Charity Registration No." 528143 Company Reglstration No.: 00669916 IEngland and Wales) Th8 Northumbrian Educational Trust Ltd {OpeYating as Westfield School Annual Report and Financial Statements For the year ended 31 August 2024
The Northumbrian Educational Trust Ltd (Operating as Westfield School) Legal and administrative details Governors l Greenshields L Keightley L Dowie K Bainbridge J Rowley K Mclaughlin L Solly Charity numbor 528143 Company number 00669916 Reglstèred office Westfield School Oakfield Road Gosforlh NewcastS8 upon Tyne NE3 4HS Auditor S&W ParterS Audit Limited 17 Queens Lane Newcastle Upon Tyne NE1 1RN Bankers Barclays Bank PLC 71 Grey Street Newcastle upon Tyne Solicitors Womble Bond Dickinson LLP One Trinity Broad Chare Newcastle upon Tyne NE12HF
The Northumbrlan Educational Trust Ltd Ioperating as Westfield School) Contents Page Governors, report Independent auditor'g report 10-13 Statement of ftnancial activities 14 Balance sheet 15 Statement of cash flows 16 Notes lo the flnancial statements 17-33
The Northumbrian Educational Trust Ltd (Operating as Westfield School Governors, Report For the year ended 31 August 2024 Tha governors are pleased to presènt their report and accounts for the year ended 31 Augus12024. The accounts have been prepared in accordance with the accounting policles Sel out in note 1 to the accounts and comply with the school's memorandum and article8 of association, the Companie8 Act 2006 and "Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their 8CCOLEnts i accordance with the Financial Reporting Standard applicable in the UK and Republic of Iland IFRS 1021. las amènded for accoursling periods commencing from 1 January 20161. Objectives and activities The charity's objectives are, as sel out in Ihe memorandum and articles of association, to run a school where pupils 11 obtain a high star]dard of education. The policies adopted in furtherance of these objects are the running of Wesitield School for girls in the age range 3 to 18. Facilities appropllate lo the age of puyls are provided in Junior House lage 3 10 11) and Senior House lage 11 to 1818fKI, as Ih8se are separate buildings on the same site, full Integration as a single school is achieved. A well-planned and balanced curriculum is taught in both Junior House and Senior House, In Senior House, girls are prepared for a wide range of subjects al CCSE. After GCSE, the major*ly of girls progress to the Sixth Form where they aFe able lo choose from a full range of subjects at A level. both traditional ac&lemiG subjects and also more vocational ones. The ethos of Westfield School is based very much on the development of the individual within a broad and challenging curriculum. Teaching methods are a carefvl blend of the traditional and the t)est in new ideas, while a variety of extracurricular activities supplement the broad curriculum. Classes are kept small to ensure individual excellence in a variety of other spheres. Wesllield is a member of Round Square, 8 worfdwide association of like- minded sthools based orb the philosophy of Kurt Hahn who founded Gordonstoun Sch(K)I, Scotland (further details on page 3)- Entrance to the school is non-seleclive. All enttants to Senior House 811 an assessment in English and Maths. We are proud that our girfs leave as mature, thoughtful, well-rounded and interesting young women in line with our all-round educational ethos, and this year was no exception. The governors have p2id due regard to guidance issued by the Charity Commi8sioll in deciding what activities the school should undertake. The charity's policy is to consult and discuss with employees. through staff representatives and al meetings, matters likely lo affect employees, interests. Information on matters of concern to employees is given through staff meetings and reports. Applioalions for employmènt by disabled persons are always fully considered, bearing in Mir the apliludes of the applicant concerned. In the event of members of staff becoming disabled, every effort Is made lo ensure that their employment within the charity continues and that the appropriate training is arranged. 11 is the policy of the charity that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees Achievements and Performance AcademiG erformance This academic year saw a full progr8mme of GCSE and A level examinations. The proportion of grades was tied, nationally, lo 2019 levels.
Thg Northumbrian Educatlonal Trust Ltd (Operating as Westfleld School} Governors, Report For the year ended 31 August 2024 A Level Overall Headlines.. A, E = 1000/0 {2019- 95 10. 2023 - 100°/01 A' A = 21'/)12019 270/0, 2023_ 24Q/ol 8= 44°/.12019-40%, 2023- 390AI A.. C = 720/012019_ 71 Q/0, 2023- 76Q/ol GCSE Overall Headlines.. 9- 4 = 86'h (2019- 890/0) 9- 5 = 68'A {2019- 770/01 9-7=25/0{2019-41 %) 5+ 9- 4 with E&M - 85D/o12019 - 71fj} 5+ 9 _ 4= 88gk {2019_ 760/01 The headline figures show that, although the number of top-grade GCSE passes were down, the number of candidates achieving 5 or more passes was up considerably in comparison with the last cohort who were examined externally120191. The overall performance - as measured by 5+ GCSES including English and Maths - is an excellent outcome and demonstrates the success that Westfield had during the Covid years was a true reflection ol the work put in by teaehers as it has been sustained posl-Govid. Junior House Junior House is split into two sections,. Brightslart (Nursery, Reception and Key Stage 11 and Prep IKey Stage 21. The flexibility of Brighlslart with mixed age groupings allows for a more skills-based approach rather than activities being dictated by age. Exciting new areas for nursery were developed wilh th indoor and outdoor play emphasised along with a tighter focu8 on establishing the foundalKJns of early skills including phonics. In Prep. year groups have their own class teacher with some subjects being delivered by specialists from Senior House. Alongside this continuity of education, the advantages of having specialist teachers delivering spec&alist subjects are seen to str&tch and challenge the girls in their leaming. Round Square The school's membership of Round Square continues to create opportunities for the entire school with the Curriculum encomp8S5ing the six pillars of the Round Square IDEALS" of Internationalism, Demtscracy, Environment, Adventure, Leadership and Service. Girls leam to think creatively, to recognise each olherfs strengths and talents and inspire each other lo work together lo achieve commorb goals. Round Square allows opportunities for our pupils to broaden their horizons by meèting with other schools, visiting other countries and ernbracing different cultures. We continue lo work wth schools across the UK and around the worfd utilising both on-line and in person opportunities. This mixture of virtual and face-lo-face activity enables greater levels of parlicipalion regardless of ability to pay In Junior House we were the key pilot school for the Heroes of Discovery, a primary character development programme focused on the 12 aspects of the Discovery Framework. We are currently in contact with schools in India, Europe, Africa and Australasia sharing ideas about grOng the impact of the Discovery Heroes. In June 2024 we hosted a conference for 1D-12 year olds irb Northumberland with the theme of Adventure. 12 schools from 9 COLintries across fOr conlinenls spread across 11 time zones joined Westfield pupils for a long weekend of Round Square activities at Ford Castle. In November 2023 our annual Round Square Fundraising afternoon helped raise funds to sponsor our student al Slarehe Girls School in Kenya. Each form planned a fundraising activity and assist& with the logistics of the
The Northumbrian Educational Trust Ltd (Operating as Westfield School) Governors, Report For the year ended 31 August 2024 afternoon, The Round Square Exchange programme also started up again with one girf spending 5 weeks in Japan. Further exchanges are also arranged for 2024-25. TTIPS With the increase in girls not being allowed lo spend nights away from home for cultural reasons, WeStf]d moved lo running adventure days for every year group rather than residential trips. Every year group in Senior House went to WhickFiam Thornes in September for adventure and bonding activities and Key Stage 2 took their annual residential trip lo Ford Castle in May 2023. Aside from these, there are weekly Forest School and Beach School trips and curriculum subjects include trips when possible for example Geography fi'eld trips, theatre trips, sports tours and a ski trip. Junior House look the girls on trip8 lo the Iheatfft, lo the Discovery Museum, on a transport tour and enjoyed a visit from a fire engine where the gids even had a chance lo try out the hoses on the school field. Duke of Edlnburgh Bronze Duke of Edinburgh continues to be popular with Lowèr 5 (year 10) and al Gold level we continue our partnership with Newcastle School for Boys. Creatlve and Performing Arts The Creative and Performing Arts continue to play a key role in the development of character al Wesffield. This year saw many girls performing on instruments, singing and taking part in the school orcheslia in our musical soirees in winter and summer. Our Key Stage 3 Drama club, run by Sixth Formers, staged a very successful perfomiance of Frankenstein. The art department held an exhibilK)n of the girls, GCSE and A level work in Fine Art, Textiles and Graphic Design this ygar. stretch and Challenge As part of the drive lo increase acsdemic challenge and ownership of learning. the school has introduced cha(lenge day8 acrci8s year groups and a set of independent challenges known as 'The List,. House challenge assemblies occur fortnighlly and every half term a year grouplkey stagelwhole school off timetable event occurs, These have proven very popular with pupils and have seen a whole school 'Taskmasler'. a frittata contest and a summer Challenge Fair amorbg marby olheis which lead the girls to gain skills in leadership, Problem solving, lenacily and crealivily. The opportunity for all pupils lo demonstrate independent learning, academic challenge and the ability to bounce back from failLfre is a very important embodiment of our ethos of success lor all. The prominence of a re- vamped House Point system and an Exhibition of Excellence r8¢0gnise those pupils who have faced challenges and SuCeded through ingenuity and perseverance. Extracurricular actlvltles A full programme of activities is available to the girls rosS all year gTOUPS, taking place before and after school as well as al lunchtime. Through the year, over 40 differersl clubs and socletles taking place each week including.. chess club,, write now Icrealive wiitirngl,. well-being Wednesdays., trampolining., cookery.. clay clLtb.' and robotics. Our aim is for every girl up lo the age of 15 to take part ir) al least 3 clubs per week and for GCSE and above pupils lo participate in at least 2 non-curriculum related clubs. A new prograrllme of rewards and reGognilion for extra- curricular Involvement was inlrodLJced this year. Public Benefit Westfield School provides education to pupils who would olhenmise be educated in the maintained school sector at the Government's expense. However, the board of governors recognises Ihal il has wider responslbilities lo the community al home and abroad. The sctrKX)I welcomes pupils from diverse religious, ethnic and financial background8 and 8im8 lo maintain its academic excellence coupled with a non-elilisl almospheie, which is highly valued by both parents and pupil8.
The Northumbrian Educational Trust Ltd (Operating as Westfield School Governors, Report For the year eTEded 31 Au ust 2024 There are four main sub-sections lo the public benefit programme.. the provision of bursaries and scholarships partnerships and collaboration community Services direct charitable giving The governors have had regard to the Charity Commission guidan on public benefit. Partnershlps and collaboration The school has links with the neighbouiing old people's home and acts as 2 designated 24 hour'safe location, for the residersls in case of an emergency situation. Our partnership with Newcastle School for Boys INSB) continues with shared teaching in the Sixth Form. Boys attend classes in some subjects at Westfield and our girls attend different subjects al NSY, This year, thre8 enrichment qualifications were offered.. a Sports leader award.. a financial qualification." and the Extended Project Qualification. The teaching of these was split between the two schools. Community links Westtield School is keen to support and engage with the wider community. Charitable activitie8 are undertake throughout the year, both at home and abroad, 88 part of Round Square SeNice. We sponsor a girl lo complete their education at the Starehe Girls, School in Nairobi 8s well as providing education to a refugee from Ukraine. Girls are able lo fundraise for causes that are important lo them and this has included raising funds and donations for victims of the earthquake in Turkey. Four members of staff acl as governors at local state-funded schools or academies. There is an active policy of making the school's facilities available outside school hours to loeal organisations. The North East Sports Camp ha8 offers holiday club activilies, and the school is also still used as a polling slalion during local and General elections. We aim to reach more organisalions in the coming year. We continue lo grow our GCSE Further Maths Outreach programme whlch is benefitting students from local school8. Last year we offered 5 classes per week13 face to farE including one laughl al Kenton School and 2 virtual) lo over 100 pupils from 10 differersl schools. We have over 65°A female pupils in order lo boost the uptake of women in STEM careers. We provide transport lo the in-person classes and, for those who travel a long distance, transport home as well as paying the exarn fees on request. Alongside this, we host the North East AdVand Maths in Schools Project Saturday sessions for free. Non-linancial charitable activities also look place, including= The choirs performing in Asda al Chrislmaslime Environmental service with Urban Green in Exhibition Path and Jesmorid Dene park Receipt and coordination of foodstuffs for the People's Kitchen Bursaries and scholarships It has always been the policy of Ihè govèrning body that the distinctive all-round education offered by the school should not be restricted lo only those families who can afford full fee5. Scholarships are awarded lo puplls for the duration of their education at the school. Bursaries may be awarded lo new enlr8nls and lo existing girls. Bursaries are means tested and reviewed annually. The school is pursuing a licy of shifting the emphasis of fee remissions towards means tested support.
The Northumbrlan Educatlonal Trust Ltd (Operating as Westfleld School) Governors, Report For the ear ended 31 August 2024 In the year ended 31 August 2024 Wesffield School gave fee remlssions for 95 bursaries and scholarships equating 10 £491,386 12023 90 amounting to £415,188). This equates to 18.16010 of fee Income (2023 - 18.ODAI. Of this, me8n8-lesled bursaries account for £395.859 or 70Q/o of all fee remissions12023 £339,750 or 68¥0)- Overall, 260/0 of pupils have some level of bursary support. To allract pupils who would benefit from an education at Westfield, the school advertises delY in the local community. Charitable giving Charity fundraising events have taken place this year and within school we raised £3,199,4712023 - £3,120.11). Th18 was donated lo charities as follows-. Poppy Appeal Slarehe School in Kenya Macmillan's Nurses Save the Children Peoples Kitchen Morocco Red Cross Doctors wilhoul Borders Crisls Charity Finanelal Review The governors report that the school realised a surplus figure of £74,684 in the year ended 31 August 2024. The prlncipal source of funding is the school fees received for the provision of educational services. A small amount of additional income is provlded through lellings, although this only smounted lo £13,177 in the year ended 31 August 2024. Going Concern The governors recognis& the need to ensure that the school operalas efficiently and effectivety and maintains a healthy and sustainab'le cash flDW and manageable debt provision. However, the imposition of 200/0 VAT on luilion fees by the new Labour Government together with the abolition of business rates relief, has affected the affordability of an independent education. and pupil numbers are lower as a result. The governors have continued to develop strategies for increasing pupil numbers whilst beller ulilising the school's asset base and have implemented a rigorou5 Cost control programme. Senior House recruilmenl has shrunk for the reasons Staled above whilst Junior House numbers have remained steady. Current pupil numbers for 2024-2025 Sndicale a surplus for this coming year as do the expected numbers for 2025-2026 and 2026-2027. The Governors realise that maintaining the pupil numbers going fonward is essential to the financial health of the trust and the'going concern criteria and this is recognised in the risk factors listed below. MontFily management accounts and updated cash flow forecasts are presented lo the Board to provide continuous monitoring of this. Resorves Policy Note 22 of the financial statements shows the net assets by category attributable lo the variou8 fLJnds. Restricted funds amount to £28,33812023- £32,873) and unrestricted funds £1,939,62012023 - £1,810,651) The governors keep under remew the Charity's needs for reserves in line with the guidan issued by the Charity Commission. Mindful of the need to utilise reseTves lo support and enhance the charitable purposes of the company.
The Northumbrian Educational Trust Ltd (Operating as Westfield School) GovemoTS' Report For the yeay ended 31 August 2024 in the short term the board's policy is to carilinue lo ulli ise its reserves and invest in capital developments within the school in terms of both additions lo and improvements in facilities. The school owns and occupies an extremely attractive sile in central Gosforth. Th18 Slte offers not only an excellent location bul an exceptionally good range of facilities, spacè and development options. This site was professionally valued at £6,365m in 2023 based on market value. The updated (increased) replacement cost value for buildings is £12,576,029 and buildings insurance cover has been taken out al this value. With no alleralions having been made to the premises during 2023-2024 the Govemors IDir8clorsl corssider th81 the 2023 valuation is still valid (see Note 1.6 to the financial statements). The short-term policy is lo adjust reserves and reduce debt through asset reconfiguration arising from the premises development strategy, whilst fulfilling the charitable objectives. In the medlum to long term the board will endeavour lo build reserves by means of annual operating Surpluses arising from increased pupil numbers and continued cost control measures, therèby maintainlng the charity's commitment to pupils and meeting its financial obligations. Inve$tment Pollcy The board of governors, policy is lo credit cash received from all sources, unless specifically inslrucled, lo the main school barik account. There is a business account which earns a nominal amoLint of interest lo which all surplus monies (above £1,000) are transferred automatically from the school current account on a daily basis. Due to the recent popularity of the school's Fees in Advance sd)eme the school's bank balances have risen sufficiently to enable investment of £250,000 on 32-day short term deposit as at 31 August 2024. There are no restrictions upon the charitable company's wwers to invest. Risk Factors The governors have assessed the major risks to which the school is exposed, and are satisfied that systems are in place lo miligale exposure to the major risks. which include.. Local competition - fees level Safeguarding Cost containment Staff recruitment and retention Changing economic circumstances of local population Iparentsl Academic achievement Political situation le.g. the imp05111on of VAT on fees. etc.} It should be noted that the Governors have decmled to pass on the full amount of the 20&/0 VAT imposition on tuition fees lo parents Wlth effect from 1 January 2025 and parent8 were advised of this decision in August 2024. Detailed consideration of the risks is delegated lo the Finance and General Purposes Committee. Risks are identified and assessed, and controls established throughout the year. A formal review of the risk management is undertaken regularfy. Tre key controls include: formal agendas lor all Iwice-termly board meetings and monthly Finance & General Purposes committee mèetings comprehensive strategic planning, budgeting and management accounting wilh monthly reports the maintenance of a r5sk register, which identif185 risks faced by the charity. The register is regularly updated and reviewed formal wrtllen policies, with clear authorisalion and approval levels velling procedures as required by law for th& protection of chlldren
The Northumbrian Educational Trust Ltd (Operating as Westtield School) Governors, Report For the year ended 34 August 2024 Through the risk management processes established by the board, governors are satisfied that the major risks id8nlified have been adequately mitigated where rkecessary. It is recognised Ihal systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. 22 out of 36 teaching staff are members of the Teachors, PensK>n Scheme, an unfunded defined benefit occupational pension scheme, contribution rates lo which are determined by the Secretary of Slate. The latest published actuarial valuation al 31 March 2020 (published on 26 October 20231 indicated a whole scheme notional past seNice deficit of £39.8 billion. This report prescribed changes in EMployeS contributions from 23.680/0 Ir) 28.68°h with effect from Awi12024. The r8mainder of leaching114) and non-leaching slaff122) are enrolled in DC schemes where appropriate. The key objectives in the school's development programme illclude tho following.. la increase pupil numbers withoutjeopardising academic performance or affectlng pastoral care to balance a high level of academic achievemenl with a broad curriculum, supported by an effective pastoral care system to widen public aCSS lo the school in terms of bursaries, as far as PDssible. wthin the conslrainls ol the level of funding available as an independent education provider, wilhoul the benefit of endowment funding lo promote the 8chool'5 links wlh the I(81 and wider community through community sewices and other academic, 8POrting and cultural activities lo implement plans lo improve the facilities, buildings and infrastructure. Structure, Governance and Management The school is a company limited by guarantee, not h8ving any share capital. 11 is governed by ils memorandum and articles of association. There have been no changes during the year. 11 is registered as a charity with the Charity Commission. Individual members of the governing b(xJy constitute directors of the company for the purposes of the Companies Act and governors of the charity for the purpx)ses of the Chanlies Act. The govemors, who are also the directors for the purpose of company law and who served during the year were., Jacqueline Rowley BAIHonsl Elected lain Greenshields LLB Elected Kris Bainbridge BA (Honsl Elected Lex Dowie MA Icanlabl Elected Liz Keightley BA IHons} Elected Keiran Illaclaughlin MA (Honsl Re-elected 221412024 Lucilla Solly Elected Clerk lo the governors- Joseph L*se FCPFA The board of governors is empowered lo appoint new governors lo the board to fill SUal vaGanGies. All governors so appointed are required to seek re-election al the succeeding annual general meeting. One third of the governors retire at the annual general meeting and, if eligible, are enlilled to be re-elected. Anyone over the age of 18 can become a member of the company and there are currently 7 m8mbers12023 - 7 members). None of the governors has any benethGial interest in the company. All of Ihe governors are member8 of the company and guarantee to contribute £1 in the event of a winding up. Indemnity provision for governors is provided through the school's insurers. The board ol governors adInisterS the chartly and determines the general policy of the school. The board meets half-lermly, reviewing the current management flnanci21 reports and projections, together with the current strategy
Yhe Norihumbrlan Educatlonal Trust Ltd Iopèratlng as Westfleld School) Governors, Repori For the year ended 31 August 2024 con8ideralioNs. There Is a sub-commillee coverlng flnance and general purp0$88 which meels monthly. The Headmaster is appolnted by the governors lo manage the day lo day operallon8 of the charity. To facllilale effeGtlve operations, the Headmaster has delegated aulhorily, wlthln the term8 of delegallon approved by the governors, for operatlonal matters, Includlng flnance, employment and currlculum related activity, The Headmaster has appointed a senior management team whlch assists with the implementation of pollw. Flnanee and Genoral Purposes Commlttee Members laln Greènshields Llz Kelghlley Jackle Rowlgy Senior Managemenl Team Headmaster- N Walker Bsc MA PGCE Dgputy Head- K Qulnii BA Hons PGCE Head ofJunigr Housé- J Dral(e Bed NPQH Head of Sixth Form- Mrs N McGowan BA Hons PGCE Bursar- J Leese FCPFA SENDCO and SeniorTeachgr- E Thompson BSG BD IOUI, PGCE New Governor8 are provlded with induolion training when 81ectedlappolnled lo famillarise them8elve8 with the sohool. In particular, the following areas are covered.. Safeguarding Goverriance ol charitles School polici&s and procedures The above 18 reinforced annually through the inclusion of presentations by school staff at Board meelingg, by 811endance at termly Insel days, ad hoG onsite Iralning (Safeguarding, AGBIS, elc.) and the annua1 re-revlew of school policies, Governors are also assigned a speciflc faculty wilh whom they should co-ordlnate vla the Head of faculty. There are no related party Iransactfons to rep1. Audstor S&W Partn8rs Audll Llmlted were Te-appolnted 88 auditors al the AGM held on 2210412024. Dlsclosure of informatlon to auditor Each of the govemors h3s confirmed that there is no informatlon of whlch Ih8y are aware whlch 18 retevanl lo the audit, but of whlch the audllor is unawar8. They have further confirmed that Ih8y have taken appropriate step8 10 Identify such relevanl Information and to establlsh that the audllor Is aware of such Information. The governors, report was approved by the Board of Governors. J Rowlay
The Northumbrlan Educatlonal Trust Ltd {Operatlng as Wastfl&ld School} Govefnor8' Report For tho year ended 31 August 2024 STATEMENT OF GOVERNORS, RESPONSIBILITIES Th8 Gov8rnor8' Iwho ar8 also direolors of Northumbrtan Educational Tru81 North E8sI for the purpose of Company lawl are responslble for preparing the Governors, Report and the Iln8nclal slalgmenls In accordance wllh applicable law and UnSled Klngdom Accounting Standards (Unlled Klngdom GBnerally Accepted Acoounllng Practl¢el. Company law requlres the Irusleeg lo prepare linanctal 8talemènts for each financial yegr, whlch glve a tru8 and falr vlew of the Slate of affairs of th6 charilgble Company and of the Incomlng r8sourca8 and appllcallon of resources, including the incom8 and exp8ndltur8, of Ihg chaillable company for that period. In pr8pBring these flnanclal slalemenls, Iha Iruslees ore required lo.. selecl suitable accounllng pollcies and then apply them consislenlty,. observe the molhods an(1 prlnclples in the ChaTilles SORP 201 S IFRS 1021., make ludgemenls and esllmales that are reasonable and prud8nl- slate whether applicable UK Accounllng Sl?nd&rds have bean followad, subl8Ct io any m8leTlal departures dlsclosed 2nd explained in the financlal $latemenl$', gnd prepare the linancial slalemènls on the golng conc8rn basls unless 11 is inapproprlale lo wesume that the charil8b18 company wlll continue Sn oparallon. As explained In note 1.2 to th8 Ilnanclal sl4lamants, the Governors have prepared tho flnancial statements on a basis other than going concern. The Ini8lees are responslble for ke9plng aclequal8 accounting records that dl8cIo8e w51h reasonable accuracy al any Ilme Ihe financlal posllion of the charitabl8 company and enablg thom lo ensure that Ihe flnancial statements comply wllh the Companl8s Act 200B. Thay are also rèsponsibl& for safeguardlng th¢ assets ol the Cliarllable company and hence for taking reasonable 8teps for the prev8nlion and d¢leclion of fraud and other Irregularflles. In so f8r as tho Iru8lee8 are aware.. there18 no relevant aud51 Ihfomialion of whlch the charllabla company'8 auditors are unowar8, and the Irusl8È5 have takèn all the steps Ihol Ihey oughl lo have taken lo make Ihem8elve8 aware of any relevanl audll Inlormalion and to eslabllsh that Iha auditor Is awaie of that Informallon, Th18 reFKJrt was approved by the GoveTnors' on .... Signed on behalf of the Board Jacquellne Rowley Chalr
The Northumbrian Educatlonal Trust Ltd (Operating as Westfleld School) Independent Auditors Report to the Governors of The Northumbrlan Educatlonal Trust Ltd For the year ended 31 August 2024 Opinion We have audited the financial statements of The Northumbrian Educatiorbal Trust Limited Ith8 'charilable company'} for the year ended 31 August 2024 which comprise the Statement of Firlancial AclivilEs, the Balance Sheet, the Cash Flow Statement and notes to the financial slalemenls, including a summary of significant acci)unting policies. The fi'nancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting practi), In our opinion the financial statements.. give a true and fair view of the slate of the charitable company's affairs as St 31 August 2024, and of its incDming resources and application of resources. including its Income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnion We conducted our audit in accordancè with International Starsdards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalements section of our report. We are independent of the charitable Company in accordance with the ethical requirements that are relevant lo our audll of the financial slalomenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We bolieve that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo evenlg or conditions that, individually or collectively, may cast significant doubt on the charitable Company's ability to contin@ as a gging concern for a period of at least twelve months from when the financial statements are authorised for Isgue. Our responsibilities and the responsibilities of the trustees with respect lo going concern are described in the relevant sections of this Teport. We have nothing lo report irk this regard.
The Norihumbrian Educational Trust Ltd (Operating as Westfield School) Independent Auditors Report to the Governors ofThe Northumbrian Educational Trust Ltd For the year ended 31 August 2024 other infomiation The Iruslees are responsible for the other information. The other information comprises the information included in the Irustee8' arinual report. other than the financial statements and our audilorfs report Ihereon. Our opiniork on the financial slalements does not cover the other information and, gxcept lo the exlenl otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial slatemenls, our responsibility Is to read the other information and, in doing so, conslder whether the other information is materially inconsislenl the financial statements or our knowtedge obtained in the audit or otherwi8e appear8 to be materially misslaled. If we identify such matertal inconsistencies or apparent material misslalements, we are required lo determine whether there is a material misstatement in the financial statements or a material misstalemenl of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact, Oplnlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report lincorporaling the directors. report) for the financlal year ft)r which the financial statements are prepared is consislenl with the financial slalements", and the directors, report has been prepared in accordance wth apyicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified maleiial Misslatemenls in the directors, report. We have nothing to report in respect of the following mattèrs In relation lo which the Companies Act 2006 requires us lo report lo you il, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns., or ertain disclosures of directors, remuneration specified by law are not rn8de', or we have not received all the informatlon and explanations we require for our audit., or the trustees were not enlilled lo prepare the financial statements in accordance with the small CoMpales, regime and take advantage of the srr>all Gompanies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trLlStees' responsibilities statement set out on page 12, the trustees (who are also the dlrectors of the charitable company for the purposes ol company lawl are resrx)nsible for the preparation of the financial statements and lor being satisfied that they glve a true 3nd fair view, and for such intemal control as the Iruslees determine is necessary lo enable the preparation of financial statements that a free from material misstalemenl, whether dug lo fraud or error. In preparing the financial slstemenls, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going cors¢ern basis of accoL(nting unless the trustees either intend lo liquidate the charitable company or to cease operations, or have no realistic alternative but lo do 80.
The Northumbrlan Educatlonal Trust Ltd Ioperatlng as Westfleld School) Independent Auditors Report to thè Governors of The Northumbrian Educatlonal TrustLtd For the year ended 31 August 2024 Audltor's responsibilltles for the audit of the financial statements We havè bèen appoinled auditor under the companles Act 2006 and we report In acGordance wth this Act. Our obleGllves are to obialn reasonable asguran¢e 8boul whether the finanoial statements a8 9 whole are free from material misstatement, whether due lo fraud or error, and lo Issue an audltor's reporl that Includes our onIOn. Reasonable assuiance is a high level of assurance, bul is not a guarantee that an audll conducted in aocordan¢e wlth ISAS IUKI will always detect a malerlal misglatemenl when it exlsts. Mlsstglements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be exwled t() Influence the economic decisions of users taken on the ba818 of these financial statements. IrregLJlarllies, incltjding fraud, are instances of norFcomplian¢e with laws and regulallons. We design procedures in Ilne with our re8ponsibilitles, oulllned above, to delecl material misslatemenls Ih resp1 of Irregulari119s, Including fraud. The extent lo which our procedures are capable of detecting Irregularities, including fraud, 18 detallgd be50w.
The Northumbrlan Educatlon41 Trust Ltd (Operating as Westfleld School) statement of Financial Activities {includiny the Income Expenditure Account) Forthe ear ended 31 Au ust 2024 We obtalned an understanding ol the legal and regulatory framework applicable lo both the company Itself and the Indu81ry in whlch 11 operates, We idenllfied areas of laws and regulations that could reason8bly be expected lo have a material effect on the financial statements from our sector experknce and through discus8lon wllh the dlreclois and other managemonl. The most slgnificanl were iden1111ed as the Charities Act 2011, Companies Act 2006, UK GAAP (FRS102) and relevant lax leglslalk)n. We considered the exlenl of comtAiance with those laws and regulat1on8 as part of our procedurès on the related linanclal slalemenls. Our audit proGeduies included: confirrr>lng wlh the Iru81ees and management whether they have any knowledge or 8uspicion of fraud., obtaining an understanding of th8 internal controls est8bll8hed lo miligale risks related lo traud or non- compliance with laws and rogulallons. a8sesslng the risk of management overrlde including identifying and lesllng a sample of journal enlrles.. confirmation recelved from the banks to verlfy the balance as on the last day of the accounling year,, rewewng minutes of meetings of those charged with governance,. and ChaIngIng the assumptions and judgements made by management in ils slgnlflcanl accounting eslimales. Our audit did not Idenllfy any key audll mallers rtlaling lo the delec11on of irregularities inclLKllng fmud. However, despile the 8udll being planned and Conducted in accordance with ISAS IUKI there remains an unavoidable rtsk that material misslalemenls in the financlal slalemenls may not be delecled owng lo inhoronl Ilmllallons of the audit, and that by Ihelr very nature, any such instances ol fraud or Irregularily likely involve collusion, lorgery, intentional misrepresenlalions, or the override of internal controls. A lurthor descrlplion of our responsibilities for the audil of the financial statements Is located on the Financial Reporting Council's web811e al,. www.frc.org.uklaLJdllorsresponsibililie8. Thls description forms parl of our auditor's report. Use ol our report This report is made solely lo the charitable company's mem[S, as a body, in 8ccoidance wilh Chapter 3 of Parl 16 01 the Companies Acl 2006. Qur audit work has been undertaken so that we might slate lo the charllable Gompany's members those mallers we are requlred lo slate lo them in an auditor's report and for no other puipose. To the fulle81 extent permillecl by law, we do not accept or 8ssume iesponsibilily lo anyone other than the harilable company and the charitable company's members as 2 body. for our a¢Jdll work, for this rep)rl, or ts the oplnions we have formed. Craig Henderson (Settlor Stoiutory Audltorl For and on behalf ol S&W Partners Audit Llmiteil statutory Auditors .,23Awilo2s.......,.. 17 Queens Lane Newcastle upon Tyne NE1 1RN
Th8 Northumbrian Educational Trust Ltd (Oporatlng as Westfi61d School) statement of Financlal Activlties (Including thg Income and Expenditure Accountj Forthe ear ended 31 August 2024 Unrestricted Unrestrfcted Restricted Fund Funds funds general de81gnated Total 2024 Total 2023 Notes Incomefrom: Charllable actSvlties Investment Income Other Income 2,963,326 7,161 499 507 2,963,833 2,542,230 7,161 2,014 Total Income 2,970,986 507 2,971,493 2,544,244 endit Costs of provldlng education Other costs 2,793,883 99,136 2,140 1,650 2,797,673 2,396,737 99,136 97,500 Total expendltur8 2,893,019 2,140 1,650 2,896,809 2,494,237 Net Incomlng resources before lYansf&rs 77,967 74,684 50,007 Gross Ir8nsfers between fLtnds 51,OQO (51,000) Net Incoming resources 128,967 {53,140) 11,1431 74,684 50,007 Other recognised galns and losses Revaluation of tangible red assets 2,540,000 Net movement in funds 128,967 74,884 2,590,007 Fund balances at 1 September 2023 1,810,653 2,543,392 29,481 4.383,528 1,793,519 Fund balances at 31 August 2024 1,939,620 2,490,252 28,338 4,458,210 4,383,526 The stalsmenl of financial activilles Includes all gains and1088es recognised In the year. All income and expendlture derivo from oontlnulng actilIeS. 14
The Northumbrlan Educatlonal Trust Ltd (Oporallng as Westfi&l(I School) Balance Sheet Asat31Au U5t 2024 Nr)tO5 2024 2023 Flxed assèts Tanglble assets 12 8,317,073 6,447,115 6,317,073 6,447,115 Current as59ts Stock Debtor8 Cash al bank and In hand 13 14 1.822 48,005 519,147 1,891 104,534 100,057 568,974 206,482 ¢redltors: arnounts folllng due wllhln ono yaar 15 { 1,091,359) 1753,288 .1 Not current Ilabllllles 1522,3851 (546,7861 Total assets less current Ilablllugs 5,794,688 6,900,329 Cr¢dltors.' amounts falllng duo after more than one year 16 11,336,478 } 11,516,803) Net a5521s 4,458,210 4,383.526 Income funds Reslricled funds est Icted funds Designated funds Gèneral unrgslrlcled funds 20 28,338 29,481 2,490,252 1,939,620 2,543.392 1,810,853 4,468.210 4,383,526 These financial stalemenls hav8 btren prepared In accordance wllh the provrdlons appllcable lo cgmpanles svbl8¢1 lo tho small companies reglme, Approved by th8 Governors on ........ and slgned on Ihelr behall by.. J Rowlèy Chalr L Keightley Trustee Company Numb8r 00689916 The notes on pages 17 t¢ 35 form part of Ih6s8 financi81 slalemenls 15
The Northumbrian EducatSonal Trust Ltd (Operating as Westfleld School) Cash flow statement For the year ended 31 August 2024 Notes 2024 2023 Cash flows from operatlng actlvltles Cash generated fromllabsorbed by) operations 24 604.903 260,538 Investing actlvitles Purchas8 of tangible fixed assets Interest received (23,5151 7,181 129,001 1 2,014 Net cash (used inllgenerated from Investing activities 116,3541 126,9871 Flnanclng aclivities Repayment of borrowings 1169,459 } 1169,4591 Net cash used in financing activities { 169,4591 1169,4591 Net Idecreasedllincrease in Gash and cash equivalents 419,090 64,092 Cash and sh equivalents at beginning of year 100,057 39,965 Cash and cash equivalents at end of year 519,147 100,057 16
The Northumbrian Educational Trust Ltd (Operating as Westfield School) Note to the financial statements For the year ended 31 August2024 Accountlng PoliGies Charity Information The Northumbrian Educational Tru81 Ltd is a private company limited by guarantee incorpor21ed In England and Wa18s. The regtered office is WestField School, Oakfield Road, Gosforth, Newcastle upon Tyne, NE3 4HS. 1.1 Accounting conventlon The financial statements have been prepared In accordan th Accounting and Reporting by Charities.. statement of Recommended Practice applicable lo charities prep2ring their OUnts in accordance with the Financial Res)orling Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in Oct(Iber 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS q 021, the Charities Act 2011, the Companies Act 20 and UK Generally Accepted Practice. The Northumbrian Educational Trust Ltd meets the definition of a public benefi't under FRS 102. The rinancial statements are prepared under the historical cost convention or transaction value unless otherwise staled in the relevant accounting policy rK)te(81. The financial slstemenls are prepared in Sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these fi'nancial statements are set out below. These policies have been consistently applled to all ye8r8 presented unles5 OtheiSe staled. 1.2 Going concern Al the lime of approving the financlal slal8menls the governors have a reasonable expectation that the school has ad8quate resources to continue in operational exislenco for the foreseeable future which is borne out by the budget and cash flow forecasts for the next 3 years based on conservative estimates of pupil numbers. The governors have continued lo develop strategies for increasing pupil numbers whilst better utilising the school's asset base and have implemented a rigorous cost control programme. Conservative forecasts of pupil numbers in 2024-2025 indicate a surplus for this coming year as do the forecasts for 2025- 2026 2026-2027. Thus, the governors continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Funds Unrestricted funds are 8vailable for use at the discretion of the governors in furtherance of their charitable objectives unless the funds have been designated for other purposes, Designated funds comprise unreslricled funds that have been sel aside by the trustees for particular purposes. Restricted funds are subject lo specific conditions by donors as to how they may be used. The purposes and uses ol the restricted funds are sel out in the notes lo the financial stalemenls. 17
The Northumbrlan Educatlonal Trust Ltd Operating as Westfleld School) Note to the financial statements For the year ended 31 August 2024 1.4 Incoming resources Income is recognised when the school is legally entitled to it after any performan conditions have beerj met, the amounts can be measured reliably, and il is probable that income will be received. Income within charitable acliviliss represents, in the main. school fees re1vable less scholarships, bursaries and discounts. This income together with other operating income is included in the tEriod to which the relevant activity takes place. Income received in advance of the peraod in which the activity lakes ple is included in deferred income. Inveslmernl income is included when receivable by the charity. Grant income is included on a performance mode, being included in the period lo which the activity it relates to occurs, 1.5 Resources expended Resource5 exFense5 are accounted for on an accruals basis and include allribulable VAT which cannot be recovered as the company is not registered for VAT. Charitable activity costs includes expenditure relating lo the operation of the school and includes both the direct costs and support costs relating to this activity. Support costs included n1[al function expendilL(re. Governance costs include those occurred in the governance of the charity and 118 asgels, and are primarily assotrialed with conslltulional and statutory requirements. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured al cost or valuation. net of depreciation and any impairment losses. Tangible fixed assets, excluding freehold land and buildings, are staled al cost less depreciation. Now capital developments are depreciated only when work has been completed and they are brought into use. Expenditure on indwidual items that are over £1,000 and capital in nature are capitalised. Freehold land and blIding5 are carried al valuatlom, With depreciation bèing charged in in the periods between valuation movements. The gain or loss on valuation is taken lo the revaluation reserve I general unreStrted funds as appropriate. The depreciation charged, which is in exces8 of the depreciation which would have been Gharged if the asset was carried at historic Gosl, is subsequently transferred from the General Unreslricled reserves into the Revaluation Reserve. Depreciation is provided at rates calculated to write off the cost less eslimaled residual value of each aggel over its expected uselul life, as follows.. Freehold land and buSldings Equipment over expected LAseful Ilve of 50 years 200/0 reducing balance Icomputer eq1pment 20Vo straight line) 15Oh reducing balance over expected useful lif6 of 5 years Fixture8 & fittings Motor vehicles The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asse( and is recognised in nel incomellexpenditurel for the year. The assets resKlual values and useful life are reviewed, and adjusted as appropriate, al the end of each reporting period. The effect of any change 18 accounted for relrospeclively.
The Northumbrian Educational Trust Ltd Ioperating a$ Westfield School) Note to the financlal statements Forthe year onded 31 August2024 1.7 Fixed asset Investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured al fair value al each reporting dale. Changes in fair value are recognised in nal incomel{expenditure} for the year. Trallsaclion costs are expensed as incurred. 1.8 Impairment of fixed assets Al each reporting end dale, the school reviews the carryirkg amounts of tts tangible ass8ls to determine whether there is any indication that those as8el8 have suffered an Impaimient loss. If any such indication exists, thè rwoverable amount of the asset is estimated in order lo determine the extent of the impairment loss lif any). 1.9 stocks stocks are slated al the lower of cost and net realised value. 1.1 O Dèbtors Trade and other debtors are reC{nised at the selllemenl amount due after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 1.11 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-term IiqLtid investments with original maturities of three month8 or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.12 Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of fund to a third party and the amount due lo sellle the obligation can be measured or estimated reliably. Creditors and provisions are norrnally recognised al their setllemenl after allowing for any trade discounts due. 1.13 Financial instruments The charity only has financial assets and fi'nancial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction valLFe and subsequently measured al their selllement value with the exception of bank loans which are subsequently measured al amorlised cost using the effective interest method. 1.14 Employee benefEts The school operates a defined contr1110n$ ponsion scheme for non-leaching staff and some leaching staff. The cost ol any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benofils are recognised immediately as an expense when the school is demonstrably commitled to terminate the employment of an employee or lo provide termination benefits.
The Northumbrian Educational Trust Ltd Ioperatlng as Westfleld School) Note to the financial statements For the year ended 31 August 2024 1.15 Retiremenl benefits The school operales a defined contributions pension scheme for non-teaching staff 2nd some leaching staff. Contributions are charged in the accounts as they tEcome payable in accordance wlh the rules of the scheme. The school participates in the Teachers, Pension Scheme, which is a slatulory defined benefit scheme for leaching staff only. It is not possible to identify the assets atKI liabilities of the scheme which are attributable lo the school. The charges to the slaletneHI of financial activities is the amount payable in the period. 1.16 Leases Leases are classified as finance leases whenever the temis of the lease transfer substanlially all the risks and rewards of ownership lo the lessees. All other leases are classified as operating leases, Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a fi'nance lease obligalDn. Lease payments are treated as consisting of capital and interest elements. The interest is charged to nel in¢omellexpenditurel for the ye8r so as lo produce a constant periodic rate of interest on the remaining balance of the Siabilily. 1,q7 Concessionary loan The loan lo the school, qualifying as a public benefit entity concessionary loan, due to il being made to advance the charitable purposes for the benefit of the school, is not discounted. Critical accounting estimates and judgements In the application of the school's accounting policies, the governors are required lo make judgements, estimate5 and assumptions atx)ut the carrying amount ol assets and liabililEs that are not readily apparent from other sources. The estimates and aSslated assumptions are based on historical experience and olh8r factors that a considered lo be relevant. Actual results may differ from these estimates. The eslimales and underlying assumptions are reviewed on an ongoing basi8. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future perlod8 where the revision affects both current and future periods. Key sources of estlmation uncertainty Property Valuation The freehold property is included in the accounts at valuation (note 131. Due to the unique nature of the sile the identification of the valuation can be complex and uncertain, as in the event of a sale ol the properly, the disposal value would depend on 1fv8 FxJrcha8ers available at that time and their intentions for the site. The governors review the valuats'on al each year end and take into eonsideralion the latest professional valuation, recent property disposals in the area and any changes iri the site. They consider the current calculation lo be a reasonable estimation of the current value of the site. ?n
The Northumbrian Educational Trust Ltd {Operating as Westfield Sehooll Note to the finanelal statements For the year ended 31 August 2024 Income from charitable activltles 2024 2023 Provision of educational services 2,963,833 2,542,230 Analysis of fund Unrestricted funds- general Restricted funds 2,963,326 507 2,541,767 463 2,963,833 2,542,230 Investments 2024 2023 Interest receivable 7,161 2,014 7,161 2,014 Expenditure on charitable activities 2024 2023 Staff costs Education costs Depreciation and impairment Support and governance wsts Inole 7) 1,754,170 1,212,857 321.330 561,081 26,257 23,364 695.916 599,435 2,797,673 2,396,737
The Northumbrlan Educatlonal Trust Ltd Ioperating as Westfield Schooll Note to the flnanclal statements For the year ended 31 August 2024 Support costs Support costs Governance costs 2024 2023 staff costs Other school costs Premises costs Audit fees Legal and professional 290,699 213.698 128,937 2go,699 213,698 128,937 8,500 54,082 244,413 207,939 124,625 6,800 15,658 8,500 54,082 633.334 62,582 695,916 599,435 Other costs 2024 2023 Financing costs 99,136 97,500 Finance costs is loan interest. Governors None of the governors (or any persons connected wth them) received any remuneration during the year and none of them were reimbursed expenses (2023 - £nil} Analysls of staff costs Staff costs were a8 follows.. 2024 2023 Wages and sa18rie8 Social security costs Other pgnsion costs 1,629,441 154,472 260.956 1,457.270 133,587 259,040 2.044,869 1,849,877 The average monthly number of employees dL¢ring the year was.. 2024 Number 43 17 2023 Number 44 13 Teachinglcalering Support 60 57
The Northumbrian Educational Trust Ltd (Operating as Westfield School) Note to the financlal statements For the year ended 31 August 2024 Analysis of staff costs (Contlnuedj Remuneration and benefits received by key management personnel who constitute the senior management team amounted lo £208,92912022 - £221,283}. The number of employees whose annual remuneration was £60,000 or more were.. 2024 Number 2023 Number £60,000- £70.000 Of the employees whose emoluments exceed £60,000 1 12020 - 11 have retirement benefits accruirng under defined benefits pension schemes. 10. Net movement for the year This is staled after charging: 2024 2023 Depreciation Operating lease expense 153,557 83,033 23,364 88,587 11, Auditor's remuneration 2024 2023 Fees payable to the charlty's auditors for the audit of the charity's anntAal accounts 8,500 6,300 23
The Northumbrian Educational Trust Ltd {Operating a5 Westfield School) Note to the financial statements For the year ended 31 August 2024 2. Tangible fixed assets Freehold Fixtures, Land and fittSngs & Buildings Equipment equipment Molor vehicles Total Cost or valuation Al 1 September 2023 Additions Revaluation 6,365,000 306,626 20,611 377,362 2,904 34.605 7,083,593 23,515 129.7901 129.7901 At 31 Augugt 2024 6,365,000 327,237 380.266 4,815 7,077,318 Depreciation At 1 September 2023 Charge for the year Disposals 265,481 18,956 337.964 6,337 33,033 964 129,7901 636,478 1 $3,557 129,7901 127,300 At 31 August 2024 127,300 284,437 344,301 4,207 760,245 arrying amount At 31 August 2024 6,237,700 42,800 35,965 608 6.317,073 At 31 August 2023 6,365,(K)o 41,145 39,398 1,572 6.447,115 Freehold land and blIding$ are carried using the valuation method, with an independent third- party valLtation being obtained lo determine the fair value of the assets al the reporting dale. The latest valuation of £6,365,000 was provided on 16 August 2023 and the Directors consider that this valuation remains valid based on the lacl that no material changes have been made lo the buildings or premises since that dale and there has been no fall in local market v21ues during this period. The replacement insured cost rose from £12,162,356 on 1 September 2023 10 £12,576,029 on 1 September 2024. Freehold land and buildings have been pledged to secure borrowings ol the school. Thè school is not allowed lo pledge these assets as security for other borrowings or to sell them to another entity, wilhoul the permission or the borrower. 24
The NDrthumbrian Educatlonal Trust Ltd (Operating as Wesffield School) Note to the financial statements Forthe year ended 31 August 2024 13 Stocks 2024 2023 Catering supplies and consumables 1,822 1,891 14 Debtors 2024 2023 Amounts falling due within on8 year: Trade debtors Prepayments and accrued income 27,672 20,333 87,077 17,457 48,005 104,534 15 Creditors: amounts falllng due within one year 2024 2023 Notes 17 Bank loans Other taxation and social security School fees in advance Trade creditors Other creditors Accruals and defeTred income 180,325 54,629 652,125 28,727 41,935 133.618 174,704 59,237 354,257 24,342 44,956 95,772 1,091.359 753,268 25
The Northumbrian Educatlonal Trust Ltd {Operating as Westfield Schooll Note to the flnancial statements For the year ended 31 August 2024 16 Creditors: amounts falling due after more than one year 2024 2Q23 Notes 17 Bank loans Other borrowings 796,478 540,000 886,803 630,000 1,336,478 1,516,803 17 Loans and overdraft 2024 2023 Bank loans Other loans 886,803 630,000 971,507 720,000 1,516.803 1,691,507 Payable within one year Payable after one year 180,855 174,704 1,338,478 1,516.803 The bank loan Is secured by a first legal charge on the school's freehold land and buildings. The loan is repayable in quarterly inslalments, with interest charged al a fixed rate of 6.20/0 The other loan, which is repayable in annual inslalmenls, is secured by a second charge on th6 school's freehold land and building5. This loan qualifies as a public benefit enlily ConSSiOnary loan and as such has not been discounted. Interest is charged al 119 above the Bank of England base lending rated. 18 Financial Instruments 2024 2023 Carrying amount of flnanclal assets Debt instruments measured al amortiseLI cost 27,672 87,077 Carrying amount of financial liabilities Measured at amorlised cost 1,582,669 1,758,643 ?A
The Northumbrian Educational Trust Ltd {OperatiDg as Westfleld Schooll Note to the flnancial statements For the yèar ended 31 August 2024 19 Retirement benpfit schemes Defined contrfbution schemes The h0o1 operates a defined contribution pension scheme for all qualifying employees. The assets of the heme are held separately from those of the school in an independently administered fund. The charge to profil or loss in respect of defined contribution schemes was £23,41612022 - £22,875). Defined benefitscheme Teachers, Pension Scheme Introductlon The Teachers, Pension Scheme (TPS or scheme) is a slalulory, unfunded, defined benefit occupational scheme, governed by the Teachers, Pensions Regulations 2010 las amended), and the Teachers, Pension Scheffle Regulations 2014 {a8 amended). These regulations apply lo leaehers in school8 and other educational establishments, including academies, in England arnd Wales that are maintained by local aulhorities. In addition, teachers in many independent and volunlary-aided schools and leachers and lecturers in some establishments of further and higher education may be eligible for membership. Membership is automatic for full-lime teachers and lecturers and, from 1 January 2007, automatic too for teachers and lecturers in part-time employment following appointment or a Ghange ol contract. Teachers and lecturers are able lo opt out of the TPS. The TÈachers' Pension Budgeting and Valuation Account Although members may be employed by various bodies, theii retirement and other pension benelits are sel out in regulations made under the Superannuation Acl119721 and Public Service Pensions Acl120131 and are paid by public funds provided by P8rliamenl. The TPS is an unfunded scheme and members contribute on a 'pay as you go 'basis- contributions from members, along with those made by employers, are credited lo the Exchequer under arrangements governed by the above Acts. The Teach8rs' Pensions Regulations 2010 require an annual account. the Teachers, Pension Budgeting and Valuation Account, lo be kept of receipts and expenditure lincluding the cost of pension increases). From 1 April 2001, the Account has been credited with a real rale ol return, which is equivalent to assuming that the balance in Ihè Account is invested in notional investments that produce that real rate of return. Valuation of The Teachers, Pension Scheme As a result of the latest scheme valuation (March 20201 published in October 2023 employer Gontribulions will be increased in April 2024 from a rste of 23.680/0 10 26.68 /0. A copy of the latest valLJallon report can be found on the TeachS, Pension Scheme website. ?7
The Northumbrian Educational Trust Ltd Ioperating as Wgstfield School) Note to the flnanclal statements For the year ended 31 August 2024 20 Funds The income lunds of the Gharity indude restricted funds comprising the following unexpended balances of donalions and grants held on trust for specific purposes.. earended 31 Au ust 2024 At1 September Income 2023 At31 Expenditure Transfers Revaluation August 2024 Unrestrieted funds Revaluation Reserve 1,810.653 2.970.986 { 2.893,01g I 2,540.000 51,000 151,0001 1,939,620 2,489,000 Designated funds Juniper House Development 3,392 12.1401 1,252 Total deslgnatéd funds 2,543,392 (2,140} 151,0001 2,490,252 Restricted funds The Prize and Bursary Fund The Old Girls, Association Scholarship and Travel Fund 3.001 (985} 2,016 11,520 507 12,027 14,960 (665} 14,295 29,481 507 11,8501 28.338 Total 4.383,526 2,971,493 12,896,809> 4,458,210 Designatgd Funds Comenius Project- funds provided by the British Consul designed by the governors to be used to enhance the experiences of the girls thrDu9h trips and additional school facilities. Junlor House Development following the re~provisioning of Junior House in the ex-sCien block this fund will be used for addition31 provisioning requirements. 28
The Northumbrlan Educational Trust Ltd (Operatlng as Westfleld School) Note to the financial statements For the year ended 31 August 2024 Reslricted Funds The Prize and Bursary Fund - used lo puichase of prizes and trophies awarded to girts. 11 may also be used for the award of bursaries lo current pupils al the school. The Old Glrl8' Association used to send a copy of the school magazine lo recent old girts. ResoLfrces are also available to finance events which may be arranged from lime to lime. Parents ol all girls in Senior House contribute £1 subscription per term for their daughter's membership of The Old Girls, Association. The Governors, Fund - used to provide financial help to pupils who would not otherwise be able to lake parl in Round Square overseas activities. The fund was set up as a result of donations by members of the board of governors, Scholarshlp and travel fund- used lo award bMQ OI8[ShIpS each year. One scholarship is awarded lo a sixth former for overseas travel and the other gcholarshlp is awarded lo the girl who achieves the best r8suIts in A Level examinations. The Sour of the fund was 8 donation by Professor Alex Crombie, in memory of his wife, who was a founder govemor of the school. The fund is currently invested in a Charities Foundation income fund. 29
The Northumbrlan Educational Trust Ltd Ioperatlng as Westfleld School) Note to the financial statements For the year ended 31 August 2024 20 Funds The income funds of the charity include restricted funds comprising the lollowing unexpended balances of donations and grants held on tru81 for specific purposes.. Year 8nded 31 Au ust 2023 At1 September Income 2022 At31 Expenditure Transfgrs Revaluation August 2023 Unrestricted funds Revaluation Reserve 1,757,388 2,543,781 12,490,516) 1,810,653 .2,540,OOD 2,540,000 Designated funds Comenius Project Junior House Development 6,128 { 6,1281 6,128 12,7361 3,392 Total designated funds 6,128 12,7361 3,392 Restrleted fundg The Prize and Bursary Fund The Old Girts, Associatio Scholarship and Travel Fund 3,986 19851 3,001 11,057 463 11,520 14,960 14,960 30,003 463 {9851 29,481 Total 1,793,519 2,544,244 .12.494,2371 2.540,000 4,383,526 30
The Northumbrian Educatlonal Trust Ltd {Operating as Westfield School) Nota to the financlal statements For the year ended 31 August 2024 21 Analy818 of net assets between funds Year ended 31 Au ust 2024 Unrestricted Deslgnated Restricted Funds Funds Funds 2024 2024 2024 Total 2024 TarvJible aet$ Current asselsllLiabilities) Long term liabilities 3,828,073 2,489,000 1551,975 } 1,252 11,336,478) 6,317,073 28,338 1522,3851 11.336,4781 1,939.620 2,490,252 28,338 4,458,210 rended 31 Au ust 2023 Unrestricted Designated Restricted Funds Funds Funds 2023 2023 2023 Total 2023 Tangible assets Current assel8llLiablliliesl Long term liabiliiies 3,907,115 2,540,000 1579,659 1 3,392 11,516.8031 6,447,115 1546,7861 11,516,803) 29,481 1.810,653 2,543,392 29.481 4,383.526 22 Operatlng lease commitments Al the reporting end dale the school had outstandlng commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2024 2023 Within one yeai Between two and five years 55,383 27,650 53,298 35,290 83,033 88,588 23 Related party transaetionts There were llo related party transactions during the year12023 - none).
The Northumbrlan Educational Trust Ltd {Operating as Westfleld School> Note to thg financial statements For thÈ yèar ended 31 August 2024 24 Cash generated from operations 2024 2023 Nel incoming resources before valuation gains 74,684 50,007 Adjustments for.. Depreciation of tangible fixed assets Interest receivable 153.557 23,364 (23,515 } 12,0141 Movements in working capitsl.. Decreaselllncreasel in stocks DecreaselllnGreasel in debtors Increaselldecreasel in creditors 69 56,529 507,550 1,224 22,741 1e5,216 Cash generated fromllabsorbed by) operations 612,064 260,538 25 Analysis of changes in nèt debt At1 Sep 2023 Cash At 31 Aug flows 2024 Long term borrowings Short term borrowngs 11,516,803) 180,325 { 1,336,478) 1174,704 1 15.6211 1180,3251 Total liabilities Cash and cash equivalents (1,691,507) 100,057 174,704 11,516,803) 419,090 519,147 11,591,450) 593,794 1997,656 } 32
The Northumbrian Educational Trust Ltd (Operating as Westfield School) Note to the financial statements For the year ended 31 August 2024 26 Statement of Financial actlvltles as at 31 August 2023 Unrestricted Unrestricted Restricted Fund Funds funds general deslgnated Total 2023 Total 2022 Notes Income from.. Charitable activities Investment Income 2,541,767 2,014 463 2,542,230 2,485,085 2,014 169 Total Income 2,543,781 463 2,544,244 2,485,254 Ex enditure on: Costs of providing education other costs 2.393,016 97,500 2,736 985 2,396,737 2,345,074 97,500 80,859 Total expendlture 2.490.516 2,736 985 2,494,237 2.425,933 Not incoming resources before transfers 53.265 12,736 } 15221 50,007 59,321 Gross transfers between fvnds Net Incoming resources 53,265 12,7361 15221 50,007 5g,321 other recognised galns and losses Revaluation of tangible fixed assets 2,540,000 2,540.000 Net movèment in funds 53,265 2,537,264 1522) 2,590.007 59,321 Fund balances al 1 September 2022 1,757,388 6,128 30,003 1,793,519 1,734,198 Fund balances at 31 August 2023 1,810,653 2,543,392 29,481 4,383,526 1,793,519 33