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2023-08-31-accounts

REGISTERED COMPANY NUMBER: 00871641 (England and Wales) REGISTERED CHARITY NUMBER: 307330

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

WALHAMPTON SCHOOL TRUST LTD (A COMPANY LIMITED BY GUARANTEE)

Hopper Williams & Bell Limited Statutory Auditor Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR

WALHAMPTON SCHOOL TRUST LTD

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Page
Report of the Trustees 1 to 8
Report of the Independent Auditors 9 to 12
Statement of Financial Activities 13
Balance Sheet 14 to 15
Cash Flow Statement 16
Notes to the Cash Flow Statement 17
Notes to the Financial Statements 18 to 33

WALHAMPTON SCHOOL TRUST LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities:Statement of Recommended Practice applicable to charities preparingtheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

INCORPORATION

WalhamptonSchool Trust Limited is a charitable company, which was incorporated on 16 February 1966 and registered as a charity on 28 June 1966.

In 1997 Walhampton School merged with Hordle House School to form Hordle Walhampton School. The school’s name was changed to Walhampton in 2013, but we continue to celebrate both our Hordle House and Walhampton heritage.

OBJECTIVES AND ACTIVITIES

Mission and Objectives

The objectives of the company are set out in its Memorandum and Articles of Association. The primary objective is to provide a school for boys and girls, with education based on the Christian Faith.

The School’s motto is "Gaudete Laboribus Omnes": Let us all rejoice in our work.

Our mission, as a co-educational day and boarding school, is to:

Principal activities

The Governors have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Walhampton’s principal activities continue to be the provision of day schooling for boys and girls from age 2 to 13, with boarding available to pupils from age 7 to 13.

Page 1

WALHAMPTON SCHOOL TRUST LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

OBJECTIVES AND ACTIVITIES Public benefit

The Governors, as the charity trustees, have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the Charity Commission’s published guidance concerning the provision of Public Benefit.

We consider that widening access to the opportunities that the School offers, via means-tested bursaries, is an important aspect of the Public Benefit that we provide. During the year 23 children were in receipt of assistance of up to 100% of fees (2022: 23-100%). During 2022-23, the school offered 4 transformationalbursaries to families who would otherwise be able to afford the fees.

The charity recognises the extensive facilities that are enjoyed by our children and we encourage local schools, clubs and societies also to use and benefit from the school's facilities. During the year we ran the Perry Daziel Cross country and hosted the Junior Wessex athleticsmeet. Both were well attended by local schools havingnot taken place for a few years due to COVID-19 restrictions. In addition, a number of local childrens'and adults' sports clubs were able to train at our grounds throughout the year at a heavily subsidised rate. This includes:

Wider benefits to the state and community

Volunteers Policy

The School is very grateful to all our Governors who provide their service free of charge. As a charity we recognise the value in accepting volunteer help, but as a School we are mindful of our safeguarding duty to the children in our care. Therefore the School currently enjoys the help only of parents and guardians as volunteers on an ad-hoc basis, and any volunteers working with our children are subject to the Schools safer recruitment policy and checks.

Charitable fundraising

The School supported two main charities this year, with each of the four school Houses involved with various fundraising events through the year. During the year, our partnershipwith Khe Nang in Northern Cambodia ended, and we now support Hampshire and Isle of Wight Air Ambulance and Naomi and Jacks hospice.

During the year, fundraisingactivities held included the Fireworks night, the Summer ball, a quiz night and some Christmas events. The school also ran our first Arts festival since pre covid.

Maintenance of an Historic House and Grounds

We are justly proud of our Grade II listed buildings and beautiful grounds and we take seriously our responsibility to maintain and make them available for the enjoyment of the wider community. This involves an appropriate level of additional expenditure each year which is closely monitored.

ACHIEVEMENT AND PERFORMANCE

Operational performance of the school

The average number of pupils during the year was 364 (2022 - 367) reflecting the strengtheningof the school. The numbers of enquiries and registrations continue to be strong as Walhampton's reputation spreads.

Page 2

WALHAMPTON SCHOOL TRUST LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

ACHIEVEMENT AND PERFORMANCE

Academic achievement

This year a further 21 senior school scholarships were awarded, including those in academic, sport, drama, art and music (2022 - 18) to schools such as Canford, Bryanston, Radley, Sherborne Boys and Girls, King Edward VI Southampton, Durlston, Embley and Ballard. These awards were complemented by a 100% success rate at Common Entrance. Standardised assessments show that our pupils are consistently "significantlyabove" the national average in English, Maths and Science

Our PSB (Prep School Baccalaureate) framework was successfully launched in September 2022.

Staff have also benefited from the network of PSB Subject Meetings where best practice is shared and relationships established with other PSB schools, following the PSB ethos of working collaboratively.

In the past year, Pre-Prep has been highly engaged in the implementation and continuous improvement of several key initiativesto enhance the educational experience for the children. Initiatives include the Phonics Tracker, Supersonic Phonic Friends program, Creative Curriculum,EarlyYears Foundation Stage (EYFS) Curriculumand WalhamptonAspirations. Our Forest School approach has been streamlined and made cohesive across the department, ensuring children have valuable opportunities for outdoor learning within our unique setting.

Music and Drama achievements

Music continues to be an integral part of the School with events, concerts and shows throughout the academic year. We currently offer around 220 individual vocal and instrumental lessons each week, delivered by 11 full time and peripatetic music teachers, and pupils are entered for ABRSM, Trinity and Rockschool exams. The Choir was awarded First Place in the New Milton Music Festival at The Arnewood School in March 2023, and the academic year culminated in an award-winning performance at the prestigious Llangollen International Musical Eisteddfod 2023.

Walhampton gained four Drama scholarships to secondary schools last year.

Sport

Sport remains an integral part of the curriculum at Walhampton. We continue to offer a wide range of activities which allow children to enjoy their sporting journey across a whole host of areas. Weekly matches and Games lessons take place in the traditional team sports: rugby, hockey, football, netball and cricket for boys and girls. The programme is enriched with further opportunities beyond the curriculum in riding, golf, sailing, kayaking, tennis, athletics, swimming and fishing.

Walhampton pupils have achieved regional representative honours in sailing, cricket, athletics, gymnastics, football, hockey and golf; as well as a national representative in Sailing.

Walhampton gained 8 Sports scholarships to secondary schools last year.

Target Zero

Walhampton is very proud to have maintained our Green Flag Status, awarded by the Eco-Schools Foundation. This is the highest award given in recognition of our commitment to sustainability and eco awareness.

Our Target Zero campaign,led by a renewables and environmentalmanagementprofessional, was launchedwith a staff audit in Sept 2021. Governors and staff are on board and we're using 'Nemowashi' to optimise the operations of every group within the school, from catering and cleaningto Early Years and Academics. Student teams from SouthamptonUniversity helped us to establish our carbon footprint.

Pupils remain the strongest activists in the school. We have regular Eco rep meetings, and support pupils with assemblies and activism, including lunchtime 'Clean Plate' surveys. This year saw the continuation of the pupil drive including a 'Trashion' and 'Forever Fashion' Show, alongside being announced as a finalist in the Tatler 'eco warrior' schools in September 2023.

Page 3

WALHAMPTON SCHOOL TRUST LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

FINANCIAL REVIEW

Key performance indicators

The Governors are responsible for the setting and review of key performance indicators on the School's operations. This review is delegated to each sub-committee and then reported to the Board on a termly basis. The Education Committee reviews the curriculum and key performance in academic standards, assessment and testing results. The General Purposes Committee is responsible for reviewing staff, health and safety incidents as well as site maintenance/development. The FinanceCommittee reviews financial performance indicators includingfee income, staff costs and parent debtors, in addition to termly management accounts. The Board annually reviews each sub-committee's Terms of Reference to ensure that relevant performance indicators are kept relevant to any changes within our Strategic Risk Register. In addition, the Wellbeing Committee meets on a regular basis to discuss pupil wellbeing and safeguarding.

The School drew down a £350,000 Coronavirus Business Interruption Loan Scheme in September 2020 as a precaution to ensure availability of liquidity in the event of any further potential downside scenario as a result of the pandemic. The proceeds of the loan have been kept on deposit and have not been used. The Loan continues to be paid back monthly.

The net movement in funds for the year amounted to a surplus of £60,093 (2022 - £30,710). The School continues to examine its cost base in order to optimise the effectiveness of its operating model. The Governors' objective is that the School will have a strengthened financial model, aligned with the School’s Mission and Objectives, in order to deliver sustainable surpluses over time.

Fees for the school year 2022/23 increased by 5.0% on average (2022: 2.0%). Fee income accounted for 91.1% of total income (2022 - 85.3%) which was £6,014,551 (2022 - £6,047,007).

During the year £218,801 (2022- £135,745) was spent on our investment in our buildings, grounds and equipment. This included the replacement of the older section of our Pre Prep Roof.

As Walhampton is a registered charity, parents have the assurance that all of the School’s income is used for educational purposes. The Governors view our bursary awards as important in helping to ensure that children from families who would otherwise not be able to afford the fees can gain access to the education we offer. Nevertheless, in fundingour awards we are careful to ensure a balance between full fee-paying parents, many of whom make considerable personal sacrifices to pay for their child’s education, and those benefiting from the awards. During the spring term 2022, the school relaunched the Covid-19 Hardship Bursary Scheme to help a number of parents who were affected by the pandemic.

The closing level of restricted funds was £248 (2022 - £248) and unrestricted funds was £6,361,977 (2022: £6,308,113) including the designated fund, the net assets of the school being £6,361,977 (2022 - £6,277,651) at the year end.

Investment policy

The strategy for investments is that any surplus funds are held in high interest bearing UK accounts in order to earn an optimum rate of return whilst maintaininga low exposure to risk. Income from investmentsfor the year was £5,170 (2022 - £79).

Page 4

WALHAMPTON SCHOOL TRUST LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

FINANCIAL REVIEW Reserves policy

The current level of the School's reserves is detailed in note 19 to the accounts.

Free reserves are defined by the CharityCommission as total funds less endowment, restricted and designated funds, pension reserves and unrestricted funds which could only be realised by disposing of tangible fixed assets. As at 31 August 2023 the School's unrestricted funds (excluding designated funds) stood at £6,361,977 (2022 - £6,218,826), of which £6,736,323 (2022 - £6,760,831) was represented by tangible fixed assets, leaving a deficit of free reserves of £542,005 (2022 - deficit £542,005).

In assessing the viability of the School’s financial plan and strategies, the Governors consider a range of relevant indicators, includingactual and forecast financial surplus and cash flow. The Governors believe that the School is able to operate with a deficit on free reserves, as detailed by the CharityCommission, provided the overall reserve position (i.e. including tangible fixed assets) remains positive and provided that forecast cash flows are sufficient to meet all anticipated requirements.

The Governors believe it desirable over the longer term that the School should move towards a positive free reserves balance through the retention of operating surpluses, where to do so is consistent with the needs of the School and with the Strategic Development Plan.

This policy will be monitored by the Finance Committee and reviewed annually.

FUTURE DEVELOPMENTS

Although site development remains a key priority for Walhampton, there are no significant investments planned for the forthcoming year. There is a rolling maintenance program in place to ensure that our buildings and facilities are appropriately maintained and this continues to be a key priority.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing body

The charityis controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The Governors, who are also required under the Articles to serve as members of the Company, are elected by the Board at a full Governors' Meeting having been nominated on the basis of their particular skills, experience, competence and availability.

Prospective Governors are required to complete a self-declaration confirming that they are not disqualified from being a charity trustee. Once elected Governors are required to complete an annual declaration of interests form in accordance with the School's Conflict of Interest Policy.

Qualifying Third Party Indemnity Provisions

The Company has maintainedthroughout the financial year Directors’ liability insurancein respect of itself and its Directors. The cost in the year was £630 (2022 - £305).

Page 5

WALHAMPTON SCHOOL TRUST LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational Management

The school is controlled by the Board of Governors, which meets as a full Board three times a year to determine the general policy of the charitable company and to review its overall management and control. The following committees have been established under terms of reference approved by the Board: Education, General Purposes, Finance and Remuneration. The Education, General Purposes and Finance Committees meet termly and the minutes of these meetings are made available to all Board members. The Remuneration Committee normally meets during the summer term and its recommendations are presented orally to the Board. The Wellbeing Committee meet on a regular basis and report termly to the full Board.

The implementationof the Board's policies and day-to-day runningof the School is delegated to the Head and the Bursar, as key management personnel, who are supported by other senior members of staff. The remuneration of the Head and the Bursar is set by the Board following recommendationsmade by the RemunerationCommittee in accordance with its terms of reference.

Group Structure and Relationships

Walhampton is a member of the Independent Association of Preparatory Schools (IAPS), the Independent Schools Bursars’ Association (ISBA) and the Boarding Schools Association (BSA).

The School co-operates with a number of local charities, schools and other organisations, as described in the Public Benefit section above. The aim of such cooperation is to widen access to the schooling that we provide, to optimise the educational use of our cultural and sporting facilities, and to awaken in our pupils an awareness of the wider social context of the education they receive at Walhampton.

We benefit from an active Walhampton Parents' Association, which arranges social events to help strengthen the School communityand to raise funds to enhance our facilities. The School also benefits from a rapidly growing network of alumni from both Hordle House and Walhampton, whose support we greatly appreciate.

Trustee Training

New Governors are provided with an information pack on their appointment, giving details of the workings of the School, Board policy and procedures, and their obligations as a charity trustee. They are also invited to visit the school to meet with the Head, Bursar and other staff as appropriate, and to tour the School.

Governors are encouraged to visit the School regularly during their tenure, to observe lessons and to meet with staff and pupils. They also undergo formal trainingin a variety of ways includingbriefings during routine meetings and dissemination of written guidance documents.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

00871641 (England and Wales)

Registered Charity number

307330

Registered office

Main Road Lymington Hampshire SO41 5ZG

Page 6

WALHAMPTON SCHOOL TRUST LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

Trustees

Mr J E A Barnes (resigned 8.7.23) Mrs H K Leavesley Mr C E Nicholson Mr L I Pearce Mr D I Rawlinson (resigned 8.7.23) Dr M Sopher Mrs C Trotter (resigned 28.7.23) Mr M Winter (resigned 25.4.23) Dr P Champkin Mr T Honeyman Brown Mr W Linley-Adams Mrs E Macaskill Mrs V Speers Mrs S M Frankish Mr A S Patil (appointed 1.9.22) Mr R G Jones (appointed 1.9.23) Mrs R Hamlyn (appointed 1.9.23)

Mrs V Speers was appointed Chair of the Board of Governors on 8th July 2023 following the resignation of Mr D I Rawlinson.

The members of the Education Committee are Mr L Pearce (Chair), Mr W Linley-Adams (Vice Chair) and Mrs S Frankish.

The members of the Finance Committee are Mr T Honeyman Brown (Chair), Mrs E Macaskill and Mr A Patil

The members of the General Purposes Committee are Mr C Nicholson (Chair), Dr P Champkin,Mrs H K Leavesley, and Dr M Sopher.

KEY MANAGEMENT PERSONNEL

Head Mr J Timms Bursar and Company Secretary Mrs N J Slowey, BSc (Hons), ACMA, MBA

Company Secretary

Mrs N J Slowey

Auditors

Hopper Williams & Bell Limited Statutory Auditor Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR

Professional Advisers

Bankers: Lloyds Bank PLC, 39 High Street, Lymington, SO41 9ZF

Solicitors: Moore Barlow LLP, The Oriel, Sydenham Road, Guildford, GU1 3SR

Insurance Brokers: Hettle Andrews & Associates Limited, 2 Brunswick Square, Birmingham B1 2LP

Page 7

WALHAMPTON SCHOOL TRUST LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Walhampton School Trust Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees 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 of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, Hopper Williams & Bell Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 2 December 2023 and signed on its behalf by:

Mrs V Speers - Trustee

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WALHAMPTON SCHOOL TRUST LTD

Opinion

We have audited the financial statements of Walhampton School Trust Ltd (the 'charitable company') for the year ended 31 August 2023 which comprise the Statement of FinancialActivities, the Balance Sheet, the Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with InternationalStandards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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.

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 uncertaintiesrelatingto events or conditions that, individuallyor collectively, may cast significantdoubt on the charitable company'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.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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 materiallyinconsistent 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WALHAMPTON SCHOOL TRUST LTD

Matters on which we are required to report by exception

In the light of the knowledge and understandingof the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothingto report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, 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 preparingthe financial statements,the trustees are responsible for assessing the 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WALHAMPTON SCHOOL TRUST LTD

Our 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 a Report of the Independent Auditors 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,includingfraud, are instances of non-compliancewith laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities,including fraud. Due to the inherentlimitationsof an audit, there is a risk that we will not detect all irregularitieseven though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 Report of the Independent Auditors.

Page 11

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WALHAMPTON SCHOOL TRUST LTD

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 auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the 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.

Michaela Johns FCCA (Senior Statutory Auditor) for and on behalf of Hopper Williams & Bell Limited Statutory Auditor Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR

Date: ............................................. 2 December 2023

Page 12

WALHAMPTON SCHOOL TRUST LTD

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Charitable activities
5
School fees
Other tuition services
Other income
Other trading activities
4
Total
EXPENDITURE ON
Raising funds
6
Charitable activities
7
General
School operating costs
Other
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
918
5,426,708
504,014
27,212
98,161
6,057,013
99,695
34,132
5,839,777
23,316
5,996,920
60,093
6,308,113
6,368,206		 Restricted
funds
£
200
-
-
-
-
200
-
-
200
-
200
-
248
248		 2023
Total
funds
£
1,118
5,426,708
504,014
27,212
98,161
6,057,213
99,695
34,132
5,839,977
23,316
5,997,120
60,093
6,308,361
6,368,454		 2022
Total
funds
£
18,141
5,161,119
555,280
21,175
75,902
5,831,617
129,250
-
5,655,056
16,601
5,800,907
30,710
6,277,651
6,308,361

The notes form part of these financial statements

Page 13

WALHAMPTON SCHOOL TRUST LTD

BALANCE SHEET 31 AUGUST 2023

Notes
FIXED ASSETS
Tangible assets
13
CURRENT ASSETS
Debtors
14
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
16
NET ASSETS
FUNDS
19
Unrestricted funds:
General fund
Revaluation Reserve
Designated Fund
WPA
Restricted funds:
Sports relief
TOTAL FUNDS		 Unrestricted
funds
£
6,736,434
1,821,534
852,790
2,674,324
(2,640,299)
34,025
6,770,459
(402,253)
6,368,206		 Restricted
funds
£
-
-
248
248
-
248
248
-
248		 2023
Total
funds
£
6,736,434
1,821,534
853,038
2,674,572
(2,640,299)
34,273
6,770,707
(402,253)
6,368,454
3,067,106
3,203,283
55,585
42,232
6,368,206
248
6,368,454		 2022
Total
funds
£
6,760,831
1,689,659
788,447
2,478,106
(2,440,572)
37,534
6,798,365
(490,004)
6,308,361
3,015,543
3,203,283
55,585
33,702
6,308,113
248
6,308,361

The notes form part of these financial statements

continued...

Page 14

WALHAMPTON SCHOOL TRUST LTD

BALANCE SHEET - continued 31 AUGUST 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 2 December 2023 and were signed on its behalf by:

Mrs V Speers - Trustee

Mr T Honeyman Brown - Trustee

The notes form part of these financial statements

Page 15

WALHAMPTON SCHOOL TRUST LTD

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023

Notes
Cash flows from operating activities
Cash generated from operations
1
Finance costs paid
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Loan repayments in year
Net cash used in financing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period		 2023
£
425,866
(23,316)
402,550
(267,384)
(575)
(267,959)
(70,000)
(70,000)
64,591
788,447
853,038		 2022
£
(181,553)
(16,601)
(198,154)
(135,745)
23,620
(112,125)
(64,167)
(64,167)
(374,446)
1,162,893
788,447

The notes form part of these financial statements

Page 16

WALHAMPTON SCHOOL TRUST LTD

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2023 2022
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 60,093 30,710
Adjustments for:
Depreciation charges 287,978 315,876
Loss/(profit) on disposal of fixed assets 4,378 (19,402)
Finance costs 23,316 16,601
Increase in debtors (131,875) (428,462)
Increase/(decrease) in creditors 181,976 (96,876)
Net cash provided by/(used in) operations 425,866 (181,553)
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1.9.22 Cash flow At 31.8.23
£ £ £
Net cash
Cash at bank and in hand 788,447 64,591 853,038
788,447 64,591 853,038
Debt
Debts falling due within 1 year (70,000) - (70,000)
Debts falling due after 1 year (215,833) 70,000 (145,833)
(285,833) 70,000 (215,833)
Total 502,614 134,591 637,205

The notes form part of these financial statements

Page 17

WALHAMPTON SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. ACCOUNTING POLICIES

Charity information

Walhampton School Trust Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Main Road, Lymington, Hampshire, SO41 5ZG.

Basis of preparing the financial statements

These accounts have been prepared in accordance with FRS102 "The Financial Reporting standard applicable in the UK and Republic of Ireland" ("FRS102"), "Accounting and Reporting by Charities" the Statement of Recommended Practice for charities applying FRS102, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015. The charity is a Public Benefit Entity as defined by FRS102.

The financial statements are prepared in sterling, which is the functional and presentational currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future.

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met or are fully within the control of the charity, there is sufficient certainty that receipt of the income is considered possible, and the amount can be measured reliably.

Donated services and facilities

Under the CharitiesSORP (FRS 102), donated services and facilities are calculated as value to the charity, instead of cost to the donor. Donations received for the general purposes of the company are credited to unrestricted funds. Donations subject to specific wishes of the donors are credited to restricted funds or to endowed funds where the amount is required to be held as permanent capital.

Income from charitable activities

Tuition fees are included within the Financial Statements on a receivable basis. Amounts invoiced in advance are deferred and carried forward within creditors, whilst amounts due but not yet received in the year are shown within debtors. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the company.

Fees received in advance of education to be provided in future years under an Advance Fee Payments Scheme contract are held until either taken to income in the term when used or else refunded.

Trading income, which includes letting, is accounted for on a receivable basis.

Interest income is accrued on a time-apportioned basis, by reference to the principal outstanding at the effective interest rate.

All income was generated in the UK.

Business Interruption Payment (BIP) under the Coronavirus Business Interruption Loan: The BIP is payable in respect of the loan interest for the first 12 months, together with any related fees. The accrual model has been used to recognise the income on a systematic basis over the periods in which the related finance costs are incurred.

continued...

Page 18

WALHAMPTON SCHOOL TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

1. ACCOUNTING POLICIES - continued

Expenditure

All expenditure is accounted for on an accruals basis. Expenditure is allocated to expense headings either on a direct cost basis, or apportioned to time spent, where it is not possible to directly attribute the expense.

Allocation of support costs

Support costs comprise of the costs of runningthe School, including strategic planning for its future development, also external audit fees, any legal advice for the board of governors and all costs of complying with constitutional and statutory requirements,such as the cost of governors meetings and of preparingstatutory accounts and satisfying public accountability.

Charitable funds

General funds

General funds are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the company and which have not been designated for any other purpose.

Designated funds

Included within designated funds is the JB & PL Bursary fund. Investments previously held by a separate connected charity, JB & PL Bursary Trust, were transferredto the school with the consent of the CharityCommission.The fund is to provide for future bursaries.

Restricted funds

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise where specified by the donor or when funds are raised for particular restricted purposes.

Fund transfers

Resources are transferred from Unrestricted Funds to Restricted Funds where expenditure meeting the criteria laid down by a donor of restricted income exceeds this income.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Tangible fixed assets

Tangible fixed assets are measured at cost (or deemed cost for land and buildings at the date of transition to FRS 102) less accumulated depreciation and any impairment losses.

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the depreciable amount of each asset to its estimated residual value on a straight line basis over its expected useful life, as follows:

as follows:
Freehold land and buildings - 1% to 10% on cost according to category
Fixtures and fittings - 5% and 25% on cost
Motor & maintenance equipment - 12.5% and 20% on cost

Freehold land is not depreciated.

The gain or loss arisingon the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

continued...

Page 19

WALHAMPTON SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

1. ACCOUNTING POLICIES - continued

Tangible fixed assets

Capital assets donated are capitalised in fixed assets and are included in income. Assets within a project are looked at in total and if the total is less than £1,000 they are not capitalised.

Impairment of fixed assets

At each reporting end date, the charityreviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carryingamount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ expenditure for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairmentlosses are reversed if, and only if, the reasons for the impairmentloss have ceased to apply. Where an impairmentloss subsequently reverses, the carryingamount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairmentloss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents

Cash and cash equivalents include cash in hand.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

continued...

Page 20

WALHAMPTON SCHOOL TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

The Charity has a defined contribution scheme. The pension costs charged represents the contributions payable by the School during the year in accordance with FRS102 in that contributions are charged to the SOFA account in the period in which they are due.

Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’of FRS 102 to all of its financial instruments.

Financial instrumentsare recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initiallymeasured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financialassets classified as receivable within one year are not amortised.

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Impairment of financial assets

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairmentat each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

If an asset is impaired,the impairmentloss is the difference between the carryingamount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairmentloss is recognised in net income/(expenditure) for the year.

If there is a decrease in the impairmentloss arising from an event occurring after the impairmentwas recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairmentnot previously been recognised. The impairmentreversal is recognised in net income/(expenditure) for the year.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

continued...

Page 21

WALHAMPTON SCHOOL TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

1. ACCOUNTING POLICIES - continued

Financial instruments

Basic financial liabilities, including creditors and bank overdrafts are initiallyrecognised at transaction price unless the arrangementconstitutes a financingtransaction,where the debt instrumentis measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Liabilities are recognised within the financial statements in respect of all expenditure for which the entity has a measurable obligation, be it constructive or legal, at the balance sheet date. Any expenditure which is committed to, but not measurable at this time, is disclosed within the notes to the financial statements as a contingent liability.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Charity's accounting policies, the Governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 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.

The following judgements have had the most significant effect on amounts recognised in the financial statements.

Classification of leases

In categorising leases as finance leases or operating leases, managementmakes judgements as to whether significant risks and rewards of ownership have transferred to Walhampton School Trust Limited.

Bad debts

Trade debtors are reviewed on an annual basis to determine whether a bad debt provision should be made against any items. Only where the trustees consider recovery of a debt to be unlikely is a provision made.

Deemed cost of fixed assets

Upon transition of FRS 102 in the previous period, specific fixed assets were revalued to deemed costs based on assumptions made by a Property Consultant. The trustees are satisfied that the assumptions made were appropriate.

continued...

Page 22

WALHAMPTON SCHOOL TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

3. DONATIONS AND LEGACIES

Unrestricted
Restricted
funds
funds
£
£
Donations
918
200
4.
OTHER TRADING ACTIVITIES
Unrestricted
Restricted
funds
funds
£
£
Other lettings income
39,285
-
Lettings income - external
16,213
-
Fundraising WPA
42,663
-
98,161
-
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Gross fees less: bursary,
scholarship and other
allowances
School fees
Other tuition services
Other tuition services
Registration fees & retained
deposits
Other income
Grant income
Other income
Grants received, included in the above, are as follows:
HMRC CJRS		 2023
Total
funds
£
1,118
2023
Total
funds
£
39,285
16,213
42,663
98,161
2023
£
5,426,708
504,014
27,212
-
5,957,934
2023
£
-		 2022
Total
funds
£
18,141
2022
Total
funds
£
30,318
27,354
18,230
75,902
2022
£
5,161,119
555,280
19,315
1,860		 2022
Total
funds
£
18,141
2022
Total
funds
£
30,318
27,354
18,230
75,902
5,737,574
2022
£
1,860

continued...

Page 23

WALHAMPTON SCHOOL TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

6. RAISING FUNDS

Raising donations and legacies

Raising donations and legacies
Unrestricted
funds
£
Marketing
99,695
7.
CHARITABLE ACTIVITIES COSTS
General
School operating costs
8.
SUPPORT COSTS
Other
£
School operating costs
336,218		 Restricted
funds
£
-
Direct
Costs
£
34,132
4,774,427
4,808,559
Staff
costs
£
671,628		 2023
Total
funds
£
99,695
Support
costs (see
note 8)
£
-
1,065,550
1,065,550
Governance
costs
£
57,704		 2022
Total
funds
£
129,250
Totals
£
34,132
5,839,977		 2022
Total
funds
£
129,250
5,874,109
Totals
£
1,065,550

The charity identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Having identified its governance costs, the remainingsupport costs are apportioned between staff costs and general support.

Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

continued...

Page 24

WALHAMPTON SCHOOL TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2023 2022
£ £
Auditors' remuneration 12,395 12,000
Depreciation - owned assets 287,927 315,876
(Deficit)/surplus on disposal of fixed assets 4,378 (19,402)

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2023 nor for the year ended 31 August 2022.

Trustees' expenses

Expenses of £nil were reimbursed during the year for no Governors (2022 - £nil).

Other

During the prior year, one member of the Governing body undertook some consultancy support in Marketing following one member of the marketingteam being diagnosed with cancer and sadly passing away. Permission was sought from the Charities Commission for the supply of this service to satisfy a clause in the School's Articles of Association. The total value of work undertaken throughout the year was £nil (2022: £11,300). The consultancy support ceased in December 2021 when a new team was recruited.

11. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2023
£
3,515,667
368,420
395,383
4,279,470		 2022
£
3,330,504
316,206
371,112
4,017,822

The average monthly number of employees during the year was as follows:

Teaching
Administrative & domestic		 2023
84
46
130		 2022
87
39
126

Page 25

continued...

WALHAMPTON SCHOOL TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

11. STAFF COSTS - continued

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

£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£100,001 - £110,000
£110,001 - £120,000		 2023
1
1
1
1
1
5		 2022
2
2
1
-
-
5

Contributions were made into the Pension Schemes for the higher paid employees of £61,990 (2022: £59,084)

The total remuneration of key management personnel, who are noted on page 7 is £243,355 (2022: £203,783).

The average number of employees on a full time equivalent basis is 108 (2022: 99).

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
School fees
Other tuition services
Other income
Other trading activities
Total
EXPENDITURE ON
Raising funds
Charitable activities
School operating costs
Other
Total
NET INCOME/(EXPENDITURE)
Transfers between funds		 Unrestricted
funds
£
16,472
5,161,119
555,280
21,175
75,902
5,829,948
129,250
5,647,987
16,601
5,793,838
36,110
19,565		 Restricted
funds
£
1,669
-
-
-
-
1,669
-
7,069
-
7,069
(5,400)
(19,565)		 Total
funds
£
18,141
5,161,119
555,280
21,175
75,902
5,831,617
129,250
5,655,056
16,601
5,800,907
30,710
-

Page 26

continued...

WALHAMPTON SCHOOL TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES -
Unrestricted
funds
£
Net movement in funds
55,675
RECONCILIATION OF FUNDS
Total funds brought forward
6,252,438
TOTAL FUNDS CARRIED FORWARD
6,308,113
13.
TANGIBLE FIXED ASSETS
Fixtures
Freehold
and
property
fittings
£
£
COST
At 1 September 2022
9,327,734
1,166,338
Additions
218,802
44,513
Disposals
(34,568)
(128,875)
Reclassification
-
(236,005)
At 31 August 2023
9,511,968
845,971
DEPRECIATION
At 1 September 2022
2,830,400
904,292
Charge for year
221,071
58,257
Eliminated on disposal
(30,411)
(127,756)
Reclassification/transfer
-
(206,637)
At 31 August 2023
3,021,060
628,156
NET BOOK VALUE
At 31 August 2023
6,490,908
217,815
At 31 August 2022
6,497,334
262,046		 continued
Restricted
funds
£
(24,965)
25,213
248
Motor and
maintenance
equipment
£
214,482
4,069
553
236,005
455,109
213,031
8,599
(869)
206,637
427,398
27,711
1,451		 Total
funds
£
30,710
6,277,651
6,308,361
Totals
£
10,708,554
267,384
(162,890)
-
10,813,048
3,947,723
287,927
(159,036)
-
4,076,614
6,736,434
6,760,831		 Total
funds
£
30,710
6,277,651
6,308,361

The net book value at 31 August 2023 represents fixed assets, which are all used for direct charitable purposes.

Land and buildings with a carrying amount of £584,019 as at 1 September 2014 were revalued at 31 August 2015 to £3,787,302 by Aitchison Raffety Property Consultants, independent valuers not connected with the charity on the basis of fair value, taken as deemed cost as part of the charity’s transition to FRS 102.

The Governors decided to bring specific land and buildings to deemed cost representing their fair value as at 31 August 2015. There was no material difference to the value at transition at 1 September 2014. The valuation conforms to InternationalValuation Standards and was based on recent market transactionson arm's length terms for similar properties.

continued...

Page 27

WALHAMPTON SCHOOL TRUST LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

13. TANGIBLE FIXED ASSETS - continued

At 31 August 2023, had the revalued assets been carried at historic cost, plus fixed asset additions, less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £515,207 (2022 - £378,535).

The Governors are of the opinion that the open market value of the freehold land and buildings exceed its book value, and the Governors believe there is no need for an impairment of the freehold land and buildings.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Other debtors
Prepayments and accrued income		 2023
£
1,778,231
4,203
39,100
1,821,534		 2022
£
1,666,443
7,601
15,615
1,689,659

During the year, the School's bad debt provision is £61,340 (2022 - £61,340)

During the year, the School released provisions for bad debt of £nil (2022 - £3,660) to the Statement of Financial Activities. The total value of debtors written off in the year is £nil (2022 - £Nil).

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans and overdrafts (see note 17)
Trade creditors
Social security and other taxes
Other creditors		 2023
£
70,000
205,097
95,099
2,270,103
2,640,299		 2022
£
70,000
111,024
81,745
2,177,803
2,440,572

continued...

Page 28

WALHAMPTON SCHOOL TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

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

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans (see note 17)
Other creditors		 2023
£
145,833
256,420
402,253		 2022
£
215,833
274,171
490,004

The advanced payments of fees received have been set againstfuture tuition fees. The advanced fees form part of the general funds of the charity.

The School operates an advanced payment of fees scheme whereby parents can enter into a contract to pay the School a lump sum to be used towards future years' tuition. Assuming pupils remain at the School, the advance fees will be applied as follows:

2023 2022
£
172,659
101,701
74,750
97,720
446,830
2022
£
70,000
70,000
145,833		 2022
£
172,659
101,701
74,750
97,720
446,830
2022
£
70,000
70,000
145,833
£
Within one year 141,137
Within one to two years 116,318
Within two to five years 140,106
After five years -
Total 367.561
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
Amounts falling between one and two years:
Bank loans - 1-2 years
Amounts falling due between two and five years:
Bank loans - 2-5 years		 2023
£
70,000
70,000
75,833
70,000
145,833

17. LOANS

An unlimited debenture with a fixed and floating charge over the commercial freehold property known as Walhampton School exist in favour of Lloyds Bank Plc.

continued...

Page 29

WALHAMPTON SCHOOL TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

18. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years		 2023
£
20,820
44,331
65,151		 2022
£
13,515
29,325
42,840

19. MOVEMENT IN FUNDS

MOVEMENT IN FUNDS
Unrestricted funds
General fund
Revaluation Reserve
Designated Fund
WPA
Restricted funds
Sports relief
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
WPA
Restricted funds
Other
TOTAL FUNDS		 At 1.9.22
£
3,015,544
3,203,283
55,585
33,701
6,308,113
248
6,308,361
Incoming
resources
£
6,014,350
42,663
6,057,013
200
6,057,213		 Net
movement
in funds
£
51,562
-
-
8,531
60,093
-
60,093
Resources
expended
£
(5,962,788)
(34,132)
(5,996,920)
(200)
(5,997,120)		 At
31.8.23
£
3,067,106
3,203,283
55,585
42,232
6,368,206
248
6,368,454
Movement
in funds
£
51,562
8,531
60,093
-
60,093

continued...

Page 30

WALHAMPTON SCHOOL TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

19. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement
At 1.9.21
in funds
£
£
Unrestricted funds
General fund
2,993,570
2,408
Revaluation Reserve
3,203,283
-
Designated Fund
55,585
-
WPA
-
33,702
6,252,438
36,110
Restricted funds
Houses
4,622
(4,622)
Sports relief
248
-
Anonymous donor
13,167
-
Other
7,176
(778)
25,213
(5,400)
TOTAL FUNDS
6,277,651
30,710
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
5,796,246
WPA
33,702
5,829,948
Restricted funds
Houses
-
Other
1,669
1,669
TOTAL FUNDS
5,831,617		 Transfers
between
funds
£
19,565
-
-
-
19,565
-
-
(13,167)
(6,398)
(19,565)
-
Resources
expended
£
(5,793,838)
-
(5,793,838)
(4,622)
(2,447)
(7,069)
(5,800,907)		 At
31.8.22
£
3,015,543
3,203,283
55,585
33,702
6,308,113
-
248
-
-
248
6,308,361
Movement
in funds
£
2,408
33,702
36,110
(4,622)
(778)
(5,400)
30,710

continued...

Page 31

WALHAMPTON SCHOOL TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

19. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Revaluation Reserve
Designated Fund
WPA
Restricted funds
Houses
Sports relief
Anonymous donor
Other
TOTAL FUNDS		 At 1.9.21
£
2,993,570
3,203,283
55,585
-
6,252,438
4,622
248
13,167
7,176
25,213
6,277,651		 Net
movement
in funds
£
53,970
-
-
42,233
96,203
(4,622)
-
-
(778)
(5,400)
90,803		 Transfers
between
funds
£
19,565
-
-
-
19,565
-
-
(13,167)
(6,398)
(19,565)
-		 At
31.8.23
£
3,067,105
3,203,283
55,585
42,233
6,368,206
-
248
-
-
248
6,368,454

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
WPA
Restricted funds
Houses
Other
TOTAL FUNDS		 Incoming
Resources
resources
expended
£
£
11,810,596
(11,756,626)
76,365
(34,132)
11,886,961
(11,790,758)
-
(4,622)
1,869
(2,647)
1,869
(7,269)
11,888,830
(11,798,027)		 Movement
in funds
£
53,970
42,233
96,203
(4,622)
(778)
(5,400)
90,803

Restricted funds

The school received £nil (2022: £1,669) from various donors for specific causes which were all expensed in the year.

Unrestricted funds

continued...

Page 32

WALHAMPTON SCHOOL TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023

19. MOVEMENT IN FUNDS - continued

The designated fund includes income set aside to provide for future Bursaries. This fund was not utilised in the year. A separate designated fund has been included for monies raised by the Walhampton Parents Association (WPA). Money raised by WPA is set aside in the designated fund to be redistributed towards specific chosen charities, at the discretion of the school and WPA, in future.

20. RELATED PARTY DISCLOSURES

Information on related party transactions is in Note 10 of the accounts.

21. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the governors as shown in the report of the Governing Body.

22. COMPANY STATUS

The School is a company limited by guarantee. In the event of the company being wound up, the members’ liability is limited to £1 each. There are 15 members (2022 - 15).

23. RETIREMENT BENEFIT SCHEMES

Staff Pension Fund

The School operates the following schemes for non-teaching staff:

The IAPS Pension Scheme which is a defined contribution scheme; the school contributes up to 7% of salary and the employees contribute no less than 2% of salary. Total employer contributions for the year were £16,651 (2022 - £17,512). Total contributions outstanding at 31 August 2022 amounted to £3,199 (2022 - £1,618).

On 1 August 2014 the School also entered into The People’s Pension Scheme in response to the new requirement to enrol eligible employees automatically. It is a defined contribution scheme, with the employer contributing a minimum of 3% and employee currently contributing 4% of salary, as required by the legislation. Total employer contributions for the year were £43,117 (2022 - £32,810). Total contributions outstanding at 31 August 2023 amounted to £9,005 (2022 - £6,175).

Since January 2022, the School operates the Royal London pension scheme for teaching staff. The Royal London Pension Scheme is a defined contribution scheme; the school contributes up to 17% of salary, and the employee contributes no less than 5% of salary either directly from salary or utilising as a salary sacrifice scheme. Total Employer contributions for the year were £296,030 (2022 - £247,856). Total contributions outstanding at 31 August 2023 were £38,560 (2022 - £31,903).

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