Trustees, Officers and Advisers |
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|---|---|
Report of the Trustees |
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Report of the Independent Auditor to the Trustees |
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Statementof Financial Activities |
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Balance Sheet |
12 |
Notesto the Financial Statements |
13-21 |
Bankers |
Lloyds Bank plc |
|---|---|
Canons House |
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Canons Way |
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Bristol |
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Somerset |
|
BS1 5LL |
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Solicitors |
Porter Dodson |
15 High Street |
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Wellington |
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Somerset |
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TA21 8QR |
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Stone King LLP |
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13 Queen Square |
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Bath |
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BA1 2HJ |
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Independent Auditor |
Crowe U.K. LLP |
Ath Floor, St James House |
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St James Square |
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Cheltenham |
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Gloucestershire |
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GL50 3PR |
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE WELLINGTON SCHOOL FOUNDATION (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Trustee Board about their own identification and assessment of the risks of irregularities, designing audit procedures over income, testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
Use of our report
This report is made solely to the charitable companls 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 4th Floor, St James House St James Square Cheltenham Gloucestershire GL50 3PR
Date: 17 December 2021
10
THE WELLINGTON SCHOOL FOUNDATION |
THE WELLINGTON SCHOOL FOUNDATION |
THE WELLINGTON SCHOOL FOUNDATION |
THE WELLINGTON SCHOOL FOUNDATION |
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|---|---|---|---|---|---|---|
STATEMENTOF FINANCIAL ACTIVITIES |
||||||
(INCORPORATING AN |
INCOME AND EXPENDITURE ACCOUNT) |
|||||
FOR |
THE YEAR ENDED 31 |
AUGUST2021 |
||||
Unrestricted |
Restricted |
|||||
Notes |
Funds |
Funds |
2021 |
2020 |
||
£ |
£ |
£ |
£ |
|||
INCOME FROM: |
||||||
Donations |
- |
20,125 |
20,125 |
20,150 |
||
Investment income |
3 |
- |
154,224 |
154,224 |
163,250 |
|
TOTAL INCOME |
- |
174,349 |
174,349 |
183,400 |
||
EXPENDITURE ON: |
||||||
Raising funds |
- |
- |
- |
1,471 |
||
Charitable activities |
- |
159,637 |
159,637 |
802,664 |
||
TOTAL EXPENDITURE |
4 |
- |
159,637 |
159,637 |
804,135 |
|
NET INCOME/(EXPENDITURE) |
||||||
BEFORE INVESTMENT |
||||||
(LOSSES)/GAINS |
~ |
14,712 |
14,712 |
(620,735) |
||
Net losses on investments |
7 |
- |
- |
- |
(74,025) |
|
Net gain on investment |
property |
6 |
- |
- |
- |
73,000 |
NET INCOME/(EXPENDITURE) |
||||||
AND MOVEMENTIN FUNDS |
- |
14,712 |
14,712 |
(621,760) |
||
RECONCILIATION OF FUNDS |
||||||
Total funds brought forward |
11 |
42,959 |
2,863,133 |
2,906,092 |
3,527,852 |
|
Total funds carried forward |
11 |
42,959 |
2,877,845 |
2,920,804 |
2,906,092 |
At1 |
At 31 |
||||
|---|---|---|---|---|---|
September |
Investment |
August |
|||
2020 |
Income |
Expenditure |
losses |
2021 |
|
£ |
£ |
£ |
£ |
£ |
|
Restricted funds |
|||||
Bursary fund |
2,860,148 |
172,974 |
(159,637) |
- |
2,873,485 |
Otherrestricted |
|||||
funds |
2,985 |
1,375 |
~ |
- |
4,360 |
2,863,133 |
174,349 |
(159,637) |
- |
2,877,845 |
|
Unrestricted funds |
42,959 |
- |
- |
- |
42,959 |
TOTAL |
2,906,092 |
174,349 |
(159,637) |
- |
2,920,804 |
At1 |
At 31 |
||||
September |
Investment |
August |
|||
2019 |
Income |
Expenditure |
losses |
2020 |
|
£ |
£ |
£ |
£ |
£ |
|
Restrictedfunds |
|||||
Bursaryfund |
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 |
|
Unrestrictedfunds |
42,959 |
- |
- |
- |
42,959 |
TOTAL |
3,527,852 |
183,400 |
(804,135) |
(1,025) |
2,906,092 |
Unrestricted |
Restricted |
||||
|---|---|---|---|---|---|
Notes |
Funds |
Funds |
2020 |
||
£ |
£ |
£ |
|||
INCOMEFROM: |
|||||
Donations |
“ |
20,150 |
20,150 |
||
Investment income |
3 |
- |
163,250 |
163,250 |
|
TOTAL |
183,400 |
183,400 |
|||
EXPENDITURE ON: |
|||||
Raising funds |
- |
1,471 |
1,471 |
||
Charitable activities |
- |
802,664 |
802,664 |
||
TOTAL |
4 |
- |
804,135 |
804,135 |
|
NET (EXPENDITURE) BEFORE |
|||||
INVESTMENT(LOSSES)/GAINS |
- |
(620,735) |
(620,735) |
||
Netlosses on investments |
7 |
(74,025) |
(74,025) |
||
Net gain on investment property |
6 |
- |
73,000 |
73,000 |
|
NET (EXPENDITURE) |
|||||
AND MOVEMENTIN FUNDS |
- |
(621,760) |
(621,760) |
||
RECONCILIATION OF FUNDS |
|||||
Total funds brought forward |
1 |
42,959 |
3,484,893 |
3,527,852 |
|
Total funds carried forward |
11 |
42,959 |
2,863,133 |
2,906,092 |