OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-08-31-accounts

Charity number: 1105256 Company number: 05176879

THE WELLINGTON SCHOOL FOUNDATION

(A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

THE WELLINGTON SCHOOL FOUNDATION FOR THE YEAR ENDED 31 AUGUST 2025

CONTENTS

Page
Trustees, Officers and Advisers 1 - 2
Report of the Trustees 3 - 6
Report of the Independent Auditor to the Members 7 - 10
Statement of Financial Activities 11
Balance Sheet 12
Notes to the Financial Statements 13 - 20

THE WELLINGTON SCHOOL FOUNDATION TRUSTEES, OFFICERS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025

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 (Resigned 5[th] December 2024) 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 TA21 8NT

1

THE WELLINGTON SCHOOL FOUNDATION TRUSTEES, OFFICERS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

ADVISERS

Bankers Lloyds Bank plc 10 Canons Way Harbourside Bristol Somerset BS1 5LF Solicitors Womble Bond Dickinson 3 Temple Quay Temple Back East City of Bristol BS1 6DZ Stone King LLP Upper Borough Court (UBC) Upper Borough Walls Bath BA1 1RG Independent Auditor Crowe U.K. LLP 4th Floor, St James House St James Square Cheltenham Gloucestershire GL50 3PR

2

THE WELLINGTON SCHOOL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2025

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 2025. 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 1 and 2.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Wellington School Foundation is a charitable company, set up 12[th] July 2004, limited by guarantee and governed by its Memorandum and Articles of Association, last updated on 23[rd] July 2021.

Governing Body

The body of Trustees consists, when complete, of six persons, 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.

Recruiting and Training 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 Foundation and Wellington School 1837. Training 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.

Risk 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.

3

THE WELLINGTON SCHOOL FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

OBJECTS AND ACTIVITIES

Charitable Objects

The Charity’s objects are:

ACTIVITIES

After disposing of its investments during the 2019/20 financial year, the Wellington School Foundation is refunding its investments in order, inter alia, to assist the School to provide bursaries 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 donations and bequests through Wellington School 1837. The Wellington School Foundation 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 (OWA) 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 £220,000 to Wellington School to fund bursaries.

4

THE WELLINGTON SCHOOL FOUNDATION REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

FINANCIAL REVIEW

Income for the year has increased from £185,241 to £320,136 as the foundation held a ‘Giving Day’ fundraiser for the first time this year. Expenditure has increased from £165,007 to £242,648. The increased expenditure reflects an increase in support costs. Net gain on investments is £31,899 (2024: gain of £21,905) and net loss on investment properties is £180,215 (2024: £Nil) . The overall deficit for the year was £70,828 compared to a surplus of £42,139 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 reviewing our aims and objectives and in planning our future operations. The Wellington School Foundation continues to be part of a wider 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 reserves and are satisfied that the balance of the fund is adequate to continue the operations of the Charity. Total funds at 31 August 2025 amounted to £3,266,375 of which £3,223,416 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 Trustees 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 law) 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 statements 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

5

THE WELLINGTON SCHOOL FOUNDATION REPORT OF THE TRUSTEES {CONTINUEO) FOR THE YEAR ENDED 31 AUGUST 2025 STATEMENT OF TRUSTEES, RESPONSIBIUTIES (CONTINUED) resources and èpplication of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statement5, the Trustees are required to: select suitable accounting policies and then apply thern consistentlv: observe the methods and principle5 in the Charitie5 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 Boing concern basis unless It is inappropriate to presume that the charitable company will continue in busine5S. The Trusiees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transattions, disclose with reasonable accuracy at any time the rinancial position of the charitable company and enable them to ensure that the financial statements comply with the Companie5 Act 2(X16 and the provisions of the chariws constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detertion of fraud and other irregularities. DISCLOSURE OF INFORMATION TO AUDITOR In50far as each of the Tru5tee5 of the charity at the date of approval of this report is aware there is no relevant audit information (information needed by the charity'5 auditor in connection with preparing the audit report) of which the charitys auditor is unaware. Each Trustee has taken all of the steps thot 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 charivs auditor is aware of that information. AUDITOR Crowe U.K. LLP has indicated its willingnes5 to be reappointed as statutory auditor. In preparin8 this report, the Trustees have taken advantage of the small companies exemptions provided by Section 415A of the Companies Act 2006. The Tru5tees' Report is approved by the 8oard of Trustees and signed on their behalf by,, K B Phllllps Chairman Date: 091iz /zDZ

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE WELLINGTON SCHOOL FOUNDATION FOR THE YEAR ENDED 31 AUGUST 2025

Opinion

We have audited the financial statements of The Wellington School Foundation for the year ended 31 August 2025 which comprise the Statement of Financial Activities, Balance Sheet and notes 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements 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.

Conclusions relating to going 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 authorised 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.

7

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE WELLINGTON SCHOOL FOUNDATION (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Our responsibility is to read the other information and, in doing so, consider 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 misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and its 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 2006 requires us to report to you if, in our opinion:

Responsibilities 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.

8

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE WELLINGTON SCHOOL FOUNDATION (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s 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.

Auditor’s responsibilities for the audit of the financial 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 auditor’s 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 always 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, including 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.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with 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 also considered the opportunities and incentives that may exist within the charitable company for fraud.

9

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE WELLINGTON SCHOOL FOUNDATION (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

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 nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance 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 4[th] Floor, St James House St James Square Cheltenham Gloucestershire GL50 3PR

Date: 18 December 2025

10

THE WELLINGTON SCHOOL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025

Notes
INCOME FROM:
Donations
Investment income
3
TOTAL INCOME
EXPENDITURE ON:
Raising funds
Charitable activities
TOTAL EXPENDITURE
4
NET INCOME BEFORE
INVESTMENT GAINS
Net gains/(losses) on investments
7
Net gains/(losses) on investment
Property
NET INCOME
AND MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward
11
Total funds carried forward
11		 Unrestricted
Funds
£
-
-
-
-
-
-
-
-
-
42,959
42,959		 Restricted
Funds
£
146,777
173,359
320,136
790
241,858
242,648
77,488
31,899
(180,215)
(70,828)
3,294,244
3,223,416		 2025
£
146,777
173,359
320,136
790
241,858
242,648
77,488
31,899
(180,215)
(70,828)
3,337,203
3,266,375		 2024
£
9,848
175,393
185,241
424
164,583
165,007
20,234
21,905
-
42,139
3,295,064
3,337,203

The notes on pages 13 to 21 form part of these financial statements.

11

THE WELLINGTON SCHOOL FOUNDATION REGISTERED COMPANY NUMBER 05176879 BALANCE SHE AS AT 31 AUGUST 2025 Notes 2025 2024 FIXED ASSETS: Investment property Investments 2,680,000 418.769 3,098.769 2,860,215 237.661 3,097,876 CURRENT ASSETS: Debtors.. due after more than one year Debtors.. due within one year Cash at bank arbd in hand 38,000 43,179 163,774 244,953 54,356 118,179 172,535 LIABILITIES: Creditors falling due within one year 14,929) 15,626) NET CURRENT AsS￿s 167.606 239,327 TOTAL NET ASSETS 3,266,375 3,337,203 CHARITY FUNDS Re5tritted funds Unrestricted funds 3,223,416 42,959 3,266.375 3,294,244 42,959 3.337,203 li The financial statements have been prepared in accordance with the provisions applicable to small companies Wlthin Part 15 of the Companie5 Act 2006. The financial statements were approved by the Trustees on 9 December 2025 and were signed on its behalf by: A Weekes Trustee Date: fjcce bef 104 K B Phillips Chairman Date: cTr/ii/ioZS The notes on pages 13 to 21 form part of these financial statements. 12

THE WELLINGTON SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. Charitable 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 TA21 8NT.

The charitable company is also registered as a charity with the Charity Commission in England and Wales (registered no. 1105256).

2. Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with applicable accounting 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’ (FRS 102), 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 basis. The Trustees reviewed the activities of the Charity and have looked at budgets and forecasts of the Charity and the School.

After making enquiries, the Trustees have a reasonable expectation that the charitable company has adequate resources to continue its activities for the foreseeable future. There are no material uncertainties about the Charity’s ability to continue as a going concern.

In assessing the going concern of the Charity, the Trustees have considered the impact of rising costs. Management and the Trustees have been closely monitoring the finances and cash flow position 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 requirement to prepare such a statement in accordance with Charities SORP (FRS 102).

13

THE WELLINGTON SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

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 Term debtors are measured at their settlement amount.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

Creditors

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 basis.

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.

Donations and fund accounting

Donations received for the general purposes of the charity are included as unrestricted funds. Donations where the donor has expressed a specific wish as to how the gift should be used are taken to “restricted funds”.

Taxation

The charity has charitable status and therefore, there is no liability to taxation on income or capital gains which are applied for charitable purposes.

Financial 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 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

2. Accounting policies (continued)

Critical accounting judgements and estimation uncertainty

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.

Valuation of investment property

The investment properties are valued by an independent, third party valuer on a quinquennial basis. All investment properties were valued during the year by Chesters Harcourt. Each year, the Trustees consider whether the valuation of the investment properties remains appropriate. They consider that the value within the financial statements is in line with the market value of the investment properties.

3 INVESTMENT INCOME

Loan interest
Income from investments
Rent
4
ANALYSIS OF EXPENDITURE		 2025
£
1,903
124
171,332
173,359		 2024
£
3,944
117
171,332
175,393
Raising funds
Investment
management

Charitable activities
Grants paid - bursaries
Grants paid – prize fund
Support costs
TOTAL EXPENDITURE		 Staff
costs
£
-
-
-
-
13,875
13,875
13,875		 Governance
£
-
-
-
5,791
5,791
5,791		 Other
£
790
790
220,000
-
2,192
222,192
222,982		 2025
£
790
790
220,000
-
21,858
241,858
242,648		 2024
£
424
424
144,000
500
20,083
164,583
165,007

15

THE WELLINGTON SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

4 ANALYSIS OF EXPENDITURE (CONTINUED)

The grants paid in the year of £222,000 ( 2024: £144,000 ) were paid to Wellington School 1837 for bursaries and grants of £nil (2024: £500) were paid to Wellington School 1837 for prizes.

Governance costs comprise the following amounts:

Audit and corporation tax fees current year
5
NET INCOME OR EXPENDITURE
Auditor's remuneration:
- audit
- corporation tax
Wages and salaries		 2025
£
5,791
5,791
2025
£
4,749
-
13,875		 2024
£
5,590
5,590
2024
£
4,478
1,112
13,402

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 (2024 - £nil).

There were no employees during the year (2024 – none). No employees received compensation greater than £60,000 during 2025 or 2024.

6 INVESTMENT PROPERTY

Balance at 1 September
Loss on investment property
Balance at 31 August		 2025
£
2,860,215
(180,215)
2,680,000		 2024
£
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 fair value at 31 August 2025. The investment properties are valued by an independent, third party valuer on a five-yearly basis. All investment properties were valued during the year by Chesters Harcourt.

16

THE WELLINGTON SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

7 LISTED INVESTMENTS

Restricted funds


Market value at 1 September
Purchases at cost
Management fees
Increase/(decrease) in market value

Market value at 31 August		 2025
£
237,661
149,999
(790)
31,899
418,769		 2024
£
116,180
100,000
(424)
21,905
237,661

8 DEBTORS


Due after one year
Wellington School 1837 loan
Due within one year
Amounts owed by Group undertakings
Wellington School 1837 loan
Wellington School 1837 loan interest
Accrued Income		 2025
£
-

5,754
38,000
1,900
8,702
54,356
54,356		 2024
£
38,000
-
38,000
3,800
1,379
43,179
81,179

The Wellington School 1837 loan is being repaid over five years in equal annual instalments from September 2021.

9 CREDITORS: due within one year

Sundry creditors and accruals 2025
£
4,929
4,929		 2024
£
5,626
5,626

17

THE WELLINGTON SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

10 ALLOCATION OF CHARITY NET ASSETS

2025
Restricted funds
Unrestricted funds
2024
Restricted funds
Unrestricted funds		 Fixed
assets
£
3,098,769
-
3,098,769
Fixed
assets
£
3,097,876
-
3,097,876		 Net current
assets
£
124,647
42,959
167,606
Net current
assets
£
196,368
42,959
239,327		 Fund
balance
£
3,223,416
42,959
3,266,375
Fund
balance
£
3,294,244
42,959
3,337,203
11
FUNDS
Restricted funds
Bursary fund
Other restricted
funds
Unrestricted funds
TOTAL		 At 1
September
2024
£
3,280,209
14,035
3,294,244
42,959
3,337,203		 Income
£
318,761
1,375
320,136
-
320,136		 Expenditure
£
(242,648)
-
(242,648)
-
(242,648)		 Investment
loss
£
(148,316)
-
(148,316)
-
(148,316)		 At 31
August
2025
£

3,208,006

15,410

3,223,416

42,959
3,266,375

Bursary fund – to provide bursaries for students of Wellington School 1837.

18

THE WELLINGTON SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

12 FINANCIAL INSTRUMENTS

2
FINANCIAL INSTRUMENTS
2025 2024
£ £
Financial assets measured at fair value 418,769 237,661

Financial assets measured at fair value comprise listed investments.

13 SHARE CAPITAL

The charitable company is limited 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 2025 was 6 ( 2024: 6 ).

14 CONTROLLING PARTY, IMMEDIATE AND ULTIMATE PARENT UNDERTAKING

The charitable company is 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 for The Wellington School Foundation includes five nominees of the Governors of Wellington School 1837.

Wellington School 1837 is a company limited by guarantee (company number: 09316033) registered in England and Wales and a charity registered at the Charity Commission in England and Wales (charity number: 1161447). The registered office of the parent company is Wellington School,

14 CONTROLLING PARTY, IMMEDIATE AND ULTIMATE PARENT UNDERTAKING (CONTINUED)

Wellington, Somerset, TA21 8NT 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 £18,658 ( 2024: £19,116 ) on behalf of the Foundation during the year. These expenses have been recharged to the Foundation.

The Foundation donated £220,000 ( 2024: £144,000 ) for bursaries during the year.

During the 2019/20 financial year the Foundation made a loan of £190,000. The loan is repaid over five annual instalments commencing September 2021. The amount outstanding at 31[st] August 2025 is £38,000 (31[st] August 2024: £76,000). Interest of £1,900 ( 2024: £3,800 ) was accrued at year end.

19

THE WELLINGTON SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

16 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024

Notes
INCOME FROM:
Donations
Investment income
3
TOTAL INCOME
EXPENDITURE ON:
Raising funds
Charitable activities
TOTAL EXPENDITURE
4
NET INCOME/(EXPENDITURE)
BEFORE INVESTMENT
(LOSSES)/GAINS
Net losses on investments
7
Net gain on investment property
6
NET INCOME/(EXPENDITURE)
AND MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward
11
Total funds carried forward
11		 Unrestricted
Funds
£
-
-
-
-
-
-
-
-
-
-
42,959
42,959		 Restricted
Funds
£
9,848
175,393
185,241
424
164,583
165,007
20,234
21,905
-
42,139
3,252,105
3,294,244		 2023
£
9,848
175,393
185,241
424
164,583
165,007
20,234
21,905
-
42,139
3,295,064
3,337,203

20