**Charity number: 1167545** 

## **WEST BUCKLAND SCHOOL** 

## **GOVERNORS' REPORT AND FINANCIAL STATEMENTS** 

**FOR THE YEAR ENDED 31 JULY 2022** 




**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**|16 - 19|
|**Consolidated statement of financial activities**|20|
|**Consolidated balance sheet**|21|
|**Charity balance sheet**|22|
|**Consolidated statement of cash flows**|23|
|**Notes to the financial statements**|24 - 47|





## **WEST BUCKLAND SCHOOL** 

## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 JULY 2022** 

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 A G Boggis MA, (Chair of Governors)1,2,3 Mr K R Underwood, (Vice Chair)1,3 Mr I P Blewett, (Vice Chair)2 Dr T A Brummit, (Safeguarding Governor)2 Mrs G Cotton1 Dr R J Fisher-Smith BA MA PhD, (Nominative Governor - Representative of Exeter University)2 Mr J J Hall MA, (Oxon) ^1 Mr P W Hevingham1 Mr G C James, (Nominative Governor - Representative of the Bishop of Exeter) Resigned July 20222 Mr N G Kingdon BDS, MOrthRCS1,3 Mr P A Last, (Appointed October 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 MRICS, (Resigned February 2022)2 Mr J T Wilson MA, (Oxon) ^1 

|1<br>2|Finance Committee|
|---|---|
||Education Committee|



> 3 Governance Committee ^  Indicates Parent of Pupil at the School **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 2022** 

**Solicitors** Moore Barlow 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 

Page 2 



**WEST BUCKLAND SCHOOL** 

## ***29(51256¶ REPORT FOR THE YEAR ENDED 31 JULY 2022** 

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 2022 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 VFKRRO¶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 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 2022, comprised 14 governors.  Ten 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 (4years). 

New co-opted members of the Governing Body are elected on the basis of nominations from the governors EDVHG�RQ�WKH�FDQGLGDWHV¶�SURIHVVLRQDO�TXDOLWLHV��VNLOOV��H[SHULHQFH��SHUVRQDO�FRPSHWHQFH�DQG�ORFDO�DYDLODELOLW\� 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. 

Page 3 



**WEST BUCKLAND SCHOOL** 

**GOVERNORS¶�5(3257 (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022** 

## **ORGANISATIONAL MANAGEMENT** 

The members of the Governing Body, as charity trustees, are legally responsible for directing the management and control of the CIO and its senior and preparatory schools. They meet, as a full board, 4 times a year. 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, 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 Education Committee considers educational matters for the whole school and pastoral policy, with specific responsibility for safeguarding.  The committee is chaired by Mr Blewett 

- 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 committee is chaired by Mr Underwood. 

- The Governance Committee oversees governance and compliance matters as well as nominations. The committee is chaired by Mr Kingdon. 

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

The specific running of the 2 schools is delegated to the respective Headmasters and Bursar. They are also supported by their Senior Leadership and Senior Management Teams and together these groups form 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 UHZDUGLQJ��IDLUO\��FRQWULEXWLRQV�WR�WKH�VFKRRO¶V�VXFFHVV���7KH�+HDGmaster 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. 

:H�DLP�WR�UHFUXLW��VXEMHFW�WR�H[SHULHQFH��DQG�SURYLGH�VFRSH�IRU�FDUHHU�SURJUHVVLRQ���'HOLYHU\�RI�WKH�VFKRRO¶V� charitable vision and purpose is primarily dependent on our key management personnel.  Staff costs are the largest single element of our charitable expenditure. 

Page 4 



**WEST BUCKLAND SCHOOL** 

**GOVERNORS¶�5(3257 (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022** 

## **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 LV�D�PHPEHU�RI�WKH�+HDGPDVWHUV¶�DQG�+HDGPLVWUHVVHV¶�&RQIHUHQFH� +0& ���+0&�LV�D�NLWH� 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 ,QGHSHQGHQW�6FKRROV¶�%XUVars 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). IAPS is a schooOV�DVVRFLDWLRQ�ZLWK�RYHU�����RI�WKH�ZRUOG¶V�OHDGLQJ�SUHS�VFKRROV�LQ�PHPEHUVKLS�� 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 anG�NHHSLQJ�VWDII�PHPEHUV¶�SURIHVVLRQDO� development training up to date. 

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** 

ThH�&KDULW\¶V�REMHFWV�DUH�DV�VHW�RXW�LQ�WKH�&KDULWDEOH�6FKHPH���)LUVW��WR�DGYDQFH�WKH�HGXFDWLRQ�RI�ER\V�DQG� 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 RI�UHOLJLRXV�HGXFDWLRQ�DW�WKH�6FKRRO�LQ�IXOILOPHQW�RI�WKH�FKDULW\¶V�REMHFW���7KHVH�UXOHV�PXVW�DOORZ�IRU�DQ\�SXSLO�DW� 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 pUL]HV�LQ�IXOILOPHQW�RI�WKH�FKDULW\¶V�REMHFWs. 

Page 5 



**WEST BUCKLAND SCHOOL** 

## **GOVERNORS¶�5(3257 (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022** 

## **MISSION** 

$V�DQ�HGXFDWLRQDO�FKDULW\�IRU�FKLOGUHQ��:HVW�%XFNODQG�6FKRRO¶V�PLVVLRQ�LV�WR�SURYLGH�D�SHUVRQDOLVHG�� 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 Aims** 

The broad aims of the strategy for the Academic Year 2021/22 were as follows: 

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. To maintain excellent financial management to support the SchooO¶V�IXUWKHU�HGXFDWLRQ�DQG�HVWDWHV� 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. 

## **Development Plan for 2021/22** 

Further to the strategic aims, the following development plan was set for the year 2021/22: 

- Introduce a new staff development programme for all staff. 

- Review the mix of skills in the governing body. 

- Teaching and Learning; confirmation amongst the teaching staff of the value of moving towards technology, SEN and EAL support for coming year while embedding metacognition, study skills, and feedback. 

- Simplification of the Prep SEND model following an external audit. 

- Refine the process for data tracking for pupils, with the pastoral team tracking academic and behaviour trends regularly. 

- Develop the careers and scholar programmes. 

- Conduct a full curriculum review. 

- Develop systems of work for the introduction of managed devices. 

- Introduce the new PHSE (and RSE) curriculum. 

- Review House competitions to include a wider range of events. 

- Introduce a character programme through PHSE. 

- Continue holiday camps and build international links. 

- Develop a 5-year finance strategy. 

- Improve eco-awareness and biodiversity. 

- Improve IT infrastructure. 

- Grow nursery links in local area. 

- Increase outreach programme and support for local community. 

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**WEST BUCKLAND SCHOOL** 

**GOVERNORS¶�5(3257 (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022** 

## **REVIEW OF ACHIEVEMENTS REPORT FOR 2021 - 2022** 

The school has spent time developing its vision with a working group of staff from across the school.  While the purpose of a WBS education remains in developing the whole person, and this was celebrated in glorious technicolour at Speech Day with guest of honour Denise Lewis and FOUR Fortescue Medal winners, we have identified four lenses to shape the future: technology, character, sustainability, internationalism. 

Lots of work has been done to engage staff and this work will continue through the new staff development programme and coaching. 

The school is working hard to connect with the local areas, hosting events in the village hall and Ukrainian families in the summer. 

Pupil outcomes have focused on re-integration and wellbeing.  The school has an excellent provision for all children and works hard to ensure pupils are cared for and therefore able to achieve their best. 

It has been a tough year for recruitment of pupils and the return to normal has been more unsettling for some than others but overall the school enjoyed considerable success in summer exams and along the course of the year. 

## **0$,1�$&7,9,7,(6�81'(57$.(1�72�)857+(5�7+(�&+$5,7<¶6�385326(6�)25�38%/,&�%(1(),7** 

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. 

The School provided means-tested bursaries and scholarships in the year worth around £1.7m. The West %XFNODQG�)RXQGDWLRQ¶V�%XUVDU\�)XQG�FRQWLQXHV�WR�SURYLGH�LQFRPH�WR�KHOS�VXSSRUW�WKH�%XUVDU\�3URJUDPPH� and in the last year thirteen 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. 

$SSOLFDWLRQV�IURP�SXSLOV�LQ�<HDU���DW�ORFDO�SULPDU\�VFKRROV�DUH�FRQVLGHUHG�E\�WKH�)RXQGDWLRQ¶V�%XUVDU\� Committee each Autumn for Year 7 entry the following academic year. Applications are rigorously meansWHVWHG��DSSOLFDQWV�PXVW�SDVV�WKH�6FKRRO¶V�DVVHVVPHQW�H[DPLQDWLRQV�DQG�WKH�IDPLOLHV�UHFHLYH�D�KRPH�YLVLW�� 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. 

The School also hosted the South West girls indoor hockey, UK Lions hockey, Bideford RFC, Titans netball, north Devon squash club, county netball, Aquarius swimming, community choir, singing in local churches, organised a community day in the local village with our boarders, sponsored the Appledore book festival and sponsored a local artist. 

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**WEST BUCKLAND SCHOOL** 

## **GOVERNORS¶�5(3257 (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022** 

## **SENIOR SCHOOL** 

The school has employed a business enterprise manager to support our financial sustainability strategy and a member of staff presented their designs to the sustainability show AidEx in Brussels. In support of our technology focus the Head of Digital Innovation was short-listed for the TES unsung hero award. 

Boarding and medical personnel continue to go above and beyond as they deal with the continued impact of Covid.  The rise in mental health and learning needs as a result of the pandemic will continue to be felt and an audit of our SEND provision ensured we will meet the needs of the pupils. 

Parents were presented with the new RSE curriculum which started delivery this year and the school has enhanced its provision for PSHE and EDI deliver as part of the character education suite for the following year. 

The late announcement of examination intention by Ofqual did not provide the level of reassurance staff and SXSLOV�UHDOO\�QHHGHG�EXW�WKH�VFKRRO¶V�IRFXV�RQ�ZHOOEHLQJ�HQVXUHG�WKDW�DOO�SXSLOV�ILQLVKHG�WKHLr course and almost 90% achieve their chosen university course. 

The school community, past and present, was shocked by the events in Ukraine and rallied to offer support through the DEC fund. Fundraising initiatives set up by members of the school community enables the school to support four Ukrainian pupils. The school also worked with Pickwell Foundation and local businesses to host a day in the summer for about 60 local families to come together.  The school hosted two events for the local community and raised over £10,000 for various charities, including a dance evening to raise funds for a member of the OWBA needing cancer treatment. 

Over the course of the year the school planted over 400 trees and was recognised in local, national and international awards for its commitment to ecosystems and sustainability.  The Lord Bishop of Exeter noted WKLV�JRRG�ZRUN�RQ�KLV�YLVLW�WR�WKH�VFKRRO�WR�EOHVV�WKH�$UFKELVKRS¶V�7UHH�DQG�FRQILUP�WZR�SXSLOV� 

The school calendar returned to normal and with parents cheering in the audience or at pitch side the school enjoyed its most successful year for some time.  Debating societies could argue again, academic extension clubs re-formed, and four pupils have worked with a team from North Devon District Hospital to design and build a medical scenario model, also contributing to an academic paper.  Six pupils designed, built and raced a green-powered car and with a podium position behind them intend to extend and improve the following year. 

Our basketball team was unbeaten.  The 1st XV got through the National quarter finals and the netball team narrowly missed out on the nationals.  Two pupils were selected for the UK Lions hockey squad and both U16 and U18 indoor teams qualified to the SW finals. Our athletes represented Devon at the English schools and at IAPS, our tennis teams recorded a remarkable season and the U12 and U13 cricketers are North Devon champions. The move this year to summer sports being open to girls and boys and of mixed year-group and ability enabled many more pupils to play sport for the school at an enjoyable level. 

-D]]�1LJKW�ZDV�EDFN�DQG�WKH�VFKRRO¶V�SHUIRUPHG�WKH�:L]DUG�RI�2]�WR�D�VHOO-out Landmark theatre.   Over 200 pupils took drama or music qualifications, most gaining merits or distinctions, and school ensembles sounded once more. House music moved outside and when brought together with all the other house events the winner of the Southcombe Shield 2022 was Courtenay House. 

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**WEST BUCKLAND SCHOOL** 

## **GOVERNORS¶�5(3257 (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022** 

7KH�VFKRRO¶V�IDPRXV�([PRRU�UXQ�ZDV�H[WHQGHG�D�OLWWOH�WR�MXVW�XQGHr 11 miles and proved wonderfully tough yet popular.  Two Ten Tors teams completed the 35 miles distance and one team the 45 miles route.  Their challenge was tough but helped by the training in place through the Outdoor Programme and CCF.  New this year, all Year 7 pupils completed the John Muir award which includes beach cleaning, tree planting, camp craft, archery and climbing. The skills and love for outdoor is nurtured through the blue lights year 8 programme and results in joining the CCF and/or DofE in Year 9. The CCF shooting team attended the South West regional shooting competition and succeeded in getting through to the finals at Bisley. Three senior NCOs won the South West Regional Team 10m Air Rifle postal shoot with individual first and third places.  The team were also placed third in the 10m Air Rifle British School Shooting finals in the UK. 

Denise Lewis joined the school as guest of honour at Speech Day. It was a warm and moving occasion celebrating the range of breadth of achievement with the introduction of a new award for upholding the values of the school as well as marking excellence in the awarding of four Fortescue Medals. 

## **PREP SCHOOL** 

The Prep School continues to thrive both in terms of growth in pupil numbers, and the quality of education offered. Pupil numbers remain strong with 168 pupils on role at the end of the Summer Term. 

Much of the year took place without the covid disruptions of previous years and pupils, staff, parents, and the wider community were able to enjoy a normal programme of events. 

Music and drama, perhaps most hit by covid, returned with successful performances of A Christmas Carol, Aladdin and Project Earth, ensuring all pupils from Nursery to Year 6 appeared on stage. The school enjoyed considerable success in the Associated Board of the Royal Schools of Music exams including a first ever perfect score from a Year 5 pupil in their singing exam. 

7KH�VFKRRO¶V�&R-Curricular programme is second to none and takes full advantage of the stunning local environment. The first cohort of Year 6 pupils left having achieved the 3 Peaks Challenge this year, scaling the highest points on Exmoor, Bodmin Moor and Dartmoor. A first ever surf camp took place in Polzeath in June, and pupils in Year 5 and 6 enjoyed 3-day residentials to Dartmoor and Gloucestershire, alongside a range of engaging trips and visits for all ages. 

The focus of our sports programme is that of opportunity, inclusivity, and enjoyment, and all pupils from Year 3-6 played in matches on a weekly basis against other schools. Particular success was achieved in gymnastics, with numerous pupils medalling at the national championships. 

In the classroom our topic driven curriculum benefited from a number of new topics and themes being introduced this year. There was a concerted focus on IT skills ready for the introduction of Surface Go devices for all year 5 and 6 pupils from September 2022. 

Staff training throughout the year had a focus on Diversity, Equality and Inclusion, along with various ZRUNVKRSV�RQ�FRPSOLDQFH� PRVW�QRWDEO\�UHODWLRQVKLSV�HGXFDWLRQ �LQ�SUHSDUDWLRQ�IRU�WKH�VFKRRO¶V�QH[W� inspection. 

Various members of staff delivered Parents Drop-in Coffee forums throughout the year. Topics such as Sport, Music, residentials, feedback and marking, and supporting SEND pupils all provided an effective form of communication and engagement with the parent body. 

On the appointment of the Prep Headmaster to the position of Head at Prestfelde School, Shrewsbury, the school conducted a very successful recruitment process. From a strong field Mrs Sarah Atkinson (Head at RGS, Dodderhill) was appointed to start in the Summer Term of 2023. 


Page 9 



**WEST BUCKLAND SCHOOL** 

**GOVERNORS¶�5(3257 (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022** 

## **WEST BUCKLAND SCHOOL FOUNDATION** 

West Buckland School Foundation continues to coordinate fundraising initiatives on behalf of the School. These funds enable the School to invest in several projects, year on year, which enhance and enrich the educational experience for our students. During 2021/22 there was no major capital fundraising campaign. 

Some of the smaller projects funded from donations include sound production equipment for the Music Department, field shelters for the astro pitch, digital stage lighting for the new drama centre in Potbury, parts for the electric kit car for Design and Technology, and a VEO sports camera for the PE A-level students for recording and live-streaming of sport. 

The West Buckland School Covid-19 Emergency Fund helped sixty-nine pupils continue their education at West Buckland during lockdown. When restrictions eased and North Devon reopened for business the fund closed and was replaced by a Hardship Fund. 

7KH�)RXQGDWLRQ¶V�%XUVDU\�(QGRZPHQW�)XQG�FRQWLQXHV�WR�SURYLGH�LQFRPH�WR�KHOS�VXSSRUW�WKH�)RXQGDWLRQ¶V� Bursary Programme and in the last year thirteen pupils throughout the School received 100% bursaries supported jointly by the Foundation and the School. These transformational 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. Three sixth formers were also supported by the Foundation with top-up bursaries in the 2021-22 academic year. 

Over £2m has been pledged to the Foundation in legacies. A new campaign is planned to increase the number of legators. 

$�NH\�SDUW�RI�WKH�)RXQGDWLRQ¶V�ZRUN�LV�WR�VXSSRUW�WKH�2OG�:HVW�%XFNODQG�$VVRFLDWLRQ� 2:%$ �DQG�LWV� activities, including reunions and publications. 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 HYHU\RQH�LQ�WKH�OLIH�RI�:HVW�%XFNODQG�6FKRRO��7KLV�\HDU�VDZ�WKH�UHWXUQ�RI�³LQ-SHUVRQ´�HYHnts after months of virtual communications. These events were well attended and members of the wider WBS community were delighted to see each other after so long. 

## **FINANCIAL REPORT** 

## **INVESTMENT POLICY AND PERFORMANCE** 

7KH�VFKRRO¶V�LQYHVWPHQW�REMHFWLYHV�DUe to balance the current and future needs by: 

- Maintaining (at least) the value of the investments in real terms. 

- Producing a consistent and sustainable income to support expenditure. 

- Delivering these objectives within acceptable levels of risk. 

7R�PHHW�WKHVH�REMHFWLYHV�WKH�VFKRRO¶V�LQYHVWPHQWV�DV�D�ZKROH�DUH�PDQDJHG�WR�SURGXFH�DQ�DSSURSULDWH� 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-HQG�WKH�VFKRRO¶V�5RRI�and Astro Fund totalled 175k. 

Page 10 



**WEST BUCKLAND SCHOOL** 

## **GOVERNORS¶�5(3257 (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022** 

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 6th-form boarding house. The interest rate for the 25-year term of the loan is fixed at 2.18%. This was adjusted with the bank during this period to be calculated against SONIA rather than LIBOR. 

Governors will determine how to invest the cash surplus in accordance with the investment strategy. Presently, with uncertainties surrounding the cost of living pressures, 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 RQ�GHSRVLW�ZLWK�VHYHUDO�ILQDQFLDO�LQVWLWXWLRQV�LQ�µFDVK¶� 

## **5(6(59(6¶�32/,&<** 

7KH�5HVHUYHV¶�3ROLF\�LV�WR�EXLOG�XS�VXIILFLHQW�IXQGV�IURP�RSHUDWLRQDO�VXUSOXVHV�WR�HQDEOH�WKH�VFKRRO�WR� maintain, refurbish and improve the educational facilities along with retaining funds for unforeseen expenditure or significant reduction in revenue. 

Although the costs of COVID-19 had an impact on our reserves, the School continues to maintain adequate reserves and continues to monitor 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 £2.1m, are within the limits set by the governors. 

## **FINANCIAL REVIEW** 

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 6th Form Boarding House and the Morpurgo Library buildings ± a non-cash cost that tracked LIBOR to create D�µFXUUHQW¶�YDOXH�RI�WKH�ORDQ ���7KH�PRYH�IURP�/,%25�WR�621,$� LQ� 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 ongoing impact of COVID-19 coupled with the threat of increasing interest rates has 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 is ongoing to explore the installation of a ground mounted Solar Power farm as part of our Sustainability Strategy and to help alleviate the increasing cost of electricity. 

## **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 current economic challenges and the effect of rising costs have been considered in forecasts, and the charity has adapted to these conditions with additional bursaries, continued diligence in procurement and support made available for staff and students.  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(16,21�6&+(0(�67$7(0(17** 

The School SDUWLFLSDWHV�LQ�WKH�7HDFKHUV¶�3HQVLRQ�6FKHPH� 736 �IRU�LWV�WHDFKLQJ�VWDII��7KH�SHQVLRQ�FKDUJH�IRU� the year includes contributions payable to the TPS of £700k (2021: £723k) and at the year-end £58k (2021: £61k) was accrued in respect of contributions to this scheme. 


Page 11 



**WEST BUCKLAND SCHOOL** 

**GOVERNORS¶�5(3257 (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022** 

## **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 the impact of COVID-19 and the current high rate of inflation. 

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 COVID-19 continues to be monitored by the Finance Committee, with a focus on the effect on pupil numbers, particularly international boarders.   Budgets for the next financial period have been scrutinised and an assessment made with regard to the medium-term costs, increasing inflation and electricity costs and with an intention to maintain appropriate reserves. 

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 implement actions to HQVXUH�LW�FDQ�ZLWKVWDQG�WKH�ILQDQFLDO�SHQDOW\����$�SURYLVLRQ�IRU�WKH�*RYHUQPHQW¶V�GHFLVLRQ�WR�LQFUHDVH�1DWLRQDO� Insurance Contributions was included in the budget for the year. 


Page 12 



**WEST BUCKLAND SCHOOL** 

## **GOVERNORS¶�5(3257 (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022** 

## **FUTURE DEVELOPMENTS** 

7KH�VFKRRO¶V�SULRULW\�LV�WKH�FRQWLQXHG�GHOLYHU\�RI�HGXFDWLRQ�LQ�D�VDIH�DQG�VHFXUH�HQYLURQPHQW�� 

)XWXUH�GHYHORSPHQWV�ZLOO�EH�PDGH�WR�UHIOHFW�WKH�FXUUHQW�EURDG�DLPV�RI�WKH�JRYHUQRUV¶�VWUDWHJ\� 

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. 

   - Share good practice and enable development of managed devices 

   - Develop and evolve our lesson observation and work scrutiny procedures 

   - Develop the in-school and online EPQ programmes 

   - Gain accreditation as an IB school and successful launch of IBCP 

   - Introduce new reporting and pupil feedback system 

   - Full data tracking for pupils 

   - Development of full careers programme intertwined with PHSE and character delivery 

   - Improve science, DT and IT in prep curriculum 

   - Increase opportunities for academic stretch and challenge 

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

   - Review and improve staff development programme 

   - Introduce coaching skills 

   - Staff training in SEN and EAL 

   - Train pastoral staff in RSE and PSHE delivery 

   - Staff development in SOCS 

   - Host DEI conference 

   - Review structure of pupil oversight 

   - Investigate apprentice teacher scheme 

4. 7R�PDLQWDLQ�H[FHOOHQW�ILQDQFLDO�PDQDJHPHQW�WR�VXSSRUW�WKH�6FKRRO¶V further education and estates development, at all times taking sustainability, the climate and the environment into account. 

   - Develop an investment surplus of 6-10% to include careful monitoring of expenditure and waste 

   - Develop solar field array 

   - Develop energy report on consumption and waste 

   - Bus company challenge to provide sustainable travel 

   - Encourage cycling to work 

   - Improve prep appearance 

   - Promote recycling 

   - Develop Queen Elizabeth II Memorial garden 

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

Page 13 



**WEST BUCKLAND SCHOOL** 

## **GOVERNORS¶�5(3257 (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022** 

6. To maintain the balanced UK and international student roll throughout the school. 

   - Refine and promote Foundation bursary programme 

   - Nursery development and acquisition 

   - Increase outreach programme and support for local community ± creative day, technology day, sport day 

   - Increase social media impact 

   - Target Year 9 (prep schools) and Sixth Form recruitment 

   - Sponsoring local events 

   - Review boarding model and quality of accommodation 

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

   - Extend diploma to all Years 7-12 

   - Review of medical provision 

   - Consider boarding development options 

   - Review of House competitions to include a wider range of events 

   - Develop a service programme for pupils 

   - Host pupil leadership conference 

   - Host environmental summit 

   - Create sensory room in PLD 

   - Creation of house space and identity 

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

Page 14 



**WEST BUCKLAND SCHOOL** 

## **GOVERNORS¶�5(3257 (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022** 

## ***29(51256¶�),1$1&,$/�5(63216,%,/,7,(6�67$7(0(17** 

The governors are responsible for directing the preparation of the 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: 

- Select suitable accounting policies and then apply them consistently. 

- Observe the methods and principles in the Charities SORP. 

- Make judgements and accounting estimates that are reasonable and prudent. 

- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the school will continue in operation. 

The governors are responsible for keeping proper accounting records that are sufficient to show and explain WKH�FKDULW\¶V�WUDQVDFWLRQV�DQG�GLVFORVH�ZLWK�UHDVRQDEOH�DFFXUDF\�DW�DQ\�WLPH�WKH�ILQDQFLDO�SRVLWLRQ�RI�WKH� 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. 

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

Mr A G Boggis Chair of Governors 

Date: 8 December 2022 

Page 15 



## **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 charity') and its subsidiaries (the 'group') for the year ended 31 July 2022 which comprise the Consolidated statement of financial activities, the Consolidated statement of financial position, the Charity statement of financial position, 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: 

- give a true and fair view of the state of the Group's and parent charity's affairs as at 31 July 2022 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with requirements of the Charities Act 2011. 

## **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 and parent charity 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 and 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. 

## **OTHER INFORMATION** 

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

Page 16 



**WEST BUCKLAND SCHOOL** 

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

## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION** 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- the information given in the financial statements is inconsistent in any material respect with the Governors' report; or 

- sufficient accounting records have not been kept; or 

- the parent charity financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **RESPONSIBILITIES OF TRUSTEES** 

As explained more fully in the Governors' responsibilities statement, the Governors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the 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 and 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 17 



**WEST BUCKLAND SCHOOL** 

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

## **AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS** 

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. 

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: 

- the nature of the sector, control environment and Group's and parent charity's performance; 

- results of our enquiries of management in relation to their own identification and assessment of the risks of irregularities within the Group's and parent charity's; and 

- any matters we identified having obtained and reviewed the Group's and parent charity's's documentation of their policies and procedures relating to: 

   - Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; 

   - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and 

   - The internal controls established to mitigate risks of fraud or noncompliance with laws and regulations. 

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 recognition. 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 Financial Reporting Standard 102, Charities SORP and Charities Act. 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group's and parent charity's's ability to operate or to avoid a material penalty. These included safeguarding regulations, data protection regulations, occupational health and safety regulations, education and inspections legislation, and employment legislation. 

Our procedures to respond to risks identified included the following: 

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; 

- reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue; 

- enquiring of Governors' and management and those charged with governance concerning actual and potential litigation and claims; 

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; 

Page 18 



## **WEST BUCKLAND SCHOOL** 

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

- reviewing minutes of meetings of those charged with governance and reviewing internal control reports; 

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and 

- challenging assumptions and judgements made by management in the significant accounting estimates. 

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 Part 4 of the Charities (Accounts and Reports) Regulations 2008 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. 

## **Bishop Fleming LLP** 

Chartered Accountants Statutory Auditors 2nd Floor Stratus House Emperor Way Exeter Business Park Exeter EX1 3QS 14 March 2023 

Bishop Fleming LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. 

Page 19 



**WEST BUCKLAND SCHOOL** 

## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2022** 

|**Note**<br>**Income from:**<br>Grants and donations<br>4<br>Charitable activities<br>5<br>Other trading activities<br>6<br>Investments<br>7<br>Loss on disposal of fixed assets<br>8<br>**Total income**<br>**Expenditure on:**<br>Raising funds:<br>9<br>Voluntary income<br>Fundraising trading<br>Charitable activities:<br>10<br>Depreciation<br>. Other charitable activities<br>**Total expenditure**<br>**Net expenditure before net**<br>**(losses)/gains on investments**<br>Net (losses)/gains on investments<br>**Net expenditure**<br>Transfers between funds<br>23<br>**Net movement in funds before other**<br>**recognised gains**<br>**Other recognised gains:**<br>Gains/(losses) on interest rate swap<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Net movement in funds<br>**Total funds carried forward**|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>**-**<br>**10,808,681**<br>**152,902**<br>**6,139**<br>**(112,718)**<br>**10,855,004**<br>**102,044**<br>**117,137**<br>**547,776**<br>**10,401,247**<br>**11,168,204**<br>**(313,200)**<br>**(13,857)**<br>**(327,057)**<br>**91,498**<br>**(235,559)**<br>**586,974**<br>**351,415**<br>**13,625,142**<br>**351,415**<br>**13,976,557**|**Restricted**<br>**funds**<br>**2022**<br>**£**<br>**56,033**<br>**-**<br>**-**<br>**391**<br>**-**<br>**56,424**<br>**-**<br>**-**<br>**-**<br>**66,200**<br>**66,200**<br>**(9,776)**<br>**(153)**<br>**(9,929)**<br>**(91,498)**<br>**(101,427)**<br>**-**<br>**(101,427)**<br>**150,820**<br>**(101,427)**<br>**49,393**|**Total**<br>**funds**<br>**2022**<br>**£**<br>**56,033**<br>**10,808,681**<br>**152,902**<br>**6,530**<br>**(112,718)**<br>**10,911,428**<br>**102,044**<br>**117,137**<br>**547,776**<br>**10,467,447**<br>**11,234,404**<br>**(322,976)**<br>**(14,010)**<br>**(336,986)**<br>**-**<br>**(336,986)**<br>**586,974**<br>**249,988**<br>**13,775,962**<br>**249,988**<br>**14,025,950**|Total<br>funds<br>2021<br>£<br>105,690<br>9,998,175<br>6,934<br>11,104<br>-<br>10,121,903<br>100,107<br>5,214<br>571,396<br>9,470,868<br>10,147,585<br>(25,682)<br>333<br>(25,349)<br>-<br>(25,349)<br>268,592<br>243,243<br>13,532,719<br>243,243<br>13,775,962|
|---|---|---|---|---|



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

The notes on pages 24 to 47 form part of these financial statements. 

Page 20 



## **WEST BUCKLAND SCHOOL** 

## **CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2022** 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>16<br>Investments<br>17<br>**Current assets**<br>Stocks<br>18<br>Debtors: amounts falling due after more than<br>one year<br>19<br>Debtors: amounts falling due within one year<br>19<br>Cash at bank and in hand<br>Creditors: amounts falling due within one<br>year<br>20<br>**Net current assets**<br>**Total assets less current liabilities**<br>Creditors: amounts falling due after more<br>than one year<br>21<br>**Total net assets**<br>**Charity funds**<br>Restricted funds<br>23<br>Unrestricted funds<br>23<br>**Total funds**|**46,972**<br>**366,025**<br>**649,388**<br>**3,502,755**<br>**4,565,140**<br>**(2,280,625)**|**2022**<br>**£**<br>**15,577,570**<br>**139,539**<br>**15,717,109**<br>**2,284,515**<br>**18,001,624**<br>**(3,975,674)**<br>**14,025,950**<br>**49,393**<br>**13,976,557**<br>**14,025,950**|47,117<br>-<br>331,729<br>3,987,897<br>4,366,743<br>(2,172,920)|2021<br>£<br>15,855,689<br>153,549<br>16,009,238<br>2,193,823<br>18,203,061<br>(4,427,099)<br>13,775,962<br>150,820<br>13,625,142<br>13,775,962|
|---|---|---|---|---|



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: 8 December 2022 

The notes on pages 24 to 47 form part of these financial statements. 

Page 21 



**WEST BUCKLAND SCHOOL** 

## **CHARITY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 JULY 2022** 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>16<br>Investments<br>17<br>**Current assets**<br>Stocks<br>18<br>Debtors: amounts falling due after more than<br>one year<br>19<br>Debtors: amounts falling due within one year<br>19<br>Cash at bank and in hand<br>Creditors: amounts falling due within one<br>year<br>20<br>**Net current assets**<br>**Total assets less current liabilities**<br>Creditors: amounts falling due after more<br>than one year<br>21<br>**Net assets**<br>**Total net assets**<br>**Charity funds**<br>Restricted funds<br>23<br>Unrestricted funds<br>23<br>**Total funds**|**45,832**<br>**366,025**<br>**663,430**<br>**3,392,900**<br>**4,468,187**<br>**(2,231,865)**|**2022**<br>**£**<br>**15,577,288**<br>**139,539**<br>**15,716,827**<br>**2,236,322**<br>**17,953,149**<br>**(3,975,674)**<br>**13,977,475**<br>**13,977,475**<br>**140,891**<br>**13,836,584**<br>**13,977,475**|45,832<br>-<br>329,738<br>3,975,305<br>4,350,875<br>(2,171,197)|2021<br>£<br>15,854,984<br>153,549<br>16,008,533<br>2,179,678<br>18,188,211<br>(4,427,099)<br>13,761,112<br>13,761,112<br>150,820<br>13,610,292<br>13,761,112|
|---|---|---|---|---|



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: 8 December 2022 

The notes on pages 24 to 47 form part of these financial statements. 

Page 22 



**WEST BUCKLAND SCHOOL** 

## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2022** 

|**Note**<br>**Cash flows from operating activities**<br>Net cash provided by operating activities<br>26<br>**Cash flows from investing activities**<br>Dividends, interests and rents from investments<br>Proceeds from the sale of tangible fixed assets<br>Purchase of tangible fixed assets<br>Redemption of current asset investment<br>**Net cash (used in)/provided by investing activities**<br>**Cash flows from financing activities**<br>Repayments of borrowing<br>Repayments of finance leases<br>Interest paid<br>**Net cash used in financing activities**<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**<br>27<br>The notes on pages 24 to 47 form part of these financial statements|**2022**<br>**£**<br>**198,500**<br>**6,530**<br>**246,580**<br>**(639,122)**<br>**-**<br>**(386,012)**<br>**(225,000)**<br>**(13,814)**<br>**(98,035)**<br>**(336,849)**<br>**(524,361)**<br>**3,987,897**<br>**3,463,536**|2021<br>£<br>456,583<br>11,104<br>-<br>(161,732)<br>1,000,000<br>**849,372**<br>(75,000)<br>(13,814)<br>(97,448)<br>**(186,262)**<br>**1,119,693**<br>2,868,204<br>3,987,897|
|---|---|---|



Page 23 



**WEST BUCKLAND SCHOOL** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022** 

## **1. GENERAL INFORMATION** 

West Buckland School, charity number 1167545, is a charitable incorporated organisation, as set out in trustees’ report on page 3, registered in England and Wales. 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 charity 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. 

Given the sustainable pupil numbers and significant cash and funds available to the School, the governors have a reasonable expectation that the School has adequate resources to continue its operational existence for the foreseeable future. The School therefore adopts the going concern basis in preparing its financial statements. 

Page 24 



**WEST BUCKLAND SCHOOL** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022** 

## **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. 

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. 

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. 

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. 

## **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 Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 

Page 25 



**WEST BUCKLAND SCHOOL** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022** 

## **2. ACCOUNTING POLICIES (continued)** 

## **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 and the 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, using the straight-line method. 

Depreciation is provided on the following bases: 

|Freehold property|- 2-4% straight line|
|---|---|
|Motor vehicles|- 15% straight line|
|Fixtures and fittings|- 14% straight line|
|Computer equipment|- 25% straight line|
|All weather pitch|- 7% straight line|



## **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. 

## **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. 

Page 26 



**WEST BUCKLAND SCHOOL** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022** 

## **2. ACCOUNTING POLICIES (continued)** 

## **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. 

## **2.16 PENSIONS** 

Full-time and part-time teaching staff employed under a contract of service are eligible to contribute to the Teacher's 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 by the Bursar. 

Page 27 



**WEST BUCKLAND SCHOOL** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022** 

## **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 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 leases requires the Governors to determine, based on an evaluations 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 are 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 debtors ledger for any debts that are proving difficult to collect. Management then makes a provision for bad debts against the identified debts. 

## **4. INCOME FROM GRANTS AND DONATIONS** 

|Government grants<br>TOTAL 2021|**Restricted**<br>**funds**<br>**2022**<br>**£**<br>56,033<br>105,690|**Total**<br>**funds**<br>**2022**<br>**£**<br>**56,033**<br>105,690|Total<br>funds<br>2021<br>£<br>105,690|
|---|---|---|---|
|||||



Page 28 



## **WEST BUCKLAND SCHOOL** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022** 

|**5.**<br>**INCOME FROM CHARITABLE ACTIVITIES**<br>**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>Tuition and boarding fees<br>11,950,525<br>Remitted Fees<br>(620,650)<br>Bursaries and scholarships<br>(1,111,516)<br>Other income<br>590,322<br>**TOTAL 2022**<br>10,808,681<br>TOTAL 2021<br>9,998,175<br>**6.**<br>**INCOME FROM OTHER TRADING ACTIVITIES**<br>**Income from non charitable trading activities**<br>**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>West Buckland Activities Limited<br>152,902<br>TOTAL 2021<br>6,934<br>**7.**<br>**INVESTMENT INCOME**<br>**Unrestricted**<br>**funds**<br>**2022**<br>**Restricted**<br>**funds**<br>**2022**<br>**£**<br>**£**<br>Bank interest and dividends<br>6,136<br>391<br>Interest receivable<br>3<br>-<br>**TOTAL 2022**<br>6,139<br>391<br>TOTAL 2021<br>10,723<br>381|**Total**<br>**funds**<br>**2022**<br>**£**<br>**11,950,525**<br>**(620,650)**<br>**(1,111,516)**<br>**590,322**<br>**10,808,681**<br>9,998,175<br>**Total**<br>**funds**<br>**2022**<br>**£**<br>**152,902**<br>6,934<br>**Total**<br>**funds**<br>**2022**<br>**£**<br>**6,527**<br>**3**<br>**6,530**<br>11,104|Total<br>funds<br>2021<br>£<br>11,272,140<br>(506,204)<br>(1,385,524)<br>617,763<br>9,998,175<br>Total<br>funds<br>2021<br>£<br>6,934<br>Total<br>funds<br>2021<br>£<br>11,104<br>-<br>11,104|
|---|---|---|



Page 29 



## **WEST BUCKLAND SCHOOL** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022** 

|**8.**<br>**OTHER INCOMING RESOURCES**<br><br>Loss on disposal of assets<br>**9.**<br>**EXPENDITURE ON RAISING FUNDS**<br>**COSTS OF RAISING VOLUNTARY INCOME**<br><br>Foundation wages<br>Foundation social security<br>Foundation pension<br>Foundation other costs<br>TOTAL 2021<br>**OTHER TRADING EXPENSES**<br><br>West Buckland Activities Limited<br>Trading account staff costs<br>Trading account depreciation<br>**TOTAL 2022**<br>TOTAL 2021|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>(112,718)<br>**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>63,673<br>9,223<br>735<br>28,413<br>100,107<br>**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>104,496<br>12,218<br>423<br>117,137<br>5,214|**Total**<br>**funds**<br>**2022**<br>**£**<br>**(112,718)**<br>**Total**<br>**funds**<br>**2022**<br>**£**<br>**63,673**<br>**9,223**<br>**735**<br>**28,413**<br>100,107<br>**Total**<br>**funds**<br>**2022**<br>**£**<br>**104,496**<br>**12,218**<br>**423**<br>**117,137**<br>5,214|Total<br>funds<br>2021<br>£<br>-|
|---|---|---|---|
||||Total<br>funds<br>2021<br>£<br>70,674<br>6,300<br>3,158<br>19,975|
||||Total<br>funds<br>2021<br>£<br>4,791<br>-<br>423|
||||5,214|
|||||



Page 30 



**WEST BUCKLAND SCHOOL** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022** 

## **10. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES** 

## **Summary by fund type** 

|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>Teaching<br>5,770,057<br>Welfare<br>1,749,495<br>Premises<br>1,793,393<br>Support<br>1,636,078<br>10,949,023<br>TOTAL 2021<br>9,925,459|**Restricted**<br>**funds**<br>**2022**<br>**£**<br>56,033<br>-<br>10,167<br>-<br>66,200<br>116,805|**Total**<br>**2022**<br>**£**<br>**5,826,090**<br>**1,749,495**<br>**1,803,560**<br>**1,636,078**<br>**11,015,223**<br>10,042,264|Total<br>2021<br>£<br>5,330,552<br>1,423,178<br>1,767,190<br>1,521,344|
|---|---|---|---|
||||10,042,264|
|||||



## **11. ANALYSIS OF EXPENDITURE BY ACTIVITIES** 

|Teaching<br>Welfare<br>Premises<br>Support<br>TOTAL 2021|**Activities**<br>**undertaken**<br>**directly**<br>**2022**<br>**£**<br>5,826,090<br>1,749,495<br>1,803,560<br>1,636,078<br>11,015,223<br>10,042,264|**Total**<br>**funds**<br>**2022**<br>**£**<br>**5,826,090**<br>**1,749,495**<br>**1,803,560**<br>**1,636,078**<br>**11,015,223**<br>10,042,264|Total<br>funds<br>2021<br>£<br>5,330,552<br>1,423,178<br>1,767,190<br>1,521,344|
|---|---|---|---|
||||10,042,264|
|||||



Page 31 



**WEST BUCKLAND SCHOOL** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022** 

## **11. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED) ANALYSIS OF DIRECT COSTS** 

|Staff costs<br>Depreciation<br>Support<br>Other costs<br>Governance -<br>costs of<br>Trustees'<br>training and<br>expenses<br>Governance -<br>Professional<br>charges<br>Governance -<br>auditors'<br>remuneration<br>Exp type 30<br>TOTAL 2021|**Teaching**<br>**2022**<br>**£**<br>4,828,121<br>-<br>-<br>997,969<br>-<br>-<br>-<br>-<br>5,826,090<br>5,330,552|**Welfare**<br>**2022**<br>**£**<br>596,125<br>-<br>-<br>1,153,370<br>-<br>-<br>-<br>-<br>1,749,495<br>1,448,157|**Premises**<br>**2022**<br>**£**<br>309,808<br>576,596<br>-<br>917,156<br>-<br>-<br>-<br>-<br>1,803,560<br>1,767,190|**Support**<br>**2022**<br>**£**<br>814,000<br>-<br>17,789<br>700,363<br>395<br>26,975<br>13,750<br>62,806<br>1,636,078<br>1,496,365|**Total**<br>**funds**<br>**2022**<br>**£**<br>**6,548,054**<br>**576,596**<br>**17,789**<br>**3,768,858**<br>**395**<br>**26,975**<br>**13,750**<br>**62,806**<br>**11,015,223**<br>10,042,264|Total<br>funds<br>2021<br>£<br>6,125,553<br>570,974<br>15,292<br>3,293,472<br>820<br>24,228<br>11,925<br>-|
|---|---|---|---|---|---|---|
|||||||10,042,264|
||||||||



## **12. STAFF COSTS** 

|Wages and salaries<br>Social security costs<br>Other pension costs|**Group**<br>**2022**<br>**£**<br>**5,315,098**<br>**547,266**<br>**771,539**<br>**6,633,903**|Group<br>2021<br>£<br>4,913,167<br>487,709<br>804,809<br>6,205,685|**Charity**<br>**2022**<br>**£**<br>**5,307,179**<br>**543,416**<br>**771,090**<br>**6,621,685**|Charity<br>2021<br>£<br>4,913,167<br>487,709<br>804,809|
|---|---|---|---|---|
|||||6,205,685|



Page 32 



**WEST BUCKLAND SCHOOL** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022** 

## **12. STAFF COSTS (CONTINUED)** 

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

|Educational staff<br>Support staff|**Group**<br>**2022**<br>**No.**<br>**81**<br>**93**<br>**174**|Group<br>2021<br>No.<br>78<br>96<br>174|**Charity**<br>**2022**<br>**No.**<br>**81**<br>**92**<br>**173**|Charity<br>2021<br>No.<br>78<br>96|
|---|---|---|---|---|
||||||
|||||174|



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

||**Group**|Group|
|---|---|---|
||**2022**|2021|
||**No.**|No.|
|In the band £70,001 - £80,000|**2**|3|
|In the band £80,001 - £90,000|**-**|2|
|In the band £90,001 - £100,000|**1**|-|
|In the band £100,001 - £110,000|**1**|-|
|In the band £130,001 - £140,000|**1**|1|



The Key Management Personnel of the School comprise the Trustees (who do not receive remuneration for their role as a Trustee) 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 £634,962 (2021: £658,217). 

## **13. GOVERNORS' REMUNERATION AND EXPENSES** 

During the year, no Governors received any remuneration or other benefits (2021 - £NIL). 

During the year ended 31 July 2022, expenses totaling £174 were paid to 3 Governors (2021 - £820 to 3 Governors). 

## **14. NET INCOME / EXPENDITURE** 

This is stated after charging: 

||**2022**|2021|
|---|---|---|
||**£**|£|
|Depreciation of tangible fixed assets|**557,943**|571,396|
|Auditors' remuneration - audit|**13,750**|11,925|
|Auditors' remuneration - other services|**4,492**|3,681|



Page 33 



**WEST BUCKLAND SCHOOL** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022** 

## **15. INTEREST RATE SWAP MOVEMENT** 

|Brought forward liability<br>Gain in the year<br>**Carry forward asset/(liability)**|**2022**<br>**£**<br>**(220,949)**<br>**586,974**<br>**366,025**|2021<br>£<br>(489,541)<br>268,592<br>(220,949)|
|---|---|---|



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, 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 swap, its value will be back to zero. 

Page 34 



**WEST BUCKLAND SCHOOL** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022** 

## **16. TANGIBLE FIXED ASSETS** 

## **GROUP** 

|**COST OR VALUATION**<br>At 1 August 2021<br>Additions<br>Disposals<br>At 31 July 2022<br>**DEPRECIATION**<br>At 1 August 2021<br>Charge for the year<br>On disposals<br>At 31 July 2022<br>**NET BOOK VALUE**<br>At 31 July 2022<br>At 31 July 2021|**Freehold**<br>**property**<br>**£**<br>**18,032,146**<br>**378,212**<br>**-**<br>**18,410,358**<br>**3,192,164**<br>**388,738**<br>**-**<br>**3,580,902**<br>**14,829,456**<br>14,839,982|**Plant and**<br>**machinery**<br>**£**<br>**9,538**<br>**-**<br>**-**<br>**9,538**<br>**8,833**<br>**423**<br>**-**<br>**9,256**<br>**282**<br>705|**Motor**<br>**vehicles**<br>**£**<br>**56,635**<br>**-**<br>**-**<br>**56,635**<br>**56,635**<br>**-**<br>**-**<br>**56,635**<br>**-**<br>-|**Fixtures and**<br>**fittings**<br>**£**<br>**2,457,513**<br>**154,948**<br>**(522,763)**<br>**2,089,698**<br>**1,655,703**<br>**108,525**<br>**(163,465)**<br>**1,600,763**<br>**488,935**<br>801,810|**Computer**<br>**equipment**<br>**£**<br>**837,918**<br>**105,962**<br>**-**<br>**943,880**<br>**791,009**<br>**46,017**<br>**-**<br>**837,026**<br>**106,854**<br>46,909|**All weather**<br>**pitch**<br>**£**<br>**786,333**<br>**-**<br>**-**<br>**786,333**<br>**620,050**<br>**14,240**<br>**-**<br>**634,290**<br>**152,043**<br>166,283|**Total**<br>**£**<br>**22,180,083**<br>**639,122**<br>**(522,763)**<br>**22,296,442**<br>**6,324,394**<br>**557,943**<br>**(163,465)**<br>**6,718,872**<br>**15,577,570**<br>15,855,689|
|---|---|---|---|---|---|---|---|



At 31 July 2022 At 31 July 2021 

Page 35 



**WEST BUCKLAND SCHOOL** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022** 

## **16. TANGIBLE FIXED ASSETS (CONTINUED)** 

## **CHARITY** 

|**COST OR VALUATION**<br>At 1 August 2021<br>Additions<br>Disposals<br>At 31 July 2022<br>**DEPRECIATION**<br>At 1 August 2021<br>Charge for the year<br>On disposals<br>At 31 July 2022<br>**NET BOOK VALUE**<br>At 31 July 2022<br>At 31 July 2021|**Freehold**<br>**property**<br>**£**<br>**18,032,146**<br>**378,212**<br>**-**<br>**18,410,358**<br>**3,192,164**<br>**388,738**<br>**-**<br>**3,580,902**<br>**14,829,456**<br>14,839,982|**Motor**<br>**vehicles**<br>**£**<br>**56,635**<br>**-**<br>**-**<br>**56,635**<br>**56,635**<br>**-**<br>**-**<br>**56,635**<br>**-**<br>-|**Fixtures and**<br>**fittings**<br>**£**<br>**2,457,513**<br>**154,948**<br>**(522,763)**<br>**2,089,698**<br>**1,655,703**<br>**108,525**<br>**(163,465)**<br>**1,600,763**<br>**488,935**<br>801,810|**Computer**<br>**equipment**<br>**£**<br>**837,918**<br>**105,962**<br>**-**<br>**943,880**<br>**791,009**<br>**46,017**<br>**-**<br>**837,026**<br>**106,854**<br>46,909|**All weather**<br>**pitch**<br>**£**<br>**786,333**<br>**-**<br>**-**<br>**786,333**<br>**620,050**<br>**14,240**<br>**-**<br>**634,290**<br>**152,043**<br>166,283|**Total**<br>**£**<br>**22,170,545**<br>**639,122**<br>**(522,763)**<br>**22,286,904**<br>**6,315,561**<br>**557,520**<br>**(163,465)**<br>**6,709,616**<br>**15,577,288**<br>15,854,984|
|---|---|---|---|---|---|---|



At 31 July 2022 At 31 July 2021 

Page 36 



**WEST BUCKLAND SCHOOL** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022** 

## **16. TANGIBLE FIXED ASSETS (CONTINUED)** 

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

||**Group**|Group|**Charity**|Charity|
|---|---|---|---|---|
||**2022**|2021|**2022**|2021|
||**£**|£|**£**|£|
|Fixtures and fittings|**34,044**|54,752|**34,044**|54,752|



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

## **17. FIXED ASSET INVESTMENTS** 

|**GROUP AND CHARITY**<br>**COST OR VALUATION**<br>At 1 August 2021<br>Revaluations<br>AT 31 JULY 2022|**Listed**<br>**investments**<br>**£**<br>**153,549**<br>**(14,010)**|
|---|---|
||**139,539**|



## **18. STOCKS** 

|Stocks<br>**DEBTORS**<br>**DUE AFTER MORE THAN ONE YEAR**<br>Derivatives - interest rate swap|**Group**<br>**2022**<br>**£**<br>**46,972**<br>**Group**<br>**2022**<br>**£**<br>**366,025**|Group<br>2021<br>£<br>47,117<br>Group<br>2021<br>£<br>-|**Charity**<br>**2022**<br>**£**<br>**45,832**<br>**Charity**<br>**2022**<br>**£**<br>**366,025**|Charity<br>2021<br>£<br>45,832|
|---|---|---|---|---|
|||||Charity<br>2021<br>£<br>-|



## **19. DEBTORS** 

Page 37 



**WEST BUCKLAND SCHOOL** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022** 

## **19. DEBTORS (CONTINUED)** 

|**DUE WITHIN ONE YEAR**<br>Trade debtors<br>Amounts owed by group undertakings<br>Other debtors<br>Prepayments and accrued income|**Group**<br>**2022**<br>**£**<br>**62,676**<br>**-**<br>**479,568**<br>**107,144**<br>**649,388**|Group<br>2021<br>£<br>1,991<br>-<br>260,361<br>69,377<br>331,729|**Charity**<br>**2022**<br>**£**<br>**-**<br>**76,718**<br>**479,568**<br>**107,144**<br>**663,430**|Charity<br>2021<br>£<br>-<br>-<br>260,361<br>69,377|
|---|---|---|---|---|
||||||
|||||329,738|



Due to a significant increase in the valuation of the interest rate swap, the derivatives are now showing as an asset worth 366,025 (2021: 220,949 liability). The value of this derivative will increase and decrease but will net to Nil upon its cessation. 

## **20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|Bank overdrafts<br>Bank loans<br>Trade creditors<br>Amounts owed to group undertakings<br>Other taxation and social security<br>Obligations under finance lease and hire<br>purchase contracts<br>Other creditors<br>Accruals and deferred income|**Group**<br>**2022**<br>**£**<br>**39,219**<br>**225,000**<br>**413,562**<br>**-**<br>**208,999**<br>**5,476**<br>**833,404**<br>**554,965**<br>**2,280,625**|Group<br>2021<br>£<br>-<br>225,000<br>351,446<br>-<br>122,693<br>13,814<br>740,749<br>719,218<br>2,172,920|**Charity**<br>**2022**<br>**£**<br>**39,219**<br>**225,000**<br>**374,541**<br>**269**<br>**199,619**<br>**5,476**<br>**834,476**<br>**553,265**<br>**2,231,865**|Charity<br>2021<br>£<br>-<br>225,000<br>351,446<br>1,312<br>122,033<br>13,814<br>740,749<br>716,843|
|---|---|---|---|---|
||||||
|||||2,171,197|



Page 38 



**WEST BUCKLAND SCHOOL** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022** 

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

|Bank loans<br>Net obligations under finance lease and hire<br>purchase contracts<br>Derivatives - interest rate swap|**Group**<br>**2022**<br>**£**<br>**3,975,000**<br>**674**<br>**-**<br>**3,975,674**|Group<br>2021<br>£<br>4,200,000<br>6,150<br>220,949<br>4,427,099|**Charity**<br>**2022**<br>**£**<br>**3,975,000**<br>**674**<br>**-**<br>**3,975,674**|Charity<br>2021<br>£<br>4,200,000<br>6,150<br>220,949|
|---|---|---|---|---|
|||||4,427,099|



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

|Payable by installments<br>**22.**<br>**FINANCIAL INSTRUMENTS**<br>**FINANCIAL ASSETS**<br>Financial assets measured at fair value<br>through income and expenditure<br>**FINANCIAL LIABILITIES**<br>Derivative financial instruments measured at<br>fair value through income and expenditure<br>held as part of a trading portfolio|**Group**<br>**2022**<br>**£**<br>**3,075,000**<br>**3,075,000**<br>**Group**<br>**2022**<br>**£**<br>**3,868,780**<br>**Group**<br>**2022**<br>**£**<br>**366,025**|Group<br>2021<br>£<br>3,300,000<br>3,300,000<br>Group<br>2021<br>£<br>3,987,897<br>Group<br>2021<br>£<br>(220,949)|**Charity**<br>**2022**<br>**£**<br>**3,075,000**<br>**3,075,000**<br>**Charity**<br>**2022**<br>**£**<br>**3,758,925**<br>**Charity**<br>**2022**<br>**£**<br>**366,025**|Charity<br>2021<br>£<br>3,300,000|
|---|---|---|---|---|
|||||3,300,000|
|||||Charity<br>2021<br>£<br>3,975,305<br>Charity<br>2021<br>£<br>(220,949)|



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 39 



**WEST BUCKLAND SCHOOL** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022** 

|**23.**<br>**STATEMENT OF FUNDS**<br>**STATEMENT OF FUNDS - CURRENT YEAR**<br>**Balance at 1**<br>**August 2021**<br>**£**<br>**Income**<br>**£**<br>**UNRESTRICTED**<br>**FUNDS**<br>**DESIGNATED**<br>**FUNDS**<br>Roof and astro fund<br>**139,299**<br>**-**<br>Fixed assets<br>**11,108,075**<br>**-**<br>**11,247,374**<br>**-**<br>**GENERAL FUNDS**<br>General Funds<br>**2,377,768**<br>**10,855,004**<br>**TOTAL**<br>**UNRESTRICTED**<br>**FUNDS**<br>**13,625,142**<br>**10,855,004**<br>**RESTRICTED**<br>**FUNDS**<br>Prize funds<br>**13,678**<br>**-**<br>Sundry funds<br>**35,477**<br>**391**<br>Floodlights and<br>playground<br>**101,665**<br>**-**<br>COVID government<br>grants<br>**-**<br>**56,033**<br>**150,820**<br>**56,424**<br>**TOTAL OF FUNDS**<br>**13,775,962**<br>**10,911,428**|**Expenditure**<br>**£**<br>**-**<br>**(547,776)**<br>**(547,776)**<br>**(10,620,428)**<br>**(11,168,204)**<br>**-**<br>**-**<br>**(10,167)**<br>**(56,033)**<br>**(66,200)**<br>**(11,234,404)**|**Transfers**<br>**in/out**<br>**£**<br>**50,000**<br>**505,915**<br>**555,915**<br>**(464,417)**<br>**91,498**<br>**-**<br>**-**<br>**(91,498)**<br>**-**<br>**(91,498)**<br>**-**|**Gains/**<br>**(Losses)**<br>**£**<br>**Balance at**<br>**31 July 2022**<br>**£**<br>**(13,857)**<br>**175,442**<br>**586,974**<br>**11,653,188**<br>**573,117**<br>**11,828,630**<br>**-**<br>**2,147,927**<br>**573,117**<br>**13,976,557**<br>**(153)**<br>**13,525**<br>**-**<br>**35,868**<br>**-**<br>**-**<br>**-**<br>**-**<br>**(153)**<br>**49,393**<br>**572,964**<br>**14,025,950**|**Gains/**<br>**(Losses)**<br>**£**<br>**Balance at**<br>**31 July 2022**<br>**£**<br>**(13,857)**<br>**175,442**<br>**586,974**<br>**11,653,188**<br>**573,117**<br>**11,828,630**<br>**-**<br>**2,147,927**<br>**573,117**<br>**13,976,557**<br>**(153)**<br>**13,525**<br>**-**<br>**35,868**<br>**-**<br>**-**<br>**-**<br>**-**<br>**(153)**<br>**49,393**<br>**572,964**<br>**14,025,950**|
|---|---|---|---|---|
|||||**11,828,630**|
|||||**2,147,927**|
|||||**13,976,557**|
|||||**13,525**<br>**35,868**<br>**-**<br>**-**|
|||||**49,393**|
|||||**14,025,950**|



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

The prize fund consists of The Thomas Shepherd Law Scholarship and the Comers Clarke Scholarship. The carried forward amount on this 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, grants received for specific purposes or smaller restricted prize and sponsorship funds. 

The Floodlights and playground funds were raised for two capital projects. The value of the fund is represented by the assets concerned and depreciation on the equipment is charged against the fund. 

Page 40 



**WEST BUCKLAND SCHOOL** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022** 

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

|**UNRESTRICTED**<br>**FUNDS**<br>**DESIGNATED**<br>**FUNDS**<br>Roof and astro fund<br>Fixed assets<br>**GENERAL FUNDS**<br>General Funds<br>**TOTAL**<br>**UNRESTRICTED**<br>**FUNDS**<br>**RESTRICTED**<br>**FUNDS**<br>Prize funds<br>Sundry funds<br>6th form interest fund<br>Floodlights and<br>playground<br>Other government<br>grants (job retention<br>scheme)<br>**TOTAL OF FUNDS**|Balance at<br>1 August<br>2020<br>£<br>140,758<br>11,165,363<br>11,306,121<br>2,066,836<br>13,372,957<br>12,160<br>34,822<br>948<br>111,832<br>-<br>159,762<br>13,532,719|Income<br>£<br>-<br>-<br>-<br>10,015,832<br>10,015,832<br>-<br>381<br>-<br>-<br>105,690<br>106,071<br>10,121,903|Expenditure<br>£<br>-<br>(561,229)<br>(561,229)<br>(9,469,551)<br>(10,030,780)<br>-<br>-<br>(948)<br>(10,167)<br>(105,690)<br>(116,805)<br>(10,147,585)|Transfers<br>in/out<br>£<br>-<br>235,349<br>235,349<br>(235,349)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-||Gains/<br>(Losses)<br>£<br>(1,459)<br>268,592<br>267,133<br>-|
|---|---|---|---|---|---|---|
||||||||
||||||||
||||||||
||||||||



Page 41 



**WEST BUCKLAND SCHOOL** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022** 

## **24. SUMMARY OF FUNDS** 

## **SUMMARY OF FUNDS - CURRENT YEAR** 

||**Balance at 1**|||**Transfers**|**Gains/**|**Balance at**|
|---|---|---|---|---|---|---|
||**August 2021**|**Income**|**Expenditure**|**in/out**|**(Losses)**|**31 July 2022**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Designated|||||||
|funds|**11,247,374**|**-**|**(547,776)**|**555,915**|**573,117**|**11,828,630**|
|General funds|**2,377,768**|**10,855,004**|**(10,620,428)**|**(464,417)**|**-**|**2,147,927**|
|Restricted funds|**150,820**|**56,424**|**(66,200)**|**(91,498)**|**(153)**|**49,393**|
||**13,775,962**|**10,911,428**|**(11,234,404)**|**-**|**572,964**|**14,025,950**|
|**SUMMARY OF FUNDS - PRIOR**||**YEAR**|||||
||Balance at||||||
||1 August|||Transfers|Gains/|Balance at|
||2020|Income|Expenditure|in/out|(Losses)|31 July 2021|
||£|£|£|£|£|£|
|Designated|||||||
|funds|11,306,121|-|(561,229)|235,349|267,133|11,247,374|
|General funds|2,066,836|10,015,832|(9,469,551)|(235,349)|-|2,377,768|
|Restricted funds|159,762|106,071|(116,805)|-|1,792|150,820|
||13,532,719|10,121,903|(10,147,585)|-|268,925|13,775,962|



Page 42 



**WEST BUCKLAND SCHOOL** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022** 

## **25. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR** 

|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>Tangible fixed assets<br>15,486,072<br>Fixed asset investments<br>126,014<br>Debtors due after more than one year<br>366,025<br>Current assets<br>4,163,247<br>Creditors due within one year<br>(2,280,625)<br>Creditors due in more than one year<br>(3,975,674)<br>Difference<br>91,498<br>**TOTAL**<br>13,976,557<br>**ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR**<br>Unrestricted<br>funds<br>2021<br>£<br>Tangible fixed assets<br>15,754,024<br>Fixed asset investments<br>139,871<br>Current assets<br>4,331,266<br>Creditors due within one year<br>(2,172,920)<br>Creditors due in more than one year<br>(4,427,099)<br>**TOTAL**<br>13,625,142|**Restricted**<br>**funds**<br>**2022**<br>**£**<br>91,498<br>13,525<br>-<br>35,868<br>-<br>-<br>(91,498)<br>49,393<br>Restricted<br>funds<br>2021<br>£<br>101,665<br>13,678<br>35,477<br>-<br>-<br>150,820|**Total**<br>**funds**<br>**2022**<br>**£**<br>**15,577,570**<br>**139,539**<br>**366,025**<br>**4,199,115**<br>**(2,280,625)**<br>**(3,975,674)**<br>**-**<br>**14,025,950**<br>Total<br>funds<br>2021<br>£<br>15,855,689<br>153,549<br>4,366,743<br>(2,172,920)<br>(4,427,099)<br>13,775,962|
|---|---|---|
|Tangible fixed assets<br>Fixed asset investments<br>Current assets<br>Creditors due within one year<br>Creditors due in more than one year<br>**TOTAL**|||



Page 43 



**WEST BUCKLAND SCHOOL** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022** 

|**26.**<br>**RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW**<br>**ACTIVITIES**<br>Net expenditure for the year (as per Statement of Financial Activities)<br>**ADJUSTMENTS FOR:**<br>Depreciation charges<br>Interest paid<br>Interest received<br>Loss/(profit) on the sale of fixed assets<br>Decrease/(increase) in stocks<br>Decrease/(increase) in debtors<br>Increase/(decrease) in creditors<br>Gain/loss on investment<br>**NET CASH PROVIDED BY OPERATING ACTIVITIES**|**FROM OPERATING**<br>**Group**<br>Group<br>**2022**<br>2021<br>**£**<br>£<br>**(336,986)**<br>(25,349)<br>**557,943**<br>571,396<br>**98,035**<br>97,448<br>**(6,530)**<br>-<br>**112,718**<br>(11,104)<br>**-**<br>(11,485)<br>**(317,659)**<br>55,662<br>**76,969**<br>(219,652)<br>**14,010**<br>(333)<br>**198,500**<br>456,583|**FROM OPERATING**<br>**Group**<br>Group<br>**2022**<br>2021<br>**£**<br>£<br>**(336,986)**<br>(25,349)<br>**557,943**<br>571,396<br>**98,035**<br>97,448<br>**(6,530)**<br>-<br>**112,718**<br>(11,104)<br>**-**<br>(11,485)<br>**(317,659)**<br>55,662<br>**76,969**<br>(219,652)<br>**14,010**<br>(333)<br>**198,500**<br>456,583|
|---|---|---|
|||571,396<br>97,448<br>-<br>(11,104)<br>(11,485)<br>55,662<br>(219,652)<br>(333)|
||||
|||456,583|



|**27.**<br>**ANALYSIS OF CASH AND CASH EQUIVALENTS**<br>Cash in hand<br>Notice deposits (less than 3 months)<br>Overdraft facility repayable on demand<br>**TOTAL CASH AND CASH EQUIVALENTS**|**Group**<br>**2022**<br>**£**<br>**3,502,682**<br>**73**<br>**(39,219)**<br>**3,463,536**|Group<br>2021<br>£<br>2,988,436<br>999,461<br>-|
|---|---|---|
||||
|||3,987,897|



Page 44 



**WEST BUCKLAND SCHOOL** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022** 

## **28. ANALYSIS OF CHANGES IN NET DEBT** 

|Cash at bank and in hand<br>Bank overdrafts repayable on demand<br>Debt due within 1 year<br>Debt due after 1 year<br>Finance leases|**At 1 August**<br>**2021**<br>**£**<br>**3,987,897**<br>**-**<br>**(225,000)**<br>**(4,200,000)**<br>**(19,964)**<br>**(457,067)**|**Cash flows**<br>**£**<br>**(485,142)**<br>**(39,219)**<br>**-**<br>**225,000**<br>**13,814**<br>**(285,547)**|**At 31 July**<br>**2022**<br>**£**<br>**3,502,755**<br>**(39,219)**<br>**(225,000)**<br>**(3,975,000)**<br>**(6,150)**<br>**(742,614)**|
|---|---|---|---|



## **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 £71,291 (2021: £78,524). £17,814 (2021: £11,036) 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. All teachers have the option to opt-out of the TPS following enrolment. 

The TPS is an unfunded scheme to which both the member and the employer makes contributions, as  a percentage of salary - these contributions 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 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. The valuation report was prepared by the Department for Education on 5 March 2019. The key elements of the valuation and subsequent consultation are: 

- employer contribution rates set at 23.68% of pensionable pay (including a 0.08% employer administration levy) 

- total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218,100 million, and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £196,100 million giving a notional past service deficit of £22,000 million 

Page 45 



**WEST BUCKLAND SCHOOL** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022** 

## **29. PENSION COMMITMENTS (CONTINUED)** 

- the SCAPE rate, set by HMT, is used to determine the notional investment return. The current SCAPE rate is 2.4% above the rate of CPI, assumed real rate of return is 2.4% in excess of prices and 2% in excess of earnings. The rate of real earnings growth is assumed to be 2.2%. The assumed nominal rate of return including earnings growth is 4.45% 

The next valuation result is due to be implemented fro 1 April 2023. 

The employer's pension costs paid to TPS in the year amounted to £699,799 (2021:  £723,127). 

A copy of the valuation report and supporting documentation is on the Teachers' Pensions website (https://www.teacherspensions.co.uk/news/employers/2019/04/teachers-pensions-valuation-report.aspx). 

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 2022 the Group and the charity had commitments to make future minimum lease payments under non-cancelable operating leases as follows: 

|Not later than 1 year<br>Later than 1 year and not later than 5 years|**Group**<br>**2022**<br>**£**<br>**17,022**<br>**17,022**<br>**34,044**|Group<br>2021<br>£<br>17,818<br>34,044<br>51,862|**Charity**<br>**2022**<br>**£**<br>**17,022**<br>**17,022**<br>**34,044**|Charity<br>2021<br>£<br>17,818<br>34,044|
|---|---|---|---|---|
||||||
|||||51,862|



## **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 13. 

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**WEST BUCKLAND SCHOOL** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022** 

## **32. PRINCIPAL SUBSIDIARIES** 

|**West Buckland Activities Limited**||
|---|---|
|Subsidiary name|West Buckland Activities Limited|
|Basis of control|100% shareholding|
|||
|Total assets as at 31 July 2022|170,666|
|Total liabilities as at 31 July 2022|(45,328)|
|Total equity as at 31 July 2022|125,338|
|||
|Turnover for the year ended 31 July 2022|229,623|
|Expenditure for the year ended 31 July 2022|(116,992)|
|Profit for the year ended 31 July 2022|112,631|



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

## **33. POST BALANCE SHEET EVENTS** 

In the year, it was agreed that a solar panel project costing in the region of £300,000 would be undertaken based on an owned and operated basis. No contracts had been signed at the year end and so no capital commitment exists, but approval had been granted by Trustees. 

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