Company Registration No. 00859223 (England and Wale Charity Registration No. 307852 (England and Wales) WELLESLEY HOUSE AND ST PETER'S COURT EDUCATIONAL TRUST LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
WELLESLEY HOUSE AND ST PETER'S COURT EDUCATIONAL TRUST LIMITED CONTENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 CONTENTS Page Directors and company information Governors, report Independent examiners, report Statement of financial activities Balanc8 sheet Notes to the flnancial statements 10-16 Page 1
WELLESLEY HOUSE AND ST PETER'S COURT EDUCATIONAL TRUST LIMITED DIRECTORS AND COMPANY INFORMATION FOR THE YEAR ENDED 30 SEPTEMBER 2024 DIRECTORS AND COMPANY INFORMATION Dlrectors (Governors of the Trust) P J Woodhouse (Chairman) Mrs K Fenwick JMWSale D Royds J Jackson A Land K Morgan J Hammond lappoinled 5th June 2024) G Woodhouse (appointed 5th June 2024) Secretary and registored office Mrs 8 A Parsons Wellesley House & Sl Peter's Court Educational Trust Itd clo 6 Knightrider Street Sandwich Kent CT13 9EW Company reglstration number 00859223 Charity reglstratlon number 307852 Independent Audltors Levicks Chartered Accountants 61 London Road Maidstone Kent ME18 8TX Sollcitors Boys & Maughan Solicitors 11-13 Hawley Street Margate Kent CT9 1 PZ Bankers Handelsbanken PLC Station Road East Canterbury Kent CT1 2BJ Page 2
WELLESLEY HOUSE AND ST PETER'S COURT EDUCATIONAL TRUST LIMITED GOVERNORS, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Govemors, who are also Directors of the charity for the purposes of the Companies Act and Trustees for the purposes of the Charities Act. submil their annual report and the independently reviewed financlal statements for the year ended 30 September 2024. The financial statements comply with the Companies Act 2006. Charities Act 2011, the Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK (FRS 102) (Second edition). ADMINISTRATIVE INFORMATION The company is an Educational Trust and as such is a fecognised charity, which was regislered on 9 August 1966. The company is limited by guarantee and does not have a share capital. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng documont The charity is govemed by its Memorandum and Artlcles of Association last amended in June 2015. Governors The Board of Governors constilules the Directors of the company. The Ilst of Governors who held office at the date of this report is shown on page 2. The Articles of Association provide that there shall be no less than 5 and (unless otheise determined by Ordlnary Resolution) shall not be subject lo a maximum. Al the Annual General Meeting one third of the Governors shall rel1 from office by rotation. The governors to retire in each year are those who have been longest in office since their last eleclion or appointment. A tiring Governor is then ellglble for re*leclion. Restructure of the Buslness Following an extensive search lo identify a suitable partner to ensure optimal continuity of education of the pupils in accordance with its charitable objective, Ihe trustees entered into an arrangement with Haddon Dene a subsidiary of Alpha Schools (Holdings) Limited. Under the terms of the Asset PurGhase Agreement {APA}, Alpha Schools (Holdings) Limited is the operator of the school and 15 the tenant of the estate, which remains in the ownership of the charity. CoTnplelion of the Iransaction was on 30 September 2021. Governance The Governors are responsible for the over311 management and control of Wellesley HoLJ5e & St Peter's Court Educational Trust Limited and propose lo meel annually unless the Chairman requesls further meetings if required. The Truslees (who are also Directors of the charity for the purposes of company law) are responsible for preparing the Trustees, Report and the Financial Statemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted A¢¢ounting Practice). Page 3
WELLESLEY HOUSE AND ST PETER'S COURT EDUCATIONAL TRUST LIMITED GOVERNORS. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 From 1 October 2021 the day to day running of the charity was delegated to Mrs Barbara Parsons who also acts as Company Secretary and maintains frequent contact with the Chair. All non-regular financial transactions over £1,000 are approved by at least one Director. There are no full time employees. The company's Memorandum of Association dated 4 May 1928 (altered by Special Resolution on 25 September 1951) empowers it to invesl and deal with the monies of the company not immediately required. as il thinks fit. New Governors are appointed by existing Governors and care is taken lo ensure that all necessary skills and experience are represented. Each new Director is provided with an inductlon pack and is expected lo altend one of the regularly available training courses for new charlty Trustees. ObJe¢tlves and Actlvltles The company's principal charitable objectlve is to maintain a school al Wellesley House In Broad5tairs at which girls and boys are educated and to award bursaries to puplls who could not otherwise afford to attend an independenl school. As from 1st October 2021, the charity leases the premises to Alpha Schools {Holdings) Limited which now operates Wellesley Haddon Dene School. The Govemors. principal objecllve is to ensure that the estate al Wellesley House continues to educate children. Under the terms of the APA the school operated by Alpha Schools (Holdings) Limiled will continue to educate children. The Governors are committed to ensure that the buildings are maintained safely and lo a high standard and in line with the demands of a leading independent school. Prlnciple acllvlties of the year The principal activity of the charitable company during the year was to maintain and carry on Wellesley House School as an Educational Trust. Scholarshlps and Bursarles The Governors view bursaries and scholarships as important and believe that pupils benefit from interacting and learning with a diverse range of people. As such, il is importanl that access lo th8 education and facilities is not restricted only to those who can afford the fees. Wellesley House & Sl Peter's Court Educational Trust Limited does nol benefit from endowment funding and hislorically has a small amount of investments, which do not generate significant incoming funds. In reviewing bursary requests, the charity must therefore ensure a balance beeen fee paying parents, many of whom make considerable personal sacrifices to fund their child's education and those benefiting from awards. Publlc Ben8flt The Governors have given careful consideration lo the Charity Commission's general guidance on Public Benefit and propose lo continue, as they have in the past, lo award bursaries to pupils who could nol otheiSe afford an independenl education. Page 4
WELLESLEY HOUSE AND ST PETER'S COURT EDUCATIONAL TRUST LIMITED GOVERNORS. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Estates The Govemors have entered into an arrangement with a firm of professional surveyors whose remil as to evaluate the priority areas of the buildings and estate for investment by the tenant and to ensure that the spending commitment by Alpha Schools (Holdings) Limited is mel over Ihe period of the lease. Since the acquisition, the professional surveyors have agreed with the tenant a schedule of completed works thal are considered to be appropriate inveslmenl Ihat will enhance the condition of the buildings and improve the tenant's ability to recruit pupils, which is important to the charity. The lenant is committed to further enhancemenl of the main buildings. FINANCIAL REVIEW AND RESULTS FOR THE YEAR Financlal Review Total income for the year was £ 190,231 £130,418 (2023.. £109,950). (2023: £246,472). Total expenditure in the year was The overall net movement in funds is a profit of £59,813 {2023'. £521,563). As at 30 September 2024 the Charity held unrestricted reserves of £ 5,273.615 (2023.. £5.213,8021. Reserves Policy The Dlrectors, reserve policy Is to maintain a suffici8nl level of reserves lo ensure that the Charlty's continuing activities can be maintained. The Directors consider the current level of reserves held lo be sufficient. The reserves balances are reviewed each year to ensure they are sufflcienl lo meet the operating costs for six monlhs. The Governors believe the level of reserves is prudent and necessary. Should the reserves fall significantly below the target level. the Trust will aim to restore the reseNes as soon as possible. Prlncipal Risks and Unc•rtaintles The Board of Governors are responsible for the management of risks faced by Wellesley House & Sl Peter's Court Educational Trust Limited and puts in place measures for their mitigation as part of an annual process. Govemors consider that failure by the tenant lo perform their obligation5 under the APA and lease Is the key uncertainty for the charity. Governors have confirmed that the tenant has purchased suitable insurance. The charity has certain lime limited obligations to the purchaser of the school operations under the terms of the APA and has a contingency plan in place to meet potential liabilities. The Governors recognise that a point of contact is required al Wellesley Haddon Dene. The govemors will continue to work with Alpha Schools lo ensure suitable arrangements are in place to ensure there is periodic contacl and prevent any risk. Going Concern The charity reported a profit in the yearof £ 59,813 on unreslricled funds of £570,603 (2023.. £525.610). The Governors believe that actions already taken and future actions planned safeguard the charity's financial viability and will prove successful. {2023.' £521.563) and has net current assets Page 5
WELLESLEY HOUSE AND ST PETER'S COURT EDUCATIONAL TRUST LIMITED GOVERNORS. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The Govemors have consolidated borrowlng on more favourable terms and considers its relationship with the bank to be strong golng forward. Future rental income will exceed the loan repayments, with rental Income being received a quarter in advance from Alpha Schools (Holdings) Limited. Taklng into account all aspects of the position described above the Govemors believe that the School has, and will have. adequate resources to continue in operalion for the foreseeable future with the operations of the school under Alpha School (Holdings) Ltd management. For this reason. they continue to adopt the going concern basis of accounting in preparing the financial statements. Looking Forward The Govefnors anticipate that they will work lo meet the charitable objectives of the company in the same manner for the foreseeable future. The Governors will supetvise the school's maintenance by maintaining contact with Alpha Schools {Holdings) Limiled and by regularly visiting the school on agreed dates. Governors will consider applications for bursarial assistance on a case by case basis from persons associated with the charity having submitted a means tested application. The Governors. decision to provide bursarial support will follow an advertised policy. Trustees, Responslblllll08 The Trustees (who are also Dlrectors of the charity for the purposes of company law) are responslble for preparing Ihe Trustee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financlal slatemenls for each financial year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and applicatlon of resources. includin9 the income and expenditure. of the charitable company for that period. In preparing these financial statements. Ihe Trustees are required to: selecl suitable accounting policies and then apply them consistently; observe the methods and principles in Charities SORP IFRS 102)., make judgements and estimates that are reasonable and prudenl., slate whether applicable UK accounting standards have been followed, subject lo any materfal departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are spOnSible for keeping proper accounting records Ihat disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financlal 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. Small companles provlslons This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 applicable lo companies entitled to the small companies exemption. This report was approved by order of the board. B Parsons Secretary 2025 Page 6
WELLESLEY HOUSE AND ST PETER'S COURT EDUCATIONAL TRUST LIMITED INDEPENDENT EXAMINERS REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 I report to the charity trustees on my examination of the accounts of the company for the year ended 30 September 2024, which are set out on pages 8 to 16. Responslbilltles and basls of report As the charilvs trustees of the company (and also its directors for the purposes of company law) you responsible for the preparation of the accounts in accordance with the requirements of the Companie 2006 ("the 2006 Act ). Having satisfied myself that the accounts of th8 company ar8 not r6quired to be audited under Part 11 2006 Act and are eligible for indapendent examination, I report in r8spect of my examination of your charitys accounts as carried out under section 145 of the Charities Act 2011 (the "2011 Act"). In carrying out my examination I have followed the Direclors given by the Charity Commission under.. 145(5){b) of the 2011 Act. Independent examlnerfs statement I have completed my examination. I confirm that no matters have come to my attention in connectior the examination giving me cause to believe: (1) accounting records were not kept in respect of Ihe company as required by section 386 of 2006 Acl; or (2) the accounts do not accord wilh those accounting records: or (3) the accounts do not comply with the accounting requirements of section 396 of the 2006 P other than any requirement that the accounts give a 'true and fair, view which is not a matt considered as part of an independent examination; or (4) the accounts have nol been prepared in accordance with the methods and principles of th, Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland {FRS 102). I have no concems and have come across no other matters in connection with the examination to wh attention should be drawn in this report in order to enable a proper understanding of the accounts to I reached. J A Griggs 06-May-25 Levicks Chartered Accountants & Business Advlsers 61 London Road Maidstone Kent ME16 8TX Page 7
WELLESLEY HOUSE AND ST PETER'S COURT EDUCATIONAL TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 Notes Unr•$trict0d Restrlctsd Total Year Total Year funds funds 2024 2033 INCOME FROM Charltable Actlvltles Rental Income Giants and Donations Transfer Invgstments 171,350 171,350 172,075 2,200 70,242 1.955 18,881 18,881 Total Incomé 190231 190,23.. 246.472 EXPENDITURE ON Charltablo A¢tlvltloS PmiseS Insurance Loan Interest Loan Arrangement Fee Bank Charges Professional Fees Independent Examiner Fees Admini51ralion Costs General Expenses Deprecialon 5.229 20,256 52,836 4,500 3281 2,104 1,512 12,000 89 S,229 20,2S6 52,836 4,500 13281 2,104 1,512 12,000 89 {17.9231 19,617 54,704 4.500 478 2,853 1386 12,000 115 32,220 Total expendlturo 130418 130418 109.950 Oth•r Recognlsed Galns Profil on sale of fixed asset 385,041 Not movement In fund$ 59,813 59,813 521,563 Balances brought forward al 1 September 2023 5,213,802 82.061 5,295.863 4.774,300 Balances carried forw8rd at 30 September 2024 5,273,615 82.061 5,355,676 5,295,863 The statement of financial activities includes all gains and losses recngnised in the year. The notes on pages 1010 16 fomi part of these financial stalemenls. Page 8
WELLESLEY HOUSE AND ST PETER'S COURT EDUCATIONAL TRUST LIMITED BALANCE SHEET AS AT 30 SEPTEMBER 2024 Noto 2024 2023 Flx•d as•ots Tangible assets 6.160,852 6,192,872 Current ass8t¥ D•btor$: lalling due within one year 0obtor¥: falllng due after one year C8sh at bank and in hand 5.950 5,900 4,500 667,101 677,551 9.000 672,147 687,047 Cr•d5tors= amounts falllng due wilhln ona year 1106,9481 {161.437 Not curront Ill•bSlltl•sV 570,803 525,610 Total asset# l•B# current Ilablllllte8 6.731,254 6,718,482 Cr•dltors.' amounts falling due after one year 8ank loan 11,375,579) 11.422,6191 N•t as88ts 5.355.876 5.295,863 T¢)tMI fiindA Restdcled Unreslricled 82,061 5.273,815 82.061 5,213,802 10,11 5,355.076 5.295,863 The note$ on pagè$ 1010 16 form part of these financial stalemenls. For the year endlng 30 September 2024 the charity w8s entitled lo exemption Irom audit under secllon 477 of the Companies Act 2006 relating to small rMpanIeS. Directors, pSonsIbIlItie3'. The members have not required the company to obtain an 8udil of ils financi81 slalemenls for the year in question in accordance with secllon 476., - The directors ackr>owledge their re5ponsibilile$ for complwng with the requirement of the Act w7lh respecl lo acrK)unb'ng records and the preparation of financlal stslements. These ffinanual statements have been prepared in accordance wlh the provisions 8pplicable lo companles subject to small companies. regime. Approved by the Board on 2025 Philip oodhouso Company number 00859223 Page 9
WELLESLEY HOUSE AND ST PETERS COURT EDUCATIONAL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 A Basis of accounting The accounts have been prepared in accordance with the Companies Act 2006 and the Statement of Recommended Practice: Accountin9 and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021(Second Edition) and the Financi81 Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102) and the Charities Act 2011. The financi81 slalements are prepar8d on the historical cost basis. The accounts are prepared in sterling, which is the fvnclional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The Charity constitutes a public benefit entity as defined by FRS 102. The following accounting policies have been appli8d Consistently in dealing with items which are considered material in relation to the School's financial statements. 8 Golng Concern The School reported a net movement in funds of £59,813 and has net current assets on unrestricted funds of £570.603 as at 30 September 2024. The Governors agreèd in 2021 that in the best interests of the charity, that the school be sold lo Alpha Schools (Holdlngs) Limited. This transa¢lion completed on 1 st October 2021. The land and buildings are retained by the charity and are leased for 30 years lo Alpha Schools. Following the repayment of the creditor owing to Alpha Schools, the future rental income wlll be received quarterfy in advance and will exceed quarterly loan repayments. Taking into account all aspects of the position of the Charity, the Govemors have a reasonable expectation that the Charity has and will have adequate r8sources to continue in operation for the foreseeable future. For this reason, they continue lo adopt the going concem basis of accounting in preparing the financial statements. C Incomo Rental income receivable and similar 8amed income are creditad lo the Statement of Financial Activities {SOFAI in the year for which they are due. Defèrred income repres8nts amounts received for future periods and is re18ased to the SOFA in future periods when the service is provided. Donations are accounted for as and when entitlement arisès, the amount can b8 r811ably quantified and the economic b8nefit to the Trust is considered probable. Gifts of assets and seNices are recognised at the tim8 of r8C8lPt at their value to the charity when the benefit is reasonable, measurable and quantifiable. D Expendltur• Expenditure is accrued as soon as a liability is considered probable. discounted to present value for longer term liabilitiés. Grants awarded are COgnISed when there is a legal or constructive obligation to pay for expenditure. All costs have been directly attributed to one of the funclional categories of resources expended in the Statement of Financial Activities. The Trust Is nol registered for VAT and accordingly expenditure is shown gross of VAT. Govemance costs comprise the cost of running the Charity, including strategic planning for ils future development. external audit, and all the costs of complying with constilutional and statulory requiremenls, such as the cost of Directors and committee meetings and preparing Statutory accounts. E Tanglble fixèd assels Tangible fixed assets are stated at cost less depreciation. Depreciation Is recognised so as to wrlte off the cost of assets less their residual values over their usefvl lives on the following bases: Freehold land Freehold buildings over 50 years on cost F Assets held for sale Any property Ihat is actively marketed for sale is included in current assets. Assets are held at the best estimate of the sales price less costs to sell. Page 10
WELLESLEY HOUSE AND ST PETERS COURT EDUCATIONAL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 G Debtors Trade and other debtors are recognised al the settlement amount due afler any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. H Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity ofthree months or less from the date of acquisition or opening of the deposit or similar account. I Credltors Creditors ar8 f8COgnised where the Tmsl has a present obligation resulting from a past event that will probably result in the transfer of funds lo a third party and the amount due lo settle the obligation can be m8asured or estimated reliably. CdItOrS are nomally recognised at their s8ttlern8nl amount after allowing for any Irade discounts due. J Fund Accountlng- unrestrlcted fund8 Funds held by the charity are either- Unrestricted general funds These are funds which can be used In accordance with the charitable objects at the discretion of the Governors. Unrestricted designated funds These are unrestrictèd general fvnds set aslde by the Govemors for a Specific purpose. K Fund Accountlng - restrlcled funds Reslricled funds arise when the donor spècifies how their donation should be spent or by the temis ofan appeal. Further detail can be seen in Note 11. L Taxatlon Th8 School is a registered charity and its income is not liable to taxatlon as it is applied lo wholly charitable purposes. M Flnanclal Inslrument8 The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their selllement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. The Charity has selected to apply the provisions of Section 11 '8asic Financial Instruments. and Section 12 '0ther Flnanrial Instruments Issues. of FRS 102 to all of its financial instruments. N Crltlcal accountlng Judgements and key source8 of èstlmatlon uncertalnty The preparation of Ihe financial statements in accordance with FRS 102 requires the trustees to make estimates and assumptions conceming the future. The estimates and assumptions Ihat could have a significant risk of causing a material adjustment to the carying amounts of assets and liabilities within the next financial year include accruals, depreciation. freehold building residual values and revenue recognition. The accounting in these areas of the accounts requires management to use judgement. In relation to accruals this is a best eslimale of costs that will be incurred basod on contractual requirements. For depreciation these estimates ar8 driven by the useful economic life of the associated assets. 1 Income recelvable 2024 2023 Fees receivable consist of= Rental Income 171,350 172.075 Page11
WELLESLEY HOUSE AND ST PETERS COURT EDUCATIONAL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2 Grants and donatlons 2024 2023 Donations 2,200 3 Investment income 2024 2023 Interest r8C8ivabl8 18,881 1,955 4 C08t of ralslng funds 2024 2023 Interest payable 52,836 54,704 5 Employees There arè no employees. No Director received any remuneration during the year12023- nill. Durlng the year £ nil was reimbursed lo Oirectors for èxpenses12023: nill. 6 Analysls of Premlse8 Costs 2024 2023 utililies Repairs Business Rates refund 665 1,429 20,017 {17,923} 5,229 5,229 7 Tanglble flxed assets 2024 Freehold land & buSldlngs Cost or valuatlon 1 October 2023 Additions Disposal 6,524,032 30 September 2024 6,524,032 Depreclatlon 1 October 2023 331,160 Charge for the period 32,220 30 Septembor 2024 363,380 Net book value 30 September 2024 6,160,652 30 September 2023 6.192.872 Page 12
WELLESLEY HOUSE AND ST PETERS COURT EDUCATIONAL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 8 Debtors 2024 2023 Due wilhin one year.. Trade debtors Prepayments and accrued income Loan Arrangement fee 1,450 4,500 1,400 4,500 5,950 5,900 Falling due after one year: Loan Arrangement fee 4,500 9,000 g Credltor8 falllng due wlthln one year 2024 2023 Amounts falling due within one year: Amount owing to Alpha Schools Bank loan Other creditors and accruals 25,208 47,634 34,106 82.045 46,321 33,071 106,948 161,437 Credllors falllng due ovor ono year 2024 2023 Bank loans 1,375,579 1,422,619 Bank loans are analysed as follows: 2024 2023 Over five years Within Iwo lo five years Within one to two years Within one year 1,206,725 122,921 45,933 47.634 1,423,213 1,248,979 126,006 47,634 46.321 1,468,940 The amount owing to Alpha Schools Ltd cons5sts of the apportionment sale balance of {2023.. £81,208) 25,208 During 2021 the Charity refinanced with Handelsbanken PLC The loan is fixed for 5 years at an interest rate of 3.670/0 per annum, comprising the core fixed rate of 1.37010 plus a margin at 2.3 %. The total outstanding at year end was £1,404,994 12023: £1,440,666). During 2020 the Charity secured further loan funding in the fomi of a Bounce Back Loan of £50,000. The fixed interest rate is 2.50h and the loan is repayable in instalments. The totsl outstanding at year end was £18,219 (2023.. £28,274). The loans are secured by fixed and floating charges over the freehold land and buildings and assets of the school. Page 13
WELLESLEY HOUSE AND ST PETERS COURT EDUCATIONAL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 10 Funds At 1 O¢lober 2023 Income Expendlture At 30 Septèmber 2024 Reslricled Bursary Appeal Fund 82,061 82,061 82,061 82,081 Unrestricled Funds General 5.213,802 190,231 (130,418 5,273.615 5.213,802 190,231 1130,418) 5,273,615 Total unrestricted funds 5,295,863 190,231 (130.418) 5,355,676 Total funds Previous designatlons regarding bursaries and improvements to the buildings have been superceded following the transfer lo Alpha Schools. Therefore all unrestriclod reserves of the charity are held at the Trustees, discretion. Th8 Bursary Appeal Fund account is for funds receied from past pantS as donations so tho Charity can offer financial assistance with the award of a bursary. At 1 Oclobor 2022 Income Expendltur• At 30 SoPt•mb•r 2023 Réslric Bursary Appeal Fund 11,819 70,242 82,061 11,819 70.242 82,061 Unr triclad Funds General 4.762,481 561,271 {109,950) 5,213,802 4,762,481 561,271 (109.9501 5,213,802 Total unrestrfcted funds Total funds 4,774,300 631.513 1109,950) 5,295,863 11 Analysls of net assets belween lunds Unre8trfcted 2024 Restrlcted 2024 Total 2024 Total 2023 Tangible fixed assets Current {liabililies}lassets Long tem liabilities 8,160,652 488,542 (1,375,579) 6,160.652 6,192,872 570,603 525,610 {1,375,5791 {1,422,6191 82,061 5,273,615 82,081 5,355,676 5,295,863 Analysls of net assets between funds {2023) Unrestricted 2023 Restricted 2023 Totsl 2023 Tangible fixed assets CLJrrent Iliabilitiesllassets Long term liabilities 6,192,872 443.549 1,422,619 5,213,802 6.192,872 525.610 1,422,619 5.295.863 82,061 82.061 Page 14
WELLESLEY HOUSE AND ST PETERS COURT EDUCATIONAL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 12 Related Part1•8 There were no other related paty transactions in the y8ar (2023.. none) . 13 Investment in subsidiary The charity is thè sole shareholder in Wellesley House School Enterprises Limited, a trading company incorporated in Aprll 1994. The company has not traded to date and is a domiant company. 14 Reorganlsallon of the buslness On 30 September 2021 Wellesley House and Sl Peter Court completed on the sale of the assets of the business to Haddon D8n6, a subsidiary ofAlpha Schools (Holdings) Ltd. This was announced to the staff, parents, pupils and other slakeholders in October 2021. The transaction completed on 1 October 2021. At that date the trade and assets W8r8 transferred in return for an annual lease premium. A number of propertl8s, associat8d108ns and cash balances have been retained and may be used to generate income in Ihg future. As at 30 September 2024 £25,208 (2023 £82,044) was owing to Alpha S¢hools. Wellesley House and St Peter Court wlll conlSnue to exist as a Charitable company limited by guarantee. Page 15
WELLESLEY HOUSE AND ST PETERS COURT EDUCATIONAL TRUST LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 15 Comparative information Unr8Stricted funds Restricted funds Total 2023 INCOME FROM Charltable Actlvllles Rental Income Grants and Donations Transfer Invèstrnents 172,075 2.200 172,075 2.200 70,242 1,955 70,242 1,955 Total Incom8 176,230 70.242 246.472 EXPENDITURE ON Raising fund8 Charltabla ActlvllSes Premises Insurance Loan Interest Loan arrangement fee Bank charges Audit & professional fees Independent Examiner Fees Adminislralion costs General expenses Depreciation (17.923) 19,617 54,704 4,500 478 2,853 1.386 12,000 115 32,220 117.923} 19.617 54,704 4,500 478 2,853 1,386 12.000 115 32,220 Total •xp•ndlturo 109,950 109,950 Othor Recognlsed Galns Profit from salo of finxed asset 385,041 385,041 Net Income 451,321 70,242 521,563 Funds brought forward at 1 October 2022 4,762,481 11,819 4,774,300 Funds cathed foNard at 30 September 2023 5,213,802 82,061 5,295,863 The statement of financial activities includes all gains and losses recognised in the year. The notes on pages 10-16 fomi part of these financial statements. Page 16