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2024-08-31-accounts

REGISTERED COMPANY NUMBER 926692 REGISTERED CHARITY NUMBER 526615

WESTHOLME SCHOOL LIMITED

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

WESTHOLME SCHOOL LIMITED

ANNUAL REPORT OF THE GOVERNORS AND FINANCIAL STATEMENTS

CONTENTS

YEAR ENDED 31[ST] AUGUST 2024

Page
Governors, Officers, Advisers and Other information 1 - 2
Annual Report of the Governors 1 - 16
Strategic Report 8 - 15
Statement of Governors’ Responsibilities 15
Independent Auditors’ Report 17 - 20
Consolidated Statement of Financial Activities 21 - 22
Consolidated and Charity Balance Sheet 23
Consolidated Cash Flow Statement 24 - 25
Notes to the Financial Statements 26 - 45

WESTHOLME SCHOOL LIMITED

ANNUAL REPORT OF THE GOVERNORS

YEAR ENDED 31[ST] AUGUST 2024

GOVERNORS

The Governors of Westholme School (“the School”) are the School’s charity trustees under charity law and the directors of the charitable company. The members of the Governing Body who served in office as Governors during the year and subsequently are set out below. Their positions are those that they served in during the course of the year to 31[st ] August 2024. Since that date, Mr J N Backhouse has been appointed as the Chairman of Governors, replacing Mr B C Marsden who has remained as a Governor.

Name Role Committees Appointment and resignation
B C Marsden Chairman 1,2,3,4,5
P G Forrest Vice Chairman 2,5
D J Berry 1,2
J N Backhouse Designated Governor for
Welfare, Health & Safety and
Compliance		 3
Dr R D Dobrashian Designated Governor for
Safeguarding		 3
O. J McCann Designated Governor for
Compliance		 3
Mrs L A Robinson Education Committee Chair 4,5 Resigned 1 February2024
Mrs V Robinson-Hoy 1
Miss P L Williamson 4,5
Dr S Bhattacharyya Designated Governor for
Safeguarding		 Retired 4 December 2023
Ms H J Crosby 1
Mrs D A Northin Designated Governor for Early
Years andFoundationStage		 3, 4
Mrs J Conlon 4 Appointed 4 December 2023

  1. Finance Committee

  2. Buildings Committee

  3. Risk Management Working Party

  4. Education and Curriculum Committee

  5. Remuneration Committee

During the year, the activities of the Governing Body were carried out through the seven committees and groups.

OFFICERS

J N Backhouse

Company Secretary and Clerk to the Governors

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WESTHOLME SCHOOL LIMITED

ANNUAL REPORT OF THE GOVERNORS

YEAR ENDED 31[ST] AUGUST 2024

KEY MANAGEMENT PERSONNEL

Mr P Taylor Principal (from 5th August 2024) Mr M Upton Interim Principal (26th February 2024 – 5th July 2024) Dr R Robson Principal (until 8th March 2024) Mrs V J Davenport Commercial Director ADVISERS Auditors Beever & Struthers Statutory Auditors Chartered Accountants One Express 1 George Leigh Street Manchester M4 5DL Bankers Yorkshire Bank Plc Corporate Leeds 94-96 Briggate Leeds LS1 6NP National Westminster Bank PLC 35 King William Street Blackburn BB1 7DL Solicitors Backhouse Jones Solicitors The Printworks Hey Road Clitheroe BB7 9WD Investment Managers Close Brothers 80 Moseley Street Manchester M2 3FX REGISTERED NUMBERS Company number 926692 (England and Wales) Charity number 526615

WEBSITE

www.westholmeschool.com

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WESTHOLME SCHOOL LIMITED

ANNUAL REPORT OF THE GOVERNORS

YEAR ENDED 31[ST] AUGUST 2024

The Governors of Westholme School Limited present their Annual Report under the Charities Act 2011 for the year ended 31 August 2024, including the Directors’ and Strategic Reports under the Companies Act 2006 together with the audited accounts for the year.

REFERENCE AND ADMINISTRATIVE INFORMATION

Westholme School Limited is a charitable company, founded in 1968 and a company limited by guarantee with the liability of its members limited to £1 each. The Registered Office and principal address of the Company is at Meins Road, Blackburn, Lancashire BB2 6QU.

STRUCTURE, GOVERNANCE, AND MANAGEMENT

The governing documents are the Memorandum and Articles of Association dated 1 February 1968 and as amended by Special Resolution dated 26 June 1995.

The management and control of the Company, including determination of strategy, is vested in a voluntary Governing Body. Governors are selected to ensure a good spread of professional and educational expertise on the Board. Each year, one third of the Governing Body must retire. Governors can apply for re-election.

The power to propose and appoint new Governors is vested in the Governing Body. Governors are recruited and appointed following a regular assessment by the Board of its needs over the range of professional and education proficiencies.

All new Governor appointments are inducted by the Chairman and the Clerk, issued with the necessary background documentation, DBS (Disclosure and Barring Scheme) checked and offered vacancies on AGBIS (Association of Governing Bodies of Independent Schools) courses and seminars following current AGBIS guidelines.

The Governors, as the charity trustees of the School, are legally responsible for the overall management and control of the School and meet regularly as a Board (usually at least 4 times per year). There are regular subcommittee meetings each term which deal with specific strategic issues to feed back to the main Board for discussion.

The Governors encourage Westholme School to co-operate with many local charities in its ongoing endeavours to widen public access to the School, to optimise the educational use of its cultural and sporting facilities and to awaken in its pupils, in the public interest, an awareness of the social context of the all-round education they receive at the School. The list of activities demonstrating this is quite extensive and up-to-date details can be found on the School website under Information - Charitable Status.

The Governors determine the general policy of the School. The day-to-day management of the School is delegated to the Principal and the Commercial Director, as the key management personnel who, in turn, are supported by their Senior Management Teams. The Principal and the Commercial Director attend all meetings of the Governing Body’s committees.

The remuneration of the Principal and the Commercial Director is set by the Board. The remuneration policy objective is to provide appropriate incentives to the key management personnel to encourage enhanced performance and to reward them fairly and responsibly for their individual contributions to the School’s success. The policy is periodically reviewed and includes reference to comparisons with other independent schools as well as appropriate state sector organisations to ensure that the School remains in touch with the wider environment of pay and employment conditions. The aim is to recruit the most appropriately talented candidates that best fit the specification of the key management personnel position at competitive rates and to provide scope to reward excellence when in post.

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WESTHOLME SCHOOL LIMITED

ANNUAL REPORT OF THE GOVERNORS

YEAR ENDED 31[ST] AUGUST 2024

STRUCTURE, GOVERNANCE, AND MANAGEMENT (continued)

Delivery of the School’s charitable vision and objects is primarily dependent upon our key management personnel and employment cost is our largest single charitable expense.

GROUP STRUCTURE

There is a wholly owned non-charitable subsidiary company, Westholme Promotions Limited which accounts for the income from and the expenses of non-curricular school trips and other miscellaneous school activities which may be regarded as being outside the main charitable objects. Any surplus from Westholme Promotions Limited at the financial year-end is returned to the main School account whilst any deficit is funded.

OBJECTS, AIMS, AND ACTIVITIES

CHARITABLE OBJECTIVES

The Objects of the Company are set out in its Memorandum and Articles of Association dated 1 February 1968 and as amended by Special Resolution dated 26 June 1995. These are in general to advance education for the public benefit by the provision of a school. The School’s operation is based on Christian principles and respects the culture, background and needs of all its pupils.

In the furtherance of the School’s objects for the public benefit, the Governors have, amongst other things, established bursaries, awards and scholarships. Being mindful of the long-standing need to provide public benefit and of the requirements of the Charities Act 2011, the Governors, as the charity trustees, have complied with the duty in Section 17 of The Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub-sector guidance concerning the operation of the Public Benefit requirement under that Act.

VISION STATEMENT

Westholme School’s purpose is to deliver educational excellence in a warm, family community with inspirational teachers providing exceptional learning opportunities which enable every pupil to exceed their personal and academic potential.

ETHOS STATEMENT

Westholme has a Protestant Christian foundation but “all its benefits shall be open to students of any creed”. (Articles of Association, 1968)

It is the ethos of Westholme that all students of all ages should be valued for their achievements and positive qualities. Throughout the community of Westholme, there will be respect for religious and moral values and acceptance of other races, religions and ways of life. All people who make up the community of Westholme should receive equality of opportunity with their peers. While knowledge of and respect for different cultures will always be encouraged, no-one should seek to impose his or her beliefs and practices upon others.

INTENDED IMPACT

The intention is to develop 21[st ] century essential skills (21CES) that enable every pupil to be destination ready and fully prepared ready for the modern workplace. This involves an emphasis on the key skills of confidence, resilience, communication, leadership and problem-solving skills. These are cultivated through opportunities inside and outside the classroom, including a wide range of co-curricular opportunities including: intellectual; sporting; artistic; creative; social and team activities. This policy builds on personal, emotional and social development that fosters a willingness to positively contribute to the wider community whilst at school and in later life.

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WESTHOLME SCHOOL LIMITED

ANNUAL REPORT OF THE GOVERNORS

YEAR ENDED 31[ST] AUGUST 2024

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES (continued)

AIMS

The School’s aims are:

  1. A vibrant, friendly, warm family community where pupils are happy and love coming to school.

  2. First-class education of the whole person that enables all Westholmians to become the very best, well-rounded version of themselves

  3. Provide inspirational teaching that fosters a life-long love of learning and ensures every pupil exceeds their academic potential.

  4. A workplace-ready philosophy, equipping our pupils with a 21st century skillset that fully prepares them for life beyond Westholme.

PRIMARY OBJECTIVES

There are three main objectives:

1. Pupil achievements and progress at a level of excellence comparable to the best in the country;

2. Recruitment of appropriate numbers of pupils who can benefit from the School’s mission in a suitably resourced environment;

3. The generation of funds and resources sufficient to support the achievement of the School’s vision, including enabling children to attend whose financial circumstances might not otherwise allow.

STRATEGY TO ACHIEVE THE PRIMARY OBJECTIVES

Over recent years, the Governors have focussed on ensuring that the School’s offering is highly attractive to potential pupils and their parents. Operating costs have been well controlled ensuring that fees can remain at competitive levels when compared with other independent school offerings in the area and so that cash can be generated to facilitate continued investment in the School’s excellent facilities. Alongside a rigorous focus on academic achievement, we have also ensured that parents and pupils remain attracted to what the School offers by considering the purpose of education outside the single focus of academic achievement.

This approach has meant that, despite cost pressures arising from changes in the level of funding of teachers’ pensions, increased National Insurance costs, the impact of the living wage and rising utility prices, fee increases during the year have been managed and pupil levels through the year have exceeded budgeted expectations.

The Governors have continued to provide fee support during the year for pupils to ensure that the benefits of a Westholme education are available to as many children as possible.

PRINCIPAL ACTIVITY

The Company’s principal activity, as specified in the Memorandum of Association, is to advance education for the public benefit by the provision of a school.

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WESTHOLME SCHOOL LIMITED

ANNUAL REPORT OF THE GOVERNORS

YEAR ENDED 31[ST] AUGUST 2024

PUBLIC BENEFIT

As a School, we continue to provide Public Benefit. Last year, 752 students were educated at Westholme at no cost to the UK Treasury or Local Authority.

During the academic year 23/24, the School provided public benefit by offering financial support in the form of bursaries to 50 pupils, totalling £262,550. These 50 students would not have been able to benefit from the holistic provision we provide, had these not been available.

Last academic year, the INSPIRED Sixth Form Charity Team and Amnesty Human Rights group encouraged the school community to show compassion to all different kinds of people from around the world in the many awareness and fundraising events that they organised.

Macmillan’s Biggest Coffee Morning was held in September and every student in the school was given a sweet treat during their morning break in recognition of this event. A total of £2,074.12 was raised across the whole school setting for Macmillan Cancer Support.

In October, we responded to the natural disaster that affected Morocco as communities were devastated by an earthquake. On 4th October, we had a non-uniform day and Moroccan flags were painted on faces. Thomas Franks also cooked a delicious Moroccan themed lunch; the event raised £1,903.38.

Wicked Wednesday was the first of three events held in the year to raise money for Alzheimer’s UK. For Halloween, Seniors dressed up in costumes and enjoyed a spooky themed lunch, as well as a game of bingo in the LRC with the coveted prize being a £20 Westies voucher, kindly donated by the Westies school shop. Later in the year, Prep students held an Elf Day for the charity, and at Seniors, a non-uniform day took place to support a student and their family who were taking part in a trekking challenge, following the death of a family member affected by the disease. Overall, £1, 283.78 was raised in these three events.

Events to raise money for Children in Need included a non-uniform day and the ‘Decorate a Door in a Children’s Theme’ competition. Form groups made incredible efforts to bring different themes to life at the entry to their form rooms and designs that received the top prizes were inspired by Roald Dahl, Harry Potter and Home Alone. A total of £1,455.70 was raised for Children in Need.

In December, the Amnesty International ‘Write for Rights’ campaign was a great success; over 100 students and staff chose to write to individuals who are being treated unjustly in different countries around the world, including the UAE and Brazil. When these people receive the notes of solidarity, they will be moved to know that the Westholme community cares about them, even though they are strangers.

Christmas charity fundraising involved a Christmas Jumper Day and candy cane sales which raised £608 for the British Red Cross.

The much-anticipated Ice Bucket Challenge at Seniors saw staff drenched by buckets of freezing cold water for Comic Relief in a school assembly - £905.70 was donated for Red Nose Day. In the same term, the annual EPR Night at the Movies evening raised £860 which was split between Barnardo’s and Cancer Research UK. Brave student, Ruby Whitworth, spent months preparing for her cold-water swim in Coniston lake to raise money for Diabetes UK. In May, Ruby spoke in assembly to raise awareness about the illness and the whole community supported her by donating £675 for her sponsored event.

We were saddened to hear about the death of former student, Órla Baxendale, who died following a severe allergic reaction which led to anaphylactic shock, caused by eating a cookie in the USA which did not disclose peanuts on the label. In March, at one of the Les Misérables performances, dedicated to Órla, the school raised £1031 for Anaphylaxis UK.

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WESTHOLME SCHOOL LIMITED

ANNUAL REPORT OF THE GOVERNORS

YEAR ENDED 31[ST] AUGUST 2024

PUBLIC BENEFIT (continued)

Dogs were the focus of the first fundraiser of the Summer Term when the Charity Team held their Street Paws bake sale and asked students to take part in a ‘Match the teacher with their dog’ quiz. A total of £321.50 was raised for Niall Harbison’s work in treating and saving lives of stray dogs in Thailand.

The final event of the year was the Human Trafficking Awareness Day, which sought to inform the school community about how people are affected by human trafficking, with a particular focus on Lancashire. Leaders took part in the ‘Give it Up!’ campaign, which involved them giving up one of their human rights for the day and demonstrating this to the school community via symbols and signs. Senior students and Prep 6 also engaged with educational activities in the LRC and acted by creating butterflies which are now part of a big Human Trafficking Awareness display in the dining room. This event enabled the school to raise £292 for Medaille Trust.

Throughout the year, we also hosted six author events with Book, Bean and Ice Cream, welcoming over 450 students from local primary schools to listen to children’s authors including Dermot O’Leary, Matt Lucas and Phil Earle.

Please find a breakdown of all of the monies raised for charity below.

FY2024 Charity Monies Raised £
Children in Need 1,528
Christmas Jumper Day- British Red Cross 608
Elf Day/ Wicked WednesdayAlzheimer’s Uk 1,488
Cathedral Carol concert - Blackburn Food Bank 1,704
Comic Relief – Red Nose Day 789
East Lancashire Hospice 50
MacMillan Coffee / Cake Sale 2,010
RBL PoppyAppeal 268
BwD Age UK 50
Night at the Movies - Cancer Research UK 430
Night at the Movies - Barnardos 430
Moroccan Earthquake Appeal 1,903
Niall Harbison DogCharity 422
Diabetes UK 694
NSPCC - Number day 261
World Book Day- Guide Dogs for the Blind 401
Orla Baxendale Memorial / Anaphylaxis UK 1,031
Medaille Trust 292
Total raised 14,359

The School facilities are let to the local community. We continue to have a strong partnership with Water Wings and Blackburn Hockey Club and we are pleased with our new partnership with Boost, all of which provide the opportunity for children in the local community to get involved with sporting activities. Our theatre and other facilities are let to Stagecoach for its regional showpiece production.

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WESTHOLME SCHOOL LIMITED

ANNUAL REPORT OF THE GOVERNORS

YEAR ENDED 31[ST] AUGUST 2024

STRATEGIC REPORT

ACHIEVEMENTS AND PERFORMANCE

The Governors are pleased to report another successful year, with an increased pupil roll and high levels of community engagement as we celebrated the first months of our Centenary year.

During the year, the average number of pupils was 753 ( 2022/23: 737 ).

Prep

For the staff and pupils, the start of the academic year focussed on settling into and familiarising themselves with their classrooms and other facilities, and establishing routines. Opportunities for greater use of IT were provided with the continued embedding of smart board technology in each classroom and class set of laptops as well as iPads and teaching staff laptops.

Throughout the year pupils benefited from the use of the extensive resources available at Seniors and facilities such as the astro, courts, swimming pool and theatre. Co curricular enrichments in the form of visitors, clubs and trips were aplenty. The Prep 6 production, in the summer term, of High School Musical was a culmination of everything Westholme!

Prep pupils took part in a variety of themed and charity days; science week saw pupils interact with scientists in live lessons broadcast across the country. Number day was celebrated with a variety of mathematical activities and the introduction of Times Table Rockstars ignited an enthusiasm for multiplication. Westholme School’s Multiculture and Diversity Day was a true celebration of the Westholme family. We have taken part in events such as Anti Bullying Week, Children in Need and the Comic Relief appeal which provided valuable opportunities for Prep pupils to develop an understanding of the world in which they live and value one another as important individuals.

Our parent information meetings programme provided opportunities for parents to engage with their children’s learning through a variety of events such as ‘Book Look and Lunch’ and ‘Explore Together’. As well as this, a more informative reporting system was designed to allow parents to track their children’s progress more closely. Pupils developed their entrepreneurial skills as they took part in a Dragon’s Den style project. Collaborating together in teams, pupils pitched their ideas, manufactured their products and sold them to friends and family during a Marketplace event.

Standardised testing scores show that in all year groups the mean standard score for classes in core subjects is predominately in line with the national average, with some areas being significantly above the national average and a small number of areas being below. With a new assessment system being introduced, teachers will now regularly receive information regarding pupil progress throughout the academic year.

Number on Roll (NOR) continued to be a huge focus for all at Prep and opportunities to showcase Prep and the facilities on offer were highlighted through events such as the Inter Schools Football Tournament and Discovery Days which are now a regular feature on the Prep calendar.

Seniors

We are thrilled to report that 24% of all entries at A Level were awarded A or A grades, an improvement on 2023 and almost double the achievement of the last exams pre-Covid. 58% of all entries were awarded A-B and 79% A*-C, both figures higher than national statistics.

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WESTHOLME SCHOOL LIMITED

ANNUAL REPORT OF THE GOVERNORS

YEAR ENDED 31[ST] AUGUST 2024

STRATEGIC REPORT (continued)

ACHIEVEMENTS AND PERFORMANCE (continued)

Seniors (continued)

This success is reflected in 80% of students accepting their university of choice. This year’s destinations include the University of Bath, University of Manchester, University of Durham, University of York and University of Liverpool. Our leavers’ degrees of choice include: Medicine; Law; Astrophysics; Pharmacy; Sport and Physical Education; Performing Arts; Fashion Business and Promotion; and, Engineering. In addition, 5 students began degree apprenticeships (in the fields of Accountancy, Retail Leadership, Marketing Design and two in Chartered Management) and one joined the Royal Marines.

We celebrated similarly strong results at GCSE level, with a statistically significant positive value added for the year group, demonstrating that our students continue to make excellent progress against their target grades. Our pupils make significantly more progress than pupils of similar ability in all schools. 39% of all entries were awarded 7-9 grades with 94% at 4-9.

Such academic success has been supported through wider enrichment opportunities in all subjects across Seniors. In October, our INSPIRED Sixth Form mathematicians sat the UKMT Senior challenge.17 students achieved a Bronze award, 7 students a Silver award and 1 student secured a coveted Gold award. Following outstanding performances in the Senior challenge, 1 of our students advanced to the Kangaroo round of the competition. Two of our talented female mathematicians also sat the prestigious Mathematical Olympiad for Girls (MOG) in September and were awarded accordingly for their participation in this prestigious event.

In Upper Seniors, we once again saw strong performances in the UKMT Intermediate Challenge. A student is considered to be gifted in mathematics and ranks in the top 5% of students nationwide if they receive a Silver or Gold certificate in a competition. Years 9 through to Year 11 participated in the Intermediate challenge in February, with 19 students achieving a Bronze award, 6 a Silver Award and 5 students securing a Gold Award. Three students went on to compete in the next round, with 1 student going on to secure a certificate of merit, placing him in the top 25% of all qualifiers. Participation from our Lower Seniors was also strong in the UKMT Junior Challenge with our students achieving 3 gold, 14 silver and 26 bronze awards. Three students were selected for the second phase of this competition, and we were delighted that one of our Year 8 students received a certificate of merit for finishing in the top 25% of the nationally chosen students.

Our academic enrichment programme has continued to provide students with a plethora of opportunities outside of the classroom. Our Senior students have had the opportunity to learn Ancient Greek and Mandarin, alongside designing entries for UCLAN’s Lego League’s Lego Robotics Competition.

Audiences have been treated to an extensive programme of high energy and high-quality drama and music productions, throughout the year, from students of all ages. Our Lower Seniors were the first to take to the stage with their fun and energetic production of Matilda. National Operatic Dramatic Association awards then came our way, including Best Director. This was then followed by years 11-13 with their interpretation of The Crucible. Our whole school production of Les Misérables was nominated for Best Production and one student won Best Supporting Actress for her portrayal of Gavroche in the National School Theatre Awards. Finally, the drama season ended with our annual outdoor production of Twelfth Night, performed by students in Years 10 and 12 which afforded the audiences high brown entertainment.

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WESTHOLME SCHOOL LIMITED

ANNUAL REPORT OF THE GOVERNORS

YEAR ENDED 31[ST] AUGUST 2024

STRATEGIC REPORT (continued)

ACHIEVEMENTS AND PERFORMANCE (continued)

Seniors (continued)

We are also delighted with our National Youth Theatre success last year which is a testament to the talent and skill of our performing students: 8 talented students from Westholme took part in this prestigious National Summer event, after auditioning in early March in the Croston Theatre. This February, students have also secured the opportunity to perform at Disneyland Paris and lead the park parade. Once again, this year. we hosted the annual Blackburn Speech and Drama festival entering over 50 students in the competition for categories such as Impromptu Storytelling, Acting, Musical Theatre and Poetry recital, with around two thirds of students placing or winning in their class.

Students continue to be challenged through our wide-ranging academic competitions in school. From constructing Roman Villas to designing and producing model castles and bake-off entries for Biology Week, our students are never short of opportunities to develop their love of a topic or subject further. We have also had a comprehensive programme of guest speakers, both in person and online, giving our students the opportunity to consider complex topics such as euthanasia with the input of leading experts and theorists.

INSPIRED Sixth Form

Through the 1:1 support provided throughout their A Levels, students are taken on a personalised journey in which they are encouraged to develop through inspirational teaching and independent opportunities to take ownership of their learning. Every student is known personally, valued and motivated to reach their aspirations, supported by both their subject tutors and our INSPIRED Sixth Form pastoral team, who guide them on a daily basis and encourage them in their aspirations. Alongside this academic rigour, students are given the opportunity to develop key skills such as leadership, resilience, team-work and confidence through our cocurricular programme.

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WESTHOLME SCHOOL LIMITED

ANNUAL REPORT OF THE GOVERNORS

YEAR ENDED 31[ST] AUGUST 2024

STRATEGIC REPORT (continued)

ACHIEVEMENTS AND PERFORMANCE (continued)

INSPIRED Sixth Form (continued)

The following list is indicative (not exhaustive) of the many opportunities provided to ensure a holistic culture:

Enrichment Programme (sport, music, drama)
PSHE Programme
Extended Project Qualification
Kidscape Mentoring Programme
Community Sports Leadership Award
Silver & Gold Duke of Edinburgh Award
Amnesty Human Rights Group
Charity Team
Westies – Westholme Business Franchise
WSS News – Internal News Broadcasting
Team
Mock interview and Networking Event
UCAS and Higher Education Events
Science Olympiad
UKMT Maths Challenge
Prep Teaching Assistant Programme
LAMDA Certificates
Music Certificates
INSPIRED Diploma
Student
Executive
and
INSPIRED
LeadershipTeam

Our INSPIRED Sixth Form now utilises increased links with our local community, improved alumni network and wider Westholme family connections to ensure students now benefit more from those with expertise and experience to support them beyond Westholme. Through our extensive alumni network, we offer a range of opportunities for students to hear about, experience and develop work experience opportunities aimed at their personal aspirations. Students take part in experience days with local universities and businesses, as well as visiting careers and university fairs, to ensure their future planning is rigorous and comprehensive. Through personalised guidance from their form tutor and careers advisor, students utilise the Unifrog online platform for university research and planning, and have access to various sources for degree apprenticeship opportunities. Students are encouraged to take on a leadership position in the INSPIRED Sixth Form either through their academic subjects or as part of our Student Executive and INSPIRED Leadership Team. Through an increased range of roles, from Heads of School, Deputies and Assistant Heads, to House, Sport, Performing Arts and Subject Captains, students lead, mentor and become role models for younger students, develop confidence, skills in public speaking, organisation and communication. Students are now actively encouraged to establish and lead academic and co-curricular clubs and societies, take up volunteering opportunities and all manner of student-led initiatives.

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WESTHOLME SCHOOL LIMITED

ANNUAL REPORT OF THE GOVERNORS

YEAR ENDED 31[ST] AUGUST 2024

STRATEGIC REPORT (continued)

ACHIEVEMENTS AND PERFORMANCE (continued)

INSPIRED Sixth Form (continued)

Our Student Executive produced an outstanding speech at our annual Prizegiving, have continued to demonstrate their speaking and communication skills by leading assemblies, hosting clinics for younger students, promoting the school at external events and managing the wider INSPIRED leadership team. Our House Captains supported Heads of Houses in the running of the House system, produced entertaining plays at Christmas, organised various sporting competitions including House Cross-Country Swimming and the annual Sports Day, culminating in a successful reward day at the end of the year for the champion house.

Westholme won the Independent School of the Year award in recognition of the quality of our careers advice and was shortlisted for the performing arts award.

Students gained Bronze, Silver and Gold awards in LAMDA, Music Examinations, National Mathematics and Science competitions and the English Speaking Board. Students produced A grade EPQ projects, with each student producing confident, articulate presentations as part of the qualification.

Our Charity Team and Amnesty Human Rights groups led numerous charitable events, commendably raising awareness and funding for those in need through various whole-school initiatives.

FUNDRAISING PERFORMANCE

Donors have continued to support both Bursary and Capital funds, in support of our long term commitment to funding future charitable support to deserving families and enhancing the Westholme estate for the benefit of all pupils.

FINANCIAL REVIEW

As the School is a charity the parents of our pupils gain assurance that the income of the School is applied for educational purposes. As an educational charity Westholme benefits from tax exemption on its educational activities and on investment income and gains provided these are applied for charitable aims. In addition, as is the case with charities generally, the School is also entitled to an 80% reduction on business rates on the property used for charitable purposes. These tax exemptions provide benefits that are all applied for educational purposes and indirectly help to maintain the bursaries and other assistance provided by the School. We are prudently planning for a more uncertain future in this regard.

However, as an educational Charity Westholme cannot reclaim VAT input tax on the School's costs as School fees are exempt for VAT purposes. The School also pays tax as an employer through National Insurance contributions, and these amounted to £468,532 (2023: £441,770) .

In addition to the very substantial benefits the School brings to pupils, the local community and society through the education on offer, the bursary and community benefits programmes create a social benefit without any cost to the UK Treasury or Local Authority.

The financial statements reflect the School’s financial activities, income and expenditure for the year ended 31 August 2024. The net increase in the funds for the year, before depreciation and investment movements, amounted to £358,779 (2023: decrease £477,019) , whilst the post-depreciation and investment movements increase in funds was £131,987 (2023: decrease £675,976) .

All the charity’s assets are held for the purpose of the School’s objectives.

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WESTHOLME SCHOOL LIMITED

ANNUAL REPORT OF THE GOVERNORS

YEAR ENDED 31[ST] AUGUST 2024

FINANCIAL REVIEW (continued)

Movements in Tangible Fixed Assets are shown in the Note 10 to the Financial Statements.

During the year donations of £22,669 (2023: 62,702) were received. More detail is provided in notes 4 and 18.

The Governors specifically charged £262,550 (2023: £235,139) for the year to bursaries. Additionally, scholarships of £700,380 (2023: £1,058,818) were awarded.

There are no individuals, corporations or classes of donors who play a key role upon whose support the charity is financially dependent.

The Key Performance Indicators used to monitor financial performance comprise:

Having reviewed the funding facilities available to the School together with the expected ongoing demand for places, future projected cash flows, and loan facilities, the Governors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

RESERVES LEVEL AND POLICY AND FINANCIAL VIABILITY

The School’s short-term reserves policy is to maintain sufficient unrestricted income funds to enable it to meet its short-term financial obligations during each annual operating cycle and in the event of an unexpected revenue shortfall. This short-term aim is to hold sufficient unrestricted funds to meet one month’s operating costs. The amount currently required is £789,000. Its medium and long-term policy is to accumulate sufficient additional funds as adequate cover for longer-term capital expenditure. At present, this is reflected in the Fixed Asset Fund (see note 17 for further details)

The School’s unrestricted funds are split between those designated for specific purposes and the general fund set aside for the operational requirements of the school. The designated fund includes amounts invested in school land, buildings and equipment and associated internal funding arrangements. At the end of the year, the unrestricted, designated funds amounted to £7,593,390 (2023: £7,219,153 as restated see note 16) and the unrestricted undesignated funds (‘free reserves’) were £422,330 (2023: £669,451 as restated see note 16) . The free reserves at 31[st ] August 2024 were below the £789,000 (2023: £750,000) required by the short-term reserves policy. The Governors remain focused on ensuring that free reserves are maintained and increased to the target set by the short-term reserves policy through the management of operating performance.

The policy in respect of reserves is reviewed periodically by the Governors.

The Governors do not seek to maintain free reserves in the wholly owned subsidiary.

Having considered the risks and uncertainties, the Governors have a reasonable expectation that the School will continue in operation for the foreseeable future.

PAGE 13

WESTHOLME SCHOOL LIMITED

ANNUAL REPORT OF THE GOVERNORS

YEAR ENDED 31[ST] AUGUST 2024

PRINCIPAL RISKS AND UNCERTAINTIES

The Governors consider the taxation on tuition fees, the removal of business rates relief and the economic turbulence of recent months and years to be some of the principal risks faced by the School. There are also other significant risks arising from financial matters that are outside the direct control of the Governors, including pressure on salaries and pensions.

The Governors continue to maintain a focus on controlling the School’s operating costs, including mitigation of those that lie outside their direct control, so that fee levels can be maintained at an appropriate balance between ensuring that families can continue to afford a Westholme education and the continued sustainability of the School in order for future generations can continue to benefit.

Health and Safety and Welfare is always a significant risk area for an independent school like Westholme. The range of risks covers events including fire, flood and other threats to the infrastructure to risks to pupils and staff when away from School whilst participating in trips and expeditions. Westholme offers an impressive range of such activities, and the risks associated with these are addressed through planning and an active approach to risk management employing a range of procedures and policies. The School has a Crisis Management policy, the aim of which is to minimise the impact of a major disaster so that the daily operations can be maintained.

As an independent school, Westholme is accountable to the Department for Education (DfE) through the Independent Schools Inspectorate (ISI). This provides the framework to ensure that policies, procedures, and education are transparent and comparable with all other schools. The last inspection, in January 2024 was unannounced, and in all areas, standards were met.

Copies of inspection reports are available on the School website (www.westholmeschool.com).

Detailed consideration of risk is delegated to the Risk Management Committee, which reports formally to the Governing Body. The structure of the Working Party comprises five members of the Governing Body, assisted by Senior Management. The risk management process and the Risk Register identify risks, assess their impact and likelihood and, where necessary, recommend controls to mitigate and monitor those risks that are assessed as high. The generic controls used by the School to minimise risk include:

The Governors regularly review the effectiveness of current plans and strategies for managing all identified major risks.

PAGE 14

WESTHOLME SCHOOL LIMITED

ANNUAL REPORT OF THE GOVERNORS

YEAR ENDED 31[ST] AUGUST 2024

FUTURE PLANS

The Governors continue to be very aware of the pressures on the market for independent education and have strategies in place to deal with them. These strategies aim to ensure that the School continues to provide an excellent education for pupils from age 4 to 18, in a caring, family community with extensive learning opportunities, promoting academic rigour through inspirational, innovative teaching, creating lifelong learners. We develop 21[st ] century citizens with a strong moral compass who are confident, compassionate, aspirational, and adaptable.

The Governors intend to continue their programme of developing the School’s facilities in line with the School Strategic Plan. The plan was implemented in 2022 and encompasses:

The timeframe for this ambitious strategic plan takes the school to December 2025. The long-term vision of the Governors is to continue to invest in a market-leading, well-equipped single site school model, offering educational excellence to pupils aged 4-18.

GOVERNORS’ LIABILITY INSURANCE

During the year, the company provided third party liability insurance for its Governors.

STATEMENT OF GOVERNORS’ RESPONSIBILITIES

The Governors (who are also directors of Westholme School Limited for the purposes of company law) are responsible for preparing the Report of the Governors and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Governors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements the Governors are required to:

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PAGE 15

WESTHOLME SCHOOL LIMITED

ANNUAL REPORT OF THE GOVERNORS

YEAR ENDED 31[ST] AUGUST 2024

DISCLOSURE OF INFORMATION TO THE AUDITORS

As far as the Governors are aware, there is no relevant audit information of which the charitable company’s auditor is unaware. Additionally, the Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

The Governors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

AUDITORS

A resolution will be proposed that Beever and Struthers be re-appointed as the company’s auditors.

The Report of the Governors was approved by the Governing Body on 16 March 2025.

By Order of the Governing Body

B C Marsden Secretary

Date 16 March 2025

PAGE 16

WESTHOLME SCHOOL LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WESTHOLME SCHOOL LIMITED

YEAR ENDED 31[ST] AUGUST 2024

Opinion

We have audited the financial statements of Westholme School Limited “the charitable company” for the year ended 31 August 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated and parent company Balance Sheets, the Consolidated Cash Flow Statement and the related notes to the consolidated accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

PAGE 17

WESTHOLME SCHOOL LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WESTHOLME SCHOOL LIMITED

YEAR ENDED 31[ST] AUGUST 2024

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit 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 apparent 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.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

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

PAGE 18

WESTHOLME SCHOOL LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WESTHOLME SCHOOL LIMITED

YEAR ENDED 31[ST] AUGUST 2024

Responsibilities of directors

As explained more fully in the Statement of Governors’ Responsibilities set out on page 15, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the 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 charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 detecting irregularities, including fraud is detailed below.

To assist with identifying and assessing risks associated with material misstatements, including fraud and noncompliance of laws and regulations, we carried out the following procedures;

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

PAGE 19

WESTHOLME SCHOOL LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WESTHOLME SCHOOL LIMITED

YEAR ENDED 31[ST] AUGUST 2024

Auditor’s responsibilities for the audit of the financial statements (continued)

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities 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 auditor’s report.

Use of our report

This report is made solely to 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 charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body for our audit work, for this report, or for the opinions we have formed.

Richard Graham ACA (Senior Statutory Auditor) For and on behalf of BEEVER AND STRUTHERS Statutory Auditor One Express 1 George Leigh Street Manchester M4 5DL

Date: 28 March 2025

PAGE 20

WESTHOLME SCHOOL LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING A CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 31[ST] AUGUST 2024

--------------Year Ended --------------Year Ended 31st August 2024-------------- 2024-------------- Year Ended
Unrestricted Restricted Endowment Total 31stAugust
Funds
Funds		 Funds Funds 2023
Total
Note £ £ £ £ £
Income
Charitable Activities
Fees receivable and
similar income 2 9,152,606 (3,657) - 9,148,949 7,859,916
Ancillary income 3 544,361 - - 544,361 520,824
Other trading activities
Ancillary income 3 70,078 - - 70,078 68,573
Voluntary sources
Donations and legacies 4 3,084 19,585 - 22,669 62,702
Investments
Investment income 5 32,018 2,871 - **34,889 ** 4,240
Total income 9,802,147 18,799 - **9,820,946 ** 8,516,255
Expenditure on:
Raising funds:
Financing costs 191,120 - - 191,120 160,963
Investment management costs 286 445 - 731 769
Bad debt expense 50,701 - - 50,701 7,617
Fundraising and publicity costs 172,310 - - **172,310 ** 291,003
6 414,417 445 - **414,862 ** 460,352
Charitable Activities:School Operating Costs:
Teaching costs 5,563,855 16,458 - 5,580,313 5,186,990
Welfare 682,504 - - 682,504 680,358
Premises 1,073,629 - - 1,073,629 1,168,627
Administration 1,946,663 - - **1,946,663 ** 1,690,498
6 9,266,651 16,458 - **9,283,109 ** 8,726,473
Total expenditure 6 9,681,068 16,903 - 9,697,971 9,186,825
Net income/(expenditure) 121,079 1,896 - 122,975 (670,570)

PAGE 21

WESTHOLME SCHOOL LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING A CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 31[ST] AUGUST 2024

--------------Year Ended 31st August 2024-------------- --------------Year Ended 31st August 2024-------------- --------------Year Ended 31st August 2024-------------- --------------Year Ended 31st August 2024-------------- Year Ended
Unrestricted Restricted Endowment Total 31stAugust
Funds Funds Funds Funds 2023
Note Total
£ £ £ £ £
Net income/(expenditure)
121,079 1,896 - 122,975 (670,570)
Transfers between funds 17, 18, 19 2,425 (2,425) - - -
Other recognised gains and losses
Investment gains/(losses) 11, 17, 19 3,612 - 5,400 9,012 (5,406)
Net movement in funds 127,116 (529) 5,400 131,987 (675,976)
Funds brought forward
at 31stAugust 2023 17, 18, 19 7,888,604 49,997 74,681 8,013,282 8,689,258
Funds carried forward
at 31st August 2024 17, 18, 19 8,015,720 49,468 80,081 8,145,269 8,013,282

There are no recognised gains and losses other than those passing through the Consolidated Statement of Financial Activities.

None of the School’s activities were acquired or discontinued during the current or previous year.

Note on entity result

In accordance with section 408 of the Companies Act 2006, no separate Statement of Financial Activities has been presented for the Charity alone. Total income for the Charity is £9,820,946 (2023: £8,516,255) , the net income before transfers and investment gains for the year is £122,975 (2023: net expenditure £670,570) and the net movement in funds is an increase of £131,987 (2023: decrease £675,976) .

PAGE 22

WESTHOLME SCHOOL LIMITED

COMPANY REGISTRATION NO. 926692

CONSOLIDATED AND CHARITY BALANCE SHEET

YEAR ENDED 31[ST] AUGUST 2024

2024
Note
£
£
FIXED ASSETS
Tangible assets
10
11,751,664
Investments
11
133,657
11,885,321
CURRENT ASSETS
Debtors
12
1,279,416
Cash in bank and in hand
5,939,185
7,218,601
CREDITORS
Amounts falling due within one year
13
(897,920)
NET CURRENT ASSETS
6,320,681
TOTAL ASSETS LESS CURRENT LIABILITIES
18,206,002
CREDITORS
Amounts falling due after more than
one year
14
(2,161,011)
ACCRUALS AND DEFERRED
INCOME
15
(7,899,722)
TOTAL NET ASSETS
16
8,145,269
FUNDS
Unrestricted Funds
17
8,015,720
Restricted Funds
18
49,468
Endowment Funds
19
80,081
8,145,269		 2023
£
£
11,637,879
120,659
11,758,538
550,966
1,087,731
1,638,697
(837,795)
800,902
12,559,440
(2,305,615)
(2,240,543)
8,013,282
7,888,604
49,997
74,681
8,013,282		 2023
£
£
11,637,879
120,659
11,758,538
550,966
1,087,731
1,638,697
(837,795)
800,902
12,559,440
(2,305,615)
(2,240,543)
8,013,282
7,888,604
49,997
74,681
8,013,282
11,758,538
800,902
12,559,440
(2,305,615)
(2,240,543)
8,013,282
7,888,604
49,997
74,681
8,013,282

The Financial Statements were approved by the Governing Body on 16 March 2025

Signed on behalf of the Governors:

J N Backhouse Chairman of the Governing Body

PAGE 23

WESTHOLME SCHOOL LIMITED

CONSOLIDATED CASH FLOW STATEMENT

YEAR ENDED 31[ST] AUGUST 2024

2024
£
£
Net cash inflow from operations
(see note (a) below)
5,467,266
Cashflows from investing activities
Investment income
4,717
Interest received
30,172
Payments for tangible fixed assets
(339,063)
Proceeds on disposal of tangible fixed assets
-
Payments for Investments
(3,986)
Net cash used in investing activities
(308,160)
Cashflows from financing activities
5,159,106
Finance costs
(157,351)
Finance leases repaid
(36,325)
Loans repaid
(113,976)
Net cash used in financing activities
(307,652)
Increase/(decrease) in cash and cash equivalents
in the year
4,851,454
Cash and cash equivalents at 31stAugust 2023
1,087,731
Cash and cash equivalents at 31st August 2024
5,939,185
Relating to:
Cash in hand
2,329
Bank balances and short-term deposits
5,936,856
5,939,185		 £
2,545
1,695
(407,040)
3,301
(3,288)
(108,309)
(4,942)
(82,289)		 2023
£
241,484
(402,787)
(161,303)
(195,540)
(356,843)
1,444,574
1,087,731
139
1,087,592
_1,087,731 _		 2023
£
241,484
(402,787)
(161,303)
(195,540)
(356,843)
1,444,574
1,087,731
139
1,087,592
_1,087,731 _
(356,843)
1,444,574
1,087,731
139
1,087,592
_1,087,731 _

PAGE 24

WESTHOLME SCHOOL LIMITED

CONSOLIDATED CASH FLOW STATEMENT

YEAR ENDED 31[ST] AUGUST 2024

Notes to the Consolidated Cash Flow Statement

a. Net cash inflow from operations
2024 2023
£ £
Net income/(expenditure) before transfers and investment gains **122,975 ** (670,570)
Interest received (30,172) (1,695)
Investment income (4,717) (2,545)
Financing costs 157,351 108,309
Depreciation 235,804 193,551
Increase in debtors (728,450) (366,013)
Increase/(decrease) in creditors 55,296 (285,580)
Increase in accruals and deferred income **5,659,179 ** 1,266,027
Net cash inflow from operations **5,467,266 ** 241,484
b. Analysis of Changes in Net Debt
At 1st Cashflow Non-cash At 31st
September movement August
2023 2024
£ £ £ £
Cash & cash equivalents:
Cash at bank and in hand 1,087,731 4,851,454 - 5,939,185
Debt:
Debts due in less than one year (114,253) - (4,976) (119,229)
Debts due in more than one year (2,279,963) 113,976 4,976 (2,161,011)
Obligations under finance leases (36,325) 36,325 - -
Total debt (2,430,541) 150,301 - (2,280,240)
Net cash/(debt) (1,342,810) 5,001,755 - 3,658,945

PAGE 25

WESTHOLME SCHOOL LIMITED

YEAR ENDED 31[ST] AUGUST 2024

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

The following accounting policies have been used consistently in dealing with items which are considered material in relation to the Company's financial statements.

1.1. Basis of Accounting

These financial statements have been prepared on the historical cost accounting rules, as modified to include the revaluation of certain land and buildings, and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 second edition – October 2019) (effective 1[st ] January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Charity meets the definition of a public entity under FRS 102.

The financial statements are prepared in sterling, which is the currency of the entity.

1.2. Going Concern

Having reviewed the funding facilities available to the School together with the expected ongoing demand for places and the future projected cash flows, the Governors have a reasonable expectation that the School has adequate resources to raise additional funding if required to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Accounting and Reporting Responsibilities on page 15.

1.3. Basis of Consolidation

The Charity has one subsidiary company. However, as this subsidiary is not considered to be material to the group the results of the subsidiary undertaking have been excluded from these consolidated accounts. See note 23 to the financial statements. The consolidated accounts, therefore, comprise only of the accounts of the parent charitable company.

A separate Statement of Financial Activities and Income and Expenditure account has not been presented because the Charity has taken advantage of the exemption afforded by Section 408 of the Companies Act 2006.

1.4. Fees and similar earned income

This comprises fees receivable and charges for services and use of the premises, less any allowances, scholarships, bursaries granted by the School against those fees, but including contributions received from restricted funds, and are accounted for in the period in which the service is provided.

Fees for education to be provided in future years are carried forward as deferred income in the balance sheet.

1.5. Investment income

Investment income from dividends, bank balances and fixed interest securities is accounted for on an accruals basis. Income from investment properties is accounted for in the period to which the rental income relates.

PAGE 26

WESTHOLME SCHOOL LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 31[ST] AUGUST 2024

1. ACCOUNTING POLICIES (continued)

1.6. Donations, legacies, grants, and other voluntary incoming resources

Voluntary incoming resources are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable.

Voluntary income for the School’s general purposes is accounted for as unrestricted and is credited to the Unrestricted Funds. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as permanent trust capital or expendable trust capital, according to whether the donor intends retention is to be permanent or not. Gifts in kind are valued at estimated open market value at the date of gift, in the case of assets for retention or consumption, or at the value to the School in the case of donated services or facilities.

1.7. Expenditure

Expenditure is accrued as soon as a liability is considered probable. Expenditure attributable to more than one cost category in the SoFA is apportioned to them based on the estimated amount attributable to each activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. Irrecoverable VAT is included with the item of expenditure to which it relates.

Intra-group sales and charges between the School and its subsidiaries are excluded from trading income and expenditure.

1.8. Tangible Fixed Assets

(i) Depreciation

Depreciation is provided at rates calculated to write off the cost of tangible fixed assets less estimated residual value based on current market prices over their estimated useful lives. The rates used are as follows:

Freehold Buildings : 20 to 50 years Furniture and School Equipment : 10% and 20% straight line Computers : 33% straight line Motor Vehicles : 25% reducing balance

Assets in the course of construction are accounted for at cost, based upon the value of professional certificates and other direct costs and are depreciated when they are brought into use.

Land is not depreciated.

(ii) Minor Capital Expenditure

Minor capital expenditure is written off in the year in which it is incurred.

(iii) Land and Buildings Included in the Accounts at a Valuation

The Charity has continued to include land and buildings at a combination of cost and valuations undertaken before the implementation of the Reporting Standard.

Fixed assets are also reviewed for any impairments to the carrying value.

PAGE 27

WESTHOLME SCHOOL LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 31[ST] AUGUST 2024

1. ACCOUNTING POLICIES (continued)

1.9. Fixed asset investments

Listed investments are valued at market value as at the balance sheet date. Unrealised gains and losses arising on the revaluation of investments are credited or charged to the SoFA and are allocated to the appropriate Fund according to the “ownership” of the underlying assets.

1.10. Fund accounting

The charitable trust funds of the School and its subsidiary are accounted for as unrestricted or restricted income, or as endowment capital, in accordance with the terms of trust imposed by the donors or any appeal to which they may have responded. Endowment funds are further subdivided into permanent and expendable.

Unrestricted income

These funds belong to the School’s corporate reserves, spendable at the discretion of the Governors either to further the School’s Objects or to benefit the School itself. Where the Governors decide to set aside any part of these funds to be used in future for some specific purpose, this is accounted for by transfer to the appropriate designated fund.

Restricted income

This comprises gifts, legacies, and grants where there is no capital retention obligation or power but only a trust law restriction to some specific purpose intended by the donor.

Permanent endowment

This arises where a donor intends the gift to be retained permanently for use by the School or for its financial benefit (i.e., by investment).

Expendable endowment

These funds are accounted for similarly, except that all capital can be converted into income for spending either at the Governors’ own discretion or else upon the happening of some event contemplated by the donor (e.g., the annual depreciation charges on a building or other wasting asset retained for use by the School on a continuing basis – i.e., as a fixed asset).

1.11. Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense. The best estimate of the expenditure required to settle an obligation for termination benefits is recognised immediately as an expense when the School is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12. Government Grants

During the prior year, the School received amounts relating to the Coronavirus Business Interruption Loan Scheme. Grants have been matched to the loan costs to which they relate and have been included as ancillary income deriving from charitable activities. For details of the amounts claimed, see note 3

PAGE 28

WESTHOLME SCHOOL LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 31[ST] AUGUST 2024

1. ACCOUNTING POLICIES (continued)

1.13. Pension costs

The company participates in a defined benefit pension scheme for teaching staff. The scheme is operated by the Teachers’ Pension Agency, an Executive Agency of the Department for Education and Employment. The scheme is a multi-employer scheme. It is not possible to identify the School’s share of the underlying assets and liabilities on a consistent and reasonable basis and therefore, as required by FRS 102, the scheme has been accounted for as a defined contribution scheme.

The company also operates a defined contribution pension scheme for some non-teaching staff. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions for both schemes are charged to the Statement of Financial Activities on a payable basis.

1.14. Financial instruments

Financial instruments are recognised in the balance sheet when the Charity becomes party to the contractual provisions of the instrument.

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Specifically, the Charity has a portfolio of managed listed investments that are valued at a readily attainable market price. More detail is given in note 1.9.

1.15. Leases

Obligations under finance leases arise whenever the terms of the contract transfer substantially all the risks and rewards of ownership to the Charity.

Assets held under finance leases are recognised as assets at the lower of the assets’ fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as an obligation under finance leases. Payments are treated as consisting of capital and interest elements. The interest is charged to the SoFA so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to the SoFA on a straight line basis over the term of the lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

PAGE 29

YEAR ENDED 31[ST] AUGUST 2024

WESTHOLME SCHOOL LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES (continued)

1.16. Judgements and key sources of estimation uncertainty

There are judgements and accounting estimates made in the calculation of accruals and prepayments, in determining rates of depreciation of tangible fixed assets, in estimating realisable values of tangible fixed assets, in the allocation of internal funding to designated fixed asset funds, and in estimating provisions against the recovery of bad or doubtful debts. Such estimates and judgements are made based on previous experience of the School and are supported by professional specialist advice where this is appropriate. More information about such judgements and estimates are given in notes 1.8 and 1.10.

1.17. Tax

The Charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable activities.

1.18. Legal status of the Charity

The Charity is a company limited by guarantee and has no share capital. The liability of each member of the board in the event of a winding up is to contribute to any deficiency in assets a sum not exceeding £1.

2. FEES RECEIVABLE AND SIMILAR INCOME

FEES RECEIVABLE AND SIMILAR INCOME
2024 2023
£ £
Fees receivable and similar income 10,111,879 9,153,873
(after staff remissions and family reductions)
Bursaries awarded (262,550) (235,139)
Scholarships awarded (700,380) (1,058,818)
9,148,949 7,859,916
Number of pupils in receipt of bursaries 50 46
Number of pupils in receipt of scholarships 155 192

The Governors make an annual grant for the award of bursaries. The detail of individual awards is delegated to the Principal and the Commercial Director within parameters specified by the Governors.

PAGE 30

WESTHOLME SCHOOL LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 31[ST] AUGUST 2024

3. ANCILLARY INCOME
Unrestricted Restricted Endowments 2024 2023
£ £ £ £ £
Charitable activities
Coach income 512,868 - - 512,868 472,446
After School care 16,657 - - 16,657 23,386
Registration fees 6,650 - - 6,650 8,800
Entrance exam fees 4,728 - - 4,728 3,891
Net surplus on trips - - - - 9,563
Other 3,458 - - 3,458 2,738
544,361 - - 544,361 520,824
Other trading activities
Property rental income 70,078 - - 70,078 68,573
4. DONATIONS AND LEGACIES
Unrestricted Restricted Endowments 2024 2023
£ £ £ **£ ** £
Donations and legacies 3,084 19,585 - 22,669 62,702
5. INVESTMENT INCOME
Unrestricted Restricted Endowments 2024 2023
£ £ £ £ £
Bank deposit interest 30,172 - - 30,172 183
Investment income 1,846 2,871 - 4,717 4,057
32,018 2,871 - 34,889 4,240

PAGE 31

WESTHOLME SCHOOL LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 31[ST] AUGUST 2024

6. TOTAL EXPENDITURE


Financing costs
Investment management costs
Bad debt expense
Fundraising and publicity costs
Costs of generating funds
Teaching costs
Welfare costs
Premises
Support costs
Charitable activities
Total expenditure
Total resources expended include:
Auditors’ remuneration
- Audit
- Accountancy, taxation, and other services
Governance costs
Depreciation
Operating lease charges		 --------------------------------2024------------------------------
Staff
Costs
£
Dep’n
£
Other
£
Total
£
-
-
191,120
191,120
-
-
731
731
-
-
50,701
50,701
38,362
-
133,948
172,310
38,362
-
376,500
414,862
4,756,478
198,929
624,906 5,580,313
-
-
682,504
682,504
356,558
7,644
709,427 1,073,629
775,629
-
1,171,034 1,946,663
5,888,665
206,573
3,187,871 9,283,109		 --------------------------------2024------------------------------
Staff
Costs
£
Dep’n
£
Other
£
Total
£
-
-
191,120
191,120
-
-
731
731
-
-
50,701
50,701
38,362
-
133,948
172,310
38,362
-
376,500
414,862
4,756,478
198,929
624,906 5,580,313
-
-
682,504
682,504
356,558
7,644
709,427 1,073,629
775,629
-
1,171,034 1,946,663
5,888,665
206,573
3,187,871 9,283,109		 --------------------------------2024------------------------------
Staff
Costs
£
Dep’n
£
Other
£
Total
£
-
-
191,120
191,120
-
-
731
731
-
-
50,701
50,701
38,362
-
133,948
172,310
38,362
-
376,500
414,862
4,756,478
198,929
624,906 5,580,313
-
-
682,504
682,504
356,558
7,644
709,427 1,073,629
775,629
-
1,171,034 1,946,663
5,888,665
206,573
3,187,871 9,283,109
£
£
-
-
-
-
-
-
38,362
-
38,362
-
4,756,478
198,929
-
-
356,558
7,644
775,629
-
5,888,665
206,573
5,927,027
206,573		 3,564,371
 9,697,971
2024
£
10,700
10,118
20,818
206,573

56,160
 2023
£
10,000
8,542
18,542
193,551
56,160

During the year, the School maintained liability insurance for its governors. The cost of this insurance is not separately identified.

PAGE 32

WESTHOLME SCHOOL LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 31[ST] AUGUST 2024

6. TOTAL EXPENDITURE (continued)

TOTAL EXPENDITURE (continued)
2023
Staff Dep’n Other Total
Costs
£ £ £ £
Financing costs - - 160,963 160,963
Investment management costs - - 769 769
Bad debt expense - - 7,617 7,617
Fundraising and publicity costs 35,632 - 255,371 291,003
Costs of generating funds 35,632 - 424,720 460,352
Teaching costs 4,387,351 186,900 612,739 5,186,990
Welfare costs - - 680,358 680,358
Premises 401,053 6,651 760,923 1,168,627
Support costs 761,832 - 928,666 1,690,498
Charitable activities 5,550,236 193,551 2,982,686 8,726,473
Total expenditure 5,585,868 193,551 3,407,406 9,186,825
STAFF COSTS
The average number of persons employed (including Governors) during the year was as follows:
2024 2023
Non-executive governors 11 12
Teachers: full time 58 57
part time 20 19
Teaching support and pastoral 29 26
Office and administration 19 20
Domestic, maintenance and cleaning 20 25
157 159
Staff costs comprise: £ £
Salaries and wages 4,698,244 4,440,260
Social security costs 468,532 441,770
Other pension costs 760,251 703,838
5,927,027 5,585,868

7. STAFF COSTS

PAGE 33

WESTHOLME SCHOOL LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 31[ST] AUGUST 2024

7. STAFF COSTS (continued)

During the year there were redundancy or termination costs due which amounted to £100,932 (2023: £129,148) . Amounts of £147,993 were paid in the year, including the amounts accrued in the prior year, with £6,556 accrued at 31[st ] August 2024 (2023: £82,087 paid in the year with £53,617 accrued) .

Governors’ expenses
The number of employees whose emoluments exceeded £60,000 in the year
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£100,001 - £110,000
£110,001 - £120,000
£140,001 - £150,000
£170,001 - £180,000		 2024
2023
£
£
-
-
was as follows:
2
1
1
-
-
1
1
-
1
1
1
1
1
-
7
4		 2023
£
-
4

Contributions were made to a defined benefit scheme in respect of 4 (2023: 2) , and to a defined contribution scheme in respect of 2 (2023: 2) of the above employees. No contributions to a pension scheme were made in respect of 1 (2023: 0) employee.

The key management personnel of the Charity comprise the Trustees, the Principal, the Commercial Director, and the Head of Prep. The total employee benefits of the key management personnel of the Charity, including national insurance cost, were £426,868 (2023: £529,945) . During the year the pension cost adjustment in regard to salary sacrifice in the TPS scheme amounted to £nil (2023 - £130,575) .

8. GOVERNORS' REMUNERATION

No Governors or persons connected with them received any remuneration during the year (2023: £nil) .

9. CORPORATION TAX

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992. Corporation tax is payable in relation to the taxable surplus of Westholme Promotions Limited. In the current and prior years there have been no taxable surpluses and therefore no corporation tax.

PAGE 34

WESTHOLME SCHOOL LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 31[ST] AUGUST 2024

10.
FIXED ASSETS – GROUP AND CHARITY
Freehold
Furniture
Motor
Assets in
Total
Land and
and School
Vehicles
the
Buildings
Equipment
course of
construction
COST/VALUATION
£
£
£
£
£
At 1stSeptember 2023
13,769,173
5,454,157
134,366
-
19,357,696
Additions
34,771
190,596
-
124,221
349,588
Disposals
-
-
(41,267)
-
(41,267)
At 31stAugust 2024
13,803,944
5,644,753
93,099
124,221
19,666,017
DEPRECIATION
At 1stSeptember 2023
2,870,727
4,761,539
87,551
-
7,719,817
Charge for the year
7,644
188,744
10,184
-
206,572
Disposals
-
-
(12,036)
-
(12,036)
At 31stAugust 2024
2,878,371
4,950,283
85,699
-
7,914,353
NET BOOK VALUE AT
31stAugust 2023
10,898,446
692,618
46,815
-
11,637,879
31st August 2024
10,925,573
694,470
7,400
124,221
11,751,664
DIRECTORS' VALUATION OF FREEHOLD LAND AND BUILDINGS
2024
£
2023
£
Comprises: Directors’ estimate of ‘continuing existing use’
valuation of land and buildings as at 31st August 1975
410,000
410,000
Subsequent additions at cost
13,393,944 13,359,173
13,803,944 13,769,173
All fixed assets are used for direct charitable purposes.
Land with a cost of £1,029,407_(2023: £1,029,407)_is not depreciated.		 10.
FIXED ASSETS – GROUP AND CHARITY
Freehold
Furniture
Motor
Assets in
Total
Land and
and School
Vehicles
the
Buildings
Equipment
course of
construction
COST/VALUATION
£
£
£
£
£
At 1stSeptember 2023
13,769,173
5,454,157
134,366
-
19,357,696
Additions
34,771
190,596
-
124,221
349,588
Disposals
-
-
(41,267)
-
(41,267)
At 31stAugust 2024
13,803,944
5,644,753
93,099
124,221
19,666,017
DEPRECIATION
At 1stSeptember 2023
2,870,727
4,761,539
87,551
-
7,719,817
Charge for the year
7,644
188,744
10,184
-
206,572
Disposals
-
-
(12,036)
-
(12,036)
At 31stAugust 2024
2,878,371
4,950,283
85,699
-
7,914,353
NET BOOK VALUE AT
31stAugust 2023
10,898,446
692,618
46,815
-
11,637,879
31st August 2024
10,925,573
694,470
7,400
124,221
11,751,664
DIRECTORS' VALUATION OF FREEHOLD LAND AND BUILDINGS
2024
£
2023
£
Comprises: Directors’ estimate of ‘continuing existing use’
valuation of land and buildings as at 31st August 1975
410,000
410,000
Subsequent additions at cost
13,393,944 13,359,173
13,803,944 13,769,173
All fixed assets are used for direct charitable purposes.
Land with a cost of £1,029,407_(2023: £1,029,407)_is not depreciated.		 Furniture
Motor
Assets in
Total
and School
Vehicles
the
Equipment
course of
**construction **		 Furniture
Motor
Assets in
Total
and School
Vehicles
the
Equipment
course of
**construction **
£
£
5,454,157
134,366
190,596
-
-
(41,267)		 £
£
-
19,357,696
124,221
349,588
-
(41,267)
13,803,944 5,644,753
93,099		 124,221
19,666,017
2,870,727
7,644
-		 4,761,539
87,551
188,744
10,184
-
(12,036)		 -
7,719,817
-
206,572
-
(12,036)
2,878,371 4,950,283
85,699		 -
7,914,353
10,898,446 692,618
46,815		 -
11,637,879
10,925,573 694,470
7,400		 124,221
11,751,664
2024
£
2023
£
410,000
410,000
13,393,944 13,359,173
13,803,944 13,769,173

The carrying amount of tangible fixed assets includes £nil (2023: £36,108) in respect of motor vehicles held under finance leases.

PAGE 35

WESTHOLME SCHOOL LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 31[ST] AUGUST 2024

11. INVESTMENTS – GROUP AND CHARITY

Market value at 1stSeptember 2023
Additions
Disposals
Income
Fees paid
Unrealised and realised losses arising in the year
Transfer
Market value at 31stAugust 2024
Historical cost
Listed investments
UK investments
Overseas and other investments		 Listed
investments		 Cash Total
£
120,143
30,550
(29,941)
-
-
9,012
93		 £
516
(30,550)
29,941
4,717
(731)
-
**(93) **		 £
120,659
-
-
4,717
(731)
9,012
-
129,857 3,800 133,657
2024
£
122,434
2024
£
90,266
39,591
129,857		 2023
£
122,927
2023
£
42,964
77,179
120,143

The investments are all managed in the UK.

Investments with a market value of over 5% of the total market value of investments are as follows:

L&G FTSE All Stocks Gilt Index
Brown Sustainable Total Return
Vanguard FTSE UK All Share Index
Schroder Income
12.
DEBTORS – GROUP AND CHARITY:
Amounts falling due within one year
Fee debtors
Prepayments
Other debtors		 2024
£
9,352
9,421
-
-
2024
£
1,064,504
205,623
9,289
1,279,416		 2023
£
-
-
6,147
6,116
2023
£
148,144
377,031
25,791
550,966

PAGE 36

WESTHOLME SCHOOL LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 31[ST] AUGUST 2024

13.
CREDITORS – GROUP AND CHARITY:
Amounts falling due within one year
Obligations under finance leases
Bank loans and overdrafts
Deposits received
Taxation and social security
Trade creditors and accruals
Amounts due to subsidiary company		 2024
£
-
119,229
272,698
135,331
355,089
15,573
897,920		 2023
£
10,673
114,253
270,089
126,110
295,312
21,358
837,795

Finance lease payments represent rentals payable by the School for certain tangible fixed assets. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 2 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Obligations under finance leases are secured on the asset to which the agreement relates.

The School had an overdraft facility at 31[st ] August 2024 of £300,000 (2023: £300,000) . The amount of the facility used at 31[st ] August 2024 was £nil (2023: £nil). The facility is secured by a debenture over the School’s assets.

The School has two loan facilities with Yorkshire Bank plc. The details of the facilities are as follows:

£2,000,000 loan £500,000 loan
Term 5 years from February 2022 5 years from February 2022
Interest 4.41% fixed rate for the term of the 4.43% fixed rate for the term of the
loan loan
Repayment Interest only for the first year and Equal monthly instalments for the
equal monthly instalments for term of the loan. The remaining
subsequent years. The remaining balance of the loan is repayable at
balance of the loan is repayable at the end of the five-year term. It is
the end of the five-year term. It is intended that the loan will be
intended that the loan will be refinanced at that point
refinanced at that point
Security Fixed and floating charges over land Fixed and floating charges over land
and other assets and other assets

14. CREDITORS – GROUP AND CHARITY: Amounts falling due after more than one year

Obligations under finance leases
Loans		 2024
£
-
2,161,011
2,161,011		 2023
£
25,652
2,279,963
2,305,615

PAGE 37

WESTHOLME SCHOOL LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 31[ST] AUGUST 2024

14. CREDITORS – GROUP AND CHARITY: Amounts falling due after more than one year (continued)

The obligations under finance leases are repayable as follows

Within 1 year
1 to 2 years
2 to 5 years
The loans are repayable as follows:
Within 1 year
1 to 2 years
2 to 5 years		 2024
£
-
-
-
-
2024
£
119,229
124,787
2,036,224
2,280,240		 2023
£
10,673
10,309
15,343
36,325
2023
£
114,253
119,404
2,160,559
2,394,216

For further details on the loan see note 13.

15. ACCRUALS AND DEFERRED INCOME – GROUP AND CHARITY

Fees paid in advance:

Fees paid in advance:
Amounts at 1st September 2023
Amounts received in the year
Amounts repaid in the year
Amounts utilised in payment of fees
31stAugust 2024
Amounts at 1st September 2022
Amounts received in the year
Amounts utilised in payment of fees
31stAugust 2023		 Single Year
Extended
Total
£
£
£
511,463
1,729,080
2,240,543
2,528,561
4,703,280
7,231,841
-
(101,126)
(101,126)
(511,463)
(960,073)
(1,471,536)
2,528,561
5,371,161
7,899,722

Single Year
Extended
Total
£
£
£
717,417
257,098
974,515
518,501
1,663,217
2,181,718
(724,455)
(191,235)
(915,690)
511,463
1,729,080
2,240,543

PAGE 38

WESTHOLME SCHOOL LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 31[ST] AUGUST 2024

15. ACCRUALS AND DEFERRED INCOME – GROUP AND CHARITY (continued)

The School operates a fees in advance scheme whereby fee payers can enter into a contract to pay to the School up to the equivalent of ten years’ tuition fees in advance. The money may be returned subject to specific conditions and appropriate notice. These arrangements are disclosed above as ‘Extended’ arrangements.

In addition, fees for the following academic year are invoiced in the current year and some fee payers have paid all or part of these invoices prior to the end of August 2024. These arrangements are disclosed above as ‘Single Year’ arrangements.

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS – GROUP AND CHARITY

Undesignated **Designated ** Restricted Endowment Endowment Total
£ £ £ £ £
Fund balances at 31st August 2024 are represented by:
Tangible fixed assets - 11,751,664 - - 11,751,664
Investments 53,576 - - 80,081 133,657
Debtors 1,279,416 - - - 1,279,416
Cash in hand 2,329 - - - 2,329
Cash at bank 8,145,807 (2,258,419) 49,468 - 5,936,856
Creditors (1,159,076) (1,899,855) - - (3,058,931)
Accruals and deferred income (7,899,722) - - - (7,899,722)
Total net assets 422,330 7,593,390 49,468 80,081 8,145,269
Undesignated Designated Restricted Endowment Total
£ £ £ £ £
Fund balances at 31stAugust 202 3 are represente d by (as
restate
d):
Tangible fixed assets - 11,637,879 - - 11,637,879
Investments 45,978 - - 74,681 120,659
Debtors 550,966 - - - 550,966
Cash in hand 139 - - - 139
Cash at bank 3,460,018 (2,422,423) 49,997 - 1,087,592
Creditors (1,147,107) (1,996,303) - - (3,143,410)
Accruals and deferred income (2,240,543) - - - (2,240,543)
Total net assets 669,451 7,219,153 49,997 74,681 8,013,282

The fund balances for 31[st ] August 2023 have been restated in order to correct an error in the calculation of internal debt funding relating to the financing of tangible fixed assets. The total of Designated funds, as at 31[st ] August 2023, has been increased by £489,373 (from £6,729,780 to £7,219,153) and the total of Undesignated funds has been reduced by the same amount (from £1,158,824 to £669,451).

PAGE 39

WESTHOLME SCHOOL LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 31[ST] AUGUST 2024

17. UNRESTRICTED FUNDS – GROUP AND CHARITY

Designated Funds:
Fixed Asset Fund
Principal’s Fund
Undesignated Funds:
General Reserve		 Balance
1st September
2023
£
7,213,995
5,158		 Income
Expenditure
Gains/
(losses)
Balance
31st August
and
transfers
2024
£
£
£
£
-
-
374,467
7,588,462
-
(230)
-
4,928
7,219,153
669,451		 -
(230)
374,467
7,593,390
9,802,147
(9,680,838)
(368,430)
422,330
7,888,604 9,802,147 (9,681,068)
6,037
8,015,720

The Fixed Asset Fund represents the net book value of the School’s fixed assets and investment property less an allocation of notional internal borrowings. The transfer that is made between this fund and the General Reserve reflects the movement in fixed assets and notional internal borrowings in the year.

The Principal’s Fund is available for The Principal to utilise for the benefit of pupils at his discretion.

Included within the Charity’s funds is a revaluation reserve of £7,423 (2023: negative £2,784) .

Designated Funds:
Fixed Asset Fund
Principal’s Fund
Undesignated Funds:
General Reserve		 Balance
1stSeptember
Income
Expenditure
Gains/
(losses)
Balance
31stAugust
2022
and
transfers
2023
£
£
£
£
£
6,856,353
-
-
357,642
7,213,995
5,158
-
-
-
5,158
6,861,511
-
-
357,642
7,219,153
1,732,458
8,468,742
(9,174,110)
(357,639)
669,451
8,593,969
8,468,742
(9,174,110)
3
7,888,604

The fund balances for 31[st ] August 2023 have been restated in order to correct an error in the calculation of internal debt funding relating to the financing of tangible fixed assets. The total of Designated funds, as at 31[st ] August 2023, has been increased by £489,373 and the total of Undesignated funds has been reduced by the same amount.

PAGE 40

WESTHOLME SCHOOL LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 31[ST] AUGUST 2024

18. RESTRICTED FUNDS – GROUP AND CHARITY

Bursaries
Westholme Association
Investment income		 Balance
Income Expenditure Transfers
Balance
1st September
31st August
2023
2024
£
£
£
£
£
45,171
2,251
(3,657)
-
43,765
4,826
17,335
(16,458)
5,703
-
2,870
(445)
(2,425)
-
49,997
22,456
(20,560)
(2,425)
49,468

The Bursaries fund comprises donations received to fund bursaries for pupils.

The Westholme Association is the School’s Parents’ Association and raises funds to donate to the School for specific purposes.

Balance Income Expenditure Transfers Balance
1stSeptember 31stAugust
2022 2023
£ £ £ £ £
Bursaries 15,601 29,570 - - 45,171
Westholme Association 1,661 15,398 (12,233) 4,826
Investment income - 2,545 (482) (2,063) -
17,262 47,513 (12,715) (2,063) 49,997

19. ENDOWMENT FUNDS – GROUP AND CHARITY

Permanent Endowments Balance
1st September
Income
Expenditure
Gains/
(losses)
Balance
31st August
2023
and
transfers
2024
£
£
£
£
£
74,681
-
-
5,400
80,081

The endowment fund is represented by investments. The income generated by this fund will be used for school bursaries.

Permanent Endowments Balance
1stSeptember
Income
Expenditure
Gains/
(losses)
Balance
31stAugust
2022
and
2023
_transfers _
£
78,027
£
-
£
£
-
(3,346)
£
74,681

PAGE 41

WESTHOLME SCHOOL LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 31[ST] AUGUST 2024

20. GUARANTEES

At 31[st ] August 2024, there were 11 (2023:12) members of the Board each of whom agrees, in the event of the Company being wound up, to contribute to any deficiency in assets a sum not exceeding £1.

21. PENSION COMMITMENTS

The Company participates in the Teachers’ Pension Scheme (“the TPS”), a defined benefit pension scheme for teaching staff. The scheme is operated by the Teachers’ Pension Agency, an Executive Agency of the Department for Children, Schools, and Families.

The TPS is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. Membership is automatic for teachers in academy trusts. All teachers have the option to opt-out of the TPS following enrolment. The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Valuation of the Teachers’ Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31st March 2020. The valuation report was published by the Department for Education on 26th October 2023. The key elements of the valuation are:

Pension Salary CARE
increases increases
2020/21 0.5% 7.6% 2.1%
2021/22 3.1% 4.7% 4.7%
2022/23 10.1% 2.8% 11.7%
2023/24 4.1% 2.5% 5.7%
2024/25 0.6% 1.6% 2.2%
2025/26 0.0% 1.6% 1.6%
2026/27 0.8% 1.9% 2.4%
2027/28 1.7% 2.7% 3.3%
2028/29 and onward 2.0% 3.8% 3.6%

The valuation result was implemented from 1st April 2024.

PAGE 42

WESTHOLME SCHOOL LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 31[ST] AUGUST 2024

21. PENSION COMMITMENTS (continued)

The employer’s pension costs paid to TPS in the period amounted to £551,836 (2023: £508,282) . At 31[st ] August 2024, £81,935 (2023: £75,895) of contributions were payable to the scheme and included in creditors: amounts falling due within one year.

A copy of the valuation report and supporting documentation is on the Teachers’ Pension website.

Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme.

The company operates defined contribution schemes for some staff, and, in accordance with Government legislation, the school offers a stakeholder pension scheme. As at the balance sheet date, the stakeholder scheme had no members.

The pension cost charge for the year in respect of the defined contribution schemes was £208,415 (2023: £195,556) . At 31[st ] August 2024, £28,113 (2023: £22,108) of contributions were payable to the scheme and included in creditors: amounts falling due within one year.

22. RELATED PARTY TRANSACTIONS

Westholme Promotions Limited is a subsidiary company of the School.

The principal activity of Westholme Promotions Limited is the organisation of non-curricular school trips, and other miscellaneous school activities.

Whilst the School does not trade directly with this company it does act as agent for the School in respect of collection of cash and payment of expenses.

At the 31[st ] August 2024, £15,573 was due to Westholme Promotions Limited from the School (2023: £21,358) . This amount is net of a loan of £15,000, previously advanced by the School to Westholme Promotions Limited. No interest is charged on any outstanding balances and there are no agreed dates for repayment.

During the year amounts totalling £16,974 (2023: £17,109) were charged to the School by Backhouse Jones Limited, a company in which J Backhouse, a Governor of Westholme School Limited, is also a director. At 31[st ] August 2024, an amount of £nil (2023: £nil) was owed to Backhouse Jones Limited.

Amounts totalling £3,805 (2023: £2,092) were charged to the School by C & W Berry Limited, a company in which D Berry, a Governor of Westholme School Limited, is a director. At 31[st ] August 2024, an amount of £nil (2023: £nil) was owed to C & W Berry Limited.

Amounts totalling £11,628 were charged to the School by Conlon Consulting, a business in which Mrs J Conlon, a Governor of Westholme School Limited and appointed during the year, is a proprietor. At 31[st ] August 2024, an amount of £nil (2023: £nil) was owed to Conlon Consulting.

A number of the Governors who held office during the year to 31[st ] August 2024 had children attending the School and those children attend on the same terms as other pupils.

PAGE 43

WESTHOLME SCHOOL LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 31[ST] AUGUST 2024

23. SUBSIDIARY COMPANY

Westholme Promotions Limited is a subsidiary company of Westholme School Limited. As described in the accounting policies, consolidated accounts have not been prepared as the subsidiary is not considered to be material to the accounts of the School.

Westholme Promotions Limited
Aggregate of Capital and Reserves
Turnover
Cost of sales
Gross Profit
Administrative expenses
Result for the year		 2024
£
(8,245)
319,357
(318,371)
986
(5,520)
(4,534)		 2023
£
(3,711)
430,189
(422,295)
7,894
(167)
7,727

24. FINANCIAL COMMITMENTS

At 31[st ] August 2024 the group had future minimum lease payments under non-cancellable operating leases as follows:

leases as follows:
Other
2024 2023
£ £
Within one year 40,320 60,480

25. CAPITAL COMMITMENTS

The Company had capital commitments of £nil at 31[st ] August 2024 (2023: £nil) .

PAGE 44

WESTHOLME SCHOOL LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

YEAR ENDED 31[ST] AUGUST 2024

26. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES – COMPARATIVE FIGURES BY TYPE
OF FUND
Unrestricted
Restricted
Endowment
Total
Funds
Funds
Funds
Funds
£
£
£
£
Income
Charitable Activities
Fees receivable and similar income
7_,863,036_
(3,120)
-
7,859,916
Ancillary income
520,824
-
-
520,824
Other trading activities
Ancillary income
68,573
-
-
68,573
Voluntary sources
Donations and legacies
14,614
48,088
-
62,702
Investments
Investment income
1,695
2,545
-
4,240		 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES – COMPARATIVE FIGURES BY TYPE
OF FUND
Unrestricted
Restricted
Endowment
Total
Funds
Funds
Funds
Funds
£
£
£
£
Income
Charitable Activities
Fees receivable and similar income
7_,863,036_
(3,120)
-
7,859,916
Ancillary income
520,824
-
-
520,824
Other trading activities
Ancillary income
68,573
-
-
68,573
Voluntary sources
Donations and legacies
14,614
48,088
-
62,702
Investments
Investment income
1,695
2,545
-
4,240
Total income
8,468,742
47,513
-
8,516,255
Expenditure on
Raising funds:
Bank charges and interest
160,963
-
-
160,963
Investment management costs
287
482
-
769
Bad debt expense
7,617
-
-
7,617
Publicity, marketing, and events
291,003
-
-
291,003
459,870
482
-
460,352
Charitable Activities:School Operating Costs
Teaching costs
Welfare
Premises
Administration
Total expenditure
Net income
Transfers between funds
Other recognised gains and losses
Loss on investments
Net movement in funds
Funds brought forward
at 31stAugust 2022
Funds carried forward
at 31st August 2023
5,174,757
12,233
-
5,186,990
680,358
-
-
680,358
1,168,627
-
-
1,168,627
1,690,498
-
-
1,690,498
8,714,240
12,233
-
8,726,473
9,174,110
12,175
-
9,186,825
(705,368)
34,798
-
(670,570)
2,063
(2,063)
-
-
(2,060)
-
(3,346)
(5,406)
(705,365)
32,735
(3,346)
(675,976)
8,593,969
17,262
78,027
8,689,258
7,888,604
49,997
74,681
8,013,282
8,714,240
12,233
-
8,726,473
9,174,110
12,175
-
9,186,825
(705,368)
34,798
-
(670,570)
2,063
(2,063)
-
-
(2,060)
-
(3,346)
(5,406)
(705,365)
32,735
(3,346)
(675,976)
8,593,969
17,262
78,027
8,689,258
7,888,604
49,997
74,681
8,013,282

PAGE 45