Charity registration number 310269 (England and Wales)
Company registration number 00576104
HALL SCHOOL (WINCANTON) LIMITED (THE)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
HALL SCHOOL (WINCANTON) LIMITED (THE)
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Michael John Hatch
Ann Elisabeth Turrall-Clarke
Julie Maria Gripper
Katherine Jane Self
Nicola Frances Greenland
Katharine Kingsbury
Secretary
David Clive Masters
Charity number
310269
Company number
00576104
Registered office
Bagmore Farm
Silton
GILLINGHAM
Dorset
SP8 5DQ
Accountants
Old Mill Accountancy Limited
Bishopbrook House
Cathedral Avenue
WELLS
Somerset
BA5 1FD
Bankers
Lloyds TSB Bank Plc
High Street
GILLINGHAM
Dorset
SP8 4AQ
Investment advisors
Smith & Williamson
25 Moorgate
LONDON
EC2R 6AY
HALL SCHOOL (WINCANTON) LIMITED (THE)
CONTENTS
Page
Trustees report
1 - 3
Accountants' report
4
Statement of financial activities
5
Balance sheet
6
Notes to the financial statements
7 - 12
HALL SCHOOL (WINCANTON) LIMITED (THE)
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 August 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 principal activities and objects of the company during the year were the investment of funds and the allocation of educational bursaries to former pupils of the Hall School and their dependents.

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

The directors have given due consideration to guidance by the Charity Commission concerning the requirement to ensure that the charity operates for the public benefit. The charity continues to fulfil this requirement in that it seeks to improve access to education of the highest quality by allocating bursaries to individuals who would not otherwise be able to afford it.

The directors meet at least once a year to consider applications for bursaries. These are awarded according to the merit of the application. In the event of reductions in the value of investments in the company the directors will consider a comparable reduction in the overall level of bursaries to be paid with the intention of preserving capital to meet future bursary requirements.

Achievements and performance

The directors’ main achievement as in prior years, is the continuation of the charity and the making of bursary awards to help eligible recipients in their continuing education at whatever level and whatever role, and which is always appreciated by them. However, with reducing funds available for this very worthy purpose, the directors are now carefully considering how much longer this can continue as it has been and are exploring the possibility of joining with another like- minded charity to keep the bursary-giving alive in the future.

 

The directors further report that it is nevertheless surprising to them that a number of awards have not been taken up in the past few years despite notification to the recipients setting out the amounts awarded and what needs to be done by them to support evidence of their continuing need and claim the particular payment involved.

Financial review

Investment income in the year to 31 August 2024 was £9,082 (2023: £9,341). There was a net gain on investments of £8,527 (2023: loss £22,150).

During the year bursaries totalling £11,000 (2023: £9,800) were awarded, £8,061 (2023: £7,225) of which were claimed. Other costs came to a total of £15,610 (2023: £15,461), resulting in a net overall decrease in funds of £6,062 (2023: £35,495).

Funds carried forward at the end of the year were £175,015 (2023: £181,077). The directors continue to consider ways to conserve capital to meet future bursary expenditure.

Reserves Policy

The directors seek to hold sufficient reserves to enable the company to make a consistent number of bursary awards each year.

HALL SCHOOL (WINCANTON) LIMITED (THE)
TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -

Investment Policy

Funds are invested by Smith & Williamson Investment Management Limited in medium risk portfolios into discretionary investment management. The objective is to provide an emphasis on current income with less regard for longer term growth so as to provide sufficient income to fund bursaries in the current year while maintaining the capital base necessary to generate similar levels of income in future years. A small amount of cash is retained in a capital account for working capital purposes.

Risk assessment

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The principal risk to which the company is exposed is a severe reduction in the value of its investments as a result of adverse market conditions. In consultation with the investment managers, the directors review these conditions on a regular basis and take whatever measures are available to them to mitigate this risk.

Plans for the future

The directors will continue to consider all applications for a bursary award at the Annual General Meeting in April and have submitted the requisite forms to 21 potential applicants for completion and at the same time have attached a letter explaining what may be the future situation of the charity at the end of this academic year.

Structure, governance and management

The company was incorporated on 21 December 1956 and is governed by a memorandum and articles of association. The liability of its members is limited by guarantee. It is a registered charity (number 310269).

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

 

Michael John Hatch
Ann Elisabeth Turrall-Clarke
Julie Maria Gripper
Katherine Jane Self
Nicola Frances Greenland
Katharine Kingsbury

The directors approach the recruitment of new trustees when necessary by contacting those who are known to existing trustees, have experience in education and/or who are Old Scholars of the Hall School.  Those who are willing to serve as trustees are appointed by election at General Meeting.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £nil in the event of a winding up.

HALL SCHOOL (WINCANTON) LIMITED (THE)
TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
Statement of Trustees responsibilities

The trustees, who are also the directors of Hall School (Wincanton) Limited (The) 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;

 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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.

On behalf of the board of trustees

Michael John Hatch
Katherine Jane Self
Trustee
Trustee
Dated: 23 April 2025
Dated:23 April 2025
HALL SCHOOL (WINCANTON) LIMITED (THE)
ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HALL SCHOOL (WINCANTON) LIMITED (THE) FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hall School (Wincanton) Limited (The) for the year ended 31 August 2024, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.

 

As a member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 17 January 2025. Our work has been undertaken solely to prepare for your approval the accounts of Hall School (Wincanton) Limited (The) and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at icaew.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hall School (Wincanton) Limited (The) and the charity's trustees as a body, for our work or for this report.

It is your duty to ensure that Hall School (Wincanton) Limited (The) has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Hall School (Wincanton) Limited (The). You consider that Hall School (Wincanton) Limited (The) is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.

We have not been instructed to carry out an audit or a review of the financial statements of Hall School (Wincanton) Limited (The). For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Old Mill Accountancy Limited
Bishopbrook House
Cathedral Avenue
WELLS
Somerset
BA5 1FD
14 May 2025
HALL SCHOOL (WINCANTON) LIMITED (THE)
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
2024
2023
Notes
£
£
Income from:

Investments

3
9,082
9,341
Expenditure on:

 

Raising funds

4
2,138
2,431

Charitable activities

5
21,533
20,255
Total resources expended
23,671
22,686
Net gains/(losses) on investments
10
8,527
(22,150)
Net movement in funds
(6,062)
(35,495)
Fund balances at 1 September 2023
181,077
216,572
Fund balances at 31 August 2024
175,015
181,077
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
HALL SCHOOL (WINCANTON) LIMITED (THE)
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 6 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
171,207
176,998
Current assets
Cash at bank and in hand
10,542
11,090
Creditors: amounts falling due within one year
13
(6,734)
(7,011)
Net current assets
3,808
4,079
Total assets less current liabilities
175,015
181,077
The funds of the charity
Unrestricted funds
175,015
181,077
175,015
181,077

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2024.

The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the trustees on 23 April 2025
Michael John Hatch
Katherine Jane Self
Trustee
Trustee
Company registration number 00576104 (England and Wales)
HALL SCHOOL (WINCANTON) LIMITED (THE)
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
1
Accounting policies
Charity information

Hall School (Wincanton) Limited (The) is a private company limited by guarantee incorporated in England and Wales. The registered office is Bagmore Farm, Silton, GILLINGHAM, Dorset, SP8 5DQ.

1.1
Accounting convention

The financial statements have been prepared in accordance 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)". The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

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 accounts have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Investment income is recognised on a receivable basis.

1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Grants payable are charged in the year when the offer is made except in that cases where the offer is conditional, such as grants being recognised as expenditure when the conditions attaching are fulfilled.

1.6
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7
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.

HALL SCHOOL (WINCANTON) LIMITED (THE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 8 -
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 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

1.8
Employee benefits

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.

2
Critical accounting estimates and judgments

In the application of the charity’s accounting policies, the trustees are required to make judgments, 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.

3

Investments

2024
2023
£
£

Income from listed investments

9,082
9,341
HALL SCHOOL (WINCANTON) LIMITED (THE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
4
Raising funds
2024
2023
£
£
Investment management
2,138
2,431
5

Charitable activities

2024
2023
£
£
Grant funding of activities (see note 6)
8,061
7,225
Share of support costs (see note 7)
11,222
10,780
Share of governance costs (see note 7)
2,250
2,250
21,533
20,255
6
Grants payable
2024
2023
£
£
Grants to individuals
8,061
7,225
7
Support costs
Support costs
Governance costs
2024
2023
£
£
£
£
Staff costs
6,750
2,250
9,000
9,000
Accountancy
3,130
-
3,130
3,310

Legal and professional

760
-
760
720

Sundry expenses

582
-
582
-
11,222
2,250
13,472
13,030
Analysed between
Charitable activities
11,222
2,250
13,472
13,030

 

HALL SCHOOL (WINCANTON) LIMITED (THE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 10 -
8
Trustees

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

 

No expenses were reimbursed to any trustee during the year (2023: £nil).

9
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
2
2
Employment costs
2024
2023
£
£
Wages and salaries
9,000
9,000
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel

The remuneration of key management personnel was as follows:

2024
2023
£
£
Aggregate compensation
3,000
3,000
10
Net gains/(losses) on investments
2024
2023
£
£
Revaluation of investments
13,305
(20,097)
Gain/(loss) on sale of investments
(4,778)
(2,053)
8,527
(22,150)
11
Taxation

The company, being a registered charity, is exempt from any taxation of Value Added Tax.

12
Fixed asset investments
HALL SCHOOL (WINCANTON) LIMITED (THE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
12
Fixed asset investments
(Continued)
- 11 -
Listed investments
Unlisted investments
Total
£
£
£
Cost or valuation
At 1 September 2023
174,962
2,036
176,998
Additions
17,125
-
17,125
Valuation changes
8,527
379
8,906
Disposals
(31,822)
-
(31,822)
At 31 August 2024
168,792
2,415
171,207
Carrying amount
At 31 August 2024
168,792
2,415
171,207
At 31 August 2023
174,962
2,036
176,998

The above investments comprise fixed interest securities and equities of which £75,819 (2023:£85,393) are UK investments and £92,973 (2023:£89,569) relates to investments held outside the UK.

 

Investments individually representing more than 5% of total:

Market value

£

 

450 units - Capital International Fund Global High Income Opport GBP            9,268

5,500 units – Murray International Trust Ord GBP0.25                    13,888

925 units - Monks Investment Trust Ord GBP0.05                        10,730

8,050 units – Henderson Intl Income Trust PLC Ord GBP0.01                13,202

2,500 units – City of London Inv Trust Ord GBP0.25                    10,950

1,600 units - Schroder UK Mid Cap Fd PLC Ord GBP0.25                    10,176

13,250 units – Diverse Income Trust PLC Ord GBP0.001                    10,076

13
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
1,350
700
Other creditors
2,255
3,359
Accruals and deferred income
3,129
2,952
6,734
7,011
HALL SCHOOL (WINCANTON) LIMITED (THE)
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -
14
Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

 

Disclosure of key management personnel is included in the employees note.

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