2021-07-31-accounts

Registered Charity Number: 309093

THE WELLINGTON COLLEGE ACCOUNTS AND REPORTS FOR THE YEAR ENDED 31 JULY 2021

THE WELLINGTON COLLEGE GOVERNORS, OFFICERS AND ADVISERS

PRESIDENT

H.R.H. THE DUKE OF KENT KG, GCMG, GCVO, ADC

PATRON

The Lord Archbishop of Canterbury

GOVERNORS AND CHARITY TRUSTEES

����������������������������������������������������������������������������������������������������� They all served in office throughout the year except where indicated. The list includes any subsequent changes prior to the date of signing these financial statements. No Governor receives any remuneration or benefit from the charity.

P G C Mallinson Vice-President and Chairman (Retired July 2021) W Jackson Vice-President and Chairman (Appointed July 2021)

ex officio: The Duke of Wellington OBE, DL[1 ]

Professor P J A Frankopan (Retired July 2021) R Perrins (Retired October 2020) H Veary (Retired March 2021) The Rt .Hon the Lord Strathclyde CH, PC E Chaplin CMG,OBE (Retired October 2020) R Dennis CBE[1 ] D Ritchie[2][6] F A Kirk[4 6] V Rhodes[3 4 ] G Galceran Ball[1 ] H Stevenson[2 ] J May[1 2 5 ] M Milliken-Smith[1 5 ] E McKendrick[3 4 ] J Garvey (Appointed October 2021)[2 ] Dr C Marr (Appointed October 2021)[3 ] Sir C Tickell (Appointed October 2021)

¹Nominations Committee 2 Business and Finance Committee 3 Education Committee 4 Pastoral & Safeguarding Committee 5 Public Benefit & Social Responsibility Committee 6 Eagle House Council

In addition to those marked above, the Eagle House Council is composed of A Brown, C Henderson, P Hucklesby, M Rickards, S Robinson, K Vleck and J Dahl.

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THE WELLINGTON COLLEGE

GOVERNORS, OFFICERS AND ADVISERS (CONTINUED)

The day to day running of the schools is delegated to the Master, the Headmaster, Bursars and Senior Management Teams.

Key Management Personnel

Key Management Personnel
The Master	J E L Dahl
Eagle House Headmaster	A P N Barnard
Group Finance and Operations Director,
Bursar and Clerk to the Governors	S J Crouch
Second Master	C Henderson
Deputy Academic	M J Oakman
Deputy Co-Curricular	I Sutcliffe
Deputy Partnerships	I Henderson
Deputy Pastoral	D Walker
Deputy Performance and Development	K E Granville-Chapman
Deputy Safeguarding	D Lynch
Director of Admissions	E Venables
Director of Development	M S Lindo
Addresses	Wellington College	Eagle House School
	����������	Sandhurst
	Crowthorne	Berkshire
	Berkshire	GU47 8PH
	RG45 7PU
Websites	www.wellingtoncollege.org.uk
	www.eaglehouseschool.com
Bankers	Barclays Bank plc
	2 Churchill Place
	Canary Wharf
	London
	E14 5RB
Solicitors	Farrer and Co LLP
	��������������������
	London
	WC2A 3LH
Auditor	Crowe UK LLP
	Aquis House
	49-51 Blagrave St
	Reading
	Berks
	RG1 1PL
Investment Advisers	Partners Capital
	5, Young Street
	London
	W8 5EH

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THE WELLINGTON COLLEGE GOVERNOR � S REPORT FOR THE YEAR ENDED 31 JULY 2021

The Governors of Wellington College present their annual report for the year ended 31 July 2021 under the Charities Act 2011, together with the audited accounts for the year.

The Wellington College (TWC) has the power under its sponsorship agreement with the Wellington College Academy Trust (WCAT)( Company number 06457394) to appoint the governors of that body. As a consequence it is considered, under FRS 102, to have control of WCAT and therefore the financial results of WCAT have to be included in the accounts of TWC, though the assets of WCAT are not available to TWC and TWC is not responsible for the liabilities of WCAT.

In April 2020 the sponsorship of WCAT was transferred to the Royal Wootton Bassett Academy Trust (RWBAT). In the comparative year the transactions of WCAT for the period September 2019 to March 2020 are included within these accounts, and the closing balance sheet at March 2020 was transferred to RWBAT. No balances relating to WCAT appear in the combined balance sheets presented in these accounts for the current year or prior year.

The following definitions have been adopted in these accounts:

Combined: WCAT and Consolidated Charity (defined below) combined Consolidated Charity: TWC and its trading subsidiaries

Schools: the school operations of TWC and the College Trusts relating to them

Since the direct governance of WCAT and the operation of that entity is the responsibility of its own governors, the detailed reporting of those matters has not been incorporated onto the Go ���������������� set out below.

REFERENCE AND ADMINISTRATIVE INFORMATION

Wellington College is an independent co-educational boarding and day school providing education to boys and girls between the ages of 13 and 18 and, through Eagle House School, for children between the ages of 3 and 13 years. It was founded by a Royal Charter dated 13 December 1853 as a memorial to the 1[st] Duke of Wellington and is registered with the Charity Commission under charity number 309093.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The 1853 Charter was followed by four supplementary Charters. On 27 January 2006 the College was granted a new Royal Charter consolidating these previous Charters. On 12 March 2008 a further amendment to the Charter was granted which permits the advancement of education internationally as well as nationally and the support, provision or assistance in the provision of other educational establishments or initiatives. On 11 May 2011 a further amendment to the Charter was granted removing the age restriction for Governors. On June 17 2014 an amendment to the Charter was approved which appoints the Duke of Wellington as an ex-officio Governor of the College.

Governing Bodies

The 2006 Charter vests the government and control of the charity in the Governing Body whose members are elected by that Body subject to the approval of the Sovereign. Members may serve up to two consecutive terms of five years. The Governing Body has delegated the running of Eagle House to a separate Council chaired by Martin Rickards

Recruitment and Training of Governors

A Nominations Committee meets as necessary to plan the future membership of the Governing Body in the light of likely retirements and the need for a range of skills and experience. It identifies suitable candidates and recommends them for consideration by Governors who decide on names to be ����������������������������������������������������������������������������������������������������� the Governors.

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THE WELLINGTON COLLEGE GOVERNOR �� REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Recruitment and Training of Governors (continued)

New members of the Governing Body receive, shortly after appointment, a full induction at Wellington College appropriate to their particular professional qualification or area of expertise. They are also encouraged to attend one of the seminars for new Governors offered by the Association of Governing Bodies for Independent Schools (AGBIS). All Governors are given the opportunity to attend externally provided seminars and courses on the role and responsibilities of Governors and Trustees. They are encouraged to visit the College and Eagle House on a regular basis, with visits to departments and Houses.

Organisational Management

The Governors of Wellington College meet at least three times a year. The work of preparing and implementing most of their policies is carried out by various Committees, who meet before meetings of the full Wellington College Board and at any other time as required.

The principal committees, apart from the Eagle House Council, are now:

• i) Nominations Committee

• ii) Business & Finance Committee

• iii) Education Committee

• iv) Pastoral & Safeguarding Committee

• v) Public Benefit & Social Responsibility Committee

This formation was put in place during the year, replacing a structure with an Executive & Finance Committee overseeing the work of all committees, and having a separate Risk, Audit & Trustee Committee. Each committee will now consider risks in its own area. The Investment Committee continues as a subsidiary committee to the Business & Finance Committee.

Various governors take on a leading role in linking to various areas of College activities such as Health & Safety & Finance. Felicity Kirk is the designated Governor for Child Protection for Wellington College and Karena Vleck performs this role for Eagle House School.

The Eagle House Council meets at least three times a year. The work of preparing and implementing most of their policies is carried out by its Finance Committee and its Academic Committee, both of which meet two weeks before each meeting of the full Eagle House Council, under the chairmanship of Martin Rickards. Eagle House Council has also introduced a Pastoral & Safeguarding Committee.

The Governors appoint the Master of the College who is charged with its entire administration with the assistance of the Bursar/COO, who is also appointed by the Governors, and his Senior Management Team. The Bursar/COO is charged with the administration of the Charity. The Master and Bursar attend all meetings of the Governing Board and most committee meetings. The Bursar is also Clerk to the Governors. The remuneration of the Master and the Bursar/COO is set by the Governors on appointment, and reviewed annually as a result of the outcomes of the performance appraisal system. The remuneration of other key management personnel is set as part of the annual budgeting process and takes into account the performance of each person against their appraisal targets.

The selection of the Headmaster of Eagle House School is made by the Eagle House Council with the appointment ratified by Wellington Governors. The Headmaster of Eagle House is charged with the day-to-day administration of Eagle House with the help of the Bursar of Eagle House who is also appointed by the Eagle House Council.

The two trading subsidiaries of the charity, Wellington College Enterprises Limited and Wellington College International Limited each have their own board of directors. The directors of the companies include Governors and members of the senior management team of the Charity and the activities of the companies are reported to the Business and Finance Committee at each of its meetings.

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THE WELLINGTON COLLEGE GOVERNOR �� REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Group Structure and Relationships

The Charity has a wholly owned non-charitable subsidiary, Wellington College Enterprises Limited, (WCE), whose business activities include construction and the provision of leisure and retail services. ������������������������������������������������������ ecifically to fund bursary awards. The closure of the Club ,as a result of national lockdown measures, and the absence of external letting opportunities has meant that WCE made a trading loss of £581k in the year ( 2020 £121k ). Since the College believes that WCE has a viable future as restrictions ease, and the fees paid by external members of the sports club defray significant running costs which would otherwise fall to the College, the College has decided to make a grant to subsidise the losses of WCE in 2021 as it did in 2020.

The Charity has a wholly owned non-charitable subsidiary, Wellington College International Limited which operates ����������������������������������������������������������� Profits are gift aided to the �������������������������� 2021 this amounted to £2,369k (2020 £2,525k).

The Wellington College Limited is a dormant company, formed to protect the name of the College. Wellington College International (India) Limited and Wellington College International (Russia) Limited were formed to investigate international development opportunities in the respective territories named. They did not trade in the year and are dormant.

The Charity was the sponsor of the Wellington College Academy Trust, (WCAT), which comprises a secondary school and a primary school, as part of its own charitable objectives. Since the College had the ability to appoint the governors the results of WCAT have been consolidated in these accounts even though the assets of WCAT and its liabilities are not the responsibility of the College. In April 2020 responsibility for the Academy was transferred to the Royal Wootton Bassett Academy Trust. As a consequence only the transactions relating to the period from September 2019 to March 2020 have been incorporated in the comparative figures in the SOFA. All assets have been transferred and therefore there are no balances related to WCAT on the closing balance sheets presented.

Trust Funds

The College operates three trust funds which provide scholarships and bursaries to the College and a fourth which invests any proceeds from advanced fee payments. The investment of these funds was managed by Partners Capital and the performance of the funds is overseen by the Investment Committee.

The Fisher Fund incorporates the Heritage Fund and the Fisher Endowment which were instituted in 1992 and 1978 respectively. In 2020 the Governors resolved to combine these two funds in order to provide more flexible options for their use. The rules which were set up by the Governors in 1992 to manage the Heritage Fund were rescinded and the combined Fisher Fund will be used primarily for remission support.

The Combined Trust Funds consist of a number of individual trust and prize funds set up by individual donors for scholarships, prizes and bursaries and also include the Foundation Capital which represents the original endowment to provide education to children of deceased commissioned service officers under the terms of the Royal Charter of 1853, as subsequently amended in 1855, 1952, 1960, 2006, 2008, 2011 and 2014. This fund is also used to invest money raised for College Development projects which is not immediately required for expenditure.

The Prince Albert Foundation has been set up to receive donations directed at the provision of life changing bursaries for pupils who would not otherwise be able to attend the College.

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THE WELLINGTON COLLEGE GOVERNOR �� REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Risk Management

The Governors of Wellington College are responsible for the management of risks faced by the Charity. Detailed consideration of risk is delegated to each committee, who are assisted by the Bursars and the Senior Management Teams. Risks are identified, assessed and controls established throughout the ��������������������������������������������������������������������������������������������������

There are three principal areas of risk which have been defined as having the potential to affect the operations of the charity.

• Threats impacting on the wellbeing of pupils. These encompass the risk of physical or mental harm arising from the actions of staff, other pupils or persons external to the organisation

• Threats which impact on the public perception of the College and therefore the desirability of pupil places in our schools. These may include the threats above but also matters such as examination performance or other matters which affect the relative popularity of the College against our competitors

• Threats to the independent school sector as a whole. These may include changes to taxation of charities or taxation matters affecting College staff such as alterations to the taxation of accommodation or fee remission

These threats are individually reviewed and linked to specific policies and actions which may mitigate the risks arising from them. The action plans are also reviewed to ensure that action is being taken.

The key controls used by the Charity include:

• Formal agendas, minutes and terms of reference for all Committee and Board activity

• Comprehensive strategic planning, budgeting, cash flow forecasting, management accounting and forecasting

• Established organisational structures and lines of reporting

• Formal written policies

• Clear authorisation and approval levels

• Comprehensive risk assessment programmes

• Vetting procedures as required by law for the protection of the vulnerable.

Through the risk management processes established for the schools, the Wellington College Governors are satisfied that the major risks identified have been mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable Object and aims

The Object for which the College is established and incorporated, is the advancement of education (whether nationally or internationally) for the public benefit by:

• the provision of the College for the benefit of the Foundationers and others and, in so providing, preference shall be given to the Foundationers: and

• supporting, providing or assisting in the provision of other educational establishments or initiatives; and/or such other means as the Governors shall, in their absolute discretion, determine.

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THE WELLINGTON COLLEGE GOVERNOR �� REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Public Benefit � Aims and Intended Impact

In meeting this Object, Wellington College aims to provide a world class education, both through strong academic tuition and through holistic education, so as to develop every pupil to his or her greatest potential. This builds self reliance and inculcates a desire for and understanding of Service, thereby benefiting the wider community

In the furtherance of these aims, the Governors of Wellington College, as the charity trustees, have complied with the duty in 17(5) of the Charities Act 2011 to have due regard to the Charity ������������� published general and relevant sub-sector guidance concerning the operation of the Public Benefit requirement under that Act.

In order to ensure that the benefits of the charity may be spread as widely as possible, the College makes awards of scholarships and bursaries from the College trust funds as described above. It also makes significant awards from its unrestricted income. The details of this are set out in the section on grant making policy below.

Charitable Objectives

������������������������������������������������������������������������������������������������������ future plans in this area are based on the following principles:

1. The school is committed to broadening its intake to include children of families who could not otherwise afford an independent education through an enhanced bursaries programme and to exploring alternatives to bursaries where appropriate, including its sponsorship of teaching schools initiative and independent state school partnership activities.

2. The school will always strive to maximise the value it obtains when deploying its charitable funds and assets.

3. Wellington recognises that an essential component in facilitating fund raising is that the school itself must offer the highest standard of education. It is this excellence that is a key factor in attracting donors. This requires that the school is:

4. a) run on a sound long term financial basis

5. b) able to compete with other similar schools including being able to attract the most talented pupils in order to maintain its all round excellence

6. c) able to attract and retain talented staff.

Initiatives in Support of the Charitable Objectives and Public Benefit

The College runs several initiatives in support of its charitable objects and public benefit. These include:

Prince Albert Foundation

A fully funded bursary scheme for pupils from backgrounds with limited financial means and educational opportunities. The scheme has just under 20 pupils as of September 2020 and the plan is to double this as swiftly as possible, including students at 13+ and lower sixth.

��������������������������������������������������������������������������������������������������� significant challenges in realising their potential, rather than to bring those who have already exhibited outstanding talents in individual areas to the College.

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THE WELLINGTON COLLEGE GOVERNOR �� REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

Initiatives in Support of the Charitable Objectives and Public Benefit: continued

Educational Grants Scheme

The College has set up a scheme for schools and other educational institutions to apply for grants of up to £400,000 in 2020-21.

An important aspect of the scheme is that the recipient schools have the freedom to decide how they will spend the money. Over the reporting period the following grants were made

• £100,000 to the Wellington Academy and its primary schools.

• Grants of £50,000 each to help five secondary schools within five miles of Wellington for their

• Covid catch-up plans.

• Grants of £15,000 each to help two local community schools to develop their outside

• spaces to enable outdoor learning and recreation.

• Eight donations of £2,000 each to local primary schools for unrestricted use.

Independent State School Partnership

Wellington leads an Independent-State School Partnership that brings fifteen state schools into an active network of learning and sharing. The College coordinates a programme of events for pupils, focusing on niche academic extension areas and practical subjects such as applying to Oxbridge. Usually, participating schools contribute towards the running costs of events but with these moved online, no charge was made this year. The online format facilitated participation, with three times as many pupils accessing the events as in previous years.

Wheeler Programme

This is an extracurricular programme run by the College to help annual cohorts of 20 state-school pupils to benefit from additional academic and enrichment opportunities, at no charge. The Wheeler participants receive their education at their usual school and attend the College regularly over five years, including for residential events in the school holidays. Programmes include the development of soft skills and higher education and careers planning. The first cohort, which joined in 2016/17, concluded its time with the programme this year and an impact review is underway.

Academies

In April 2020, the Wellington College Academy Trust was merged into the Royal Wootton Bassett Academy Trust. Wellington College remains committed to ongoing financial and collaborative support of The Wellington Academy. This will extend to Oxbridge advice; internships and work experience placements; WCTSP, Wheeler Programme and ISSP access and funding; Festival of Education tickets for all teaching staff; Coachbright; Leadership and Coaching Training; SLE deployments; Leadership Training for students.

Teaching School Partnership

The Wellington College Teaching Schools Partnership has grown over the period to include 24 state secondary schools. It runs a range of relevant, professional development and coaching activities for their teachers to access free of charge. ������������������������ release staff for training this year has been very limited, nonetheless 68 teachers benefitted from the 8 courses that ran, and a further 14 attended the National Professional Qualification for Headship (NPQH) training days offered.

����������������������������������������� grants as a government initiative will cease, which will provide Wellington with a unique opportunity to lead a community within which effective training and development of teachers, support staff, headteachers and leaders is enabled.

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THE WELLINGTON COLLEGE GOVERNOR �� REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2021

Initiatives in Support of the Charitable Objectives and Public Benefit: continued

Wellington College Arts Fund

The Wellington College Arts Fund raises money through staging music and dramatic performances on the College site, and charging a small fee for seat reservations. Despite curtailment of the programme by Covid-restrictions, £7,250 was raised in this year and grants were made to 10 local state schools to support their teaching of the arts.

Other initiatives

���������������������������������������������������������������������������������������������������� parents, former parents and members of the local community, as well as staff and pupils.

Wellington College continues to value the role of the Crowthorne Trust within the local community. The Crowthorne Trust provides educational grants to young people living in the locality of Crowthorne, to help them to pursue some project, usually overseas, that they would not otherwise be able to do. The trustees of this charity are predominantly employees of Wellington College and its meetings are held at the College.

A programme of meetings with Bracknell Forest Council and councillors representing local wards continues and has continued to explore ways in which the College can engage yet more actively with its local community.

Both the College and Eagle House continue to provide extensive facilities and assistance within their local communities The College also provides secure parking for minibuses which belong to a number of local charities. External access to the historic archives of the College for general academic research is being developed.

Through the Wellington Walkers Club the College is able to provide access to large parts of the estate and we were pleased to provide guided tours of the College & grounds as fundraising opportunities for a number of local charities. This facility is being restored as virus related restrictions are removed.

This year, the College has provided temporary accommodation (June to November 2020) for Crowthorne Old Age to Teen Society (COATS) whilst their day centre was being refurbished.

The Ark Pre-School temporarily relocated to the College until the end of Summer Term 2021, whilst their current home, the Crowthorne Baptist Church, was being redeveloped. The College also provided the Baptist Church with storage space until the refurbishment was completed.

� During the Covid 19 pandemic and whilst the College was closed, NHS key workers at a nearby hospital were invited to use serviced College overnight accommodation.

The College donated £1,000 each to four local charities that benefit children and young people. Two hundred and thirty two laptops or tablets were collected, professionally cleaned up and given to children who could not otherwise participate in remote schooling when their schools were closed.

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THE WELLINGTON COLLEGE GOVERNOR �� REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Principal activities of the year

�������������������������������������������������������������������������������������������������������� its two schools, Eagle House School and Wellington College. It also runs educational conferences and courses, and through its subsidiary, Wellington College Enterprises Ltd, runs a Health & Fitness Club and associated activities, which are open to members of the public. Wellington College International Ltd manages the development of overseas schools under license arrangements.

This year, Wellington College averaged 1,093 (2020:1058) pupils of whom approximately 80% were boarders and 20% were day pupils and 43% were girls. The continued high number of visitors attending ������������������ virtually and in person where possible, together with the level of registrations and interest in the school, provide confidence that the school will continue to operate at high numbers for the foreseeable future.

At Eagle House School the number of pupils through the year averaged 384 ( 2020: 390) of whom 34 were boarders and 41% were girls.

Both schools welcome children from all backgrounds, regardless of race, creed or religion. Criteria for admissions can be obtained direct from the schools or their websites.

Achievements in the Year

Throughout the year various changes were made to the operation of the schools to ensure safe working for staff and pupils. When schools were closed for the second time, the experienced gained in the first lock down in 2020 resulted in the continued delivery of a high standard of teaching and learning. Although some aspects of school life continued to be limited after the return in the summer term 2021, every effort was made to provide as normal an educational experience as possible.

The total number of pupils at the College remains high: admission into academic year 2021/22 is 1093 pupils at Wellington College and 385 at Eagle House.

Specific achievements against the Charitable Objectives include:

• Fundraising to bring children from more varied backgrounds to Wellington has developed further in the year. In the course of the year over £5m of donations were received.

• The Festival of Education in June 2021 was run as an online event and attracted a very wide range of speakers from across the education sector. Over 18,000 people registered to attend at least one of the sessions.

• ����������������������������������������������������������������������������������������������� category. Over 4 candidates pre-test for every place at Year 9 entry, with greater competition for sixth form entry.

• The College continues to attract excellent staff at newly qualified and experienced levels.

• The limitations imposed on the opening of new schools in China has been balanced by the confirmation of an agreement with a school operator in India.

• Planning permission for an 18[th] boarding house has been gained. This will enable the College to reach its goal of a 50:50 balance between girls and boys among its pupils.

Grant-making policy

The availability of all awards for fee-assistance is found on our website at www.wellingtoncollege.org.uk.

Economic uncertainty has continued to affect a number of parents this year. We have continued an instalment scheme which allows parents to spread the termly fees over a number of instalments. Additional remission funding was made available to parents who have suffered financially from the effect of the pandemic on their ability to pay fees.

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THE WELLINGTON COLLEGE GOVERNOR �� REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

Fee Remission

Remissions

New scholarships no longer automatically carry fee remission, but give access to means tested bursaries. The progress of pupils receiving scholarships is reviewed at least annually to ensure that their progress is in line with their abilities.

A feature of remissions in 2019-20 and 2020-21 was the addition of hardship awards to parents whose ability to pay fees had been hit by the economic effects of Covid 19. Over this period the College received donations of about £0.65m to provide financial assistance in this way. These funds have been deployed to help parents in the years 2019-20 and 2020-21.

There are 347 holders of awards in the schools. Of these 173 received some degree of fee remission representing 6.4% of gross fees. Fifteen pupils received full remission and a further twelve received 85% or more in remission. External funding covered £48k of fee remission. Remissions relating to the effect of Covid-19 on parental finances were made to twenty six pupils. Restricted funds paid £1,936k towards covering remissions and the balance of £991k was drawn from non restricted funds.

Foundationers

Included within the remissions noted above, Foundation awards have been made to four pupils in 202021, totalling £77k. The eligibility criteria for a Foundation award can be found on the College website.

Volunteers

A number of parents manage and operate a Charity Shop in the centre of the College during normal school term times which generates funds during the year for distribution to various charities chosen by the pupils. Although it has not been possible to run the Charity Shop this year the College is grateful for ������������������ support for this venture. Old Wellingtonians have continued to support the College and current pupils with fundraising and careers advice. The Eagle House Parents ������������������ continued to provide social and fundraising support for school projects.

Governance

������������������������������������������������������ r basis in order to ensure that it is compliant with any changes in legislation or guidance from the Charity Commission and that the available charitable �������������������������������������������������������������������������������������� .

Modern Slavery and Human Trafficking

������������������������������������������������������������������������������������������������������������ complies with the Modern Slavery Act has been prepared and will be available on the College website at www.wellingtoncollege.org.uk

Fundraising Policy

Wellington College has registered with the Fundraising Regulator. The Community Office ensures that the College complies with the Fundraising Preference Service (FPS), which became law in 2018. In addition, the Community Office ensures that it complies with the 1998 Data Protection Act (DPA).

All fundraising activities for the College are carried out by Community Office staff with assistance from the parents and pupils in the running of specific fundraising events. The College does not use professional fundraisers or have any commercial participators. All fundraising activities are managed by the Director of Development, with overall oversight by the members of the governing body.

No complaints relating to fundraising activities have been received during this financial period.

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THE WELLINGTON COLLEGE GOVERNOR �� REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The Governors intend that each of the school operating units within the Consolidated Charity, namely Wellington College and Eagle House School, should, if possible, aim to generate a cash surplus from all operational activities (including annual capex and contributions from Trusts to bursaries but excluding major projects) of at least 7% of net fee income. This currently gives a target for Wellington College of c £2.1m cash generation and £300,000 for Eagle House.

In the reporting year the College entity generated a total operating cash surplus (net incoming resources plus depreciation) of £4,065,000 or 10.6% of net fee income (2020: £6,949,000 or 17.3%). Eagle House produced an operating cash surplus of £762,000 or 12.5% of net income (2020: £777,000 or 13.2%). The overall net incoming resources of the Consolidated Charity, including its trading companies, were a deficit of £961k (2020: surplus £7,887k), which after net investment gains of £12,272k (2020: £1,275k), gave a net increase in funds of £11,311k (2020: £9,162k), in the year.

The financial results of the school operations were adversely affected by the move of the schools to online provision for part of the Lent term, the discount given to parents and the additional virus security measure that were in place for the whole year.

During the year WCE made a loss of £581k as a result of the effects of Covid-19 restrictions on its operations. The College has covered this loss. In 2020 WCE the College covered WCE losses of £121k.

Wellington College International received the payments of franchise fees from Wellington schools in China and Thailand during 2021. A profit of £2,369k (2020: £2,525k) was generated in 2021 of which £2,369k was donated to College.

Designated Funds

The Charity currently holds £5,474,000 of designated funds. The largest element, £4,107,000, is the accumulated profits of Wellington College Enterprises and Wellington College International which have been gifted to the College and the profits are designated for the support of the bursary and other College programmes. The non endowed portion of the Fisher Fund, which can be used for the permanent enhancement of the College or for bursaries, £895,000, is also held under this heading, as are the net asset value of the trading subsidiaries and the accumulated profit of the Advance Fee fund.

Investment Performance against Objectives

��������������������������������������������������������������������������������������������������� ��������������������������������������������������������������������������������������� Combined Trust Funds and Fisher Fund, is to maximise the total return with due respect for the risk; and of the Advanced Fees Scheme to match the return required in order to fund to maturity the profile of the related liability. In the year the Trusts distributed 4.4% of the average value of their assets over the last three years, after allowing for specific approved distributions.

Reserves Policy

Ideally the Consolidated Charity needs free reserves to enable it to meet its charitable obligations in the eventuality of an unexpected revenue shortfall. Free reserves are defined by the Charity Commission as unrestricted funds available to spend on the general purposes of the Charity and, therefore, exclude those restricted or designated for particular purposes and those already utilised in purchasing tangible fixed assets. The Governors believe that the level of reserves or facilities freely available in the Consolidated Charity (including its trading subsidiaries) for its general purpose should be up to the ���������������������������������������� (2021: £18,027k), subject to the continuing needs of the schools to develop and maintain their buildings and facilities at an appropriate level.

Page 12

THE WELLINGTON COLLEGE GOVERNOR � S REPORT FOR THE YEAR ENDED 31 JULY 2021

Reserves Policy continued

The consolidated free reserves position at 31 July 2021 was £14,515k (2020: £10,598k). This policy is reviewed annually by the Governors.

FUTURE PLANS

���������������������������������������������� 2020-2024, under its 15[th] Master, James Dahl, includes the following themes:

• ���������������������������������������������������������������������������������������������� most inspiring co-educational schools for boarding and day pupils. We wish to provide a transformative experience with a commitment to leadership, service and an international outlook;

• ����������������������������������������������� ility, Courage, Integrity and Kindness;

• � As well as academic excellence and the primacy of the classroom, core areas also include the arts and performance, community and service, international outlook, leadership for all, the wider Wellington family, pastoral care and warmth, sport, spirituality and well-being;

• Co-education and size: we believe that full co-education provides the ideal environment for both boys and girls in which to learn and flourish. Plans are being developed to move the school to 50/50 representation of boys and girls.

• A principal part of the development quest is to find funding for bursaries, for children from all backgrounds to attend Wellington College, irrespective of means.

Specific targets for the coming year include:

• Further embedding the Wellington College Values

• Continue to act as a leading example of public benefit programmes including by building on our Educational Grants initiative as well as the Prince Albert Foundation and other partnership activities.

• Exploring further international expansion in India and Malaysia.

• Achieve our cash generation targets to fund ongoing development of the estate and our offer.

• Gain Governor final approval for an additional boarding house as part of the move to 50/50 balance in co-ed

Page 13

THE WELLINGTON COLLEGE GOVERNOR �� REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021

ACCOUNTING AND REPORTING RESPONSIBILITIES

The Governors are responsible for preparing the Governors ����������������������������������������� accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

The law applicable to charities in England requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and the group, and of the incoming resources and application of resources of the charity and group for that period. In preparing these financial statements, the Governors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgments and accounting estimates that are reasonable and prudent;

• observe the methods and principles in the charities SORP;

• state whether applicable accounting standards have been followed, subject to any material 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 charitable company will continue to operate.

The Governors are responsible for ensuring that adequate accounting records are maintained that are sufficient to show and explain the charity ���������������������������������������������������������� accuracy at any time the financial position of the charity and the group, and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 ������������������������������������������������ . They are also responsible for safeguarding the assets of the charity and the group and ensuring their proper application in accordance with charity law, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Having reviewed the funding facilities available to the charity together with the expected ongoing demand for places at the schools and the ��������� future projected cash flows, the Governors have a reasonable expectation that the charity has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Approved by the Board of Governors of Wellington College on 10 December 2021 and signed on its behalf by:

William Jackson Vice President and Chairman

Page 14

Crowe U.K. LLP

Chartered Accountants Member of Crowe Global Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL, UK Tel [phone] Fax [phone] www.crowe.co.uk

���������������������������� TO THE GOVERNORS OF THE WELLINGTON COLLEGE

Opinion

We have audited the financial statements of the Wellington College for the year ended 31 July 2021 which comprise the Consolidated Statement of Financial Activities, the Balance Sheets (comprising Combined, Consolidated Charity and Schools), the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

������������������������������������������������������������������������������������������������������������ (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state ����������������������������������������������������������������������������������������������������������� other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to ������������������������������������������������������������������������������������������������������������ for the opinions we have formed.

In our opinion the financial statements:

• ��������������������������������������������������������������������������������������������������� ������������������������������������������������������������������������������������������������ 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 Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are ����������������������������������� responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in t ������������������������������������������������������������������������������������� 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 trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity'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.

Crowe U.K. LLP is a limited liability partnership registered in England and Wales with registered number OC307043. The registered office is at 55 Ludgate Hill, London EC4M 7JW. A list ���������������������������������������������������������������������������������������������������������������������������� insolvency practitioners in the firm are licensed in the UK by the Insolvency Practitioners Association. Crowe U.K. LLP is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Crowe U.K. LLP and its affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global.

Page 15

���������������������������� TO THE GOVERNORS OF THE WELLINGTON COLLEGE (CONTINUED)

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our au ����������������������������������������������������������������������������������������� information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the ��������������������

• sufficient accounting records have not been kept by the parent charity; or

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

• we have not received all the information and explanations we require for our audit

Responsibilities of trustees

������������������������������������������������������������������������������� page 14, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the ���������������� ������������������������������������������������������������������������������������������������������������� concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

��������������������������������������������������������������������

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole ���������������������������������������������������������������������������������������������������������� 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.

Page 16

���������������������������� TO THE GOVERNORS OF THE WELLINGTON COLLEGE (CONTINUED)

��������������������������������������������������������������������������������

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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the ����������������������������������������� www.frc.org.uk/auditorsresponsibilities. This description forms �����������������������������

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act, the Companies Act 2006 (for the subsidiaries), taxation legislation, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on ��������������������������������������������������������������������������������������������������������� ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity and the group for fraud. The laws and regulations we considered in this context were The Education (Independent School Standards) Regulations 2014, Safeguarding, GDPR and Health and Safety regulations.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of non fee income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Business and Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals and non fee income, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Page 17

���������������������������� TO THE GOVERNORS OF THE WELLINGTON COLLEGE (CONTINUED)

Crowe U.K. LLP Statutory Auditor

Reading

���e: 13 December 2021

Crowe UK LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 18

THE WELLINGTON COLLEGE

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021

Notes INCOME AND ENDOWMENTS FROM Charitable activities School fees receivable 4(a) Funding for WCAT operations Ancillary trading income 5 Other trading activities Non-ancillary trading 6 Non-charitable trading 7 Investments Investment income 8 Voluntary Sources Donations and capital grants Other (Expense)/Income 9 Total Income	Unrestricted Schools ����� 44,031 - 965 16 - 214 70 (41) 45,255	Designated ����� - - - - 4,896 260 - - 5,156	Restricted ����� - - - - - 249 2,483 - 2,732	Endowed ����� - - - - - - - - -	Consolidated Charity 2021 ����� 44,031 - 965 16 4,896 723 2,553 (41) 53,143	Combined 2020 ����� 43,346 5,247 1,913 100 5,808 1,147 6,797 7 64,365

Page 19

THE WELLINGTON COLLEGE

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021

Notes EXPENDITURE ON Charitable activities School operating costs and grant making 10 Raising funds Non-charitable trading 7 Fundraising costs Financing costs 13 Total expenditure 10 NET INCOME BEFORE GAINS Investment gains/(losses) Transfers between funds 11 Actuarial /(losses) on defined benefit pension schemes Transfer of WCAT to RWBAT INCOME/(EXPENDITURE) 12 Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Schools ����� 46,811 - 20 1,557 48,388 (3,133) 5,118 2,538 - - 4,523	Unrestricted 75,612 81,126	Designated ����� 700 2,798 - 234 3,732 1,424 1,097 (1,530) - - 991	Restricted ����� 1,539 - - 278 1,817 915 3,162 (1,008) - - 3,069 16,158 19,227	Endowed ����� - - - 167 167 (167) 2,895 - - - 2,728 18,038 20,766	Consolidated Charity 2021 ����� 49,050 2,798 20 2,236 54,104 (961) 12,272 - - - 11,311 109,808 121,119	Combined 2020 ����� 52,781 3,036 12 1,223 57,052 7,313 1,178 - 655 (27,942) (18,796) 128,604 109,808

All operations of the Consolidated Charity are continuing. Comparative year detail is shown in note 28. The notes on pages 24 to 52 form part of these accounts

Page 20

THE WELLINGTON COLLEGE

BALANCE SHEETS

31 JULY 2021

Notes FIXED ASSETS Buildings and equipment 14 Investments 15 CURRENT ASSETS Stocks Debtors 16 Cash at bank and in hand CREDITORS Amounts due within one year 17 NET CURRENT ASSETS TOTAL ASSETS LESS NET CURRENT ASSETS CREDITORS:Amounts falling due in more than one year 18 TOTAL NET ASSETS FUNDS Endowment Funds 22 Restricted Funds 23 Unrestricted Funds-Designated 24a Unrestricted Funds-Other 24b TOTAL FUNDS 21	Consolidated Charity ����� 2021 ����� 2020 62,985 62,494 74,865 63,022 137,850 125,516 783 696 1,013 477 29,816 29,898 31,612 31,071 (15,472) (13,520) 16,140 17,551 153,990 143,067 (32,871) (33,259) 121,119 109,808 20,766 18,038 19,227 16,158 5,462 4,471 75,664 71,141 121,119 109,808	Schools ����� 2021 ����� 2020 61,737 61,204 76,315 64,472 138,052 125,676 540 517 3,228 572 29,228 29,533 32,996 30,622 (17,058) (13,231) 15,938 17,391 153,990 143,067 (32,871) (33,259) 121,119 109,808 20,766 18,038 19,227 16,158 5,462 4,471 75,664 71,141 121,119 109,808

Approved and authorised to be issued by the Governors on 10 December 2021 and signed on their behalf by

W Jackson J Garvey

The notes on pages 24 to 52 form part of these accounts

Page 21

THE WELLINGTON COLLEGE CONSOLIDATED CASH FLOWS FOR THE YEAR ENDED 31 JULY 2021

Cash flows from operating activities Net movement in funds Depreciation Loss/(Profit) on sale of fixed assets Investment income Financing costs Net gain on investments (Increase) in stock (Increase)/Decrease in debtors Increase/(Decrease) in creditors Defined Benefit Pension costs less contributions Increase in final term deposits Cash provided by operating activities Cash flows from investing activities Payments to acquire fixed asset investments Proceeds from the sale of fixed asset investments Capital Grants received Payments to acquire tangible fixed assets Proceeds from the sale of tangible fixed assets Financing costs Transfer of WCAT net assets and reserves to RWBAT Investment income Cash (used in) investing activities Cash flows from financing activities Capital element of finance lease repayments Cash (used in)/provided by financing activities Advance Fee Scheme Amounts utilised and repaid Interest credited to advance fees Receipts from new contracts Cash (used in)/provided by advance fees Increase in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Analysis of cash and cash equivalents Cash at bank and in hand Cash awaiting investment	Consolidated Charity 2021 2020 ����� ����� 11,311 9,162 2,591 2,623 41 (7) (723) (1,147) 2,236 1,223 (12,272) (1,275) (87) (48) (536) 373 1,732 (613) - - 127 292 4,420 10,583 (5,713) (10,864) 6,756 5,166 - - (3,129) (2,399) 6 7 (2,236) (1,223) - - 723 1,147 (3,593) (8,166) (115) (109) (115) (109) (2,400) (3,488) 39 53 2,181 1,413 (180) (2,022) 532 286 30,227 29,941 30,759 30,227 29,816 29,898 943 329 30,759 30,227	Combined 2020 ����� (18,796) 3,354 (7) (1,147) 1,223 (1,178) (48) 151 (805) (655) 292 (17,616) (10,864) 5,166 28 (2,434) 7 (1,223) 26,964 1,147 18,791 (109) (109) (3,488) 53 1,413 (2,022) (956) 31,183 30,227 29,898 329 30,227

Charity law requires separate administration of the cash flows of endowed and other restricted funds of the Charity. This constraint has not adversely affected group cash flows as stated above.

The notes on pages 24 to 52 form part of these accounts .

Page 22

THE WELLINGTON COLLEGE CONSOLIDATED CASH FLOWS FOR THE YEAR ENDED 31 JULY 2021

Reconciliation of Net Debt

Consolidated Charity

Cash at bank Cash awaiting investment Total Cash Advance fees Borrowings due in more than one year Investments held for repayment of debt Finance Leases Total Debt Net Cash/(Debt)	Opening 1st August 2020 29,898 329 30,227 (3,269) (30,000) 28,087 (1,951) (7,133) 23,094	Debt/Finance Leases Repaid - - - - - - 115 115 115	Investment Value Movements - - - - - 4,521 - 4,521 4,521	Cash Flows (82) 614 532 180 - - - 180 712	Closing 31st July 2021 29,816 943 30,759 (3,089) (30,000) 32,608 (1,836) (2,317) 28,442

The Borrowings due in more than one year are the College loan notes due for repayment in 2059. The proceeds of the loan note are currently invested to provide funds for the ultimate redemption of the loan. This investment fund is controlled separately by the Governors.

Page 23

THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

1. CHARITY INFORMATION

The object of the College is the advancement of education (whether nationally or internationally) for the public benefit. The College meets this object through its primary aim of providing the College and by supporting, providing or assisting in the provision of other educational establishments or initiatives. The unincorporated charity incorporated under a Royal Charter dated 13th December 1853 (charity number 309093), is domiciled in the UK. The address of the registered office is Wellington College, Crowthorne, Berks RG45 7PU.

In April 2020 the sponsorship of WCAT was transferred to the Royal Wootton Bassett Academy Trust (RWBAT). In the comparative year the transactions of WCAT for the period September 2019 to March 2020 are included within these accounts, and the closing balance sheet at March 2020 was transferred to RWBAT. No balances relating to WCAT appear in the combined balance sheets presented in these accounts for the current year or prior year.

2. ACCOUNTING POLICIES

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and � Republic of Ireland (FRS 102) (effective 1 January 2016) Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The Wellington College meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

No separate SOFA or Income and Expenditure Account have been presented for the College alone as permitted by the Charities SORP (FRS 102).

The surplus of the Charity for the year (excluding Wellington College Enterprises Limited and Wellington College International Limited) was £11,334k (2019: £9,591k).

Having reviewed the funding facilities available to the Consolidated Charity together with the ���������������������������������������������������������������������������������������� have a reasonable expectation that the Consolidated Charity has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to operate the going concern basis in preparing the financial statements as outlined in the Statement of Accounting and Reporting Responsibilities on page 14.

b) Basis of consolidation

The Wellington College (TWC) has the power under its sponsorship agreement with the Wellington College Academy Trust (WCAT) (Company number 06457394) to appoint the governors of that body. As a consequence it is considered, under FRS 102, to have control of WCAT and therefore the financial results of WCAT have to be included in the accounts of TWC, though the assets of WCAT are not available to TWC and TWC is not responsible for the liabilities of WCAT. Since control of WCAT passed to Royal Wootton Bassett Academy Trust on April 1[st] 2020 the financial activities of WCAT are consolidated in the SOFA up to that date, and the assets on that date are shown being transferred out in the Consolidated cash flow statement.

Page 24

THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

b) Basis of consolidation (continued)

The following definitions have been adopted in these accounts:

Combined: WCAT and Consolidated Charity (defined below) combined Consolidated Charity: TWC and its trading subsidiaries Schools: the school operations of TWC and the College Trusts relating to them

The accounts of the Charity (Schools) comprise:

i) The Wellington College

ii) Its Funds

• a) Advance Fees

• b) The Combined Trust Funds

• c) The Fisher Fund

• d) The Prince Albert Foundation

iii) Eagle House

The results of the subsidiary trading companies are presented in the consolidated SOFA by disclosing the income and expenditure derived from their non-charitable trading activities separately from those of the Charity. A summary profit and loss account for the subsidiaries is included in note 7. The compan ���� assets and liabilities are included in the balance sheet on a line-by-line basis, in accordance with the SORP.

c) Fees receivable and similar income

Fees receivable, charges for services and use of premises are accounted for in the year in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions allowed by the College, but include contributions received from designated or restricted funds for scholarships, bursaries and other grants.

d) Donations

������������������������������������������������������������������������������������������������� ������������������������ hem from direct school income. Donations for purposes restricted by the wishes of the donor are taken to ��������������������������������������������� ally binding on the Governors. ���������������������������������������������������������������������������� ������������������������������������������ permanent or expendable according to the nature of the restriction.

e) Resources expended

Resources expended are accounted for on an accruals basis. Overheads and other costs not directly attributable to particular functional activity categories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the year, either by reference to staff time or space occupied, as appropriate. The irrecoverable element of VAT is included with the item of expense to which it relates.

Construction and repair costs, supplied to the College by its subsidiary, are capitalised or expensed and eliminated from consolidated trading income and expenditure.

Page 25

THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

e) Resources expended (continued)

Governance costs comprise the costs of running the charity, including strategic planning for its future development, also internal and external audit, any legal advice for the Governors, and all the costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability.

f) Fund accounting

Unrestricted Funds

��������������������������������������������������������������������

Unrestricted Funds � Designated

Designated unrestricted funds relate to funds which have been set aside for particular future expenditure.

Restricted Funds

Restricted funds are those which must be applied in accordance with the purpose specified by the donor. Expenditure relating to these purposes is charged directly to the fund.

Endowment Funds

Endowment funds consist of investments. The purpose to which that investment may be applied is restricted in accordance with the terms of the endowment trust.

g) Pension schemes

������������������������������������������������������������������������� (TPS) at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the school. In accordance with FRS 102 therefore, the scheme is accounted for as a defined contribution scheme. The Charity also contributes to a defined contribution scheme for its non-teaching staff at 11% of annual basic pay. Wellington College, Eagle House and Wellington College Enterprises all operate an auto-enrolment defined contribution scheme with a contribution rate of 5% (from April 2020) for staff who do not wish to join the main non-teaching staff scheme. Contributions to all schemes are charged in the SOFA as they become due in accordance with the rules of the schemes.

Retirement benefits to employees of the Academy Trust are provided by the Teachers' Pension Scheme ('TPS') and the Local Government Pension Scheme ('LGPS'). These are defined benefit schemes and the assets are held separately from those of the Academy Trust.

The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees' working lives with the Academy Trust in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a prospective unit credit method. As stated in note 26, the TPS is a multiemployer scheme and there is insufficient information available to use defined benefit accounting. The TPS is therefore treated as a defined contribution scheme for accounting purposes and the contributions are recognised in the period to which they relate.

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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

g) Pension schemes (continued)

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

h) Buildings and equipment

Capitalisation and replacement

The original College land and buildings are all listed properties and are carried at original cost. The Governors do not consider it appropriate to have these revalued.

Expenditure incurred in keeping the properties in a fit and useful condition is written off in the year it is incurred unless the subsequent expenditure provides an enhancement of economic benefits in excess of the previously assessed standard of performance, in which case it is capitalised. Items costing less than £1,000 are written off as an expense as acquired.

Depreciation

The original College buildings are not depreciated as the amounts involved would not be material. Freehold land and building work in progress are also not depreciated. Depreciation on other tangible fixed assets is provided at rates calculated to write off the excess of cost or valuation over estimated residual value over their estimated useful economic lives as follows:

Buildings, improvements and extensions	2% - 10% per annum on cost
Leasehold buildings, and improvements	2% - 10% per annum on cost
Furniture and equipment	10% - 33% per annum on cost
Computer equipment	25% - 33% per annum on cost
Motor vehicles	25% per annum on cost

i) Investments

Listed investments are carried at their mid-market value at the balance sheet date without the deduction of estimated future selling costs. Fair value for investments, such as private equity funds which have no readily identifiable market value are valued at the net asset value estimated by the investment managers. Investment in the subsidiary undertakings is carried at cost.

Investment gains and losses are recognised in the Statement of Financial Activities in the period in which they arise and are applied to the individual funds based on the opening capital balances of each fund.

j) Stock

Stock is carried at the lower of cost and net realisable value.

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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

k) Leased assets

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet and are depreciated over their useful economic lives. The interest element of these leases is charged to the statement of financial activities account over the lease period. The capital element of the future payments is treated as a liability. Operating leases are accounted for on an accruals basis throughout the life of the lease.

l) Advance Fee Scheme Payments

Amounts received under the ��������� Advance Fee Scheme contracts for education not yet utilised to settle school fees are recorded as deferred income and allocated as current liabilities where the education will be provided within 12 months from the reporting date and as longterm liabilities where the education will be provided in subsequent years .

m) �����������������

The Governors have reviewed the contract terms under which Pupil fee deposits are held by the School. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the school, pupils can leave at earlier dates. The School does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at 31 July 2021 have been included within current liabilities. The prior year Pupil fee deposits balance has been similarly represented.

n) Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

o) Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

p) Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

q) Financial Instruments

The College only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. The basic financial instruments are held at amortised cost and at fair value depending upon their respective nature. See Note 27 for further information.

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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

3. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

������������������������������������������������������������������������������������������������� are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

The trustees consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty.

4. SCHOOL FEES RECEIVABLE

(a)Fees receivable consist of: Gross fees Less: Total bursaries, grants and allowances Add back scholarships, grants etc. paid for by Trust Funds (b) Total grants and awards paid for by Trust Funds consist of: Scholarships, grants etc. Individual awards	2021 ����� 46,124 (4,029) 42,095 1,936 44,031 850 1,086 1,936	2020 ����� 45,043 (3,240) 41,803 1,543 43,346 850 693 1,543

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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

5. ANCILLARY TRADING INCOME

Consolidated Charity Entrance and registration fees Income from school trips Wellington College Academy Trust Catering Income Other Income Combined Total 6. NON ANCILLARY TRADING INCOME Lettings Easter courses Other	2021 ����� 679 286 965 - - - 965 2021 ����� (47) - 63 16	2020 ����� 643 964 1,607 149 157 306 1,913 2020 ����� 57 (14) 57 100

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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

7. NON � CHARITABLE TRADING:

a) Wellington College Enterprises Limited

The College owns the entire share capital of Wellington College Enterprises Limited (a company incorporated in England and Wales, company number 01259773), which provides leisure and construction services. It pays its taxable profits under Gift Aid to the College.

Turnover Other income Total Turnover Administration costs Finance costs Transfers between funds Operating and net profit Corporation tax payable College support Loss/profit transferred to reserves	2021 ����� 1,169 - 1,169 (1,608) - (122) (561) (20) 581 -	2020 ����� 2,171 1 2,172 (2,178) (3) (111) 120 - 120 -

At 31 July 2021 the total assets of the subsidiary were £1,851k (2020: £1,842k) , total liabilities £421k (2020: £412k) and shareholders � funds £1,430k (2020: £1,430k). The aggregate noncharitable trading income and costs from the subsidiary included intra-group trading which are eliminated on consolidation, of £164k and £122k respectively (2020: £88k and £111k).

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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

7. NON � CHARITABLE TRADING: (CONTINUED)

b) Wellington College International Limited

The College owns the entire share capital of Wellington College International Limited, (a company incorporated in England and Wales, company number 06578707) which manages the setting up of Wellington schools abroad. It pays its taxable profits under Gift Aid to the College.

Turnover Bank Interest Received Total Turnover Administration costs Transfers between funds Operating and net profit Corporation tax payable Gift aid (Loss)/profit transferred to reserves	2021 ����� 3,891 1 3,892 (1,147) (364) 2,381 (12) (2,369) -	2020 ����� 3,724 4 3,726 (847) (356) 2,525 - (2,525) -

At 31 July 2021 the total assets of the subsidiary were £591k (2020: £166k), total liabilities £571k (2020: £146k) and shareholders � funds £20k (2020: £20k). The aggregate non-charitable trading costs of the subsidiary included intra-group trading which is eliminated on consolidation, of £364k (2020: £356k).

c) Dormant Companies

The Wellington College Limited (a company incorporated in England and Wales) The company was formed to protect the name of the College. The company did not trade in the year.

Wellington College International (India) Limited (a company incorporated in England and Wales) Wellington College International (Russia) Limited (a company incorporated in England and Wales)

These companies were formed to investigate international development opportunities in the respective territories named. They did not trade in the year.

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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

8. INVESTMENT INCOME

Consolidated Charity Listed investments Bank interest received Wellington College Academy Trust Other investment income Combined Total 9. OTHER INCOME (Loss)/Profit on disposal of fixed assets 10. ANALYSIS OF EXPENDITURE Staff costs ����� Charitable activities Teaching costs 16,928 Welfare 2,742 Premises 1,458 Support costs 3,150 ���������������������� 24,278 Grants, awards and prizes - 24,278 Raising funds Fundraising and publicity - Finance and other costs - TOTAL FOR SCHOOLS 24,278 Trading subsidiaries 1,245 TOTAL FOR CONSOLIDATED CHARITY 25,523 Wellington College Academy Trust - TOTAL COMBINED 25,523	Depreciation ����� - - 442 2,101 2,543 - 2,543 - - 2,543 48 2,591 - 2,591	2021 2020 ����� ����� 625 987 98 160 723 1,147 - - 723 1,147 2021 2020 ����� ����� (41) 7 2021 2020 Other Total Total ����� ����� ����� 3,561 20,489 20,391 4,444 7,186 5,914 10,617 12,517 12,548 1,365 6,616 6,028 19,987 46,808 44,881 2,242 2,242 1,745 22,229 49,050 46,626 20 20 12 2,236 2,236 1,223 24,485 51,306 47,861 1,505 2,798 3,036 25,990 54,104 50,897 - - 6,155 25,990 54,104 57,052

Included within support costs are governance costs of £61k (2020 £77k).

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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

10 ANALYSIS OF EXPENDITURE (CONTINUED)

Prior Year Charitable activities Teaching costs Welfare Premises Support costs ���������������������� Grants, awards and prizes Raising funds Fundraising and publicity Finance and other costs TOTAL FOR SCHOOLS Trading subsidiaries TOTAL FOR CONSOLIDATED CHARITY Wellington College Academy Trust TOTAL COMBINED Analysis of Payroll Costs Wages and salaries Social Security insurance costs Pension costs	Staff costs Depreciation ����� ����� 16,159 - 2,507 - 1,400 246 3,097 2,322 23,163 2,568 - - 23,163 2,568 - - - - 23,163 2,568 1,435 55 24,598 2,623 4,081 732 28,679 3,355 Combined 2021 2020 ����� ����� 20,432 22,942 2,072 2,303 3,019 3,434 25,523 28,679		2020 Other Total ����� ����� 4,232 20,391 3,407 5,914 10,902 12,548 609 6,028 19,150 44,881 1,745 1,745 20,895 46,626 12 12 1,223 1,223 22,130 47,861 1,546 3,036 23,676 50,897 1,342 6,155 25,008 57,052 Consolidated Charity 2021 2020 ����� ����� 20,432 19,745 2,072 2,012 3,019 2,841 25,523 24,598

The average number of employees in the year in the Combined entity was 664 (2020: 835) of which 212 (2020: 277) were teaching staff. WCAT employees have been included for eight months of the year in the comparative year figures.

Neither the Governors of the Consolidated Charity nor persons connected with them received any remuneration or other benefits from the Consolidated Charity or any connected organisation. During the year, 1 Governor of the Consolidated Charity was reimbursed travel expenses totalling £101 (2020: 6 Governors were reimbursed £1,186) .

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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

10 ANALYSIS OF EXPENDITURE (CONTINUED)

The number of employees of the Combined entity whose emoluments exceeded £60,000 was:

	2021	2020
	No.	No.
£60,000 - £70,000	32	22
£70,000 - £80,000	17	11
£80,000 - £90,000	6	1
£90,000-£100,000	4	3
£100,000-£110,000	-	1
£110,000 - £120,000	2	2
£120,000 - £130,000	1	-
£200,000-£210,000	-	1
£240,000-£250,000	1	-
£270,000-£280,000	-	1
£280,000-£290,000	1	-

In connection with these higher paid employees, retirement benefits are accruing under defined contribution schemes for 13 employees (2020: 10) and under multi-employer defined benefit schemes for 50 employees (2020: 34). For the people accruing benefits under the defined contribution scheme the total employer contributions were £91,034 (2020: £75,414).

Key management personnel in the Combined entity received aggregate remuneration of £1,985k (2020 £1,787k).

Termination payments made to staff came to £nil in 2020 (2020 £ nil).

11. TRANSFERS

The amount transferred between funds can be analysed as follows:

Rents and leases WCI/WCE Management charges Transfer of Donations/Reclassification Total Consolidated Charity	Unrestricted ����� (52) 1,218 12 1,360 2,538	Unrestricted Designated ����� 52 (1,218) - (364) (1,530)	Restricted ����� - - (12) (996) **(1,008) **	Endowed ����� - - - - -

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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

12. NET INCOME/(EXPENDITURE)

	2021	2020
This is stated after charging/(crediting)	�����	�����
Loss/(Profit) on disposal of fixed assets	41	(7)
����������������������
For audit	57	52
For other services	9	11
Payments under operating leases
For land and buildings	-	-
For plant and machinery	397	515
Amounts credited to advance fee contracts	39	53

Audit fees (inclusive of VAT) for the Schools audit were £40,380 (2020: £39,210).

13. FINANCING COSTS

Investment manager charges Bank charges Interest Financing costs	2021 ����� 1,094 12 1,130 2,236	2020 ����� 51 23 1,149
		1,223

In February 2019 the College issued a £30m loan note to Pricoa which is repayable in 2059. The interest rate is 3.3%.

A change to the method of charging for investment services was agreed with Partners Capital which allows for the disclosure of all charges made within the investments. These charges had previously been reflected in the net asset value. The figure for 2021 includes £157k of charges which relate to 2020. This information was not available at the completion of the accounts for 2020.

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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

14. TANGIBLE FIXED ASSETS

CONSOLIDATED CHARITY Cost 1 August 2020 Additions Reclassifications Disposals 31 July 2021 Depreciation 1 August 2020 Charge for the year Disposals 31 July 2021 Net book values 31 July 2021 1 August 2020	Assets in the course of construction ����� 1,946 683 (1,946) - 683 - - - - 683 1,946	Freehold land and buildings ����� 81,056 2,106 1,946 (124) 84,984 23,462 2,131 (77) 25,516 59,468 57,594	Furniture and equipment ����� 7,762 290 - (215) 7,837 4,831 421 (215) 5,037 2,800 2,931	Motor vehicles ����� 582 50 - (15) 617 559 39 (15) 583 34 23	Total ����� 91,346 3,129 - (354) 94,121 28,852 2,591 (307) 31,136 62,985 62,494

At 31 July 2020 the net book value of furniture and equipment includes an amount of £1,957,495 in respect of assets held under finance leases ( 2020:£2,031,597 ). The depreciation charge for the year on these assets was £74,101 ( 2020:£74,100 ).

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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

14. TANGIBLE FIXED ASSETS (CONTINUED)

SCHOOLS Cost 1 August 2020 Additions Reclassifications Disposals 31 July 2021 Depreciation 1 August 2020 Charge for the year Disposals 31 July 2021 Net book values 31 July 2021 1 August 2020	Assets in the course of construction ����� 1,946 683 (1,946) - 683 - - - - 683 1,946	Freehold land and buildings ����� 79,442 2,105 1,946 (124) 83,369 23,083 2,101 (76) 25,108 58,261 56,359	Furniture and equipment ����� 7,383 285 - (215) 7,453 4,507 403 (215) 4,695 2,758 2,876	Motor vehicles ����� 582 51 - (15) 618 559 39 (15) 583 35 23	Total ����� 89,353 3,124 - (354) 92,123 28,149 2,543 (306) 30,386 61,737 61,204

At 31 July 2020 the net book value of furniture and equipment includes an amount of £1,957,495 in respect of assets held under finance leases

( 2020:£2,031,597 ). The depreciation charge for the year on these assets was £74,101 ( 2020:£74,100 ).

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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

15. INVESTMENTS

Investments at 1 August Additions Disposals Revaluations Investments at 31 July Cash awaiting re-investment Total Investments 31 July Listed on the Stock Exchange Investment in subsidiaries Cash deposits	Consolidated Charity 2021 2020 ����� ����� 62,693 55,720 5,713 10,864 (6,756) (5,166) 12,272 1,275 73,922 62,693 943 329 74,865 63,022 73,922 62,693 - - 943 329 74,865 63,022	Schools 2021 2020 ����� ����� 64,143 57,170 5,713 10,864 (6,756) (5,166) 12,272 1,275 75,372 64,143 943 329 76,315 64,472 73,922 62,693 1,450 1,450 943 329 76,315 64,472

The Charity carries investments at cost of £1,430,000 in Wellington College Enterprises Limited, £20,000 in Wellington College International Limited, £1 in Wellington College International (Russia) Limited, £1 in Wellington College International (India) Limited and £1 in The Wellington College Limited all of which represent 100% of the issued share capital.

UK Overseas Cash-UK Investments at 31 July	Consolidated Charity and Schools 2021 2020 ����� ����� 49,107 41,397 24,815 21,296 943 329 74,865 63,022	Consolidated Charity and Schools 2021 2020 ����� ����� 49,107 41,397 24,815 21,296 943 329 74,865 63,022
		63,022

Investments which comprise more than 5% of total market value of investments:

	2021	2020
Partners Master Portfolio C	51.7%	60.5%
Partners Phoenix II	7.1%	8.5%
Partners Greyhawk Fund	12.0%	11.2%
Partners Harrier Fund	6.2%	6.8%

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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

16. DEBTORS

Fees and trade debtors Due from group entities Other debtors/accrued income Prepayments	Consolidated Charity 2021 2020 ����� ����� 331 36 - - 196 144 486 297 1,013 477	Schools 2021 2020 ����� ����� 124 29 2,461 153 184 141 459 249 3,228 572

17. CREDITORS: Amounts falling due within one year

Lease creditors (see note 20) Due to Group entities Fees received in advance Trade creditors Taxation and social security Entrance fees Other creditors and accruals Advance fees: Deferred Income(see note 19)	Consolidated Charity 2021 2020 ����� ����� 121 115 - - 1,115 466 2,006 1,818 626 579 4,380 4,253 5,291 4,443 1,933 1,846 15,472 13,520	Schools 2021 2020 ����� ����� 121 115 2,216 250 1,115 466 1,858 1,676 572 559 4,380 4,253 4,863 4,066 1,933 1,846 17,058 13,231

A 40 year loan note for £30m was issued to Pricoa on February 11[th] 2020 at a rate of 3.3% for repayment in February 2059.

The maturity of the loans included within creditors is summarised below for Combined, Consolidated Charity and Schools.

After 5 years Within 2 to 5 years Within 1 to 2 years Within 1 year	2021 ����� 30,000 - - 30,000 - 30,000	2020 ����� 30,000 - - 30,000 - 30,000
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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

18. CREDITORS: Amounts falling due after more than one year

Consolidated Charity 2021 ����� Loan note due 2059 30,000 Finance Leases (note 20) 1,715 Advance fees: Deferred Income (note 19) 1,156 32,871	Schools 2020 2021 ����� ����� 30,000 30,000 1,836 1,715 1,423 1,156 33,259 32,871	2020 ����� 30,000 1,836 1,423 33,259

19. DEFERRED INCOME-ADVANCE FEE PAYMENTS

Parents may enter into a contract to pay tuition fees in advance. The money may be returned subject to specific conditions on the receipt of one t �������������� Assuming pupils remain at the College, advance fees will be applied as follows:

After 5 years Within 2 to 5 years Within 1 to 2 years Within 1 year	2021 ����� - 463 693 1,156 1,933 3,089	2020 ����� 98 755 570
		1,423 1,846
		3,269

The balance of the fund represents the accrued liability under the contracts. The movements during the year were:

Balance at 1 August New contracts Amounts accrued to contracts Amounts utilised in payment of fees Balance at 31 July	2021 ����� 3,269 2,181 39 5,489 (2,400) 3,089	2020 ����� 5,290 1,413 53
		6,756
		(3,487)
		3,269

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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

20. LEASE CREDITORS

Net obligations are payable as follows:

Within one year In 2 to 5 years In more than 5 years	Consolidated Charity 2021 2020 ����� ����� 121 115 549 522 1,166 1,314 1,836 1,951	Schools 2021 2020 ����� ����� 121 115 549 522 1,166 1,314 1,836 1,951

21. ALLOCATION OF THE GROUP NET ASSETS

The net assets are held for the various funds and advance fees as follows:

Current Year Endowment funds Restricted funds Unrestricted funds: Other designated funds Other (Schools) Advance fee (designated) Consolidated Charity total Prior Year Endowment funds Restricted funds Unrestricted funds: Other designated funds Other (Schools) Advance fee (designated) Consolidated Charity total	Fixed Assets ����� - - 1,248 61,737 62,985 - 62,985 Fixed Assets ����� - - 1,289 61,205 62,494 - 62,494	Investments ����� 18,149 16,816 3,470 34,491 72,926 1,939 74,865 Investments ����� 14,859 14,115 2,789 29,653 61,416 1,606 63,022	Net Current Assets/(Liabilities) ����� 2,617 2,411 272 11,151 16,451 (311) 16,140 Net Current Assets/(Liabilities) ����� 3,179 2,043 270 12,119 17,611 (60) 17,551	Long Term Liabilities ����� - - - (31,715) (31,715) (1,156) (32,871) Long Term Liabilities ����� - - - (31,836) (31,836) (1,423) (33,259)	Total ����� 20,766 19,227 4,990 75,664 120,647 472 121,119 Total ����� 18,038 16,158 4,348 71,141 109,685 123 109,808

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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

22. ENDOWMENT FUNDS

Current Year Foundation Capital Other Trusts: Fisher Fund Scholarships, Bursaries Prizes and other funds Consolidated Charity Total	Balance 1 August 2020 ����� 2,511 7,279 7,749 499 18,038	Income ����� - - - - -	Expenditure ����� - - - - -	Transfers and Investment Gains ����� 409 978 1,183 158 2,728	Balance 31 July 2021 ����� 2,920 8,257 8,932 657 20,766

The Foundation Capital represents the original endowment to provide education to children of deceased commissioned service officers under the terms of the Royal Charter of 1853, as subsequently amended.

The Fisher incorporates the Heritage Fund. The rules which were set up by the Governors in 1992 for the Heritage Fund were rescinded and the combined fund will be used primarily for remission support.

The other special trusts consist of a number of individual trust and prize funds set up by individual donors for scholarships, prizes and bursaries.

The Foundation and other special trusts are pooled for investment, are allocated their proportion of investment income and gains and losses and bear their own expenses.

Prior Year Foundation Capital Heritage Fund Other Trusts: Fisher Endowment Scholarships, Bursaries Prizes and other funds Consolidated Charity Total	Balance 1 August 2019 ����� 2,584 3,009 3,958 7,832 854 18,237	Income ����� - - - - - -	Expenditure ����� - - - - - -	Transfers and Investment Gains ����� (73) (3,009) 3,321 (83) (355) (199)	Balance 31 July 2020 ����� 2,511 - 7,279 7,749 499 18,038

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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

23. RESTRICTED FUNDS

Current Year Foundation Endowment Other Trusts: Finnis Trust Fisher Fund Scholarships, Bursaries Prince Albert Society Prizes and other funds Development Building Projects Eagle House Consolidated Charity Prior Year Foundation Endowment Other Trusts: Finnis Trust Fisher Fund Scholarships, Bursaries Prince Albert Society Prizes and other funds Development Building Projects Eagle House Consolidated Charity	Balance 1 August 2020 ����� 322 250 32 5,476 8,705 1,294 2 77 - 16,158 Balance 1 August 2019 ����� 321 247 - 5,794 3,312 276 2 77 7 10,035	Income ����� 38 3 6 171 - 31 2,482 1 - 2,732 Income ����� 114 10 32 487 - 99 6,734 3 - 7,479	Expenditure ����� (77) - (4) (1,086) (432) (216) (2) - - (1,817) Expenditure ����� (104) - - (598) (307) (135) (2) - - (1,146)	Transfers and Investment Gains/ (Losses) ����� 309 40 4 1,053 2,865 342 (2,472) 13 - 2,154 Transfers and Investment Gains/ (Losses) ����� (9) (7) - (207) 5,700 1,054 (6,732) (2) (7) (210)	Balance 31 July 2021 ����� 592 293 38 5,614 11,138 1,451 10 91 - 19,227 Balance 31 July 2020 ����� 322 250 32 5,476 8,705 1,294 2 77 - 16,158

These include the income reserves on each of the Endowed Capital funds plus other scholarship and bursary funds.

The Prince Albert Foundation receives donations directed at the provision of life changing bursaries for pupils who would not otherwise be able to attend the College.

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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

24a. UNRESTRICTED FUNDS-DESIGNATED

Current Year Advance fee income Fisher/Heritage Fund Entry Bursary Fund Schools total �����������������reserves Consolidated Charity Total Prior Year Advance fee income Heritage Fund Entry Bursary Fund Schools total Trading���������� reserves Consolidated Charity Total	Balance 1 August 2020 ����� 123 881 3,467 4,471 - 4,471 Balance 1 August 2019 ����� 51 975 3,160 4,186 - 4,186	Income ����� 57 157 46 260 4,896 5,156 Income ����� 17 32 124 173 5,813 5,986	Expenditure ����� (70) (260) (604) (934) (2,798) (3,732) Expenditure ����� (53) (170) (463) (686) (3,036) (3,722)	Transfers and Investment Gains/ (Losses) ����� 362 117 1,186 1,665 (2,098) (433) Transfers and Investment Gains/ (Losses) ����� 108 44 646 798 (2,777) (1,979)		Balance 31 July 2021 ����� 472 895 4,095 5,462 - 5,462 Balance 31 July 2020 ����� 51 881 3,467 4,471 - 4,471

Designated funds include the non endowed portion of the Fisher/Heritage Fund; and the reserves of the Advance Fee Fund, Wellington College Enterprises Limited and Wellington College International Limited.

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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

24b. UNRESTRICTED FUNDS � OTHER

Current Year Retained Income- Consolidated Charity Total Prior Year Retained Income- Consolidated Charity Total	Balance 1 August 2020 ����� 71,141 Balance 1 August 2019 ����� 68,188	Incoming Resources ����� 45,255 Incoming Resources ����� 45,319	Resources Expended ����� (48,388) Resources Expended ����� (45,995)	Transfers and Investment Gains ����� 7,656 Transfers and Investment Gains ����� 3,629	Balance 31 July 2021 ����� 75,664 Balance 31 July 2020 ����� 71,141

25 CONTRACTS AND COMMITMENTS

At 31 July 2021 there were capital commitments of £ nil (2020: £1,758,631).

At 31 July 2021 a number of major maintenance projects were in progress. The committed expenditure required to complete these projects was £359,000.

At 31 July 2021 the Consolidated Charity had future minimum lease payments under non-cancellable operating leases as follows:

Expiring in: In less than one year Between two and five years Between five and ten years	Land and Buildings 2021 2020 ����� ����� - - - - - - - -	Plant and Machinery 2021 2020 ����� ����� 245 281 339 222 - 3 584 506	Plant and Machinery 2021 2020 ����� ����� 245 281 339 222 - 3 584 506
			506

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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

26. PENSION COSTS

Consolidated Charity

a) �����������������������������������������

The School �������������������������������������������������������������������������������������������� charge for the year includes contributions payable to the TPS of £2,292,721 (2020: £2,116,969) and at the year-end £278,211 (2020 - £260,174) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by ����������������������� ��������������������������������������������������������������������������������������������� Members ������������������������������������������������������������������������������������������������������������� Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

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

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

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

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the ����������������������������������������������������� and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following the public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for the 2020 valuations.

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

Until the cost cap mechanism revision is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

26. PENSION COSTS (continued)

b) Non teaching staff Defined Contribution Scheme

The school also runs a defined contribution scheme for its non- ��������������������������������������������������� scheme during the year ended 31 July 2021 were £524,624 (2020: £540,533) at the rate of 11% of gross salary.

Wellington College, Eagle House and Wellington College Enterprises all operate an auto-enrolment defined contribution scheme for staff who do not wish to join the main non-teaching staff scheme. Contributions to this scheme were £201,489 in the year (2020: £183,709) at the rate of 5% of gross salary.

Total outstanding contributions for non-teaching schemes at the year end were £nil (2020: nil).

c) Wellington College Academy Trust

The Academy Trust's employees belong to two principal pension schemes: the Teachers' Pension Scheme England and Wales (TPS) for academic and related staff; and the Local Government Pension Scheme (LGPS) for nonteaching staff, which is managed by Wiltshire Council. Both are defined-benefit schemes.

The pension costs are assessed in accordance with the advice of independent qualified actuaries. The latest actuarial valuation of the TPS related to the period ended 31 March 2014 and of the LGPS 31 March 2016.

The cost of contributions for the period September 2019 to March 2020 are included in the statement of Financial Activity on pages 18-19. There were no outstanding or prepaid contributions at either the beginning or the end of the financial year and no funding liabilities to be included in the closing balance sheet.

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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

27. FINANCIAL INSTRUMENTS

Consolidated Charity Financial assets measured at amortised cost Financial liabilities measured at amortised cost Financial assets measured at fair value The����������������������income expense gains and losses in respect of financial instruments are summarised below Total income for financial assets held at amortised cost Total income for financial assets held at fair value Total interest expense for financial liabilities held at amortised cost Schools Financial assets measured at amortised cost Financial liabilities measured at amortised cost Financial assets measured at fair value The��������income expense gains and losses in respect of financial instruments are summarised below Total income for financial assets held at amortised cost Total income for financial assets held at fair value Total interest expense for financial liabilities held at amortised cost	2021 2021 £000 31,286 43,515 73,922 94 723 1,130 2021 £000 32,842 45,153 73,922 93 723 1,130	2020 2020 £000 30,408 42,465 62,693 139 1,147 1,223 2020 £000 30,160 41,922 62,693 102 1,142 1,149

Financial assets measured at amortised cost comprise fee and trade debtors, amounts owed by group undertakings, other debtors and cash and cash equivalents less prepayments and VAT debtors,

Financial assets measured at fair value comprise listed investments.

Financial liabilities measured at amortised cost comprise bank loans, amounts owed to group companies, net obligations under finance leases and hire purchase contracts, trade creditors, other creditors and accruals less deferred income.

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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

28. STATEMENT OF FINANCIAL ACTIVITIES: COMPARATIVE YEAR DETAIL

Year to July 2020 INCOME AND ENDOWMENTS FROM Charitable activities School fees receivable Funding for school operations Ancillary trading income Other trading activities Non-ancillary trading Non-charitable trading Investments Investment income Voluntary Sources Donations and capital grants Other Income Total Income	Unrestricted Schools ����� 43,346 - 1,607 100 - 231 28 7 45,319	Designated ����� - - - - 5,808 178 - - 5,986	Restricted ����� - - - - - 738 6,741 - 7,479	Endowed ����� - - - - - - - - -	Consolidated Charity ����� 43,346 - 1,607 100 5,808 1,147 6,769 7 58,784	WCAT Restricted ����� - 5,247 306 - - - 28 - 5,581	Combined 2020 ����� 43,346 5,247 1,913 100 5,808 1,147 6,797 7 64,365

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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

Year to July 2020 EXPENDITURE ON Charitable activities School operating costs and grant making Raising funds Non-charitable trading Fundraising costs Financing costs Total expenditure NET INCOME BEFORE GAINS Investment (losses)/gains Transfers between funds Transfer of WCAT to RWBAT Actuarial gains/(losses) on defined benefit pension schemes NET INCOME/(EXPENDITURE) Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Schools ����� 44,881 - 12 1,102 45,995 (676) 905 2,724 - 2,953	Unrestricted 72,374 75,612	Designated ����� 620 3,036 - 66 3,722 2,264 72 (2,051) - 285	Restricted ����� 1,125 - - 21 1,146 6,333 265 (475) - 6,123 10,035 16,158	Endowed ����� - - - 34 34 (34) 33 (198) - (199) 18,237 18,038	Consolidated Charity ����� 46,626 3,036 12 1,223 50,897 7,887 1,275 - - 9,162 100,646 109,808	WCAT Restricted ����� 6,155 - - - 6,155 (574) (97) - (27,972) 655 (27,958) 27,958 -	Combined 2020 ����� 52,781 3,036 12 1,223 57,052 7,313 1,178 - (27,972) 655 (18,796) 128,604 109,808

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THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

29. RELATED PARTY TRANSACTIONS

The Academy Trust ceased to be a related party in March 2020. In the period from August 2019 to March 2020 it had transactions with the sponsor, Wellington College, relating to £39,727 in sales from the Academy to Wellington College and £nil in purchases by the Academy from Wellington College .

Donations of £nil were made by Wellington College to the Wellington College Academy Trust in the period August 2019 to March 2020.

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