**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
**PAGE 1**
## **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
**PAGE 2**
## **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.
**PAGE 3**
## **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.
**PAGE 4**
## **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.
**PAGE 5**
## **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.
**PAGE 6**
## **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.
**PAGE 7**
## **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.
**PAGE 8**
## **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.
**PAGE 9**
## **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.
**PAGE 10**
## **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.
**PAGE 11**
## **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.
**PAGE 12**
## **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:
- Gross fee income levels – in the year to August 2024, these increased by 10.5% over the previous year;
- Proportion of gross fees absorbed by bursaries and scholarships – at 9.5% these were decreased from the 14.1% for the year to August 2023;
- Proportion of net fees absorbed by (all exclude deprecation charges):
- Teaching costs – for 2023/24 these amounted to 58.8% of net fee income against 64.0% in the previous year;
- Welfare and premises costs - in the 2023/24 year, these costs absorbed 19.1% of net fees against 23.4% in the prior year;
- Support costs – these absorbed 25.8% of net fees compared to 27.4% in the year to August 2023.
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.
- In detail, the Governors see the principal economic risks and uncertainties facing the School as follows: The removal of the VAT exempt status of the independent school sector;
- Increasing operating costs;
- Reduced ability to afford the costs of an independent education amongst the historical target market;
- Competition from other independent schools in the geographic catchment area, Competition from improved state school offerings in the geographic catchment area
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:
- Detailed terms of reference, as appropriate, together with formal agendas for Committee and Board activity;
- A five-year strategic development plan is reviewed annually by the Board;
- Comprehensive budgeting, forecasting and management accounting;
- Established organisational structures and lines of reporting;
- A wide range of formal written policies including clear authorisation and approval levels;
- Vetting procedures as required by law to protect the vulnerable and to meet our safeguarding obligations.
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:
- **a.** Admissions, Marketing and Communication
- **b.** Business, Finance, Support incl. Health and Safety
- **c.** Curriculum, Teaching, Learning
- **d.** Development incl. IT, Site, Centenary, Projects
- **e.** Pupil Experience incl. Safeguarding, Wellbeing, Culture, Holistic Excellence, Rewards
- **f.** Westholme Family incl. Teaching and Support Staff, CPD, Appraisal, Parents, Alumni, WA, Governors
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:
- Select suitable accounting policies and apply them consistently;
- Observe the methods and principles in the Charities SORP;
- Make judgements and estimates that are reasonable and prudent;
- State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation.
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:
- give a true and fair view of the state of the group’s and parent charitable company’s affairs as at 31 August 2024 and of the group’s net movement in funds, including its income and expenditure, and of the group’s cash flows for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **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:
- the information given in the trustees’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.
## **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:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
**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;
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with finance manager, and from our commercial knowledge and experience of the industry and supply sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.
**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:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the notes were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance; and
- enquiring of management as to actual and potential litigation and claims.
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:
- employer contribution rates set at 28.68% of pensionable pay (including a 0.08% administration levy);
- total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £262.0 billion and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222.2 billion, giving a notional past service deficit of £39.8 million;
- the SCAPE rate, set by HMT, is used to determine the notional investment return. The SCAPE rate used for 2020/21 to 2022/23 is 2.4% and for 2023/24 onwards 1.7% above the rate of CPI.
- • Rates of pension and salary increases, together with Career Average Revalued Earnings (CARE) valuation adjustment have been assumed as follows:
|||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**