Charity registration number 507070 Company registration number 01348108 (England and Wales) WITHAM HALL SCHOOL TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
WITHAM HALL SCHOOL TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs H Banks Mrs C Braid Rev A Hawes Mrs S Kerr-Dineen Mr A Riddington Mrs K Robertson Mrs S Rowntree Mr A Speers Mr R Thain Mr E Wass Mr B Wilson Mr WThomas (Appointed 31 October 2023) Secretsry Mr P Lamb Charity number 507070 Company number 01348108 Registered office Witham Hall Witham-on-the-Hill Bourne Lincolnshire United Kingdom PE10 OJJ Auditor Azets Audit Services Westpoinl Lynch Wood Pelerborough Cambridgeshire United Kingdom PE2 6FZ Bankers Handelsbanken Fulura House 4 Axon Business Park Commerce Road Lynchwood Pelerborough Cambridgeshire PE2 6LR Solicltors Greenwoods Solicitors LLP Monkslone House Peterborough United Kingdom PE1 1JE
WITHAM HALL SCHOOL TRUST CONTENTS Page Trustees, report Statement of trustees, responsibilities Independent auditor's report 8-10 stalement of financial activities Balance sheet 13 Statement of cash flows 14 Notes to the financial Statements 15-30
WITHAM HALL SCHOOL TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 JULY 2024 The trustees present their annual report and financial statements for the year ended 31 July 2024. The financial slatements 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 and Articles of As50cialion, 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 Object of the Charity, in accordance with ils Memorandum of Association, is the education of thildren up lo age13. More particularly, the Board'5 main objective continued to be lo educate all the School's pupils to an exceptionally high standard, so that they will be able to benefit fully from their chosen senior schoo5 for the completion of their education in due course. To achieve this the School maintains a high teacher-to-pupil ratio, tailoring our services as appropriate in each case to suil individual needs and constantly seeking to provide the besi possible level of leaching, resources and facility provision. Strategic aims and intended effect The School's specific aims are.. to enable all children to achieve their academic and physical poténtial by providing a curriculum thal is broad, balanced and differenliated ensuring continuity and progression of learning., to enable each child lo attain a sense of achievement beyond core academic subjects by providing a wide spectrum of Cowcurricular opportunities within music, drama, art, technology, PE and games.. to enable each child to foster positive attitudes to learning and life., and to enable each child to develop values and self-discipline within a Christian context which will allow himl her to move with confidence and be sensitive lo others. These aims are intended to be achieved through a hosl of ways bul notably by.. providing a safe and secure environment in which to learn and explore., encouraging an ethos of consideration of others and kindness amongst the School community., foslering ambition and encoura9ing children to reach their potential in all areas., recruiting and training committed and talented staff., and providing an environment with commensurate facilities to offer a breadth of opportunity in line with the School's holistic approach to education. Principal activities The trustees have paid due regard to guidance issued by the Charity Commission in deciding whal activities the charity should undertake. The School's principal aclivities continue to be the provision of a Pre-Prep and Prep School for children aged 4 10 13. The average number of pupils attending the school in the last year was 241. Class sizes remain small and the quality of leaching consistently high. Oulside of the academic curriculum, the School provides regular opportunities for sport, musio, drama and art. Matches are played against other schools, concerts and plays are a regular part of school life and art exhibitions allow children to showcase their lalent.
WITHAM HALL SCHOOL TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Achievements and perfomiance Operational performance of the School The School continues lo provide an outstanding and broad education lo children aged 4-13. The 35 Year 8 leavers, achieving 16 scholarships. moved on lo Senior Schools as follows.. 610 Uppingham 7 to Oakham 410 Oundle 6 to Stamford Endowed SGhools 3 to Rugby 1 to Gresham's 2 lo Elon 1 to Bedford Modern School 1 to Marlborough 1 to Chellenham Ladies College 1 to Repton 110 Stowe 1 to Tudor Hall Pupils performed strongly in their Common Entrance and scholarship examinalions. alongside the breadth of school destinations, the pupils were also able to secure 16 different awards and scholarships. Over the course of Ihe academic year, and while remaining mindful of the financial headwinds affecting all parts of the independent education sector and indeed the wider economy, several improvements were made both lo the School slte and lo the educational structures in place.. The review of limelable and lesson allocations was completed and has already begun to yield fruits as seen in the number of academic scholarship awards and breadth of senior schools that our year 8 leavers moved on to. The introduction of pupil devices for Year 8 in September 2023 has been a great success and is now integrated into the year 8 timelables serving as great preparation for senior schools. The new playground and exploratory play area for our youngesl pupils in Reception was opened in January and has significantly enhanced our Reception pupils experience al Witham. Thanks to the Friends of Witham for their conlributions lo this project. The new car park was opened at Easter and has improved Ihe daily drop off and pick up routine. Investment Perfonnance In the course of the year, a total of £17,571 was reali5ed through short term investments. Alongside this, the capital project loan was fully repaid during the year. There was also a strong uptake of families making use of the Schools, existing Fees in Advance Scheme this year. Financial review The results for the financial year are set out in the Statement of Financial Activities on page 11. The nel deficit for the year amounts lo £18.852. The financial position of the charity al the year-end 15 shown on page 13. This marked Ihe stabilisalion of the position following the inflationary pressures seen during Ihe previous financial year and first quarter of this year. Income remained broadly Gonsislenl across the years, whilst costs were carefully managed to achieve a very close lo breakeven position. The opportunity has been taken to resel utility contracts lo multi year agreements at much more manageable unit rates. Overall this is lestament lo the School, lo closely manage the financial resources whilst providing an excellent education for our pupils. The resultant deficit is in context very small. Furthermore, given the charity's large annual deprecialion charge that forms part of its revenue expenditure, from a cash poinl of view, the operation was sizably positive for the year. The total amount spent on the upgrading of buildings and facilities (in addition to routine maintenance) in 2023124 was £84,272 12022123.. £112,236) on completed projects across Revenue (Major Works) and Capilal (Land & Buildings). This total is more conservative Ihan in recent years, naturally so given the wider pressures on the charity's budgets as discussed above and as was prudently foreseen at the point of publishing last year's report. This investment focused principally on a range of smaller stand-alone renovation projects rather than any single notable stand-alone new capital project, notable exceptions to this were the excellent Reception play area and the extension to the car park, both making greal conlributions to daily life at Witham.
WITHAM HALL SCHOOL TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 From the point of view of cash-flow, the Governors. Policy {introduced October 2015, reviewed thereafter) is that there will be no external borrowing without Board approval and the aim will be lo maintain a cash baance of at least £310,000 la figure that, from 2023124 onwards will grow each year, index-linked to key inflationary markers in the charity's accounts to ensure that the protection afforded by the reserve limit is not eroded over time by inflalion}. In realily, this minimum is typically comfortably surpassed the majority of the time. From the point of view of reserves, at the year end the free reserves (unrestricted funds less fixed assets) amount lo £1,289,39412022123.' £267,035). Investment policy and objectives The Governors have considered the mosl appropriate policy for investing the funds and concluded that the money market accounls meet their requirements both to generale modest income and relain a level of liquidity required lo manage the School's funding needs al minimum risk. Investments are reviewed on a regular basis. The School's borrowing was fully repaid during the year, therefore whilst being mindful of liquidity requirements funds are invested in short term placements. rates are continually monitored lo ensure the duration of the placements are optimal. Risk management The Board continues to keep the School's activities under review, particularly with regard to any major risks that arise from lime lo time as well as the systems and procedures established to manage them. It monilors the effectiveness of the system of internal controls, including insurance cover where appropriate, by which those risks already identified can best be miligaled. The Board is responsible for compliance with Health & Safety legislalion and has put in place the methodology and appropriate controls to ensure that the ethos of comprehensive safely systems are fully understood and their implementation followed throughout the School. The School employs a firm of Health and Safety Consultants who visit the School three times a year lo ensure that the School complies wilh current legislation. The School employs Ihe seNices of external advisors who periodically inspect buildings, equipment and boundary walls. These inspections, periodically supported by a site-wide suNey as appropriate, provide a framework for the School's maintenance programme. Alongside all this, a specialist tree consultancy firm is relained lo ensure that all reasonably practicable measures are taken to reduce the risks of any injury caused by the many wonderful trees on the property. Future plans The Estates Committee of the Governing Body are considering various plans for the future that will enable the School to maintain the high standards of provision expected of a Preparatory School of ils standing and to ensure that any surplus funds are used to provide facilities that will further enhance the School's ability to provide a first class education. Longer-term focus remains concentrated on curriculum expansion for the pupils, wilh the first ambition being the construction of a new Design and Technology Cenlre. Nevertheless, assiduous management of capital commitments, while always important, has become especially so wilh the Ghanges lo the tax treatment of independent schools due to come into effect from January 2025. Prudence will be key for the coming years for all schools in the independent sector and for this reason the charity is thankful to already have a markel-leading campus and range of facilities. Structure, govemance and management Witham Hall School Trust is a Charitable Trust - Charity Number 507070. and a Limited Company - Registration Number 01348108 Iwilh the liability of its members limited to £1), founded in 1978. The registered office is at Witham Hall, Witham-On-The-Hill, Bourne, Lincolnshire, PE10 OJJ. The Company is governed by its Memorandum and Articles ofAssociation.
WITHAM HALL SCHOOL TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 All Trustees are Governors of the School and Directors of the company. New Governors are chosen for the contribution that they are able to make to the Board. Specific shortfalls in area-specific knowledge and experience in the Governing Board are identified as they arise via Board-level self-assessmenl (following an AGBIS templalel and are thereafter addressed accordingly. All new Governor appointees complete an induction process by the Clerk in line with the School's Governors, Appoinlmenl, Induction & Retiremenl Policy, as reported to the Chairman. All Governors received training on various aspects of governance from the Association of Governing Bodies of Independent Schools {'AGBIS'} in June 2023. covering.. duties of Governors, self-assessment of a Governing body., strategic planning,. inspection., oversight of safeguarding.. and an update on recent regulatory change and future risks. A plethora of one-off training courses and webinars as appropriate are undertaken singularly on a continual basis, bul the next Board-wide training day will be scheduled for approximalely June 2026. The truslees, who are also the direclors for the purpose of company law, and who served during the year were.. Mrs H Banks Mrs C Braid Rev A Hawes Mr B Holdsworth Mrs S Kerr-Dineen Mr A Riddinglon Mrs K Robertson Mrs S Rowntree Mr A Speers Mr R Thain Mr E Wass Mr B Wilson Mf W Thomas (Resigned 24 June 2024) (Appointed 31 October 2023) Key executives The Head The Bursar Mrws DAusten Mr P Lamb Remuneration of key executives is set by the Governing Body as informed by periodic Inomially three yearly) 365 degree professional appraisals. Organisational management The Governors meet as a Board at least three times a year to determine the general policy of Ihe School and review its overall management and control, for which they are legally responsible. The work of iMplenting most of the Board's policies is carried out by five sub-committees.. the Education Committee, chaired by Mrs K Robertson,. the Health & Safety Committee, chaired by Mr R Thain., the External Relations committee, chaired by Mrs S Rowntree., the Estates Committee, chaired by Mr R Thain.. and the Finance Committee, chaired by Mr E Wass. Each Committee meets al least once per term in advance of the main Governors, meeting. Committee chairpersons pul fonmard any recommendations from these commillees lo the full board. The School is a member of the Association of Governing Bodies of Independent Schools. The day-to-day running of the School is delegated to the Headmaster and the Bursar, supported by other teaching members of the Senior Management Team.
WITHAM HALL SCHOOL TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Group structure and relationships The School is an active member of the Independent Association of Preparatory Schools for the promotion and maintenance of preparatory school slandards generally and of the Independent Schools, Bursars Association which gives support lo the Bursar and adminislralive staff. The School has iniliated and takes part in peer group studies for the evaluation of quality and perfomiance improvement methods. Charitable public benefit Indirect Benefits The School is a charity whose object is a purpose falling within section 3{1)b of the Charities Act 2011, namely the advancement of education. 11 is a purpose for the public benefrt and is therefore a charitable purpose as defined in section 2(1 }b of the Act. The School offers indirect benefit lo the wider community through the employment of 95 (2022123.. 99) monthly employees on average and the School reduces the burden on the state sector by providing an education for 241 pupils {2022123.' 248). The Trustees are fulfilling the Charitable Trust's obligations lo provide public benefit through the not-for-profit provision of education lo children and through a wide variety of other means. However, in addition lo this, the School has a strong practice of providing support in leaching, facility and transport to schools bolh locally and internationally, as well as facility provision for drama, music and sport to the immediate and wider communities. School Partnerships Edenham CofE Primary School Reception & Year 1 Outdoor Learning.. Ihe fortnightly sharing of leaching resources and outdoor facilities, facilitated by use of School minibuses, drivers and teachers. Bylhams Primary School {'BPS') Teaching of PE & Games.. BPS children are collected weekly & brought to this School by three of our minibuses and drivers, and laughl by this School's staff ahead of being returned lo their school. School hosts Ihe BPS end of year concert for pupils and parents. School hosts the Christmas nativty performance for pupils and parents. Bourne Westfield Primary Academy Hosting teacher-training days (e.g. SCITT training for ITTS Ilnitial Teaching Training)). Wider Work Undertaken wlth Local Schools Performing Arts School acts as a host centre for Rockschool exams to which pupils from many local slate schools come. These pupils use this School's equipment for Ihe exams, as well as the venue and warm-up facilities. School acls as a centre for some stale school children to take ABRSM music exams. There are typically 5 or 6 from BGS. who furthermore will be accompanied by this School's Director of Music. Sport The School extends invitations for annual Cross Country & Athletics events lo a number of local primary schools. The following are all regular visitors for these competilions.. Edenham, Morton, Bourne Wesffield Primary Academy and Heritage Park.
WITHAM HALL SCHOOL TRUST TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 BursaryArrangements The School currently supports pupils with Bursarial support., bursaries of up to 100'/o of the Full Tuilion Fee ale available, with additional support for other ancillary costs available for consideralion (commonly known as '110 % bursaries").. In the year £587,797 was given away via remission of fees, which equates to 13.50/0 of overall day Tuition Fees {2022123.' £480,704 or 11.4 % ). The School is an accredited partner for Royal Springboard Foundation whose work in linking up children in need with life-changing bursaries is widely acclaimed. The School invites (via the websilel prospective parents to inquire about Bursary provision. In some school year-groups pupil numbers are such that no further places are available. Vvhere this is not the case. the Bursar is able to discuss potential opportunities, subjecl lo the process currently overseen by the Governors, Bursary Committee. Outside of the above, the School also provides short-lemi support for existing families on an occasional basis where case5 of financial hardship make it necessary. Fundraising The Charity is Compliant with the recognised standards of fundraising sel out in the Code of Fundraising Practice. Wilham Hall School Trust does not use professional fundraisers and there have been no complaints reiVed by the Charity about fund raising activities carried out by the Charity in the year. Auditor In accordance with the company's articles. a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be pul al a General Meeting. Disclosure of infomiation to auditor Each of the Iruslees has confirmed that there is no information of which they are aware which is relevant lo the audil, bul of which the audilor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the audilor is aware of such information. The trustees. report was approved by the Board of Trustees. MrA Riddington Chairman tyl:,lfy Dated
WITHAM HALL SCHOOL TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY 2024 The trustees, who are also the directors of Wilham Hall School Trust for the purpose of company law, are responsible for preparing the Trustees, 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 trustees to prepare financial statements for each financial year which give a Irue and fair view of the stale of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for thal year. In preparing Ihese financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; and prepare the financial statements on the going concem basis unless it is inappropriate to piesume that the charity will continue in operation. The Irustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any lime 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.
WITHAM HALL SCHOOL TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WITHAM HALL SCHOOL TRUST Opinion We have audited the financial statements of Wilham Hall School Trust (the 'charity'} for the year ended 31 July 2024 which comprise the slalement of financial activities, the balance sheet, the statement of cash flows and the note5 to the financial stalements, 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 Slandards, 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.. give a true and fair view of the stale of the charitable company's affairs as at 31 July 2024 and of its incoming resources and application of resources, including ils income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepled Accounting Practi., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Inlernalional Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorts responsibilities for the audit ol Ihe financial stat8meiits seclion of our report. We are independent of the charity in accordance with the elhical requirements thal are relevant lo 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 oblained 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 trustees, use of the going concem basis of accounting in the preparalion of the financial slalements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events OT conditions that, individually or collectively, may cast significant doubt on the charity's ability lo continue as a going concern for a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibililies of the trustees wilh respect lo going concern are described in the relevant sections of this report. Other infom)ation The other information Comprises the information included in the annual report other than the financial statements and our auditor's report Ihereon. The trustees are responsible for the other information ntaIned within the annual report. Our opinion on the financial slalements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any fom of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise lo a material misstatement in the financial slalements themselves. If, based on the work we have performed, we conclude that there is a malerial 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 Ihe work undertaken in the course of our audit.. the informalion given in the trustees, report for the financial year for which the financial statements are prepared, which includes the directors, report prepared for the purposes of company law. is consistent with the financial statements., and the direclors, report included within the trustees, report has been prepared in accordance with applicable legal requirements.
WITHAM HALL SCHOOL TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF WITHAM HALL SCHOOL TRUST Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and ils environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the trustees, report. We have nothing to report in respecl of the following matter5 in relation to which the Companies Act 2006 requires us lo report lo you if, in our opinion.. adequate accounting records have not been kept. or retums adequate for our audit have not been received from branches nol visited by us.. or the financial statements are not in agreement with the accounting records and relums., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit.. or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the slalement of trustees, responsibilities. the Iruslees, who are also the directors of the charity for Ihe purpose of company law, are responsible for the preparation of the financial statemen15 and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial stalemenls, the trustees are responsible for assessing the charity's ability to continue as a going concern. disclosing, as applicable, matters relaled lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charitable company or to cease operations, or have no realistic alternative bul to do so. Auditorfs responsibilities for the audit of the financial statements Our objective5 are lo obtain reasonable assurance about whether the financial statemenls as a whole are free from material misstatement, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee Ihat an audit conducted in accordance with ISAS (UK) will always delect a material misslalemenl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influen the economic decisions of users taken on Ihe basis of these financial stalemenls. A further description of our responsibilities is available on the Financial Reporting Council's websile at.. https'.11 www.frc.org.uklaudilorsresponsibililies. This descriplion foms part of our auditor's report.
WITHAM HALL SCHOOL TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF WITHAM HALL SCHOOL TRUST Extent to which the audit was considered capable of detecting irregularitie5, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud. We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments. including in relation lo the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstalemenl of the financial slalements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. This includes consideration of the risk of acts by Ihe entily that were contrary to applicable laws and regulations, including fraud. In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included.. Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud.. Reviewing minutes of meetings of those charged with governance., Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection., Reviewing financial statemenl disclosures and testing to supporting documentation to assess compliance wilh applicable laws and regulations; Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business ralionale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit, there is a risk Ihal we will nol delecl all irregularities, including those leading to a material misstatement in the financial statemenls or non-compliance wilh regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely lo become aware of instances of noTrcompliance. The risk of not detecting a material misslalement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the oveffide of internal control. Use of our report This report is made solely lo the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitatle company's members those matters we are required lo stale to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charilable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Tracey Richardson Bsc (Honsl FCA (Senior Ststutory Auditor) for and on behalf ofAzets Audit Services Chartered Accountsnts ststutory Auditor Weslpoint Lynch Wood Peterborough Cambridgeshire United Kingdom PE2 6FZ 10-
WITHAM HALL SCHOOL TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2024 Current financial year Unrestricted Restricted funds funds 2024 2024 Total Total 2024 2023 Notes ncome and endowments from: Donations and legacies Charitable activities Other trading activities Investments Other income 5,630 4,560,509 43,685 17,571 32,650 7,383 13.013 4,560,509 43,685 17,571 32,650 59,138 4,527,352 49,793 7,968 26,248 Total income 4,660,045 7,383 4,667,428 4,670,499 Raisin funds Fundraising and publicity Other trading activities 29,912 42,193 29,912 42,193 30.707 45.180 72,105 72,105 75,887 Charitable activities 4,606,792 7,383 4,614,175 4,619,974 Total expenditure 4,678,897 7,383 4,686,280 4,695,861 Net expenditure for the yearl Net movement in funds {18,852} (18,8521 (25,3621 Fund balances al 1 August 2023 5,353.159 5,353,159 5,378,521 Fund balances at 31 July 2024 5.334,307 5,334,307 5,353,159 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activilies. The slalemenl of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 11
WITHAM HALL SCHOOL TRUST STATEMENT OF FINANCIAL ACTIVITIES {CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2024 Prior financial year Unrestricted Restricted funds funds 2023 2023 Total 2023 Notes ncome and endowments from: Donations and legacies Charitable activities other trading activities Investments other income 35,884 4,527.352 49,793 7,968 26,248 23,254 59,138 4.527,352 49,793 7,968 26,248 Total income 4,647,245 23.254 4,670,499 Fundraising and publicity Other trading activities 30,707 45,180 30,707 45,180 75,887 75,887 Charitable activitie5 4,596,720 23,254 4,619,974 Total expenditure 4.672,607 23,254 4,695,861 Net expenditure for the yearl Net movement in funds 125.362) 125,362} Fund balances at 1 August 2022 5,378,521 5,378,521 Fund balances at 31 July 2023 5,353,159 5,353,159 12-
WITHAM HALL SCHOOL TRUST BALANCE SHEET AS AT31 JULY2024 2024 2023 Notes Fixed assets Tangible assets 14 5,383,887 5,603,179 Current assets Stocks Debtors Cash al bank and in hand 16 17 40,071 405,115 1,461,173 40,746 340,261 682,031 1,906,359 1.063,038 Creditors: amounts falling due withln one year 19 (1,057,951 } (1,173,213) Net current asselsl(liabilities) 848,408 (110,1751 Total assets less current liabilities 6,232,295 5,493,004 Creditors: amounts falling due after more than one year 20 1897,988) (139.845) Net assets 5,334,307 5,353,159 Income funds restricted f Designated funds General unrestricted funds 23 3,607,711 1.726.596 4,594,739 758,420 5,334,307 5,353,159 5,334,307 5,353,159 The accounts were approved by the Trustees on Mr A Riddinglon Trustee Mr E Wass Trustee Company Registration No. 01348108 13
WITHAM HALL SCHOOL TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 29 1,233,096 303,334 Investing activities Purchase of tangible fixed assels Proceeds on disposal of tangible fixed assets Inlerest received (165,275) {204,149} 1,000 7,968 17,571 Net tash used in investing activities {147.704) {195,181) Financing activities Movement of bank loans (306,250) (75,000} Net cash used in financlng actlvities 1306,2501 {75,000} Net increase in cash and cash equlvalents 779,142 33,153 Cash and cash equivalents at beginning of year 682,031 648,878 Cash and cash equivalents at end of year 1,461,173 682,031 14-
WITHAM HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies Company infomiatlon Wilham Hall School Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Witham Hall, Witham-on-the-Hill, Bourne, Lincolnshire, PE10 OJJ. Uniled Kingdom. 1.1 Accounting Convention The financial slalements have been prepared in accordance with the charity's [governing documentl, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102"} and the Charities SORP "Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102}" leffeclive 1 January 2019). The harily 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. The principal accounting policies adopted are sel out below. 1.2 Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial slatements, the trustees have considered the impact of energy costs. The budgeted income and expenditure is sufficient with the level of reserves for Ihe charity lo be able to continue as a going concern. 1.3 Charitable funds Unrestricled funds arè available for use al the discretion of the trustees in furtherance of their charilable objectives unless the funds have been designated for other purposes. Designated funds comprise funds which have been sel aside al the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes lo the accounts. Restricted funds are subject lo specific conditions by donors as lo how they may be used. The purwses and uses of the restricted funds are set oul in the notes to the accounts. 1.4 Incoming resources Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are slated after deducting allowances, scholarships and other remissions granted by the school from its unrestricled funds, bul include conlribulions received from restrict¥J funds for scholarships, bursaries and other granls. Donations received for the general purposes of the charity are included as unrestricted funds. Donations for activities reslricted by the wishes of the donor are taken lo 'restricled funds" where these wishes are legally binding on the trustees. Investment income is accounted for in the perFod in which the charity is entitlèd lo reipl. Grants are recognised in full in the Slalement of Financial Activities in the year in which they are receivable. Bursaries and allowances from unrestricted funds lowards School fees al the School are treated as a reduction in those fees. 15-
WITHAM HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Accounting policies (Continued) 1.5 Resources expended Resources expended are accounted for on an accruals basis. 1.6 Tangible fixed assets Tangible fixed assels are initially measured at cost and subsequenlly measured at cost or valuation, nel of depreciation and any impairment losses. Depreciation is recognised so as lo wrile off the cost or valuation of assets less their residual values over their useful lives on Ihe following bases: Buildings Equipment, furniture and fittings Motor vehicles Bekneen 2 / - 25 /ts p.a. straight line 6.67 /., 10 /, 15°/o or 25./0 p.a. straight line 30 % p.a. reducing balance Freehold land and assets in the course of construction are not depreciated. The gain or loss arising on the disposal of an assel is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial aclivilies. 1.7 Borrowing costs related to fixed assets Borrowing costs directly allribulable lo the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of lime lo gel ready for their intended use or sale, are added lo the cost of those assets, until such lime as the assets are substantially ready for their intended use or sale. All other borrowing cosls are recognised in net incomel{expenditure) in the period in which they are incurred. 1.8 Impaimient of fixed assets At each reporting end dale, the charity reviews the carrying amounts of its tangible assets lo determine whether there is any indication that those assets have suffered an impairmenl loss. If any such indallOn exists, the recoverable amount of the asset is estimated in order to determine Ihe extenl of the impairment loss (if any). Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-lax discount rale that reflects current market assessments of the lime value of money and the risks specific to Ihe assel for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced lo its recoverable amount. An impairment loss is recognised immediately in incomel (expenditure) for the year, unless the relevant asset is carried at a revalued amounl, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if. and only if. the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in al a revalued amount, in which case the reversal of the impairment loss is treated as a revaluati)n increase. 16-
WITHAM HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Accounting policies (Continued) 1.9 stocks Stocks are staled at the lower of cost and net realisable value. Net realisable value is the estimated selling price less all estimated costs of completion and costs lo be incurred in marketing, selling and distribution. 1.10 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with bank5, Other short-lerm liquid inveslmenls with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.11 Financial instruments The charity has elected lo apply the provisions of Section 11 'Ba5ic Financial Instruments. and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party lo the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to sel off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using the effective inleresl method unless the arrangement constitutes a financing Iransaclion, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future receipts discounted at a market rale of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acqLsired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially at transaction price and subsequently measured al amortised cosl using the effeGlive interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.12 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are reGeived. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or lo provide termination benefits. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 17-
WITHAM HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 A¢counting poltcies (Continued) 1.13 Leases Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease. 1.14 Fees in advance scheme The School has accepted sums in respect of certain pupils and in return has undertaken lo discharge defined amount5 of the fees chargeable in respect of those pupils subsequent lo the year end. In the event of a pupil's withdrawal from the School, before all agreed amounts have been credited, the School has agreed to transfer the remaining amounts lo any other School in accordance with the agreement. The School's liability in respect of advance fees which it has accepted, has been brought into Ihese accounls. Critical accounting estimates and judgements In the applicalion of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounl of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only Ihal period, or in the period of the revision and future periods where the revision affects both current and fulure periods. 18-
WITHAM HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Charitable activities 2024 2023 School fees Fees from rechargeables Fees from other income 4,060,054 368,975 131,480 4,048,843 339,751 138,758 4,560,509 4,527,352 Other trading activities Unrestricted Unrestricted funds funds 2024 2023 Trading activities 43,685 49,793 Investments Unrestricted Unrestricted funds funds 2024 2023 Rental income Bank inlerest received 4,500 13,071 5,400 2,568 17,571 7,968 Other income Unrestricted Unrestricted funds funds 2024 2023 Other income 32,650 26,248 20-
WITHAM HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Raising funds Unrestricted Unrestricted funds funds 2024 2023 ra ubli Other fundraising costs Staff costs 2,963 26,949 5,010 25,697 Fundraising and publicity 29,912 30,707 Other din activities C051 of goods Staff costs 26,794 15,399 28,822 16,358 Other trading activities 42,193 45,180 72,105 75,887 Charitable activities 2024 2023 Teaching salaries Teaching costs Rechargeable items Welfare 1,791,319 127,799 380,806 422,698 1.776,758 124,068 348,639 407,407 2,722,622 2,656.872 Support costs (see note 10) Governance costs {see note 10) 1,862,979 28,574 1,932,479 30,623 4,614,175 4,619,974 Analysi5 by fund Unreslricted funds Restiicted funds 4,606,792 7,383 4,596,720 23,254 4,614,175 4,619,974 21
WITHAM HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 10 Support costs Support Governance costs osts 2024 2023 Depreciation and loss on disposal of fixed assets Estates Vehicles and travel Administration Staffing cosls Fundraising disbursed Provisions Finance and bank charges Audit fees Legal and professional Governors, expenses 384,567 879,099 47,915 459,915 46,810 7,423 8,905 28,345 384,567 879,099 47,915 459,915 46,810 7,423 8,905 28,345 11,773 16,695 106 395,263 937,701 43,793 441,099 74.467 23,294 (23,092) 39,954 11,196 19,054 373 11.773 16,695 106 1,862.979 28,574 1.891.553 1,963,102 11 Trustees During the year no governors were reimbursed any expenses (2023- none}. None of the trustees {or any persons connected with Ihem} received any remuneralion or benefits from the charity during the year {2023 - none). -22-
WITHAM HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 12 Employees Number of employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Teachers, matrons and administrative slaff Domestic, estates and ground staff 78 17 81 18 95 99 Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 2,441,188 228,673 301,671 2,428,392 220,567 291,897 2,971,532 2,940,856 Included in the above are termination payments made to 2 staff members totaling £6,23312023- 2 staff members totaling £27,650). The number of employees whose annual remuneralion was £60,000 or more were.. 2024 Number 2023 Number £70,001- £80,000 £80,001- £90,000 Of the employees whose emoluments exceed £60,000, 2 12023 - 2) participated in a defined contribution pension scheme. During the year pension contributions amounted to £16,636 12023 - £19,074) for Ihese employees. 13 Taxatlon The charity is exempl from tax on income and gains falling within Section 505 of the Taxes Act 1988 or section 252 of the Taxalionof Chargeable Gains Act 1992 to the extent thal these are applied lo ils charitable objects. 23-
WITHAM HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 14 Tangible fixed assets Land and Assets under Equipment, buildings construction furniture and fittings Motor vehicles Total Cost At 1 August 2023 Additions Disposals Transfer of assets under construction now completed 7.583,629 47,166 11,357 2,118,362 23.071 95,038 (45,1231 173,301 9,886,649 165,275 {45,123} 27,747 127,747) At 31 July 2024 7,658,542 6,681 2.168.277 173,301 10,006,801 Depreciation and impairment Al 1 August 2023 Depreciation charged in the year Eliminaled in respect of disposals 2,483,192 235,346 1,671,590 136,060 {43,651} 128,688 4,283,470 11,689 383,095 143,651) At 31 July 2024 2,718,538 1.763,999 140,377 4.622,914 Carrying amount At 31 July 2024 4,940,004 6,681 404,278 32,924 5.383,887 Al 31 July 2023 5,100,437 11,357 446.772 44,613 5,603,179 15 Financial instruments 2024 2023 Carrying amount of financial assets Trade debtors Cash al bank and in hand 175,976 1,461,173 173,597 682,031 Measured at cosl 1,637,149 855,628 Carrying amount of financial liabilities Bank loans Fees in advance scheme Deposits held Trade creditors Other creditors Accruals 306,250 217,528 266,600 109,005 96,851 88,382 1,346,839 253,950 61,762 71,436 46,413 Measured at cost 1,780,400 1,084,616 16 Stocks 2024 2023 Goods for resale 40,071 40,746 -24-
WITHAM HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 17 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Prepayments and accrued income 175,976 229,139 173,597 166,664 405,115 340,261 18 Loans and overdrafts 2024 2023 Bank loans 306,250 Payable within one year 306,250 The long-term loans are secured by fixed and floating charges over the charitable company. 19 Creditors." amounts falling due within one year 2024 2023 Notes Loans and overdrafts Other laxalion and social security Fees in advance scheme Payments received on account Deposits held Trade credrtors Other creditors Accruals and deferred income 18 306,250 53,900 77,683 174,542 266,600 109,005 96,851 88,382 57,593 448,851 117,946 253,950 61,762 71,436 46,413 21 1,057,951 1.173,213 20 Creditors: amounts falling due after more than one year 2024 2023 Notes Fees in advance scheme 21 897,988 139,845 -25-
WITHAM HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 21 Creditors: fees in advance scheme 2024 2023 Fees in advance as at 31 July 2023 New deposits Fees payments I refunds Discounts given against fees 217,528 1,222,695 1107,610} 14,226 260.717 77,049 {135,3831 15,145 1,346,839 217,528 22 Restricted funds The income funds of the charity include reslricled funds comprising the following unexpended balanos of donations and grants held on trust for specific purposes.. Movement in funds Income Expendlture Movement in funds In¢omt Expenditur Balanc& at 1 August 2023 Balance at 31 July 2024 Charity fund 23,254 {23,254} 7,383 {7,383) The charity fund consists of income and expenditure related lo various fundraising activities {see charitable public benefit Gomments in the Trustees, Report on page 5). -26-
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WITHAM HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 25 Operating lease commitments Al the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases. which fall due as follows.. 2024 2023 Within one year Between Iwo and five years In over five years 15,711 24,317 15,711 36,496 3,575 40,028 55,782 26 Capital commitment5 2024 2023 Al 31 July 2024 the charity had capital commitments as follows: Conlracled for but not provided in the financial stalemenls.. Acquisition of property, plant and equipment 45,574 16,765 27 Related party transactions Remuneration of key management personnel The remuneration of key managemeni personnel, who are Ihe seven {2023 - seven) members of the senior managemenl team, is as follows. 2024 2023 Aggregate compensation 466,106 449,793 Transactions with related parties The charily leases property owned by a relative of Ihe trustee Mr5 H M Banks. Rent paid in the year of £5,000 {2023 - £5,000) is materially less than that payable on a commercial basis. The amount outstanding at the end ofthe year was £10,000 {2023- £5.0001. There were no other transactions entered into by the charity in which trustees held a direct or indirect interest. 28 Controlling party The charitable company is controlled by the trustees who are the directors for the purposes of company law. As a result, no one individual or body has control over the charitable company. -29-
WITHAM HALL SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 29 Cash generated from operations 2024 2023 Deficit for the year (18,852) 125.362) Adjuslmenls for.. Inve51menl income recognised in profil or loss Loss on disposal of langible fixed assets Depreciation and impairment of tangible fixed assets 117,571) 1,472 383,095 (7,968) 1,230 394,033 Movements in working capital.. Decreasel{increase) in stocks Ilncrease}Idecrease in debtors (Decrease) in creditors Increaselldecreasel in fees in advan 675 164,854) {180,180) 1,129,311 (186) 3,122 118,346) 143,189) Cash generated from operations 1,233,096 303,334 30 Analysis of changes Sn net funds At 1 August 2023 Cash flows At 31 July 2024 Cash at bank and in hand 682,031 779.142 1,461,173 Loans falling due within one year (306,250) 306,250 375.781 1,085,392 1,461,173 -30-