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 2￿6 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 compan￿5
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 se￿iCe5.
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 aCt￿ltIeS
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