**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: 

- Promote the importance of moral, spiritual and social values, inspired by the school’s underlying Christian ethos. 

- Be a dynamic school in which teaching is exemplary and pupils develop both the discipline of study and the joy of learning. - Develop the academic, creative and sporting talents of each child, ensuring a broad and balanced education of the whole person. 

- Be a distinctly happy school to which children and adults feel a deep loyalty: a place in which children can laugh, feel safe and enjoy being children. 

- Inspire in every child a love of nature and the outdoors. 

- Be a school that is outward looking, building links with parents and the local community, as well as celebrating cultures from around the world. 

- Develop in every child a strength of character, so they leave Walhampton as confident, capable, compassionate and independent minded young people. 

## **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: 

- South Baddersley CE Primary School used the swimming pool on a weekly basis during the summer term; 

- During May, we opened our grounds through the National Garden Scheme, with all proceeds going directly to the NGS; and 

- New Forest Pony Club held rallies, their annual tetrathlon competition and the Junior and Mini's pony club camp at the 

- school. 

- Lymington Junior School joined us for a space exploration day 

- We shared our minibuses with a number of local primary schools and the St Barbe museum. 

- St Barbe's held an event in our chapel 

## **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 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charity SORP; 

- make judgements and estimates that are reasonable and prudent; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

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: 

- there is no relevant audit information of which the charitable company's auditors are unaware; and 

- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. 

## **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). 

- In our opinion the financial statements: 

- give a true and fair view of the state of the charitable company's affairs as at 31 August 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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: 

- the information given in the Report of the Trustees for the financial year for which the financial statementsare prepared  is consistent with the financial statements; and 

- the Report of the Trustees has been prepared in accordance with applicable legal requirements. 

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**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: 

- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. 

## **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: 

- We obtained an understandingof the legal and regulatory frameworks that are applicable to the company, and the  industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally  Accepted Accounting Principles and the relevant tax compliance regulations for the company. 

- We obtained an understanding of how the company is complying with these frameworks through discussions with management. 

- We enquired with managementwhether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs, correspondence and a review of board minutes. 

- We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature. 

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understandingof the industryin which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature. 

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<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>3<br>**Charitable activities**<br>5<br>School fees<br>Other tuition services<br>Other income<br>Other trading activities<br>4<br>**Total**<br>**EXPENDITURE ON**<br>Raising funds<br>6<br>**Charitable activities**<br>7<br>General<br>School operating costs<br>Other<br>**Total**<br>**NET INCOME**<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**|Unrestricted<br>funds<br>£<br>**918**<br>**5,426,708**<br>**504,014**<br>**27,212**<br>**98,161**<br>**6,057,013**<br>**99,695**<br>**34,132**<br>**5,839,777**<br>**23,316**<br>**5,996,920**<br>**60,093**<br>**6,308,113**<br>**6,368,206**|Restricted<br>funds<br>£<br>**200**<br>**-**<br>**-**<br>**-**<br>**-**<br>**200**<br>**-**<br>**-**<br>**200**<br>**-**<br>**200**<br>**-**<br>**248**<br>**248**|**2023**<br>**Total**<br>**funds**<br>**£**<br>**1,118**<br>**5,426,708**<br>**504,014**<br>**27,212**<br>**98,161**<br>**6,057,213**<br>**99,695**<br>**34,132**<br>**5,839,977**<br>**23,316**<br>**5,997,120**<br>**60,093**<br>**6,308,361**<br>**6,368,454**|2022<br>Total<br>funds<br>£<br>18,141<br>5,161,119<br>555,280<br>21,175<br>75,902|
|---|---|---|---|---|
|||||5,831,617|
|||||129,250<br>-<br>5,655,056<br>16,601|
|||||5,800,907|
|||||30,710<br>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<br>**FIXED ASSETS**<br>Tangible assets<br>13<br>**CURRENT ASSETS**<br>Debtors<br>14<br>Cash at bank and in hand<br>**CREDITORS**<br>Amounts falling due within one year<br>15<br>**NET CURRENT ASSETS**<br>**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**<br>**CREDITORS**<br>Amounts falling due after more than one year<br>16<br>**NET ASSETS**<br>**FUNDS**<br>19<br>Unrestricted funds:<br>General fund<br>Revaluation Reserve<br>Designated Fund<br>WPA<br>Restricted funds:<br>Sports relief<br>**TOTAL FUNDS**|Unrestricted<br>funds<br>£<br>**6,736,434**<br>**1,821,534**<br>**852,790**<br>**2,674,324**<br>**(2,640,299)**<br>**34,025**<br>**6,770,459**<br>**(402,253)**<br>**6,368,206**|Restricted<br>funds<br>£<br>**-**<br>**-**<br>**248**<br>**248**<br>**-**<br>**248**<br>**248**<br>**-**<br>**248**|**2023**<br>**Total**<br>**funds**<br>**£**<br>**6,736,434**<br>**1,821,534**<br>**853,038**<br>**2,674,572**<br>**(2,640,299)**<br>**34,273**<br>**6,770,707**<br>**(402,253)**<br>**6,368,454**<br>**3,067,106**<br>**3,203,283**<br>**55,585**<br>**42,232**<br>**6,368,206**<br>**248**<br>**6,368,454**|2022<br>Total<br>funds<br>£<br>6,760,831<br>1,689,659<br>788,447<br>2,478,106<br>(2,440,572)<br>37,534<br>6,798,365<br>(490,004)<br>6,308,361<br>3,015,543<br>3,203,283<br>55,585<br>33,702<br>6,308,113<br>248<br>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<br>**Cash flows from operating activities**<br>Cash generated from operations<br>1<br>Finance costs paid<br>Net cash provided by/(used in) operating activities<br>**Cash flows from investing activities**<br>Purchase of tangible fixed assets<br>Sale of tangible fixed assets<br>Net cash used in investing activities<br>**Cash flows from financing activities**<br>Loan repayments in year<br>Net cash used in financing activities<br>**Change in cash and cash equivalents in the**<br>**reporting period**<br>**Cash and cash equivalents at the beginning**<br>**of the reporting period**<br>**Cash and cash equivalents at the end of the**<br>**reporting period**|**2023**<br>**£**<br>**425,866**<br>**(23,316)**<br>**402,550**<br>**(267,384)**<br>**(575)**<br>**(267,959)**<br>**(70,000)**<br>**(70,000)**<br>**64,591**<br>**788,447**<br>**853,038**|2022<br>£<br>(181,553)<br>(16,601)<br>(198,154)<br>(135,745)<br>23,620<br>(112,125)<br>(64,167)<br>(64,167)<br>(374,446)<br>1,162,893<br>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<br>Restricted<br>funds<br>funds<br>£<br>£<br>Donations<br>**918**<br>**200**<br>**4.**<br>**OTHER TRADING ACTIVITIES**<br>Unrestricted<br>Restricted<br>funds<br>funds<br>£<br>£<br>Other lettings income<br>**39,285**<br>**-**<br>Lettings income - external<br>**16,213**<br>**-**<br>Fundraising WPA<br>**42,663**<br>**-**<br>**98,161**<br>**-**<br>**5.**<br>**INCOME FROM CHARITABLE ACTIVITIES**<br>Activity<br>Gross fees less: bursary,<br>scholarship and other<br>allowances<br>School fees<br>Other tuition services<br>Other tuition services<br>Registration fees & retained<br>deposits<br>Other income<br>Grant income<br>Other income<br>Grants received, included in the above, are as follows:<br>HMRC CJRS|**2023**<br>**Total**<br>**funds**<br>**£**<br>**1,118**<br>**2023**<br>**Total**<br>**funds**<br>**£**<br>**39,285**<br>**16,213**<br>**42,663**<br>**98,161**<br>**2023**<br>**£**<br>**5,426,708**<br>**504,014**<br>**27,212**<br>**-**<br>**5,957,934**<br>**2023**<br>**£**<br>**-**|2022<br>Total<br>funds<br>£<br>18,141<br>2022<br>Total<br>funds<br>£<br>30,318<br>27,354<br>18,230<br>75,902<br>2022<br>£<br>5,161,119<br>555,280<br>19,315<br>1,860|2022<br>Total<br>funds<br>£<br>18,141|
|---|---|---|---|
||||2022<br>Total<br>funds<br>£<br>30,318<br>27,354<br>18,230|
||||75,902|
|||5,737,574||
|||2022<br>£<br>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<br>funds<br>£<br>Marketing<br>**99,695**<br>**7.**<br>**CHARITABLE ACTIVITIES COSTS**<br>General<br>School operating costs<br>**8.**<br>**SUPPORT COSTS**<br>Other<br>£<br>School operating costs<br>**336,218**|Restricted<br>funds<br>£<br>**-**<br>Direct<br>Costs<br>£<br>**34,132**<br>**4,774,427**<br>**4,808,559**<br>Staff<br>costs<br>£<br>**671,628**|**2023**<br>**Total**<br>**funds**<br>**£**<br>**99,695**<br>Support<br>costs (see<br>note 8)<br>£<br>**-**<br>**1,065,550**<br>**1,065,550**<br>Governance<br>costs<br>£<br>**57,704**|2022<br>Total<br>funds<br>£<br>129,250<br>Totals<br>£<br>**34,132**<br>**5,839,977**|2022<br>Total<br>funds<br>£<br>129,250|
||||**5,874,109**||
||||Totals<br>£<br>**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<br>Social security costs<br>Other pension costs|**2023**<br>**£**<br>**3,515,667**<br>**368,420**<br>**395,383**<br>**4,279,470**|2022<br>£<br>3,330,504<br>316,206<br>371,112|
|---|---|---|
|||4,017,822|



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

|Teaching<br>Administrative & domestic|**2023**<br>**84**<br>**46**<br>**130**|2022<br>87<br>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<br>£70,001 - £80,000<br>£80,001 - £90,000<br>£100,001 - £110,000<br>£110,001 - £120,000|**2023**<br>**1**<br>**1**<br>**1**<br>**1**<br>**1**<br>**5**|2022<br>2<br>2<br>1<br>-<br>-|
|---|---|---|
|||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**<br>Donations and legacies<br>**Charitable activities**<br>School fees<br>Other tuition services<br>Other income<br>Other trading activities<br>**Total**<br>**EXPENDITURE ON**<br>Raising funds<br>**Charitable activities**<br>School operating costs<br>Other<br>**Total**<br>**NET INCOME/(EXPENDITURE)**<br>**Transfers between funds**|Unrestricted<br>funds<br>£<br>16,472<br>5,161,119<br>555,280<br>21,175<br>75,902<br>5,829,948<br>129,250<br>5,647,987<br>16,601<br>5,793,838<br>36,110<br>19,565|Restricted<br>funds<br>£<br>1,669<br>-<br>-<br>-<br>-<br>1,669<br>-<br>7,069<br>-<br>7,069<br>(5,400)<br>(19,565)|Total<br>funds<br>£<br>18,141<br>5,161,119<br>555,280<br>21,175<br>75,902|
|---|---|---|---|
||||5,831,617|
||||129,250<br>5,655,056<br>16,601|
||||5,800,907|
||||30,710<br>-|



Page 26 

continued... 



**WALHAMPTON SCHOOL TRUST LTD** 

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

|**12.**<br>**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES -**<br>Unrestricted<br>funds<br>£<br>**Net movement in funds**<br>55,675<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>6,252,438<br>**TOTAL FUNDS CARRIED FORWARD**<br>6,308,113<br>**13.**<br>**TANGIBLE FIXED ASSETS**<br>Fixtures<br>Freehold<br>and<br>property<br>fittings<br>£<br>£<br>**COST**<br>At 1 September 2022<br>**9,327,734**<br>**1,166,338**<br>Additions<br>**218,802**<br>**44,513**<br>Disposals<br>**(34,568)**<br>**(128,875)**<br>Reclassification<br>**-**<br>**(236,005)**<br>At 31 August 2023<br>**9,511,968**<br>**845,971**<br>**DEPRECIATION**<br>At 1 September 2022<br>**2,830,400**<br>**904,292**<br>Charge for year<br>**221,071**<br>**58,257**<br>Eliminated on disposal<br>**(30,411)**<br>**(127,756)**<br>Reclassification/transfer<br>**-**<br>**(206,637)**<br>At 31 August 2023<br>**3,021,060**<br>**628,156**<br>**NET BOOK VALUE**<br>At 31 August 2023<br>**6,490,908**<br>**217,815**<br>At 31 August 2022<br>6,497,334<br>262,046|**continued**<br>Restricted<br>funds<br>£<br>(24,965)<br>25,213<br>248<br>Motor and<br>maintenance<br>equipment<br>£<br>**214,482**<br>**4,069**<br>**553**<br>**236,005**<br>**455,109**<br>**213,031**<br>**8,599**<br>**(869)**<br>**206,637**<br>**427,398**<br>**27,711**<br>1,451|Total<br>funds<br>£<br>30,710<br>6,277,651<br>6,308,361<br>Totals<br>£<br>**10,708,554**<br>**267,384**<br>**(162,890)**<br>**-**<br>**10,813,048**<br>**3,947,723**<br>**287,927**<br>**(159,036)**<br>**-**<br>**4,076,614**<br>**6,736,434**<br>6,760,831|Total<br>funds<br>£<br>30,710<br>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<br>Other debtors<br>Prepayments and accrued income|**2023**<br>**£**<br>**1,778,231**<br>**4,203**<br>**39,100**<br>**1,821,534**|2022<br>£<br>1,666,443<br>7,601<br>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)<br>Trade creditors<br>Social security and other taxes<br>Other creditors|**2023**<br>**£**<br>**70,000**<br>**205,097**<br>**95,099**<br>**2,270,103**<br>**2,640,299**|2022<br>£<br>70,000<br>111,024<br>81,745<br>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)<br>Other creditors|**2023**<br>**£**<br>**145,833**<br>**256,420**<br>**402,253**|2022<br>£<br>215,833<br>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<br>£<br>172,659<br>101,701<br>74,750<br>97,720<br>446,830<br>2022<br>£<br>70,000<br>70,000<br>145,833|2022<br>£<br>172,659<br>101,701<br>74,750<br>97,720<br>446,830<br>2022<br>£<br>70,000<br>70,000<br>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**<br>An analysis of the maturity of loans is given below:<br>Amounts falling due within one year on demand:<br>Bank loans<br>Amounts falling between one and two years:<br>Bank loans - 1-2 years<br>Amounts falling due between two and five years:<br>Bank loans - 2-5 years||**2023**<br>**£**<br>**70,000**<br>**70,000**<br>**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<br>Between one and five years|**2023**<br>**£**<br>**20,820**<br>**44,331**<br>**65,151**|2022<br>£<br>13,515<br>29,325|
|---|---|---|
|||42,840|



## **19. MOVEMENT IN FUNDS** 

|**MOVEMENT IN FUNDS**||||
|---|---|---|---|
|**Unrestricted funds**<br>General fund<br>Revaluation Reserve<br>Designated Fund<br>WPA<br>**Restricted funds**<br>Sports relief<br>**TOTAL FUNDS**<br>Net movement in funds, included in the above are as follows:<br>**Unrestricted funds**<br>General fund<br>WPA<br>**Restricted funds**<br>Other<br>**TOTAL FUNDS**|At 1.9.22<br>£<br>**3,015,544**<br>**3,203,283**<br>**55,585**<br>**33,701**<br>**6,308,113**<br>**248**<br>**6,308,361**<br>Incoming<br>resources<br>£<br>**6,014,350**<br>**42,663**<br>**6,057,013**<br>**200**<br>**6,057,213**|Net<br>movement<br>in funds<br>£<br>**51,562**<br>**-**<br>**-**<br>**8,531**<br>**60,093**<br>**-**<br>**60,093**<br>Resources<br>expended<br>£<br>**(5,962,788)**<br>**(34,132)**<br>**(5,996,920)**<br>**(200)**<br>**(5,997,120)**|At<br>31.8.23<br>£<br>**3,067,106**<br>**3,203,283**<br>**55,585**<br>**42,232**|
||||**6,368,206**<br>**248**|
||||**6,368,454**|
||||Movement<br>in funds<br>£<br>**51,562**<br>**8,531**|
||||**60,093**<br>**-**|
||||**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<br>movement<br>At 1.9.21<br>in funds<br>£<br>£<br>**Unrestricted funds**<br>General fund<br>2,993,570<br>2,408<br>Revaluation Reserve<br>3,203,283<br>-<br>Designated Fund<br>55,585<br>-<br>WPA<br>-<br>33,702<br>6,252,438<br>36,110<br>**Restricted funds**<br>Houses<br>4,622<br>(4,622)<br>Sports relief<br>248<br>-<br>Anonymous donor<br>13,167<br>-<br>Other<br>7,176<br>(778)<br>25,213<br>(5,400)<br>**TOTAL FUNDS**<br>6,277,651<br>30,710<br>Comparative net movement in funds, included in the above are as follows:<br>Incoming<br>resources<br>£<br>**Unrestricted funds**<br>General fund<br>5,796,246<br>WPA<br>33,702<br>5,829,948<br>**Restricted funds**<br>Houses<br>-<br>Other<br>1,669<br>1,669<br>**TOTAL FUNDS**<br>5,831,617|Transfers<br>between<br>funds<br>£<br>19,565<br>-<br>-<br>-<br>19,565<br>-<br>-<br>(13,167)<br>(6,398)<br>(19,565)<br>-<br>Resources<br>expended<br>£<br>(5,793,838)<br>-<br>(5,793,838)<br>(4,622)<br>(2,447)<br>(7,069)<br>(5,800,907)|At<br>31.8.22<br>£<br>3,015,543<br>3,203,283<br>55,585<br>33,702<br>6,308,113<br>-<br>248<br>-<br>-<br>248<br>6,308,361<br>Movement<br>in funds<br>£<br>2,408<br>33,702<br>36,110<br>(4,622)<br>(778)<br>(5,400)<br>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**<br>General fund<br>Revaluation Reserve<br>Designated Fund<br>WPA<br>**Restricted funds**<br>Houses<br>Sports relief<br>Anonymous donor<br>Other<br>**TOTAL FUNDS**|At 1.9.21<br>£<br>2,993,570<br>3,203,283<br>55,585<br>-<br>6,252,438<br>4,622<br>248<br>13,167<br>7,176<br>25,213<br>6,277,651|Net<br>movement<br>in funds<br>£<br>53,970<br>-<br>-<br>42,233<br>96,203<br>(4,622)<br>-<br>-<br>(778)<br>(5,400)<br>90,803|Transfers<br>between<br>funds<br>£<br>19,565<br>-<br>-<br>-<br>19,565<br>-<br>-<br>(13,167)<br>(6,398)<br>(19,565)<br>-|At<br>31.8.23<br>£<br>3,067,105<br>3,203,283<br>55,585<br>42,233|
|---|---|---|---|---|
|||||6,368,206<br>-<br>248<br>-<br>-|
|||||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**<br>General fund<br>WPA<br>**Restricted funds**<br>Houses<br>Other<br>**TOTAL FUNDS**|Incoming<br>Resources<br>resources<br>expended<br>£<br>£<br>11,810,596<br>(11,756,626)<br>76,365<br>(34,132)<br>11,886,961<br>(11,790,758)<br>-<br>(4,622)<br>1,869<br>(2,647)<br>1,869<br>(7,269)<br>11,888,830<br>(11,798,027)|Movement<br>in funds<br>£<br>53,970<br>42,233|
|---|---|---|
|||96,203<br>(4,622)<br>(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). 

Page 33