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2023-08-31-accounts

UNITED WESTMINSTER & GREY COAT FOUNDATION 2022 RfPORT & fINANCIAL STA'frMllNTS 2022/23 2Q?3

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Contents

Reference and administrative details of
the Foundation, its Trustees and advisers 2
Trustees’ Report 3 - 34
Independent auditor’s report 35 - 37
Financial Statements 39 - 74
Consolidated statement of fnancial activities 40
Consolidated balance sheet 41
Main Charity balance sheet 42
Consolidated statement of cash fows 43 - 44
Notes to the fnancial statements 45 - 74

Trustees

Ex officio Trustees

R D Clark M L Corbally FCCA CTA M Jaigirder MA D G Swaine BSc MEd W A Wells MA MBA

Nominative Trustee

Alderman R P S Howard MA MSc

Co-optative Trustees

L M Cooper MChem MBA (resigned 15 September 2023) T J Douglas-Home BA S M Lowson MSc RSCN RGN DMS T J Mullins BA MBA

J O Nesbitt ARICS M Ojja M J Richards MA A I Uritescu BA MA MCIPD

Charity registration number 1181012

Company registration number 11464504

Director of Finance Anthony Garstin BSc FCA

Director of Governance and Operations Rhian Douglas BA MA

Director of Human Resources Anne Hudson MSc FCIPD

Principal office 57 Palace Street, Westminster, London, SW1E 5HJ

Telephone 020 7828 3055

Investment managers

Sarasin and Partners LLP 100 St Paul’s Churchyard, London, EC4M 8BU

Bankers

National Westminster Bank plc Victoria Branch, 169 Victoria Street, London, SW1E 5BT

Solicitors

Browne Jacobson LLP 15th Floor, 6 Bevis Marks, London, EC3A 7BA Farrer and Co 66 Lincoln’s Inn Fields, London, WC2A 3LH Stone King LLP Boundary House, 91 Charterhouse Street, London, EC1M 6HR

Winckworth Sherwood LLP Minerva House, 5 Montague Close, London, SE1 9BB

Pension Fund Administrators TPT Retirement Solutions (formerly The Pensions Trust) Verity House, 6 Canal Wharf, Leeds, LS11 5BQ

Insurance advisers

Endsleigh Unit 21, Dean House Farm, Church Road, Newdigate, Surrey, RH5 5DL

Property advisers Cluttons LLP Chartered Surveyors Portman House, 2 Portland Street, London, W1H 6DU

Auditors Haysmacintyre LLP 10 Queen Street Place, London, EC4R 1AG

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

2022-23

TRUSTEES’ REPORT

The United Westminster and Grey Coat Foundation (the ‘Foundation’) presents its report for the year ended 31 August 2023 under the Charities Act 2011 and the Companies Act 2006, including the Directors’ Report and Strategic Report under the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities, Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) – Second Edition, effective for accounting periods commencing 1 January 2019.

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

ABOUT THE FOUNDATION

We educate 2,376 students in our three independent schools:

Emanuel School

An independent co-educational day school in Wandsworth with 1,083 students aged 10 to 19.

Queen Anne’s School

An independent boarding and day school near Reading in Berkshire with 437 girls aged 11 to 19.

Sutton Valence School

An independent co-educational boarding and day school near Maidstone in Kent, for 856 boys and girls, aged 3 to 19.

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

We also provide the land and buildings, governance oversight, and financial assistance for two single academy trusts delivering state education to a further 1,919 students:

The Grey Coat Hospital

A Church of England academy for 1,142 girls aged 11 to 19, with boys joining in the sixth form.

Westminster City School

An academy for 777 boys aged 11 to 19 with a fully co-educational sixth form.

4,295

Our Foundation provides education to 4,295 students in Berkshire, Kent, Wandsworth and Westminster.

Purpose and Practice

The Foundation disburses £2.1m across our family of schools. We provide grants to support our academies and bursaries to enhance access to our independent schools. We are passionate about professional development for our teachers; running subject networks, coaching programmes and themed conferences. We bring our students together to offer co-curricular activities, celebrating successes and endeavour.

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Chair’s welcome message

Welcome to the United Westminster and Grey Coat Foundation’s Annual Report for 2022-23. I look back over the past 12 months with a sense of pride on what we have achieved over the year and ahead to a crucial and challenging period for our organisation.

As Winter turned to Spring, Trustees, Governors and staff, past and present, joined the family of our founding Chairman, Vice Admiral Peter Dunt CV DL to dedicate a newly planted oak tree in his memory.

Our continued commitment to high quality academic education was demonstrated in the outcomes students in all of our schools achieved in their pubic examinations. The Grey Coat Hospital was rated once again Outstanding in all areas in its Ofsted Inspection. Emanuel School was rated excellent by the Independent School Inspectorate (ISI). My thanks must go to our Governors, Leaders, Staff, and, of course, our students who have all worked so hard to achieve so much.

Thanks are due to my fellow Trustees, Governors, Leaders and Foundation staff who have worked tirelessly to deliver our charitable objects. A particular highlight for me was bringing us together for our Annual Conference, which this year focused on Equality, Diversity and Inclusion. We heard from expert speakers; a leading lawyer, the Church of England’s Education team and CEO of large Multi Academy Trust. I am committed to the Foundation continuing to embed a culture of inclusion.

One of the biggest risks to our operations is the potential threat of greater taxation. We are a charity with the educational resources to make an impact on our communities and it would be unfortunate if that opportunity were to be diminished.

Over the coming year, as the financial and political landscape becomes more challenging, Trustees will work regularly to examine our financial forecasts to ensure we remain financially stable and resilient in the face of change.

Despite these uncertainties, we are committed to supporting our schools and students and strengthening our organisation.

Toby Mullins BA, MBA Chair of Trustees

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Introduction

This report covers the activities of the United Westminster and Grey Coat Foundation during 2022-2023. The Foundation’s focus is the provision of public benefit through the delivery of high-quality education.

We have relaunched the Foundation’s website, engaged our school staff in a range of collaborative professional development opportunities, relaunched co-curricular activities for the schools, and continued to develop and enhance our estate.

The Foundation Office continues to run the secretariat for Trustees, providing treasury services, governance services as well as legal, financial and HR advice for the schools, having outsourced payroll services.

The Foundation remains committed to enhancing the common purpose across the schools.

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Meeting its Charitable Objectives

The principal object of the Foundation, as set out in its Articles of Association, is to advance education for the public benefit by establishing, maintaining, operating, managing or otherwise supporting schools, whether state-funded or independent, which are or shall be run in accordance with Christian principles and practices. Through its schools, the Foundation has a long history of providing public benefit through educational opportunity, developing the talents of its students. The Board of Trustees are clear that their main task is to focus on ensuring that the schools continue to develop and thrive.

‘Through its schools, the Foundation has a long history of providing public benefit through educational opportunity, developing the talents of its students.’

Objectives for the Year Ahead

Begin the development the new Science and Refectory Building at Emanuel School.

Continue to provide high quality education across our schools which is financially sustainable in light of the future challenges.

Continue to make grants to our Academies which supports enhancement of their provision.

Agree and embed a Statement of Intent for Equality, Inclusion and Diversity.

Support the Board to undertake an external Board Evaluation and consider implementation of recommendations.

Develop the work of our Professional Development and Partnerships Committees to ensure they add value to schools, staff and students.

Looking Further Ahead

The Trustees continue to consider the possibilities of expanding the size of Foundation through the establishment of a Multi Academy Trust and increasing the reach of our independent schools. They are also focused in investing to maintain and enhance facilities across the estate.

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Foundation Activities

Our schools are coping with significant challenges: staff recruitment, rising costs, political and economic uncertainty, and increasingly complex pastoral needs of pupils. Against this backdrop, our students continue to flourish, achieving impressive results in public examinations and thousands participating in co-curricular activities across arts & culture and in the sporting arena.

Supporting the Foundation Schools

The Trustees are clear that providing support to the schools is the Foundation’s core business. In 2022-23 this has included:

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

OUR YEAR IN NUMBERS

Means tested bursaries

£2.62m £11m

In the past 4 financial years we’ve provided eleven million pounds of financial support to our students.

Grants

£500,000

Total grants spend supporting our two Academies.

Total number of students

4,295

Total number of staff 861

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Public benefit

In setting the objectives and planning the activities of the Foundation, the Trustees give careful consideration to the Charity Commission’s general guidance on public benefit. The Trustees believe that the Foundation provides strong public benefit by delivering education which focuses on an academic curriculum complemented with co-curricular activities underpinned with strong pastoral care, within the state and independent sectors.

The Foundation’s public benefit activities fall within three major areas:

1. Support to our two Academies

In the state sector, the Foundation assisted The Grey Coat Hospital and Westminster City School with £500,000 in unrestricted revenue grants. It also provides services, such as legal and financial advice, governance services and strategic HR advice. It assists with capital works to enhance the facilities for the students. It administers a number of trust funds which assist students in areas such as foreign travel and university entrance.

2. Independent school bursaries

The Board of Trustees delegates responsibility for implementing the bursary policies in place at each of the independent schools; each school operates a Bursaries and Scholarships Committee. The Bursary policies are publicly available on the schools’ websites. Bursaries and means tested scholarships are available to all who meet the entry requirements of the particular school and are made solely on the basis of parental means or to relieve hardship where a pupil’s education and future prospects would be at risk. Bursary awards provide support for up to 110% of school fees to provide opportunities for pupils regardless of their family circumstances.

Bursary support was provided to 134 pupils across the three independent schools, of which 62 were on 100% bursaries. This bursary fee assistance provided £2,620,920 of financial support in total. Learn more on page 12.

3. Community outreach and local charitable contributions

Each school drives its own public benefit activities to enhance its own local community, and all three independent schools have strong links with nearby local state schools to enable them to make use of the schools’ facilities.

More information is available in the school reports pages 14 to 23.

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Our Means-tested bursaries in detail

Number of pupils

Number of pupils 100% bursaries

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Value £000
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53 54 20 33 1,128
8.4%
1,050
4.5%
27 9
443
3.2%
Totals
134 62 £2,620,920
Sutton Valence School Queen Anne’s School Emanuel School
% net tuition fees
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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Laying the foundations for greater Equality, Diversity & Inclusion

Our annual conference

Equality, Diversity, and Inclusion (EDI) was the theme for the Foundation conference in June 2023. The Board recognised how far schools within the Trust had progressed with individual initiatives in this space and felt it was vital to have a wider look at the topic and reflect on the shifts needed in governance and the Foundation as a whole.

Trustees, governors, and school leaders met for an exciting event at Central Hall Westminster. They were challenged by Maria Strauss of Farrer and Co on how to “look beyond compliance”.

Elizabeth Olulari and Andy Wolfe from the Church of England Education Office looked at “human flourishing ”. Flourishing adults enable a flourishing school culture, leading to flourishing children. They also challenged the sector on diversity in school leadership and introduced the Foundation to their national programme “Leaders like us”. It was exciting to note that colleagues from Westminster City School were already involved in this programme.

Finally, Jan Shadwick, CEO of Haberdashers South Academy Trust, shared the journey her Trust has made in establishing an EDI culture across the Trust and addressing some knotty issues on the way.

Quality engagement and discussion was a feature of the conference, and the Foundation Trustees were encouraged by the diversity of practice and deliberate approach to keep EDI central, throughout the school group. Consequently they committed to the development of an overarching EDI statement for the Foundation and a commitment to greater diversity within the recruitment of governors and trustees.

A stimulating day was rounded off by an exciting rock musical performance by award winning students from Westminster City School.

Middle Elizabeth Olulari, Church of England Education Office

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Emanuel School

Annual review 2022-23

Emanuel had a pupil population of 1,083 in 2022-23 and this has risen to 1,116 for 2023-24. We are pleased to be currently popular, and very aware of the long-standing pressures on the site, which still need to be solved. We are grateful to the Foundation for its support to us with a loan targeting our catering and classroom needs, both areas that have been highlighted as critical concerns since at least 2017. We are mindful of the significant risks to all schools in the independent school sector, with Labour’s likelihood of election and renewed commitment to remove business rates relief and add VAT to parent fees.

Set against this, we are seeking to plan positively and prudently, yet being nimble if change is required. We also see that opportunities may arise in the London market place, or abroad, allowing us to broaden our revenue streams.

As part of our charitable status, we continue to evolve our awardwinning outreach and partnerships work, supporting c25 local primary schools every week and opening our facilities to at least 1000 local pupils each month. In addition, we are now a School Centred Initial Teacher Education (SCITT) centre for teacher training and continue to build our partnership with Westminster City School in several ways.

This summer’s exam results showed sustained improvement, even when taking into account OFQUAL’s commitment to a return to pre pandemic grading. At A Level, with a year group one third larger than 2019, all grades were higher than in 2019, at all levels, and against value added measures. 53% of grades were A/A. At GCSE, 90% of grades were 9-7 (A-A). This is 185 higher than in 2019 and higher than summer 2022. We will focus on our A Level outcomes for summer 2024 and are delighted to see everyone’s hard work rewarded in this way, allowing pupils to make positive starts to their sixth form courses, and achieve excellent university offers, despite the upheavals for UCAS this year.

The end of the last academic year brought a full inspection we were recognised as excellent in all areas. The final report from ISI captured the school, its growth in so many ways across recent years, the sense of collective endeavour by everyone from the strong governing body, to the pupils, teachers, parents and support staff.

2024 sees Emanuel become 430 years old. We hope, despite the pressures being exerted on the sector, that we can keep thriving in the years to come!

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Public Examination Results
A levels
2019 (%)
2022 (%)
2023 (%)
A- B
84
94
85
A- C
96
96
98
Overall A-E
100
100
100
GCSE
A- A / 9-7
72
89
88
A- C / 9-4
99
100
100*

As part of our charitable status, we continue to evolve our awardwinning outreach and partnerships work, supporting c25 local primary schools every week and opening our facilities to at least 1000 local pupils each month.

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

The Grey Coat Hospital

Annual review 2022-23

The school received a long-awaited OFSTED inspection in October 2022, having last been inspected in March 2009, and secured “outstanding” judgements in all categories and overall. It was a rigorous process in which inspectors examined the school’s work using a wide range of evidence, including speaking with governors, senior leaders, teaching and support staff, students and parents; observing lessons; looking at students’ work; and scrutinising other evidence. The inspection framework has changed dramatically since 2009 and uses exacting standards by which all schools are judged. The strong positive impact of the consistent hard work and high aspirations of school staff, leaders and governors are fully reflected in the “OUTSTANDING” judgement. This outcome was the more remarkable as OFSTED advised that the number of schools that would retain their “outstanding” rating was likely to fall by half.

The school’s academic outcomes in summer 2023 further cemented this “outstanding” OFSTED judgement. Both GCSE and A-Level results were once more outstanding, with all groups of students including Pupil Premium students and those with SEND achieving well above the national picture. It was particularly pleasing that we exceeded our 2019 examination results, suggesting that our “seamless blended learning” journey succeeded in maintaining high levels of student engagement, minimising gaps in learning, and promoting strong progress. Our safeguarding and wellbeing work, which had been augmented further during the pandemic, was equally as important in promoting students’ resilience and confidence as they prepared for the public examinations.

Given our exceptional examination results, it was no surprise that our students secured strong post-18 destinations, with all progressing to a high-quality destination of their choice; over 50% of students embarking on courses at Russell Group universities; and eight students taking up places at Oxford and Cambridge. A small number undertook a gap year or an apprenticeship.

Our co-curricular provision was considered extraordinary by OFSTED inspectors, due to its exceptional breadth and the high quality of the opportunities, as well as the inclusivity it affords. Re-emerging from the pandemic restrictions, we ran over 100 trips and visits, both locally in London and further afield, with several of our foreign trips and exchange programmes to Spain, France and Germany resuming in full. To facilitate true inclusion, the school regularly subsidises students who could not otherwise afford to participate in such opportunities. Over 50 clubs ran weekly and included sports, music, art, drama, debating, and many more. We achieved exceptional success in debating, with our team winning the National Final of the Urban Debate League against stiff competition of mainly independent schools. In sports, our teams won the Westminster athletics and cricket competitions. In music, our students participated in operatic productions of La Boheme at the Royal Opera House and Tosca at the ENO and in drama, we enjoyed a spectacularly creative and passionate school production of “Emilia” which shone a spotlight on the feminist cause.

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Public Examination Results
A levels
2019 (%)
2022 (%)
2023 (%)
A- B
69
78
69
A- C
85
90
87
Overall A-E
99
100
100
GCSE
A- A / 9-7
46
63
54
A- C / 9-4
94
97
91*

Recognised as a beacon of Languages excellence, The Grey Coat Hospital was awarded PASCH status by Goethe Institut. The “Schulen: Partner der Zukunft” (Schools: Partners for the Future) Initiative creates a global network with particular ties to Germany and The Grey Coat Hospital now becomes the thirteenth school in the UK to be awarded this special status in recognition of our outstanding commitment to German. Launched in 2008 by Germany’s Federal Foreign Office, the initiative aims to broaden horizons through multilingualism, increase access to language and education in order to improve prospects and jointly tackle problems as an international community of learners. We officially launched as a PASCH School in June 2023 and are excited by the many opportunities this initiative will open to our school community.

Against a backdrop of falling student numbers in the capital, we remained the most oversubscribed school in Westminster with over 6 applications for each place in Year 7, and a sixth form of over 300.

Our Condition Improvement Fund (CIF) bid for £681,950 to replace fire doors and ensure compartmentalisation at the St Andrew’s main building was successful and work is scheduled to commence in the coming months.

The Grey Coat Hospital awarded Schools: Partners for the Future (PASCH) status by the Goethe Institute in recognition of the school’s outstanding commitment to German.

The school places great emphasis on staff wellbeing and professional development. This may likely explain the positive responses and high participation rate noted in the staff survey conducted by OFSTED in October 2022, and a staff attendance rate of 98% across the year. Middle leaders are invited to undertake a secondment on the Senior Leadership Team, leading on an aspect of whole-school improvement. Recent Associate Senior Leaders have focused on effective forms of assessment; on literacy and knowledge of language; and on Equality, Diversity and Inclusion in the curriculum. We also participated in the coaching programme for senior leaders offered by the Foundation.

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Queen Anne’s School

Annual review 2022-23

Scriabin Conference led by Mark Richards

In September 2022 Queen Anne’s hosted the Scriabin @150 Conference, marking the 150th anniversary of Alexander Scriabin’s birth and a chance to reflect on all aspects of the composer’s unique legacy. Scriabin offered a unique blend of esoteric mysticism, ethereal pianism, progressive harmonic technique, philosophicallydriven composition, colour-music experiments, and more. It featured a keynote address from Professor Marina Frolova-Walker (Cambridge University), a piano recital from Anita D’Attillis, 41 academic presentations from delegates affiliated to universities across the world and a workshop on music and colour presented by Ian Costabile.

New cookery room

The highly anticipated brand-new cookery room opened at Queen Anne’s School after significant refurbishment, with the help of Thomas Franks catering company. A group of students, staff, governors, and parents were joined by successful Queen Anne’s alumna, Afiya Titus, for its grand opening ceremony with a ribboncutting celebration.

CNN Broadcasts live from Queen Anne’s School for MyFreedomDay

In March, students from Queen Anne’s school held an event to raise awareness of modern slavery and human trafficking as part of CNN International’s Freedom Project. The day supported the liberation and rehabilitation of modern-day slaves and reached as many students and educators as possible. Students explored the concept of modern slavery with a whole-school assembly and performances in our Performing Arts Centre. These included original poems, songs, speeches, readings, dances, instrumental performances, and the playing of student-made videos with the theme of modern slavery. There was also an interactive work art installation that grew in contributions as the event progressed. CNN International sent a reporter and their cameras to not only capture the performances of our students, but to gather their views via interviews. They delivered two live broadcasts from Queen Anne’s School which were showcased on their news channels and social media. This was an excellent and important event for raising awareness on a global issue and educated people on spotting signs of modern slavery.

Academic Success

Queen Anne’s School is delighted to be celebrating an excellent set of GCSE results. With 24% of grades at the top level 9, a 7% increase from 2019 and 45% of grades at level 8-9, an 11% increase on 2019, the Upper 5 (Year 11) students performed magnificently.

With the ‘return to normal’ in formal exams this year, there has been a particularly keen interest in the A Level results. Queen Anne’s School in Reading is exceptionally proud of their outgoing Upper 6 (Year 13) students who have achieved excellent results, including a 5% increase in A compared to 2019, the last pre-covid benchmark, with 88% A-C grades and 49% A*-A.

Almost all students have secured places at their first choice of university, with an excellent range including Cambridge, Durham, Bristol, UCL, Cardiff, London School of Economics and many more Russell Group universities. Some are venturing overseas, including the prestigious Berklee College of Music, in Boston, USA.

Head of School, Ms Elaine Purves said “I would like to congratulate our incredible Upper 6, who have been so dedicated to school life over their years at Queen Anne’s. From the amazing performance of ‘Legally Blonde’ last November, raising money for Trust House Reading and winning the Round Table Global Youth Award to wild camping in the Cairngorms in aid of the Alexander Devine Hospice, they have been actively engage as young leaders within the school. The students have embodied the dynamic approach to Sixth Form life and learning that stands them in very good stead for the future. I am very proud of all they have accomplished over the years and these well-deserved results.”

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Co-Curricular

Across the extensive sports facilities, you will find an ethos of excellence and inclusion where physical activity is promoted as essential for well-being and development. Via the extensive cocurricular programme, students can play a range of indoor and outdoor sports both recreationally and competitively, alongside their timetabled PE lessons.

Sports day saw the introduction of the Burley Cup, named after our former Director of Sport, Nicola Burley, as she departed Queen Anne’s in July 2023, after 21 years of service to the school. The Burley Cup is awarded to a student who shows determination, sportsmanship, and dedication on sports day.

We were also honoured to host the United Westminster and Grey Coat Foundation Sports Day of Athletics 2023. On a bright summers day it was wonderful to see all five school participating in the many events. The students and staff were kept cool with refreshments and ice lollies.

We were thrilled to be recognised for two awards last year. Firstly highly commended in the Muddy Stilettos award for originality in teaching music and arts, and then shortlisted for the Independent School of the Year Award for Performing Arts, Music and Drama. Our students’ exceptional talent and dedication have earned these recognitions among top contenders.

QASFest 2023 was incredible day filled with performances and workshops at Queen Anne’s School! Our talented students came together to showcase their year’s hard work, leaving us in awe of their extraordinary abilities and confidence as they took the stage. From breathtaking musical and dance performances to enlightening workshops, QASFest truly celebrated creativity and passion.

This thriving festival event was held in support of the Alexander Devine Hospice, as we ‘rocked the blue’ for this remarkable organisation dedicated to providing care for children in need. Together, we raised funds for their incredible work at the children’s hospice.

Our annual celebrate dance showcase was a huge success with a total of 51 routines performed by dance students across all year groups in jazz, tap, modern, ballet, hip-hop and Irish Dancing.

The talented dancers of The Twilight Dance Company made their mark at the highly anticipated Cascade Dance Championships in Sevenoaks. They delivered exceptional performances, captivating the audience and leaving a lasting impression, securing top positions in numerous routines.

QASFest 2023 was an incredible day filled with performances and workshops at Queen Anne’s School, celebrating creativity and passion.

Public Examination Results

A levels
2019 (%)
2022 (%)
2023 (%)
A- B
69
81
74
A- C
87
96
88
Overall A-E
98
100
100
GCSE
A- A / 9-7
60
64
60
A- C / 9-4
97
99
96*

In a stunning showcase of talent, students in Lower 4 and Upper 4 at Queen Anne’s School delivered a mesmerising outdoor performance of the classic story, The Wizard of Oz during the Trinity term. The school grounds were transformed into a vibrant stage, setting the perfect backdrop for a colourful and fun-filled show that left the audience spellbound. Under a summer evening sky, drama students took the stage with confidence, bringing beloved characters like Dorothy, the Scarecrow, the Tin Man, and the Cowardly Lion to life.

Middle and Upper School girls put on a fantastic performance of Chicago with boys from Shiplake College and Reading School during the Lent Term. This joint venture was a fantastic showcase of students and department working together to produce a standout performance.

The Performing Arts Centre was filled with glam and glitter when the 1970’s-themed production of “A Midsummer Night’s Dream” was performed in the Michaelmas term. The Lower 5 and Upper 5 “Dreamers” entertained their audiences with mischief, merriment, and mirth, complete with light sabres, extravagant hairstyles, and sparkling costumes. All the performers were clearly having infectious fun which reached across the footlights into the audience.

QAS Senior Boarding House cleans up Caversham! Staff and students in the Holmes Charity Council started a litter picking initiative around Caversham. They litter picked in Christchurch Meadows and the park on Westfield Road. The initiative was started during the Lent term 2022, with students picking up litter on the weekends. They managed to really clean up some areas of the park and dispose of a significant amount of litter.

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Sutton Valence School

Annual review 2022-23

It is lovely to be able to feedback on an excellent period at Sutton Valence since the last annual report in 2022. The School continues to have very healthy numbers and significant interest in places. Our stunning physical environment continues to be a super backdrop for a laudable educational experience for our learners and an inspirational place in which to work.

One of our biggest celebrations this year has been in recognition of the School becoming co-educational 40 years ago in 1983. We had a wonderful event in the Summer celebrating this landmark where we welcomed Old Suttonians and staff to a glorious lunch and reception on Prefects’ Lawn. A tremendous time was had by all with some charming memories shared, a great deal of interest in the School today and fine aspiration for our future.

The passing of Her Majesty Queen Elizabeth the Second and the Coronation of King Charles the Third were marked significantly by the School and had a thought-provoking impact on many of us. The reflection on the former and celebration of the latter brought our wide ranging community together and I am sure many will remember such moments for years to come.

The most notable change to the physical site has been the building of our fabulous new Nursery facility at the Prep School called ‘Little Lambs’. While many would frown at a modular build in principle, in practice we have a beautiful wooden and glass structure that it is hard to believe was ever a collection of sections simply stuck together! With the lovely green and leafy outdoor space surrounding it, it has provided a first class facility for our very youngest members of the community and we are all delighted with it. We have also installed a significant number of solar panels on many of our buildings, showing our commitment to our awareness of the state of the environment as well as helping the budgetary challenges relating to energy costs.

A significant push on work with the community and charities is certainly bearing fruit and these are clearly a key aspect of our provision. Students are regularly assisting in local primary schools, volunteering in old peoples’ homes, devoting time to local food banks and also leading a significant number of activities raising money for local, national and international charities. The most notable of these is our support for CRY – Cardiac Risk in the Young – following the tragic and unexpected passing of one of our Sixth Form students. Not only have we worked hard to raise awareness of this issue, but we have also raised thousands of pounds in support of the organisation. We managed to screen 200 members of the Sixth Form (and staff under 35) in September and know that CRY have appreciated our support a great deal.

It is also pleasing to have rekindled our relationship with the Clothworkers Company – the livery company who were so instrumental in our early years nearly 450 years ago. As well as the annual prize for student contribution, our highly regarded strings group have provided musical treats at their dinners and they have been very well received. We look forward to developing the relationship even further moving forward.

It is of course nigh on impossible to document everything that can take place in such a busy School, but our publication of ‘The Suttonian’ and ‘The Young Suttonian’ yearbooks in a particularly smart and new format does a very good job of this and we are so glad to once more be celebrating all we have achieved at the Prep and Senior Schools.

We are now just a couple of years away from our 450th Anniversary which we will celebrate in 2026. We are in the process of gathering opinions of ways in which members of the community want to celebrate this momentous occasion. In tandem with this, the leadership team have been working on a new strategic plan for the School in which we can nurture the excellent present provision and also look forward to the future. The ‘450 and beyond’ plan will be published by the end of this academic year and will, we hope, have a great deal of excitement for all.

We are looking forward to the future a great deal – Floerat Suttona!

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Public Examination Results
A levels
2019 (%)
2022 (%)
2023 (%)
A- B
62
74
61
A- C
88
91
85
Overall A-E
100
100
100
GCSE
A- A / 9-7
41
44
42
A- C / 9-4
94
96
92*

Students are regularly assisting in local primary schools, volunteering in old peoples’ homes, devoting time to local food banks and also leading a significant number of activities raising money for local, national and international charities.

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Westminster City School

Annual review 2022-23

Over the course of the last year, Westminster City School’s location and the links that this brings for the school have enabled an exceptional range of opportunities for the young people in the school.

Speaking Up

Through wider links the school has had emerging from its location and specifically through the Speakers for School programme, the young people at Westminster City School have heard a range of specialists and leaders talk on a variety of subjects. The Autumn Term saw David Dein, Ex Vice Chair of Arsenal FC and one of the founders of the Premier League talk about the reasons for the transformation of football in England and lessons he has learned in life. In the audience that day was his friend, Lord Winston who re-visited the school just after Christmas to give a guest lecture to GCSE and A Level Biologists.

Students gained an insight into the world of Technology when both Tom Toumazis MBE and Tunji Akintokun from LinkedIn led assemblies and then Question and Answer sessions with our students. The impact of experiences in younger life was significant for both. Both younger students and 6th Formers have greater insights into political life following the visits of WCS Alumi, Wes Streeting MP, who shared his experience of being the Shadow Health Secretary and Tony Blair’s former Chief of Staff, Alasdair Campbell, who reflected on both Mental Health and life after politics. The variety of careers you might have in life was explained by Rick Haythornethwaite, Chair of Ocado who has also recently taken on the Chairmanship of the Natwest Group, and from the religious sphere, our annual Rededication Service saw Chine MacDonald, Director of Theos, talk to students about excellence versus perfection in an era of social media.

For students to hear from such a variety of eminent individuals would not be possible were it not from our location. The ease with which these speakers can fit their visits around other parts of their schedule is fantastic.

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Partnerships

Being in Palace Street has also allowed the school to develop some key partnerships both with private and public sector. The flagship 6th Form PCAS (Polar Capital Aspire Scheme) saw three students receive university scholarships worth over £20,000 per year. Two students will continue their studies at the London School of Economics and one at Swansea through the generous support of our neighbours whose headquarters are also on Palace Street. The gifting of laptops to each of our 6th Formers also helps them to engage more fully in their learning and both elements of this scheme may help explain why over 1800 young people applied to join the 6th Form in September 2023.

Our links through the City Council have led to students taking part in entrepreneurial events and our artists were able to have their work displayed on the jumbo screen at Piccadilly Circus through a creative arts programme run by the City Lions programme. Through close associations with Schneider Electric (based in Cardinal Place) and Rolls Royce (whose offices are on Victoria Street), future engineers have been made more aware of the requirements of this profession in work experience placements. One student was able to secure a degree apprenticeship with Schneider and another with Channel 4.

Civics Programme

The school has also created a Civics programme designed to raise awareness of each of the five institutions of state (Crown, Parliament, Supreme Court, Westminster Abbey representing the Church and Armed Forces) whose proximity to the school is such a feature of life at WCS. Every student in Year 7 visits the Abbey, every student in Year 8 visits the Palace of Westminster and all of Year 9 have visited the Supreme Court. Lessons before and after these visits reflect on the challenges faced by these institutions and key debates that might happen around each of them.

Public Examination Results

A levels
2019 (%)
2022 (%)
2023 (%)
A- B
31
53
52
A- C
55
75
74
Overall A-E
97
99
98
GCSE
A- A / 9-7
21
26
28
A- C / 9-4
72
82
78*

‘The flagship 6th Form PCAS (Polar Capital Aspire Scheme) saw three students receive university scholarships worth over £20,000 per year.’

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Governance, Structure & Management

The Foundation is a company limited by guarantee, and a registered charity, the result of the merger of the United Westminster Schools Foundation and Grey Coat Hospital Foundation on 31 March 2019. The Foundation holds on trust the permanent endowments of these two predecessor charities.

During the year the Board Trustees adopted a Code of Conduct which is based on the Charity Commission’s Code, covers the Nolan Principles of Public Life:

Organisational Purpose

Corporate Structure

The Foundation has a Board of up to seventeen Trustees (also Directors and Members of the company) which meets at least three times annually to review and assess developments of the Foundation and its activities and to make important decisions.

The work of monitoring the performance of the Foundation’s investments is carried out by the Finance and Property Committee, which also has oversight of the schools’ financial performance and capital projects and the Foundation Office activities and financial performance.

Plus additional commitments to avoid conflicts of interest, manage relations, maintaining the reputation of the Foundation, not seeking personal gain, to uphold high standards of meeting etiquette, and a commitment to enhance the governance of the organisation.

In addition, the Board has a Remuneration and Policy Committee which determines Foundation Office staff remuneration and polices that relate to the operation of the Foundation Office, as well as a Nominations Committee which overseas recruitment of Trustees and is actively seeking to ensure Board diversity. There is a Professional Development Committee which is focused on providing collaborative opportunities for school staff and a Partnerships Committee which provides co curricular opportunities for the students.

When necessary the Trustees seek advice from their professional advisers, being accountants, solicitors, property consultants and insurers or from a specialist consultant.

The day-to-day management of the Foundation’s activities and the implementation of policies are delegated to the Foundation Executive Team (the Director of Finance, the Director of Governance and Operations and the Director of Human Resources).

The activities of the five schools are overseen by their own Governing Bodies, the majority of whom are appointed by the Trustees of the Foundation. These Governing Bodies meet at least 3 times per year; the independent schools operate within the framework set out in the Terms of Reference for Independent Schools and the Academies are their own legal entities operating in line with the Academies Handbook. The Foundation’s Finance and Property Committee receives the minutes of each of the schools’ Finance Committees and the Board receives the minutes of the Governing Bodies. The Director of Governance and Operations is Clerk to each of the schools’ Governing Bodies; the Director of Finance attends the schools’ Finance Committee and the Director of HR attends their Personnel/HR Committees. The day to day running of each school is delegated to the head teacher.

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Our corporate structure

Foundation Trustee Board - up to 17 Trustees

The three independent schools operate under the single legal entity of the Foundation

----- Start of picture text -----
United Westminster & Grey Coat Foundation (Company limited by guarantee)
Emanuel School Queen Anne’s School Sutton Valence School
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The Grey Coat Hospital Westminster City School
(Company limited by guarantee) (Company limited by guarantee)
The United
Westminster and
Grey Coat
Endownment Trust
The Grey Coat Hospital Westminster City School
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The two Single Academy Trusts are separate legal entities and charities in their own right but have majority governance control appointed by the Foundation

Foundation Trust Board Foundation Office 6 staff Emanuel Queen Anne’s Sutton Valence The Grey Coat Westminster School GB School GB School GB Hospital GB City School GB Emanuel Queen Anne’s Sutton Valence The Grey Coat Westminster School SLT School SLT School SLT Hospital SLT City School SLT £22.7m turnover £13.6m turnover £17.0m turnover £9.6m turnover £8.0m turnover 1,083 students 437 students 856 students 1,142 students 777 students 208 staff 202 staff 225 staff 133 staff 87 staff

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23
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Recruitment, induction and training of Trustees and Governors

The Foundation has a Nominations Committee which recommends to the Board of Trustees any candidates who are suitable to join the Board. The appointment of Trustees is subject to the approval of the majority of the Board. The constitution and operation of the schools’ Governing Boards is set out in the United Westminster and Grey Coat Foundation Terms of Reference for the independent schools and the Articles of Association for the academies. Compliance checks and an enhanced Disclosure and Barring Service checks are carried out for all trustees and governors; along with key induction sessions.

The Foundation has links with the Association of Governing Bodies of Independent Schools (AGBIS), the National Governance Association, the Confederation of School Trusts, the London Diocesan Board and the Local Authorities. The Foundation also participates in the Livery Companies Network, who, like the Foundation, have a long history of involvement with both independent and state schools, including the provision of governance.

Key management personnel

The Foundation is led by the Trustees of the Foundation and the Governing Bodies of the five schools. Since Westminster City School and The Grey Coat Hospital are constituted as academies, for reporting purposes the ‘key management personnel’ are considered to be the Foundation Trustees and the Governing Bodies and Head Teachers of the five schools. The structure of the Foundation Office Executive was implemented in May 2022.

The performance of key management personnel is managed locally under the relevant Performance Appraisal policies and within the local reporting structure. Objectives are set and performance is reviewed. The Remuneration Committees at the schools and Foundation have a responsibility to consider the review of performance and pay recommendations and determine pay progression or the award of any bonus or honorarium payments. The Independent Schools and Foundation Office have pay scales and pay policies adopted locally which take account of the independent and state sector pay settlements and appropriate benchmarking.

The Academies follow the Teacher Appraisal regulations 2012 and pay is in accordance with the provision of the School Teacher’s Pay and Conditions document.

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Risk management

Our Trustees, assisted by the Executive Team in the Foundation, regularly review a risk register which categorises risks, reports likelihood and impact and rates the risks as Red, Amber and Green. The Finance and Property Committee oversees the approach to financial risk management and recommends any changes to the Board. Trustees, Governors and staff in the Foundation Office and Schools have a high degree of awareness of risk. The majority of risk management is through the Chairs of Governors who update the Board of Trustees at each meeting, The Foundation and each of the Independent Schools operate a risk register which is reviewed to ensure that major risks are managed to an acceptable level.

Commons risks across the Foundation’s Schools are:

Safeguarding

Safeguarding remains the most important risk across all schools for Governors, Head Teachers and school staff. Schools resource this area accordingly with staff having a clear roles and responsibilities and a lead Governor for Safeguarding in each school, working closely with Designated Safeguarding Leads. All staff joining our schools are subject to enhanced Disclosure and Barring Services Checks, safeguarding training is provided regularly to all staff, and governors receive annual safeguarding training provided by their schools. The Foundation has a Trustee who leads on Safeguarding matters. Trustees and governors also receive training on their strategic responsibilities for safeguarding.

Political uncertainty

The likelihood of the introduction of VAT on fees for independent schools and the removal of Business Rate Relief is threat to the sustainability of schools in the sector. The Trustees are actively engaged in understanding the impact these actions would have on the schools and wider Foundation in order to design and implement a plan which will mitigate their impact.

Economic circumstances

The current headwinds impacting the economy, particularly in relations to the inflationary pressures, the outlook for growth and fiscal tightening pose risks that could impact schools in both sectors. The Governing Bodies continually review budgets and future projections carefully, mindful of pupil recruitment, cost control and the impact on capital expenditure.

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At a glance
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VAT

There is a risk to the Foundation that a change government policy will bring about the introduction of VAT on school fees and a loss of Business Rate Relief. The Trustees and Governors will review the impact of these potential policy changes through scenario modelling.

Loss of information systems integrity and functionality

The rate of change in technology, the domination of the internet and social media, combined with the data protection laws in place means an understanding of information systems’ risk is essential to create secure information systems environments in our schools.

An event which impacts availability of sites

All schools have Critical Incident Plans in place which are regularly reviewed.

Health and Safety

The Governing Bodies are responsible for agreeing the schools’ Health and Safety Policy and actively monitor the schools’ management of Health and Safety matters either through a committee or a link Governor.

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Investment Policy

Fundraising policies

The Trustees manage the Foundation’s investments on a total return basis, following the practice of both predecessor charities since 2006. The policy aims to ‘preserve the real value of the endowment held in investments, whilst maximising the amount available to meet the needs of each generation of beneficiaries’.

Note 11 to the financial statements gives details of the investment holdings, movements and returns. The Trustees have delegated management of the listed securities portfolio to Sarasin & Partners LLP. Investment properties are managed by Cluttons LLP and Savills LLP.

With advice from Sarasin listed investment holdings have been allocated across a range of asset types and sectors to balance risk and return. This is expected to give reasonable long term performance at lower volatility. The Trustees extract income at the rate of 4% per annum on a rolling five-year basis.

The Trustees, primarily through the Finance and Property Committee, regularly monitor the mix of holdings and extraction rate to ensure that total returns are being optimised and the extraction rate is sustainable having regard to what is reasonable to the circumstances of the Foundation.

Our independent schools ensure that all external providers contracted for fundraising purposes enter into suitable contracts with the school in order to protect the privacy and interests of all related constituents. Similarly, they ensure that all constituents have frequent and appropriate options to opt out of communications and fundraising activity. All three schools provide a clear objective standard against which external regulatory bodies can judge the actions of the Foundation if required. For major gifts or legacies, the schools usually document the commitment of both parties in a Gift Agreement Letter that sets out the purpose, terms and valued recognition of that gift. The schools take care not to accept support or enter into a partnership where the source of the gift is not known, or considered inappropriate. Any complaints relating to fundraising or any external relations are always responded to in a prompt and considered manner, following sector best practice. No complaints were received in the period, or previously.

During the year to 31 August 2023, the return on the Foundation’s listed investment portfolio was negative 0.8%. This performance was against a target of 12.3%, being CPI + 4%.

The Trustees manage their interest in the Foundation’s unquoted holdings by holding directorships in the companies, and these companies obtain independent professional advice and management where appropriate.

At a glance

£35m

The Foundation issued a Fixed Rate Private Placement Bond repayable over 30 years for continued investment in school infrastructure.

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Trustees’ responsibilities statement

The Trustees of the charitable company are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the income and expenditure of the charitable company and group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each of the Trustees is aware at the time the report is approved:

Promoting success under required regulations

The Foundation Trustees, as company directors, confirm they have had regard to their duty under section 172 of the Companies Act 2006 and the Companies (Miscellaneous Reporting) Regulations 2018. This duty is to act to promote the success of the schools whilst having regard to:

The attraction and development of excellent teachers remains, and will always remain, a high priority. To support and encourage engagement, three of the schools’ recruit and train graduates in a formalised programme of initial teacher training with relevant partners. All schools recruit Early Career Teachers and support these colleagues through a two-year ECT programme. The Foundation through the Professional Development Committee has enhanced this with planned ECT visits to Sutton Valence School and the two Academies during the summer of 2023. The days comprised professional content personalised pathways for each ECT through the schools during which they observed teaching and learning and engaged with identified areas of professional practice. This was well received and effective in building collaboration and understanding of practice between education sectors.

Foundation employees are consulted about workplace issues through local staff consultation committees. Governors, through the work of the Personnel Committees regularly review Employment Policies to ensure that they are compliant with employment legislation and good HR Practice. Significant attention is paid to ensuring that schools have measures in place to support staff health and wellbeing. This includes employee assistance programmes, mental health first aiders, school counsellors, and occupational health advice.

As a single employer the Foundation collects data and files a statutory report on the Gender Pay Gap. Schools have been active on building on the support from WomenEd and particular attention is given to the way in which recruitment and selection is undertaken to minimise the gap. Progress is steady and can be seen in the 50:50 male-female split in the number of staff in the upper quartile.

In accordance with the Equality Act 2010, the Foundation and its schools has policies and practice in place to promote equality of opportunity, diversity, and inclusion. A successful summer conference focussed on EDI, challenging the schools and the Foundation to go further with the equality, diversity and inclusion agenda.

The Foundation published a Modern Slavery statement. It requires schools and the Foundation Office to be active in checking that key suppliers have policies to eliminate modern-day slavery.

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Streamlined Energy and Carbon Reporting

In line with the requirements of The Companies (Directors’ Reports) and Limited Liability Partnerships (Energy and Cardon Report) Regulations 2018, The United Westminster and Grey Coat Foundation is disclosing its energy use and greenhouse gas emissions. This reporting covers electricity, gas and transport fuel consumption within the UK and the methodology used is in accordance with the 2019 HM Government Environmental Reporting Guidelines and the GHG Reporting Protocol – Corporate Standard, as well as the 2022 UK Government’s Conversion Factors for Company Reporting. The intensity metric chosen is number of pupils as at the end of the financial year 2022-23. This was chosen as the most suitable metric as the organisation’s carbon emissions are closely linked to pupil numbers. The Foundation’s five schools consumed an average of 310kg CO2e/ pupil (2021-222: 320kg CO2e/ pupil).

The improvement measures during the period include:

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At a glance
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310kg

The Foundation’s five schools consumed an average of 310kg CO2e/pupil.

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Professional Development

The Professional Development Committee of the Foundation has completed its second year. This year has seen consolidation and development.

The Coaching Programme delivered with EduCoach has been well received by senior and middle leaders. Twenty leaders across the Foundation schools have completed and benefitted from the programme. Feedback has been positive and illustrated the deep professional development and impact achieved through coaching.

For the first time the Foundation Schools collaborated with aspects of the Early Careers Teachers (ECT) induction programme. Opportunities were organised for ECTs to visit Sutton Valence School and participate in a CPD programme and observe teaching and learning in different setting from their own. Later in the summer term, a visit was organised with The Grey Coat Hospital and Westminster City School for ECTs from across the Foundation to again share CPD input and follow an individualised pathway around the central London schools to observe teaching and learning in their chosen subjects and observe aspects of pedagogy. The networking and energy from the group was palpable and this initiative will be repeated in the future.

Additionally, a successful professional development event was held in March 2023 on the topic of Language and EDI. This event was considering education practice and how the use of language and adjustments to curriculum is so important for inclusivity. The keynote from Dr Shola Apena Rogers of the African Caribbean Education Network brought stimulation and understanding of how inclusive language changes the experience of students and the follow up session by Ravi Kothakota focussed on the work Emanuel School has with students to educate and support the adult community in using more inclusive language. Jane Anthony, the Head of English at The Grey Coat Hospital gave a stimulating presentation on how she reviewed English literature texts in the light of EDI and Krystian McInnis, Head of RE and Christian Ethos at Westminster City School shared how he had reviewed the RE curriculum in the light of a Church of England EDI project. It was a stimulating and practical learning occasion, and the feedback was excellent. The video recording or clips from the event has been widely used by our schools for further sharing and professional learning. The feedback was great.

“We stopped off for a meal on the way back and my colleagues were fizzing with ideas, as well as praise for the event. One of them referred to it as the ‘best inset he’s had in years’. SVS

The professional development committee with senior representation from each school recognises that quality and focussed professional development is essential for teachers to enable them to give of their best and deliver high quality educational outcomes for students. There is energy and commitment to do more in the next academic year.

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Financial review for the year

The financial objectives of the Trustees are to ensure assets under their control are well managed and to provide a secure financial environment to allow the schools to develop and improve. The schools’ financial activities are monitored to ensure they are reasonable, performance is acceptable, future developments appropriate and the charity remains viable. The individual schools’ incomes are designated for use by the school. The unrestricted revenue funds are used to cover administration of the charity, provide central services for the schools and to provide grants to the schools, with priority being given to the academies. The Trustees also provided and supported loans to develop the independent schools.

Net income for the year after transfers between the Foundation’s funds including investment gains, but before actuarial losses, was as follows:

Year ended Year ended
31 August 31 August
2023 2022
£000 £000
Foundation Capital (including prizes and other funds) (3,525) (4,246)
Emanuel School 2,146 2,864
Queen Anne’s School 232 438
Sutton Valence School 167 494
The Grey Coat Hospital 194 (698)
Westminster City School 29 (453)
Foundation Revenue 405 187
Total (352) (1,414)

The net income for the year, including investment gains, amounted to a deficit of £352,000 (2022 - £1,414,000).

Foundation Capital

This fund represents the permanent endowment fixed assets and investments, within which the movements are: the depreciation charge on functional fixed assets; investment income received; investment management fees; and income extraction under the total return policy. Some deficit is expected each year due to the steady diminution in holding value of the school properties with the effect of depreciation. However, in other respects the fund is intended to hold its value in real terms (i.e. increase in value with inflation) over a full economic cycle.

Emanuel School

The operational surplus for the year was £2.1m (2022 £2.9m), reflecting another year of strong pupil growth with a record 1,081 pupils at the School.

The school spent £1.2 million (2022 £0.2 million) on the creation of a new all-weather pitch and three cricket nets at the offsite sports ground at Blagdons. The school also spent £0.9m ( 2022 nil) on the new science and dining building with planning application being scheduled for submission in December 2023. The School also undertook major renovations works on the main building, replaced the Headmaster’s lawn with a synthetic lawn to enable greater use of the space as a pupil play area. Major renewal of the IT system occurred over the summer vacation when pupils were not present, where all the network switches and wireless Infrastructure were replaced, as well as an update to the printer solution.

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Sutton Valence School

The operating surplus for the year was £167,000 (2022 £494,000). Pupil numbers at 856 are encouraging and at the their highest level for some time. The renovations to the boys’ boarding houses have been a huge success with both Boys Boarding houses at capacity for most of the year. The New Nursery that was completed over the Summer at the preparatory school site has been well received and numbers in the Nursery are growing as a result of the increased capacity. The School continues to work with HIK-SVS International School operating a preparatory school in Tianjin, with a secondary school planned: the investment income generated by this project continues to help build the provision of means-tested bursaries.

Queen Anne’s School

The School saw a positive uplift in gross fee revenue, up 8% on the previous year, due to a higher pupil roll (437 pupils vs 415). However, operational expenditure was impacted by inflationary pressure, in particular in energy and food costs. All staff received a 5% salary increase. As a result, the surplus generated fell from £438,000 to £232,000 year on year. Additional income was reduced due to the closure of the swimming pool for repairs. The school continued to invest to upgrade its sports facilities and completed a full resurfacing of the tennis and netball courts with installation of floodlights.

The Grey Coat Hospital

Year 7 recruitment remains healthy with 5 applicants for each place; this despite falling rolls in London primary schools. Sixth form numbers also increased in 2022-23, giving a school roll of 1,142; the largest to date. In late 2022-23 the Admissions Policy for entry in to Year 7, 2024, was consulted upon, with a view to increase to 167. Whether the school can expand beyond this number will depend if there is any scope, within the same building footprint, to organise differently. With the National Funding Formula still a possibility in 2025, and the potential decrease in funding for London schools, increasing the school roll, remains under discussion.

The school made a successful bid to the 2023-2024 Condition Improvement Fund for £680,000 for fire door replacement and compartmentalisation at Greycoat Place. The contract was to begin in July 2023, however it has been delayed awaiting permission from Historic England.

Other restricted funds

Other restricted funds are made up of schools’ capital funds and schools’ funds under the Foundation’s stewardship, being various prizes and scholarships with minimal annual surpluses or deficits. A summary of other restricted funds is shown in note 17.

Foundation Revenue

Westminster City School

The total income for the period was £7,965,000 (2022 - £7,932,000).

The excess of income over expenditure for the period was a surplus of £29,000 (2022 loss of £453,000).

At 31 August 2023, the School had positive fund balances of £961,000 (2022 - £887,000). These comprised £736,000 (2022 - £708,000) of unrestricted funds, a balance of £125,000 (2022 - £Nil) on restricted general funds which includes the pension deficit of £Nil (2022 - £Nil) and fixed asset funds of £100,000 (2022 - £179,000).

The School has maintained a reasonable level of reserves principally due to significant levels of discretionary income.

The School continues to receive significant Condition Improvement Fund (CIF) funding which in 2022/23, supported by contributions from the School’s own reserves, improved the fire compartmentation, upgraded the fire alarm and replaced a significant number of fire doors.

There was a surplus of £405,000 on the Foundation Revenue fund for the year (2022 surplus £187,000).

The Revenue account receives an annual extraction from the permanent endowment investments of £1.655m (2022: £1.754m) which is expended on the cost of running the Foundation Office, grants to the five schools (in cash and in kind), providing joint-school activities, managing some central projects and the non-cash adjustment for the support staff historic pension deficit. The Trustees also continue to provide loans to develop the independent schools.

The Foundation’s direct grants to its beneficiary schools and some of the expenses borne on their behalf were as shown on the next page. It should be noted that this excludes the cost of providing payroll, clerking, other central services and arranging projects and joint activities with schools. It is also the case that the schools do not bear any capital charge reflecting the value of the operational land and buildings employed.

The School has effective, strategic management of its longer term finances using scenario planning. It has, for a number of years, critically reviewed staffing and curriculum so that whilst there may be a budgeted in-year deficit, the School remains solvent in the medium term. The School currently has adequate accumulated reserves to allow flexibility in managing change.

Continues overleaf

33

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Queen Sutton The Grey Westminster Year to Year to
Emanuel Anne’s Valence Coat City 31 August 31 August
School School School Hospital School 2023 2022
£ £ £ £ £ £ £
Support of education 143 126 1,085 272,499 227,810 501,663 294,942
Administration (mainly
legal and professional) - - - - - - 86,202
Means-tested Bursaries - 115,000 - - - 115,000 165,000
Salaries - - - - 35,000 35,000 70,000
Total cash grants 143 115,126 1,085 272,499 262,810 651,663 616,144
Depreciation borne
by Unrest’d Fund - - - 168,428 54,052 222,480 213,989
Depreciation borne by
Perm Endow. Fund 92,086 127,041 107,976 518,673 402,936 1,248,712 1,301,244
Total Grant 92,229 242,167 109,061 959,600 719,798 2,122,855 2,131,377

Related parties

The Foundation has seven wholly owned subsidiaries, BrainCanDo Limited, Dacre Activities Limited, Emanuel International Schools Limited, Lambe Education Limited, QAS Enterprises Limited, Townright Property Management Limited and Westminster Grey Coat Property Company Limited, in addition to controlling two academies, The Grey Coat Hospital and Westminster City School. Consolidated accounts are prepared including the academies and Westminster Grey Coat Property Company Limited, but not for the other subsidiaries on the basis that they would not be materially different from those of the charity.

Reserves policy

The Trustees’ policy is to manage the funds and reserves, together with the cash flows, of the Foundation to provide for the immediate and long term needs of the schools.

The Trustees and Governors manage the unrestricted, designated and restricted reserves, in addition to the cash flow requirements of the Foundation and schools, having regard to the uneven nature of cash receipts, the varying cash requirements for the schools’ development plans, the need to maintain an amount for contingencies and the repayment terms of the loans (note 15).

The statement of financial activities and the balance sheet together with note 17 to the financial statements show the various funds and reserves by type and also summarise for each of them the year’s movement and the assets and liabilities attributable to them.

There is a substantial fixed asset reserve at each of the independent schools, but negative available reserves in each case: it is the Trustees’ policy to aim to hold positive free reserves (as a minimum) and governing bodies will endeavour to rebuild these. The academies have modest available reserves.

The Foundation Revenue fund, an unrestricted fund, stood at a surplus of £524,000 (2022 - surplus £101,000). It comprises £4,066,000 deployed in tangible fixed assets (net of associated loans) and £296,000 for the historic pension scheme liability. However this leaves a significant deficit in completely unencumbered reserves of £3,246,000 at the year end. The total free reserves of the five schools is also a deficit of £5,347,000 but in extremis the Trustees have recourse to £39,673,000 of free reserves within the Endowment Fund. The Trustees are nevertheless taking steps to steadily rebuild the available reserves of the Foundation Revenue Fund, in the medium term.

Approved by the Board on 28 February 2024. Signed on its behalf by: Toby Mullins, Chair of Trustees

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TheUllitodWèstmiThstor3ndGreyCc￿tFound3tlQTh. Repof(aThdFiThall(ialStstomonfs2022-23 2022-23 INDEPENDENT AUDITOR'S REPORT

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Independent auditor’s report

To the members of The United Westminster and Grey Coat Foundation

Opinion

We have audited the financial statements of The United Westminster and Grey Coat Foundation for the year ended 31 August 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Main Charity Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Trustees’ 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

Basis for opinion

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

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

Matters on which we are required to report by exception

Conclusions relating to going concern

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

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

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

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the strategic report and the Directors’ report).

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

36

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Responsibilities of Trustees for the financial statements

As explained more fully in the Trustees’ responsibilities statement set out on page 29, the Trustees (who are also the Directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

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

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to The Education (Independent School Standards, 2014), academy school regulations, safeguarding regulations, health and safety requirements, GDPR, employment law and charity law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and Companies Act 2006 and consider other factors such as payroll tax, and VAT.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the improper recognition of revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:

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 noncompliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an Auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.

Tracey Young (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP Statutory Auditors

Date: 1st March 2024

10 Queen Street Place, London, EC4R 1AG

37

Tho Unit*d We5tminstoiandGroyC03t FoundatiOTh, Roport 3Thd Fillanc131 St3tèmonts 2022-23

Th￿U￿1￿￿￿èstMlnSt0r3ndGr0YCc￿tFound3tlQTh, Repof(aThdFiThanctslSt3tomonfs2022-23 2022-23 FINANCIAL STATEMENTS

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Consolidated statement of financial activities For the year ended 31 August 2023

Permanent Designated Funds Restricted Funds Unrestricted 2023 2022
Capital Emanuel
School
Queen
Anne’s
School
Sutton
Valence
School		 Prizes and
other
funds
The Grey
Coat
Hospital
Westminster
City
School

Revenue		 Total Total
Notes
£000
£000
£000
£000
£000
£000
£000
£000
£000
£000
Income and
endowments from
Charitable activities
- School fees
2
-
22,228
12,871
16,508
-
-
-
-
51,607
47,164
- Academy grants
-
-
-
-
-
8,739
6,765
-
15,504
14,795
Donations, legacies
and grants
3
-
10
41
22
-
448
961
-
1,482
1,966
Other trading activities
4
-
396
281
141
-
84
222
17
1,141
975
Investments
5
872
-
-
-
16
48
17
405
1,358
728
Other income
4
-
19
421
286
-
316
-
-
1,042
1,246
Total income
872
22,653
13,614
16,957
16
9,635
7,965
422
72,134
66,874
Expenditure on
Raising funds
6
314
156
-
-
-
-
-
1,769
2,239
1,739
Cost of charitable
activities
- Provision of
education
7
1,278
19,113
13,142
16,517
8
9,441
7,936
1,664
69,099
64,747
Total expenditure
1,592
19,269
13,142
16,517
8
9,441
7,936
3,433
71,338
66,486
Net income /
(expenditure) before
investment gains
(720)
3,384
472
440
8
194
29
(3,011)
796
388
Net investment
(loss)/ gains
11
(1,128)
-
-
-
(30)
-
-
10
(1,148)
(1,802)
Net income/
(expenditure)
(1,848)
3,384
472
440
(22)
194
29
(3,001)
(352)
(1,414)
Transfers between funds 9
(1,655)
(1,238)
(240)
(273)
-
-
-
3,406
-
-
Net income/
(expenditure)
afer transfers
(3,503)
2,146
232
167
(22)
194
29
405
(352)
(1,414)
Other recognised
gains and losses
Actuarial gains
21
-
31
43
63
-
39
45
18
239
5,355
Net movement
in funds
(3,503)
2,177
275
230
(22)
233
74
423
(113)
3,941
Balances brought
forward at
1 September 2022
106,847
16,097
4,573
8,387
1,559
472
887
101
138,923
134,982
Balances carried
forward at
31 August 2023
103,344
18,274
4,848
8,617
1,537
705
961
524
138,810
138,923

All of the Foundation’s activities derived from continuing operations during the above two financial years. All gains and losses recognised in the year are included in the statement of financial activities.

Full comparatives for the year ended 31 August 2022 are shown in note 24. The notes set out on pages 45 to 74 form an integral part of these financial statements.

40

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Consolidated balance sheet

As at 31 August 2023 • Company Registration Number: 11464504

Permanent Designated Funds Restricted Funds Unrestricted 2023 2022
Capital Emanuel
School
Queen
Anne’s
School
Sutton
Valence
School

Prizes and
other
funds
The Grey
Coat
Hospital
Westminster
City
School

Revenue		 Total Total
Notes
£000
£000
£000
£000
£000
£000
£000
£000
£000
£000
Fixed assets
Tangible assets
10
117,928
868
142
584
-
-
147
-
119,669
116,611
Investments
11
46,581
-
-
-
1,529
-
-
469
48,579
50,478
Total fxed assets
164,509
868
142
584
1,529
-
147
469
168,248
167,089
Current assets
Debtors
12
525
672
794
243
-
91
456
32
2,813
3,497
Cash at bank
and in hand
102
412
635
1,215
8
1,282
1,464
21,518
26,636
27,459
Total current assets
627
1,084
1,429
1,458
8
1,373
1,920
21,550
29,449
30,956
Current liabilities
Creditors due
within one year
13
(268)
(3,880)
(4,108)
(1,959)
-
(668)
(812)
(932)
(12,627)
(13,044)
Total current
liabilities
(268)
(3,880)
(4,108)
(1,959)
-
(668)
(812)
(932)
(12,627)
(13,044)
Net current
(liabilities) /assets
359
(2,796)
(2,679)
(501)
8
705
1,108
20,618
16,822
17,912
Inter fund
14
Current account
-
3,617
(460)
(2,768)
-
-
-
(389)
-
-
Loan account
39,339
(3,366)
(7,383)
(5,073)
-
-
-
(23,517)
-
-
Fixed assets
(65,863)
26,511
17,194
18,092
-
-
-
4,066
-
-
Total inter fund
(26,524)
26,762
9,351
10,251
-
-
-
(19,840)
-
-
Total assets less
current liabilities
138,344
24,834
6,814
10,334
1,537
705
1,255
1,247
185,070
185,001
Creditors
Due afer one year
15
(35,000)
(6,026)
(1,273)
(663)
-
-
(294)
(427)
(43,683)
(43,177)
Provisions for
liabilities
Pension liability
21
-
(534)
(693)
(1,054)
-
-
-
(296)
(2,577)
(2,901)
Net assets
103,344
18,274
4,848
8,617
1,537
705
961
524
138,810
138,923
Funds
Original
endowment land
13,627
-
-
-
-
-
-
-
13,627
13,627
Original endowment
investments
7,268
-
-
-
975
-
-
-
8,243
8,243
Fixed assets
and other
42,776
16,991
8,315
15,627
-
-
100
4,066
87,875
86,485
Other funds
available
39,673
1,817
(2,774)
(5,956)
562
705
861
(3,246)
31,642
33,469
Pension reserve
-
(534)
(693)
(1,054)
-
-
-
(296)
(2,577)
(2,901)
Total funds
103,344
18,274
4,848
8,617
1,537
705
961
524
138,810
138,923

The financial statements were approved and authorised for issue by the Trustees on 28 February 2024 and signed on their behalf by:

Toby Mullins, Chair of Trustees

The notes set out on pages 45 to 74 form an integral part of these financial statements.

41

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Main Charity balance sheet

As at 31 August 2023 • Company Registration Number: 11464504

Permanent Designated Funds Restricted Unrestricted 2023 2022
Capital Emanuel
School
Queen
Anne’s
School
Sutton
Valence
School

Prizes and
other
funds

Revenue		 Total Total
Notes
£000
£000
£000
£000
£000
£000
£000
£000
Fixed assets
Tangible assets
10
117,928
868
142
584
-
-
119,522
116,432
Investments
11
46,581
-
-
-
1,529
469
48,579
50,478
Total fxed assets
164,509
868
142
584
1,529
469
168,101
166,910
Current assets
Debtors
12
525
672
794
243
-
32
2,266
2,807
Cash at bank
and in hand
102
412
635
1,215
8
21,518
23,890
25,205
Total current assets
627
1,084
1,429
1,458
8
21,550
26,156
28,012
Current liabilities
Creditors due
within one year
13
(268)
(3,880)
(4,108)
(1,959)
-
(932)
(11,147)
(11,431)
Total current
liabilities
(268)
(3,880)
(4,108)
(1,959)
-
(932)
(11,147)
(11,431)
Net current
(liabilities)/assets
359
(2,796)
(2,679)
(501)
8
20,618
15,009
16,581
Inter fund
14
Current account
-
3,617
(460)
(2,768)
-
(389)
-
-
Loan account
39,339
(3,366)
(7,383)
(5,073)
-
(23,517)
-
-
Fixed assets
(65,863)
26,511
17,194
18,092
-
4,066
-
-
Total inter fund
(26,524)
26,762
9,351
10,251
-
(19,840)
-
-
Total assets less
current liabilities
138,344
24,834
6,814
10,334
1,537
1,247
183,110
183,491
Creditors
Due afer one year
15
(35,000)
(6,026)
(1,273)
(663)
-
(427)
(43,389)
(43,026)
Provisions for
liabilities
Pension liability
21
-
(534)
(693)
(1,054)
-
(296)
(2,577)
(2,901)
Net assets
103,344
18,274
4,848
8,617
1,537
524
137,144
137,564
Funds
Original
endowment land
13,627
-
-
-
-
-
13,627
13,627
Original endowment
investment
7,268
-
-
-
975
-
8,243
8,243
Fixed assets
and other
42,776
16,991
8,315
15,627
-
4,066
87,775
86,306
Other funds
available
39,673
1,817
(2,774)
(5,956)
562
(3,246)
30,076
32,289
Pension reserve
-
(534)
(693)
(1,054)
-
(296)
(2,577)
(2,901)
Total funds
103,344
18,274
4,848
8,617
1,537
524
137,144
137,564

The financial statements were approved and authorised for issue by the Trustees on 28 February 2024 and signed on their behalf by:

Toby Mullins, Chair of Trustees

The notes set out on pages 45 to 74 form an integral part of these financial statements.

42

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Consolidated statement of cash flows

For the year ended 31 August 2023 • Company Registration Number: 11464504

2023 2022
Notes £000 £000
Cash infow from operating activities
Net cash provided by operating activities A 5,740 4,179
5,740 4,179
Cash fows from investing activities
Investment income 1,358 728
Purchase of tangible fxed assets (7,929) (8,116)
Proceeds from the disposal of investments 19,251 16,591
Purchase of investments (19,781) (14,387)
Net cash (used in) investing activities (7,101) (5,185)
Cash fows from fnancing activities
Interest paid (1,135) -
Repayments of External Borrowing (124) (10,115)
Repayments of Internal borrowing - 1,349
Increase in pupil deposits due afer more than one year 373 231
Cash infows from new borrowing 143 35,170
Net cash (used in)/provided by fnancing activities (743) 26,635
Change in cash and cash equivalents in the year (2,104) 25,629
Cash and cash equivalents at 1 September 29,859 4,230
Cash and cash equivalents at 31 August B 27,755 29,859

43

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the cash flow statement

For the year ended 31 August 2023

A. Reconciliation of net income to net cash flow provided by operating activities

2023 2022
£000 £000
Net (expenditure)/income as per the statement of fnancial activities (113) 3,941
Adjustments for:
Depreciation charge 4,836 4,629
Loss on disposal of fxed assets 64 60
Loss/(Gains) on investments 1,148 1,802
Interest paid 1,135 -
Investment income (1,358) (728)
Decrease/(Increase) in debtors 684 (712)
(Decrease)/Increase in creditors (417) 18
Pension adjustment (239) (4,831)
Net cash provided by operating activities 5,740 4,179

B. Analysis of net debt

At At
1 September
2022		 Cashfows 31 August
2023
£000 £000 £000
Cash at bank and in hand 27,459 (823) 26,636
Cash held by investment managers 2,400 (1,281) 1,119
Total cash and cash equivalents 29,859 (2,104) 27,755
Bank loans falling due within one year - - -
Bank loans falling due afer more than one year - - -
Fixed Term Private Placement (35,000) - (35,000)
Other loans (170) (124) (294)
Total (5,311) (2,228) (7,539)

The accompanying notes form part of these accounts.

44

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements

For the year ended 31 August 2023

1. Accounting Policies

Basis of preparation

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the 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) – Second Edition. The financial statements are presented in sterling and are rounded to the nearest thousand pounds.

The accounts are drawn up on the historical cost basis of accounting, as modified by the revaluation of investments.

The main charity has taken advantage of the exemption available to a qualifying entity in FRS 102 from the requirement to present a main charity only Statement of Cash Flows with the consolidated financial statements.

Having reviewed the funding facilities available to the Foundation together with the expected ongoing demand for places and the Foundation’s future cash flows, the Trustees have a reasonable expectation that the Foundation has adequate resources to continue its activities for the foreseeable future and hence consider that there were no material uncertainties over the Foundation’s financial viability. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. The Trustees made such an assessment at the last statutory reporting date, 31 August 2023, and at the date of approval of these accounts continue to be satisfied that the Foundation remains a going concern and will remain a going concern for a period of at least one year from the date of these accounts.

The Foundation is a Public Benefit Entity and is registered as a charity in England and Wales (charity number 1181012). The registered address of the Foundation is 57 Palace Street, London, SW1E 5HJ.

Critical accounting judgments and key sources of estimation uncertainty

In the application of the accounting policies, the Trustees are required to make judgments, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

With regards to the academies the present value of the Local Government Pension Scheme defined benefit position depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost (income) for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 21, will impact the carrying amount of the pension position. Furthermore a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2019 has been used by the actuary in valuing the pensions liability at 31 August 2023. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability. The Trustees’ judgement is that the surplus in the defined benefit pension scheme at 31 August 2023 is not recoverable and therefore has not been recognised.

Consolidated accounts

The Foundation has seven wholly owned trading subsidiaries, BrainCanDo, Dacre Activities Limited, Emanuel International Schools Limited, Lambe Education Limited, QAS Enterprises Limited, Townright Property Management Limited and Westminster Grey Coat Property Company Limited, in addition to controlling two academies, The Grey Coat Hospital and Westminster City School. Consolidated accounts are prepared including the academies but not for the trading subsidiaries on the basis that they would not be materially different from those of the charity save for the investment in Westminster Grey Coat Property Company Limited.

In accordance with Section 408 of the Companies Act 2006 no separate Statement of Financial Activities is presented for the Foundation. The main charity income for the year was £54,534,000 (2022 - £50,307,000) with a deficit of £420,000 (2022 - deficit of £480,000).

Income

Fees receivable and charges for services and use of the premises are accounted for in the year in which the services are provided. Fees receivable are stated after deducting bursaries, scholarships and other remissions allowed by the School, but include contributions received from restricted bursary funds and third parties. Deposits are included as a liability until refunded or, on ceasing to be refundable, are credited to income. Advance fees are credited to income as and when they fall due.

Academy grants are included in the 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 meeting any performance-related conditions there is not unconditional entitlement to the income and its recognition is deferred and included in creditors as deferred income until the performance-related conditions are met. Where entitlement occurs before income is received, the income is accrued.

45

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

  1. Accounting Policies (continued)

Income (continued)

General Annual Grant is recognised in full in the Statement of Financial Activities in the year for which it is receivable and any abatement in respect of the period is deducted from income and recognised as a liability.

Capital grants are recognised when there is entitlement and are not deferred over the life of the asset on which they are expended. Unspent amounts of capital grant are reflected in the balance sheet in the restricted fixed asset fund.

Revenue grants are credited to the Foundation Revenue Fund and capital grants are credited to the Foundation Capital Fund.

Donations received for the general purposes of the schools are credited to ‘other restricted funds’, to distinguish them from ordinary school income. Donations subject to specific wishes of the donors are credited to relevant restricted funds. Donations are credited to the statement of financial activities when received.

Other income, including investment income, is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty.

Expenditure

Expenditure is included in the statement of financial activities when incurred and includes attributable VAT which cannot be recovered. Expenditure comprises the following:

Expenditure has been charged to the activities to which it relates without the need for any significant apportionment.

Tangible fixed assets

All assets with an expected useful life exceeding one year are capitalised. There is no specific minimum amount below which assets are written off. The limit is dependent upon the nature of the asset.

Freehold land and buildings are included in the financial statements at a valuation made at 31 August 1997 by the Trustees, with professional assistance, on the basis of market value for existing use. The valuations were deemed to be cost under the transitional provisions of FRS 102.

Additions to buildings and purchases of fixtures and fittings, equipment and computers are included in the balance sheet at cost.

Depreciation is charged on a straight line basis so that assets are written off over their estimated useful lives. The following rates apply:

Assets in the course of construction are included at cost. Depreciation on these assets is not charged until they are being used.

Fixed assets – fund accounting

Buildings erected on a piece of land belong to the landowner and are not legally separate (unless leased to a tenant, not applicable here). Therefore all buildings constructed on land held as original permanent endowment asset are shown in permanent endowment tangible fixed assets. Where they have been built since 1997 using Designated or Unrestricted funds, a corresponding permanent endowment interfund creditor is shown.

Under the Academies Accounts Direction, all buildings at The Grey Coat Hospital and Westminster City School (for which the Foundation is the Trustee and landowner) are now held in permanent endowment fixed assets.

46

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

1. Accounting Policies (continued)

Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.

Investments

Unquoted investment - The investment in subsidiaries are included in the balance sheet at the cost of the share capital owned. The investment in Westminster Grey Coat Property Company Limited is held at fair value. Investment properties are included at the fair value to the charity.

Listed investments - Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value where the investment is acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors and provisions

Creditors and provisions 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. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Funds structure

Permanent fund - The permanent fund comprises assets which are held indefinitely as capital, and includes investments and functional (school) land together with the functional property, whether part of the original gift or subsequently built or acquired. The income extracted from the fund is not restricted.

Restricted funds - The restricted funds relate to funds which have been received, and their use restricted to, a specific purpose, or grants and donations subject to donor-imposed conditions. Restricted funds include the DfE grant revenue received by the two academies which are restricted for use only at the respective school.

Designated funds - The fee revenues received by the independent schools, whilst not strictly restricted, are designated by Trustees as for use by that school.

Unrestricted funds - Unrestricted funds, being general funds, represent those monies which are freely available for application towards achieving any charitable purpose that falls within the objects of the charity.

Taxation

The Foundation is a registered charity and therefore is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

Leased assets

Costs in respect of operating leases are charged on a straight line basis over the lease term.

47

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

1. Accounting Policies (continued)

Pension costs

Retirement benefits for employees are provided by independently administered schemes for teachers and support staff. They are funded by contributions from the employer and employees. Contributions to defined contribution schemes are charged to the statement of financial activities when payable.

The Local Government Pension scheme (LGPS) is a funded scheme and the assets are held separately from those of the academies in separate Trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The amounts charged to operating surplus are the current service costs and the costs of scheme introductions, benefit changes, settlements and curtailments. They are included as part of staff costs as incurred. Net interest on the net defined benefit liability/asset is also recognised in the Statement of Financial Activities and comprises the interest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligations. The difference between the interest income on the scheme assets and the actual return on the scheme assets is recognised in other recognised gains and losses.

Actuarial gains and losses are recognised immediately in other recognised gains and losses. Where the scheme is determined to be in a deficit position, this is recognised in full as a liability. Where the scheme is determined to be in a surplus position, a surplus is recognised as an asset only to the extent that this can be recovered in future years through reductions in employer contributions or through a specific refund/reimbursement from the scheme.

For the other defined benefit schemes, the charity is unable to identify its share of the underlying assets and liabilities of either scheme on a reasonable and consistent basis. Therefore, in accordance with FRS 102, it has accounted for its normal contributions as if the schemes were defined contribution schemes. Normal contributions are charged to the statement of financial activities when payable.

For the support staff defined benefit scheme the present value of the expected deficit recovery contributions is recognised as a liability at the balance sheet date. The amount is reviewed annually taking into account any changes to the deficit contribution rate or the implicit rate of interest used in discounting the liability. More detail is provided in note 21.

2. School fees

2. School fees
Designated funds
Designated funds
2023 2022
£000
£000
Gross fees receivable 57,490
53,039
Less: total bursaries, grants and allowances (6,353)
(6,298)
51,137
46,741
Add back: scholarships, grants, etc. paid for by external trust funds 470
423
51,607
47,164

3. Donations, legacies and grants

3. Donations, legacies and grants
Total
Current Year Designated Restricted 2023
£000 £000 £000
Donations 73 1,409 1,482
73 1,409 1,482
Total
Prior Year Designated Restricted 2022
£000 £000 £000
Donations 1 1,965 1,966
1 1,965 1,966

48

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

4. Other trading activities and other income

4. Other trading activities and other income
Total
Current Year Designated Unrestricted Restricted 2023
£000 £000 £000 £000
Property lettings income 675 17 306 998
Rental income from employees 67 - - 67
Tuck Shop 76 - - 76
Total income from other trading activities 818 17 306 1,141
Trips, registration fees and sundry income 726 - 316 1,042
Total
Prior Year Designated Unrestricted Restricted 2022
£000 £000 £000 £000
Property lettings income 615 17 223 855
Rental income from employees 66 - - 66
Tuck Shop 54 - - 54
Total income from other trading activities 735 17 223 975
Trips, registration fees and sundry income 1,091 - 155 1,246

5. Investment income

5. Investment income
Total
Current Year Permanent Restricted Unrestricted 2023
£000 £000 £000 £000
Pooled investment funds 793 33 - 826
Interest receivable 16 48 405 469
Rent from investment properties 63 - - 63
872 81 405 1,358
Total
Prior Year Permanent Restricted Unrestricted 2022
£000 £000 £000 £000
Pooled investment funds 616 26 - 642
Interest receivable - 1 10 11
Rent from investment properties 60 - 15 75
676 27 25 728

49

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

6. Cost of Raising Funds

Total
Current year Permanent Designated Unrestricted 2023
£000 £000 £000 £000
Investment management fees 297 - - 297
Financing costs (note 15) - 156 1,769 1,925
Letting and trading costs 17 - - 17
314 156 1,769 2,239
Total
Prior year Permanent Designated Unrestricted 2022
£000 £000 £000 £000
Investment management fees 377 - - 377
Financing costs (note 15) 267 422 - 689
Letting and trading costs - 673 - 673
644 1,095 - 1,739

7. Provision of education

Total
Current year Staf costs Depreciation Other costs 2023
£000 £000 £000 £000
Teaching 28,286 1,520 3,562 33,368
Welfare 7,317 33 5,253 12,603
Premises 1,740 3,141 7,617 12,498
Marketing 477 - 747 1,224
Governance costs 106 - 239 345
Support costs 6,748 142 2,171 9,061
44,674 4,836 19,589 69,099
Total
Prior year Staf costs Depreciation Other costs 2022
£000 £000 £000 £000
Teaching 27,776 1,651 3,000 32,427
Welfare 7,151 30 4,096 11,277
Premises 1,391 2,572 6,850 10,813
Marketing 418 - 703 1,121
Governance costs 112 53 230 395
Support costs 5,840 323 2,551 8,714
42,688 4,629 17,430 64,747

Governance costs include auditor’s remuneration of £49,000 plus VAT (2022 – £42,500). The auditors also received £2,700 plus VAT in respect of non-audit services (2022 – £2,700).

50

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

7. Provision of education (continued)

2023 2022
£000 £000
Permanent 1,278 1,301
Designated 48,772 44,265
Restricted 17,385 17,745
Unrestricted 1,664 1,436
69,099 64,747

The Trustees and governors received no remuneration in the year, but travel expenses of £3,648 (2022 – £3,002) were reimbursed to them. During the year the charity paid for indemnity insurance, training, and entertainment on behalf of the Trustees and governors costing £3,534 (2022 – £3,301).

8. Staff costs

8. Staf costs
Staf costs during the year for the provision of education were as follows 2023 2022
£000 £000
Emanuel School 13,204 12,497
Queen Anne’s School 7,352 6,825
Sutton Valence School 10,537 9,910
The Grey Coat Hospital 7,220 7,234
Westminster City School 5,816 5,772
Foundation 545 450
44,674 42,688
Staf costs comprise:
Wages and salaries 33,030 30,402
Social security costs 3,491 3,329
Pension costs 5,619 6,331
Other staf costs 2,534 2,626
44,674 42,688

The cost of non-contractual payments to staff leaving totalled £10,241 (2022 - £79,656). The number of employees who earned £60,000 or more (including taxable benefits, but excluding pension contribution, any pupil fee discounts and any provision of accommodation) during the year was as follows:


during the year was as follows:
2023 2022
£60,001 - £70,000 77 59
£70,001 - £80,000 28 26
£80,001 - £90,000 7 5
£90,001 - £100,000 11 10
£100,001 - £110,000 2 1
£110,001 - £120,000 - 5
£120,001 - £130,000 2 -
£130,001 - £140,000 2 1
£140,001 - £150,000 2 -
£200,001 - £210,000 1 1
£210,001 - £220,000 - 1
132 109

51

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

8. Staff costs (continued)

Headcount Headcount FTE FTE
2023 2022 2023 2022
861 867 727 711

The key management personnel of the charity comprise the Trustees, governors, and the five Headteachers.

The remuneration of the key management personnel for the year (including taxable benefits and employer’s pension contributions, but excluding expenses claimed and the benefit of any pupil fee discounts and provision of accommodation) was £1,018,358 (2022 - £1,012,312).

  1. Analysis of transfers between funds
Permanent Designated Unrestricted
£000 £000 £000
Current year
Bursaries and prizes - 115 (115)
Interest - (1,866) 1,866
Extraction of investment income from total return on investments (note 11) (1,655) - 1,655
(1,655) (1,751) 3,406
Prior Year
Bursaries and prizes - 165 (165)
Extraction of investment income from total return on investments (1,754) - 1,754
(1,754) 165 1,589

10. Tangible fixed assets

Land and Equipment and
Group buildings Vehicles furniture Total
£000 £000 £000 £000
Cost or valuation
At 1 September 2022 173,731 517 6,239 180,487
Additions 7,380 112 437 7,929
Disposals (4,153) (31) (543) (4,727)
At 31 August 2023 176,958 598 6,133 183,689
Cost 141,149 598 6,133 147,880
Valuation at 31 August 1997 35,809 - - 35,809
176,958 598 6,133 183,689
Depreciation
At 1 September 2022 (58,521) (458) (4,897) (63,876)
Charge for year (4,344) (22) (470) (4,836)
On disposals 3,835 36 821 4,692
At 31 August 2023 (59,030) (444) (4,546) (64,020)
Net book values
At 31 August 2023 117,928 154 1,587 119,669
At 31 August 2022 115,210 59 1,342 116,611

52

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

10. Tangible fixed assets (continued)

Land and Equipment and
Main Charity buildings Vehicles furniture Total
£000 £000 £000 £000
Cost or valuation
At 1 September 2022 173,731 517 5,624 179,872
Additions 7,380 112 373 7,865
Disposal (4,153) (31) (481) (4,665)
At 31 August 2023 176,958 598 5,516 183,072
Cost 141,149 598 5,516 147,263
Valuation at 31 August 1997 35,809 - - 35,809
176,958 598 5,516 183,072
Depreciation
At 1 September 2022 (58,521) (458) (4,461) (63,440)
Charge for year (4,344) (22) (434) (4,800)
On disposals 3,835 36 819 4,690
At 31 August 2023 (59,030) (444) (4,076) (63,550)
Net book values
At 31 August 2023 117,928 154 1,440 119,522
At 31 August 2022 115,210 59 1,163 116,432

As permitted under FRS102, the Foundation has opted to adopt a policy of not revaluing its operational fixed assets. The book value of the land and buildings is based on the Trustees’ valuation in 1997 with subsequent additions to land and buildings stated at cost. Other fixed assets are stated at cost.

11. Investments

Total Total
Group and Main Charity Permanent Restricted Unrestricted 2023 2022
£000 £000 £000 £000 £000
Investment properties (i) 11,090 - - 11,090 11,488
Unquoted investments (ii) - - - - -
Listed investments (iii) 35,491 1,529 469 37,489 38,990
At 31 August 2023 46,581 1,529 469 48,579 50,478
At 31 August 2022 48,460 1,559 459 50,478

Unquoted investments for the main charity only are £4.7m reflecting the investment in Westminster Grey Coat Property Company Limited.

53

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

11. Investments (continued)

i. Investment properties (directly held)

There are four investment properties, in Central London, included at an open market valuation at 31 August 2023. The properties have been professionally revalued during the year by Cluttons LLP, members of the Royal Institute of Chartered Surveyors (RICS), as follows:

Group 2023 2022
£000 £000
Market value at 1 September 11,488 11,488
Additions at cost - -
Add: net loss arising on revaluation to market value at 31 August (398) -
Disposal proceeds - -
Net investment gains - -
Market value at 31 August 11,090 11,488
Unrealised gains at 1 September 8,687 8,687
Add: net loss arising on revaluation to market value at 31 August (398) -
Disposals - -
Unrealised gains on properties at 31 August 8,289 8,687

ii. Unquoted investments

The main charity holds five unquoted investments:

The main charity holds a £2 investment in each of the above companies except for Westminster Grey Coat Property Company Limited in which it holds an investment of £4.7m (on consolidation this is recognised as an investment property, (i)). For a summary of the trading subsidiaries’ results for the year, see note 22.

iii. Listed investments

Listed investments are mostly directly-held equities, a few pooled investment funds and cash.

Total Total
Group and Company Permanent Restricted Unrestricted 2023 2022
£000 £000 £000 £000 £000
Market value at 1 September 34,572 1,559 459 36,590 40,596
Additions at cost 19,781 - - 19,781 14,387
Disposal proceeds (19,251) - - (19,251) (16,591)
Net investment (loss)/gain (730) (30) 10 (750) (1,802)
Market value at 31 August 34,372 1,529 469 36,370 36,590
Cash deposit 1,119 - - 1,119 2,400
Total at 31 August 35,491 1,529 469 37,489 38,990
Cost of listed investments at 31 August 33,186 980 159 34,325 33,171

54

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

11. Investments (continued)

iii. Listed investments (continued)

2023 2022
£000 £000
Unrealised gains at 1 September 2,848 6,944
Less: realised in respect of disposals in year (within proceeds above) (53) (2,294)
Unrealised gains brought forward afer adjusting for disposals 2,795 4,650
Add: net gains/(losses) arising on revaluation to market value at 31 August (750) (1,802)
Unrealised gains on listed investments at 31 August 2,045 2,848

Taken with property (see i above) and unquoted investments the total unrealised gains at 31 August 2023 were £10,334,000 (at 31 August 2022 £11,535,000).

Almost all of the permanent endowment listed investment is held in a single fund at Sarasin. However, there is within this category a private equity fund managed by Cazenove and a separate accumulated trust fund investment held at CCLA:

2023 2022
Capital Sum
Market Value		 Capital Sum
Market Value
£000
£000
£000
£000
Recoupment of £35,000 for Emanuel School swimming baths
building; capital sum to be held for 60 years from 1974 to 2034
3
469
3
464

Permanent Fund Investments

Since 2004, the Trustees have managed all their investments in the Permanent Fund on a total return basis. This includes all the permanent investments in property, unquoted and listed investments as described above (i, ii & iii) plus the five internal loans.

The Permanent Fund investments and movements in the unapplied total return are set out below.

“Original Gif”* Unapplied total
return		 Total
£000 £000 £000
At 1 September 2022 7,268 46,509 53,777
Add: Total return
Investment income - 872 872
Investment losses on investment properties - (398) (398)
Investment losses on listed investments - (730) (730)
- (256) (256)
Less:
Extraction of income from total return at 4% per annum - (1,655) (1,655)
Investment management fees (equates to an ongoing charges fgure of 0.86%, 2022 - 0.99%) - (297) (297)
- (1,952) (1,952)
At 31 August 2023 7,268 44,301 51,569

55

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

11. Investments (continued)

Permanent Fund Investments (continued)

Represented by:

2023 2022
£000 £000
Permanent Fund fxed asset investments 46,581 48,460
Cash in transit, loans and advances to other funds 4,463 4,609
Debtors 525 708
51,569 53,777

*When adopting total applied return in 2004, in the absence of reliable records of the original donations, the Trustees considered that the market value of the investments as recorded in 1980 were approrpriate to be considered as the value of the original gifts. Since that figure sets the baseline below which disposals may not be made, taking a higher value than the actual donations was considered to be prudent.

12. Debtors

12. Debtors
Group Main Charity
2023
2022
2023
2022
£000
£000
£000
£000
Fees receivable 281
70
281
70
Other debtors, prepayments and accrued income 2,532
3,427
1,985
2,737
2,813
3,497
2,266
2,807

13. Creditors: amounts falling due within one year

13. Creditors: amounts falling due within one year
Group Main Charity
2023
2022		 2023
2022
£000
£000
£000
£000
Fees received in advance 3,667
5,042
3,667
5,042
Pupils’ deposits 1,442
1,058
1,442
1,058
Trade creditors 2,329
2,507
1,358
2,073
Taxes, social security and pensions 946
1,012
946
1,012
Other creditors and accruals 3,068
3,033
2,559
1,873
Prepaid fees scheme 1,175
373
1,175
373
Other loans -
19
-
-
12,627
13,044
11,147
11,431

56

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

14. Inter-fund balances

A) ‘Loans’ from the Permanent Fund

Under the total return policy adopted in 2004 (described further in note 11) Trustees may extract from the permanent endowment although only as far as the ‘original gift’ amount (actually the 1980 investment market values). Therefore the permanent fund may be used for development of, or repairs to, Foundation property at the Trustees’ discretion.

Prior to adoption of the total return policy, when most of these loans were made, the Charity Commission formally required that the amounts be recouped from future unrestricted income or be repaid by capital accumulation, as shown below. Nevertheless, strictly all these sums are within the total return permitted extraction and their future repayment is a trustee policy, no longer an external obligation.

Between Foundation Revenue and Permanent: Balance at Repaid Balance at
By annual loan repayment 1 September 2022 In year 31 August 2023
£000 £000 £000
Recoupment of £5,617,000 The Grey Coat Hospital:
St Michael’s acquisition and development over 40 years to 2036 2,073 (172) 1,901
Recoupment of £700,000 The Grey Coat Hospital:
Sixth Form Building extension over 25 years to 2041 532 (28) 504
2,605 (200) 2,405
Balance at Repaid Balance at
Between Queen Anne’s School and Permanent: 1 September 2022 In year 31 August 2023
£000 £000 £000
£500,000 Performing Arts Centre development over 30 years to 2024 17 (16) 1
£2 million Maddock Boarding Accommodation over 30 years to 2043 1,400 (67) 1,333
£3 million Sports Centre development over 30 years to 2030 700 (100) 600
2,117 (183) 1,934
Balance at New/(Repaid) Balance at
Commercial loans allocated notionally to schools: 1 September 2022 In year 31 August 2023
£000 £000 £000
Fixed Rate Private Placement Bond repayable 2052 35,000 - 35,000
Total loans made from the Permanent fund: 39,722 (383) 39,339

B) Fixed assets

All buildings constructed on land held as original permanent endowment asset are shown in permanent endowment tangible fixed assets. Where they have been built since 1997 using Designated or Unrestricted funds, a corresponding permanent endowment inter-fund creditor is shown.

Balance at Movement Balance at
Amounts owed by the Permanent Endowment to other funds: 1 September 2022 in year 31 August 2023
£000 £000 £000
Between the Permanent Endowment and Emanuel School designated funds 24,169 2,342 26,511
Between the Permanent Endowment and Queen Anne’s School designated funds 17,593 (399) 17,194
Between the Permanent Endowment and Sutton Valence School designated funds 16,032 2,060 18,092
Between the Permanent Endowment and the unrestricted revenue funds 4,080 (14) 4,066
61,874 3,989 65,863

C) Current Account

The current account reflects working capital for month to month changes to fee balances and salary costs.

57

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

  1. Creditors: amounts falling due after more than one year
15. Creditors: amounts falling due afer more than one year
Group Main Charity
2023
2022
2023
2022
£000
£000
£000
£000
Pupils’ deposits 7,929
7,556
7,929
7,556
Fixed Term Private Placement 35,000
35,000
35,000
35,000
Former support staf 33
68
33
68
Prepaid fees scheme 427
402
427
402
Other loans 294
151
-
-
43,683
43,177
43,389
43,026

At 31 August 2023 the Foundation had the following Fixed Term Private Placement.

Of which
Balance as at Capital Capital Balance as at payments due Memorandum:
Group and Main Charity 1 September 2022 borrowing repayments 31 August 2023 under one year Interest charged
£000 £000 £000 £000 £000 £000
Fixed term Private Placement 35,000 - - 35,000 - 1,705

• The fixed term Private Placement Bond for £35 million was issued on 27 July 2022, is unsecured and incurs interest payments every six months at a fixed rate of 4.87%. Repayable in 2052, it is to be used to invest in the school infrastructure.

58

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

16. Prepaid fees scheme

Parents, guardians or relations may pay a capital sum to the Foundation, which will then give a termly contribution towards fees for up to seven years.

The money may be returned subject to specific conditions. Assuming pupils will remain in the scheme, advance fees will be applied as follows:

Group and Main Charity 31 August 2023 31 August 2022
£000 £000
Over 5 years - -
Between 2 and 5 years 231 189
Between 1 and 2 years 196 213
427 402
Within 1 year 1,175 373
Total liabilities 1,602 775

The movements during the year were:

The movements during the year were:
£000
Cash held at 1 September 2022 775
Creation of new schemes 1,168
Interest added 12
Payment of school fees (353)
Cash held 31 August 2023 (year end creditor) 1,602
Liability covered by future interest 5
Total future liabilities 1,607

17. Prizes and other Funds

At At
1 September Expenditure Investment 31 August
Current Year 2022 Income and transfers (Losses) 2023
£000 £000 £000 £000 £000
Prizes and scholarship funds
Westminster City School (misc) 245 7 (3) (5) 244
Westminster City School: Hammond Trust 415 - - 7 422
Sutton Valence School 85 2 (1) (1) 85
Emanuel School 38 1 (1) (1) 37
The Grey Coat Hospital 154 4 (2) (3) 153
Queen Anne’s School 51 2 (1) (1) 51
The Old Westminster Citizens Trust Fund 571 - - (26) 545
Total prizes fund 1,559 16 (8) (30) 1,537

59

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

17. Prizes and other Funds (continued)

At At
1 September Expenditure Investment 31 August
Prior Year 2021 Additions Income and transfers (Losses) 2022
£000 £000 £000 £000 £000 £000
Prizes and scholarship funds
Westminster City School (misc) 257 - 7 (7) (12) 245
Westminster City School: Hammond Trust 435 - 14 (14) (20) 415
Sutton Valence School 89 - 2 (2) (4) 85
Emanuel School 40 - 1 (1) (2) 38
The Grey Coat Hospital 161 - 1 (1) (7) 154
Queen Anne’s School 54 - 1 (1) (3) 51
The Old Westminster Citizens Trust Fund - 571 - - - 571
Total prizes fund 1,036 571 26 (26) (48) 1,559

The prizes and scholarship funds are for specific awards payable at the discretion of the Head of the school concerned, subject to the approval of the Trustees. The Old Westminster Citizens Trust Fund is for the maintenance, improvement and support of The Westminster City School.

18. Capital commitments

2023 2022
£000 £000
Authorised and contracted for 283 3,069
Authorised and not contracted for - 513

19. Leasing commitments

2023 2022
At 31 August the charity had total commitments under non-cancellable operating leases as follows: £000 £000
Within one year 229 287
Within two to fve years 477 295

20. Post balance sheet events

There are no material or relevant post balance sheet events to report.

60

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

21. Pension commitments

Retirement benefits for employees are provided as below:

All schemes are funded by contributions from the employer and employees.

The employer’s pension charge for the year for all schools in the group, excluding pension enhancements and deficit recovery contributions was:

2023 2022
£000 £000
Teachers’ pension schemes 4,283 5,390
Non-teaching pension schemes 1,164 667
5,447 6,057

a) Teachers

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £3,548k (2022 - £5,390k) and at the year-end £317k (2022 - £606k) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable.

The 2016 cost control valuations have since been completed in January 2022, and the results indicated that there would be no changes to benefits or member contributions required. The results of the cost cap valuation are not used to set the employer contribution rate, and HM Treasury has confirmed that any changes to the employer contribution rate resulting from the 2020 valuations will take effect in April 2024.

The Department for Education published the outcome of the valuation of the Teachers’ Pension Scheme based upon 2020 data. The outcome confirms a need to increase the employer contribution rate by 5 percentage points from 1 April 2024 to ensure that the Scheme continues to meet present and future obligations.

61

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

21. Pension commitments (continued)

b) Support staff DC schemes

At the independent schools and Foundation Office all staff are offered, and where they wish enrolled, in defined contribution (DC) schemes provided by TPT Retirement Solutions.

The number of current active and contributing members is as follows:

Where support staff belong to a defined contribution scheme the employer payments are charged to the statement of financial activities, when payable. There is no liability attaching for the Charity.

c) Local government pension scheme

The LGPS is a funded defined benefit pension scheme in relation to the two academies controlled by the Foundation, The Grey Coat Hospital and Westminster City School, with the assets held in separate Trustee-administered funds. The total contribution made for the year ended 31 August 2023 was £549,000 (2022- £482,000), of which employer’s contributions totalled £402,000 (2022 - £352,000) and employees’ contributions totalled £147,000 (2022- £130,000). The agreed contribution rates for future years are 18.7% for employers. Employee contributions are from 5.5% to 12.5% depending upon gross pay.

Parliament has agreed, at the request of the Secretary of State for Education, to a guarantee that, in the event of academy closure, outstanding Local Government Pension Scheme liabilities would be met by the Department for Education. The guarantee came into force on 18 July 2013.

Principal actuarial assumptions 2023 2022
Rate of increase in salaries 4.00% 4.05%
Rate of increase for pensions in payment/infation 3.00% 3.05%
Discount rate for scheme liabilities 5.20% 4.25%
Infation assumption (CPI) 3.00% 3.10%

The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are:

2023 2022
Retiring today
Males 21.9 21.4
Females 24.3 24.1
Retiring in 20 years
Males 23.1 22.9
Females 25.8 26.1

Below sets out the impact on the present value of defined benefit obligations of changes in key assumptions.

2023 2022
Sensitivity analysis £000 £000
Discount rate +0.1% 8,986 9,033
Discount rate -0.1% 8,616 8,605
Mortality assumption – 1 year increase 9,153 9,171
Mortality assumption – 1 year decrease 8,449 8,467
CPI rate +0.1% 8,971 8,997
CPI rate -0.1% 8,631 8,641

62

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

21. Pension commitments (continued)

c) Local government pension scheme (continued)

The two academy trusts’ share of the assets in the scheme were:

Fair value Fair value
2023 2022
£000 £000
Equities 7,218 6,816
Corporate bonds 1,673 1,603
Property 1,569 1,304
Cash and other liquid assets - 301
Total market value of assets 10,460 10,024

The actual return on scheme assets was £856,000 (2022 - £663,000).

Amount recognised in the statement of financial activities

2023 2022
£000 £000
Current service cost 534 1,073
Net interest cost (48) 84
Admin expenses - -
Total amount recognised in the SoFA 486 1,157
2023 2022
Remeasurements of the net defned liability to be shown in the SOFA £000 £000
Actuarial gains on the liabilities 888 7,437
Return on assets (excluding interest income) (350) (663)
Surplus on scheme that is not recoverable (454) (1,205)
Total remeasurement of the net defned liability to be shown in the SOFA 84 5,569

The amounts recognised in the balance sheet are as follows:

2023 2022
£000 £000
Present value of funded obligations (8,801) (8,819)
Fair value of scheme assets 10,460 10,024
Surplus in scheme 1,659 1,205
Adjustment for unrecognised asset (1,659) (1,205)
Net defcit in the scheme - -

63

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

21. Pension commitments (continued)

c) Local government pension scheme (continued)

Changes in the present value of defined benefit obligations were as follows:

c) Local government pension scheme (continued)
Changes in the present value of defned beneft obligations were as follows:
2023 2022
£000 £000
At 1 September 8,819 14,807
Current service cost 534 1,073
Interest cost 385 254
Employee contributions 147 130
Actuarial (gain)/loss 192 (4,066)
Change in demographic and fnancial assumptions (1,080) (3,371)
Benefts paid (196) (8)
At 31 August 8,801 8,819

Changes in the fair value of the two academies’ share of scheme assets:

2023 2022
£000 £000
At 1 September 10,024 10,043
Interest income 433 170
Return on assets less interest (350) (663)
Actuarial gain/(loss) - -
Employer contributions 402 352
Employee contributions 147 130
Benefts paid (196) (8)
At 31 August 10,460 10,024

d) Chaplain DB scheme

For one member of staff (the Chaplain) Queen Anne’s School participates in the Church of England Funded Pensions Scheme for stipendiary clergy - a defined benefit pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Responsible Bodies.

Each participating Responsible Body in the scheme pays contributions at a common contribution rate applied to pensionable stipends.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This means it is not possible to attribute the Scheme’s assets and liabilities to each specific Responsible Body, and this means contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in that year (2023: £3,828, 2022: £9,594). The member of the scheme changed employment status during the year and responsibility for the remaining deficit contribution payment transferred to the new employer.

A valuation of the Scheme is carried out once every three years. The most recent Scheme valuation completed was carried out at as 31 December 2021. The 2021 valuation revealed a surplus of £560m, based on assets of £2,720m and a funding target of £1,868m, assessed using the following assumption:

Following the 31 December 2018 valuation, a recovery plan was put in place until 31 December 2022 and the deficit recovery contributions (as a percentage of pensionable stipends) are as set out in the table below.


(as a percentage of pensionable stipends) are as
set out in the table below.
% of pensionable stipends January 2018 to December 2020 January 2021 to December 2022
Defcit repair contributions 11.9% 7.1%

64

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

21. Pension commitments (continued)

d) Chaplain DB scheme (continued)

For senior office holders, pensionable stipends are adjusted in the calculations by a multiple, as set out in the Scheme’s rules.

Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. The movement in the balance sheet liability over 2023 and over 2022 is set out in the table below.

2023 2022
Balance sheet liability at 1 January 2,000 4,000
Defcit contribution paid - (2,000)
Remaining change to the balance sheet liability* (recognised in SoFA) (2,000) -
Balance sheet liability at 31 December - 2,000

*Comprises change in agreed deficit recovery plan, and change in discount rate and assumptions between year-ends.

This liability represents the present value of the deficit contributions agreed as at the accounting date and has been valued using the following assumptions set by reference to the duration of the deficit recovery payments:

December 2022 December 2021 December 2020 December 2019 December 2018
Discount rate n/a 0.00% pa 0.2% pa 1.1% pa 2.1% pa
Price infation n/a n/a 3.1% pa 2.8% pa 3.1% pa
Increase to total pensionable payroll n/a 1.5% pa 1.6% pa 1.3% pa 1.6% pa

As at August 2023, there is no remaining liability.

The legal structure of the scheme is such that if another Responsible Body fails, Queen Anne’s School (Caversham) could become responsible for paying a share of that Responsible Body’s pension liabilities.

e) Closed support staff DB schemes

There are a number of closed DB schemes with TPT Retirement Solutions to which support staff had made contributions in the past, which are now deferred, but with an historic employer liability.

These schemes benefit some 61 non-associated employers. It is not possible for the Foundation to obtain sufficient information to enable it to account for the schemes as defined benefit schemes. Therefore it accounts for the schemes as defined contribution schemes.

The schemes are subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The schemes are classified as a ‘last-man standing arrangement’. Therefore the Foundation is potentially liable for other participating employers’ obligations if those employers are unable to meet their share of the schemes’ deficit following withdrawal from the schemes. Participating employers are legally required to meet their share of the schemes’ deficit on an annuity purchase basis on withdrawal from the schemes.

A full actuarial valuation for the schemes was carried out with an effective date of 30 September 2020. This actuarial valuation was certified on 22 December 2021 and showed assets of £201.1m, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the trustees and the participating employers have agreed that additional contributions will be paid, in combination from all employers, to the scheme as set out overleaf.

65

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

21. Pension commitments (continued)

e) Closed support staff DB schemes (continued)

The financial assumptions underlying the valuation were as follows:

Latest actuarial valuation 30 September 2020
Actuarial method Projected unit
Investment return Gilt curve +0.5% – 1.26%
Infation rate (RPI) RPI infation curve
Infation rate (CPI) RPI less 1.0%
Rate of pension increase (5% cap) In line with RPI / CPI Infation assumption
Rate of pension increase (2.5% cap) In line with RPI / CPI Infation assumption
Salary scale increases per annum CPI

Assets are assumed to outperform the liabilities in a range of gilt yield plus 0.85% – 2% p.a.

The valuation revealed a shortfall of assets compared with the value of liabilities of some £55.2 million (equivalent to a past service funding level of 78%).

Deficit contributions

To eliminate this historic funding shortfall, the pension Trustee has asked the participating employers to pay revised additional contributions to the scheme. The Foundation has entered into an agreement with the Pensions Trust to make additional payments of:

Under FRS 102 the Foundation recognises a liability for the funding arrangement, calculated as the net present value of the deficit reduction contributions payable, discounted at 5.79% at 31 August 2023. The unwinding of the discount rate is then recognised as a finance cost.

Details of the liability and movements in the year are set out below:

Designated Unrestricted 2023 2022
£000 £000 £000 £000
Balance sheet liability at 1 September 2,564 337 2,901 2,964
Defcit contribution paid (276) (37) (313) (319)
Interest cost (recognised in SoFA) 102 14 116 30
Remaining change to the balance sheet liability* (109) (18) (127) 226
Balance sheet liability at 31 August 2,281 296 2,577 2,901

*Comprises remeasurements arising from amendments to the contribution schedule and the impact of any change in assumptions.

66

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

21. Pension commitments (continued)

e) Closed support staff DB schemes (continued)

This liability represents the present value of the liability agreed as at the accounting date and has been valued using the following assumptions, set by reference to the duration of the deficit recovery payments:

At At
31 August 2023 31 August 2022
Discount rate 5.79% 4.31%

Lastly the Foundation has a DB pension scheme for six former members of support staff operated by London Pension Funds Authority (LPFA), again closed to future accrual and new joiners. A cessation valuation prepared in April 2019 showed a deficit of £68,000. However the fund has since recovered and there are no further payments due to the fund.

f) AVIVA APTIS scheme - DC scheme for teachers

The AVIVA APTIS scheme is designed for teachers. The Governors of Queen Anne’s School consulted with staff, and teachers were invited to join the APTIS scheme with effect from September 2021. There are 87 current active and contributing members.

Sutton Valence School also consulted with staff and have moved forward with an option for staff to elect either the Teacher’s Pension scheme or APTIS scheme.

Emanuel School Governors have determined that current teacher employees will remain as members of the Teacher’s Pension scheme. The APTIS scheme will be offered to newly employed teachers with effect from September 2023.

Where teachers belong to a defined contribution scheme the employer payments are charged to the statement of financial activities when payable. There is no liability attaching to the charity.

22. Subsidiary companies

QAS Enterprises Limited

The Foundation wholly owns QAS Enterprises Limited (Company Number: 04065863), which manages the non-school trading and letting activities for Queen Anne’s School. The company has two £1 ordinary shares, and its trading results for the year ended 30 June 2023, as extracted from the audited financial statements, are summarised below:

2023 2022
£000 £000
Turnover 124 152
Cost of sales (91) (62)
Gross proft 33 90
Administrative expenses (4) (5)
Proft on ordinary activities before taxation and Gif Aid 29 85
Taxation - -
Gif Aid donation to the Foundation (29) (85)
Retained proft/(loss) for the year - -

The assets and liabilities of the subsidiary at 30 June 2023 were:

31 August 2023 31 August 2022
£000 £000
Current assets 39 145
Creditors: amounts falling due within one year (39) (145)
- -

67

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

22. Subsidiary companies (continued)

Dacre Activities Limited

The Foundation owns the whole of the ordinary share capital, consisting of two ordinary shares of £1 each, of Dacre Activities Limited (Company Number: 06990593), which manages the non-school trading and letting activities for Emanuel School and Sutton Valence School. Its trading results for the financial year to 31 August 2023, as extracted from the audited financial statements, are summarised below:

2023 2022
£000 £000
Turnover 413 356
Cost of sales (97) (93)
Administrative expenses (11) (9)
Proft on ordinary activities before Gif Aid 305 254
Gif Aid (305) (254)
Retained proft - -
The assets and liabilities of the subsidiary were:
31 August 2023 31 August 2022
£000 £000
Current assets 243 265
Creditors falling due within one year (243) (265)
- -

Lambe Education Limited

The Foundation also owns the whole of the ordinary share capital, consisting of two ordinary shares of £1 each, of Lambe Education Limited (Company Number: 10234041), to manage certain trading activities related to Sutton Valence School. Its trading results for the financial year to 31 August 2023, as extracted from the audited financial statements, are summarised below:

2023 2022
£000 £000
Turnover 441 348
Administrative expenses (187) (91)
Proft on ordinary activities before Gif Aid 254 257
Gif Aid (254) (257)
Retained proft - -
31 August 2023 31 August 2022
£000 £000
Current assets 465 351
Creditors falling due within one year (465) (351)
- -

68

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

22. Subsidiary companies (continued)

BrainCanDo Limited

The Foundation is the sole member of BrainCanDo Limited, a charitable company limited by guarantee, set up to manage classroom research and implement educational findings concerning teenage neuroplasticity. The results of BrainCanDo Limited are not consolidated with those of the Foundation on the basis that it is immaterial to the main charity. The company was dormant during the year and the Directors have decided instigate a winding up of the legal entity. In preparation of this, the accounting period has been extended to 29 February 2024.

2023 2022
£000 £000
Income - 17
Expenditure - (17)
Net income - -
Total reserves - 2

All of the charitable company’s income and expenditure during the year was unrestricted.

Westminster Grey Coat Property Company Limited

The Foundation owns Westminster Grey Coat Property Company Limited which owns and manages the freehold of an investment property in Westminster. Income and expenditure of the Westminster Grey Coat Property Company Limited are not consolidated with those of the Foundation, on the basis that it is immaterial to the main charity. The investment within the property is consolidated (see note 11). Its trading results for the financial year to 31 August 2023, as extracted from the audited financial statements, are summarised below:

2023 2022
£000 £000
Turnover 259 165
Administrative expenses (226) (202)
Proft/(loss) on ordinaryactivities before Gif Aid 33 (37)
Gif Aid - -
Proft/(loss) for theyear 33 (37)
Called upshare capital 2,650 2,650
Revaluation reserve 1,376 3,614
Retainedproft 178 145
4,204 6,409
31 August 2023 31 August 2022
£000 £000
Investments 4,700 6,938
Current assets 76 110
Creditors fallingdue within oneyear (572) (639)
4,204 6,409

69

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

22. Subsidiary companies (continued)

Emanuel International Schools Limited

The Foundation also owns the whole of the ordinary share capital, consisting of two ordinary shares of £1 each, of Emanuel International Schools Limited (Company Number: 10295169), set up to initiate trading activities related to Emanuel School. Its trading results for the financial period to 31 August 2023, as extracted from the audited financial statements, are summarised below:

Year ended Year ended
31 August 2023 31 August 2022
£000 £000
Turnover - -
Administrative expenses (2) (2)
(Loss) on ordinaryactivities before Gif Aid (2) (2)
Gif Aid - -
Retained (loss) (2) (2)
Proft and loss account brought forward (37) (35)
Shareholders’ funds (39) (37)
31 August 2023 31 August 2022
£000 £000
Current assets - -
Creditors fallingdue within oneyear (39) (37)
(39) (37)

23. Related Parties

Townright Property Management Limited

The Foundation is the sole member of this company limited by guarantee, number 02567216, which owns an operational property. The building was in use but the company was dormant during the year.

Greycoat Gardens (Freehold) Limited and Greycoat Gardens (Management) Limited

The Foundation holds nineteen and one share in these companies, respectively. The companies own the freehold of this mansion block and operate its common services. Each is a £1 share and the Foundation has only a small minority interest.

The Emanuel School General Charitable Trust

The charity was created in 1972 and its registered number is 2962743. The charity’s object is the furtherance of any charitable purpose connected with Emanuel School. The net assets of the trust at 30 June 2023 were £4,488,933 (2022 - £4,312,124) and a sum of £245,983 was spent on Emanuel School in 2023 (2022 - £210,290).

The Queen Anne’s School General Charitable Trust

This trust was created in 1983 and its registered number is 296618. The charity’s main object is the furtherance of any charitable purpose connected with Queen Anne’s School. The net assets of the fund at 30 June 2023 were £2,956,103 (2022 - £2,854,630) and during the year the trust provided bursaries of £86,241 (2022 - £128,095) for children at Queen Anne’s School whose parents otherwise could not have found the fees.

The Sutton Valence School General Charitable Trust

The charity was created in 1971 and its registered number is 284569. The charity’s object is the furtherance of any charitable purpose connected with Sutton Valence School. The net assets of the Trust at 30 June 2023 were £2,973,802 (2022 - £2,844,326), and the bursaries awarded in the year were £104,708 (2022 - £91,233).

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

  1. Related Parties (continued)

The Westminster City School General Charitable Trust

The charity was created in 1982 and its registered number is 284569. The charity’s object is the furtherance of any charitable purpose connected with the Westminster City School. The net assets of the Trust at 30 June 2023 were £86,824 (2022 - £83,635) and donations were made to the school of £68,118 (2022 - £nil).

Other connected entities

The Foundation, its schools and alumni are fortunate enough to have the support of several other groups and charities. The following are independent of the Foundation and there were no transactions required to be reported:

Sutton Valence Preparatory School Parents’ Association (registered charity number 1126537); Emanuel School Parents’ Association (charitable incorporated organisation number 1152873); The Old Emanuel Bursary Trust (registered charity number 1104829); Westminster City Lodge Benevolent Fund registered charity 260099); and Queen Anne’s Society Scholarship Fund (registered charity 277587);

The Old Emanuel Association; Queen Anne’s Parents & Friends Association; The Queen Anne’s Society; The Old Grey’s Association; and The Grey Coat Hospital Parents’ Guild (all unincorporated); and

Emanuel Hospital (registered charity number 206952) shares its origins in 1594 with the Foundation; however this charity today provides relief of poverty whilst the Foundation continues separately the original bequest’s educational objects.

71

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

24. Comparative Consolidated statement of financial activities (year ended 31 August 2022)

Permanent Designated Funds Restricted Funds Unrestricted 2022
Capital
Emanuel
School
Queen
Anne’s
School
Sutton
Valence
School
£000
£000
£000
£000		 Prizes and
other
funds
The Grey
Coat
Hospital
Westminster
City
School
Revenue
Total
£000
£000
£000
£000
£000
Income and endowments from
Charitable activities
- School fees
-
20,340
11,811
15,013
- Academy grants
-
-
-
-		 -
-
-
-
47,164
-
8,217
6,578
-
14,795
Donations, legacies and grants
-
-
-
1		 571
223
1,171
-
1,966
Other trading activities
-
318
297
120		 -
85
138
17
975
Investments
676
-
-
-		 26
1
-
25
728
Other income
-
122
525
444		 -
110
45
-
1,246
Total income
676
20,780
12,633
15,578		 597
8,636
7,932
42
66,874
Expenditure on
Raising funds
644
186
566
343		 -
-
-
-
1,739
Cost of charitable activities
- Provision of
education
1,301
17,730
11,794
14,741		 26
9,334
8,385
1,436
64,747
Total expenditure
1,945
17,916
12,360
15,084		 26
9,334
8,385
1,436
66,486
Net income /(expenditure)
before investment losses
(1,269)
2,864
273
494		 571
(698)
(453)
(1,394)
388
Net investment loss
(1,746)
-
-
-		 (48)
-
-
(8)
(1,802)
Net income/(expenditure)
(3,015)
2,864
273
494		 523
(698)
(453)
(1,402)
(1,414)
Transfers between funds
(1,754)
-
165
-		 -
-
-
1,589
-
Net income/(expenditure)
afer transfers
(4,769)
2,864
438
494		 523
(698)
(453)
187
(1,414)
Other recognised
gains and losses
Actuarial (losses)/ gains
-
-
(144)
(89)		 -
2,769
2,804
15
5,355
Net movement in funds
(4,769)
2,864
294
405		 523
2,071
2,351
202
3,941
Balances brought forward at
1 September 2021
111,616
13,233
4,279
7,982		 1,036
(1,599)
(1,464)
(101)
134,982
Balances carried forward at
31 August 2022
106,847
16,097
4,573
8,387		 1,559
472
887
101
138,923

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The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

24. Comparative Consolidated balance sheet (at 31 August 2022)

Permanent Designated Funds Restricted Funds Unrestricted 2022
Capital
Emanuel
School
Queen
Anne’s
School
Sutton
Valence
School
Prizes and
other
funds
The Grey
Coat
Hospital
Westminster
City
School
Revenue
Total
£000
£000
£000
£000
£000
£000
£000
£000
£000
Fixed assets
Tangible assets		 115,210
354
223
645
-
-
179
-
116,611
Investments 48,460
-
-
-
1,559
-
-
459
50,478
Total fxed assets 163,670
354
223
645
1,559
-
179
459
167,089
Current assets
Debtors		 708
802
550
398
-
164
526
349
3,497
Cash at bank and in hand 238
402
1,045
1,907
-
944
1,310
21,613
27,459
Total current assets 946
1,204
1,595
2,305
-
1,108
1,836
21,962
30,956
Current liabilities
Creditors due within one year		 (617)
(2,986)
(4,940)
(2,393)
-
(636)
(977)
(495)
(13,044)
Total current liabilities (617)
(2,986)
(4,940)
(2,393)
-
(636)
(977)
(495)
(13,044)
Net current (liabilities) /assets 329
(1,782)
(3,345)
(88)
-
472
859
21,467
17,912
Inter fund
Current account		 -
3,373
(369)
(6,343)
-
-
-
3,339
-
Loan account 39,722
(3,366)
(7,568)
-
-
-
-
(28,788)
-
Fixed assets (61,874)
24,169
17,593
16,032
-
-
-
4,080
-
Total inter fund (22,152)
24,176
9,656
9,689
-
-
-
(21,369)
-
Total assets less
current liabilities		 141,847
22,748
6,534
10,246
1,559
472
1,038
557
185,001
Creditors
Due afer one year		 (35,000)
(6,056)
(1,170)
(681)
-
-
(151)
(119)
(43,177)
Provisions for liabilities
Pension liability		 -
(595)
(791)
(1,178)
-
-
-
(337)
(2,901)
Net assets 106,847
16,097
4,573
8,387
1,559
472
887
101
138,923
Funds
Original endowment land		 13,627
-
-
-
-
-
-
-
13,627
Original endowment investments 7,268
-
-
-
975
-
-
-
8,243
Fixed assets and other 44,431
14,315
8,059
15,421
-
-
179
4,080
86,485
Other funds available 41,521
2,377
(2,695)
(5,856)
584
472
708
(3,642)
33,469
Pension reserve -
(595)
(791)
(1,178)
-
-
-
(337)
(2,901)
Total funds 106,847
16,097
4,573
8,387
1,559
472
887
101
138,923

73

The United Westminster and Grey Coat Foundation, Report and Financial Statements 2022-23

Notes to the financial statements (continued)

24. Comparative main Charity balance sheet (at 31 August 2022)

Permanent Designated Funds Restricted Unrestricted 2022
Capital
Emanuel
School
Queen
Anne’s
School
Sutton
Valence
School
Prizes and
other
funds
Revenue
Total
£000
£000
£000
£000
£000
£000
£000
Fixed assets
Tangible assets
115,210
354
223
645
-
-
116,432
Investments
48,460
-
-
-
1,559
459
50,478
Total fxed assets
163,670
354
223
645
1,559
459
166,910
Current assets
Debtors
708
802
550
398
-
349
2,807
Cash at bank and in hand
238
402
1,045
1,907
-
21,613
25,205
Total current assets
946
1,204
1,595
2,305
-
21,962
28,012
Current liabilities
Creditors due within one year
(617)
(2,986)
(4,940)
(2,393)
-
(495)
(11,431)
Total current liabilities
(617)
(2,986)
(4,940)
(2,393)
-
(495)
(11,431)
Net current (liabilities)/assets
329
(1,782)
(3,345)
(88)
-
21,467
16,581
Inter fund
Current account
-
3,373
(369)
(6,343)
-
3,339
-
Loan account
39,722
(3,366)
(7,568)
-
-
(28,788)
-
Fixed assets
(61,874)
24,169
17,593
16,032
-
4,080
-
Total inter fund
(22,152)
24,176
9,656
9,689
-
(21,369)
-
Total assets less current liabilities
141,847
22,748
6,534
10,246
1,559
557
183,491
Creditors
Due afer one year
(35,000)
(6,056)
(1,170)
(681)
-
(119)
(43,026)
Provisions for liabilities
Pension liability
-
(595)
(791)
(1,178)
-
(337)
(2,901)
Net assets
106,847
16,097
4,573
8,387
1,559
101
137,564
Funds
Original endowment land
13,627
-
-
-
-
-
13,627
Original endowment investment
7,268
-
-
-
975
-
8,243
Fixed assets and other
44,431
14,315
8,059
15,421
-
4,080
86,306
Other funds available
41,521
2,377
(2,695)
(5,856)
584
(3,642)
32,289
Pension reserve
-
(595)
(791)
(1,178)
-
(337)
(2,901)
Total funds
106,847
16,097
4,573
8,387
1,559
101
137,564

74

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