2022-08-31-accounts - The Wellington School Foundation

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`Trustees,OfficersandAdvisers`
`ReportoftheTrustees`
`ReportoftheIndependentAuditortotheTrustees`
`StatementofFinancialActivities`
`BalanceSheet`		`12`
`NotestotheFinancialStatements`	`13`	`-20`

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE WELLINGTON SCHOOL FOUNDATION (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be 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, 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 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 4th Floor, St James House St James Square Cheltenham Gloucestershire GL50 3PR

Date: 15 December 2022

`THEWELLINGTONSCHOOL`	`THEWELLINGTONSCHOOL`	`THEWELLINGTONSCHOOL`	`THEWELLINGTONSCHOOL`	`FOUNDATION`
`STATEMENT`		`OFFINANCIALACTIVITIES`
`(INCORPORATINGANINCOMEANDEXPENDITURE`					`ACCOUNT)`
`FOR`	`THEYEARENDED`		`31AUGUST2022`
		`Unrestricted`		`Restricted`
	`Notes`	`Funds`		`Funds`	`2022`	`2021`
			`£`	`£`	`£`	`£`
`INCOMEFROM:`
`Donations`			`-`	`35,033`	`35,033`	`20,125`
`Investmentincome`	`3`		`-`	`152,323`	`152,323`	`154,224`
`TOTALINCOME`			`-`	`187,356`	`187,356`	`174,349`
`EXPENDITUREON:`
`Raisingfunds`			`-`	`84`	`84`		`-`
`Charitableactivities`			`-`	`118,466`	`118,466`	`159,637`
`TOTALEXPENDITURE`	`4`		`-`	`118,550`	`118,550`	`159,637`
`NETINCOMEBEFORE`
`INVESTMENT(LOSSES)/GAINS`			`-`	`68,806`	`68,806`	`14,712`
`Netlossesoninvestments`	`7`		`-`	`(1,981)`	`(1,981)`		`-`
`Netgain oninvestmentproperty`	`6`		`-`	`182,215`	`182,215`		`-`
`NETINCOME`
`ANDMOVEMENTINFUNDS`			`-`	`249,040`	`249,040`	`14,712`
`RECONCILIATIONOFFUNDS`
`Totalfundsbroughtforward`	`11`	`42,959`		`2,877,845`	`2,920,804`	`2,906,092`
`Totalfundscarriedforward`	`11`	`42,959`		`3,126,885`	`3,169,844`	`2,920,804`

	`THEWELLINGTONSCHOOLFOUNDATION`	`THEWELLINGTONSCHOOLFOUNDATION`
	`NOTES`	`TOTHEFINANCIALSTATEMENTS(CONTINUED)`
		`FORTHEYEARENDED31AUGUST2022`
`7` `LISTEDINVESTMENTS`
`Restrictedfunds`			`2022`	`2021`
			`£`	`£`
`Marketvalueat1 September`			`-`	`-`
`Purchasesatcost`			`70,000`	`-`
`Managementfees`			`(84)`	`-`
`Decreaseinmarket`	`value`		`(1,981)`	`-`
`Marketvalueat31`	`August`		`67,935`	`-`
`8` `DEBTORS`
			`2022`	`2021`
			`£`	`£`
`Dueafteroneyear`
`WellingtonSchool`	`1837loan`		`114,000`	`152,000`
`Duewithinoneyear`
`WellingtonSchool`	`1837loan`		`38,000`	`38,000`
`WellingtonSchool`	`1837loan`	`interest`	`7,600`	`11,400`
`AccruedIncome`			`4,324`	`4,025`
`Prepayments`			`1,873`	`1,717`
`Amountsowedby`	`groupundertakings`		`2,872`	`200`
			`54,669`	`55,342`
			`168,669`	`207,342`
`TheWellingtonSchool1837`		`loanisduetoberepaidoverfiveyearsinequalannual`		`instalmentsfrom`
`September2021.`
`9` `CREDITORS:duewithinoneyear`
			`2022`	`2021`
			`£`	`£`
`Sundrycreditorsandaccruals`			`5,017`	`8,526`
`Amountsowedto`	`groupundertaking`		`3,866`	`-`
			`8,883`	`8,526`

		`THEWELLINGTONSCHOOLFOUNDATION`	`THEWELLINGTONSCHOOLFOUNDATION`	`THEWELLINGTONSCHOOLFOUNDATION`	`THEWELLINGTONSCHOOLFOUNDATION`
		`NOTESTOTHEFINANCIALSTATEMENTS(CONTINUED)`
		`FOR THEYEARENDED`		`31AUGUST`	`2022`
`10`	`ALLOCATION`	`OFCHARITYNETASSETS`
				`Fixed`		`Netcurrent`	`Fund`
`2022`				`assets`		`assets`	`balance`
				`£`		`£`	`£`
`Restrictedfunds`				`2,928,150`		`198,735`	`3,126,885`
`Unrestrictedfunds`					`-`	`42,959`	`42,959`
				`2,928,150`		`241,694`	`3,169,844`
				`Fixed`		`Netcurrent`	`Fund`
`2021`				`assets`		`assets`	`balance`
				`£`		`£`	`£`
`Restrictedfunds`				`2,678,000`		`199,845`	`2,877,845`
`Unrestrictedfunds`					`-`	`42,959`	`42,959`
				`2,678,000`		`242,804`	`2,920,804`
`11`	`FUNDS`
		`Ati`					`At31`
		`September`				`Investment`	`August`
		`2021`	`Income`	`Expenditure`		`gains`	`2022`
		`£`	`£`		`£`	`£`	`£`
`Restrictedfunds`
`Bursary`	`fund`	`2,873,485`	`184,976`	`(118,040)`		`180,234`	`3,120,655`
`Otherrestricted`
`funds`		`4,360`	`2,380`	`(510)`		`-`	`6,830`
		`2,877,845`	`187,356`	`(118,550)`		`180,234`	`3,126,885`
`Unrestrictedfunds`		`42,959`	`-`		`-`	`-`	`42,959`
`TOTAL`		`2,920,804`	`187,356`	`(118,550)`		`180,234`	`3,169,884`

	`THEWELLINGTONSCHOOLFOUNDATION`	`THEWELLINGTONSCHOOLFOUNDATION`	`THEWELLINGTONSCHOOLFOUNDATION`	`THEWELLINGTONSCHOOLFOUNDATION`	`THEWELLINGTONSCHOOLFOUNDATION`	`THEWELLINGTONSCHOOLFOUNDATION`
	`NOTES`	`TOTHEFINANCIALSTATEMENTS(CONTINUED)`
		`FOR`	`THEYEARENDED31`		`AUGUST2022`
`16` `STATEMENT`	`OFFINANCIALACTIVITIESFORTHE`				`YEARENDED31`		`AUGUST2021`
				`Unrestricted`		`Restricted`
			`Notes`	`Funds`		`Funds`	`2021`
				`£`		`£`	`£`
`INCOMEFROM:`
`Donations`					`-`	`20,125`	`20,125`
`Investmentincome`			`3`		`-`	`154,224`	`154,224`
`TOTALINCOME`					`-`	`174,349`	`174,349`
`EXPENDITUREON:`
`Raisingfunds`					`-`		`-`	`-`
`Charitableactivities`					`-`	`159,637`	`159,637`
`TOTALEXPENDITURE`			`4`		`-`	`159,637`	`159,637`
`NETINCOME/(EXPENDITURE)`
`BEFOREINVESTMENT`
`(LOSSES)/GAINS`				`-`		`14,712`	`14,712`
`Netlossesoninvestments`			`7`		`-`		`-`	`-`
`Netgainoninvestmentproperty`			`6`		`-`	`-`		`=`
`NETINCOME/(EXPENDITURE)`
`ANDMOVEMENTIN`	`FUNDS`				`-`	`14,712`	`14,712`
`RECONCILIATIONOF`	`FUNDS`
`Totalfundsbroughtforward`			`11`	`42,959`		`2,863,133`	`2,906,092`
`Totalfundscarriedforward`			`11`	`42,959`		`2,877,845`	`2,920,804`