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2023-08-31-accounts

Charity Number: 1101485 Company Number: 04931009

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WELLINGBOROUGH SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

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Introduction from the Headmaster

2022-23 demonstrated that at Wellingborough School, very much in keeping with its own traditions, the new normal looked very similar to but even better than the old normal. This was the life basked in the freedom that brought. first year since 2018-19 that all of the Covid shackles were released, and every aspect of School September saw yet another large intake of new children, with over 100 joiners. This influx began what is becoming the norm, with the year-on-year starting point being higher than the previous September, and with a significant number of additional students beginning their Wellingborough journey within the academic year. By June, the roll stood at 871, within touching distance of the 880 target set within the current Schoo! Development Plan.

Students old and new were soon able to marvel at the development of the site, as the scaffolding was taken down from around the Dining Hall in October to reveal the new Sixth Form Centre. This building, fundamental to the development of our A level students’ learning and independence, was put to good use immediately, Sixth Formers quickly taking advantage of the opportunity to study individually and collaboratively, whilst remaining loyal to their Houses for relaxation and social pursuits.

The Sixth Form Centre also heralded the beginning of the School's exciting vision for the estate in the next few decades. Project COPERNICUS was presented to all stakeholders in the early part of the year, setting out the 30-year masterplan and incorporating a major re-imagining of how to ensure the site keeps pace with the requirements of a modern education. Separated into financedriven phases, COPERNICUS maintains and re-purposes the heritage buildings that are so cherished by our community, whilst augmenting the student experience and outcome through function-led facilities within a coherent scheme. Phase 1 will see a Technology Centre placed on the Senior School! Walk, housing Design & Technology and Computer Science and enhancing our offer to students in those disciplines.

Away from the classroom, usual Wellingborough hecticness was evident through all three terms, as well as the holidays in between. International experiences have always been a key part of the co-curriculum, and the year was bookended by the much-loved Battlefields Trip to Belgium and France, and a new venture to Barcelona. In between, both Prep and Senior Schools ran ski trips in activitiesEurope, tookand the placeGeography in LincolnshireDepartment (Prep School)amazed andstudents the Peakin Iceland. DistrictCloser (Seniorto School),home, adventurousin addition to a full suite of DofE expeditions.

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Being mainly outdoors, sport had survived the pandemic relatively well, and this year was one in which to build on the progress made by students. Over 600 children played competitively for the School from Year 3 to Year 13 in nine different sports, and the year ended with over 100 students signing up for Sports Tours in 2024 and 2025 to Jersey and South Africa respectively. Not to be outdone, our Performing Arts departments were able to put on a full programme, culminating in a triumphant return to the Castle Theatre for the Spring Concert, which came on the back of the much-loved Rock, Pop and Blues Evening.

The Year 13 and Year 11 cohorts were the first to sit their public exams with pre-pandemic grade criteria, and having had no additional information to support their preparation. It was incredible, then, that our A level results comprised better outcomes than at any stage before Covid, with over 40% of exams graded A* or A. This enabled most students to continue on to their preferred destination, with universities ranging from East Anglia to California, and courses as diverse as Stonemasonry, Medicine, Computing, Economics and Photojournalism. Other students struck out on prestigious apprenticeships or took their place in the workforce. At GCSE, the School's largest ever exam group matched or bettered the best outcomes from pre-2020, with 52% of results being at Grades 9-7, and 96% at Grades 9-4, This translated into the School’s highest ever

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retention rate and its largest ever Year 12 cohort.

Against the backdrop of the cost-of-living crisis which could easily have dampened spirits, there was so much to celebrate across the year. The happiness and success of children of all ages continue to demonstrate Wellingborough’s ability and capacity to adapt to their needs in a volatile environment, whilst also creating and beginning to implement a plan that ensures that the School can further improve the opportunities and outcomes for current and future students.

A N Holman Headmaster

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WELLINGBOROUGH SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Trustees, Officers, and Advisors

The following served as Trustees during the year or through to the date of signing:

Trustees m ON 20 UH F33g58a s 7 <8 Bs ae 2 8G. = E>| n i?) 9 & @M Mr P R Tyldesley BA MRICS Chairman Mrs D A Line BA CA CA(SA) ) Deputy Chairman Mrs C A Bruce MA e MrI M Cantelo BEng CEng MIET © r Dr C F Duncan MBBS DRCOG MRCGP © Mr N M Lashbrook © Mr S M Marriott MrJ A Smith BSc MRICS ® e Miss S G Tafeni BSc MA MBA RN e Appointed 19 June 2023 Mr RH Thakrar BSc MBCS e Miss R K Turner BA ® © e Mr D A Waller MA (Oxon) © @ Officers Mr A N Holman MA (Cantab) MEd Headmaster Mr N A Johnson MA FCMI Bursar/ Clerk to the Governors / Company Secretary Registered Office Wellingborough School, London Road, Wellingborough, Northamptonshire, NN8 2BX Advisors Bankers Svenska Handelsbanken AB (publ), Northampton National Westminster Bank plc, Northampton Aberdeen Standard, Aberdeen Investment Managers Handelsbanken Wealth Management Ltd, London LGT Wealth Management Ltd, Edinburgh Solicitor HCR Hewitsons LLP, Cambridge, Milton Keynes, and Northampton Auditor RSM UK Audit LLP, Leicester Surveyor Harwood Surveyors Ltd, Wellingborough Insurance Broker Marsh Brokers Ltd, London

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WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023

Report of the Governing Body

The Trustees, who are also the School’s Governors and Directors of the charity for the purposes of the Companies Act, present their report and financial statements for the year ended 31st August 2023 and confirm they comply with the requirements of FRS102, the Charities Act 2011, and the Charities SORP (Second Edition, effective 1 January 2019).

Directors’ Report Objects, Aims, Objectives and Activities

Charitable Objects

The objects of the Charity, as outlined in its Articles of Association, are “to advance the education of children and young people by the provision of a co-educational day or boarding school in or near Wellingborough and by ancillary or incidental education activities and other associated activities for the benefit of the community”.

Public Benefit Aims and Intended Impact The philosophy of Wellingborough School places learning at the heart of a challenging education that promotes achievement through active involvement. The School looks to meet its public benefit aim by providing a first-class education, independent of the State System, for 856 pupils both through strong academic tuition and the development of wider skills through an extensive cocurricular programme.

The philosophy seeks to develop self-awareness and a sense of responsibility, values both individuality and altruism and fosters the spirit of community and commitment that have been traditional to the School.

Wellingborough School endeavours to create a safe and happy environment in which pupils are given the best possible opportunity to learn and develop. Our public benefit aim is that all pupils will be self-confident and desire to contribute to the wider community.

In the furtherance of these aims, the School Governors, as the Charity trustees, have complied with the duty in s.17 of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub-sector guidance concerning the operation of the public benefit requirement under that Act.

Wellingborough School provides a significant benefit to the public. The total savings generated for the UK taxpayer, as a result of attendance at Wellingborough School by pupils who could otherwise take up a free UK state school place, is £5,719,7182.

The School strives to ensure that measures of public benefit are appropriate, and that significant sections of the public are not excluded from the opportunity to benefit from the education and facilities offered due to the need to pay a fee. In addition to significant provision of bursaries and other forms of financial support, the School provides a wide range of opportunities for community benefit and facilities, and events are often open to all.

1 Dated 17 March 2021, approved by the Charity Commission 3 August 2021.

2 Oxford Economics & Independent Schools Council Economic Impact Survey (using national rates for the year 2021-22).

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WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023

Educational Outreach and Community Involvement

Through development of, and provision of access to School facilities, Wellingborough School remains at the heart of the community and a range of activities are undertaken on site by the local community, in addition to voluntary activities within the local community by pupils and staff.

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Structure, Governance and Management

The School is registered as a charitable company limited by guarantee and was incorporated on 14 October 2003. The liability of the members is limited by guarantee to £1. The company has conducted the operation of the school since 1 April 2004.

The School has one wholly owned subsidiary, Wellingborough School Enterprise Ltd (company number 01579353) whose principal activities throughout the year continued to be the commercial letting of the School’s sports facilities and the school shop. The School is also special trustee for Wellingborough School Trust in respect of the permanently endowed assets, comprising part of the land on which the school was built, some of the playing fields and cash which represents the proceed of various asset disposals. The Charity Commission granted permission for this charity, under a uniting direction dated 25 August 2004, to be treated as part of Wellingborough School charitable company for the purposes of Part II (registration) and Part VI (accounting) of the Charities Act 1993.

Qualifying third party indemnity provisions

The company has made qualifying third-party indemnity provisions for the benefit of its Governors during the year. These provisions remain in force at the reporting date.

Appointment and Induction of Trustees

The Management of the School is the responsibility of the Governors, whose appointment is governed by the Articles of Association, dated 17 March 2021. The maximum number of Governors permitted is 20. The Old Wellingburian (OW) Club has the right to nominate one member (currently Miss R K Turner) with the rest being co-opted by the Board. Co-opted Governors serve for a period of four years and may be re-elected. The Representative of the OW Club serves for a period of four years. The Trustees who served during the year and since the year-end are shown on page 3.

Trustees are recruited as far as is possible to represent a cross-section of skills and experience considered most useful in addressing the issues facing the School. The Chair interviews all proposed Trustees and presents their credentials to the Board, whose approval is required before they are invited to join. In addition to key documents, including the Association of Governing Bodies in Independent Schools (AGBIS) Guidelines for Governors, Trustee induction includes child protection training, a tour of the School, and meetings with Headmaster and Bursar. Ongoing training of Trustees on topical subjects is made available on a regular basis, and a programme of annual Trustee day-long observations of the workings of the School is in place.

Governors give of their time freely and no remuneration other than declared expenses, was paid in the 12-month period.

Organisational Management

The Trustees are legally responsible for the overall management and control of the School and meet routinely three times a year, to a planned schedule, with additional meetings if required. In September 2021, the Board invited the Association of Governing Bodies of Independent Schools (AGBIS) to review its governance structures and make recommendations on best practice. As a result of the recommendations, the Board refined the sub-committee structure into three Trustee

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WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023

sub-committees, which meet prior to full Board meetings and report to it.

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Governing Body
(Board)
Meets three times a year
Chair: Mr P R Tyldesley
Strategic Planning
Working Group
Meets as required
Chair: Miss R K Turner
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Finance & Education Governance &
General Purpose Committee Nominations
Committee Committee
Meets four times a year Meets four times a year Meets bi-annually
Chair: Mrs D A Line Chair: Mr N M Lashbrook Chair: MrI M Cantelo
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The Finance & General Purpose Committee meets four times a year? and addresses matters relating to finance, internal controls, and the estate. The Education Committee also meets four times a year and addresses matters relating to the educational, academic, and pastoral agenda. The Governance & Nominations Committee meets twice a year and is responsible for corporate governance, legal and regulatory compliance, and risk management. The Strategic Planning Working Group is responsible for shaping the strategic direction of the School beyond the 4-year budget horizon (i.e., in the 4- to 30-year time frame). In addition, Dr C F Duncan is the nominated Governor with responsibility for Child Protection and Safeguarding, whilst Mr S A Marriott is the nominated Governor for Health & Safety.

The Trustees are supported by a collective of individuals known as Council Members, the purpose of which is to act as a consultative body representing the School’s community and interested parties. All Trustees are members of the Council, and in addition they admit for membership up to 15 other members who are not Trustees but are members of the Council. In addition to the Trustees listed at page 3, the following served as Council members during the year ending 31 August 2023.

Council Member Nominating Body Mrs K A Bilson-Ross Co-Opted MrJW Browne BA M.St (Oxon) Old Wellingburian Club | DrMr T Carlier Co-Opted Mrs J M A Howard Co-Opted | J K Cox MA (Cantab) MB BChir FFCI Co-Opted ||| 3assumptions. The Committee may also additionally meet at the start of the academic year to confirm budget

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WELLINGBOROUGH SCHOOL
ANNUAL REPORT OFTHE GOVERNORS
FORTHE YEAR ENDED 31 AUGUST 2023
eee a ee ar ee es
Miss A B Jones BA MEd Co-Opted
Mr CP
Kirk		 Co-Opted
MrC A Westley Co-Opted
MrJMWooding Co-Opted

In addition to the organisations listed, Cambridge, Leicester, and Warwick universities have the right to nominate one Member, and the Governors await details of their nominated representatives. Council Members serve for a term of four years but may be re-appointed on the same basis as for Governors.

The day-to-day running of the School is delegated from the Governing Body to the Senior Headmaster and the Bursar, both of whom attend meetings of the Governing Body, together with committees as appropriate.

The salary of the Senior Headmaster and the Bursar is reviewed by the Senior Management Pay Review Board (SMPRB), a sub-committee of the Main Board who present their recommendations to the Chairman for approval.

The School supports the promotion of the highest standards in the Independent Schools sector and, to this end, maintains membership of Association of Governing Bodies in Independent Schools (AGBIS), the Heads’ Conference (HMC), the Independent Schools Bursars' Association (ISBA) and the Independent Association of Preparatory Schools (IAPS) in order that its members and officers may contribute to and share best practices to further the Charity's Object.

Equality Act

Wellingborough Schoo! complies with the Equality Act 2010 and is committed to providing equal opportunities in employment. The School's policies seek to avoid unlawful discrimination in all aspects of employment including recruitment, promotion, opportunities for training, pay and benefits, discipline, and selection for redundancy.

Statement of Trustees’ Responsibilities

The Trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

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 the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

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WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions, 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 and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees confirm that:

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This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

Strategic Report

Strategies and Objectives

The School has set out its School Development Plan for the period 2021-26, based around five pillars (education, pastoral, finance, staff, community), and has determined how to build upon them so that the essence and ethos of the School is maintained whilst the interests of the pupils are promoted. The academic year 2022-23 was Year 2 under the Development Plan.

Mission

To enable every individual at the School to become the best version of themselves.

Vision

To be the first-choice school for all pupils and parents within our area.

Values

Objectives

Education

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Pastoral

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WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023

Finance

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Staff e Ethos of progressive and focused professional development e Develop provision for Early Career Teachers e Development of middle leaders e Support for staff wellbeing e Ensure effective and inclusive recruitment and retention processes

Community

e Develop a sense of service and charity e Develop pupils’ understanding of their place in the world and their responsibility to it e Enhance links with the local community e Enhance the Old Wellingburian (OW) network e Develop the bond with the OWs e Strengthen the ways in which OWs can support the School

Review of Achievements and Performance for the Year

Project COPERNICUS

In late 2021, the Board undertook a review of the estate in order to identify how best to develop the site for the future. The principal consideration was the physical manifestations to support future ways of teaching and learning, but other factors included better optimising the balance between the ‘town’ and ‘field’ areas, improving vehicular access, allowing the School to better play its part as a member of the community, and achieving a sustainable net zero carbon footprint.

The work was wrapped into a master planning exercise under the title Project COPERNICUS, which set out a statement of strategic intent of how assets will be delivered to enhance teaching and learning, and to underpin the School’s vision. The purpose of this master planning exercise was to:

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The result of this work is a proposal that preserves and enhances the best of Wellingborough School whilst also adopting a strategic approach to developing the facilities. Whilst financing will ultimately dictate the precise timelines for the delivery of each phase, this is deliberately a longoperations whilst delivering Project COPERNICUS means it will be phased, broadly as follows: term plan that envisages full delivery over a 30-year timeframe. The need to sustain current Sa a a rn, Page 9

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WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023

Phase 1 Technology centre & energy centre Nursery / Lower Prep (with its own catering provision) Gate House and new parking

primary school use Landscaping the quad landscaping - to run throughout as operations allow

Work on Phase 1 began in June 2023 with the clearing of the site of the new technology and ICT building, which required the relocation of Reception, the English department, one of the girls’ houses (Nevill), and the Admissions & Marketing department. Demolition of the old building stock, and the construction of a new car park adjacent to the Jubilee entrance were complete by late September. The start date for construction of the new technology centre is planned for April 2024.

Project HERMES

In January 2021, the Board determined to achieve greater certainty in the School's financial planning by removing the threat of future Government-imposed rises in TPS employer (E’er) contributions. To achieve this, Project HERMES was a consultation with staff on a potential withdrawal from the TPS and consideration of possible alternative options.

Consultation concluded in September 2021, as a result of which TPS became a closed pension scheme at Wellingborough School from 31 December 2021. The School has established an alternative defined contribution (DC) scheme to run alongside the TPS, and all staff joining after 1 January 2022 are placed on the DC scheme and have no right of access to the TPS. All legacy staff have the choice between continued membership of the TPS or membership of the DC scheme.

HERMES was always a risk-elimination exercise — not a cost-saving measure - and the School maintains the current level of total E’er contributions into an alternative scheme. In order to further adhere to the principle of risk mitigation, the Board also decided that the School would consult with legacy staff over complete withdrawal from TPS when any one of the following trigger conditions is met:

In October 2023 the Treasury's announcement of the confirmed increased E’er contribution rate of 5% points triggered the second stage of consultation with staff, which was completed in December. Therefore, and as of 1% April 2024, teaching staff who wish to remain in TPS may only do so by accepting a commensurate reduction in salary to assure the School's total costs of employment; otherwise, they may choose to join the alternative DC scheme.

4 Announcement was delayed from April 2023 to c. October 2023, for implementation in 2024.

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WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023

Project MERCURY

Project MERCURY is the overarching name given to a series of initiatives being implemented to future-proof the School’s operating model against potential political, financial, and organisational challenges identified on the risk register. It seeks to set the necessary conditions for organisational resilience beyond the 18-month horizon by making deeper judgements than the going concern statement current provides.

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Trustees’ Report Going Concern Statement Project MERCURY
‘What has happened’ ‘What will happen’ ‘What might happen’
Confidence- 100% Confidence - 75% Confidence - 50%?
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At its core, MERCURY is about giving Governors the options to allow them to treat, tolerate, or terminate threats as they materialise. Key tenets include:

Not all measures may be required, but the point of MERCURY is to create a framework to allow the School to pre-emptively pivot at a point of time of its own choosing (lead), rather than try to react to external impositions (lag).

Principal Risks and Uncertainties

The Governors have considered the risks and uncertainties that the Charity is exposed to in the ordinary course of fulfilling its objectives, and the Business Risk Management Model was updated and amended by the Board throughout the year. Adequate review systems have been established which, under normal conditions, should allow these risks to be mitigated to an acceptable level in day-to-day operations. Risks previously identified continue to be reviewed by the Board and SubCommittees on a rolling programme throughout the year.

The principal risks facing the Charity (summarised within the Business Risk Management Model) are:

5 It is this risk that Project MERCURY is specifically designed to treat.

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WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023

generates a strategic shock.

Key controls used to mitigate principal risks include formal agendas for all Committee and Board meetings, detailed terms of reference for all committees, comprehensive forward planning, budgeting & management accounting, measurement of performance against pertinent KPIs, vetting procedures as required by law for the protection of the vulnerable and adequate & appropriate training for Governors and key staff.

Financial Review and Results for the Year

Financial Review

The Consolidated Financial Statements for the year ended 31 August 2023 showa surplus from all funds of £824,307 (2022: £689,711) after the unrealised losses on investments (note 10) are considered.

The total funds at the year-end stood at £27,209,673 (2022: £26,385,366) comprising unrestricted funds of £22,443,014 (2022: £21,369,600), restricted funds of £1,242,778 (2022: £1,491,885) and endowed funds of £3,523,881 (2022: £3,523,881). Details of the funds are provided in note 18.

The principal funding source for the Charity is fee income and this year the net fee income was £13,360,405 (2022: £12,680,611).

During the year the Group invested £3,097,064 (2022: £2,228,511) in Fixed Assets detailed within note 9.

The school’s trading company, Wellingborough School Enterprise Ltd made a profit of £28,618 (2022: £23,820).

The Governors are satisfied with the financial results disclosed in view of the continuing challenging economic times; they remain sensitive to the affordability of fees and the continuing control of expenditure.

Reserves Policy

It is the policy of the Charity to hold reserves in its capital account and special reserve account that have not yet been committed or designated for any particular purpose. The Governors have set aside these reserves to protect the future operations of the Charity from the effects of any unforeseen variations in its income streams as part of a policy of good financial management practice.

At 31 August 2023 the amount of these reserves in capital account and special reserve account amounted to £20,171,763° and £479,642 respectively (2022: £16,910,882 and £479,642).

The capital account figure incorporates the tangible fixed assets of the school (less the endowment land and assets held within restricted funds) and includes the revaluation reserve figure of £6,609,065 (2022: £6,609,065).

While it is the Governors’ intent to increase the value of the School’s investment holdings, there is also a strategic intent to continue to invest in and enhance the School's facilities and resources. The Governors aim to achieve this through an on-going programme of capital investment, which inevitably is achieved at the expense of creating free reserves. The Governors’ desired intent to

6 After unrealised losses on investments are taken into account.

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WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023

continue to invest in School facilities will therefore be balanced against the desire to increase the value of liquid funds held by the School. Aside from specific reserves for distinct projects, it is the Governors' intention to build sufficient free cash or near-cash reserves to cover staff costs for one term. The policy has been established at this level due to the nature of the underlying employment contracts.

It is the Governors’ intent to generate an annual investment surplus’ of more than 10% of net income. This year the investment surplus was 11.2% (2022: 11.3%).

Fundraising Standards

The Governors recognise the importance of meeting the highest standards of practice and care in relation to fundraising activities. The school keeps donors informed about fundraising activities through regular communication. All fundraising activity is carried out by school staff, who all have received training on fundraising standards. No complaints have been received.

The school only raises funds from past students, parents, staff, and those with a personal connection with the school and does not undertake fundraising campaigns to members of the public.

Investment Powers, Policy, and Portfolio

The investment powers specified in the governing instrument allow the Governors to deposit or invest in any manner (but to invest only after obtaining advice from a financial expert and having regard to the suitability of investments and the need for diversification). The Governors receive termly updates from the Investment Managers and meet with them to review performance on (at least) an annual basis. Portfolio metrics and investment class allocation, performance and other data is also available via the Investment Managers secure online portal.

Future Plans

Objectives for the Forthcoming Year

The objectives for the forthcoming year are detailed in the Year 3 targets to the School’s 20212026 Strategic Plan, and may be summarised as:

In approving the Trustees’ Report, the Trustees are also approving the Strategic Report in accordance with Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2015 in their capacity as company directors.

The Governors’ Report is approved by order of the Board of Governors and the Strategic Report (include therein) is approved by the Board of Governors in their capacity as the directors at a meeting on and signed on its behalf by:

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7 Defined as the surplus on unrestricted funds before depreciation but excluding profit/loss on the disposal of fixed assets, or unrealised gains/losses on investments.

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WELLINGBOROUGH SCHOOL
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2023
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Opinion

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WELLINGBOROUGH SCHOOL

We have audited the financial statements of Wellingborough School (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31st August 2023 which comprise Group Statement of Financial Activities, the Group Summary Income and Expenditure Account, the Group and Company Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the. financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with | these requirements. We believe that the audit evidence we have obtained is sufficient and . appropriate to provide a basis for our opinion.

Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may. cast significant doubt on the group’s or parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report of the Governors other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Annual Report of the Governors. Our opinion on the financial staternents does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon,

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WELLINGBOROUGH SCHOOL

other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report or the Strategic Report included within the Governors’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 7, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Page 16

| WELLINGBOROUGH SCHOOL | The extent to which the audit was considered capable of detecting irregularities, including fraud | Irregularities are instances of non-compliance with laws and regulations. The objectives of | audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and | theregulationsfinancial thatstatements, have a directtoregulationsfinancial thatstatements, have a directtofinancial thatstatements, have a directto thatstatements, have a directtostatements, have a directto have a directto a directto directtoto perform effect onaudit the determinationprocedures effect onaudit the determinationprocedures onaudit the determinationproceduresaudit the determinationprocedures the determinationproceduresprocedures to helpof materialidentify amountsinstances andofof materialidentify amountsinstances andofidentify amountsinstances andof amountsinstances andofinstances andof andofof non-compliance disclosures | with other laws and regulations that may have a material effect on the financial statements,

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WELLINGBOROUGH SCHOOL

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and theregulationsfinancial thatstatements, have a directtoregulationsfinancial thatstatements, have a directtofinancial thatstatements, have a directto thatstatements, have a directtostatements, have a directto have a directto a directto directtoto perform effect onaudit the determinationprocedures effect onaudit the determinationprocedures onaudit the determinationproceduresaudit the determinationprocedures the determinationproceduresprocedures to helpof materialidentify amountsinstances andofof materialidentify amountsinstances andofidentify amountsinstances andof amountsinstances andofinstances andof andofof non-compliance disclosures in with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

|

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the parent charitable company’s governing document, tax legislation and Charities (Protection and Social Investment) Act 2016. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, inspecting correspondence with local tax authorities and evaluating advice received from external advisors.

The most significant laws and regulations that have an indirect impact on the financial statements - are The Education (Independent School Standards) Regulations 2014, Keeping Children Safe in Education under section 175 of the Education Act 2002 and the UK General Data Protection Regulations (UK GDPR). We performed audit procedures to inquire of management and those charged with governance whether the group is in compliance with these law and regulations and | inspected correspondence with regulatory authorities. revenue recognition as the areas where the financial statements were most susceptible to material | The group audit engagement team identified the risk of management override of controls and | misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to | significant, unusual transactions and transactions entered into outside the normal course of | Page 17

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WELLINGBOROUGH SCHOOL business and testing a sample of revenue transacknons around the year end to ensure they were recognised in the correct pericxj. A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council's website at http'.l/www.frc.org.uklauditorsresponsibilities. This description foms part of our auditorfs report. Use of our report This report is made solely to the charitable company's members, as a tr￿dy, in accordance with Chapter 3 of Part 16 of the Companies Att 2006. Our audit work has been undertaken so that we might state to the charitable company's Membe￿ those matters we are required to state to them in an auditor's repK)rt and for no other purpose. To the fulSest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit worl for this report, or for the opinions we have formed. LSM bci,I,è LLF Gareth Jones (Senior Statutory Auditor) For and on behalf of RSM UK LLP, Statutory Auditor Chartered Accountants Rivermead House 7 Lewis Court Grove Park Leicester Leicestershire LE19 ISD 21 March 2024 Page 18

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WELLINGBOROUGH SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Hot|Unrestricted|Restricted|2uciaae|Total|Total| |mo5|Funds|Funds|rae|2023|2022| |Funds| |£|£|£|£|e| |INCOME|FROM:| |Charitable|Activities| |School|fees|(net)|2|13,360,405|=|*|13,360,405|12,680,611| |__|Other ancillary fading|4|414,156|é|:|414,156|311,116| |income| |Donations & Grants|3|3,594|448,577|=|452,171|275,430| |Other|income|4|123,746|25,000|=|148,746|184,224| |Total Income|13,901,901|473,577|-|14,375,478|13,451,381| |EXPENDITURE|ON:| |Raising|funds| |Trading|expenses|5|76,121|-|=|76,121|71,969| |Fundraising|5|29,466|=|=|29,466|41,184| |Interest|payable|5|10,027|-|-|10,027|12,030| |Charitable|activities|PB)|13,309,077|65,486|=|13,374,563|12,398,411| |Total expenditure|13,424,691|65,486|GS|13,490,177|12,523,594| |fayNetNiVESSIE income|beforeRS|net|losses|477,210|408,091|‘“|885,301|927,787| |Net Losses|on|investments|10|(60,994)|=|-|(60,994)|(238,076)| |Het income|416,216|408,091|=|824,307|689,711| |Gross transfers|between|funds|18|657,198|(657,198)|z|=|-| |Het movement|in|funds|1,073,414|(249,107)|=|824,307|689,711| |Total Funds brought forward|21,369,600|1,491,885|3,523,881|26,385,366|25,695,655| |Total Funds carried|forward|18|22,443,014|1,242,778|3,523,881|27,209,673|26,385,366|

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Page 19

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|||||||||| |---|---|---|---|---|---|---|---|---| |WELLINGBOROUGH|SCHOOL| |CONSOLIDATED|BALANCE|SHEET| |AT|31|AUGUST|2023| |Note|2023|2022| |£|E|£|£| |Fixed|assets| |Tangible|assets|9|23,210,032|20,792,876| |Investments|10|3,041,620|3,102,614| |26,251,652|23,895,490| |Current|assets| |Stock|12|82,409|99,792| |Debtors|13|399,636|450,570| |Cash|at|bank|and|in|hand|14|3,618,322|4,032,674| |4,100,367|4,583,036| |Current|liabilities| |Creditors:|amounts|falling|due|15|(2,276,218)|(1,724,742)| |within|one|year| |Net|current|assets|1,824,149|2,859,294| |Total|assets|less|current| |liabilities|28,075,801|26,753,784| |Creditors:|amounts|falling|due|16|(866,128)|(368,418)| |after|more than|one|year| |Net assets|27,209,673|26,385,366| |Unrestricted|funds| |Capital|account|18|20,171,763|16,990,153| |Special|reserve|18|479,642|479,642| |Designated|funds|18|1,791,609|3,899,805| |22,443,014|21,369,600| |Restricted|funds|18|1,242,778|1,491,885| |Permanent|Endowment|i8|3,523,881|3,523,881| |Total funds|27,209,673|26,385,366|

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----- Start of picture text -----
The financiaP sta ehts were approved and-authorised for issue by the Board of Governors on
th md L. E ;
se h 2024and signed on behalf of ard of Governors by:
\ J.
\ Ko y
P LLOETY. 4 (2 2
R Tyldesley D A Line
Governor overnor
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18 March 2024 Company registration number 04931009

Page 20

Fa

TTTae ——

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WELLINGBOROUGH SCHOOL BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2023

Fixed assets Note Fs 2023
£		 £ 2022
£
Tangible assets 9 23,161,671 20,725,801
Investments 10 3,041,632 3,102,626
26,203,303 23,828,427
Current assets
Debtors 13 522,358 591,801
Cash at bank and in hand 14 3,541,420 3,957,764
4,063,778 4,549,565
Current liabilities
Creditors: amounts fallingdue
within one year		 15 (2,258,288) (1,703,479)
Net current assets 1,805,490 2,846,086
Totalassets less current
liabilities		 28,008,793 26,674,513
Creditors: amounts fallingdue
after more than one year		 16 (866,128) (368,418)
Net assets 27,142,665 26,306,095
Unrestrictedfunds
Capital account 18 20,104,755 16,910,882
Special reserve 18 479,642 479,642
Designated funds 18 1,791,609 3,899,805
22,376,006 21,290,329
Restricted funds 18 1,242,778 1,491,885
Permanent Endowment 18 3,523,881 3,523,881
Totalfunds 27,142,665 26,306,095

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As permitted by s408 Companies Act 2006, the School has not presented its own Statement of
Financial Activities and related notes as it prepares group accounts. The School’s net income for
the year was £836,570.
The18" fajitaMarch2024,ahdsnett=signedw reon approved andbehalf of the’board authorisedof Governorsfor issue byby: the Board of Governors on
va x
9 ee
PR Tyldesl ( re D‘A Line
Governor a
18 March 2024
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Company registration number 04931009

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WELLINGBOROUGH SCHOOL CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 AUGUST 2023

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E
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2023 2022
Netcash inflowfrom operating activities £ £
Netcashprovidedbyoperating activities 1,614,174 1,836,798
Cash flows from investing activities
Payments to acquire tangible fixed assets (2,523,593) (2,210,142)
Proceeds on disposal of tangible fixed assets 36,683 -
Netcashusedin investingactivities (2,486,910) (2,210,142)
Cashflowsfromfinancing activities
Repaymentonbankloans
Proceeds of new borrowings
Repayment offinance leases		 -
480,000
(11,589)		 (130,632)
”
-
Interest paid (10,027) -
Netcash usedin financing activities 458,384 (130,632)
Change in cash and cash equivalents in the reporting period (414,352) (503,976)
Cash andcashequivalentsinthereporting period 4,032,674 4,536,650
Cash and cash equivalents at the end of the reporting period 3,618,322 4,032,674
2023 2022
£ i
Reconciliation of net income to net cash flowfrom operating activities
Netincome for the reporting period (as per theSOFA) 924,307 689,711
Adjustments for:
Interest Payable 10,027 -
Depreciation oftangible fixed assets 679,910 595,370
Profit on disposal oftangible fixed assets (36,683) -
Losses on investments 60,996 238,076
Decrease / (increase) in stock 17,383 (28,566)
Decrease / (increase) in debtors 50,934 (134,552)
Increase in creditors 7,300 476,739
NetCash provided by operating activities 1,614,174 1,836,798
Reconciliation ofnetdebt :
At 1 September 2022 Cash flovs At 31 August 2023
£ £ £
Cash 4,032,674 (414,352) 3,618,322
Debtduewithin oneyear
Bank and other loans (32,231) (48,000) (80,231)
HP Loans (11,589) 11,589 -
Debtdueafterone year
Bank and other loans - (432,000) (432,000)
HP Loans = = =
Total 3,988,854 (882,763) 3,106,091
Page 22

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WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

| Notes to the Financial Statements | i. Accounting policies

General information and basis of preparation

Wellingborough School (‘the School”) is a company limited by guarantee and is incorporated in England and Wales. It is also a registered charity at the Charity Commission for England and Wales. In the event of the School being wound up, the liability in respect of the guarantee is limited to £1 per member of the School. The address of the registered office is given in the officers and advisors information on page 3 of these financial statements. The nature of the School’s operations and principal activities are that of the provision of an educational environment.

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) - Charities SORP (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland, including adoption of the amendments issued in December 2017 (FRS 102), the Charities Act 2011, the Companies Act 2006 and the UK Generally Accepted Practice as it applies from 1 January 2019.

The functional currency of the School is considered to be GBP because that is the currency of the primary economic environment in which the School operates.

The School has taken advantage of the exemption available to a qualifying entity in FRS 102 from the requirement to present a charity only Cash Flow Statement with the consolidated financial statements.

The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee (company number: 04931009 and charity number: 1101485). The School constitutes a public benefit entity as defined by FRS 102 and has therefore applied the relevant public benefit requirements of FRS 102.

The accounts present the consolidated statement of financial activities (SOFA), the consolidated statement of cash flows and the consolidated and School balance sheets comprising the consolidation of the School and with its wholly owned subsidiary Wellingborough School Enterprise Limited.

Going Concern

Having reviewed the funding facilities available to the School together with the expected ongoing demand for places and the School's future projected cash flows, the Governors have an expectation that the School has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the School's financial viability.

To provide further assurance, the School has stress tested several scenarios with further downside sensitivities, which consider the current economic effects of parental affordability calculations. The purpose of this exercise was to further assure the going concern status by adjusting strategic, operational, and financial risk mitigation strategies, whilst also ensuring the reserves policy is fit for purpose. The Governors make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements. Accordingly, the Governors also continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Accounting and Reporting Responsibilities.

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WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, Governors are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affected current and future periods.

Judgements made by the Governors, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are deemed to be in relation to the depreciation rates of tangible fixed assets and are discussed below.

The School values its land and buildings at valuation. The valuations are made by a qualified Chartered Surveyor, using a variety of assumptions to determine the valuation of the investment properties. Any changes in these assumptions has the potential to materially impact the carrying value of these land and buildings. The carrying value of the land and buildings at the year end is disclosed within note 9.

Fee income

Income is the total amount of income receivable on behalf of the School in the accounting year. Fees receivable are stated after deducting scholarships and allowances granted by the School.

Bad and doubtful debts

The policy is to provide for all invoices relating to fees and extras incurred in excess of 12 months old, together with any within the period where doubt emerges that they will be paid.

Donations and Grants

Voluntary income is recognised upon entitlement to the income, when receipt is probable and the amount receivable can be measured reliably. Donations receivable for the general purposes of the charitable company are credited to unrestricted funds. Donations for purposes restricted by the wishes of the donor are taken to restricted funds. The relevant expenditure will be charged against the appropriate fund as it occurs.

Legacies

The total amounts of legacies received in the year, including the relevant tax refunds, are shown in the financial statements as restricted funds. The relevant expenditure will be charged against the fund as it occurs.

Rental income

Rental income is included when receivable and represents the income generated from the rental of the School's property and land. All amounts receivable are committed to on-going Schoo! activities.

Sale of goods

Turnover is recognised when it and the associated costs can be measured reliably, future economic benefits are probable, and the risks and rewards of ownership have been transferred to the customer. Sales of goods from the school shop are recognised when goods are exchanged and legal title has passed and the Company has no continuing managerial involvement associated with ownership or effective control of the goods sold.

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WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 pan5 ok td Sale of services

Other income, including the hire of facilities is recognised at fair value of the consideration received or receivable in the period it is receivable and to the extent the Company has provided the service.

Expenditure

Expenditure is accounted for on an accrual basis and is allocated to expense headings on a direct cost basis. The irrecoverable element of VAT is included with the item of expense to which it relates.

Governance costs comprise the relevant direct costs of running the charitable company, including strategic planning for its future development, also external audit, any legal advice for the School's Governors, and all the costs complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability.

Funds

Resources receivable are allocated to restricted funds according to the limitations on their use specified by the donors or other providers. Funds receivable in the direct operation of the School are treated as unrestricted income funds. Other resources receivable without external restriction are designated by the Governors for particular purposes as deemed appropriate.

Fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation, net of depreciation. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Freehold buildings 50 years Freehold improvements 10-25 years Equipment 7-10 years IT and information systems 3-5 years Minibuses and vehicles 4 years

The freehold buildings and land were valued as at 31 August 2017 by Martin Pendered and Co (Chartered Surveyors) of Wellingborough. In October 2021, Handelsbanken PLC instructed Carter Jonas LLP of Chapel Place, London, to conduct a valuation of the site, which allowed the Board to assure themselves that the carrying value does not differ materially from the fair value for the purposes of these accounts.

Investments

Investments are a form of basic financial instruments and are initially shown in the accounts at market value. Movements in the market values of investments are shown as unrealised gains and losses in the Statement of Financial Activities.

Profits and losses on the realisation of investments are shown as realised gains and losses in the Statement of Financial Activities. Realised gains and losses on investments are calculated between sales proceeds and their opening carrying values or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the end of the year and their carrying value.

Capital expenditure

Any capital expenditure in respect of building activities and minor works has been written off in the year of expenditure. Expenditure on sundry furniture, fittings and equipment with a low unit value

Page 25

| Loans and borrowings | Loans and borrowings | Subsequently, they are | impairment. If an an

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

has been fully written off in the year of acquisition as consumable items. The costs of minor additions or those costing below £5,000 are not capitalised. Costs relating to freehold buildings, information system and equipment, mini-buses and vehicles and the field lease have been capitalised. The School is responsible for keeping the buildings in a fit and usable condition and these costs are written off as incurred.

Stock

Stock is stated at the lower of cost or net realisable value, after making due allowance for obsolete and slow moving items.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an an arrangement constitutes a finance transaction it is measured at present value.

Impairment

_

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the Statement of Financial Activities unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Financial instruments

The School has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102, in full, to all of its financial instruments.

Financial assets and financial liabilities are recognised when the School becomes a party to the contractual provisions of the instrument, and are offset only when the School currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets

Trade debtors, other debtors and amounts due from subsidiary undertaking which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

A provision for impairment of outstanding fees is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the outstanding fees over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

Financial liabilities and equity

Financial instruments are classified as liabilities and equity instruments 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 School after deducting all of its liabilities.

Trade creditors and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently

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WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

measured at amortised cost, being the transaction price less any amounts settled. Derecognition of financial assets and liabilities A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against income ona straight-line basis over the period of the lease.

Employee benefits — short-term benefits

Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.

Employee benefits - termination benefits

The best estimate of the expenditure required to settle an obligation for termination benefits is recognised immediately as an expense when the School is demonstrably committed to terminating the employment of an employee or to provide termination benefits.

Taxation

The School is a registered charity and as such, is exempt from income tax and corporation tax under the provisions of section 478 of the Corporation Taxes Act 2010. There is no similar exemption for VAT, which is included in expenditure or in the cost of assets as appropriate.

The School has a subsidiary company, Wellingborough School Enterprise Limited that is subject to taxes including corporation tax and VAT in the same way as any commercial organisation. The tax charged to the profit and loss account is based on the subsidiary company's profit for the year and takes into account tax arising because of timing differences between the treatments of certain items for tax and accounting purposes. The subsidiary company pays over its profit to the School under Gift Aid and tax liabilities are kept to a minimum.

Pension

The School operates the following pension schemes for staff:

Defined benefits scheme (Teachers)

The School contributes to the Teachers' Pension Defined Benefits Scheme for teaching staff employed before ist January 2022 at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi-employer pension scheme, and it is not possible to identify the assets and liabilities which are attributable to the School. The scheme is accounted for as a defined contribution scheme and the costs charged in the year represent the amount of contributions payable.

Defined contribution scheme (Teachers)

The School contributes to the Aviva Pension Trust Scheme (APTIS) for teaching staff employed since 1st January 2022. The amount of benefit is determined by the accumulated value of the contributions paid by and in respect of the member, and the cost of securing a pension according to age and sex. The assets of the scheme are held separately from those of the School. The annual contributions payable are charged to the income and expenditure account.

Page 27

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WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Defined contribution scheme (Support Staff)

The School contributes to a defined contribution scheme for Support Staff. The amount of benefit is determined by the accumulated value of the contributions paid by and in respect of the member, and the cost of securing a pension according to age and sex.

The assets of the scheme are held separately from those of the School. The annual contributions payable are charged to the income and expenditure account.

2; School Fees (Net) - 2023

2;
School Fees (Net) - 2023
Unrestricted
Funds
£		 Restricted
Funds
£		 Endowment
Funds
£		 Total Funds
2023
£
School fees (gross) 14,156,810 - - 14,156,810
Scholarships (45,421) - : (45,421)
Bursaries (628,049) - - (628,049)
Hardship fund (48,255) - - (48,255)
Discounts—siblings
-year in advance		 (60,541)
14 139		 - - (60,541)
14 139
School Fees (Net) - 2022 13,360,405 - - 13,360,405
Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2022
£ £ £ £
School fees (gross) 13,503,968 . - 13,503,968
Scholarships (54,642) - - (54,642)
Bursaries (649,132) - - (649,132)
Hardship fund (54,023) - “ (54,023)
Discounts—siblings (54,889) - - (54,889)
Discounts - year in advance (10,671) - - (10,671)
12,680,611 - - 12,680,611

School Fees (Net) - 2022

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eee eee eee eee eee eee eee eee
:
WELLINGBOROUGH SCHOOL
NOTESTO THE FINANCIAL STATEMENTS
FORTHEYEAR YEARENDED 31AUGUST2023 2023
3.
Donations and Legacies -		 2023
Unrestricted
Funds
E		 Restricted
Funds
£		 Endowment
Funds
£		 Total Funds
2023
£
Donations 3,594 448,577 - 452,171
3,594 448,577 - 452,171
DonationsandLegacies -2022
Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2022
£ £ £ £
Donations 7,770 267,660 - 275,430
7,770 267,660 - 275,430
4,
Trading activitiesand otherincome— 2023
Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2023
£ £ £ £
Otherancillary trading activity
Income —Wellingborough School
Enterprise Ltd 176,466 = - 176,466
Other ancillary activities 237,690 - - 237,690
414,156 - - 414,156
Other income
Rental income 82,927 25,000 - 107,927
Other income 40,819 - - 40,819
123,746 25,000 0 148,746
Trading activities and other income— 2022
Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2022
£ £ £ £
Other ancillary trading activity
Income —Wellingborough School
Enterprise Ltd 95,787 : 95,787
Other ancillary activities 215,329 - - 215,329
311,116 - - 311,116
Other income
Rental income 81,500 25,000 - 106,500
Other income 77,724 - - 77,724
159,224 25,000 - 184,224

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WELLINGBOROUGH SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

5. Charitable activities — 2023

Staffcosts Depreciation Depreciation Othercosts TotalFunds
2023
£ £ £ £
Fundraising 22,355 - 7,141 29,466
School expenditure
Tuition expenses 7,594,747 ‘: 1,495,221 9,049,968
Domestic and catering expenses - - 820,148 $20,148
Buildingsand grounds 658,626 - 880,895 1,539,521
Management and administration 880,860 - 181,578 1,062,438
Marketing 129,877 - 83,675 213,552
Depreciation = 661,196 661,196
Audit fees = = 27,740 27,740
9,224,110 661,196 3,489,257 13,374,563
Interest Payable - - 10,027 10,027
Subsidiary trading costs 38,177 18,714 19,230 76,121
Total 9,284,642 679,910 3,525,625 13,490,177
Charitable activities — 2022
Staffcosts Depreciation Othercosts Totalfunds
2022
£ £ £ £
Fundraising 27,494 - 13,690 41,184
School expenditure
Tuition expenses 6,959,125 = 1,399,859 8,358,984
Domestic and catering expenses = = 739,925 739,925
Buildings and grounds 575,485 = 727,998 1,303,483
Management and administration 814,118 = 279,825 1,093,943
Marketing 130,849 - 93,806 224,655
Minor works - - 60,241 60,244
Depreciation = 595,370 = 595,370
Audit fees — =
8,479,577		 995,370 = 21,810
3,323,464		 21,810
12,398,411
Interest Payable - - 12,030 12,030
Subsidiary trading costs 34,944 18,913 18,512 71,969
Total 8,541,615 614,283 3,367,696 12,523,594

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WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

6. Staff Costs

The aggregate payroll costs were:

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |The|Group|The|Company| |2023|2022|2023|2022| |£|£|£|£| |Wages & salaries|7,475,670|6,688,085|7,440,812|6,653,541| |Social|security|costs|692,895|752,501|690,934|715,017| |Employer|contributions|to|defined| |ean|hitineciames|1,116,077|1,101,029|1,114,719|1,101,029| |9,284,642|8,541,615|9,246,465|8,469,587|

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

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £969,002 (2022: 986,064) and at the year-end £nil (2022 - Enil) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at March 2020 and the Valuation Report, which was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and preparing the 2020 valuation have valued the ‘greater value’ benefits for groups of relevant members.

The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

Emoluments of the highest paid employees (which does not include employer pension contributions) fell within the following ranges:

----- Start of picture text -----
|||||| |---|---|---|---|---| |2023|2022| |Number|Number| |£60,001|to|£70,000|3|2| |£70,001|to|£80,000|1|3| |£80,001|to|£90,000|4|1| |£100,001|to|£110,000|1|1| |£160,001|to|£170,000|1|al| |Se|ig See|et|

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

Page 31

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WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Pension costs in respect of the above employees totalled £165,311 (2022: £161,712). 8 (2022: 7) higher paid employees are accruing benefits under the defined benefit pension scheme.

Total remuneration of key management personnel during the year, defined as being the Headmaster and the Bursar (which includes employer NI contributions and employer pension contributions), was £341,230 (2022: £330,004).

No remuneration was paid to the Governors of the School (2022: none).

During the year, termination payments of £38,500 (2022: £12,000) were made.

The average number of employed by the charitable group during the financial year amounted to:

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2023|2022| |Number|Number| |Teaching|staff|(including|peripatetic)|114|108| |AcademicSupport|Staff Support|7452|4669| |240|223| |7.|Payments|to|Governors and|connected|persons|

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

----- Start of picture text -----
|||||| |---|---|---|---|---| |2023|2022| |£|£| |Training|and|travel|4,468|1,894| |4,468|1,894|

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

8. Net income

Net income is stated after charging:

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2023|2022| |ca|£| |Staff|pension|contributions|1,116,077|1,101,029| |Depreciation|679,910|614,283| |Unrealised|gain/|(loss)|on|investments|(60,994)|(238,076)| |Operating|lease|rentals|68,508|-| |Auditors’|remuneration:| |Audit|services|27,740|21,810| |Non-audit|services|2,815|7,620|

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

Page 32

EEE,

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WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 aD ad eee eck Op a OPEN Pro rh 6 ere te

ee

9. Tangible fixed assets
Freehold land
Group
and buildings		 9. Tangible fixed assets
Freehold land
Group
and buildings		 Assetsundera
construction		 aag
and buildings
improvements		 ae
information
systems		 Minibuses
a eee		 Total
£ £ £ £ £ £
Costor valuation
At1 September 2022 16,838,279 2,054,412 3,654,472 1,877,021 138,002 24,562,186
Additions - 2,870,237 7,582 168,824 50,423 3,097,066
Disposals - = = (34,694) (12,759) (47,453)
Transfer 2,081,588 (2,280,525) 198,937 = S s
At 31 August 2023 18,919,867 2,644,124 3,860,991 2,011,151 175,667 27,611,799
Depreciation
At i September 2022 1,040,855 s 1,080,697 1,538,513 109,245 3,769,310
Charge for theyear 247,152 = 258,837 152,463 21,458 679,910
Eliminated on disposal - - - (34,694) (12,759) (47,453)
At31 August 2023 1,288,007 = 1,339,534 1,656,282 117,944 4,401,767
Net bookvalue
At 31 August 2023 17,631,860 2,644,124 2,921,457 354,869 57,722 23,210,032
At31 August 2022 15,797,424 2,054,412 2,573,775 338,508 28,757 20,792,876
School
ee		 Freeholdland
and buildings		 Assetsunderee
construction		 ee
SRE
CngS
improvements		 veeae
MAMAN
systenis		 Minibuses
ond welicies		 Total
ate
rs £ £ £ £ £
Cost orvaluation
At 1 September 2022 16,838,279 2,054,412 3,672,841 1,471,122 138,002 24,174,656
Additions = 2,870,237 7,982 168,824 50,423 3,097,066
Disposals m - E: (34,694) (12,759) (47,453)
Transfer 2,081,588 (2,280,525) 198,937 = 3 =
At 31 August 2023 18,919,867 2,644,124 3,879,360 1,605,252 175,666 27,224,269
Depreciation
At 1 September 2022 1,040,855 i 1,080,697 1,218,058 109,245 3,448,855
Charge for the year 247,152 - 258,837 133,749 21,458 661,196
Eliminated on disposal S = = (34,694) (12,759) (47,453)
At 31 August 2023 1,288,007 o 1,339,534 1,317,113 117,944 4,062,598
Net book value
At 31 August 2023 17,631,860 2,644,124 2,539,826 288,139 57,722 23,161,671
At31August 2022 15,797,424 2,054,412 2,592,144 253,064 28,757 20,725,801

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WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

The freehold buildings and land were valued as at 31 August 2017 by Martin Pendered and Co (Chartered Surveyors) of Wellingborough. In October 2021, Handelsbanken PLC instructed Carter Jonas LLP of Chapel Place, London, to conduct a valuation of the site, which allowed the Board to assure themselves that the carrying value does not differ materially from the fair value for the purposes of these accounts.

If freehold land and buildings had not been revalued, they would have been included on the If freehold land and buildings had not been revalued, they would have been included on the
historical cost basis at the following amounts:
Land & buildings

Cost
8,203,888
Accumulated depreciation
(969,776)

Net bookamountat31August2023
Net bookamountat31August 2022
10.
Investments
TheGroup TheCompany
2023
2022		 2023
2022
£
£		 £
£
Handelsbanken Wealth and Asset Management
1,195,698
1,242,519		 1,195,698
1,242,519
Standard Life Aberdeen Group *
1,841,106
1,855,279		 1,841,106
1,855,279
Investment in subsidiary
-
-		 12
12
War stock - £2,508.15
1,800
1,800		 1,800
1,800
War stock - £47.09
16
16		 16
16
National savings bond
3,000
3,000		 3,000
3,000
3,041,620
3,102,614		 3,041,632
3,102,626
TheGroup&Company
Valuation £
At 1 September 2022 3,102,614
Unrealised losses on revaluations (60,994)



subsidiary of Svenska Handelsbanken) to invest monies in their Charities Defensive Multi-Asset
Fund (now in a Cautious Fund). £1m was invested initially overthree tranches and £88,619 was
investedin2016.

Page 34

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WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

In March 2021, the School appointed 1825 (1825 Financial Planning and Advice Ltd, part of the Standard Life Aberdeen group) to invest in a general investment account. £2M was invested in August 2021.

As at 31 August 2023, the balance of funds invested was £3,041,620.

----- Start of picture text -----
11. Subsidiary company
Shares at cost
2023 2022
£ £
Investment — subsidiary company 12 12
The above interest relates to the School’s wholly owned subsidiary company, Wellingborough
School Enterprise Limited.
----- End of picture text -----

The following extracts are from the approved accounts for the year ended 31 August 2023:

Company Name Wellingborough School Enterprise Limited

Address of Registered Office — c/o Wellingborough School, London Road, Wellingborough, Northamptonshire NN8 2BX

Country of incorporation

England & Wales

Class of share capital Ordinary Shares of £1 each

Proportion held 100%

Nature of business Management and hiring of Wellingborough School's facilities

Capital & reserves £67,023 (2022: £79,287)

Profit/ (loss) for the year £28,618 (2022: £23,820)

A summary of the results of the trading subsidiary is set out below:

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2023|2022| |£|€| |Tumover|176,466|167,073| |Cost|of sales|(71,727)|(71,437)| |Gross|profit|104,739|95,636| |Other|operating|charges|and|income|(76,121)|(71,816)| |Profit/(loss)|for the|financial|year|28,618|23,820| |12.|Stock| |The Group|The Company| |2023|2022|2023|2022| |£|£|£|£| |Goods for resale for resale resale|82,409|99,792|-|-|

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

  1. Stock

Goods for resale for resale resale

----- Start of picture text -----
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eeeSSSss SS

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WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

13. Debtors

TheGroup Group TheCompany
. 2023 2022 2023 2022
£ E £ £
Trade debtors 113,731 254,252 102,834 250,184
Amounts owedfrom group undertaking 2 2 136,309 147,211
Prepayments 285,905 158,155 293,215 156,246
Otherdebtors
399,636
There is no security provided or interest payable to
WSEL.		 =
38,163
=
38,163
450,570
522,358
591,804
the charitable company on the loan owed from

There is no security provided or interest payable to the charitable company on the loan owed from WSEL.

14. Cash at bank

The Group The Group The Company The Company
2023 2022 2023 2022
£ £ £ £
Special reserve account 781,134 478,719 781,134 478,719
Permanentendowment account 23,879 23,879 23,879 23,879
Bankaccounts 2,813,309 3,530,076 2,736,407 3,455,166
3,618,322 4,032,674 3,541,420 3,957,764

15. Creditors: amounts falling due within one year

TheGroup TheGroup TheCompany TheCompany
2023 2022 2023 2022
E £ £ £
Bank loans 48,000 = 48,000 -
Loan— Old Wellingburian Club 32,231 32,231 32,231 32,231
HP loans = 11,589 - 41,589
Trade creditors 289,619 464,118 286,809 463,012
Accruals and deferred income 1,796,864 1,075,176 1,785,156 1,059,193
Taxation and social security 3,412 4,083 - 909
Other creditors 106,092 137,545 106,092 137,545
2,276,218 1,724,742 2,258,288 1,703,479

Loan to the Old Wellingburian Club The loan has no fixed repayment date and is repayable on demand.

Page 36

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WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

|

Deferred Income

The Group The Group The Company The Company
2023 2022 2023 2022
Deferred income at 1st September 1,272,943 2 1,260,959 -
Resources deferred in the year 1,619,691 1,272,943 1,613,434 1,260,959
Amounts released from previousyear (1,272,943) = (1,260,959) =
Deferredincomeat31stAugust 1,619,691 1,272,943 1,613,434 1,260,959
The deferred income relates to school fees and deposits received in advance. to school fees and deposits received in advance. to school fees and deposits received in advance.
16. Creditors: Amountsfalling aftermorethanoneyear
The Group		 TheCompany
2023
F3		 2022
£		 2023
£		 2022
E£
Bank loans 432,000 - 432,000 -
Advance fees 100,054 113,445 100,054 113,445
Fee deposits 334,074 254,973 334,074 254,973
866,128 368,418 866,128 368,418

Bank loan In July 2023, the School drew downa loan for £480,000 to maintain reserves after funding the Sixth Form Centre project from cash. The loan is a partial amortising facility with repayments set at a portion of the capital plus interest (at a variable rate) on a quarterly repayment basis until July 2026, when the outstanding balance will be repaid in full. This loan is secured against a portion of the School’s investment portfolio — there is no charge over any property.

  1. Commitments under operating leases At 31 August 2023 the charitable company had total commitments under non-cancellable operating leases as set out below:

----- Start of picture text -----
The group and the company
Assets other than land and buildings
2023 2022
£ £
Operating leases payments due:
Within 1 year 68,508 68,508
Within 2 to 5 years 0 68,508
68,508 137,016
----- End of picture text -----

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WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

18. Fund analysis — Current Year

Balance at ist Balance at 31st
September 2022 Income Expenditure Gains/losses Transfers August 2023
Current year
Goup
Unrestricted funds
School Capital Account 10,381,088 13,898,307 (13,424,244) (60,994) 2,768,541 13,562,698
Special reserve 479,642 - - - = 479,642
Revaluation reserve 6,609,065 - - - - 6,609,065
17,469,795 13,898,307 (13,424,244) (60,994) 2,768,541 20,651,405
School
Unrestricted funds
School Capital Account 10,301,817 13,762,722 (13,276,396) (60,994) 2,768,541 13,495,690
Special reserve 479,642 = 3 = * 479,642
Revaluation reserve 6,609,065 = = “ = 6,609,065
17,390,524 13,762,722 (13,276,396) (60,994) 2,768,541 20,584,397
Goupand school
Designated funds
Designated Fenton Hardship
Designated Nursery
Designated Foundation		 2,051,343
60,000
21,051		 .
-
3,594		 -
=
(447)		 -
-
—		 (2,051,343)
(60,000)
:		 -
-
24,198
Designated Masterplan 1,767,411 . - - - 1,767,411
3,899,805 3,594 (447) = (2,111,343) 1,791,609
Group andschool
Restricted funds
General restricted funds anddonations
Restricted Bursary		 339,372
63,285		 6,919
=		 (6,353)
=		 =
=		 -
=		 339,938
63,285
Restricted Prize giving 5,327 1,050 = = - 6,377
Restricted Nevill Trust 114,178 25,000 (24,575) - - 114,603
Restricted Nevill Trust - surplus on
revaluation
Restricted Sugden
Restricted WarMemorial
RestrictedThatcher
Restricted Edwards Legacy		 336,987
8,237
19,523
8,623
25,079		 *
4,000
18,560
450
=f		 é
(3,486)
(8,604)
(3,231)
S		 =
=
=
=		 =
=
e
-
é		 336,987
8,751
29,479
5,842
25,079
Witham
Restricted 6th Form Centre
Fenton Bursary		 544
192,560
329,323		 2
32,098
-		 z
(1,807)
(17,430)		 =
-		 2)
(222,851)
-		 544
-
311,893
Restricted Prall Legacy 48,847 - - - (48,847) -
Coppernicus =
1,491,885		 385,500
473,577		 =
(65,486)		 =
id		 (385,500)
(657,198)		 -
1,242,778
Groupand school
Permanentendowment
Revalulation 3,500,000 - - - - 3,500,000
Government stock 16,182 = = = 3 16,182
Historic sale proceeds 2,000 - - - - 2,000
Interest received on deposits 5,699
3,523,881		 3
=		 =
=		 BS
=		 -
=		 5,699
3,523,881
Goup 26,385,366 14,375,478 (13,490,177) (60,994) - 27,209,673
Schooi 26,306,095 14,239,893 (13,342,329) (60,994) = 27,142,665

Page 38

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 ant a tip ged eh i ed pce nbc aoe ae ce ene

Fund analysis — Prior Year

| | ; | | }

| |

Balanceatist Balanceat31st
September 2021 Income Expenditure Gains/losses Transfers August2022
Prioryear
Group
Unrestricted funds
School CapitalAccount 9,491,782 13,150,951 (12,440,730) (238,076) 417,161 10,381,088
Special reserve 479,642 - = = = 479,642
Revaluation reserve 6,609,065 - = : : 6,609,065
16,580,489 13,150,951 (12,440,729) (238,076) 417,161 17,469,795
School
Unrestricted funds
School Capital Account 9,351,294 13,140,199 (12,368,761) (238,076) 417,161 10,301,817
Specialreserve 479,642 - - - - 479,642
Revaluation reserve 6,609,065 - = ° - 6,609,065
16,440,001 13,140,199 (12,368,760) (238,076) 417,161 17,390,524
Groupand school
Designated funds
Designated funds
Designated Fenton Hardship 2,051,343 - - - : 2,051,343
Designated Nursery
Designated Foundation		 60,000
22,049		 =
7,770		 -
(8,768)		 -
-		 -
-		 60,000
21,051
Designated Masterplan 1,767,411
3,900,803		 =
7,770		 :
(8,768)		 S
-		 =
:		 1,767,411
3,899,805
Groupand school
Restricted funds
General rectricted fundsand donations 333,849 6,118 (595) - . 339,372
Restricted Bursary 63,285 - = - = 63,285
Restricted Prize giving
Restricted NevillTrust		 5,605
128,664		 901
25,024		 (1,179)
(39,510)		 -
°		 =
:		 5,327
114,178
Restricted Nevill Trust - surplus on revaluation 336,987 - = = : 336,987
Restricted Sugden 8,923 2,500 (3,186) - - 8,237
Restricted War Memorial 22,895 15,608 (18,980) “ - 19,523
Restricted Thatcher 8,623 - - - - 8,623
Restricted Edwards Legacy 25,079 - - - - 25,079
Witham 544 - - - - 544
Restricted 6th Form Centre 141,551 51,009 - - - 192,560
Fenton Bursary 339,969 - (10,646) - - 329,323
Restricted Prall Legacy 274,508 - - - (225,661) 48,847
Coppernicus = 191,500 = - (191,500) -
1,690,482 292,660 (74,096) E (417,161) 1,491,685
Group and school
Permanentendowment
Revalulation 3,500,000 - - - - 3,500,000
Government stock 16,182 = = * - 16,182
Historic sale proceeds 2,900 - - - - 2,000
Interest received on deposits 5,699 = : E 5 5,699
3,523,881 = = = Gg 3,523,881
Group 25,695,655 13,451,381 (12,523,594) (238,076) : 26,385,366
School 25,555,167 13,440,629 (12,451,625) (238,076) - 26,306,095

aa ee Page 39

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WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Special Reserve fund The Special Reserve fund represents unrestricted funds available to the School for contingencies. | Designated fund — Foundation | This includes general donations received by Wellingborough School Foundation, so that they can be used in future years.

The Special Reserve fund represents unrestricted funds available to the School for contingencies.

Designated fund — Masterplan

This fund has been set up to fund the School’s ongoing development plans under Project COPERNICUS.

Transfers

A transfer was made from the designated Fenton hardship and designated Nursery funds back to the school capital account as the purpose for which they were designated have both now expired.

A transfer was made from restricted funds back to the school capital account to reflect the value of tangible fixed assets purchased from a restricted fund donation but held for a general charitable purpose. The terms of the donation have been met at the point it is spent, allowing the charity to use the asset acquired on an unrestricted basis in line with its charitable objects.

Restricted Funds Bursary Fund Bursary support from Foundation Fundraising initiatives. Prize Giving Fund Support for award made at the Annual Prize Giving funded by specific donations from inter alia, the Old Wellingburian Club, the Old Wellingburian Masonic Lodge, and from Mrs Jane Fisher.

Nevill Trust The aim of this incorporated Trust is to support School activities through the annual provision of grants for either capital investment or assisted places.

Sugden Art Fellowship OW sponsored awards to support Sixth Formers or recent leavers in the Arts (Art, Drama or Music). War Memorial Foundation-generated support for Bursary awards to gifted pupils who otherwise could not afford a Wellingborough education, together with some small awards to leavers. Edwards Legacy Awards Supporting music through annual grants and awards to outstanding pupils. Thatched Pavilion Fund —_ Monies raised by the Foundation to assist with the refurbishment of the Thatched Pavilion. Witham Fund Support to digitise the 1950’s slide collection of Murray Witham. Sixth Form Centre Funding towards the construction of the new Sixth Form Centre. Fenton Bursary Funding to support a BAME pupil from Year 7 to 13 (three pupils over a total of 21 years). Prall Legacy Support to capital investment in the School. Copernicus Fund Support to the School’s 30-year development masterplan.

Page 40

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| WELLINGBOROUGH SCHOOL | NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 | ee ee ee ee ee Ea ee ee ee | Permanent endowment | The £3,500,000 permanent endowment reserve has arisen from the re-valuation of the the freehold

The £3,500,000 permanent endowment reserve has arisen from the re-valuation of the the freehold land and buildings. £16,182 represents the proceeds of Government Stock deposits held by the original Trust. £2,000 relates to historic proceeds from the sale of permanent endowment land, and the balance of £5,699 represents interest received on permanent endowment deposits to date.

19. Analysis of net assets between funds

Unrestrictedfunds Restricted Endowment Total
funds funds
Group
Currentyear
Tangible fixed assets and investments 22,408,823 342,829 3,500,000 26,251,652
Current assets 3,176,537 899,949 23,881 4,100,367
Current liabilities (2,276,218) - - (2,276,218)
Long term liabilities (866,128) S + (866,128)
22,443,014 1,242,778 3,523,881 27,209,673
Prioryear
Tangible fixed assetsand investments
Currentassets
Current liabilities		 19,992,833
3,469,927
(1,724,742)		 402,657
1,089,228
=		 3,500,000
23,881
=		 23,895,490
4,583,036
(1,724,742)
Long term liabilities (368,418) - - (368,418)
21,369,600 1,491,885 3,523,881 26,385,366
School
Currentyear 22,360,474 342,829 3,500,000 26,203,303
Tangible fixed assetsand investments 3,139,948 899,940 23,881 4,063,778
Current assets (2,258,288) > = (2,258,288)
Current liabilities
Long term liabilities		 (866,128)
22,376,006		 -
1,242,778		 =
3,523,881		 (866,128)
27,142,665
Prioryear
Tangible fixed assets and investments 19,925,770 402,657 3,500,000 23,828,427
Current assets 3,436,486 1,089,198 23,881 4,549,565
Current liabilities (1,703,479) - - (1,703,479)
Long term liabilities (368,418)
21,290,359		 =
1,491,855		 5
3,523,881		 (368,418)
26,306,095
  1. Transactions with Governors and connected persons

Total donations received from Governors during the year amounted to £660 (2022: £440).

21. Controlling related party

The Governors are the charitable company’s controlling related parties by virtue of their status as directors and trustees.

22. Company limited by guarantee

The charitable company has no share capital and is limited by guarantee. Every member promises, if the School is dissolved while he, she or it remains a member or within 12 months afterwards, to pay up to £1 towards the costs of dissolution and the liabilities incurred by the School while the contributor was a member.

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WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

23. Prior year comparatives by fund

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||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Permanent|Total| |Funds|Fonds|"adewment| |Funds|2022| |£|£|£|£| |INCOME|FROM:| |Charitable|Activities| |School|fees|(net)|12,680,611|-|=|12,660,611| |Other|ancillary|trading|income|311,116|-|=|311,116| |Donations & Grants|7,770|267,660|=|275,430| |Other income|159,224|25,000|184,224| |Total|Income|13,158,721|292,660|=|13,451,381| |EXPENDITURE|OW:| |Raising|funds| |Trading|expenses|71,969|=|~|71,969| |Fundraising|41,184|=|-|41,184| |Interest|payable|12,030|-|-|12,030| |Charitable|activities|12,324,315|74,096|a|12,398,411| |Total expenditure|12,449,498|74,096|-|12,523,594| |Het income before net losses on|709,223|218,564|is|927,787| |investments| |Net|Losses|on|investments|(238,076)|-|-|(238,076)| |Net income|471,147|218,564|-|689,711| |Gross|transfers|between|funds|417,161|(417,161)|-| |Net movement|in funds|888,308|(198,597)|=|689,711| |ee| |Total|funds|brought|forward|20,481,292|1,690,482|3,523,861|25,695,655| |Total funds carried|forward|21,369,600|1,491,885|3,523,881|26,385,366|

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