 2023
Note £ £ £ £ £
Income and Endowments from: Income and Endowments from:
Donations and legacies 3 141,947 141,340 - 283,287 167,732
Other trading activities 4 10,663 1,265 - 11,928 9,898
Investment income 5 2,914 80,397 3,691 87,002 74,203
Other income - - - - 13
Total Income 155,524 223,002 3,691 382,217 251,846
Expenditure on:
Raising funds 6 (19,960) (12,012) (809) (32,781) (23,754)
Charitable activities 7 (26,368) (291,263) - (317,631) (165,448)
Other expenditure 8 (92,003) - - (92,003) (83,748)
Total Expenditure
Gains/losses on investment
assets
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds		 (138,331)
(303,275)
-
142,464
17,193
62,191
(35,690)
50,690
(18,497)
112,881
~~=o~~ ~~oT~~
~~a~~		 (809)
(442,415)
(272,950)
10,937
153,401
(94,202)
13,819
93,203
(115,306)
(15,000)
-
-
(1,181)
93,203
(115,306)
CO ~~T”’_—aaa———TT———~~
Total funds brought
forward 30,782 2,363,234 119,827 2,513,843 2,629,149
Total funds carried
forward 19 12,285 2,476,115 118,646 2,607,046 2,513,843

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 19.

Page 9

THE WEST BUCKLAND SCHOOL FOUNDATION

(REGISTRATION NUMBER: 04475523) BALANCE SHEET AS AT 31 JULY 2024

THE WEST BUCKLAND SCHOOL FOUNDATION
(REGISTRATION NUMBER: 04475523)
BALANCE SHEET AS AT 31 JULY 2024
2024 2023
Note £ £
Fixed assets
Tangible assets 15 2,672 2,343
Investments 16 2,408,003 2,308,476
2,410,675 2,310,819
Current assets
Debtors 17 20,559 13,357
Cash at bank and in hand 184,179 206,111
204,738 219,468
Creditors: Amounts falling due within one year 18 (8,367) (16,444)
Net current assets 196,371 203,024
Net assets 2,607,046 2,513,843
Funds of the charity:
Endowment funds
Restricted income funds
Restricted funds		 118,646
2,476,115		 119,827
2,363,234
Unrestricted income funds
Unrestricted funds		 12,285 30,782
Total funds 19 2,607,046 2,513,843

Page 10

THE WEST BUCKLAND SCHOOL FOUNDATION

(REGISTRATION NUMBER: 04475523) BALANCE SHEET AS AT 31 JULY 2024

For the financial year ending 31 July 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements on pages 9 to 31 were approved by the trustees, and authorised for issue on 24 April 2025 and signed on their behalf by:

Mr H Orchard-Lisle (Chair) Trustee

Page 11

THE WEST BUCKLAND SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

1 CHARITY STATUS

The charity is a charity limited by guarantee and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.

The principal place of business is: West Buckland School West Buckland BARNSTAPLE Devon EX32 0SX

These financial statements were authorised for issue by the trustees on 24 April 2025.

2 ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

The West Buckland School Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The charities functional and presentation currency is the £ sterling.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Exemption from preparing a cash flow statement

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

Page 12

THE WEST BUCKLAND SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

Judgements

There are no judgements which the trustees have made in the process of applying the accounting policies.

Key sources of estimation uncertainty

There are no key sources of estimation uncertainty that have a significant risk of causing a material adjustment to assets and liabilities to be disclosed.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Donated services and facilities

Where services or facilities are provided to the charity as a donation that would normally be purchased from our suppliers, this benefit is included in the financial statements at it's fair value unless it's fair value cannot be reliably measured, then at the cost to the donor or the resale value of goods that are to be sold.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the appliable expenditure heading that aggregate similar costs to that category.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Page 13

THE WEST BUCKLAND SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Support costs

Support costs include central functions and have been allocated to activity cost categories where costs are specifically incurred. Non-specific costs have not been allocated against activites, which is consistent with previous years.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Asset class Depreciation method and rate Furniture and equipment 25% straight line basis

Fixed asset investments

Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Page 14

THE WEST BUCKLAND SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 15

THE WEST BUCKLAND SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Permanent endowment funds are those acquired for which the trustees have no power to convert the capital into income and any income is to be used for a specific purpose, the use of which is restricted to that purpose. The terms of the acquisition required the adoption of the total return approach to investment and that the capital should be preserved in relation to inflation.

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of fi nancial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Page 16

THE WEST BUCKLAND SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

Debt instruments

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.

(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.

(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).

(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.

(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.

(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Page 17

THE WEST BUCKLAND SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

Investments

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

Page 18

THE WEST BUCKLAND SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

3 INCOME FROM DONATIONS AND LEGACIES

Unrestricted
funds Restricted Total Total
General funds 2024 2023
£ £ £ £
Donations and legacies;
Donations from companies, trusts and
similar proceeds - 50,000 50,000 -
Donations from individuals 17,542 77,425 94,967 41,531
Legacies 2,000 - 2,000 5,000
Gift aid reclaimed 1,451 13,915 15,366 9,690
Grants, including capital grants;
Grants from other charities 30,000 - 30,000 28,500
Donated services and facilities 90,954 - 90,954 83,011
141,947 141,340 283,287 167,732
4 INCOME FROM OTHER TRADING ACTIVITIES
Unrestricted
funds
General
£
Trading income;
Sales of goods and services
108		 Restricted
funds
£
20		 Total
2024
£
128		 Total
2023
£
159
Events income;
Other events income 10,555 1,245 11,800 9,739
5 INVESTMENT INCOME 10,663 1,265 11,928 9,898
Unrestricted Endowment
funds Restricted funds Total Total
General funds Permanent 2024 2023
£ £ £ £ £
Interest receivable and similar
income;
Interest receivable on bank
deposits 2,914 1,999 - 4,913 3,905
Other income from fixed asset
investments - 78,398 3,691 82,089 70,298
2,914 80,397 3,691 87,002 74,203

Page 19

THE WEST BUCKLAND SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

6 EXPENDITURE ON RAISING FUNDS

A) COSTS OF GENERATING DONATIONS AND LEGACIES

Unrestricted Unrestricted
funds Restricted Total Total
General funds 2024 2023
£ £ £ £
Other direct costs of generating Other direct costs of generating
voluntary income 19,960 300 20,260 10,693
B) INVESTMENT MANAGEMENT COSTS
Endowment
Restricted funds Total Total
funds Permanent 2024 2023
£ £ £ £
Other investment management costs;
Administration of the investments
11,712
809
12,521
13,061
11,712
809
12,521
13,061
7 EXPENDITURE ON CHARITABLE ACTIVITIES
Unrestricted
funds
Restricted
Total
Total
General
funds
2024
2023
~~a~~
~~a~~
~~OT~~
Note £ £ £ £
Grant funding of
activities 10 4,767 291,263 296,030 138,774
Allocated support
costs 14,899 - 14,899 19,577
Governance costs 9 6,702 - 6,702 7,097
26,368 291,263 317,631 165,448

B) INVESTMENT MANAGEMENT COSTS

7 EXPENDITURE ON CHARITABLE ACTIVITIES

Page 20

THE WEST BUCKLAND SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

8 OTHER EXPENDITURE

8 OTHER EXPENDITURE
Unrestricted
funds Total Total
General 2024 2023
£ £ £
Staff costs
Wages and salaries 79,912 79,912 72,020
Social security 7,710 7,710 7,390
Pension costs 3,332 3,332 3,601
Depreciation, amortisation and other similar costs 1,049 1,049 737
92,003 92,003 83,748

9 ANALYSIS OF GOVERNANCE COSTS

GOVERNANCE COSTS

Independent examiner fees
Examination of the financial statements		 Unrestricted
funds
Total
Total
General
£
2024
£
2023
£
6,702
6,702
7,097
6,702
6,702
7,097
~~a~~
~~ee~~

Page 21

THE WEST BUCKLAND SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

10 GRANT-MAKING

Analysis of grants

10 GRANT-MAKING
Analysis of grants
Grants to institutions Grants to institutions Grants to individuals Grants to individuals
2024 2023 2024 2023
£ £ £ £
Analysis
Bursaries for individuals - - 93,021 96,129
Additional funding for bursary recipients - - 13,071 5,267
Bursaries for individuals advanced - - 35,432 -
Additional funding for bursary recipients
advanced - - 4,870 -
Equipment for West Buckland School 135,933 29,607 - -
West Buckland School hardship fund 13,703 7,771 - -
149,636 37,378 146,394 101,396

Note: School fees and additional funding for the Foundation's bursary students have been paid in advance for the Autumn 2024 term due to expected changes in legislation of VAT being charged on school fees.

11 NET INCOMING/OUTGOING RESOURCES

Net outgoing resources for the year include:

11 NET INCOMING/OUTGOING RESOURCES
Net outgoing resources for the year include:
2024
£		 2023
£
Depreciation of fixed assets 1,049 737

Page 22

THE WEST BUCKLAND SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

12 STAFF COSTS

The aggregate payroll costs were as follows:

Staff costs during the year were: Wages and salaries Social security costs Pension costs

==> picture [97 x 154] intentionally omitted <==

----- Start of picture text -----
||| |---|---| |2024|2023| |£|£| |79,912|72,020| |7,710|7,390| |3,332|3,601| |90,954|83,011|

----- End of picture text -----

The staff are employed by West Buckland School. The Charity does not have employees. The costs shown are the value of the services donated by the school.

No person received emoluments of more than £60,000 during the year.

13 TRANSFERS

There was £15,000 of the unapplied total return of the permanent endowment allocated to income shown within transfers, as detailed in note 19. There was also £35,690 transferred from unrestricted funds to restricted funds for funds raised from the 20th Anniversary Dinner Dance and Auction above the costs of running this event, match funding of generous donations made on Giving Day for transformational bursaries and for capital projects funded for the school.

14 TAXATION

The charity is a registered charity and is therefore exempt from taxation on its charitable activities.

Page 23

THE WEST BUCKLAND SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

15 TANGIBLE FIXED ASSETS

15 TANGIBLE FIXED ASSETS
Furniture
and
equipment Total
£ £
Cost
At 1 August 2023 8,289 8,289
Additions 1,378 1,378
At 31 July 2024 9,667 9,667
Depreciation
At 1 August 2023 5,946 5,946
Charge for the year 1,049 1,049
At 31 July 2024 6,995 6,995
Net book value
At 31 July 2024
At 31 July 2023		 2,672
2,672
2,343
2,343
~~a~~
~~—_——~~

Page 24

THE WEST BUCKLAND SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

16 FIXED ASSET INVESTMENTS

16 FIXED ASSET INVESTMENTS
Listed
investments Total
£ £
Market value
At 1 August 2023 2,308,476 2,308,476
Revaluation 153,401 153,401
Income and transfers in 102,089 102,089
Management charges and transfers out (155,963) (155,963)
At 31 July 2024 2,408,003 2,408,003
Net book value
At 31 July 2024 2,408,003 2,408,003
At 31 July 2023 2,308,476 2,308,476

Further details of each investment are disclosed in note 24, with the restricted fund totalling £2,288,357 and the funds held within the endowment fund investment totalling £119,646 which in total is the above figure of £2,408,003.

17 DEBTORS

17 DEBTORS
Trade debtors 2024
£
16,244		 2023
£
9,975
Prepayments 4,315 3,382
20,559 13,357
18 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors - 9,014
Accruals 8,367 7,430
8,367 16,444

Page 25

THE WEST BUCKLAND SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

19 FUNDS
Other Balance at
Balance at 1 Incoming Resources recognised 31 July
August 2023 resources expended Transfers gains/(losses) 2024
£ £ £ £ £ £
Unrestricted funds
General 30,782 155,524 (138,331) (35,690) - 12,285
Restricted funds 2,363,234 223,002 (303,275) 50,690 142,464 2,476,115
Endowment funds
Permanent 119,827 3,691 (809) (15,000) 10,937 118,646
Total funds 2,513,843 382,217 (442,415) - 153,401 2,607,046

Page 26

THE WEST BUCKLAND SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

19 FUNDS (CONTINUED)

19 FUNDS (CONTINUED)
Other Balance at
Balance at 1 Incoming Resources recognised 31 July
August 2022 resources expended Transfers gains/(losses) 2023
£ £ £ £ £ £
Unrestricted funds
General 29,562 130,920 (129,700) - - 30,782
Designated - 5,000 (5,000) - - -
Total unrestricted funds 29,562 135,920 (134,700) - - 30,782
Restricted funds 2,480,752 112,919 (137,656) 1,138 (93,919) 2,363,234
Endowment funds
Permanent 118,835 3,007 (594) (1,138) (283) 119,827
Total funds 2,629,149 251,846 (272,950) - (94,202) 2,513,843

Page 27

THE WEST BUCKLAND SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

19 FUNDS (CONTINUED)

The permanent endowment (St Michael's and Alan Carey Fund) is invested on a total return basis, as required by the donor. The donor required that the funds should be managed so that the capital is preserved in relation to inflation. In the year to 31 July 2023, the trustees' made the decision to use the lower of the retail price index and the consumer price index to calculate the inflation measure. The consumer price index has been used for both the year to 31 July 2024, and 31 July 2023. The date of the initial value of the trust for investment and the establishment date of the initial value of the unapplied total return was 11 October 2014. In the year ended 31 July 2024 an additional £3,088 has been added to the original gift component to satisfy this requirement.

The investment fund and application of total return
to permanent endowment funds:		 The investment fund and application of total return
to permanent endowment funds:		 Endowment Unapplied
total return		 Total
£ £ £
Opening value of endowment:
Gift
component
of
permanent
endowment
inflation as at 1 August 2022		 plus 102,243 - 102,243
Unapplied total return
Total:
Movement in unapplied total return and endowment in
the year:
Investment return: dividends and interest
Investment
return:
recognised
and
unrecognised
gains/(losses)		 102,243
-
-		 17,584
17,584
3,691
10,937		 17,584
119,827
3,691
10,937
Investment management costs - (809) (809)
Total: - 13,819 13,819
Unapplied total return allocated to income - (15,000) -
Unapplied total return allocated to gift component for
inflation		 3,088 (3,088) -
Net movement in the reporting period 3,088 (4,269) (1,181)
Closing value of permanent endowment:
Gift component of permanent endowment carried
forward		 105,331 - 105,331
Unapplied total return 13,315 13,315
Total 105,331 13,315 118,646

Page 28

THE WEST BUCKLAND SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

20 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Total
Unrestricted Endowment funds at
funds Restricted funds 31 July
General funds Permanent 2024
£ £ £ £
Tangible fixed assets 2,672 - - 2,672
Fixed asset investments - 2,288,357 119,646 2,408,003
Current assets 16,603 189,135 (1,000) 204,738
Current liabilities (6,990) (1,377) - (8,367)
Total net assets 12,285 2,476,115 118,646 2,607,046
Total
Unrestricted Endowment funds at
funds Restricted funds 31 July
General funds Permanent 2023
£ £ £ £
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 2,343
-
-
2,343
-
2,187,649
120,827
2,308,476
39,293
181,175
(1,000)
219,468
(10,854)
(5,590)
-
(16,444)
30,782
2,363,234
119,827
2,513,843
~~a~~
~~=~~
21 ANALYSIS OF NET FUNDS
At 1 August At 31 July
2023 Cash flow 2024
£ £ £
Cash at bank and in hand 206,111 (21,932) 184,179
Net funds 206,111 (21,932) 184,179
At 1 August At 31 July
2022 Cash flow 2023
£ £ £
Cash at bank and in hand 180,372 25,739 206,111
Net funds 180,372 25,739 206,111

Page 29

THE WEST BUCKLAND SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

22 TRUSTEES REMUNERATION AND EXPENSES

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses from the charity during the year.

23 RELATED PARTY TRANSACTIONS

During the year the charity made the following related party transactions:

The School

Intangible incoming resources of £90,954 (2023 - £83,011) represents the costs of the services donated by West Buckland School and for which no reimbursement is required. An additional £30,000 (2023 - £28,500) is provided by the School to the Foundation as a contribution towards administration costs.

During the year the Foundation made grants of £296,030 (2023 - £138,774) to the School. At the balance sheet date the amount due to/from The School was £Nil (2023 - 9,014).

Trustees

Total donations of £12,770 have been received by the Foundation without conditions from trustees serving during the year. At the balance sheet date the amount due to/from Trustees was £Nil (2023 - Nil).

Page 30

THE WEST BUCKLAND SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

24 INVESTMENTS – RESTRICTED BURSARY FUNDS AND ENDOWMENT FUND

RESTRICTED ENDOWMENT RESTRICTED ENDOWMENT
FUND FUND FUND FUND FUND FUND FUND FUND FUND FUND
West
Buckland Fortescue Buckland Fortescue St Michael’s St Michael’s
School School
Bristow		 Bristow BristowBursary& Alan Carey & Alan Carey
Foundation Fund Foundation Fund Foundation Fund Foundation FundFundFund Fund
£ £ £ £ £ £ £ £ £ £ £ £ £
Balance brought forward
Investments 1,563,037 591,143 2,154,180 118,642
Cash held as part of portfolio 23,948 9,521 33,469 2,185
__ _ __ _
1,586,985 600,664 2,187,649 120,827
Transfers in 20,000 - 20,000 -
Interest 10,496 6,204 16,700 1,253
Dividends 43,214 18,378 61,592 1,981
Equalisation - - - -
Other income 106 - 106 457
Management fees
Transfers out
Realised gain/(loss) on investments
Unrealised (loss)/gain on investments		 (8,446)
(105,599)
6,017
94,953
__		 (3,266)
(22,843)
2,557
38,937
_		 (11,712)
(128,442)
8,574
133,890
__		 (809)
(15,000)
559
10,378
_
Balance carried forward 60,741 39,967 100,708 (1,181)
Investments 1,641,857 638,246 2,280,103 118,057
Cash held as part of portfolio 5,869 2,385 8,254 1,589
__ _ __ _
1,647,726 640,631 2,288,357 119,646
_
_		 _
_		 _
_		 _
_

Page 31