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REGISTERED COMPANY NUMBER: 00871641 (England and Wales)

REGISTERED CHARITY NUMBER: 307330













REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024


FOR



WALHAMPTON SCHOOL TRUST LTD

(A COMPANY LIMITED BY GUARANTEE)



WALHAMPTON SCHOOL TRUST LTD


CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024












Page



Report of the Trustees  

1


to


8


Report of the Independent Auditors  

9


to


12


Statement of Financial Activities  

13



Balance Sheet  

14


to


15


Cash Flow Statement  

16



Notes to the Cash Flow Statement  

17



Notes to the Financial Statements  

18


to


33


WALHAMPTON SCHOOL TRUST LTD (REGISTERED NUMBER: 00871641)


REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2024




The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of 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).


INCORPORATION

Walhampton School Trust Limited is a charitable company, which was incorporated on 16 February 1966 and registered as a charity on 28 June 1966.


In 1997 Walhampton School merged with Hordle House School to form Hordle Walhampton School. The school's name was changed to Walhampton in 2013, but we continue to celebrate both our Hordle House and Walhampton heritage.


OBJECTIVES AND ACTIVITIES

Mission and Objectives

The objectives of the company are set out in its Memorandum and Articles of Association. The primary objective is to provide a school for boys and girls, with education based on the Christian Faith.

The School's motto is "Gaudete Laboribus Omnes": Let us all rejoice in our work, and our values are: Be Kind, Be Curious; and Achieve.

Our mission, as a co-educational day and boarding school, is to:

- Promote the importance of moral, spiritual and social values, inspired by the school's underlying Christian ethos.
- Be a dynamic school in which teaching is exemplary and pupils develop both the discipline of study and the joy of learning.
- Develop the academic, creative and sporting talents of each child, ensuring a broad and balanced education of the whole person.
- Be a distinctly happy school to which children and adults feel a deep loyalty: a place in which children can laugh, feel safe and enjoy being children.
- Inspire in every child a love of nature and the outdoors.
- Be a school that is outward looking, building links with parents and the local community, as well as celebrating cultures from around the world.
- Develop in every child a strength of character, so they leave Walhampton as confident, capable, compassionate and independent minded young people.

Principal activities

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

Walhampton's principal activities continue to be the provision of day schooling for boys and girls from age 2 to 13, with boarding available to pupils from age 7 to 13.


WALHAMPTON SCHOOL TRUST LTD (REGISTERED NUMBER: 00871641)


REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2024



OBJECTIVES AND ACTIVITIES

Public benefit

The Governors, as the charity trustees, have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the Charity Commission's published guidance concerning the provision of Public Benefit.

We consider that widening access to the opportunities that the School offers, via means-tested bursaries, is an important aspect of the Public Benefit that we provide. During the year 26 children were in receipt of assistance of up to 100% of fees (2023: 23 - 100%). This included during 2023-24, 3 transformational bursaries to families who would not otherwise have been able to access a Walhampton education (2023: 4).

The charity recognises the extensive facilities that are enjoyed by our children and we encourage local schools, clubs and societies also to use and benefit from the school's facilities. During the year, 13 local schools participated in our 44th Perry Dalziell Cross country and we hosted 23 local schools for our annual Junior Wessex athletics meet. Both were well attended by local schools. In addition, a number of local childrens' and adults' sports clubs were able to share our site and resources throughout the year either at no cost or at heavily subsidised rates. These include:

- South Baddesley CE Primary School used the swimming pool on a weekly basis during the summer term;
- Our Director of Music also visited South Baddesley CE Primary School once a week to assist in delivering their music curriculum, and joined two other local schools for a combined choral concert at Winchester cathedral;
- During May, we opened our grounds through the National Garden Scheme, with all proceeds going directly to the NGS; and
- New Forest Pony Club held rallies, their annual tetrathlon competition and the Junior and Mini's pony club camp at the school.
- Local primary schools joined us for a model boat race.
- We shared our minibuses with 8 local primary schools.

Wider benefits to the state and community

Volunteers Policy
The School is very grateful to all our Governors who provide their service free of charge. As a charity we recognise the value in accepting volunteer help, but as a School we are mindful of our safeguarding duty to the children in our care. Therefore the School currently enjoys the help only of parents and guardians as volunteers on an ad-hoc basis, and any volunteers working with our children are subject to the Schools safer recruitment policy and checks.

Charitable fundraising
The School supported two main charities this year, with each of the four school Houses involved with various fundraising events through the year. During the year, the School supported Hampshire and Isle of Wight Air Ambulance and the Naomi House and Jack's Place hospice.

Fundraising activities held during the year included the Fireworks night, the Summer ball, a quiz night and some Christmas events.

Maintenance of an Historic House and Grounds
We are justly proud of our Grade II listed buildings and beautiful grounds and we take seriously our responsibility to maintain and make them available for the enjoyment of the wider community. This involves an appropriate level of additional expenditure each year which is closely monitored.

ACHIEVEMENT AND PERFORMANCE

Operational performance of the school

The average number of pupils during the year was 367 (2023 - 364) reflecting the strengthening of the school. The numbers of enquiries and registrations continue to be strong.


WALHAMPTON SCHOOL TRUST LTD (REGISTERED NUMBER: 00871641)


REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2024



ACHIEVEMENT AND PERFORMANCE

Academic achievement

This year a further 10 senior school scholarships were awarded, including those in academic, sport, drama, art and music (2023 - 21) to schools such as Canford, Bryanston, Radley, Sherborne Boys and Girls, King Edward VI Southampton, Durlston, Embley and Ballard. These awards were complemented by a 100% success rate at Common Entrance. Standardised assessments show that our pupils are consistently "significantly above" the national average in English, Maths and Science

The School has continued to embed the PSB (Pre-Senior Baccalaureate) framework and staff continued to benefit from the following the PSB ethos of working collaboratively, including sharing best practice with other PSB schools.

Staff have also benefited from the network of PSB Subject Meetings where best practice is shared and relationships established with other PSB schools, following the PSB ethos of working collaboratively.

In the past year, Pre-Prep has been highly engaged in the implementation and continuous improvement of several key initiatives to enhance the educational experience for the children. Initiatives include the Phonics Tracker, Supersonic Phonic Friends program, Creative Curriculum, Early Years Foundation Stage (EYFS) Curriculum and the EYFS Profile, as well as 2 Year Progress Checks and Baseline Assessments. Our Forest School continues to ensure that children have valuable opportunities for outdoor learning within our unique setting.

Music and Drama achievements
Music continues to be an integral part of the School with events, concerts and shows throughout the academic year. We currently offer around 200 individual vocal and instrumental lessons each week, delivered by 11 full time and peripatetic music teachers. Pupils are entered for ABRSM, Trinity and Rockschool exams. Pupils benefit from the wide range of extracurricular ensembles and choirs on offer. The Chapel Choir was awarded Second Place in the New Milton Music Festival at The Arnewood School in March 2024.

Music and Drama collaborate on a number of productions across the School. We currently offer around 48 individual and duo LAMDA lessons each week, delivered by 3 peripatetic LAMDA teachers

Sport

Sport remains an integral part of the curriculum at Walhampton. We continue to offer a wide range of activities which allow children to enjoy their sporting journey across a whole host of areas. Weekly matches and Games lessons take place in the traditional team sports: rugby, hockey, football, netball and cricket for boys and girls. The programme is enriched with further opportunities beyond the curriculum in riding, golf, sailing, kayaking, tennis, athletics, swimming and fishing.

Walhampton pupils have achieved regional representative honours in sailing, cricket, gymnastics, football and hockey, as well as a national representative in sailing, gymnastics, rugby and skiing.

Walhampton pupils gained 4 Sports scholarships to secondary schools in the year.

Commitment to sustainability

Walhampton continues to be committed to sustainability and eco awareness.


Pupils remain the strongest activists in the school. We have regular Eco rep meetings, and support pupils with assemblies and activism, including lunchtime 'Clean Plate' surveys.  Each year we have a whole school Eco Day.  This year saw the continuation of the pupil drive including our second 'Trashion' and 'Forever Fashion' show, alongside being announced as a finalist in the Tatler 'eco warrior' schools in September 2024.



WALHAMPTON SCHOOL TRUST LTD (REGISTERED NUMBER: 00871641)


REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2024



FINANCIAL REVIEW

Key performance indicators

The Governors are responsible for the setting and review of key performance indicators on the School's operations. This review is delegated to each sub-committee and then reported to the Board on a termly basis. The Education Committee reviews the curriculum and key performance in academic standards, assessment and testing results. The General Purposes Committee is responsible for reviewing staff, health and safety incidents as well as site maintenance/development. The Finance Committee reviews financial performance indicators including fee income, staff costs and parent debtors, in addition to termly management accounts. The Board annually reviews each sub-committee's Terms of Reference to ensure that relevant performance indicators are kept relevant to any changes within our Strategic Risk Register. In addition, the Pastoral team meets on a regular basis to discuss pupil wellbeing and safeguarding.


The School drew down a £350,000 Coronavirus Business Interruption Loan Scheme in September 2020 as a precaution to ensure availability of liquidity in the event of any further potential downside scenario as a result of the pandemic. The proceeds of the loan have been kept on deposit and have not been used. The Loan continues to be paid back monthly.


The net movement in funds for the year amounted to a surplus of £260,294 (2023: £60,093). The School continues to examine its cost base in order to optimise the effectiveness of its operating model. The Governors' objective continues to be that the School will have a strengthened financial model, aligned with the School's Mission and Objectives, in order to deliver sustainable surpluses over time.


Fees for the school year 2023/24 increased by 5.6% on average (2023: 5.0%).  Fee income accounted for 89.0% of total School income (2023: 90.2%) which was £6,520,214 (2023: £6,014,550).


During the year £108,610 (2023: £267,837) was invested in our buildings, grounds and equipment.  This included the expansion of our Design Technology facilities.


As Walhampton is a registered charity, parents have the assurance that all of the School's income is used for educational purposes. The Governors view our bursary awards as important in helping to ensure that children from families who would otherwise not be able to afford the fees can gain access to the education we offer. Nevertheless, in funding our awards we are careful to ensure a balance between full fee-paying parents, many of whom make considerable personal sacrifices to pay for their child's education, and those benefiting from the awards.


The closing level of restricted funds was £1,780 (2023: £248) and unrestricted funds was £6,626,968 (2023: £6,368,206) including the designated fund, with the net assets of the School being £6,628,748 (2023: £6,368,454) at the year end.


Investment policy

The strategy for investments is that any surplus funds are held in high interest bearing UK accounts in order to earn an optimum rate of return whilst maintaining a low exposure to risk. Income from investments for the year was £19,042 (2023 - £5,170).


WALHAMPTON SCHOOL TRUST LTD (REGISTERED NUMBER: 00871641)


REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2024



FINANCIAL REVIEW

Reserves policy

The current level of the School's reserves is detailed in note 19 to the accounts.

Free reserves are defined by the Charity Commission as total funds less endowment, restricted and designated funds, pension reserves and unrestricted funds which could only be realised by disposing of tangible fixed assets. As at 31 August 2024 the School's unrestricted funds (excluding designated funds) stood at £6,626,968 (2023: £6,368,206), of which £6,553,961 (2023: 6,736,434) was represented by tangible fixed assets, leaving a deficit of free reserves of £73,007 (2023: deficit £368,228).

In assessing the viability of the School's financial plan and strategies, the Governors consider a range of relevant indicators, including actual and forecast financial surplus and cash flow. The Governors believe that the School is able to operate with a deficit on free reserves, as detailed by the Charity Commission, provided the overall reserve position (i.e. including tangible fixed assets) remains positive and provided that forecast cash flows are sufficient to meet all anticipated requirements.

The Governors believe it desirable over the longer term that the School should move towards a positive free reserves balance through the retention of operating surpluses, where to do so is consistent with the needs of the School and with the Strategic Development Plan.

This policy will be monitored by the Finance Committee and reviewed annually.

FUTURE DEVELOPMENTS

Although site development remains a key priority for Walhampton, there are no significant investments planned for the forthcoming year. There is a rolling maintenance program in place to ensure that our buildings and facilities are appropriately maintained and this continues to be a key priority.


STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing body

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.


The Governors, who are also required under the Articles to serve as members of the Company, are elected by the Board at a full Governors' Meeting having been nominated on the basis of their particular skills, experience, competence and availability.


Prospective Governors are required to complete a self-declaration confirming that they are not disqualified from being a charity trustee. Once elected, Governors are required to complete an annual declaration of interests form in accordance with the School's Conflict of Interest Policy.


Qualifying Third Party Indemnity Provisions

The Company has maintained throughout the financial year Directors’ liability insurance in respect of itself and its Directors. The cost in the year was £2,385 (2023 - £630).



WALHAMPTON SCHOOL TRUST LTD (REGISTERED NUMBER: 00871641)


REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2024



STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational Management

The school is controlled by the Board of Governors, which meets as a full Board three times a year to determine the general policy of the charitable company and to review its overall management and control. The following committees have been established under terms of reference approved by the Board: Education, General Purposes, Finance and Remuneration. The Education, General Purposes and Finance Committees meet termly and the minutes of these meetings are made available to all Board members. The Remuneration Committee normally meets during the summer term and its recommendations are presented orally to the Board. Other working groups meet on a regular basis and report termly to the full Board.

The implementation of the Board's policies and day-to-day running of the School is delegated to the Head and the Director of Finance & Operations, who with rest of the Strategy team, are key management personnel, who are supported by other senior members of staff. The remuneration of the Head and the Director of Finance & Operations is set by the Board following recommendations made by the Remuneration Committee in accordance with its terms of reference.

Group Structure and Relationships
Walhampton is a member of the Independent Association of Preparatory Schools (IAPS), the Independent Schools Bursars' Association (ISBA) and the Boarding Schools Association (BSA).

The School co-operates with a number of local charities, schools and other organisations, as described in the Public Benefit section above. The aim of such cooperation is to widen access to the schooling that we provide, to optimise the educational use of our cultural and sporting facilities, and to awaken in our pupils an awareness of the wider social context of the education they receive at Walhampton.

We benefit from an active Walhampton Parents' Association, which arranges social events to help strengthen the School community and to raise funds to enhance our facilities. The School also benefits from a rapidly growing network of alumni from both Hordle House and Walhampton, whose support we greatly appreciate.

Trustee Training

New Governors are provided with an information pack on their appointment, giving details of the workings of the School, Board policy and procedures, and their obligations as a charity trustee. They are also invited to visit the school to meet with the Head, Director of Finance & Operations and other staff as appropriate, and to tour the School.

Governors are encouraged to visit the School regularly during their tenure, to observe lessons and to meet with staff and pupils. They also undergo formal training in a variety of ways including briefings during routine meetings and dissemination of written guidance documents.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

00871641 (England and Wales)


Registered Charity number

307330


Registered office

Main Road

Lymington

Hampshire

SO41 5ZG



WALHAMPTON SCHOOL TRUST LTD (REGISTERED NUMBER: 00871641)


REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2024



Trustees

Mrs H K Leavesley

Mr C E Nicholson

Mr L I Pearce

Dr M Sopher

Dr P Champkin

Mr T Honeyman Brown

Mr W Linley-Adams

Mrs E Macaskill

Mrs V Speers

Mrs S M Frankish

Mr A S Patil (resigned 5.3.2024)

Mr R G Jones (appointed 1.9.2023)

Mrs R Hamlyn (appointed 1.9.2023)

Ms J B Sharp (appointed 2.12.2023)


Mrs V Speers is the Chair of the Board of Governors.


The members of the Education Committee are Mr W Linley-Adams (Chair), Mrs V Speers, Dr P Champkin, Mr T Honeyman Brown, Mrs R Hamlyn, Mr R G Jones, Mr L Pearce, and Mrs S Frankish.


The members of the Finance Committee are Mr T Honeyman Brown (Chair), Mrs V Speers, Dr P Champkin, Mr W Linley-Adams, Mrs E Macaskill, and Ms J B Sharp.


The members of the General Purposes Committee are Dr P Champkin (Chair), Mrs V Speers, Mr T Honeyman Brown, Mr W Linley-Adams, Mrs H K Leavesley, Mr C E Nicholson, and Dr M Sopher.


Company Secretary

Ms A M Bennett


Auditors

Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR


Professional Advisers

Bankers: Lloyds Bank PLC, 39 High Street, Lymington, SO41 9ZF


Solicitors: Moore Barlow LLP, The Oriel, Sydenham Road, Guildford, GU1 3SR


Insurance Brokers: Hettle Andrews & Associates Limited, 2 Brunswick Square, Birmingham B1 2LP


STATEMENT OF TRUSTEES' RESPONSIBILITIES

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


WALHAMPTON SCHOOL TRUST LTD (REGISTERED NUMBER: 00871641)


REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 AUGUST 2024



STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-select suitable accounting policies and then apply them consistently;
-observe the methods and principles in the Charity SORP;
-make judgements and estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

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

In so far as the trustees are aware:

-there is no relevant audit information of which the charitable company's auditors are unaware; and
-the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors,  Hopper Williams & Bell Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.


This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.


Approved by order of the board of trustees on 30 November 2024 and signed on its behalf by:






Mrs V Speers - Trustee


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

WALHAMPTON SCHOOL TRUST LTD



Opinion

We have audited the financial statements of Walhampton School Trust Ltd (the 'charitable company') for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and 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 (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 August 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 Auditors' 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 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 charitable company'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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.


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.


In connection with our audit of the financial statements, 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 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 the audit:

-

the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Report of the Trustees has been prepared in accordance with applicable legal requirements.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

WALHAMPTON SCHOOL TRUST LTD



Matters on which we are required to report by exception

In the light of the 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 Report of the Trustees.


We have nothing to report in respect of the following matters where 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 take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.


Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes 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 charitable company'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.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

WALHAMPTON SCHOOL TRUST LTD



Our 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 a Report of the Independent Auditors 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.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the company.


- We obtained an understanding of how the company is complying with these frameworks through discussions with management.


- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs, correspondence and a review of board minutes.


- We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.


- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

WALHAMPTON SCHOOL TRUST LTD



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 auditors' 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.





Michaela Johns FCCA (Senior Statutory Auditor)

for and on behalf of Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR


17 December 2024


WALHAMPTON SCHOOL TRUST LTD


STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2024


2024

2023


Unrestricted

Restricted

Total

Total


funds

funds

funds

funds



Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

3

11,414


5,101


16,515


1,119



Charitable activities

5

School fees

5,801,998


-


5,801,998


5,426,707


Other tuition services

555,442


-


555,442


504,014


Other income

31,432


-


31,432


27,212



Other trading activities

4

157,360


-


157,360


98,161


Total

6,557,646


5,101


6,562,747


6,057,213



EXPENDITURE ON

Raising funds

6

106,387


-


106,387


99,695



Charitable activities

7

General



34,888


3,569


38,457


34,132


School operating costs

6,128,710


-


6,128,710


5,839,977



Other

28,899


-


28,899


23,316


Total

6,298,884


3,569


6,302,453


5,997,120



NET INCOME

258,762


1,532


260,294


60,093




RECONCILIATION OF FUNDS

Total funds brought forward

6,368,206


248


6,368,454


6,308,361



TOTAL FUNDS CARRIED FORWARD

6,626,968


1,780


6,628,748


6,368,454



WALHAMPTON SCHOOL TRUST LTD (REGISTERED NUMBER: 00871641)


BALANCE SHEET

31 AUGUST 2024


2024

2023


Unrestricted

Restricted

Total

Total


funds

funds

funds

funds



Notes

£

£

£

£

FIXED ASSETS


Tangible assets

13

6,553,961


-


6,553,961


6,736,434



CURRENT ASSETS


Debtors

14

1,831,260


-


1,831,260


1,821,534


Cash at bank and in hand

1,721,545


1,780


1,723,325


853,038


3,552,805


1,780


3,554,585


2,674,572



CREDITORS


Amounts falling due within one year

15

(3,037,400

)

-


(3,037,400

)

(2,640,299

)


NET CURRENT ASSETS

515,405


1,780


517,185


34,273



TOTAL ASSETS LESS CURRENT

LIABILITIES

7,069,366


1,780


7,071,146


6,770,707



CREDITORS


Amounts falling due after more than one year

16

(442,398

)

-


(442,398

)

(402,253

)


NET ASSETS

6,626,968


1,780


6,628,748


6,368,454


FUNDS

19

Unrestricted funds:


General fund

3,318,471


3,067,106



Revaluation Reserve

3,203,283


3,203,283



Designated Fund

55,585


55,585



WPA

49,629


42,232


6,626,968


6,368,206


Restricted funds:


Sports relief

-


248



Other

1,780


-


1,780


248


TOTAL FUNDS

6,628,748


6,368,454




WALHAMPTON SCHOOL TRUST LTD (REGISTERED NUMBER: 00871641)


BALANCE SHEET - continued

31 AUGUST 2024


These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 30 November 2024 and were signed on its behalf by:






Mrs V Speers - Trustee






Mr T Honeyman Brown - Trustee


WALHAMPTON SCHOOL TRUST LTD


CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2024


2024

2023



Notes

£

£


Cash flows from operating activities

Cash generated from operations

1

1,078,568


425,866



Finance costs paid

(28,899

)

(23,316

)


Net cash provided by operating activities

1,049,669


402,550




Cash flows from investing activities

Purchase of tangible fixed assets

(109,382

)

(267,384

)


Sale of tangible fixed assets

-


(575

)


Net cash used in investing activities

(109,382

)

(267,959

)



Cash flows from financing activities

Loan repayments in year

(70,000

)

(70,000

)


Net cash used in financing activities

(70,000

)

(70,000

)



Change in cash and cash equivalents in

the reporting period

870,287


64,591



Cash and cash equivalents at the

beginning of the reporting period

853,038


788,447



Cash and cash equivalents at the end of

the reporting period

1,723,325


853,038




WALHAMPTON SCHOOL TRUST LTD


NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2024



1.

RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

2024

2023



£

£


Net income for the reporting period (as per the Statement of

Financial Activities)

260,294


60,093




Adjustments for:


Depreciation charges

287,824


287,978




Loss on disposal of fixed assets

4,032


4,378




Finance costs

28,899


23,316




Increase in debtors

(9,726

)

(131,875

)



Increase in creditors

507,245


181,976




Net cash provided by operations

1,078,568


425,866





2.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.9.23

Cash flow

At 31.8.24


£

£

£


Net cash



Cash at bank and in hand

853,038


870,287


1,723,325



853,038


870,287


1,723,325





Debt


Debts falling due within 1 year

(70,000

)

-


(70,000

)



Debts falling due after 1 year

(145,833

)

69,999


(75,834

)


(215,833

)

69,999


(145,834

)



Total

637,205


940,286


1,577,491




WALHAMPTON SCHOOL TRUST LTD


NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024



1.

ACCOUNTING POLICIES



Charity information


Walhampton School Trust Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Main Road, Lymington, Hampshire, SO41 5ZG.



Basis of preparing the financial statements


These accounts have been prepared in accordance with FRS102 "The Financial Reporting standard applicable in the UK and Republic of Ireland" ("FRS102"), "Accounting and Reporting by Charities" the Statement of Recommended Practice for charities applying FRS102, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015. The charity is a Public Benefit Entity as defined by FRS102.



The financial statements are prepared in sterling, which is the functional and presentational 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 modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.



Going concern


At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future.



Income


Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met or are fully within the control of the charity, there is sufficient certainty that receipt of the income is considered possible, and the amount can be measured reliably.



Donated services and facilities


Under the Charities SORP (FRS 102), donated services and facilities are calculated as value to the charity, instead of cost to the donor. Donations received for the general purposes of the company are credited to unrestricted funds.  Donations subject to specific wishes of the donors are credited to restricted funds or to endowed funds where the amount is required to be held as permanent capital.



Income from charitable activities


Tuition fees are included within the Financial Statements on a receivable basis. Amounts invoiced in advance are deferred and carried forward within creditors, whilst amounts due but not yet received in the year are shown within debtors. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the company.



Fees received in advance of education to be provided in future years under an Advance Fee Payments Scheme contract are held until either taken to income in the term when used or else refunded.



Trading income, which includes letting, is accounted for when the events take place.



Interest income is accrued on a time-apportioned basis, by reference to the principal outstanding at the effective interest rate.



All income was generated in the UK.



Business Interruption Payment (BIP) under the Coronavirus Business Interruption Loan: The accrual model has been used to recognise the income on a systematic basis over the periods in which the related finance costs are incurred.



WALHAMPTON SCHOOL TRUST LTD


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024



1.

ACCOUNTING POLICIES - continued



Expenditure


All expenditure is accounted for on an accruals basis. Expenditure is allocated to expense headings either on a direct cost basis, or apportioned to time spent, where it is not possible to directly attribute the expense.



Allocation of support costs


Support costs comprise of the costs of running the School, including strategic planning for its future development, also external audit fees, any legal advice for the board of governors and all costs of complying with constitutional and statutory requirements, such as the cost of governors' meetings and of preparing statutory accounts and satisfying public accountability.



Charitable funds


General funds


General funds are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the company and which have not been designated for any other purpose.



Designated funds


Included within designated funds is the JB & PL Bursary fund. Investments previously held by a separate connected charity, JB & PL Bursary Trust, were transferred to the school with the consent of the Charity Commission. The fund is to provide for future bursaries.



Restricted funds


Restricted funds can only be used for particular restricted purposes within the objects of the charity.


Restrictions arise where specified by the donor or when funds are raised for particular restricted purposes.



Fund transfers


Resources are transferred from Unrestricted Funds to Restricted Funds where expenditure meeting the criteria laid down by a donor of restricted income exceeds this income.



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 financial statements.



Tangible fixed assets

Tangible fixed assets are measured at cost (or deemed cost for land and buildings at the date of transition to FRS 102) less accumulated depreciation and any impairment losses.

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the depreciable amount of each asset to its estimated residual value on a straight line basis over its expected useful life, as follows:

Freehold land and buildings- 1% to 10% on cost according to category
Fixtures and fittings- 5% and 25% on cost
Motor & maintenance equipment- 12.5% and 20% on cost

Freehold land is 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 net income/(expenditure) for the year.

Capital assets donated are capitalised in fixed assets and are included in income. Assets within a project are looked at in total and if the total is less than £1,000 they are not capitalised.


WALHAMPTON SCHOOL TRUST LTD


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024



1.

ACCOUNTING POLICIES - continued



Tangible fixed assets





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.

Cash and cash equivalents
Cash and cash equivalents include cash in hand.


Taxation

The charity is exempt from corporation tax on its charitable activities.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.


Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.


Pension costs and other post-retirement benefits


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



The Charity has a defined contribution scheme. The pension costs charged represents the contributions payable by the School during the year in accordance with FRS102 in that contributions are charged to the SOFA account in the period in which they are due.


WALHAMPTON SCHOOL TRUST LTD


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024



1.

ACCOUNTING POLICIES - continued



Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Impairment of financial assets
Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank overdrafts 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.

Liabilities are recognised within the financial statements in respect of all expenditure for which the entity has a measurable obligation, be it constructive or legal, at the balance sheet date. Any expenditure which is committed to, but not measurable at this time, is disclosed within the notes to the financial statements as a contingent liability.

WALHAMPTON SCHOOL TRUST LTD


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024



1.

ACCOUNTING POLICIES - continued



Financial instruments


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

2.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION

UNCERTAINTY


In the application of the Charity's accounting policies, the Governors 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.

The following judgements have had the most significant effect on amounts recognised in the financial statements.

Classification of leases
In categorising leases as finance leases or operating leases, management makes judgements as to whether significant risks and rewards of ownership have transferred to Walhampton School Trust Limited.

Bad debts
Trade debtors are reviewed on an annual basis to determine whether a bad debt provision should be made against any items. Only where the trustees consider recovery of a debt to be unlikely is a provision made.

Deemed cost of fixed assets
Upon transition to FRS 102, specific fixed assets were revalued to deemed costs based on assumptions made by a Property Consultant. The trustees are satisfied that the assumptions made were appropriate.

3.

DONATIONS AND LEGACIES

2024

2023


Unrestricted

Restricted

Total

Total


funds

funds

funds

funds


£

£

£

£



Donations

11,414


5,101


16,515


1,119





WALHAMPTON SCHOOL TRUST LTD


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024



4.

OTHER TRADING ACTIVITIES

2024

2023


Unrestricted

Restricted

Total

Total


funds

funds

funds

funds


£

£

£

£



Other lettings income

43,913


-


43,913


39,285




Lettings income - external

70,914


-


70,914


16,213




Fundraising WPA

42,533


-


42,533


42,663



157,360


-


157,360


98,161




5.

INCOME FROM CHARITABLE ACTIVITIES

2024

2023



Activity

£

£


School fees

School fees

6,406,322


6,020,594




Less: Scholarships

School fees

(15,078

)

(22,062

)



Less: Bursaries

School fees

(217,124

)

(194,680

)



Less: Other discounts

School fees

(372,122

)

(377,145

)



Other tuition services

Other tuition services

555,442


504,014




Registration fees & retained

deposits


Other income

31,432


27,212



6,388,872


5,957,933




6.

RAISING FUNDS



Raising donations and legacies

2024

2023


Unrestricted

Restricted

Total

Total


funds

funds

funds

funds


£

£

£

£



Marketing

106,387


-


106,387


99,695





WALHAMPTON SCHOOL TRUST LTD


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024



7.

CHARITABLE ACTIVITIES COSTS

Support



Direct

costs (see



Costs

note 8)

Totals


£

£

£



General



38,457


-


38,457




School operating costs

4,979,090


1,149,620


6,128,710



5,017,547


1,149,620


6,167,167




8.

SUPPORT COSTS

Governance



Other

Staff costs

costs

Totals



£

£

£

£


School operating costs

431,087


652,638


65,895


1,149,620





The charity identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Having identified its governance costs, the remaining support costs are apportioned between staff costs and general support.



Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.



Support costs, included in the above, are as follows:




Governance costs


2024

2023


School



operating

Total


costs

activities



£

£


Auditors' remuneration

13,650


12,395




Accountancy fees

7,054


3,879




Legal and professional fees

42,806


40,800




Governors' liability insurance

2,385


630



65,895


57,704





WALHAMPTON SCHOOL TRUST LTD


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024



9.

NET INCOME/(EXPENDITURE)



Net income/(expenditure) is stated after charging/(crediting):



2024

2023



£

£


Auditors' remuneration

13,650


12,395




Depreciation - owned assets

287,052


287,927




Deficit on disposal of fixed assets

4,032


4,378




10.

TRUSTEES' REMUNERATION AND BENEFITS


There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.



Trustees' expenses



Expenses covering training and travel costs of £3,167 were reimbursed during the year for 8 Governors (2023 - £nil).


11.

STAFF COSTS

2024

2023



£

£


Wages and salaries

3,674,338


3,515,667




Social security costs

388,181


368,420




Other pension costs

386,572


395,383



4,449,091


4,279,470





The average monthly number of employees during the year was as follows:


2024

2023



Teaching

83


84




Administrative & domestic

60


46



143


130





The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:


2024

2023



£60,001 - £70,000

1


1




£70,001 - £80,000

1


1




£80,001 - £90,000

-


1




£100,001 - £110,000

-


1




£110,001 - £120,000

1


1



3


5




Contributions were made into the Pension Schemes for the higher paid employees of £50,936 (2023: £53,789).

WALHAMPTON SCHOOL TRUST LTD


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024



11.

STAFF COSTS - continued



The total remuneration of key management personnel is £461,516 (2023: £555,138).

The average number of employees on a full time equivalent basis is 117 (2023: 108).

12.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total


funds

funds

funds



£

£

£


INCOME AND ENDOWMENTS FROM


Donations and legacies

919


200


1,119




Charitable activities


School fees

5,426,707


-


5,426,707



Other tuition services

504,014


-


504,014



Other income

27,212


-


27,212




Other trading activities

98,161


-


98,161



Total

6,057,013


200


6,057,213




EXPENDITURE ON


Raising funds

99,695


-


99,695




Charitable activities


General




34,132


-


34,132



School operating costs

5,839,777


200


5,839,977




Other

23,316


-


23,316



Total

5,996,920


200


5,997,120




NET INCOME

60,093


-


60,093





RECONCILIATION OF FUNDS


Total funds brought forward

6,308,113


248


6,308,361




TOTAL FUNDS CARRIED FORWARD

6,368,206


248


6,368,454




WALHAMPTON SCHOOL TRUST LTD


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024



13.

TANGIBLE FIXED ASSETS

Fixtures

Motor and



Freehold

and

maintenance



property

fittings

equipment

Totals



£

£

£

£


COST


At 1 September 2023

9,511,968


845,971


455,109


10,813,048




Additions

23,293


66,330


18,987


108,610




Disposals

-


(710

)

(6,823

)

(7,533

)



At 31 August 2024

9,535,261


911,591


467,273


10,914,125




DEPRECIATION


At 1 September 2023

3,021,060


628,156


427,398


4,076,614




Charge for year

219,026


62,730


5,296


287,052




Eliminated on disposal

-


(551

)

(2,951

)

(3,502

)



At 31 August 2024

3,240,086


690,335


429,743


4,360,164




NET BOOK VALUE


At 31 August 2024

6,295,175


221,256


37,530


6,553,961




At 31 August 2023

6,490,908


217,815


27,711


6,736,434




The net book value at 31 August 2024 represents fixed assets, which are all used for direct charitable purposes.

Land and buildings with a carrying amount of £584,019 as at 1 September 2014 were revalued at 31 August 2015 to £3,787,302 by Aitchison Raffety Property Consultants, independent valuers not connected with the charity on the basis of fair value, taken as deemed cost as part of the charity’s transition to FRS 102.

The Governors decided to bring specific land and buildings to deemed cost representing their fair value as at 31 August 2015. There was no material difference to the value at transition at 1 September 2014. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

At 31 August 2024, had the revalued assets been carried at historic cost, plus fixed asset additions, less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £495,150 (2023 - £515,207).

The Governors are of the opinion that the open market value of the freehold land and buildings exceed its book value, and the Governors believe there is no need for an impairment of the freehold land and buildings.


WALHAMPTON SCHOOL TRUST LTD


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024



14.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023



£

£


Trade debtors

1,751,923


1,778,231




Other debtors

4,044


4,203




Prepayments and accrued income

75,293


39,100



1,831,260


1,821,534




During the year, the School's bad debt provision is £97,711 (2023 - £61,340).

During the year, the School released provisions for bad debt of £nil (2023 - £nil) to the Statement of Financial Activities. The total value of debtors written off in the year is £44,378 (2023 - £Nil).

15.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023



£

£


Bank loans and overdrafts (see note 17)

70,000


70,000




Trade creditors

194,205


205,097




Social security and other taxes

85,225


95,099




Other creditors

2,687,970


2,270,103



3,037,400


2,640,299




16.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023



£

£


Bank loans (see note 17)

75,834


145,833




Other creditors

366,564


256,420



442,398


402,253




The advanced payments of fees received have been set against future tuition fees. The advanced fees form part of the general funds of the charity.

The School operates an advanced payment of fees scheme whereby parents can enter into a contract to pay the School a lump sum to be used towards future years' tuition. Assuming pupils remain at the School, the advance fees will be applied as follows:

20242023
£ £
Within one year475,593141,137
Within one to two years232,080116,318
Within two to five years134,484140,102
Total842,157397,557

WALHAMPTON SCHOOL TRUST LTD


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024



17.

LOANS



An analysis of the maturity of loans is given below:


2024

2023



£

£


Amounts falling due within one year on demand:


Bank loans

70,000


70,000




Amounts falling between one and two years:


Bank loans - 1-2 years

70,000


70,000




Amounts falling due between two and five years:


Bank loans - 2-5 years

5,834


75,833





An unlimited debenture with a fixed and floating charge over the commercial freehold property known as Walhampton School exist in favour of Lloyds Bank Plc.


18.

LEASING AGREEMENTS



Minimum lease payments under non-cancellable operating leases fall due as follows:


2024

2023



£

£


Within one year

20,820


20,820




Between one and five years

23,511


44,331



44,331


65,151




19.

MOVEMENT IN FUNDS

Net



movement



At 1.9.23

in funds

At 31.8.24


£

£

£



Unrestricted funds


General fund

3,067,106


251,365


3,318,471




Revaluation Reserve

3,203,283


-


3,203,283




Designated Fund

55,585


-


55,585




WPA

42,232


7,397


49,629



6,368,206


258,762


6,626,968




Restricted funds


Sports relief

248


(248

)

-




Other

-


1,780


1,780



248


1,532


1,780




TOTAL FUNDS

6,368,454


260,294


6,628,748




WALHAMPTON SCHOOL TRUST LTD


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024



19.

MOVEMENT IN FUNDS - continued



Net movement in funds, included in the above are as follows:


Incoming

Resources

Movement


resources

expended

in funds


£

£

£



Unrestricted funds


General fund

6,515,113


(6,263,748

)

251,365




WPA

42,533


(35,136

)

7,397



6,557,646


(6,298,884

)

258,762




Restricted funds


Sports relief

-


(248

)

(248

)



Other

5,101


(3,321

)

1,780



5,101


(3,569

)

1,532




TOTAL FUNDS

6,562,747


(6,302,453

)

260,294






Comparatives for movement in funds


Net



movement



At 1.9.22

in funds

At 31.8.23


£

£

£



Unrestricted funds


General fund

3,015,544


51,562


3,067,106




Revaluation Reserve

3,203,283


-


3,203,283




Designated Fund

55,585


-


55,585




WPA

33,701


8,531


42,232



6,308,113


60,093


6,368,206




Restricted funds


Sports relief

248


-


248





TOTAL FUNDS

6,308,361


60,093


6,368,454




WALHAMPTON SCHOOL TRUST LTD


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024



19.

MOVEMENT IN FUNDS - continued



Comparative net movement in funds, included in the above are as follows:


Incoming

Resources

Movement


resources

expended

in funds


£

£

£



Unrestricted funds


General fund

6,014,350


(5,962,788

)

51,562




WPA

42,663


(34,132

)

8,531



6,057,013


(5,996,920

)

60,093




Restricted funds


Other

200


(200

)

-





TOTAL FUNDS

6,057,213


(5,997,120

)

60,093





A current year 12 months and prior year 12 months combined position is as follows:


Net



movement



At 1.9.22

in funds

At 31.8.24


£

£

£



Unrestricted funds


General fund

3,015,544


302,927


3,318,471




Revaluation Reserve

3,203,283


-


3,203,283




Designated Fund

55,585


-


55,585




WPA

33,701


15,928


49,629



6,308,113


318,855


6,626,968




Restricted funds


Sports relief

248


(248

)

-




Other

-


1,780


1,780



248


1,532


1,780




TOTAL FUNDS

6,308,361


320,387


6,628,748




WALHAMPTON SCHOOL TRUST LTD


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024



19.

MOVEMENT IN FUNDS - continued



A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:


Incoming

Resources

Movement


resources

expended

in funds


£

£

£



Unrestricted funds


General fund

12,529,463


(12,226,536

)

302,927




WPA

85,196


(69,268

)

15,928



12,614,659


(12,295,804

)

318,855




Restricted funds


Sports relief

-


(248

)

(248

)



Other

5,301


(3,521

)

1,780



5,301


(3,769

)

1,532




TOTAL FUNDS

12,619,960


(12,299,573

)

320,387





Restricted funds


The school received £5,301 (2023: £nil) from various donors for specific causes of which £3,521 was expensed in the year.



Unrestricted funds


The designated fund includes income set aside to provide for future Bursaries. This fund was not utilised in the year.  A separate designated fund has been included for monies raised by the Walhampton Parents Association (WPA).  Money raised by WPA is set aside in the designated fund to be redistributed towards specific chosen charities, at the discretion of the school and WPA, in future.


20.

RELATED PARTY DISCLOSURES


There were no related party transactions within the current and prior year.

21.

ULTIMATE CONTROLLING PARTY


The ultimate controlling parties are the governors as shown in the report of the Governing Body.


WALHAMPTON SCHOOL TRUST LTD


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 AUGUST 2024



22.

COMPANY STATUS



The School is a company limited by guarantee. In the event of the company being wound up, the members’ liability is limited to £1 each. There are 13 members (2023 - 15).


23.

RETIREMENT BENEFIT SCHEMES



Staff Pension Fund


The School operates the following schemes for non-teaching staff:


The IAPS Pension Scheme which is a defined contribution scheme; the school contributes up to 7% of salary and the employees contribute no less than 2% of salary. Total employer contributions for the year were £15,794 (2023 - £16,651). Total contributions outstanding at 31 August 2024 amounted to £2,888 (2023 - £3,199).



On 1 August 2014 the School also entered into The People’s Pension Scheme in response to the new requirement to enrol eligible employees automatically. It is a defined contribution scheme, with the employer contributing a minimum of 3% and employee currently contributing 4% of salary, as required by the legislation. Total employer contributions for the year were £49,443 (2023 - £43,117). Total contributions outstanding at 31 August 2024 amounted to £9,908 (2023 - £9,005).



Since January 2022, the School operates the Royal London pension scheme for teaching staff.   The Royal London Pension Scheme is a defined contribution scheme; the school contributes up to 17% of salary, and the employee contributes no less than 5% of salary either directly from salary or utilising as a salary sacrifice scheme.  Total Employer contributions for the year were  £284,605  (2023 - £296,030).  Total contributions outstanding at 31 August 2024 were £nil (2023 - £38,560).