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2024-08-31-accounts

Charity Registration No. 312733

Company Registration No. 708188 (England and Wales)

WILLINGTON SCHOOL FOUNDATION LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

WILLINGTON SCHOOL FOUNDATION LTD

LEGAL AND ADMINISTRATIVE INFORMATION

Directors Mr E Mills
Mr R Tomlin
Mr C Bates
Mrs K Hopper-Reeve
Mrs K Morgan
Mrs D Streatfield (Chair)
Mr I White
Mrs S Le Jeune
Miss F Pengelly
Secretary Mrs C Woodley
Charity number 312733
Company number 708188
Registered office Worcester Road
Wimbledon
London
SW19 7QQ
Auditor Xeinadin Audit Limited
5 Robin Hood Lane
Sutton
Surrey
SM1 2SW
Bankers Barclays Bank Plc
Onslow Hall
Little Green
Richmond
Surrey
TW9 1QS
Solicitors Reynolds Porter Chamberlain LLP

The following key senior members of staff are responsible for the day-to-day management of the charity and are therefore considered to be Key Management Personnel, in addition to the Directors:

Mr K Brown Headmaster of Willington School Mrs C Woodley Bursar

WILLINGTON SCHOOL FOUNDATION LTD

CONTENTS

Page
Directors' report 1 - 7
Independent auditor's report 8 - 10
Statement of financial activities 11
Balance sheet 12
Statement of cash flows 13
Notes to the financial statements 14 - 24

WILLINGTON SCHOOL FOUNDATION LTD

DIRECTORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

The Directors present their report and financial statements for the year ended 31 August 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum & Articles of Association, the Companies Act 2006 and "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 2019)".

Objectives and activities

The charitable objective for which the charity was established is:

To acquire and carry on Willington School and to promote the advancement of education by acquiring, erecting,equipping, maintaining, conducting and managing preparatory schools and to make provision for the establishment and awarding of scholarships and bursaries.

The objectives of the school are the advancement of education (including social and physical training) for children. We aim to provide a first class education to pupils. We seek to provide a structured educational environment that develops our pupils’ capabilities, competences and skills. We promote the moral, academic and physical development of our pupils through our academic curriculum, pastoral care, sporting and other activities. A particular stress is on the creative aspects of the curriculum. We provide an educational environment where each student can develop and fulfil their potential, building their self-confidence and inculcating a desire to contribute to the wider community. In so doing, we prepare our pupils for the opportunities, responsibilities and experience of later life. This follows the school motto of education for life.

In practice, the directors currently provide day school co-education for children from 3-11 through the operation of Willington Independent Preparatory School.

The school is committed to achieving the highest all round educational standards for its pupils and to enabling the children to move on to a range of leading senior independent schools for the completion of their education.

The school's policy is to add to the academic profile of each pupil by offering a wide extra curricular programme which aims to develop sporting and artistic interests. The strategy is also to help build self-confidence and a desire to contribute to the community. The school is committed to celebrating cultural differences amongst its pupils.

Indicators, Milestones And Benchmarks

The directors monitor a range of measures to try to determine the charity’s success in achieving its charitable objective. This range of measures includes:

In setting our objectives and planning our activities our directors have given careful consideration to the Charity Commission’s general guidance on public benefit.

The school supports a number of locally and nationally based charities via The School Council and is also involved with local schools and the local community. It does need to be recognised that the School site is fairly restricted with just two outside play areas and our playing fields are rented.

WILLINGTON SCHOOL FOUNDATION LTD

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Access policy

It is important to us that access to the education we offer is not solely restricted to those who can afford our fees. We believe our pupils benefit from learning within a diverse community and the school operates an inclusive policy which draws in pupils from a very large number of countries throughout the world. A great deal of learning occurs through social interaction, conversation and shared experiences which helps our pupils develop an understanding of the perspectives of other people that will be vital in their adult lives. Our bursary policy and our scholarship programme contribute to a widening of access to the education we offer and the facilities we enjoy.

Bursary policy

The directors view our bursary awards as important in helping to ensure that deserving children from families who would otherwise not be able to afford the fees can access the education that we offer. Our bursary awards are available to all who meet our general entry requirements and are made on the basis of family income, assets and circumstances or to relieve hardship (for example in the case of redundancy) where a pupil’s education and future prospects would otherwise be at risk. The Governors have directed that 3-5% of fees income should be allocated to means-tested bursary support.

However, our school does not have a large endowment and, in funding our awards, we have to be mindful that we must seek to ensure a balance between full fee-paying parents, many of whom make considerable personal sacrifice to fund their child’s education, and those benefitting from the awards. Parents applying for bursary support are required to complete a confidential statement with details of their family income, assets and circumstances, supported by appropriate documents.

Financial planning policy

Parents who wish to fund educational costs through regular contributions are encouraged to approach commercial fees planning organisations. Late payment plans arranged with the Bursar are restricted to single agreements of no more than four late payments which must be cleared in full before any application for a late payment plan for the following term can be considered.

Family discounts policy

To underline the value we place on continuity for families, we offer 10% discounts where parents have more than one child at the School.

Grant making policy

The Charity provided 8 bursaries, 4 staff discounts and 40 sibling discounts to a total of 50 pupils (2023: 8 bursaries, 2 staff discounts and 30 sibling discounts to a total of 40 pupils) amounting to £167,799 (2023: £119,248) and representing 4.4% of Gross Fee income.

Achievements and performance

Willington has celebrated yet another remarkable year, continually thriving across various areas of achievement. Our Year 6 cohort excelled in their senior school 11+ examinations, with 26 pupils garnering an impressive 79 offers from 23 distinct schools. This achievement was complemented by 11 scholarships in areas ranging from academics to sports and music. Notably, our pupils received offers from premier London day schools including St Paul's, King's College, Latymer Upper, Dulwich College, Kingston Grammar, Hampton, and Epsom College. Additionally, we are proud to announce a successful Grammar school placement at Wallington County Grammar, reinforcing our dedication to a well-rounded education.

Beyond academics, our children relished the expanded opportunities in outdoor education. The 'Oates' afternoon programme, targeting our older pupils, combined nature exploration with stress relief throughout their exam period. The academic year concluded with memorable residential trips for pupils from Year 2 to Year 6, spanning locations from the southeast to the scenic Lake District.

Following a successful ISI inspection the previous year, this year was about solidifying our foundations and building upon our previous accomplishments. Our commitment to charitable efforts remained strong, supporting both the Wimbledon Guild locally and the WWF. Through the dedicated efforts of our Parents of Willington (POW), we've raised significant contributions for these causes.

WILLINGTON SCHOOL FOUNDATION LTD

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

The year was punctuated with noteworthy events, including our inaugural STEM-themed event focused on Mars, multiple musical recitals and a competitive House Music festival, and two exceptional drama productions from our Year 4 and 6 pupils, showcasing their abundant talent. A highlight was our first overseas cultural trip, where pupils between Year 4 and 6 explored Verona through various activities, further enhancing our school's comprehensive enrichment programme.

This year's successes underscore our multifaceted approach to education at Willington, as we continue to foster growth, exploration, and achievement among our pupils. Throughout the year we continued to recruit pupils and ended the year with approximately 4% more children in the school.

Our finances

As a charity, the parents of our pupils have the assurance that all the income of the school must be applied for educational purposes. As an educational charity we enjoy tax exemption on our educational activities and on our investment income and gains, provided these are applied for our charitable aims. As a Charity we are also entitled to an 80% reduction on our business rates on the property we occupy for our charitable purposes. The financial benefits we receive from these tax exemptions are all applied for educational purposes and indirectly help us to maintain our bursary policies and scholarship programme.

However, as an educational charity, we are unable to reclaim VAT input tax on our costs as we are exempt for VAT purposes. We also pay tax as an employer through the national insurance contributions we make. In additional to the very substantial benefits our school brings to our pupils, the local community and society through the education we offer, our bursary programme and our scholarship programme create a social asset without cost to the Exchequer.

Financial review

Willington is seeing a steady rise in pupil numbers on the previous year to 226 (2023: 198). The Governors and School Leadership Team continue to have a prudent approach so the school can continue delivering an aspiring curriculum and realise its long term capital expenditure plans. Continued control of expenditure has produced a surplus of £427,771 (2023: £406,897).

Reserves policy

The directors’ policy is to generate reserves to provide sufficient funds to continue to enhance the educational facilities and services of the School. The directors review the reserves policy annually to ensure that this aim can be achieved. Due to the need to pay for continuing substantial investments during the year in developing School facilities, the charity had no free reserves at 31 August 2024.

Fundraising policy

In line with the reporting requirements included in the Charities Act 2016, the Governors are pleased to confirm that all fundraising is carried out in compliance with best fundraising practice. All fundraising activities follow traditional methods. During the year no professional fundraisers were employed, and no complaints or criticisms were raised concerning our fundraising activities.

Investment policy

The Company’s Memorandum of Association permits the investment of monies of the charitable company not immediately required for its purposes in such investments, securities or property as may be thought fit by the directors, subject to any restrictions which may for the time being be imposed or required by law. The Company has made no social investments during the year.

For the year ended 31 August 2024, the charity had investment income of £13,745 (2023: £2,707) and paid £528,421 (2023: £104,956) off the loans outstanding at the start of the year and paid interest on its borrowings which amounted to £78,135 (2023: £71,044). The charity raised a new loan of £1,000,000 during the current year.

WILLINGTON SCHOOL FOUNDATION LTD

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Risk management

The directors continue to keep the School’s activities under review, particularly with regard to any major risks that may arise from time to time, and to monitor the effectiveness of the system of internal controls and other viable means including insurance cover where appropriate, by which those risks already identified by the directors can best be mitigated.

The directors consider the most relevant risks, and the means by which they may be mitigated, to be as follows:

Our Ethos

At Willington, the culture and ethos is lived throughout the school community on a daily basis through our values of kindness, honesty, respect and humility. Our School is committed to safeguarding and promoting the welfare of our pupils and we expect all staff and volunteers to share this commitment. Parents are given regular information about their children’s social and academic progress through bi-annual parents' evenings, in addition to the end of half term progress reports and end of year reports. We maintain regular contact with parents throughout the year through informal communication and through our weekly newsletter. Older pupils have a Form Tutor and House Tutor responsible for pastoral care and academic development. There is an active School Council which puts forward suggestions from the school's pupils for implementation.

Our School welcomes pupils from all backgrounds. To admit a prospective pupil we need to be satisfied that our school will be able to educate and develop that pupil to the best of their potential and in line with the general standards achieved by their peers. An individual’s economic status, ethnicity, race, religion or disability do not form part of our assessment processes. We are an equal opportunity organisation and are committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation or disability. We will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled.

Future Strategy

The School continues to focus on the transition to a co-educational model which has begun at key stage one and will now transition through the school. This, alongside the modern pedagogy and supportive environment, will provide the background for the continued success of the school.

WILLINGTON SCHOOL FOUNDATION LTD

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Structure, governance and management

Status and history

Willington School Foundation Limited is a registered charity and a company limited by guarantee, not having a share capital. Every member undertakes to contribute an amount not exceeding £10 to the assets of the company in the event of the company being wound up during the period of membership, or within one year thereafter.

The principal activity of Willington School Foundation Limited is to run Willington School, a preparatory school for pupils aged 3-11.

Willington School was originally established in 1885, and, after a continuous history of 105 years in Putney, the school moved to its current Wimbledon location in 1990 so as to gain from the benefits of better premises.

The present organisation was incorporated on 15 November 1961 and became a registered charity on 24 April 1963.

Willington School Foundation Limited is governed by the rules and regulations set down in its Articles of Association dated 17 July 2013.

Directors

The Directors who served during the year and up to the date of signing the accounts were:

Mr E Mills

Mr R Tomlin

Mr C Bates Mrs K Hopper-Reeve Mrs K Morgan Mrs D Streatfield (Chair) Mr I White Mrs S Le Jeune Miss F Pengelly

Organisational structure

The board may from time to time and at any time appoint any person as a member of the board, either to fill a casual vacancy or by way of addition to the board, provided that the prescribed maximum be not thereby exceeded. Any person so appointed shall be required to be re-elected at the Annual General Meeting in accordance with the procedure.

At each annual general meeting one-third of the directors, rounded to the nearest whole number, must retire from office. The directors required to retire shall be those who have been longest in office since their last appointment. Retiring directors may be re-elected by ordinary resolution during the meeting.

The directors have responsibility for setting and monitoring the overall strategic direction of the charitable company, approving decisions reserved to directors (principally approval of expenditure beyond agreed limits), and appointing key members of staff (Headmaster and Bursar).

At least 3 directors' meetings are held in each academic year and there are also 6 sub-committees comprising: Finance & General Purposes; Academic; Pastoral; Compliance and Health & Safety; IT Strategy; and Equality, Diversity and Inclusion Committee which report to the termly meetings of the Governing Body.

WILLINGTON SCHOOL FOUNDATION LTD

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

The day-to-day management of Willington School Foundation Limited lies with the Headmaster who has overall responsibility for the school, and the Bursar who takes particular responsibility for the non-academic aspects. A Senior Leadership Team, which comprises the Headmaster, the Bursar and three senior members of the teaching staff and the Registrar and Director of Communications, oversees the teaching and pastoral care of the children in the school.

The key management personnel of the charity as listed in the Legal and Administrative Information page are in charge of directing, controlling, running and operating the charity on a day to day basis. All directors give of their time freely and no director received any remuneration in the year. Details of directors’ expenses and related party transactions are disclosed in Note 17 to the financial statements. The pay of the Headmaster and other senior staff is reviewed annually and normally increased in accordance with average earnings and assessed performance.

In addition to advice and training in the role of a Governor, new trustees are provided with a copy of the School’s Governors’ Information Booklet and a copy of the School’s Code of conduct for Governors, Roles and Responsibilities. Governors are encouraged to attend training courses arranged by AGBIS and other professional providers. The Clerk to the Governors circulates lists of courses on a regular basis.

No director is allowed to receive any remuneration for services provided as a director. The board has additionally agreed a policy whereby no director may provide services in a professional capacity to the school. Those directors who are also parents of children at the school have a financial relationship with the school on the same basis as any other parent.

Funds held as custodian trustee

Although the charity would maintain restricted funds to deal with incoming resources that are earmarked for a particular purpose by donors, sponsors, and other funders, Willington School Foundation Limited does not currently hold, and the directors do not anticipate that it will in the future hold, any funds as custodian for any third party.

Statement of Directors' responsibilities

The directors, who also act as trustees for the charitable activities of Willington School Foundation Ltd, are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WILLINGTON SCHOOL FOUNDATION LTD DIRECTORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Disclosure of inforniation to auditor Each of the directors has confirmed that there is no information of which they are aware which is relevant lo the audit, but of which the auditor is unaware. They have further confirmed that they have laken appropriate steps to identify such relevant information and to establish Ihat the auditor is aware of such infomiation. The Directors, report was prepared in accordance with the special provisions relating to small Companies and approved by the Board of Directors. Mr8 D Streaffield Ichair) Director Dat8d.' 4 December 2024

WILLINGTON SCHOOL FOUNDATION LTD

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF WILLINGTON SCHOOL FOUNDATION LTD

Opinion

We have audited the financial statements of Willington School Foundation Ltd (the ‘charity’) for the year ended 31 August 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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 further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors' 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 Directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Directors are responsible for the other information contained within the annual report. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

WILLINGTON SCHOOL FOUNDATION LTD

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF WILLINGTON SCHOOL FOUNDATION LTD

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Directors

As explained more fully in the statement of Directors' responsibilities, the Directors 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 Directors 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 Directors are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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 detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the charity, we identified that the principal risks of non-compliance with laws and regulations related to employment and financial reporting legislation and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011. We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the internal controls in place and discussion amongst the engagement team.

We determined that the principal risks were related to management bias in accounting estimates, presentation of separately disclosed items and management override of controls. In response to the risks identified we designed procedures which included, but were not limited to challenging significant accounting estimates, agreeing financial statement disclosures to underlying supporting documentation, evaluating the internal controls, reviewing directors’ minutes and identifying and testing journal entries.

There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

WILLINGTON SCHOOL FOUNDATION LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF WILLINGTON SCHOOL FOUNDATION LTD Thi5 report is made solely lo the charilable company's membeTS, as a body, in accor(Jan￿ with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to Ihe charitable company's members those matters we are required to state to them in an 2udito¢s report 2nd for no other purpose. To the fullesl e￿ent pemiitted by law. we do not accept or assume responsibilrty to anyone olher than the charitable company and the charitable company's members as a body. for our audit work. for thi$ report, or for the opinions we have formed. Miriam Hickson FCA CTA (Senior Ststhtory Auditorl for and on behalf of Xeinadin Audit Limited Zo2s Chartered Accountants Statutory Audltor 5 Robin Hood Lane Sutton Surrey SM12SW 10-

WILLINGTON SCHOOL FOUNDATION LTD

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
-
6,290
Charitable activities
3
3,853,211
-
Investments
13,745
-
Total income
3,866,956
6,290
Expenditure on:
Charitable activities
4
3,443,405
2,070
Total expenditure
3,443,405
2,070
Net income
423,551
4,220
Transfers between
funds
4,220
(4,220)
Net movement in
funds
2
427,771
-
Reconciliation of funds:
Fund balances at 1 September
2023
3,123,751
-
Fund balances at 31 August
2024
3,551,522
-		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
6,290
2,248
1,886
3,853,211
3,312,439
-
13,745
2,707
-
3,873,246
3,317,394
1,886
3,445,475
2,910,497
1,886
3,445,475
2,910,497
1,886
427,771
406,897
-
-
-
-
427,771
406,897
-
3,123,751
2,716,854
-
3,551,522
3,123,751
-		 Total
2023
£
4,134
3,312,439
2,707
3,319,280
2,912,383
2,912,383
406,897
-
406,897
2,716,854
3,123,751

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

WILLINGTON SCHOOL FOUNDATION LTD BALANCE SHEET AS AT31 AUGUST2024 2024 2023 Notes Flxed assets Tangible assets 4.800,125 4,810,109 Current assets Debtors Investments Cash at bank and in hand 84,308 818,950 1.048.687 81,781 747,575 1,951,945 829,356 Creditors: amounts falling due within one year 10 (1,248,311) (980,2401 Net current assetsl(liabilitiesl 703,634 (150,8841 Total assets less current liabilities 5,503,759 4.659.225 Creditors: amounts falling due aftèr more than one year 11 11,952,237) 11,535,474) Net a$8ets 3,551,522 3,123,751 Funds Unrestricted funds 3,551,522 3,123,751 3,551,522 3,123,751 These financial stalemenls have been prepared in accordance with tha provisions applicable lo companies subject lo the small companies regime. The financial statements were approved by the Directors on 4 December 2024. Mrs D Streatfield (Chair) Director Company registration number 708188 12-

WILLINGTON SCHOOL FOUNDATION LTD

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024

Notes
Cash flows from operating activities
Cash generated from operations
20
Investing activities
Purchase of tangible fixed assets
Decrease/(Increase) in cash on deposit
Investment income received
Net cash used in investing activities
Financing activities
Proceeds from new bank loans
Repayment of bank loans
Redemption of derivatives
Net cash generated from/(used in)
financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
£
781,842
(147,104)
(818,950)
13,745
(952,309)
1,000,000
(528,421)
-
471,579
301,112
747,575
1,048,687		 2023
£
£
488,019
(225,305)
-
2,707
(222,598)
-
(104,956)
(16,415)
(121,371)
144,050
603,525
747,575

WILLINGTON SCHOOL FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

Charity information

Willington School Foundation Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Worcester Road, Wimbledon, London, SW19 7QQ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum & Articles of Association, the Companies Act 2006 and "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 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

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

The financial statements have been prepared under the historical cost convention except for derivatives which are shown at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Directors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Directors in furtherance of their charitable objectives.

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

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Fees receivable for tuition and other sources of school operating income consist of amounts billed for the academic year ending 31 August. Amounts billed for the first term of the following academic year are not included, and any receipts prior to the year end relating to these invoices are deferred and disclosed within creditors. Other operating income includes amounts charged for before and after school care, clubs and all other incidental sources of income.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

1.5 Expenditure

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities. Charitable expenditure includes all support costs in respect of the company’s activities. Expenditure is allocated on an activity basis.

WILLINGTON SCHOOL FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

All tangible assets purchased that have an expected useful economic life that exceeds one year and a purchase price that exceeds £500 are capitalised and classified as fixed assets. Fixed assets are stated at historical cost less depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life, as follows:

Buildings Over 50 years Fixtures, fittings & equipment Over 10 years Computers Over 4 years

Freehold buildings that are in the process of construction or refurbishment are not depreciated until the construction or refurbishment has been completed.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

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

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.

1.10 Derivatives

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in income/(expenditure) for the year.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting date. The resulting gain or loss is recognised in net income/(expenditure) immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

WILLINGTON SCHOOL FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

(Continued)

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

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

1.13 Advance Payment Scheme

The School on occasion offers parents to pay tuition fees in advance in accordance with terms in place at the start of the school year. The amount received does not accrue interest.

1.14 Investments

Current asset investments represent cash on deposit held for investment purposes rather than to meet shortterm cash commitments as they fall due.

2
Net income
Net income is stated after charging/(crediting)
Fees payable to the company's auditor for the audit of the company's financial
statements
Fees payable to the company's auditor for other services
Depreciation of owned tangible fixed assets
3
School operating income
Fees receivable for tuition
Other sources of school operating income		 2024
£
9,120
5,082
175,919
2024
£
3,796,597
56,614
3,853,211		 2023
£
8,700
4,620
147,943
2023
£
3,223,904
88,535
3,312,439

WILLINGTON SCHOOL FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

4 School operating and governance costs

Unrestricted
Restricted
£
£
Direct costs
Scholarships, bursaries & discounts
167,799
-
Teaching: Staff costs
1,619,618
-
Teaching: Academic costs
428,238
2,070
Premises: Staff costs
61,978
-
Premises: Other costs
168,579
-
2,446,212
2,070
Support costs
Teaching Support costs
225,827
-
Admin Staff costs
256,053
-
Admin Expenses
239,268
-
Financial Expenses
78,135
-
Change in fair value of interest rate swap
10,465
-
Depreciation
187,445
-
997,193
-
3,443,405
2,070		 Total
2024
£
167,799
1,619,618
430,308
61,978
168,579
2,448,282
225,827
256,053
239,268
78,135
10,465
187,445
997,193
3,445,475		 Total
2023
£
119,248
1,441,615
379,603
52,181
118,472
2,111,119
178,747
273,567
211,531
71,044
(81,568)
147,943
801,264
2,912,383

WILLINGTON SCHOOL FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

5 Employees

The average monthly number of employees during the year was:

Teaching
Premises and administration
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
38
9
47
2024
£
1,779,748
186,276
197,452
2,163,476		 2023
Number
37
9
46
2023
£
1,596,238
165,407
178,134
1,939,779

Termination payments of £20,000 (2023: £17,125) are included in the costs above. These are recognised when legal agreement is reached.

The number of employees whose annual remuneration was more than £60,000 is as follows:

2024 2023
Number Number
£60,000 - £70,000 2 2
£70,001 - £80,000 1 -
£90,001 - £100,000 - 1
£100,000 - £110,000 1 -

WILLINGTON SCHOOL FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

6 Taxation

The charity is exempt from tax on income and gains to the extent that these are applied to its charitable objects.

7 Tangible fixed assets

Cost
At 1 September 2023
Additions
Disposals
At 31 August 2024
Depreciation and impairment
At 1 September 2023
Depreciation charged in the year
Eliminated in respect of disposals
At 31 August 2024
Carrying amount
At 31 August 2024
At 31 August 2023
8
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
9
Current asset investments
Cash on deposit		 Land and
buildings
£
6,302,761
104,289
(15,442)
6,391,608
1,691,165
117,836
(3,916)
1,805,085
4,586,523
4,611,596		 Fixtures,
fittings &
equipment
£
405,309
16,159
-
421,468
234,861
28,369
-
263,230
158,238
170,448		 Computers
£
184,537
57,013
(14,370)
227,180
156,472
29,714
(14,370)
171,816
55,364
28,065
2024
£
6,767
1,390
76,151
84,308
2024
£
818,950		 Total
£
6,892,607
177,461
(29,812)
7,040,256
2,082,498
175,919
(18,286)
2,240,131
4,800,125
4,810,109
2023
£
3,406
2,880
75,495
81,781
2023
£
-

WILLINGTON SCHOOL FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

10
Creditors: amounts falling due within one year
Notes
Loans and overdrafts
12
Other taxation and social security
Deferred income - Fees in advance
14
Trade creditors
Accruals
Pupils security deposits
Other creditors
Deferred income - Advance payment scheme
14
11
Creditors: amounts falling due after more than one year
Notes
Loans and overdrafts
12
Derivative financial instruments - Interest rate swap
Pupils security deposits
12
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year
Amounts included above which fall due after five years:
Payable by instalments		 2024
£
202,785
42,193
573,581
41,963
101,287
32,250
302
253,950
1,248,311
2024
£
1,522,238
25,249
404,750
1,952,237
2024
£
1,725,023
202,785
1,522,238
739,435		 2023
£
105,504
39,687
570,544
37,424
168,693
41,750
16,638
-
980,240
2023
£
1,147,940
14,784
372,750
1,535,474
2023
£
1,253,444
105,504
1,147,940
372,954

The original bank loan of £2,000,000 is repayable by equal termly instalments and is secured by fixed charges over the charity's freehold land and buildings (carrying value of £4,586,523). The bank loan is due for repayment in full by 2032. Interest is payable on the bank loan at a rate of base plus 0.8% per annum, and is charged quarterly.

This loan has an associated interest rate swap which charges interest until 2030 on an amortised balance which started at £1,650,000 in 2008, at a rate of 5.45% less the weighted average base rate. The amortised balance had reduced to £420,443 by this year end. This is dealt with in Notes 13 and 11.

WILLINGTON SCHOOL FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

12 Loans and overdrafts

(Continued)

A second loan of £500,000 was drawn down in November 2019 and was repaid in full in July 2024. It was replaced by an additional loan of £1,000,000 which is repayable by August 2033. The loan is secured by fixed charges over the charity's freehold land and buildings (carrying value of £4,586,523). Interest is payable at a rate of base plus 2.5% per annum, and is charged quarterly.

In October 2020, the school borrowed £50,000 for a term of 6 years at an interest rate of 2.50% per annum, fixed for the duration of the loan. No repayment of capital was required during the first 12 months of the loan.

The school also has an overdraft facility of £150,000 secured by a fixed charge over all land, equipment and trade debts and a floating charge over all other assets.

13 Financial instruments 2024 2023
£ £
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities 25,249 14,784

14 Deferred income

2024 2023
£ £
Fees in advance 573,581 570,544
Advance Payment Scheme 253,950 -
827,531 570,544
Deferred income is included in the financial statements as follows:
2024 2023
£ £
Deferred income is included within:
Current liabilities 827,531 570,544
Movements in the year:
Deferred income at 1 September 2023 570,544 588,633
Released from previous periods (570,544) (588,633)
Resources deferred in the year 827,531 570,544
Deferred income at 31 August 2024 827,531 570,544

WILLINGTON SCHOOL FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

15 Restricted funds

At 1 September
2023
£
Parents of Willington
-
Previous year:
At 1 September
2022
£
Parents of Willington
-		 Income
Expenditure
£
£
6,290
(2,070)
Income
Expenditure
£
£
1,886
(1,886)		 Transfers At 31 August
2024
£
£
(4,220)
-
Transfers At 31 August
2023
£
£
-
-

The Parents of Willington Fund is money given by this association to fund specific items. The transfer represents monies expended on capital items intended for the general use of the School.

16 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 September
2023
£
General funds
3,123,751
Previous year:
At 1 September
2022
£
General funds
2,716,854		 Income
Expenditure
£
£
3,866,956
(3,443,405)
Income
Expenditure
£
£
3,317,394
(2,910,497)		 Transfers At 31 August
2024
£
£
4,220
3,551,522
Transfers At 31 August
2023
£
£
-
3,123,751

17 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024 2023
£ £
Aggregate compensation 214,630 230,109

WILLINGTON SCHOOL FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

17 Related party transactions

(Continued)

Transactions with related parties

None of the directors received any remuneration for services as a trustee of the charity or as a director of the company. None of the directors were reimbursed expenses relating to Governors' meetings (2023: none). Expenditure of £85 (2023: £440) was paid to third parties for directors' training courses.

The charity has taken out an insurance policy that includes professional indemnity insurance cover for the directors and staff of the charity. The cost of this insurance policy to the charity for the year is now included in our Commercial Combined Insurance payment.

One director had children who attended Willington School during the year (2023: two directors). They were charged standard rates, and were not involved in the setting of school fees.

18 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years
In over five years		 2024
£
70,736
207,186
35,118
313,040		 2023
£
65,013
208,755
71,438
345,206

Lease expenses recognised during the year were £70,736 (2023: £63,584).

19 Analysis of changes in net (debt)/funds

At 1 September
2023
£
Cash at bank and in hand
747,575
Loans falling due within one year
(105,504)
Loans falling due after more than one year
(1,147,940)
Derivatives relating to debt
(14,784)
(520,653)		 Cash flows
£
301,112
(97,281)
(374,298)
-
(170,467)		 Fair value
movements
At 31 August
2024
£
£
-
1,048,687
-
(202,785)
-
(1,522,238)
(10,465)
(25,249)
(10,465)
(701,585)		 Fair value
movements
At 31 August
2024
£
£
-
1,048,687
-
(202,785)
-
(1,522,238)
(10,465)
(25,249)
(10,465)
(701,585)
(701,585)

WILLINGTON SCHOOL FOUNDATION LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

20
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Loss on disposal of tangible fixed assets
Depreciation and impairment of tangible fixed assets
Change in fair value of interest rate swap
Movements in working capital:
(Increase) in debtors
(Decrease)/increase in creditors
Increase/(decrease) in deferred income
Cash generated from operations		 2024
£
427,771
(13,745)
11,526
175,919
10,465
(2,527)
(84,554)
256,987
781,842		 2023
£
406,897
(2,707)
-
147,943
(81,568)
(18,146)
53,689
(18,089)
488,019

21 Pensions

The School participated in defined contribution pension schemes for teaching staff. The assets of these schemes are held separately from those of the School in independently administered funds. The pension charge for the year includes contributions payable to these schemes of £187,847 (2023: £169,605).

The School participated in defined contribution pension schemes for non teaching staff. The assets of these schemes are held separately from those of the School in independently administered funds. The pension charge for the year includes contributions payable to these schemes of £9,604 (2023: £8,528).