Charity number.. 1105256 Company number.. 05176879 THE WELUNGTON SCHOOL FOUNDATION IA COMPANY UMITED BY GUARANTEE) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGusf 2023
THE WELLINGTON SCHOOL FOUNDATION FOR THE YEAR ENDED 31 AUGUST 2023 CONTENTS Page Trustees, Offlcers and Advisers Report of the Trustees Report of the Independent Audltor to the Trustees 7-10 Statement of Flnanclal Actlvities li Balance Sheet 12 Notes to the Flnanclal Statements 13-21
THE WELLINGTON SCHOOL FOUNDATION TRUSTEES, OFFICERS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023 TRUSTEES The directors of the charitable company. who are also the charity trustees. who served during the year and up to the date of signing the accounts were: Mr J P Darvall Mr R A Hooper Dr D R Lunglev Mr R Palfrev Mr K B Phillips Ichalrmanl Mr5 A Weekes The Trustees are considered to be the key management personnel of the charitable cornpanv. SECRETARY F A V Taylor ACMA, CGMA REGISTEREO AND PRINapAL OFFICE Welllngton School South Street Wellington Somerset TA218NT
THE WELUNGTON SCHOOL FOUNDATION TRUSTEES. OFFICERS AND ADVISERS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 ADVISERS Bank•rs Lloyds 8ank plc Canons House Canons Way 8ristol Somerset BSI 5LL Sollcltors Womble Bond Dicklnson 3 Temple Quay Temple Back East Clty of Br15tol BSI 6DZ Stone Kiii¥ LLP Upper Borough Court IU8CI Uppei. 8uiuu¥li Walls Bath BAI 2HJ Independent Audltor Crowe U.K. LLP 4th Floor, St James House St James Square Cheltenham Gloucestershlre GL50 3PR
THE WELLINGTON SCHOOL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 The Directors, who are also the Trustees for the purposes of charity law, present their report together with the financial statements of the charitable company for the year ended 31 August 2023. The annual report Serves as both a Trustee5' Report and Directors, Report under the applicable laws. REFERENCE AND ADMINISTRATIVE INFORMATION The Wellington School Foundation is re81Stered with the Charity Commlsslon in England and Wales under charity number 1105256. It 15 also a company limlted by 8uarantee, reglstered in England and Wales company number 05176879. The Trustees. Officers and Advisers of the Charity are set out on pages l and 2. STrUCTURE, GOVERNANCE AND MANAGEMENT Governlng Document The Wellington School Foundatlon Is a charitable company, set up 12, July 2&M, limited by guarantee and governed by Its Memorandum and Artl¢les of Association, last updated on 231d July 2021, Governln8 Body The body of Trustees consists. when complete. of slx persons, beln8 five nomlnees of the Governors of Wellin8ton School 1837 lof whom one shall be seNln8 as a 8overnor during the term of appolntment as a Trustee of the Foundatlonl, one nominee of the Old Wellingtonians, Association. R¢¢rultln8 and Tralnlng of Trustee5 The Foundatlon Trustees are recrulted for their background knowledge of the School and its 5UPF)Ort organisations, thelr business and professional acumen and their knowledge of charity law and have a sympathy for the oblects of the Foundation and WellinEton School 1837. Training is provided both internally using the expert15e of the Offlcers and Trustees, and from external professlonals to provide detailed information on accountlng procedures, legal guldance and investment advice. Rlsk Management The major risks to which the Charity is exposed, as Identified by the Trustees, have been reviewed and systems have been established to mltigate those risks. The risks Identifled are a potentlal reductlon in property values. The Trustees employ a qualified external adviser to review the value5 of the properties on an ongoing basls.
THE WELLINGTON SCHOOL FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 OBJECTS AND ACTIVITIES Charitable Oblects The Charity's objects are: To promote the charitable work of Wellington School 1837. To further the education and the advancement In life of present and past pupils of Wellington School 1837 through the provision of scholarships, bursaries and 8rants and such other means as the Trustees shall consider appropriate from time to time. To preserve for the benefit of the publlc, the School Chapel and such other parts of the School slte as are worthy of preservation In view of thelr historical, archltectural or envlronmental signiflcance. To promote the education principally, but not excluslvely, of persons resldent or workln8 in Wellington and its environs through the provision of teaching and the facilitles for learnin8 in such other ways and on such terms as the Trustees shall consider appropriate. To promote communlty participation in healthy recreation for the benefit of persons resident or working in Wellington and its environs by the provlsion of in5tructlon and facilitles for the same as such terms as the Trustees shall consider èpproprlate. To further such other charitable purposes as the Trustees shall from tlme to tlme decide. ACTIVITIES {v} After disposlng of Its investments during the 2019120 financial year, the We115ngton School Foundation Is refunding Its inve5tment5 In order, Inter alla, to assist the School to provlde bursaries for deserving chlldren whose parents, without asslstance, would not be able to afford an Independent School education for them. The Foundation provides general bur5arlal asslstance to pupils on an on.8oing basis on the advice and guidance of the Headmaster. The Wellin8ton School Foundatlon also receives donatlon5 and bequests to support Specific Wellln8ton School 1837 capltal projects. FUNDRAISING PERFORMANCE The Wellin8ton School FoundatSon CeIve5 donations and bequests through Wellington School 1837. The Wellin8ton School Foundation does not therefore tarry out any direct marketing activity by mail or In person and no undue pressure is ever placed on any person to give money or other SOUrceS to the charity. ACHIEVEMENTS The Old Wellingtonians. Assoclation IOWAI and Friend5 of Wellington School continue to support the School through the Foundation by raising money for varlous projects in the School and in preseNing the heritage of the School. The Foundation, in conjunction with the OWA, has continued to encourage alumni to pledge legacies for future mean5 tested bursaries and these pled8e5 will, in due course, benefit future puplls. In total. the Foundation donated £133,(YJ) to Wellington School to fund bursaries.
THE WELUNGTON SCHOOL FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 FINANCIAL REVIEW Income for the year has increased from £187,356 to £307,999 reflectin8 the increase In donation5 to the bursary fund. Expenditure has increased from £118,550 to £181,253. The increased expenditure reflects an increase in bursaries made to Wellington School 1837. Net losses on investments is £1,526 (2022.. £1,981) and net gains on investment properties is £Nil (2022.. £182,215). The overall surplus for the year was £125,220 compared to £249,040 last year. The Tru5tee5 believe that the Charity's financial resources and contingency planrbin8 15 sufficlent to ensure the ability of the Charity to continue as a going concern for the foreseeable future and therefore the financial statements have been prepared on this basis. PUBUC BENEFIT The Trustees have referred to the guldance contained In the Charity Commlssion's general guldance on public benefit when reviewing our alms and objectives and in planning our future operations. The Welllngton School Foundatlon continues to be part of a wlder community in which the School Shares Its resources for educational, sportln8 and cultural actlvltles. RESERVES POUCY The unrestricted funds arlse from past operatlng results. The Trustees have examlned the requirement to maintain free reseNes and are 5alisfied that the balance of the fund 15 adequate to continue the operation5 of the Charlty. Total fund5 at 31 August 2023 amounted to £3,295,064 of which £3,252,105 was restricted and £42,959 unrestricted. Free reserves of the Charlty are £42,959. The Trustees consider this level of free reserves appropriate for the Charlty to meet Its charltable objectives. FUTURE PLANS The Trustees continue to work to increase the value of the Foundatlon through sound investment and will start proactive fund raisln8 to benefit the School In allowin8 it to increase Its provlslon of bursarles and improve its facilities. STATEMENT OF TRU5TEES' RESPONSIBILITIES The Trustees (who are also Directors of The Wellington School Foundation for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice Iunited Kingdorn Accounting Standards). Company law requires the Trustees to prepare financlal statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are sat15fied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, includin8 the income and expenditure, of the charltable company for that period. In preparing these financial statements. the Trustees are required to-.
THE WELLINGTON SCHOOL FOUNDATION REPORT OF THE TRUSTEES {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 STATEMENT OF TRUSTEES, RESPONSIBILITIES (CONTINUED) select suitable accounting policies and then apply them consistentlv,. observe the methods and principles in the Charities SORP- make judgments and estimates that are reasonable and prudent- • state whether applicable UK accountSng Standards have been followed, subject to any material departures disclosed and explained in the flnarTrcial statements: and prepare the flnancial statements on the going concern basis unless it is inappropriate to presume that the charltable company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to Show and explain the charitable companVs transactions, disclose with reasonable accuracy at any tlme the financial position of the charitable company and enable them to ensure that the finantial statements comply with the Companies Act 26 and the provlslons of the charivs constitution. They are also responsible for safeguarding the assets of the charity and hence for takin8 reasonable steps for the prevention and detection of fraud and other irregularltie5. DISCLOSURE OF INFORMATION TO AUDITOR Insofar as each ot the Trustee4P of the ch8rity at the date of aVVlUVdl uf thls report Is aware there is no relevant audit information linformatlon needed by the charity's auditor in connectlon with preparing the audlt report) of which the charlty's audltor is unaware. Each Trustee has taken all of the steps that he/she should have taken as a Trustee In order to make hlmself/her5elf aware of any relevant audit Information and to establish that the charlty's audltor is aware of that information. AUDITOR Crowe U.K. LLP has inditated its willlngnes5 to be reappointed as statutory auditor. In preparln8 this report, the Trustees have taken advantage of the small companles exemptions provlded by Sectlon 415A of the Companies Act 2C(J6. The Trustees, Report Is approved by the 8oard of Trustees and signed on their behalf by- K B Phillips Ch•irrnan Date:
REPORT OFTHE INDEPENDENT AUDITOR TO THE MEMBERS OF THE WELLINGTON SCHOOL FOUNDATION FOR THE YEAR ENDED 31 AUGUST 2023 Oplnlon We have au(lited the financial statements of The Wellington School Foundation for the year ended 31 August 2023 whlch comprise the Statement of Financlal Activities, Balance Sheet and notes to the financial statement5, including a summary of significant accounting policies. The financial reporting framework that has been applied in thelr preparation is applicable law and United Kingdom Accounting Standards, including Flnanclal Reportlng Standard 102 The Flnancial Reportin8 Standard applltable in the UK and Republic of Ireland (United Klngdom Generally Accepted Accounting Practlcel. In our opinion the flnancial statements.. give a true and fair view of the state of the charitable company's affalrs as at 31 August 2023 and of its incoming resources and appllcatlon of resources, including its income and expendlture for the year then ended,. have been properly prepared in a¢cordance with Unlted Kingdom Generally Accepted Accountin8 Practice; and have been prepared in accordance wlth the requirement5 of the Companie5 Act 2006. Basls for oplnlon We conducted our audit In accordance wlth International Standards on Audltlng IUKI IISAS IUKII and appllcable law. Our responsibilitie5 under those standards are further descrlbed In the Audltorfs re5ponsibilltles for the audit of the flnancial statements sertlon of our report. We are Independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the flnancial statements In the UK, includln8 the FRC's Ethical Standard, and we have fulfilled our other ethical responslbllities In accordance with these requirements. We believe that the audSt evidence we have obtalned is sufficient and appropriate to provide a basis for our opinlon. Concluslons relatlnq to 8oln8 concern In audltin8 the financial statements, we have concluded that the trustee5' use of the going concern basis of accountln8 in the preparation of the financial statement515 appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to event5 or conditlons that, individually or collectively, may cast signlficant doubt on the charitable ompany's ability to Continue as a going concern for a period of at least twelve months from when the financial statements are authorised for i55ue. Our responsibilities and the responsibilities of the trustees wlth respect to goln8 concern are described In the relevant sectlons of this report. Other inforrnation The trustees are re5ponslble for the other informatlon contained withln the annual report. The other information comprise5 the information Included in the annual report, other than the financial Statements and our auditorf5 report thereon. 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.
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE WELLINGTON SCHOOL FOUNDATION (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Our responsibility is to read the other information and, in doing so, conslder whether the other information is materially inconsistent with the financial statements or our knowledge obtained in 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 misstalement of thls other information, we are required to report that fact. We have nothlng to report In this regard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinlon based on the work undertaken In the course of our audit: the information given In the trustees, report, which includes the dlrectors, report prepared for the purposes of company law, for the flnanclal year for which the financlal statement5 are prepared is consistent wlth the flnanclal statements,. and the dlrectors, report Included wlthin the trustee5' report has been prepared in accordance wlth applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In light of the knowledge and understandin8 of the charStable company and Its environment obtalned in the course of the audlt, we have not identified materlal mlsstatements In the directors, report Included within the tru5tees' report. We have nothin8 to report In respect of the followlng matters In relatlon to which the Companies Act 2006 requires u5 to report to you if, In our opinion.. adequate accountlng records have not been kept.. or the financlal statements are not in agreement wlth the accountlng record5 and returns,. or certain disclosures of trustees, remuneration specified by law are not made.. or we have not received all the information and explanatlons we requlre for our audit Responslbllitles of trustees As explained more fully in the trustees, SponSibl11t1eS statement set out on pages S - 6, the trustee5 (who are also the directors of the charltable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satlsfied that they give a true and fair view, and for such Internal control as the trustee5 determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a goirbg concern, (li5closing, as applicable, matters related to Boing Concern and using the going concern b35is of accounting unle55 the trustees either intend to liquidate the charitable company or to Cease operations. or have no realistic alternative but to do so.
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE WELLINGTON SCHOOL FOUNDATION {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Auditorfs responslbllltles for the audlt of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements a5 a whole are free from materlal mi5Statement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a hlgh level of assurance, but is not a guarantee that an audit conducted in accordance with ISA5 IUKI will always detect a material misstatement when it exists. Mlsstatements can arlse from fraud or error and are consldered mateYSal If, indivldually or in the aggregate, they could reasonably be expected to Influence the economic decisions of users taken on the basis of these financial statements. Irregularlt5es, including fraud, are Instances of non-compllance with laws and regulations. We design procedures In line with our responslbilities, outlined above, to detect materlal mlsstatement5 In respect of irregularities, including fraud. The extent to whlch our procedure5 are capable of detectinB Irregularltles, including fraud Is detalled below.. A further descrlptlon of our responslbllitle5 for the audit of the financlal statements Is located on the Flnanclal Reporting Council's website at.. www.Ii'c.or audilorsies oiisibililies. Thls descrlption forms part of our auditorfs report. Extent to whlch the audlt was consldered capable of dete¢tSn8 Irregularltles, In¢ludln8 fraud Irregularltle5, Includlng fraud. are Instances of non-compliance wlth laws and regulations. We Identlfied and assessed the rlsk5 of material misstatement of the flnanclal statements from Irre8ularltles, whether due to fraud or error. and dlscussed these between our audit team members. We then designed and performed audlt procedures responsive to those risks, Including obtaining audlt evidence sufflcienl and appropriate to provide a basis for our oplnlon. We obtalned an understandlng of the legal and regulatory frameworks within which the charitable company operates. focusing on those laws and regulations that have a direct effect on the determlnatSon of material amount5 and disclosu$ in the financlal statements. The laws and regulatlons we consldered in thls context were the Companies Act 2006 and the Charltles SORP IFRS 1021. We assessed the required compliance wlth these laws and regulations as part of our audlt procedures on the related flnancial statement Item5. In addition, we considered provi51ons of other laws and regulations that do not hove a direct effect on the financial statements but compliance with which might be fundamental to the charitable compan5 ability to operate or to avoid a material penalty. We also considered the opportunitles and Incentlves that may exist within the charitable company for fraud. Auditin8 Standards limit the required audit procedures to identify non-compliance with these laws and regulation5 to enquiry of the Trustee5 and other management and Inspection of regulatory and legal correspondence, if any.
REPORT OF THE INDEPENDEKf AUDITOR TO THE MEMBERS OF THE WELLINGTON SCHOOL FOUNDATION (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 We identified the greatest risk of materlal impact on the flnancial statements from irre8ularltles. including fraud, to be the override of controls by manègement. Our audit procedures to respond to these risks included enquiries of management and the Trustee 8oard about their own identification and assessment of the risks of irregularities, testing on the posting of journals, reviewing accountSng estimates for biases, reviewing regulatory correspondence wlth the Charlty Commission, and readln8 mlnutes of meetings of those charged wlth governance. Owing to the Snherent limitatlons of an audit. there Is an unavoldable rlsk that V May not have detected some material misstatements In the flnancial staiements, even thou8h we have property planned and performed our audit In accordance with auditSng standard5. For example, the further removed non-compllance with laws and re8ulation5 Ilrre8ularitiesl is from the events and transactlons reflected in the financial statements, the less likely the inherently limited procedures required by auditln8 Standard5 would identify it. In addltlon, as with any audit, there remained a higher rlsk of non- detectlon of Irre8ularitles, as these may involve colluslon, for8ery, Intentional omi$51ons. mlsrepresentatlons, or the overrlde of Internal controls. We are not responslble for preventin8 non- compllance and cannot be expected to detect non-compliance with all laws and re8ulations. Use of our report Thls rpport is made solely to the charltablc company's members, as a body. Iii ilLiurdance wlth Chapter 3 of Part 16 of the Companies Act 2W6. Our audit work has been undertaken so that we mi8ht state to the charitable companrfs members those matters we are requlred to state to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responslbility to anyone other than the charltable company and the charitable company's members as body, for our audit work, for thls report, or for the oplnlons we have formed. Tara W861¢0tt Senror Slatulory Audllor For and on behall ol CTOW• U.K. LLP Siatulory Auditor 41h Fbor, St Jam•8 H$0 St James Square Chellenham Gloucestershire GLSO 3PR Date: 18 December 2023 io
THE WELLINGTQN SCHOOL FOUNDATION STATEMENT OF FINANCIAL AcfiviTIES {INCORPORATING AN INCOME AND EXPENDITURE Accoumr) FOR THE YEAR ENOED 31 AUGUST 2023 Unrestrlcted Funds Restrlcted Funds Notes 2013 2022 INCOME FROM: Donations Investment Income 130,873 177,126 130,873 177,126 35,033 152.323 TOTAL INCOME 307,999 307,999 187,356 EXPENDITURE ON: Raising fund5 Charitable activities 229 181,024 229 181,024 118.466 TOTAL EXPENDITURE 181,253 181,253 118,550 NET INCOME BEFORE INVESTMENT GAINS 126,746 126,746 68.806 Net losses on Investments Net galn on Investment property (1,526) 11,526) (1,981J 182.215 NET INCOME ANO MOVEMENT IN FUNDS 125.220 125,220 249,040 RECONQLIATION OF FUNDS Total funds brought forward Total funds carrled forward li li 42,959 42,959 3,126,885 3,252,105 3,169,844 3,295,064 2,920,804 3,169,844 The notes on pages 13 to 21 form part of these financial statements. li
THE WELLINGTON SCHOOL FOUNDATION REGISTERED COMPANY NUMBER 05176879 BALANCE SHEET AS AT 31 AUGUST 2023 Notes 2023 2022 FIXED ASSETS: Investment property Investments 2,860,215 116,180 2,976,395 2,860,215 67,935 2,928.150 CURRENT ASSETS: Debtors.. due after more than one year Debtors- due within one year Cash at bank and in hand 76,000 69.725 178,407 324,132 114,QOO 54,669 81,908 250,577 LIABILITIES: Credltors fallSng due wlthln one year (5,463) (8,883) 14ET CURRENT ASSETS 318,669 241.694 TOTAL NET ASSETS 3,295,064 3,169,844 CHARITY FUND5 Restricted funds Unrestricted funds 3.252,105 42,959 3,295,064 3,226.885 42,959 3.169,844 li The financlal statements have been prepared in accordance with the provlslons appllcable to srnall companies within Part IS of the Companies Act 2006. The financial statement5 were approved by the Trustees on 21" November 2023 and were signed on it5 behalf by.. A Weekes Trustee Oate.. Zil, IL¢£S K B Phllllps Chalrman Date: The notes on pages 13 to 21 form part of these financial statements. 12
THE WELLINGTON SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Charltable company ststus The charitable company is limited by guarantee and does not have any share capital. The liability of the guarantors, who are the members, Is limited to £1 per guarantor. The company Is registered In England and Wales (registered no. 051768791. The registered and principal office is Wellln8ton School, South Street. Wellington, Somerset TA218NT. The charilable company 15 also re8lStered as a charity with the Charity Commission in England and Wales (registered no. 11052561. Atcountlng pollcles Ba$5$ of preparatlon The financial statements have been prepared in accordance with applicable accountin8 Standard5 In the United Kingdom including the Financlal Reporting Standard 102, 'the Flnancial Reportlng Standard appllcable In the Unlted Kingdom and the Republlc of Ireland, IFRS 1021, Statement of Recommended Practice IFRS10212015 I'the SORP'I 'Accounting and Reportin8 by Charltles,, the Charities Act 2011 and the Companies Act 21J)6. The financial statement5 have been prepared in sterlin8 under the historlcal cost convention as modlfied by the recognition of certain assets at fair value. The charlty meets the definltion of a public benefit entlty under FRS 102. Golng concern The Trustees belleve that the Charity's financial SoUrceS and contln8ency planning 15 sufflclent to ensure the ability of the Charity to continue a5 a 8oln8 concern for the foreseeable future and therefore the flnanclal statement5 have been prepared on this bas15. The Trustees reviewed the activltles of the Charity and have looked at bud8ets and forecasts of the Charlty and the School. After maklng enquiries, the Trustees have a reasonable expectatlon that the charitable company has adequate resources to continue its activities for the foreseeable future. There are no materlal uncertainties about the Charity's ability to continue as a goin8 concern. In assessing the goin8 concern of the Charlty, the Trustees have considered the impact of rislng costs. Management and the Trustees have been c105ely monitoring the finances and cash flow positlon of the Charity believe they can continue as a goin8 concern for the foreseeable future. Statement of cash flows The financial statement5 do not include a Statement of Cash flows because the charltable company, as a small reporting entity, 15 exempt from the requirement to prepare such a statement in accordance with Charities SORP IFRS 1021. 13
THE WELLINGTON SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Accountlng pollcles (contlnued) Investment properties Investment properties are stated at falr value. Any aggregate surplus or deficit arlsing from changes in fair value is recognised in the Statement of Flnancial Activitie5 ISOFAI. Investments Investments are included at closlng mid-market value at the Balance Sheet date. Any gain or loss on revaluation is taken to the SOFA, Debtors Short debiors are measured at thelr Settlement amount. Cash and cash equlvalents Cash Is represented by cash in hand and deposits with financlal InstStutlons. Credltors Short term credltors are measured at the5r settlement amount. Income Income Including donations, gifts and legacles are recognlsed where there Is entStlement, probablllty of recelpt and the amount can be measured with sufflcient reliability. Investment Income Is reco8nlsed on a receivable basis. Expendlture Expendlture is accounted for on an accrua15 basls. Expenditure Is allocated to expense headlngs on a direct cost basls. The Irrecoverable element of VAT15 included with the items of expense to which it relates. Donatlons and fund accountlng Donations received for the general purposes of the charity are included as unrestrlcted funds. Donatlons where the donor has expressed a speclfic wish a5 to how the 81ft should be used are taken to "restricted funds" Taxatlon The charity has charltable status and therefore, there Is no liablllty to taxation on income or capital 8ain5 which are applied for charitable purpose5. Flnancial Instruments All of the charlty's financlal assets and liabilities qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 14
THE WELUNGTON SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policles (contlnued) Crftlcal accountlng judgements and est1rn4tion unr¢rtalnty The preparatlon of the financial statements require5 the Trustees to make judgements, estimates and assumptions that affect the application of accounting policies and the amounts recognised in the financial statements. Estimates and Judgements are reviewed on an ongoing basis and are based on the historlcal experlence and other relevant factors. Valuatlon of Investment property The investment properties are valued by an independent, third party valuer on a qulnquennial basis. All investment properties were valued durlng the previous year by Webber Property Services. Each year, the Trustees consider whether the valuatlon of the Investment propertles remain5 approprlate. They conslder that the value wlthln the flnancial statements Is in Ilne with the market value of the Investment properties. INVESTMENT INCOME 2023 2022 Loan Interest Income from investments Rent 5,770 24 171,332 7,600 144, 721 177,126 152.323 ANALYSIS OF EXPENDITURE Staff 05ts Govern•nce Other 2023 2022 Ralslng fund$ Investment management 229 ZZ9 229 229 84 84 Charitable activitle5 Grants pald - bursarie5 133,0(Xl 133,000 99,937 Grants pald - prize fund 545 545 510 Support costs 11,419 11,419 6,015 6,015 30.045 163,590 47.479 181,024 18,019 118.466 TOTAL EXPENDITURE 11,419 6,015 163,819 181,253 118,550 15
THE WELLINGTON SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2023 ANALYSIS OF EXPENDITURE (CONTINUED) The grants paid in the year of £133,CIJO12022.- £99.934 were paid to Wellington School 1837 for bursaries and grant5 of £545 (2022.. £510) were paid to Welllngton School 1837 for prizes. Governante cost5 comprlse the ft)Ilowin8 amounts: 2023 2022 Audit and corporation tax fees current year 6,015 4,381 6,015 4.381 NET INCOME OR EXPENDITURE 2023 2022 Auditor's remuneratS0n'. audit corporation tax Wage5 and salarles 3,623 900 11,419 3,781 1.200 11.374 Nelther the Trustees, who are considered to be the key management personnel. nor any persons connected with them recelved any remuneration, other benefits or reimbursement of expenses from the charity (2022- Enllj. There were no employees durln8 the year (2022 - none). No employees received ¢ompen5ation greater than £60,OCO durin8 2023 or 2022. INVEsfMENT PROPERTY 2023 2022 Balance at I September Gains on illvestment property 2,860,215 2,678,000 182.215 8alance at 31 August 2,860.215 2,860,215 The Trustees have valL4ed the investment properties by looking at the value of simllar local property prlces and consider It represents a fair value at 31 August 2023. The investment properties are valued by an independent, third party valuer on a five-yearly basis. All investment properties were valued within the last five year5 by Webbers Property seiCe5. 16
THE WELUNGTON SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 LISTEO INVESTMENTS Restrlcted funds 2023 2022 Market value at I September Purchase5 at cost Management fees Decrease in market value 67,935 50,000 1229) (1,526) 70,000 184) 11,981J Market value at 31 August 116,180 67,935 DEBTORS 2023 2022 Due after one year Wellington School 1837 loan Due wlthln one year Wellin8ton School 1837 loan Wellington School 1837 loan Interest Accrued Income Prepayment5 Amounts owed by 8roup undertakln85 76.000 114,000 38,iN)O 5,71JO 26,025 7,600 4,324 1,873 2,872 54,669 69.725 145,725 168.669 The Wellin8ton School 1837 loan is being repaid over five years In equal annual instalments from September 2021, CREDITORS: due within one year 2023 2022 Sundry credltors and accruals Amounts owed to group undertakin8 5,463 5,017 3.866 5,463 8.883 17
THE WELLINGTON SCHOOL FOUNDATION NOTES TOTHE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 io ALLOCATION OF CHARITY NET ASSETS Fixed assets Net current assets 2023 Fund balance RestrScted funds Unrestricted funds 2,976,395 275,710 42,959 3,252,105 42,959 2.976,395 318,669 3,295,064 Fixed assets Net current a55ets 2022 Fund balance Restrlcted funds Unrestricted funds 2,928,150 198, 735 42,959 3,126,885 42,959 2,928,150 241,694 3,169,844 li FUNDS Atl September 2022 At31 Au8115t 2023 Investrnent loss Income Expendlture Restrlrted funds 8ursaTy fund Other restricted funds 3,120,655 301,524 1180,708) 11.5261 3.239,945 6,230 3,126,885 6.475 307,999 {5451 (181,2531 12,160 3,252,105 (1,526) Unrestrlcted funds 42,959 41,959 TOTAL 3,169.844 307,999 IIBI,253) (1,526) 3,295,064 18
THE WELLINGTON SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 li FUNDS ICONTINUED) Ati September 2021 At31 August 2022 Inve5trnent losse5 Income Expendlture Restrlctedfunds Bursoryfund Other restrlcted fund5 2,873,485 184,976 1118,040J 180.234 3,120,655 4.360 2,877,845 2,380 187,356 1510) (118,550) 6,230 3,126,885 180,234 Unrestrlctedfunds 42,959 42,959 TOTAL 2,920,804 187,356 f118,550) 180,234 3.169,844 Bursary fund- to provide bursaries for students of Wellington School 1837. 12 FINANCIAL INSTRUMENTS 2023 2022 Flnancial assets measured at fair value 116,180 67,935 Financlal assets measured at falr value comprlse Ilsted Investments. 13 SHARE CAPITAL The charitable company is limlted by guarantee and doe5 not have share capital. The Ilability of the members is limited to £1 each. The number of members at 31 Au8USt 2023 was 612022.. 6). 14 CONTROLLING PARTY, IMMEDIATE AND ULTIMATE PARENT UNDERTAKING The charitable company is controlled by Its parent company, Wellin8ton School 1837 which prepares the consolidated financial statement5 that include the subsidiary. Control exlsts as the body of slx Trustees for The Welllngton School Foundation includes five nominee5 of the Governors of Wellington School 1837. Wellington School 1837 Is a company limited by guarantee (company number: 093160331 reBlStered in England and Wales and a tharlty registered at the Charity Commission In England and Wales (charity number- 11614471. The registered office of the parent company 15 Wellin8ton School. 19
THE WELLINGTON SCHOOL FOUNDATION NOTESTO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 14 CONTROLLING PARTY, IMMEDIATE AND ULTIMATE PARENT iINDERTAKING (CONTINUED) Wellington, Somerset, TA218NTand consolidated accounts incorporating the results of this entlty are available at this address. The principal activity of Wellington School 1837 as set out in its Articles of Associatlon i5'the provision and colldurt, in or near Wellington. of a day or day and boardlng school for boys, and girls,. 15 RELATED PARTY TRAN5AcfioNS Welllngton School 1837 paid admin15tratlve expenses of £37,704 12022.. £18.2731 on behalf of the Foundation during the year. These expenses have been recharged to the Foundation. The Foundation donated £133,IxJo {2022.' E99.9361 for bursarles durin8 the year. During the 2019120 financial year the Foundation made a loan of £190,OIJO. The loan is repaid over flve annual instalments commencin8 September 2021. The amount outstandlng at 3111 August 202315 £ll4,C(31" August 2022.. E152,OLXI). Interest of £5,7nrJ l?n?2.. £7.6001 was accrued at year end. 20
THE WELLINGTON SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 16 STATEMENT OF FINANaAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 Unrestrlrted Funds Restrfcted Funds Notes 2022 INCOME FROM: Donations Investment income 35.033 152,323 35,033 152,323 TOTAL INCOME 187,356 187,356 EXPENDITURE ON: Raising funds Charltable aCtltIeS 84 118,466 84 118.466 TOTAL EXPENDITURE 118,550 118,550 NET INCOMEI(EXPENDITURE) BEFORE INVESTMENT ILOSSESIIGAINS 68,806 Net losse5 on Investments Net Bain on investment property 11.981) 182,215 (1.981 182,215 NET INCOMEI(EXPENOITURE) AND MOVEMENT IN FUNDS 249,040 249,040 RECONCILIATION OF FUNDS Total funds brought forward Total funds ¢arrled forward li li 42,959 42,959 2,877,845 3,126,885 2,920,804 3,169,844 21