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← West Buckland School

2024-07-31-accounts

Charity number: 1167545

WEST BUCKLAND SCHOOL

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

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 - 45

WEST BUCKLAND SCHOOL

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024

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 I P Blewett, (Chair of Governors)2 Dr T A Brummit, (Safeguarding Governor)2,4 Mrs G Cotton1 Mr J J Hall MA (Resigned 1 July 2024)1,4 Mr P W Hevingham1 Canon V Breed, (Nominative Governor - Representative of the University of Exeter)2 Mr P Last2 Mr J Robinson (Resigned 1 January 2024)2 Mr J T Wilson1,4 Mr M Brearey2 Prof D Boughey1 Mr J M Walker1,4 Mrs K F Stewart2 Mrs S F Pimm4

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 2024

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 2024

GOVERNORS’ REPORT FOR THE YEAR ENDED 31 JULY 2024

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 2024 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 is supported by a separate charity, The West Buckland School Foundation (No: 1096487). 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 two companies limited by guarantee, known as West Buckland Activities Ltd (Company Number: 2520795) which deals with activities such as commercial lettings for which separate accounts are maintained. A further Limited Company West Buckland International Ltd (Company Number: 12528314) exists, but has been dormant since formation.

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 2024, comprised 13 governors. Ten co-opted governors elected and serve for a period of 5-years and 3 nominated by other organisations. The latter governors are nominated by the Lord Lieutenant of Devon (ex-officio representative of the Lord Lieutenant, to serve for as long as he or she holds that office), Exeter University (4-years), the OWBA alumnus (3-years) and the Bishop of Exeter (4-years).

New co-opted members of the Governing Body are elected on the basis of nominations from the 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.

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WEST BUCKLAND SCHOOL

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

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. 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:

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 Head 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.

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WEST BUCKLAND SCHOOL

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

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 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.

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WEST BUCKLAND SCHOOL

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Strategic Aims and Development Plan for 2023/24

The broad strategic aims for 23/24 were set out under the eight headings below, resulting in the following development plan for the year.

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

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WEST BUCKLAND SCHOOL

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

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

REVIEW OF ACHIEVEMENTS REPORT FOR 2023 – 2024

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 80% achieving their chosen course or destination on results day.

The school maintained its IB accreditation to deliver a careers related programme at sixth form, which has encouraged pupil retention and recruitment. We have 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 in January 2024 meeting the school's goals on energy efficiency, and will be used to drive further objectives in energy saving and waste management under several student led initiates. In 2024-25 the school will host several sustainability conferences to share practice and promote developments in this area amongst other local schools.

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WEST BUCKLAND SCHOOL

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

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 £1.9m. The West Buckland Foundation’s Bursary Fund continues to provide income to help support the Bursary Programme and in the last year eleven 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.

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 and AST swimming, community choir, North Devon Sinfonia, and sing in local churches.

SENIOR SCHOOL

In the year, the school confirmed the appointment of a Director of Education and Global Partnerships, cementing its intention as a serious contender on the global stage. The recently created roles of Assistant Head, Pupil Development and Assistant Head of Operations and Opportunities continue to drive forward the purpose of a WB education in creating future leaders. The ECA programme is tailored to each year-group’s needs and continues to evolve with new opportunities like football, esports and language. Pupil development has worked on character education with the introduction of new school values of Honesty, Respect, Kindness, Resilience and Curiosity, and the concept of reflective reporting. This role has also sought to champion the school’s approach to sustainability so that the school is now leading the way and hosting conferences on pupil leadership and sustainability.

The IBCP continues to attract interest locally and internationally and will adapt to meet the emerging need for this curriculum. This sits alongside the evolution of the EPQ with a range of options, including the NOLA award for those on the A-level programme, as well as the introduction of North Devon Aspire, an educational link with Exeter University and local schools. A series of talks, visits, field-trips and masterclasses are coordinated to extend the curriculum and growing careers programme.

Academic results in 2024 included exceptionally positive value added made by students with special educational needs at GCSE and a near 100% pass rate for all Sixth Form students. With over 79% of university applicants achieving their firm choice, this represents one of the most successful application cycles in the last decade.

Sport continues to play an important role in school, with significant success in the Tennis programme and the opening of newly refurbished courts. Regional representation in tennis, hockey, netball, golf, swimming and cricket, as well as national recognition for pupils in gymnastics, kayaking, surf lifesaving, and hockey. In addition to developing tennis courts, the school pool has been refurbished and our indoor hockey pitch is the premier venue in Devon.

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WEST BUCKLAND SCHOOL

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

ARTS@ West Buckland is making a name for itself. Performance of the Armed Man, various singing recitals, guitar, piano and organ masterclasses, evensong, and inaugural ‘swing at the sands’ showcase talent. West Buckland is the only music examination centre in North Devon. Drama is popular with GSCE and A-level student showcases receiving excellent comments, the new house drama format providing opportunity for variety and inclusion, and the production of Les Miserables at Ilfracombe Landmark theatre introduced new talent to the stage while raising the standards of what a school production might achieve. Praise for the show, which received three standing ovations from three sold-out audiences, and commentary from the current West End cast made it the highlight of the school year.

Outdoor learning and CCF are rich features of the school’s leadership programme. Ultimately the school prefect team are leaders within each section of the school and they have worked closely with staff to evolve their areas over the year. The outdoor programme and CCF programmes have been developed so every student has the opportunity to be involved and contribute. Skills developed here are carried beyond WBS with alumni sharing their enjoyment of outdoor and a pathfinders reunion as well as 6 pupils receiving their DofE Gold. Four teams completed the gruelling Ten Tors challenge on Dartmoor, two over the 45-mile distance, with all team members completing, and both DofE and CCF enjoyed summer camps.

The school’s approach to sustainability moved up a gear with the commissioning of the solar array and work on waste management. WBS retains its Green Flag distinction status while winning recognition for its work on sustainability and preparing to host two conferences next year. The school’s green-powered car is currently placed 8th in the World and presents a wonderful blend of engineering and sustainability.

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 helped form our approach to mobile phones in school. A review of boarding and diversification of the model saw the opening of Gables as a junior boarding house and residential option, as well as a move towards a greater mix of flexi and full boarders.

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 occurring during this time. Work of the chaplaincy in Freedom centre continues alongside the school’s support to Agoro Oyombe and its chosen charity: Chemohero. Pupils and staff visited Kenya in the summer to teach and support Agoro Oyombe school and over £6,000 was raised for Chemohero which also assisted a member of staff.

PREP SCHOOL

Prep numbers remained buoyant during the year with 34 new pupils joining us either in September or during the year. We started the year on 122 pupils and ended the year on 133 pupils plus 16 in Nursery, with 35 pupils transitioning to the Senior School. 10 pupils left us over the course of the year, 6 pupils from Year Six, 2 from Pre-Prep and 2 siblings that relocated overseas. of which 2 pupils were awarded Academic Scholarships for Year Seven, 2 pupils gained Music Scholarships, 1 pupil secured a Drama Scholarship and 5 pupils were successful in securing Sports Scholarships (1 girl and 4 boys.)

We appointed three new Personalised Learning Assistants during the year, one with specialism in Early Years, another with experience of working with Autistic children and the other a qualified Thrive practitioner. All have made a fantastic contribution to the wider life of the school.

Drama productions were a highlight of the year once again. Pre-Prep Christmas Production of ‘Mr Men do Christmas’ was a resounding success. Year 3 and 4 sang their way through the Jungle Book and Year 5 and 6 had us all in stitches with their performance of Sherlock and Cinders. Musical Theatre gained huge popularity, and Prep pupils were included in the cabaret evening for the first time.

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WEST BUCKLAND SCHOOL

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Music remains a key strength of the Prep School under the caring guidance of Dom Carter. We hosted five informal Afternoons of Music for parents. A joint orchestral day with Kingsley School saw 65 musicians on stage playing together. At the end of the summer Term, we organised a music outreach day with children from South Molton, Appledore and Marwood Primary Schools. Over the course of the year 53 music and LAMDA exams were taken with the majority of pupils achieving a Distinction grade. Five pupils achieved Grade 3 and 4 in their chosen instrument, with one year five pupil gaining Grade 5 on Piano.

Sport enjoyed a heightened profile with the introduction of a dedicated Prep Sports Co-ordinator. We entered a school team into the North Devon Bremco Cross Country Event with team and individual successes over the six races. A newly developed Equestrian Team was enjoyed by children from all year groups, (even Nursery) this was complimented by our new Riding ECA after school. In athletics we achieved national success with 2 gold medals in the shot put and discus events.

New Extra Curricular Activities over the year included Martial Arts, Bikeability, Biathlon and Gardening. Over fifty clubs were offered over the course of the year. We enjoyed our first ever ‘mini Exmoor run to celebrate Giving Day in March. All pupils from Year 4 to Six took part in a residential trip during the summer term. In addition, we welcomed a Year 6 Spanish group for an immersion camp in April, giving everyone the opportunity to practise their Spanish.

Our Junior Boarding House was completed in April 2024 and we welcomed two Spanish Groups for immersion camps in the first month of opening. The Year Six group worked closely with our WB students and enjoyed 5 days of activities on and off site.

All students in Year 4 – 6 were invited for taster boarding sessions at an introductory rate. Over 20 pupils took up this experience and thoroughly enjoyed their school ‘sleepover’

Character Education was embedded into our school ethos over the course of the year. Awards and house points were linked to our 5 Character values of Honesty, Respect, Curiosity, Kindness and Respect. Speech Day awards were also linked to these values alongside the more traditional academic prizes.

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.

The Foundation’s 20th anniversary was celebrated in November 2023 with a dinner, dance and auction at Saunton Sands Hotel. The event brought together parents, staff and alumni and raised £20,000 for transformational bursaries.

The Foundation ran the School’s first-ever Giving Day in March 2024 with the aim to engage the community in supporting transformational bursaries and outdoor education. The online fundraising event was linked to the School’s annual cross-country run “The Exmoor”. A total of £80,554 was raised from 284 donors. Of these donors, 176 made their first ever gift to the School. Of the total raised on Giving Day, £50,972 was pledged for transformational bursaries. £29,582 was pledged for outdoor learning projects which has been used to buy a bell tent, a climbing traverse wall, a Wendy house, laser guns, outdoor STEM kits and a mobile cricket cage.

Projects funded from regular and one-off donations included £26,472 towards the resurfacing and painting of the Lorimer Tennis Courts and £20,000 towards the school’s new Creative Digital Media Suite.

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WEST BUCKLAND SCHOOL

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

The Hardship Fund helped seven pupils continue their education at West Buckland School during this financial year. Over £2m has been pledged to the Foundation in legacies. The Foundation’s Bursary Endowment Fund continues to provide income to help support the Foundation’s Bursary Programme and in the last year 11 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.

A key part of the Foundation’s work is to support the Old West Buckland Association (OWBA) and its activities, including reunions, sports, careers and social events 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 everyone in the life of West Buckland School.

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 £182k.

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 in 2022 to be calculated against SONIA rather than LIBOR.

Governors will determine how to invest the cash surplus in accordance with the investment strategy.

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 cumulative impact of COVID in 2021/22 followed by the cost of living crisis subsequently have had an impact on our reserves. Funds were used to prioritise the retention of pupils and staff in this period. Coupled with continued upkeep and 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. Free reserves, i.e. those unrestricted funds not designated for any specific purpose, at £259k, are below the target level.

The trustees have committed to supporting pupil retention through the application of VAT, by increasing gross fees by the minimum amount, therefore whilst the trustees are committed to rebuilding the reserve, this will be done incrementally over the next few years.

At year end the school maintained adequate cash reserves and continues to monitor its position with regard to the appropriate level of reserves to be held for such contingencies.

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WEST BUCKLAND SCHOOL

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

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. Following an assumption that interest rates will fall in the future, the market value of the Swap has decreased over the year creating a non-cash loss for the school.

Further, the inflationary pressures have had an impact on operating surpluses this year where much work has been undertaken to review and rationalise operating costs. This work has assisted in preparations for the application of VAT on school fees which are now well advanced for implementation in 2024/25. Trustees are mindful of the impact of any fee increase on fee payers and have committed to continual review of the operating base of the school to achieve value for money. Trustees and the management team are also exploring and taking opportunities to diversify income streams to the school to ensure it continues to support its primary objectives.

GOING CONCERN

In considering the school’s trading for the next academic period, Trustees have taken into account the impact of increased operating costs, and measures taken to address these, as well as the likely income levels based on a sector facing political uncertainly. Considerable work has been done to review the cost base in order to generate a balanced operating position for the next year, including both the impact of the loss of Charitable Business Rates Relief and the application of VAT on fees. In 24/25 the school will partially cover the VAT charge through a combination of recovery of costs under VAT legislation, and use of in-year surplus. In the lead up to the July general election, the school also took sums of advance paid fees under its existing Fees in Advance policy terms which has generated a significant cash injection. For this reason, the school continues 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 £823k (2023: £642k) and at the year-end £78k (2023: £104k) 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.

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 current economic and political climate.

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 use of an interest rate swap ensures that the interest payments will remain fixed for the duration of the loan period.

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WEST BUCKLAND SCHOOL

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

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 maintain capacity and it’s leading facilities in order to retain its market competitiveness, rather than a speculative investment.

Separately, the longer-term impacts of COVID-19, the ensuing cost of living crisis and more recent political uncertainly, particularly around the taxation of independent schools 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, inflation and the impact of VAT and BRR loss. Trustees will continue to monitor the effects of these policy changes on the school and the sector.

FUTURE DEVELOPMENTS

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

The school’s strategic five year plan will be relaunched in January 2025 using a framework which focuses on ‘People, Place and Possibilities’.

The school’s future vision sets out a pathway to deliver sustainable, longer term academic and commercial success. We want West Buckland School to be at the forefront of top quality independent school education in the South West with a particular focus on sustainability, technology, internationalism, character and value for money.

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WEST BUCKLAND SCHOOL

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

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 governors 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 and signed on their behalf by:

Mr I P Blewett Chair of Governors

Date:

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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 2024 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).

financial statements

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.

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.

Page 15

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 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.

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:

Page 16

WEST BUCKLAND SCHOOL

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

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:

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.

Page 17

WEST BUCKLAND SCHOOL

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

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:

Page 18

WEST BUCKLAND SCHOOL

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024

Note
Income from:
Grants and donations
4
Charitable activities
5
Other trading activities
6
Investments
7
Total income
Expenditure on:
Raising funds:
8
Voluntary income
Fundraising trading
Charitable activities:
9
Depreciation
. Other charitable activities
Total expenditure
Net expenditure before net
gains/(losses) on investments
Net gains on investments
Net movement in funds before other
recognised gains/(losses)
Other recognised gains/(losses):
Gains on interest rate swap
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
136,827
11,766,720
98,279
84,394
12,086,220
159,262
20,371
657,732
12,150,506
12,987,871
(901,651)
5,138
(896,513)
(149,162)
(1,045,675)
13,518,329
(1,045,675)
12,472,654		 Restricted
funds
2024
£
-
-
-
98
98
-
-
-
-
-
98
1,017
1,115
-
1,115
49,435
1,115
50,550		 Total
funds
2024
£
136,827
11,766,720
98,279
84,492
12,086,318
159,262
20,371
657,732
12,150,506
12,987,871
(901,553)
6,155
(895,398)
(149,162)
(1,044,560)
13,567,764
(1,044,560)
12,523,204		 As restated
Total
funds
2023
£
-
11,110,370
247,278
43,414
11,401,062
86,488
223,030
612,909
11,429,532
12,351,959
(950,897)
1,395
(949,502)
491,316
(458,186)
14,025,950
(458,186)
13,567,764

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

The notes on pages 23 to 45 form part of these financial statements.

Page 19

WEST BUCKLAND SCHOOL

CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2024

As restated As restated
2024 2023
Note £ £
Fixed assets
Intangible assets 15 9,163 -
Tangible assets 16 15,763,681 15,747,491
Investments 17 147,088 140,934
15,919,932 15,888,425
Current assets
Stocks 18 39,120 52,667
Debtors due after more than 1 year 19 708,179 857,341
Debtors: amounts falling due within one year 19 582,350 807,090
Cash at bank and in hand 25 4,120,248 2,540,540
5,449,897 4,257,638
Creditors: amounts falling due within one
year 20 (3,908,195) (2,627,623)
Net current assets 1,541,702 1,630,015
Total assets less current liabilities 17,461,634 17,518,440
Creditors: amounts falling due after more
than one year 21 (4,938,430) (3,950,676)
Total net assets 12,523,204 13,567,764
Charity funds
Restricted funds 22 50,550 49,435
Unrestricted funds 22 12,472,654 13,518,329
Total funds 12,523,204 13,567,764

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

Mr I P Blewett (Chair of Trustees)

Date:

The notes on pages 23 to 45 form part of these financial statements.

Page 20

WEST BUCKLAND SCHOOL

CHARITY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 JULY 2024

As restated As restated
2024 2023
Note £ £
Fixed assets
Intangible assets 15 9,163 -
Tangible assets 16 15,763,681 15,747,491
Investments 17 147,088 140,934
15,919,932 15,888,425
Current assets
Stocks 18 39,120 50,295
Debtors: amounts falling due after more than
one year 19 708,179 857,341
Debtors: amounts falling due within one year 19 570,583 1,003,867
Cash at bank and in hand 25 4,031,715 2,302,640
5,349,597 4,214,143
Creditors: amounts falling due within one
year 20 (3,900,715) (2,621,541)
Net current assets 1,448,882 1,592,602
Total assets less current liabilities 17,368,814 17,481,027
Creditors: amounts falling due after more
than one year 21 (4,938,430) (3,950,676)
Net assets 12,430,384 13,530,351
Total net assets 12,430,384 13,530,351
Charity funds
Restricted funds 22 50,550 49,435
Unrestricted funds 22 12,379,834 13,480,916
Total funds 12,430,384 13,530,351

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

Mr I P Blewett

(Chair of Trustees)

Date:

The notes on pages 23 to 45 form part of these financial statements.

Page 21

WEST BUCKLAND SCHOOL

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024

Note
Cash flows from operating activities
Net cash (used in)/provided by operating activities
25
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of intangible assets
Purchase of tangible fixed assets
Gain on investments
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Repayments of finance leases
Interest paid
HP 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
26		 2024
£
2,731,686
245,000
(9,163)
(673,922)
6,155
(431,930)
(225,000)
(200,901)
(241,705)
(113)
(667,719)
1,632,037
2,488,211
4,120,248		 2023
£
(306,183)
43,414
-
(180,803)
1,395
(135,994)
(225,000)
(206,601)
(100,564)
(983)
(533,148)
(975,325)
3,463,536
2,488,211

The notes on pages 23 to 45 form part of these financial statements

Page 22

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

1. GENERAL INFORMATION

West Buckland School, charity number 1167545, is a charitable incorporated organisation, as set out in Governors’ 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.

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.

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.

Page 23

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES (continued)

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 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.

2.6 INTANGIBLE ASSETS AND AMORTISATION

Intangible assets costing £9,163 or more are capitalised and recognised when future economic benefits are probable, and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Amortisation is provided on the following basis:

Trademarks - 10 %

Page 24

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

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
Assets Under Construction - No depreciation
Plant and machinery - 25% depreciation
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 2024

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 2024

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

Unrestricted Total Total
funds funds funds
2024 2024 2023
£ £ £
Donations 136,827 136,827 -

Page 27

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

5.
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
funds
2024
£
Tuition and boarding fees
12,676,661
Remitted Fees
(919,226)
Bursaries and scholarships
(985,366)
Other income
994,651
TOTAL 2024
11,766,720
TOTAL 2023
11,110,370
6.
INCOME FROM OTHER TRADING ACTIVITIES
Income from non charitable trading activities
Unrestricted
funds
2024
£
Sales
-
West Buckland Activities Limited
98,279
TOTAL 2023
247,278		 Total
funds
2024
£
12,676,661
(919,226)
(985,366)
994,651
11,766,720
11,110,370
Total
funds
2024
£
-
98,279
247,278		 Total
funds
2023
£
12,445,242
(747,882)
(1,030,026)
443,036
11,110,370
Total
funds
2023
£
60,714
186,564

Page 28

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

7. INVESTMENT INCOME

Unrestricted
funds
2024
£
Bank interest and dividends
81,344
Investment income
300
Interest receivable
2,750
TOTAL 2024
84,394
TOTAL 2023
43,017
8.
EXPENDITURE ON RAISING FUNDS
COSTS OF RAISING VOLUNTARY INCOME		 Restricted
funds
2024
£
98
-
-
98
397		 Total
funds
2024
£
81,442
300
2,750
84,492
43,414		 Total
funds
2023
£
42,533
-
881
43,414
Unrestricted
funds
2024
£
Foundation wages
80,041
Foundation social security
7,710
Foundation pension
34,301
Foundation other costs
37,210
TOTAL 2024
159,262
TOTAL 2023
86,488		 Total
funds
2024
£
80,041
7,710
34,301
37,210
159,262
86,488		 Total
funds
2023
£
58,863
5,230
2,995
19,400
86,488

Page 29

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

8. EXPENDITURE ON RAISING FUNDS (CONTINUED)

OTHER TRADING EXPENSES

Unrestricted
funds
2024
£
West Buckland Activities
33,185
Trading account staff costs
22,998
Cost of sales
2,372
Administration expenses
(38,184)
Administration depreciation
-
TOTAL 2024
20,371
TOTAL 2023
223,030		 Total
funds
2024
£
33,185
22,998
2,372
(38,184)
-
20,371
223,030		 Total
funds
2023
£
83,055
37,181
4,953
97,559
282
223,030

There is a negative figure showing in admin expenses due to a £48k bad debt provision being reversed in WBA in the year.

9. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Summary by fund type

Unrestricted
funds
2024
£
Teaching
7,180,012
Welfare
1,594,564
Premises
2,597,531
Support
1,436,131
TOTAL 2024
12,808,238
TOTAL 2023 AS RESTATED
12,042,441		 Total
2024
£
7,180,012
1,594,564
2,597,531
1,436,131
12,808,238
12,042,441		 As restated
Total
2023
£
6,304,193
1,591,479
2,103,860
2,042,909
12,042,441

Page 30

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

10. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Teaching
Welfare
Premises
Support
TOTAL 2024
TOTAL 2023 AS RESTATED		 Activities
undertaken
directly
2024
£
7,180,012
1,594,564
2,597,531
1,436,131
12,808,238
12,042,441		 Total
funds
2024
£
7,180,012
1,594,564
2,597,531
1,436,131
12,808,238
12,042,441		 As restated
Total
funds
2023
£
6,304,193
1,591,479
2,103,860
2,042,909
12,042,441

Page 31

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

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

Staff costs
Depreciation
Childcare
Vouchers
Examination fees
Support
Other costs
Governance -
costs of
Trustees'
training and
expenses
Governance -
Professional
charges
Governance -
auditors'
remuneration
Governance -
auditors'
remuneration
(non-audit)
Governance -
VAT
TOTAL 2023 AS
RESTATED		 Teaching
2024
£
5,728,473
-
-
100,444
44,367
1,306,728
-
-
-
-
-
7,180,012
6,304,193		 Welfare
2024
£
397,104
-
3,639
-
-
1,193,821
-
-
-
-
-
1,594,564
1,591,479		 Premises
2024
£
652,464
657,809
-
-
-
1,287,258
-
-
-
-
-
2,597,531
2,254,367		 Support
2024
£
446,737
-
-
-
18,724
847,214
2,106
114,007
-
-
7,343
1,436,131
1,892,402		 Total
funds
2024
£
7,224,778
657,809
3,639
100,444
63,091
4,635,021
2,106
114,007
-
-
7,343
12,808,238
12,042,441		 As restated
Total
funds
2023
£
6,921,985
612,627
-
72,012
20,171
4,355,602
2,129
31,661
14,350
11,472
432
12,042,441

Page 32

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

11. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 Group
2024
£
5,810,796
604,233
954,799
7,369,828		 Group
2023
£
5,713,773
578,714
733,767
7,026,254		 Charity
2024
£
5,790,874
602,453
953,503
7,346,830		 Charity
2023
£
5,681,522
575,397
732,154
6,989,073

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

Educational staff
Support staff		 Group
2024
No.
81
100
181		 Group
2023
No.
84
95
179		 Charity
2024
No.
81
100
181		 Charity
2023
No.
84
94
178

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

Group Group
2024 2023
No. No.
In the band £60,001 - £70,000 1 -
In the band £70,001 - £80,000 2 -
In the band £80,001 - £90,000 1 2
In the band £90,001 - £100,000 - 1
In the band £110,001 - £120,000 - 1
In the band £150,001 - £160,000 1 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 £734,434 (2023: £656,723).

12. GOVERNORS' REMUNERATION AND EXPENSES

During the year, no Governors received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 July 2024, expenses totalling £317 were reimbursed or paid directly to 2 Governors (2023 - £346 to 2 Governors).

Page 33

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

13. INTEREST RATE SWAP MOVEMENT

Brought forward asset/(liability)
Gain/ (loss) in the year
Carry forward asset/(liability)		 2024
£
857,341
(149,162)
708,179		 2023
£
366,025
491,316
857,341

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.

14. NET INCOME / EXPENDITURE

This is stated after charging:

2024 2023
£ £
Depreciation of tangible fixed assets 657,732 612,627
Auditors' remuneration - audit 30,200 14,350
Auditors' remuneration - other services 6,192 11,472

15. INTANGIBLE ASSETS

GROUP AND CHARITY

COST
Additions
At 31 July 2024
NET BOOK VALUE
At 31 July 2024
At 31 July 2023		 Trademarks
£
9,163
9,163
9,163
-

Page 34

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

16. TANGIBLE FIXED ASSETS

GROUP

COST
At 1 August 2023
Additions
Disposals
Transfers between classes
At 31 July 2024
DEPRECIATION
At 1 August 2023
Charge for the year
On disposals
At 31 July 2024
NET BOOK VALUE
At 31 July 2024
At 31 July 2023		 Freehold
property
£
18,410,358
292,641
-
389,264
19,092,263
3,923,103
338,833
-
4,261,936
14,830,327
14,487,255		 Plant and
machinery
£
4,230
-
-
-
4,230
4,230
-
-
4,230
-
-		 Motor
vehicles
£
56,635
22,850
(56,635)
-
22,850
56,635
1,519
(56,635)
1,519
21,331
-		 Fixtures and
fittings
£
2,089,698
27,364
-
71,119
2,188,181
1,670,992
109,148
-
1,780,140
408,041
418,706		 All weather
pitch
£
786,333
-
-
-
786,333
648,529
13,900
-
662,429
123,904
137,804		 Computer
equipment
£
1,551,649
30,439
-
-
1,582,088
1,022,983
194,332
-
1,217,315
364,773
528,666		 Asset under
construction
£
175,060
300,628
-
(460,383)
15,305
-
-
-
-
15,305
175,060		 Total
£
23,073,963
673,922
(56,635)
-
23,691,250
7,326,472
657,732
(56,635)
7,927,569
15,763,681
15,747,491

Page 35

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

16. TANGIBLE FIXED ASSETS (CONTINUED)

CHARITY

COST
At 1 August 2023
Additions
Disposals
Transfers between classes
At 31 July 2024
DEPRECIATION
At 1 August 2023
Charge for the year
On disposals
At 31 July 2024
NET BOOK VALUE
At 31 July 2024
At 31 July 2023		 Freehold
property
£
18,410,358
292,641
-
389,264
19,092,263
3,923,103
338,833
-
4,261,936
14,830,327
14,487,255		 Motor
vehicles
£
56,635
22,850
(56,635)
-
22,850
56,635
1,519
(56,635)
1,519
21,331
-		 Fixtures
and fittings
£
2,089,698
27,364
-
71,119
2,188,181
1,670,992
109,148
-
1,780,140
408,041
418,706		 All weather
pitch
£
786,333
-
-
-
786,333
648,529
13,900
-
662,429
123,904
137,804		 Computer
equipment
Asset under
construction
£
£
1,551,649
175,060
30,439
300,628
-
-
-
(460,383)
1,582,088
15,305
1,022,983
-
194,332
-
-
-
1,217,315
-
364,773
15,305
528,666
175,060		 Total
£
23,069,733
673,922
(56,635)
-
23,687,020
7,322,242
657,732
(56,635)
7,923,339
15,763,681
15,747,491

Page 36

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

16. TANGIBLE FIXED ASSETS (CONTINUED)

The prior year figures have been restated, as IT equipment acquired via hire purchase in August 2022 was expensed instead of being capitalised. See note 31 for more detail.

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

The asset under construction relates to the solar farm completed in the year and pool refurbishment and electrical enhancements started but not completed at 31 July 2024.

17. FIXED ASSET INVESTMENTS

GROUP AND CHARITY
COST OR VALUATION
At 1 August 2023
Revaluations
AT 31 JULY 2024		 Listed
investments
£
140,934
6,154
147,088

18. STOCKS

Stocks
DEBTORS
DUE AFTER MORE THAN ONE YEAR
Derivatives - interest rate swap
DUE WITHIN ONE YEAR
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2024
£
39,120
Group
2024
£
708,179
Group
2024
£
64,195
-
470,163
47,992
582,350		 Group
2023
£
52,667
Group
2023
£
857,341
Group
2023
£
49,845
-
656,634
100,611
807,090		 Charity
2024
£
39,120
Charity
2024
£
708,179
Charity
2024
£
-
80,440
442,151
47,992
570,583		 Charity
2023
£
50,295
Charity
2023
£
857,341
Charity
2023
£
-
253,155
656,634
94,078
1,003,867

19. DEBTORS

Page 37

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

20. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank overdrafts
Bank loans
Trade creditors
Other taxation and social security
Obligations under finance lease and hire
purchase contracts
Other creditors
Accruals and deferred income		 Group
2024
£
-
225,000
422,034
227,534
204,343
567,824
2,261,460
3,908,195		 Group
As restated
2023
£
52,329
225,000
448,409
148,287
200,900
876,794
675,904
2,627,623		 Charity
2024
£
-
225,000
422,034
227,534
204,343
567,824
2,253,980
3,900,715		 Charity
As restated
2023
£
52,328
225,000
448,409
145,606
200,900
876,794
672,504
2,621,541

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

Bank loans
Net obligations under finance lease and hire
purchase contracts
Accruals and deferred income		 Group
2024
£
3,525,000
5,194
1,408,236
4,938,430		 Group
As restated
2023
£
3,750,000
200,676
-
3,950,676		 Charity
2024
£
3,525,000
5,194
1,408,236
4,938,430		 Charity
As restated
2023
£
3,750,000
200,676
-
3,950,676

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

Group Group Charity Charity
2024 2023 2024 2023
£ £ £ £
Payable by installments 2,625,000 2,850,000 2,625,000 2,850,000

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.

Page 38

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

22. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

UNRESTRICTED
FUNDS
DESIGNATED
FUNDS
Roof and astro fund
Fixed assets
GENERAL FUNDS
General Funds
TOTAL
UNRESTRICTED
FUNDS
RESTRICTED
FUNDS
Prize funds
Sundry funds
TOTAL OF FUNDS		 Balance at 1
August
2023, as
restated
£
177,192
12,314,426
12,491,618
1,026,711
13,518,329
13,170
36,265
49,435
13,567,764		 Income
£
-
-
-
12,246,728
12,246,728
-
98
98
12,246,826		 Expenditure
£
-
(808,239)
(808,239)
(12,340,140)
(13,148,379)
-
-
-
(13,148,379)		 Transfers
in/out
£
-
673,922
673,922
(673,922)
-
-
-
-
-		 Gains/
(Losses)
£
Balance at
31 July 2024
£
5,138
182,330
(149,162)
12,030,947
(144,024)
12,213,277
-
259,377
(144,024)
12,472,654
-
13,170
1,017
37,380
1,017
50,550
(143,007)
12,523,204		 Gains/
(Losses)
£
Balance at
31 July 2024
£
5,138
182,330
(149,162)
12,030,947
(144,024)
12,213,277
-
259,377
(144,024)
12,472,654
-
13,170
1,017
37,380
1,017
50,550
(143,007)
12,523,204
12,213,277
259,377
12,472,654
13,170
37,380
50,550
12,523,204

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 39

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

22. 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
TOTAL OF FUNDS		 Balance at
1 August
2022
£
175,442
11,653,188
11,828,630
2,147,927
13,976,557
13,525
35,868
49,393
14,025,950		 Income
£
-
-
-
11,400,665
11,400,665
-
397
397
11,401,062		 As restated
Expenditure
£
-
(612,909)
(612,909)
(11,739,050)
(12,351,959)
-
-
-
(12,351,959)		 As restated
Transfers
in/out
£
-
782,830
782,830
(782,830)
-
-
-
-
-		 Gains/
(Losses)
£
1,750
491,316
493,066
-
493,066
(355)
-
(355)
492,711		 Balance at
31 July 2023
as restated
£
177,192
12,314,425
12,491,617
1,026,712
13,518,329
13,170
36,265
49,435
13,567,764

Page 40

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

23. SUMMARY OF FUNDS

SUMMARY OF FUNDS - CURRENT YEAR

Balance at 1 Transfers Gains/ Balance at
August 2023 Income Expenditure in/out (Losses) 31 July 2024
£ £ £ £ £ £
Designated
funds 12,491,618 - (808,239) 673,922 (144,024) 12,213,277
General funds 1,026,711 12,246,728 (12,340,140) (673,922) - 259,377
Restricted funds 49,435 98 - - 1,017 50,550
13,567,764 12,246,826 (13,148,379) - (143,007) 12,523,204
SUMMARY OF FUNDS - PRIOR YEAR AS RESTATED
Balance at As restated
1 August As restated Transfers Gains/ Balance at
2022 Income Expenditure in/out (Losses) 31 July 2023
£ £ £ £ £ £
Designated
funds 11,828,630 - (612,909) 782,830 493,066 12,491,617
General funds 2,147,927 11,400,665 (11,739,050) (782,830) - 1,026,712
Restricted funds 49,393 397 - - (355) 49,435
14,025,950 11,401,062 (12,351,959) - 492,711 13,567,764

24. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD

Unrestricted
funds
2024
£
Tangible fixed assets
15,763,681
Intangible fixed assets
9,163
Fixed asset investments
133,918
Debtors due after more than one year
708,179
Current assets
4,704,338
Creditors due within one year
(3,908,195)
Creditors due in more than one year
(4,938,430)
TOTAL
12,472,654		 Restricted
funds
2024
£
-
-
13,170
-
37,380
-
-
50,550		 Total
funds
2024
£
15,763,681
9,163
147,088
708,179
4,741,718
(3,908,195
(4,938,430
12,523,204

Page 41

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

24. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD AS RESTATED

Unrestricted
funds
2023
£
Tangible fixed assets
15,747,491
Fixed asset investments
127,766
Debtors due after more than one year
857,341
Current assets
3,364,030
Creditors due within one year
(2,627,623)
Creditors due in more than one year
(3,950,676)
TOTAL
13,518,329
25.
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW
ACTIVITIES
Net expenditure for the period (as per Statement of Financial Activities)
ADJUSTMENTS FOR:
Depreciation charges
Interest paid
Interest received
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase in creditors
(Gain)/loss on investment
NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES		 Restricted
funds
2023
Total
funds
2023
£
£
-
15,747,491
13,168
140,934
-
857,341
36,267
3,400,297
-
(2,627,623)
-
(3,950,676)
49,435
13,567,764
FROM OPERATING
Group
Group
As restated
2024
2023
£
£
(895,398)
(949,502)
657,732
612,909
241,818
101,547
(245,000)
(43,414)
13,547
(5,695)
202,969
(157,702)
2,871,739
137,069
(6,155)
(1,395)
2,841,252
(306,183)

Page 42

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

26. 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
2024
£
4,120,173
75
-
4,120,248		 Group
2023
£
2,540,466
74
(52,329)
2,488,211

27. 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
CONTRACTED FOR BUT NOT PROVIDED
IN THESE FINANCIAL STATEMENTS
Development of solar farm project
Development on indoor pool		 Group
2024
£
-
69,721
69,721		 At 1 August
2023
£
2,540,540
(52,329)
(225,000)
(3,750,000)
(401,576)
(1,888,365)
Group
2023
£
300,000
-
300,000		 Cash flows
£
1,579,708
52,329
-
225,000
192,039
2,049,076
Charity
2024
£
-
69,721
69,721		 At 31 July
2024
£
4,120,248
-
(225,000)
(3,525,000)
(209,537)
160,711
Charity
2023
£
300,000
-
300,000

28. CAPITAL COMMITMENTS

Page 43

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

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 £95,023 (2023: £89,711). £21,700 (2023: £13,790) 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 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 valuation and subsequent consultation are:

The 2020 valuation result was implemented on 1 April 2024 and is 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 £823,332 (2023: £641,544).

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.

Page 44

WEST BUCKLAND SCHOOL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

30. OPERATING LEASE COMMITMENTS

At 31 July 2024 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
2024
£
18,227
25,424
43,651		 Group
2023
£
38,579
5,389
43,968		 Charity
2024
£
18,227
25,424
43,651		 Charity
2023
£
38,579
5,389
43,968

31. PRIOR YEAR ADJUSTMENTS

In the prior year, IT equipment was purchased via finance lease. The annual payments were expensed to the P&L in error, rather than being capitalised. The correct treatment would have been to capitalise the asset at the discounted present value of the lease, and to recognise the cost of those assets over their useful life, via depreciation, in accordance with the fixed asset accounting policy.

The prior year has therefore been restated to recognise the cost of the asset purchased and the depreciation thereof. The discounting over the three-year lease term is deemed immaterial so the asset has been recognised at its full lease cost.

The impact of the restatement on the balance sheet at 1 August 2023 was to increase fixed assets by £451,521, increase creditors by £401,352 and increase reserves by £50,169.

32. RELATED PARTY TRANSACTIONS

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

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

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. In the year, West Buckland International did not trade and had no assets or liabilities at the balance sheet date.

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