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2023-07-31-accounts

Registered number: 02666998 Charity number: 1007348

DERBY HIGH SCHOOL TRUST (A Company Limited by Guarantee)

SS SE ITD Ne AT a DT SSE Is A 0S SSE J aI al LB Se aE RRO Ne aa DOP eT FPN iI YH ET os SE

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

DERBY HIGH SCHOOL TRUST (A Company Limited by Guarantee)

CONTENTS

Page
Reference and Administrative Details ofthe Charity and its Advisers 4
Governors’ Report 2-7
Governors’ Responsibilities Statement 8
Independent Auditors’ Report on the Financial Statements 9-11
Statement of Financial Activities 12
Balance Sheet 13
Statement of Cash Flows 14
NotestotheFinancialStatements 15-30

DERBY HIGH SCHOOL TRUST

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY AND ITS ADVISERS FOR THE YEAR ENDED 31 JULY 2023

Foundation Governors Mr MR
Hall DL Hon D. Univ FCA FCMA CGMA FCT
Ms H Barton BSc CEng FRAeS FIMA
Mrs F M K Apthorpe
Co-opted Governors Dr B Lad CEng FIMechE, Chair
Ms R K Chahal (resigned 7 December 2022)
DrA R Rao
Miss S Chittim
Miss S J Hughes (resigned 29 June 2023)
Miss R E Stojak
MrsA K Penny (appointed 3 October2022)
Mrs N Read (appointed 17 November2022)
Mrs D Wareing (appointed 17 November2022)
Company registered
number 02666998
Charity registered
number 1007348
Registered office Hillsway
Littleover
Derby
DE23 3DT
Bursar and Company Mrs M MitchellACA, BA (Hons)
Secretary
Head MrsA Chapman MA, BA (Hons)
Independent auditors Bates Weston Audit Limited
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ
Bankers Barclays Bank PLC
Level 4,
1 Chapel Quarter
Maid Marian Way
Nottingham
NG1 6HQ
Solicitors Flint Bishop LLP
St. Michael's Court
St. Michael's Lane
Derby
DE13HQ

Page 1

DERBY HIGH SCHOOL TRUST (A Company Limited by Guarantee)

GOVERNORS’ REPORT FOR THE YEAR ENDED 31 JULY 2023

The Governors present their annual report (including the strategic report) together with the audited financial statements for the year from 1 August 2022 to 31 July 2023. The Governors confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

OBJECTIVES AND ACTIVITIES

Policies and objectives

The objective of the Charity will be to progressively implement and provide educational facilities for the advancement of co-education across the whole school for the children in the Derbyshire/Staffordshire area.

Strategies for achieving objectives

The School's facilities offer children education and instruction in various subjects over a broad spectrum of the curriculum, including academic, classical, scientific, technical and commercial studies.

_

Activities for achieving objectives

To achieve this, the School offers co-education for children from ages 3 to 18.

Achievements and performance

Review of activities

The results for the year and financial position of the School are shown in the annexed financial statements. The School enjoyed another successful academic year with 640 pupils (2022: 599, 2021: 548 pupils) in the school. Following a full inspection from the Independent Schools Inspectorate in January 2023, which was focused on the pupils’ academic and other achievements, as well as their personal development, the school was found to be excellent in every category. In addition, a request to the Department for Education, to increase the schools capacity from 610 to 685 was approved. Due to continuing increasing applications for the senior school, the school has been full in all senior year groups and Year 6 and is operating waiting lists.

Advanced level examination candidates, once again, achieved impressive results in a full range of subjects.

An incredibly strong cohort of students achieved a superb set of grades:

In addition to achieving excellent grades in their A Level subjects, many leave Derby High with top grades in their Extended Project Qualification (EPQ) - a qualification increasingly prized by universities as evidence of independent research and study skills. High grades secured students places on a diverse range of highly competitive courses, ranging from medicine, economics, languages, engineering, maths and English Literature, with the majority at Russell Group universities including 3 at Oxbridge. GCSE results were equally impressive with 25% overall at the elusive top grade 9, the year group performed impressively across the broad range of academic subjects. 66% of all grades were 9, 8 or 7 (A*/A under previous system). In line with its aim to offer all pupils a broad and balanced education, Derby High School offered a range of cocurricular activities to all ages. The school considers co-curricular activities to be a vital part of the

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DERBY HIGH SCHOOL TRUST (A Company Limited by Guarantee)

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ee"aSETS ree GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

overall delivery of its educational objectives. Music, Drama, Art and Sport are particularly strong across both the Primary and Senior Schools. All four areas provide outstanding opportunities beyond the curriculum for pupils. The school has a thriving Duke of Edinburgh’s award scheme offering Bronze, Silver and Gold with large participation rates each year. The School also enjoyed success in a number of activities including the prestigious Engineering Education Scheme and Go4Set.

Giving pupils opportunities to perform in front of an audience is vital to their development. The Senior School Drama department delivered the following stage productions:

Lower School Production — Alice in Wonderland Down the Rabbit Hole Senior School Musical Production - Annie

The Primary team delivered the following stage productions:

EYFS Nativity - We three Kings KS1 Nativity - Christmas with the Aliens Y3/4 Production - Pirates vs Mermaids Y5/6 Production - A- la- la-la- la- Ladin

In the Senior School students performed in 3 music concerts, one per term. In addition choirs performed for the Christmas Service, which was held at Derby Cathedral.

Over the course of the year there were 5 Primary Teatime Concerts with 20 to 25 solo performers in each. Primary Christmas & Summer Concerts - Harmony Choir (Y1/2), Rhapsody Choir (Y3/4) Aria Choir (Y5/6), Cadenza (Senior Orchestra), Octavia (Junior Orchestra), Vivace (Wind chamber group), Allegro (String chamber group). The support of the staff for such a wide range of co-curricular accomplishment is a real strength of the school. The school were able to return to running international residential trips following covid. These included trips to Austria skiing, Languages trip to Spain, Year 6 trip to France and a Physics trip to CERN. In addition UK based residentials were run for children in both Primary and Seniors.

Key charities supported this year included Children in Need, Derby City Mission and Macmillan.

Public benefit policy

The Governors consider that they have complied with the public benefit guidance by continuing to operate the School's own ‘Assisted Places Scheme’ to ensure that gifted children will not be barred from attending the School due to parental financial hardship.

The object for which the School is established is to advance education and training, by the provision and conduct of co-education for pupils aged 3-18. The principal object is met by the provision of an educational environment that will develop to the full the talents of able pupils. In setting objectives and planning activities, the Governors have given due regard to the Charity Commission’s general guidance on public benefit on advancing education and on fee charging. Fees are set by reference to a detailed budgeting process undertaken each year, based on the need to ensure the provision of a first class education environment for the pupils and the continued financial viability of the School in both the short and long term. In discussions surrounding the setting of fees, any Governor who has family members attending the School must declare that interest and not participate in the final decision regarding the level of fees charged.

The School continues to make various awards of Scholarships, Bursaries and Remissions. These awards are granted on the basis of educational ability or on the basis of financial assessment under the parental financial hardship scheme or under the current remission scheme. A Committee of Governors approves all awards. The awards during the period were £660,893 (2022 - £516,052).

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DERBY HIGH SCHOOL TRUST (A Company Limited by Guarantee)

GOVERNORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

School facilities are available for local voluntary organisations and local residents. The Sports Hall is used for junior football leagues, local community leagues, local sports clubs and local community groups. The School acts as a public access centre for music examinations. Pupils work in local primary schools and charitable organisations through the Duke of Edinburgh Award Scheme and Work Experience placements.

We have also been honoured to welcome three Ukrainian students to our community within this year.

FINANCIAL REVIEW

Going concern

After making appropriate enquiries, the Governors have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Reserves policy

The total unrestricted funds amount to £8,577,618 (2022 - £7,791 ,612). A total of £6,284,756 (2022- £4,953,878) has been deployed as part of the School premises and equipment. Funds designated for future projects are as detailed in the notes to the financial statements. These projects will be undertaken when the opportunity arises, thus with no fixed timescale in mind, but for which for the time being the Governors consider it prudent to retain sufficient finance to meet day to day working capital needs in the absence of free reserves.

The School considers that the appropriate level of free reserves which are not invested in fixed assets should ideally be equivalent to one term's expected expenditure, approximately £2,000,000.

The School's policy is, therefore, to continue to build up reserves by means of annual operating surpluses, including the judicious management of investment assets. Consideration is also given to future capital projects that are required to ensure the School's facilities are maintained to a high standard.

Major Property Fund

A provision for anticipated major property repair expenditure in future years is maintained. Any movement on this provision will be adjusted for through unrestricted general funds.

Assisted Places Fund

The income from this fund is used to support scholarships granted to parents suffering financial hardship.

The Foundation Fund

This fund represents the net assets of the 1921 Trust on its commencement, to provide and promote the advancement of education, which were gifted to the School on 1 September 1992.

The main assets gifted were the School's premises, which have since been extended and improved.

The School, as set out in its Memorandum and Articles of Association, is unable to distribute any excess assets on its winding up or dissolution. All net assets must be used by or transferred to a similar body for the provision and advancement of education.

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DERBY HIGH SCHOOL TRUST (A Company Limited by Guarantee)

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GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Investments policy

The Governors' investment policy is to maximise income and capital growth whilst at the same time spreading the risk. Funds are deposited in short term low risk investments to give readily available access to funds as and when required.

The performance of the investments is disclosed in note 11 of the financial statements.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The Charity is incorporated under the Companies Act 2006 as a company limited by guarantee and is governed by its Articles of Association. The members of the Company are the Governors named on page 1.

The Charity was established in 1991 to take over the previous School trust and is registered with the Charity Commission under charity number 1007348. The School was originally founded in 1892.

The principal objective of the Charity is the promotion and advancement of co-education.

There have been no changes in the objectives since the last annual report.

Method of appointment or election of Governors

The management of the Charity is the responsibility of the Governors who are elected and co-opted under the terms of the Articles of Association. The School's Articles of Association can be found duly filed on the Charity Commission website.

Foundation Governors are not required to retire by rotation. Following retirement, the remaining Foundation Governors, at their discretion, appoint further Foundation Governors.

Co-opted Governors are appointed at the Board of Governors’ discretion for a term not exceeding five years, but are eligible for re-appointment for such further term or terms as the Board of Governors shall in its discretion decide.

The Head leads the School through the next period of its development, building on our 125 year history and promoting the ethos and profile of the School. She leads with passion, vision and energy, and continues to develop the quality of the academic, pastoral and co- curricular provision to enable all our pupils to thrive.

Policies adopted for the induction and training of Governors

New Governors undergo a comprehensive induction and training process once appointed to the board. All Governors receive a manual produced by AGBIS entitled "Manual of Good Practice for Governors of Independent Schools" and are provided with ongoing training each year.

Organisational structure and decision making

The full Board of Governors meet at least once each term to ensure the effective governance of the School. All sub-committees report to the full Board.

The overall educational needs of the School are administered by the Head on a day to day basis.

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DERBY HIGH SCHOOL TRUST

(A Company Limited by Guarantee)

GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

The Bursar carries out the financial management of the School on a day to day basis along with all noneducational matters, and the strategy is overseen by the Finance and General Purposes Committee.

Key Management Personnel

The Governors consider that they, together with the Head, the Bursar and those on the Leadership Scale comprise the Key Management Personnel. The Governors give of their time freely and the pay and remuneration of the Head and the Bursar and the senior staff is set by the Finance and General Purposes Committee, and approved by Full Board, and is kept under annual review; as are all staff salaries. A number of criteria are used in setting pay:

Risk management

The Governors have a risk management process to assess business risk and implement risk management strategies. This involves identifying the types of risks the Charity faces, prioritising them in terms of potential impact and likelihood of occurrence, and identifying means of mitigating the risks. As part of this process the Governors have reviewed the adequacy of the Charity’s current internal controls. The Governors are pleased to report that the Charity’s current internal controls conform with guidelines issued by the Charity Commission.

A formal review of the Charity's risk management processes is undertaken on an annual basis.

The Governors have overall responsibility for ensuring that the Charity has an appropriate system of controls, financial or otherwise. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and which 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 and to provide reasonable assurance that:

The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include:

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DERBY HIGH SCHOOL TRUST (A Company Limited by Guarantee)

© |

a GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

PLANS FOR THE FUTURE

Future developments

Our commitment to investing in our facilities will continue to see refurbishment of our campus facilities which provide an excellent environment for all.

Members' liability

The members of the Charity guarantee to contribute an amount not exceeding £1 each to the assets of the Charity in the event of winding up.

Disclosure of information to auditors

Each of the persons who are Governors at the time when this Governors’ report is approved has confirmed that:

Approved by order of the members of the board of Governors and signed on their behalf by: Bawet—tad DrBL ng FiMechE Chair of Governors Date: ol(o3 (4

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DERBY HIGH SCHOOL TRUST (A Company Limited by Guarantee)

dee ee ee ene ee eT eee ee ee EE EEL ES ET I SS SE EST BEBE FB I a ES SE a ST 2 SR

STATEMENT OF GOVERNORS' RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY 2023

The Governors (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Governors’ Report including the Strategic 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 Governors to prepare financial statements for each financial . Under company law, the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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.

Page 8

DERBY HIGH SCHOOL TRUST

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DERBY HIGH SCHOOL TRUST

Opinion

We have audited the financial statements of Derby High School Trust (the ‘charitable company’) for the year ended 31 July 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of lreland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

We have nothing to report in this regard.

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DERBY HIGH SCHOOL TRUST (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DERBY HIGH SCHOOL TRUST (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors' Report including the Strategic Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Governors' Responsibilities Statement, the Governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the 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 charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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DERBY HIGH SCHOOL TRUST (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DERBY HIGH SCHOOL TRUST (CONTINUED)

outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors’ Report.

Use of our report

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

Wayne Thomas ACA (Senior Statutory Auditor) for and on behalf of Bates Weston Audit Limited Statutory Auditors Chartered Accountants The Mills Canal Street Derby DE1 2RJ

Date: 14 March 2024

Page 11

DERBY HIGH SCHOOL TRUST

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2023

Unrestricted Endowment Total Total
funds funds funds funds
2023 2023 2023 2022
Note £ £ £ E
Income and endowments from:
Charitable activities 2 8,283,769 - 8,283,769 7,235,243
Investments 3 58,353 - 58,353 18,823
Other income 4 149,030 - 149,030 116,791
Total income and endowments 8,491,152 - 8,491,152 7,370,857
Expenditure on:
Raising funds 5 33,061 - 33,061 46,851
Charitable activities 6 7,679,748 22,608 7,702,356 6,797,365
Total expenditure 7,712,809 22,608 7,735,417 6,844,216
Net income/(expenditure) before net
gains/(losses) on investments 778,343 (22,608) 755,735 526,641
Net gains/(losses) on investments 7,663 - 7,663 (5,860)
Net movement in funds 786,006 (22,608) 763,398 520,781
Reconciliation of funds:
Total funds brought forward 7,791,612 652,160 8,443,772 7,922,991
Net movement in funds 786,006 (22,608) 763,398 520,781
Totalfundscarriedforward 8,577,618 629,552 9,207,170 8,443,772

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 15 to 30 form part of these financial statements.

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DERBY HIGH SCHOOL TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 02666998

BALANCE SHEET AS AT 31 JULY 2023

2023 2022
Note £ £
Fixed assets
Tangible assets 10 6,914,308 5,606,038
Investments 11 780,152 771,386
7,694,460 6,377,424
Current assets
Debtors 12 122,016 89,374
Investments 13 1,036,478 1,003,596
Cash at bank and in hand 1,924,446 2,547,195
3,082,940 3,640,165
Creditors: amounts falling due within one
year 14 (1,286,109) (1,188,270)
Net current assets 1,796,831 2,451,895
Total assets less current liabilities 9,491,291 8,829,319
Creditors: amounts falling due after more
than one year 15 (284,121) (385,547)
Total net assets 9,207,170 8,443,772
Charity funds
Endowment funds 16 629,552 652, 160
Unrestricted funds 16 8,577,618 7,791,612
Totalfunds 9,207,170 8,443,772

The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Governors and signed on their behalf by:

Chair of Finance and General Purposes Committee Date: 0(/03 [2

The notes on pages 15 to 30 form part of these financial statements.

Page 13

DERBY HIGH SCHOOL TRUST

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2023

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2023|2022| |Note|£|£| |Cash|flows|from|operating|activities| |Net|cash|used|in|operating|activities|19|865,356|994,035| |Cash|flows|from|investing|activities| |Purchase|of tangible|fixed|assets|(1,454,120)|(154,943)| |Investment|additions|(1,103)|(73)| |Net|cash|used|in|investing|activities|(1,455,223)|(155,016)| |Change|in|cash|and|cash|equivalents|in|the|year|(589,867)|839,019| |Cash|and|cash|equivalents|at|the|beginning|of the|year|3,550,791|2,711,772| |Cash|and|cash|equivalents|at|the|end|of the|year|20|2,960,924|3,550, 791| |The|notes|on|pages|15|to|30|form|part|of these|financial|statements|

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DERBY HIGH SCHOOL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Derby High School Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Company status

The Charity is a company limited by guarantee. The members of the company are the Governors named on page 1. In the event of the Charity being wound up, the liability in the respect of the guarantee is limited to £1 per member of the Charity.

1.3 Fees and similar income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Fees receivable are accounted for in the period in which the service is provided. Fees are stated before deducting bursaries, scholarships and remissions granted by the School.

1.4 Expenditure

Expenditure is accounted for on an accruals basis. Overhead and other costs not directly attributable to particular functional activity categories are apportioned over relevant categories on the basis of management estimates of the amount attributable to that activity in the period, either by reference to staff time or space occupied, as appropriate. The irrecoverable element of VAT is included with the items of expense to which it relates.

Governance costs comprise the cost of running the Charity, including external audit, any legal advise for the Derby High School Governors, and all the costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability.

Fee remissions, allowances, scholarships and bursaries are included as an expended resource.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs incurred on the Charity's educational operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.

1.5 Educational supplies

All educational supplies are written off in the year of purchase.

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DERBY HIGH SCHOOL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

1. Accounting policies (continued)

1.6 Leasing commitments

Rentals under operating leases are charged to the Statement of Financial Activities incorporating income and expenditure account on a straight line basis over the lease term.

1.7 Tangible fixed assets and depreciation

All capital items are written off in the year of purchase, except for items costing over £25,000, which are depreciated over their estimated useful life.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities incorporating income and expenditure account.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is not charged on freehold land. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold property

1.8 Investments and long term deposits

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

1.9 Pensions

The School is a member of a multi-employer plan. Where it is not possible for the School to obtain sufficient information to enable it to account for the plan as a defined benefit plan, it accounts for the plan as a defined contribution plan. The scheme is managed by the Department of Education. The School operates a money purchase scheme for non-teaching staff. Contributions to both schemes are charged in the Statement of Financial Activities (incorporating income and expenditure account) as they become payable in accordance with the rules of the scheme.

The School operates a money purchase scheme for non-teaching staff.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

1. Accounting policies (continued)

1.10 Fund accounting

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

Designated funds comprise unrestricted funds that have been set aside by the Governors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

1.11 Taxation

The School is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the School is potentially exempt from taxation in respect of income or capital gains. received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

2. Income from charitable activities

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Unrestricted|Total|Total| |funds|funds|funds| |2023|2023|2022| |£|£|E| |School|fees|receivable|7,906,939|7,906,939|7,059,598| |Other ancillary trading|income|254,810|254,810|66,334| |Activities|for|generating|funds|30,415|30,415|17,206| |Early years|funding|91,605|91,605|92,105| |8,283,769|8,283,769|7,235,243|

----- End of picture text -----

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SS RES SS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

3. Investment income

Unrestricted Total Total
funds funds funds
2023 2023 2022
£ £ £
Bank and investment income 58,353 58,353 18,823

4. Other incoming resources

Unrestricted Total Total
funds funds funds
2023 2023 2022
Sundry income £
14,622		 £
14,622		 _€
43,564
Incomefrom from school activities 134,408 134,408 73,227
149,030 149,030 116,791

5. Expenditure on raising funds Costs of raising voluntary income

Advertising

Unrestricted Total Total
funds funds funds
2023 2023 2022
£ £ £
33,061 33,061 46,851

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

6. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted Endowment
funds funds Total Total
2023 2023 2023 2022
£ £ £ E
Educational costs 5,410,956 - 5,410,956 4,776,609
Welfare costs 640,152 - 640,152 531,766
Premises costs 1,020,706 22,608 1,043,314 955,372
Support costs 595,239 - 595,239 521,468
Governance costs 12,695 - 12,695 12,150
7,679,748 22,608 7,702,356 6,797,365
Total2022 6,774,757 22,608 6,797,365

Summary by expenditure type

Staffcosts Depreciation Other costs Total Total
2023 2023 2023 2023 2022
£ £ £ £ £
Educational costs 4,426,793 - 984,163 5,410,956 4,776,609
Welfare costs 10,643 - 629,509 640,152 531,766
Premises costs 286,928 145,850 610,536 1,043,314 955,372
Support costs 420,839 - 174,400 595,239 521,468
Governance costs - - 12,695 12,695 12,150
5,145,203 145,850 2,411,303 7,702,356 6,797,365
Total2022 4,779,975 145,850 1,871,540 6,797,365

7. Auditors’ remuneration

2023 2022 £ £ Fees payable for the audit of the Charity's annual accounts 9,450 8,760

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

8. Staff costs

----- Start of picture text -----
|||||| |---|---|---|---|---| |2023|2022| |£|£| |Wages|and|salaries|4,046,801|3,764,047| |Social|security|costs|390,463|363,144| |Other|pension|costs|707,939|652,784| |5,145,203|4,779,975|

----- End of picture text -----

The average number of persons employed by the Charity during the year was as follows:

----- Start of picture text -----
|||||| |---|---|---|---|---| |2023|2022| |No.|No.| |Management|and|administration|12|12| |Teaching|87|84| |Domestic|and|catering|21|20| |120|116|

----- End of picture text -----

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

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2023|2022| |No.|No.| |In|the|band|£60,001|-|£70,000|1|2| |In|the|band|£70,001|-|£80,000|1|-| |In|the|band|£80,001|- £90,000|1|1| |In|the|band|£90,001|- £100,000|1|1|

----- End of picture text -----

For employees paid between £60,001 - £70,000 the School made total contributions of £14,838 (2022: £16,416) to appropriate pension scheme.

For employees paid between £70,001 - £80,000 the School made total contributions of £17,146 (2022: £nil) to appropriate pension scheme

For employees paid between £80,001 - £90,000 the School made contributions of £14,010 (2022: £33,806) to the appropriate scheme.

For employees paid between £90,001 - £100,000 the School made contributions of £22,919 (2022: £21,458) to the appropriate scheme.

Key management personnel are considered to be the Head Teacher, Deputy Head Teacher, Head of Primary and Bursar who received total remuneration of £374,753 (2022: £302,155).

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

9. Governors remuneration

During the year, no Governors received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 July 2023, no Governor expenses have been incurred (2022 - £NIL).

10. Tangible fixed assets

Freehold
property
£
Cost
At 1 August 2022 7,647,454
Additions 1,454,120
At 31 July2023 9,101,574
Depreciation
At 1 August 2022 2,041,416
Charge forthe year 145,850
At 31 July 2023 2,187,266
Net book value
At 31 July2023 6,914,308
At 31July2022 5,606,038

Included in land and buildings is freehold land at a cost of £200,000 (2022 - £200,000), which is not depreciated.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

11. Fixed asset investments

Listed Unlisted
investments investments Total
£ £ £
Cost or valuation
At 1 August 2022 668,509 102,877 771,386
Additions - 1,103 1,103
Revaluations 7,663 - 7,663
nDyee 676,172 103,980 780,152
12. Debtors
2023 2022
£ £
Due within one year
Trade debtors 17,947 7,243
Other debtors 2,641 -
Prepayments and accrued income 101,428 82,131
122,016 89,374
13. Current asset investments
2023 2022
£ £
65dayaccessnoticeaccount 1,036,478 1,003,596

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ee ee a ee eee ee SS SSS EEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

14. Creditors: Amounts falling due within one year

2023 2022
£ £
Final term fee deposits 33,470 32,451
Trade creditors 94,325 136,794
Othertaxation and social security 93,667 90,639
Other creditors 88,739 83,047
Accruals and deferred income 975,908 845,339
1,286,109 1,188,270
2023 2022
£ £
Deferred income broughtforward 823,656 673,360
Resources deferred during the year 927,994 823,656
Amounts released from previous periods (823,656) (673,360)
927,994 823,656

Deferred income for the year includes £894,494 fees in advance (2022: £788,242) and trip income included in accruals totalling £33,500 (2022: £35,414).

15. Creditors: Amounts falling due after more than one year

2023 2022
£ Ee
Final term fee deposits 238,680 220,300
Accruals and deferred income 45,441 165,247
284,121 385,547

Repayment of final term fee deposits is due on the child leaving the school, net of any charges outstanding. No interest is due on these balances.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

16. Statement of funds

Statement of funds - current year

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Balance|at|1|Transfers|Gains/|Balance|at| |August 2022|Income|Expenditure|in/(out)|(Losses)|31|July|2023| |£|£|£|£|£|£| |Designated| |funds| |Major|property| |fund|1,100,000|-|(149,935)|149,935|-|1,100,000| |Assisted|places| |fund|223,947|-|(121,720)|121,720|-|223,947| |1,323,947|“|(271,655)|271,655|-|1,323,947| |General|funds| |General|Funds|6,467,665|8,491,152|(7,441,154)|(271,655)|7,663|7,253,671| |Total| |Unrestricted| |funds|7,791,612|8,491,152|(7,712,809)|-|7,663|8,577,618| |Endowment| |funds| |The|Foundation| |Fund|652,160|-|(22,608)|-|-|629,552| |Total|of funds|8,443,772|8,491,152|(7,735,417)|-|7,663|9,207,170|

----- End of picture text -----

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

16. Statement of funds (continued)

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Statement|of funds|-|prior year| |Balance|at| |1 August|Transfers|Gains/|Balance|at| |2021|Income|Expenditure|inXout)|(Losses)|31|July 2022| |£|E|£|E|£|£| |Designated| |funds| |Major|property| |fund|1,100,000|-|(124,475)|124,475|-|1,100,000| |Assisted|places| |fund|223,947|-|(118,398)|118,398|-|223,947| |1,323,947|-|(242,873)|242,873|-|1,323,947| |General|funds| |General|Funds|5,924,276|7,370,857|(6,578,735)|(242,873)|(5,860)|6,467,665| |Total| |Unrestricted| |funds|7,248,223|7,370,857|(6,821,608)|-|(5,860)|7,791,612| |Endowment| |funds| |The|Foundation| |Fund|674,768|-|(22,608)|-|-|652,160| |Total|of funds|7,922,991|7,370,857|(6,844,216)|-|(5,860)|8,443,772|

----- End of picture text -----

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

16. Statement of funds (continued)

DESIGNATED FUNDS

Major Property Fund

A provision for anticipated major property repair expenditure in future years is maintained. Any movement on this provision will be adjusted for through unrestricted general funds.

Assisted Places Fund

This fund is used to support scholarships granted to parents suffering financial hardship.

ENDOWMENT FUNDS

The Foundation Fund

This fund represents the net assets of the 1921 Trust on its commencement, to provide and promote the advancement of education, which were gifted to the School on 1 September 1992.

The main assets gifted were the School's premises, which have since been extended and improved.

The School, as set out in its Memorandum and Articles of Association, is unable to distribute any excess assets on its winding up or dissolution. All net assets must be used by or transferred to a similar body for the provision and advancement of education.

17. Summary of funds

Summary of funds - current year

Balance at 1 Transfers Gains/ Balance at
August 2022 Income Expenditure in/(out) (Losses) 31 July 2023
£ £ £ £ £ E
Designated
funds 1,323,947 - (271,655) 271,655 - 1,323,947
General funds 6,467,665 8,491,152 (7,441,154) (271,655) 7,663 7,253,671
Endowment
funds 652,160 - (22,608) - - 629,552
8,443,772 8,491,152 (7,735,417) - 7,663 9,207,170

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

17. Summary of funds (continued)

Summary of funds- prior year

Balance at
1August
2021		 Income Expenditure Transfers
inXout)		 Gains/
(Losses)		 Balance at
31 July2022
£ £ £ £ £ £
Designated
funds 1,323,947 - (242,873) 242,873 - 1,323,947
General funds 5,924,276 7,370,857 (6,578,735) (242,873) (5,860) 6,467,665
Endowment
funds 674,768 - (22,608) - - 652,160
7,922,991 7,370,857 (6,844,216) - (5,860) 8,443,772

18. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted Endowment Total
funds funds funds
2023 2023 2023
£ £ £
Tangible fixed assets 6,284,756 629,552 6,914,308
Fixed asset investments 780,152 - 780,152
Current assets 3,082,940 - 3,082,940
Creditors due within one year (1,286,109) - (1,286,109)
Creditors due in more than one year (284,121) ~ (284,121)
Total 8,577,618 629,552 9,207,170

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DERBY HIGH SCHOOL TRUST (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

18. Analysis of net assets between funds (continued)

Analysis of net assets between funds- prior year

Unrestricted Endowment Total
funds funds funds
2022 2022 2022
£ E £
Tangible fixed assets 4,953,878 652,160 5,606,038
Fixed asset investments 771,386 - 771,386
Current assets 3,640,165 - 3,640,165
Creditors due within one year (1,188,270) - (1,188,270)
Creditors due in more than one year (385,547) - (385,547)
Total 7,791,612 652,160 8,443,772
19. Reconciliation of netmovement in funds to netcash flowfrom operating activities
2023 2022
£ £
Net income for the year (as per Statement of Financial Activities) 763,398 520,781
Adjustments for:
Depreciation charges 145,850 145,850
(Gains)/losses on investments (7,663) 5,860
Decrease/(increase) in debtors (32,642) 4,038
Increase/(decrease) in creditors (3,587) 317,506
Net cash provided by operating activities 865,356 994,035
20. Analysis ofcash and cash equivalents
2023 2022
£ £
Cash in hand 1,924,446 2,547,195
Current asset investments 1,036,478 1,003,596
Totalcashandcashequivalents 2,960,924 3,550,791

Page 28

(A Company Limited by Guarantee)

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errr ————————————————————————————— a, NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

a.——S.21. Analysis of changes in net debt

----- Start of picture text -----
At 1 August At 31 July
2022 Cash flows 2023
£ £ £
Cash at bank and in hand 2,547,195 (622,749) 1,924,446
Investments 1,003,596 32,882 1,036,478
3,550,791 (589,867) 2,960,924
----- End of picture text -----

  1. Pensions

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pensions Regulations (2010) and, from 1 April 2014, by the TPS Regulations 2014. Membership is automatic for full-time teachers and, from 1 January 2007, automatic for teachers in parttime employment following appointment or a change of contract, although they are able to opt out.

The TPS is an unfunded scheme and members contribute on a 'pay as you go’ basis - 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.

The pension charge for the year includes contributions payable to the TPS of £673,791 (2022: £631,379). At the year-end £78,012 (2022: £74,756) was accrued in respect of contributions to this scheme. The School also runs a scheme for its non-teaching staff, which is a money purchase scheme. The cost for the year represents the School's contributions to that scheme of £16,077 (2022: £13,058).

VALUATION OF THE TEACHERS' PENSION SCHEME

The TPS valuation for 2016 determined an employer rate of 23.68%, which was payable from 1 September 2019.

CS

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eee

22. Pensions (continued)

A copy of the valuation report and supporting documentation is on the Teachers' Pensions website.

Under definitions set out in FRS 102, the TPS is a multi-employer pension scheme. The trust has accounted for its contributions to the scheme as if it were a defined contributions scheme. The trust has set out above the information available on the scheme.

23. Operating lease commitments

At 31 July 2023 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

2023 2022
£ a
Amounts payable:
Not laterthan 1 year 23,054 17,886
Laterthan 1 yearand not laterthan 5 years 6,075 16,635
29,129 34,521

24. Transactions with governors

The Governors who have children that attend the School received scholarships and remissions of £4,550 (2022: £1,000). All transactions were on normal commercial terms.

Governors who are parents of children at the School do not participate in the setting of School fees.

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