Registered Charity Number: 309093 THE WELLINGTON COLLEGE ACCOUNTS AND REPORTS FOR THE YEAR ENDED 31 JULY 2024 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 The Wellington College Govemors are the charity trustees of The Wellington College (The Charity.). They all served office throughout the year except where indicaled. The list includes any subsequent changes prior to the date of signing these financial statements. No Govemor receives any remuneration or benefit from the Charity- W Jackson Vi¢e-President and Chairman ex officio.. The Duke of Wellington OBE, DL 1 The Rt .Hon the Lord Strathclyde CH, PC E Adekunle (appointed 1 September 2024) Lord K Billimoria R Dennis CBE 1 K Ferry (appointed 1 September 2024) J Garvey E Goldsmith 6 EMJudge' FAKirk46 Drc Marr35 Jmay, M Milliken-smith 15 E McKendrick 3 4 G Rhodes 34 H Stevenson 1 2 Sir C Tickell 16 'Nominations Committee 2 Business and Finance Committee 3 Education Committee 4 Pastoral & Safeguarding Committee 5 Social Responsibility and Community Committee fj Eagle House Steering Committee Page 1 THE WELLINGTON COLLEGE GOVERNOR'S REPORT FOR THE YEAR ENDED 31 JULY 2024 The day to day running of the schijols is delegated to the Master. the Headmaster, Bursars and Senior Management Teams. Key Management Personnel The Master JELDahl Eagle House Headmaster E Venables (from 1 September 2023) J Jones (from 1 January 2023 until 31 August 2023) Group Finance and Operations Director, Bursar S J Crouch Second Master Deputy Academic Deputy Co-curricular Director of the Bridge Deputy Pastoral Deputy Safeguarding Director of Admissions Director of Strategic Advancement Director of EDI and Social Responsibility C Henderson B Evans N Creed (from 1 September 2023) l Henderson T Wayman (from 1 September 2023) D Lynch P Mann (from 1 September 2023) M S Lindo N Charlier Addresses Wellington College Duke's Ride Crowthorne Bèrkshire RG45 7PU Wellington College Prep Sandhurst Berkshire GU47 8PH Websites wNw.wellin www.wellin tonGolle toncolle e.or re .or Bankers Barclays Bank plc 2 Churchill Place Canary Wharf London E14 5RB Solicitors Farrer and Co LLP 66 Lincoln's Inn Fields London WC2A 3LH Auditor Crowe UK LLP R+ Building 2 Blagrave Street Reading Berks RG11AZ Investment Advlsers Partners Capital 5, Young Stre8t London W8 5EH Page 2 THE WELLINGTON COLLEGE GOVERNOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 The Governors of Wellington College present their annual report for the year ended 31 July 2024 under the Charities Act 2011, together wilh the audited accounts for the year. The following definitions have been adopted in these accounts- Consolidated Charity.. TWC and its trading subsidiaries Schools: the school operations of TWC and the College Trusts relating to them REFERENCE AND ADMINISTRATIVE INFORMATION Wellington College is an independent co-educational boarding and day school providing education to boys and gir15 bel￿een the ages of 13 and 18 and, through Wellington College Prep (formerly Eagle House). 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$t Duke of Wellington and 15 registered with the Charity Commission under charity number 309093. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The 1853 Charter was followed by four supplementary Chariers. On 27 January 2006 the College was granted a new Royal Chartef consolidating these previous Charters. On 12 March 2008 a further amendrnent to the Charter was granted which permits the advancement of education intemationally 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 amendmenttothe Charterwas granted removing the age restriGtion for Govefnors. 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. Goveming Bodies The 2006 Charter vests the govemment 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 conseculive terms of five years. 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 submitted for Royal consent. When this has been given, candidates are then formally elecled by the Governors. Page 3 THE WELLINGTON COLLEGE GOVERNOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Recruitment and Training of Governors (continued) New members of the Goveming 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 Govemors 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 Wellington College Prep (fonnerly known as Eagle House} on a regular basi5, Wlth 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 are: i} Nominations Committee ii) Business & Finance Committee- with a subsidiary Investment Committee iii) Education Committee iv) Pastoral & Safeguarding Committee v) Public Benefit & Social Responsibility Committee Various governors take on a leading role in linking to various areas of College activities including Finance. Virginia Rhodes is the designated Govemor for Safeguarding in both Wellington College and Wellington College Prep (formerly known as Eagle House)- The Governors appoint the Master of the College who is charged with tts entire administration with the assistance of the BursarlCOO. who is also appointed by the Governors. and his Senior Management Team. The BursarlCOO is charged with the administration of the Charity. The Master and Bursar attend all meetings of the Governing Board and most committee meetings. A separate Clerk to the Govemors also attends meetings. The remuneration of the Master and the BursarlCOO is set by the Governors on appointment. and reviewed annually as a ￿sU11 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 inlo account the performance of eaGh person against their appraisal targets. The selection of the Headmaster of Wellington College Prep (fonnerly known as Eagle House) is made by the Wellington Govemors. The Headmaster of Wellington College Prep is charged with the day-to- day administration of that school and reports to the Master of the College The trading subsidiaries of the charity, Wellington College Services Ltd and Wellington College Educational Enterprises Ltd 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 lo the Business and Finance Committee at each of its meetings. Group Structure and Relationships The Charity has a wholly owned non-charitable subsidiary, Wellington College Services Ltd (WCS) whose business activities include construction and the provision of leisure and retail services. Profits are gift aided to the College's Trust Funds specifically to fund bursary awards. WCS made trading income of £367k in the year, which was gift alded to the College's Trust Funds (2023.. trading income of £496k). The Charity has a wholly owned non-charitable subsidiary, Wellington College Educational Enterprises Ltd which operates in the furtherance of the College's developments overseas. Profrts are gift aided to the College's Trust Funds. In 2024 this amounted to £2,889k (2023.- £3, 192k). Page 4 THE WELLINGTON COLLEGE GOVERNOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 The Wellington College Limited Is a dormant company, formed to protect the name of the College. Wcl Developments Limited (formerly Wellington College International (Russia) Limited) was formed to invastigate international development opportunities. It did not trade in the year and is domiant. 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 perfomiance 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 is used primarily for remission support. The Combined Trust Funds comprise trust and prize funds Set up by individual donors for scholarships. prizes and bursaries and also include the Foundation Capitsl which represents the original endowment to provide education to children of deceased commissioned service officers under the tenms 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. Risk Management The Govemors 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 estsblished throughout the year. A fom)al review of the Charity's risk management processes is undertaken on an annual basis. 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 extemal to the organisation Threats which impacl 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 matlers such as examination perfomiance 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 lo 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. Page 5 THE WELLINGTON COLLEGE GOVERNOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Clear aulhorisation 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 identtfied have been mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance thal 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 establishmenls or initiatives- andlor such other means as the Governors shall, in their absolute discretion, determine. Public Benefit- Aims and Intended Impact In meeting this Object, Wellington College aims to provide a world class education, both through slrong 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 Commission's 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 charty 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 Wellington College has a strong focus on its charitable objectives. These activities and Wellington's 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 the Wellington College Learning Alliance. 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.. a) run on a sound long term financial basis. Page 6 THE WELLINGTON COLLEGE GOVERNOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 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. c) able to attract and retain talented staff. Initiatlves In Support of the Charltable Objectlves and Publ1¢ Benefit The College runs several initiatives in support of its Charitable objects and public benefit. These include: Prlnce Albert Foundation A fully funded bursary scheme for pupils from backgrounds with limited financial mèans and educational opportunities. The scheme has 40 pupils as of September 2024. The scheme's purpose is to provide transformative opportunities pupils to who would othe￿ise face significant challenges in realising their potential. rather than to bring those who have already exhibited outstanding talents in individual areas to the College. Educational Grants Scheme The College has continued a scheme for schools and other educational institutions to apply for grants of up to £423,000 in 2023-24. Over Ihe reporiing period the following grants were made: Local Schools Fund grants made to 11 primary schools and 3 secondary schools. toialling £278.300. An important aspect of these grants is that the recipient schools have the freedom to decide how they will spend the money. One transfom)ational granl of £100,000 made to a secondary school to deliver its vison of improved outdoor and science education. including an alternative provision offer. £22,000 to the Berkshire Community Foundation, for onwards allocation in grants of up to £5,000 each to small charity and community groups working with children and young people across the county. A £22,000 collaboration wilh Oakwood Activity Centre to co-fijnd the provision of an adventure and team-building day for every year 7 pupil in eight local secondary schools. Wellington College Learning Alliance Wellington leads a partnership that brings 28 state schools into an active network of learning and sharing. The College co-ordinates a programme of events for students, ranging from academic extension to wellbeing and practical subjects such as applying to Oxbridge. Participating sGhools pay an annual fee of £250 to be part of the partnership. and in 2023-24 nearly 2,000 students took part in events. It also runs a programme of events and training for teachers and support staff in those schools. The Wellington College Learning Alliance comprises of iwo separate support strands, namely, the Teaching Alliance and the Student Alliance. The Teaching Alliance is our teacher-facing programme. We believe that to provide the very best education to all young people. we need to also ensure the same opportunities exist for teachers and support staff across our alliance schools. As a result of establishing meaningful relationships with colleagues across our alliance schools, impactful collaboration is developed. The Teaching AllianGe provides a number of opportunities inclLsding a relevant and research-informed CPLD programme, a wide variety of subject specific support groups and conferences, and our Educational Specialist Leaders programme. The Student Alliance is our student facing programme, provides students across our alliance schools with a wide variety of aspirational and developmental opportunities. These are often bespoke to cater best for the needs of the young people acfOSS our alliance of schools. The Student Alliance programme of events is reviewed at the end of each academic year and our alliance schools are consulted to help us to decide what should be available via the programme during the next academic year. Page 7 THE WELLINGTON COLLEGE GOVERNOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 As part ofthe Student Alliance, we also provide the Wheeler Programme. This has been running since 2016, and provides a select group of 24 students the opportunity to join a 5-year programme, designed to help each student become the best version of themselves. The programme meets each student where they are and aims to help these young people discover their 'why'. 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. Festival of Education Every year Wellington College hosts the Festival of Education - the biggest professional leaming event in secondary education in the UK, with over 5000 attendees. Wellington College provided 2000 free tickets for state schools. All other tickets for state schools were provided at significant discounts. 83 % of attendees were stste school teachers in 2024. Academies In April 2020, the Wellington College Academy Twst was merged into the Royal Wootton Bassett Academy Trust which has become the Ascend Learning Trust. Wellington College remains committed to ongoing collaborative support of The Wellington Academy. The Academy is part of the Wellington College Student Alliance. 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 as well as other fundraising events. Arts pupils within 29 state schools have benefited from the purchases made possible by a Wellington Arts Fund award of approximately £1,000 each. to enable better experiences in drama, dance, music and art. Other initiatives Wellington College continues to value the role of the Crowthome Trust within the local community. The Crowthorne Trust provides educational grants to young people living in the locality of Crowihorne, 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 yel more actively with its local community. In addition, in support of the local community within which Wellington is siluated, we donated £1,000 for food for a community lunch on Christmas day,. and £2,000 towards the cosls of staging the Crowthorne Carnival in July. Both the College and Wellington College Prep 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. Extemal access to the historic archives of the College for general academic research is being developed. Prlnclpal activities of the year The Charity's main activity has been to provlde education to boys and girls from the ages of 3 to 18 in its schools, Wellington College Prep {fomierly known as Eagle House School) and Wellington College. It also runs educational conferences and courses. and through its subsidiary, Wellinglon College Services Ltd, runs a Health & Fitness Club and associated activities, which are open to Page 8 THE WELLINGTON COLLEGE GOVERNOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 members of the public. Wellington College Educational Enterprises Ltd manages the development of overseas schools under license arrangements. This year, Wellington College averaged 1,100 (2023.- 1,097) pupils of whom approximately 79 % were boarders and 21 % were day pupils and 47°/o were girls. By 2024-25 we expect to have reached a 50.50 girl.boy ratio. The continued high number of visitors attending Visitors, Mornings, together with the level of registrations and interest in the school, provide Confiden￿ that the school will continue to operate at high numbers for the foreseeable future. For the 2024-25 Academic year we welcome the first 35 sixth form pupils into our newly built dedi¢ated sixth form boarding house. Elizabeth House. Another 35 will join in 2025-26 increasing our expected pupil numbers to 1.170. These additional sixth formers, alongside our existing sixth form students will be able to take advantage of our newly constructed sixth form centre. expected to open by the end of 2024. Furthermore we have constructed a new day house for our day boy pupils. which will be fully in use by the end of 2024. As part of a journey of closer alignment with Wellington College Eagle House has rebranded as Wellington College Prep from September 2024. Alwellington College Prep the numberof pupilsthrough the year averaged 363 (2023." 354) of whom 21 were boarders and 440/0 were girls. Both schools welcome children from all backgrounds, regardless of race, Greed or religion. Criteria for admissions can be obtained direct from the schools or their websites. Achievements in the Year The total number of pupils at the College remains high= admission into academic year 2024-25 is 1,139 pupils at Wellington College and 382 at Wellington College Prep 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 £3m of donations were received. The Feslival of Education in July attracted a very wide range of speakers from across the education sector. Over 5,000 people attended in person, spread over 300+ sessions. Continuing to strengthen the College's resilience by increasing the demand for places across 13+ 14+ and 16+ entry route5. Over 4 candidates pre-test for every place at Year 9 entry, with greater competition for fourth form and sixth form entry. The College continues to attract ex￿lIent staff al newly qualified and experienced level5. Our international schools have continued to flourish and relationships across the group thrive, with the inaugural International Wellington College Education conference being held in the UK during March 2024. The College has reached its goal of a 50'.50 balance be￿een girls and boys among ils pupils. A new sixth form boarding house. Elizabeth house. and a new building for the day boys in Raglan House have opened. Work on a dedicated sixth form centre is due to be complete by the end of 2024 Plans are also underway for further developments at both Wellington College and Wellington College Prep, including enhancing sports and wellbeing provision. Grant-making policy The availability of all awards for fee-a55iStance is found on our website at www.wellin toncolle e.or 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. Page 9 THE WELLINGTON COLLEGE GOVERNOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Fee Remission Scholarships do not 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. 232 pupils, including means tested scholars. received some degree of fee remission. Means tested remission represented 7 % of gross fees in 2023-24 (2022_23.' 6¥/0). 32 pupils received full remission and a further 8 received 850/0 or more in remission. External funding covered £10k of fee remission. Restricted funds paid £3.400k towards covering remissions and Ihe balance was drawn from non- restricted funds. Governance The school's charitable policy is reviewed on a regular basls in order to ensure that it is compliant with any Ghanges in legislation or guidance from the Charity Commission and that the available charitable resources are being used to best effect in meeting the Colle9e'5 charitable objectives. Modern Slavery and Human Trafficking A statement of the College's policy in this matter and the actions that it is undertaking to ensure that it complies with the Modern Slavery Act has been prepared and is available on the College websile at www.wellin loncolle e.or Fundraising Poltcy Wellington College has registered with the Fundraising Regulator. The Community Office ensures that the College complies with the Fundraising Preference Service (FPSI, which became law in 2018. In addFtion. 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 Head of the Wellington Community. with overall oversight by the members of the governing body. No complaints relating to lundraising activities have been received during this financial period. Page 10 THE WELLINGTON COLLEGE GOVERNOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 FINANCIAL REVIEW AND RESULTS FOR THE YEAR The Govemors intend that each of the school operating units within the Consolidated Charity, namely Wellinglon College and Wellington College Prep (formerly known as Eagle House), 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 70/0 of net fee income. This currently gives a target for Wellington College of c £3.2m cash generation and £500,000 for Wellington College Prep. In the reporting year the College entity generated a total operating cash surplus (net income plus depreciation) of £8,699,000 or 18.80/0 of net fee income (2023.- £4.259.000 or 10.10/0). Wellington College Prep produced an operating cash surplus of £434,000 or 6.1 Q/0 of net income (2023." £109, 000 or 1.6%) The overall net income of the Consolidated Charity. including its trading companies, was a surplus of £5.1m (2023.. sU￿lUS of £1,7m), which after net investment gain of £6.4m (2023." gain of £1.2m), gave a net increase in funds of £11.6m (2023." £2,9m), in the year. WCS continues to generate a profit with a surplus of £368k (2023." sury)lus of £496k.) Wellington College Educational Enterprises received the payments of franchise fees from Wellington International schools during 2023-24. A profit of £2.9m (2023.. £3.2m) was generated of which £2.9m was donated to College. Designated Funds The Charity currently holds £9,471.000 of designated funds. The largest element5, toialling £6,514.000, is the accumulated profits of Wellington College SeNices and Wellington College Educational Enterprises which have been gifted to the College and the profits are designated for the support of the bursary and other College programmes and the Hardship Fund. The non endowed portion ofthe Fisher Fund. which can be used for the pemianent enhancementofthe College orfor buisaries, of £1.643.000, 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 Perfomiance against Objectives The Govemors. investment powers are governed by the Trust Deed. which pemiits the Charity's funds to be invested in any authorised investment. The Governors. policy, in Ihe case of the Combined Trust Funds and Fisher Fund, is to maximise Ihe total return with due respect for the risk,. and ofthe 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 7.1 /0 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 reseEves 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 Consolidaled Charity (including ils trading subsidiaries) for its general purpose should be up to the equivalent of one term's operating costs {2024'. £22,600k), Subject to the continuing needs of the schools to develop and maintain their buildings and facilities at an appropriate level. Page11 THE WELLINGTON COLLEGE GOVERNOR'S REPORT FOR THE YEAR ENDED 31 JULY 2024 The current year has seen a significant investment in the fixed assets of the schools, reducing potential free reserves. However, the building programme was undertaken with a long-term loan, and therefore. offsetting these borrowings, the trustees consider the available free reserves at 31 July 2024 to be £15,234k (2023.. £17,810k). This policy is reviewed annually by the Governors. FUTURE PLANS The College's Development Plan under tts 15th Master. James Dahl, includes the following themes.. Mission: the aim is to make Wellington College one of Britain's, and the world's, leading and 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 intemational outlook., The College's Five Values of Respect, Responsibility. Courage. Integrity and Kindness: As well as academic excellence and the primacy of the classroom, core areas also include the arts and performance, Gommunily 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 gir5s in which to learn and flourish and are proud to have reached our target of 50=50 girls to boys. A principal part of the development quest is to find funding for bursaries. for children from all backgrounds to attend Wellinglon College, irrespective of means. Specific targets tor the coming year include: Further embedding the Wellington College Values Continuing to develop the relationship between Wellington College and Wellington College Prep. Continue to act as a leading example of public benefit programmes including by building on our Educational Grants inFtiative as well as the Prince Albert Foundation and other partnership activities. Continuing to nurture and expand upon the relationships between our International Family of Schools. Exploring further international expansion. Achieve our cash generalion targets to fund ongoing development of the estate and our offer. Page 12 THE WELLINGTON COLLEGE GOVERNOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING AND REPORTING RESPONSIBILITIES The Govemors are responsible for preparing the Governors, Report and the financial statements in 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 a¢¢ounting 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 concem 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the charity and the group, and enable them to ensure that the financial siatements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the charity's constitution. They are also responsible for safeguarding the assets ofthe 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 facilitie5 available to the charity together with the expected ongoing demand for places at the schools and the charity's 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 11 December 2024 and signed on its behalf by- William Jackson Wice President and Chairman Page13 A Crowe Crowe U.K. LLP Chartered Accountants Member of Crowe Global R+ Building 2 81agrave Street Reading Berkshire RG1 1A2, UK Tel +44101118 959 7222 Fax +44101118 958 4640 wvvw.crowe.co.uk INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF THE WELLINGTON COLLEGE Opinion We have audited the financial statements of the Wellington College for the year ended 31 July 2024 which Gomprise the Consolidated Statement of Financial Activities, the Balance Sheets (comprising Combined. Consolidated Charity and Schools}, the Cash Flow Statement and noles to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparalion 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). This reporl is made solely to the charity's trustees. as a body, in accordance with Part 4 ofthe Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Gharity and the charity's trustees as a body. for our audit work. for this report, or for the opinions we have formed. In our opinion the financial ststements- give a true and fair view of the state of the group's and of the parent charity's affairs as at 31 July 2024 and of the group's incoming resources and application of resources, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally AC￿pted Accounting Practi￿. and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit ofthe financial statements section of our report. We are independent oflhe group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng 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 Ihe 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 a5 a going Goncern for a period of at least twelve months from when the financial slatements are authorised for issue. Our responsibilities and the responsibilitie5 of the trustees with respect to going concem are described in the relevant sections of this report. row¢V.K LLP isaltmita liabilityPalln¢tship rw#trcd ift Ehglandahd Wllksmryth reg￿l¢￿dI￿￿b￿0C3o70¢3.TrC1c¥l￿CTOdOff1C￿ isat55 Ludyw Hill. Lothn FC4M7JW. A list rih¢ LLP'$ m¢mbets is &vDilobl¢ ai lh¢ ttgistertd otfLC¢, Authorised regulaled by Ihe Finall¢￿1 Collduci AuihDrily. All illsolycncyw￿litl0llers in Ihc fiTrn ￿( lir¢nSrd in Ih¢UK by tho Insolvoncy PTrcri1i￿lcrS Associalion. Crowe U.K. LLP is a rncinbcr of C[￿Vc Gl(IMI. a Swi55 V¢￿Ill. Each mcmb¢r fiTm of C￿1¥¢ Gl¢bil IS a Scpgrnte and indLynthhT I¢¥￿ cntiry. CrcweU.K. LLP arriliuicsarcnolrcsponsiblcor lillblEforiryacigoTomi55iOn5 ofCtOWEGlubil ofonyothrrnJrtnberofct¢w¢fjl¢ihll. Page 14 Crowe INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF THE WELLINGTON COLLEGE (CONTINUED) other information The trustees are rèsponsible for the other infomiation contsined within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. 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 misststed. 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 ofthe following matters in relation to which the Charities (Accounts and Report5) 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 trustees, report,. or 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 infomiation and explanations we require for our audit Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 13. 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 intemal 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 group's and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related lo going 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. Auditor's responslbllitles for the audit of the financial statements 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 are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detecl a material misstatement when it exists. Page 15 Crowe INDEPENDENT AUDITOR'S REPORT TO THE GOVERNORS OF THE WELLINGTON COLLEGE (CONTINUED) Auditor's responsibilities for the audit of the financlal statements (continu8d) Misstatements can arise from fraud or error and ar8 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 Financial Reporting Council's website at: www.frc.o .ukJauditorsres onsibilities. This description forms part of our auditor's report. Extent to whlch the audlt was considered capable of detecting irregularities, includlng 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, whelher 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 contextwere the Charities Act. the CompaniesAct 2006 {forthe 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 the financial statements but compliance with which might be fundamental tothe charity's and the group's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives thal 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 wilh these laws and regulations to enquiry of the Trustees and other management and inspection of regulalory 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 certain 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 certain 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 non- compliance 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 irregularitie5, as these may involve collusion. forgery, intentional omissions, misrepresentstions. 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 16 ## **" Crowe** ## **INDEPENDENT AUDITOR'S REPORT** ## **TO THE GOVERNORS OF THE WELLINGTON COLLEGE (CONTINUED)** ## **Crowe U.K. LLP** Statutory Auditor ## **Reading** Date: 11 December 2024 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 17 LU < (Xs ** o u v> < O z z fo Ln c o) co ¢L) THE WELLINGTON COLLEGE BALANCE SHEETS 31 JULY 2024 Consolidated Charlty 2024 £'ooo Schools 2023 £'ooo 2024 £'ooo 2023 £'ooo Notes FIXED ASSETS BuSldings and equlpment Investments 14 15 89,084 84.528 173.612 74,872 83,787 158.659 87.925 85.978 173.903 73.693 85,237 158,930 CURRENT ASSETS Stocks Debtors Cash al bank and In hand 332 1,681 21,852 23,865 605 1.117 17.536 19.258 324 2,621 20,236 23,181 597 2,145 15,883 18,625 16 CREDITORS Amounts due within one year 17 {21,696) 118.779) (21.303) (18,4171 NET CURRENT ASSErs 2,169 479 1.878 TOTAL ASSEfs LESS CURRENT LIABILITIES 175,781 159.138 175,781 159,138 CREDITORS: Amounts falling due in more than one year 18 {37,154) (32,073) (37,154) (32.073) TOTAL NET ASSETS 138.627 127.065 138.627 127,065 FUNDS Endowment Funds Restricted Funds Unrestricted Funds-Designaled Unrestricted Funds-Oth8r TOTAL FUNDS 22 23 24a 24b 21 22,395 22.241 9,471 84,520 138.627 21,301 21.245 7.261 77.258 127,065 22,395 22.241 9.471 84,520 138,627 21.301 21,245 7,261 77,258 127.065 The notes on pages 23 to 48 fomi part of those accounts. Approved and authorised to be issued by the Govemors on 11 December 2024 and signed on their behalf by WJac l+-t4 frTr4 Q £,￿j Page 20 THE WELLINGTON COLLEGE CONSOLIDATED CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 Consolidated Charity 2024 £'ooo Consolidated Charity 2023 £'ooo Cash flows from operating activilies Net movement in funds 11,562 2,866 (101 {2,2081 1.229 {6.4431 273 2,949 2,683 (41) (1,047) 1,129 {1,226) 128 Depreciation {Profitl on sale of fixed assets Investment income Interest paid Nel gain on investments Decrease in stock (IncreaseyDe¢rease in debtors (Decreaselllncrease in ¢reditr)rs Cash provided by operating a¢tivitles (564) (223) 6.482 1,089 2.811 8.475 Cash flows from investing activities Payments to acquire fixed asset investments Proceeds from the sale of fixed assel investments Payments lo acquire tangible fixed assets Proceeds from the sale of tangible fixed assets Interest paid Investment income {36,829) 42,417 {17.0761 13) {1.2291 2,208 (10.512) (44, 127) 40,862 (14.888) (34) {1, 129) 1.047 Cash (used in) investing a¢tivitles (18.269) Cash flows from financing activitles Capital element offinance lease repayments Cash (used in) Ilnancing activities {135) {135) (130) (730) Advance Feg Scheme Amounts utilised and repaid Interest credited to advance fees (2.398} 72 (2,242) 25 Receipts from new contracts Cash provided bylused Inl advance fees 10,682 8,356 1, 709 (508) Incr8as81(Decrease) in cash and cash equivalents in the year Change in cash and cash equivalents due to exchange rate movements Cash and Cash equivalents at the beginning of the year Cash and cash equivalents at tho end of the year 4,191 (10,432) (440) 11 21.027 31,899 25.229 21.027 Analysi5 of cash and cash equlvalents Cash at bank and in hand Cash awaiting investment 21,852 3,377 17,536 3.491 25,229 Charity law fequires 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. 21,027 The noles on pages 23 to 48 form part of these accounts. Page 21 THE WELLINGTON COLLEGE CONSOLIDATED CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 Reconciliation of Net Debt Debv Flnance Leases Repaid Opening 1 August 2023 Investment Value Movements Cash Flows Closlng 31 July 2024 £'ooo £'ooo £'ooo £'ooo £'ooo Cash at bank Cash awailing inve51menl 17,536 4,316 21,852 3,491 114 3,377 Total cash 21,027 4,202 25,229 Advan¢e fees Borrowings due in more than one year Less investments held specifically for repayment ofdebt (2,298) (8.356) {10,6541 {30.0001 130,000) 17.336 14.274) 13.062 Finance Leases 1,589 135 1,454 Total Debt {16,551) 135 (4.274) (8.3561 (29,046) Net {Debt)ICash 4,476 135 4,274 4,154 3.817 The Borrowings due in more than one year are Ihe College loan notes due ft)r repayment in 2059. The proceeds of the loan note are currently invested to provide fLtnds for the ultimate redemption of the loan. This investment ￿nd is controlled separately by the Govemors. The notes on pages 23 to 48 form part of these accounts. Page 22 THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 CHARITY INFORMATION The object of the College is the advancement of education (whether nationally or internationally) for the public benefit. The College meets this objectthrough its primary aim of providing the College and by supporting, providing or assisting in the provision of other educational estsblishments or initiatives. The unincorporated Gharity 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. ACCOUNTING POLICIES a) Basis of preparatlon 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 Reporiing Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - 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 benefrt 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 pemitted by the Charities SORP (FRS 102). The surplus of the Charity for the year (excluding Wellington College Services Ltd and Wellington College EduGational Enterprises Ltd) was £11.6m (2023.- r3.Om). Having reviewed the funding facililies available to the Consolidated Charity together with the expected ongoing demand for places and the schools, projected cash flows. the Governor5 have a reasonable expectation that the Consolidated Charity has adequate resources lo continue its activities for the foreseeable future. Accordingly, Ihey continue to operate the going concern basis in preparing the financial statements as outlined in the Statement of Accounting and Reporting Responsibilities on page 13. b) Basis of consolidation The following definitions have been adopted in these accounts: Consolidaled Charity.. TWC and its trading subsidiartes Schools: the school operations of TWC and the College Trusts relating to them The accounts of the Charity (Schools) comprise.. The Wellington College Its Funds a) Advance Fees b) The Combined Trust Funds c) The Fisher Fund d) The Prince Albert Foundation Wellington College Prep (formerly known as Eagle House} The results of the subsidiary trading companies are presented in the Gonsolidated SOFA by disclosing the income and expendilufe derived from their non-charitable trading activities separately from those of the Charity. A summary profil and loss account for the subsidiaries is Page 23 THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 included in note 7. The companies, assets and liabilities are included in the balance sheet on a line-by-lin8 basis, in accordance with th8 SORP. c) Fees recelvable 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 Donations receivable for the general purposes of the Charity are credited to°other unrestricted funds" to distinguish them from direct school income. Donations for purposes restricted by the wishes of the donor are taken to "restricted funds. where these wishes are legally binding on the Governors. Donalions required to be retained as capital in accordance with the donor's wishes are accounted for as "endowments" permanent or expendable according to the nature of the restriction. e) Expenditure Expenditure is accounted for on an accruals basis. Overheads and other cosls 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 induded 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. 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 Govemors, and all the costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing slatutory accounts and satisfying public accountability. Fund accountlng UnrestriGted Funds Unrestricted funds relate to the School's general operational funds. Unreslricted 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 The Charity contributes to the Teachers, Pension Defined Benefits Scheme {TPSI 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 Page 24 THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 of the scheme which are attributable to thè school. In accordance wlth FRS 102 therefore, the scheme is accounted for as a d&fined contribution scheme. The Charity also contributes to a defined contribution scheme for its non-teaching staff at 110/0 of annual basic pay. Wellington College, Eagle House and Wellington College SeNices all operate an auto-enrolment defined contribution scheme with a contribution rale of 50/0 (from Aprll 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 a¢¢ordan¢e with the rules of the schemes. 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 economi¢ benefits in excess of the previously assessed standard of performance. in which case il is ¢apitalised. Items costing less than £3,000 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 valualion over estimated residual value over their estimated useful economic lives as follows-. Buildings, improvements and extensions Leasehold buildings, and improvements Fumiture and equipment Computer equipment Motor vehicles 2°/0 109/0 per annum on cost 2 /0- 10 % per annum on cost 10.fi - 33 /0 per annum on cost - 33ts/0 per annum on cost 250A 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 afe applied to the individual funds based on the opening capital balances of each fund. J) Stock Slock is carried at the lower of cost and net realisable value. 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 elemenl 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. Page 25 THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 l) Advance Fee Scheme Payments Amounts receiv8d under the College's 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 long- term liabilities where th& education will be provided in subsequent years. m) Parents, Deposlts 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 al 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 2024 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 instFtutions 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 Shorl 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 melhod. less any impairment. Certain balances included under current assets and liabilities in the prior year, have been shown in a net position to align with presentational changes in the current year. p) Creditors Short term creditors are measured at the transaction price. Other financial liabilities. including loans. are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Certain balances included under Current assets and liabilities in the prior year. have been shown in a net position lo align with presentational changes in the current year. 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 al fair value depending upon their respective nature. See Note 27 for further information. Page 26 THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the charity's accounting policies, which are described in note 2, Trustees are required to make judgements, estimates and assumptions about the carying 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 e5timale 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. SCHOOL FEES RECEIVABLE 2024 2023 £'ooo £'ooo (a) Fees receivable consist of.. Gross fees 58,371 (4.9951 53,376 54,173 Less.. Total bursaries. grant5 and allowances (4,751) 49.422 (b} Total grants and awards paid for by Twsl Funds consist of= Scholarships. grants etc. Individual awards 900 850 2,500 2,158 3.400 3,008 ANCILLARY TRADING INCOME 2024 2023 £'ooo £'ooo Entrance and registration fees Income from school trips Extras 882 849 1.367 846 1.548 1,264 3,797 2,959 Page 27 THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 NON ANCILLARY TRADING INCOME 2024 2023 £'ooo £'ooo Lettings Easter courses 1,173 204 1,052 152 Other 154 310 1,531 1.514 NON - CHARITABLE TRADING: Wellington College Services Ltd The College owns the entire share capital of Wellington College Services Ltd (a company incorporated in England and Wales. company number 01259773), which provides leisure and construction services. It pays its taxable profrts under Gift Aid to the College. 2024 2023 £'ooo £000 Turnover 2,295 (215} 2.080 2,830 Cost of Sales (646) 2.184 Administration costs 11,707) 373 (1,680) 504 Operating and net profit Corporation tax payable (5} (8) Gift aid donation (368) (496) Profrtl{lossl transferred to reserves At 31 July 2024 the total assets of the subsidiary were £1.983k {2023: £2,031 k), total liabililies £553k (2023: £601k) and shareholders, funds £1,430k (2023- £1,430k). The aggregate non charitable trading income and costs from the subsidiary included intra-group trading which are eliminat8d on consolidation. of £68k and £170k respectively {2023: £316k and £165k). Page 28 THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 NON - CHARITABLE TRADING: (CONTINUED) b) Wellington College Educational Enterprises Ltd The College owns the entire share capital of Wellington College Educational Enterprises Ltd, (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. 2024 2023 £'ooo £'ooo Turnover 5,216 (46) 5,170 5.059 Cost of sales (24) 5.035 Gross profit Other income 79 48 Administration ¢05ts (1,861) (499) 2.889 (1.457) (434) 3,192 Transfers between funds Operating and net profit Corporation lax payable Gift aid (2.889) (3, 792) Profit transferred to reserves At 31 July 2024 the total assets of the subsidiary were £963k (2023.- £1,024k), total liabilities £943k (2023.. £1,003k) and shareholders. funds £20k (2023.. £20k). The aggregate non-charitable trading costs of the subsidiary included intra-group trading which is eliminated on consolidation, of £499k (2023.. £434k). 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 th8 year. Wellington College International (Russia) Limited (a company incorporated in England and Wales). The name of this company was changed to WCI Developments Limited on 4th August 2022. This company was formed to investigate international development opportunities in the respective territories named. It did not trade in the year. Page 29 THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 INVESTMENT INCOME 2024 2023 £'ooo £'ooo Investments 187 124 Bank interest recetved 2,021 923 2.208 1,047 OTHER INCOME 2024 2023 £'ooo £000 ProffU{Loss) on disposal of fixed assets 10 41 10. ANALYSIS OF EXPENDITURE 2024 2023 staff costs Depreciation £'ooo £'ooo Other Total Total £'ooo £'ooo £'ooo Charilable activities Teaching costs Welfare 21,604 3.227 6,867 5.699 10,751 4.424 28,471 8.926 14,983 9.455 26,849 7,910 14.337 Premises 1.978 4.466 2.254 565 Support costs School's operating costs 8.732 31,275 2,819 27.741 61,835 57.828 Granls. award5 and prize5 Total Charitable Actlvities 566 566 1.038 31,275 2.819 28.307 62,401 58,866 Ralslng funds Fundraising and publicity Finance and other costs 264 211 475 522 1.735 1.735 64,611 1.389 TOTAL FOR SCHOOLS 31,539 2.819 30,253 60.777 TTrding subsidiaries 1.960 47 1,661 3,668 3.619 TOTAL FOR CONSOLIDATED CHARITY 33.499 2.866 31,914 68,279 64,396 Included within support costs are governan￿ costs of £117k (2023.. £144k). Page 30 THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 10 ANALYSIS OF EXPENDITURE (CONTINUED) Prioryear 2023 Stsff ¢osls Depreciation £'ooo other Total £'ooo £'ooo £'ooo Charitable a¢tlvlties Teaching costs Welfare 20,120 2,828 1,704 3.739 6,729 S,082 10,502 4,494 26,849 7,910 14.337 8,732 57.828 Premises 2,131 499 Support Costs School's operating costs 28,391 2,630 26,807 Granls, awards and prizes Total Charitable Activitles 1,038 1.038 28.391 2.630 27.845 58,866 Raising funds Fundraising and publicity Finance and other costs 391 131 522 1,389 1,389 TOTAL FOR SCHOOLS 28,782 2.630 29,365 60.7TT Trading subsidiaries 1.768 53 1,798 3.619 TOTAL FOR CONSOLIDATED CHARtrY 30.550 2,683 31,163 64,396 Analysis of Payroll Costs Consolidated Charity 2024 2023 Schools 2024 2023 £'ooo £'ooo £'ooo £'ooo Wages and salaries Social Security insurance costs Pension costs 26,641 24,377 24,808 2.714 4,018 22,743 2,498 3.541 2,784 4.074 2,570 3.603 33.499 30,550 31,540 28,782 The average number of employees in the year in the consolidated charity wa5 727 (2023.. 724) of which 230 (2023.. 226) were teaching staff. Neither the Govemors of the Consolidated Charily nor persons Connected with them received any remuneration or other benefit5 from the Consolidated Charity or any connected organisation. During the y8ar. 3 Governors of the Consolidated Charity were reimbursed travel expenses totalling £423 (2023: 4 Governors were reimbursed £1,102). Page 31 THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 10 ANALYSIS OF EXPENDITURE (CONTINUED) The number of employees of the consolidated charity whose emoluments, excluding employer pension contributions, but including cash in lieu of pension. exceeded £60,000 was- 2024 2023 No. £60,000- £70,0000 £70.000 - £80.000 £80.000 - £90,000 £90.000- £100,000 38 30 21 £100,000- £110,000 £110.000- £120.000 £120,000- £130,000 £130,000- £140,000 £140.000- £150,000 £150.000- £160.000 £170.000- £180.000 £300.000- £310.000 £320.000 - £330,000 £340.000- £350.000 In connection with these higher paid employees. retirement benefits are accruing under defined contribution schemes for 20 employees (2023.. 13) and under multi-employer defined benefit schemes for 77 employees (2023: 68). For the people accruing benefits under the defined contribution scheme the total employer contributions were £206,225 (2023.. £90,176). Key management personnel of the combined entity comprise those listed on page 2. They received aggregate remuneration. including employer pension contributions and employer Nl contributions, of £2,295k (2023.. £2.384k). Termination payments made to stsff came to £76k in 2024 (2023.. £236k). 11. TRANSFERS The amount transferred between funds can be analysed as follows: Unreslricled Restricted Endowed General Designated £'ooo £'ooo £'ooo £'ooo Rents and leases 164) (2,233} 789 WCEEtwcs 2,233 4,082 499 Transfers from Trusts (4.871 } Management charges Transfer of Donations {4991 12 {12) (4,883) Total Consolidated Charity 6.890 (2,007) Page 32 THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 12. NET INCOMEI(EXPENDITURE) 2024 2023 This is Stated afier chargingl{Grediting) £'ooo £'ooo (Profil) l Loss on disposal of fixed assets Audilorfs remuneration (Inclusive of VAT).. For audit For other services Payments under operating leases For plant and machinery Amounts credited to advance fee contracts {10) (41) 75 16 71 22 379 72 334 25 Audit fees (inclusive of VAT) for the Schools audit were £53,190 (2023.. £49,950). 13. FINANCING COSTS 2024 2023 £'ooo £'ooo Investment Managers charges Bank charges Interest on loan 530 280 134 85 990 990 Other interest 81 34 1.735 1,389 In February 2019 the College issued a £30m loan note to Pricoa which is repayable in 2059. The interest rate is 3.30 Page 33 e4 THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 15. INVESTMENTS Con$olldated Charlty 2024 2023 Schools 2024 2023 £'ooo £000 £'ooo £'ooo Investments at 1 August Additions 80,296 36.829 (42,417) 6,443 75,805 44,127 (40.862) 1,226 81,746 36,829 {42.417) 6,443 77,255 44, 127 (40.862) 1,226 Disposals Revaluations Investment$ at 31 July 81,151 80,296 82,601 81,746 Cash awaiting re-investment 3,377 3.491 3,377 3.491 Total Investments 31 July 84,528 83,787 85.978 85.237 Investments held by Investment managers Investment in subsidiaries 81,151 80.295 81,151 1.450 3,377 80.295 1.450 Cash deposits 3.377 3,492 3,492 84,528 83,787 85.978 85.237 The Charity carries investments at cost of £1,430,000 in Wellington College servI￿s Ltd, £20.000 in Wellington College Educational Enterprises Ltd. £1 in WCI Developments Limited and £1 in The Wellington College Limited all of which represent 1000/0 of the issued share capital. Consolidated Charity and Schools 2024 2023 £'ooo £000 UK 52,296 28.855 50,550 29,745 Ov8rseas Cash-UK 3,377 3,492 Investments at 31 July 84,528 83, 787 Investments which comprise more than 50/0 of total market value of investments.. 2024 2023 State Street GBP Liquidity LNAV Fund Partners Master Portfolio C 35.20/tr 12.4°/ 7.7% 36.oyo Partneis Phoenix11 Partners Greyhawk Fund ishares Core MSCI World UCITS ETF 5.2 /0 6.oyo 6.8% 0.0% Goldman Sachs PLC Sterling Page 36 THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 16. DEBTORS Consolldated Charity 2024 2023 S¢hools 2024 2023 £'ooo £'ooo £'ooo £'ooo Fees and Irade debtors 370 423 317 308 Due from group entities Other debtors 1,109 260 1,255 130 274 747 Prepayments 1.037 547 935 452 1,681 1,117 2,621 2,145 17. CREDITORS: Amounts falling due within one year Consolidated Charity 2024 2023 Schools 2024 2023 £'ooo £'ooo £'ooo £'ooo Lease creditors (see note 201 Fees received in advance 140 134 140 134 1,879 2.319 1,125 3.692 1.879 1,125 Trade creditors 2.255 3.635 Taxation and social security 876 827 876 827 Entrance lees 5,403 4,408 5,403 4.408 Other creditr)rs and aocruals 6,265 6,913 5,936 6,608 Advance fees {see note 19) 4.814 1.680 4.814 1.680 21.696 18.779 21.303 18.417 A 40-year loan note for £30m was issued to Pricoa on February 11th 2019 al a rate of 3.30/. for repayment in February 2059. The maturity of the loans included within creditors is summari5ed below for Consolidaled Charity and Schools. 2024 2023 £'ooo £'ooo Non Cur￿n1 After 5 years Within 2 to 5 years Within 1 to 2 years 30,000 30,000 30.000 30,000 Current Within 1 year Total 30.000 30,000 Page 37 THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 18. CREDITORS: Amounts falling due after more than one year Consolidated Charity 2024 2023 Schools 2024 2023 £'ooo £'ooo £'ooo £'ooo Loan 30,000 1,314 5,840 30,000 1,455 30,000 1,314 5,840 37,154 30.000 1,455 618 Lease Creditor {note 201 Advance fees {note 19) 618 37.154 32,073 32.073 19. DEFERRED INCOME-ADVANCE FEE PAYMENTS Parents may enter into a contract to pay tuition fees in advan￿. The money may be retumed subject to specific conditions on the receipt of one temi's notice. Assuming pupils remain at the College, advance fees will be applied as follows: 2024 2023 £'ooo £'ooo Non currenl After 5 years Within 2 to 5 years Within 1 to 2 years 2,985 2.855 357 261 5,840 618 CUr￿nt Within 1 year 4,814 1.680 10.654 2.298 The balance of the fund represents the accrued liability under the contracts. The movements during the year were.. 2024 2023 £'ooo Balan¢0 at 1 August New contracts 2.298 2,806 1.709 25 10,682 72 Amounts accrued to contracts 13,052 4.540 Amounts utilised in payment of fees.. (2,398) 12,2421 Balance at 31 July 10,654 2,298 Page 38 THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 20. LEASE CREDITORS Net obligations are payable as follows- Consolidated Charity 2024 2023 Schools 2024 2023 £'ooo £'ooo £'ooo £'ooo Within one year In 2 to S years In MO￿ than 5 years 140 134 140 734 638 607 638 603 676 848 676 852 1,454 1,589 1,454 1,589 21. ALLOCATION OF THE GROUP NET ASSETS The net assets are held for the various funds and advance fees as follows: Current Year Net current Assetsl (Liabilities) £'ooo Flxed Assets Investments Long term Llabllities Total £'ooo £'ooo £'ooo £'ooo Endowment funds 12.384 10.011 22.395 Restricted funds 12.299 9.942 22,241 Unrestricted funds.. Other designated funds Other {Schools) 1,159 87,925 5.200 46.738 9.403 84.520 (18.8291 4.168 {31.314) 131.314) 89.084 76,621 138.559 Advance fee (designated) 7.907 {1.9991 (5,840) 68 Consolidated Charity total 89,084 84.528 2.169 (37.154) 138,627 Prior Year Net Current Assetsl (Liabilities) £'ooo Fixed Assets Investments Long term Liabilities Total £'ooo £'ooo £'ooo £'ooo Endowment funds 13,734 13.698 7,567 7,547 21,301 21.245 Restricted funds Unrestricted funds.. Other designated funds Other (Schools) 1,180 73,692 4,500 50,084 1.289 6.969 77,258 (15,063) 1,340 {31,455) (31,455) 74,872 82,016 126,773 Advance fee Idesignaled) 1, 771 (861) (618) 292 Consolldated Charity total 74.872 83,787 479 (32,073) 127,065 Page 39 THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 22. ENDOWMENT FUNDS Current Year Balance at 1 August 2023 Transfers and Investment Galnsl(Loses) In¢ome Expenditure Balance as at 31 July 2024 £'ooo £'ooo £'ooo £'ooo £'ooo Foundation Capllal 3,077 117) 270 3,330 Other Trusts.. Fisher Endowment 8,125 {96) (43) 16) 1162) 98 8,127 9,624 1,314 22,395 Scholarships, Bursaries Prizes and other funds 9,382 717 285 603 Consolidated Charity Total 21.301 1,256 Prior Year Balance at 1 August 2022 Transfer5 and Investment Gainsl(Loses) Income Expenditure Balance as at 31 Juty 2023 £'ooo £'ooo £'ooo £'ooo £'ooo Foundation Capilal 3.041 (8) 44 3.077 other Trnsts.. Fisher Endowment 8.125 (31) (24) (4) (67) 31 8,125 9.382 717 Schotarships, Bursaiies Prizes and other funds 9,279 704 127 17 Consolidated Charlty Totsl 21,149 219 21,301 The Foundation Capital represents the original endowment lo 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 Govemors 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. Page 40 THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 23. RESTRICTED FUNDS Current Year Balance at 1 August 2023 Transfers and Balance as Invèstment at 31 July Galnsl{Losesl 2024 Income Expenditure £'ooo £'ooo £'ooo £'ooo £'ooo Foundation Endowment 529 t8 47 591 Other CTF Trusts.. Scholarships and Bursaries Finnis Trust 3,199 308 (50) (16) (2) (148) (2) 19671 27 2,166 334 Prizes and other funds 1,181 346 159 (75) 30 1.117 Building Projects Wellington College 377 751 12 {12} Other Tmsts.. Prince Albert Society Fisher Endowment 59 (1) (162) 162) {771) 15.622 2.593 17,282 Development {1) Consolldated Charity Total 21.245 3.114 1334) {1.784) 22,241 Prior Year Balance at 1 August 2022 Transfer5 and Balance as Investment at 31 July Gainsl(Loses> 2023 Income Expenditure £'ooo £'ooo £'ooo £'ooo £'ooo Foundation Endowment 558 33 (2) (60) 529 Other CTF Trusts." Scholarships and Bursaries Finnis Trust 4,666 203 (13) (3) (301) {33) (1, 657) 3,199 308 306 PtFzes and other funds 1,545 15 (78) I,t81 346 Building Projects Eagle House Wellington College 96 282 24 (24) (61) 61 Prince Albert Society Fisher Endowment 13.176 3.134 (328) (360) 16 15,622 59 38 Development (4) Consolldated Charity Total 20,390 3. 758 (680) (2,223) 21,245 These include the income reserves on each of the Endowed Capital funds plus other scholarship and bursary funds, and the Building fund, holding donations given for future building projects. Page 41 THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 24a. UNRESTRICTED FUNDS-DESIGNATED Current Year Balance at 1 August 2023 Transfers and Balance as Investment at 31 July Gain$l(Lose$l 2024 Income Expendlt ure £'ooo £'ooo £'ooo £'ooo £'ooo Advance fee income 292 165 (81) (9) (452) {3071 868 69 Fisher Fund 780 1.643 5,514 75 Entry Bursary Fund Governors, Discretion 6.189 30 1253) 75 Hardship lund Prince Albert Society Schools total 1,000 1.000 1,170 1.170 7.261 274 {542) 2.478 9,471 Trading companies. reserves 7.526 {3.706} 13.820) Consolidated Charity Total 7.261 7,800 (4,248) {1,342) 9.471 Prior Year Balance at 1 August 2022 Transfers and Balance as Investment at 31 July Galnsl{Loses> 2023 In¢ome Expenditure £'ooo £'ooo £'ooo £'ooo £'ooo Advance fee income 299 32 (30) (3) (450) (483) (9) 78 292 Fisher Fund 760 780 Entry Bursary Fund Schools total 5,321 6,380 25 1.293 6.189 62 7,302 7,261 Trading companies, reserves 7,588 (3,637) (3, 951) Consolidated Charity Tolal 6,380 7,650 (4,120) (2,649) T,261 Designated funds include the non-endowed portion of the FisherlHerilage Fund- and the reseNes of the Advance Fee Fund, Wellington College Services Ltd and Wellington College Educational Enterprises Ltd and the designated portion of the Prince Albert Fund and a hardship fund used to provide bursaries.. Page 42 THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 24b. UNRESTRICTED FUNDS- OTHER Current Year Balance at 1 August 2023 Transfers and Investment Gainsl(Loses) Balance as at 31 July 2024 Income Expendlture £'ooo £'ooo £'ooo £'ooo £'ooo Retalned Income - Consolidated Charity Total 77,258 62,484 163,535) 8.313 84,520 Prior Ye8r Balance at 1 August 2022 Transfers and Investment GainsllLoses) Income Expenditure Balance as at 31 July 2023 £'ooo £'ooo £'ooo £'ooo £'ooo Retained In¢omg - Consolidated Charity Total 76,197 54,711 (59,529) 5.879 77,258 25 CONTRACTS AND COMMITMENTS At 31 July 2024 there were capital commitments of £1,684.000 relating to the building of Woodland Quad (2023.. £10,477,000) and £2,471,000 relating lo the building of the new sixth fom ￿ntre (2023.. £5,870,000). At 31 July 2024 a number of major maintenance projects were in progress. The committed expenditure required to complete these projects was £1,814.000 (2023.. ￿38,000). At 31 July 2024 the Consolidated Charity had future minimum lease payments under non-cancellable operating leases as follows= Land and Buildings Plant and Machlnery 2024 £'ooo 2023 £'ooo 2024 £'ooo 2023 £'ooo Expiring.. In less than one year Between two and five years Between five and ten years 209 199 240 351 408 591 Page 43 THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 26. PENSION COSTS Consolidated Charity a) Teachers, Pension Defined Benefits Scheme The School participates in the Teachers. Pension Scheme ('Ihe TPS") for its teaching staff. The pension charge for the year includes employer contributions payable to the TPS of£3.009,315 (2023: £2,662,255) and at the year- end £384,309 {2023 - £310.109) was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 (as amended) and The Teachers. Pension Scheme Regulalions 2014 (as amended). Members contribute on a 'pay as you go. basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefjls 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 Government Actuary's Department. The most recent actuarial valuation ol the TPS was prepared as al 31 March 2020 and the Valuation Report. which was published in October 2023. Following the Mccloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits. and in preparing the 2020 valuation have valued the 'greater value, benefits for groups of relevant members. The employer contribution rate for the TPS is 28.6°A. and employers are also required to pay a scheme administration levy of 0.080/0 giving a total employer contribution rate of 28.680/0. b) Non teaching staff Defined Contribution Scheme The school also runs a defined contribution scheme for its non-teaching staff. The school's contribLrtions to the scheme during the year ended 31 July 2024 were £786.332 (2023.- £695,991) at the rate of 110/0 of gross salary. Wellington College, Wellington College Prep and Wellington College ServiGes 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 £277,354 in the year (2023." £243, 699) at the rate of 59/0 of gross salary. Total outstanding contributions for non-teaching schemes at the year end were £nil (2023.. nil). Page 44 THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 27. FINANCIAL INSTRUMENTS 2024 2023 £'ooo £'ooo Consolidated Charlty Financial assets measured at amortised cost 25,873 40,038 81,151 21,597 84,866 80,296 Financial liabilities measured al amortised cost Financial assets measured at fair value The Consolidated Charity's, income expense gains and losses in respect of financial instruments are summarised below" Total income for financial assets held at amortised cost 2.021 923 Total income for financial assets held at fair value 187 124 Total interest expense for financial liabilittes held al amortised Cost 1.229 (1, 129) 2024 2023 £'ooo £'ooo Schools Financial assets measured at amortised cost 25.299 36,330 Financial liabilities MeasU￿d at amortised cost 39,709 57.152 Financial assels measured al fair value 81.151 88,278 The Schools. income expense gains and losses in respect of financial instruments are summarised below= Total income for financial assets held al amortised cost 1,942 187 876 Total income for financial assets held at fair value 124 Total interest expense for financial liabilities held at amortised cost 1.229 1,129 Financial assets measured at amorii5ed cost Gomprise fee and trade debtors, amounts owed by group undertakings, other debtors and cash and cash equivalents less prepayments and VAT debtors, Financial a55ets measured at fair value comprise investments. Financial liabilities measured at amortised cost comprise loans, amounts owed to group companies, net obligations under finance leases and hire purchase contracts, trade Greditors, other creditors and accruals less deferred income. Page 45 t• OJ tr4 Ln THE WELLINGTON COLLEGE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024 29. RELATED PARTY TRANSACTIONS As part of Wellington's community outreach programme. a number of local schools receive grants from the College. Three schools, part of The Circle Trust - A local Multi Academy Schools group, were in receipt of these grants totalling £42,500 (2023.. one school received a grant of £10.000>- Wellington College also awards Arts Grants to local schools. During the year, three schools in the Circle Trust received grants totalling £2,500. Ginny Rhodes, a Governor of Wellington. is also the Executive Headteacher of The Circle Trust. The Trust was subject to the same stringent consideration process as all other applicants. Aggregate donations of £100,000 were received from Governors during the year. This included £20,000 claimed as Gift Aid. One member of Ihe College Management Team and two Trustees (2023: Two members of the College management team and one trustee) had closely related children being educated at Wellington College. Closely related dependants of staff receive discount5 available to all members of staff, dependant on their year of joining the College and position within the College. Close relatives of members of the College Management Team are paid total salary of £112,360. All close relatives who are or have been employed by the College have standard Gontra¢ts of employment and are appointed following the College's standard processes. There were no other related party transactions in current or prior year. Page 48