|
Page |
Trustees, Officers and Advisers |
1-2 |
Report of the Trustees |
3-6 |
Report of the Independent Auditor to the Trustees |
7-9 |
Statement of Financial Activities |
10 |
Balance Sheet |
11 |
Notes to the Financial Statements |
12-21 |
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE WELLINGTON SCHOOL FOUNDATION (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020
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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: 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 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.
Tara Westcott Senior Statutory Auditor For and on behalf of Crowe U .K. LLP Statutory Auditor Carrick House Lypiatt Road Cheltenham Gloucestershire GL502QJ
Date: 16 March 2021
9
|
|
Unrestricted |
Restricted |
|
|
|
Notes |
Funds |
Funds |
2020 |
2019 |
|
|
£ |
£ |
£ |
£ |
INCOME FROM: |
|
|
|
|
|
Donations
Investment income |
3 |
-
- |
20,150
163,250 |
20,150
163,250 |
44,416
165,051 |
TOTAL |
|
|
183,400 |
183,400 |
209,467 |
EXPENDITUREON: |
|
|
|
|
|
Raising funds |
|
- |
1,471 |
1,471 |
2,409 |
Charitable activities |
|
- |
802,664 |
802,664 |
164,950 |
TOTAL |
4 |
- |
804,135 |
804,135 |
167,359 |
NET (EXPENDITURE)/INCOME |
|
|
|
|
|
BEFORE INVESTMENT |
|
|
|
|
|
(LOSSES)/GAINS |
|
- |
(620,735) |
(620,735) |
42,108 |
Netlosses on investments
Net gain on investmentproperty |
7
6 |
- |
(74,025)
73,000 |
(74,025)
73,000 |
(18,938)
255,000 |
NET (EXPENDITURE)/INCOME |
|
|
|
|
|
AND MOVEMENTIN FUNDS |
|
- |
(621,760) |
(621,760) |
278,170 |
RECONCILIATION OF FUNDS |
|
|
|
|
|
Total funds brought forward |
11 |
42,959 |
3,484,893 |
3,527,852 |
3,249,682 |
Total funds carried forward |
11
|
42,959
|
2,863,133
|
2,906,092
|
3,527,852
|
|
Notes |
2020 |
2019 |
|
|
£ |
£ |
FIXED ASSETS: |
|
|
|
Investmentproperty |
6 |
2,678,000 |
2,605,000 |
Investments |
7 |
- |
926,704 |
|
|
2,678,000 |
3,531,704 |
CURRENTASSETS: |
|
|
|
Debtors: due after more than one year |
8 |
190,000 |
- |
Debtors: due within one year
Cash at bank and in hand |
8 |
18,829
24,473 |
9,408
7,083 |
|
|
233,302 |
16,491 |
LIABILITIES: |
|
|
|
Creditors falling due within one year |
9 |
(5,210) |
(20,343) |
NET CURRENT ASSETS/(LIABILITIES) |
|
228,092 |
(3,852) |
TOTAL NET ASSETS |
|
2,906,092 |
3,527,852 |
CHARITY FUNDS |
|
|
|
Restricted funds
Unrestricted funds |
|
2,863,133
42,959 |
3,484,893
42,959 |
|
11
|
2,906,092
|
3,527,852
|
|
|
2020 |
2019 |
|
|
£ |
£ |
Income |
from investments |
18,529 |
36,541 |
Rent |
|
144,721 |
128,510 |
|
|
163,250 |
165,051 |
|
|
|
|
|
Staff |
|
|
|
|
|
costs |
Governance |
Other |
2020 |
2019 |
|
£ |
£ |
£ |
£ |
£ |
Raising funds |
|
|
|
|
|
Investment management |
- |
- |
1,471 |
1,471 |
2,409 |
|
- |
- |
1,471 |
1,471 |
2,409 |
Charitable activities |
|
|
|
|
|
Charitable activities |
- |
- |
679,879 |
679,879 |
92,362 |
Grants paid - bursaries |
- |
- |
82,389 |
82,389 |
53,769 |
Support costs |
11,485 |
27,033 |
1,878 |
40,396 |
18,819 |
|
11,485 |
27,033 |
764,146 |
802,664 |
164,950 |
TOTAL EXPENDITURE
|
11,485
|
27,033
|
765,617
|
804,135
|
167,359
|
|
|
|
|
|
2020 |
2019 |
|
|
|
|
|
£ |
£ |
Audit |
and |
corporation |
tax |
fees |
4,188 |
4,860 |
Legal |
fees |
|
|
|
21,396 |
- |
|
|
|
|
|
25,584
|
4,860
|
5
NET INCOME OR EXPENDITURE |
|
|
|
2020 |
2019 |
|
£ |
£ |
Auditor's remuneration: |
|
|
- audit |
3,121 |
3,060 |
- corporation tax |
1,067 |
1,800 |
Wagesandsalaries |
11,485
|
10,408
|
6
INVESTMENT PROPERTY |
|
|
|
2020 |
2019 |
|
£ |
£ |
Balance at 1 September |
2,605,000 |
2,350,000 |
Gains on investment property |
73,000 |
255,000 |
Balance at 31 August |
2,678,000
|
2,605,000
|
Restricted funds |
2020 |
2019 |
|
£ |
£ |
Marketvalue at 1 September |
926,704 |
947,157 |
Disposal proceeds |
(809,213) |
- |
Cash withdrawn from portfolio |
(41,287) |
- |
Managementfees |
(2,179) |
(1,515) |
Decrease in market value |
(74,025) |
(18,938) |
Market value at 31 August |
- |
926,704 |
Listed on Stock Exchange — Cazenove Charity Asset fund |
- |
883,238 |
Cash held for reinvestment |
- |
43,466 |
|
-
|
926,704
|
|
2020 |
2019 |
|
£ |
£ |
Dueafter one year |
|
|
Wellington School 1837 loan |
190,000 |
- |
Due within one year |
|
|
Accrued Income |
5,950 |
9,408 |
Prepayments |
12,874 |
- |
Amounts owed by group undertakings |
5 |
- |
|
18,829 |
9,408 |
|
208,829 |
9,408 |
|
|
|
2020 |
2019 |
|
|
|
£ |
£ |
Wellington School 1837 |
|
|
- |
16,390 |
Sundry |
creditors and accruals |
|
5,210 |
3,953 |
|
|
|
5,210 |
20,343 |
10 |
ALLOCATION OF CHARITY NET ASSETS |
|
|
|
|
|
Fixed |
Net current |
Fund |
2020 |
|
assets |
assets |
balance |
|
|
£ |
£ |
£ |
Restricted funds |
|
2,678,000 |
185,133 |
2,863,133 |
Unrestricted funds |
|
- |
42,959 |
42,959 |
|
|
2,678,000 |
228,092 |
2,906,092 |
|
|
|
Net current |
Fund |
2019 |
|
Fixed assets |
assets |
balance |
|
|
£ |
£ |
£ |
Restricted funds |
|
3,531,704 |
(46,811) |
3,484,893 |
Unrestricted funds |
|
- |
42,959 |
42,959 |
|
|
3,531,704
|
(3,852)
|
3,527,852
|
|
Atl
September
2019 |
Income |
Expenditure |
Investment
losses |
At 31
August
2020 |
|
£ |
£ |
£ |
£ |
£ |
Restricted funds |
|
|
|
|
|
Bursary fund |
3,481,045 |
182,500 |
(802,372) |
(1,025) |
2,860,148 |
Otherrestricted funds |
3,848 |
900 |
(1,763) |
- |
2,985 |
|
3,484,893 |
183,400 |
(804,135) |
(1,025) |
2,863,133 |
Unrestricted funds |
42,959 |
- |
- |
- |
42,959 |
TOTAL |
3,527,852 |
183,400 |
(804,135) |
(1,025) |
2,906,092 |
|
Atl
September
2018 |
Income |
Expenditure |
Investment
gains |
At 31
August
2019 |
|
£ |
£ |
£ |
£ |
£ |
Restricted funds |
|
|
|
|
|
Bursary fund |
3,135,404 |
184,576 |
(74,997) |
236,062 |
3,481,045 |
Cornercapital fund |
71,319 |
11,857 |
(83,176) |
- |
- |
Other restricted funds |
- |
13,034 |
(9,186) |
: |
3,848 |
|
3,206,723 |
209,467 |
(167,359) |
236,062 |
3,484,893 |
Unrestricted funds |
42,959 |
- |
- |
- |
42,959 |
TOTAL
|
3,249,682
|
209,467
|
(167,359)
|
236,062
|
3,527,852
|
|
|
2020 |
2019 |
|
|
£ |
£ |
Financial |
assets measured at settlement value |
233,302 |
16,491 |
Financial |
assets measuredat fair value |
- |
926,704 |
Financial |
liabilities measured at settlement value |
5,211
|
20,343
|
|
|
Unrestricted |
Restricted |
|
|
Notes |
Funds |
Funds |
2019 |
|
|
£ |
£ |
£ |
INCOMEFROM: |
|
|
|
|
Donations
Investment income |
3 |
-
- |
44,416
165,051 |
44,416
165,051 |
TOTAL |
|
|
209,467 |
209,467 |
EXPENDITUREON: |
|
|
|
|
Raising funds
Charitable activities |
|
-
- |
2,409
164,950 |
2,409
164,950 |
TOTAL |
4 |
- |
167,359 |
167,359 |
NET INCOME BEFORE |
|
|
|
|
INVESTMENT GAINS/(LOSSES) |
|
- |
42,108 |
42,108 |
Net (losses)/gain on investments
Net gain on investmentproperty |
6
7 |
- |
(18,938)
255,000 |
(18,938)
255,000 |
NET INCOME AND |
|
|
|
|
MOVEMENTIN FUNDS |
|
- |
278,170 |
278,170 |
RECONCILIATION OF FUNDS |
|
|
|
|
Total funds brought forward |
11 |
42,959 |
3,206,723 |
3,249,682 |
Total funds carried forward |
11 |
42,959
|
3,484,893
|
3,527,852
|