Charity registration number 307034 ompany registration number 902869 IEngland and Wales) WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED {LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED {LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Trustees J A B Bruce Bsc FCA Miss L K Harllblett MA Mrs K Hogan BA J A Passam BA MBA J H L Patrick MVO Bsc ICh3irman from 8 July 2022) Mrs S L Morison BA CSRIXMA W J Griffiths Bsc A-C Strorneyer-sallaba MS¢ N Selman Secretary G P Falconer Charity number 307034 Company number 902869 Prsncipal address Westboume House School Coach Road Shopwyke Chichester West Sussex P020 2BH Registered office Westbourne House School Goach Road Shopwyke Chichester West Sussex P020 2BH Auditor Sumer Audit Piper House 4 Dukes Court Bognor Road Ghichester West Sussex P019 8FX Bankers National Westrninster Bank PIG 5 East Street Chichester Wesl Sussex P019 1HH Investment advlsors Ralhbone Brothers PIC 8 Finsbury Circus London EC2M 7AZ
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) CONTENTS Page Trustees. report Statement of Trustees, responsibilities Independent audito¢s report 7-10 Statement of financial activities 11 Balance sheet 12 Statement of cash flows 13 Notes to the financial statÈments 14-28
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2023 The Trustees piesent their annual report and financial statements for the year ended 31 August 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trusys governing docLJment. the Companies Act 2006 and "Accounting and Reporting by Chanties". Slalemenl of Recommended Practice applicable to charities preparing Iheir accounls in accordance with the FinanGial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191" Objectives and activities The aim of the School is to stimulate and en¢oLJrage children to maximise their potential in mind, body and spirit through a broad and varied curriculum. The School wishes lo provide this quality ol educ21ion for an ever wider range of children while at thè s2me time being a responsible employer and an integral member of the local community. The Trustees are fully Committed to operating the School in the spirit of the Charities Act 2011 and lor the pu1¢ benefit in its broadest sense. They believe the benefits of the Charity lo the pupils of the School are clear and some of their athievetnents are mentioned below as are the steps the Trustees are taking to widen access lo the charity's benefi15 by rnaking both facilities and the prowsion of education itself available to 9ater numbers of children. The Trustees recognise. however, Ihat a balance musl be struck between offering free or reduced-fee places and maintaining sufficient income to 5UStain the financial health of the charity. This year, the School h85 strengthened its links with local community schools, tnainly by sharing sports and leisure facilities and is very open to Involvement in other ways. The Trustees are able lo confim) that all of the expèndilLJre detailed in these accounts wa5 used In furtherance of the Trust's objectives. In furtherance of the Trust's objectives. the Trustees have accelerated the upgrades to the S¢hool's facilities. During the year, this programme Included the renov8tion ol the library, main teaching block. refvrbishmenl of the Dower House boarding house and the renovation ol the squash courts and one netball court. There weie other site enhanoements Including new fencing 2nd upgraded security cameras. The School continued Ils work towards greater energy efficiency. with a locus on minimising heat loss, including the rep13cemenl of all windows in the main teaching block. The Tiusl constanlly monitors trends and developments in education and where these have proved advantageous. they have been adopted. In funding improvements, it has always been the policy lo generate sufficient surpluses 10 fund the wsts of devebpments. There has been no change lo these polioes duiing thè year. The Trustees have paid due regard lo guidance issuèd by the Charity Commission in deciding what activitie5 the Trust should undertake. strategic report The description under the headings Achievements and performance and 'Finanual rèview" rneet the Company law requirements for the Tnjstees to present a strategic report.
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED {LIMITED BY GUARANTEE) TRUSTEES, REPORT ICONTINUED>{INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORTI FOR THE YEAR ENDED 31 AUGUST 2023 Achievements and perfom)ance The primary charitable activity of the Trust during the year has been the education o* the lon average) 390 children at Westboume House School. Overall pupil nurllber5 increased steadily during the year, with a net gain of 12 pupils. Although our end of year pupil numbers are strong, we anticipate weaker numbers in the coming years as large year groups which Sit in the senior years will be replaced by much leaner year groups eutrently moving UP through the Sthool. On the overse8s front, there is a steady uptake from Asia and good numbers from Spain. The School has a good range of agents and contacts to fuEfiI our overseas target for 23124. UK agents have also been engaged to help increase our intake from the Foreign, Commonwealth and Development Office, Armed Forces and blue-chip companies. At the end of the year. all 54 pupils in Year 8 passed the Scholarship or Common Entrance éxatnination to g81 places at senior school. Nineteen pupils won a total of 22 awards from their senior school in reco9riitiorE of their ability and potential. There has been considerable success on the sports fiald for teams and indiwduals. Pupils have cornpeted at district and county level in a number of sports inclLJding netball, cricket Igirfs and boys) and hod(ey, with one pupil playing as a contracted player wth the Brighton & Hove Albion Football Academy. Several children represented the County at the National Athletics Finals and Swimming Finals in London. The balanced curriculurn also included a stmckured programme of outdoor education and leadership actiVe$ for Years 3 to 8. This induded a series Of rèsidèntial thps throughout the South of England. During the year. 81 children reIVed assistsnce frorn the School in the forn) of scholarships or bursaries while a further 19 children p3id discounted fees. Eight children benefited from bursariès worth 75-100ts/o of the fees, induding Ukrainian children who joined the School following the Russian invasion of their ¢ountry_ The Trustees continued Ih&ir poliry of widening access to the School by advertising further substsnlial awards. These are considerable achievements and support the Senior Management and Truste2s' aim of maximising pupil's potentl81 in all regards. School and Community The School 5eek5 to promote a family atmosphere within its communrty and enjoys an excellent relationship with its employees. Staff tumover remains low, fèw teachers leave other than on prornotion or retirement and there is a good record of internal promotion. The School maintains 8 close relationship with parents and wth fomer pupils and continues to strengthen its ties with the Old Westboumian community. The p8stor31 team continue to hèlp pupils m8n8ge the challenges of school life, prowding emotional support required to help forge good rnenlal health and wellbeing. Westbourne House is very consaous and proud of its place in the wider communty. During 2022-23. the sports faulities were fjjlly booked by local clubs and te3mS, induding badminton, football. rugby. cricket and swimming. In some cases, 2 charge is tnade lo defray a proportion of running expenses, but each week the School provides recreation31 opportunities lo hundreds of people from the lo1 ares. The Millennium Hall continues lo be a popular venue for festivals of music. drama and dan as well as fund-raising events for Charities and the Sthool looks fonvard to playing a greater role in the cultural life of Chichester. The hire of faalities for ch3ritable and fund-raising actiwties is generally free, or at a greatly reduced rate. Pupils, parents and staff again orgariised a wide Variety of fundraising actNlties for this yeavs School's chartties, including Wesl Sussex Mind, Chestnut Tree House, Global Canopy and the School's own Bursary Fund. The School continues to fund raise and has amassed suffiaent funds over the last 2 years to donate £80,402 to good causes. Westbourne House contributes significandy to the local economy. Ils employees predorninanly live in the Ghi¢hester District and the School has a policy of purchasing goods and semces locally wherever pos51ble.
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED {LIMITED BY GUARANTEE) TRUSTEES. REPORT {CONTINUED}{INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2023 Financial review The operating activities of the Trust generated an income of £7.066 million and this resulted in a surplus on unrestricted funds of £372,837 and a surplus on restricted funds of £82,800 Ito121 surplus for the year being £435,637). There was Sn increase in operating Income of £1.031 million relative to Izst year. Total b81an¢es held with Nation81 Westminster Bank as at 31 August 2023 were £2.514.654, with further £1,387,498 held in investments with R2thbones. The Trust made an investment loss during the period of £74,712. The Trust rernains in a healthy financial position. which will enable il to maintaill rt5 ongoing programme of capital expenditure. Total reserves at the balan sheet date 8re £13,485.474 12022 £13,049,83n, of which £13,318,836 12022 £12.945.9991 are unrestricted and £166,63812022- £103,838) are restricted. It is the policy of the ch8rity that free reseryes should be maintained at a level equivalent to at least three month's expenditur&. Thé Trustees consider that reserves al this level will ensLJre that, in the event ol a significant drop in funding, they will be able to continue the charily's current adiwties whilst consideration is oiven to ways in which additional funds m8y be raised. As at 31 August 2023, freè reserves stood at £2.806 million representing the charity's unrestricted funds less fixed assets1£10,512,6381. The day to day finances of the eharty are managed by the Bursar 2nd the Budget Manager. The Bursar reports regularly to the Finance Committee. Budgeting and careful control of expenditure are key policies for the charity. The charity's pllncipal funds are generated from fees charged to parents of pupils. All expenditure in the year, other than govem8nce costs, has been incurred specffically to meet the charity's key objectivè of educaling children up to the 3g& 0113. The Trusteés ¢onsidèr that the market value of the land and buildings substantially exceéds the book value of £9.687 million. Risk review The Trustees have assessed the maioi risks to which the company is exposed. in particul81 Ihose related to the operations and finanTrs of the company, and are satisfied that systems and procedures are In place lo mitlg2te exposure to the major risks. This year's Risk Review continues to be dominated by announcements by the Labour Party conMing their plans for private education. The IrusleÈs and senior leadership team are comrnitted lo Continuing to provide the education which We51bourne House has always provided, whatever the new environment turns out lo be. as and when, or indeed if, a Labour government is elèetèd. Our risk assessments and financial planning will continué to consider the practical implications as announcement5 are made and details clarified and parents kept informed. Among thosé risks the most significant are considered to be.. a reduction in pupil numbers and resultant loss in fee income due to an adverse change to the VAT regime in which the School currently operates. major In¢idenl which ¢auses dosure of the School andlor severe loss of confidence by parents. 8 major acadent which causes partial or complete closure of the Sd)ool.
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED {LIMITED BY GUARANTEE) TRUSTEES, REPORT ICONTINUEDI{INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGusf 2023 Plans for the future Westbourne House plans to strengthen its position in the Preparatory School se¢tor by employing SLrfficienl teaching staff of the right calibre and expertise to inspire our pupils and by &nsuring a high standard of facilities through continuous upkeep of the buildings and grounds. Our objectives are set out on Page 1. Our ¢omrnilmenl lo the broader community through charity fundraising will continue. A portion of our fundraising will be used to support the Bursary Fund which the tmstees see as being an important aspect of widening access to the School. structure, governanoe and management The Tmst is a registered charty and a mmpany illcorporaled under the Companies Acts 1985 to 2006, limited by guarantee. Thé Trust's govèming document Is its Memorandum and Articles of Association. The Trusfs objects are to provide high quality education for children up to the age of 13 years, through the medium of Westboume House School. and lo prepare children for entry to Public and State schools. The Tru5tee5, who are also the directors for the purpose of company law, and who served during the year and up lo the dale of signature of the financial statements were.. Mrs D J Alun-Jones MA (Resigned 12 December 20221 W Belcher BA {Resigned 23 June 20231 J A B 8ruce BSC FCA Miss L K Hamblett MA RAJ Hiu Mrs K Hogan BA J A Passam BA MBA J H L Patrick MVO Bsc (Chairman from 8 July 20221 Mrs S L Morison BA CSRIXMA WJ Griffiths BS¢ A-C Stromeyer-sallaba Msc B N Selman IResigned 12 Dernber 20221 (Appointed 7 September 2022) IAppointèd 7 September 20221 (Appointed 23 June 20231 None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the cornpany and guarantee lo contribute £1 in the event of a winding up. Tre Trustees desire that the Board should represent a wide spectrum of appropriate interest and experience induding business and administration, education, the12w, the arts and, èspécially, 8 strong feeling for the School and its aims. The majority of trustees have had children at the School and it is the policy that one or trustees should be current parents. Trustees may be nominated by anyone ¢onne¢ted with the School and nominations are considered by a small committee of Trustees who take soundings from interested parties, including the Headmaster, before recommending a name to the full board. The induction and training of new trustees is in five overlapping ph8ses_' a detsiled introduction to the School by the Headmaster and Bursar, mentonng by the Chairman of Govemors and by the chairrnén of committee5 In their respective areas, frequent visits to the School and regulai contact wa newsletters et¢. attendance at events organised by training bodies, and self-study of training materials. In the last EdUCatonal Quality with Focused Compliance Inspection conducted by the Independent Schools, Inspectorate, the School was found to rneet or exed the neSSary standards. The Tmst is governed by a Board of Tnjstees IGovernorsl who detemine thè policy and strategies of the School. The Board is supported by the Finance and General Purposes Committee and by the Ar2dernic and Pastoral Ctsrnmittee. The operational management of the School is directed by the Headmaster, Mr Martin Barker (Chief Execulive OffiTrrl and the Bursar, Mr Gordon Falconer Ichief Operating & Finance Officer) who manage a total of $5 teaching staff and 70 support non-teaching staff, both full and part time.
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED {LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2023 Remuneration is sel by the Board. with the policy objective of ènsuring appropri8te incentives to encourage enhanced performance and in a fair and responsible manner. rewaiding for Individual conlribulion5 to the School's success. The appropriateness and relevan of the remuneration policy is reviewed regularly by the Remuneralioll Sub-comtnittee, indudin9 referen to comparisons with other independènt schools to ensure that Westboume House remains sensitive to the broader i5sue5 of pay and employment Gonditions elsewhere. We aim lo recruit, subject to experien, at a position within a pay band in order to be able to ieward staff for excellence. Delivery of the Company's charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expenditure. There are no restrictions on the investment powers of the Trustees. The current strategy is focused on long lenn capital growih with Rathbones on a Risk 5 Investment Strategy lon 2 scale of 1 to 81. The investment horizon is long term. with an objective ol CPI + 4°/0 per annum net of all lees over a 3 year rolling basis. The Trustees keep the perforrnance of investmen15 under regular rewew in order to manage risk and maximise retum. Asset cover for funds Note 24 sets out an 3n31ysis of the assets attributable to the various funds and a description of the Trusts. These assets are suffiuenl lo meet the charrty's obligations on a fund by fund basis. Auditor In accordance with the company's articles, a resolution proposing that SumerAudil be reappointed as auditor of the company will be pul al a General Meeting. Disclosure of inforniation to auditor Each ol the Trustees has confirmed that there is no infomiation of which they are aw3re which is relevant to the audit, but of which the auditor is unaware. They have further Confirmed that they have taken appropriate steps lo identify such relevant infomation and to establish that the auditor is aware of such informalian. The Trustees, report, including the strategic report, was approved by the Board of Trustees. J H L Patrick MVO Bsc Ichairmanl Trustee Dated..
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2023 Thè Trustees, who are also the directors of Westboume House School Educational Trust Limited for the purpose of company law, are responsible for preparing the Tmstees. Report and the finan3] statements in accordance wtth applicable law and United Kingdom Accounting Standards (United Kingdom Genèrally Accepted Accounting Practice). Company Law requires the Trustees to prepare financial statements for each financial year which give 3 tmÉ and fair view of thè state of affairs of the Trust and of the incoming resources and application of resources. including the Income and expendrftuo, of the charitable company for that year. In preparing these financial 5talernents, the Trustees are QuIred to". select suitable accounting policies and then apply trem consislendy., observe the methods and prinaples in the Charities SORP., make judgements and estimates that are reasonable and prudent., slate whether applicable UK AccountTng Standards have been followed, subject to any material departures di5dosed and explained in the finanual statements., and prepare the financial statemer)ts on the going ¢on¢em basis unless il Is inappmpriate to presume that the Trust wll continue in operation. The Trustees are responsible for keeping adequate aGwunling re¢ords that disclose with tyasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial staternents ctsmply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Tnjsl and hence for taking reasonable Steps for the prevention and delefjtion of fraud and othèr irregularities.
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE> INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED Opinion We have audited the finanaal statements of Weslbourne House School Educational Tru51 Limited Ilhe 'Trusl'l for the year ended 31 August 2023 which comprise the statement of financi81 aciivilies. the balance sheet, the statement of cash flows and notes to the fin3ncial statements, including significant accounting policies. The financial reporting frarnework that has been applied In Iheir preparation is applicable law and United Kingdom Accounting Standards, Includ1ng Financial Reporting Standard 102 The Financi21 Reporting Standarcl appliGable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial staternents.. give a true and fair view ol the State ol the charitable ¢ompany's affairs as at 31 August 2023 and of its incoming resources and application of iesources, including its income and expenditure, lor the year then ended., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accA>rdance with the requirements of the Companies Act 2006. Basls for opinlon We conducted our audit in accordance with IrTrlernational Standards on Auditing IUIQ IISAS (UK)) and applicabSe law. Qur responsibilities under those standards are furthei described in the Auditors rèsponsibilities for the audit of the financial slalements section of our report. We are Independent ol the Trust in accordance with the ethical requirements that are relevant to our audit of the finanGial staterllents in the UK, including the FRC'S Ethical Standard, and we hzve fulfilled our other ethical responsibilrties in accordance with these requirements. We b81ieve that the audit evidence we have obtsined is sufficient and appropriate to provide a b3s1s for our opinion. Conclusions relating to going concem In auditing the financial slaternents, we have conduded that the Trustees, use of the going concern bas15 of accounting in the prèparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo event5 or conditions that, individually or collectively, may cast significant doubt on the Trust's ability lo ntinUe as a going concern for a period of at least e1ve months frorn when the financial statements are authorised for issue. Our responsibilities 8nd the responsibilities of the Trustèes with respect to going concém are described in the relevant sections of this report. Other inforniation The other information comprises the information included in the annual report other than the financial statement5 and OLJr auditols port thereon. The Trustees a responsible for the other infom)ation contained within the annual report. Our opinion on the financial statements doés not cover the other information and, except lo the extent olhenvise explicitly stated in our report, we do not expre55 any form of assurance conolusion Ihereon. Our responsibility Is lo read the other information ancf. in doing so, consider whether the other information is materially Inconsistent with the finanaal statements or our knowledge obtained in the course of the audit. or otherwise appears 10 bè rnaten311y misstated. 1f we identify such rnateiial inconsistencies or apparent material misstatements, we are required to delermine whether this gives rise to a Material misstatement in the fin2n¢ial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other Inforrnation, we are required to report that fact. We have nothino to report in this regard.
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE MEMBERS OF WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED Opinions on other matters prescribed by the Companies Act 2006 In our opinion, b3sèd on thè work undertaken in the course of our audit.. the information given in the Trustees, report for the financial year for which the financial statements are ppared. which indudes the directors, report and the strategic report prepared for the purposes of company law, is consislent Vl thè financial statements., and the strategic report and the directors, report induded within the TTUStees' Teport h8ve been prepared in accordance wrth applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Trust and tts environment obtained in the course of the audit, we have not identified malerial misstatements in the strategic report or the dirèctors, report induded within the Trustees, report. We have nothing to report in respect of the following matter5 in relation to which the Cotnpanies Act 2006 requires us to report to you If, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received fmm branches not visited by us-, or the financial statements are not in agreement with the accounting records and retums., or certain disclosures of trustees. remuneration specrfied by law are not made.. or we have not received all the information and explanations we requiFe for our audit. Responsibilities of Trustees As explained more fully in the statement of Trustees, responsibilities, the Trustees, who are also the directors of the Trust for the purpose of company law, are responsible for the preparation of the finanaal staternents and for being satisfied that they give a true and fair wew. and for Such inlemal contml as the Trustees determine is necessary to enable the preparation of financial statements that are fr* from material misstatement, whether due to fraud or error. In preparing the financial staternents, the Trustees arè rèsponsible for assessing the Trust's ability to continue as a going concern, disclosing. as applicable, matters ielated to going concern and using the going concem basis of accounting unless the Trustees either intend lo liquidate the ¢hantable company or to cease operations. or have no realistic altemative but to do so. Auditorfs responsibilities for the audit of the finaneial statèmènts Our objectives 8re to obtain reasonable assurance about whether the finanual statements as 8 whole are freè from material misststement. whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assuran is a high level of assurance but is not a guarantee that an 8udrt condvcted in accordan¢e with ISAS {UK) will aNvays deteol 3 material misstatement when it exists. Misstatements can arise from fraud or error and are considered rllaterial if, individually or in the aggregate, Ihey could reasonably be expected lo influence the econornic des1OnS of users taken on the basis Of these financial statements.
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE MEMBERS OF WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED Identification and assessment of irregularities Including fraud Irregularities, including fraud, are instances of non-complian with laws and regulations. We designad pro¢edures In line with our responsibilities, outlined above. lo detect material misstatements in respect of irregulanties, Including fraud. The extent to which our procedures were capable of detecting irregularitie5, induding fraud is detailed below." we fOSed on speafic laws and regulations which we considered rnay have a dared material effect on the financial statemellls or the operations of the association. Including The Companies Act 200E3, we obtained an understanding of the Segal and regulatory Iramewotk applicable to the entity and how the entity is compwing with that framework by making appropriate enquiries of rnanagement as well as considering the Inlemal controls in pla lo mitigate risks of fraud and non-compliance with 18ws and regulations, we made enquiries of those charged with governance and tnanagement con¢erning'. the iisks of fraud., instances of non-oompli8nce with laws and regulations or knowledge of actual. suspected, or alleged fraud is documented during the period". we allocated an engagèment team that we considered colSectively had the appropriate competence and capabilikn.es to identify or recogni5e non-compliance with12ws and regulation3. Audit response to tho risk of irregularities Including fraud Based on the S1t$ of our risk assessment, our procedures included. bul were not limited to.. perfoming anatytical prOdureS lo identify any unusual or unexpected relationships. evaluating whether the selection and application of accounting policies by the entity that may be indicative of fraudulent financial reporting resulting from management's effort to manage earnings. assessing whether judgements and assumptions madè in determining thè accounting eslimales set out in note 2 were indicative of potential bias. agreeing financial statement disclosures to undedying supporting documentation. reading the minutes of meetings of those charged wth governance. reviewing the rreSpOndenCÈ with relevant regulatory bodies. lesling of journal entries lo address the risk of fraud through management override. incorporating an element of unprediGtability in the selection of tre natu, tirning, and extent of our audit procedures. corroboiating the business r*ionale for transactions outside the normal course of busines5. Conclusion5 gardIng the risks of irregularities including fraud There are inherent limitations in our audit procedures described above. The more removed that laws and regulations 8re frorll financial transactions. the less likely it is that we would become aware of non-compliance. Material misststements that arise due to fraud can be harder lo detect than those that arise from error as they may Involve deliberate concealment or ¢ollusion. We considered our audit was capable of detecting irregulaiities due to.. the effectiveness of the entity's internal controls.. the nature, tirning and Èxtent of audit proce(lures perfonred., and the absence ol contradictory evidence.
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED A further description of our responsibilities is available on the Finanaal Reporting Council's website at.. https."Il www.frc.org.uklaudilorsresponsibilities. This description forms part of our audilorfs report. Use of our report This report is made solely to the charitable companys members, as a body. in aceordance 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 w& 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 responsibilty to anyone other than the charitable company and the charitable ¢ompany's members as a body, for our audit work, for this report, or for the opinions we have fomed. Claire Norwood Bsc FCA ATII (Senior Statutory Auditor) for and on behalf of Sumer Audit Chartered Accountants ststutory Auditor Piper House 4 Dukes Court Bognor Road Chichèstèr West Sussex P019 8FX Sumer Audrf( is a trading name of Sumer Auditco Limited 10-
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR fHE YEAR ENDED 31 AUGUST 2023 Unrestricted Restricted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Notss Income and efidowments from.. Donations and legacies Charitable activities Other trading a¢tivitie5 Investments Other income 1.532 6,837,470 51,903 53,435 6,837,470 89,517 80,599 85,875 542 5,943.495 11.363 11.905 5,943.495 89.517 80,599 85.875 33,748 80.347 33.748 80.347 Total income 7,005,476 141.420 7,146,896 6,058.132 11,363 6,069,495 enditure on: Raising funds 10,001 42,764 52,765 9.863 9,863 Charitable activities 6.547,926 35,856 6,583,782 5.562,780 5,888 5,568,668 Total expenditu 8.557.927 78.620 6,636,547 5,572.643 5,888 5,578,531 Net gainslllossesl on investments 14 174,7121 174,7121 1130,2751 1130,2751 Net income for the yearl 372,837 62,800 435.637 355,214 5.475 360.689 Net movement in funds 372,837 62,800 435.637 355,214 5.475 360,689 Fund balances at 1 September 2022 12,945,999 103,838 13,049,837 12.590,785 98,363 12.689,148 Fund balances at 31 August 2023 13,318,836 166,638 13,485,474 12,945,999 103,838 13,049,837 The slalement of financial a¢livilies includes all gains and losses recognised in the year. All in¢ome and expenditure derive from ntinUIng actiwties. The statement of financial actiwlies also complies with the requirements for an income and expenditure account under the Companies Act 2006.
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED {LIMITED BY GUARANTEE) BALANCE SHEET AS AT31 AUGUST2023 2023 2022 Notes Fi-ed assets Tangible assets Invesfments 16 17 10,512,638 1,387,498 10.457,145 1,426.727 11,900,136 11.883,872 Current assets Debtors Cash at bank and in hand 19 351.170 2,519,615 292,005 2.256,314 2.870,785 2,548,319 Creditors.. amounts falling due wtthin one year 20 11,235,447) 11.357,354) Net current assets 1,63S,338 1,190.965 Total assets less current liabilities 13.535.474 13,074,837 Provisions for liabilÉties 21 150,0001 125,0001 Net assets 13,485,474 13,049,837 Incomè funds Restricted fvnds nr stricted funds General unreStcted funds Rev31uation reseroe 23 16e,638 103,838 13,323,367 14,5311 12,902,122 43,877 Total unrestricted funds 13,318,836 12,945.999 13,485.474 13,049,837 The acco nts were approved by the Trustees on .................. J H L Patrick MVO Bsc (Chairman) TTLtstee Company Registrdtion No. 902869 12-
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Notes Cash flows from operating activities Cash generated from operations 28 442,797 876,442 Investing a¢VitieS Purchase of tangible fixed assets Receipts from sale of langible red assets Purchase of other investments Proeeèds on disposal of other investments Dividends and interest reIVed 1224,7821 170 1208,8331 205,775 80,599 192.3781 1430,2901 137.853 33,748 Net cash used in investing actrvities 1147.0711 1351,0671 Net cash used in financing activities Nèt increase In cash and cash equivalents 295,728 525,375 Cash and cash equivalents at beginning of year 2.269,029 1,743,654 Cash and cash equlvalents at end of year 2,564.755 2,269,029 Relating to= Cash and Bank balances Cash in Inve51rnent portfolio 2,519,615 45,140 2.256,314 12,715 2.564,755 2,269,029 13-
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting polici*s Charity information Weslboume House School Educational Trust Limited is a private company limited by gLJarantee incorporated in England and Wales. The registered office is Weslboume House S¢hool, Coach Road. Shopwyke, Chichesler, West Sussex, P020 28H. 1.1 Accounting convention The finan¢ial statements have been prepared in accordance with the Trust's goveming document, the Companies A¢t 2006 and 'Accounting and Reporting by Charitiès.. Statement of Recommended Pr3Ctice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard 8ppli¢able in the UK and Republic of Ireland IFRS 102) leffective 1 January 20191" The Trust is a Public Benefit Entity as defined by FRS 102. The finanryal statements are prepared in sterfing. which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest L The account5 have been prepared under the historical cost convention, modified to include the revaluation of certain finanryal instruments 8t fair value. The principal aecounting policies adopted are set out below. 1.2 Going concern At Ihe time of approving thè financial statements, the Trustees have a reasonablè expectation that the Trust has adequate resources to continue in operalional èxistence for the foreseeable futu. Thus the Trustees continue to adopt the going COnM basis of aountIng in preparing the financial ststements. 1.3 Charitsble funds Unrestricted funds are available for use at the discretion of the Trustees in fvrtherance of their charitable tsbjèctives. Restricted funds are subjèct to SpefiC ¢ondition5 by donors as to how they rnay be used. Thè purposes and uses of the restricted funds are set out in the notes lo the financial statements. IA Income Income, induding grants, is recognised when the Trust is legally entiued to it after any perfomance conditions h8vè been mel. the amounts G3n be measurèd reliably, and it is prob¥blé that income wll be received. Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation. unless perfortllance oonditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the dollalion. Legaaes are recognised on receipt or otherwise if the TnJst has been notified of an impending distribution, the amount Is known, and receipt is expe#ed. If the amounl is not known. the legacy 1$ treated as a contingent asset. Included in other income are re¢overables which are shown net of expenditure. These are shown net because they are small amounts spent whi¢h are recovèrable IroFll the pupils and are included on the bills sent to parents. 14-
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED {LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies (Continuedl 1.5 Expenditure Liabiltties are recognised when they are incurred and the costs are debited to the Statement 01 Financial Activities ir) full in the year in which they relzte lo Education equipment and materials and sports and game5 equiprrent incurred in June, July 2nd August are treated as prepaid and are therefore debited to the Statement Of Financial Activities in the following financial year. Charitable actilieS expenditure consists of providing education which is split between 8divities undertaken directly. orant funding of activities, support costs and governan¢e costs. Aetiwties undertaken directly Includes the gross salary, employerfs Nl and employerfs pension ol the teaching staff, the depreaation ol the cornputer equipment, education equipment and matenals, sport and games equiprllent, educational i4sits and activities and provisions. Support costs includes all the other costs incurred except audit and accountancy fees which are Induded in Governance ¢ost5. 1.6 Tangible fixed assels Tangible fixed assets other than freehold land are staled at cost nèt of depreciation and any imp8irmenl losses. Depreciatioft is recognised 50 as to write off the cost or valuation ol assets lass their residual values over their useful lives on the following bases.. Freehold land and buildings Leasehold property Plant and machinery FixlLJres. fittings & equipment Cornputers Motor vehicles 15 years I So years slraighl line 25°/0 Reducing balance 110¢/o straight line 10 /0 Reducing balance 10°/¢- 25°/0 Straight line 25°/o Reducing balance No depreaation is provided on freehold buildings on the grounds that it would be immaterial as the buildings have an estimated long remaining useful lifé and high residual value, in excess of their cost. The gain or105s arising on the disposal of 8n asset is detemined as the difference befv&e the sale proceeds and the carrying value of the asset, and is recognisgd in the staternent of financial activities. 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at lair value at each reporting date. Changes in fair value are iecognised in nel incornellexpenditurel for the year. Trans8Ction costs are expensed as incurred. 1.8 Impairment of fixed assets At each reporting end dale, tha Trust reviews the c8rrying amounts of its tangible as5els to detèrmine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the toverable amount of the asset is estimated In order to deterrnine the extent of the impairment loss lif anyl. 1.9 Ca$h and cash equivalents Cash and Cash equivalents include cash in hand. deposits held al call with banks, Other short-term liquid investments with origin31 rnaturilies of three months or less, and b3nk overdrafts. B8nk overdrafts are shown within borrowings in Gurrent liabilities. 15
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies Icontinuedl 1.10 Financial instrumènts The Trust has elected to apply the ptovisions of Se¢tion 11 'Ba5ic Finanu81 Instruments. and Section 12 'other Finaricial Instruments Issues, of FRS 102 to all of its financial instruments. Finanaal instruments are recognised in the Trust's balance sheet when the TNst becomes paty to the contractual pmvisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial sl*ements, when there is a legally enforceable right to set off the recognised amounts and there is an intention Io settle on a net basis or to realise the 8sset and settle the liability simultaneously. Basic financial assets Basi¢ finanaal assets, which include debtors and cash and bank balan$, are initially measured al transaction price including transaction costs 8nd are subsequently carried at amort15ed Cost using the effective interest method unless the arrangement constitutes a financing transaction. where the transaction is measuièd at the present value of the future ieceipts discoLJnted at a market rate ol interest. Finantial assets cL9ssified as receivable within one year are not amortised. Basffc financial liabilities Basic financial liabilities, including creditors and bank108ns are initially racognised at transaction price unless the atrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities dassified as payable within one year are not amortised. Debt instruments are subsequently carried at 8mortised cost, using the effectwe interest rate method. Trade ueditors are obligations to pay for goods or seNces that have been acquired in thè ordinary course of operations from suppliers. Amounts payable are Classified as current liabilities if payment is due within one year or less. If not. they are presentèd as non-current liabilities. Trade ¢rÈditors are reGognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. DereGognirlon of financial liabilities Finanaal liabilities are derecognised when the Trust's contractual obligations expire or are discharged or G3ncelled. 1.11 Provisions Promsions are recognised when the Trust has a legal or constructive present obligation as a rèsult of a past event, It is probable that the Trust will be required to settle that obligation and a reliable estimate c2n be m8de of the amount of the obligation. The amount iecognised as a prowsion is the best èstimale of the consideration required to settle the present obligation zt the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Wnere the effect of the time value of money is materi81, the amount expected to be required to settle the obSigation is recognised at present value. ivhen a provision is measuEd at present value, the unwinding of the discount is recognised as a fin3nce cost in net incomellexpenditurel in the period in which it anses. 1.12 Employee benefrts The cost of any unused holiday entilement is recognised in the period in which the employee's servi¢es are received. Termination benefrts are recognised immediately as an expense when the Trust is demonstrably committed to lem)Inate the employment of an employee or to promde termination benefits. 16-
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies IContlnu¢dl 1.13 Ret1ment benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Critical accounting estimatès and judgament$ In the application of the Trust's accounting policies. the Trustees are qUired to make judoements, estimates 2nd assumptions about the carrying amount ol assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on histoncal expenence and other factors that are considered to be relevant. A¢lual results may drfffer from these eslitnales. The estimates and undertying 8ssumplions are rewewed oll an ongoing basis. Revisions to 8c£ounting estimates are recogni5ed in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Donations and lega¢ies UnrestTiCted Restricted funds funds Total Unrestricted Restrtcted funds funds Total 2023 2023 2023 2022 2022 2022 Donations and gifts Grants receivable for core activities 1,532 51,903 53,435 542 9,363 9,905 2,0( 2.000 1,532 51,903 53,435 542 11,363 11,905 Charitsble actlvities 2023 2022 Gross Fees reIvable Less.. Bursaries, Scholarships and Discounts 7,497,452 1726,8571 6,632.551 1760,1591 Nel Fees receivable 6,770,595 5,872,392 Recreational facilities Summer camps and courses 46,611 20,264 50,401 20,702 6,837,470 5,943,495 17
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED {LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Other trading activities Rèstricted funds Totsl 2023 2022 Fundraising events 89,517 Investments Unrestricted Unrestricted fLknd$ funds 2023 2022 Income from listed investments Interest receivable 45.491 35,108 32,556 1,192 80.599 33,748 Other ineome Unrestricted Unrestricted funds fvTrds 2023 2022 Othér income 85,875 80,347 Raising funds Unrestricted Restricted fund$ funds Total UnrÈstricted funds 2023 2023 2023 2022 Fundr81sin(s and ubli¢i Staging fundraising events 42,764 42,764 Inve tment mana ement 10,001 10,001 9,863 10,001 42.764 52,765 9,863 18
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Charitabla activities Providing Providing adu¢ation aducation 2023 2022 Staff Costs Depreciation and itnpairment Education equipment and materials Sport and gatnes equipment Educational wsits and actiirities Provisions 3.069,303 2,861,406 68.489 58,837 205.564 142,105 17,478 9,530 50,427 30,556 248,425 190,560 3,659.686 3,292,994 Grant funding of activities (see note 101 34,606 5.888 Share of support costs Isee note 111 Share of governance costs {see note 111 2.868,850 2,250.636 20,640 19,150 6,583.782 5,568,668 Analysis by fund Unrestrioted funds Restricted funds 6.547,926 5,562,780 35,856 5,888 6,583.782 5,568,668 10 Grants payable ProvFding education 2023 Providing education 2022 Grants to inslilutions12 granlsl.. Other grants 685 Gr3nts to individuals12 grants) 33.921 5,888 34,606 5.888 The grants payable to indivKluals of £33.921 12022 - 25.8881 are reslricled grants to two Ukrainian refugees for their fees and expenses paid out of the Bursary Fund. 19-
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2023 11 Support costs Support Governance ¢05ts costs 2023 Support Costs Governance costs 2022 Staff c05ts- Support Staff costs- Welfare Staff costs- Holiday pay provision Depreaation Rates Insurance ght and heat Repairs and maintenance Printing, postage, stationery, advertising and website Telephone and f8X Motor expenses Leg81 and professional fees S¢hool inspection Household expenses Cleaning contracts Upkeep of grounds and pool Bad debts Sundry expenses Bank charges 1,154,519 368.673 1,154,519 366,673 972,862 360,454 972.662 360,454 25,000 100.630 56,153 41,092 318,183 25.000 100.630 56,153 41,092 318,183 25,000 83,022 98,774 46,169 152,909 25,000 83.022 98,774 46,169 152,909 438,872 438.872 165,023 165,023 70,189 13,392 41,674 70,189 13,392 41,674 78,032 8.021 45,167 78,032 8,021 45.167 42.255 3.583 51,OS5 7,073 42,255 3,583 51,065 7,073 19,384 3,645 47,015 7,572 19,384 3,645 47,015 7.572 92.873 467 36.449 8,908 92,673 467 36,449 8,908 74,494 26.692 29,620 6,981 74,494 26,692 29,620 6,981 Audit fe&s Accountancy 6,815 13,825 8,815 13,825 ,325 12,825 6,325 12,825 2,868,850 20,640 2.889.490 2,250,636 19,150 2.269,788 Analysed beeen Charitable activrties 2,868,850 20.840 2,889,490 2.250,636 .19,150 2,269,788 Governance costs indudes payments to the auditors of £6,815 12022- £6.3251 for audit fèes and £13,825 12022- £12.8251 for other seM¢es. 12 Trustees None of the Trustees lor any person5 connected with them) received any remuneration, benefits or remnd of expens&s from the Trust duTing the year. 20-
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUED> FOR THE YEAR ENDED 31 AUGUST 2023 13 Employeè$ Number of employees The average monthly number of employees during the year was.. 2023 Number 2022 Number Teaching Staff Admin and support staff Welfare staff 65 46 24 67 45 24 135 136 Employment costs 2023 2022 Wages and sa18ries Soaal security Costs Other pension costs Other staff costs Holiday pay provision 3.796, 129 345,656 389.633 59.077 25,000 3,476,376 309,189 350.116 58.841 25,000 4,615,495 4,219,522 The total number of full time equivalent st3ff was 10512022. 1031. This comprised teaching staff of 5512022 571. admin and 5UPPOrt staff of 3612022- 311 and welfare staff of 1412022- 151. The number of employèes whose annual rernuner8tion was £60.000 or morè were.. 2023 Number 2022 Number £60,000- £70,000 £70,000- £80,000 £80,000- £90,000 £110.000- £120.000 £120,000- £130.000 During the year. the charity paid £51,93512022 £48,021> pension contributions for 512022 - 51 members of staff eaming over £60,000. 21
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 14 Net gainslllossesl on invesknents Unrestricted Unrestricted funds fiJt)ds 2023 2022 Revaluation of investments Gainlllossl on salé of investment5 170,7231 {127,5061 {3.9891 12,769) 174.7121 1130,2751 15 Tax3tion Due to its charitable status no 5iabilty to taxation arises in the finanual year. -22-
o)N Ln p) ro w) Cw otr oj o cn r4 ooo
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 17 Fixed asset investments Listed investments Cash in porifolio Totsl Cost or valuation At 1 September 2022 Additions Valuation changes Increase in portfolio cash Disposals 1,414,012 208,833 170,7231 12,715 1.426,727 208,833 rio,7231 32.425 {209.7641 32,425 1209,764) Al 31 August 2023 1,342.358 45,140 1,387,498 Carrying amount At 31 Auoust 2023 1,342,358 45.140 1.387,498 At 31 August 2022 1,414.012 12,715 1.426,727 Fixed asset investments revaluèd The investments are included at middle price market value at 31 August 2023. The historical cost of these investments is £1,392,029. 18 Finanttial instNments 2023 2022 Carrying amount of financial assets Instruments measured at fair value throgh profit or loss 1,342,358 1,414,012 19 Debtor5 2023 2022 Amounts falling due within one year= Trade debtors Other debtors Prepayments and accnjed income 96,946 34,559 219,665 79,386 18,504 194,115 351,170 292,005 24-
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 20 Creditors.. amounts falling due within one year 2023 2022 Other taxation and soaal security Tr8de creditors Othèr creditors Accruals and deferred income 102,763 168,232 909,458 54,994 95,524 124.183 1,094,929 42,718 1,235,447 1,357,354 21 Provisions for liabilities 2023 2022 Holiday pay provision 50,000 25,000 Movements on provi5ions'. Holiday pay provlsiorE Al 1 September 2022 Additional provisions in the year 25.000 25,000 At 31 August 2023 50.000 There is a holiday pay provision of £50,00012022 - £25,000) which relates lo the re-ICulation of the holiday pay eletnent of several staff who are on annu81ised contracts who work term time only. The ch3nge in calculation is as a re5uII of a High Court ruling and further advice Is being sought on this before performing the calculations. The payments will have to be made in the 2023124 financi21 year and the £50,000 Is 8 best estimate of what will be due for the 2021122 and the 2022123 years. 22 Ret1ment beneflt schemes Deflned contrfbution schemes The Trust operates a defined contribution pension scheme for all qualifyirTrg employees. The assets of th6 scheme are held separately from those of the Trust in an independently administered fund. Thè charge lo profit or loss in respect of defined contribution schemes was £389,63312022- £350,116). At the balance sheet date there were accrued pension contributions of £57,35912022 £49.0811. 25-
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 23 Restiicted funds The incom& funds of the charity indude restricted funds cornprising the following unexpended balances of donations and grants helé on trust for spe¢ific purpose5: Movement in funds 1ncoming Resources Balante at resourc25 expended 1 September 2022 Movement in funds Incoming Resourc25 resources expended Ealance at SÈpternber 2021 Balance at 31 August 2023 Bursary Fund Donations for OLJtdoor table tennis lable Donations for flew mugs Donation for rnusi(21 instruments Fundraising for 2023124 overseas trips Charitias Fund 98,383 10.113 15,8881 102,588 21.299 133.9211 89,986 1,250 1,250 {1,2501 1,020 1,020 5.000 5,000 2,850 2,850 111.251 143,4491 67.802 98,363 11,363 15,8881 103,838 141,420 178,620) 166,838 24 Analysis of net assets bètsveen fvnds Unrestricted Restricted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Totsl 2023 2022 Fund balances at 31 August 2023 are represented by". Tangible assèts Investments Current assetsllliabililies) Provisions 10,512,638 1,387,498 1,468,700 150,0001 10.512,838 10,457,145 1,387,498 1,426,727 1,6.338 1,087.127 150,0001 125.0001 10,457,145 1,426,727 1,190,965 125,000) 166,638 103,838 13.318,836 166,638 13.485,474 12,945,999 103,838 13,049,837 -26-
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 25 Operating lease commitments At the reporting end dale the Trust had outst3ndino commitments for future minimum lease payment5 under nOn-CanlIablè operating leases. which fall due as follows". 2023 2022 Within one year Between two and fivè years 11.970 24.344 6.666 13.332 36,314 19,998 The operating lease payments recognised as an expense in the year were £10,20212022- £25,904). 26 Capital comn)itments 2023 2022 At 31 August 2023 the Trust had capital Commitments as follows.. Gontracted for bul not provided in the financial s13ternents'. Acquisition ol property, plant and equipment 94.895 48.318 27 Relatèd party trat)saetions Remuneration of key management personnel The remuneration of key rnanagemernt personnel is as follows. 2Q23 2022 Aggregate compen5alion 458,834 424,168 Trdnsactions wlth relatsd pae$ Mr J Bru¢e has children that attend the school with fee arrangements being in accordancè with the school's norn31 terms. -27-
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED {LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 28 Cash generatsd from operations 2023 2022 Surplus for the year 435.637 360,689 Adjustments for. Investment income recognised in statemant of financial actimties Loss on disposal of tangible fixed assets Loss on disposal of investments Fair value gains 8nd losses on investments Depreciation and impairrnent of tangible fixed assets (80,5991 1,254 3,989 70,723 167,865 (33,7481 2,769 127,506 141.859 Movements in working capital.. {Incrè8sè1 in debtors (Decreaseifincrease in creditors Increase in provisions 159.165) 1121,9071 25,000 117.2001 269,567 25,000 Cash generated from operations 442,797 876,442 29 Analysis of changes in net funds The Trust had no debt during the year. -28-
WESTBOURNE HOUSE SCHOOL EDUCATIONAL TRUST LIMITED (LIMITED BY GUARANTEE) MANAGEMENT INFORMATION FOR THE YEAR ENDED 31 AUGUST 2023