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
STRu￿uRE, 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 eX￿ptIon
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.
S￿7￿c￿L 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
I￿07
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 De￿rnber 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