WATERFORD SCHOOL TRUST REPORT AND ACCOUNTS for the year ended 31 December 2024 Pages Trustees, honorary officers, bankers and adviser5 Trustees, report 3/8 Independent auditorg report 9/11 Statement of financial activities 12 Balance sheet 13 Notes to the accounts 14/18
WATERFORD SCHOOL TRUST Registered Charity {England and Wales) number 313908 TRUSTEES Robert Creighton (Chair until 29 April 2025) Harry Figov ' (Trustee until 4 July 2025) Michael Jarvis . (Treosurerj Mark Jennings ' (Chairfrom 29 April 2025) Dan Pillay ' (Trustee and Secretary until 29 April 2025) Amanda West . (Secretaryfrom 29 April 2025) * These Trustees were students or volunteers at Waterford Kamhlaba BANKERS Lloyds Bank PIC 98 Victoria Street London SWIE 5JL AUDITORS Bennett Brooks & Co Limited Registered Auditor Chartered Accountants St George's Court Winnington Avenue Northwich CW8 4EE REGISTERED OFFICE 13 College Lane London NW5 IBJ
WATERFORD SCHOOL TRUST TRUSTEES. REPORT INTRODucfioN TheTrustees present their report and thestatement of accounts of Waterford School Trust forthe year ended 31 December 2024. These have been prepared in accordance with the accounting policies set out in note I tothe accounts and complywith the charity's trust deed, the CharitiesAct2011 andAccountingand Reporting by Charities: Statement of Recommended Practice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Starsdard applicable in the UK and Republic of Ireland. CONSTITUTION AND PURPOSE Waterford School Trust was constituted by deed on 27 June 1962. Unincorporated, it is registered with the Charity Commission for England and Wales. TheTrustwas founded to promoteand encourage education atwaterford School inthe Kingdom of Swaziland {Eswatini since April 20181. Appreciation: The Trustees take the opportunity to acknowledge the hugely generous 5UPPOrt of a wide range of individuals and institutions who, from its earliest days• have had the Confiden to recognise the importance of the aspirations of the founders of the college and their successors. The name Kamhlaba, "a world in miniature" was added during a visit by the then King Sobhuza 11 in 1967. The College became co-educational in 1969 and joined the United World Colleges I'UWC'I movement in 1981. The UWC'S Mission is to inspire young people to put their talents and energy into driving change around the world. Waterford's Creativity. Activity and Service programme is fundamental to the College's character, with emphasis on enabling students to experience the importance of engagement with local communities. Provision of financial support. based on assessment of need, has been central to Waterford's ethos from the outset- enabling many, who could not otherwise have contemplated such an education. to attend. The academic programme is rigorous. building on UWC'S pioneering role in creating the International Baccalaureate I"IB"} which rewards both academic and societal excellence. Since 2005, The Shelby Davis Foundation has welcomed scholarship applications from UWC graduates to attend universities in the United States. As a result, any student who graduates successfully from Waterford is guaranteed access to tertiary education, albeit subject to means-testing.
WATERFORD SCHOOL TRUST TRUSTEES, REPORT continued TRUST OBJEcfwES AND AcfiviTIES Overriding object and nature of continuing activities The Trust's overriding object (the promotion and encouragement of education at Waterford Kamhlaba) has taken various forms over the years. In recent years, the College has had an Advancement Office which has led on relationships with alumni and existing financial supporters, and on the search for new funding sources. The main focus from the Trust's perspettive has been on providing funds for scholarships to assist the College to honour its long-term commitment to providing wide access. Over time. substantial sums have also been raised in support of capital projects. The Trustees as individuals, and as a group. provide a support base to the Waterford community. Some of this provision has been of a practical nature, not readily measurable, but nevertheless of considerable value. The College places great emphasis on establishing and maintaining contact with its alumni as an important element of its overall offering- members of the Trust have participated in those efforts in the UK over the years. The Chair of the Trust has an ex officio place on the College's Governing Council. The international proliferation of teleconferencing in recent years has facilitated the involvement of Trustees, from time to time, in communications with the College. Achievements Over £5.5 million has now been raised from UK sources since 201JO- some remitted direct to the College for reasons of policy or pratticality on the part of donors. Public benefit The Charity Commission emphasises the importance of trustees demonstrating that their charity's aims are for the public benefit. The Trustees are satisfied that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. The Trustees take the view that the public benefit attributes of Waterford School Trust must necessarily be assessed in the context of the public benefit attributes of Waterford Kamhlaba. The College strives for academic excellence. Acceptance of students is on merit and awards of financial support recognise need. The ethos of the college is such that it positively seeks out candidates Iparticularly across Africa) whowould be obvious beneficiaries of this educational opportunity- The College also promotes community service, environmental responsibility and leadership for societal improvement, not only during education at the college but more importantly as a life-long commitment in all of its students. The public benefit of the College's alumni/ae over the years is incalculable but great in impact and extensive across many countries. Against that background, the Trustees are satisfied that Waterford Kamhlaba operates for the public benefit, as in turn does Waterford School Trust as one of the College's important facilitators over the years.
WATERFORD SCHOOL TRUST TRUSTEES, REPORT continued FINANCIAL REVIEW Review of accounts Income [see accounts on poge 12 ond note 2 on page 15] The Trusys total incoming resources for the year to 31 December 2024 amounted to £29,248 12023.. £13,670). Of that total. Donations totalled £10,942 (2023.. £1,644). As a matter of Trust policy, receipts are treated as Restricted funds and directed towards Scholarship sUPPOrt unless Otherwise requested by the donor. Overall, in 2024, of the Donations of £10,942: £4,442 was allocated to Scholarships, £6,250 to the College's Campus sustainability programme and £250 to a "Challenge" fund promoted by the affiliated not-for-profit Waterford Kamhlaba Foundation of South Africa ["WKFSA"I. (2023.. £1,644, all allocated to Scholorships.) Expenditure [5ee uccounts on page 12 and notes 3 to 6 on pages 15/161 Each yearfs grants from Restrirted funds match the Restricted income for that year. In 2024, of the total grants of £10,942 from Restricted funds, £4,442 was therefore allocated to Scholarships, £6,250 to the Campus sustainability progr3mme and £250 to a WKFSA-promoted Challenge fund. 12023.. £1,644. all allocated to Scholarships.) At a much larger scale. the Trustees had decided in 2022 to enter into discussions with the College as to how the expendable endowment accumulated within the Trusts, accounts might now be released over future years. Those discussions led to the Trust making an initial remittance to the College of £IOO,000 in May 2023, an amount which had regard to the success of its Advancement Office in attracting new sources of financial support in the previousyear. The remittancewas sufficientto contributeto the fees of 14studentsfor a year. On a broadly similar basis, it was agreed to make a further remittance of £95,000 from the endowment fund in June 2024. This amount contributed to the fees of 11 students. Funds at year end [see occounts on pages 12/13 and note 10 on poge 181 Unrestricted funds are those that a charity has received which are not to be held for any particular purpose. Accordingly. they can be spent as the Trustees deem fit. Since l March 2014, it has been the policy of the Trustees to limit additions to the Trust's unrestricted funds to a proportion of its income from interest lor from investments, were there any). The balance sheet at 31 December 2024 attributes a total value of £595.772 12023.. £679,621) to the Trust's funds. Of that total. £85,167 12023.- £83,169) was held as unrestricted funds. Restricted funds are those that have been given to a charity for particular purposes as notified by the donors and may only be spent forthose purposes. For many years, it has been the Trustees, policy to treat all income from donations as restrirted to the provision of scholarships - unless otherwise required by the donor. It is policy to allocate, by way of grants to the college at the end of the year of receipt, all the scholarship-related income of the Trust. There is an exception to this general practice which arises when it is decided that it would be appropriate for a major donation to be allocated to the endowment fund. The balance on the restricted funds account was nil at both 31 December 2024 and 2023.
WATERFORD SCHOOL TRUST TRUSTEES. REPORT tontinued FINANCIAL REVIEW contlnued Funds at year end continued Endowment funds may take different forms but are almost invariably of a long-term capital nature. The Trustees. in consultation with the College, agreed in 2009 to create an endowment from some Substantial donations received during previous years. Key aspects of the charity's endowment funds are that lal they are expendable las opposed to permanentl and Ibl they are restricted to the provision of scholarship support for students at Waterford Kamhlaba. The balance so held. at 31 December 2024, was £510,605 12023.'£596,452). As in previous years, 50% of overall investment income was credited to that fund. All funds at the year-end were represented by net current a55ets {significantly bank deposits). Re5erve5 and investment policy The Trustees have historically regarded it as realistic to hold substantial funds from which additional schoSarship support could be provided to the College. should local circumstances so require. Against that background. the Trustees regard it as realistic to have been holding funds at the year-end as described above. The gradual release of the Trusys endowment fund since 2023 is described on the previous page. Over recent years. it has been the Trusvs policy to hold its reserve funds in liquid form. invested in bank deposits. Historic policy has been to place responsibility for exchange rate considerations on the College. Bursary administration [see occounts on page 13 andnote 9 on poge 171 For many years, Waterford School Trust has held funds to administer a bursary provided by Trinity College, Cambridge, latterly in memory of the late Hugh Anderson. under which a Waterford student from Southern Africa could be funded to attend a university in the UK. The most recent recipient completed her studies in 2010. No bursary award has been made since which has been allowing the fund to be rebuilt. Unexpended funds held by the Trust have been maintained in a separate bank account. The balance so held on 31 December 2024 was £123. It was decided to remit that balance to Trinity College in February 2025. The Trust remains in contact with Trinity College and Waterford's University Advisor to ensure that this valuable opportunity is safeguarded. Events since 31 December2024 This heading is generally intended to report on events of a financial nature since the year end being reported on. The Trustees would wish to emphasise that, while there is little sign of early future fundraising opportunities for Waterford Kamhlaba through its UK-based Trust, the charity does provide continuing support, as set out above, notably: It plans to transfer gradually to the College the value of its accumulated endowment. A further transfer in this context, amounting to £95,000, was completed in June 2024. The continuing engagement of Trustees in the affairs of Waterford generally. and in their individual involvements in supporting the College's current initiatives. The Trust was the recipient of a donation of £105,000 in March 2025. The donors agreed with the College that the grant be expended on supporting the staff by investing in their continuing professional development. The Trustees were very happy to endorse this use of the gift.
WATERFORD SCHOOL TRUST TRUSTEES, REPORT continued STRuuRE, GOVERNANCE AND MANAGEMENT Trustees The names of those who served on the Board of Trustees during the period under review are set out on page New Trustees are appointed from time to time by the current Board. The Board is composed of individuals who are committed to the mission of Waterford Kamhlaba. The Board keeps under consideration its balance of age and experience. Objectives for the current year The Board's objectives for the current year continue to be as described on page 4, working with the College and its Advancement Office in its identification and pursuit of fundraising opportunities, while continuing to provide support for Waterford's wider activities and initiatives as possibilities arise. Trustee5' responsibilities On appointment, Trustees are provided with the Charity Commission leaflet "The Essential Trustee= What you need to know, what you need to do". Trustees are expected to be conversant with their responsibilities. All the Trustees hold, or have held, roles in major charities and other substantial organisations- they bring their experience to this Board. Report and accounts The Trustees are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements. the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the applicable Charities SORP- make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper 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 complv with the Charities Act 2011, charity accounting and reporting requirements and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detertion of fraud and other irregularities.
WATERFORD SCHOOL TRUST TRUSTEES, REPORT continued STRucfuRE, GOVERNANCE AND MANAGEMENT continued Trustees, responsibilities continued Orgonisation and communications The Trust operates on a wholly voluntary basis and is reliant on the experience and skills of its Trustees, and the time that they are able to dedicate to its affairs. During the period under review, there was extensive communication and liaison between individual Trustees and members of the College community. The ready availability of video-conferencing services has continued to prove invaluable. The Board convened twice during the year on a formal ba515. As and when required. formal approvals were obtained by email. Related parties Trustees are unremunerated. Note 6 on page 16 details information concerning reimbursement of expense5. Risk assessment The major risks to which the charity is exposed. as identified by the Trustees, have been reviewed and systems have been established to mitigate those risks. The risks identified relate significantly to financial matters. Approval Approved and authorised for issue by the Board of Trustees and signed on its behalf by Date:
WATERFORD SCHOOL TRUST INDEPENDENT AUDITORS. REPORTTO THE TRUSTEES OF WATERFORD SCHOOL TRUST Opinion We have audited the financial statements of Waterford School Trust Ithe'chariwl forthe yearended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that h35 been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel- In our opinion the financial statements: give a true and fair view of the state of the chariws affairs as of 31 December 2024 and of the incoming resources and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial Statements section of our report. We are independent of the 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 ourother ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suflicient and appropriate to provide a basis for our opinion. Conclu5i0ns relating to going concern In auditingthe financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Trust'5 ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financi31 statements doe5 not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. In connettion with our audtt of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or app3rent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
WATERFORD SCHOOL TRUST INDEPENDENT AUDITORS. REPORT TO THE TRusfEES OF WATERFORD SCHOOL TRUST continued Matters on which we are required to report by eXptIon We have nothing to report in respect ofthe following matterswhere the Charities (Accounts & Reports) Regulations 2008 requires us to report to you if, in our opinion: sufficient accounting records have not been kept: or the financial statements are not in agreement with the accounting records and returns- or the information given in the Report of theTrustees is inconsistent in any material respect with the financial statements- or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustee5 Responsibilities, the trustees are responsible for the preparation of the fiDancial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charity's ability to continue a5 a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Our responsibilities ftsr the audit of the financial statements We have been appointed as auditor under Section 144 of the Charities Art 2011 and report in accordance with the Att and relevant regulations made or having effettthereunder. Our objettives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detett 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 experted to influence the economic decisions of users taken on the basi5 of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of deterting irregularities, including fraud, is detailed below. Based on our understanding of the charity and the sertor in which it operates. we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation and regulations which govern the preparation of financial statements, and we considered the extent to which non-compliance might have a material effert on the financial statements. We also considered those laws and regulations that have a dirert impatt on the financial statements such as the Charities Act 2011. We evaluated the Trusteeg incentives and opportunities for fraudulent manipulation of the financial statements lincludingthe risk of override of controls). and determined that the principal risks were re5ated to posting inappropriate journal entries to increase income, through management bias in manipulation of accounting estimates or accounting for significant transactions outside the normal course of business. Audit procedures performed included: Enquiry of Trustees around actual and potential litigation and claims and instances of non-compliance with laws and regulations; Auditing the risk of management override of controls, through testing journal entries and other adjustments for appropriateness, testing accounting estimates (because of the risk of management bias), and evaluating the business rationale of significant transactions outside the normal course of business; Reviewing financial statement disclosures and agreeing to supporting documentation to asse55 compliance with applicable laws and regulations; and Review ofTrustee meeting minutes. io
WATERFORD SCHOOL TRUST INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF WATERFORD SCHOOL TRUST continued Our responsibilities for the audit of the financial statements (continued) There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflerted in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detetting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent 4uditors. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulation 2008. Our auditwork has been undertaken sothatwe might5tatetothe chariws trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. S7cL Tfcokfj x Co lJiMIEed BENNE BROOKS & CO UMtTED Chartered Accountants & Statutory Auditors st George's Court Winnington Avenue Northwich CW8 4EE Date- 27 October 2025 li
WATERFORD SCHOOL TRUST STATEMENT OF FINANCIAL AcfiviTIES for the year ended 31 December 2024 Expendable endowment funds Unrestrirted Restritted funds funds Total 31.12.24 Total 31.1223 Notes Income and endowments from: Donations Investments 10,942 10,942 18,306 1,644 12,026 9,153 9,153 Total 9,153 10,942 9,153 29.248 13,670 Expenditure on: Raising funds Charitable activities Grants to Waterford Kamhlaba Grant to Waterford Kamhlaba Foundation of South Africa Other (3941 (394) {246J {10,6921 195.0001 1105.692) (101 644) 12501 (250) (6,761) 16,761) (6,6221 Total 17,1551 110.942) (95.0001 {113,097) (108,512) Net income/(expenditure) and net movement in funds 1,998 {85,8471 (83,8491 194,842) Reconciliation of funds: Total funds brought forward at l January 2024 83.169 596,452 679,621 Total funds carried forward at 310ecember 2024 io 85,167 510,605 595.772 679.621 All incoming resources and resources expended derive from continuing operations. The notes on pages 14 to 18 form part of these financial ststements. 12
WATERFORD SCHOOL TRUST BALANCE SHEET at 31 December 2024 Expendable endowment fvnds Unrestricted Restricted funds funds Total 31.12.24 Totul 31.12.23 Note5 CURRENT ASSErs Debtors Cash at bank 950 7,083 950 608,855 91.167 510,605 686,800 Total current assets 91,167 8.033 510.605 609.805 686.800 LIABILITIES Creditors: amounts falling due within one year: Amount due to Waterford Kamhlaba Bursary administered by the Trust Audit fee 17.9101 1123) {7,9101 {1.807J 11231 {122J 16,0001 (5.250) 16,0001 Total current liabilities {6.0001 {8,0331 114,033) (7,179) TOTAL NET ASSETS (all current) 85.167 510.605 595,772 679,621 THE FUNDS OF THE CHARtrf: Expendable endowment funds Restricted income funds Unrestricted funds 510,605 510.605 596,452 85,167 85,167 83,169 TOTAL CHARITY FUNDS io 85,167 510,605 595,772 679,621 The notes on pages 14 to 18 form part of these financial ststements. Approved and authorised for issue by the Board of Trustees and signed on its behakF by Trustees= Date: 13
WATERFORD SCHOOL TRUST NOTES TO THE ACCOUNTS at 31 December 2024 ACCOUNTING POLICIES Basis of preparation of accounts and assessment of going concern The accounts are prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notelsl to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The trust constitutes a public benefit entity as defined by FRS 102. The trustees consider that there are no material uncertainties about the Trusts ability to continue as a going concern. Income and endowments Donations and legocies and other income are in principle included on a receivable basis. being recognised a5 soon as the Trust has entitlement to the income Isufficient to determine its future application), is virtually certain of receipt, and is able to measure the income with reasonable certainty. Expenditure Expenditure is accounted for on an accruals basis. Grants to Waterford Komhloba." Each yearfs grants from restricted funds match the restricted income for that year. Otherwise, grant5 are made at the discretion of the Trustees. Support costs Isee note 5 belowl comprise those costs that, while necessary to deliver the Trusvs charitable attivity, do not constitute the output of that artivity. Governonce costs Isee also note 5 belowl include audit fees, professional advice relating to compliance and governance issues, expenses relating to meetings of Trustees, and reimbursement of expenses incurred by Trustees. Fund accounting Donations that are given for specified purposes are credited either to Restricted funds, or to Endowment Funds to be used in accordance with the respective donor's wishes. Appropriate proportions of the Trust's investment income, interest, gain5 or losses on investments and gains or losses on revaluing foreign currency are allocated to the Expendable endowment funds. All other income, gains and1055e5 are allocated to Unrestricted funds. Short-term debtors and creditors Short term debtors and creditors with no stated interest rate are recorded attransaction price. Any losses arising from impairment are recognised in the statement of financial activities. Amount due tolpaid in advance to Waterford Kamhlaba An amount due to the College is recognised in the balance sheet as a short-term ¢reditor. An amount paid in advance to the college is recognised as a debtor. Further information can be found in note 8. 14
WATERFORD SCHOOL TRUST NOTESTO THEACCOUNTS at 31 December 2024 continued ACCOUNTING POLICIES continued Cash and cash equivalents Cash and cash equivalents include cash held with banks in deposit and other similar accounts. Taxation The charity did not fall within the corporation tax rules in 2024 lor 20231. Cash flow ststement The Trust is exempt from preparing a cash flow statement for the year ended 31 December 2024 land that ended 31 December 2023}. Statement oAFinuncialArtivities INCOIIAE FROM INVESTMENTS The source of income is Interest arising from the Trust'5 liquid funds held by its Bankers. EXPENDITURE ON RAISING FUNDS Expendable endowment funds Unrestrirted funds Restricted funds Totsl 31.12.24 Total 31.12.23 Operating costs relating to online fundraising platform 394 394 246 GRANTS TO WATERFORD KAMHLABA Expendable endowment funds Unrestrirted funds Restrirted funds Total 31.12.24 Total 31.12.23 Student scholarships Campus sustainability 4,442 6,250 95,000 99.442 6250 10.692 95,000 105,692 101,644 OTHER EXPENDITURE Expendable endowment funds Unrestricted nds Restricted funds Totsl 31.IZ.24 Totsl 31.12.23 Governonce costs Audit Trustee insurance Meetings costs Other support costs Bank charges Data Protection fee Sundry other 6,000 497 32 5,850 497 497 32 137 35 60 137 35 240 35 6,761 6.761 6,622 Thetrust has no employees. 15
WATERFORD SCHOOL TRUST NOTES TO THE ACCOUNTS at 31 December 2024 continued Stotement of FinoncialArtivities continued TRUSTEE EXPENSES There was no trustees, remuneration or other benefits for the year ended 31 December 2024,- nor for the year ended 31 December 2023. Reimbursements of expenses were made to two Trustees in respert of Meeting costs= £32 and to another: in respect of Postage: £60. (In 2023. no reimbursements were mode.) COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfiviTIES Expendable endowment Totsl fun(ts 31.12.23 Unrestricted Restricted funds funds Income and endowments frorn: Donations Investments (bank interest) 1,644 1.664 12,026 6,013 6,013 TotsS 6,013 6,013 13,670 Expenditure on: Raising funds Charitable artivities Grantsto Waterford Kamhlaba Other 1246) (246) 11.6441 (100,0001 (101,644J (6.622) 16,6221 Totsl 16,8681 11,6441 1100,000) (108512) Net incomel{expenditure) and net movement in fund5 18551 193,9871 f94,842J Reconciliation of funds: Total funds brought forward at l January 2023 84,024 690,439 774,463 Total funds carried forward at 31 December 2023 83,169 596A52 679,621 16
WATERFORD SCHOOL TRUST NOTES TO THE ACCOUNTS at 31 December 2024 continued Bolonce sheet AMOUNT DUE TO WATERFORD KAMHLABA Expendable endowment Totsl funds 31.12.24 Unrestrirted funds Re5trirted funds Total 31.12.23 Balance broughtforward due to Waterford Kamhlaba Donations to the Trust for WK Amount collected on behalf of WK Grants made to Waterford Kamhlaba in year Transfers to Waterford Kamhlaba 1,807 10,692 1,807 10,692 2.324 163 95,000 95,000 100,000 14,5891 195,0001 (99.5891 (102,324) Balance carried forward due to Waterford Kamhlaba 7,910 7.910 I07 BURSARY ADMINisfERED BY THE TRUST Expendable endowment funds Unrestrirted Restricted funds funds Totsl Totul 31.12.24 31.12.23 Balance brought forward Receipts in year Interest received 122 122 121 123 123 122 Payments in year Balance carried forward 123 123 122 17
WATERFORD SCHOOL TRUST NOTES TO THE ACCOUNTS at31 Dernber 2024 continued io SUMMARY OF MOVEMENTS IN FUND5 Unrestricted funds Restricted funds Endowment funds Total 31.12.24 Funds at l January 2024 83,169 596,452 679,621 Net movements in funds during the period as shown bythe Statement of Financial Activities lon page 12) 1.998 {85,8471 (83,8491 Funds at 31 December 2024 85,167 510,605 595.772 Comparatives for movernent in funds Unrestricted funds Restrirted funds Endowment funds Total 31.12.23 Funds at l January 2023 84,024 690,439 774N63 Net movements in funds during the period as shown by the Statement of Financial Activities lon page 121 18551 193,9871 (94,8421 Funds at 31 December 2023 83.169 596A52 679,621 The terms Unrestrirted funds, Restricted funds and Expendable Endowment funds are explained in the Annual Report on page 5, a5 are the purposes for which the charity holds such funds. The way in which income is allocated to the various funds is explained at note Id on page 14. li RELATED PARTY TRANSAcfioNS There were no related party transattions. 18