Charlty reglstratlon nUM￿r 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 Brff￿ter
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 Ed￿￿t￿￿?1 T￿￿1 Limited
nderrrere
Cutrtjria
LA23 1NW
Audltor
JS. A￿j11 Linwted
James House
Yew Yree
V4aniWn
Cheshire
wA3￿D
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&penE1￿1 8udftof8 rewt
9-11
Statement of fman¢xal adp4rb8S
12-13
Bglan¢e sheet
14
state￿￿nt of cash fflow3
15
Notes to the f￿￿tal 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 reqU1rerr￿nts 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 f￿nded In 1863 in Lytham Sl Anne's. ft is consliluled
88 8 Company LimTled by Guarantee. regi￿ered in England atKI Wales. no. C(S14963. and Is registeretl with th
Charities COr￿lS510n U￿er Gharty No. 526973.
The TTu$I operateg on thre8 %tes known as ￿tr￿eM￿e Schoc4. the Browh&ad Carryws, for those in Year 7 and
above, thè Ellaray Campus. for wpits in p￿school to Year 8 and Ho(Igg Howe. our Saih'ng and Outdoors Centre
on the Shore of Windomieie. The Trust also operales under the Irading name Vvkndemere Inlemational Summer
School.
There 18 one Goveming Bclty. Detai15 Of the members of the Go¥¢ming Body. together with TNSVS offKer8
and prinopal advisors. are given on Ihè W aThJ adm￿LStraI￿￿ infomm￿on page.
STRUCTURE. GOVERNANCE AND MANAGE1￿NT
GovemlrKJ Docum•nts
The TnJ8113 govemed by its kqerrmndum of A¥¥tyyalNJn hxllths of A8$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 $er¥lng since last ￿¥*FI￿n￿￿ent, a￿ the fwst to ￿tIre. Govemors rètirlng ty
rotstion can be Trtlected.
New members of 8 Govemsng B¢Jdy are ele¢led on the basi5 of nomirmlions ty the Governor3 and the exec#Jtive
offi¢srs based on the candidates. professbn81 qu￿￿8, experignce and personal (x)mpètènca.
R•cruiiment and TrnlnlNJ ol Governorn
New Govemors are inducted into the Y￿r￿n9$ 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 pr￿re 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 ￿rr￿d 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 ￿l￿ation 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$loral pro¥i5k)n of
the School. and rnakes rerxjmmendth as approiThte to the Govemors.
The Marketiry Committ80, L*aiwvd Lry Mr P ScolL rrV)nitr)￿ the [￿lI1￿nt of w wpiL8 through marketlng
and 8dmissKtns initsa*ves.
Sorne goverrKir8 have de￿gated rel￿nsibI[be8. For example, A S Robéth ovevwi gu gipocts of
Sakguardlng. Mrs A S Robèrts also ovarsaw tha Earty Yèars Provlston. Folkr4¥tsig her r8SignatiDn in Juty 2023,
these r￿eS have been fulfilted by Reverend c￿On, J D Brewster.
The Chak of eath wThnitlg9 C(￿Pts ofthe Govgmng Boty 8nd •rry additicwwl etsm81 exportise th¢y
deem appropriate for matters under Considerat￿rn ty ead) coff#mittee.
The day to day runnty of the is dekgated to thg Heathnasler Supported ty the Senior Leader3hip TeBm.
The Headmaster, Head of Bler3y and Burser, attend 81 meetiiy of Ihe GO¥￿ng Body'9 CommNta89 wlth the
excèption of thè Nomo)ations Committ80.
Employment Poliey
Th& Sehool 18 an equal opportun4k?s ernpknyer. Ful and falr consideration is given to job appli¢xtiQTlS from
dlsabled persons and due c4)n5ideratsn is gwen to thwr tsaining and employffenl nee(ts. cons￿￿on wl
erykJyee$, or thélr r•pTrSantath￿s. 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 Deti1￿d wnsideralion of ￿kS 18 delegated to
the appropriate SUt￿cOMmIttee. The stnxture of these comrT¥ttees ￿rr￿riseS 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 rep￿8 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 aUthor￿allr)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 m1￿MIsed ty eM￿OY1ng 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 Sustai￿d 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 c￿leCts, as set out Ni the M•nKJrandum of Asso(iatK)n. are the adVancer￿nt of educ8tion by
provKling general instruction of ths h￿he$l dass. together wrth phySK*I and nKJf81 guidance in the School'¥
management by the TTu¥L In fvrtherance of these ObieGts arKI the publc ￿nefIt, the Tn￿t has established
and adrninistèrs bursaries, scholarships, awards and other berletscbons, and a¢ls as the Tr￿lee and Manager of
endowments, bequests 8nd gffts grv8n or eststAi8hed ￿ Pur¥U￿ ofthese Obj.￿.
The Board18 rrirvjfvl of tho kn*$tsnding need to proyxle ban•fft and ofthe requireThwnts of the Charths
Act 2011. In t￿1$ ward. the Board h8s monitored c*Jsdy thè supplemental guNJance pr¢yJutW ty the Charity
Commisgion, in p8rtEcular Its pubk benefft 9(tydan￿ on than(*menl of edUCa￿n and on fee ¢h•rglng. Despite
8 contknulng difficdt economic dimate. Trust has exceeded £1m of suppcrt pmvlded by way ol bursary.
discount or finar￿la1 support. Of f￿￿n¢la[ 3Wrt provhjed. over h￿f con8i8ts of hard¥hip bursaries to h)cal and
nattonal pupils. Aquarter 18 3llo¢ated to 0￿rse•S pupds. WK4u(ting pupls from Ukrah*.
Vlslon
To b• a scY*ool In which every pupl is inwrpd by Ihe ¢hal*nge. [{￿ in land 8nd brought into the fold..
$MFW￿IThj compa85ionate chang& mak•rs who s88k to ryrove th*rworfd.
MI￿1•n Sl•t•m•nt
The TTusf8 mi8Sion 1$ lo produce ￿nfident and conwshY￿te 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 delerninat￿n to encourage selkknowl8dg8. artsC￿lated 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 dete￿nInatiOn 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 d￿elOping broader sklls that enabh évery pupil to reaise his or her wtenlial to the full. Thi$
in¥0￿e$ enwhasis on the o>uJfttoJlthn throu01 ce￿ila1. a(fvenbJre, sw11￿, p8rformance, artistic, tea
buldlng and socAal skills.
Thi8 polity build8 Self-￿)nf￿1¢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 P￿Tc ￿nefit arv lo:
1. our puplls thrwh a broad and Ihat dialenge8 in8idè aNI outsldè the c4a98room.
where they ream abwt thew str￿9￿S and *Yaknes5es. and aro to strlve for excellen￿ sn al
thlngs-
2. Support aur p￿lS 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 S￿roOM for adventu
8nd adventurous leaming. where our pupiEs will leam threctly about th8 enViron￿￿nI. each other and themselves"
4. Fostsr 8 domocratlc and ￿)Untable ¢uthJm c￿1 pupils contribute flty lo school and community life
and tske Increaskng ￿sp(￿S￿)Ity kr Iheir own kammg and ac*ons',
5. Encourage a global perspe¢tNe by provlding 0FPOrtLM￿1￿S 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)T￿ljerationS 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 specif*d in the IAwnor8rKlum ofAs$w8b(￿, is tho th•nc4mont of¢d￿thn.
Publle B•n&fft
Windgrrnerg Educational Trust Limited rema￿6 committed to the aim of providing publk b8n6fft in accordance
writh its founding p￿￿PIes. There is a requwemenl to del￿T￿trate that berefit for charitable purposes
wh8re it has hftherto b8an prasumad In the *)sence of evide￿ to the contrary. Thi8 in lum calls for more
detailed disclosures cOn￿(ru￿ our aims.
The 8wsrrling of bursaries far Ihe needy is a FrE3surable means of provithThJ ￿1C benefft. The Board takes the
vigw Ihpl bwsarigs awarded to those who would nol olheM8e be able to affDrd the fees are important, bul not to
e exdusion of the much wder benefft that the Trust provtdgs wÈthin the ￿mMunIty. Those pupils who yttend
our Schools and who receive finanaal support contrkn￿ to the &thool ￿MmUnity in a variety ol ways. and 30
the benefit IB not pwety to these pupi15 butto the Trust and. in 80me cases. to the wwjer ￿rrI￿nty.
In 2022123 tha Tr￿1 aW8rdèd knur￿￿$. $¢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 bursa￿5 totslling £370k). Bursary avr*s ￿presEnted 9% of inc¢)tn¢ in
2022123 (2021122: 5.8%).
In addillon lo bU￿sneS, Ihe Trust has eng4ed in many other 8¢bV￿e$ 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 ¢th￿alln9 ￿ 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￿ b￿n&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 Inc￿de a Chrlstmas productlon Show. WaterskK>rts Day, Languagas
Day and Geography Day. in addibon to host¥ig an annL*I Cros&County Evenl for 26 local wimary schools.
Sailing aThY waterspc￿ts 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¢ilit*8 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 a*0 makg wnDk8nt ¢ontribull￿S to the kJ¢at (*M)ywnty and th8rltieg. The Sdwl runs g set￿Ce
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$,
cOnse￿atR)n work in the grounds of a local wsrtors. ￿ntre, planlng trees and deartng Imter from the Na￿onal
Park. VisiJng k￿al care homes to overfriendsmlp and ddlver perf0mW￿8s.

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 Wolif￿1￿)n6. Our results remain satisfying vrithin th? 18. 8TEC$ and11)GCSE8. As a
non•3ele¢tive school. Imih aIn￿st 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 pup￿8, buldNig L￿nfidence and devek)ping 8$pir8Uons
ahould be the prim moving f(Thar4.
Winderrnère sd￿01 h8S Ah¥ays d8nv)nslrated a ￿nsiStenty hlgh $¢ore. and this year wa5 no
exception when the fwure g notat4e +0.667. TIMS f￿￿e mèans that pupi18 are athipwng well over a half
gr8de above thgir natrjnalty st￿￿dISed GCSE CAT4 wgdKtsns.
88% of all gr*l8s wwe avrdrded at levds WA"-B. In addibon. over47% of 911 grade$ 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 d*J not sl offic4al GCSE oxarnlnatsons wl COVID arKI de41ile th8 dIfficult￿8
and challenges the ¢andidatss f8c*d. 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 ant*i)ated.
Saven pupils 139%) gained 34 or p￿nts 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 V*Jrfd mean score WB¥ 30.2.
In the IBCP. puplls achieved a mean scgre of 100 UCAS tsiiff points. The Trusfs IBCP n￿an 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¥tt*8 before the pandemi
Inler-8(*ool Sp￿Ing fixtures and national toum8rn￿ relumed to the ￿len¢jar durkng the ye8r and sthool
teams were able to play in thè Mglon of 200 f￿re$ 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 hry*ey team progressed through to the
County finals toumament reaching thg 89rn￿r4￿1, 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 reSpe￿￿ety. 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 Na￿ana1 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 & JUn￿r 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 w*ekty le85￿￿ where Ihey leamed to navigate. dlmb. sall. c8noo,
kayak, bike safety and admintsler ffirst aKI. A number of res*Jential 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, lrKJud￿9
an art competlKin. climbing wal ts)M￿￿lon. S￿11￿9 bèè nurwous SpOrt￿g events.
Browhead students had a fu# progranyne of A1*4enturE inL*xliry 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 adVen￿re trips, Mth advenknre (lays for Y•ars 10
and11.
Besides the ful [￿ograMrrts of curf￿￿ar Advenlure, students 8rn al)19 to tsk8 part In optth818fter school
aCt￿hlaS to dÉvélttp skills. These I￿Ude paddle4POrts. sailng (Elleray an(J BThtheadl. c4irnbirig. windsurfing
and ra￿ sailin9. Brovhhoad students aLso took part in OPt￿nal 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 r￿Mp￿tIng B￿r￿+￿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 Stim￿a￿"n9 lèamiNJ envwtinmènt in whith pu￿L* 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 inc￿eaSe tho capabilty ofthe Trust to offer educath)n to chldren whos• parents am unabk to afford full fres;
. To provide an enjoyable and appropr• d￿lenging 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
R￿Ults for the year
Nel fee income for the year ibThsed by 5.9% to £5.￿Sk 12022£5,631 kl. c￿ntInuIng 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 fa￿1111&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 d￿ested 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 d￿r￿j tr* year arKI up to the d*e ofsign8￿￿ olth• finan¢ral stateTh*nt3 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
A￿lI1•r
The auditor, JS. A￿lIt ￿mited. Is de6m8d to be wF¥Jinled under8era*)n 48712) ofthe cor￿n￿A￿ 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 stateft*nts in accordance wilh applicable
law and UThled ￿ngdOM A￿OUntIng Standards (United Genera*>f Accepted Acu)unling Pra¢Xcel.
Corry)any Law roquirg$ th$ G0￿mOr$ to prepare finwc4 ststW￿nt$ 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
In￿me and 8xp8nditure. ofthe chaiilable ojmpany fr)rthat year.
In preparin9 these fina￿la1 slateff￿ls. 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 applk*Jl8 UK Ac(￿n￿9 Slandwth have ljeen foll)￿1. subj8d to any m8terg1 departures
disdo8ed and explained Ai the financlal stat8m￿ts.
- 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 en8t￿e Ihem b) en3ure Ihat thp fin￿￿101 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 IrregU￿rIbeS.

WINDERMERE EDUCATIONAL TRUST LIMITED
TIA WINDERMERE SCHOOL
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WINDERMERE EDUCATIONAL TRUST LIMITED
Oplnlon
Wg have audited the rmar￿jaI stsiement8 of Wnd•mwr8 Ed￿￿t￿)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 state￿nts. Ind￿lIng 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
R8pub*c of I￿land (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￿ L￿MpanY'S affairs as at 31 August 2023 and of its
Ino)mlng resources and applicat(on of resour￿¥. in￿thn9 Its kncome and experKJitwe. for th8 y88r Ihen
ended.,
have b•èn pmpty prepared in accordance ￿ United I￿n￿10M Ge￿ra1￿ Accepted A¢￿Unting Pr8d¢e',
and
have been preparsd kn ¥c&wrdm ¥Ath Ihe rewiremerrts of Ihe Comp$n￿S 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 $tsnd8rds are fijrtrw described In the Authtots ￿spOnsIb￿ltIeS forthe 8udit or
the fin8n¢i#l st•t8mnrs #éction of our repyt. are independent of the Trust in accordance with the gthi¢al
requirempnts that ¥rg rfjlevant to our wail of the fin￿¢181 stat•m8nts In the UK, induding the FRC'$ Ethical
standard. and we have fvEfilled our other ethtsl rèsptsnsibilrt*s in acLordartt with these req￿rementS. 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 $laternénts. ￿ have cOndUd￿ that Ihe Govemors. use of the goir4J concem ba2iq of
a¢¢ountin9 In thè w•para11on of the f￿an￿al Staterne￿ is rypffjpr*ts.
Based on the work we havè parfomied. ￿ h8¥e not K1enIff￿d any rnatsrial uncertainties relating to events or
condtt1c￿s Ihal. indNwJu4lly or collectrvely, may ca4t Signtkant doubt on tho Tnjst's abl￿ty trj continue 85 a going
ly￿ern for a pe￿d of at least monlhs from t*A*n thè fmarKial stalements are authorBe(I for issu•.
Our Tospon¥ibilitio$ 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 eXp￿C￿ Stat￿ in our report. we do not express any fonn of asSW8n¢e CAincknsion thareon. Our
responsibilty is to read the othw infrMm*lon 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 State￿nts 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 ￿￿[ronm￿nt 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 finan￿81 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 expF*i#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 stateTh￿ntS and ￿r
being 8atisf*d 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 staterr*nts that are free from mater*1 misstatement, whethei due
to fr￿d or amr. In pr￿arifi9 thè finan¢ial Slater￿lts, the Govemors are resp)n3ible for asses5ang the TrusV9
ability lo Continue as a going cOn￿M, di5dosing, as apP￿ab￿. matters related to goin9 concgm and using the
going concem basis of aGe￿jntW￿ unless the Govemors eAther Intend to liquKlate the charitable <a)mpany or to
cease operations. or have no realistic alternatN8 but to do so.
AudIt0￿8 re8pon¥lbilitiO¥ for the audtt of Ihe Ilnanckzl stataments
Our obiectives are to obtain reasonable assurance about whether the fmanc4al State￿nts a8 a whole we free from
matèrial miÈ>tatemènt, whèthér duè io fraud or error. ar￿ to iÈsuè an a￿￿1t0￿S report that indudes our opinh)n.
ReasDnabte assuwce is a high level of bul r* r￿t ¥ guaTrntg9 that ￿ ¥uitit ￿nd￿tr￿ in accordance
wth ISAS (UK} will a￿layS detect a material rnisstatement when li exlsts. Mlsstatements can arfse trom fraud or
error and are ￿nsidered material rf, indNidualty or in the aggregate, they could reas0nats￿ b8 OXP8ctsd to infiuenea
the econornic deci5K)n5 of users taken on the basr8 of these fjnancial statements.
Irragularilies. induding fr8th1. are instsnLX of rtt)Tro)ryilanc• wilh laws and raguktknn8. ￿ daslgn procadurèa li
lkne wilh our responsibilities, ouuined above. to detect wAterial fflisstatements in respect of irregLdarilies, indudlng
fraud. The extent to which our proc*¢AJre8 are capable of deteiAirYJ Irregularit￿5. inckKling fraud, 15 detailed below.
Base(l on our understsnding of the charrtable wnpary aThl sector, we KlonlrfBd that the plinopal risks of no
compliance wrfh laws and regulalbjns related to. but were not limited to, the Companies Act 2006. the Charftles Act
2011. 8mploym8nt, pension, safwiarding and hèalth and safety *isl8tion and r8gulattr)n through tha Charty
Commission for England and Wales ￿ we 0)n￿dered Ihe extent lo which nOn-Q)Mplian￿ nw9ht have a mat8ri81
effed on the fina￿la1 slalements. also C£*Nde￿ It￿e IM and reguktw)n$ that have a dwect impact ￿ th¢
preparats.on of Ihe fManc1￿ ststernents such as the CoThynies Act 201X and the Chanttes, Statement of
Recor￿ended Practice.
We evaluated managemerfs ncentives and Opp￿tUnI￿e5 for fiawjulent ￿AnIpulatIon of the finarrial staternents
{In¢ludMig the risk of avattidè of cMrol81 ¥nd detemirtd Ihat Ihè printrpal ri8k8 were ￿￿ted to management bias
In 8¢¢ounling o$timst¢$ 8nd I￿19¢M￿nts tho rtsk of fiwdufonl r¢vonu& rtr¢ognition.
Our prC￿dur@S to respond to li5ks idenllfied IMY(M1ed th6 fOlb￿N￿J.
reviewing the f￿a￿al statement discknBures and tesling to sUpP￿ting tthxumentation to a88ess o)mpliance
with provi5b)n5 of relevant laws and regulath)n5 descr&)eil as h8vwu a direct effed on the financ￿1 5tstemerrts"
enquiring of manaymènt about Actu￿ xftd wt•nlial h'byat￿tin and ckims. thalr polciès and procèduras to
pr8vent and deted fr¥ud ¥5 wel as whgthgrthgy have kr￿lI9d9¥ Ot any ?¢*ual. sUSPgGtgd oi allgggd froud,.
perfoming analytitxl procedures to identsfy any unusual or uwpede(I relat￿nShipS th81 nw k)dl¢gle ri$k8 of
material rnisstatement due lo fraud.,
. r•ading minutes of Ma￿IngS of those L*arged wilh g0¥8mance aThJ r8vithvNw rngulatory conspondenca wlih
the Charity ComThwswn,'
obtaining an under¥tandlng of prowsions: aThl
10-

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, V￿gements arKI dedsN)ns rnade ty managament are
indlcatfve of a potential bio$.' 8NJ avalualing the bus1￿3 r81KJnal& of any svJnffKant transactions that are
unusual orovtside thg Course of b￿ne#s.
Wg also cornmuni¢ated relgv8nt tilontified laws regubtrJn$ and potential fr8ud risks to an en9a9emenl team
members and rem8in8d alèrt to w in￿Ka%￿n8 of fraud or nOn-0)nwk￿ wrth law8 and r9gulat￿nS throughout the
aud
There Niherent Ibnlt8tlons in our audit wO¢wJu￿s 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( prO￿ureS 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 $ts*mènts k% located on the Fin8noal
Reporting CouneJ'$ ￿b$￿0 at httpJ￿.f￿ory.Ukl8￿￿0TW￿p￿lbIlIès. Thi$ 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 y￿th 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 ac￿pt or a&wme resporthThty to anyone oth¢r than the charrtable
company ¥nd th? thartsbje ￿nN￿Y's rrnrrtjws 38 a body. for our wdit V￿r￿ 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&
st0￿croSs Business Par
Yree Vvay
WarriNJton
c￿Share
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¥rf￿s
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 Aug￿1 2011
1282.498 19.759,726
3,897 21,045,919 20,199,658
The 8tstement of finanrA* acti¥tbe8 wK*Jdes 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 a￿Unt
underlhe Companie$Ad 2008.
Net in¢omellexpendlturel before tlepredalton for Ihe ￿lO￿lled £953.877 {21r22: £161,107).
-12-

WINDERMERE EDUCATIONAL TRUST LIMITED
TIA WINDERMERE SCHOOL
STATEMENT OF FINANCIAL ACTi￿nE3 (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2023
Prlor flnon¢lo1 y••r
Unrestrktrd Unmtrictsd Regtrlctsd
fund$
l￿dS
fund•
ernl d&*lgnotsd
2022
2022
Totsl
X122
2022
Donations and legacies
Ch8ritsbla aCIN￿oS
Other trading activrtie8
Investn*nls
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¢omellexpend1￿rel 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 ba￿nCeS at 31 Augu•t 2022
147,545 20.047.815
4.496 20.199,656
The sts1am￿l 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)rn￿lets 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 a￿ts
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 $4￿￿￿nts
(997.2021
{474,9381
Ca8h and ¢8sh eqU￿alents at begiMin9 ofyear
1.422.614
1,897,550
Ca$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
Cha￿ty infomi•tion
Imndemiere Ed￿tional Tn￿ Lknited Is a p￿v* ¢ompgny by w¥•nt¢o kno)rpor8t8d in Engl#nd and
Walés and 8 ￿gIstered Ch￿ty ￿ England and ￿￿*s. The wthreil ¢Jffic¢ 8rowh9ad, Wnderrnere,
Cumbria. LA23 1NW.
1.1 Accountlng comientlon
The fknancfial st8tements h8ve been prepwed in aCcOrda￿e with the Trusfs go¥eming dowmnt, th•
Conwantes Act 2006. FRS 1 Yhè Fin8nual Re￿tiTr9 Sthdard applicable in the UK and Republ￿ of
Ireland" fFRS 1021 and the Charrt￿S SORP "AccoLEnting and RÈporbn9 ty Ch8riDes'. Statement of
Recomrnended Pra&￿￿ applicable to chanOes p￿parf￿j t￿1r 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¥￿1￿jn, Inodir￿d 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 an￿ntIng 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)nc*m basis of ac£ounling in preparing the finandal
statements.
1.3 Charltable fund¥
Unrestiicted fund$ a￿ 8wlgt4e for use al the thS¢yo￿n ol t￿ G￿mor3 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 Tr￿t legaty ent￿ to it after perlornance conditbns have been met.
th¢ amounts can be mgasurgd rglabty. and it 18 prub*Ae 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 donat￿n. unless performance condttkjns require detsrrat of the amount. InconE lax rolvvgrabl? in
relalion tts donaiions recgived under GiftA*l or deeds of covenant is rerA)gnised at the time of the donatlon.
Income from tradlng a(*wtss *lLwms eamed from fi￿￿￿fing •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 ￿egor￿sed 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 •ja￿￿tthe adlvity forwh*th the expeThJiture was incurfed.
1.6 Tanglbl• tExed a88¢is
Tangible fved a88915 ￿ inilaly measurtd at Cost subwuenty ￿asu￿d at cost or valualion, net of
depreuation and ￿Y ￿￿rment bs5es.
Depreoathin is ￿cogniS￿d so 8S to wriie off ￿5t orvahJalh)n of assets b$$ th•ir residua values over thalr
useful li¥e8 on the f￿lo￿n9 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 tr￿1 C￿nSIderS that the estrmated usefvl
of Ihe bulldlngs is so long and thg resKlual vabje so h￿h that arby depre(yation th?tged 18 not ffoterial, •Wher
each year or Gum￿ti¥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 rer￿gnISed in net Incomel(expendlure) forthe year.
PrDpert*s 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 sUbseq￿nt 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 rat￿gn￿l in other fftwnised gains and Its￿s and aczumulated in equty,
except to the èxtènt that a reva*Jation 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 inuJff*1lexp￿d1iUwe) for y8ar.
1.7 Impalrment of Ilxed a#￿th
At ew ￿Porting end date, 1hé Trusl reviews the cawwwJ an￿Unts 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 e￿ent oftli& impaim*nt loss Irf any).
1A Sto¢ks
Slo¢ks 0￿ stated at the bwer ofcostsnd eStyn￿ S￿ry ￿ 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 I￿Uld
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 inclUd￿g Iransa*ion 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 amorI￿ed.
Impa1mM￿ of fln8nclal assets
Financial assets, Other than those hekl at fair ¥Ju¢ through wicts7* and expenditure, we assessed for
indicatofs of Impalm￿nt al each reporting dale. assets are impairad where there is objective
evidence tha( as a resutt of on& or more events that OC￿rred aftef tr* inilial reCthJnI￿n ofthg financvdl asset,
the estimated future cash flows have been affwxed.
If an ass8t Is impaired, the impairwEnt k)ss is the differen￿ be￿een the c8trying arnounl and the pr8senl
value of the estimated cash IIIMfS dIs￿nted 01 the a5set'$ ￿￿j￿781 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 retal￿d but c￿trOl of
the ass8t has transleThed lo anolher party that is able to sell Ihe a￿t in its 8ntir8ty to an Lmrelaled thiTd party.
Bask financial liabilibes
Basic financial ￿ablI￿e5, induding creditrms and bank loans are inllHlly reccgnised at transaction price unless
the arrangemonl constrLUtes a financing trans**on, 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 Instru￿nIS ￿ subsequently carr*d 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 Y41*n Ihe Tntsfs Gontr¥tsRI oblKJations 8xpir8 ot are dis(*ar9ed or
Ca￿elled.
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 c￿ntrIbUtiOnS ar• cal0j1￿ so 8$ to spread the omt of pertsions over
employees, wothtng lives with the chyrtsble C￿￿panY 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 wa￿atIonS using a proS￿CtI￿ unit mÈthod. The TPS is an
unfunde(l Tnulti-employw ￿h$m$ wth no undthing assets lo assign i*tween employeTS. Consequenly, the
TPS is treated as a defi￿d contri1￿tion st*eme for acu)untirKJ putpose5 and the cxJntribJtions ar8
recogni$ed in the pe￿d to whKh they relate.
For The Pension Trust Grv•Ah Plan. Ihe ¢ontributtons are detemiined by a qualrfled xtuary on the basis of
fin￿e181 valuathjns using a project•J unit Tr)et￿d. Th8 Pension Trust Grrwth P18n is a mulli*mployer
sthemè and th8r8 is sL￿￿ent infomiation available lo unhxk datailad bgnèfit accnunts. The plan is therefore
Irealed as a defingd contribution scheme for ￿Unting purposes and conlribth"Dns are recogni8ed In thè
periiyj to wthich they rglate.
Criti¢al a¢¢ountiry osttmatss and fv*enwnl¥
In the appliCatiC￿ of the TnJ5Ys act¥)unling Fdi¢wd, the GovemoT3 are req￿red to make judggmgnts.
estimates and assumptiorts about the carying amount of a55ets and liablrttes that are rw)I readily apparent
Irom other sources. The estimates and asS￿lated assumptw)ns a￿ bas•J on historical experience and other
factOf5 Ihat are ￿nSIdered lo be rewdnl. Ath￿1 results may drffer from these estimates.
The 8stimat85 and underlying assumpti￿$ 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 p￿8 whefft the revisitin affets both current and future
periods_
The twstees havg CO￿￿￿￿e￿ the TesiduJ value arKI reffonirvj usgtul ?￿nG￿niC life of tr* land and buildlngs
and ￿nSIder tr￿t the assumpti(ms tri arribryng at Ihose values a￿ r￿Onable. 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 p￿￿10n schèmès within the finanaal stalernents have
also been u)nsiderÈd ag8in this year, Mlh w adjusltr￿nI 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
DepreC￿tIOn and ryawmnt
A￿d￿m￿ 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{cred￿ngI
Depreciation of owned langknle fwl asscts
Profftt on dSsposal ol￿gIble 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￿ ￿)nT￿ted with them) rv￿rIed rwnunWat￿jn 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
NuM￿r
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 inte￿t
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 appf*d 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 Impalrn￿nt
Al 1 September 2022
Depreciation in the year
@iwlnated In rnspectof dkspos*s
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 Trt￿l 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 an￿uftt would have b￿1) approximatety £4,7￿,316 (2022..
£4.796.3f81.
Induded wilhkn fr••hotd18nd and b￿kIr￿j8 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
P￿paYMents and accrued 1￿C
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 se￿rity
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 (CO￿nNuED)
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 ind￿led 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 build￿g5 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 buthjw￿s hekl by thè 8¢h￿l.
Restrlctod fund¥
The reslri¢ted funds of the c*arlty corwise the unexpended b￿n￿¥ of donat￿n$ 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) Fur*Y
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 Co￿19.
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
X*23
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
F￿d 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 w1stand￿9 ci)mmitrnerts for fu￿￿0 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 ￿n*0¢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 $L*￿L The fee5 paid by Iho$e Govemors are on the
sama t8m)s and eondib.ons as are charyed to any other parent who does not wovk at the SL*ool.
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 G￿emOr of tha school had chik1ren who atter￿ell 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￿ IN￿ed by Y￿rantee. 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 STATEmE￿rs (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 COntr￿UtIonS to this
scheme.
IntroductSon
The Teacher5, Pen￿on Scheme ITPSI is a slatulory. ¢)yrtrl)ulory, d&fmd bsnofft s¢hemo, govemod by th¢
Te8¢hers' Pewon 8d￿me Regulabons 2014. Membership is aulomatic for ful￿11￿¢ toathgrs ¥nd. from 1
Jan￿ry 2￿7, 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 cred￿d to the Exct￿l￿. Relirement arKI cthor P￿s1on bon•fits
are pawj ty public funds prcvidèd by P8rfiamÈnt.
Val￿tion ofth• Teaclwrn. PensloD Scheme
Tho Go¥FTn￿￿nI Athary. usiTrJ normd prwKiples, ￿nd￿￿8 a formal actuarial reV￿W of the TPS
in acc4)rdafice wllh the P￿lIC 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$lW by D4partm0ntfor Ed￿trOn on 5 M¥r¢h 2019
The key olament8 of the val￿11)n and subsequent conS￿alK)n are:
. wnployer (y)ntribulion th let at 23.68% of pensionatrAe pay (r￿ng a 0.08% employer
8dmln6strnlon charge}
total scheme liabilities (p8nsions cuffenfy kn pw and the •slfimat•d eo$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 r￿lIOnaI 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
pri￿S 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 gIrt￿h is 4.4S%.
The TPS valuation for 2016 dete￿ined 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 2￿20 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 PenS￿n scheme. The
trt￿t 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 i￿Orr￿ 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•pl￿￿Or c••hf1￿ Oth•rn0nll￿h 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