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2023-07-31-accounts

Charity number: 1167545

WEST BUCKLAND SCHOOL

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

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 15 - 18
Consolidated statement of financial activities 19
Consolidated balance sheet 20
Charity balance sheet 21
Consolidated statement of cash flows 22
Notes to the financial statements 23 - 46

WEST BUCKLAND SCHOOL

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 JULY 2023

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) (Retired August 2023)1,2,3 Mr I P Blewett, (Vice Chair) (Chair of Governors from Sept 2023)2 Mr K R Underwood, (Vice Chairman) (Retired 12 May 2023)1,3 Dr T A Brummit, (Safeguarding Governor)2 Mrs G Cotton1 Mr J J Hall MA, (Oxon) ^1,4 Mr P W Hevingham1 Canon V Breed, (Nominative Governor - Representative of the University of Exeter)2 Mr P Last2 Mrs T Parry, (Appointed Sept 2022 - Retired Feb 2023)2 Mr J T Wilson, (Oxon) ^1,4 Mr M Brearey2 Prof D Boughey, (Appointed Dec 2022)1 Mr J M Walker, (Appointed May 2023)1 Mrs K F Stewart, (Appointed June 2023)2 Mrs S F Pimm, (Appointed July 2023) ^4

1 Finance Committee

2 Education Committee

3 Governance Committee

4 ^ Indicates Parent of a Pupil at the School

During the year the activities of the Governing Body were carried out through the three committees detailed above. The membership of these committees is shown above for each governor.

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

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WEST BUCKLAND SCHOOL

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

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

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WEST BUCKLAND SCHOOL

GOVERNORS’ REPORT FOR THE YEAR ENDED 31 JULY 2023

GOVERNORS’ REPORT FOR THE YEAR ENDED 31 JULY 2023

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 2023 and confirm they comply with the requirements of the Charities Act 2011, the trust deed and the Charities SORP (FRS 102).

REFERENCE AND ADMINISTRATIVE INFORMATION

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

The CIO operates two schools known as West Buckland School and West Buckland Prep School. There is one Governing Body for the two schools. Details of the members of the Governing Body, together with the school’s principal advisers, are given on pages 1 and 2.

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

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

STRUCTURE, GOVERNANCE AND MANAGEMENT

GOVERNING DOCUMENTS

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

GOVERNING BODY

The Governing Body on 31 July 2023, comprised 16 governors. Twelve 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), University of Exeter (4-years), the OWBA alumnus (3-years) and the Bishop of Exeter (4-years).

New co-opted members of the Governing Body are elected on the basis of nominations from the governors based on the candidates’ professional qualities, skills, experience, personal competence and local availability at a suitably convened meeting of Trustees.

METHOD OF APPOINTMENT, ELECTION, INDUCTION AND TRAINING OF GOVERNORS

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

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

ORGANISATIONAL MANAGEMENT

The members of the Governing Body, as charity trustees, are legally responsible for the overall management and control of the CIO and its senior and preparatory schools. They meet, as a full board, 4-times a year.

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WEST BUCKLAND SCHOOL

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Detailed work is conducted on their behalf by various sub committees, which in turn make reports and recommendations for the Governing Body to approve. The main Committees are the Finance, Education and Governance Committees with sub-committees formed as necessary (for example, Compliance, Nominations, Estates and Facilities).

The Head and the Bursar (also Clerk to the Governors) are appointed by the governors. The (Senior School) Head 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 Head.

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 Finance Committee was chaired by Mr Underwood. This passed to Mr Walker in September 2023

• The Governance Committee oversees governance and compliance matters as well as nominations. The committee is chaired by Mrs Stewart.

In addition, sub-committees are established to consider current topics, there is a sub-committee exploring options for International Schools (chaired by Mr Hevingham).

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

PAY POLICY FOR SENIOR STAFF

Remuneration is set by the Board, with the policy objective of encouraging enhanced performance and of rewarding, fairly, contributions to the school’s success. The Headmaster reviews senior salaries and the Chair of Governors reviews the salaries of the Heads and the Bursar.

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

We aim to recruit, subject to experience, and provide scope for career progression. Delivery of the school’s charitable vision and purpose is primarily dependent on our key management personnel. Staff costs are the largest single element of our charitable expenditure.

GROUP STRUCTURE AND RELATIONSHIPS

West Buckland Activities Limited was formed in 1990 and primarily undertakes the trading activities that fall outside of the school's charitable objectives. The Trading Company also manages letting activity when school facilities are not being used. This includes local community groups gaining access to, and benefit from, school amenities, as well as hosting and developing partnerships with international schools.

The Head is a member of the Headmasters’ and Headmistresses’ Conference (HMC). HMC is a kite mark of global quality, innovation and excellence in education. There are currently 300 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

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WEST BUCKLAND SCHOOL

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

benefits of a holistic educational experience: academic excellence coupled with a strong emphasis on pastoral care and exceptional co-curricular opportunities. The school also draws on the expertise of the Independent Schools’ Bursars Association (ISBA), Independent Schools Council (ISC) and the Association of Governing Bodies of Independent Schools (AGBIS).

The Head of the Preparatory School is a member of the Independent Association of Prep Schools (IAPS). IAPS is a schools association with over 660 of the world’s leading prep schools in membership. Schools must reach a very high standard to be eligible for membership, with strict criteria on teaching a broad curriculum, maintaining excellent standards of pastoral care and keeping staff members’ professional development training up to date.

The Head is an Independent Schools Inspectorate (ISI) inspector.

EMPLOYMENT POLICY

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

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

OBJECTIVES AND ACTIVITIES

Charitable Objects

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

MISSION

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

Strategic Aims

The broad aims of the strategy for the Academic Year 2022/23 were as follows:

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

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WEST BUCKLAND SCHOOL

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

4 To maintain excellent financial management to support the School’s further education and estates development, at all times taking sustainability, the climate and the environment into account.

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

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

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

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

Development Plan for 2022/23

Further to the strategic aims, the following development plan was set for the year 2022/23:

The school’s priority is the continued delivery of education in a safe and secure environment.

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 staff within a culture of continual improvement.

4 To maintain excellent financial management to support the School’s further education and estates development, at all times taking sustainability, the climate and the environment into account.

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WEST BUCKLAND SCHOOL

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

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

day

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.

REVIEW OF ACHIEVEMENTS REPORT FOR 2022 – 2023

The school has been very successful in developing rounded young people and ensuring they leave to a course or career of their choice. All prep pupils transition to the senior school and the vast majority remain to study in sixth form. Year 13 receive excellent advice which results in over 90% achieving their chosen course or destination on results day.

The school succeeded in gaining IB accreditation to deliver the careers related programme which will start in September 2023. It also introduced new clubs like gardening, chess, and water polo as well as received glowing reviews from the Good Schools Guide and Muddy Stilettos for being an exciting school.

The school is growing its outreach programme and becoming a leader in EDI and pupil leadership; hosting a number of pupils and staff from local schools in conferences in both areas.

The development of the solar field was commissioned at year end towards meetings the school's goals on energy efficiency and will be used to drive further objectives in energy saving and waste management into the next year.

MAIN ACTIVITIES UNDERTAKEN TO FURTHER THE CHARITY’S PURPOSES FOR PUBLIC BENEFIT

West Buckland School is a charitable trust which seeks to benefit the public through the pursuit of its stated objects. The school sets its fees to ensure that its first-class education is accessible to as many individuals within the North Devon area and beyond, as possible.

The School provided means-tested bursaries and scholarships in the year worth around £1.7m. The West Buckland Foundation’s Bursary Fund continues to provide income to help support the Bursary Programme 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.

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WEST BUCKLAND SCHOOL

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Applications from pupils in Year 6 at local primary schools are considered by the Foundation’s Bursary Committee each Autumn for Year 7 entry the following academic year. Applications are rigorously meanstested, applicants must pass the School’s assessment examinations and the families receive a home visit. The successful recipients of the fully funded bursaries and their families are supported both financially and pastorally by the Foundation throughout their time at West Buckland. The majority of these pupils remain at West Buckland for Sixth Form and then go on to university.

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

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.

SENIOR SCHOOL

The school opened the Queen Elizabeth II memorial garden and the gardening club deliver produce to the local community. The school’s efforts were recognised with distinction in the Eco Schools Green Flag award and short-listed in the TES School of Year award for Environmental School of the Year.

The school appointed a Director of External Relations with a clear remit to develop brand and communication as well as sustain West Buckland’s position as a leading school in the south-west with regard to pupil choice.

The appointment of an IB coordinator, together with the diligence and enthusiasm of many teachers, ensured - that the school achieved accreditation to deliver the IBCP. West Buckland’s approach to international mindedness aligns with the philosophy of the IB and as an IB World School we have started making global connections as well as offering a unique curriculum for children in North Devon.

Academic results matched those of 2022 and were very pleasing at the top end, with over 90% of Year 13 leavers securing their chosen destination on the day. The appointment of a Head of Academic Aspiration has ensured a rich scholar programme, accessible to all, and the school’s focus on SEN and EAL training for teaching staff continues to support the range of pupil intake prized by the school. The introduction of Maths masterclasses and IB curious events provide opportunities for creative and critical thinking.

Pastoral care continues to be a key feature of a West Buckland education with those needing the most support scoring extremely well in the final exams. A focus on up-standing married well with our determined approach to Equity, Diversity, and Inclusion and included a conference at West Buckland for leaders in this area.

Make a Difference (MaD) Monday is the school’s dedicated time to enrichment within the community with options for individual and collective development. The focus on life-skills and service remains strong, with many community projects during this time. The introduction of a Filmmakers club is one example of the evolving ECA programme which looks to develop pupil character through a number of defined areas: performance, development, participation. The school raised over £10,000 for the Harris Trotter Foundation and an additional £3,000 for a Kenyan school where students can visit next year. We hosted two teachers from this school as part of our international collaboration in staff development. Four teams completed the Ten Tors challenge and both DofE and CCF enjoyed summer camps. The main drama event ‘blue stockings’ was a triumph and capped a star-studded performing arts programme which included OWBA Emma Ravicz. Sport continues is dominant form with great success in Netball, Boys’ hockey, and tennis. 4 pupils qualified for the National athletics with one taking a bronze medal.

The school’s campus continues to evolve with the installation of a solar field, development of football pitches, creation of a digital media hub, upgrades to the medical centre, and growth of boarding to include junior boarding.

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WEST BUCKLAND SCHOOL

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

PREP SCHOOL

Nick Robinson left his position as Head of the Prep School in July 2022. The school recruited a new Headteacher, Sarah Atkinson, who took up the post in April 2023. The Deputy Head, Sarah Phillips, acted as Interim Head from September 2022 to April 2023.

In September 2022 Microsoft devices were rolled out to all pupils from Year Five upwards. This technology has already had a positive impact on learning.

Academic rigour remains a priority, however our pupil body includes a number of children with specific learning difficulties. Two pupils were granted EHCP status during the year. The Prep school appointed a new SENCo in September 2022 and training of staff and PLAs remains a priority.

The Prep numbers remained healthy throughout the year with new pupils joining each term. By the summer term 2023 148 pupils were on roll. 36 pupils transitioned to the Senior School.

Drama and Music remain strong subjects in Prep. Informal afternoons of Music and end of year concerts highlighted the exceptional talent of our pupils. ABRSM exam results were very encouraging, 51 pupils took exams over the year, 24 passed with distinction, 22 with merit and 5 with straight passes. The annual PrePrep Christmas play and Carol concert were enjoyed by parents in December. Year Three and Four pupils performed a Glint of Gold in April, and Year 5 and 6 ended the year with an outstanding performance of Macbeth.

Sport continues to go from strength to strength. Our U11 boys were champions of Devon in Rugby - seeing off both Exeter and Blundells on route. This meant they competed at the IAPS western finals hosted at Millfield. U9s won the Blundells rugby tournament in the autumn term playing 6 and winning 6. A mixed Gymnastics Team qualified for the National finals at Stoke in the Summer Term. One Year Six pupil also qualified for the National Athletics event at Alexandra Stadium, competing in Discus and shotput.

Our ECA programme expanded over the year to include surfing, climbing and skateboarding at various venues locally. All pupils from Year Four upwards enjoyed a residential trip in the summer term.

We continue to work closely with our parent body, we host a half termly parent rep meeting to discuss any concerns or queries raised. This has proved to be a positive way in which to keep the parent body updated on developments.

Work began on The Gables to create a Junior Boarding House for pupils in Year 5 – 8. We look forward to this being launched during the next academic year.

WEST BUCKLAND SCHOOL FOUNDATION

West Buckland School Foundation continues its efforts to orchestrate fundraising initiatives in support of the school. These funds enable the school to fund various projects each year, that enhance the educational journey for our students. During 2022/23 there was no major capital fundraising campaign.

Some of the smaller projects funded from donations include the Queen Elizabeth ll Memorial garden which was officially opened by Paul Orchard-Lisle, the School’s Patron on Speech Day. The garden, which has been funded by a generous donation and a legacy, was lush with vibrant flowers and vegetables and the tranquil pathways and seating areas offer a space for reflection and remembrance. Thanks to the generosity of our community, the Foundation has purchased many items for the School including P-brass instruments for the Prep students, a mobile cricket net, piano stools, soft seating for the Chapel, GPS sports tracking equipment, rugby tackle bags and a new electronic scoreboard for the Sports Hall. The Foundation also continues to sponsor the WBS Flyer - the school’s electric kit car. This car competes in the Greenpower Education Trust’s competition to design, build and race an electric car, thus inspiring students to excel in Science, Technology, Engineering and Maths.

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WEST BUCKLAND SCHOOL

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

With the income from its endowment fund, the Foundation, with the help of the School, provided thirteen fully funded places to local children during this academic year. These bursaries underscore the school’s commitment to fostering talent and providing every student with the opportunity to succeed, regardless of their background. These transformational bursaries are for entry into Year 7 until the end of the Sixth Form. The determination of these 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. Two other sixth formers were supported by the Foundation’s endowment fund with top-up bursaries in the 2022-23 academic year and the Foundation found donors to support five other students in various year groups.

The Hardship Fund helped five families over the academic year who had struggled to pay for fees or extras due to ill health or a sudden change in financial circumstances.

A fresh campaign was initiated with the aim of growing the number of individuals leaving legacies to support the school. Our legacy society was renamed “The 1858 Society” and the fifty current members were honoured with gold lapel badges featuring the school’s wheatsheaf logo. Currently the Foundation has received legacy pledges exceeding £2 million.

To observe the bicentenary of the birth of the Reverend Joseph Brereton, the visionary co-founder of the school, the Foundation delivered a commemorative service and lunch. Furthermore, the whole community joined in a celebration to mark the 160th full running of the renowned Exmoor Run, a longstanding tradition at the school.

A key part of the Foundation’s work is to support the Old West Buckland Association (OWBA) and its various activities, which encompass reunions, sporting events and publications. Through these efforts, they effectively convey the school’s goals and aspirations to alumni, former parents and other members of the West Buckland community. Additionally they organise events designed to engage the entire West Buckland School community. The London reunion marked a significant milestone as it was the first regional reunion since the onset of the pandemic and the spirited gathering was a heartwarming testament to making up for lost time. Moreover, new events such as the first OWBA Medical and Healthcare Professions Dinner, were introduced. The event served as a platform for our alumni, current parents and former parents who have pursued careers in medical and healthcare-related fields, to connect with our aspiring students eager to embark on similar professional journeys.

FINANCIAL REPORT

INVESTMENT POLICY AND PERFORMANCE

The school’s investment objectives are to balance the current and future needs by:

To meet these objectives the school’s investments as a whole are managed to produce an appropriate balance between risk and return. The investment strategy is monitored by the Finance Committee, as is investment performance, which is reported below, within the Strategic Report.

At the year-end the school’s Roof and Astro Repair fund was £177k.

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 last year to be calculated against SONIA rather than LIBOR.

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WEST BUCKLAND SCHOOL

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Governors will determine how to invest the cash surplus in accordance with the investment strategy. Presently, with uncertainties surrounding inflation and the general cost of living, the potential loss of Business Rates Relief and the potential for VAT to be charged on Fees the investment strategy is to keep reserves on deposit with several financial institutions in ‘cash’.

RESERVES’ POLICY

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

The costs of COVID in 2021/22 had an impact on our reserves, as has the cost of living increases in 22/23. Coupled with continued investment in the school's facilities, including funding the solar project to mitigate the impact of further energy price increases, the School has had a net cash decrease over the year. At year end the school maintained 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 £1.4m, are within the limits set by the governors.

FINANCIAL REVIEW

The Governors are conscious of the further impact of interest rate increases offset by 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 a ‘current’ value of the loan). The move from LIBOR to SONIA (in December 2021) is being evaluated in this respect. Governors are pleased, however, to note the continued positive value of the interest rate swap in a very challenging year.

The inflationary pressures have had an impact on operating surpluses this year and a continued cautious approach to significant capital investment will continue while economic and political circumstances remain uncertain. We will however continue to maintain our facilities and deliver improvements to the fabric of buildings and assets across the campus.

GOING CONCERN

After making appropriate enquiries and having considered the impact of increased costs, particularly those related to food and electricity, the knock-on impact on income, general expenditure and pressure on 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. This includes considering the implications of the possible impact of the Labour party proposal to impose VAT on independent school fees. 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.

TEACHERS’ PENSION SCHEME STATEMENT

The School participates in the Teachers’ Pension Scheme (TPS) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £641k (2022: £700k) and at the year-end £64k (2022: £63k) was accrued in respect of contributions to this scheme.

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.

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WEST BUCKLAND SCHOOL

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

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 financial 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 affect 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 ensure it can withstand the financial penalty. A provision for the Government’s decision to increase National Insurance Contributions was included in the budget from last year.

We continue to monitor the longer-term impact of COVID-19, the pressures of inflation and the threat of VAT on fees and will review our contingency plans accordingly.

FUTURE DEVELOPMENTS

The school’s priority is the continued delivery of education in a safe and secure environment.

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

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

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

  1. To develop quality staff within a culture of continual improvement. • Succession planning in governance

  2. Development of line-management and coaching

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WEST BUCKLAND SCHOOL

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

5 To maintain excellent financial management to support the School’s further education and estates development, at all times taking sustainability, the climate and the environment into account.

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

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

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

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WEST BUCKLAND SCHOOL

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

GOVERNORS’ FINANCIAL RESPONSIBILITIES STATEMENT

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

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

The governors are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding and assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the governors on and signed on their behalf by:10 May 2024

Mr I P Blewett Chair of Governors

Page 14

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 2023 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Governors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.

Page 15

WEST BUCKLAND SCHOOL

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

OTHER INFORMATION

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Governors are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

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

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Governors' responsibilities statement, the Governors are responsible for the preparation of the financial statements which 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's and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the Group or the parent charity or to cease operations, or have no realistic alternative but to do so.

Page 16

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 the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to incorrect income 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 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:

Page 17

WEST BUCKLAND SCHOOL

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

of material misstatement due to fraud;

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 noncompliance. 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 Governors, 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 Governors 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 Governors, 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

Date: 10 May 2024

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

Page 18

WEST BUCKLAND SCHOOL

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023

Note
Income from:
Grants and donations
4
Charitable activities
5
Other trading activities
6
Investments
7
Loss on disposal of fixed assets
8
Total income
Expenditure on:
Raising funds:
9
Voluntary income
Fundraising trading
Charitable activities:
10
Depreciation
. Other charitable activities
Total expenditure
Net expenditure before net
gains/(losses) on investments
Net gains/(losses) on investments
Net movement in funds before other
recognised gains/(losses)
Other recognised gains/(losses):
Gains on interest rate swap
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
-
11,110,370
247,278
43,017
-
11,400,665
86,488
223,030
462,402
11,630,208
12,402,128
(1,001,463)
1,750
(999,713)
491,316
(508,397)
13,976,557
(508,397)
13,468,160		 Restricted
funds
2023
£
-
-
-
397
-
397
-
-
-
-
-
397
(355)
42
-
42
49,393
42
49,435		 Total
funds
2023
£
-
11,110,370
247,278
43,414
-
11,401,062
86,488
223,030
462,402
11,630,208
12,402,128
(1,001,066)
1,395
(999,671)
491,316
(508,355)
14,025,950
(508,355)
13,517,595		 Total
funds
2022
£
56,033
10,808,681
152,902
6,530
(112,718)
10,911,428
102,044
117,137
547,776
10,467,447
11,234,404
(322,976)
(14,010)
(336,986)
586,974
249,988
13,775,962
249,988
14,025,950

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

The notes on pages 23 to 46 form part of these financial statements.

Page 19

WEST BUCKLAND SCHOOL

CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2023

2023 2023 2022 2022
Note £ £
Fixed assets
Tangible assets 16 15,295,971 15,577,570
Investments 17 140,934 139,539
15,436,905 15,717,109
Current assets
Stocks 18 52,667 46,972
Debtors due after more than 1 year 857,341 366,025
Debtors: amounts falling due within one year 19 807,090 649,388
Cash at bank and in hand 2,540,540 3,502,755
4,257,638 4,565,140
Creditors: amounts falling due within one
year 20 (2,426,948) (2,280,625)
Net current assets 1,830,690 2,284,515
Total assets less current liabilities 17,267,595 18,001,624
Creditors: amounts falling due after more
than one year 21 (3,750,000) (3,975,674)
Total net assets 13,517,595 14,025,950
Charity funds
Restricted funds 23 49,435 49,393
Unrestricted funds 23 13,468,160 13,976,557
Total funds 13,517,595 14,025,950

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

Mr I P Blewett Chair of Governors

Date: 10 May 2024

The notes on pages 23 to 46 form part of these financial statements.

Page 20

WEST BUCKLAND SCHOOL

CHARITY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 JULY 2023

As restated As restated
2023 2022
Note £ £
Fixed assets
Tangible assets 16 15,295,971 15,577,288
Investments 17 140,934 139,539
15,436,905 15,716,827
Current assets
Stocks 18 50,295 45,832
Debtors: amounts falling due after more than
one year 19 857,341 366,025
Debtors: amounts falling due within one year 19 1,003,867 663,430
Cash at bank and in hand 2,302,640 3,392,900
4,214,143 4,468,187
Creditors: amounts falling due within one
year 20 (2,420,866) (2,231,865)
Net current assets 1,793,277 2,236,322
Total assets less current liabilities 17,230,182 17,953,149
Creditors: amounts falling due after more
than one year 21 (3,750,000) (3,975,674)
Net assets 13,480,182 13,977,475
Total net assets 13,480,182 13,977,475
Charity funds
Restricted funds 23 49,435 49,393
Unrestricted funds 23 13,430,747 13,928,082
Total funds 13,480,182 13,977,475

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

Mr I P Blewett Chair of Governors

Date: 10 May 2024

The notes on pages 23 to 46 form part of these financial statements.

Page 21

WEST BUCKLAND SCHOOL

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2023

Note
Cash flows from operating activities
Net cash (used in)/provided by operating activities
26
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Repayments of finance leases
Interest paid
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
27
The notes on pages 23 to 46 form part of these financial statements		 2023
£
(505,464)
43,414
-
(180,803)
(137,389)
(225,000)
(5,925)
(101,547)
(332,472)
(975,325)
3,463,536
2,488,211		 2022
£
198,500
6,530
246,580
(639,122)
(386,012)
(225,000)
(13,814)
(98,035)
(336,849)
(524,361)
3,987,897
3,463,536

Page 22

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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.

Despite a small fall in pupil numbers from the prior year and increasing costs, the healthy cash balance and significant funds available to the School give the governors confidence 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 23

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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 24

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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 fixed assets is carried out if events or changes in circumstances indicate that the carrying value of any fixed assets 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 25

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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 26

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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 a loan 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
TOTAL 2023
TOTAL 2022		 Restricted
funds
2023
£
-
-
56,033		 Total
funds
2023
£
-
-
56,033		 Total
funds
2022
£
56,033
56,033

Page 27

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

5.
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
funds
2023
£
Tuition and boarding fees
12,445,242
Remitted Fees
(747,882)
Bursaries and scholarships
(1,030,026)
Other income
443,036
TOTAL 2023
11,110,370
TOTAL 2022
10,808,681
6.
INCOME FROM OTHER TRADING ACTIVITIES
Income from non charitable trading activities
Unrestricted
funds
2023
£
Sales
60,714
West Buckland Activities Limited
186,564
TOTAL 2022
152,902
7.
INVESTMENT INCOME
Unrestricted
funds
2023
Restricted
funds
2023
£
£
Bank interest and dividends
42,136
397
Interest receivable
881
-
TOTAL 2023
43,017
397
TOTAL 2022
6,139
391		 Total
funds
2023
£
12,445,242
(747,882)
(1,030,026)
443,036
11,110,370
10,808,681
Total
funds
2023
£
60,714
186,564
152,902
Total
funds
2023
£
42,533
881
43,414
6,530		 Total
funds
2022
£
11,950,525
(620,650)
(1,111,516)
590,322
10,808,681
Total
funds
2022
£
-
152,902
Total
funds
2022
£
6,527
3
6,530

Page 28

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

8.
OTHER INCOMING RESOURCES
Loss on disposal of assets
TOTAL 2022
9.
EXPENDITURE ON RAISING FUNDS
COSTS OF RAISING VOLUNTARY INCOME
Foundation wages
Foundation social security
Foundation pension
Foundation other costs
TOTAL 2023
TOTAL 2022		 Unrestricted
funds
2023
£
-
(112,718)
Unrestricted
funds
2023
£
58,863
5,230
2,995
19,400
86,488
102,044		 Total
funds
2023
£
-
(112,718)
Total
funds
2023
£
58,863
5,230
2,995
19,400
86,488
102,044		 Total
funds
2022
£
(112,718)
Total
funds
2022
£
63,673
9,223
735
28,413
102,044

Page 29

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

9. EXPENDITURE ON RAISING FUNDS (CONTINUED)

OTHER TRADING EXPENSES

Unrestricted
funds
2023
£
West Buckland Activities
83,055
Trading account staff costs
37,181
Cost of sales
4,953
Administration expenses
97,559
Administration depreciation
282
TOTAL 2023
223,030
TOTAL 2022
117,137		 Total
funds
2023
£
83,055
37,181
4,953
97,559
282
223,030
117,137		 Total
funds
2022
£
104,496
12,218
-
-
423
117,137

10. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Summary by fund type

Unrestricted
funds
2023
£
Teaching
6,304,193
Welfare
1,591,479
Premises
2,103,860
Support
2,093,078
TOTAL 2023
12,092,610
TOTAL 2022
10,949,023		 Restricted
funds
2023
£
-
-
-
-
-
66,200		 Total
2023
£
6,304,193
1,591,479
2,103,860
2,093,078
12,092,610
11,015,223		 Total
2022
£
5,826,090
1,749,495
1,803,560
1,636,078
11,015,223

Page 30

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

11. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Teaching
Welfare
Premises
Support
TOTAL 2023
TOTAL 2022		 Activities
undertaken
directly
2023
£
6,304,193
1,591,479
2,103,860
2,093,078
12,092,610
11,015,223		 Total
funds
2023
£
6,304,193
1,591,479
2,103,860
2,093,078
12,092,610
11,015,223		 Total
funds
2022
£
5,826,090
1,749,495
1,803,560
1,636,078
11,015,223

Page 31

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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

Staff costs
Depreciation
Support
Other costs
Governance -
costs of
Trustees'
training and
expenses
Governance -
Professional
charges
Governance -
auditors'
remuneration
Governance -
auditors'
remuneration
(non-audit)
Governance -
VAT
TOTAL 2022		 Teaching
2023
£
5,093,274
-
-
1,210,919
-
-
-
-
-
6,304,193
5,826,090		 Welfare
2023
£
536,630
-
-
1,054,849
-
-
-
-
-
1,591,479
1,749,495		 Premises
2023
£
300,991
462,120
-
1,340,749
-
-
-
-
-
2,103,860
1,803,560		 Support
2023
£
991,090
-
20,171
1,021,773
2,129
31,661
14,350
11,472
432
2,093,078
1,636,078		 Total
funds
2023
£
6,921,985
462,120
20,171
4,628,290
2,129
31,661
14,350
11,472
432
12,092,610
11,015,223		 Total
funds
2022
£
6,548,054
576,596
17,789
3,768,858
395
22,483
13,750
4,492
62,806
11,015,223

12. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 Group
2023
£
5,713,773
578,714
733,767
7,026,254		 Group
2022
£
5,315,098
547,266
771,539
6,633,903		 Charity
2023
£
5,681,522
575,397
732,154
6,989,073		 Charity
2022
£
5,307,179
543,416
771,090
6,621,685

Page 32

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

12. STAFF COSTS (CONTINUED)

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

Educational staff
Support staff		 Group
2023
No.
84
95
179		 Group
2022
No.
81
93
174		 Charity
2023
No.
84
94
178		 Charity
2022
No.
81
92
173

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

Group Group
2023 2022
No. No.
In the band £70,001 - £80,000 - 2
In the band £80,001 - £90,000 2 -
In the band £90,001 - £100,000 1 1
In the band £100,001 - £110,000 - 1
In the band £110,001 - £120,000 1 -
In the band £130,001 - £140,000 - 1
In the band £150,001 - £160,000 1 -

The Key Management Personnel of the School comprise the Trustees (who do not receive remuneration for their role as 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 £656,723 (2022: £634,962).

13. GOVERNORS' REMUNERATION AND EXPENSES

During the year, no Governors received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 July 2023, expenses totalling £346 were reimbursed or paid directly to 2 Governors (2022 - £174 to 3 Governors).

Page 33

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

14. INTEREST RATE SWAP MOVEMENT

Brought forward asset/(liability)
Gain in the year
Carry forward asset/(liability)		 2023
£
366,025
491,316
857,341		 2022
£
(220,949)
586,974
366,025

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.

15. NET INCOME / EXPENDITURE

This is stated after charging:

2023 2022
£ £
Depreciation of tangible fixed assets 462,402 557,943
Auditors' remuneration - audit 14,350 13,750
Auditors' remuneration - other services 11,472 4,492

Page 34

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

16. TANGIBLE FIXED ASSETS

GROUP

COST OR VALUATION
At 1 August 2022
Additions
Disposals
At 31 July 2023
DEPRECIATION
At 1 August 2022
Charge for the year
On disposals
At 31 July 2023
NET BOOK VALUE
At 31 July 2023
At 31 July 2022		 Freehold
property
£
18,410,358
-
-
18,410,358
3,580,902
342,201
-
3,923,103
14,487,255
14,829,456		 Plant and
machinery
£
9,538
-
(5,308)
4,230
9,256
282
(5,308)
4,230
-
282		 Motor
vehicles
£
56,635
-
-
56,635
56,635
-
-
56,635
-
-		 Fixtures and
fittings
£
2,089,698
-
-
2,089,698
1,600,763
70,229
-
1,670,992
418,706
488,935		 All weather
pitch
£
786,333
-
-
786,333
634,290
14,240
-
648,530
137,803
152,043		 Computer
equipment
Asset under
construction
£
£
943,880
-
5,743
175,060
-
-
949,623
175,060
837,026
-
35,450
-
-
-
872,476
-
77,147
175,060
106,854
-		 Total
£
22,296,442
180,803
(5,308)
22,471,937
6,718,872
462,402
(5,308)
7,175,966
15,295,971
15,577,570

Page 35

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

16. TANGIBLE FIXED ASSETS (CONTINUED)

CHARITY

COST OR VALUATION
At 1 August 2022
Additions
At 31 July 2023
DEPRECIATION
At 1 August 2022
Charge for the year
At 31 July 2023
NET BOOK VALUE
At 31 July 2023
At 31 July 2022		 Freehold
property
£
18,410,358
-
18,410,358
3,580,902
342,201
3,923,103
14,487,255
14,829,456		 Motor
vehicles
£
56,635
-
56,635
56,635
-
56,635
-
-		 Fixtures and
fittings
£
2,089,698
-
2,089,698
1,600,763
70,229
1,670,992
418,706
488,935		 All weather
pitch
£
786,333
-
786,333
634,290
14,240
648,530
137,803
152,043		 Computer
equipment
Asset under
construction
£
£
943,880
-
5,743
175,060
949,623
175,060
837,026
-
35,450
-
872,476
-
77,147
175,060
106,854
-		 Total
£
22,286,904
180,803
22,467,707
6,709,616
462,120
7,171,736
15,295,971
15,577,288

Page 36

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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
2023 2022 2023 2022
£ £ £ £
Fixtures and fittings 42,210 48,481 42,210 48,481

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

The asset under construction is the solar farm being built on the land at the rear of the school. Further information about this is disclosed in note 29.

17. FIXED ASSET INVESTMENTS

GROUP AND CHARITY
COST OR VALUATION
At 1 August 2022
Revaluations
AT 31 JULY 2023		 Listed
investments
£
139,539
1,395
140,934

18. STOCKS

Stocks
19.
DEBTORS
DUE AFTER MORE THAN ONE YEAR
Derivatives - interest rate swap		 Group
2023
£
52,667
Group
2023
£
857,341		 Group
2022
£
46,972
Group
2022
£
366,025		 Charity
2023
£
50,295
Charity
2023
£
857,341		 Charity
2022
£
45,832
Charity
2022
£
366,025

Page 37

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

19. DEBTORS (CONTINUED)

Group
Group
2023
2022
£
£
DUE WITHIN ONE YEAR
Trade debtors
49,845
62,676
Amounts owed by group undertakings
-
-
Other debtors
656,634
479,568
Prepayments and accrued income
100,611
107,144
807,090
649,388
20.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Group
2023
2022
£
£
Bank overdrafts
52,329
39,219
Bank loans
225,000
225,000
Trade creditors
448,409
413,562
Amounts owed to group undertakings
-
-
Other taxation and social security
148,287
208,999
Obligations under finance lease and hire
purchase contracts
225
5,476
Other creditors
876,794
833,404
Accruals and deferred income
675,904
554,965
2,426,948
2,280,625		 Charity
2023
£
-
253,155
656,634
94,078
1,003,867
Charity
2023
£
52,328
225,000
448,409
-
145,606
225
876,794
672,504
2,420,866		 Charity
2022
£
-
76,718
479,568
107,144
663,430
Charity
2022
£
39,219
225,000
374,541
269
199,619
5,476
834,476
553,265
2,231,865

Page 38

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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

Bank loans
Net obligations under finance lease and hire
purchase contracts		 Group
2023
£
3,750,000
-
3,750,000		 Group
2022
£
3,975,000
674
3,975,674		 Charity
2023
£
3,750,000
-
3,750,000		 Charity
2022
£
3,975,000
674
3,975,674

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

Payable by installments Group
2023
£
2,850,000
2,850,000		 Group
2022
£
3,075,000
3,075,000		 Charity
2023
£
2,850,000
2,850,000		 Charity
2022
£
3,075,000
3,075,000

The loan facility is provided by HSBC UK and is secured over the land and buildings of the School. The interest charged on the loan is 1.05% per annum over LIBOR.

22. FINANCIAL INSTRUMENTS

Group Group Charity Charity
2023 2022 2023 2022
£ £ £ £
FINANCIAL ASSETS
Financial assets measured at fair value
through income and expenditure 3,397,881 3,868,780 3,159,981 3,758,925

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

Page 39

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

23. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

Balance at 1
August 2022
£
UNRESTRICTED
FUNDS
DESIGNATED
FUNDS
Roof and astro fund
175,442
Fixed assets
11,653,188
11,828,630
GENERAL FUNDS
General Funds
2,147,927
TOTAL
UNRESTRICTED
FUNDS
13,976,557
RESTRICTED
FUNDS
Prize funds
13,525
Sundry funds
35,868
49,393
TOTAL OF FUNDS
14,025,950		 Income
£
-
-
-
11,400,665
11,400,665
-
397
397
11,401,062		 Expenditure
£
-
(462,402)
(462,402)
(11,939,726)
(12,402,128)
-
-
-
(12,402,128)		 Transfers
in/out
£
-
180,803
180,803
(180,803)
-
-
-
-
-		 Gains/
(Losses)
£
Balance at
31 July 2023
£
1,750
177,192
491,316
11,862,905
493,066
12,040,097
-
1,428,063
493,066
13,468,160
(355)
13,170
-
36,265
(355)
49,435
492,711
13,517,595		 Gains/
(Losses)
£
Balance at
31 July 2023
£
1,750
177,192
491,316
11,862,905
493,066
12,040,097
-
1,428,063
493,066
13,468,160
(355)
13,170
-
36,265
(355)
49,435
492,711
13,517,595
12,040,097
1,428,063
13,468,160
13,170
36,265
49,435
13,517,595

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.

Page 40

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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

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

The specific purposes for which the funds are to be applied (not included in 2022) are as follows:

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 41

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

24. SUMMARY OF FUNDS

SUMMARY OF FUNDS - CURRENT YEAR

Balance at 1 Transfers Gains/ Balance at
August 2022 Income Expenditure in/out (Losses) 31 July 2023
£ £ £ £ £ £
Designated
funds 11,828,630 - (462,402) 180,803 493,066 12,040,097
General funds 2,147,927 11,400,665 (11,939,726) (180,803) - 1,428,063
Restricted funds 49,393 397 - - (355) 49,435
14,025,950 11,401,062 (12,402,128) - 492,711 13,517,595
SUMMARY OF FUNDS - PRIOR YEAR
Balance at
1 August Transfers Gains/ Balance at
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

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

Unrestricted
funds
2023
£
Tangible fixed assets
15,295,971
Fixed asset investments
127,766
Debtors due after more than one year
857,341
Current assets
3,364,030
Creditors due within one year
(2,426,948)
Creditors due in more than one year
(3,750,000)
TOTAL
13,468,160		 Restricted
funds
2023
£
-
13,168
-
36,267
-
-
49,435		 Total
funds
2023
£
15,295,971
140,934
857,341
3,400,297
(2,426,948
(3,750,000
13,517,595

Page 42

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

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

Unrestricted
funds
2022
£
Tangible fixed assets
15,577,570
Fixed asset investments
126,014
Debtors due after more than one year
366,025
Current assets
4,163,247
Creditors due within one year
(2,280,625)
Creditors due in more than one year
(3,975,674)
TOTAL
13,976,557
26.
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW
ACTIVITIES
Net expenditure for the year (as per Statement of Financial Activities)
ADJUSTMENTS FOR:
Depreciation charges
Interest paid
Interest received
Loss on the sale of fixed assets
Increase in stocks
Increase in debtors
Increase in creditors
(Gain)/loss on investment
NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES		 Restricted
funds
2022
Total
funds
2022
£
£
-
15,577,570
13,525
139,539
-
366,025
35,868
4,199,115
-
(2,280,625)
-
(3,975,674)
49,393
14,025,950
FROM OPERATING
Group
Group
2023
2022
£
£
(999,671)
(336,986)
462,402
557,943
101,547
98,035
(43,414)
(6,530)
-
112,718
(5,695)
-
(211,930)
(317,659)
142,692
76,969
(1,395)
14,010
(555,464)
198,500

Page 43

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

27. ANALYSIS OF CASH AND CASH EQUIVALENTS

Cash in hand
Notice deposits (less than 3 months)
Overdraft facility repayable on demand
TOTAL CASH AND CASH EQUIVALENTS		 Group
2023
£
2,540,466
74
(52,329)
2,488,211		 Group
2022
£
3,502,682
73
(39,219)
3,463,536

28. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand
Bank overdrafts repayable on demand
Debt due within 1 year
Debt due after 1 year
Finance leases
CAPITAL COMMITMENTS
Group
2023
£
CONTRACTED FOR BUT NOT PROVIDED
IN THESE FINANCIAL STATEMENTS
Development of solar farm project
300,000		 At 1 August
2022
£
3,502,755
(39,219)
(225,000)
(3,975,000)
(6,150)
(742,614)
Group
2022
£
-		 Cash flows
£
(962,215)
(13,110)
-
225,000
5,925
(744,400)
Charity
2023
£
300,000		 At 31 July
2023
£
2,540,540
(52,329)
(225,000)
(3,750,000)
(225)
(1,487,014)
Charity
2022
£
-

29. CAPITAL COMMITMENTS

30. 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 £89,711 (2022: £71,291). £13,790 (2022: £17,814) 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

Page 44

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

30. PENSION COMMITMENTS (CONTINUED)

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 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 (Valuation and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. 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 2020. The valuation report was published by the Department for Education on 26 October 2023. The key elements of the previous valuation as at 31 March 2016 which was effective for the year ended 31 July 2023 are:

The 2020 valuation result is due to be implemented from 1 April 2024 and effective until 31 March 2027. The employer contribution rate for this period will be 28.68% of pensionable pay (including a 0.08% administration levy).

The employer's pension costs paid to TPS in the year amounted to £641,544 (2022: £699,799).

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) for 2016 and www.teacherspensions.co.uk/news/employers/2023/10/valuation-result.aspx for 2020.

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.

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WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

31. OPERATING LEASE COMMITMENTS

At 31 July 2023 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2023
£
38,579
5,389
43,968		 Group
As restated
2022
£
38,579
43,968
82,547		 Charity
2023
£
38,579
5,389
43,968		 Charity
As restated
2022
£
38,579
43,968
82,547

32. 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.

33. PRINCIPAL SUBSIDIARIES

The following was a subsidiary undertaking of the School:

Name Company Registered office or principal Principal activity
number place of business
West Buckland 02520795 West Buckland School, West Lettings services and
Activities Limited Buckland, Barnstaple, EX32 0SX sub contract work for
the school
Holding Included in Consolidation
100% Yes

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.

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