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← Wellingborough School

2025-08-31-accounts

Charity Number 1101485 Company Number 04931009

WELLINGBOROUGH SCHOOL

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

www.wellingboroughschool.org

Introduction from the Headmaster

In what was an undeniably tumultuous year for the independent sector, Wellingborough was once again able to be proud of forging forward and demonstrating what an excellent school it is.

The biggest highlight of the year came in January, when the School was visited by the Independent Schools Inspectorate for its first Inspection within the new structure, Framework 23, that was introduced by ISI four terms earlier. Following on from the School’s previous best-ever Inspection in 2022, in which it received the highest possible accolade of ‘Excellent-Excellent’, Wellingborough showed that it has not rested on its laurels. All of the underpinning Independent School Standards were found to have been met, and the School was given the rare award of a Significant Strength, in particular for the quality and breadth of its co-curricular programme. Highlighting as it did such an important facet of a Wellingborough education, the School was extremely proud of what this represents in terms of the opportunities and experiences provided for its students – be that in Sport, Music, Drama, DofE, CCF, a whole host of clubs and activities and a vast range of trips and visits.

Elsewhere within the report, the observations told us that the pupils are taught well and make good progress; they are happy and self-aware within an inclusive, supportive environment; they have an appreciation of the world around them and are prepared for taking their place in it; and – very importantly – they feel safe and are safe. Reports in the new framework include a ‘recommended next step’; Wellingborough’s was to strengthen our careers education, essentially in Years 7 to 9, and that is something we accept and will implement. We completely understand the need for pupils to have a good understanding of the paths available to them well before they leave our gates and that achieving that requires advice and resource. We have increased capacity in our Careers department, and have already started to ensure that the work done so successfully higher up the Senior School is transplanted to support younger pupils.

It was during 2024-25 that the preparations for the building of Wellingborough’s new Technology Centre turned into explicit construction, and the progress made was a growing feature of the year and of the site. With the arrival of the first steelwork in October, our community was able to visualise the scale of the School’s ambition and, as the academic year came to an end, anticipation was turning into excitement as the students and staff knew it would not be long until the building became operational. The opening will herald the introduction of Engineering to the curriculum alongside the existing disciplines of Design Technology and Computing and, with a member of staff already appointed, this will be followed by Food Technology for the following year.

On a more prosaic level, the Labour Government’s introduction of VAT on fees from January did not cause the same ripples at Wellingborough as it may have done elsewhere. The School and its Governors had been planning for this implementation for over two years, had communicated its plans clearly with parents and so was in a position not to increase its fees mid-year. This is just a very clear and public example of a much wider and deeper security and stability within the School’s finances, within which projection and modelling ensure a strategic and agile approach to expenditure and investment.

In terms of pure academic outcomes, it is worth reflecting that 2024-25 was a positive one for the School, with mixed cohorts benefiting from high-quality academic and pastoral support to achieve strong outcomes at GCSE and A level and successfully gaining access to their chosen post-18 options. The School is particularly proud of the achievements of the GCSE cohort in securing our best ever average value-added of almost 2/3 of a grade per subject per student, and A level results were significantly better than those achieved in 2024. Our Year 13 joined the ranks of OWs having enjoyed a superb school experience and benefited from the huge range of opportunities available at Wellingborough.

Wellingborough is not immune from the effects of its environment, and the challenges created by a declining birthrate, higher costs of living, and the existing Government’s view of the independent sector, will certainly continue to need to be tackled in the next few years. The School is, however, in

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an excellent position to adapt to these challenges, ensuring that the quality of education and support on offer to students and their parents continues to be superb, so that those students are happy and high-achieving whilst here, and confident and ready to take their place in the world once they leave.

Mr A N Holman Headmaster

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WELLINGBOROUGH SCHOOL GOVERNORS, OFFICERS, AND ADVISORS FOR THE YEAR ENDED 31 AUGUST 2025

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

Trustees Mr P R Tyldesley BA MRICS Chairman Mr B W M Bliss BSc ACMA • Appointed 16 June 2025 Mrs C A Bruce MA • Mr E S Davies BA MSc PGCE • Appointed 30 June 2025 Dr C F Duncan MBBS DRCOG MRCGP • Ms A Jones MEd (Cantab) • Appointed 16 June 2025 Mr N M Lashbrook • Resigned 30 June 2025 Mrs D A Line BA CA CA(SA) • Resigned 31 August 2025 Mr S M Marriott Mr C J A Silver ACMA CGMA MSc MA • Appointed 9 December 2024 Mr J A Smith BSc MRICS • • Ms S G Tafeni MBA MA BSc RN • • Mr A Thakrar BSc ACA • Mr R H Thakrar • Resigned 31 August 2025 Ms R K Turner BA • • Nominated (OW Club) Mr D A Waller MA (Oxon) MA (London) • •

Officers

Mr A N Holman MA (Cantab) MEd Headmaster (resigned 31 August 2025) Mr S J Hawkes BA (Hons) PG Dip Headmaster (appointed 1 September 2025) 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 Investment Managers Handelsbanken Wealth and Asset Management Ltd, London LGT Wealth Management Ltd, Edinburgh Solicitors HCR Hewitsons LLP, Cambridge, Milton Keynes, and Northampton Veale Wasborough Vizards LLP, Bristol Auditor RSM UK Audit LLP, Leicester Surveyor Harwood Surveyors Ltd, Wellingborough Insurance Broker Assured Partners Ltd, Birmingham

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WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

Report of the Governing Body

The Governors, who are also Trustees and Directors for the purposes of the Companies Act, present their report and financial statements for the year ended 31 August 2025 and confirm they comply with the requirements of FRS102, the Companies Act 2006, 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[1] , 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 860 pupils both through strong academic tuition and the development of wider skills through an extensive co-curricular 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.

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.

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.

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 Limited (company number 01579353) whose principal activities throughout the year continued to be the commercial

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

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WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

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 proceeds 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.

The School is also the sole member of the Wellingborough School Foundation (charity number 1206735), a charitable incorporated organisation registered with the Charity Commission on 26 January 2024.

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 Governors

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 Governors who served during the year and since the year-end are shown on page 3.

Governors 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 Governors and presents their credentials to the Board, whose approval is required before they are invited to join. ln 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 Governors 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 Governors 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 sub-committees, which meet prior to full Board meetings and report to it.

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==> picture [486 x 438] intentionally omitted <==

----- Start of picture text -----
WELLINGBOROUGH SCHOOL
ANNUAL REPORT OF THE GOVERNORS
FOR THE YEAR ENDED 31 AUGUST 2025
Governing Body
(Board)
Meets three times a year
Chair: Mr P R Tyldesley
Strategic Planning
Working Group
Meets as required
Chair: Ms R K Turner
Finance & Education Governance &
General Purpose Committee Nominations
Committee Committee
Meets four times a year Meets four times a year Meets as required
Chair: Mrs D A Line Chair: Mr N M Lashbrook Chair: Mr D A Waller
(Mr B W M Bliss – Sep 25) (Mr E S Davies - Sep 25)
az
The Finance & General Purpose Committee meets four times a year [2] 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 as required and is responsible for corporate governance, legal and
regulatory compliance. 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. Ms R K
Turner was the Old Wellingburian Club’s Nominated Governor.
----- End of picture text -----

The Governors are supported by a collective of individuals known as Council Members, the purpose of which is to act as advisors to the sub-committees according to their specific areas of expertise. All Governors are members of the Council, and in addition they admit for membership up to 15 other members who are not Governors but are members of the Council. In addition to the Governors listed on page 3, the following served as Council members during the year and since the year-end.

Council Member Nominating Body
Ms E Bowater Co-opted
Mr J W Browne BA M.St (Oxon) Old Wellingburian Club
Dr J K Cox MA (Cantab) MB BChir FFCI Co-opted
Mrs J M A Howard BA MA MCIPD Co-opted
Mrs N L Scott BSc MA MCIPD Co-opted
Mr C A Westley Co-opted

In addition to the organisations listed, Cambridge, Leicester, and Warwick universities have the right

2 The Committee may also additionally meet at the start of the academic year to confirm budget assumptions.

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WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

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 Headmaster and the Bursar, both of whom attend meetings of the Governing Body, together with committees as appropriate.

The salary of the 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 SMPRB make use of the annual Association of Governing Bodies in Independent Schools (AGBIS) / Baines Cutler Heads and Bursars Remuneration Survey when benchmarking salaries.

The School supports the promotion of the highest standards in the Independent Schools sector and, to this end, maintains membership of 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 School 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 Governors’ Responsibilities

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

Company law requires the Governors to prepare financial statements for each financial year. Under company law the Governors 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. ln preparing these financial statements, the Governors are required to:

The Governors 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.

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WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

Disclosures of information to auditors

The Governors confirm that:

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 2024-25 was Year 4 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

Pastoral

Finance

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WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

Staff

Community

Review of Achievements and Performance for the Year

Independent School Inspectorate (ISI) Inspection

At the end of January/ beginning of February 2025, the School was inspected by ISI under the new Framework 23 inspection regime. All of the underpinning Independent School Standards were found to have been met, and the School was given the rare award of a Significant Strength for the quality and breadth of its co-curricular programme.

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:

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 long-term plan that envisages full delivery over a 30-year timeframe. The need to sustain current operations whilst delivering Project COPERNICUS means it will be phased, broadly as follows:

Phase 1 Technology centre & energy centre
Gate House and new parking
Phase 2 Sports centre and swimming pool (including provision for community and local primary
school use)
Phase 3 CCF / Duke of Edinburgh facility / parking at the Embankment
Phase 4 Science centre

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WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

Phase 5 Phase 5 Teaching and Research building
Landscaping the quad
Phase 6 Phase 6 Theatre / performing arts centre
Phase 7 Phase 7 Refurbishment of existing building stock (including energy efficiency works) and
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. Construction of the new technology centre and energy centre began in July 2024 and is planned for completion for January 2026.

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.

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:

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WELLINGBOROUGH SCHOOL ANNUAL REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2025

financial, etc)[3]

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 2025 show a surplus from all funds of £7,614,227 (2024: £5,180,958) after the unrealised gain/(losses) on investments (note 10) and gains on revaluation of tangible fixed assets (note 9) are considered.

The total funds at the year-end stood at £40,004,858 (2024: £32,390,631) comprising unrestricted funds of £34,108,411 (2024: 26,333,875), restricted funds of £1,149,922 (2024: £1,310,910) and endowed funds of £4,746,524 (2024: £4,745,846). 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 £13,547,691 (2024: £14,584,283 before VAT was introduced).

During the year and following receipt of a generous donation, the Group invested £9,798,979 (2024: £1,074,678) in Fixed Assets detailed within note 9.

The school’s trading company, Wellingborough School Enterprise Ltd made a loss of £48,491 (2024: £28,696 profit) following cessation of trading from the School shop and the associated write-off of stock.

The Governors are satisfied with the financial results disclosed in view of the continuing challenging economic times.

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 2025 the amount of these reserves in capital account and special reserve account amounted to £31,675,981 and £479,642 (2024: £23,843,513 and £479,642) respectively.

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

3 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 2025

£8,843,381 (2024: £8,843,381).

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 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. The School’s Reserves Policy calls for the School to hold £2.4M in free reserves to meet this requirement. As at 31 August 2025, the School held £5.07M in cash and investments (which are immediately available) and other capital working balances (including debtors and stock).

It is the Governors’ intent to generate an annual investment surplus[4] of more than 10% of total income. This year the investment surplus was 34.3% (2024: 8.3%).

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 5 targets to the School’s 2021-2026 Strategic Plan, and may be summarised as:

In approving the Governors’ Report, the Governors 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.

4 Defined as the surplus 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 2025

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

Mr B W M Bliss Chair of the Finance Committee

8 December 2025

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WELLINGBOROUGH SCHOOL

Opinion

We have audited the financial statements of Wellingborough School (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 August 2025 which comprise the Consolidated Statement of Financial Activities (including the Income and Expenditure Account), the Consolidated and School Balance Sheets, the Consolidated Statement of Cash Flows 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 Governors’ 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 statements 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 other information, we are required to report that fact.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WELLINGBOROUGH SCHOOL

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 Governors’ responsibilities set out on page 7, the Governors (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 Governors 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.

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 our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance 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

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WELLINGBOROUGH SCHOOL

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 Governors’ 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 laws and regulations and inspected correspondence with regulatory authorities.

The group audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material 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 business and testing a sample of revenue transactions around the year end to ensure they were recognised in the correct period.

A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in

Page 16

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WELLINGBOROUGH SCHOOL

an auditor’s report and for no other purpose. To the fullest 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 work, for this report, or for the opinions we have formed.

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 1SD

Date: 16 December 2025

Page 17

WELLINGBOROUGH SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025

Note
INCOME FROM:
Charitable Activities
School fees (net)
2
Other ancillary trading
income
4
Donations & Legacies
3
Other income
4
Total income
EXPENDITURE ON:
Raising funds
Trading expenses
5
Fundraising
5
Interest payable
5
Charitable activities
5
Total expenditure
5
Net income before net
gains/ (losses) on
investments
Net gain / (loss) on
investments
10
Net income
Gross transfers between
funds
Other recognised gains
Gains on revaluation of
tangible assets
9
Net movement in funds
Total funds brought
forward
Total funds carried
forward
Unrestricted
Funds
Restricted
Funds
Permanent
Endowment
Funds
Total
2025
Total
2024
£
£
£
£
£
13,547,691
-
-
13,547,691
14,584,283
351,510
-
-
351,510
433,139
47,192
8,751,740
-
8,798,932
803,143
228,485
-
678
229,163
271,894
14,174,878
8,751,740
678
22,927,296
16,092,459
143,643
-
-
143,643
143,766
164,570
-
-
164,570
112,787
37,772
-
-
37,772
41,826
15,063,890
68,996
-
15,132,886
14,512,242
15,409,875
68,996
-
15,478,871
14,810,621
(1,234,997)
8,682,744
678
7,448,425
1,281,838
165,802
-
-
165,802
366,234
(1,069,195)
8,682,744
678
7,614,227
1,648,072
8,843,732
(8,843,732)
-
-
-
-
-
-
-
3,532,886
7,774,537
(160,988)
678
7,614,227
5,180,958
26,333,875
1,310,910
4,745,846
32,390,631
27,209,673
34,108,412
1,149,922
4,746,524
40,004,858
32,390,631

Page 18

WELLINGBOROUGH SCHOOL CONSOLIDATED BALANCE SHEET

AT 31 AUGUST 2025

Note 2025 2024
£ £ £ £
Fixed assets
Tangible assets 9 36,561,771 27,192,574
Investments 10 3,840,351 8,146,924
40,402,122 35,339,498
Current assets
Stock 12 - 56,468
Debtors 13 4,785,758 617,884
Cash at bank and in hand 14 5,069,695 4,264,072
9,855,453 4,938,424
Current liabilities
Creditors: amounts falling due
within one year 15 (8,598,598) (4,725,505)
Net current assets 1,256,855 212,919
Total assets less current
liabilities 41,658,977 35,552,417
Creditors: amounts falling due after
more than one year 16 (1,654,119) (3,161,786)
Net assets 40,004,858 32,390,631
The funds of the Group
Unrestricted funds
Capital account (including
revaluation reserve) 18 31,675,982 23,939,219
Special reserve 18 479,642 479,642
Designated funds 18 1,952,788 1,915,014
Total unrestricted funds 34,108,412 26,333,875
Restricted funds 18 1,149,922 1,310,910
Permanent Endowment 18 4,746,524 4,745,846
Total funds 40,004,858 32,390,631

The financial statements were approved and authorised for issue by the Board of Governors on 8 December 2025 and signed on behalf of the board of Governors by:

P R Tyldesley Governor

B W M Bliss Governor

Company registration number 04931009

Page 19

WELLINGBOROUGH SCHOOL SCHOOL BALANCE SHEET FOR THE YEAR ENDED 31 AUGUST 2025

Note 2025 2024
£ £ £ £
Fixed assets
Tangible assets 9 36,533,100 27,154,082
Investments 10 and 11 3,840,363 8,146,936
40,373,463 35,301,018
Current assets
Debtors 13 4,919,144 736,096
Cash at bank and in hand 14 4,953,691 4,129,693
9,872,835 4,865,789
Current liabilities
Creditors: amounts falling due within
one year 15 (8,587,340) (4,710,096)
Net current assets 1,285,495 155,693
Total assets less current liabilities 41,658,958 35,456,711
Creditors: amounts falling due
after more than one year 16 (1,654,119) (3,161,786)
Net assets 40,004,839 32,294,925
The funds of the School
Unrestricted funds
Capital account (including
revaluation reserves) 18 31,675,963 23,843,513
Special reserve 18 479,642 479,642
Designated funds 18 1,952,788 1,915,014
Total unrestricted funds 34,108,393 26,238,169
Restricted funds 18 1,149,922 1,310,910
Permanent Endowment 18 4,746,524 4,745,846
Total funds 40,004,839 32,294,925

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 £7,662,718 (2024: £5,152,260).

The financial statements were approved and authorised for issue by the Board of Governors on 8 December 2025 and signed on behalf of the board of Governors by:

P R Tyldesley B W M Bliss Governor Governor

Company registration number 04931009

Page 20

WELLINGBOROUGH SCHOOL CONSOLIDATED STATEMENT OF CASHFLOWS

FOR THE YEAR ENDED 31 AUGUST 2025

Net cash inflow from operating activities
Net cash provided by operating activities
Cash flows from investing activities
Payments to acquire investments
Receipts from investments
Payments to acquire tangible fixed assets
Proceeds on disposal of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Repayment on bank loans
Interest paid
Net cash used in financing activities
Change in cash and cash equivalents in the reporting
period
Cash and cash equivalents in the reporting period
Cash and cash equivalents at the end of the reporting
period
Reconciliation of net income to net cash flow from operating
activities
Net income for the reporting period (as per the SOFA)
Adjustments for:
Interest payable
Depreciation of tangible fixed assets
Profit on disposal of tangible fixed assets
(Gain)/loss on investments
Gain on revaluation of tangible assets
Decrease in stock
(Increase)/decease in debtors
Increase in creditors
Net cash provided by operating activities
Reconciliation of net debt
At 1
September
2024
Cash flow
£
£
Cash
4,264,072
805,623
Debt due within one year
Bank and other loans
(80,231)
48,000
Debt due after one year
Bank and other loans
(384,000)
-
Total
3,799,841
853,623		 2025
£
6,217,999
(2,345,793)
6,818,168
(9,798,979)
-
(5,326,604)
(48,000)
(37,772)
(85,772)
805,623
4,264,072
5,069,695
2025
£
7,614,227
37,772
429,782
-
(165,802)
-
56,468
(5,247,023)
3,492,575
6,217,999
Non -
Cash Flows
£
-
(384,000)
384,000
-		 2024
£
6,548,074
(4,739,070)
-
(1,074,678)
1,250
(5,812,498)
(48,000)
(41,826)
(89,826)
645,750
3,618,322
4,264,072
2024
£
5,180,958
41,826
625,022
(1,250)
(366,234)
(3,532,886)
25,941
(218,248)
4,792,945
6,548,074
At 31 August
2025
£
5,069,695
(416,231)
-
4,653,464

Page 21

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. 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 statement of cash flows within 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.

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.

Page 22

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

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 following:

• Depreciation

The assessment of the useful economic lives, residual values and the method of depreciating fixed assets requires judgement. Depreciation is charged to profit or loss based on the useful economic life selected, which requires estimation of the period and profile over which the group expects to consume the future economic benefits embodied in the assets. At 31 August 2025, the carrying value of tangible fixed assets was £36,561,771 (2024: £27,192,574).

• Carrying freehold land and buildings

The School values its freehold 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 freehold land and buildings. Any changes in these assumptions have the potential to materially impact the carrying value of these land and buildings. The assumptions used in the valuation are sensitive to external factors; for example, a 3% change either way in the BCIS rates used would affect the valuation of the building stock by +/- £794,000 (i.e. a range of £1,589,000). The carrying value of the freehold 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, Legacies 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.

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 School 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.

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.

Page 23

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

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. Permanent endowment funds are capital funds where there is no power to convert the capital into income and which must generally be held indefinitely. Certain assets can be exchanged and may be subject to changes in value.

Fixed assets and depreciation

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. 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

Assets under construction are included at cost. Depreciation on these assets is not charged until they are brought into use.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is credited or charged to statement of financial activities.

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 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.

Investments

Investments are a form of basic financial instruments and are initially shown in the accounts at fair value. Any realised and unrealised gains or losses from disposals or revaluations shown within 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

Page 24

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

between the fair value at the end of the year and their carrying value.

The School’s investment in its subsidiary company represents the cost of acquisition of the whole of the ordinary share capital of Wellingborough School Enterprise Limited.

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

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 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 owed from group 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 statement of financial activities.

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 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

Page 25

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

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 on a 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 aims to pay 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 1st 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 statement of financial activities.

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

Page 26

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

payable are charged to the statement of financial activities.

2. School Fees (Net) - 2025

2.
School Fees (Net) - 2025
Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2025
£ £ £ £
School fees (gross) 14,314,554 - - 14,314,554
Scholarships (23,162) - - (23,162)
Bursaries (567,299) - - (567,299)
Hardship fund (45,314) - - (45,314)
Discounts - siblings (54,130) - - (54,130)
Discounts - year in advance (76,958) - - (76,958)
13,547,691 - - 13,547,691
School Fees (Net) - 2024
Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2024
£ £ £ £
School fees (gross) 15,377,817 - - 15,377,817
Scholarships (26,417) - - (26,417)
Bursaries (605,049) - - (605,049)
Hardship fund (82,240) - - (82,240)
Discounts - siblings (66,039) - - (66,039)
Discounts - year in advance (13,789) - - (13,789)
14,584,283 - - 14,584,283
3.
Donations and Legacies - 2025
Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2025
£ £ £ £
Donations 47,192 8,751,740 - 8,798,932
47,192 8,751,740 - 8,798,932
Donations and Legacies – 2024
Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2024
£ £ £ £
Donations 125,141 678,002 - 803,143
125,141 678,002 - 803,143

Page 27

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

4.
Trading activities and other income – 2025
Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2025
£ £ £ £
Other ancillary trading activity
Income - Wellingborough School
Enterprise Ltd
95,153		 - - 95,153
Other ancillary activities
256,357		 - - 256,357
351,510 - - 351,510
Other income
Rental income
82,356		 - - 82,356
Investment income
81,928		 - 678 82,606
Other income
64,201		 - - 64,201
229,163 - 678 229,163
Trading activities and other income – 2024
Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2024
£ £ £ £
Other ancillary trading activity
Income - Wellingborough School
Enterprise Ltd
172,462		 - - 172,462
Other ancillary activities
260,677		 - - 260,677
433,139 - - 433,139
Other income
Rental income
82,356		 25,000 - 107,356
Investment income
81,138		 - - 81,138
Other income
83,400		 - - 83,400
246,894 25,000 - 271,894

Page 28

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

5.
Expenditure – 2025
Fundraising
Charitable activities
Tuition expenses
Domestic and catering expenses
Buildings and grounds
Management and administration
Marketing
Depreciation
Audit fees
Interest payable
Subsidiary trading costs
Total		 Staff costs
Depreciation
Other costs
Total Funds
2025
£
£
£
£
145,720
-
18,850
164,570
8,769,277
-
1,373,506
10,142,783
-
-
940,906
940,906
809,512
-
1,009,984
1,819,496
1,063,828
-
456,850
1,520,678
174,127
-
84,339
258,466
-
419,957
-
419,957
-
-
30,600
30,600
10,816,744
419,957
3,896,185
15,132,886
-
-
37,772
37,772
44,529
9,824
89,290
143,643
11,006,993
429,781
4,042,097
15,478,871

Included in the above are governance costs of £34,800 (2024: £50,320).

Expenditure – 2024

Fundraising
Charitable activities
Tuition expenses
Domestic and catering expenses
Buildings and grounds
Management and administration
Marketing
Depreciation
Audit fees
Interest payable
Subsidiary trading costs
Total		 Staff costs
Depreciation
Other costs
Total Funds
2024
£
£
£
£
98,006
-
14,781
112,787
8,233,041
-
1,549,793
9,782,834
-
-
869,123
869,123
770,979
-
856,789
1,627,768
1,015,363
-
319,596
1,334,959
140,860
-
92,655
233,515
-
615,153
-
615,153
-
-
48,890
48,890
10,160,243
615,153
3,736,846
14,512,242
-
-
41,826
41,826
39,943
9,869
93,954
143,766
10,298,192
625,022
3,887,407
14,810,621

Page 29

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

6. Staff Costs

The aggregate payroll costs were:

Wages and salaries
Social security costs
Employer contributions to pension schemes		 The Group
The Company
2025
2024
2025
2024
£
£
£
£
8,947,473
8,393,841
8,902,943
8,353,898
903,368
794,145
903,368
794,145
1,156,152
1,110,206
1,156,152
1,110,206
11,006,993
10,298,192
10,962,463
10,258,249

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff, albeit under its own scheme known as the ‘Taunton Model’ whereby eligible employees who elect to remain in the scheme make up the difference in employer contributions above 23.6%. The pension charge for the year includes contributions payable to the TPS of £462,254 (2024: £735,341) and at the yearend £nil (2024 - £nil) 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 31 March 2020 and the Valuation Report was published in October 2023. The Valuation Report shows notional assets of £222.2bn and liabilities of £262bn, resulting in a scheme deficit of £39.8bn.

The employer contribution rate for the TPS is 28.6%, and employers are also required to pay a scheme administration levy of 0.08%. Under the School’s Taunton model, the School caps its contributions at 23.6%, and employees make up the difference from their salary to give a total contribution rate of 28.68%.

The School also contributes in to defined contribution schemes for its teaching and support staff, the pension charge in the year with respect to these schemes are £610,118 (2024: £374,865).

Page 30

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

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

£60,001 to £70,000
£70,001 to £80,000
£80,001 to £90,000
£90,001 to £100,000
£110,001 to £120,000
£170,001 to £180,000
£180,001 to £190,000		 2025
2024
Number
Number
9
7
3
2
3
3
1
1
1
1
-
1
1
-
18
15

Pension costs in respect of the above employees totalled £105,125 (2024: £142,472). 3 (2024: 8) 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 £396,967 (2024: £387,344).

No remuneration was paid to the Governors of the School (2024: none).

During the year, severance payments of £91,594 (2024: £15,000) were made. Under Project LARES, £277,461 (2024: nil) was paid to staff following workforce restructuring, of which £115,718 was redundancy pay and £161,743 was paid for notice periods.

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

2025 2024
Number Number
Teaching staff (including peripatetic) 112 113
Academic Support 54 55
Support Staff 73 78
239 246
7. Payments to Governors and connected persons
2025 2024
£ £
Training and travel 6,175 3,911
6,175 3,911

During the year 4 (2024: 5) Governors claimed expenses of £1,975 (2024: £1,293) with respect to travel and subsistence expenses.

Page 31

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

8. Net income Net income is stated after charging/(crediting):

Depreciation
Profit on disposal of tangible fixed assets
Unrealised (gain)/loss on investments
Loan interest
Operating lease rentals
Auditors' remuneration
Audit services
Non-audit services		 2025
2024
£
£
419,957
625,022
-
(1,250)
(165,802)
(366,234)
29,795
35,422
147,903
208,346
30,600
29,865
20,400
26,115

Page 32

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

9.
Tangible		 Fixed Assets
Group
Freehold
land and		 Assets
under		 Freehold land
and buildings		 Equipment
information		 Minibuses
buildings construction improvements systems and vehicles Total
£ £ £ £ £ £
Cost or valuation
At 1 September 2024 23,229,062 3,510,290 - 2,189,072 175,666 29,104,090
Adjustment - - - - - -
23,229,062 3,510,290 - 2,189,072 175,666 29,104,090
Additions
95,252		 9,586,671 - 117,056 - 9,798,979
Disposals - - - - - -
Revaluations - - - - - -
At 31 August 2025 23,324,314 13,096,961 - 2,306,128 175,666 38,903,069
Depreciation
At 1 September 2024 - - - 1,771,567 139,949 1,911,516
Charge for the year 299,383 - - 117,793 12,606 429,782
Eliminated on disposal
-		 - - - - -
Revaluations - - - - - -
At 31 August 2025 299,383 - - 1,889,360 152,555 2,341,298
Net book value
At 31 August 2025 23,024,931 13,096,961 - 416,768 23,111 36,561,771
At 31 August 2024 23,229,062 3,510,290 - 417,505 35,717 27,192,574
School Freehold
land and		 Assets
under		 Freehold land
and buildings		 Equipment
information		 Minibuses
buildings construction improvements systems and vehicles Total
£ £ £ £ £ £
Cost or valuation
At 1 September 2024 23,229,061 3,510,291 - 1,782,624 175,667 28,697,643
Additions 95,252 9,586,671 - 117,056 - 9,798,979
Disposals - - - - - -
Revaluations - - - - - -
At 31 August 2025 23,324,313 13,096,962 - 1,899,680 175,667 38,496,622
Depreciation
At 1 September 2024 - - - 1,403,615 139,949 1,543,564
Charge for the year 299,383 - - 107,969 12,606 419,958
Eliminated on disposal
-		 - - - - -
Revaluations - - - - - -
At 31 August 2025 299,383 - - 1,511,584 152,555 1,963,522
Net book value
At 31 August 2025 23,024,930 13,096,962 - 388,096 23,112 36,533,100
At 31 August 2024 23,229,062 3,510,290 - 379,013 35,717 27,154,082

Page 33

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

To update the previous 2017 valuation, the Governors’ instructed Aitchison Raffety to carry out a formal valuation to enable them to determine the fair value of the freehold buildings and land including the assets under construction at the 31 August 2024 year end, which has been determined at £26,739,352. This was based on the formal valuation received, appropriately sensitised for key assumptions and parameters within the report. The previous formal valuation was carried out as at 31 August 2017 by Martin Pendered and Co (Chartered Surveyors) of Wellingborough. The valuation has been assessed again at 31 August 2025 and after being subject to depreciation, remains at an appropriate carrying value in the governors' opinion.

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 (1,115,209)
Net book amount at 31 August 2025 7,088,679
Net book amount at 31 August 2024 7,146,004

10. Investments

Handelsbanken Wealth and Asset Management
LGT Wealth Management Ltd
Investment in subsidiary
War stock - £2,508.15
War stock - £47.09
National savings bond		 The Group
The Company
2025
2024
2025
2024
£
£
£
£
1,361,880
1,304,125
1,361,880
1,304,125
2,473,655
6,837,983
2,473,655
6,837,983
-
-
12
12
1,800
1,800
1,800
1,800
16
16
16
16
3,000
3,000
3,000
3,000
3,840,351
8,146,924
3,840,363
8,146,936
Valuation The Group & Company
£
At 1 September 2024 8,146,924
Acquisitions 2,345,793
Disposals (6,818,168)
Net gain on revaluations 165,802
At 31 August 2025 3,840,351

From 1 September 2012 the previously independent but closely associated Nevill Trust was merged into the School accounts, introducing new freehold assets, investments, and cash balances to the school. Since the Trust has specific purposes, these have been treated as restricted fund items.

In August 2015 the School appointed CF Heartwood Investment Management (a wholly owned subsidiary of Svenska Handelsbanken, which subsequently became Handelsbanken Wealth and Asset Management Ltd) to invest monies in their Charities Defensive Multi-Asset Fund (now in a Cautious Fund). £1m was invested initially over three tranches and £88,619 was invested in 2016.

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

Page 34

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

In the year ended 31 August 2024, with the impending general election in the summer, many parents took advantage of the School’s fees-in-advance scheme to make agreed pre-payments against defined terms of education for their children. The fees-in-advance received are held within a separate portfolio with LGT Wealth Management Ltd.

As at 31 August 2025, the balance of funds invested was £3,837,335.

11. Subsidiary company

1.
Subsidiary company
Shares at cost
2025 2024
£ £
Investment - subsidiary company 12 12

The above interest relates to the School’s wholly owned subsidiary company, Wellingborough School Enterprise Limited.

The following extracts are from the accounts for the year ended 31 August 2025:

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 £33 (2024: £95,719)
Profit/(loss) for the year £(48,491) (2024: £28,696)

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

Turnover
Cost of sales
Gross profit
Administrative expenses
Tax charge
Profit for the financial year		 2025
2024
£
£
95,153
172,462
(72,950)
(65,292)
22,203
107,170
(70,694)
(69,074)
-
(9,400)
(48,491)
28,696

With the move to an on-line provider for the provision of all school uniform and sportswear, the School shop ceased trading in July 2025, and all remaining stock to the value of £24,164 was written off.

12. Stock

2.
Stock
The Group The Company
2025 2024 2025 2024
£ £ £ £
Goods for resale - 56,468 - -

Page 35

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

13. Debtors

Trade debtors
Amounts owed from group undertakings
Prepayments
Accrued income
Other debtors		 The Group
The Company
2025
2024
2025
2024
£
£
£
£
144,486
168,560
137,097
154,529
-
-
140,771
132,243
461,232
332,590
461,232
332,590
4,010,242
113,724
4,010,242
113,724
169,798
3,010
169,802
3,010
4,785,758
617,884
4,919,144
736,096

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

14. Cash at bank

4.
Cash at bank
Special reserve account
Permanent endowment account
Bank accounts		 The Group
The Company
2025
2024
2025
2024
£
£
£
£
812,345
798,411
812,345
798,411
24,559
24,230
24,559
24,230
4,232,791
3,441,431
4,116,787
3,307,052
5,069,695
4,264,072
4,953,691
4,129,693

15. Creditors: amounts falling due within one year

Bank loans
Loan - Old Wellingburian Club
Trade creditors
Accruals and deferred income
Taxation and social security
Other creditors		 The Group
The Company
2025
2024
2025
2024
£
£
£
£
384,000
48,000
384,000
48,000
32,231
32,231
32,231
32,231
759,709
399,938
759,709
399,938
6,575,179
3,745,466
6,571,079
3,735,659
657,734
196,701
650,576
191,099
189,745
303,169
189,745
303,169
8,598,598
4,725,505
8,587,340
4,710,096

Loan to the Old Wellingburian Club

The loan has no fixed repayment date and is repayable on demand.

Deferred Income

eferred Income
Deferred income at 1st September
Resources deferred in the year
Amounts released from prior year
Deferred income at 31st August		 The Group
The Company
2025
2024
2025
2024
£
£
£
£
6,085,016
1,619,691
6,085,016
1,613,434
4,283,557
6,085,016
4,283,557
6,085,016
(3,563,389)
(1,619,691)
(3,563,389)
(1,613,434)
6,805,184
6,085,016
6,805,184
6,085,016

The deferred income relates to school fees and deposits received in advance.

Page 36

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

16.
Creditors: amounts falling after more than one year		 16.
Creditors: amounts falling after more than one year		 16.
Creditors: amounts falling after more than one year
The Group The Company
2025 2024 2025 2024
£ £ £ £
Bank loans - 384,000 - 384,000
Advance fees 1,303,921 2,475,901 1,303,921 2,475,901
Fee deposits 350,198 301,885 350,198 301,885
1,654,119 3,161,786 1,654,119 3,161,786

Bank loan

In July 2023, the School drew down a loan for £480,000 to maintain reserves after funding the Sixth Form Centre project from cash. The loan was a partial amortising facility with repayments set at a portion of the capital plus interest (at 2.46% above Bank of England base rate) on a quarterly repayment basis. The loan was secured against the Handelsbanken Wealth & Asset Management investments. In October 2025, the balance of the loan (£372,000 capital plus £460.87 interest) was fully repaid and the security released.

In November 2025, the School drew down a loan for £1,000,000 to act as a bridging loan between expenditure on capital assets under COPERNICUS, and the recovery of VAT associated with the works. The loan is on an interest fixing schedule, with the fixed rate being 7.41% p.a. and the fixed rate period being 120 months after the loan is drawn. Thereafter, the loan will be repaid at 2.75% p.a. over the Banks’s base rate, unless otherwise agreed. The loan is secured by way of a legal charge over the Prall Building and its environs.

17. Commitments under operating leases

At 31 August 2025 the charitable company had total commitments under non-cancellable operating leases as set out below:

eases as set out below:
Operating leases payments due:
Within 1 year
Within 2 to 5 years		 The Group and the Company Assets other
than land and buildings
2025
2024
£
£
138,441
152,915
19,831
165,701
158,272
318,616

Page 37

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

18. Fund analysis

Current year
Group
Unrestricted funds
School Capital Account
Special reserve
Revaluation reserve
School
Unrestricted funds
School Capital Account
Special reserve
Revaluation reserve
Group and School
Designated funds
Designated Foundation
Designated Masterplan
Group and School
Restricted funds
General restricted funds and
donations
Restricted Bursary
Restricted Prize Giving
Restricted Nevill Trust
Restricted Nevill Trust - surplus in
revaluation
Restricted Sugden Art Fellowship
Restricted War Memorial
Restricted Thatcher Pavillion
Restricted Edwards Legacy
Restricted Witham Awards
Restricted Fenton Bursary
Restricted Copernicus
Group and School
Permanent endowment
Revaluation
Government stock
Historic sale proceeds
Interest received on deposits
Group
School		 Balance at 1
September
2024
Income Expenditure
Gains /
losses
Transfers
Balance at
31 August
2025
£
£
£
£
£
£
15,095,838
14,127,686(15,400,457)
165,802
8,843,732
22,832,600
479,642
-
-
-
-
479,642
8,843,381
-
-
-
-
8,843,381
24,418,861
14,127,686 (15,400,457)
165,802
8,843,732
32,155,623
15,000,132
14,032,533 (15,209,617)
165,802
8,843,732
22,832,582
479,642
-
-
-
-
479,642
8,843,381
-
-
-
-
8,843,381
24,323,155
14,032,533 (15,209,617)
165,802
8,843,732
32,155,605
147,603
47,192
(9,418)
-
-
185,377
1,767,411
-
-
-
-
1,767,411
1,915,014
47,192
(9,418)
-
-
1,952,788
339,056
22,282
(7,033)
-
-
354,305
63,285
-
-
-
-
63,285
6,377
25
-
-
-
6,402
126,852
-
-
-
(126,855)
(3)
413,592
-
-
-
-
413,592
5,936
2,500
(2,083)
-
-
6,353
31,525
10,056
(11,613)
-
-
29,968
5,842
-
-
-
-
5,842
25,079
-
-
-
-
25,079
544
-
-
-
-
544
292,822
-
(48,267)
-
-
244,555
-
8,716,877
-
-
(8,716,877)
-
1,310,910
8,751,740
(68,996)
-
(8,843,732)
1,149,922
4,721,965
-
-
-
-
4,721,965
16,182
-
-
-
-
16,182
2,000
-
-
-
-
2,000
5,699
678
-
-
-
6,377
4,745,846
678
-
-
-
4,746,524
32,390,631
22,927,296 (15,478,871)
165,802
-
40,004,858
32,294,925
22,832,143(15,288,031)
165,802
-
40,004,839

Page 38

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Prior Year
Group
Unrestricted funds
School Capital Account
Special reserve
Revaluation reserve
School
Unrestricted funds
School Capital Account
Special reserve
Revaluation reserve
Group and School
Designated funds
Designated Foundation
Designated Masterplan
Group and School
Restricted funds
General restricted funds and
donations
Restricted Bursary
Restricted Prize Giving
Restricted Nevill Trust
Restricted Nevill Trust - surplus in
revaluation
Restricted Sugden Art Fellowship
Restricted War Memorial
Restricted Thatcher Pavillion
Restricted Edwards Legacy
Restricted Witham Awards
Restricted Fenton Bursary
Restricted Copernicus
Group and School
Permanent endowment
Revaluation
Government stock
Historic sale proceeds
Interest received on deposits
Group
School		 Balance at 1
September
2023
Income Expenditure
Gains /
losses
Transfers
Balance at
31 August
2024
£
£
£
£
£
£
13,562,698
15,264,316 (14,757,139)
366,234
659,729
15,095,838
479,642
-
-
-
-
479,642
6,609,065
-
-
2,234,316
-
8,843,381
20,651,405
15,264,316 (14,757,139)
2,600,550
659,729
24,418,861
13,495,690
15,091,854 (14,613,375)
366,234
659,729
15,000,132
479,642
-
-
-
-
479,642
6,609,065
-
-
2,234,316
-
8,843,381
20,584,397
15,091,854 (14,613,375)
2,600,550
659,729
24,323,155
24,198
125,141
(1,736)
-
-
147,603
1,767,411
-
-
-
-
1,767,411
1,791,609
125,141
(1,736)
-
-
1,915,014
339,938
4,216
(5,098)
-
-
339,056
63,285
-
-
-
-
63,285
6,377
1,025
(1,025)
-
-
6,377
114,603
25,000
(12,751)
-
-
126,852
336,987
-
-
76,605
-
413,592
8,751
1,000
(3,815)
-
-
5,936
29,479
12,032
(9,986)
-
-
31,525
5,842
-
-
-
-
5,842
25,079
-
-
-
-
25,079
544
-
-
-
-
544
311,893
-
(19,071)
-
-
292,822
-
659,729
-
-
(659,729)
-
1,242,778
703,002
(51,746)
76,605
(659,729)
1,310,910
3,500,000
-
-
1,221,965
-
4,721,965
16,182
-
-
-
-
16,182
2,000
-
-
-
-
2,000
5,699
-
-
-
-
5,699
3,523,881
-
-
1,221,965
-
4,745,846
27,209,673
16,092,459 (14,810,621)
3,899,120
-
32,390,631
27,142,665
15,919,997(14,666,857)
3,899,120
-
32,294,925

Page 39

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

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.

Designated fund – Masterplan

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

Restricted fund - General Restricted Funds

These comprise covenants and donations received for specific projects. As projects are completed and the particular assets are brought into use (and the restrictions fulfilled), the funds representing those assets are transferred from restricted to unrestricted. The transfer relates to capital items that have met their restriction.

Restricted fund - Bursary Funds

The Trustees are restricted to using the funds to help provide a Wellingborough education to children who would otherwise not be able to afford one. The total fund is made up of a number of named funds, including the 1595 Fund, the Nevill Trust, the Berry Award, the BAME Bursary, the War Memorial Fund, the DC James Trust Award, the Maud Elkington Award, and the Sugden Art Award.

Restricted fund - Nevill Trust Fund

An incorporated Trust to support School activities through the annual provision of grants for either capital investments or assisted places.

Restricted fund - COPERNICUS

Support to the School’s 30-year masterplan. The fund receives grants against actual expenditure on capital projects, and the transfers relate to expenditure on the project that have met the restriction.

Permanent endowment

The £4,721,965 permanent endowment reserve has arisen from the re-valuation of the freehold land and buildings in 2024. £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.

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WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

19.
Analysis of net assets between		 funds
Unrestricted
funds		 Restricted
funds		 Endowment
funds		 Total
£ £ £ £
Group
Current year
Tangible fixed assets and investments 35,260,723 419,434 4,721,965 40,402,122
Current assets 9,100,406 730,488 24,559 9,855,453
Current liabilities (8,598,598) - - (8,598,598)
Long term liabilities (1,654,119) - - (1,654,119)
34,108,412 1,149,922 4,746,524 40,004,858
Prior year
Tangible fixed assets and investments 30,198,099 419,434 4,721,965 35,339,498
Current assets 4,023,067 891,476 23,881 4,938,424
Current liabilities (4,725,505) - - (4,725,505)
Long term liabilities (3,161,786) - - (3,161,786)
26,333,875 1,310,910 4,745,846 32,390,631
School
Current year
Tangible fixed assets and investments 35,232,064 419,434 4,721,965 40,373,463
Current assets 9,117,788 730,488 24,559 9,872,835
Current liabilities (8,587,340) - - (8,587,340)
Long term liabilities (1,654,119) - - (1,654,119)
34,108,393 1,149,922 4,746,524 40,004,839
Prior year
Tangible fixed assets and investments 30,159,619 419,434 4,721,965 35,301,018
Current assets 3,950,432 891,476 23,881 4,865,789
Current liabilities (4,710,096) - - (4,710,096)
Long term liabilities (3,161,786) - - (3,161,786)
26,238,169 1,310,910 4,745,846 32,294,925

20. Transactions with Governors and connected persons

Total donations received from Governors during the year amounted to £nil (2024: £480).

21. Controlling related party

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

22. Capital Commitments

As at 31 August 2025, the School had contractual capital commitments of £3,383,965 (2024: £2,621,329).

23. 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.

Page 41

WELLINGBOROUGH SCHOOL NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

24. Prior year comparatives by fund

INCOME FROM:
Charitable Activities
School fees (net)
Other ancillary trading income
Donations and Grants
Other income
Total income
EXPENDITURE ON:
Raising funds
Trading expenses
Fundraising
Interest payable
Charitable activities
Total expenditure
Net income before net gains on
investments
Net gains on investments
Net income
Gross transfers between funds
Other recognised gains
Gains on revaluation of tangible assets
Net movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
Restricted
funds
Permanent
Endowment
Funds
Total 2024
£
£
£
£
14,584,283
-
-
14,584,283
433,139
-
-
433,139
125,141
678,002
-
803,143
246,894
25,000
-
271,894
15,389,457
703,002
-
16,092,459
143,766
-
-
143,766
112,787
-
-
112,787
41,826
-
-
41,826
14,460,496
51,746
-
14,512,242
14,758,875
51,746
-
14,810,621
630,582
651,256
-
1,281,838
-
366,234
366,234
-
996,816
651,256
-
1,648,072
659,729
(659,729)
-
-
2,234,316
76,605
1,221,965
3,532,886
3,890,861
68,132
1,221,965
5,180,958
22,443,014
1,242,778
3,523,881
27,209,673
26,333,875
1,310,910
4,745,846
32,390,631

Page 42