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2020-08-31-accounts

Registered number: 02776914 Charity number: 1023407 |

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DURHAM CATHEDRAL SCHOOLS FOUNDATION (A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 ;

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DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee)

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(A companycompany limited by guarantee)
CONTENTS
Page
Reference and administrative details ofthe charity, its trustees and advisers 1
Trustees’ report 2-10
Independent auditors’ report 11-13
Consolidated statement offinancial activities 14
Consolidated income and expenditure account 14
Consolidated balance sheet 15
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Company balance sheet 16
Consolidated statementofcashflows 17
Notes to the financial statements 18 - 37
The following pages do not form part ofthe statutory financial statements:
Companydetailedincomeandexpenditureaccountandsummaries 38-39

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DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2020

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Trustees

M Coates (resigned 31 July 2020) G Hodgson A MacConachie (resigned 1 July 2020) R Ribchester N Turner M Regan J Robson Q Anstee R Swart S Dobson M Hampel K Ballantyne J Cowie (resigned 3 December 2019)

Company registered number 02776914

Charity registered number

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1023407

Registered office

The Bursar's Office, Durham School, Durham, DH1 4SZ

Company secretary

D Leigh

Headmaster

K J McLaughlin

Independent auditors

Clive Owen LLP, Kepier House, Belmont Business Park, Durham, DH1 1TW

Bankers

Barclays Bank PLC, 6 Market Place, Durham, DH1 3NB

Solicitors

Swinburne Maddison LLP, Venture House, Aykley Heads Business Centre, Durham, DH1 5TS

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DURHAM CATHEDRAL SCHOOLS FOUNDATION (A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2020

The Trustees who are also directors of Durham Cathedral Schools Foundation present their annual report together with the audited financial statements of Durham School Trading Limited for the year ended 31 August 2020 and confirm they comply with the requirements of the Charities Act 2011, the charity's constitution and the Charities SORP (FRS 102).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The principal activity of the charitable company continues to be the provision of training and instruction of pupils at both Durham School and Bow, Durham School on the basis of Church of England principles in spiritual, moral, mental and physical training.

Durham Cathedral Schools Foundation comprises Bow, Durham School (Nursery to Year 6) and Durham School (Year 7 to Year 13). It is a registered charity, and any and all surpluses are re invested in education. The charitable purpose for which the Foundation exists is Education. In addition to this, the Foundation has a vital role to play in the Community, both local and further afield, being a boarding and day school.

The Foundation is divided between two sites, within a short walking distance from each other. The education of Day pupils aged 3 to 11 takes place in the Nursery, Pre Prep and Prep departments at Bow, Durham School. The.senior section at Durham School offers the choice of Day, Weekly Boarding and Full Boarding to pupils from the age of 11 to 18. Both Schools offer small classes and high-quality teaching and learning. The Foundation promotes an environment where civility, respect and a community spirit are expected of all pupils. The Foundation recognises the following standards which have been developed in conjunction with pupils, parents and staff and are standards which all involved in the Foundation should aspire to:

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M_ Moral integrity A_ Ambition

R_ Respect K Kindness

The broad strategies of improving academic performance, achieving excellence in teaching and learning, increasing headcount and continuing to develop the Junior School as a stronger long term feeder unit for the Senior School remain unchanged. Both Schools strive to ensure that pupils attain their full academic potential, and provide an increasing extra curricular programme of activities, which are organised to develop the concepts of responsibility, leadership and service.

; The charitable company continues to have a close relationship with the Chapter of Durham Cathedral, which is the charitable company's main landlord. The University of Durham is the landlord of Bow, Durham School. The charitable company owns the entire share capital of Durham School Trading Limited, which organises the letting of Foundation facilities.

Public benefit

The charitable company's aims and achievements are set out within this report. The activities set out in this report have been undertaken to further the charitable company's charitable purposes for the public benefit. The Trustees have complied with the duty under Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charities Commission and the Trustees have paid due regard to this guidance in deciding what activities the charitable company should undertake.

Durham Cathedral Schools Foundation, as a registered charitable company, demonstrates its fulfilment of the Public Benefit criteria. Respect for others, with a charitable focus, is central to the Foundation's ethos, which enriches the life of the School's and provides opportunities for pupils of all ages to understand the importance of giving.

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DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2020

OBJECTIVES AND ACTIVITIES (continued)

The areas of public benefit identified come under the headings:

  1. Educating our own pupils, including scholarships and bursaries

  2. Savings to the taxpayer

  3. Community partnerships

  4. Fundraising and charity events

  5. Educating our own pupils, including scholarships and bursaries

Financial support to pupils is provided through means tested bursaries and scholarships for excellence.

In the financial year ended 31 August 2020 £728,198 was provided in means tested bursary support, and a further £441,965 in scholarship support for excellence by the Foundation. These amounts equated to 14% of fee income.

In addition to the support provided by the Foundation, financial support was also provided to Durham School pupils through The Burkitt Trust, which is administered by the School and specifically offers support to pupils achieving a high standard at GCSE level. In the year ended 31 August 2020 the Trust provided £35,637 of support.

In the 2016/17 year the Durham School developed a partnership arrangement with Castle View Enterprise Academy, through which substantial financial support was provided to 5 pupils to enable them to complete their A level studies at Durham School (2 in Year 13 and 3 in Year 12).

The Foundation continues to participate in 2 national schemes to provide financial support for pupils from overseas who would not otherwise have been able to access education in the UK, these were the HMC and ESU Schemes. Four pupils were supported through these schemes. The support provided by the Foundation amounted to £282,501.

The Trustees regularly review the policies associated with Scholarships and Bursaries to ensure that they support the target of widening access to the School's. As a result of these reviews the emphasis on means testing of awards has and will continue to increase.

2. Savings to the taxpayer

In 2019/20, the Foundation educated over 515 children at no cost to the state, saving the taxpayer over £3 million annually, based on the published data for the cost of educating a child in the maintained sector. By providing an environment which is academic, residential, co educational and Anglican, the School provides an environment not generally available in the maintained sector. There were 144 pupils in the Junior School, which based on published average funding levels for primary schools in the state sector equates to £705,600. In addition, 394 pupils were educated in the Senior School, which based on published average funding levels for secondary schools in the state sector equates to £2,337,300. In total therefore the saving to the tax payer is £3,042,900.

3. Community partnerships

Combined Cadet Force

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The Foundation has a thriving Combined Cadet Force, providing an excellent introduction for those pupils interested in a career in HM Armed Services. This offers weekly training activities and week-long training courses in partnership with the Army and Navy National CCF programme.

Pentathlon GB

The Foundation hosts the Pentathlon GB Academy, which provides regular training sessions, both short term and residential for budding pentathletes from the region. The Foundation provides facilities and some staffing for these activities at either cost or free of charge.

Home Instead

In conjunction with Home Instead the Foundation provides a venue in one of the boarding houses to host a memory café which supports those suffering from dementia and their carers.

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DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2020

OBJECTIVES AND ACTIVITIES (continued)

| Facilities | Facilities are shared with the community in a number of ways; the Foundation lets out facilities at either below market rates or for free on a regular basis including: , a) Durham City Cricket Club [The Budworth]:

b) Durham City Swimming Club [pool];

c) Durham City Hockey Club [Astro Turf];

d) The University of Durham [The Budworth & pool];

e) The Chorister School [pool];

f) St Margaret's School [pool];

g) National Childbirth Trust;

h) The Professional Association of Teachers of Students with Specific Learning Disabilities;

i) World Challenge [Grounds];

j) The Braes of Derwent [Grounds, the pool, and Big School];

k) Durham Association of Book Sellers;

1) Durham School is let during 4 weeks of the summer holiday to an international language school with 24 children resident on site.

m) From September 2017, the School volunteered its facilities to be used as a blood donation centre with the NHS Blood and Transport Service.

The Chapel

The Chapel enjoys strong links with Durham Cathedral, and the Foundation shares both half-termly and end-ofterm services with the Cathedral as well as occasional services such as Confirmation. The Foundation's Chapel is open to the public on Heritage Open Days, organised by English Heritage, with no entrance fee.

Partnerships with the Maintained Sector

Through the Foundation's various societies, we regularly invite pupils from the local maintained sector schools to participate in academic, cultural, or sporting enrichment activities at Durham School. These include:

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Durham School runs an annual programme for maintained primary schools in the Durham City area; these schools include: - St Margaret's Primary School, Durham

Through the History Department at the University of Durham and the RSA, the History Department runs a series of study days for LVI pupils from local academies and maintained-sector schools to work alongside undergraduate students, using the School facilities. The Foundation has strong links with Castle View Enterprise Academy, initially the focus of the link was on the provision of financial support to enable Castle View Enterprise Academy Pupils to access sixth form provision at Durham School, including staff visits to promote the sharing of teaching and learning knowledge and practice.

In 2019/20 the Foundation ran its second TeacherEd conference, which was open to teachers from the maintained and independent sectors. Sessions in the conference were designed to promote excellence in teaching and learning. ;

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DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2020

OBJECTIVES AND ACTIVITIES (continued)

The Foundation enjoys links with other schools through a swimming programme, in which pool use and coaching are offered at significantly reduced rates. In addition, the School provides lifeguard training through the RLSS Drowning Prevention at no cost to the same schools.

Schools which take advantage of this are St Oswald's, Durham, St Margaret's, Durham and St Michael's, Esh.

In addition, Durham School provides Saturday swimming lessons to the wider community with approximately 100 swimmers coming from local, maintained schools.

4, Fundraising and charity events

In line with its values of Moral Integrity, Ambition, Responsibility and Kindness, Durham School actively engages in a wide array of charitable work, both as a whole school, and’in the individual houses. As well as benefiting many good causes, this work also helps to develop a sense of social responsibility in our pupils. Much of this work is coordinated by the School Charities Committee, which is chaired by the Chaplain.

This year the Foundation has raised over £3,100 in support of the following charities: Children in Need, MacMillan, SportsAid, and the Woodside Centre.

The Foundation regularly engages in voluntary and charitable work, including:

a) The Great North Run, raising over monies for a variety of charities [Cystic Fibrosis, the Rainbow Trust, b)BeatingManyBowelpupils Cancer,undertakeTommy's,communityand servicethe RedthroughCross]; the __ Duke of Edinburgh Award scheme, which is a thriving extracurricular activity at the Schools. c) Our pupils participate in the World Challenge programme, which offers them the opportunity to take part in charitable projects overseas.

d) Durham School has established particular links with the Zambezi Sunrise Trust, a charity which helps fund educational projects in Zambia. The School now hosts the Zambezi Sunrise Trust Annual Dinner each November, and undertakes other fundraising events throughout the year. In addition, our pupils regularly exchange letters with pupils in Zambia. In recognition of this support, a classroom at a ZST School in Zambia _ has been named “The Durham Room’.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

a) Pupil Numbers

Pupil numbers in 2019/20 were slightly below the targeted level, with 371 pupils in the Senior School (target 380) and 144 at Bow School (target 147).

b) Examination Results

Academic performance within the school continues to be strong, with a 100% pass rate at A level (2019: 97.3%) and an A B pass rate of 80.5% (2019: 61.5%) while at GCSE pass rates were: 7,8 and 9 48.6% in the new 9 1 GCSE structure (2019 41%), 6 9 pass rate of 72.8% (2019 61.4%), and 4 — 9 97% (2019 A C: 91.2%) . Academic performance continues to be a key focus for the Foundation.

c) Other achievements

Other achievements in 2019/20:

In a normal year pupils take LAMDA exams supported by Dina Gatziou. Those exams have not taken place in 2019/20 so there will be more than usual in 2020/21;

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. DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2020

ACHIEVEMENT AND PERFORMANCE (continued)

d) Developments , , The swimming pool changing rooms have been fully refurbished as part of a new commercial partnership with the Total Swimming Academy. The rolling programme of furniture replacement and redecoration in the boarding houses has continued.

e) International Developments

In 2012 Durham School entered into an agreement, through Durham School Trading Limited, with IKC Holdings Limited to form Durham Infinity International Schools, a joint venture company. The purpose of the joint venture company was to develop Schools carrying the Durham School brand and promoting the Durham School ethos in other parts of the world.

In 2017/18 a formal agreement was signed in relation to the opening of the first international school in Doha. Durham School for Girls Doha opened in August 2019 with in excess of 400 pupils on. the school roll in year groups from the Foundation Stage to year 6. Durham Schoo! for Girls Doha aims to inspire a lifelong appetite for learning in a caring environment that will develop emotional, moral and spiritual strength for future leaders.

in 2019/20 Durham School for Girls Doha has operated with over 950 pupils and is planning to increase pupil numbers to circa 1,200 next year.

This venture will bring commercial, cultural and academic benefits to Durham School.

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FINANCIAL REVIEW

Financial position

The consolidated results for the year show a deficit of £367,450 (2019: £5,829 deficit). The budgeted position for 2019/20 was initially in breakeven position.

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In common with other businesses the Covid19 pandemic has had a significant impact on the results for 2019/20. As required the Foundation went into a state of shut down in March 2020, initially an extended Easter break was provided in the anticipation that the Schools would be able to reopen in accordance with Government guidelines at the end of this period. Unfortunately the Schools were unable to reopen at this time under prevailing guidelines and therefore teaching moved online. The summer term was extended to ensure that pupils were provide with a maximum opportunity for learning.

In terms of the financial impact of the pandemic during 2019/20, in excess of £800k was lost in fee income due to pupils not being resident, and refunds given against day fees and lunch charges. In addition the School and its partner organisations were not able to run Easter and summer language, sports courses and events which resulted in a loss of income of in excess of £110k. The losses incurred were eased by the substantial support received from the national furloughing scheme and by the decision of our supplier of catering and cleaning services to furlough their staff which reduced their charges to the school over and above the impact of reduced consumption. The positive impact of the furlough scheme and reduced consumption was approximately £777k.

Therefore in overall terms the impact of the pandemic on the financial results for 2019/20 has been assessed as a loss of £248k. :

it should be noted that the financial impact has continued into 2020/21 as the shut down requirements have been re-imposed in 2021 and due to the understandable non return of boarders in September 2020.

The long-term development plan for the Foundation is to achieve a balance between investment back to the Schools by way of highly skilled personnel and physical enhancements, and the maintaining of surplus to reinstate reserves for the charitable company.

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DURHAM CATHEDRAL SCHOOLS FOUNDATION

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(A company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2020

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FINANCIAL REVIEW (continued)

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During 2016/17 the Foundation worked with its Bankers, Barclays Bank plc, to restructure the loans and - overdraft of the Foundation. The new arrangements came into effect on 1 September 2017, this generated a reduction in the costs of borrowing. The Foundation successfully managed cash balances over the course of 2019/20 in difficult circumstances within the agreed overdraft facility limit. The loan agreement will be renegotiated during 2020/21.

The charitable company continues to purchase insurance for the Trustees during the year to indemnify them against liabilities arising from acts as part of their duties as Trustees of the charitable company.

Note 18 to the accounts sets out analysis of the assets attributable to the various funds. These assets are sufficient to meet the charitable company's obligations on a fund by fund basis.

The Foundation's tangible assets are all held for use in the Schools and the majority of the Foundation's investments are currently held in either the CBF Church of England Investment Fund or the COIF Charities Investment Fund. Both funds are invested primarily in equities and are aimed at achieving steady income and capital growth. Both funds have satisfactory long term performance records.

FUTURE PLANS

The long term aim of the Trustees is to provide reserves for the charitable company. The long-term aim is being taken forward through the following initiatives.

1. Fundraising

The development of funds to support financially assisted places at the Schools and capital projects continues to be a core aim.

2. International activities

Through its trading subsidiary Durham School Trading Limited, the Foundation in December 2012, entered intoa - joint venture company, Durham Infinity International Schools, with an Indian company to develop schools carrying the Durham School brand in other parts of the world. As noted above in August 2019 Durham School for Girls Doha opened and the first year of operation has been very successful with plans to expand further. Work continues on the exploration of other options for the development of additional international schools. 3. Merger of Durham School and The Chorister School to form Durham Cathedral Schools Foundation The Governing Body of Durham School and the Chapter of Durham Cathedral announced on 23rd November 2020 that, with effect from 1st September 2021, Durham School and The Chorister School will operate under one single Foundation to-be known as Durham Cathedral Schools Foundation. This planned merger will combine the strengths of both existing schools and build on the strong heritage and values they have shared for over 600 years. The merged school will offer outstanding academic, pastoral and co-curricular opportunities for all pupils and further enhance the provision of independent education within the City of Durham. The merger will allow the Foundation to grow and develop in its size and strength whilst continuing to provide a focus on the education of the individual, which celebrates the unique talents of every . child, nurturing and bringing out the best in them.

It is the intention that the Foundation will be located on the current sites of both schools: the Pre-prep School will occupy the Bow site, the Prep School the Chorister School site and the Senior Schoo! the Durham School site. As a recognition of the history of all three schools, the Pre-Prep will be known as “Bow School’, the Prep as “The Chorister School” and the Senior school as “Durham School’ within the overall Foundation.

The Durham Cathedral Schools Foundation will be governed by a Board which will comprise of existing Governors of both Durham and The Chorister Schools, including members of the Chapter of Durham Cathedral. The Chair of Governors will be Robert Ribchester, currently Chair at Durham School, and the Vice-Chair will be . the Very Reverend Andrew Tremilett, Dean of Durham.

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DURHAM CATHEDRAL SCHOOLS FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2020

FUTURE PLANS (continued)

The Principal of the Foundation will be Kieran McLaughlin, who will continue as the Headmaster of the Senior School. The Head of the Prep School will be Sally Harrod, currently Headmistress of Bow School.

The Choristers of Durham Cathedral will continue to be educated within the Foundation schools and their commitment to the Cathedral Choir will be matched by a commitment from the Foundation to support them.

Both Governing Bodies are agreed that there is a very strong case to merge to form a single Foundation providing education from 3 — 18 years. The merger will provide an enhanced educational experience for all pupils at every level. In particular, the merger offers more competitive sports teams with greater opportunity to participate; musical and cultural opportunities; increased investment in facilities; a more vibrant boarding experience and all-‘the:social benefits associated with a larger school community. There will also be opportunities to bring the whole foundation together in Durham Cathedral as part of a worshipping community.

On 23 February 2021 the company officially changed its name from Durham School to Durham Cathedral Schools Foundation.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

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

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Durham School was incorporated as a Company Limited by Guarantee on 4th January 1993. The charitable “company has charitable status (Charity Number 1023407) and is governed by its Memorandum and Articles of Association (Company Number 02776914).

The Governors and Directors of Durham Cathedral Schools Foundation are also the Trustees of the charitable company. The Trustees nominate a new Trustee when a vacancy arises and the Trustees will then vote on ‘whether or not to appoint. A Trustee offers him / herself for re election every three years. The chairman of the Trustees is re elected on an annual basis by the other Trustees. None of the Trustees receive any remuneration.

To fulfil the requirements of the Articles of Association the Board of Trustees, comprising up to fourteen members, meets each term to administer the charitable company. They appoint a Headmaster to manage the day to day operations of the charitable company. : : There are also currently a number of Trustee led sub committees, which cover specific aspects of the business e.g. finance, estates, academic, marketing and health and safety. The sub committees involve officers of the charitable company as the Chairperson of that particular sub committee deemed to be appropriate. The sub committees also try to meet once each academic term. . New Trustees are reminded of their legal, and other, responsibilities and are provided with a thorough induction, which includes familiarisation in the layout, operations, staff and structure of the Schools in addition to financial, legal and safeguarding matters. Any subsequent training requirements that are brought to the attention of the Board of Trustees are seriously considered.

Headmaster - Durham School K McLaughlin MA (Cantab) Headmistress - Bow, Durham School S Harrod BA Deputy Head (Academic) A Pearson BSc Deputy Head (Pastoral) J Burns BA PhD Bursar, Company Secretary . DLeigh and Clerk to the Governors

The day to day running of the Schools is delegated to the Headmaster and Bursar.

Any dealings between the charitable company and any Related Parties are disclosed in Note 26 to the Accounts.

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| TRUSTEES' REPORT , FOR THE THE YEAR ENDED 31 | STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) | Risk management management . || The Trustees have a duty to identify and review the risks to

DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT (continued) FOR THE THE YEAR ENDED 31 AUGUST 2020

Risk management management . The Trustees have a duty to identify and review the risks to which the charitable company is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The Board of Trustees is responsible for the management of the risks faced by the Foundation. During the year the Trustees have examined the principal areas of the Foundation's operations and considered the major risks associated with these areas. In the opinion of the Trustees the Foundation has established systems, which, under normal circumstances, should allow these risks to be mitigated to an acceptable level in its day to day operations. The Trustees recognise that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

The Trustees continue to carefully monitor and review risk on a regular basis, and will ensure that systems and procedures are established to manage the risks. During the year high level risks were considered and agreed by the Trustees, these together with the supporting management controls are documented within the Foundation's risk register.

STATEMENT OF TRUSTEES RESPONSIBILITIES

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

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

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

In so far as the Trustees are aware:

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DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee)

TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 AUGUST 2020

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the Trustees are aware, there is no relevant information (as defined by Section 418 of the Companies Act 2006) of which the charitable company's auditors are unaware, and each Trustee has taken all the steps that they ought to have taken as a Trustee in order to make them aware of any audit information and to establish that the charitable company's auditors are aware of that information.

AUDITORS

The auditors, Clive Owen LLP, are deemed to be re-appointed under section 487(2) of the Companies Act 2006.

This report, incorporating the Group strategic report, was approved by the Trustees, in their capacity as company directors,,on 26 May 2921 and signed on their behalf by:

R Ribchester

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Trustee

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| INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DURHAM CATHEDRAL SCHOOLS ; FOUNDATION

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* DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee)

| OPINION We have audited the financial statements of Durham Cathedral Schools Foundation (the ‘parent charity’) and its | subsidiaries (the 'group') for the year ended 31 August 2020 set out on pages 14 to 37. The financial reporting 7 framework that has been applied in their preparation is applicable law and United Kingdom Accounting | Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 group 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.

MATERIAL UNCERTAINTY RELATING TO GOING CONCERN

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: - the Trustees use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or - the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

In the context of the above we draw attention to note 1.3 in the financial statements, which refers to the application of the going concern concept being applied in the preparation of the consolidated financial statements. As stated in note 1.3, these events or conditions, along with the other matters as set forth in note 1.3 indicate that a material uncertainty exists that may cast significant doubt on the group's or the parent charitable company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

OTHER INFORMATION

The Trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee)

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF DURHAM CATHEDRAL SCHOOLS FOUNDATION

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

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 Trustees' report. -

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

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Trustees’ responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do SO.

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| INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DURHAM CATHEDRAL SCHOOLS | FOUNDATION

| AUDITORS’ RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee)

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.

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.

Gary Eltis BA FCA (Senior statutory auditor)

for and on behalf of

Clive Owen LLP

Chartered Accountants Statutory Auditors

Kepier House , Belmont Business Park Durham : DH1 1TW . 26 May 2021

Page 13

;

:

DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Endowment|Total|Total| |funds|funds|funds|funds|funds| |2020|2020|2020|2020|2019| |Note|£|£|£|£|£| |INCOME|AND|ENDOWMENTS| |FROM:| |Charitable|activities|2|7,585,342|-|-|7,585,342.|8,244,785| |Other trading|activities|3|119,332|-|-|119,332|291,791| |Investments|4|130,186|38,412|8,026|176,624|40,712| |TOTAL|INCOME|AND| |ENDOWMENTS|7,834,860|38,412|8,026|7,881,298|8,577,288| |EXPENDITURE|ON:| |Raising|funds|209,462|-|-|209,462|315,129| |Charitable|activities|7,980,211|71,912|8,450|8,060,573|8,312,562| |TOTAL|EXPENDITURE|5|8,189,673|71,912|8,450|8,270,035|8,627,691| |NET|EXPENDITURE|BEFORE| |INVESTMENT GAINS|,|(354,813)|(33,500)|(424)|(388,737)|(50,403)| |Net|gains|on|investments|13|-|15,450|5,837|21,287|44,574| |(EXPENDITURE)NET|INCOME|/|BEFORE|;| |OTHER|RECOGNISED|GAINS|7| |AND|LOSSES|(354,813)|(18,050)|5,413|(367,450)|(5,829)| |NET MOVEMENT|IN|FUNDS|(354,813)|.|(18,050)|5,413|(367,450)|(5,829)| |RECONCILIATION|OF|FUNDS:| |Total|funds|brought|forward|—|(1,247,860)|1,432,359|293,293|477,792|483,621| |TOTAL FUNDS CARRIED|(1,602,673)|1,414,309|298,706|110,342|477,792| |FORWARD|meee| |.|

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

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}

The notes on pages 18 to 37 form part of these financial statements.

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |;| |SUMMARY|INCOME|AND|EXPENDITURE|ACCOUNT| |FOR THE YEAR ENDED|31|AUGUST 2020| |Total|Total| |funds-.|_|funds| |2020|2019| |Note|£|.|&£| |GROSS INCOME|IN THE REPORTING|PERIOD|7,888,722|8,597,390| |Less:|Total|expenditure|.|8,261,585|8,620,230| |NET|INCOME|FOR THE|FINANCIAL YEAR|18|(372,863)|(22,840)|

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The notes on pages 18 to 37 form part of these financial statements.

Page 14

DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee) REGISTERED NUMBER: 02776914

CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2020

2020 2019
Note £ £ £ £
FIXED ASSETS
Tangible assets : 12 5,598,140 5,844,600
Investments 13 952,989 931,702
Investments in joint ventures
-Share ofgross assets 175 , 175
Share of net assets 13 175 175
6,551,304 6,776,477
CURRENT ASSETS
Stocks 14 80,559 65,197
Debtors 15 763,964 1,241,508
Cash at bank and in hand 313,978 301,918
1,158,501 1,608,623
CREDITORS: amounts falling due within
one year 16 (3,398,942) (3,387,342)
NETCURRENT LIABILITIES (2,240,441) (1,778,719)
TOTALASSETS LESS CURRENT LIABILITIES 4,310,863 4,997,758
CREDITORS: amounts falling due after
morethan one year 17 (4,200,521) (4,519,966)
NETASSETS 110,342 477,792
CHARITY FUNDS
Endowment funds 18 298,706 293,293
Restricted funds 18 1,414,309 1,432,359
Unrestricted funds 18 (1,602,673) (1,247,860)
TOTALFUNDS 110,342 477,792

The financial statements were approved and authorised for issue by the Trustees on 26 May 2021 and signed on

I

The notes on pages 18 to 37 form part of these financial statements.

|

Page 15

DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee) REGISTERED NUMBER: 02776914

,

COMPANY BALANCE SHEET AS AT 31 AUGUST 2020

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |;| |AS|AT|31|AUGUST|2020| |2020|2019| |Note|£|£|£|£| |FIXED|ASSETS| |Tangible|assets|12|5,598,140|5,844,600| |Investments|13|952,989|931,702| |6,551,129|6,776,302| |CURRENT ASSETS| |Debtors|15|860,067|1,454,625| |Cash|at|bank|and|in|hand|312,450|283,236| |1,172,517|1,737,861| |CREDITORS:|amounts|falling|due|within| |one|year|16|(3,374,342)|(3,371,892)| |NET CURRENT|LIABILITIES|(2,201,825)|(1,634,031)| |TOTAL ASSETS|LESS CURRENT|LIABILITIES|4,349,304|5,142,271| |CREDITORS:|amounts|falling|due|after| |more|than|one|year|17|(4,200,521)|(4,519,966)| |NET ASSETS|148,783|622,305| |CHARITY|FUNDS| |Endowment|funds|298,706|293,293| |Restricted|funds|1,414,309|1,432,359|—| |Unrestricted|funds|(1,564,232)|(1,103,347)| |TOTAL|FUNDS|148,783|622,305|

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----- Start of picture text -----
The financial statements were approved and authorised for issue by the Trustees on 26 May 2021 and signed on
their pehalf, by: Arnot
= earn tena
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The notes on pages 18 to 37 form part of these financial statements.

Page 16

DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020

.

2020 2019
Note £ £
Cash flows from operating activities
Net cash provided by/(used in) operating activities 20 200,428 (29,145)
Cash flows from investing activities:
Dividends, interest and rents from investments 38,412 32,841
Purchase oftangible fixed assets (26,627) (115,640)
Net cash provided by/(used in) investing activities 11,785 (82,799)
Cash flows from financing activities:
Repayments ofborrowings (199,729) ' (205,476)
Receipt ofendowment (424) 410
Net cash used in financing activities (200,153) (205,066)
Change in cash and cash equivalents in theyear 12,060 (317,010)
Cash and cash equivalents broughtforward 301,918 618,928
Cashandcashequivalentscarriedforward 21 313,978 301,918

The notes on pages 18 to 37 form part of these financial statements.

|

Page 17

  1. ACCOUNTING POLICIES

DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee)

. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

.

‘1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with 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 402) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Durham Cathedral Schools Foundation 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.

The Statement of financial activities (SOFA) and Balance sheet consolidate the financial statements of the company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

. No separate SOFA has been presented for the company alone as permitted by section 408 of the Companies Act 2006.

1.2 Company status

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

The Group’s charitable activities, together with factors likely to affect its future development and performance, are set out in the Trustee’s Report on pages 2 - 9.

The terms of financing facilities provided by Barclays plc to the group expired on 1 September 2020. As is normal commercial practice the terms of subsequent financing facilities to be effective after that date are in the process of being assessed at the date that these financial statements are authorised for issue. Based on discussions between the parties it is not anticipated that these financing facilities will be withdrawn or indeed that the terms of new facilities will be less favourable than the existing ones.

The Trustees have assessed the cash requirements of the Group for the period of at least one year from the date of issue of the financial statements. Based on that — and subject to the renewal of the financing facilities and continued support of the bank — the Trustees have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future.

At the date of approval of the financial statements the country and indeed the rest of the world is in the midst of dealing with the Covid19 pandemic. The Group has taken steps to deal with the financial impact of this as far as can currently be estimated, including the preparation of revised forecasts , and other measures, including seeking financial support from the Government where appropriate. Clearly an uncertainty exists as to the precise impact - financial or otherwise - that the pandemic will have and the period over which it will last. Nevertheless the trustees believe that it is appropriate to _ continue to adopt the going concern basis of accounting in preparing the financial statements, taking the above factors/measures, and the continued support of the bank, into account.

Page 18

DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ‘31 AUGUST 2020

  1. ACCOUNTING POLICIES (continued)

1.4 Income

Income . Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Gross fees receivable are stated after deducting allowances, scholarships and other remissions allowed by the school.

1.5 Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

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 company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

The financial statements consolidate the accounts of Durham Cathedral Schools Foundation and all of its subsidiary undertakings (‘subsidiaries’).

The company has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Income and expenditure account.

The income and expenditure account for the year dealt with in the accounts of the company was ENIL (2019 - £).

1.7 Tangible fixed assets and depreciation

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.

Freehold land and buildings and long-term leasehold land and buildings are included at the valuations applicable at 20 October 2010 at which time the interests in the properties were transferred to the limited company (see also note 12). All other assets are included at cost.

The cost of acquiring new freehold land and buildings and other major assets, together with extensions to existing buildings, and major assets acquired by way of gift are valued and capitalised.

All acquisition costs of vehicles, plant and machinery and major fixtures and fittings are capitalised, but general costs of refurbishment and converting existing buildings and plant are written off in the year in which they are incurred.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. 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 land - — straight line over 50 years Leasehold property - _ straight line over 20 - 50 years Motor vehicles - straight line over 10 years Fixtures and fittings - straight line over 4 - 25 years

Page 19

DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

1. ACCOUNTING POLICIES (continued)

Listed investments are stated at fair value at the balance sheet date. The fair value of unlisted investments cannot be measured reliably, and therefore stated at cost less impairment.

Investments in joint ventures are stated at the company's share of net assets. The company's share of the profits or losses of the joint ventures is included in the Statement of financial activities using the equity accounting basis.

1.9 Interest receivable

reliablyInterest byon thefundscompany;held onthisdepositis normallyis includedupon notificationwhen receivableof the interestand thepaidamountor payablecan beby themeasuredBank.

1.10 Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.12 Debtors

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

1.13 Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 20

| | | |

DURHAM CATHEDRAL SCHOOLS FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

1. ACCOUNTING POLICIES (continued)

1.14 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

:

1.15 Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.16 Taxation

The company 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 company 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.

1.17 Pensions

The charitable company makes contributions to the Teachers Pension Scheme for academic staff and to a selective pension plan for non-academic staff. Contributions payable to the pension schemes are charged to the Statement of Financial Activities in the period to which they relate.

1.18 Fund accounting

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

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 21

.

DURHAM CATHEDRAL SCHOOLS FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

|

1. ACCOUNTING POLICIES (continued)

1.19 Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The company 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 to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgement: ‘

Bad debt provision:

The school has included provisions for bad and doubtful debts. Debts considered to be bad are provided for in full, while debts considered to be doubtful have a provision of 25% of the balance included. The total bad debt provision at 31 August 2020 is £255,167 (2019 : £262,810).

Depreciation - Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the economic life of that asset. An estimate of the useful life of assets is detailed in the depreciation accounting policy. The value of depreciation charged during the year was £298,706 (2019 : £395,475)

2. INCOME FROM CHARITABLE ACTIVITIES INCOME FROM CHARITABLE ACTIVITIES
Unrestricted Restricted ©Endowment Total Total
funds funds funds funds funds
2020 2020 2020 2020 2019
£ £ £ £ £
School fee income 8,433,504 - - 8,433,504 9,629,277
Bursaries, grants and
allowances (1,698,558) - - (1,698,558) (1,747,338)
Other ancillaryfees 273,207 - - 273,207 362,846
Government income 577,189 - - 577,189 -
7,585,342 - - 7,585,342 8,244,785
Total2019 8,244,785 - - 8,244,785

.

Page 22

DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee)

, NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

3. FUNDRAISING INCOME
Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
2020 2020 . 2020 2020 2019
£ £ £ £ £
Trading turnover 119,332 - - 119,332 291,791
Total 2019 291,791 - - 291,791
4. INVESTMENT INCOME
Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
2020 2020 2020 2020 2019
£ £ £ £ £
Income from investments 130,000 38,412 8,026 176,438 40,701
Bank interest received 186 - - 186 11
130,186 38,412 8,026 176,624 40,712
Total 2019 11 32,830 7,871 40,712
5. ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE
Staffcosts Depreciation Othercosts Total Total
2020 2020 2020 2020 2019
£ £ £ _£ £
Trading expenditure - - 78,423 78,423 124,250
Finance costs - - 131,039 131,039 190,879
Costs of raising funds - - 209,462 209,462 315,129
Educational charitable
activities 5,203,293 298,710 2,521,900 8,023,903 8,278,157
Governance costs - - 36,670 36,670 34,405
5,203,293 298,710 2,768,032 8,270,035 8,627,691
Total2019 4,963,570 395,475 3,268,646 8,627,691

Page 23

DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

6. DIRECT COSTS

Educational
activities		 Total
2020		 Total
2019
. £ £ £
Educational costs 328,629 328,629 402,317
Bursaries 80,362 80,362 52,825
Welfare
Wages and salaries		 30,990
2,983,107		 30,990
2,983,107		 22,714
2,670,786
National insurance . 388,213 388,213 384,249
Pension cost 715,770 715,770 525,481
4,527,071 4,527,071 4,058,372
Total2019 4,058,372 4,058,372

7. SUPPORT COSTS

‘ Educational
activities		 Total
2020		 Total
2019
£ £ £
Welfare 529,762 529,762 738,843
Support costs ofschooling 604,047 604,047 692,263
Premises 948,110 948,110 1,010,150
Wages and salaries 1,116,203 1,116,203 1,383,054
Depreciation 298,710 298,710 395,475
3,496,832 3,496,832 4,219,785
Total 2019 4,219,785 4,219,785
GOVERNANCE COSTS
Unrestricted Restricted Endowment Total Total ~
funds funds funds funds funds
2020 2020 2020 2020 2019
£ £ £ £ £
,
Auditors’ remuneration 18,000 - - 18,000 13,200
Legal and professional costs 18,670 - - 18,670 21,205
36,670 - - 36,670 34,405

8. GOVERNANCE COSTS

)

Page 24

DURHAM CATHEDRAL SCHOOLS FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

9. NET INCOME/(EXPENDITURE)

)

This is stated after charging:

2020 2019
£ £
Depreciation oftangible fixed assets:
- owned bythe charitable group 298,707 395,465
Auditors’ remuneration - audit 18,000 13,200
Operating lease rentals - land and buildings 235,815 227,664
Operating lease rentals - other 15,068 51,580
)

During the year, no Trustees received any remuneration (2019 - £NIL). During the year, no Trustees received any benefits in kind (2019 - ENIL). During the year, no Trustees received any reimbursement of expenses (2019 - ENIL).

  1. STAFF COSTS

Staff costs were as follows:

2020 2019
£ £
Wages and salaries 4,099,310 4,053,840
Social security costs ; 388,213 384,249
Other pension costs 715,770 525,481
, 5,203,293 4,963,570
The average number of persons employed bythe company during the yearwas as follows:
2020 2019
No. No.
Teaching staff 72 70
Non-teaching staff 45 45
117 115
The number ofhigher paid employees was:
2020 2019
No. No.
in the band £60,001 - £70,000 2 2
In the band £70,001 - £80,000 1 2
In the band £80,001 - £90,000 1 2
intheband£100,001-£200,000 1 1

Of these employees, five are members of the Teachers Pension Scheme and onea selective pension plan for non-academic staff. The total amount of employee remuneration (including employer national insurance and pension contributions) received by key management personnel for their services to the charitable company was £592,203 (2019 : £588,853).

Page 25

  1. INTEREST PAYABLE

\

DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee)

|

.

~ )

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

2020 2019
£ £
On bank loans and overdrafts 107,890
—_—___		 161,128
—_____.
.
12. TANGIBLE FIXED ASSETS
Freehold Leasehold Motor Fixtures and :
property property . vehicles fittings Total
Group £ £ £ £ £
Cost
At
1 September 2019		 1,400,000 5,699,863 132,171 2,382,100 9,614,134
Additions
Disposals		 -
-		 -
-		 25,620
(24,878)		 26,627
(13,510)		 52,247
(38,388)
el LT LT ay ST
At 31 August2020 1,400,000 5,699,863 132,913 2,395,217 9,627,993
. Depreciation
At 1 September 2019 251,818 1,688,226 77,313 1,752,177 3,769,534
. Charge forthe year 29,624 137,425 20,087 111,571 298,707
On disposals - - (24,878) (13,510) (38,388)
At 31 August2020 281,442 1,825,651 72,522 1,850,238 4,029,853
Net book value
At31 August2020 1,118,558 3,874,212 60,391 544,979 5,598,140
At31 August2019 1,148,182 4,011,637 64,858 629,923 5,844,600
The net book value of assets held under finance leases or hire purchase contracts, included above, are as
follows:
2020 2019
Group £ £
Motorvehicles 44,143 24,256

Page 26

| | : |

7 |

DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

Long-term
Company Freehold
property
£		 leasehold
property
£		 Motor
vehicles
£		 Fixtures and
fittings
£		 Total
£
Cost
At 1 September 2019 1,400,000 5,699,863 132,171 2,356,583 9,588,617
Additions - - 25,620 26,627 52,247
Disposals - - (24,878) - (24,878)
At 31 August2020 1,400,000 5,699,863 132,913 2,383,210 9,615,986
Depreciation
At 1 September2019 251,818 1,688,226 77,313 1,726,660 3,744,017
Charge forthe year 29,624 137,425 20,087 111,571 298,707
On disposals - - (24,878) - (24,878)
At 31 August2020 281,442 1,825,651 72,522 1,838,231 4,017,846
Net book value
At31 August2020 1,118,558 3,874,212 60,391 544,979 5,598,140
At31August2019 1,148,182 4,011,637 54,858 629,923 5,844,600

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:

2020 2019
Company £ £
Motorvehicles 44,143 24,256
Cost or valuation at 31 August2020 is as follows:
Land and
buildings
Group and Company £
Cost 6,825,743
Valutation:
Revaluation in 2010 274,120
, 7,099,863

The land and buildings were revalued on 20 October 2010 by Sanderson Weatherall, Chartered Surveyors on and open market existing basis.

Page 27

: ! | | ! |

DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

13. FIXED ASSET INVESTMENTS

|

| : | ,

Sub total
: Listed Unlisted carried
securities securities forward
Group £ £ £
Market value
At 1 September 2019 672,982 258,720 931,702
Revaluations 21,287 - 21,287
At31 August2020 694,269 258,720 952,989
Sub total Investments in
brought _ participating
forward _ interests Total
Group £ £ £
Market value
At 1 September2019 931,702 175 931,877
Revaluations 21,287 - 21,287
At31 August2020 952,989 175 953,164
Group investments comprise:
‘ 2020 2019
£ £
Listed investments 694,269 672,982
Unlisted investments 258,720 258,720
Participating interests at cost 175 175
Total market value 953,164 931,877
All the fixed asset investments are held in the UK
Listed
securities		 Unlisted
securities		 Total
Company £ £ £
Market value
At
1 September 2019		 672,982 258,720 931,702
Revaluations 21,287 - 21,287
At31August2020 694,269 258,720 952,989

Page 28

DURHAM CATHEDRAL SCHOOLS FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

|

13. FIXED ASSET INVESTMENTS (continued)

Company investments at market value comprise:

2020 2019
£ £
Listed investments 694,269 672,982
Unlisted investments 258,720 258,720
Total 952,989 931,702

|

All the fixed asset investments are held in the UK

  1. STOCKS

|

Group Company
2020 2019 2020 2019
£ £ £ £
Finished goods and goods for resale 80,559 65,197 - -

The amount of stock recognised as an expense in the year was £59,254 (2019: £104,464).

  1. DEBTORS
Group Company
2020 2019 2020 2019
£ £ £ £
Trade debtors 685,892 1,158,185 676,187 1,148,039
Amountsowed by group undertakings
Other debtors		 -
29,625		 -
27,110		 114,350
26,800		 223,578
26,795
Prepayments and accrued income 48,447 56,213 42,730 56,213
763,964 1,241,508 860,067 1,454,625

16. CREDITORS: Amounts falling due within one year

||

Group Company
2020 2019 2020 2019
£ £ £ £
Bank loans and overdrafts 192,384 192,386 192,384 192,386
Netobligations underfinance leases
and hire purchase contracts		 11,382 6,152 11,382 6,152
Trade creditors 174,258 175,798 161,034 167,283
Other taxation and social security 280,910 102,650 280,910 100,603
Othercreditors
Accruals and deferred income		 1,347,462
1,392,546		 1,069,694
1,840,662		 1,346,874
1,381,758		 1,066,482
1,838,986
3,398,942 3,387,342 3,374,342 3,371,892

Page 29

DURHAM CATHEDRAL SCHOOLS FOUNDATION (A company limited by guarantee)

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NOTES TO THE FINANCIAL STATEMENTS ‘FOR THE YEAR ENDED 31 AUGUST 2020

16. CREDITORS: Amounts falling due within one year (continued)

Group Company
£ £ £ £
Deferred income
Deferred income at 1 September 2019 1,104,088 1,483,006 1,104,088 1,483,006
Resources deferred during the year 500,526 892,048 500,526 892,048
Amounts released from previous years (888,624) (1,270,966) (888,624) (1,270,966)
Deferredincomeat31August2020 715,990 1,104,088 715,990 1,104,088

Income deferred in the period relates to fees received in advance.

17. CREDITORS: Amounts falling due after more than one year

Group Company
2020 2019 2020 2019
£ £ £ £
Bank loans 4,100,776 4,280,586 4,100,776 4,280,586
Net obligations underfinance leases
and hire purchase contracts 12,479 12,006 12,479 12,006
Accruals and deferred income 87,266 227,374 87,266 227,374
4,200,521 4,519,966 4,200,521 4,519,966

Obligations under finance leases and hire purchase contracts, included above, are payable as follows:

) Group and Company
2020 2019
£ £
Between one and five years 12,479 12,006

Bank loans are secured over the freehold property known as The Extension to No. 1 Pimlico, No. 2 Pimlico and No.4 Pimlico, Durham together with an additional legal charge over the leasehold property known as Durham School Area 1.

Hire purchase contracts are secured on the assets to which they relate.

Page 30

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DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

18. STATEMENT OF FUNDS

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| ||| |STATEMENT|OF|FUNDS|- CURRENT CURRENT|YEAR| |Balance|at|1|Balance|at| |September|Transfers|Gains/|31|August| |2019|Income|Expenditure|in/out|(Losses)|2020| |£|£|£|£|£|£| |Unrestricted|funds| |General|fund|(5,411,291)|7,834,860|(8,189,673)|46,049|-|(5,720,055)| |Revaluation|reserve|4,163,431|-|-|(46,049)|-|°|4,117,382| |(1,247,860)|7,834,860|(8,189,673)|-|-|(1,602,673)| |Endowment|funds| |Davies|Legacy|293,293|8,026|(8,450)|-|5,837|298,706| |Restricted|funds| |Trust|Funds|427,581|12,372|(12,372)|-|15,450|443,031| |The|Peter|E.|.|Lee| |Scholorship|Fund|1,004,778|26,040|(59,540)|-|-|971,278| |1,432,359|38,412|(71,912)|-|15,450|1,414,309| |Total|of funds|477,792|7,881,298|(8,270,035)|-|21,287|110,342| |STATEMENT|OF|FUNDS|-|PRIOR YEAR| |1|Balance|at|Balanceat| |September|Transfers|Gains/|31|August| |2018|Income|Expenditure|in/out|(Losses)|2019| |£|£|£|£|£|£| |General|funds| |General|fund|(5,419,584)|8,536,587|(8,574,866)|46,572|-|(5,411,291)| |Revaluation|reserve|4,210,003|-|-|(46,572)|-|4,163,431| |(1,209,581)|8,536,587|(8,574,866)|-|-|(1,247,860)| |Endowment|funds| |Davies|Legacy|276,282|7,871|(7,461)|-|16,601|293,293| |Restricted|funds| |Trust|Funds|399,608|12,010|(12,010)|-|27,973|427,581| |The|Peter|E.I.|Lee| |Scholorship|Fund|1,017,312|20,820|(33,354)|-|-|1,004,778| |1,416,920|32,830|(45,364)|-|27,973|1,432,359| |Total|of funds|483,621|8,577,288|(8,627,691)|-|44,574|477,792|

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

STATEMENT OF FUNDS - CURRENT CURRENT YEAR

Page 31

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,

DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

SUMMARY OF FUNDS - CURRENT YEAR

Balance at 1 Balance at
September Gains/_ 31 August
2019 Income Expenditure (Losses) 2020
£ £ £ £ £
General funds (1,247,860) 7,834,860 (8,189,673) ot (1,602,673)
Endowment funds 293,293 8,026 (8,450) 5,837 298,706
Restricted funds 1,432,359 38,412 (71,912) 15,450 1,414,309
477,792 7,881,298 (8,270,035) 21,287 110,342
SUMMARY OF FUNDS - PRIORYEAR
Balance at Balance at
1 September Gains/ 31 August
2018
£		 Income
£		 Expenditure
£		 (Losses)
£		 2019
£
General funds (1,209,581) 8,536,587 (8,574,866) - (1,247,860)
Endowment funds 276,282 7,871 (7,461) 16,601 293,293
Restricted funds 1,416,920 32,830 (45,364) 27,973 1,432,359
483,621 8,577,288 (8,627,691) 44,574 477,792

The purpose of each fund is as follows:

Unrestricted funds

General fund

These funds represent the unristricted resources available for the general work of the charitable company.

McNay Bequest

The McNay Bequest was donated to the School by Major & Mrs B R F McNay. The income from the gift is to be used as the Headmaster decides.

Restricted funds

Trust fund

Trust funds represent various funds transferred from the Dean and Chapter of Durham. The Dean and Chapter of Durham is still the appointed Trustee, although the funds are now in the custody of Durham School.

Matthew Courtney Scholarship

The Matthew Courtney Scholarship fund represents a donation received to set up prize fund to recognise the achievements of students at the school.

Page 32

DURHAM CATHEDRAL SCHOOLS FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

18. STATEMENT OF FUNDS (continued)

The Peter E.|. Lee Scholarship fund

|The Peter E.|. Lee Scholarship fund|The Peter E.|. Lee Scholarship fund|The Peter E.|. Lee Scholarship fund|||| |---|---|---|---|---|---| |The Peter E.I. Lee Scholarship fund is to be used for the granting of scholarships|||under the name|of "The Lee|| |Scholarships" and is to be awarded to academically qualified students ofwhom fifty percent should be of the|||||.| |Chinese race or of Hong Kong Chinese ancestry and the remaining fifty percent to be awarded||||to similarly|| |qualified candidates ofany race or nationality.|||||| |Endowment funds|||||| |Davies Legacy|||||| |The Davies Legacy was received from the Estate of the late Mr EWDavies. The income generated from the
legacy is restricted to the use ofeducation children ofWarrant and Non-commissioned Officers in HM Forces.|||||| |19.
ANALYSIS OF NETASSETS BETWEEN FUNDS|||||| |ANALYSIS OF NETASSETS BETWEEN FUNDS -CURRENTYEAR|||||| ||Unrestricted|Restricted|Endowment|Total|| ||funds|funds|funds|funds|| ||2020|2020|2020|2020|| ||£|£|£|£|| |Tangible fixed assets|5,598,140|,
-|-|5,598,140|| |Fixed asset investments|174|685,331|267,659|953,164|| |Current assets|386,104|741,350|31,047|1,158,501|| |Creditors due within one year|(3,398,942)|-|-
(3,398,942)||| |Creditors due in more than one year|(4,200,521)|-|-
(4,200,521)||| ||(1,602,673)|1,414,309|298,706|110,342|| |ANALYSIS OF NETASSETS BETWEEN FUNDS -|PRIORYEAR||||| ||Unrestricted|Restricted|Endowment|Total|| ||funds|funds|funds|funds|| ||2019|2019|2019.|2019|| ||£|£|£|£|| |Tangible fixed assets|5,844,600|-|-|5,844,600|| |Fixed asset investments|175|669,883|261,819|931,877|| |Current assets|814,673|762,476|31,474|1,608,624|| |Creditors due within one year|(3,387,343)|-
oe|-
(3,387,343)||| |Creditors due in more than one year|(4,519,966)|-|-
(4,519,966)||| ||(1,247,861)|1,432,359|293,293|477,792||

Page 33

DURHAM CATHEDRAL SCHOOLS FOUNDATION (A company limited by guarantee)

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NOTES TO THE FINANCIAL STATEMENTS a FOR THE YEAR ENDED 31 AUGUST 2020 |

20. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

,

—__Group —__Group
2020 2019
£ £
Netexpenditure fortheyear(as perStatementofFinancialActivities) (367,450) (5,829)
Adjustment for: :
- Depreciation charges 298,707 395,465
Gain on investments (21,287) (44,574)
Dividends, interestand rents from investments (38,412) (32,841)
Increase in stocks (15,362) (5,720)
Decrease in debtors 478,597 20,995
Decrease in creditors
Income attributable to endowment		 (134,789)
(8,026)		 (356,231)
(7,871)
Expenditure attributable to endowment 8,450 7,461
Netcash provided by/(used in) operating activities 200,428 (29,145)
21. ANALYSIS OF CASH AND CASH EQUIVALENTS
Group
2020 2019
Cash in hand 3,490 3,805
Notice deposits (less than 3 months) 310,488 298,113
; Total 313,978 301,918

22. CONTINGENT LIABILITIES

Properties transferred from the Dean and Chapter of Durham.

On 1 January 1995 the properties of the School as part of the Dean and Chapter of Durham were transferred to the charitable company on a variety of freehold, long and short leasehold agreements. The agreements provide that in the event of the sale of certain of the properties leased by the charitable company, a proportion of the proceeds generated are due to the Dean and Chapter of Durham as Landlords. The total contingent liability would amount to £4,134,000 (2019: £4,134,000) based on valuations of market values of property of £6,890,000 at 20 October 2010.

  1. PENSION COMMITMENTS

'

Defined Contribution Schemes

The charitable company operates separate defined contribution pension schemes for academic and nonacademic staff. The assets of all of the Schemes are held separately from those of the company in independently administered funnds.

Page 34

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DURHAM CATHEDRAL SCHOOLS FOUNDATION (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

23. PENSION COMMITMENTS (continued)

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Defined Benefit Schemes

Some of the charitable company's employees are members of the Teachers’ Pension Scheme (England & Wales). This is a multi-employer defined benefit scheme for which the assets and liabilities attributable to the charitable company can not be identified and is treated as a defined contribution scheme under FRS 102.

Charitable company contributions charged to all of the charitable company's Schemes during the year amount to £715,770 (2019: £525,481). All contributions were paid during the year.

Teacher's Pension Scheme

The Teachers’ Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. Membership is automatic for full-time teachers in academies. All teachers have the option to opt-out of the TPS following enrolment.

The TPS is an unfunded scheme to which both the member and employer makes contributions, as.a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

Valuation of the Teacher's 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 (amended) published by HM Treasury every 4 years. The aim of the review is to 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 latest actuarial valuation of the TPS was carried out as at 31 March 2016 and in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 (amended). The valuation report was prepared for the Department for Education on 5 March 2019. The key elements of the valuation and subsequent consultation are:

;

The next valuation result is due to be implemented from 1 April 2023.

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

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

,

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DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

24. OPERATING LEASE COMMITMENTS

At 31 August 2020 the total of the group’s future minimum lease payments under non-cancellable operating leases was:

2020 2019
Group and Company £ £
Amounts payable:
Within 1 year 247,488 135,843
Between 1 and 5 years 971,033 290,710
Aftermore than 5 years -2,251,701 424,515
Total 3,470,222 851,068

At 31 August 2020 the company had annual commitments under non-cancellable operating leases as follows:

|

Company
Amounts payable:
Within 1 year 247,488 135,843
Between 1 and 5 years 971,033 290,710
After more than 5 years 2,251,701 424,515
Total . 3,470,222 851,068

25. MEMBERS’ LIABILITY

The charitable company is incorporated under the Companies Act and does not have a Share Capital and is Limited by Guarantee.

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £ 1 for the debts and liabilities contracted before he/she ceases to be a member.

26. RELATED PARTY TRANSACTIONS

The charitable company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year, the charitable company charged £2,500 (2019: £2,500) to cover secretarial and administration costs and received scholarships on behalf of pupils totalling £29,240 (2019: £41,469) from The Burkitt Scholarship Fund, which is a separately administered charitable company, in which the , Headmaster is a Trustee. As at 31 August 2020 the balance owed by the Burkitt Scholarship Fund was £12,440 (2019: £5,469).

During the year, the charitable company received scholarships on behalf of pupils totalling ENil (2019: ENil) from Durham School Langley Foundation, which is a separately administered charitable company, in which A MacConachie is a trustee. As at 31 August 2020 the balance owed to Durham School Langley Foundation was £13,050 (2019: £3,685 owed by).

Page 36

DURHAM CATHEDRAL SCHOOLS FOUNDATION

(A company limited by guarantee)

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

27. PRINCIPAL SUBSIDIARIES

Durham School Trading Limited

Subsidiary name

Company registration number Basis of control Equity shareholding %

:

Total assets as at 31 August 2020 Total liabilities as at 31 August 2020 Total equity as at 31 August 2020

Turnover for the year ended 31 August 2020 Expenditure for the year ended 31 August 2020 Profit for the year ended 31 August 2020

Durham School Trading Limited 04175538

Shareholding 100%

£ 100,543 £ (138,983)

£ (38,440)

£244,476

£ (138,403)

£ 106,073

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