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 p￿scrIbed 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 serVi￿S.
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