Charity registration number 507070
Company registration number 01348108 (England and Wales)
WITHAM HALL SCHOOL TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
WITHAM HALL SCHOOL TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mrs H Banks
Mrs C Braid
Rev A Hawes
Mrs S Kerr-Dineen
Mr A Riddington
Mrs K Robertson
Mrs S Rowntree
Mr A Speers
Mr R Thain
Mr E Wass
Mr B Wilson
Mr W Thomas
(Appointed 31 October 2023)
Secretary
Mr P Lamb
Charity number
507070
Company number
01348108
Registered office
Witham Hall
Witham-on-the-Hill
Bourne
Lincolnshire
United Kingdom
PE10 0JJ
Auditor
Azets Audit Services
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ
Bankers
Handelsbanken
Futura House
4 Axon Business Park
Commerce Road
Lynchwood
Peterborough
Cambridgeshire
PE2 6LR
Solicitors
Greenwoods Solicitors LLP
Monkstone House
Peterborough
United Kingdom
PE1 1JE
WITHAM HALL SCHOOL TRUST
CONTENTS
Page
Trustees' report
1 - 6
Statement of trustees' responsibilities
7
Independent auditor's report
8 - 10
Statement of financial activities
11 - 12
Balance sheet
13
Statement of cash flows
14
Notes to the financial statements
15 - 30
WITHAM HALL SCHOOL TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 July 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The Object of the Charity, in accordance with its Memorandum of Association, is the education of children up to age 13.

 

More particularly, the Board’s main objective continued to be to educate all the School’s pupils to an exceptionally high standard, so that they will be able to benefit fully from their chosen senior school for the completion of their education in due course. To achieve this the School maintains a high teacher-to-pupil ratio, tailoring our services as appropriate in each case to suit individual needs and constantly seeking to provide the best possible level of teaching, resources and facility provision.

Strategic aims and intended effect

The School’s specific aims are:

 

These aims are intended to be achieved through a host of ways but notably by:

Principal activities

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The School’s principal activities continue to be the provision of a Pre-Prep and Prep School for children aged 4 to 13. The average number of pupils attending the school in the last year was 241. Class sizes remain small and the quality of teaching consistently high. Outside of the academic curriculum, the School provides regular opportunities for sport, music, drama and art. Matches are played against other schools, concerts and plays are a regular part of school life and art exhibitions allow children to showcase their talent.

WITHAM HALL SCHOOL TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
Achievements and performance

Operational performance of the School

The School continues to provide an outstanding and broad education to children aged 4-13.

The 35 Year 8 leavers, achieving 16 scholarships, moved on to Senior Schools as follows:

6 to Uppingham            7 to Oakham

4 to Oundle             6 to Stamford Endowed Schools

3 to Rugby                 1 to Gresham's

2 to Eton                1 to Bedford Modern School

1 to Marlborough            1 to Cheltenham Ladies College

1 to Repton                1 to Stowe

1 to Tudor Hall

 

Pupils performed strongly in their Common Entrance and scholarship examinations; alongside the breadth of school destinations, the pupils were also able to secure 16 different awards and scholarships.

 

Over the course of the academic year, and while remaining mindful of the financial headwinds affecting all parts of the independent education sector and indeed the wider economy, several improvements were made both to the School site and to the educational structures in place:

Investment Performance

In the course of the year, a total of £17,571 was realised through short term investments. Alongside this, the capital project loan was fully repaid during the year. There was also a strong uptake of families making use of the Schools’ existing Fees in Advance Scheme this year.

Financial review

The results for the financial year are set out in the Statement of Financial Activities on page 11. The net deficit for the year amounts to £18,852. The financial position of the charity at the year-end is shown on page 13.

 

This marked the stabilisation of the position following the inflationary pressures seen during the previous financial year and first quarter of this year. Income remained broadly consistent across the years, whilst costs were carefully managed to achieve a very close to breakeven position. The opportunity has been taken to reset utility contracts to multi year agreements at much more manageable unit rates.

 

Overall this is testament to the School, to closely manage the financial resources whilst providing an excellent education for our pupils. The resultant deficit is in context very small. Furthermore, given the charity’s large annual depreciation charge that forms part of its revenue expenditure, from a cash point of view, the operation was sizably positive for the year.

 

The total amount spent on the upgrading of buildings and facilities (in addition to routine maintenance) in 2023/​​24 was £84,272 (2022/​​23: £112,236) on completed projects across Revenue (Major Works) and Capital (Land & Buildings). This total is more conservative than in recent years, naturally so given the wider pressures on the charity’s budgets as discussed above and as was prudently foreseen at the point of publishing last year’s report. This investment focused principally on a range of smaller stand-alone renovation projects rather than any single notable stand-alone new capital project, two notable exceptions to this were the excellent Reception play area and the extension to the car park, both making great contributions to daily life at Witham.

WITHAM HALL SCHOOL TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 3 -

From the point of view of cash-flow, the Governors’ Policy (introduced October 2015, reviewed thereafter) is that there will be no external borrowing without Board approval and the aim will be to maintain a cash balance of at least £310,000 (a figure that, from 2023/​24 onwards will grow each year, index-linked to key inflationary markers in the charity’s accounts to ensure that the protection afforded by the reserve limit is not eroded over time by inflation). In reality, this minimum is typically comfortably surpassed the majority of the time.

 

From the point of view of reserves, at the year end the free reserves (unrestricted funds less fixed assets) amount to £1,289,394 (2022/​​23: £267,035).

Investment policy and objectives

The Governors have considered the most appropriate policy for investing the funds and concluded that the money market accounts meet their requirements both to generate modest income and retain a level of liquidity required to manage the School’s funding needs at minimum risk. Investments are reviewed on a regular basis.

 

The School’s borrowing was fully repaid during the year, therefore whilst being mindful of liquidity requirements funds are invested in short term placements, rates are continually monitored to ensure the duration of the placements are optimal.

Risk management

The Board continues to keep the School’s activities under review, particularly with regard to any major risks that arise from time to time as well as the systems and procedures established to manage them. It monitors the effectiveness of the system of internal controls, including insurance cover where appropriate, by which those risks already identified can best be mitigated.

The Board is responsible for compliance with Health & Safety legislation and has put in place the methodology and appropriate controls to ensure that the ethos of comprehensive safety systems are fully understood and their implementation followed throughout the School. The School employs a firm of Health and Safety Consultants who visit the School three times a year to ensure that the School complies with current legislation. The School employs the services of external advisors who periodically inspect buildings, equipment and boundary walls. These inspections, periodically supported by a site-wide survey as appropriate, provide a framework for the School’s maintenance programme. Alongside all this, a specialist tree consultancy firm is retained to ensure that all reasonably practicable measures are taken to reduce the risks of any injury caused by the many wonderful trees on the property.

Future plans

The Estates Committee of the Governing Body are considering various plans for the future that will enable the School to maintain the high standards of provision expected of a Preparatory School of its standing and to ensure that any surplus funds are used to provide facilities that will further enhance the School’s ability to provide a first class education. Longer-term focus remains concentrated on curriculum expansion for the pupils, with the first ambition being the construction of a new Design and Technology Centre. Nevertheless, assiduous management of capital commitments, while always important, has become especially so with the changes to the tax treatment of independent schools due to come into effect from January 2025. Prudence will be key for the coming years for all schools in the independent sector and for this reason the charity is thankful to already have a market-leading campus and range of facilities.

Structure, governance and management

Witham Hall School Trust is a Charitable Trust - Charity Number 507070, and a Limited Company - Registration Number 01348108 (with the liability of its members limited to £1), founded in 1978. The registered office is at Witham Hall, Witham-On-The-Hill, Bourne, Lincolnshire, PE10 0JJ.

 

The Company is governed by its Memorandum and Articles of Association.

WITHAM HALL SCHOOL TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -

All Trustees are Governors of the School and Directors of the company. New Governors are chosen for the contribution that they are able to make to the Board. Specific shortfalls in area-specific knowledge and experience in the Governing Board are identified as they arise via Board-level self-assessment (following an AGBIS template) and are thereafter addressed accordingly. All new Governor appointees complete an induction process by the Clerk in line with the School’s Governors’ Appointment, Induction & Retirement Policy, as reported to the Chairman.

 

All Governors received training on various aspects of governance from the Association of Governing Bodies of Independent Schools (‘AGBIS’) in June 2023, covering: duties of Governors’ self-assessment of a Governing body; strategic planning; inspection; oversight of safeguarding; and an update on recent regulatory change and future risks. A plethora of one-off training courses and webinars as appropriate are undertaken singularly on a continual basis, but the next Board-wide training day will be scheduled for approximately June 2026.

 

The trustees, who are also the directors for the purpose of company law, and who served during the year were:

Mrs H Banks
Mrs C Braid
Rev A Hawes
Mr B Holdsworth
(Resigned 24 June 2024)
Mrs S Kerr-Dineen
Mr A Riddington
Mrs K Robertson
Mrs S Rowntree
Mr A Speers
Mr R Thain
Mr E Wass
Mr B Wilson
Mr W Thomas
(Appointed 31 October 2023)

Key executives

The Head        Mr W S D Austen

The Bursar        Mr P Lamb

 

Remuneration of key executives is set by the Governing Body as informed by periodic (normally three yearly) 365 degree professional appraisals.

Organisational management

The Governors meet as a Board at least three times a year to determine the general policy of the School and review its overall management and control, for which they are legally responsible. The work of implementing most of the Board's policies is carried out by five sub-committees:

 

 

Each Committee meets at least once per term in advance of the main Governors’ meeting. Committee chairpersons put forward any recommendations from these committees to the full board.

The School is a member of the Association of Governing Bodies of Independent Schools.

 

The day-to-day running of the School is delegated to the Headmaster and the Bursar, supported by other teaching members of the Senior Management Team.

WITHAM HALL SCHOOL TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -

Group structure and relationships

The School is an active member of the Independent Association of Preparatory Schools for the promotion and maintenance of preparatory school standards generally and of the Independent Schools’ Bursars Association which gives support to the Bursar and administrative staff. The School has initiated and takes part in peer group studies for the evaluation of quality and performance improvement methods.

 

Charitable public benefit

 

Indirect Benefits

The School is a charity whose object is a purpose falling within section 3(1)b of the Charities Act 2011, namely the advancement of education. It is a purpose for the public benefit and is therefore a charitable purpose as defined in section 2(1)b of the Act.

 

The School offers indirect benefit to the wider community through the employment of 95 (2022/​23: 99) monthly employees on average and the School reduces the burden on the state sector by providing an education for 241 pupils (2022/​23: 248).

 

The Trustees are fulfilling the Charitable Trust’s obligations to provide public benefit through the not-for-profit provision of education to children and through a wide variety of other means. However, in addition to this, the School has a strong practice of providing support in teaching, facility and transport to schools both locally and internationally, as well as facility provision for drama, music and sport to the immediate and wider communities.

 

School Partnerships

Wider Work Undertaken with Local Schools

WITHAM HALL SCHOOL TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -

Bursary Arrangements

 

Fundraising

The Charity is compliant with the recognised standards of fundraising set out in the Code of Fundraising Practice. Witham Hall School Trust does not use professional fundraisers and there have been no complaints received by the Charity about fund raising activities carried out by the Charity in the year.

Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

25 November 2024
Mr A Riddington
Dated
Chairman
WITHAM HALL SCHOOL TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 JULY 2024
- 7 -

The trustees, who are also the directors of Witham Hall School Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

 

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WITHAM HALL SCHOOL TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WITHAM HALL SCHOOL TRUST
- 8 -

Opinion

We have audited the financial statements of Witham Hall School Trust (the ‘charity’) for the year ended 31 July 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial 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 Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 July 2024 and of its incoming 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 opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

-

the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and

-

the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.

WITHAM HALL SCHOOL TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WITHAM HALL SCHOOL TRUST
- 9 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to 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 trustees' 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 statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

WITHAM HALL SCHOOL TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WITHAM HALL SCHOOL TRUST
- 10 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Tracey Richardson BSc (Hons) FCA (Senior Statutory Auditor)
for and on behalf of Azets Audit Services
25 November 2024
Chartered Accountants
Statutory Auditor
Westpoint
Lynch Wood
Peterborough
Cambridgeshire
United Kingdom
PE2 6FZ
WITHAM HALL SCHOOL TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
- 11 -
Current financial year
Unrestricted
Restricted
Total
Total
funds
funds
2024
2024
2024
2023
Notes
£
£
£
£
Income and endowments from:
Donations and legacies
3
5,630
7,383
13,013
59,138
Charitable activities
4
4,560,509
-
4,560,509
4,527,352
Other trading activities
5
43,685
-
43,685
49,793
Investments
6
17,571
-
17,571
7,968
Other income
7
32,650
-
32,650
26,248
Total income
4,660,045
7,383
4,667,428
4,670,499
Expenditure on:
Raising funds
Fundraising and publicity
8
29,912
-
29,912
30,707

Other trading activities

8
42,193
-
42,193
45,180
72,105
-
72,105
75,887
Charitable activities
9
4,606,792
7,383
4,614,175
4,619,974
Total expenditure
4,678,897
7,383
4,686,280
4,695,861
Net expenditure for the year/
Net movement in funds
(18,852)
-
(18,852)
(25,362)
Fund balances at 1 August 2023
5,353,159
-
5,353,159
5,378,521
Fund balances at 31 July 2024
5,334,307
-
5,334,307
5,353,159

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
WITHAM HALL SCHOOL TRUST
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
Prior financial year
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
Notes
£
£
£
Income and endowments from:
Donations and legacies
3
35,884
23,254
59,138
Charitable activities
4
4,527,352
-
4,527,352
Other trading activities
5
49,793
-
49,793
Investments
6
7,968
-
7,968
Other income
7
26,248
-
26,248
Total income
4,647,245
23,254
4,670,499
Expenditure on:
Raising funds
Fundraising and publicity
8
30,707
-
30,707

Other trading activities

8
45,180
-
45,180
75,887
-
75,887
Charitable activities
9
4,596,720
23,254
4,619,974
Total expenditure
4,672,607
23,254
4,695,861
Net expenditure for the year/
Net movement in funds
(25,362)
-
(25,362)
Fund balances at 1 August 2022
5,378,521
-
5,378,521
Fund balances at 31 July 2023
5,353,159
-
5,353,159
WITHAM HALL SCHOOL TRUST
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
5,383,887
5,603,179
Current assets
Stocks
16
40,071
40,746
Debtors
17
405,115
340,261
Cash at bank and in hand
1,461,173
682,031
1,906,359
1,063,038
Creditors: amounts falling due within one year
19
(1,057,951)
(1,173,213)
Net current assets/(liabilities)
848,408
(110,175)
Total assets less current liabilities
6,232,295
5,493,004
Creditors: amounts falling due after more than one year
20
(897,988)
(139,845)
Net assets
5,334,307
5,353,159
Income funds
Unrestricted funds
Designated funds
23
3,607,711
4,594,739
General unrestricted funds
1,726,596
758,420
5,334,307
5,353,159
5,334,307
5,353,159
The accounts were approved by the Trustees on 25 November 2024
Mr A Riddington
Mr E Wass
Trustee
Trustee
Company Registration No. 01348108
WITHAM HALL SCHOOL TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,233,096
303,334
Investing activities
Purchase of tangible fixed assets
(165,275)
(204,149)
Proceeds on disposal of tangible fixed assets
-
1,000
Interest received
17,571
7,968
Net cash used in investing activities
(147,704)
(195,181)
Financing activities
Movement of bank loans
(306,250)
(75,000)
Net cash used in financing activities
(306,250)
(75,000)
Net increase in cash and cash equivalents
779,142
33,153
Cash and cash equivalents at beginning of year
682,031
648,878
Cash and cash equivalents at end of year
1,461,173
682,031
WITHAM HALL SCHOOL TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 15 -
1
Accounting policies
Company information

Witham Hall School Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Witham Hall, Witham-on-the-Hill, Bourne, Lincolnshire, PE10 0JJ, United Kingdom.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements, the trustees have considered the impact of energy costs. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the accounts.

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 set out in the notes to the accounts.

1.4
Incoming resources

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the school from its unrestricted funds, but include contributions received from restricted funds for scholarships, bursaries and other grants.

Donations received for the general purposes of the charity are included as unrestricted funds. Donations for activities restricted by the wishes of the donor are taken to "restricted funds" where these wishes are legally binding on the trustees.

Investment income is accounted for in the period in which the charity is entitled to receipt.

Grants are recognised in full in the Statement of Financial Activities in the year in which they are receivable.

Bursaries and allowances from unrestricted funds towards School fees at the School are treated as a reduction in those fees.

 

 

WITHAM HALL SCHOOL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 16 -
1.5
Resources expended

Resources expended are accounted for on an accruals basis.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Buildings
Between 2% - 25% p.a. straight line
Equipment, furniture and fittings
6.67%, 10%, 15% or 25% p.a. straight line
Motor vehicles
30% p.a. reducing balance

Freehold land and assets in the course of construction are not depreciated.

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 asset, and is recognised in the statement of financial activities.

1.7
Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in net income/(expenditure) in the period in which they are incurred.

1.8
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to 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 to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in income/(expenditure) for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

WITHAM HALL SCHOOL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 17 -
1.9
Stocks

Stocks are stated at the lower of cost and net realisable value.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.12
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

WITHAM HALL SCHOOL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 18 -
1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

1.14

Fees in advance scheme

The School has accepted sums in respect of certain pupils and in return has undertaken to discharge defined amounts of the fees chargeable in respect of those pupils subsequent to the year end. In the event of a pupil's withdrawal from the School, before all agreed amounts have been credited, the School has agreed to transfer the remaining amounts to any other School in accordance with the agreement.

 

The School's liability in respect of advance fees which it has accepted, has been brought into these accounts.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates 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 estimates and underlying assumptions are reviewed on an ongoing basis. 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 periods where the revision affects both current and future periods.

WITHAM HALL SCHOOL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 19 -
3
Donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Donations and gifts
5,630
7,383
13,013
35,884
23,254
59,138
WITHAM HALL SCHOOL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 20 -
4
Charitable activities
2024
2023
£
£

School fees

4,060,054
4,048,843

Fees from rechargeables

368,975
339,751

Fees from other income

131,480
138,758
4,560,509
4,527,352
5
Other trading activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£

Trading activities

43,685
49,793
6
Investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Rental income
4,500
5,400

Bank interest received

13,071
2,568
17,571
7,968
7
Other income
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Other income
32,650
26,248
WITHAM HALL SCHOOL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 21 -
8
Raising funds
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Fundraising and publicity
Other fundraising costs
2,963
5,010
Staff costs
26,949
25,697
Fundraising and publicity
29,912
30,707

Other trading activities

Cost of goods

26,794
28,822
Staff costs
15,399
16,358

Other trading activities

42,193
45,180
72,105
75,887
9
Charitable activities
2024
2023
£
£

Teaching salaries

1,791,319
1,776,758

Teaching costs

127,799
124,068

Rechargeable items

380,806
348,639

Welfare

422,698
407,407
2,722,622
2,656,872
Support costs (see note 10)
1,862,979
1,932,479
Governance costs (see note 10)
28,574
30,623
4,614,175
4,619,974
Analysis by fund
Unrestricted funds
4,606,792
4,596,720
Restricted funds
7,383
23,254
4,614,175
4,619,974
WITHAM HALL SCHOOL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 22 -
10
Support costs
Support costs
Governance costs
2024
2023
£
£
£
£
Depreciation and loss on disposal of fixed assets
384,567
-
384,567
395,263

Estates

879,099
-
879,099
937,701

Vehicles and travel

47,915
-
47,915
43,793

Administration

459,915
-
459,915
441,099

Staffing costs

46,810
-
46,810
74,467

Fundraising disbursed

7,423
-
7,423
23,294

Provisions

8,905
-
8,905
(23,092)

Finance and bank charges

28,345
-
28,345
39,954
Audit fees
-
11,773
11,773
11,196
Legal and professional
-
16,695
16,695
19,054

Governors' expenses

-
106
106
373
1,862,979
28,574
1,891,553
1,963,102
11
Trustees

During the year no governors were reimbursed any expenses (2023 - none).

 

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2023 - none).

 

WITHAM HALL SCHOOL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
12
Employees
Number of employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Teachers, matrons and administrative staff
78
81
Domestic, estates and ground staff
17
18
95
99
Employment costs
2024
2023
£
£
Wages and salaries
2,441,188
2,428,392
Social security costs
228,673
220,567
Other pension costs
301,671
291,897
2,971,532
2,940,856

Included in the above are termination payments made to 2 staff members totaling £6,233 (2023 - 2 staff members totaling £27,650).

The number of employees whose annual remuneration was £60,000 or more were:
2024
2023
Number
Number
£70,001 - £80,000
1
1
£80,001 - £90,000
1
1

Of the employees whose emoluments exceed £60,000, 2 (2023 - 2) participated in a defined contribution pension scheme. During the year pension contributions amounted to £16,636 (2023 - £19,074) for these employees.

13
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

WITHAM HALL SCHOOL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 24 -
14
Tangible fixed assets
Land and buildings
Assets under construction
Equipment, furniture and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
7,583,629
11,357
2,118,362
173,301
9,886,649
Additions
47,166
23,071
95,038
-
165,275
Disposals
-
-
(45,123)
-
(45,123)
Transfer of assets under construction now completed
27,747
(27,747)
-
-
-
At 31 July 2024
7,658,542
6,681
2,168,277
173,301
10,006,801
Depreciation and impairment
At 1 August 2023
2,483,192
-
1,671,590
128,688
4,283,470
Depreciation charged in the year
235,346
-
136,060
11,689
383,095
Eliminated in respect of disposals
-
-
(43,651)
-
(43,651)
At 31 July 2024
2,718,538
-
1,763,999
140,377
4,622,914
Carrying amount
At 31 July 2024
4,940,004
6,681
404,278
32,924
5,383,887
At 31 July 2023
5,100,437
11,357
446,772
44,613
5,603,179
15
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Trade debtors
175,976
173,597
Cash at bank and in hand
1,461,173
682,031
Measured at cost
1,637,149
855,628
Carrying amount of financial liabilities
Bank loans
-
306,250
Fees in advance scheme
1,346,839
217,528
Deposits held
253,950
266,600
Trade creditors
61,762
109,005
Other creditors
71,436
96,851
Accruals
46,413
88,382
Measured at cost
1,780,400
1,084,616
16
Stocks
2024
2023
£
£
Goods for resale
40,071
40,746
WITHAM HALL SCHOOL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 25 -
17
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
175,976
173,597
Prepayments and accrued income
229,139
166,664
405,115
340,261
18
Loans and overdrafts
2024
2023
£
£
Bank loans
-
306,250
Payable within one year
-
306,250

The long-term loans are secured by fixed and floating charges over the charitable company.

19
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Loans and overdrafts
18
-
306,250
Other taxation and social security
57,593
53,900
Fees in advance scheme
21
448,851
77,683
Payments received on account
117,946
174,542
Deposits held
253,950
266,600
Trade creditors
61,762
109,005
Other creditors
71,436
96,851
Accruals and deferred income
46,413
88,382
1,057,951
1,173,213
20
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Fees in advance scheme
21
897,988
139,845
WITHAM HALL SCHOOL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 26 -
21
Creditors: fees in advance scheme
2024
2023
£
£
Fees in advance as at 31 July 2023
217,528
260,717
New deposits
1,222,695
77,049
Fees payments / refunds
(107,610)
(135,383)
Discounts given against fees
14,226
15,145
1,346,839
217,528
22
Restricted 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:
Movement in funds
Movement in funds

Income

Expenditure

Balance at
1 August 2023

Income

Expenditure

Balance at
31 July 2024
£
£
£
£
£
£
Charity fund
23,254
(23,254)
-
7,383
(7,383)
-

 

The charity fund consists of income and expenditure related to various fundraising activities (see charitable public benefit comments in the Trustees' Report on page 5).

WITHAM HALL SCHOOL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 27 -
23
Designated funds
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
Movement in funds
Movement in funds
Balance at
1 August 2022

Income

Expenditure

Transfers
Balance at
1 August 2023

Income

Expenditure

Transfers
Balance at
31 July 2024
£
£
£
£
£
£
£
£
£
Interest in land and property less borrowings
4,651,701
-
(242,925)
179,233
4,588,009
-
(235,346)
(752,817)
3,599,846
Art department equipment depreciation fund
306
-
(306)
-
-
-
-
-
-
Instrument fund
8,603
1,568
(3,441)
-
6,730
1,728
(593)
-
7,865
4,660,610
1,568
(246,672)
179,233
4,594,739
1,728
(235,939)
(752,817)
3,607,711

The interest in land and property fund represents the unrestricted net book value of land and buildings and assets under construction less borrowings.

 

The art department equipment depreciation fund is in respect of restricted income that has been used to purchase equipment for the art department. The funds, having been used, have been transferred to general reserves and are being released to the general fund as the asset is being depreciated.

 

The instrument fund consists of income and expenditure related to various music activities.

WITHAM HALL SCHOOL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 28 -
24
Analysis of net assets between funds

Unrestricted funds

Designated funds

Restricted funds

Total

Unrestricted funds

Designated funds

Restricted funds

Total
2024
2024
2024
2024
2023
2023
2023
2023
£
£
£
£
£
£
£
£
Fund balances at 31 July 2024 are represented by:
Tangible assets
437,202
4,946,685
-
5,383,887
491,385
5,111,794
-
5,603,179
Current assets/(liabilities)
1,289,394
(440,986)
-
848,408
267,035
(377,210)
-
(110,175)
Long term liabilities
-
(897,988)
-
(897,988)
-
(139,845)
-
(139,845)
1,726,596
3,607,711
-
5,334,307
758,420
4,594,739
-
5,353,159
WITHAM HALL SCHOOL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 29 -
25
Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
15,711
15,711
Between two and five years
24,317
36,496
In over five years
-
3,575
40,028
55,782
26
Capital commitments
2024
2023
£
£

At 31 July 2024 the charity had capital commitments as follows:

Contracted for but not provided in the financial statements:
Acquisition of property, plant and equipment
45,574
16,765
27
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, who are the seven (2023 - seven) members of the senior management team, is as follows.

2024
2023
£
£
Aggregate compensation
466,106
449,793
Transactions with related parties

The charity leases property owned by a relative of the trustee Mrs H M Banks. Rent paid in the year of £5,000 (2023 - £5,000) is materially less than that payable on a commercial basis. The amount outstanding at the end of the year was £10,000 (2023 - £5,000).

 

There were no other transactions entered into by the charity in which trustees held a direct or indirect interest.

28
Controlling party

The charitable company is controlled by the trustees who are the directors for the purposes of company law. As a result, no one individual or body has control over the charitable company.

WITHAM HALL SCHOOL TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 30 -
29
Cash generated from operations
2024
2023
£
£
Deficit for the year
(18,852)
(25,362)
Adjustments for:
Investment income recognised in profit or loss
(17,571)
(7,968)
Loss on disposal of tangible fixed assets
1,472
1,230
Depreciation and impairment of tangible fixed assets
383,095
394,033
Movements in working capital:
Decrease/(increase) in stocks
675
(186)
(Increase)/decrease in debtors
(64,854)
3,122
(Decrease) in creditors
(180,180)
(18,346)
Increase/(decrease) in fees in advance
1,129,311
(43,189)
Cash generated from operations
1,233,096
303,334
30
Analysis of changes in net funds
At 1 August 2023
Cash flows
At 31 July 2024
£
£
£
Cash at bank and in hand
682,031
779,142
1,461,173
Loans falling due within one year
(306,250)
306,250
-
375,781
1,085,392
1,461,173
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