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2021-07-31-accounts

Charity number: 1167545

WEST BUCKLAND SCHOOL

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

WEST BUCKLAND SCHOOL

CONTENTS

Page
Reference and administrative details of the charity, its Governors and advisers 1 - 2
Governors' report 3
Independent auditors' report on the financial statements 17 - 20
Consolidated statement of financial activities 21
Consolidated balance sheet 22
Charity balance sheet 23
Consolidated statement of cash flows 24
Notes to the financial statements 25 - 48

WEST BUCKLAND SCHOOL

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 JULY 2021

Governors, Officers and Advisers

The governors of West Buckland School are the school's charity trustees under charity law and the directors of the Charitable Incorporated Organisation. The members of the Governing Body who served in office as governors during the year and subsequently are detailed below (all co-optative unless stated differently):

Mr J M H Light LLB, (Chair of Governors) (retired December 2020)1,2,3 Mr K R Underwood, (Vice Chair)1,3 Mr IP Blewett, (VIce Chair)2 Mr A G Boggis MA, (Chair of Governors) (appointed December 2020)1,2,3 Dr T A Brummit2 Dr R J Fisher-Smith BA MA PhD, (Nominative Governor - Representative of Exeter University)2 Mr JJ Hall MA, (Oxon) ^1 Mr P W Hevingham1 Mr G C James, (Nominative Governor - Representative of the Bishop of Exeter)2 Mr N Kingdon BDS, MOrthRCS1,3 Mr J Palk BA, (retired July 2021)2 Mrs S C E Salvidant BEd2

Mr P R Stucley BA, (Nominative Governor - Representative of the Lord Lieutenant of Devon) ^1,3 Mrs N J Wild BA (Hons) MRICS2 Mr JT Wilson MA, (Oxon) ^1 Mrs G Cotton, (appointed October 2020)1

1 Finance Committee

2 Education Committee

3 Governance Committee

Charity registered number 1167545 Principal office West Buckland School West Buckland Barnstaple Devon EX32 0SX Independent auditors Bishop Fleming LLP Chartered Accountants 2nd Floor Stratus House Emperor Way Exeter Business Park Exeter EX1 3QS Bankers HSBC Bank plc Stratus House Emperor Way Exeter Business Park Devon EX1 3QS

Page 1

WEST BUCKLAND SCHOOL

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Solicitors

Crosse Wyatt 7 East Street South Molton Devon EX36 3BX

Barlow Robbins LLP The Oriel Sydenham Road Guildford Surrey GU1 3SR Veale Wasbrough Vizards LLP Narrow Quay Bristol BS1 4QA

Insurance Brokers Zurich Zurich House 2 Gladiator Way Farnborough Hampshire GU14 6GB Surveyors Lambert Smith Hampton Lynx House Pynes Hill Exeter Devon EX2 5JL

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WEST BUCKLAND SCHOOL

GOVERNORS¶ REPORT FOR THE YEAR ENDED 31 JULY 2021

The governors of the West Buckland School Governing Body present their Annual Report, together with the audited financial statements, for the year ended 31 July 2021 and confirm they comply with the requirements of the Charities Act 2011, the trust deed and the Charities SORP (FRS 102).

REFERENCE AND ADMINISTRATIVE INFORMATION

West Buckland School was founded in 1858. It is constituted as a Charitable Incorporated Organisation (CIO) called West Buckland School (Charity No: 1167545). The CIO is governed by a scheme sealed by the Charity Commission on 8 June 2016.

The CIO operates two schools known as West Buckland School and West Buckland Prep School. There is one Governing Body for the two schools. Details of the members of the Governing Body, together with the school¶V�SULQFLSDO�DGYLVHUV��DUH�JLYHQ�RQ�SDJHV���DQG�����

The school also has two separate registered charities, the West Buckland School Foundation (No: 1096487) plus the Bursary Fund (No: 1096487-1). The Old West Buckland Association (OWBA) maintains contact with past staff, pupils and parents and supports the school. The OWBA is an unincorporated association.

In addition the school has a company limited by guarantee known as West Buckland Activities Ltd (Company Number: 2520795) which deals with activities such as the tuck shop and lettings for which separate accounts are maintained.

STRUCTURE, GOVERNANCE AND MANAGEMENT

GOVERNING DOCUMENTS

The CIO is governed by its Charitable Scheme sealed by the Charity Commission on 8 June 2016.

GOVERNING BODY

The Governing Body on 31 July 2021, comprised 15 governors. Eleven co-opted governors elected and serve for a period of 5-years and 4 nominated by other organisations. The latter governors are nominated by the Lord Lieutenant of Devon (ex-officio representative of the Lord Lieutenant, to serve for as long as he or she holds that office), Exeter University (4-years), the OWBA alumnus (3-years) and the Bishop of Exeter (4-years).

New co-opted members of the Governing Body are elected on the basis of nominations from the gRYHUQRUV�EDVHG�RQ�WKH�FDQGLGDWHV¶�SURIHVVLRQDO�TXDOLWLHV� skills, experience, personal competence and local availability at a suitably convened meeting of Trustees.

METHOD OF APPOINTMENT, ELECTION, INDUCTION AND TRAINING OF GOVERNORS

New governors are inducted into the workings of the school, including Governing Body policy and procedures, through an induction programme organised for them by the Bursar. New governors are encouraged to attend specialist external courses on the role and responsibilities of charity trustees.

All governors are also encouraged to attend external trustee training courses designed to keep them informed and updated on current issues in the sector and new regulatory requirements. Records of training are maintained, and internal training organised accordingly.

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WEST BUCKLAND SCHOOL

GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

ORGANISATIONAL MANAGEMENT

The members of the Governing Body, as charity trustees, are legally responsible for the overall management and control of the CIO and its senior and preparatory schools. They meet, as a full board, 4-times a year (during the COVID-19 period these meetings were held by video conference). Detailed work is conducted on their behalf by various sub committees, which in turn make reports and recommendations for the Governing Body to approve. The main Committees are the Finance, Education and Governance Committees with sub-committees formed as necessary (for example, Compliance, Nominations, Estates and Facilities).

The Headmaster and the Bursar (also Clerk to the Governors) are appointed by the governors. The (Senior School) Headmaster is delegated responsibility for the overall, day-to-day, running of the school. Annually, the governors review and approve a budget which determines salary levels, general expenditure and fee levels for the next year, as proposed by the Bursar, in association with the Headmaster.

Governing Body activity is carried out by three committees:

� The Finance Committee scrutinises revenue, the budget and capital expenditure and marketing. This committee also supervises and finalises the audited financial statements and annual report for approval by the Governing Body. The Finance Committee is chaired by Mr Underwood.

In addition, sub-committees are established to consider current topics, there is a sub-committee exploring options for International Schools (chaired by Mr Hevingham) and a sub-committee to review the approach to prioritising Estates Development (chaired by Mr Underwood).

The specific running of the 2 schools is delegated to the respective Heads and Bursar. They are also supported by their Senior Leadership and Management Teams and together these groups are the key management personnel. The Senior and Prep Headmasters, Deputy Headmaster and the Bursar are all invited to attend meetings of the Governing Body.

PAY POLICY FOR SENIOR STAFF

Remuneration is set by the Board, with the policy objective of encouraging enhanced performance and of rewarding, fairly, contributions to the sFKRRO¶V�VXFFHVV� The Headmaster reviews senior salaries and the Chair of Governors reviews the salaries of the Headmasters and the Bursar.

The appropriateness and relevance of remuneration is reviewed annually, including reference to comparisons with other independent schools to ensure that the school remains sensitive to the broader issues of pay and employment conditions elsewhere.

We aim to recruit, subject to experience, and provide scope for career progression. Delivery of the sFKRRO¶V�FKDULWDEOH�YLVLRQ�DQG�SXUSRVH�LV�SULPDULO\�GHSHQGHQW�RQ�RXU�NH\�PDQDJHPHQW�SHUVRQQHO. Staff costs are the largest single element of our charitable expenditure.

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WEST BUCKLAND SCHOOL

GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

GROUP STRUCTURE AND RELATIONSHIPS

West Buckland Activities Limited was formed in 1990 and primarily undertakes the trading activities in the uniform shop and tuck shop providing services to the school community. The Company also manages some letting activity when school facilities are not being used. This includes local community groups gaining access to, and benefit from, school amenities.

The Headmaster is a member of the Headmasters¶ and Headmistresses¶ Conference (HMC). HMC is a kite mark of global quality, innovation and excellence in education. There are currently 298 Schools meeting this quality. Standards in HMC independent schools are exceptionally high and parents can be assured that they are choosing the very best education for their child. At the heart of every HMC school is a commitment to the benefits of a holistic educational experience: academic excellence coupled with a strong emphasis on pastoral care and exceptional co-curricular opportunities. The school also draws on the expertise of the Independent Schools¶ Bursars Association (ISBA), Independent Schools Council (ISC) and the Association of Governing Bodies of Independent Schools (AGBIS).

The Headmaster of the Preparatory School is a member of the Independent Association of Prep Schools (IAPS). ,$36�LV�D�VFKRROV�DVVRFLDWLRQ�ZLWK�RYHU�����RI�WKH�ZRUOG¶V�OHDGLQJ�SUHS�VFKRROV�LQ� membership. Schools must reach a very high standard to be eligible for membership, with strict criteria on teaching a broad curriculum, maintaining excellent standards of pastoral care and keeping VWDII�PHPEHUV¶�SURIHVVLRQDO�GHYHORSPHQW�WUDLQLQJ�XS�WR�GDWH�

Both Headmasters are Independent Schools Inspectorate (ISI) inspectors.

EMPLOYMENT POLICY

The CIO is an equal opportunities employer. Full and fair consideration is given to job applications from disabled persons and due consideration is given to their training and employment needs. Consultation with employees, or their representatives, has continued at all levels with the aim of taking the views of employees into account when decisions are made that are likely to affect their interests. Employees are made aware of the financial and economic performance of the CIO.

Communication with employees continues through normal management channels in a variety of forms on a weekly basis and also through exceptional channels to apprise staff of current issues at least termly. Governors also hold Staff Consultation and Information Forums for both academic and support staff twice per year.

OBJECTIVES AND ACTIVITIES

Charitable Objects

The Charity¶s objects are as set out in the Charitable Scheme. First, to advance the education of boys and girls by the provision of a school in, or near, West Buckland at which religious instruction shall be given in accordance with the principles of the Christian faith. The charity trustees make rules to govern the provision of religious education at the School in fulfilment of the charity¶s object. These rules must allow for any pupil at the School to be exempted from receiving religious instruction at the request of their parents or legal guardians. Second, to further the education of pupils by the award of prizes (or other suitable reward) on the recommendation of the Head Teacher. The charity trustees make rules relating to the award of grants and prizes in fulfilment of the charity¶s object.

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WEST BUCKLAND SCHOOL

GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

MISSION

As an educational charity for children, West Buckland School¶V mission is to provide a personalised, innovative and excellent education within a happy and inclusive environment. To promote resilience and adaptability thus preparing our students to contribute to, and gain from, a world of possibilities and opportunities.

Strategic Objectives

The broad aims of the strategy for the Academic Year 2020/21 were as follows:

1

To facilitate excellent teaching and learning in a safe and secure environment.

2

To facilitate the best academic result that each student is capable of achieving.

3

To develop quality academic staff within a culture of continual improvement.

4

7R�PDLQWDLQ�H[FHOOHQW�ILQDQFLDO�PDQDJHPHQW�WR�VXSSRUW�WKH�6FKRRO¶V�IXUWKHU�HGXFDWLRQ� and estates development, at all times.

5

To ensure the Governing Body and Senior Leadership Team deliver first rate governance and leadership displaying a clear direction.

6

To increase the balanced UK and international student roll throughout the school.

7

To develop an excellent boarding and extracurricular offer for all ages, maintaining our reputation for excellent pastoral care.

8

To maintain and develop supportive relationships in the local community to provide outstanding Public Benefit.

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WEST BUCKLAND SCHOOL

GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Development Plan for 2020/21

Further to the strategic aims, the following development plan was set for the year 2020/21:

REVIEW OF ACHIEVEMENTS REPORT FOR 2020 - 2021

The School has reviewed market research which has indicated that there may be difficulties achieving the overseas pupil number targets. Local interest has increased following the shift towards living outside the major conurbations during the pandemic.

The School received very positive publicity from its home learning offer over the COVID lockdown periods. Virtual Open Days were also seen as very successful and will be blended with the physical Open Days in the future. The links with the Foundation and the OWBA were strengthened during the challenging period, with financial support provided for a number of pupils.

:RUN�KDV�EHHQ�FRQGXFWHG�RQ�WKH�6FKRRO¶V�(VWDWH�WR�XSJUDGH�teaching, social, medical and boarding spaces. We have completely revised the process for identifying estates development priorities and identified the highest priority as the construction of an Innovation Centre as part of our move to enhance the use and application of technology as an enabler across the curriculum.

We have improved and increased the medical and boarding oversight to support our boarding students and successfully run a number of activity camps for them and others over the school holiday periods.

Having learned from the online experience we have continued to develop our IT support across the school, moving to Teams and SharePoint in all areas. Managed Devices will start to be provided next Year as the second stage of this development.

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WEST BUCKLAND SCHOOL

GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

We have revised our Scholarship programme to provide tailored and individual support to Scholars to recognise and develop their potential and established.

A pupil led equality, diversity and exclusivity group has been established in the school.

A pupil environment and sustainability group has been established.

MAIN ACTIVITIES UNDERTAKEN TO FURTHER THE &+$5,7<¶6�385326(6�)25�38%/,&� BENEFIT

West Buckland School is a charitable trust which seeks to benefit the public through the pursuit of its stated objects. The school sets its fees to ensure that its first-class education is accessible to as many individuals within the North Devon area and beyond, as possible. Eighty-nine percent of pupils have attended their firm of insurance university course of choice over the past decade, rising to 98% in 2020-21. It welcomes children from all backgrounds, creeds and nationalities, with the only restriction being on whether the individual will thrive and prosper to their best potential within the school environment. It is also an equal-opportunities employer.

The Headmaster provides means-tested bursaries and scholarships in the year worth around £1.4m. 7KH�:HVW�%XFNODQG�)RXQGDWLRQ¶V Bursary Fund of £2.2m continues to provide income to help support the Bursary Programme and in the last year 14 pupils throughout the School received 100% bursaries supported by the Foundation and the School. These bursaries are for entry into Year 7 until the end of the Sixth Form. The determination of Bursary students to achieve their potential in every way they can, and take advantage of every opportunity they can find, positively impacts on every part of our school community.

Applications from puSLOV�LQ�<HDU���DW�ORFDO�SULPDU\�VFKRROV�DUH�FRQVLGHUHG�E\�WKH�)RXQGDWLRQ¶V� Bursary Committee each Autumn for Year 7 entry the following academic year. Applications are rigorously means-tested, applicants have to pass the School¶V�DVVHVVPHQW�H[DPLQDWLRQV�DQd the families receive a home visit. The successful recipients of the fully-funded bursaries and their families are supported both financially and pastorally by the Foundation throughout their time at West Buckland. The majority of these pupils remain at West Buckland for Sixth Form and then go on to university.

We work with 10 local state schools providing sporting and academic support with joint activities in music, art and design as well as visiting speaker events hosted at West Buckland School. Our extensive sports facilities are used on a regular basis by local clubs including swimming, kayaking, cricket, volleyball, squash and lifesaving. The swimming pool is also used by three of our neighbouring state primary schools.

Many of these activities were curtailed during this financial reporting period due to the closure of the School in January in accordance with Government Guidance and subsequently due to COVID restrictions. We have continued to deliver support to the community:

The west Buckland Lockdown Challenge was shared with all children in North Devon, a selection of physical challenges and also set up a wellbeing hub with 140 hours of coaching training and support FDOOHG�µ7HHQ�7LSV¶�IRU�DOO�SDUHQWV�RI�:HVW�%XFNODQG�DQG�WKH�ORFDO�3DUN�6FKRRO.

7KH�ERDUGHUV�URGH�WKH�HTXLYDOHQW�RI�/DQGV¶�(QG�WR�-RKQ�2¶*URDWV�ODVW�1RYHPEHU�RQ�WKH�VWDWLF�ELNHV� from the gym and raised over £1200 for The North Devon Foodbank.

The School provided a community day for the village of West Buckland where we provided food and warm drinks in the morning as a brunch and entertainment in the evening.

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WEST BUCKLAND SCHOOL

GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

SENIOR SCHOOL

The achievements and performance of the School have continued to be of the very highest order. In no order of priority, the academic results, breadth of extra-curricular activities and individual performances are demonstrated in the following commentary:

This was a year of bubbles, one-way corridors, social distancing, contact tracing, difficult and upsetting conversations, online meeting and open days, full-time caring for boarders, and protecting the community. We set out to deliver the most complete and safe education possible while embracing the opportunities this pandemic had to offer: a fresh view on our environment and use of technology.

West Buckland provided protection and support for all the vulnerable members of its community while continuing exemplary learning throughout the disrupted year, keeping the school open for boarders and key workers. The school drew support from the government furlough scheme but where savings could be achieved these and more, were returned to parents.

The continuous provision of education means that pupils arrive at the end of the year well-prepared for whatever the next year will bring. Analysis by ISC suggests that West Buckland provided a greater % of live lessons during this period than the average independent school. It also revealed that our generous rebate and handling of the pandemic has increased confidence in the school with interest and pupil numbers increasing.

Teacher Assessed Grades (TAGS) were introduced as an alternative for exams in late March, FUHDWLQJ�FRQVLGHUDEOH�DQ[LHW\���7KH�VFKRRO¶V�UHVSRQVH�ZDV�WR�VXSSRUW�WKH�SXSLOV�DV�EHVW�WKH\�FRXOG� through a series of controlled, robust assessments. The process met all the Joint Council for Qualifications (JCQ) criteria and meant that pupils had the opportunity to earn their results: the school is very proud of the results every student attained that summer. This was a considerable undertaking ZLWK�WKH�OLRQ¶V share of the work falling to the academic staff who had to write, mark, and moderate thousands of scripts.

The school provided a wider curriculum through teams and in year-group bubbles when we returned to school. Pupils were able to take music and drama exams online, but fixtures and concerts were curtailed to the summer term only when we could safely perform outdoors. There was plenty of charity fundraising from home as well as various internal competitions and completion of outdoor events like Duke of Edinburgh and the Ten Tors. West Buckland featured on BBC spotlight for FUHDWLQJ�WKH�RSSRUWXQLW\�IRU�LWV�SXSLOV�WR�FRPSOHWH�WKH�µDOWHUQDWLYH¶�7HQ�7RUV�HYHQW��� We were able to run a shortened Exmoor, which was the first whole school event of the year, in the summer and followed that by hosting Jonathan Edwards as guest of honour at an outdoor Speech Day, complete with flypast.

PREP SCHOOL

The Prep School continues to thrive both in terms of growth in pupil numbers, and the quality of education offered. Pupil numbers were the highest in 10 years with many joiners starting in September and this continued throughout the year.

The success of the excellent Home Learning programme during the summer term of 2020 was a major factor for many local families enrolling. In addition, a large number of families joined the school following relocation to the south west and it is testament to the current standing of the Prep that many of these considered other schools throughout the region during their search.

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WEST BUCKLAND SCHOOL

GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

A new Co-Curricular Coordinator was appointed in the Prep to further increase the breadth of opportunities available and to lead on outdoor learning and this will continue to be a focus next year.

The start of the Autumn term focussed on settling pupils back into school. Alongside this a series of DVVHVVPHQWV�WRRN�SODFH�ZKLFK�GHPRQVWUDWHG�WKDW�GHVSLWH�WKH�SUHYLRXV�\HDU¶V�GLVUXSWLRQ��SURJUHVV�ZDV� excellent across all year groups.

As the year progressed Covid-19 disrupted of the usual activities within the school such as matches, trips and performances. By January 2021 another lockdown was announced, and the school returned to Home Learning. The school was prepared and ready to further enhance the provision with an increase in live lessons for all age groups and a number of events taking place virtually. Once again, the staff were outstanding, and parent and pupil feedback was overwhelmingly positive.

The school reopened for the summer term, with children quickly settling back into routines formal and formal assessments again showed that pupils had continued to make progress, despite a nationwide narrative of gaps in learning and falling standards.

Former pupil and Olympic triple jump champion, Jonathan Edwards was guest of honour at the year ending Speech Day. The event was a fitting end to the year with all pupils and staff gathered in the sunshine outside the cricket pavilion. The event finished by wishing the forty year 6 pupils who had finished their time in the Prep and were moving on to the Senior School. This number represented the highest number making that transition in the school¶s history.

WEST BUCKLAND SCHOOL FOUNDATION

West Buckland School Foundation continues to support the school through its bursary programme and fundraising. Funds raised enable the School to invest in several projects, year on year, which enhance and enrich the educational experience for our students. During 2020/21 there was no major capital fundraising campaign.

Some of the smaller projects the Foundation funded in 2020/21 include video equipment for the Drama department, an electronic keyboard for the Music department, enhancements to the new Prep OLEUDU\�DUHD��ZRRGHQ�IORRULQJ�IRU�WKH�&&)¶V�LQGRRU�VKRRWLQJ�UDQJH�DQG�D�SRRO�WDEOH�IRU�D�ERDUGLQJ� house.

During 2020/21 the Foundation continued to manage the West Buckland School COVID-19 Emergency Fund. The Fund was set up to assist parents of WBS pupils who had been most severely affected by the crisis. A total of £168k was pledged to the fund from 35 donors. In total the Emergency Fund paid out £115k towards school fees, supporting 69 pupils. The COVID-19 Emergency Fund is now closed and a new Hardship Fund has been started to continue to provide support.

7KH�)RXQGDWLRQ¶V�%XUVDU\�SURJUDPPH�FRQWLQXHG�LQ���������DQG�GXULQJ�WKLs period there were 14 pupils in the School whose fees were fully funded by the School and Foundation. The OWBA also contributed towards two overseas pupils with great need.

$�NH\�SDUW�RI�WKH�)RXQGDWLRQ¶V�ZRUN�LV�WR�VXSSRUW�WKH�2OG�:HVW�%XFNODQG�$VVRFLDWLon (OWBA) and its activities including reunions and publications. Together they communicate the aspirations of the school to alumni, parents, former parents, and other members of the West Buckland community and organise events to involve everyone in the life of West Buckland School. Unfortunately, many OWBA events had to be cancelled or postponed due to Covid-19 lockdowns and restrictions. During these periods the OWBA communicated regularly with the alumni and the wider school community.

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WEST BUCKLAND SCHOOL

GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

The OWBA sent care packages to recent leavers who were stranded in their university halls of residence during lockdown, also putting them in touch with other Old West Bucklanders who were at the same university.

The OWBA raised funds for the travelling expenses for two Fijian rugby scholars to be able to come to West Buckland for Sixth Form.

FINANCIAL REPORT

INVESTMENT POLICY AND PERFORMANCE

The sFKRRO¶V�LQYHVWPHQW�REMHFWLYHV�DUH�WR�EDODQFH�WKH�FXUUHQW�DQG�IXWXUH�QHHGV�E\��

To meet these objectives the sFKRRO¶V�LQYHVWPHQWV�DV�D�ZKROH�DUH�PDQDJHG�WR�SURGXFH�DQ appropriate balance between risk and return. The investment strategy is monitored by the Finance Committee, as is investment performance, which is reported below, within the Strategic Report.

At the year-end the sFKRRO¶V�emergency repairs fund totalled £134k.

The school has sufficient cash reserves which were freed-up when the decision was taken to take out - a loan to cover the development of the new buildings known as the Morpurgo Library and Parkers 6[th] form boarding house. The interest rate for the 25-year term of the loan is fixed at 2.18%.

Governors will determine how to invest the cash surplus in accordance with the investment strategy. Presently, with uncertainties surrounding Brexit, Business Rates Relief, the potential for VAT to be charged on Fees and the increase in NI Contributions the investment strategy is to keep reserves on depRVLW�ZLWK�VHYHUDO�ILQDQFLDO�LQVWLWXWLRQV�LQ�µFDVK¶�

RESERVES¶ POLICY

The Reserves¶ Policy is to build up sufficient funds from operational surpluses to enable the school to maintain, refurbish and improve the educational facilities along with retaining funds for unforeseen expenditure or significant reduction in revenue.

COVID-19 had an impact on our reserves, but the School continues to maintain adequate reserves and is reviewing its position with regard to the appropriate level of reserves to be held for such contingencies. Free reserves, i.e. those unrestricted funds not designated for any specific purpose, at £2.3m, are within the limits set by the governors.

FINANCIAL REVIEW

The School was closed in January following Government direction due to the impact of COVID-19. Fees for the Spring Term had to be adjusted for buses and lunches and for those boarding pupils affected. There were some savings in catering and bus travel but contractual arrangements had an impact on how much could be saved. The overall impact was a slight reduction in income for the

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WEST BUCKLAND SCHOOL

GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

year. The reduction was absorbed in the budget and offset to some extent by the restrictions on other activities, for example, overseas travel and school sports fixtures.

The Governors are conscious of the further impact of depreciation and the Interest Rate Swap (negotiated in 2016 as part of the financing of Parkers 6[th] Form Boarding House and the Morpurgo Library buildings ± a non-FDVK�FRVW�WKDW�WUDFNV�/,%25�WR�FUHDWH�D�µFXUUHQW¶�YDOXH�RI�WKH�ORDQ ��� The move from LIBOR to SONIA (by December 2021) is being evaluated in this respect. Governors are pleased, however, to report a surplus prior to depreciation and the value of the interest rate swap in a very challenging year.

The impact of COVID-19 also restricted capital investment although we have continued to maintain our facilities and deliver improvements to the fabric of buildings and assets across the campus. Work KDV�EHHQ�FRQGXFWHG�RQ�WKH�UHIXUELVKPHQW�RI�WKH�6FKRRO¶V�7XFN�6KRS�IDFLOLW\�DQG� a long-term arrangement for the provision of heat through a biomass boiler provider is also being assessed.

GOING CONCERN

After making appropriate enquiries and having considered the impact of COVID-19 on the income, expenditure and reserves over this year, the governors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

7($&+(56¶�3(NSION SCHEME STATEMENT

The ScKRRO�SDUWLFLSDWHV�LQ�WKH�7HDFKHUV¶�3HQVLRQ�6FKHPH� 736 �IRU�LWV�WHDFKLQJ�VWDII��7KH�SHQVLRQ� charge for the year includes contributions payable to the TPS of £736k (2020 £673) and at the yearend £61k (2020 £79) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The 7HDFKHUV¶�3HQVLRQV�5HJXODWLRQV������ DV�DPHQGHG �DQG�7KH�7HDFKHUV¶�3HQVLRQ�6FKHPH� Regulations 2014 (as amended). Members contribute on D�³SD\�DV�\RX�JR´�EDVis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by the exchequer.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken b\�WKH�*RYHUQPHQW�$FWXDU\¶V�'HSDUWPHQW��7KH�PRVW�UHFHQW�DFWXDULDO�YDOXDWLRQ�RI�WKH�736� was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling LQ�WKH�µ0F&ORXG�6DUJHDQW�FDVH¶��7KLV�FDVH�KDs required the courts to consider cases UHJDUGLQJ�WKH�LPSOHPHQWDWLRQ�RI�UHIRUPV�WR�3XEOLF�6HUYLFH�3HQVLRQV�LQFOXGLQJ�WKH�7HDFKHUV¶� Pensions.

On 27[th] June 2019 the Supreme Court denied the government permission to appeal the Court of $SSHDO¶V�MXGJPHQW�WKDt transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting thH�&RXUW¶V�GHFLVLRQ�DQG�KDV�

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WEST BUCKLAND SCHOOL

GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court RI�$SSHDO¶V�UXOLQJ�LQ�WKH�0F&ORXG�6DUJHDQW� case and until there is certainty about the value of pensions to employees from April 2015 onwards.

In view of the above rulings and decisions the assumptions used in the 31[st] March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

Until a remedy to the discrimination conclusion has been determined by the Employment Tribunal it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly, no provision for any additional past benefit pension costs is included in these financial statements.

Following the increase in TPS employer contributions, the school commenced collective consultation with teaching staff concerning alternative pension arrangements and concluded during this period with an agreement achieved with all staff.

FINANCIAL RISK MANAGEMENT

The governors have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Major risks and uncertainties are managed through a robust governance process and an annual review of the strategic plan. Governors have considered all decisions (fee levels, staff salaries and capital expenditure) in light of COVID-19 and the financial impact on the school.

On 31 July 2016, the School entered into a £4.5m loan, with HSBC, to finance the building of a new library (Morpurgo Building) and a combined boarding house and sixth form centre (Parkers), which were all opened in late-2015. Due to the amount of the loan, and the time it may take to generate additional fee revenues from the benefit of the investment into the new facilities, it was assessed that the term needed to be as long as possible (25 years) and included a capital repayment holiday (the first 5 years which ended during the period 2020/21) with the first payment being made in May 2021.

The school sought to operate with significant liquidity headroom and forecasts only a steady rate of growth, recognising that it operates in a remote area; but, with a niche catchment, particularly attractive to boarding pupils. The project is a long-term strategy to increase capacity and to improve facilities in order to maintain its market competitiveness, rather than a speculative investment. The Interest rate is now calculated against SONIA.

Separately, the longer-term impact of the COVID-19 measures is being monitored by the Finance Committee which assesses the risks of pupil numbers, particularly international boarders lack of confidence in different countries. Budgets for the next financial period have been scrutinised and an assessment made with regard to the medium-term costs in order to maintain appropriate reserves over the next three years.

The potential loss of Business Rates Relief (BRR) which charities such as West Buckland School currently benefit is anticipated. If it were to become law in England, the School is prepared to

Page 13

WEST BUCKLAND SCHOOL

GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

implement actions to ensure it can withstand the financial penalty. A provision for the *RYHUQPHQW¶V decision to increase National Insurance Contributions will be included in the budget for the forthcoming year.

Finally, we continue to monitor the longer-term impact of COVID-19 and will review our contingency plans accordingly.

FUTURE DEVELOPMENTS

As COVID-19 continues to present challenges across the country, the schooO¶V�SULRULW\�LV�WKH� continued delivery of education in a safe and secure environment.

Future developments will be made to reflect the current broad aims of the governance strategy:

To upgrade the strategic aims:

1

To facilitate excellent teaching and learning in a safe and secure environment promoting diversity, inclusivity and equality.

2

To facilitate the best academic result that each student is capable of achieving.

3

To develop quality academic staff within a culture of continual improvement.

4

7R�PDLQWDLQ�H[FHOOHQW�ILQDQFLDO�PDQDJHPHQW�WR�VXSSRUW�WKH�6FKRRO¶V�IXUWKHU�HGXFDWLRQ� and estates development, at all times taking sustainability, the climate and the environment into account.

5

To ensure the Governing Body and Senior Leadership Team deliver first rate governance and leadership displaying a clear direction.

6

To increase the balanced UK and international student roll throughout the school.

7

To develop an excellent boarding, day and extracurricular offer for all ages, maintaining our reputation for excellent pastoral care.

8

To maintain and develop supportive relationships in the local community to provide outstanding Public Benefit.

Page 14

WEST BUCKLAND SCHOOL

GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

GOVER1256¶�FINANCIAL RESPONSIBILITIES STATEMENT

The governors are responsible for preparing the governors' Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the group and of the incoming resources and application of resources of the group for that period. In preparing these financial statements, the Trustees are required to:

The governors are responsible for keeping proper accounting records that are sufficient to show and H[SODLQ�WKH�FKDULW\¶V�WUDQVDFWLRQV�DQG�GLVFORVH�ZLWK�UHDVRQDEOH�DFFXUDF\�DW�DQ\�WLPH�WKH�ILQDQFLDO� position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding and assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 15

WEST BUCKLAND SCHOOL

GOVERNORS¶ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

This report was approved by the governors on 10.12.21 and signed on their behalf by:

Mr AG Boggis Chair of Governors

Page 16

WEST BUCKLAND SCHOOL

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEST BUCKLAND SCHOOL

Opinion

We have audited the financial statements of West Buckland School (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 July 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Governors' 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 Group's or the parent charity'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 Governors with respect to going concern are described in the relevant sections of this report.

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WEST BUCKLAND SCHOOL

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEST BUCKLAND SCHOOL (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Governors are responsible for the other information contained within the Annual report. 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. 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 course of 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.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Group and the parent charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Governors' responsibilities statement, the Governors (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 such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governors are responsible for assessing the Group's and the parent charity'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 Governors either intend to liquidate the Group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Page 18

WEST BUCKLAND SCHOOL

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEST BUCKLAND SCHOOL (CONTINUED)

Auditors' 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 Auditors' 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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to incorrect income recogntion. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override..

We have also obtained understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102, Charities SORP and Charities Act . In addition, we considered the provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with may be fundamental for the Group's ability to operate or avoid a material penalty. These included safeguarding regulations, health and safety regulations, education and inspections legislation, employment legislation and data protection laws.

Our procedures to respond to risks identified included the following:

Page 19

WEST BUCKLAND SCHOOL

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WEST BUCKLAND SCHOOL (CONTINUED)

represented a risk of material misstatement due to fraud; and

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' report.

Use of our report

This report is made solely to the charity's trustees, 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 charity's trustees those matters we are required to state to them in an Auditors' 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 charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Tim Borton FCA DChA (Senior statutory auditor)

for and on behalf of

Bishop Fleming LLP Chartered Accountants Statutory Auditors 2nd Floor Stratus House Emperor Way Exeter Business Park Exeter EX1 3QS

27 May 2022

Page 20

WEST BUCKLAND SCHOOL

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021

Note
Income from:
Grants and donations
4
Charitable activities
5
Other trading activities
6
Investments
7
Total income
Expenditure on:
Raising funds:
8
Voluntary income
Fundraising trading
Charitable activities:
9
Depreciation
. Other charitable activities
Total expenditure
Net income/(expenditure) before net
(losses)/gains on investments
Net (losses)/gains on investments
Net income/(expenditure)
Transfers between funds
23
Net movement in funds before other
recognised gains/(losses)
Other recognised gains/(losses):
Gains/(losses) on interest rate swap
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2021
£
-
10,094,698
6,934
10,723
10,112,355
100,107
5,214
571,396
9,354,063
10,030,780
81,575
(1,459)
80,116
101,665
181,781
268,592
450,373
13,372,957
450,373
13,823,330		 Restricted
funds
2021
£
9,167
-
-
381
9,548
-
-
-
116,805
116,805
(107,257)
1,792
(105,465)
(101,665)
(207,130)
-
(207,130)
159,762
(207,130)
(47,368)		 Total
funds
2021
£
9,167
10,094,698
6,934
11,104
10,121,903
100,107
5,214
571,396
9,470,868
10,147,585
(25,682)
333
(25,349)
-
(25,349)
268,592
243,243
13,532,719
243,243
13,775,962		 Total
funds
2020
£
90,000
9,123,757
87,893
13,977
9,315,627
130,074
38,169
535,593
9,084,342
9,788,178
(472,551)
7,877
(464,674)
-
(464,674)
(323,489)
(788,163)
14,320,882
(788,163)
13,532,719

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 25 to 48 form part of these financial statements.

Page 21

WEST BUCKLAND SCHOOL

CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2021

Note
Fixed assets
Tangible assets
15
Investments
16
Current assets
Stocks
17
Debtors
18
Investments
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
21
Total net assets
Charity funds
Restricted funds:
Restricted funds
23
Total restricted funds
23
Unrestricted funds
23
Total funds		 47,117
331,729
-
3,987,897
4,366,743
(2,172,920)
49,155		 2021
£
15,855,689
153,549
16,009,238
2,193,823
18,203,061
(4,427,099)
13,775,962
49,155
13,726,807
13,775,962		 35,632
314,055
1,000,000
2,868,204
4,217,891
(2,189,200)
159,762		 2020
£
16,265,353
153,216
16,418,569
2,028,691
18,447,260
(4,914,541)
13,532,719
159,762
13,372,957
13,532,719

The financial statements were approved and authorised for issue by the Governors and signed on their behalf by:

Mr A G Boggis MA Chair of Governors Date: 10 December 2021

The notes on pages 25 to 48 form part of these financial statements.

Page 22

WEST BUCKLAND SCHOOL

CHARITY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 JULY 2021

Note
Fixed assets
Tangible assets
15
Investments
16
Current assets
Stocks
17
Debtors
18
Investments
19
Cash at bank and in hand
Creditors: amounts falling due within one
year
20
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
21
Net assets
Total net assets
Charity funds
Restricted funds:
Restricted funds
23
Total restricted funds
23
Unrestricted funds
23
Total funds		 45,832
329,738
-
3,975,305
4,350,875
(2,171,197)
49,155		 2021
£
15,854,984
153,549
16,008,533
2,179,678
18,188,211
(4,427,099)
13,761,112
13,761,112
49,155
13,711,957
13,761,112		 34,221
337,616
1,000,000
2,788,194
4,160,031
(2,187,485)
159,762		 2020
£
16,264,225
153,216
16,417,441
1,972,546
18,389,987
(4,914,541)
13,475,446
13,475,446
159,762
13,315,684
13,475,446

The financial statements were approved and authorised for issue by the Governors on 10 December 2021 and signed on their behalf by:

Mr A G Boggis MA

Chair of Governors

The notes on pages 25 to 48 form part of these financial statements.

Page 23

WEST BUCKLAND SCHOOL

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2021

Note
Cash flows from operating activities
Net cash provided by operating activities
26
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Redemption of current asset investment
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Repayments of borrowing
Interest paid
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
27		 2021
£
456,583
11,104
(161,732)
1,000,000
849,372
(88,814)
(97,448)
(186,262)
1,119,693
2,868,204
3,987,897		 2020
£
828,819
13,977
(312,818)
-
(298,841)
(28,730)
(102,924)
(131,654)
398,324
2,469,880
2,868,204

The notes on pages 25 to 48 form part of these financial statements

Page 24

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

1. GENERAL INFORMATION

West Buckland School is charitable incorporated orgainisation, constituted under a trust deed, registered in England and Wales, charity number is 1167545. The registered address is West Buckland School, West Buckland, Barnstaple, EX32 0SX.

2. ACCOUNTING POLICIES

2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

West Buckland School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

2.2 GOING CONCERN

The Governors have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast doubt on the ability of the School to continue as a going concern.

After making appropriate enquiries and having considered the impact of COVID-19 on the income, expenditure and reserves over this year, the governors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The School therefore continues to adopt the going concern basis in preparing its financial statements.

Page 25

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

2. ACCOUNTING POLICIES (continued)

2.3 INCOME

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Page 26

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

2. ACCOUNTING POLICIES (continued)

2.4 EXPENDITURE (CONTINUED)

Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

2.5 GOVERNMENT GRANTS

Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred.

2.6 INTEREST RECEIVABLE

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.7 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Consolidated statement of financial activities.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

2.8 INVESTMENTS

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.

Page 27

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

2. ACCOUNTING POLICIES (continued)

2.9 STOCKS

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.10 DEBTORS

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.11 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.12 LIABILITIES AND PROVISIONS

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.13 FINANCIAL INSTRUMENTS

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.14 FINANCE LEASES AND HIRE PURCHASE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.15 OPERATING LEASES

Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight line basis over the lease term.

Page 28

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

2. ACCOUNTING POLICIES (continued)

2.16 PENSIONS

Full-time and part-time teaching staff employed under a contract of service are eligible to contribute to the Teachers' Pension Scheme (TPS). The TPS, a statutory, contributory, final salary scheme is administered by Capita Teachers' Pensions on behalf of the Department for Education and Skills.

The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees' working lives with the School in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quinquennial valuations using a prospective benefit method. As stated in note 24, the TPS is a multi-employer scheme and the School is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. The TPS is therefore treated as a defined contribution scheme and the contributions recognised as they are paid each year.

The School also administers a Group Personal Pension Plan and a Death in Service Life Assurance for certain non-teaching staff. Additionally, a separate personal pension scheme is operated for the Bursar.

3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

The Charity entered into an interest rate swap in 2016. The interest rate swap is revalued each year by the Charity's bank. The Charity's bank values the swap based on estimates and assumptions of the interest rate for the remaining period of the swap. Revaluation movements in the swap are recognised in the Statement of Financial Activities.

Critical areas of judgment:

The Charity obtains use of fixed assets as a lessee. The classification of such leases as operating or finance lease requires the Governors to determine, based on an evaluation of the terms and conditions of the arrangements, whether the School retains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the Balance Sheet.

The annual depreciation charge is sensitive to any changes in the estimated useful life and residual values of tangible assets. The useful economic lives and residual value is assessed on an annual basis and are amended only when evidence shows a change in the estimated economic lives or residual life. Criteria used to assess the economic life and residual value includes technological advancement, economic utilisation, physical condition of the asset and future investments.

At regular intervals management review the debtor ledgers for any debts which are proving difficult to collect. Management then makes a provision for bad debts against the identified debts.

Page 29

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

4. INCOME FROM GRANTS AND DONATIONS

Restricted
funds
2021
£
Donations
-
Government grants
9,167
TOTAL 2021
9,167
TOTAL 2020
90,000
5.
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
funds
2021
£
Tuition and boarding fees
11,272,140
Remitted Fees
(506,204)
Bursaries and scholarships
(1,385,524)
Other income
714,286
TOTAL 2021
10,094,698
TOTAL 2020
9,123,757
6.
INCOME FROM OTHER TRADING ACTIVITIES
Income from fundraising events
Unrestricted
funds
2021
£
Lettings of premises
-
TOTAL 2020
534		 Total
funds
2021
£
-
9,167
9,167
90,000
Total
funds
2021
£
11,272,140
(506,204)
(1,385,524)
714,286
10,094,698
9,123,757
Total
funds
2021
£
-
534		 Total
funds
2020
£
90,000
-
90,000
Total
funds
2020
£
9,828,267
(425,791)
(1,048,958)
770,239
9,123,757
Total
funds
2020
£
534

Page 30

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

6. INCOME FROM OTHER TRADING ACTIVITIES (CONTINUED)

Income from non charitable trading activities

Unrestricted
funds
2021
£
West Buckland Activities Limited
6,934
TOTAL 2020
87,359		 Total
funds
2021
£
6,934
87,359		 Total
funds
2020
£
87,359

7. INVESTMENT INCOME

Unrestricted
funds
2021
£
Bank interest and dividends
10,723
TOTAL 2020
13,603		 Restricted
funds
2021
£
381
374		 Total
funds
2021
£
11,104
13,977		 Total
funds
2020
£
13,977

8. EXPENDITURE ON RAISING FUNDS COSTS OF RAISING VOLUNTARY INCOME

Unrestricted
funds
2021
£
Foundation other costs
19,975
Foundation wages
70,674
Foundation social security costs
6,300
Foundation pension costs
3,158
TOTAL 2021
100,107
TOTAL 2020
130,074		 Total
funds
2021
£
19,975
70,674
6,300
3,158
100,107
130,074		 Total
funds
2020
£
29,960
90,967
6,079
3,068
130,074

Page 31

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

8. EXPENDITURE ON RAISING FUNDS (CONTINUED)

OTHER TRADING EXPENSES

Unrestricted
funds
2021
£
West Buckland Activities Limited
4,791
Trading account depreciation
423
TOTAL 2021
5,214
TOTAL 2020
38,169		 Total
funds
2021
£
4,791
423
5,214
38,169		 Total
funds
2020
£
37,741
428
38,169

9. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Summary by fund type

Unrestricted
funds
2021
£
Teaching
5,224,862
Welfare
1,423,178
Premises
1,757,023
Support
1,520,396
TOTAL 2021
9,925,459
TOTAL 2020
9,506,844		 Restricted
funds
2021
£
105,690
-
10,167
948
116,805
113,091		 Total
funds
2021
£
5,330,552
1,423,178
1,767,190
1,521,344
10,042,264
9,619,935		 Total
funds
2020
£
5,118,412
1,006,339
1,870,500
1,624,684
9,619,935

Page 32

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

10. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Teaching
Welfare
Premises
Support
TOTAL 2021
TOTAL 2020		 Activities
undertaken
directly
2021
£
5,330,552
1,423,178
1,767,190
1,521,344
10,042,264
9,619,935		 Total
funds
2021
£
5,330,552
1,423,178
1,767,190
1,521,344
10,042,264
9,619,935		 Total
funds
2020
£
5,118,412
1,006,339
1,870,500
1,624,684
9,619,935

ANALYSIS OF DIRECT COSTS

Staff costs
Depreciation
Support
Other costs
Governance -
costs of
Trustees'
training and
expenses
Governance -
Professional
charges
Governance -
auditors'
remuneration
TOTAL 2021
TOTAL 2020		 Teaching
2021
£
4,538,786
-
-
791,766
-
-
-
5,330,552
5,118,412		 Welfare
2021
£
543,336
-
-
879,842
-
-
-
1,423,178
1,006,339		 Premises
2021
£
298,367
570,974
-
897,849
-
-
-
1,767,190
1,870,500		 Support
2021
£
745,064
-
15,292
724,015
820
24,228
11,925
1,521,344
1,624,684		 Total
funds
2021
£
6,125,553
570,974
15,292
3,293,472
820
24,228
11,925
10,042,264
9,619,935		 Total
funds
2020
£
5,955,680
534,209
17,406
3,025,345
1,239
75,206
10,850
9,619,935

Page 33

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

11. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 Group
2021
£
4,913,167
487,709
804,809
6,205,685		 Group
2020
£
4,840,477
464,120
751,197
6,055,794		 Charity
2021
£
4,913,167
487,709
804,809
6,205,685		 Charity
2020
£
4,840,477
464,120
751,197
6,055,794

The average number of persons employed by the charity during the year was as follows:

Educational staff
Support staff		 Group
2021
No.
78
96
174		 Group
2020
No.
76
91
167		 Charity
2021
No.
78
96
174		 Charity
2020
No.
76
91
167

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2021 2020
No. No.
In the band £60,001 - £70,000 - 3
In the band £70,001 - £80,000 3 2
In the band £80,001 - £90,000 2 -
In the band £110,001 - £120,000 - 1
In the band £130,001 - £140,000 1 -

The Key management personnel of the Charity comprise the Trustees (who do not receive remuneration for their role as Trustees) and the Senior Management Team. The total amount of employee benefits (including employer National Insurance and employer pension contributions) received by key management personnel for their services to the Charity was £658,217 (2020: £610,642).

12. GOVERNORS' REMUNERATION AND EXPENSES

During the year, no Governors received any remuneration or other benefits (2020 - £NIL) .

During the year ended 31 July 2021, expenses totalling £820 (2020: £1,168) were paid to 3 (2020: 3) Governors.

Page 34

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

13. NET INCOME / EXPENDITURE

This is stated after charging:

Depreciation of tangible fixed assets:
- owned by the charitable group
- held under finance leases
Auditors' remuneration - audit
Auditors' remuneration - other services		 2021
£
552,583
18,813
11,925
3,681
587,002		 2020
£
523,051
12,542
13,020
-
548,613

14. INTEREST RATE SWAP MOVEMENT

Brought forward liability
Gain/(Loss) for the year
Carry forward liability		 2021
£
(489,541)
268,592
(220,949)		 2020
£
(166,052)
(323,489)
(489,541)

The purpose of the interest rate swap is to fix the School’s interest rate through until 2041. As forecasts for interest rates for the remaining term vary, then so the swap instrument has a value and that value is recognised in these accounts. The movement represents the change in valuation and does not encompass any cash movement. By the end of the term of the swap, its value will be back to zero.

15. TANGIBLE FIXED ASSETS

GROUP

COST OR VALUATION
At 1 August 2020
Additions
At 31 July 2021		 Freehold
property
£
17,986,184
45,962
18,032,146		 Furniture,
equipment
and all
weather
pitch
£
4,032,167
115,770
4,147,937		 Total
£
22,018,351
161,732
22,180,083

Page 35

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

15. TANGIBLE FIXED ASSETS (CONTINUED)

GROUP (CONTINUED)

DEPRECIATION
At 1 August 2020
Charge for the year
At 31 July 2021
NET BOOK VALUE
At 31 July 2021
At 31 July 2020		 Freehold
property
£
2,811,407
380,757
3,192,164
14,839,982
15,174,777		 Furniture,
equipment
and all
weather
pitch
£
2,941,591
190,639
3,132,230
1,015,707
1,090,576		 Total
£
5,752,998
571,396
6,324,394
15,855,689
16,265,353

Page 36

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

15. TANGIBLE FIXED ASSETS (CONTINUED) CHARITY

COST OR VALUATION
At 1 August 2020
Additions
At 31 July 2021
DEPRECIATION
At 1 August 2020
Charge for the year
At 31 July 2021
NET BOOK VALUE
At 31 July 2021
At 31 July 2020		 Freehold
property
£
17,986,184
45,962
18,032,146
2,811,407
380,757
3,192,164
14,839,982
15,174,777		 Furniture,
equipment
and all
weather
pitch
£
4,022,629
115,770
4,138,399
2,933,181
190,216
3,123,397
1,015,002
1,089,448		 Total
£
22,008,813
161,732
22,170,545
5,744,588
570,973
6,315,561
15,854,984
16,264,225

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:

Group Group Charity Charity 2021 2020 2021 2020 £ £ £ £ Furniture, equipment and all weather pitch 54,752 429,191 54,752 429,191

Included in Freehold Property was Land at a cost of £2,457,684 which was not depreciated.

Page 37

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

16. FIXED ASSET INVESTMENTS

GROUP AND CHARITY
COST OR VALUATION
At 1 August 2020
Revaluations
AT 31 JULY 2021
NET BOOK VALUE
AT 31 JULY 2021
AT 31 JULY 2020		 Listed
investments
£
153,216
333
153,549
153,549
153,216
17.
STOCKS
Stocks
18.
DEBTORS
DUE WITHIN ONE YEAR
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
19.
CURRENT ASSET INVESTMENTS
Fixed term deposits		 Group
2021
£
47,117
Group
2021
£
1,991
-
260,361
69,377
331,729
Group
2021
£
-		 Group
2020
£
35,632
Group
2020
£
2,097
-
260,619
51,339
314,055
Group
2020
£
1,000,000		 Charity
2021
£
45,832
Charity
2021
£
-
-
260,361
69,377
329,738
Charity
2021
£
-		 Charity
2020
£
34,221
Charity
2020
£
-
25,988
260,289
51,339
337,616
Charity
2020
£
1,000,000

Page 38

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Obligations under finance lease and hire
purchase contracts
Other creditors
Accruals and deferred income		 Group
2021
£
225,000
351,446
-
122,693
13,814
740,749
719,218
2,172,920		 Group
2020
£
75,000
54,868
-
119,602
33,778
765,308
1,140,644
2,189,200		 Charity
2021
£
225,000
351,446
1,312
122,033
13,814
740,749
716,843
2,171,197		 Charity
2020
£
75,000
54,853
-
119,602
33,778
765,308
1,138,944
2,187,485

21. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Bank loans
Net obligations under finance lease and hire
purchase contracts
Derivatives - interest rate swap		 Group
2021
£
4,200,000
6,150
220,949
4,427,099		 Group
2020
£
4,425,000
-
489,541
4,914,541		 Charity
2021
£
4,200,000
6,150
220,949
4,427,099		 Charity
2020
£
4,425,000
-
489,541
4,914,541

The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:

Payable by instalments Group
2021
£
3,300,000
3,300,000		 Group
2020
£
3,525,000
3,525,000		 Charity
2021
£
3,300,000
3,300,000		 Charity
2020
£
3,525,000
3,525,000

The bank loan is secured via a legal charge over freehold property of the School.

Page 39

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

22. FINANCIAL INSTRUMENTS

FINANCIAL ASSETS
Financial assets measured at fair value
through income and expenditure
FINANCIAL LIABILITIES
Derivative financial instruments measured at
fair value through income and expenditure
held as part of a trading portfolio		 Group
2021
£
3,987,897
Group
2021
£
(220,949)		 Group
2020
£
3,868,204
Group
2020
£
(489,541)		 Charity
2021
£
3,975,305
Charity
2021
£
(220,949)		 Charity
2020
£
3,788,194
Charity
2020
£
(489,541)

Financial assets measured at fair value through income and expenditure comprise cash and cash equivalents.

Derivative financial instruments measured at fair value through income and expenditure held as part of a trading portfolio comprise derivatives.

Page 40

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

23. STATEMENT OF FUNDS

STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
Balance at 1
August 2020
£
Income
£
UNRESTRICTED
FUNDS
DESIGNATED
FUNDS
Emergency repair
fund
140,758
-
Fixed assets
11,165,363
-
11,306,121
-
GENERAL FUNDS
General Funds
2,066,836
10,015,832
TOTAL
UNRESTRICTED
FUNDS
13,372,957
10,015,832
RESTRICTED
FUNDS
Prize funds
12,160
-
Sundry funds
34,822
381
6th form interest
fund
948
-
Floodlights and
playground
111,832
-
Other government
grants (job
retention scheme)
-
105,690
159,762
106,071
TOTAL OF FUNDS
13,532,719
10,121,903		 Expenditure
£
-
(561,229)
(561,229)
(9,469,551)
(10,030,780)
-
-
(948)
(10,167)
(105,690)
(116,805)
(10,147,585)		 Transfers
in/out
£
-
337,014
337,014
(235,349)
101,665
-
-
-
(101,665)
-
(101,665)
-		 Gains/
(Losses)
£
Balance at
31 July 2021
£
(1,459)
139,299
268,592
11,209,740
267,133
11,349,039
-
2,377,768
267,133
13,726,807
1,518
13,678
274
35,477
-
-
-
-
-
-
1,792
49,155
268,925
13,775,962
Balance at 1
August 2020
£
UNRESTRICTED
FUNDS
DESIGNATED
FUNDS
Emergency repair
fund
140,758
Fixed assets
11,165,363
11,306,121
GENERAL FUNDS
General Funds
2,066,836
TOTAL
UNRESTRICTED
FUNDS
13,372,957
RESTRICTED
FUNDS
Prize funds
12,160
Sundry funds
34,822
6th form interest
fund
948
Floodlights and
playground
111,832
Other government
grants (job
retention scheme)
-
159,762
TOTAL OF FUNDS
13,532,719
11,349,039
2,377,768
13,726,807
13,678
35,477
-
-
-
49,155
13,775,962

Page 41

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

23. STATEMENT OF FUNDS (CONTINUED)

The specific purposes for which the funds are to be applied is as follows:

The prize funds consists of The Thomas Shepherd Law Scholarship and the Comers Clarke Scholarship. The carried forward on this fund represents the value of the investments making up the fund.

Sundry funds comprise a number of small funds representing either donations made to the School by various bodies, assets donated to the School, grants received by the School for specific purposes or smaller restricted prize and sponsorship funds.

The Floodlights and playground funds were raised for the two capital projects. The value of the fund is represented by the assets concerned and depreciation on the equipment is charged against the fund. As the restriction has now gone, this has been transferred to the fixed assets fund.

The 6th form interest fund represents funding from the West Buckland School Foundation to cover the interest payments for the first five years of the loan relating to the 6th form facility. This fund is now fully spent.

Page 42

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

23. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR

UNRESTRICTE
D FUNDS
DESIGNATED
FUNDS
Emergency
repair fund
Fixed assets
GENERAL
FUNDS
General Funds
TOTAL
UNRESTRICT
ED FUNDS
RESTRICTED
FUNDS
Prize funds
Sundry funds
6th form interest
fund
Floodlights and
playground
TOTAL OF
FUNDS		 Balance at
1 August
2019
£
133,124
11,700,076
11,833,200
2,305,446
14,138,646
11,954
34,411
13,872
121,999
182,236
14,320,882		 Income
£
-
-
-
9,225,253
9,225,253
-
374
90,000
-
90,374
9,315,627		 Expenditure
£
-
(524,042)
(524,042)
(9,151,045)
(9,675,087)
-
-
(102,924)
(10,167)
(113,091)
(9,788,178)		 Transfers
in/out
£
-
312,818
312,818
(312,818)
-
-
-
-
-
-
-		 Gains/
(Losses)
£
7,634
(323,489)
(315,855)
-
(315,855)
206
37
-
-
243
(315,612)		 Balance at
31 July 2020
£
140,758
11,165,363
11,306,121
2,066,836
13,372,957
12,160
34,822
948
111,832
159,762
13,532,719

Page 43

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

24. SUMMARY OF FUNDS

SUMMARY OF FUNDS - CURRENT YEAR
Balance at 1
August 2020
£
Income
£
Designated
funds
11,306,121
-
General funds
2,066,836
10,015,832
Restricted funds
159,762
106,071
13,532,719
10,121,903
SUMMARY OF FUNDS - PRIOR YEAR
Balance at
1 August
2019
£
Income
£
Designated
funds
11,833,200
-
General funds
2,305,446
9,225,253
Restricted funds
182,236
90,374
14,320,882
9,315,627		 SUMMARY OF FUNDS - CURRENT YEAR
Balance at 1
August 2020
£
Income
£
Designated
funds
11,306,121
-
General funds
2,066,836
10,015,832
Restricted funds
159,762
106,071
13,532,719
10,121,903
SUMMARY OF FUNDS - PRIOR YEAR
Balance at
1 August
2019
£
Income
£
Designated
funds
11,833,200
-
General funds
2,305,446
9,225,253
Restricted funds
182,236
90,374
14,320,882
9,315,627		 Expenditure
£
(561,229)
(9,469,551)
(116,805)
(10,147,585)
Expenditure
£
(524,042)
(9,151,045)
(113,091)
(9,788,178)		 Transfers
in/out
£
337,014
(235,349)
(101,665)
-
Transfers
in/out
£
312,818
(312,818)
-
-		 Gains/
(Losses)
£
Balance at
31 July 2021
£
267,133
11,349,039
-
2,377,768
1,792
49,155
268,925
13,775,962
Gains/
(Losses)
£
Balance at
31 July 2020
£
(315,855)
11,306,121
-
2,066,836
243
159,762
(315,612)
13,532,719		 Gains/
(Losses)
£
Balance at
31 July 2021
£
267,133
11,349,039
-
2,377,768
1,792
49,155
268,925
13,775,962
Gains/
(Losses)
£
Balance at
31 July 2020
£
(315,855)
11,306,121
-
2,066,836
243
159,762
(315,612)
13,532,719
13,775,962
Balance at
31 July 2020
£
11,306,121
2,066,836
159,762
Designated
funds
General funds
Restricted funds		 Balance at
1 August
2019
£
11,833,200
2,305,446
182,236
14,320,882
13,532,719

25. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted
funds
2021
£
Tangible fixed assets
15,754,024
Fixed asset investments
139,871
Current assets
4,331,266
Creditors due within one year
(2,172,920)
Creditors due in more than one year
(4,427,099)
Difference
101,665
TOTAL
13,726,807		 Restricted
funds
2021
£
101,665
13,678
35,477
-
-
(101,665)
49,155		 Total
funds
2021
£
15,855,689
153,549
4,366,743
(2,172,920
(4,427,099
-
13,775,962

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WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

25. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED) ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Unrestricted
funds
2020
£
Tangible fixed assets
16,153,521
Fixed asset investments
141,056
Current assets
4,182,121
Creditors due within one year
(2,189,200)
Creditors due in more than one year
(4,914,541)
TOTAL
13,372,957
26.
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW
ACTIVITIES
Net expenditure for the year (as per Statement of Financial Activities)
ADJUSTMENTS FOR:
Depreciation charges
(Gains)/losses on investments
Dividends, interests and rents from investments
Interest paid
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
NET CASH PROVIDED BY OPERATING ACTIVITIES		 Restricted
funds
2020
Total
funds
2020
£
£
111,832
16,265,353
12,160
153,216
35,770
4,217,891
-
(2,189,200)
-
(4,914,541)
159,762
13,532,719
FROM OPERATING
Group
Group
2021
2020
£
£
(25,349)
(464,674)
571,396
535,593
(333)
(7,877)
(11,104)
(13,977)
97,448
102,924
(11,485)
10,762
(17,674)
35,832
(146,316)
630,236
456,583
828,819

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WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

27. ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash in hand
Notice deposits (less than 3 months)
TOTAL CASH AND CASH EQUIVALENTS		 Group
2021
£
2,988,436
999,461
3,987,897		 Group
2020
£
1,868,843
999,361
2,868,204

28. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
Finance leases
Liquid investments		 At 1 August
2020
£
2,868,204
(75,000)
(4,425,000)
(33,778)
1,000,000
(665,574)		 Cash flows
£
1,119,693
(150,000)
225,000
13,814
(1,000,000)
208,507		 At 31 July
2021
£
3,987,897
(225,000)
(4,200,000)
(19,964)
-
(457,067)

29. PENSION COMMITMENTS

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £78,524 (2020: £76,220). £11,036 (2020: £11,880) were payable to the fund at the balance sheet date and are included in creditors.

There are several pension schemes available to certain employees of the School, the Teachers' Pension Scheme for teaching staff, and a Group Personal Pension Plan and a Death in Service Life Assurance for non-teaching staff. Additionally, a Contribution Pension Scheme was operated for the Bursar.

Teachers' Pension Scheme

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pension Scheme Regulations 2014. Membership is automatic for full time teachers in schools and, from 1 January 2007, automatic for teachers in part time employment following appointment or a change of contract, although they are able to opt out.

The TPS is an unfunded scheme and members contribute on a 'pay as you go' basis these contributions along with those made by employers are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Valuation of the Teachers' Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury. The aim of the review is to specify the level of future contributions. Actuarial

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WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

29. PENSION COMMITMENTS (CONTINUED)

scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2016 and in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014. The valuation report was prepared by the Department for Education on 5 March 2019. The key elements of the valuation and subsequent consultation are:

The TPS valuation for 2012 determined an employer rate of 16.4%, which was payable from September 2015. The latest valuation of the Teachers’ Pension Scheme has now taken place, in line with directions issued by HM Treasury and using membership data as at 31 March 2016. As a result of this valuation TPS employers will pay an increased contribution rate of 23.68% from 1 September 2019 (this includes the administration levy of 0.08%).

The employer's pension costs paid to TPS in the year amounted to £723,127 (2020: £671,909).

A copy of the valuation report and supporting documentation is on the Teachers' Pensions website.

Under the definitions set out in FRS 102, the TPS is an unfunded multi employer pension scheme. The School has accounted for its contributions to the scheme as if it were a defined contribution scheme. The School has set out above the information available on the scheme.

30. OPERATING LEASE COMMITMENTS

At 31 July 2021 the Group and the charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2021
£
17,818
34,044
51,862		 Group
2020
£
17,891
51,863
69,754		 Charity
2021
£
17,818
34,044
51,862		 Charity
2020
£
17,891
51,863
69,754

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WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021

31. RELATED PARTY TRANSACTIONS

During the year three governors had children at the School and were paying school fees. One governor was in receipt of bursary funding. All fees were at published rates and the bursary was assessed in the same way as for other parents at the School. There were no favourable terms in respect of fees or bursaries as a result of being a governor.

No other related party transactions took place in the period of account other than those already listed in note 12.

32. PRINCIPAL SUBSIDIARIES

West Buckland Activities Limited
Subsidiary name West Buckland Activities Limited
Basis of control 100% shareholding
Total assets as at 31 July 2021 £ 17,914
Total liabilities as at 31 July 2021 £ (3,064)
Total equity as at 31 July 2021 £ 14,850
Turnover for the year ended 31 July 2021 £ 6,927
Expenditure for the year ended 31 July 2021 £ (5,214)
Profit for the year ended 31 July 2021 £ 1,720

West Buckland also has a 100% shareholding in West Buckland International (a trading subsidiary). In the year West Buckland International did not trade and has no assets or liabilities at the balance sheet date.

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