Charity number: 1105256 Company number: 05176879 THE WELLINGTON SCHOOL FOUNDATION {A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT AND FINANaAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
THE WELUNGTON SCHOOL FOUNDATION FOR THE YEAR ENDED 31 AUGUST 2024 CONTENTS Page Trustees, Officers and Advisers Report of the Trustees Report of the Independent Auditor to the Members 7-10 Statement of Financial Activities li Balance Sheet 12 Notes to the Financial Statements 13-21
THE WELLINGTON SCHOOL FOUNDATION TRUSTEES, OFFICERS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 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: Mrj P Darvall Mr R A Hooper Dr D R Lungley Mr R J Palfrey Mr K B Phillips (Chairman) Mrs A Weekes The Trustees are considered to be the key management personnel of the charitable company. SECRETARY F A V Taylor ACMA, CGMA REGISTERED AND PRINCIPAL OFFICE Wellington School South Street Wellington Somerset TA218NT
THE WELLINGTON SCHOOL FOUNDATION TRUSTEES. OFFICERS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 ADVISERS Bankers Lloyds Bank plc 10 Canons Wav Harbourside Bristol Somerset BSI 5LF Solicitors Womble Bond Dickinson 3 Temple Quay Temple Back East City of Bristol BSI 6DZ Stone King LLP Upper 8orou8h Court (UBC) Upper Borough Walls Bath BAI 2HJ Independent Audltor Crowe U.K. LLP 4th Floor, St James House St James Square Cheltenham Gloucestershire GL50 3PR
THE WELLINGTON SCHOOL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 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 2024. The annual report serves as both a Trustees, Report and Directors, Report under the applicable laws. REFERENCE AND ADMINISTRATIVE INFORMATION The Wellington School Foundation is registered with the Charity Commission in England and Wales under charity number 1105256. It is also a company limited by guarantee, registered 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 Governing Document The Wellington School Foundation is a charitable company, set up 12th July 2004, limited by 8uarantee and governed by its Memorandum and Articles of Association, last updated on 23rd July 2021. Governing Body The body of Trustees con51sts, when complete, of six person5, being five nominees of the Governors of Wellington School 1837 (of whom one shall be serving as a governor during the term of appointment as a Trustee of the Foundation), one nominee of the Old Wellingtonians, Association. Recruitin8 and Trainin8 of Trustees The Foundation Trustees are recruited for their background knowledge of the School and its support organisations, their business and professional acumen and their knowledge of charity law and have a sympathy for the objects of the Foundatlon and Wellington School 1837. Tralnlng Is provided both Internally using the expertise of the Officers and Trustees, and from external professionals to provide detailed information on accounting procedures, legal guidance 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 mitigate those risks. The risks identified are a potential reduction in property values. The Trustees employ a qualified external adviser to review the values of the properties on an ongoing basis.
THE WELLINGTON SCHOOL FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 OBJEcfs AND ACTIVITIES Charltable Objects 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 grants and such other means as the Trustees shall consider appropriate from time to time. To preserve for the benefit of the public, the School Chapel and such other parts of the School site as are worthy of preservation in view of their historical, architectural or environmental Significance. To promote the education principally, but not excluslvely, of persons resident or worklng in Wellington and its environs through the provision of teaching a nd the facilities for learning in such other ways and on such terms as the Trustees shall consider appropriate. To promote community participation in healthy recreation for the benefit of persons resident or working In Wellington and its environs by the provision of instruction and facilitles for the same as such terms as the Trustees shall consider appropriate. To further such other charitable purposes as the Trustees shall from time to time decide. (iv) (v) (vil ACTIVITIES Afterdisposing of its Investments during the 2019/20 financlal year, the Wellington School Foundation is refunding its investments in order, inter alia, to assist the School to provide bursa ries for deserving children whose parents, without assistance, would not be able to afford an Independent School education for them. The Foundation provides general bursarial assistance to pupils on an on-going basis on the advice and guidance of the Headmaster. The Wellington School Foundation also receives donations and bequests to support specific Wellington School 1837 capital projects. FUNDRAISING PERFORMANCE The Wellington School Foundation receives donatlons and bequests through Wellin8ton School 1837. The Wellington School Foundatlon does not therefore carry 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 resources to the charity. ACHIEVEMENTS The Old Wellingtonians, Association IOWAI and Friends of Wellington School continue to support the School through the Foundation by raising money for various projects in the School and in preserving the heritage of the School. The Foundation, in conjunction with the OWA, has continued to encourage alumni to pledge legacies for future means tested bursaries and these pledges will, in due course, benefit future pupils, In total, the Foundation donated £144,000 to Wellington School to fund bursaries.
THE WELLINGTON SCHOOL FOUNDATION REPORT OF THE TRUSTEES {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 FINANCIAL REVIEW Income for the year has decreased from £307,999 to £185,241 as there was a one-off large donation to the bursary fund in the prior year which was not repeated in 2023/24. Expenditure has decreased from E181,253 to £165,007. The decreased expenditure reflect5 a decrease in Support costs. Net gains on investments 15 £21,905 (2023.. 1055 Qf £1,526) and net gains on investment propertie5 is £Nil (2023., £Nil). The overall surplus for the year was £42,139 compared to £125,220 last year. The Trustees believe that the Charity's financial resources and contingency planning is sufficient 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. PUBLIC BENEFIT The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewin8 our aims and objectives and in planning our future operations. The Wellington School Foundation continues to be part of a wlder community in which the School shares its resources for educational, sporting and cultural activities. RESERVES POLICY The unrestricted funds arise from past operating results. The Trustees have examined the requirement to maintain free reseNes and are satisfied that the balance of the fund is adequate to continue the operations of the Charity. Total funds at 31 August 2024 amounted to £3,337,203 of which £3,294,244 was restricted and £42,959 unrestricted. Free reserves of the Charity are £42,959. The Trustees consider this level of free reserves appropriate for the Charity to meet its charitable objectives. FUTURE PLANS The Trustee5 continue to work to increase the value of the Foundation through sound investment and will start proactive fund raising to benefit the School in allowing it to increase its provision of bursaries and improve its facilities. STATEMENT OF TRUSTEES. 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 (United Kingdom Accounting Standards). Company law requires the Trustees to prepare financial 5tatement5 for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied 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 resource5, including the income and expenditure, of the charitable 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 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES (CONTINUED) select suitable accounting policies and then apply them consistently; obsetve the methods and principles in the Charities SORP; make judgments and estimates that are reasonable and prudent; state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company'5 transactions, disclose with reasonable accuracy at any time the financial posltlon of the charitable company and enable them to ensure that the financial statements comply wlth the Companies Act 2006 and the provisions of the charity's constitutlon. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detectlon of fraud and other irregularities. DISCLOSURE OF INFORMATION TO AUDITOR Insofar as each of the Trustees of the charity at the date of approval of this report is aware there is no relevant audit information (information needed by the charity's auditor in connection with preparing the audit report) of which the charity's auditor is unaware. Each Trustee has taken all of the steps that he/she should have taken as a Trustee in order to make himself/herself aware of any relevant audit information and to establish that the charity's auditor is aware of that information. AUDITOR Crowe U.K. LLP has indicated its willingness to be reappointed as statutory auditor. In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by Section 415A of the Companies Act 2006. The Trustees, Report is ap roved by the Board of Trustees and signed on their behalf by: K B Philllps Chairman Date: 05/12 Ilour
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE WELLINGTON SCHOOL FOUNDATION FOR THE YEAR ENDED 31 AUGUST 2024 Opinion We have audited the financial statements of The Wellington School Foundation for the year ended 31 August 2024 which comprise the Statement of Financial Activities, Balance Sheet and note5 to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared In accordance wlth the requlrements of the Companles Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UKI {ISAs {UKII and applicable law. Our responsibilities under those standards are further described in the Auditorf5 responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirement5 that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authori5ed for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor's 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 OFTHE INDEPENDENT AUDITOR TO THE MEMBERS OF THE WELLINGTON SCHOOL FOUNDATION (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Our responsibility is to read the other information and, in doing so, consider whether the other nformation 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 15 a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters pscrIbed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit: the information given in the trustees, report, which includes the director5, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and the dlrectors, report included within the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exceptlon In light of the knowledge and understanding of the charitable company and it5 environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the trustees, report. We have nothing to report in respect of the following matters In relation to which the Companies Act 2(X)6 requires us to report to you if, in our opinion. adequate accounting records have not been kept; or the financial statements are not in agreement with the accounting records and returns: or certain disclosures of tru5tees' remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; or the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the directors report and from the requirement to prepare a strategic report. Responslbllities of trustees As explained more fully in the trustees, responsibilities statement set out on pages 5 6, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE WELLINGTON SCHOOL FOUNDATION (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 In preparing the financial statements, the trustees are responsible for assessing the charitable companV5 ability to continue as a going concern, disclosing, as applicable, Matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the flnancial 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 auditorfs 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 alway5 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. Irregularities, includlng fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 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.,nr a uditorsres ionsibilities. This description forms part of our auditorfs report. Extent to whlch the audlt was considered capable of detectlng Irregularltles, including fraud Irregularities, includlng fraud, are instances of non-compliance wlth laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from Irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding 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 determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and the Charities SORP {FRS 102}. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's ability to operate or to avoid a material penalty. We a150 considered the opportunities and incentives that may exist within the charitable company for fraud.
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE WELLINGTON SCHOOL FOUNDATION (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.
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: 19 December 2024
10
THE WELLINGTON SCHOOL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted Funds Restrlcted Funds Notes 2024 2023 INCOME FROM: Donations Investment income 9,848 175,393 9,848 175,393 130,873 177,126 TOTAL INCOME 185.241 185,241 307,999 EXPENDITURE ON: Ralsing funds Charltable actlvltles 424 164,583 424 164,583 229 181,024 TOTAL EXPENDITURE 165,007 165,007 181,253 NET INCOME BEFORE INVESTMENT GAIN5 20,234 20,234 126,746 Net gains/(lossesl on investments 21,905 21.905 (1,526) NET INCOME AND MOVEMENT IN FUNDS 42.139 42,139 125,220 RECONCIUATION OF FUNDS Total funds brought forward Totsl funds carrled forward li 11 42,959 42,959 3,252,105 3,294.244 3.295,064 3.337,203 3.169,844 3,295,064 The notes on pa8e5 13 to 21 form part of these financial statements. li
THE WELLINGTON SCHOOL FOUNDATION REGISTERED COMPANY NUMBER 05176879 BALANCE SHEET AS AT 31 AUGUST 2024 Notes 2024 2023 FIXED ASSETS.. Investment property Investments 2.860,215 237,661 3,097,876 2,860,215 116.180 2,976.395 CURRENT ASSETS: Debtors.. due after more than one year Debtors: due within one year Cash at bank and in hand 38,000 43,179 163.774 244,953 76.000 69, 725 178,407 324,132 LIABILITIES.. Creditors falling due withln one year (5,626) 15,463) NET CURRENT ASSETS 239.327 318,669 TOTAL NET ASSETS 3,337,203 3,295,064 CHARITY FUNDS Restricted funds Unrestricted funds 3,294,244 42,959 3,337,203 3,252,105 42,959 3,295,064 li The financial statement5 have been prepared In accordance with the provisions applicable to small companies within Part 15 of the Companies Act 2006. th The financial statements were approved by the Trustees on 5 December 2024 and were signed on its behalf bv: A Weekes Trustee Date: 6£ OL•CCrngw lollt K B Philllps Chairman Date: 05112 Izoz+ The notes on pages 13 to 21 form part of these financial statements. 12
THE WELLINGTON SCHOOL FOUNDATION NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Charltable company status 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. 05176879). The registered and principal office is Wellington School, South Street, Wellington, Somerset TA218NT. The charitable company is also registered as a charity with the Charity Commission in England and Wales {registered no. 11052S6). Accountlng pollcles Basss of preparatlon The flnanclal statements have been prepared in accordance with applicable accountlng standards in the United Kingdom including the Financial Reporting Standard 102, 'the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland, IFRS 1021, Statement of Recommended Practice {FRS102) 2015 {'the SORP,) 'Accounting and Reporting by Charities,, the Charities Act 2011 and the Companies Act 2006. The financial statements have been prepared in sterling under the historical cost convention as modified by the recognition of certain assets at fair value. The charity meets the definition of a public benefit entity under FRS 102. Going concern The Trustees believe that the Charity's financial resources and contingency planning is sufficient 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 basls. The Trustees reviewed the activitles of the Charity and have looked at budget5 and forecast5 of the Charity and the School. After making enquirles, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue its activltles for the foreseeable future. There are no material uncertainties about the Charity's ability to continue as a goin8 concern. In assessing the going concern of the Charlty, the Trustees have considered the impact of rising costs. Management and the Trustees have been closely monitoring the finances and cash flow posltion of the Charity believe they can continue as a going concern for the foreseeable future. Statement of cash flows The financial statements do not include a Statement of Cash flows because the charitable company, as a small reporting entity, is exempt from the requirementto prepare such a statement in accordance with Charities 50RP (FRS 102). 13
THE WELLINGTON SCHOOL FOUNDATION NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (contlnued) Investment properties Investment properties are stated at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities (SOFA). Investments Investments are included at closing mid-market value at the Balance Sheet date. Any gain or loss on revaluation is taken to the SOFA. Debtors Short debtors are measured at their settlement amount. Cash and cash equlvalents Cash Is represented by cash in hand and deposlts with financlal institutions. Credltors Short term creditors are measured at their settlement amount. Income Income including donations, gifts and legacies are recognised where there is entitlement, probability of receipt and the amount can be measured with sufficient reliability. Investment income is recognised on a receivable basi5. Expenditure Expenditure is accounted for on an accruals basis. Expenditure is allocated to expense headings on a direct cost basis. The irrecoverable element of VAT is included with the items of expense to which it relates. Donatlons and fund accountlng Donations recelved for the general purposes of the charlty are included as unrestricted funds. Donations where the donor has expressed a specific wish as to how the glft should be used are taken to "restricted funds" Taxatlon The charity has charitable status and therefore, there is no liability to taxation on income or capital gains which are applied for charitable purpose5. Flnancial instruments All of the charity's financial 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 WELLINGTON SCHOOL FOUNDATION NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) Crltlcal accounting judgements and estimatlon uncertalnty The preparation of the financial statements requires 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 historical experience and other relevant factors. Valuatlon of investment property The investment properties are valued by an independent, third party valuer on a quinquennial basis. All investment properties were valued during 2019120 by Webber Property Services. Each year, the Trustees consider whether the valuatlon of the Investment properties remains appropriate. Thev consider that the value wlthln the financlal statements is in line with the market value of the Investment properties. INVESTMENT INCOME 2024 2023 Loan interest Income from investments Rent 3,944 117 171,332 5, 770 24 171,332 175,393 177,126 ANALYSIS OF EXPENDITURE Staff costs Governance Other 2024 2023 Ralsing funds Investment management 424 424 424 424 229 229 Charitable activitles Grants paid bursaries 144.000 144,000 133,000 Grants paid - prize fund 500 500 545 Support costs 13,402 13,402 5,680 5,680 10,000 154,500 29,083 164,583 47,479 181,024 TOTAL EXPENDITURE 13,402 5,680 154,924 165,007 181,253 15
THE WELLINGTON SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ANALYSIS OF EXPENDITURE (CONTINUED) The grants paid in the year of £144,000 {2023.. £133,000) were paid to Wellington School 1837 for bursaries and grants of £500 (2023.. £545) were paid to Wellington School 1837 for prizes. Governance costs comprise the following amount5: 2024 2023 Audit and corporation tax fees current year 4.658 4,523 4,658 4,523 NET INCOME OR EXPENDITURE 2024 2023 Auditor's remuneration: audit corporation tax Wages and salaries 4,478 1,112 13,402 3,623 900 11,419 Neither the Trustees, who are considered to be the key management personnel, nor any persons connected with them received any remuneration, other benefits or reimbursement of expenses from the charity {2023 - £nil). There were no employees during the year (2023 greater than £60,000 durin8 2024 or 2023. none). No employees received compensation INVESTMENT PROPERTY 2024 2023 Balance at I September Gains on investment property 2,860,215 2,860,215 Balance at 31 August 2,860,215 2,860,215 The Trustees have valued the investment properties by looking at the value of similar local property prices and consider it represents a fairvalue at 31 August 2024. 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 years by Webbers Property serViS. 16
THE WELLINGTON SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 LISTED INVESTMENTS Restricted funds 2024 2023 Market value at I September Purchases at cost Management fees Increase/(decrea5e) in market value 116,180 loo,000 (424) 21,905 67,935 50,000 (229) (1,526) Market value at 31 August 237,661 116,180 DEBTORS 2024 2023 Due after one year Wellington School 1837 loan Due within one year Wellington School 1837 loan Wellington School 1837 loan interest Accrued Income 38,000 76,000 38,000 3,800 1,379 43,179 38,000 5, 700 26,025 69, 725 81.179 145, 725 The Welllngton School 1837 loan Is being repaid over five years in equal annual instalments from September 2021. CREDITORS: due within one year 2024 2023 Sundry creditors and accruals 5.626 5,463 5,626 5,463 17
THE WELLINGTON SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 io ALLOCATION OF CHARITY NET ASSErs Flxed assets Net current assets Fund balance 2024 Restricted fund5 Unrestricted funds 3,097.876 196,368 42,959 3,294,244 42,959 3,097,876 239,327 3,337,203 Fixed assets Net current assets Fund balance 2023 Restricted funds Unrestricted funds 2,976,395 275,710 42,959 3,252,105 42,959 2,976,395 318,669 3,295,064 li FUNDS Atl September 2023 At31 August 2024 Investment 8ains Income Expenditure Restrlcted fund5 Bursary fund Other restricted funds 3.239,945 182,866 (164,507) 21,905 3,280.209 12,160 3,252,105 2,375 185.241 (500) (165,007) 14,035 3,294,244 21,905 Unrestrfcted funds 42,959 42,959 TOTAL 3,295,064 185,241 (165,007) 21,905 3,337,203 18
THE WELLINGTON SCHOOL FOUNDATION NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 li FUNDS (CONTINUED) Atl September 2022 Income Expenditure Investment loss At31 August 2023 Restrictedfunds Bursoryfund Other restricted funds 3,120,655 6,230 301,524 6,475 (180, 708) (545) {1,526J 3,239,945 12,160 3,126,885 307,999 1181,253) (1,526) 3,252,105 Unrestrictedfunds 42,959 42,959 TOTAL 3,169,844 307,999 (181,253) (1,526) 3,295,064 Bursary fund- to provide bursaries for students of Wellington School 1837. 12 FINANCIAL INSTRUMENTS 2024 2023 Financial assets measured at fair value 237,661 116,180 FSnanclal assets measured at fair value comprise listed investments. 13 SHARE CAPITAL The charitable company Ss Ilmited by guarantee and does not have share capital. The liability of the members is limited to £1 each. The number of members at 31 August 2024 was 6 (2023.. 61. 14 CONTROLLING PARTY, IMMEDIATE AND ULTIMATE PARENT UNDERTAKING The charitable company 15 controlled by its parent company, Wellington School 1837 which prepares the consolidated financial statements that include the subsidiary. Control exists as the body of six Trustees forThe Wellington School Foundation includes five nominees of the Governors of Wellington School 1837. Wellington School 1837 is a company limited by guarantee (company number: 093160331 registered in England and Wales and a charity registered at the Charity Commission in England and Wales (charity number: 1161447). The registered off ice of the parent company is Wellington School, 19
THE WELLINGTON SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14 CONTROLLING PARTY, IMMEDIATE AND ULTIMATE PARENT UNDERTAKING (CONTINUED) Wellington, Somerset, TA218NT and consolidated accounts incorporating the results of this entity are available at this address. The principal activity of Wellington School 1837 as set out in its Articles of Association is 'the provision and conduct, in or near Wellington, of a day or day and boarding school for boys, and girls,. 15 RELATED PARTY TRANSACTIONS Wellington School 1837 paid administrative expenses of £19,116 (2023,, £37,704) on behalf of the Foundation during the year. These expenses have been rechar8ed to the Foundation. The Foundation donated £144,00012023.' £133,000) for bursaries during the year. During the 2019120 financial year the Foundatlon made a loan of £190,000. The loan is repaid over five annual instalments commencing September 2021. The amount outstandin8 at 31, August 2024 is 5t £78,000 (31 August 2023.. £114,000). Interest of £3,800 (2023., £5.7001 was accrued at year end. 20
THE WELLINGTON SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 Unrestricted Funds Restricted Funds Notes 2023 INCOME FROM: Donations Investment income 130,873 177,126 130,873 177,126 TOTAL INCOME 307,999 307.999 EXPENDITURE ON: Raising funds Charitable activities 229 181,024 229 181,024 TOTAL EXPENDITURE 181,253 181,253 NET INCOME/(EXPENDITURE) BEFORE INVESTMENT (LOSSES)/GAINS 126.746 126,746 Net losses on investments Net gain on investment property (1,526) (1,526> NET INCOMEI(EXPENDITURE) AND MOVEMENT IN FUND5 125,220 125,220 RECONCILIATION OF FUNDS Total funds brou8ht forward Totsl funds carried forward 11 11 42,959 42,959 3,IZ6,885 3,252,105 3,169,844 3,295,064 21