Charlty reglstratlon nUMr S28973 Company regi8ti71)on number 00914963 (Enpland and Walu) WINDERMERE EDUCATIONAL TRUST LIMITED TIAWINDERMERE SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL LEGAL AND ADMINISTRATIVE INFORMATION Governors PA Hogan ICKenry RevererKI C¥nun J D Brffter L HouklvwJ MA Hunter HJNets {Appotnted 21 September 20221 S•¢retary H J Ne180n Charlty numbor 526973 Company numb•r 00914963 PrIncIp •ddre Wnderrr*re Edu¢atKThl TnLryt Limited Browh&ad Wnderrrnrè Cumbria LA23 1NW R•glstered offke WTrdennere Edt?1 T1 Limited nderrrere Cutrtjria LA23 1NW Audltor JS. Aj11 Linwted James House Yew Yree V4aniWn Cheshire wA3D Bankern HSBC Bank pk 64 Htrjlwate Cumbrra KeTrJal LA9 4TF
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL CONTENTS Governors. report Ststenwnt of Govemors, $F)n$t11IbeS Ind&penE11 8udftof8 rewt 9-11 Statement of fman¢xal adp4rb8S 12-13 Bglan¢e sheet 14 statent of cash fflow3 15 Notes to the ftal ststements 16-29
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL GOVERNORS. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AUGUST 2023 The Govemors of nder[re Edu(xtiond Tmst Linited prBsenl lT annval report #Thj awJit9d awjunts for the year ended 31 August 2023 WKI confimi they rnpty the reqU1rerrnts of the Charitle5 Act 2011, t Ch8rities SORP IFRS 1021 and the Ccrfnp¥nwA¢t 2CrfJ6. REFERENCE ANO ADMINISTRATIVE INFORI14TIJY ndemiere Educational Trust Llmit8d rfhe TNsn was fnded In 1863 in Lytham Sl Anne's. ft is consliluled 88 8 Company LimTled by Guarantee. regiered in England atKI Wales. no. C(S14963. and Is registeretl with th Charities COrlS510n Uer Gharty No. 526973. The TTu$I operateg on thre8 %tes known as treMe Schoc4. the Browh&ad Carryws, for those in Year 7 and above, thè Ellaray Campus. for wpits in pschool to Year 8 and Ho(Igg Howe. our Saih'ng and Outdoors Centre on the Shore of Windomieie. The Trust also operales under the Irading name Vvkndemere Inlemational Summer School. There 18 one Goveming Bclty. Detai15 Of the members of the Go¥¢ming Body. together with TNSVS offKer8 and prinopal advisors. are given on Ihè W aThJ admLStraI infommon page. STRUCTURE. GOVERNANCE AND MANAGE1NT GovemlrKJ Docum•nts The TnJ8113 govemed by its kqerrmndum of A¥¥tyyalNJn hxllths of A8$oCiabL last 8rnended on 20 J8nu8ry 2017. GovemlTrJ Body The Governlng Body Is self-appointèd with one third of members requlred to retire by r¢)tstion at each AGM. The flTSt appointsd. vr lJngest $er¥lng since last ¥*FInent, a the fwst to tIre. Govemors rètirlng ty rotstion can be Trtlected. New members of 8 Govemsng B¢Jdy are ele¢led on the basi5 of nomirmlions ty the Governor3 and the exec#Jtive offi¢srs based on the candidates. professbn81 qu8, experignce and personal (x)mpètènca. R•cruiiment and TrnlnlNJ ol Governorn New Govemors are inducted into the Yrn9$ ofthe TnJsL Thauding Govaming Body poliw and procedur85, at a seri&s of induction meet¥3 speualy oryanised lor them by Ihè Head. the Cleth and olher Goveffw)rs. &Jvemor4 Carry out an annual sknls and undertake to prre adthbon81 $uppNt or training lo ensur8 the approwats sklls remain available to 8S8lst thè School in meetry rts strategic and Operati•1 obi8ebves. ganlsatlonal Structurn The Members of Ihè Goveming Body. #s the Ch•lty Tw5tee8, 8r8 18g8t responsib for the overall management and control of the TTUSL The Go¥emhJ Bo(ty nwets six tThe5 a year. Th• work of imptemonlthg Ihetr poudes 18 rrd out by cornm.. Th• Flnance and Gener¥1 Purpow Commlttee 8rmbni88 revenue, the b•L the fvture capital plan, capital expenditure and mon6tor finanaal risk. Thffd Commiilee also supew¥ise and finalise the audited finanaal 81alements annual report for ?pprDval by the Governing Boty. The Finance an¢J General Purposes Committee 18 chaired by Mr M A and porta to tha GovemiThJ Body at e8¢h board meeting. The Nomln•tlon8 Commltteg, Chaired ty Mrs A S Robèrts up to her lation from the Goveming Body In Juty 2023. and lattedy by Mr P A Hogan, Ove ts orderty xessi tor appolnlments to the Boprd and senior manag•mant Tho Rlsk Managemènt Group monitorn the Strateg risks fac4ng the Tru8L Thg gnwp is chared by th& Burs8r, Mr R Hennah and rgports inlo the Board at m&etAig via Mr I C Kenny.
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL GOVERNORS. REPORT IINCLUDING DIRECTORS. REPORn (coKfiNUED> FOR THE YEAR ENDED 31 AUGUST 2023 Thè Educatlon Commltt•• chaired ty Mrs A S Rob8rts up to h8r r8strJn8tion from the Goveming Body in Juty 2023. latterfy by Mr P A Ho9an, Thyjnilors and viewS the academic. co-ojrricular and pa$loral pro¥i5k)n of the School. and rnakes rerxjmmendth as approiThte to the Govemors. The Marketiry Committ80, Laiwvd Lry Mr P ScolL rrV)nitr) the [lI1nt of w wpiL8 through marketlng and 8dmissKtns initsaves. Sorne goverrKir8 have degated relnsibI[be8. For example, A S Robéth ovevwi gu gipocts of Sakguardlng. Mrs A S Robèrts also ovarsaw tha Earty Yèars Provlston. Folkr4¥tsig her r8SignatiDn in Juty 2023, these reS have been fulfilted by Reverend cOn, J D Brewster. The Chak of eath wThnitlg9 C(Pts ofthe Govgmng Boty 8nd •rry additicwwl etsm81 exportise th¢y deem appropriate for matters under Consideratrn ty ead) coff#mittee. The day to day runnty of the is dekgated to thg Heathnasler Supported ty the Senior Leader3hip TeBm. The Headmaster, Head of Bler3y and Burser, attend 81 meetiiy of Ihe GO¥ng Body'9 CommNta89 wlth the excèption of thè Nomo)ations Committ80. Employment Poliey Th& Sehool 18 an equal opportun4k?s ernpknyer. Ful and falr consideration is given to job appli¢xtiQTlS from dlsabled persons and due c4)n5ideratsn is gwen to thwr tsaining and employffenl nee(ts. conson wl erykJyee$, or thélr r•pTrSantaths. has Continued at 81 wilh the awn oflaking the of employee8 into aeeount when decisions e made th a kety to affecitheir interesis. Tru9t Manag4ment The GovernoTB gwe considerntion to the major risks to the Trust ts exposed. The Govemlng Body has ulb'm8le re8pons8)Ity for managlng any rlsks faced ty the TnJsL Deti1d wnsideralion of kS 18 delegated to the appropriate SUtcOMmIttee. The stnxture of these comrT¥ttees rrriseS apprwiale MbErShIp from Goveming 80ty. assisted ty the Schod's SenKJr Leadernhip Te8m and Sny ext•mal 8Xptht" that may b8 required from time to tim•. The Tntst management pr(eSS and the resuttiThJ rep8 wjenlrfy ri8k8, 888es8e8 th•ir impa¢t ¥nd likellhood and. wharo n8cassary. reconynends coniro15 to mitigak and monitor those iisks tho1 as hvJh. The generic ¢xntro18 Used by the Tnjst to nmnimlse indude". . Tern of refer¢È frjr ¢ath eommttt•8 and TrLtst Board activty.. . ComprghensNe budgeting and management accounting,. • Establk%hed organisational strurtures and lines of portIng. . Forrnal Tr•rritten policies induding cknar aUthorallr)n and approval kvels: . Vetting procedures as required by law for prDte¢kn otthlklren. Health and Jalety Is aK¥ays 8 signfficant area for Ri8k Managernerrt. The risks range frDrn fire and infra5twthre to pèrsonal risks Imost notabty when away from the campus on thp5 and expeditK)nsl, 8nd more recently onla9ion risk. Tho kvel an(J of a"¥ty at the Trusvs Schoo15 15 wryres8ive and the ri8k8 888odatod wfith all a¢tiN4lies are m1MIsed ty eMOY1ng a competent and qualified 8urs8r WTth He8llh and S¥fgty CNrdinator responslbllty, and a trained Educational CO[natOr. The Board used Kym Ajlen Associates lo advlse on Health & Safèty and Educational Visits Ihrou9hout 2022r23. The 8cnool ¢onbnues to recover from COVID pandemic fewer boardng pupils than at tha start of 2020. 88 overseas students prove slow to retum. The lrywer number of pupils has in a Sustaid perfod of r•duc•d fee income which in tum has wea3ed profftakn.hty and Iqu¥ty wis The Governing Boty is satisffied Ihat for all m8iN ioks identffièd. appropriats o)ntroL% have b8en put in place and maintsined to mitigats thos& risk$ 8dgqu¥t¢ty. It is recognised thal systems can provwje onty reasonable but not ab3olulg assurancg that rn¥jor li¥ have been managed.
WINDERMERE EDUCATIONAL TRUST LIMrrED TIA WINDERMERE SCHOOL GOVERNORS. REPORT (INCLUDING DIRECTORS. REPORT) (coKfiNUED) FOR THE YEAR ENDED 31 AUGUST 2023 OBJECTS, AIMS, OBJECTPIESAND ACTMTIES Ch•ritabl• Obfvcts The Tnjst's cleCts, as set out Ni the M•nKJrandum of Asso(iatK)n. are the adVancernt of educ8tion by provKling general instruction of ths hhe$l dass. together wrth phySKI and nKJf81 guidance in the School'¥ management by the TTu¥L In fvrtherance of these ObieGts arKI the publc nefIt, the Tnt has established and adrninistèrs bursaries, scholarships, awards and other berletscbons, and a¢ls as the Trlee and Manager of endowments, bequests 8nd gffts grv8n or eststAi8hed Pur¥U ofthese Obj.. The Board18 rrirvjfvl of tho kn$tsnding need to proyxle ban•fft and ofthe requireThwnts of the Charths Act 2011. In t1$ ward. the Board h8s monitored cJsdy thè supplemental guNJance pr¢yJutW ty the Charity Commisgion, in p8rtEcular Its pubk benefft 9(tydan on than(menl of edUCan and on fee ¢h•rglng. Despite 8 contknulng difficdt economic dimate. Trust has exceeded £1m of suppcrt pmvlded by way ol bursary. discount or finarla1 support. Of fn¢la[ 3Wrt provhjed. over hf con8i8ts of hard¥hip bursaries to h)cal and nattonal pupils. Aquarter 18 3llo¢ated to 0rse•S pupds. WK4u(ting pupls from Ukrah. Vlslon To b• a scYool In which every pupl is inwrpd by Ihe ¢halnge. [{ in land 8nd brought into the fold.. $MFWIThj compa85ionate chang& mak•rs who s88k to ryrove thrworfd. MI1•n Sl•t•m•nt The TTusf8 mi8Sion 1$ lo produce nfident and conwshYte people. Through teaching excell9n. supportsve pastoral care gxwience of our environment, we encouray rndividual s£55 for community 900d. Our vlsion and mission are shaped by our delerninatn to encourage selkknowl8dg8. artsClated by OUT sch¢x)I motto: Vincit qui se vincif- One oxquers who conquers onesew. TLMJay that rn9¥ns". overcome yow5ell and you will atthkve. The Sthool challenges pupils to excel. to have Selkr•lLqn to kncAv that detenInatiOn can overco adversity. and to be ofvalue to sfyiety. Int•nd•d Impact thin its ¢haritsblè Objècts. th8 Trusvs intent•Jn 15 to priNwJe a first4ass edu(zlion through strong gcademSc luition and by delOping broader sklls that enabh évery pupil to reaise his or her wtenlial to the full. Thi$ in¥0e$ enwhasis on the o>uJfttoJlthn throu01 ceila1. a(fvenbJre, sw11, p8rformance, artistic, tea buldlng and socAal skills. Thi8 polity build8 Self-)nf1¢n¢é and If8 ski15 in our pupil¥ irv)Acates a desre io leam and 8 V+illrgn8SS to contribute to the vAder cfjmmunity Ithdst at sch)d and in latsr Ire. Alm• Th• Tru8t8 8Th8 Jrthe PTc nefit arv lo: 1. our puplls thrwh a broad and Ihat dialenge8 in8idè aNI outsldè the c4a98room. where they ream abwt thew str9S and Yaknes5es. and aro to strlve for excellen sn al thlngs- 2. Support aur plS to develop theK Indlvldual a¢adenK uealive and sporbng talents and $klfs of leadersh to gn$ble and empower thern to make 8n active and r•81 to Iheirworfd; 3. Use our unlque location at thè heart of mountains. lakes and rivers as our greater SroOM for adventu 8nd adventurous leaming. where our pupiEs will leam threctly about th8 enVironnI. each other and themselves" 4. Fostsr 8 domocratlc and )Untable ¢uthJm c1 pupils contribute flty lo school and community life and tske Increaskng sp(S)Ity kr Iheir own kammg and acons', 5. Encourage a global perspe¢tNe by provlding 0FPOrtLM1S for pupils lTheSpec of gender, raL and belefs and en¢x)uraging to value and re8peG* dknLw.
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL GOVERNORS, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2023 Stratsgi•¥ to Achlev? the Alrns The ongoing of tha paNlén and wider wofibc81 0)TljerationS has Tesulied on the decAsKJn to focus on a 2-yeor plon lo Seplgrwtsr 2024. The polry lo recover 1081 financffjl ground through land sales and addthonal income stream$ 19 well advan¢eil. wilti over 75% of a CBIL loan having been repamj In Ihe 2022r23 Prlnclpol A¢tlvlty The Trust's prfnapal adknty. as specifd in the IAwnor8rKlum ofAs$w8b(, is tho th•nc4mont of¢dthn. Publle B•n&fft Windgrrnerg Educational Trust Limited rema6 committed to the aim of providing publk b8n6fft in accordance writh its founding pPIes. There is a requwemenl to delTtrate that berefit for charitable purposes wh8re it has hftherto b8an prasumad In the )sence of evide to the contrary. Thi8 in lum calls for more detailed disclosures cOn(ru our aims. The 8wsrrling of bursaries far Ihe needy is a FrE3surable means of provithThJ 1C benefft. The Board takes the vigw Ihpl bwsarigs awarded to those who would nol olheM8e be able to affDrd the fees are important, bul not to e exdusion of the much wder benefft that the Trust provtdgs wÈthin the mMunIty. Those pupils who yttend our Schools and who receive finanaal support contrkn to the &thool MmUnity in a variety ol ways. and 30 the benefit IB not pwety to these pupi15 butto the Trust and. in 80me cases. to the wwjer rrInty. In 2022123 tha Tr1 aW8rdèd knur$. $¢hoL8rship8 and olher wards totalh'ng £1.1m12021122'. £1ml. Wthin this, maans-tastgd awards b¥sfjd on a $¢418 x¢ordKvJ to ffinonciJ ¢ir¢umstsn¢e$ lot•lling £sk were awarded to 43 puplls12021122: 43 bursa5 totslling £370k). Bursary avrs presEnted 9% of inc¢)tn¢ in 2022123 (2021122: 5.8%). In addillon lo bUsneS, Ihe Trust has eng4ed in many other 8¢bVe$ that provMJe benefft lo the public wrthin the Trusts oblectfves. It is difficult to maasur• ar£yrgWy lh• fin8nrAal valuè Of thKA pubk b&n&fft. Tho benefft provided by bursaries and other activibes can then o)nsKlwl ahyYJsKle bgn&fft of ¢thalln9 256 UK puplls whlch. in Itsell, has saved Ihe exchequer scffle £1.5m. The Trust is an iiiywtant part ofthe hjcal comrNnty with 121 and ernployeeB 21r22r23 making or¢e of th8 largest ernptoyeFS in the di5trKa. By far the laryo51 pr(wortion of Ihe Tru5fs expen(liture is ac¢ounled for by sal8rieg arKI purchases from local and region bn&s. Thus a slgnificant woportlon of fuThJs are invested directy t0 the bcal econoffry. Other Ch•rttsbk Aetivitl¢s In addthon to its primary Fmjrpose. in nomwl years the Twst wovldes a number of 8ervKe8 and experien¢e8 to local pthnary schools free of charge. These Incde a Chrlstmas productlon Show. WaterskK>rts Day, Languagas Day and Geography Day. in addibon to host¥ig an annLI Cros&County Evenl for 26 local wimary schools. Sailing aThY waterspcts tuibon at the S¢hotsfs Wte shorè Watèrsports Cantrè * providèd an a Woék basls trj ttvo lo¢al primary s¢hool$ 8t n¥nlm81 ¢hargo, 8ThJ the Trust also provfrd¥$ ¥ hlgh qualty S¢hcty)l M¢gts Sgrvlc to vo othgr schuots. The Tru818130 frequenity the School's f8¢ilit8 at no charge to bxal comnxjnty or charltsble group8 suth as the Community Choir, Ctsunty Sports A8sofyatKin8 and Bla¢kW Sali ng WIK provid¢ fr00 of ¢hay 58ifjn9 actNiti98 for th08e wth a disability. Pupi18 a0 makg wnDk8nt ¢ontribullS to the kJ¢at (M)ywnty and th8rltieg. The Sdwl runs g setCe Progr*m& for Yèars 10 and 11. whar& pupils angagè in 8 vwiety of adivitK?s for one aftemoon per forthight for Ihg b¢n8fit of th¥ local communty. Exampl¢s of acbfv undertaken n)dude repairing footpath$ (m the l¢ll$, cOnseatR)n work in the grounds of a local wsrtors. ntre, planlng trees and deartng Imter from the Naonal Park. VisiJng kal care homes to overfriendsmlp and ddlver perf0mW8s.
WINDERMERE EDUCATIONAL TRUST LIMrrED TIA WINDERMERE SCHOOL GOVERNORS, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 STRATEGIC REPORT ACHEVEMENTS AND PERFORAIANCE Acad•rnlc In 2023 the Trust cfjnlnts•d to celebrale impressr4e exam despiie the turn to trJhlor. pre-pandemic marking ¥¢ro$$ al Wolif1)n6. Our results remain satisfying vrithin th? 18. 8TEC$ and11)GCSE8. As a non•3ele¢tive school. Imih aInst SO% of Year 11 pLp1 aThJ 40% of Yew 13 wlh SEND or mental heatth is8ues. re8ulting In spedfic exam arrangements to help them succeed, thesa rnsulis are a testament to the hard work of both pupils and staff. More gener•, auoss aR pup8, buldNig Lnfidence and devek)ping 8$pir8Uons ahould be the prim moving f(Thar4. Winderrnère sd01 h8S Ah¥ays d8nv)nslrated a nsiStenty hlgh $¢ore. and this year wa5 no exception when the fwure g notat4e +0.667. TIMS fe mèans that pupi18 are athipwng well over a half gr8de above thgir natrjnalty stdISed GCSE CAT4 wgdKtsns. 88% of all grl8s wwe avrdrded at levds WA"-B. In addibon. over47% of 911 grade$ were a level 71 grade A or hlgh&r. and 30% of awards were atth• hlgNy c4)¥eted level 81 kryade A" or above. The overal rat• of grades awarded at level 41 wadè C or abo was 91%. Year 10 sUm3 are comparab]e with Yèar 11 r8sth year on year. despite taking the examinattons a year rlIer. 50eh of the onwear Chtrmlsts In Year 10 acWed a level 7 or at#)¥8, 3 pwxL8 in Year 10 achleved a top vel 9. Natlonalty glrts boys at thr8 8tsgo 8rrtJ thK8 has been conwund•d wth Teacher As8e&3ed Grad (TAGS) which replaced exams in recent years foJk)wing the paodemir. The gap has dosed again in tha return to nomial (omial examinalions. Wftdem)8r8 Sehoofs resutts are no exopb"on. atthough the gap 1$ not Vast. In Year 71. the rnean average grades for kn)th Iw$ and girfs very similar. 8.1 for boys, versus 8.4 for glrfs. In terms of overan Year 11 pass rate, 8Ph of boys athe¥ed a grade 4-9 comparéd wfth 95% of g¥1s. The May 2023 Slxlh Form Gohort dJ not sl offic4al GCSE oxarnlnatsons wl COVID arKI de41ile th8 dIfficult8 and challenges the ¢andidatss f8cd. the Tnjst celebrated a 97% pass rate in the Intèmalional Baccalaureate Dlploma Progr•mme IIBDPI 8nd a 100% pass rate li the Intsrnational BaxalauTpale Careers Progr8mm• IIBCP). One pupll dld not pass the IBDP by p)ints and this vra8 anti)ated. Saven pupils 139%) gained 34 or pnts in the IB Dipbjma and seven IBDP pupiL$ 139%} achleved the 61lingual tliplorna. Our tsvo lopscorfng IBDP pupls a¢hw¢d 40 and have bew Mth us throughout their whole 8econdary school Teer. The TFUSf3 IBDP Tngon swe in 2023 wa8 31.6% whth equates lo the median woss the 12 years ofthe Tnjsfs IB examvwtv)ns. wfth a rarrfJe from 31 120091_36.4 (21Y21). In 2023 Ihe VJrfd mean score WB¥ 30.2. In the IBCP. puplls achieved a mean scgre of 100 UCAS tsiiff points. The Trusfs IBCP nan ex8m grade was Mèrit and the coursework grade w88 Distlncb"on. 75% of pupils ¥ch>ev a D"D or above (whith Is 8qUiV8lent to A"A¥tA level) in the BTEC Diploma. Co4urrfcularActkvi11o¥ The 2022.23 acad•nk year 8aw sporllng retwn to the b8vel of8cii¥tt8 before the pandemi Inler-8(ool SpIng fixtures and national toum8rn relumed to the len¢jar durkng the ye8r and sthool teams were able to play in thè Mglon of 200 fre$ a(YoS5 hockey. nelball. football, Cros¥nty, basketban, lennls, cricket and athleti. Around 30% of these ¥8$ 8nd 50% were draw5 #Thj b)sses, vrith nwlb participant events accountlng for the remainin9 20%. The uThler 18 Girfs hryey team progressed through to the County finals toumament reaching thg 89rnr41, the under 16 and &r 19 nètbal teams abo progressed Into tho County ffinals tournaments, the under 16 and uThJer 14 Boys hockey teams progres8ed to Ihe Norfft Wesl Tier 3 and Tier 2 fin81s reSpeety. aThJ Ihe under 16 under 78 Boys I¢Iball tèams went through the bvo rounds of their cup compébtons. In uo85-c¢Junty. Ihe Boys learn were County thampions and a number of these runners holped the South Lakes Tèam also take a o)unty crown. One pupfil ian in the Naana1 finals in E88ex. In Summer tenn the und•r 13 and under 15 GwL8 tennks teaffts made the county fin?1¥, wlh Ihe under 13,9 flni8hing a8 runner¥-UP, ond fv under 15 S as Cumbr18 Charry*)ns. Notsbty. on¥ pupl the Curnbria 1LhJm and High JuThy ¢onWtlons and w8s cnwn8d North West under 13 PenlatNon Charnpion.
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL GOVERNORS. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2023 Pup15 ag8in were able to enjoy Inter House compèthons fift hockny, nÈttJall. knlball, baBketb811. ¢et, rounders and at the Infant & JUnr S(wl, Tag Rugby. as wel as to the athletics track for a full sports day to end the year. In Sailing, thp ra tsam cLJntwiued to achieve fantas rnsulls throughoul th• year wtth many athievernBrrt5 at the Reglonal and Natit)nal Feva Championshys and also Feva rtd Champb)n$hJ"ps in Woymouth where pupiEs competed against an IntÈm8lk)n81)lekl. In Adventure, Inlanl & J(mior pupds had wekty le85 where Ihey leamed to navigate. dlmb. sall. c8noo, kayak, bike safety and admintsler ffirst aKI. A number of resJential trips were undertaken for Yaars 3 to 6, incjuding wild camps and challeThJe acbwties. Earty Years and Key Stsge 1 puprfs held their'day camp, wlthln the school grounds. The Infant & Jun•Jr Schod have hosted wimary sclhjols from around the ¢ouftty frjr Inter- Schools Cross County over 5CK) children (>Jmpeb"ng. Inter Hcwjse ¢ompetrtions tsko annu81ty, lrKJud9 an art competlKin. climbing wal ts)Mlon. S119 bèè nurwous SpOrtg events. Browhead students had a fu# progranyne of A14enturE inLxliry thnbing lin(l¢)orB and outl, ghyll scrartjling. Sailing. wind5urthg. nKuntain biking. ca¥N. kayaknng. Lxnoekng. dealng with Inddénts. orienteering and rnountain nawgation. Yearn 7. 8 and 13 undertook residenlk4 adVenre trips, Mth advenknre (lays for Y•ars 10 and11. Besides the ful [ograMrrts of curfar Advenlure, students 8rn al)19 to tsk8 part In optth818fter school aCthlaS to dÉvélttp skills. These IUde paddle4POrts. sailng (Elleray an(J BThtheadl. c4irnbirig. windsurfing and ra sailin9. Brovhhoad students aLso took part in OPtnal residenb.al tr¢Js to North Wale8 dimbing and Scouand winter walkirwJ and dThbiThJ. The Duke of Edinbunjh Scheme ccffltinues to f4)urish 8t WThnd•maré Sthool wlth students rMptIng Br+r expeditions. The Year8 pupi wotk t(Mards Ihe John MuirAwgrd. FUTURE PLANS The core elements ofthe Trusfs Develw Plan are: . To continue lo en8ure the campuses offer a saf8 and 8ttrathv• ènvtronmntfoi pupiL8, stsff and vi5thor5,' . To Pro(je a happy and secure pasloral enwronw£nt. siwtabk for both day And boarding pupils, In whlch 811 pupils 8re ottered Opportunit teadershy and 5etvKe to others., • To provide a Stima"n9 lèamiNJ envwtinmènt in whith puL can iknlop their a(emsc potsntial to the full., . To offer all pupils the ¢¥yortunities of 8xpw8rKing a Lywl r¥nge of intell8Ctual, rJJMural, swjrting and wid8r- ¢ommunity ac4ivthes; . To inceaSe tho capabilty ofthe Trust to offer educath)n to chldren whos• parents am unabk to afford full fres; . To provide an enjoyable and appropr• dlenging en¥ironrrEnt ilfvn whth members of stsff may dwelop their career3-. . To ensure that Ihe Tnxt plays a signffj•Jnt part in the Ire of the comrThJnSty. sharfng fadlEs and s¢$kirvJ local rtne[h¥ wherever po¥8ible. FINANCIAL REVIEW RUlts for the year Nel fee income for the year ibThsed by 5.9% to £5.Sk 12022£5,631 kl. cntInuIng thè rÈ¢overy from the pandem. Total irMxJme was up by 22%. to £7,Th)k (2022.. £6.402k), thKS was largety altributalle lo Ihg disposal of s fixed assetwhich defvered net income of £1.013K but also to a sllght h)4)rovement In trading acbvities. C05ts remained broadty flat coming in at £6,944k12022.' £6.695kl. Whilst opergtions retuméd to pr•-pandomlc levels, inffialionary cost inueases were offset by licome from the asset disposal, a kJ¥er number of b08rdlng pupil¥ 8nd 8n 8Cbv8 CO8t managernent Program. resultir4J in net income for the year of £848k (2022:1£293kll. RV¥•rv Pollcy The Trust's tree re8eNes at the ye8r*nd amounted to £1,282k12022.' £148k) representing retained unrestricted Ineom• r8serve8. The Trust ha$ adopted a of free reserves at a 1 to provide reasonable )vw for opgratin9 c$1$ wlth #ry rp&J8 to be Trinveslod Into of the e8tstes 3nd school fa1111&5. Flxed A99et• Tanglbla fixed assets are held by the Trust for usa by thè SdKh)l although therè ar• SOMÉ properties that could be dested should the need aw. Note 1.6 descrfbes Ihe TrusV$ aca)unt¥)g in r¢lation lo fixed •¥sats.
WINDERMERE EDUCATIONAL TRUST LIMrrED TIA WINDERMERE SCHOOL GOVERNORS, REPORT (INCLUDING DIRECTORS. REPORT) IcowfiNUED) FOR THE YEAR ENDED 31 AUGUST 2023 The Govemors. Ytho 8e]ved drj tr year arKI up to the de ofsign8 olth• finan¢ral stateThnt3 wre: A P ChaTthrlarn C J Rlckart A S Rob8rt9 PAHogan I C Kenny P Scott Revereftd Canon J D Brvwstei L Houlding MA Hunter H J Nelson (Resigned 3 February 20231 (R•sign8d 18 November2022) IRe8b)ned 26 Juty 20231 (Apwrrted 21 Septembw 20221 AlI1•r The auditor, JS. AlIt mited. Is de6m8d to be wF¥Jinled under8era)n 48712) ofthe cornA 2Cth. Olsclosure ol Intrmatlon to au¢fitor Each of the Governo has ¢onfimxd that there no wrfom)8tion of thich they are ware whlch is rebvanl to th• audit, but ofwhich the audilor is un•Yare. They have ItH1her o)nfwmed that tw have taken apwoprfats stgps lo Idantfy Such relevant infom)aUon and to estsbhh lh the auditor is awarè of such iftsrmation. The Govemors. f•POrtwas apwoved by the Board ofl))vemorn. P A Hogan Chairnian of Govemlng Body Dated.. 9 May 2024
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL STATEMENT OF GOVERNORS, RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2023 The Go¥emors. vtho 8re 81¥0 Ihe of ndem Educational TNgt Llmlted for the purpose of company law. are responsible for prepar the Governors, Report and Ihe financAal stateftnts in accordance wilh applicable law and UThled ngdOM AOUntIng Standards (United Genera>f Accepted Acu)unling Pra¢Xcel. Corry)any Law roquirg$ th$ G0mOr$ to prepare finwc4 ststWnt$ for each financial year which gNe a true and frdir view of the state of aff"rs of Ihe Trust and of the resources and appkAion of resour¢ès, inejuding t Inme and 8xp8nditure. ofthe chaiilable ojmpany fr)rthat year. In preparin9 these finala1 slateffls. the Govemors are requyed to: . sele¢ 8uitatle a¢{x)unti thon a)ply fA)nwt¢nty. - make judgemnts and estlmates th8t8re reasonabl8 and pruden¢ . stste whether applkJl8 UK Ac(n9 Slandwth have ljeen foll)1. subj8d to any m8terg1 departures disdo8ed and explained Ai the financlal stat8mts. - prEpare Ihe financial stalements on the corKem basi8 unless it 15 iwpropiiats to Presurne that the Twst wll continue in operation. The Governors are responslble for keeping adequate acLounting recor(Is that di8th8e wth 5$onab accuracy #t any tlme the fjnanrAal posrbon of the TruBt and en8te Ihem b) en3ure Ihat thp fin101 stslempnts cornpty with I Companies Act 20rA. They are 0 r95POnsible k)r 5afeguarilirKJ the assets of Ihe Trnst hence for tsking reasonabl8 slep5 forthe prevention and detecbon of fraud and other IrregUrIbeS.
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WINDERMERE EDUCATIONAL TRUST LIMITED Oplnlon Wg have audited the rmarjaI stsiement8 of Wnd•mwr8 Edt)nal Tru8t Linited Ilhe 'TfusYI for the year ended 31 Augusl 2023 whth ¢omprfsè Iha ststament of fffianU activfaes. the balance sheet, Ihe statement of cash flows 8nd the note8 to the ffinanrigl statents. IndlIng a summary of signifieant accA)unting policies. The fnan¢ial reporttng frameworf( that has been applied M their mor¥tsn is appli¢able taw aThJ Unilod ngdOM Accounluig Standard9, Includlng Fln8ncial Reporting Standard 102 Th$ Financial Reporting Standard 8ppIAeabl8 in th& LIK and R8pubc of Iland (unif TrQngdom Gerw8lyA¢¢epted AccountiThJ PraLai¢el. In our opinion. the fmntsal stat•m•nts'. give a true and far thew of the state of Ihè Charitab LMpanY'S affairs as at 31 August 2023 and of its Ino)mlng resources and applicat(on of resour¥. inthn9 Its kncome and experKJitwe. for th8 y88r Ihen ended., have b•èn pmpty prepared in accordance United In10M Gera1 Accepted A¢Unting Pr8d¢e', and have been preparsd kn ¥c&wrdm ¥Ath Ihe rewiremerrts of Ihe Comp$nS Act 2006. Ba81s for oplnlon Wé conducied our audit in accor(lan¢e wlh InternatKJnal Standards ¢)n AudFling (UK) IISAS IUKII and applicable law. Our re5ponsibilitres under Ihose $tsnd8rds are fijrtrw described In the Authtots spOnsIbltIeS forthe 8udit or the fin8n¢i#l st•t8mnrs #éction of our repyt. are independent of the Trust in accordance with the gthi¢al requirempnts that ¥rg rfjlevant to our wail of the fin¢181 stat•m8nts In the UK, induding the FRC'$ Ethical standard. and we have fvEfilled our other ethtsl rèsptsnsibilrts in acLordartt with these reqrementS. W8 b81ieve that the audit evidence w? have ob1wn is and approprtate to provide 0 basls lor our opinion. Conclu81ons relayng to golng conc•m In auditing Ihe finano81 $laternénts. have cOndUd that Ihe Govemors. use of the goir4J concem ba2iq of a¢¢ountin9 In thè w•para11on of the fanal Staterne is rypffjprts. Based on the work we havè parfomied. h8¥e not K1enIffd any rnatsrial uncertainties relating to events or condtt1cs Ihal. indNwJu4lly or collectrvely, may ca4t Signtkant doubt on tho Tnjst's ablty trj continue 85 a going lyern for a ped of at least monlhs from tAn thè fmarKial stalements are authorBe(I for issu•. Our Tospon¥ibilitio$ and the rwonslbll1ts5 of the Govenm with rtspgcl tri g)iig concem are de3¢ribed in tho relevant sactlofts of tris report. Oth¢r Inforniatlon The other information ¢orty)rise$ the Infrjfrnation indExled in the annu81 rwrt other Ihan the InancTal ststements and our audilorfs retwjrt Ihereon. The Govemor3 are wK4)nsl)18 kjr th8 Other information contained wtthin the 8nnual report. Our opvib)n on the finanryal ststewwts dogs 1 wver fv other information and, except to th& axtant oth•Nls8 eXpC Stat in our report. we do not express any fonn of asSW8n¢e CAincknsion thareon. Our responsibilty is to read the othw infrMmlon and, in doiro so, consider whelh?r the uthor infcwmation is material ino)nsi$tent with tha financlal statèments or our knowledge obtsined the course of the aud¢ or otherw8e zppoars 10 bè matewiBIty rni55tated. If we idenlfy such matwial irKon$istencies or apparent material mi83talem?nts. wg 0 required to detemlne ether this gives rise kn a maiérial nNsstatement in Ihe financial statements themselves. If. based on the WO we have perfornie(I, we co[j* Ih8t there is a rrAterial mi5Staternent of this other Infomiation. we are required to rep)rt thattscL We hav• nothing to r8POrt in this regard. Oplnlons on other rnattof8 pre8erlb•d by th• Companl•s Act 2(rfJ6 In our opinion. based on the work undertaken in the r))urs• of cmjr aud4t.' the inforrn?ti gN9n in Ihe Governors, reFM)rt h)r the fiwcAI ar for the finan£bal Statents ale prepa, which includes the ditecam. rep)rt wep•red for thg purposes of company law. is con¥istenl wlh the flnancial stalements: and th• dtr8ctors' report induded Y•itlNn 1hg report has been prepared in armrdarta appllc8ble legal requwerwts.
WINDERMERE EDUCATIONAL TRUST LIMtrED
TIAWINDERMERE SCHOOL
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WINDERMERE EDUCATIONAL TRUST LIMrrED
on Twhkh wa are requlred to report by excepllon
In the light of the knowknlge understanding of th8 Trust 8nd its [ronmnt obtsined th¢ tt)urne of Ihe audit,
wa h8w not klentifiad rnatsri misststemeFrts in the thrert(rf5' report inrathd withln the CThmors' report.
We have nothing to pOrt in rgspo¢t of th& matters in rel8lion to wl¥ch the CoJryanie5 Act 20 requkes
us to report to you if. in our oplnhjn..
adequate a¢Unting tecords not been kqpL or retums adequate for our audit have not been received
from branches not visited by us.. or
the finan81 stslerrEnts are not in a9reemenl with the aco)untry reo)rds and relums.. or
certain disdosures of trustees, remunetalK) spsofièd by law 8r& Mt mada.. or
w• h8v¢ not 81 the inforrY4thn and expFi#tw we requye fr)r our audit.
Responslbllttlos ol Governors
As explained MO lulty in the ststement f GovernoT5' FBsponsibiliknes. the Govemors. who are also the directors of
the Trust for the purpose of MpanY law. ar& responsiblè for the prèparation of the finanaal stateThntS and r
being 8atisfd that they give a true and fair vtew. and lor such Intem o)ntrol as the Govemorg d&temiine is
neces88ry to enable the prep8ration of financial staterrnts that are free from mater1 misstatement, whethei due
to frd or amr. In prarifi9 thè finan¢ial Slaterlts, the Govemors are resp)n3ible for asses5ang the TrusV9
ability lo Continue as a going cOnM, di5dosing, as apPab. matters related to goin9 concgm and using the
going concem basis of aGejntW unless the Govemors eAther Intend to liquKlate the charitable
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL INDEPENDENT AUDITOR'S REPORT (COPMNUED) TO THE MEMBERS OF WINDERMERE EDUCATIONAL TRUST LIMITED in addresslng tho risk of fraud through rywr•gerrwrt ov8rrkJ8 of o)ntrob: testing the approprkneness of ioumal enlri¢s,' assessThig whether the 8(thunting estimaks, Vgements arKI dedsN)ns rnade ty managament are indlcatfve of a potential bio$.' 8NJ avalualing the bus13 r81KJnal& of any svJnffKant transactions that are unusual orovtside thg Course of bne#s. Wg also cornmuni¢ated relgv8nt tilontified laws regubtrJn$ and potential fr8ud risks to an en9a9emenl team members and rem8in8d alèrt to w inKa%n8 of fraud or nOn-0)nwk wrth law8 and r9gulatnS throughout the aud There Niherent Ibnlt8tlons in our audit wO¢wJus desalbed atjove. The nyjrn r•moved that laws and regulattons are from finanaal transacbons. the kss IVKeW it is that we would bar>e aware of nono)mplianc8. Auditing Stand8rds also Inmil the audr( prOureS requred to identify norwrw&gnce with law5 and regulatlons to enquiry of the directors and other man8g&ment and the of legal rr$sp0nden. rf ary. Malerfal misststemenis that arise tjuo to fraud can be harder to detect than Ihose that arw from etror as they may Invofve deliberate concealmgrt or kn10n. A further desuiption of our rnsponwbilties for the audit of Ihe finarKial $tsmènts k% located on the Fin8noal Reporting CouneJ'$ b$0 at httpJ.fory.Ukl80TWplbIlIès. Thi$ d¢s¢npb"on forn15 Part of our audiéorfs report. Use of our roport TEu$ report is made solety to the ¢haritabl• o)ffw(rfs membws, as a b(. li e0rdance yth Chaplar 3 of Part 18 of1he Companie8A¢t 20[. Our audit work ha8 been wKlertaken so that we might Stats to the tharitable coThyany'$ members thosè matters we are reqvired to state to them ryi an ¥itorS report and for r•) other purpos•. To the fv11g$1 extent permitted by L4w, w• do not acpt or a&wme resporthThty to anyone oth¢r than the charrtable company ¥nd th? thartsbje nNY's rrnrrtjws 38 a body. for our wdit Vr for port or br the opinbjns we have fvTmd. Js, LLE L(&- PeterAtklMon F.C.A. (Senlor Statutory Au(Itort for and on behall of Js. Audli Limlt ehart•r•d Accountant• Statutory Audi Jamès Hous& st0croSs Business Par Yree Vvay WarriNJton cShare WA3 11
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL STATEMENT OF FINANCIAL ACTivrriES INCLUDING INCOME AND EXPENDITURE Accouiir FOR THE YEAR ENDED 31 AUGUST2023 Currentflnanclal year Total Total fun general dgslgnatod X123 2023 2022 omo and gndovrtnents Donations and legacg8s Charitable acb¥rfs Other trading actr¥itie Investments Oth¢r in¢ome 4,000 6.252,919 5.930.141 520.737 467.503 219 246 1,013,132 6.252.919 520.737 219 1,301.021 (287,8891 Total Income 8.077. 1287,8891 7.790.Tr)7 6.401.890 Ex enditure on: Raissng funds 164.842 164.842 151,650 Ch8fitable Nibes 6.813.319 6,813.319 8,421,132 Othèr 14 164,784 165,583 122.113 Totsl resources expended 6.942,945 799 6,943,744 6,694.895 Nel Movement ID funits 1.134.951 (287.689) (7991 848.263 1293,0051 Fund balances at 1 Septerthr2022 147.545 20.047.815 4. 20,199.656 20,492,881 Fund b#lan •t 31 Aug1 2011 1282.498 19.759,726 3,897 21,045,919 20,199,658 The 8tstement of finanrA acti¥tbe8 wKJdes al gain5 and Jsse8 rwnised in the year. income and expenditure defve from conlinviryd othb8S. The 8talemenl of ffinancwl actNib95 alBo vthh the for irK>)me arwj gxppnditurE aUnt underlhe Companie$Ad 2008. Net in¢omellexpendlturel before tlepredalton for Ihe lOlled £953.877 {21r22: £161,107). -12-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL STATEMENT OF FINANCIAL ACTinE3 (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2023 Prlor flnon¢lo1 y••r Unrestrktrd Unmtrictsd Regtrlctsd fund$ ldS fund• ernl d&lgnotsd 2022 2022 Totsl X122 2022 Donations and legacies Ch8ritsbla aCINoS Other trading activrtie8 Investnnls 4,000 5,930,141 467.503 5.930,141 467.503 Totol Incom• 6.401,8 6,401,890 ndi Raising fuThJ8 151.650 1S1,650 Charitable actlvitk99 6.421.132 6,421,132 Other 14 120,317 1,798 122,113 Tot*1 rnJour¢•$ •xpended 6.693,099 1.796 6,694,895 Net In¢omellexpend1rel for the yoarl Net movement In funds (291,209) (1,7961 1293.005) Fund b81ance8 at 1 Swember 21Y21 438,754 20.047.615 6.292 20,492,661 Fund banCeS at 31 Augu•t 2022 147,545 20.047.815 4.496 20.199,656 The sts1aml of finamial actr4ibes inckKJes ell goi and k)sses recognised in Ihe 1. l income and expenditure der from ¢ontinury aci¥ihes. The 8tatsmenl of acbviti8s 0)rnlets 7Mlh tho rnquiron%nts for an in(>)me and expendtture account under the Companw A¢t 20L. -13-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL BALANCE SHEET AS AT31 AUGUST2023 2023 2022 Flxed ats Tangib a88ets Curygnt ass•ts Stocks Debiors Cash at bank in hand 24.W7.751 25.169,056 17 7,732 298,057 1.422,814 291,474 425.412 723,5 1.728,403 Cr•dltors: amounts falllry within on• year 19 13.469.158) 13,164,820) Net currant labllltl•s 12.745.568) 11.438.21 Total a9sets less current Ilablllths 22,182,183 23,732.839 Credltora: amowts falllng dué aftor marn than ono y•8r (1.116,284) 13,533,183) Net •Mèt8 21.045.919 20.199,856 Incom• fund8 Rèslrict8d funds Design8ted fund8 Unrestrfcted funds- er81 3,897 19.759.726 1282.496 4,49e 20.047,815 147.545 21.045.919 20,199,858 Thè finandal stst•m¢nt$ were apwoved ty the Govemors on 9 May 2024 PAHog8 Trusts• Company Rg91stTrtlon 00914963 14-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGusf2023 2023 2022 Cagh floTWJ from oporatlng aelfvltl•• Ca$h generated from operati) 198.208 342,047 Inv•stlng acilvlll•s Purchas8 of t8nglblo fixed 8ss•ts Interest paid Proceeds from d15posal of tangibk fixed assets Investment in¢ome recewl I212.)) (165.5831 (61,9981 1122.1131 1.379,723 219 Nèt cash g•n•rat•d fromllus•d inl InvgStlng aeti¥lti 1.001.4S9 (183,8631 Flnanclng actlvltles Fee$ in advance sthem8 Repayment of bgnk bans (457.858) (1.739.211) 1443,8281 1189,2921 Not ¢a$h used In flnanclng acllvllles P.1SE,8691 {633.1201 Net de¢r•as• In cwh and ¢••h $4nts (997.2021 {474,9381 Ca8h and ¢8sh eqUalents at begiMin9 ofyear 1.422.614 1,897,550 Ca$h and cash equlvalents at end of ye•r 425,412 1,422,614 15-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accoundng poltci Chaty infomi•tion Imndemiere Edtional Tn Lknited Is a pv ¢ompgny by w¥•nt¢o kno)rpor8t8d in Engl#nd and Walés and 8 gIstered Chty England and s. The wthreil ¢Jffic¢ 8rowh9ad, Wnderrnere, Cumbria. LA23 1NW. 1.1 Accountlng comientlon The fknancfial st8tements h8ve been prepwed in aCcOrdae with the Trusfs go¥eming dowmnt, th• Conwantes Act 2006. FRS 1 Yhè Fin8nual RetiTr9 Sthdard applicable in the UK and Republ of Ireland" fFRS 1021 and the CharrtS SORP "AccoLEnting and RÈporbn9 ty Ch8riDes'. Statement of Recomrnended Pra& applicable to chanOes pparfj t1r a¢¢ounts in ar[11?nr8 wilh the Financbal Reporting Stsnd3rd applicable in the UK and Republic of IrelaThJ (FRS 11Y21" leffed 1 January 20191. The Trust is 8 Public gen?fft Enlty as defined by FRS 102. The finanaal siatemonts are pr8pgr•d In stalNJ. which is lh& tuThXk)n81 ¢untrw of the TrusL Mon amunts in these finanLaal Statements we rrwjnded to the nearest £. The a¢¢ounts have ts¥ prfjparnd urtd¢r the hi¥tor&g1 Q)n¥1jn, Inodird to indude the revaluatfon of freehold properties. The princip4 awountirq 0pted arg let crtrt belryw. 1.2 Golng concwn At the balance sheet date The Trust had nel Ilabllltkns anntIng to £2,745,588 12022.. £1,436,217). Thg Gov8moTS have prepared financial foreLxsts whKti show the trust has suffioent resourc8s to ts)ntlnua In operational existsntx foi the foreseeable fubjre, 5UPPOrt conffimwl ty third parbes s)Uld it be requi18d. Thus thè Govèmors conOrtuo to adopt the golly e4)ncm basis of ac£ounling in preparing the finandal statements. 1.3 Charltable fund¥ Unrestiicted fund$ a 8wlgt4e for use al the thS¢yon ol t Gmor3 in further$n of their charrtab objedives. Deslgnated funds comprfsè funds whith have been 8et asKle ¥t the di5c¥etion of the GoVer)rS for speofic purposes. The Pufposes and uses of désiwated furvjs 8rè s•t tyjt Én th• ftotès b th¢ ffinan¢i818tstement8. Restrfcted funds are subjecl lo speufi¢ by dorKYs or granlord as to how they rnay be u8ed. The purpoBes and u8e8 of the restricted fijnds gre set out Ni the notes to the flnandal ststements. IA Incom• Income 1$ recognised ¥¥t•i the Trt legaty ent to it after perlornance conditbns have been met. th¢ amounts can be mgasurgd rglabty. and it 18 prubAe that in(y)me wll be erVed. Cash donation8 are recognised on [lpL Other don8trJns arg roo)gni$od on¢¥ th¥ Trust h9$ baen notrfied of the donatn. unless performance condttkjns require detsrrat of the amount. InconE lax rolvvgrabl? in relalion tts donaiions recgived under GiftAl or deeds of covenant is rerA)gnised at the time of the donatlon. Income from tradlng a(wtss *lLwms eamed from fifing •v•nts 8nd tr8diNJ 8¢tivth8 io raise fund8 for the tharity. Ino)me is received in exchange for supptying the goods and s¢rvKe5 in order to raise nd8 and 18 recognised when entitlement has occurred. 18-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 A¢countlng pollcles Icontlnued) 1.5 expendllur• All expenditura is actsJunt8d lor on an accwals b and has been dassI& under headings that aggragats all c08ts relat8d to tha category. Expenditu is recognised where thgre K% a legal or constructive obligation to rnake payments trj third parlles, Q Ls probable thal the setlemwtt wlll be required aTKI Ik amount of the obligation can b8 rneasured reli¥bty. tt is egorsed uNJer the folkn¥ing heading8: . C08ts of raising fvNts #Kkndes al ojsts 8SSOQgW with raising ftJnd8 for Its ch8fiiable purFQ505 and include8 all #t$ 8ssoootsd th noTrthwtsble trading.. Expéndknrg on char#atAe activities irthdes costs as80Wtqd vrith UK educatiortal operauons" and . Otherexpendtture repre8ents those items not falry into Ihe catewrTres •bo¥•. lff•(xwerable VAT 13 as a c05t •jatthe adlvity forwhth the expeThJiture was incurfed. 1.6 Tanglbl• tExed a88¢is Tangible fved a88915 inilaly measurtd at Cost subwuenty asud at cost or valualion, net of depreuation and Y rment bs5es. Depreoathin is cogniSd so 8S to wriie off 5t orvahJalh)n of assets b$$ th•ir residua values over thalr useful li¥e8 on the flon9 bases: Freehold land bulldkngs Fixtures. fittings and equipment Motorv&hid88 2% per annum Straight line basis 10% to 33.3% per annum str8ight Ilnè basis 25% per #nnum straight Ine basis No provision for depredalion of buiklirwjs 15 made as the tr1 CnSIderS that the estrmated usefvl of Ihe bulldlngs is so long and thg resKlual vabje so hh that arby depre(yation th?tged 18 not ffoterial, •Wher each year or Gumti¥ety overthe usefLd econom lif8 oflhe asset. The gxln or toss aiising on Ihg of an a68et 18 detwnwned as the difference beiween Ihe salg proco$d$ and the carryThg value of t asset. and is rergnISed in net Incomel(expendlure) forthe year. PrDperts whose f[ value tan bo rr•asured rdlabty hekt undar the revaluation modBI are carried at a revalued amount, being their Iwr value at the dat8 cf vabJatKsn les8 any sUbseqnt 3ccumutsted depreuation and Subsequent accumthted ryawrrEnt losses. The f8ir v8lue of the bnd and buildings Is usualty considered to be their mwkel ¥. R¢valualhJn gains and1ts$8es 8rn ratgnl in other fftwnised gains and Itss and aczumulated in equty, except to the èxtènt that a revaJation gain werses a revaluatKJn 1055 previously recogTysed in n•t incnmel {expendityJre} or a revalualon 105s exceeds Ihe accumulated revaluation gains recognisèJ in equity., such •nd10$8 are reojgnised net inuJff1lexpd1iUwe) for y8ar. 1.7 Impalrment of Ilxed a#th At ew Porting end date, 1hé Trusl reviews the cawwwJ anUnts of rts tsngiblo assgts b determine whethér there fis any indiEaiK)n Ihat assets have suffe an iryairment 1058. If any siKh Indlcation exists. th• recoverabkn arnount of Ihe asset is estim8i¢d in ¢yd8rto determine the eent oftli& impaim*nt loss Irf any). 1A Sto¢ks Slo¢ks 0 stated at the bwer ofcostsnd eStyn Sry kss costs to and sel. 1.9 Ca•h and ca•h ¢quivalents Cash and ¥h equivglents inchjde t2sh li hand. deposit5 hekl at with banks, other 8hort-tsmi IUld Investments wlth origin81 malurili8s ol three nJ)nttK8 or les8. and bank overdrafts. &gnk overdrafts are shown vAthln boffoY•ing8 in rrent Ikabdfties. 17-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMENTS (coKfiNUED) FOR THE YEAR ENDED 31 AUGUST 2023 A¢¢ounting policias Icontlnuedl 1.10 Financial instruments The Trust has elected lo appty the proNistons of Se¢kn 11 'BaS Financ4al Instru. and Section 12 'Other Financial Instruments Issues, of FRS 102 to ol its firkinual instrumwls. Financial instruments are reojgnised in the Trusvs ba&nt% sheet kn the Trust b8comes pwty to the contradual prowsions of th8 instmment. Financ4al assets and liabilities are offset, wilh the net arnourrts presente(l in the financial 6laletnents, when there Is a legally enforceable Tight to set off the re¢(wise(l amcNJnts aNI there is an intenlKJn lo sèttle on a nel basis or to raalise th9 asset and Sett liabAty MLA18ne. Basic financlal assets Basic financial assets, whth irtlude d8blors and cash bank balaw. are tniii8lly measured al transathon ce inclUdg Iransaion Ca)sts are subsequenty carried 81 amortised cost using the effective interest mèthcxl unless the arrangernenl constTtutes a finanong transactKon. where the Iran5a¢tion is measured at the presènt valuè of tha fLrture recewts (liscounted at a market rate of inlere5L Financial assets cJas5iffied as receivable wrthin one year ¥e not amorIed. Impa1mM of fln8nclal assets Financial assets, Other than those hekl at fair ¥Ju¢ through wicts7 and expenditure, we assessed for indicatofs of Impalmnt al each reporting dale. assets are impairad where there is objective evidence tha( as a resutt of on& or more events that OCrred aftef tr inilial reCthJnIn ofthg financvdl asset, the estimated future cash flows have been affwxed. If an ass8t Is impaired, the impairwEnt k)ss is the differen beeen the c8trying arnounl and the pr8senl value of the estimated cash IIIMfS dIsnted 01 the a5set'$ j781 effa'v9 interest rdle. T1 impairment loss is recognised In nel ino)mellexpewvthturel ts the year. If Ihete is a decrease in the impament loss wising from an erfent ocr)Jrr¥vJ after the imp8irnent was recognised. the impa5rmW is reversed. The Teversal i% that the cJJrrenl carrying amount doe5 not 9xGeed what the carrying amtyjnt would have been. had the irnpairmenl not prwousty been r8u)gnised. The impaiment reversal is recognised in nei incomellexp8ndiiur8) for the . Oerocognltlon of financiala8s•ts Financial assets are derecLvJnise¢ onty vthen the Cont rights to the cash fiows from the asset pIre or are setded. or wh8n the Trust transfers the finantaa asset and substanbalty all th8 risks and rewards of ownership to anothèr entity, or if some significant risks and rewards of ownership are retald but ctrOl of the ass8t has transleThed lo anolher party that is able to sell Ihe at in its 8ntir8ty to an Lmrelaled thiTd party. Bask financial liabilibes Basic financial ablIe5, induding creditrms and bank loans are inllHlly reccgnised at transaction price unless the arrangemonl constrLUtes a financing transon, wh8re the debt Thlrument is measured 8t th8 present value of the future payments discounted at a market ratè of irt8r8st. FnaThial liaiNlths dassrfied as payable within one yeai are not amorbsed. Oebl InstrunIS subsequently carrd at 8rwrtis8d ctst. Using the effective interest rate method. Trade creditors are oLligations to pay for goods or semces Ihat have been acquired in the ordinary ryJur5e of operations from sw)pliers_ Amounts payable are dasstfied as curr8nl liabilities if payment is due within one year or less. If not, they are wesented as nNJ-current liabilrtie5. Trade ¢itorS are recognised initially at Iransa(aion price and yjbsequently measured at anortiséd eost usiry Ihe effe("ve interest melhtrj. Derecognlrfon of ffnancialliabililies Finanaal liabilities are derecognised Y41n Ihe Tntsfs Gontr¥tsRI oblKJations 8xpir8 ot are dis(*ar9ed or Caelled. 18-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 A¢¢ounting poli¢i•s IC<>ndnued) 1.11 Tuatlon The charitable company is considered to pass tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore il meets the definrti)n of a tharitable partY for UK cwation tax purposes. 1.12 Employee benèfrt The cost of any unused Ih)l•Jay is recogn18ed in the wiod li which the employee's servM%s are r8C8ived. Termination benefrts are recr)JnLryed inmedwtely 88 an expense when tho TTl is demnstrabty committed lo terminate the 8mployrnent ofan ernployee or to provide terminalhjn b8n8fits. 1.13 P•nslon benEffl¥ Retirement benefits to em 0yeeS of the (aritable company are provKled by the Teachers, Pension Scheme CTPS,) and The Pensi¢)n Trust Growth Plan. These are defined benefit schemes and Ihe assets are hgld separately from those of the dHritabl8 coThyny. The TPS És an Lmftjndèd schwnè and cntrIbUtiOnS ar• cal0j1 so 8$ to spread the omt of pertsions over employees, wothtng lives with the chyrtsble CpanY in a way that the pension cost is a substantialty level pèrc8ntag8 of current and futur8 P8nsbJnabl8 payroll. The contributions are delerrnine(i by the Govemmènt Aciuary on tha basis of quadrennkal waatIonS using a proSCtI unit mÈthod. The TPS is an unfunde(l Tnulti-employw h$m$ wth no undthing assets lo assign itween employeTS. Consequenly, the TPS is treated as a defid contri1tion steme for acu)untirKJ putpose5 and the cxJntribJtions ar8 recogni$ed in the ped to whKh they relate. For The Pension Trust Grv•Ah Plan. Ihe ¢ontributtons are detemiined by a qualrfled xtuary on the basis of fine181 valuathjns using a project•J unit Tr)etd. Th8 Pension Trust Grrwth P18n is a mullimployer sthemè and th8r8 is sLent infomiation available lo unhxk datailad bgnèfit accnunts. The plan is therefore Irealed as a defingd contribution scheme for Unting purposes and conlribth"Dns are recogni8ed In thè periiyj to wthich they rglate. Criti¢al a¢¢ountiry osttmatss and fvenwnl¥ In the appliCatiC of the TnJ5Ys act¥)unling Fdi¢wd, the GovemoT3 are reqred to make judggmgnts. estimates and assumptiorts about the carying amount of a55ets and liablrttes that are rw)I readily apparent Irom other sources. The estimates and asSlated assumptw)ns a bas•J on historical experience and other factOf5 Ihat are nSIdered lo be rewdnl. Ath1 results may drffer from these estimates. The 8stimat85 and underlying assumpti$ are revivwed on an ongoing basis. Rewisions to a¢¢ounting eslim81es are recognis8d in th8 p8riod in vthith thè 8Stimat8 is revis@d Whe the revision affects only that period, or in the per of the 8rn1 luluro p8 whefft the revisitin affets both current and future periods_ The twstees havg COe the TesiduJ value arKI reffonirvj usgtul ?nGniC life of tr* land and buildlngs and nSIder trt the assumpti(ms tri arribryng at Ihose values a rOnable. as well as the methodology for calculating the property valuatii)ns. Depreaatw)n poliaes have also been ojnsKlered again this year and are deemed reasonab. The 8ssumpliDns regthing th8 treatment of the Tritst's p10n schèmès within the finanaal stalernents have also been u)nsiderÈd ag8in this year, Mlh w adjusltrnI to thwrtreatment nsIdered necessary. 19-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMEMfs (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Jneamé Irom donatlon8 and l•gael Unr#strf¢t4d Unmtrictèd lunds funds 2023 2022 Donations and gi 4.0¢)0 charitablo actlvlll Unro¥tTlthd Un[.¢ fund• fund8 2023 2022 Nel fees Other inGome 5.984,678 5,e30,942 288.241 299.199 6,252.919 5.930.141 Ineornè from oth•rtradkng actMtI•• Unr•strlcted Unrestrictsd funds fun 2023 2022 Summer school Rentsl inccKne Catering incorne 473,297 7,157 40283 422.861 22.317 22,325 OlherfjTrding adMtse8 520.737 467.503 Income from *w•Btments Unr•strfct•d Unrestricted fund¥ 2022 2023 Int&rost r8¢th1 21 246
WINDERMERE EDUCATIONAL TRUST LIMrrED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2023 Oth•r Incomo Total Unrestrfcted Unrestrfctsd funds fvnds noral d•8lgnatsd 2022 2022 Total general deslgnaled 2023 2023 2023 2022 Nel gain on dlsposal of tangible fixed assets 1,301,1721 (287,8891 1.013.132 Ral8ing fund• Unrnstrlcted UnreslrirAed funds funds general génaral 2023 2022 Associated summer school costs A88ocxled calgring costs 141,679 23.163 131,989 19.681 164.842 151,650 Charhable actlvltEg8 2023 2022 DepreCtIOn and ryawmnt Adm costs Èlfare costs Property costs Managernenl and admini81ratknn cosis Other expenses M*keting eo8t¥ Go¥ernan¢& costs 107,814 131.898 3,273.327 3,143.801 1,18B.298 1.059.089 942.438 1,027,678 773,457 740.653 48,756 68.776 261.826 235,314 17.e05 33.923 6.613.319 8,421,132 10 N¢t movem•nt In fund> 2023 2022 Net rnOVe[rt in ft$ is slated arter charg1W{credngI Depreciation of owned langknle fwl asscts Profftt on dSsposal olgIble fved assets 107.e14 11.013.132) 131.898 21
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMENTS {COPlllNUED) FOR THE YEAR ENDED 31 AUGUST 2023 11 AudStorf* remun•Atlon Thè anstysts of authiorfs rellyjneration is as foknvs.. 2023 2Q22 Audft ofthe annual acojunts 10,2S) 9.100 12 GovernorB None of the Govemors (or any pe15ry )nTted with them) rvrIed rwnunWatjn or benefftB from the Trust during the year. 13 Employee¥ Numbér tsf èmpltsyees The average monlhly number of erWees dumg yearwas.. 2023 Numb•r 2022 Numb•r Téaching staff Welfare staff Maintenance and gardens AdmA1istraln staff 81 10 16 18 120 118 Wage5 and salaries So¢ial seL¥rity Costs Other pension costs 3,670,625 353.378 564,956 3,379,803 332.041 534,150 4.S88,957 4,245,794 The nl#)er of enwkryees whose 8rtnu81 rwwnw8lw)n w•$ £.( oi moro were". 2023 NuMr 2022 Numb•r £80,001 -£70,OC £70.001 - £80.0(xJ £80,001- £90.C4X) £90,001 - £100.IX)o
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMEwfs (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 14 Oth•r Total UmstriLtrJ Restsicted fun(l$ Total lunds g•n•rnl 2023 gener 2022 2023 2023 2022 2022 Loan intet Dkscvunts on Ihe fees advance scheme Olher expenditure 134.972 134,9T2 76,863 76,863 29,812 29.812 43.454 1,796 1.7 164.784 799 165.583 120.317 1.7 122,113 IS Taxatlon charity 1$ •xgmpt from taxat on its bacal 1 its inccm? 18 appfd for tharltabk purposes. 18 Tgnglblo tlxed Frn•hold and frtUng8 and tnhlBtBs Ipmort Totsl Co¥t or v•luatlon At 1 September 2022 Aildthons spo8¥ 24.843.931 1,347,733 78,702 134,198 (?,591) (33,319) 30,812 26,222,476 212.900 1399,9101 At 31 August 2023 24,556.042 1.448,612 30.812 26.035.4e8 Deprnelatlon and Impalrnnt Al 1 September 2022 Depreciation in the year @iwlnated In rnspectof dksposs 1.032,776 101.410 (33,319) 20,844 1,053.420 6,204 107,614 133.3191 At 31 Awt 2023 1.1(Kl,867 26,848 1,127.715 Carrylng amount Al 31 August 2023 24.S56,042 347,745 3,S64 24.907.751 Al 31 August 2022 24.843.931 314,9S7 10,188 25,169.056 The freehold l¥nd and buiklings have been valued by Iha Trtl on 8 deprecialed repknment cost basis on 31 Awdust 2023. At 31 August 2023, had the revahjed 888Èts bo earned at histor5C C4)st less aixumulated depreciation and a(%umlatsd Impaimwnt ios8es, their anuftt would have b1) approximatety £4,7,316 (2022.. £4.796.3f81. Induded wilhkn fr••hotd18nd and bkIrj8 15 an arNJuntof £1.711.61212022'. £1,755.5C4)18ttributsble lo land, whlch Is not depreuated.
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMEKrs {copinNUED) FOR THE YEAR ENDED 31 AUGUST 2023 17 Stocks 2023 2Q22 Food stock 6,704 7.732 18 btor4 2Q22 Amounts falllng du• wlthln Qne year. Trade debtor8 Other debtors PpaYMents and accrued 1C 107,498 3,190 180,788 129.189 3,032 165,856 291.474 298.057 19 Crwdltor¥: amounts lalllng due T*lthln ong year 2023 2022 Bank k)ans Other taxa1ion and 8c¥ial serity Dg1gtTgd inwne Trade creditors Other crethtors A¢(yuals and dèf8rrèd Income 21 83e,158 133,939 1,288,838 286.893 1,075.614 99,916 196.935 89,039 1,225,119 304.122 1264.892 84.513 3.469.158 3.164.820 Crodltorn: amounts fAlllng du• after more than one y 2023 2022 Bank kjans other credlors 21 953.749 162.515 3.132,183 401,OOQ t.118.264 3,533,183 -24-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMENTS (COnNuED) FOR THE YEAR ENDED 31 AUGUST 2023 21 Loa and ovvdra 2022 Bank h)ans 1.589,907 3,329,118 Payable w#hin one year P8yable 8fter¢ne y 636,158 953,749 196,935 3.132.183 Amunts indled abovg whiL fal (kn after frwe years." Payel)le by instaknents 36.522 344.441 Thrg? bank loan8 are rgp8ygblg ovgr tgn and rrteen Ye The loarts are sutfjed to an rnterest rate that is equal to the Bank of England base rate +2%. They 8re ¥ècurèd uwjn ¢rtaln frèahold land and buildg5 hekl by the School and a ffixed Iloatiry Mr other ¥5so1 A Cor¢naviru$ Business Int•YM Loan was receNed n Ihe 2021 financial year. rep¥ble in 3 year5. Thls loan is subject to no interest in year 1. 82% year 2. and 8% ri year 3. The loan Is secured upt)n certaN) freehold land and buthjws hekl by thè 8¢hl. Restrlctod fund¥ The reslri¢ted funds of the carlty corwise the unexpended bn¥ of donatn$ ond grants hehl on Irusl subject to speafic coThliiions by donofs as lo hlywlhey May be used. Resour At 31 AugU¥It exp¢nd¢d 2023 Septernber 2022 Hard8h4) FurY 4.498 3.897 Pr•vE0 y•ar: Atl September 2021 Resource At 31 August expend•d 2022 H8rash* Fund 8.292 {1,796) 4,496 The Hardshtyj Fund was set up to help parents affected to Co19. 25-
WINDERMERE EDUCATIONAL TRUST LIMITED TIAWINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Analysls of net assets bet4wen fund• Unr•strlet•d Unmtrlct•d R8strlet•d fundts fvrK18 funds general deslgnated X23 Total 2023 2023 Fund b•lart¢ •t 31 Awjwt 2023 are rBprn¢nted by: Tangible assets 5.148,025 Current assetsl{IlabllNlesl 12.749,2651 Long tsmi liaiM'Ib' 11.116.284) 19,759.726 24,907,751 12,745,588) 11.116.284) 3.697 1.282. 19,759.728 3,697 21.045.919 Total funds lunds 0rnI dollgnatod 2022 fund8 2022 2022 Fd balances at 31 August 2022 are r¢prese lry: Tanglble 8ss&ts 5,121,441 Current assets1(•11$j 11.440,713) Long term liabilities (3.533,183) 20.047.615 25.169.058 11.436,217) {3.533,1831 4,496 147,545 20.047.615 4,496 20.199.e58 De$wJnated fuThl8 rewe to the revaluatb)n of Ilxed assels. 24 Operntlng leage commltsnènts Lelsee At the r8POrting end date the Trust had w1stand9 ci)mmitrnerts for fu0 rninimurn Igasg paymgnts under non-cancellalAe operaliry lease8, whith f¥ll due as folkwa: 2022 ihin one year Behyeen tsvo fve yea 44,005 88,188 81,873 132.191 132.191 214.084
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONnNUED) FOR THE YEAR ENDED 31 AUGUST 2023 Relatsd party n0¢11r R•mun•ratlon of k•y manag•ment persvnml Tre remunerabon of kay man4em8nt personnel as I)W0. 2022 Aggregate compernatlon 553.463 $04,628 A number of Governor8 have chlldren who attend the $LL The fee5 paid by Iho$e Govemors are on the sama t8m)s and eondib.ons as are charyed to any other parent who does not wovk at the SLool. A Govemor of the school had a balancè at lh8 yaar end with the sthool under Ihe fees in 8dvance scheme amounlng lo £20,577 12022: £129). Dwjurrts have been gfven from Ihi5 s¢heme for tha the yéar lotslling £273 (2022.. £821). A GemOr of tha school had chik1ren who atterell thg sthLW and were In receipt of a bur88ry. In th¥ uration of offic of the (>)verTr)r those chikjren re(*Neil bur$8rf•s gmunting to £25,79912022.. £7,7C61 line wrth bursary awards to other ¢h&lren. M•mb•rs IlabllSty Thè charlty has M shafé L¥pital being a cornpa INed by Yrantee. Each m8nknr its required to ontribut¢ an amount not exceedry £1 permember Ki the avènt of 8 wnthn9 up situation.
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEmErs (COPfflNUEDI FOR THE YEAR ENDED 31 AUGUST 2023 27 P•nslon costs Thé School participates in the Tea¢thers' Pensron Scheme Dhe TPS) for its Igathing staff and T P•nston$ Twsf$ Growth Pbn br non teaching stsff. The totsl pension tharge for the year was £564,9 12022.. £534.1501 and al th8 y8W4erhJ £204 {2tr22 - £707) was ?rUed in pect of COntrUtIonS to this scheme. IntroductSon The Teacher5, Penon Scheme ITPSI is a slatulory. ¢)yrtrl)ulory, d&fmd bsnofft s¢hemo, govemod by th¢ Te8¢hers' Pewon 8dme Regulabons 2014. Membership is aulomatic for ful11¢ toathgrs ¥nd. from 1 Janry 27, autpmatlc for 1gacher6 part-iime employment fokniing appointrnent or a change of contract. 8Jthough they able to opt OUL The TPS 18 an unlunded scheTh and members contribut• on a 'pay as . basi#- IhÉ8e efjntributitins 8k)rTg with those made by ernployers are credd to the Exctl. Relirement arKI cthor Ps1on bon•fits are pawj ty public funds prcvidèd by P8rfiamÈnt. Valtion ofth• Teaclwrn. PensloD Scheme Tho Go¥FTnnI Athary. usiTrJ normd prwKiples, nd8 a formal actuarial reVW of the TPS in acc4)rdafice wllh the PlIC Service Pensitin$ (Valuatsns and ErnpPJyer Cost Capl DirediDns 2014 published by HM Treasury. The aKn of the revkw ts to spedfy the level ol future contributions. Actuarial ¥chemg valuations are dependent on a&wwWK)n8 abwl Ihe value of knture costs, design of benefits and many other facto. The18test actuaiial valuathjn of the TPS was carried out as at 31 March 2018 and In aLxord8nc8 wth thè Pubk SeffvKe Pen8K)ns IV81uation8 arKI Empbyer Cost Cap) Directi)rts 2014. The valuation rep wa$ wbli$lW by D4partm0ntfor EdtrOn on 5 M¥r¢h 2019 The key olament8 of the val11)n and subsequent conSalK)n are: . wnployer (y)ntribulion th let at 23.68% of pensionatrAe pay (rng a 0.08% employer 8dmln6strnlon charge} total scheme liabilities (p8nsions cuffenfy kn pw and the •slfimat•d eo$t of futu bènefits) for 8erv•x lo the effective date of £216,1 rrikn. and notw)nal assets {estimated future ntributionS logetherwilh the notM)nal investments hekl at ihe vabjation datel of £196.tOO mlknjn giving a no1wJnal past $8MC& dèfieit of £22.1YJO milktin the SCAPE rate. set ty HMT. 1$ ed to thtenTwno the rlIOnaI irwestmpnt retum. The Burrent SCAPE rate L8 2.4% above the rate of CPI. The assumed wl rate of is 2.4% in exces8 of priS and 2% in ex of eamings. Th8 rate of eamiigs gro%th is assumed to b8 2.2%. Th assumed nominal rate of retum eamin99 gIrth is 4.4S%. The TPS valuation for 2016 deteined an er rate of 23.68%, Mthlch was payable from Septemb8r 2019. The next valuai*)n of the TPS wil be ba8ed on the March 220 dats. whereupon the ernploy8r contribution rale is expected to be reasse wil be payable frcrfn 1 September 2023. A copy ofth• volualon report and suppthkng ra M th• T•ac1. Pertsians websle. Under thè defmiboll8 set oul in FRS 102, the TPS Is an unfiJThJed 1b-eM[OYer PenSn scheme. The trtt h88 8¢¢ountsd for its ¢ontribu1¥ iho schts as rf it were • defined ¢ontribubon Bcheme. The Iwust has set oul above the formation waibbk on Ihe scheme. -28-
WINDERMERE EDUCATIONAL TRUST LIMITED TIA WINDERMERE SCHOOL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Cash ggnerated Irom oper•fjoM 2023 2022 SurpbJsl(defvi4 for the year 846,263 (293,0051 Adjustments for.. Invgstrnenl iOrr recognlsed in statem•)t of llnancial aca141& Gain on disposal of tangib19 fixed assets Interèst pad Depreciatton and Imp8im*nt oftwigijkn ets 12191 11,013,132) 165,583 107,614 {2461 122,113 131,698 Movaments in working capttal.. Do¢re¥$Wfjnws$l in stocks Decrease in debtors Increasel{deLYea$el in credltOTS Increase in deferred income 11,7691 12.021 {35.778} 406.813 3,425 45,927 41,719 Cash generaied from QFwalw 198,2C 342,047 29 Anaty•l• of chang0¥ In net {dèbtyfurbds Atl S•plOr c••hf1 Oth•rn0nllh At31 Augu•t thang Cash at bBrtk 8nd in hand 1.422.614 {997,2021 425.412 Loans falllng due within one year Loan8 falbng du• Aftw mr• Ihan year {1,935) 13.132.183) 1,739.211 12,178,434) 2,178,434 1638.1581 1953,7491 11.Wffj,5041 742.(M)9 {1,164,4951