Charity Registration No.. 528143 Company Registration No.: 00669916 IEngland and Wales) The Northumbrian Educatlonal Trust Ltd (Operating as Westfield School) Annual Report and Financlal Ststements For the year ended 31 August 2025
The Northumbrlan Educational Trust Ltd (Operating as Westfield Schooll Legal and administrative details Governors l Greenshields L Keightley A Dowie K Bainbridge J Rowley K Mclaughlin L Solly Resigned 15 April 2025 Charity number 528143 Company number 00669916 Reglstered office Westfield School Oakfield Road Gosforth Newcastle upon Tyne NE3 4HS Auditor S&W Audit 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 Northumbrian Educational Trust Ltd Ioperating as Westfield School) Contents Page Governors, report Independent auditor's report 10-13 Slalemenl of financial activities 14 Balance sheet 15 Statement of cash flows 16 Notes to the financial slalemenls 17-33
The Northumbrian Educational Trust Ltd (Operating as Westfield School) Governors, Report For the year ended 31 August 2025 The governors are pleased to present their report and accounts for the year ended 31 August 2025. The accounts have been prepared in accordance wth the accounting policies sel out in note 1 to the accounts and comply with the school's memorandum and articles of association, the Companies Act 2006 and Accounting and Reporting by Charities.. Slalemenl of Recomrnended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended for accounting periods commencing from 1 January 20161. Objectives and activities The charity's objectives are. as set out in the memorandum and articles of association, to run a school where pupils will obtain a high standard of education. The policies adopted in furtherance of these objects are the running of Westfield School for girls in the age range 3 10 18. Facilities appropriate to the age of pupils are provided in Junior House {age 3 to 11} and Senior House lage 11 10 181 and. as these are separate buildings on the same site, ftjll integration as a single school is achieved. A well-planned and balanced curriculum is laughl in both Junior House and Senior House. In Senior House, girls are prepared for a wide range of subjects at GCSE. After GCSE, the majority of girls progress to the Sixth Form where they are able lo choose from a full range of subjects al A level. both traditional academic 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 rnelhods are a careful blend of the traditional and the best in new ideas, while a variety of extra- curricular activities supplement the broad curriculum. Classes are kept small to ensure individual excellence in a variety of other spheres. Westfield is a member of Round Square, a worldwide association of like-minded schools based on the philosophy of Kurt Hahn who founded Gordonsloun School, Scotland (further details on page 31. Entrance to the school is non-selective. All entrants to Senior House sil an assessment in English and Maths. We are proud that our girls leave as maluie, thoughtful, well-rounded and interesting young women in line with our all-round educational ethos, and this year was no exception. The governors have paid due regard lo guidance issued by the Charity Commission 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 to affect employees, inleresls. Information on mallers of concern lo employee8 is given through staff meetings and reports. Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of member5 of staff becoming disabled, every effort is made lo ensure that their employment wlhin 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 lo that of other employees Achievements and Performance Academic erformance This academic year saw a full programme of GCSE and A level examinations. The proportion of grades was lied, nationally, lo 2019 levels.
The Northumbrian Educational Trust Ltd (Operating as Westfield School) Governors, Report For the year ended 31 August 2025 A Level Overall Headlines.. A. E = 93 % 12024- 100Q/o, 2023 - 100 /0) A' A- 240A12024 210A, 2023_ 24Uhl A" B = 4001¢12024- 44 %, 2023- 390/0} A. C - 710/012024- 720/0, 2023 - 76Yol GCSE Overall Headlines.. 9 _ 4 = 920/012024 - 860/0, 2023 - 940kn1 9- 5 74'/012024 _ 680/0, 2023 _ 800/01 9_ 7 28QA12024 - 25'/o, 2023 - 360/01 5+ 9- 4 with E&M = 9001012024 - 850kn, 2023 - 880A} 5+ 9- 4 = 93°h12024- 88 /0, 2023 - 98Okl The headline figures show that the number of candidates achieving 5 or more passes was up considerably in comparison with the last cohort. The overall performance - as measured by 5+ GCSES including English and Maths - is an exlIent outcome and demonstrates the success that Westfield had as a result of the work put in by teachers. After a full curriculum review lo ensure that our offer remained appropriate looking fOardS, a new Sixth Form subje¢l, Medical Science, was introduced lo the STEM faculty. This has proven to be very popular and a number of Upper 6 (Year 131 girls also completed an AS qualification in one year in the subject. Junior House Junior House is split into two sections.. Brighlslart (Nursery, Reception and Key Stage 11 and Prep (Key Stage 2}. The flexibility of Brighlslart with mixed age groupings allows for a more skills-based approach rather than Sclivilies being dictated by age. Exciting new areas for nursery were developed with both indoor and OLJldoor play emphasised along with a lighter focus on establishing the foundations of early skills including a new reading scheme. In Prep, year groups have their own class teacher with some subjects being delivered by specialists from Senior House. Alongside this conlinuily of education, the advantages of having specialist teachers delivering specialist subjects are seen to stretch and challenge the girls in their learning. There has been a full curriculum review lo prepare for the addition of boys and new extra-curricular activities were introduced in readiness. Round Square The school's membership of Round Square continues to create opportunities for the entire school with the curriculum encompassing the six pillars of the Round Square"IDEALS° of Inlernalionalism, Democracy. Environment, Adventure, Leadership and Service. Girls learn lo think creatively, to recognise each other's strengths and talents and inspire each other to work together lo achieve common goals. Round Square allows opportunities for our pupils to broaden their horizons by meeting with other schools. visiting other countries and embracing different cultures. This includes the Round Square Exchange programme which has included gids visiting Australia and Korea for 5 weeks each with their exchange partners joining us in the UK. Further exch8nges are also arranged for 2024-25. We continue to work with schools across the UK and around the world utilising both on-line and in person opportunities. This mixture of virtual and face-to-face activity enables greater levels of participation regardless of ability lo pay. We have continued to lead on the Heroes of Discovery, a primary character development programme focused on the 12 aspects of the Discovery Framework, which is now fully embedded across Junior House. The Headmaster also attended the symposium in London in January 2025 including visits lo other Round Square schools.
The Northumbrian Educational Trust Ltd Ioperating as Westfield School) Governors. Report For the year ended 31 August 2025 In November 2024 our annual Round Square Fundraising afternoon helped raise funds lo sponsor our sluderil at Slarehe Girls School in Kenya. Each form planned a fundraising activity and assisted with the logistics of the afternoon. Trips With the increase in girls not being allowed to spend nights away from home for cultural reasons, Westfield moved to running adventure days for every year group rather than residential trips. Every year group in Senior House went to Whickham Thornes in September for adventure arjd bonding activities and Key Stage 2 took their annual residential trip to Ford Castle in May 2025. Aside from these, there are weekly Forest School and Beach School classes and curriculum subjects include trips when possible for example Geography field trips, theatre trips, sports tours and a ski trip. Junior House took the girts on trips to the Ihealre, 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 fi'eld. Duke of Edinburgh Bronze Duke of Edinburgh continues to be popular wlh Lower 5 (year 101. Creative and Performing Arts The Creative and Performing Arts continue lo p18y a key role in the development of character at Westfteld. This year saw many girls performing on instruments, singing and taking part in the school orchestra in our musical soirees in winter and summer and singing carols at a number of public venues. A very successful production of Footloose was performed at Northern Stage la professional theatre in Newcastle) in conjunction with NeKaslle School for Boys in March. This included the participation of many pupils both on stage and in backstage and technical roles. The art department held an exhibition of the girls, GCSE and A level work in Fine Art, Textiles and Graphic Design this year. Stretch and Challenge As parl of the drive lo increase academic challenge and ownership of learning, the school has introduced challenge days across year groups and a set of independent challenges known as 'The List, which girls complete in their own time. House challenge assemblies occur fortnightly and every half term a year grouplkey stagelwhole school off timetable event OCCLJrs. These have proven very popular with pupils and have seen a whole school Eurovision contest (including creating tourist information for the relevant counlryl, a frittata contest and a summer Science Fair among many others which lead the girls lo gain skills in leadership, problem solving, lenacily and crealivily, The opportunity for all pupils to demonstrate independent learning, academic challenge and the ability lo bounce back from failure is a very important embodiment of our ethos of success for all. The prominence of a House Point system and an Exhibition of Excellence recognise those pupils who have faced challenges and succeeded through ingenuity and perseverance. Extracurrlcular activities A full programme of activities is available to the girls across all year groups, taking place before and after school as well as al lunchtime. Through the year, over 40 different clubs and societies taking place each week including.. chess club-, write now Icrealive writing),. well-being Wednesdays., trampolining., cookery,. clay club,, and robotics. Our aim is for every girl up lo the age of 15 to take parl in at least 3 clubs per week and for GCSE and above pupils lo participate in at least 2 non-curriculum related clubs. Public Benefit Westfield School provides education to pupils who would otherwise be educated in the maintained school sector at the Government's expense. However, the board of governors recognises that il has wider responsibilities to the community at home and abroad. The school welcomes pupils from diverse religious, ethnic and financial backgrounds and aims lo maintain its academic excellence coupled with a non-elilisl atmosphere, which is highly valued by both parents and pupils. There are four main sub-sections lo the public benefi't programme..
The Northumbrian Educational Trust Ltd (Operating a5 Westfield School) Governors, Report For the year ended 31 August 2025 the provision of bursaries and scholarships paTlnership5 and collaboration community services direct charitable giving The governors have had regard to the Charity Commission guidance on public benefit. Partnerships and collaboration The school has links with the neighbouring old people's home and acts as a designated 24 hour'safe location, for the residents in case of an emergency situation. Our partnership with Newcastle School for Boys INSBI continued with shared teaching in the Sixth Form. Boys attend classes in some subjects at Westfield and our girls allend different subjects at NSB. In addition, enrichment qualifications were offered.. a sports leader award and the Extended Project Qualification both worth half an A Level. The leaching of these was split between the two schools. Communlty links Westfield School is keen to support and engage with the wider community. Charitable activities are undertaken throughout the year, both al home and abroad, as part of Round Square Service. We sponsor a girl to complete their education al the Starehe Girls, School in Nairobi as well as providing education to a refugee from Ukraine. Girls are able to 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 act as governors al local state-funded schools or academies. There is an active policy of making the school's facilities available outside school hours lo local organisalions. The North East Sports Camp offers holiday club activities, and the school is also still used as a polling station during local and General elections. We aim to reach more organisalions in the coming year. We continue to grow our GCSE Further Maths Oulrea¢h programme which is benefilling students from local schools. Last year we offered 5 classes per week13 face to face including one taught at The Royal Grammar School and 2 virtuall to over 100 pupils from 14 different schools. We have over 65./. female pupils in order to boost the uptake of women in STEM careers. We provide transport to the in-person classes and, for those who travel 8 long distance, transport home, as well as paying the exam lees on request. Non-linancial charitable activities also took place, including.. The choirs performing in Asda, Gosforth and the Grainger market al Christmastime Receipt and coordination of foodstuffs for the People's Kitchen Bursaries 11 has always been the policy of the governing body that the distinctive all-round education offered by the school should not be reslricled lo only those families who can afford fvll fees. Bursaries may be awarded to new enlranls and to existing girls. Bursaries are means tested and reviewed annually. The school changed the emphasis of fee remissions to only offering means tested support. In the year ended 31 August 2025 Wesllield School gave fee remissions for 68 bursaries and scholarships equating 10 £438,053 12024 - 95 amounting to £491,386). This equates lo 16.810/0 of fee income 12024 - 18.16D/ol. Of this, means-lested bursaries account for £376,418 or 730/0 of all fee remissions12024 - £395,859 or 70 /ol. Overall, 27Q/o of pupils have some level of bursary support.
The Northumbrian Educatlonal Trust Ltd (Operating as Westfield School) Governors, Report For the year ended 31 August 2025 To attract pupils who would benefit from an education al Westfield, the school advertises widely in the local community. Charitable giving Charity fundraising events have taken place this year and within school we raised £3,44312024- £3,199.47). This was donated to charities as follows.. Poppy Appeal Slarehe School in Kenya Macmillan's Nurses Save the Children Peoples Kitchen Unesco Newcastle Women's Day WalerAid Children's Cancer Vitsl Voices Financial Review The governors report that the school realised a deficit before the revaluation of properties of £46,828 in the year ended 31 August 2025. The principal source of funding is the school fees received for the provision of educational services. A small amount of additional income is provided through lettings, although thi5 only amounted lo £13,177 in the year ended 31 August 2025. Golng Concern The governors have recognised the need to ensure that the school operates efficiently and effectively and maintains a healthy and sustainable cash flow and manageable debt provision. However, the imposition of 20O/D VAT on luilion fees together with the abolition of business rates relief, has affected the affordability of an independent edLJcalion, and pupil numbers are lower as a result. Whilst the governors have continued to develop strategies for increasing pupil numbers whilst beller ulilising the school's asset base and have implemented a rigorous cost control programme the reduced pupil nLJmbers have had a significantly negative impact on the proftlabilily of the school and the maintenance of a positive cash balance. Consequently, the Governors have entered into discussions with Newcastle Royal Grammar School with a view to a merger and a merger deed has been signed by both parties. Subject lo adherence with the merger deed conditions the eslimaled completion dale for the merger is 31 May 2026 al which lime The Northumbrian Educational Trust Ltd will be wound up. Therefore, the governors have prepared the financial statements on a basis other than going concern. No adjustments have bèen made lo the financial slalemenls. Reserves Policy Note 20 of the financial statements shows the net assets by category attributable lo the various funds. Reslricled funds amount lo £25,47512024- £28,338) and unrestricted funds £1,947,707 {2024- £1,939,620) The governors keep under review the charity's needs for reserves in line with the guidance issued by the Charity Commission. Mindful of the need to utilise reserves to support and enhance the charitable purposes of the company, in the short term the board's policy is to continue lo ulilise ils reserves and invest in capital developments Within the school in terms ol both additions to and improvements in facilities. The governors keep under review the charity's needs for reserves in line with the guidance issued by the Charity Commission. Mindful of the need to ulilise reserves lo support and enhance the charitable purposes of the company,
The Northumbrian Educational Trust Ltd (Operating as Westfield School) Governors. Report For the year ended 31 August 2025 in the short term the board's policy is to continue lo utilise ils reserves and invest in capital developments within the school in terms of Ixjlh additions lo and improvements in facilities. The school owns and occupies an extremely allractive sile in central Gosforth. This site offers not only an excellent location but an exceptionally good range of facilities, space and development options. This sile was professionally valued al £6,295m in 2025 based on market value. 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 medium to long term the board will endeavour lo build reserves by means of annual operating surpluses arising from incieased pupil numbers and continued cost control measures, thereby maintaining the charity's commitment lo pupils and meeting ils financial obligations. Investment Policy The board of governors, policy is lo credit cash received from all sources, unless specifically instructed, lo the main school bank account. There is a business accountwhich earns a nominal amount of interest lo which all surplus monies labove £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 scheme the school's bank balances have risen sufficiently to enable investment of £250,000 on 32-day short term deposit as al 31 August 2025. There are no reslriclions upon the charitable company's powers to invest. Risk Factors The governors have assessed the major risks lo which the school is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks, which include.. Local competition fees level Safeguarding Cost conlainmenl Staff recruitment and retention Changing economic circumstanS of local population Iparentsl Academic achievement Political situation le.g. the imposition of VAT on fees, elc.) 11 should be noted that the Governors decided to pass on the full amount of the 20010 VAT imposition on tuition fees lo parents with effect from 1 January 2025 and parents were advised of this decision in August 2024. Detailed consideration of the risks is delated to the Finance and General Purposes Committee. Risks are identified and assessed, and controls established IhroughoLJI the year. A formal review of the risk management is undertaken regularfy. The key controls include.. formal agendas for all Iwice-termly board meetings and monthly Finance & General Purposes committee meetings comprehensive strategic planning, budgeting and management accounting wlh monthly reports the maintenance of 8 risk register, which identifies risks faced by the charity. The register is regularfy updated and reviewed formal written policies, with clear aulhorisalion and approval levels velling procedures as required by law for the protection of children Through the risk management processes established by the board, goveinors are satisfied that the major risks identified have been adequately miligaled where necessary.11 is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. 21 out of 35 leaching staff are members of the Teachers, Pension Scheme, an unfunded defined benefit occupational pension scheme, contribution rates to which are determined by the Secretary of Slate. The latest published actuarial
The Northumbrlan Educational Trust Ltd (Operating as Westfield School) Governors. Report For the year ended 31 August 2025 valuation at 31 March 2020 (published on 26 October 20231 indicated a whole scheme notional past service deficit of £39.8 billion. This report prescribed changes in Employer's contributions from 23.680/0 to 28.68Q/o Wlth eff1 from ApTiI 2024. The remainder of leaching1141 and non-leaching staff1221 are enrolled in DC schemes where appropriate. The key objectives in the school's development programme include the following.. lo a¢¢epl boys into Junior HoLJse from September 2025 lo increase pupil numbers wlhoul jeopardising academic performance or affecting pastoral care lo balance a high level of academic achievement with a broad curriculum, supported by an effective pastoral care system lo widen public access lo the school in terms of bursaries, as far as possible, within the conslrainls of the level of funding available as an independent education provider, without the benefi't of endowment funding lo promote the school's links with the local and wder community through community services and other academic, sporting 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 having any share capital. 11 is governed by ils memorandum and articles of association. There have been no changes during the year. It is registered as a charity with the Charity Commission. Individual members of the governing body constitute directors of the company for the purFX)ses of the Companies Act and governors of the charity for the purposes of the Charities Act. The governors, 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 Icantab) Elected Liz Keightley BA (Honsl Elected Keiran Maclaughlin MA (Honsl Resigned 15 April 2025 Lucilla Solly Elected Clerk to the governors- Joseph Leese FCPFA The board of governors is empowered to appoint new governors to the board to fill casual vacancies. All governors so appointed are required lo seek re-election at the succeeding annual general meeting. One third of the govemors retire al 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 6 members {2024 - 7 members). None of the governors has any beneficial interest in the company. All of the governors are members of the company and guarantee lo contribute £1 in the event of a wnding up. Indemnity provision for govemors is provided through the school's insurers. The board of governors administers the charity and determines the general policy of the school. The board meets half- lermly. reviewing the current management financial reports and projections, together with the current strategy considerations. There is a sub-committee covering finance and general purposes which meets monthly. The Headmaster is appointed by the governors to manage the day to day operations of the charity. To facilitate effective operations, the Headmaster has delegated aulhorily, within the lemis of delegation approved by the governors, for
The Northumbrian Educational Trust Ltd (Operating as Westfield Schooll Governors, Report For the year ended 31 August 2025 operational mallers, including finance, employment and curriculum related activity. The Headmaster has appointed a senior management team which assists with the implementation of policy. Finance and General Purposes Committee Members lain Greenshields Liz Keighlley Jackie Rowley Senior ManagementTeam Headmaster- N Walker Bsc MA PGCE Deputy Head - K Quinn BA Hons PGCE Head of Junior House- J Drake Bed NPQH Head of Sixth Form- H Morell Bsc Bursar- J Leese FCPFA SENDCO and Senior Teacher- E Thompson Bsc BD IOU). PGCE New Governors are provided with induction training when elecledlappointed to familiarise themselves with the school. In particular, the following areas are covered.. Safeguarding Governance of charities School policies and procedures The above is reinforced annually through the inclusion of presentations by school staff al Board meetings, by allendance al termly inset days, ad hoc onsite training Isafeguarding, AGBIS, elc.) and the annual re-review of school policies. Governors are also assigned a specific faculty th whom they should co-ordinate via the Head of faculty. There are no related party transactions to report. Auditor S&W Audit were re-appointed as auditors at the AGM held on 2210412025. Dlsclosure of information to auditor Each of the governors has confirmed that there is no information ofwhich they are aware which is relevant lo the audit, bul of which the auditor is unaware. They have further confirmed that they have taken appropriate steps lo identify such relevant information and to establish that the auditor is awao of such information. The governors, report was approved by the Board of Governors. J Rowley
The Northumbrlan Educatlonal Trust Ltd Iopgratlng as Westfield School) Governors, Report For the year anded 31 August 2025 STATEMENT OF GOVERNORS. RESPONSIBILITIES The GoveTnors' (who are also directors of Northumbrian Educational Trust North East for the purpose of company law} are responsible for preparing the Governors, Report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Iruslees lo prepare financial slalemenls for each financial year, which give o true and fair view of the stste of affairs of the charitable wmpany and of the incoming resources and application of resources. including the income and expenditure, of the charitable company for that pe¥iod. In preparing these financial slalemenls, the trustees are required to.. se18Ct suitable accounting po1ieies and then appty Ihgm consislenlty., observe the methods and principles in the Charities SORP 201 S IFRS 1021., make judgements and eslimales that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed, subject to any molerial departures disclosed and explained In the finaneial slalements., and prepare the financial slalemenls on the going concern basis unless 11 is inappropriate lo presume that the charitable company will continue in operation. As explained in note 1.2 to the fSnancial slalem8nls. the Governors have prepared the financial statements on a basis other than going concein. The Iruslees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any lime the finar)cial position of tho charitable company and enable them lo ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hènce for taking reasonable steps for the prevention and delecllon of fraud and other irregularities. In so far as the Iru$legs are aware.. there is no relevant audit information of which the charitable company's auditors are unaware, and the trustees have taken all the steps that they ought lo have taken lo make themselves aware ol any relevant audit infomalion and to establish that the audilgr is aware of that inlormation. This report was approved by the Governors, on 10. 1. 2016 Signed on behalf of the Board Jacqueline Rowloy Chalr
The Northumbrian Educational Trust Ltd (Operating as Westfield School) Independent Auditors Report to the Governors ofThe Northumbrian Educational Trust Ltd For the year ended 31 August 2025 Opinion We have audited the financial slalemenls of The Northumbrian Educational Trust Limited Ilhe'charilable company'} for the year ended 31 August 2025 which comprise the Slalemenl of Financial Aclivilies. the Balance Sheet, the Cash Flow Statement and notes lo the financial slalemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom AccoLJnting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 August 2025, and of its incoming resources and application ol resources, including ils 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. Basls for opinion We conducted our audit in accordance with Internation81 Standards 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 statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial slalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Emphasis of Matter- Not Going Concern We draw attention lo note 1.2 of the financial statements, which explains that the financial slalemenls have not been prepared on a going concern basis for the reasons set out in that note. Our opinion is not modified in respect of this matter. Other Information The Iruslees are responsible for the other information. The other information comprises the information included in the trustees, annual report, other than the financial statements and our auditor's report Ihereon. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial statements, our iesponsibilily is lo read the other information and, in doing so. consider whether thè other inforrllation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether there is a material misslatemenl in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misslalement of this other information. we are required lo repoil that fact.
The Northumbrian Educatlonal Trust Ltd (Operating as Westfield School) Independent Auditors Report to the Governors ofThe Northumbrian Educational Trust Ltd For the year ended 31 August 2025 Opiniong 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 Iruslees. report lincorporaling the directors, report) for the financial year for which the financial statements are prepared is consistent with the financial slatemenls,. and the directors, report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report. We have nothing lo report in respect of the following matters in relation lo which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of directors. remuneration specified by law are not made.. or we have not received all the information and explanations we require for our audit-, or the trustees were not entitled to prepare the financial slalements in accordance with the small companies, regime and lake advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the Iruslees, responsibilities statement sel out on page 12, the trustees (who are also the directors of the charitable company for the purposes ol cornpany law} are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of fi'nancial slalemenls that are free from material misstatement. whether due to fraud or error. In preparing the financial slalemenls, the Iruslees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, mallers related to going concern and using the going concern basis of accounting unless the Iruslees either intend lo liquidate the charitable company or lo cease operations, or have no realistic alternative bul to do so. Auditor's responsibilities for the audit of the financial ststements We have been appointed auditor under the companies Act 2006 and we report in accordance with this Act. Our Objectives are lo obtain reasonable assurance about whether the financial slalements as a whole are free from material misslalemenl, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstatement when it exists. Misslatemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these ftnancial statements. Irregularities, including fraud. are instances of non-complian with laws and regulations. We design procedures in line with our responsibilities. outlined above, to delecl material mi5Statemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed bèlow.
The Northumbrian Educational Trust Ltd (Operating as Westfield School) IndependentAuditors Report to the Governors of The Northumbrian Educational Trust Ltd For the year ended 31 August 2025 We obtained a general understanding of the company's legal and regulatory framework through enquiiy of management concerning their understanding of relevant laws and regulations, the entity's policies and procedures regarding Compliance, and how they identify, evaluate and account for litigation claims. We also diew on our existing understanding of the company's industry and regulation. We understand that the company complies wth the framework through.. Engaging external legal professionals as required and making changes to internal procedures and controls as necessary. The directors. close involvement in the day-lo-day running of the business, meaning that any liligalion or claims would come to their attention directly. Moniloiing of updates made by iegulalory bodies. In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are cenlffil lo the company's ability lo conduct ils business, and where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the company.. The Companies AGt 2006 and FRS 102 in respect ofthe preparation and presentation ofthe financial stalemenls. The Charities Act 2011 and the Charities.. Statement of Recommended Practice in respect of the preparation and presentation of the financial statements. The Education and Inspections Act 2006 and associated regulations enforced by Independent Schools Inspectorate, where applicable, in respect of compliance with Slatulory requirements for educational provision and safeguarding standards. We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above..
The Northumbrlan Educational Trust Ltd {Operating as Westfield School) statement of Financial Activities (including the Income and Expenditure Account) For the year ended 31 August 2025 Making enquires of trustees and management as lo where they consider there lo be a susceptibility to fraud and whether they have any knowledge or suspicion of fraud., Obtaining an understanding of the intemal controls established to miligale risks related lo fraud or non- compliance with laws and regulations., Reviewing the minutes of meetings of those charged wlh governance., Reviewing any reports and communications issued by Independent Schools Inspectorate and Reviewing a sample of legal and professional fees to ensure that any claims. litigation or other Complian related mallers were identified and appropriately disclosed. The sernior statutory partner led a discussion with senior Members of the engagement team regarding the susceptlbllky of the entity's financial statements lo maleri81 mlsstatement, including how fraud might occur. The areas identified in this discussion were.. Manipulation of the financial ststemenls via fraudlllenl journal entries and management overriding controls. The incorrect recognition of fee revenue from fraud or error, around the period end. The incorrect recognition of grants and donations resulting in the income being recognised in the incorrect accounting period. The risk that the assumptions adopted in the valuation of the land and building tangible fixed assets are nappropriale. resulting in an inappropriate valuation being adopted. These areas were communicated lo the other members of the engagement team not present al the discussion. The proGedures we carried out to gain evidence in the above areas included.. Performed data analytics on the general ledger against client specific criteria Selected a sample of journal entries using client specific risk criteria and agreed lo supporting evidence Recalculation of fee income for a sample of pupils throughout the year which was compared wlh actuals to ensure fee income was complete, accurate and occurred in the financial year. Obtained third party evidence fora sample of grants and donations, lo ensure that il was appropriate to recognise the income in the financial slalemenls in accordance with the PTinciples of the SORP. Obtaining and evaluating the third party valuation of the fixed assets properties and challenging the assumptions adopted for reasonableness. Use of our report This report is made solely to the charitable company's members, as a body, In accordance with Chapter 3 of Part 16 of the Companles Act 2006. Our audit work has been undertaken so that we Mh1 stale to the Ghaiitable company's members those mallers we are requireil lo state to them in an auditor's report and for no other purpose. To the fullest extent pem)itled by law, we do not accept or assume responsibility to 2nyone other than the charitable Gompany and the charitable Company's members as a body, for our audit work, for this report, or for the opinions we have formed. C ww0LLb-- Craig Henderson (Senlor Statutory Auditor) For and on behalf of S&W Audit Statutory Auditors Chartered Accountants 17 Queens Lane Newcastle upon Tyne NE11RN
The Northumbrian Educational Trust Ltd {Operating as Westtield School) Statement of Flnanclal Actlvities (including the Income and Expenditure Account) For the year ended 31 August 2025 Unrestricted Unrestricted Restricted Fund Funds funds general de8lgnated Total 2025 Total 2024 Notes Income from: Charitable activities Investment Income Other income 2,903,985 14,149 139 2,904,124 2,963,833 14,149 7,161 499 Total Income 2,918,134 139 2,918,273 2,971,493 Ex enditure on: Costs of providing education Other costs 2.876,784 84,063 1,252 3,002 2,881,038 2,797.673 84,063 99,136 Total expenditure 2.960,847 1,252 3,002 2,965,101 2,896,809 Net incomlng resources before tran$fers 142,713) { 1,2521 12,8631 (46,8281 74,684 Gross transfers between funds 50.800 { 50,8001 Net Incomlng resources 8,087 152,0521 12,863 } 146.8281 74,684 other recognised gains and losses Revaluation of tangible fixed assets 184,600 Net movement in funds 8,087 132,548 12.8631 146,8281 74,684 Fund balances at 1 September 2024 1,939,620 2,490,252 28,338 4.458,210 4,383,526 Fund balances at 31 Augus 2025 1,947,707 2.622,800 25.475 4,595,982 4,458,210 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditu derive from continuing aclivilies. 14
The Northumbrian Educational Trust Ltd (Operating as Westfleld School) Balance Shget As at 31 August 2025 Notes 2025 2024 Fixed assèts Tangible assets 12 6.382.346 6.317,073 6.382.346 6.317,073 Current assets Stock Debtors Cash al bank and in hand 13 14 3.327 123.079 306.130 1,822 48.005 519,147 432.536 568.974 Creditor$- amounts falling due withln ong year 15 11.069.377) 11,091,359) Net current liablllties 1636,841 } 1522.3851 Total assets less current IlabSlltles 5,745,505 5.794,688 Crgdltors: amounts falllng duo after more than one year 16 { 1,149,523 } 11,336,478) Net assets 4,595,982 4.458,210 Income funds Restricted funds Unrestricted funds Designated funds General unrestricted funds 20 25,475 28.338 2.622.80tr 1,947.707 2,490.252 1,939.62Q 4.595.982 4,458,210 These financial slatemenls have been prgpared in accordance with the provisions applicable lo companies subject lo the small companies rogime. 1. 201 Approved by the Governors on .......................... and signed on their behalf by.. J Rowley Chalr L Kelg tley Trustee Company Number 00669916 The notes on pages 17 10 33 form part ofthese financial slalemenls 15
The Northumbrian Educational Trust Ltd (Operating as Westfield School) Cash flow statement For the year ended 31 August 2025 Notes 2025 2024 Cash flows from operating activities Cash generated (absorbed byllgeneraled from operations 24 124,1431 604,903 Investing activities Purchase of tangible fixed assets Interest received 133,5641 14,149 123,5151 7,161 Net cash {used inl Investing activities 119,4151 116.3541 Financing activities Repayment of borrowings 1169,4591 1169,4591 Net cash used in financing activities 1169,4591 1169,459) Net {decreasellincrease In cash and cash equivalents 1213,017) 419,090 Cash and cash equivalents al beginning of year 519,147 100,057 Cash and cash equivalents at end of year 306,130 519,147 16
The Northumbrian Educational Trust Ltd (Operating as Westtield School) Note to the financlal statements For the year ended 31 August 2025 Accounting Policies Charity infomiation The Northumbrian Educational Trust Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Westfi'eld School, Oaklield Road. Gosforth, Newcastle upon Tyne, NE3 4HS. 1.1 Accounting convention The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice. The Northumbrian Educational Trust Ltd meets the definition of a public benefit under FRS 102. The financial statements are prepared under the historical cost convention or transaction value unless otherwise staled in the relevant accounting policy notelsl. The financial slalemenls are prepared in Sterling which is the function81 currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consislenlly applied lo all years presented unless otherwise staled. 1.2 Going concern Subsequent to the year end, the school has entered into an agreement lo merge with Newcastle Royal Grammar School. This merger will take place on 31 May 2026, at which point all trade and assets wll be transferred out of the Northumbrian Educational TrLJsI Ltd lo Newcastle Royal Grammar School. The company will then be wound up accordingly. Therefore. the governors have prepared the financial statements on a basis other than going concern. No adjustments have been required to the financial statements as a consequence of this. 1.3 Funds Unreslricled funds are available for use al the discretion of the governors in furtherance of their charitable objectives unless the funds have been designated for other purposes. Designated funds comprise unrestricted funds that have been sel aside by the trustees for particular purposes. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are sel out in the notes lo the financial slatemenls. 17
The Northumbrian Educatlonal Trust Ltd (Operating as Westfield School} Note to the financial statements For the year ended 31 August 2025 1.4 Incoming resource5 Income is recognised when the school is legally entitled lo il after any performance wndilions have been mel, the amounts can be measured reliably. and it is probable that income will be received. Income within charitable activities represents, in the main, school fees re1vable less scholarships, bursaries and discounts. This income together with other operating income is included in the period lo which the relevant activity lakes place. Income received in advance of the period in which the activity lakes pla is included in deferred income. Investment income is included when receivable by the charity. Grant income is included on 8 performan mode, being included in the period to which the activity it relates lo occurs. 1.5 Resources expended Resources expenses are accounted for on an accruals basis and include allributable VAT which cannot be recovered as the company is not règistered for VAT. Charitable activity costs includes expenditure relating lo the operation of the school and includes both the direct costs and support cost5 relating to this aclivily. Support costs included central function expenditure. Governance costs include those occurred in the governance of the charity and ils assets. and are primarily associated with constitutional 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 slated al cost less depreciation. New capital developments are depreciated only when work has been completed and they are brought into use. Expenditure on individual items that are over £1,000 and capital in nature are capitalised. Freehold land and buildings are carried at valuation, with depreciation being charged in in the periods between valuation movements. The gain or loss on valuation is taken lo the revaluation reserve I general unrestricted funds as appropriate. The depreciation charged, which is in excess of the depreciation which would have been charyed if the as5el was c8rried al historic cost, is subsequently transferred from the General Unrestricted reserves into the Revaluation Reserve. Depreciation is provided at rates ealculated to write off the cost less eslimaled residual value ol each asset over ils expected useful life, as follows.. Freehold land and buildings Equipment over expected useful live of 50 years 200kn reducing balan (Computer equipment 200/0 Straight Fixtures & ftttings Motor vehicles 15Yo reducing balance over expected useful life of S years The gain or loss arising on the dispos81 of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in nel incomellexpenditurel for the year. The assets residual 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 Northumbrlan Educatlonal Trust Ltd Ioperating as Westfield School) Note to the financial statements For the year ended 31 August 2025 1.7 Fixed asset investments Fixed asset investments are initially measured al transaction price excluding transaction costs. and are subsequently measured at fair value al each reporting dale. Changes in fair value are recognised in net incomellexpendilurel for the year. Transaction costs are expensed as incurred. 1.8 Impairment of fixed assets At each reporting end date, the school reviews the carrying amounts of ils 18ngible agsels lo determine whether there is any indication that those assets have suffered an impairment loss, If any such indication exists, the recoverable amount of the asset is estimated in order lo determine the extent of the impairment loss lif any). 1.9 Stocks Stocks are slated at the lower of cost and nel realised value. 1.10 Debtors Trade and other debtors are recognised al the settlement amount due after any trade discount offered, Prepayments are valued at the amount prepaid nel of any trade discounts due. 1.11 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-lerm liquid investments wth original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.12 Credltors 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 normally recognised al their settlement after allowing for any trade discounts due. 1.13 Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial inslTumenls. Basi¢ financial instruments are initially recognised at transaction value and subseqLJenlly measured at their selllement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 1.14 Employee benefits The school operates a defined contributions pension scheme for non-teaching staff and some teaching staff. The cost of any unused holiday enlitlemenl is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the school is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The Northumbrian Educational Trust Ltd {Operating as Westfield School Note to the financlal statements For the year ended 31 August 2025 1.15 Retirement benefits The school opèrates a defined contributions pension scheme for non-leaching staff and some leaching staff. Contributions are charged in the accounts as they become payable in accordance with the rules of the scheme. The school participates in the Teachers, Pension Scheme, which is a slalulory defined benefit scheme for leaching staff only. 11 is not possible lo identify the assets and liabilities of the scheme which are allributable to the school. The charges to the slalemenl of financial activities is the amount payable in the period. 1.16 Leases Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classifi'ed as operating leases. Assets held under finance leases are recognised as assets al the lower of the assets fair value al the dale of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of Capital and interest elements. The interest is charged to net incomellexpenditurel for the year so as lo produce a constant periodic rale of interest on the remaining balance of the liability. 1.17 Conce$sionary loan The loan to the school, qualifying as a public benefit entity cOnssIOnarY loan, due lo it being made to advance the charitable purposes for the benefi't of the school, is not discounted. Crltleal accountlng estlmates and judgements In the application of the school's accounting policies, the govemoTS are required to make judgements, eslimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales 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 periods where the revision affects both current and future periods. Key Accounting Estimates Property Valuation The freehold property is included in the accounts al valuation (note 121. Due to the unique nature of the site the identification of the valuation can be complex and uncertain. as in the event of a sale of the Property, the disposal value would depend on the purchasers available al that lime and their intentions for the site. The governors review the valuation al each year end and take into consideration the latest professional valuation, recent properly disposals in the area and any changes in the sile. They consider the Current ¢al¢LJlalion to be a reasonable estimation of the current value of the site.
The Northumbrian Educational Trust Ltd (Operating as Westfield School) Notè to the financlal statements For the year ended 31 August 2025 Income from charitsble activities 2025 2024 Provision of educational serVIS 2,904,124 2,963,833 Analysis of fund Unrestricted funds - general Reslricled funds 2,903,985 139 2,%3,326 507 2,904,124 2.%3,833 Investments 2025 2024 Interest receivable 14.149 7,161 14.149 7,161 Expenditure on charitable activities 2025 2024 Staff costs Education costs Depreciation and impaimienl Support and governance costs {note 61 1,817.142 1,754,170 321,394 321,330 25,592 26,257 716,910 695,916 2,881,038 2,797,673
The Northumbrian Edueatlonal Trust Ltd {Operating as Westfield School) Note to the financial statements For the year ended 31 August 2025 Support costs Support costs Governance costs 2025 2024 Staff costs Other school costs Premises costs Audit fees Legal and professional 306,497 203,180 124,205 306,497 203,180 124,205 9,000 74.028 290,699 213,698 128,937 8,500 54,082 9,000 74,028 633.882 83.028 716,910 695,916 Other costs 2025 2024 Financing costs 84.063 99,136 Finance costs is loan interest. Governors None of the governors lor any persons connected with them) received any remuneration during the year and one of them were reimbursed expenses12023 - £nil} Analys58 of staff costs staff costs were as follows.. 2025 2024 Wages and salaries Social security costs Other pension costs 1,668,553 180,425 274,661 1.629,441 154,472 260,956 2.123,639 2,044,869 The average monthly number of employees during the year was.. 2025 Number 36 22 2024 Number 43 17 Teachinglcatering Support 58 60 22
The Northumbrian Educational Trust Ltd (Operating as Westfield School) Note to the flnancial statements For the year ended 31 August 2025 Analysis of staff costs fcontinuèd) Remuneration and benefits received by key management personnel who constitute the senior management team amounted to £210,22012024- £208,929). The number of employees whose annual remuneration was £60,000 or more were.. 2025 Number 2024 Number £60,000 - £70,000 Of the employees whose emoluments exceed £60,000 1 12020 - 1} have retirement benefits accruing under defined benefits pension schemes. 10. Net movement for the year This is Staled after charging,. 2025 2024 Depreciation Operating lease expense 152.891 27,650 153,557 83,033 11. Auditor's remuneration 2025 2024 Fees payable lo the charity's auditors for the audit of the charity's annual accounts 9,000 8,500 23
The Northumbrlan Educational Trust Ltd (Operating as Westfield School) Note to the financial statements For the year ended 31 August 2025 12. Tangible fixed assets Freehold Fixtures. Land and fittings & Buildings Equipment equipment Motor vehicles Total Cost or valuatlon Al 1 September 2024 Additions Revaluation 6,365.000 22.729 170,0001 327,237 8,928 380,266 1,907 4,815 7,077.318 33,564 170.0001 At 31 August 2025 6.317.729 336,165 382,173 4.815 7.040,882 Depreciation At 1 September 2024 Charge for the year Revaluation 127,300 127,300 1254,6001 284,437 19,715 344,301 5,673 4,207 203 760,245 152.891 1254,6001 At 31 August 2025 304,152 349,974 4,410 658,536 Carrying amount At 31 August 2025 6.317,729 32,013 32,199 405 6,382,346 Al 31 August 2024 6,237,700 42.800 35,965 608 6,317.073 The freehold land and buildings were valued on an open market basis in July 2025 by a firm of independent Charted Surveyors, at £6,295m. This historic cost of the revalued properties is £3,825m. Freehold land and buildings have been pledged lo secure tx)rrowings of the school. The school is not allowed to pledge these assets as security for other borrowings or lo sell them to another entity, without the permission of the borrower. 24
The Northumbrlan Educational Trust Ltd (Operating as Westfield School) Note to the financial statements For the year ended 31 August 2025 13 Stocks 2025 2024 Catering supplies and consumables 3,327 1,822 14 Debtors 2025 2024 Amounts falling due wlthln one year: Trade debtors Prepayments and accrued income 78.503 44,576 27,672 20.333 123,079 48,005 15 Creditors: amounts falling due within one year 2025 2024 Notes 17 Bank loans Other laxalion and social security School fees in advance Trade creditors Other creditors Accruals and deferred income 186,955 58,666 507,372 133,103 41,225 142,146 180.325 54,629 652,125 28,727 41,935 133,618 1,069,377 1.091,359 25
The Northumbrlan Educatlonal Trust Ltd (Operating as Westfield School) Note to the financial ststements For the year ended 31 August 2025 16 Creditors.. amounts falling due after more than one year 2025 2024 Notes 17 Bank loans Other borrowings 699,523 450,000 796.478 540.000 1,149,523 1,336,478 17 Loans and overdraft 2025 2024 Bank loans other loans 699,523 450,000 886,803 630,000 1.149,523 1,516,803 Payable Mqthin one year Payable after one year 186,955 180,855 1, 149,523 1,336,478 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 rale of 6.2Yo The other Soan, which is repayable in annual inslalmenls, is secured by a second charge on the school's freehold land and buildings. This loan qualifies as a public benefit enlily concessionary loan and as such has not been discounted. Interest is charged at 10/D above the Bank of England base lending rated. 18 Financial instruments 2025 2024 Carrying amount of financlal assets Debt instruments measured al amorlised cost 78,503 27,672 Carrying amount of financial Ilabllities Measured at amortised cost 1,500.325 1,582,669 ?A
The Northumbrian Educational Trust Ltd (Operating as Westfield School) Note to the financial statements For the year ended 31 August 2025 19 Retirement benefit schemes Deflned contribution schemes The school operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held sepaTately from those of the school in an independently administered fund. The charge to profit or loss in respect of defined contribution schemes was £14,001 12024 - £23,416). Defined beneflt scheme Teachers, Penslon Scheme Introduction The Teachers, Pension Scheme ITPS or scheme) is a statutory. unfunded, defined benefit occupational scheme, governed by the Teachers, Pensions Regulations 2010 las amended), and the Teachers, Pension Scheme Regulations 2014 las amended). These regulations apply to teachers in schools and other educational establishments. including academies, in England and Vvales that are maintained by local authorities. In addition, teachers in many independent and volunlary-aided schools and teachers and lecturers in some establishments of further and higher education may be eligible for membership. Membership is automatic for full-time teachers and lecturers and, from 1 January 2007, automatic too for teachers and lecturers in part-time employment following appointment or a change of contract. Teachers and lecturers are able to opt out of the TPS. The Teachers. Pension Budgeting and Valuation Account Although members may be employed by various bodies, their retirement and other pension benefits are set out in regulations made under the Superannuation Act119721 and Public Service Pensions Acl120131 and are paid by public funds provided by Parliament. 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 Teachers, Pensions Regulations 2010 require an annual account, the Teachers, Pension Budgeting and Valuation Account, to be kept of reTripls and expenditure {including the cost of pension increases). From 1 Apri12001, the Account has been credited with a real rale of return, which is equivalent lo assuming that the balan in the Account is invested in notional investments that produce that real rate of return. ValuatiTon of The Teachers. Pension Scheme As a result of the latest scheme valuation (March 20201 published in October 2023 employer contributions will be increased in April 2024 from a rale of 23.680h to 26.68Q/o. A copy of the lalesl valuation report can be found on the Teachers, Pension Scheme website. ?7
The Northumbrian Educatlonal Trust Ltd (Operating as Westfield School) Note to the finanelal statements For the year ended 31 August 2025 20 Funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes.. Ye8r ended 31 Au ust 2025 At1 September Income 2024 At31 Expenditure Transfers Revaluation August 2025 Unrestricted funds Revaluation Reserve 1.939,620 2,918,134 12,960.8471 2.489,000 50,800 { 50,8001 1,947,707 184.600 2,622,800 Designated funds Junior House Development 1,252 11,252) Total designatgd funds 2,490,252 11,2521 150,8001 184,600 2,622,800 Restricted funds The Prize and Bursary Fund The Old Girls, Association Scholarship and Travel Fund 2,016 1985} 1,031 12,027 139 12,166 14.295 12,0171 12,278 28,338 139 13,0021 25,475 Total 4,458,210 2,918,273 12,965,101 1 184,600 4,595,982 Deslgnated Funds Comenius Project- funds provided by the British Consul designed by the governors lo be used to enhance the experiences of the girfs through trips and additional school facilities. Junior House Development- following the re-provisioning of Junior House in the ex-science block this fund will be used for additional provisioning requirements. 28
The Northumbrlan Educatlonal Trust Ltd (Operating as Westfield School) Note to the financial statements For the year ended 31 August 2025 Restricted Funds The Prize and Bursary Fund- used lo purchase of prvzes and trophies awarded to girls. 11 may also be used for the award of bursaries lo current pupils al the school. The Old Girls. Association - used lo send a copy of the school magazine lo recent old girls. Resources are also available lo fi'nance events which may be arranged from time to lime. Parents of 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 lo pupils who would not otherwise be able to take part in Round Square overseas aclivilies. The fund was set up as a result of donations by members of the board of governors. Scholarshlp and travel fund - used lo award two scholarships each year. One scholarship is awarded to a sixth former for overseas travel and the other scholarship is awarded lo the girl who achieves the best results in A Level examinations. The source of the fund was a donation by Professor Alex Crombie, in memoiy of his wife, who was a founder governor of the school. The fund is currently invested in a Charities Foundation income fund. 29
The Northumbrian Educational Trust Ltd Ioperating as Westfield School) Note to the financial statements For the year ended 31 August 2025 20 Funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes.. Year 8nded 31 Au ust 2024 At1 September Income 2023 At31 Expenditure Transfers Revaluation August 2024 Unrestricted funds Revaluation Reserve 1,810,653 2,970,986 12,893,019 } 2,540,000 51,000 151.0001 1,939,620 2.489,000 Designated funds Junior House Development 3,392 12,140) 1.252 rotal designated funds 2,543,392 2,490,252 Restrlcted funds The Prize and Bursary FLJnd The Old Girls, Association Scholarship and Travel Fund 3,001 19851 2,016 11,520 507 12,027 14,960 16651 14,295 29,481 507 11,650} 28,338 Total 4,383,526 2.971,493 12,896,809) 4.458.210 30
The Northumbrlan Educatlonal Trust Ltd (Operating as Westfield Schooll Note to the financial statements For the year ended 31 August 2025 21 Analysls of net assets beeen funds Year ended 31 Au ust 2025 Unrestricted Designated Restricted Funds Funds Funds 2025 2025 2025 Total 2025 Tangible assets Current asselsllLiabililie51 3,759,546 2.622,800 1662,3161 6,382,346 25,475 1636,8411 Long term liabilities 11,149,523) 11,149,523) 1,947,707 2,622,800 25.475 4,595,982 Ye2r ended 31 Au ust 2024 Unrestricted Designated Restricted Funds Funds Funds 2024 2024 2024 Total 2024 Tangible 28sels Current assetsllLiabililiesl 3,828,073 2,489,000 1551,975 } 1.252 6,317,073 28,338 1522,3851 Long temi liabilities 11,336.478) 11,336,478) 1,939,620 2.490,252 28,338 4,458,210 22 Operating lease commitments At the reporting end dale the school had outstanding commitments for future minimum lease payments under non4ancellable operating leases, which fall due as follows.. 2025 2024 Within one year Between two and five years 27,650 55,383 27,650 27,650 83,033 23 Related party transactions There were no related party transactions during the ye8r12024 - none). 33
The Northumbrian Educational Trust Ltd (Operating as Westfield School} Note to the financial statements For the year ended 31 August 2025 24 Cash generated from operations 2025 2024 Net loutgoingll incoming resources before valuation gains { 46,8281 74,684 Adjustments for.. Depreciation of tangible fixed assets Interest receivable 152,891 153,557 Movements in working capi181'. IlncreasellDecrease in stocks Decreaselllncreasel in debtors Increaselldecreasel in creditors 11,505) 175,0741 139,4781 69 56,529 507,550 Cash generated fromllabsorbed by) operations 124,1431 612.064 25 Analysis of changes in net debt At 1 Sep Cash 2024 flows At 31 Aug 2025 Long term borrowings Short term borrowing$ 11,336,47811186,955111,149,5231 1180,325 } 6.630 1186.9551 Total liabilities Cash and cash equivalents 11,516,80311180,325111,149,5231 519.147 1213,017) 306,130 { 997,6561 1154,2631 1843,3931 33
The Northumbrian Educatlonal Trust Ltd Ioperatlng as Westfield Sehool) Note to the financial statements For the year ended 31 August 2025 26. Statement of Financial activities as at 31 August 2024 Unrestricted Unrestricted Re$tricted Fund Funds funds general designated Total 2024 Total 2023 Notes Income from: Charitable activities Investment Income Other income 2,963,326 7,161 499 507 2,963,833 2,542.230 7,161 2.014 499 Total Income 2.970,986 507 2,971,493 2,544,244 Ex enditure on: Costs of providing education Other costs 2,793,883 99.136 2,140 1,650 2,797,673 2,396,737 99,136 97,500 Total expendlture 2,893,019 2,140 1,650 2,896,809 2.494,237 Net Incomlng resources before transfers 77,967 74.684 50.007 Gross transfers between funds 51,000 151,0001 Net Incomlng resources 128,967 74,684 50,007 other recognised gains and losses Revaluation of tangible fixed assets 2,540,000 Net movement in funds 128,967 74,684 2,590,007 Fund balances al 1 September 2023 1,810,653 2,543,392 29,481 4,383,526 1,793,519 Fund balances at 31 August 2025 1,939,620 2,490,252 28,338 4,458,210 4,383,526 33