Registered Charity No. 1002212 (England and Wales)
Company Registration No. 02331296
Somerhill Charitable Trust Limited
(a company limited by guarantee)
Report and Financial Statements
for the year ended 31 August 2024
SOMERHILL
SOME SCHOOL
A LEADING INDEPENDENTPREP SCHOOL FOR GIRLS AND BOYS

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
CONTENTS
Page
Chair of Governors, summary
Governors, report and strategic report
3-15
Statement of Govemors, responsibilities
16
Independenl auditorfs report
17-19
Statement of financial activibes
20-21
Balance 5h8et
22
Statement of cash flows
23
Notes to the ffinancial statements
24-40

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
CHAIR OF GOVERNORS, SUMMARY
For the year ended 31 August 2024
This note has been updated as of the recorded dale for post-year events.
The board currently has a full complement of skills, but there have been two resignations for which we have excellent
candidates.
We were saddened by the resignation of our head teacher for personal reasons and we are currently in the midst of a
recruilmenl drive with a strong slate of candidates. We are blessed to have an extremely strong and time-served
leadership team that works extremely well together and that has made it such that we have not needed to find an
interim head.
Much of our strategic focus has been and remains around risk planning for the imposition of VAT and business rates
and the reducing demographic pool of pupils for which we musl compete. We are fortunate to be in a strong financial
position that will enable us to weather any significant shakeout in our sector as we continue to see mergers and
consolidations both between prep-schools and in some cases senior schools. We also plan to ensure that we are the
school of Choi￿ in this area maintaining an excellent offering al a reasonable cost.
We had excellent reports for both our PSB and ISI inspections and these are available on our website.
We are continuing to invest towards nel Zero with contracts to both reduce our energy usage and generate more solar
energy.
Saplings. our outside teaching environment, is well established. popular and profitable.
We continue to focus on excellence in provision of facilities for education and overall wellbeing. We plan to upgrade
our hard play area (Hockeylfootball} in the upcoming year, discussions are undeNay that may result in our becoming
a centre of excellence.
The year has been pleasingly successful in both academic, sporting and other extra<urricular offerings reported
elsewhere. We are happy to report that we were extremely successful both in placemenl of 11+ candidates lour
success rate is one of the highest around) and in gaining scholarships and places at public schools, with over 24
awards, one ofour best outcomes and, perhaps per pupil headcount, Ihe best we have ever delivered. In summary,
while we are often asked what our specializalion is, and we say that'we grow amazing people" the reality is that we
are very successful in delivering the best for each pupil who joins us in achieving the outcomes they and their parents
wish.
Mark A. Jiskool
Chalr of the Board of Governo
Date..

SOMERHILL CHARITABLE TRUST LIMITED
{A company limited by guarantee}
GOVERNORS, REPORT AND STRATEGIC REPORT
For the year ended 31 August 2024
The Directors of Somerhill Charitable Trust Limited {the "School" Somerhill"), who are also the Trustees of the charity
and the Governors of the School land will be referred to throughout these financial statements as the "Governors"),
present their annual report and the audited financial statements of the company for the year ended 31 August 2024 and
confirm they comply with the requirements of the Charities Act 2011, the governing document, the Charities SORP
{FRS 102) (effective 1 January 20191 and the Companies Act 2006.
Constitution
The School is a charitable company incorporated under the Companies Act with company number 02331296 and
charity number 1002212. The company is limited by guarantee and does not have a share capital. The liability of the
members is limited to £1 each. The School's governing document is the Mémorandum and Articles of Association
adopted by special resolution on 9 Augusl 2024.
Directors. Trustees and Govemors
The Board should have a minimum ofthree members, with no maximum unless determined at a General Meeting
through an Ordinary Resolution. Each Governor has onè vote.
The Directors from 1 September 2023 to the date ofsigning were..
C A Barry. (appointed 30 November 2023)
P G Bromley.
P R Brooks +. (resigned 22 January 2025)
P M Goodyer +
E Henery +
C Holder"
J V Irvine.
MAJiskoot'+"
PJNorth+
R E Verrell.
DA Wells.
++ (Chair of Governors from 1 September 2022}
Mernbers ofthe Finance and General Purposes Committee chaired by J V INine.
Members ofthe Educalion Committee chaired by P R Brooks until 22 January 2025 and then by P M Goodyer.
Members of the HR Cornmittee chaired by C A Barry.
++ Members ofthe Health & Safety Committee chaired by J M Hunt (Bursar).

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
GOVERNORS, REPORT AND STRATEGIC REPORT (continued)
For the year ended 31 August 2024
Strategic Report
Objectives and Activities
The Governors, aim is to provide an all-round excellent education lo boys and girls from ages 3- 13. The objectives
are set to reflect the educational aims and ethos of Somerhill. It is important that the Governors maintain and
enhance the reputation of the School through the continued success of the curricular and co-curricular programmes.
In setting the objectives and planning the activities, the Governors have carefully considered the Charity
Commission's general guidance on public benefit and in particular its supplementary public benefit guidance on
advancing education, including the provision of assisted places. Particular reference is given to al promoting the
spiritual, moral, cultural. mental and physical development of pupils and b) preparing pupils al the school for the
opportunities. responsibilities and experiences of later life.
The key objectives inclLJde'.
Tocontinue to enhance the academic curriculum offered across the School
To continue to monitor and enhance the co-curricular programmes across Iheschool
To continue to develop the first-class pastoral care the School provides for pupils
To maintain pupil numbers in the School
To provide continuing support to the pupils already in re￿Ipl of fee assistance
To provide access to Ihe School from age 7 through means tested financial assistance
To monitor and review the key policies and procedures lo ensure a safe environment for employees,
pupils and visitors lo the School
To continue to develop the links with local state schools and to open the facilities lo the local community
To manage and maintain the historic buildings and estate in a cost effective, sustainable and
environmentally responsible manner
Risk management
The Governors consider that Ihe principal risks and uncertainties facing the School are as follows:
Child protection and safer recruitment
Safeguarding and welfare of employees, pupils and visitors
Maintenance of reputation
Reduction in pupil numbers
Retention of key personnel
Imposition by Parliament of tax changes or changes to charitable status
Security of school buildings
Impact of a resurgent Covid pandemic or similar
The Govemors formally review the major risks that the company faces each financial year when preparing the
slralegic development plan and budget. The School has developed systems and procedures lo manage and
monitor these risks. The key wntrols used by the Governors include:
Budgeting and budgel accountability
Monitoring of pupil intake and retention
Formal written policies including policies on the safeguarding of children and health & safely
Authorisalion procedures
External audit of and internal identification of health & safetyrisks
Appropriate training of governors, leaching and non-teaching staff
Appropriate insurance to mitigate perceived risks

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
GOVERNORS, REPORT AND STRATEGIC REPORT Icontinuedl
For the year ended 31 August 2024
Remuneration of key management personnel
The day-to-day running of the School is delegated to the Headmaster of Somerhill. He is supported by other
members of the School's Senior Leadership Team, as set out on page 12. The remuneration of key management
personnel is agreed by the Board Ihrough the School's annual budgel, as recommended by the F&GP and HR
Committees. It is the objective of the Board to ensure that key management personnel are provided with appropriate
incentives to encourage enhanced perfomiance and are, in a fair and responsible manner, rewarded for their
individual contributions to the School's success. The appropriateness of the remuneration policy is reviewed
annually wilh reference to published salary levels of other independent schools lo ensure that the School remain5
sensitive to the broader issues of pay and employment conditions elsewhere. Deliv8ry of the School's charitable
vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single
element of our charitable expenditure.
Public Benefit
The Govemors have given due regard to the Charity Cornmission's guidance on public benefit. As a Registered
Charity. the Trustees (Governors} are mindful of the School's obligation to provide public benefit through means
tested assisted places, by providing access to the School's facilities and links with local maintained schools which
complement its objectives to provide for the advancement of education.
The School maintains a Public Benefit Register which is reviewed by the Govemors each year. The School
continues lo support a range of local schools and organisations within the local community. This includes weekly
swimming lessons with Somerhill swimming teachers, including transport for four local primary schools, all at no
charge lo the schools. Monson Swimming Club also use the pool on a near daily basis, both to teach swimming and
for coaching competilive swimming for children in the local area.
The sports hall and playing fields are used by local sporting clubs, both for children and adult use, and our parkland is
regularly used for cross-country events, football tournaments and mountain biking.
The school provided financial assistance of £560,703 in 2023-24 {£495,090 in 2022-23).

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
GOVERNORS, REPORT AND STRATEGIC REPORT (continued)
For the year ended 31 August 2024
Achlevements and Performance
Overview: Somerhill is a vibrant, successful school with a good reputation within its marketplace. During the final
temi of the year ended 31 Augusl 2024. Somerhill had 600 pupils.
Business review, achievements and performance.. The company is principally engaged in the owning and
running of the School and is a registered charity. The operation of the School is the responsibility of the Governors,
who are the directors ofthe company, none of whom receive anyremuneration.
Academic Achlevemènt: As mentioned in the last ISI report, the teaching across the school is cited as being 'of a
consistently high standard,; teachers 'know their pupils, abilities and needs well,, 'challenge pupils to think, and
'have ambitious aims for pupils, aohievemenls, whilst also planning 'to ensure all are appropriately supported and
challenged., As a result, Somerhill pupils are described as 'highly numerate and literate,. Pupils move on
successfully to secondary education in both the grammar and independent sectors, notably with 10 pupils heading
toTonbridge orsevenoaks School and 35 gaining entry to local grammar schools. Also impressive was the fact that
24 leavers gained scholarships in academics, art, drama,mu5ic and sport.
Pupil Experlence: Somerhill prides itself on providing a wide ranging and varied education. The School believes
that enjoyment and inclusivity should go hand in hand with the setting of high standards and the pursuit of
excellence. This year we have not only continued to celebrate our proud tradition of excellent academic results, but
we have thoroughly enjoyed our sporting conlesls. been wonderfLJlly entertained by lop class mLJsical and dramatic
performances and seen our children thrive in a broad and exciting co-curricular programme which offers opportunity
to all our young people from beekeeping lo Formula One model design and racing. As a unique school with a
'diamond model, for our boys and girls, we have enjoyed recognising where differences exist in their approaches lo
learning while promoting a unified and èqual approach lo their broader educational experience. The diamond rnodel
allows for a 'best of both worlds, approach- boys and girls are taught in the classroom together until Year 3,. al this
point classroom lessons become single sex although all other co-curricular and day-to-day activities take place in a
co-educational environment. Pupils are then well prepared to go into a co-educational classroom setting at either
secondary school or sixth form.
Pre-senior Baccalaureate: The introduction of the Pre-senior Baccalaureate (PSBI in Ihe past few years has
moved the curriculum to discovery-led, enquiry-based learning for our pupils. which sees the teacher as a facilitator to
learning, not an oracle imparting academic knowledge. The skills extend more broadly into the establishment of
skills for life. It is a programme of study that sils not only in the academic lessons of the School, bul extends into the
creative and performing arts, the practical elements of engineering and also onto the sports pitch and playground.
The Pre-senior Project Qualification IPSPQI aims to develop pupils, independent learning and performance,
inspiring them to consider new areas or methods of study and preparing them for their learning al senior schools and
later al university and al work. It has been very well received by destination senior schools. The PSPQ is now an
annual feature of the Year 8 curriculum culminating in some outstanding oral presentations. The PSB is now firmly
established in both Year 8 and Year 7 with PSB style project work extending to art, engineering and drama as well as
expanding to the rest of the P￿p School where we have designed age appropriate PSB skills grids and pupils reflect on
academic performance regularly with their Form teachers.
Curriculum Enhancements.. Somerhill was only the second prop school in the UK to introduce Engineering as part
of its curriculum. Pupils have used woodworking skills to make canvas frames and full-sized calapulls, utilising skills
in aerodynamics and civil engineering. Other practical units work with technology such as robotics, GPS systems
and micro controllers to understand what engineers do. Our annual STEM Day is an opportunity for pupils lo work in
teams on projects which bring together skills developed in science, engineering and maths lessons as well as
developing a whole host of PSB skills. We also continue to leverage the Ljse of our wonderful grounds in which our
children have enjoyed pond dipping, den building and learning about the different flora and fauna. Pupils of all ages
get to experien￿ the outdoor learning whereby more traditional learnt knowledge can be re*nforced using the
natural world. Our dedicated "outdoor" classroom, Saplings, goes from strength to strength and allows our pre-
school children lo enjoy a mixed model where existing and new parents can select internal and external classroom
time for our youngest pupils.

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
GOVERNORS, REPORT AND STRATEGIC REPORT (continued)
For the year ended 31 August 2024
Co-curricular Clubs and School Trips at Somerhill
The importance of providing a broad range of co-curricular activities in schools cannot be overstated. These
activities are essential in preparing children for the challenges and opportunities they will face beyond the
classroom. The benefits extend to several key areas, including social-emotional development (building empathy,
self-confidence, and resiliencel, academic performance (improving grades and learning skills through teamwork
and time management), and career prospects {helping students identify passions and interests to guide their
future choices). Furthermore, co-curricular activities promote healthy lifestyles through physical activily, offer
opportunit18s for fun and relaxation to counter academic pressures and foster creativity by encouraging
exploration beyond the curriculum.
Somerhill School actively supports student involvement in co-curricular activities through a three-pronged
approach. First, a wide variety of clubs are offered each term, catering to diverse interests, both academic and
non-academic. These clubs. run by school staff and external providers. ensure a dynamic and engaging
experience for students. Second, the school provides six weeks of in-house holiday courses annually, allowing
families flexibility while offering children enriching exp8riences in a farniliar environment. These courses
prioritise fun but also aim to enhance specific skills.
Finally, Somerhill emphasises educational trips as a crucial component of the co-curricular program. These trips
vary in length and location, from local excursions to enhance classroom learning to longer trips to London and
coastal areas. For older students, a progression of residential trips builds confidence and independence,
culminating in opportunities for more adventurous trips, such a5 Vislts lo the UKSA centre on the Isle of Wight or
the annual ski trip in the Alps. This comprehensive approach ensures Somerhill students have abundant
opportunities to develop holistically and confidently prepare for future success.

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
GOVERNORS, REPORT AND STRATEGIC REPORT (continued)
For the year ended 31 August 2024
Pre Prep at Somerhill
Somerhill Pre-Prep provides a nLJrturing and high-qualily start to education for children aged 2 to 7. The Pre-Prep
places significant emphasis on both academic excellence and pastoral care, ensLJring that each child's wellbeing is
central to every decision made. Recognising the vital role early education plays in shaping future success,
Somerhill is proud of its highly skilled team of early years practitioners who collaborate closely with parents. This
partnership ensures that each child's learning journey is personalised and supported to meet their individual needs,
providing a strong foundation for future development.
From Reception lo Year 2, Form Teachers and Teaching Assistants ensure a consislenl and cohesive educational
experience. The curriculum is age-appropriate, fun, and exciting, designed to ignite a passion for learning that is
crucial at the beginning of each child's educational journey. Enriched by specialist subjects such as music. physical
education, swimming, French, and Saplings-the forest school programme-this diverse curriculum not only
promotes academic growth bul also encourages personal development. Taught by experts, these subjects offer
children a variety of opportunities to explore and engage, fostering a love for learning whil& supporting both
intellectual and emotional growth.
The Pre-Prep's commitment to high educational standards is reflected in its carefully designed, comprehensive
curriculum. The curriculum integrates core subjects with a dynamic, lopic-based approach, encouraging deeper
learning and helping children apply knowledge in real-wortd contexts. The structured phonics programme, Read
Write Inc. ensures that children develop strong reading skills al an accelerated pace. with many surpassing age-
related expectations. Additionally. the mathematics curriculum consistently delivers outstanding results, while the
hands-on, inquiry-based approach to science sparks curiosity and fosters a deeper understanding of the world.
This thoughtfully slruclured and engaging curriculum nurtures each child's curiosity and ignites a passion for
discovery, helping them a strong emphasis on co-curricular development, offering a broad range of opportunities in
sport, music, art, outdoor education. and drama. Specialist teachers lead these activities, giving children their first
experiences of sporting fixtures, musical lea-time concerts, and drama performances. This exposure helps
students explore their interests and lalenls. while building confidence and self-esteem, which positively impacts
their overall devolopment.
Personal growth is 8 key focus in the Pre-Prep, with the "Pre-Prep Pals"
a group of charming animal characters
that personify Somerhill's core values of Kindness, Resilience, Responsibility, Respect, Community, and
Excellence. These values are deeply embedded in the Pre-Prep's daily routines, conversations, and reward system,
helping to shape the overall school culture. The influence of these values extends beyond the school environment,
with parents frequently sharing examples of how their children have referenced the "Pre-Prep Pals" al home. In
many cases, parents have also invoked the animals, attributes to support their children through activities outside of
school, further reinforcing the school's commitment to developing strong character both in and oul of the classroom.
To support our working families, Somerhill Pre-Prep offers wraparound care, including a Breakfast Club from 7..30
a.m. and after-school care from 3..30 p.m. until 5..45 p.m. Experienced leaching assistants, who are already familiar
with the children and their individual needs, provide a nurturing environment that ensures consistency and
continued support after a busy school day. This thoughfful care allows childran to unwind and feel secure, fostering
a positive end lo their day.
Transitions are a vital part of a child's educational journey, whether helping new children sellle into school, guiding
them from Pre-school to Reception, or supporting the move from Pre-Prep to Prep School in Year 3. In Pre-Prep,
careful planning is essential, as the youngest leamers are still building the confidenoe and independence needed to
navigate change. By prioritising these transitions. we ensure that every child feels secure, confident, and happy as
they take the next slep. The strong foundations established in Pre-Prep provide the perfect springboard for the
challenges and opportunities ahead in the Prep, enabling children to embrace new experiences with enthusiasm
and setting them up for ongoing success at Somerhill.

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
GOVERNORS, REPORT AND STRATEGIC REPORT {continued)
For the year ended 31 August 2024
Music at Somerhill
At Somerhill, we recognize that learning about music and having the opportunity to play instruments and create
music together is a vital part of a child's education. Music is not only 8 creative oullet but also plays a significant
role in a child's broader development. Here, music is integral to our curriculum, and all children from Reception lo
Year Eight have lessons taught by two dedicated and experienced music teachers. In addition to classroom
lessons, we are fortunate to have a dynamic team of Visiting Music Teachers IVMTSI, who provide many one-on-
one lessons each week across all three sections of the school.
Beyond the structured lessons, Somerhill offers numerous opportunities for students to perform and share th6ir
talents with others. We have upwards offifty performances of different kinds, throughout the year, and across the
whole school. Our current music groups include an orchestra, year 3 and 4 choirs, a boys choir, a girls choir, a
chamber choir, a brass ensemble, flute groups, string groups, a clariphones troop, cello groups, and guitar
groups.
The Michaelmas temi always ends with a whole range of pre-prep perf0mlan￿S celebrating Christmas,
and carol seNices for both Juniors and Seniors. In the Michaelmas and Lent tem)s, instrumentalists and
vocalists have the chance to perform in informal after-school Teatime concerts. These provide a relaxed setting
for students to perform in front of peers, family, and friends. Similarly, in the summer term, we host a series of
instrumental and vocal lunchtime concerts, offering another opportunity for students la see one another perform.
and support each other.
At the end of the Lent lemi, we have one of our showcase events.. the Spring Concert for Ihe whole prep school.
In the Summer, similarly, we have larger-scale concerts, one for the Juniors and one for Seniors. These
performances give students the chance to present their hard work and musical achievements to family and
friends.
Somerhill is also proud to continue its tradition of providing choristers for Tonbridge School, where our boys
commit lo thre8 rehearsals a week and one or Iwo performances on Sundays during lerm time. The boys
involved gain an invaluable performance and rehearsal experience.
In addition to Ihis. Somerhill is a thriving ABRSM centre (Associated Board of the Royal Schools of Music),
supporting students in entering a variety of musiG exams across instruments and Vol￿ at all levels. This offers
our students a structured path for assessing their musical progress, and we are proud of the exceptional results
that we have had recently.
Whether it's a quiel lunchtime practice session or 8 grand concert performance, music at Somerhill is an
essential and vibrant part of the school experience.

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
GOVERNORS, REPORT AND STRATEGIC REPORT (continued)
For the year ended 31 August 2024
Sport at Somerhlll
Somerhill has always had a strong sporting tradition and the Governors are keen that this continues. The excellent
and extensive facilities and the number of pupils at the School means that Ihere are a large number of teams across
many sporting disciplines, allowing all pupils to lake part al a standard that is best suited lo their abilities. Pupils are
introduced lo a wide range of physical education skills through the Pre Prep curriculum and clubs. These skills are
then developed in the Prep School in both team and individual disciplines.
In the winter, the main sports in the Prep School are football. rugby. hockey, netball, swimming and cross country. In
the summer athletics, tennis and cricket. The School has an indoor 25m swimming pool with viewing gallery. four
hardcourt tennis courts, an astro and extensive sports pitches on both our terraces and parkland. Somerhill also
offers a wide range of other sports as well, such as equestrian, dance, golf, triathlon and judo through the extensive
after school clubs, programme. Somerhill regularly competes in local, county and national tournaments and has a
full fixture list with local Prep Schools. Somerhill is viewed as one of the strongest sporting schools in Kent across
many disciplines.
The Libraries at Somerhlll
Somerhill has libraries managed by a full-time librarian. The pre-prep library caters for pupils from reception to
year two and houses approximately 2000 resources including picture books, chapter books and non-fiction books.
Classes visit the pre-prep library weekly with their teachers and borrow books lo take home. The Woodgate library
is located in the prep school and serves pupils from years three to eight. The library houses 10,000 resources in
four sections Junior Fiction, Middle grade fiction, Young Adult riction (for years T and 8 only) and Non-fiction.
Fiction is arranged by genre and non-fiction follows the Dewey Decimal system. The library includes a large
selection of dyslexia-friendly books published by Barrington Stoke.
All pupils attend regular library classes with thèir English teachers. Year three enjoy weekly classes and all other
year groups visit fortnightly. The library is also open to all pupils before school belween 8.00 and 8.30 and at break
tim6s. Pupils may visit the library during their breaks to read, play chess. borrow books and (for students in years 7
and 81 lo complete prep. The library has a variety of comfortable seating areas, a quiet well-being zone, a prep
zone with tables and chairs and a large communal space furnished with sofas where classes and book groups can
meet. The library is equipped with IT for teaching and learning purposes including a large TV and a chrome book
which pupils can use to search the library catalogue Accessit {Library Management System) and reserve books.
Pupils may access the library catalogue remotely and can use this facility to access booklists, see whal is new in
the library and reseNe books.
Library resources in the Pre-prep library and the Woodgate library are regularly audited, reviewed and refreshed so
that the libraries remain relevant, enticing and infomialive and reflect the abilities, identities and interests of our
whole comrnunity.
10

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
GOVERNORS, REPORT AND STRATEGIC REPORT (continued)
For the year ended 31 August 2024
Environmental Awareness
Somerhill takes its responsibilities towards the environment very seriously and the governors are extremely
conscious of the need to work towards becoming net carbon zero, in line with government targets. The school
comrnissioned industry specialists, Re-energise, to produce a Site Decarbonisation Plan and this now forms part of
the site Masterplan when considering future priorities. A number of phase 1 priorities have been identified, such as
the installation of two solar panel arrays, and these will be progressed in the next academicyear.
Recent projects and plans for future development
The Governors continue to provide the necessary resources from unrestricted general funds to maintain the
buildings and structures that the Trust owns, especially the Grade 1 listed Jacob8an Mansion. The year-long total
redecoration of the school was cornpleted in August 2024 and this included an improved layout for the dining room
and opening ofthe new Woodgate library.
Financial Review
The financial results of the School for the year ended 31 August 2024 are shown in the Statement of Financial
Activities. The School has maintained a strong NOR (numbers on roll) ending the year with 600 pupils. Overall
budget has been exceeded by £122k with a net surplus of £335k for the year. Operating surplus was £942k,
which is a £118k {14 % } improvement on budgeted operating surplus of £824k.
Reserves policy
The Governors, policy on res8Nes is to hold sufficient liquid assets to cover short term requirements which range
between £1.5 million and £2 million. At 31 August 2024, the School had total rèserves of £21,884,179 (2023..
£21,508,916), made up of a general fund of £5,328,189 {2023.' £4,765,089) and various designated funds, representing
the net book value of the school mansion and grounds, of £11.555,990 {2023: £11,743,827). the capital developments
fund of £5,000,00012023'. £nil) and the contingency fund of £1,500.00012023'. £nill. The school's net current assets
were £36.617 {2023'. £631,011).
Given the uncertain and changing economic and regulatory environment, the School will review and update
its reserves and inveslment policy in the next academic year to ensure that it is robust enough to handle the
potentially challenging times ahead. Reserves are high at the moment to allow for capilal expenditure as part
of both the Site Master Plan and Site Decarbonisation Plan but also give a buffer to any unexpected
regulatory and fiscal changes that may be introduced by the current government.
Other Assets
In addition to the school mansion and grounds Icirca 120 acres), the Trust owns five residential properties with an
aggregate historic cost of £3.3m, a figure the Governors consider to be an approximate current value. These
could be liquidated without affecting th8 ability of the School to operate and continue to provide the excellent
facilities enjoyed at present.
The Governors intend to build financial reserves so that they can continue to upgrade the facilities of the School in
support of the Site Master Plan, and to continue providing appropriate assisted placeslfinaricial assistance for the
parents of children who could otherwise not afford independent education.
Somerhill Parents, Association
Somerhill Parents, Association (SPA) holds circa 5 events across the academic year- these are for existing
parents and their families, and other supporters of the school. Some events are designed to raise funds for the
School, whilst others are intended to cover expenses and are there to build community spirit. Specific projects
may raise funds for external charities e.g. a charity auction al the Summer Ball. Funds raised for the School are
assigned to projects in consultation with the parent body, the Headmaster, and the Senior Leadership Team.

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
GOVERNORS, REPORT AND STRATEGIC REPORT {continued)
For the year ended 31 August 2024
Other fundraising
The School does not carry out any fundraising activity in order lo raise funds from the g6neral public. Tha School
has not received any complaints in relation to fundraising in the year {2022'. none).
Fee Remissions
The School provides financial assistance through various means-t&sted schemes..
Bursaries - bursary applications are assessed by a third party, Bursary Administration Ltd {BAL), who
undertake an assessment and subsequently make a recommendation to the School. The Principal and
Bursar then have the final say on the award of a bursary. The award is based on affordability and BAL use
a means testing formula to inform their recommendation.
Employee Fee Concession- as part of an emphasis on attracting and retaining high calibre staff,
the School offers a discount scheme to staff members who choose to edLJcale their children at
Somerhill.
Family discounts - to underline the value the Governors place on continuity for families, the School
offers sibling discounts of 5 % for the second child and 10 % for any furthersiblings.
12

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
GOVERNORS, REPORT AND STRATEGIC REPORT {continued)
For the year ended 31 August 2024
Professional advisers and senlor leadershlp team
Headmaster of Somerhlll
Mr D B Sinclair
Head of Somerhill Pre-Prèp
Mrs A L McKnight
Bursarlcompany Secretary
MrJ M Hunt
Address and registered office
Somerhill
Tonbridge
Kent
TN11 ONJ
Solicitors
Veale Wasbrough Vizards
Orchard Court
Orchard Lane
Bristol
BS15WS
Auditors
Azets Audit Services
First Floor, River House
1 Maidstone Road
Sidcup
Kent
DA14 5RH
Insurance brokers
Marsh Education Practice
4 Milton Road
Haywards Heath
Wesl Sussex
RH16 1AH
Bankers
Barclays Bank plc
105 High Street
Tonbridge
Kent
TN91DJ
National Westminster Bank PIC
130 High Street
Tonbridge Kent
TN01DE
13

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
GOVERNORS, REPORT AND STRATEGIC REPORT (continued)
For the year ended 31 August 2024
Struclure, governance and management
Governing documents
The Company is governed by its Memorandum and Articles of Association of 9 August 2024. These were adopted
by special resolution passed on 9 August 2024 and incorporated on 28 August 2024.
Recruitment and trainlng of governors
Governors are appointed in accordance wilh the Memorandum and Articles ofAssocialion filed at Companies
House land the Charity Comrnission} adopted in 2024. The composition of the Board of Governors is designed
to offer a wide range of expertise to meet the needs of Somerhill. Possib18 candidates for election as new
Governors are proposed by an existing Governor and recommended by him or her through the Chair lo the
Board of Governors. Financial provision is made for external training courses for Governors. An induction lour is
given by the Chair of the Governors, or by a designated person, to new Governors. Regular visits and
inspections take place by existing Governors applicable lo the relevant skills and contributions of those
appointed. Trustee indemnity insurance is in place for the benefit of the Governors.
Scope of activities
The Memorandum of Association of the company restricts the Trust to provision of education bul permits the
Governors powers to conduct a wide range of activities in support of ils aims. Education is also about the
personal development of the pupils as recognised by the Charity Commission in their definition of education.
Organisation and admlnistrative structure
The Governors determine the general strategy of the School. The Board of Governors meets as and when
necessary, bul certainly not less than once a term, when it receives reports from the Education Committee, the
HR Committee and the Finance and General Purposes Committee {F&GP}, along with reports from the School's
Senior Leadership Team. The day-lo-day managemenl ofthe S¢hool is delegated to the Headmaster and the
Senior Leadership Team.
The Headmaster. in conjunction with the F&GP, the Education Committee and the Senior Leadership Team,
prepares the School Development Plan (Achievements and Performance) which is considered and reviewed by
the Board of Governors on an annual basis al their meeting in the Summer.
Education Committee: This is an advisory Committee designed to give guidance and assistance lo the
Headmaster, Head of Pre-Prep and Deputy Head Teachers. The Education Committee discusses matters
specific to the aducation of children at Somerhill. The Commilt&e meets as and when neGessary, but certainly not
less than once a term, and reports to the Main Board.
14

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
GOVERNORS, REPORT AND STRATEGIC REPORT {continuedl
For the year ended 31 August 2024
Organisation and administrative structure l¢ontinued)
'Iiiuii_
Flnan¢ial & General Purposes Commlttee: This Committee is responsibl8 for monitoring the
management of the finances and administration of Somerhill and, where necessary, taking appropriate
action. The Committee reports to the Board of Governors and, when necessary, obtains their approval for
the recommendations being made to them. The Committee is responsible for the maintenance of the
buildings, properties and estate owned by the School. Changes to the Charities Acts and Charity
Commission procedures are monitored and, if appropriate, recommendations rnade to ensure that
Somerhill Charitable Trust Limited complies with its legal responsibilities and follows best practice. The
Committee meets as and when necessary, but ￿rtainlY not less than once a term, and reports to the Main
Board.
Human Resources & Remuneration Committee= The main responsibility of the Committee is lo monitor
and review all aspects of HR and set the remuneration of the Senior Leadership Team. This Committee also
m&ets as and when necessary. but certainly not less than once a term. and reports to the Main Board.
Charitable Activity
Somerhill pupils take part in regular charitable fundraising activities. Pupils have previously raised money
for a diverse set of charities addressing local and global issues. These include the Nourish Food Bank. Anti
Bullying Alliance, Children in Need, Hospice in the Weald, Save the Children, Marie Curie, Battersea Dogs
and Cats Home, RSCPA, RNLI, Restless Development and Sport in Mind. In addition. the School annually
supports the Royal British Legion Poppy Appeal and Books for Africa, whereby books are sent to schools
across Africa.
Investment powers and investment policy
The Memorandum of Association of the School empowers the Govemors to invest the monies of the
School not immediately required for its purposes in such inveslments, securities or property as may be
thought fil and within the law. Th8 Governors will take professional advice as required.
15

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
STATEMENT OF GOVERNORS, RESPONSIBILITIES
For the year ended 31 August 2024
The Governors are responsible for preparing the Governors, Report and the financial statements in accordance
with applicable law and United Kingdom Accounting Slandards {Uniled Kingdom Generally Accepted Accounting
Practice).
Company law requires the Governors to prepare a financial statement for each financial year which gives a true and
fair view of the stale of affairs of the charitable company. the incoming resources and application of resources,
including the income and expenditure of the charitable company for the accounting period. In preparing this financial
statement, the trustees are required to=
select suitable accounting policies and then apply them consistently.,
obseNe the methods and principles in the Charilies SORP IFRS102)',
makajudgments and estimates that are reasonable andprudont-
slate whether applicable UK Accounting Standards have been followed, subject to any material
departures disclosed and explained in the financial statements.,
prepare the financial statements on the going concem basis unless it is inappropriate lo presume that
the charitable company will continue in business.
The Governors are responsible for keeping proper accounting records thal disclose with reasonable accuracy at
any lime the financial position of the charitable company and enable them lo ensure thal the financial statements
comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable
company and the group and hence for taking reasonable steps for the prevention and detection of fraud and
other irregularities.
The Governors are responsible for the maintenance and integrity of the corporate and financial information includad
on the charitable company's website. Legislation in the United Kingdom governing the preparation and
dissemination of financial statemenls may differ from legislation in other jurisdictions.
Statement as to dlsclosure of information to auditor
The Governors who were in office on the date of approval of these financial statements have confirmed, as far a5
they are aware, that there is no relevant audit information of which the auditor is unaware. Each of the Governors
has confirmed that they have taken all the stops that they ought to have taken as Govarnors to make themselves
aware of any relevant audit information and to establish that it has been communicated lo the auditors.
The Gove
approved
signed o
rs. Report was approved by the board of Trustees and the Strategic Report (included therein) was
the
f Governors in their capacity as the directors of the company on 19th March 2025 and
half by-
Mark
Cha
the Board of Governors
16

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT
To the Governors of Somerhill Charitable Trust Limited
Opinlon
We have audited the financial statements of Somerhill Charitable Trust Limited (the 'School') for the year ended 31
August 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and
he notes to the financial statements, including a summary of significant accounting policies. The financial reporting
framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 The Financial Reporiing Standard applicable in the UK and Republic of
Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial slatemenls..
give a true and fair view of the stale of the School's affairs as al 31 August 2024 and of its incoming resources
and application of resources, for the year thenended.,
have been properly prepared in accordance with United Kingdom Generally AC￿pted Accounting
Practice.. and
have been prepared in accordance with the requirements of the Companies Act2006.
Basis for opinion
We conducted our audit in accordance with Snternational Stsndards on Auditing {UK} {ISAs (UKI} and applicable law.
Our responsibilities under Ihose standards are further described in the Auditor's responsibilities for the audit of the
financial statements section of our report. We are independent of the School 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 ouropinion.
Conclusions relating to going concorn
In auditing the financial statements, we have concluded that the Governors. 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 School's ability lo 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 Govemors with respect to going concern are described in the
relevant sections of this report.
other infomiation
The other information comprises the information included in the annual report other than the financial statements and
our auditor's report thereon. The Governors are responsible for the other information contained within the annual
report. Our opinion on the financial statements does not cover the other infomiation and, except to the extent othemise
explicitly staled in our report, we do not express any form of assuran￿ conclusion thereon. Our responsibility is lo
read Ihe other information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the course of the audit, or otheNise appears to be materially
misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo
delermirie whether this gives rise to a material rnisstatemenl in the financial statements themselves. If, based on the
work we have performed, we conclude that ther6 is a material misstatement of this other information, we are required
to report that fact.
We have nothing to report in this regard.
17

SOMERHILL CHARITABLE TRUST LIMITED
{A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT
To the Governors of Somerhill Charitable Trust Limited (continued)
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit..
the information given in the Governors, report for the financial year for which the financial statements are
prepared. which includes the directors, report prepared for the purposes of company law, is consistent with the
financial statements., and
the directors, report included within the Governors, report has been prepared in accordance with applicabl&
legal requirements.
Matters on which we are required to report by exceptlon
In the light of the knowledge and understanding of the School and its environment obtained in the course of the audit,
we have not identified material misstatements in the directors, report included within the Governors, report.
In the light of the knowledge and understanding of the company and ils environment obtained in the course of the
audit, we have not identified material misstatements in the Governors, report. We have nothing to report in respect of
the following matters in relation to which the Companies Act 2006 requires us to report lo you if. in ouropinion..
adequate accounting records have not been kept, or relums 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 Governors, remuneration specified by law are not made. or
we have not re￿iVed all the information and explanations we require for our audit'or
the Governors were not entitled to prepare the financial statements in accordance with the small companies
regime and lake advantage of the small companies, exemptions in preparing the Governors, report and from
the requirement to prepare a strategic report.
Responsibllltles of Governors
As explained more fully in the statement of Governors, responsibilities, the Governors, who are also the directors of the
School for the purpose of company law, are responsible for the preparation of the financial slatemenls and for being
satisfied that they give a true and fair view, and for such internal control as the Governors 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 Governors are responsible for assessing the School's ability to continue as a
going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of
accounting unless the Govemors either intend to liquidate the School or to cease operations, or have no realistic
alternative but lo do so.
Auditor's responsibilities for the audit of the financial slatements
A further description of our responsibilities is available on the Financial Reporting Council's website at..
https-.Ilwww.frc.org.uklaudilorsresponsibilities. This description forms part of our auditor's report.
Extent to which the audit was considered capablo of detecting irregularitles, Including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities, outlined above and on the Financial Reporting Council's website, lo datecl material
misstatements in respect of irregularities, including fraud.
Vve obtain and update our understanding of the entity, its activities, its control environment, and likely future
developments, including in relation to the legal and regulatory framework applicable and how the entity is complying
with that framework. Based on this understanding. we identify and assess the risks of material misstatement of the
financial statements, whether due to fraud or error, design and perform audit procedures responsive lo those risks,
and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. This includes
consideration of the risk of acts by the entity that were contrary lo applicable laws and regulations, including fraud.
18

SOMERHILL CHARITABLE TRUST LIMITED
{A company limited by guarantee)
INDEPENDENT AUDITOR'S REPORT
To the Governors of Somerhill Charitable Trust Limited {continued)
In response lo the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed
procedures which included..
Enquiry of management and those charged with governance around actual and potential liligation and claims
as well as actual, suspected and alleged fraud-
Reviewing minutes of meetings of those charged with govemance.,
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect
on the financial slalements or the operations of the entity through enquiry andinspeclion.,
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations.,
Performing aLJdit work over the risk of management bias and override of controls, including testing ofiournal
entries and other adjustments for appropriateness, evaluating the business rationale of significant
transactions outside the normal course of business and reviewing accounting estimates for indicators of
potential bias.
Because of the inherent limitations of an audit, there is a risk thal we will nol delect all irregularities, including those
leading lo a material misslatement in the financial statements or non-compliance with regulation. This risk increases
the more Ihal compliance with a law or regulation is removed from the events and transactions reflected in the financial
statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
Use of our report
This report is made solely lo the School'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 School'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 orassume responsibility to anyone olherthan the School and the School's members as a body,
for our audit work, for this report, or for the opinions we haveformed.
M Wilkes FCA
for and on behalf of Azets Auditservices
Date.. 7 May 2025
Chartered Accountsnts
Statutory Auditor
First Floor, River House
1 Maidstone Road
Sidcup
Kent DA14
5R
19

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES
Including Income and Expenditure Account
For the year ended 31 August 2024
Unrestricted Restricted
funds
funds
2024
2024
Total
2024
Total
2023
Notes
Income and endowments from:
Donations and legacies
Charitable activities..
School fees receivable
Ancillary trading income
Government grants
Other trading activities..
Letlings income
Investments
Other income
597
10.055
10,652
40,390
9.184,946
222,519
9,184,946
222.519
3,607
8,934,333
366.466
3,658
3,607
109,337
185,498
30,714
109,337
185,498
30,714
78,670
81,223
1.644
Total income
9,733,611
13,662
9,747,273
9,506,384
Ex
enditure on:
Raising funds..
Financing costs
Fundraising and development
Charitable activities..
Education
12,206
14,507
12,206
14,507
14,128
8,112
9,576,976
53.662
9,630,638
8,880,229
Total expendlture
9,603,689
53,662
9,657,351
8,902.469
Net Incomellexpenditure) before
other gains and lossos
129.922
(40,000)
89,922
603,915
Galns on fixed asset Investments
12
245.341
245,341
30,275
Net Income and net movement In
funds
375,263
{40,000)
335.263
634,190
Fund balances at 1 Sèpt8mber 2023
21,508,916
40,000 21,548,916 20,914,726
Fund balances at 31 August 2024
19
21,884,179
21,884,179 21,548,916
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
20

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES
Including Income and Expenditure Account (continued)
For the year ended 31 August 2024
Year ended 31 August 2023 {oomparativel
Unrestricted Restricted
funds
funds
2023
2023
Total
2023
Total
2022
Notes
Incorne and endowments from:
Donations and18gacies
Charitable activities..
School fees receivable
Ancillary trading income
Government grants
Other trading activities..
Leltings income
Investments
Other income
390
40,000
40,390
5,010
8,934,333
366,466
8,934,333
366,466
3,658
8,174,768
388,419
5,970
3,658
78,670
81,223
1,644
78,670
81,223
1,644
105.214
17,788
99,773
Total income
9,462,726
43,658
9,506,384
8,796.942
enditure on:
Raising funds..
Financing costs
Fundraising and
development
Charitable activities..
Education
14,128
8,112
14,128
8,112
10,333
14,794
8,876,571
3,658
8,880,229
8,123,811
Total expenditure
8,898,811
3,658
8.902,469
8,148,938
Net income before other gains and
losses
563,915
40,000
603,915
648.004
Gainsl{losses} on fixed asset
investments
12
30,275
30,275
Net income and net movement in
funds
40,000
634,190
648,004
594,190
Fund balances at 1 September 2022
20,914,726
20,914,726 20,266,722
Fund balances at 31 August 2023
19
21,508,916
40,000 21,548,916 20,914,726
21

SOMERHILL CHARITABLE TRUST LIMITED
{A company limited by guarantee)
BALANCE SHEET
As at 31 August 2024
2024
2023
Notes
Fixed assets
Tangible assets
Investments
11
12
15,814,775
7,711,669
16,038,210
5,031,293
23,526,444
21,069,503
Current assets
Debtors
Investments
Cash at bank and in hand
13
14
2,351,089
1,028,488
1,511,333
2,613,229
1,508.007
533,337
4.890,910
4,654,573
Creditors: amounts falling due
within one year
15
(4,854.293)
14,023,562)
Nel current assets
36,617
631,011
Total assets less current liabilities
23,563,061
21,700,514
Creditors: amounts falling due after
more than one year
16
11,678,882)
{151,5981
Nel assets
21,884,179
21,548,916
Income funds
Restricted funds
Unrestricted funds
Designated funds
General funds
17
18
40,000
16,555.990
5,328,189
16,743,827
4,765,089
21,884,179
21,508,916
19
21,884,179
21,548,916
The financial statements were approved by the Board of Governors on 11 t%pRI L 20Lf and signed on behalf of
the Board by
Julia V. INine
Chair of the Finance and General Purposes Committee
Company Registration No. 02331296
22

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
CASH FLOW STATEMENT
For the year ended 31 August 2024
2024
2023
Notes
Cash flows from operatlng
activities
Net cash Provided in operating activities
22
284,780
1,069,756
Investing activities
Purchase of tangible fixed assets
Sale proceeds of fixed assets
Purchase of fixed asset investments
Sale proceeds of fixed asset investments
Investm8nt income received
(377,366)
28,774
{2,948,012}
512.977
184,743
{651,535)
17,590.4951
2,649,513
81,223
Net cash used in investing
activities
(2,651,837)
{5,511,294)
Net cash inflow before financing
{2,367,0571
{4,441,538)
Financing activities
New fees in advance money
Fees in advance amounts utilised
2,985.743
{120,210)
194,326
{326,108)
Net cash used in finanoing
activities
2,865,533
{131,782)
Net increasel(decrease) in cash and cash
equivalents
498,476
(4,441,538)
Cash and cash equivalents al beginning of year
2,041,345
6,482,883
Cash and cash equivalents at end of year
23
2,539.821
2,041,345
23

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2024
Accounting policies
The School is a registered Charitable Company limited by guarantee in the United Kingdom. The address
of the registered office is given in the reference and administrative details, on page 12.
Basis of preparation
The financial statements of the School, which is a public benefit entity under FRS 102, have been prepared
in accordance with the Charities SORP (FRS 1021 'Accounting and Reportir7g by Charities.. Statement of
Recommended Practice applicable to charities preparing their accounts in accordance with the Financial
Reporting Standard applicable in England and Wales and the Republic of Ireland {FRS 102) (effective 1
January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in
England and Wales and the Republic of Ireland, and Ihe Companies Act 2006.
The financial statements have been prepared on a going concern basis under the historical cosl
convention.
The financial statements are prepared in sterling which is tho functional currency of the School.
Going concom
At the time of approving the financial statements, the Governors, have a reasonable expectation that the
School has adequate resources to continue in operational existence for the foreseeable future. Thus the
Governors continue to adopt the going concern basis of accounting in preparing the financial statements.
Consolidation
The School is exempt frorn the requirement to produce group accounts as the subsidiary is dormant and
considered immaterial.
Accordingly. the accounts present a view of the individual charitable company and not of the group of
which il is the parent.
Charitable ftinds
Unrestricted funds are available for use at the discretion of the Govemors in furtherance of their charitable
objectives.
Designated funds comprise funds which have been set aside at the discretion of the Governors for specific
purposes. The purposes and uses of the designated funds are sel out in the notes to the financial
slatements.
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.
24

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2024
Accounting policies (Continued)
Income
Income is recognised when the School is legally entitled lo il after any performance conditions have been
met, the amounts can be measured reliably. and it is probable that income will be rèceived.
Fees and similar earned income are accounted for in the period in which the service is provided. Invoices
are raised in advance of each school term,. any invoices outstanding al the balance sheet dale are shown
as Irade debtors. Any element of fees relating to future terms is treated as deferred income and included
within current liabilities.
Bursaries are awarded based on financial circumstances.
Donations and other voluntary income are accounted for as and when entitlement arises, Ihe amount can
be reasonably quantified. and receipt is considered probable.
Governrnent grants are recognised at the fair value of the asset received or reGeivable when there is
reasonable assurance that the grant conditions will be met and the grants will be received.
A grant Ihat specifies performance conditions is recognised in incorne when the performance conditions
are met. Where a grant does not specify performance conditions it is recognised in income when the
proceeds are received or receivable. A grant received before the recognition criteria are satisfied is
recognised as a liability.
Expenditure
Expenditure is allocated to functional headings either on a direct cost basis or apportioned accordingly.
The irrecoverable element of VAT is included with Ihe item of expensa to which it relates. Supplies of
books, expenditure and sundry equipment are written off when the expenditure is incurred.
Support costs are those that assist the work of the SchoDI but do not directly represent charitable activities
and include office costs, governance costs, and administrative payroll costs. They are incurred directly in
support of expenditure on the objects of the charily. Where support cosls cannot be directly attributed to
particular headings they have been allocated to cost of rising funds and expenditure on charitable activitios
on a basis consistent with use of the resource.
Govemance Gosls include those incurred in the governance of the School and are primarily associated
th constitutional and statutory requirements.
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing
the School to that expenditure, it is probable that a transfer of economic benefits will be required in
settlement and the amount of the obligation can be measured reliably.
25

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2024
Accounting policies (Conlinued)
Tangible fixed assets
Tangible fixed assets are initially measured al cost and subsequently rneasured at cost or valuation. net
of depreciation and any impaimient losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over
their useful lives on the following bases..
Land
Freehold buildings
Equipment. fixtures and fittings
Motor vehicles
Website
Not depreciated
Between O and 50 years
Between 3 and 10 years
5 years
3 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale
proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Assets below the value of £1,000 are not C8Pltalised.
No depreciation has been charged in relation to the School mansion building and other residential
properties on the estate and owned by the School on the basis of immateriality. The Governors consider
that any change and accumulated depreciation would be immaterial to the financial statements. due to tho
assets having a very long useful economic life. in any instance considered lo far exceed 50 years, given
the age of the buildings lo date. The current estimated residual value would exceed any depreciation
charged. An impairment review is undertaken annually.
Fixed asset investments
Fixed asset investments are initially measured at transaGtion price excluding transaction costs, and are
subsequently measured al fair value al each reporting date. Changes in fair value are recognised in net
income/(expenditure) for the year. Transaction costs are expensed as incurred.
Impalrment of fixed assets
At each reporting end date, the School reviews the carrying amounts of ils tangible and intangible 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 lo determine the extent
of the impairment loss (if any).
1.10 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held al 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.
Deposil accounts will more than 90 day maturity are classified as current asset investments.
26

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 August 2024
Accounting policies (Continued)
1.11
Financlal instruments
The School has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12
'Other Financial Instruments Issues, of FRS 102 to all of ils financial instruments.
Financial instrurnents are recognised in the School's balance sheet when the School 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 sel off the recognised amounts and there is an intention to setde on
a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assels, 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 fulure receipts discounted at a market rate of interest. Financial
assets classified as receivable within one year are not amortised.
1.12
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee's services
are received.
Temination benefits are recognised immediately as an expense when the School is demonstrably
committed to terminate the employment of an employee or to provide termination benefits.
1.13
Pension schemes
A hybrid retirement benefits scheme is provided to the teaching employees of the School. They may
choose lo be included wilhin the Teachers, Pension Scheme {TPSI or opt out into the group pension plan
described below and shared with all other employees. The School's contribution towards teachers, pension
is limited for either scheme.
Th8 TPS scheme is a multi-employer pension scheme. It is not possible to identify the School's share of
the underlying assets and liabilities of the TeaGhers' Pension Scheme on a consistent and reasonable
basis and therefore, as required by FRS 102, the School accounts for the scheme as if it were a defined
contribution scheme. The School's contributions, where are in accordance with the recommendations of
the Government actuary, are charged in the period in which the salaries to which they relate are payable.
The School also operates a group Personal Pension Plan (defined contribution). The assets of the plan
are held separately from those of the School. The School will Gontribute double the amount of employee's
contribution percentage to a maximum of 10 /0 for non-teaching staff. For teachers in this scheme, the
School contributes 160/4 plus the employer Nl saving under the salary sacrifice regulations. Employer's
pension costs are charged in the period in which the salaries lo which they relate are payable.
27

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 August 2024
Accounting policies (Continued)
1.14
Finance and operating leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks
and rewards of ownership lo the lessees. All other leases are classified as operating leases.
Assets held under finan￿ leases are recognised as assets at the lower of the asset5 fair value at the date
of in￿ptiOn and the present value of the minimum lease payments. The related liability is included in the
balance sheet as a finance lease obligation. Lease payments are treated as corisisting of capital and
interest elements. The interest is charged to nel incomel(expendilurel for the year so as to produce a
constant periodic rale of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease in￿ntiveS received. are charged as an
expense on a straight line basis over the term of the relevant lease.
1.15
Value Added Tax
The School is not registered for VAT. All amounts in the financial statements are shown inclusive of VAT where
appropriate.
1.16 Corporation Tax
Somerhill Charitable Trust Limited is a registered charity and as such its income and gains falling within Section
471 to 489 ofthe Corporation TaxAct 2010 or Section 256 of Taxation of Chargeable GainsAcl 1992 are exempt
from corporation tax lo the extent that they are applied lo ils charitable objectives.
Judgements and uncertainty
Accounting estimates and judgements are continually evaluated and are based on historical experience and
other factors, including expectations of future events that are bélieved to be reasonable under the
circumstances. The School makes estimates and assumptions concerning the future. The resulting
accounting estimates and assumptions will, by definition, seldom equal the related actual results. The
estimates and assumptions that have a significant risk of Causing a material adjustment lo the carrying
amounts of assets and liabilities within the next financial year are discussed below.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic
lives and residual values of the assets. The useful economic lives and residual values are reassessed
annually. They are amended when necessary to reflect current estimates, based on technological
advancement, future investments, economic utilisation and the physical condition of the assets. See note 11
for the carrying amount ofthe propety, planl and equipment, and for the useful economic lives foreach class
of assets.
1.17
Defined benefit pension schem8
The present value of the defined benefit pension deficit contributions payable depends on a number of factors
that are determined on an actuarial basis using a variety of assumptions. The assumptions used in
determining the future recovery plan contributions due include the discount rate. Any changes in these
assurnptions, which are disclosed in note 24. will impact the carrying amount of the pension liability.
Furthermore, a roll fonmard approach which projects results from the latest full actuarial valuation has been
used by the actuary in valuing the pension liability. Any differences between the figures derived from the roll
forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability.
Bad debt provision
The value of trade debtors is sensitive to the recoverability in full of school fees. Once a debt becomes overdue,
it is chased and periodically reviewed lo ensure it is re¢overable in full. An external debt collection agency is
used. If a provision is daemed necessary, this is included on an annual basis.
28

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 August 2024
School fees receivable
2024
2023
The school's fee income comprlsed:
Gross fees
Less.. Assisted places and fee discounts
9,984,536
{799,590)
9,550,980
(616,647)
9,184,946
8,934,333
The above awards were all made lo individuals.
These include discretionary awards, assisted places, staff remission and sibling discounts made to 21812023:
253} individuals.
Ancillary tradlng income
2024
2023
Income from fundraising events
Other educational income..
Extras
Entrance and régistration fees
10,965
8,930
197,854
13,701
340,786
16,750
222,519
366,466
Income from government grants
2024
2023
Rural payments agency
3.607
3,658
3,607
3,658
other in¢ome
other income in 2024 primarily re5aled to proceeds on sale of a motor vehicle (2023.. primarily related to
amount received from an insurance claim).
29

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS {continued}
For the year ended 31 August 2024
Expenditure
Staff costs
{note 10}
Direct costs
(note 91
Support costs
(note 7)
Total
2024
Total
2023
Ralslng funds
Financing costs
Fundraising events
12,206
14,507
26,713
12,206
14,507
26,713
14,128
8,112
22,240
Charitable activities
Education
4,405,996
2,132,840
3,091,802
9,630,638
8,880,229
4,405,996
2,132,840
3,118,515
9,657,351
8,880,229
Total expenditure
4,405,996
2,132,840
3.118,515
9,657,351
8,902.469
Expenditure in¢ludes',
Depreciation- owned assets
Operating lease rentals - equipment
Auditor's remuneration (excl VAT)
Current year audit
Prior year audit
Other services
583,302
56,656
515,741
52,200
15,500
14,750
5.485
3,650
3,950
Support costs
2024
2023
Staff costs
Other expenses
Depreciation
Insurance
IT costs
Legal and professional fees
Motor costs
Advertising
Movement in provision against dèbts
Governance costs {note 8)
2,011,304
182,957
339,827
172,940
153,669
74,286
74.220
58.798
28,832
21,682
1,736,683
155,934
283,895
148,875
143,815
69,640
64.818
53.948
8,552
30,611
3,118,515
2,696,771
30

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (contlnued)
For the year ended 31 August 2024
Governance costs
2024
2023
Audit and statutory accounts fee
IOver)lunder provision in prior year
Teachers, pension scheme audit fee
Govemors, indemnity insurance
22,200
(4,3001
1,140
2,642
21,000
6,582
1,080
1,949
21,682
30,611
Direct costs
2024
2023
Teaching costs
Welfare costs
Premises costs
333,071
822,055
977.714
516,305
740,197
982,119
2,132,840
2,238,621
10
Staff costs
2024
2023
Wages and salaries
Social security costs
Pension contributions
Other staff costs
4,676.536
475,035
1,012,408
253,321
4,323,534
415,399
877,162
87,665
6,417,300
5.703.760
This is made up of:
Teaching salaries
Support salaries
4,405,996
2,011,304
3,967,077
1,736,683
6,417,300
5,703,760
The average number of employees in the year was..
Number
Number
Teaching
Non-teaching
116
39
111
36
155
147
31

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 August 2024
10
Staff costs (continued)
The number of employees whose gross pay and benefits {excluding pension contributions) exceeded £60.000
in the year were..
2024
Nurnber
2023
Number
£60,000 - £70,000
£70,001 _ £80,000
£80,001- £90,000
£130,001- £140,000
£140,001- £150,000
Total remuneration for key management personnel (including pènsion conlribulions) during the year
amounted lo £687.52412023'. £543,589).
There were £nil of termination payments in the year (2023.. £nil).
Governors were reimbursed £932 {2023.' £1,379) for Iravél and other meeting related costs.
32

cg
41 Iv c

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 August 2024
11
Tangible fixed assets Icontinuedl
All freehold land and buildings are valued, for insurance purposes and inclLJding contents, at £97 million
{2023'. £97 million). School freehold land and buildings comprises the school mansion and grounds of 150
acres and other buildings owned by the School that are used for educational purposes. Other freehold land
and buildings comprises other residential properties owned by the School.
12
Fixed asset Investments
2024
2023
Investment in managed funds
Investment in subsidiary
7,711,569
100
5,031.193
100
7,711,669
5,031,293
Investments in managed funds are made up ofan Insignis CashAccounl wilh a markel value of£2.029.293
{2023'. £2,000,917) and a portrolio with LGTWeallh Management with a market value of£5,682,543 {2023'.
£3,030,276}.
Market value at 1 September 2023
Additions
Disposal
Gain in market value
5,031,193
2,948,012
(512,971)
245,341
7,590,495
(2,589,577)
30,275
Market value at 31 August 2024
7,711,569
5,031,193
Cost al 31 August 2024
7,503,080
5,036,513
Included in the above are the following investments that make up more than 50/0 of the total portfolio valuo:
Insignis Cash Account
LGT Cash Account
GIAAccounl
£2,029,293
£2,464,456
£3,217,820
26%
32/0
42°/0
The School has a wholly owned subsidiary, Somerhill Enterprises Limited, a company incorporated in
England and Wales (company number 025807241. The company was dormant throughout the reporting
period. The cost and net book value of the School's investment as at 31 August 2024 was £100 (2023..
£1001. The company was wound down after the year-end.
34

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 August 2024
13
Debtors
2024
2023
Trade debtors
Other debtors
Prepayments and accrued income
2,117,460
38,172
195,467
2,411.372
313
201,543
2,351,089
2,613,229
14
Current asset Investments
2024
2023
Cash held in deposit accounts
1,028,488
1,508,007
15
Creditors: amounts falling due within one year
2024
2023
Trade creditors
Other taxation and social security costs
Accruals
Deferred income
Advance fees
other creditors
Amounts payable to subsidiary company
355.603
181,703
51,448
2,461,105
1,492,954
311,383
100
359,896
177,163
174.403
2,877,974
154,702
279,324
100
4,854,293
4,023,562
Included within other creditors are amounts totalling £62.046 (2023.. £55,227) in respect of outstanding
pension Gonlributions.
Deferred income
InGlud8d within creditors is an amount of £2,461,105 {2023'. £2,877,974) in respect of fees invoiced prior to
the year-end relating lo future terms.
2024
2023
Balance at 1 September 2023
Released to fee incom6 in year
2,877,974
12,877,974)
2,771,421
{2,771,4211
New deferred income
2,461,105
2,877,974
Balance at 31 August 2024
2,461,105
2,877,974
35

SOMERHILL CHARITABLE TRUST LIMITED
{A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 August 2024
15
Creditors: amounts falling due within one year (continued)
Advanced fees
Included within creditors is an amount of £1,492,95112023.- £154,702) in respect of fees received in advance,
there 15 also a further amount of £1,678,882 (2023.. £151,598) in respect of fees due after more than one
year.
Fees paid in advanced are analysed as follows..
2024
2023
Balance at 1 September 2023
New amounts paid
306,300
3,114.252
438,082
194,326
3,420,552
632,408
Amounts utilised in the payments of fees
1248,719}
{326,108)
Balance at 31 August 2024
3,171,833
306,300
16
Creditors: amounts falling due after more than one year
2024
2023
Fees in advance
1.678.882
151,598
17
Restrlcted funds - current year
Balance at 1
September 2023
Balance at 31
August 2024
Income
Expenditure
Long Library fund
Government grants
40,000
10,055
3,607
150,055)
(3,607}
40,000
13,662
(53.6621
Restricted funds represent donations re￿iVed for specific items or appeals.
The School roceived restricted govemment grant income of £3,607 in the year12023'. £3,6581- see note
4 for further details. All monies were fully spent during the year.
The School received a donation of £10,055 in the year (2023.. £40,000} specifically towards the Long Library
refLJrbishment and all monies, including gift aid recoverable, were fully spent post year end on the works
carried out. Further donations were received in the year 2023124 to cover the final costs of the project.
36

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 August 2024
17
Restricted funds (continued) - prior year
Balance at 1
September 2022
Balance at 31
August 2023
Income
Expenditure
Long Library fund
Government grants
40,000
3,658
40,000
(3,658)
43,658
{3,6581
40,000
18
Designated funds- current year
Balance at 1
Septembèr 2023
New Designations
deslgnations
released
Balance at 31
August 2024
Designated property
Capital development5 fund
11,743.827
5,000,000
{243,475}
11,555,990
5,000.000
16,743.827
(243.475)
16,555,990
The designated propety reserve fund has been set up to assist in identifying those funds that are not
free funds and it represents the net book value of school freehold land and buildings.
The capital developments fund represents funds designaled for future projects that support the strategi
sion of the School.
Prior yaar
Balance at 1
September 2022
New
designations
Designations
released
Balance al 31
August 2023
Designated property
Capital developments fund
11,867,027
{123,2001
11,743,827
5,000,000
5,000,000
11,867,027
5,000,000
{123,2001
16,743,827
37

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 August 2024
19
Analysis of net assets between funds- current year
Unrestricted
funds
Designated Restricted
funds
Funds
Total
Fund balances at 31 August 2024 are represented by..
Tangible fixed assels
Investments
Nel current assets
Non-Gurrent liabilities
4,258,785
7,711,669
14,963,443)
11,678,822)
11,555,990
15,814,775
7,711,669
36,557
(1,678,822)
5,000.000
5,328,189
16.555,990
21,884,179
Prior year
Unrestricted
funds
Designated Restricted
funds
Funds
Total
Fund balances at 31 Augusl 2023 are represented by..
Tangible fixed assets
Investments
Net current assets
Non-current liabilities
4,294,383
31,293
591,011
1151,598}
11,743,827
5,000,000
16,038,210
5,031,293
631.011
1151,5981
40,000
4,765,089
16,743,827
40.000
21,548,916
20
Related party transactions
There were no related party transactions in the year (2023: none). No Governors. received
remuneration, payments for services or reimbursed expenses during the year {2023'. none).
21
Operating lease commitments
Al 31 August 2024, the School was committed to make minimum lease payments in respect of non-
cancellable operating leases as follows-
2024
2023
Amounts payable:
Within one year
Between two and five years
46,079
58,673
43,737
51,702
104,752
95,439
All leases relate to amounts payable in respect of equipment.
38

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS (continued)
For the year ended 31 August 2024
22
Cash generated from operations
2024
2023
Surplus for the year
335,263
634,190
Adjustments for:
Depreciation charges
Interest receivable
Gain in market value of fixed assel investments
Gain on sale of fixed assets
Decre8sel{increase}lin debtors
Increaselldecrease) in creditors
583,302
(185,498}
1245,341 }
27,861
262,140
1639,300}
515,741
{81,223)
{30.275)
62,957
131.6341
Cash generated from operations
284,780
1,069,756
23
Analysis of changes In net funds
At 1 September
2023
Cash flows
At 31 August
2024
Cash at bank and in hand
Current asset investments
533,338
1,508,007
977,995
1479,519)
1,511,333
1,028,488
2,041,345
498,476
2,539,821
39

SOMERHILL CHARITABLE TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS {continued)
For the year ended 31 August 2024
24
Pension and similar obligations
Defined contribution penslon scheme
The School makes contributions to one defined contribution scheme on behalf of its employees. The assets
of the defined contribution scheme in which employees participate are held separately from those of the
School in independently administered funds. The pension costs charge represents contributions payable
by the School to the funds and amounted to £723,47612023'. £538,638). At the year-end £61.82812023'.
£54,681) was accrued in respect of employer contributions to other pension schemes.
Teachers, Pension Scheme
Introduction
The School participates in the Teachers, Pension Scheme (England and Wales} ("the TPS") for its teaching
staff. The Teachers, Pension Scheme ITPSI is a slalulory, contributory, defined benefit scheme, governed
by the Teachers, Pension Scheme Regulations 2014. Teachers are now offered a hybrid scheme and they
have a choice to remain in this scheme or to opt out of il completely.
The TPS is an unfunded scheme and members to which both the member and employer makes
contributions, as a percentage of salary - these contributions along with those made by employers are
credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by
Parliament.
Under the definitions set out in FRS 102, the TPS is a multi*mployer pension scheme. The School has
accounted for ils contributions lo the scheme as if it were a defined contribution scheme.
The pension charge for the period includes employer contributions payable lo the TPS of £350,761 (2023=
£295,011) and at the year-end £nil12023'. £546} was accrued in respect of employer contributions to this
scheme.
Valuation of the Teachers, Pension Scheme
The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS
in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014
published by HM Treasury every 4 years. The aim of the review is lo specify the level of future contributions.
Actuarial scheme valuations are dependent on assumptions about the value of future costs. design of
benefits and many other factors. The lalesl actuarial valuation of the TPS was carried out as at 31 March
2016. The valuation report was published by the Department for Education on 5 March 2019. The key
elements of the valuation and subsequent Gonsullation are..
Employer contribution rates set from 1 September 2019 at 23.680/0 of pensionable pay (including
a 0.08 /0 employer administration charge}
Total scheme liabilities (pensions currently in payment and the estimated cost of future benefits)
for service to the effective date of £218.1 billion, and notional assets (estimated future contributions
together with Ihe notional investments held al the valuation date) of £196.1 billion giving a notional
past service deficit of £22 billion
The SCAPE rate, sel by HMR. is used to determine Ihe notional investment retum. The current
SCAPE rale is 2.4 /0 above the rate of CPI, assumed real rate of return is 2.40/D in excess of prices
and 2 % om excess of earnings. The rate of real earnings growth is assumed to be 2.2 /0. The
assumed nominal rate of return including earnings growth is 4.45 %.
A copy of the valuation report and supporting documentation is on the Teachers, Pensions website.
25
Capital commitments
Capital commitments totalling £nil {2023'. £20,448) relate to the roofing works on 3 and 4 Bothy Cottages
properties, which straddled the year-end.
40