Registered number 2996266 Charity number: 1042783 TUDOR HALL SCHOOL IA company limited by guarantee) GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 TUDOR HALL SCHOOL (A company limited by guarantse CONTENTS Page Reference and administrative details oflhe School, its governors and advisors 1 to2 Governors. ieport 31019 Independent audilorfs report 20to23 Consolidated statement of financial activities 24 Consolidated balance sheet 251026 School balance sheet 27to28 Consolidated cash flow statement 29 Notes to the consolidaled ffinancial slaternents 301053 TUDOR HALL SCHOOL {A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS GOVERNORSAND ADVISORS FOR THE YEAR ENDED 31 AUGUST 2023 GOVERNORS. DIRECTORS. OFFICERS AND ADVISORS Governors The Govemofs of Tudor Hall School are the School's charity trustees under charity law and the directors of the charitable company. The members of the Governing Body who setved in office as Governors during the year and subsequentty are detailed below. Mr D Bailey. Chair of Carrdus Commitlee Mr S C W Beale Vice Chair. Chair of Development Committee Mrs S E A Bowie, Boarding Governor 3.4.6 Mrs A Campbell-Preston (née Carson) (resigned 14 March 2023) Mrs D J Chism, Chair, Chair of Nominatsons Committee 1.3.5.6 Mrs A Darling, Chair of Education & Welfare Committee Mr S J Davis Countess A A J Di Valmarana {appointed 21 June 2023) Mr J A Elliot, Chair of Finance & Resources Committee (resigned 5 December 202311,19 Mrs K E Fidgeon, (resigned 31 August 2023) MrJ R Hammond-chambers, Admissions Governor Mr N B Holliday, Health & Safety Governor Dr A D Jewel, Equality Diversity & Inclusion Governor Miss M lQnnear Iresigned 31 August 20231 M¥ B Lari 2.5 Mr C P S Newsome, Sports Governor lappoinled 21 December 20231 Mrs J A Scarfe, Safeguarding Governor Mr M G Sewell, Means Tested Bursaries Governor Miss E D Style (resigned 14 March 20231 Mr R H Style (appointed 6 December 2022) Mrs N J IAfjlson, Performing & Creats've Arts Governor 3.5.8 1 Audit Committee 2 Carrdus Committee 3 Development Committee 4 Education & Welfare Committee S Finance & Resour¢es Committee 6 Nominations Committee Mr S C W Beale and Mr J A Elliot are directors of Tudor Hall School Enterprises Ltd. Officers and Key Management Ms J T Lodri¢k, Headmistress, Tudor Hall Ms E N B Bell, Deputy Head, Tudor Hall (resigned 31 I￿gUSt 20231 Mr S Smith, Deputy Head, Tudor Hall (appointed 1 September 2023) Mrs K H Simlett, Deputy Head (Pastoral), Tudor Hall Mr E Way, Headmaster, Carrdus School (resigned 31 De¢embei 20221 Mts L Mills, Interitn Headmistress, Caff dus School lappointed 1 January 20231 {resigned 31 August 20231 Mts S Bagshaw, Headmistress, Carrdus School lappoinled 1 September 20231 MT I A N Urquhart, BursaT and Clerk to the Governors {resigned 6 April 20231 Mr A V Bettridge. Bursar and Clerk to the Governors {appointed 6 April 2023) Company r¢gi$te¥ed number 02995266 Charity registered number 1042783 Page 1 TUDOR HALL SCHOOL IA ¢ompany limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS GOVERNORS AND ADVISORS FOR THE YEAR ENDED 31 AUGUST 2023 ICONTINUEDI Registered and principal office kham Park. Banbury, Oxfordshire OX16 9UR Independent auditor Crowe U.K. LLP, Fourth Floor, St James House. Sl James. Square, Cheltenham GL50 3PR Bankers Svenska HandeL%banken, Seacourt Tower, West Vvay, Botley, Oxford. Oxfordshire OX2 OJJ &>licitors HCR He￿tson5, Elgin House, Billing Road, Northampton, Northamptonshire NN1 SAU Veale Wasbrough Vizaids LLP, Narrow Quay House. Bristol BS14QA Investment Managers Sarasin & Partners LLP, Juxon House, 100 St Paul's Churchyard. London, EC4M 8BU Insurance Brokevs Gallaghe¥, Temple Circus House, Unit 8 Temple Way, Bristol, BS16HG l*bsites %Myw.tudoihallschool.com www.¢arrdusschool.co.uk Page 2 TUDOR HALL SCHOOL IA company limited by guarantee) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 {CONTINUEDI INTRODUCTION The Trustees, or 'Govemors', who are also Directors of the eharty for Ihe purposes of the Companies Act 2006, present their Annual Report wth the financial statefflenls of the charity for the year ended 31 August 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice I'SORP'I 'Accounling and Reporting by Charities, FRS 102 issued in January 2019. The Annual Report incorporates Tudor Hall School, Carrdus School Icolle¢lwely referred to as 'the School, and respectively referred to as 'TudoT Hall, and 'Cairdus'l and Tudor Hall School Enterprises Limited. The sthools, which are located close to Banbury, Oxfordshire, share the same ethos and vision yet retain their individual character and educational atmosphere. GOVERNORS. DIRECTORS. OFFICERS AND ADVISORS Governors The Board of Governors of Tudor Hall School is appointed in accordance wth the terms and conditions laid down in th@ School's Memorandum and Articles of Association dated 18 January 2011. The Governors who seNed in the year, including details of the committees they served on duling the year, are shown on Page 1. Directors Al Tudor Hall School Govemors are registered wth Companies House as Directors of the Company. OBJECTIVES AND ACTIVITIES OF THE CHARITY A5 set out in the Articles of Association, the School's objectives are the athancement of education, the advancement of the Christian religion, and the advancement of any other Charitable purposes including by.. Maintaining a school at Vfykham Park, Banbury. Oxfordshire providing a broad education and associated facilities for Ihe spiritual, academic. cultural, physical, and community development of pupils in an envifonment vA)ich encourages the Christian faith and values Establishing, acquiriny or maintsining any other school according to the principles set out above Advancing education or other charitable purposes in the community resident near any school maintained by the school or elsewhere. The Goveinors are fully aware of the schools. charitable and public benefil obligab.ons and confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public beneffit guidance published by the Charity Commission. and in particular to its supplementary guidance on advancing education and on fee-charging both in the public benefit requirement and in discharging their responsibilities as trustees. As educational providers, the schoo15 actively SLFPPOrt and promote the attainment ofthe highest standards in the education sector, which includes the ongoing development of curriculum., the development of high-quality teaching and residential facilities,. and ne￿OrkIng and resource sharing with other schools as well as local and professional organisalions. Further details can be found in the schools, review of the y￿r bel¢)w. Page 4 TUDOR HALL SCHOOL {A company limited by guarantee) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 ICONTINUEDI REPORT OF THE TRUSTEES- STRATEGIC REPORT The aims and activites of the charity remain unchanged. TUDOR HALL Tudor Hall received tb Independent Schools Inspectorate (ISI) Focused Cowryliance and Education Qualty Inspection in January 2022, and was pleased to be reported as Excellent and Compliant in all areas. Academic o¢h•Èvemènts The ethos of Tudor Hall is to identify and nurture the individual strengths of each of our pupils, encouraging them to aim high and supporting them to achieve the best possible results. Pupils benefit from being taughl by teams of specialist staff in small class sizes, and the individual support they ieceive from staff ensures that all girls progress and are able to reach their potental, whatever their academic profile. Our broad curriculum is designed to help build key skills such as independent learning and critical thinkn'ng and to foster a love of learning and, together wth our exhaustive co-curriculum, provides a framework ft)r pupils to develop both personalty and academically. The success of pupils is re)7ected not onty in the grades they achieve in public examinations. but also in the skills and confidence ¥thich they build during theiT b.me at the school. Wrth the world relurning lo nomial after the challènges of the pandemic. it is easy lo forgot that this year's A Level candidates experienced significant distuplion to their education, and that this summer was their first opportunity to sit public examinations. Approaching this challenge with resilience and dedication, Ihe girls achieved an impressNe 42°h A'_A grades, wrth tsyo thirds of pupits achieving at least one A" or A in subjects as dThierse as Art, Economics, Geography, Mathematics, Physics and Textiles. Our pupils. individuality is ieflected in the diverse pathways they follow as they leave us, with our 2023 leavers going on to study courses including German, Philosophy, Biological Sciences, Liberal Arts, Physics and English at highly regarded institulions both in the UK and abroad, including St Andrews, Durham, LSE, Exeter, UCL, Imperial, LAMDA, The Courtauld Insts'tute and The Savannah College of Art & Design in the United Slates. This yearfs GCSE candidates celebrated excellent results, wf(h over a quarter of results awarded the lop grades of 9-8 and nearly half being graded 9-7. ￿en set against the national picttjre, Tudor girfs have achieved almost double the percentage ol grades 9-7 for girfs nationally, and above the independent school average for all pupils. We are extremely proud of the girts, both individualty and collecb"vely. and given the broad range of ability within each cohort al Tudor, these achievements are outstanding and demonstrale the strength of tho school's 'valu8 add8d'. Achievements outside the ¢lassr¢om Beyond the formal curriculum. girfs at Tud￿ Hall enjoy a broad and diverse range of educational experiences and opportunthès which are designed to get the best out of every pupil. The girls extend their kno￿edge and understanding of the wodd around them through a variety of talks, workshops, conferences and trips, v focus on developing their Intellec￿al curiosity, their ¢reative potential and their physical and emotional wellbeing. The Nanette Godfrey Memorial Lecture Series aims to broaden the girls. horizons and expose them lo topics beyond the ¢urrieulum. This year's lectures included a range of inspirational speakers and thought-PTovoking topics. Roger Moigan-Grenville, a conseNationist wth a particular interesl in biodiversity, spoke engagingly aboLrt what his 1.000 mile solo joumey on foot from Lymington to Cape Wrath taught him about the state of 8rrtain's nature and his hopes for biodNersity regeneration. Award-wnning garden designer, Manoj Malde, shared his passion for gardening and his desire to encourage more people to get invofved, especially those from ethnic backgrounds. Award-winning chef, Chantelle Nicholson, a leading female voice in the UK'S hospitality industry and an advocate for seasonalty and sustainability, talked about the challenges, learnings, and rewards of both the hospitality industy and working in the cross-section of 'sustsinable' thinking and Page 5 TUDOR HALL SCHOOL {A company limited by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 {CONTINUEDI activating. Chris Moore. President of the American charity PathNorth and former CEO of The Clink Charty, gave a lecture enlrtled 'Putting Hope on the Menu, in which he talked about giving prisoners real-life work experience,. it was an inspirational reminder of the power of supporting and believing in others, and the far- reaching impact of this. Other visiting speakers included Dr Guy Sullon, who ran his popijlar 'Brian Day. for our A Level Psychologists and Rebecca Hosking, Filmmaker and Enviioninenlal Campaignei. who spoke to girls in the upper school during curiiculum enrichment week about the importance of using their voice to make positive changes fof the fvture. Pupils and staff also enjoyed a virtual talk by Dr Daniel Brown during Bribsh Science week on the complex phenomena of black holes and gravitational waves. Trips to enrl¢h the academic curriculum included.. a field trip to Pembrokeshire for our A Level Biologists and Geographers, who undertook data collection activities., a STEM trip to Chicago for our A Level S¢ien¢e and Mathematics pupils, visiting some world-class research fa¢ililies,' a trip to Paris for our GCSE Textiles and French students to enhance their understanding of the fashion and textiles industries and practice their language skills., a trip lo Beilin for our GCSE and A Level Germanisls., and trips to Hampton Court Palace, The Jewsh Museum and the Black Cultural Archives for oui lower school History pupils to explore first-hand topics vA)i¢h they had learned about in the classioown. Art and Photography A Level pupils enjoyed a trip to New York, GCSE Art pupils visited Amsterdam and The Hègue. and visits to The National Gallery, The Royal Academy, The Saalchi Gallery and Compton Verney were also led by the Art Department. Design and Technology visits lo The Design Museum and The Frida and Diego Kahlo exhibition., Drama trips to theatres in London. Oxford, Stratford upon Avon and Birmingham,. and Music trips to theatres in Milton Keynes also enriched pupils, engagement with, and understanding of, these subjects. LVI girls were once again able to apply for Governors, Travel Scholarships linked to their academic subjects. Three groups of girls completed trips in the summer holidays.. to Athens to learn more about Greek philosophy in support of their RS studies,. to Berlin linked to their languages, Psychology and History studies, and to Paris. Girfs a180 benefitted from opportunities to take part in The Great Debate, The Historical Association's annual public-speaking compekn.tion for schools., The GAIN Investment Challenge, which aims to 9ive young women in years 10 to 13 an insight into what investment management looks like and how to analyse a company,. and the 30th anniversary celebrations at Disnèyland. Paris. where Tudorfs Junioi Choir. Syncopation, gained a place to perform in the Videopolis Theatre. During the year, teaching staff delivered regular 'Explore' sessions for our Aim Higher scholars. giving them the opportuntty to learn about new ideas and concepts as well as exploring what was happening in the wder world. Sessions covered a variety of topics, from Russia to healthy eakn.ng and the effects of sugar. The Equalty, Diverstty and Inclusion prefects worked with the Deputy Head to undertake a curriculum audr( and pupil survey and provide feedback to inforrn Y40rk with HoD5 in an INSET. The Todds completed their bronze CREST awards, as part of a nationally recognised scheme for sludent-led project work in the STEM subjects (Science, Technology, Engineering and Maths),. six Ivs completed their Bronze Biology Challenge,. one LVI completed the Intermediate Biology Olympiad and another LVI pupil completed the Copper Certificate Cambridge Chemisty Challenge. Pupils were able to hone their cooking skills by working towards the Le(th'B diploma, wth six girls in UVI achieving their Leiths Award. Opportunities to develop new skills and prepare for the next stsges in their jOUTney have continued lo be made available for Sixth Form girfs, wth workshops ranging from jui jutsi for self-defence to managing budgets. Pupils enjoyed a wide variety of social activities, such as bowllng, cllmblng and go-cartlng. trips to pantos, theme parks. aqua parks. craft aclivlties and socials with boys, schools. A lolal of 36 girls132 Ivs, one V and three LVII were also confirmed into the Church of England by the Bishop of Oxford al St Mary's Church, Bloxham, folloving preparations at school ￿ Ihe School Chaplain. Careers In an increasingly cofflpetitive wodd. our Careers Programme continued lo provide girls with a range of opportunities to help them make informed choices about the higher education and career paths they might be considering. The support of our OT community remained invaluable in providing insighffijl, current information on a range of careers, as they gave their tsme to speak at events, provide individual mentoring and Work Page 6 TUDOR HALL SCHOOL IA Company limited by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 {CONTINUEDI experience. Our'caieers Nets¥orking Dinners. continued to enable girls in Ihe upper school to leam more about sectors they are interested in from Pfofessionals Ytho are successfijl in those fields, and we are delighted to have forged a link wrth North Oxfordshire Academy for these evenings. inviting sttjdents from their scholarship and Oxbridge programmes to attend both the presentations and the meal. To date, 20 local students have benefited from these evenings and our alumnae have opened their invitations for mentoring to them, w7dening their opportunities. External speakers have also supported the programme, providing girls with practical advice on topics from student finance to CV WTth'ng. The Futures Fair piovided girls and parents wth the opporhjnity to hear from a fantastic panel of experts who provided invaluable information and advice to help pupils begin lo plan and prèpare for their ftJtUTes beyond Tudor. Keynote speaker, David Hawkins trom'The University Guys, gave an honest insight into the landscape of higher education applications in the current climate. Pupils were then able to select focused sessions on a variety of topics, delNered by lecturers and sludenl repre5erbtatives. Pupils were also able to join sessions to leam more about atternatives to university, Including apprents'ceships, and about studying overseas. Although this year they were not able to join us, we were able to extend an invitation to attend to local state schools and hope that they will join u5 for OUT similai event in January 2024. We were delighted to again host the International University Roadshow vthere pupils from the Ivs upwards enjoyed learning about the opportuniti'es of studying abroad from representatives of Canadian, American and European unThieTsib"es. Followng this we saw a small rise in students applying to study overseas foi the academic year 2024-2025 and certainly greater interest In studying abroad from students in the current LVI and Vs. Outdoor Education Outdoor education offers fantsstic opportunities for personal development as gir15 rise to new Challenges, experience new adventures and 5earn new skills. During the first weekend of term, pupils enjoyed residentials at OLrtdooi centers, tsking part in activities such as water sports and abseiling, showng resilience and building friendships as they had fun. supported and encouiaued each other. The Dukè of Edinburgh's Award programme Continues to be a POPLslar part of Tudorfs outdoor education offering, giving girls a framework to develop a wde range of skills and make a positive contribution through volunteering. During the year, 47 pupils completed their Bronze D of E Award, 34 Completed their Silver D of E Award and 15 completed their Gold D of E Award. Art Pupils benefjtted from inspiring overseas residential trips, as well as a variety of UK gallery visits. The A Level Fine Art and Photography trip to New York and the GCSE Art trip to Amsterdam and The Hague were real highlights and visi(s to The National Gallery. The Royal Academy, The Saat¢hi Gallery and Compton Verney also provided pupils Nwth invaluable opporhjnities to experience fi￿t-hand a range of ar1v￿rkS whi¢h they ha(1 studied in class. Back in school, pupils enjoyed ceramics club, figure drawing club, etching clsjb, photography club and a general art club, where work took place for competitions, including Young Art Oxford, whi¢h raised money for Great Ormand Street Hospilal,. the S¢hool Christmas Card Competition., the House Photography Competibon on the theme of 'food'; and The Grtal TUDOR Pottery Thrciwdown, inspired by Pottery Teacher James Stead's experiences on the Channel 4 television series, The Great Pottery Throwdown. Eight KS3 pupils had their work on the theme of'powerf chosen lo be displayed * The Newman Rooms, Sl Aldate's, Oxford, in the annual Young Art Oxford exhibiiion and one ofthe Ills was the wnner of the Year 7 to 9 ¢ategory_ Girls from across the school were exciled to have their impressive pottery creations judged by a group of contestanls had appealed on The Great Pottery ThrOwd0¥￿ with Mr Stead. The Art Departmenfs outreach programme has been enjoyed by the Banbury community again this year, ￿￿th the LVI fine art group running art workshops in partnership with St Mary's Church, Banbury. Page 7 TUDOR HALL SCHOOL {A company limited by guaranteÈl GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 {CONTINUED} Music The Music Department continued to be a hive of activity. with Tudor musicians enjoying opportunities to showcase their talents across a bioad range ol musical genres, styles and instruments at a variety of events. Performances al School included the Music Sct)olars' Concert In September, the Junior Concert in October. the Autumn Concert in November, a GCSE music recital in February, the Spring Concert in March, our UVI Leavers, Concert in April, The Arts Showcase in May and a Songs from the Shows Concert in June, all wilh excellent performances ranging from solo vocalists to string and flute groups, the orchestra to junior, senior and Chamber choifs, and junior and senior bands lo piano duets. Theie were lovely perfoiman¢es by girls in the respective year groups al our Parents. Lunches, whilst the reception for the hugely successful Nanette's Girls Reunion benefitted from stellar piano accompaniment provided by four girfs from the s'xth Form. Followng the delivery of our new Steinway B Piano at Easter, we were thrilled to have a special evening of highly accomplished piano performances to celebrate rts inauguration with the donor a formei parent - attending as a special guest. TLsdor girls also had the opportunity to perform on the main stage at the rescheduled 'Tudor Fesl,, where the line-up included feskn.val favourttes, Duke, The ￿ngS and Here at Last alongside our pupils and the staff band. OLsr two A Level music pupils composed songs for the Drama Department's production ol The Tempest and the Music Department worked with a talented group of girls from the lower school lor the Junior Production of the musical, Moana, supporting them to perlorm in harmony in o languages. Less formal perfomance opportullilies included 'Performance Tuesdays. and the Open Mic Concert, which enabled pupils to develop their conffidence and level of performance, taking to the stage in front of an encouraging audience of friends. parents, and staff. Beyond Tudor, girls performed beautifully at the Christmas Carol Service at St Mary's Church in Banbury. knieh included solos, flute and string group5. Junior, Senior and Chamber Choirs. The Chamber Choir were honoured to sing at the Church of England Confirmation Service at Sl Mary, Church. and the Roman Catholic Confirmation at St John the Evangelist Church in Banbury. Our Junior Choir, Syncopation, also performed at Disneyland Paris, in the Videopolis Theatre, and the Hospital Charles Foix in Paris al the end of the Spring Term, which was a real highlight. Staff from Tudor Hall helped lo run the Children Singing for Children vocal festival al Sl Mary's Church, coordinated by the Rotary Club of Banbury", pupils from 16 local primary schools look part in the event, each singing their own songs before joining together to form a massed choir al the end of the evening. Money raised from the event was donated to a variety of Rotary children's charitie$. In adthtion to performances, girls were entered fo¥ 65 ABRSM, London College ol Music and Tiinity Guildhall practical examinations across a range of instruments. including piano, violin, guitar, llute, clarinet and oboe, as well as voice, musical theatre and pop. Two theory examinations were also entered. Entries ranged from grade 1 to 8 and the examination results were strong, almost 40 % of passes awarded with Distincb'on. A number of our Music Scholars also enjoyed great success at the Chipping Norton Musi¢ Festival. wtth one pupil from the Ills awarded both the President's Cup and the Junior Vocal award. Wth the welcome return oftrips. both the Chamber Choir and the Music Scholars visited Milton Keynes to see the musicals SisterAct and Six. respectively. Drama Pupils have enjoyed plenty of perfoiman¢e opportunities over the course of the school year. giving them fantastic platform to build on their skills and showcase their talents. The tsyo main productions were a spellbinding whole-school produclion of Shakespeare's The Tempest, W7th a cast of more than 50 girls. and an all-singing, all-dancing KS3 production of Ihe musical Moana, set in the Polynesian islands. In addibon. audiences enjoyed an outstanding Sixth Former-led adaptation of Little Women and Todd Christmas Plays - Nativity News and Dog in a Manger- heralding in the festive season wth great humour. Examination performan¢es included challenging antl accomplished GCSE and A Level devised and scripted perfoimances, as well as the usual L4MDA examinations in which girls took a mixture of solo, duo and group acting exams from 9rades 2 to 7. Their hard graft was re¢ognise(I, with thirds of L4MDA entries avRTded Page 8 TUDOR HALL SCHOOL {A company limitÈd by guaranteè) GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED) distinction. The Ils success￿11Y completed their bronze level Arts Award qualification after devising, ￿ltIng and iehearsing their dida¢ti¢ plays ￿1¢h ¢ulminated in Captivating performances for their audience of pupils at Deddington Primary School and a drama workshop which the Ils ran for the primary school children. Eight Todds participated in the Drama Matters Finals at Warwick University, where the group won the 'Best Pupil Voice, award and one pupil received the 'Besl Performer. award. Drama Scholars rose to a series of performance challenges, including performance5 of poetry, monologues and sketches. The Drama Scholars, Showcase enabled our strongest performers to work with three industry professionals in a creative Workshop which involved weaving togethei monologues which the gids had learned to create three contrasb.ng pieces which weie performed to an audience of parents and followed by a Q&A th the actors, which proved useful for pupils and parents alike. Theatre visits included trips to London to watch productions of the RSC'S My Neighbour Totoro and West End musical Come from Away- to Birrningham to see Nativity, The Musical at Birmingham Rep and The National Theatre's The Ocean af the End oflhe Lane,. and to Ihe Oxford Playhouse to watch Complicité. As evei, Tudor pupils have been appreciative of these cultural experierlces which have enhanced studies and PTacli¢al skills. Outreach work inejuded a collaboration the Drama Department at Warriner School, ￿1¢h saw their Sixth Form Drama pupils join us for a workshop run by devised theatre Company, Paper Birds. This provided invaluable insights to help pup￿8 with their own devised examination pieces. We welcomed four lo¢al Primary Schools for our annual 'Play in a Day, challenge. Four practFtioners came to Tudor to delivei an intense day of devising based on visual stimuli. The energetic Year 4. 5, and 6 pupils were firing all Cy￿'nderS and produced some really ¢aptivating short plays. Pupils from local primary schools were also invited preview performances of our two main prothJ¢tions. The Tempest and Moana Sport After resurfacing tha A$lroTurf pitch ready for the start of this school year. the School's hockey facilities are excellent and a dynamic hockey progralnme encourages and assists all pupils to enjoy and reach their potential in the sport. The School ran 11 hockey teams, from the 1 st Xl to U12B team level, wth a busy ￿tUre schedule for all teams. The U15 A team maintained an undefeated record throughout the season. In addition to our regular fixtures programme, we entered the Oxfordshire County Toumaments at all age groups and this season our U15 team were runners up. One of our pupils was selected to represent Oxfordshire at regional level. The popular hockey tour to Holland offered an additional aid lo developing skill and enthusiasm,. the U15 and U16 squads thofoughly enjoyed the high-level ho¢key and cultural èxpèrièncès. Our Lacrosse team took part in the Lacrosse Nationa15 at Ajdershot Garrison Sports Centre. TudoF Hall did very well, coming in 16th place out of 62 teams. In nelball, eight pupils have been training and playing for Banbury Blues Netball Club and. for the first time thi5 year, Tudor entered the Wnler Cherwell Netball League, allowng pupils to have more exposure to competitive adult netball throughout the year. One pupil was selected for the U17 WASPS Netball Hub. In addition to these opportunities, Tudor entered the Sisters n Sport Netball Competition at U19 and U15 level. This knock-OLrt competition is both challenging and rewarding., broadening experience by providing school teams with opportunities to play schools they would never usually play against. developing different skills, styles and fflair, vthile making new friends along the way. We also entered the U15 ISNC {Independent Schools Netball Cup) Netball Plate Competition. ￿VIng pupils another experience of high-level compelition. Tudorfs 1st Tennis team, consisting of four players, took part in the LTA yOLrth schools national league compelition, playing both singles and doubles. They were unbeaten in the Southeast group stage. During the Easter break, 10 pupils from the Ils, Ills and Ivs travelled to Portugal for a five-day tennis tour, taking part in a mix of individual and group practices to work on various skills. During the Summer Term, the girls enjoyed many opportUn￿eS lo hone their tennis skills, in bolh drills and competitive situations, with multiple fixtures against other schools resultlll9 in a percentage acTOSS the school of over 66tsh. The senior team reached the final round of qualifying lor the Aberdare Cup, whilst the Ills were a standout year group, winning 100 /ts of Page 9 TUDOR HALL SCHOOL IA company limited by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED their matches across the A, B, C and D teams. Pupils also enjoyed the return ofa'Play your way lo Wimbledon, event and the popular House tennis competition. Cricket was a focus sport in the summer term, with 34 fixtures played across multiple year groups. Specialist coaches were available to a select few through Banbury Cricket, which also allowed some girls to llourish in rixtures against their women's sides. The links wilh Banbury Cricket Club allow our girls to impfove both their individual skills and leamwork. Athletes in the Ivs produced some fantastic results at Ihe North Oxfordshire Schools Athleti￿ Tiials, wth Tudor pupils winning the Song jump, discus, high jump and 800m events. The highly anticipated Sports Day took gave girls across the school an opportunity to take part in a variety of track and field events at Tilsley Park. where they were able lo experience national-slandard alhlèli¢s facilities and Iheir performances didn't disappoint. The achievements of one of the Ivs was truly outstsnding". she took the silvei medal in the U15 girfs. race al the Saucony National Cross Country Championships, 1 sl place at English Schools Cross Country Competition, won the mini London Marathon and Tepresenled England in the U17 girls. team al the SIAB Schools Cr¢)ss County Inlernalional. taking team gold with her England teammates. Al the British Schoolgirls, Races in Flaine. France, at the end of January our Ski Racing Teams (Consisting of eight girls in totall were outstanding. There were 132 competitors at the Races fro￿ 25 UK schools. Our three- member A Team wors Gold Medals for the'Best unregistered team, for the Giant Slalom and Gold Medals and a Trophy for the 'Besl overall unregist@red Team, in the competition. Individual Bronze medals were awarded for Giant Slalom in the U21 age group and in the U16 age group and Bronze medals were awarded in both the Giant and Normal Slalom in the U14 age group. Individual sportinu successes, Sltrch as the a¢hievements of an equestrian from LVI who achieved a top ten finish at the Prestigious Horse ofthe Year Show 2022, have also been celebrated. The sports scholars were able to take part in a multitude of workshops last year to help enhance their awareness of factors that impact their spoiing performance. The students participated in mentoring sessions with a designated PE specialist ieviewng their performance and setting goals, strenglh and conditioning sessions in the fithess suf¢e, diet and nutrition, sports psychology, rehabilitakn.on and mobility workshops. In addition to providing a wde range of opportunities for team and competitive sports, work was undertaken to create a new fitness suite which will provide girls wth an opportunity to reap the beneffts of physical exercise in an alternative environment to the competitive sports arena. Charity Charitabse activity is a fundamental part of school life at Tudor Hall and the School's motto, Habeo ul dem. I have that I may give, was seen in action again throughout the year. Girfs in the Sixih Fomi appty lo se¢ve on the School's Charity Committee, which leads a many of Tudols fundraising aclivilies. During the Autumn Term, a range of aclwi(ies including a 'Spy Ring, event and Christmas Muth Day raised money for the Committee's chosen charity. The Ocean Cleanup. In the Sprin9 and Summer Terms. the Committee chose to support different charities wth each event. These incltjded a fabulous neon disco in aid of The Trussell Trust, ￿leh supports a nationwde ne￿tsrk of food banks,. a pyjama mufti day to raise ftjnds for PANS PANDAS, a charity supporbng children and families living with neuropsychiatric Conditions, which has helped the sister of one of our pupils,. and the annual Colour Run, vthich this year raised nds for Seesaw, a charity providing grief support for children, young people and their families in Oxfordshire. Other school fundraising activities included Collections of food for the Banbury Young Homeless Piojecl IBYHPI at Harvest time, coordinated by Reverend Ajison, and a Chcistmas hamper appeal, collecting Christmas gtfts for local families in need, again in aid of BYHP. Proceeds from the Autumn Fair and Carol Page10 TUDOR HALL SCHOOL (A CoMp￿Y limited by guaranteè) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 20231CONTINUEDI Service were shared be￿een Tudor in Three Continents, the Banbury Young Homeless Project and The Ocean Cleanup. Staff Coffee momings were held in aid of Macmillan Cancer Support, and the bone cancer research charity, Freddie's Future- set up by the family of CarTdus pupil, Fieddie. The fiJndraising aCtiv￿eS above raised more than £10,000 for charitable causes, but charity at Tudor is much more than fvndraising. emphasis is also placed on pracb.cal service. The Tudor in Three Continents, ITi3C} programme offers a unique opportunity for LVI pupils and Tudor staff to put Habeo ut dem into practice by travelling to volunteer charitable organisations on a number of development piojects supporting children. During October 2022, girfs from LVI fundraised for and spent a week volunteeiing in South Africa for Sparrow Schools, India for Heal Paradise and Durham for the Diocese of Duiham. The Ti3C fvndiaising activits.es generated more than £4000, £7000, and £2750 for the respecb.ve charities. Links with local schools The School continued to work Closely with other local schools, wrth a particular erry)haS￿ on sharing Tudor's specialist lea¢hin9 resources and facilrties in order lo enrich their pupils. educational experiences and engage them in inspiring ways. Tudor Hall hosted a varied programme of events throughout the year, designed to help children develop their academic and co-curricular interests. This included hosting pupils from a range of local primary school including Wlliam Morris, Bloxham, Deddington, Queensway, Christopher Ra￿l￿S an(1 Bishop's Carpenter, as well a5 Beachborough and Kilebrook prep schools for subject-themed events su¢h as a Drama 'play in a day,, a Primary S¢ience Day and a Geography workshop. Our Director of Music again condu¢ted the combined primary schools choir for the Banbury Rolary's 'Children Singing for Children. Concerts, with a total of 16 local primary schools taking part and Specialist teaching staff from TudoT'S gports department also delivered lessons al Sl Joseph's Primary School and VI￿111aM Morris. As in Previous year5, 20 free places al Tudor Hall's popular summèr camp were offered foT William Morris pupils. Pupils from a fange of local secondary schools, ineluding The Warriner. Chipping Norton, Burford, Swalcliffe Park and North Oxfordshire Academy joined OUT pupils for events including German, Spanish and French plays. a Drama workshop led by a devised theatre group and a number of Careers events. Provision of facilities andlor service5 Tudor Hall provides facilrties and setvices to a number of local schools, clubs and societies, both on a regular an(1 on an occasional basis. A8RSM, Trinty Guildhall and LCM examination boaTds use Tudor Hall as an approved external examination centre for other school8 and fjndividual music leachers. Two local dance academies use Tudor's faciif(ies for their dance rehearsals and shows. The National Youth Choir host one of their residential courses al Tudor Hall during the Easter holidays, ulilising the School's performance and boarding spaces. Bell English- an English languayè school for international 5tudents- used Tudorfs leaching and boarding facilities over the summer holidays. CARRDUS Achievements and PerfonM)c• Pupils at ca￿duS continue to make very good progress and reach high standards. Leavers were successffijl in getbng into the schools of their first choice wth one pupil being awarded an academic scholarship, one pupil receiving a Headmasterfs Award Scholarship IWarwi¢k School), receiving visual art scholarships and one securing a music scholarship. Those leaving Carrdus are well-equipped to join Tudor Hall and other leading independent and state secondary schools around the county. In 2022123, there was a continued increase in competitive sports fixtures and all pupils in Years 3 to 6 parbcipaled in fixtures wth matches in hockey, netball, cross-county, football, s￿Mming. gymnastics and tennis. Pupils reach high standards and make excellent Page 11 TUDOR HALL SCHOOL IA company limited by guarantee) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 {CONTINUEDI progress in music. The number of pupils playing instruments or having singing lessons increased to 60 /0 of the total pupil roll, wth 88010 of students who were entered for external music exams gaining a Merit or tAstinction. We continue to build on our May 2019 ISI Focused Compliance and Educational Quality Inspection, which judged the School lo be at the very highest grade of excellent in all areas. Vlfith the revision of the ISI framework and inspecb.on process, Carrdus School anticipates a successful inspection in academi¢ year 2023- 24. Cu￿1cUlar and Cowcurricular provision Over the Coufse ofthe year, Ihere have been many developments acioss the S¢hool and we continue to focus on ¢onsolidating the Carrdus Pathway and enrichment opportunities for our more able and talented ehildien. The Carrdus Pathway helps children develop their key life skills of confidence. resilience, independence, a5piralion, empathy and imaginatron and has a noticeable impact on the pupils. Outdoor learning continues to develop strongly at Carrdus wth a dedicated Forest School in the ground5. Children throughout the School have enjoyed at least one 'Learning Outside the Classroom. session every week, with the youngest children outdoors every day. Leadership and teamwork, as well as bushcraft and suNival skills, now form a key part of the school's curricular and co-curricular provision. This year, pupils have enjoyed a wde range of specialist teaching including Music, Art, Drama, S¢ien¢e, Sport, French, Latin and Leaining Support. Staff are developing pupils, basic skills of reading, writing and malhemalics. resulting in high standards across these three areas. We continue lo improve our assessment practice, particularly formative assessment, enabling children to understafid where they have been successfrjl and whal they must do to improve their work. The school has expanded its co-curricular provision including trips, visits and after-s¢hool clubs. Every term, outings and external visito¥s are arranged to support different curiiculum areas and Iheie are a wde range of school clubs on offer to children of all age$. The curriculum is enhanced by the support of Tudor Hall specialists including Sport, French, Latin, and Science. Performances were back to fvll strength in 2022123, including the staging of The Lion King, and our usual Christmas Nativities for the younger years. This year. the Art Department took an acb.ve role in making props and backdrops for the plays, enjoying working as the design team on a large scale to make puppets and banners. Pupils ¢ontinue to excel at Art and a numbei won prizes and received commendations in the Young Art Oxford competition an outstanding 22 pieces of work were chosen for inclusion in the exhibition, three of the pieces were'highly commended and one was awarded second prize in the Reception to year 2 category. With nearly 3000 entries, this was a great achievement. The art day resumed this year. where the upper school enjoyed working wth local artists such as Tudor art teacher, James Slead, finalist in The Great pottery Throw Down {Channel 41., Santa Froggy, a local mural and graffiti a￿$t,. Jules Bishop an environmental activist who made natural paints with the students from foraged materials,. and Liz Dixon who made recycled sculptural plaques. Developments In the classrooms, teachers are transitioning to laptops, wth three teachers trialing Microsoft Surface Pros. The outdoor learning area has also been ie-designed, and we have puicha$ed iesou¥ces to support our Forest School and Outdoor Learniny programmes. Community links The School enjoy5 close kn"e5 With FOCS (Friends of Caridus School), who play a vital role in helping the school to reach out to the local Community through concerts, visits and lundraising activities, including a very successlul public Christmas Fair. Carrdus also supports several local and national charities selected by the school council. Wth the introduction of the kiln, we have been building up and strengthening the ceramies eurri￿1VM. Conwnunty links The School enjoys close lies with FOCS (Friends of Carrdus Schooll, who play a vital role in helping the School to reach out to the local community through concerts, visits and fundiaising actNilies including a very successftjl public Christmas Fail. Carrdus also supports a number of local and national chaTitie5 selected by Ihe school council. Page 12 TUDOR HALL SCHOOL IA company limited by guarantee GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 {CONTINUEDI FUNDRAISING l ￿ndraIsing actwities for the Sthool are carried out by the school staff with assistance from the parents and pupils wth the running of specific fundraising events. The School does not use professional fundiaisers or have any commercial participators. Al fundraising activities are managed by the Headmistress and the Head of Development & Alumnae Relations, overall oversight by the Board of Governors through the Development Committee. 202112022 saw the launch of Campaign 2025, a fundraising campaign in support of the school's newly established Wendy Griffiths Buisary Fund IWGBFI. Since launch, the School has received £267.333 in support ofWGBF and supported four local day pupils on fully-funded, transformational bursaries during the academic year. The ambition is for WGBF to be supporting seven ￿lly-fUnded day places by 2025, th8 school's 175" anniversary. Other philanthropic donations received during the year have supported.. the establishment of the Maryam Mirzakhan Mathematic fund, pu¥cha5ing gaiden swng sel and pizza oven 12023 Leavers. Gfftl, and further contributions lo the Juliet Colman Art Fund. Total philanthropic funds received £104,96312022.' £426,454). No complaints relating to fijndraising activitses have been received by the School dliring this financial period. However, the School has procedures in place thatwould be followed in the event of a complainl being received, vhth the inttial response being the responsibility of the Bursar. Any continuing issues would then be passed to the Board of Governors to determine ￿8t further action might be iequiFed. The School i4 registered wth the Fundraising Regulator. The School considers that rts processes and contrtsls should ensure that vulnerable people and other membèrs of the public are protected from any unreasonable intrusion on a pet50n's privacy and that no fundiaising activities would be unreasonably persistent or place undue pressure on a person lo give money or other property. SCHOLARSHIPS AND BURSARIES Scholarships Scholarships are awaided to pupils who demonstrate ability and potential in the fields of academia, music, art, drama and sports. The awards are a mark of merrt and are either £500 annualty as a half award or a fvll award of £1,000 each year. Scholarships were awarded lo 127 pupils {2022.' 13n Bursaries Bursaries are awarded to the paTents of new and ¢vrrent pupils who are in financial need, assessed on their individual circumstances. The School has a policy fo¥ means tested fee assistsnce Nthich is published on the School's websites. It has engaged the services of Bursary Administration Ltd to assistwth these assessments. The value of bursaries ranges from 1 00/0 to 100V/o ofthe annual fee and includes financial 5UPPOrt for essential extras for those recewing 1000/0 buisaries. 14 Tudor Hall and 1 Carrdus pupils recewed 100°/o bursarie512022.' 13 Tudor Hall and 1 Carrdusl and an additional 60 Tudor Hall and 17 Carrdus pupils (2022. 60 Tudor Hall and 21 Carrdusl received lesser awards. One WThlliam Mo¥ris pupil received a 100Q/o bursary day place at Tudor Hall bringing the total fijlty ftjnding places offered to pupils from this school lo four. Totsl bursaries awarded were £1,282,212 {2022. £1,255, 406). The total concessions in 2023 amounted to £1,786,793 (2022.. £1,682,269) of which £1,685,993 12022." £1,611,169) was financed from unrestricted funds and £100,800 {2022." £71,100) from income arising from the Wendy Griffiths Bursary Fund. FINANCIAL REVIEW The School's finances remain sound, wrf(h total income of £13,749,820 {2022.' £12,893,260),. net deficit ol £420,826 {2022.' deff¢it £343,314}', liquid resources of £1,291.263 (2022." £1,685,085)., and total reserves Page 13 TUDOR HALL SCHOOL IA company limited by guarantee) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 {CONTINUEDI of £1 5,034,541 12022.. £15.455,367} after making capital additions of £238,926 {2022.' £323.8491 and repaying net £499,999 {2022.' £599,999) of loans in the year. Statement ol Financial Activities Gross fees receivable amounted to £13.522.160 {2022.' £12,780,944) representing a 5.80/0 increase on prioi yeai. Pupil numbers were similar to the pfevious year and the underlying numbers in both schools are strong. The pupil number total was 43812022.. 4381, of which 322 {2022." 326) attended Tudor Hall School and 11612022." 112) attended Carrdus {on a fijll-time equivalent basis). Total concessions awarded were £1.786.793 {2022' £1,682,269) or 13.20k 12022. 13.20kn1 of gross fee income. Net fee income was £11,836,167 12022. £11,169,775). Other educational income amounted to £1,502,055 {2022.' £1,194,834) comprising disbursements, costs to pupils for 'exlras', exam and other charges. Staff co$t8 weie £8,722,174. 12022.. £7.974,3751, which represents 64.50h of gross fee income {2022.. 62. 4&AI. The overall number of full time equivalent staff was 25212022.. 2331, with the number of teachers at 10312022.. 99}. Other educational costs of£4,493,975 {2022." £4,242,143) were in line with expectations at 32.3°A (2022.. 32.60/&) ol gross fee income. As a result. core educational activities generated a deficit of £420,82612022. d￿f￿lt£343.3l4l. Finance charges and interest paid on loans amounted to £ 93,565 {2022." £106,477). Earned investment income was £37,936 (2022.. £22,368) and net loss on investments amounted lo £11.32412022" £70,977 gain). The net trading 5urplu5 for the year was £ 107,400 {2022' £15,425). The National Youth Choir GB held residential let at Easter and the new contract Bell English language school comlnenced in the summer. Fundraising activilies The School received donations and legacies in the year of £108,96312022." £426,549). The staff and other costs incurred in development and alumnae relations activities were £100,521 12022.. £95, 194. Financing activities During the year the School repaid net £499,99912022' £599,999> of long-term bank loans. This was fiJnded by cash flow from operations. Liquid resources amounted to £1,291,263 {2022' £1,685,086) comprising cash at bank £527,287 {2022. £925,562) and investments £763,976 {2022.' £759.5231. The School continues to invest in fixed assets to improve its boarding and educational facilities, spending £238,92612022.' £323. 8511 in the year. The School has outstanding loans of £2,633,337 12022.. £3.133.336) and reserves amounting to £15,034,54112022. £15,455,367). Taxation matters As an educational charity the School has tax exemptions on its educa￿0[1a1 activities and its investment income and is entitled to an 80 /0 reduction in business lates on the properties occupied for charitable purposes. The financial benefits derived from these tax exemptions are all applied for educational purposes, including the provision of bursaries. The School is not able lo reclaim VAT input tsx on its costs as rt is exempl for VAT purp¢)ses. Page 14 TUDOR HALL SCHOOL IA cornpany limited by guarantèe) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED) INVESTMENT POWERS AND POLICY The School holds an investment portfolio made up of an expendable endowed lund known as The Friends and the Tudor Hall funds invested from past years, surpluses. The investment policy objèctive is lo enhance both capital and income of the Tudor Hall portfolio and generate income from a broadly diversified portfolio. The long-term capital growih objective is to achieve CPI +40/0. Fund performance on a total return basis for the year to 31 August 2023 amounted to 2.90/0 (2022.. _6.7Q/oJ The Governors have delegated the management of ils investments to Sarasin and Partners, who report lo the Finance & Resources Committee via termly reports and, if necessary, addilionÈl meetings befvleen the relationship manager and the representative of the Finance & Resources Committee. The investments are held in the Ajpha Common Investment Fund,. the strategic asset allocation is tsrgeted at 700h equities and 30 /0 in fixed interest securitie5, property, alternatives and Cash. The investment portfolio de¢reased in value by £11,32412022.' £70.977 lossl. Dividends received during the year amounted to £21,618 {2022' £21,296}. The dividends from The Friends, funds of £11,32412022.' £11,324), were used to fund bursaries and those from the Tudor Hall fund of £10.294 {2022." £9,972) weie reinvested or held as cash at the year end. RESERVES POLICY The Trustees. policy is lo examine the needs. risks and challenges faced by the School In both the short and medium term, along with the relevant financial plans and forecasts. lo establish sufficient reserves to meet these requirements. Tudor Hall does not hold any free reserves, but the Trustèès are satisfied wth this position given the bank facilities that are provided and the fvture cash flows. Operating surpluses are invested in fixed assets in orderto ensuTe the ¢ontinued development ofthe School. The Trustees do not anticipate any dtffi¢ulty in meeting the obligations ofthe charity. The School has a mixture of other reserves. including ieslricted ￿ndS Ythich have been donated to the School lor a specific purpose, and designated fvnds, which indude donations without restriction. Restricled frjnds at the end ofthe year were £335,61312022'. £397,138). though the free reserves are at a negative balance of £4,218,067 {2022'. £4,298.2381, this illustrates the extenl of investment in our School, thich is common practice by independent schools %thich have to finance their own capital investment plans. The free reserves balance excludes tsngible fixed assets a closing value of £18,523,54312022'. £18,956,904). The Govemors review the reseTves policy as part of their strategic planning and confirmed that the continued investment in the School's facilities remained essential to strong pupil recruilmenl and retention. Total funds at the balance sheet date were £15.034.54012022." £1 S,455,3671. PLANS FOR FUTURE PERIODS Following a Governor strategy review wth the Headmistress in June 2022. the strategic priorities for the next five years set out in Vision 32 and it was agreed that the s¢hool's motto YI￿ve th3tlmayglvé,'Hal utDenl, will underpin all strategic decisions. The tenets of Vtsion 32 are aspirdtional and knok towards Tudor Hall being a schcx)I that: l. has a values-driven education a compelling brand is è full boarding schts)I with mcmjern facilities is in a strong financial FX)Sition is expanding it ftx)tprint overseas andlor with UK Prep ￿h¢xlI5 6. has a secure trdnsformational bursary fund Page15 TUDOR HALL SCHOOL {A company limited by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 {cO￿riNUED} PRINCIPAL RISKS AND UNCERTAINTIES The Board ofGoveinors is responsible for the management ofthe risks faced by the School, ￿lch they review termly. Gove¥nors delegate lo the Headmistress and the Senior Leadership Team the task of identifying, assessing and controlling risk. The Governors and the executive have identified a number of potential risks to the School of which the most signifrcant concem the loss of revenue, loss of facilrties, and injury to 01 death of pupils, staff or visitors to the site. These and all other financial, reputational and opeialional Tisks are recorded and monitored in the School's Risk Register. Controls and safeguards arè in pla¢e lo manage the major risks including such measures as.. appropriate levels of insurance cover," teTms of reference for all the Governors. sub-committees,. strategic plannin9. budgeting and management accounting., formal WTitten policies., clear authorisation and approval levels- Strict adherence lo Safef Recruitment and DBS vetting procedures,. completion of appropriate risk assessments on relevant aspects of the School's activities., and disaster planning. All wnajor and other risks being managed by the School are feviewed al least termly by the Finances & Resources Committee and the School employs an independent risk management consuhant lo advise on health and safety and provide training. The Governors iecognise the risks associated with the increase in inflation rate which is expected to continue in 2022123. The school is protected to some extent as the piices of our main energy contracts are fixed and these have been budgeted for. We wll continue to monitor expenditure and consider expected eosts when setting school fees. mindfvl of the need to support our parents. The Governors are ofthe opinion that the major risks identified have been adequately mttigated ￿ere practicable. It is recognised that, ￿lIe this pro¢ess provides reasonable assurance that identified risks are being mitigated. it cannot provide absolute assurance. The Govemors have reviewed the golng concem assumption with a view to ensuring the ongoing provision of schooling for the pupi15 as well as employmenl of staff. The School currently holds a healthy cash balance which can be supplemented, if needed, by an overdraft facility. Demand for places at Tudor Hall School remains strong. Conservative cash flow modelling sensitivity analysis indicates that the cash reserves of the School are adequate lo meet the School's obligations as they fall due. Accordingly, the Governors believe the School's financial resources ale sufficient to ensure it wll ¢ontinue as a going concern for the foreseeable future, being at least 12 months from the date of approval of the financial statements, and have thereft>re prepared the financial statements on a going concern basis. STRUCTURE, GOVERNANCE AND MANAGEMENT Goveming Document The charity is controlled by its governing document, a deed of trust. and constitutes a limited company. limrted by guarantee, as defined by the Companies Act 2006. Tudor Hall itself was established in 1850. It was first incorporated as Tudor Hall Limited in January 1944. this company being registered as a charity on 23 May 1963. Tudor Hall School Limited, a company limited by guafantee, was incorporated on 28 November 1994 and regr3tered as a charrty on 13 December 1994. The company was created under a Memorandum of Association, Nthich established the objects and powers of the chafltable company, and is governed under its Articles of Association. Tudor Hall Limiled was dissolved on 10 October 1995. On the 18 January 2011 the charity updated its Articles of Associatiori and changed its name from Tudor Hall School Limited to TLTrdor Hall School. On 13 July 2011 Tudor Hall School Enterprises Limrted ITHSE Ltd) was established for commercial lettings. The company was created under a Memorandum of Association, which established the objects and powers of the company. and is governed under ils Arti¢les of Association. Page 16 TUDOR HALL SCHOOL IA ¢ompany limit￿ by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED) Detaib of related parties can be found in Note 28. Govèman The princ4pal responsibility of the Board is lo ensure that the School 1$ run In accordance wllh its charstable objectives and that all the functs'ons ol the School are authowised by the powers provided by its Articles of Association. company and charty law and in relation to 9 and legal compliance. The strategy and development of the School is set by the Governors. approve the plarks and budgets presented ty the Headnwstress. Headrnasler and Bursar. The full Board requires a constitirtion of betsyeen 8 and 18 members. wrth a quoruffl of 6 members. The fijll Board meets on¢e a leTm and is supported by the Audit, Carrdus, Oesign Icurrenty 5uspended}, Development, Edu¢atitsn & Welfare, Finance & Resources, and Nominations committees. Each committee meets at least once a term and submits reports and recommendations to the Board. the exception ol the Audit Committee which convenes at least once a year. THSE Ltd papers are submitted lo the Tudor Hall School Board for Consideration. Extemal professional advice is sought as and when necessary. Tru8tee indemnity insurance is in place. To improve scrutiny and provide closer Inks staff, Govemors are being given responsibilities for particular aspects of school lrfe. as shovm in the opening seclion of this report li81 Govemor$. They focus on these areas ￿rIng their ¥￿IlS to the Sthool. A8 the Sdlool 18 a not for kyofft organMatlon, *thi¢h aim5 to folltr* charty sector best praclice. the board members are faThNliar *ilh the Charity Govemance Code Ithe'Code'}. The Board Membe￿ COn￿der that the School's govemance framework aligns wth the Code publtshed in December 2020. R•cruitmen( Indu¢tion and Training The Board seeks to ensure that it has the necessary breadth and depth of experience to carry out its duties effectsvely and efficiently. It is considered essential that the Governors have empathy with the objects, aims and ethos of the School. The Nominabons Commrtiee considers all potential governors wth regard to their skill$ and experience and makes recommendations to the Board for all appointments. New governors receive an induction to their role as trustee$. including a detailed handbook outlining their responsibilities. All governors are encouraged to 8pend a day in school each a¢adernic year and to attend as many evenl8 as possible.. they v*ill focus on their particular areas of responsibility during their visits. All governors are encouraged and expected to attend training courses as appropriate. Training and development also form part of the termly board meetings. m￿ageMent The day-to-day running of the Schod is delegated to the Headmistress and the Bursar who both attend meetings of the Board and relevant committees, together Wth the Headmaster of Carrdus as appropriate. Other members of senior management attend relevant meetings as require¢J. The GovemoTr have constituted a nun*)eT ofsub-committees, a8 ¥ummarl8ed on page 1, thich work In ¢1088 collaboration wth the execulive to ensure smooth operabon of the School. Recommendations are made by the sutrtrcommittees tothe Board in accordance *ith the terms of refwence for each committee. The Governors are responsible for approving the remunerati¢)n of al Staff. In the firsl instance, the Finance & Resources comn￿rtee is responsible ffx re¢ommendiig the Temuneralion ofthe Headmistres5 8nd Bursar wthith, together vAth re¢ommendation$ for Senior Leodetship Team and other staff pay received trom Ihe Headmistress and Jrsar, 15 submitted for board approval. The remuneration proces5 seeks to ensure Senior management are provided y￿th appropriate incentNe8 to encourage enhanced perfofman¢e and are, in a lair and responsible manner, rewarded for their individual contributions to the School's success. The appropriateness and relevance of senior slaff remuneration is reviewed annually to ensure Tudor Hall School rem￿n8 sensitrie to the bioader issues of pay and emoluments else%there. Page17 TUOOR HALL SCHOOL IA Company limited by guarantee) GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED) Management Team and Staff The Govemors would like fomally to Tecognise the hard work and commitment of the Headmistress. the Headmaster of Carrdus, teaching, boarding, administrative and support staff of the School. Their commitment to the School and their expertise li the perfDrwrbance of Iheir rcAes is reflected in the indNidual successes of the pupils and ol the School. Duty to promote the success of Ihe School Under Section 172 of the Companies Acl 2006 the Board of Governors, as Company Directors, have a duty to piomole the long-term success of the chaiity and in doing so have regard (amongst other matters) the likely consequences ol any decision in the long term., the interests of the charitable company's employees., the need to foster Ihe charitable company's busiriess relationships with SLEppliers. customers and others., the impa¢t of the charitable company's operations on the community and the environment., the desirability of the charitable eompany ￿aIntainIng a reputalion lor high standards of business conduct,. and the need to act fairly as be￿een members of the charitable company. As set out or? page 11. the School has developed, and will continue to loster, partnerships in the ¢ommunlty. This is mutually beneficial.. it gives our pupils a sense of responsibility and service to others", and helps to widen access to facilities and education ft>1 local children. Through membership of GSA, BSA, IAPS and ISBA, and through ne￿0[kIng ￿th peer gioups. we ensure that we are able to attain the highest standards of quality and performance. The School is an equal opportunities employer. Full and fair consideration is given to job applications, and we are committed to providing a mutually respectful environment, where everyone can thrive and meet their full potential. We seek to provide a safe and happy environment where all can flourish and where diversity is celebrated. We believe that the success of the school in meeting its charitable aims is demonstrated throughout this report. The School is governed in accordance wilh the sliucture outlined on page 1. Governors are responsible for strategic planning and policymaking and, accordingly, all key decisions relating to these are taken by the Board. STATEMENT OF GOVERNORS. RESPONSIBILITIES The Govemors {who are also directors of Tudor Hall School for the purposes of company lawl are responsible ft>r preparing the GovemoTs' Report and the financial statements in accordance with applicable law and United gdom Accounting Standards {United Kingdom Generally Ae¢epted Accounting Pra¢ti¢el. Company law requires the Governors to piepare financial statements for each financial year. Under company. law the Governors must not approve the financial slalemenls unless they are satssfied that they give a true and fair view of the state of affairs ofthe charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the Charitable group foT that peiiod. In preparing these financial statements, the Governors are requlred to: Select suitable accounting policies and then apply them consistenuy. ObseTve the methods and piinciples in the Charities SORP. Page18 TUDOR HALL SCHOOL (A CoMp￿Y limited by guaTanteÈl GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2023 ICONTINUEDI Make judgments and estimate5 that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material deparlures disclosed and explained in the financial statements. Prepare the financial statements on the going concem basis unless it15 inapprowate to presume that the eharitable company wll continue in business. The Governors are responsible for keeping adequate accounting records that are sufficientto show and explain Ihe charitable company's transactions, disclose wth reasonable accuracy al any time the finanGYal position of the charitable company and enable them tts ensure that the financial statements comply with the Companies Act 2006 and the provision5 ofthe charity's constitution. They are also responsible for safeguarding the assets of the Charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie$. In so far as the Governors are aware.. There is no ielevant audit information of which the charitable company's auditor is unaware. The Governors have taken all steps that they ought to have taken lo make themselves aware of any relevant audit informab.on 8nd to establish that the auditor is aware of that information. AUDITOR Tudor Hall School has appioved the resolution to re-appoint Crowe U.K. LLP as auditor for Ihe forthcoming year. The Governors. Report was approved by the Board and Pleadmistress on 14 March 2024. Mrs A. Darling Chair of Governors Mr R. Styl Chair of F nance & Resources Commitlee Page 19 TUDOR HALL SCHOOL {A company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TUDOR HALL SCHOOL Opinion We have audited the financial slalemenls of Tudor Hall School for the year ended 31 August 2023 which comprise and the relat8d noles. including a summary of significant accounting policies. The financial reporting framework that has been applied in their PTepaiation is applicable law and Unf(ect Kingdom accounting Standard$ . inclLJdirig Financial Reporting Standard 102 'The Financial Reporting Standard applicabl& in the UK and Republic ol Ireland, Iuniled Kingdom Generally Accepted Accounting Practicè). In our opinion the financial slatemenls.. give a true and fair view of the stale of the Group's and of the char((able companls affairs 85 at 31 August 2023 and of the Group's Incoming resources and application L>f resources, including ils income and expend((ure for the year Ih8n 8nded'. have been propeily prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance wlch the requirements of the Companies Acl 2006. Basis for opinion We conducted our audit in accordance wilh International Standards on Auditing IUKI IISAS IUKII and applicable law. Our iesponsibililies under those standards are further described in the Audilorfs responsibilities for the audit of the financial slalements se¢tion of our report. We are independent ol Ihe Group in accordance with the ethical requirements that are relevant lo our audit of the financial slalemenls in the United Kingdom. inclLJding the Financial Reporting Council's Ethical Standard. and we have fU￿illed our other alhical r8sponsibililies in accordance with these requiremenls. We believe that the audit evitlence we have obtained is sulficienl and appropriate to provide a basis for our opinion. Conclu$lon$ rglatlng to golng concern In auditing the financial stalemenls. we have concluded that the Governors. use of the going con¢efn basis of accounting in the prepaiation of the financial slaloments is appropriate. Based on the work we have performed, we have not Identif￿d any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the Group's or the parent charitable ¢ompany's ability to continue as a going concern for a period of al least tselve months from when the financial statemen15 are authorised for issue. Our responsibilities and the responsibilities of the Governors wf(h respect to going ¢oncem are described in the relevant seclhjns of this report. Page 20 TUDOR HALL SCHOOL IA company Ilmlted by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TUDOR HALL SCHOOL ICONTINUEDI Other information The other information compriyes the infomialion included in the Governors, report other than the financial slalemenls and our Audrtorfs report Ihereon. Tha G0￿morS are rasponsible for th8 other Infomial￿n contained within the Govemors. repo￿ Our opinion on the financial stalemenls does not cover the other information and. except lo the extent oth0Thv￿o eXpl*￿Y stated in our report. we do express any fom of assurance ¢on¢lu$ion Ihereon. Our ￿pOnsIb￿lty is to read thè other information and, in doing so, consKJer whelher Ihe other infomiatKJn is materialty inconsislenl wilh the ffinancial statements or our knthvledge obtained in the course of the audit. or otherwise appears lo be maleiialty misslated. 11 we identty such rnaterti￿ ir￿OnSIStenc￿8S or apparent m*erial misslatemenls, we are required lo delemine whether th￿ gives rise to a material misslalemenl in the financial slatemenls themselves.11. based on the work have perf0M￿d. Concl￿ that there Is a matenal misstatement of thi5 Other inforrnal￿n, we are required lo report that fact. We have nothing lo report in this regard. Oplnlon on oth•r matt•rs pr•scrfb•d by th• Companlos Acl 2006 In our opinion, based on the work undertaken in the course of the audit". the information giv8n in the Governors. report which includes the directors. report and the Strategic report for the financial year lor which the financial statemenls are prepared is consistent with the financial statements. the slralegic report and the directors, report included within the Governoffs report have baen prepared in accordance wrth ¥TrplKable1ogal requiremenl8. Mattws OD whlch we arn r•qulr•d to rgport by •xcoptlon In the light of our kntywled90 and und8rstanding of the group and charilable company and ils 8nviTonmenl obtained in the course of the aLklrt. have not identffied material misstatements in the directors. or strategic report induded within the Go¥erMrs' report. We have rK¥lhing to report in ros￿1 of the f01lrfi￿ng matter5 in relation lo which C¢Jrwnl88 Act 2006 rèqulres us to report to you rf. in our opIn￿rt.. the parent company has not kept adequate and sufficient &¢ounting records, or relums ad•)uate for our audrt have rK)I bèen reeoNed from branches not vi5f(ed by us", or the parent company financkal state￿￿nts are not in agreement wrth the ￿)untIng records and (etum$'. or certain disdosures of Governors. remuneration speCif￿d by law are not made.. or we have not received all Ihe information and explanalK)ns we require for our audit Page21 **(A company limited by guarantee)** ## **TUDOR HALL SCHOOL** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TUDOR HALL SCHOOL (CONTINUED)** ## **Responsibilities of trustees** As explained more fully in the Governors' responsibilities statement set out on page 18, 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 Group's and 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 Group or the charitable company or to cease operations, or have no realistic alternative but to do so. ## **Auditor's 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 Auditor's 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: We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 together with the Charities SORP (FRS 102). We assesse.d the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Governors and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within Bursaries, Scholarships and other discounts and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Finance & Resources Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, designing audit procedures over Bursaries, Scholarships and other discounts, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate and Ofsted and reading minutes of meetings of those charged with governance. Page 22 **(A company limited by guarantee)** ## **TUDOR HALL SCHOOL** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TUDOR HALL SCHOOL (CONTINUED)** Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non­ compliance and cannot be expected to detect non-compliance with all laws and regulations. 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.orq.uk/auditorsresponsibilities. This description forms part of our Auditor's 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 Auditor's 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. **Tara Westcott (Senior statutory auditor)** for and on behalf of **Crowe U.K. LLP** Statutory Auditor Fourth Floor St James House St James Square Cheltenham GL50 3PR Date: 21 March 2024 Page 23 TUDOR HALL SCHOOL IA company limlted by guarant991 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2023 Unrestricted funds 2023 Restricted Endowment funds funds 2023 2023 Total funds 2023 Total funds 2022 Notg Income from.. Donations and grants Charitable activities Other trading aclivf(igS Investments 4,000 13.338.222 264.699 37.936 104,963 108,963 13.338,222 264,699 37,936 426,549 12,364. 609 79. 734 22,368 Total incom• 13,644,857 104,963 13.749,820 12,893,260 Exponditure on: Raising funds-. Development office Trading costs Charitable activities 100,521 157.299 13,725.765 100,S21 157,299 13.901.502 95. 197 64,308 13,006.092 175.737 Total expenditure 13.983,585 175,737 14.159,322 13, 165.597 Net expenditure before net losses on investments Net losses on investments 1338,7281 {70.7741 1409,5021 (272,337) 15.3121 16,0121 111.3241 (70.977) Not axpgndlturo Transfers befvleen funds 1344,0401 170.7741 16,0121 1420,826) (343,314) 21 19,2501 9,250 Net movement in funds 1353,2901 161.524) 16.012) 1420,8261 (343.314) Reconciliation of funds: Total funds brought forward 14.658.666 {353.290) 397,137 {61,5241 399,564 16,0121 15.455.367 {420.8261 15. 798.681 (343.314) Nel movement in funds Total funds carrled forward 14.305.376 335.613 393,SS2 15.034.S41 15,455,36T The notes on page8 30 to 53 fomi part of these financial slalements. Page 24 TUDOR HALL SCHOOL IA company limited by guarantee) REGISTERED NUMBER: 02995266 CONSOUDATED BALANCE SHEET AS AT 31 AUGUST 2023 2023 2022 Note Flxed assets Tangible assets Investments 14 18.523,543 763.976 18,956.904 759,523 15 19,287,519 19,716.427 Current assets stocks Debtor3 Cash al bank and in han 16 17 27,687 854,912 527,287 28,945 745.390 925.562 1.409,886 1. 699.897 Creditors.. anounts falliny due wlhin on8 year 18 12.633.925> (2, 728. 622) Not curront liabilities 11.224039} (1,028. 725) Total assets less current liabilities 18,063.480 18. 687, 702 Credrtors.. amounts falling due after more than one year 19 13,028.9391 (3,232.335) Total not assots 15.034,541 15,455.367 Page 25 ## **TUDOR HALL SCHOOL (A company limited by guarantee) REGISTERED NUMBER: 02995266** ## **CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2023** |**Charity funds**
Endowment funds
Restricted funds
Unrestricted funds
**Total funds**
**2023**
**Note**
**£**
21
**393,552**
21
**335,613**
21
**14,305,376**
**15,034,541**|_2022_
£
_399,564_
_397,137_
_14,658,666_
_15,455,367_| |---|---| 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: **Mrs A. Darling** **Mr R. StyI7:** Date: 14 March 2024 The notes on pages 30 to 53 form part of these financial statements. Page 26 TUDOR HALL SCHOOL IA company limited by guarantee} REGISTERED NUMBER: 02995266 SCHOOL BALANCE SHEET AS AT 31 AUGUST 2023 2023 2022 Note Fixed assots Tangble assets Investments 14 18,523,543 763,977 18, 956, 904 759,524 15 19,287.520 19, 716,428 Current assèts stocks Debtors Cash al bank and in hand 16 17 27,687 852.151 527.156 28.945 196.372 870.805 1,406,994 1. 696.062 Crwlilors.. amounls falling du8 within on8 year 18 12.629.033) (2, 724. T87) N81 current liabilities 11,222,039) (1,028, 725) Total a$$ets less current liabilities 18.065.481 18.687, 703 Credrtors." amounts falling due after more than one year 19 13,028,939} (3,232,335) Total ng1 as$gts 15.036.542 15.455,368 Page 27 TUDOR HALL SCHOOL IA company limited by guarantee REGISTERED NUMBER.. 02995266 SCHOOL BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2023 2023 2022 Notg Charlty funds Endowment funds Reslricled funds UnrestrKted funds 21 21 393.S53 333.614 14,309,375 399.565 395. 138 14,660,665 21 Total funds 15.036.542 15.455,368 The School's net movement in funds for the year was £{418,8261 (2022- £(343,313)J. The Governors acknowledge their responsibilities for Complying wilh the requirements of the Act with respèct to a¢countin9 records and preparation of financial statements. The financial slalemenls were approved and authoiised for issue by the Govemors and signed on their behalf by.. Mrs A Darling Chair of Govornots Dale". Mr R. Style Chalr of Fl ance & Resources Commltt The notes on pages 30 to 53 fomi part of these financial statements. Page 28 TUDOR HALL SCHOOL {A company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Not• Cash flow5 from operatlny activities Net cash provided by operating activities 23 412,057 131,920 Cash flows Irom investing activities Dividends and interest from investments Purchase of tangible fixed a&sets Movement in investment cash account 37.936 {238,926} 115,777} 22,368 (323,849) (4.525) Net cash used in Invè$ting activities 1216,767) 1306.0061 Cash flov￿ from financing activitie5 Loans redeem8d in the y8ar Finance costs paid 1499,999} 193,565) (600.OOOJ (106,477J Net cash used in financing activitie5 1593,$64} 1706.477} Chango in cash and ca$h •quivalonts in thg year Cash and cash equivalents al the beginning of the year 1398.2741 (880.5631 1,806, 125 925.562 Cash and cash ￿￿1valentS at thg end of the year 24 527,2B8 925,562 The notes on pages 30 to 53 fom part csf these financial statements Page 29 TUDOR HALL SCHOOL IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Gon•ral Informatlon Tudor Hall School is a regisl8r8d charity with the Charity Commission England and Wales (Charty number.. 10427831 and was incorporated as a company limited by guarantee (Company number 029952661 in January 1944. The address of its registered office is Wykham Park, Banbury. Oxfordshire. OX16 9UR. This is also the registered address of ils subsidiary. Aceounting poIici•s 2.1 Basis of preparation of financial statements The financial slalemenls have been prepared in accordance with Ihe Chaiilies SORP IFRS 102} Accounting and Reporting by Charilies". Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 102} leffeclive 1 January 20191, the Financial Reporting Slanda¥d applicable in the UK and Republic of Ireland IFRS 1021. the Companies Act 2006 and the Charities Act2011. Tudor Hall S¢hod meets the definition of a public benefit enlily *Jnder FRS 102. Assets and1￿bilItIeS are initially recognised at historical cost or transaction value unless olhorwise slalod in the relevant accounting policy. The Consolidated slalement of financial activf(ies ISOFAI and Consolidated balance sheet consolidate the financial statements of the School and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by lina basis. The School has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented ils own lemenl of financial activities in these financial statements. 2.2 Basis of consolldatlon These financial slalements Consolidate the results of the school and the wholly owned subsidiary, Tudor Hall School Enleiprises Limrted. All intragroup transactions are fully eliminated on consolidation. The School has taken advantage of the exemption allowed under Section 408 of the Companies Act 2006 and ha$ not presented its own Statement of financial activities in these financial statements. 2.3 Golng concern The Governors have reviewed the goin9 concern assumplNJn with a view lo ensuiing th8 ongoing provision of s¢h¢)oling for the pupils as well as employmenl of staff. The School currently holds a healthy cash balance which can be supplemented, il needed, by an ovèrdraft facility. ConseNalive cash flow modelling wf(h sensitivity anatysis indic*es that the cash reserves of the School are adequate lo meet the School's obligations as they fall due. Accordingly. the Governors believe the School's financial resources are sufficient lo ensure il will continue as a going concem for the foreseeable future, being at least 12 months from the dale of approval of the financial stalemenls. and have therefore prepared the Iinan¢ial statements on a going ¢on¢ern basis. Page 30 TUDOR HALL SCHOOL IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accountiny policios (continued} 2.4 Income Incom8 is irkcluded in the Statement of financial activities when the School has enlitlemenl lo the funds. any performance condrtions attached lo the itemlsl of incorne have beèn met. it is probable that the income will be received and the amount can be measured reliably. Fees receivable and charges for servi¢es are a¢counled for in th8 périod in which the Servi￿ is provided. Fees receivable are slated after deducting allowances, s¢holarships and other remissions allowed by the School. Income from School fees received in advance is deferred in the financial statements until the ommencement of the School year to which rt rdales. Don*KJns and gffts represent amounts receNed in the year, together with any associated gift aid. Income from investments and deposrts are credrted lo the Statement of financial aclivrties on a receivable basis. 2.5 Expendlture Expenditure comprises expenditure directly relating lo the activities of Ihe School together wrfth govemanc8 costs. Costs are either specrfically identified or apportioned a¢cording lo lime spent betwèen expenditurè headings for the purposes of charf(able aclwFties, costs ol raising funds and governan￿. Al expenditure is accounted for on an accruals basis. The irrecoverable element of VAT is included within the item of expense to which il relat8S. Charitablo actlvltigs Charitable activrties indude expenditure on providing education and in¢lude both dired costs and support C0515 relating lo the activ￿- Costs of ralslng fLsnds Costs of raising funds are those costs incurred in attracting donations and those in¢urred in trading a¢tivities that raise funds. Governance costs Govèrnancè costs are included within support Costs. This includes external audit, any legal advice for the Governors and all costs of complying with conslilulional and statutory requirements such as th& costs of Board and Committe8 m881ings and of pr8paring stalulory accounts and satisfying public accountability. Allocation and apportionment of support costs Support ¢osts include central functions and are allocated to actNty cost categoriseil on a basis consistent with the use of resources e.g. staff costs by the t￿me spent and other costs by their usage. Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising acti¥nties events and n¢n-charitsble trading. Expendrture on charrtable aclwf(ies is incurred on d1￿ctlY undertaking the aclThiities which further the Group's objectives, as well as any asso¢iated support costs. Pa9e 31 TUDOR HALL SCHOOL IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policies Icontinuedl 2.6 Taxation The School is a registered charity, and as such is enlilled lo taxation exemptions on all ils income and gains properfy appli8d for Ils charitable purposes. 2.7 Tangible fixed a$sets and depreciation Assets are capilalised and subsequently h&ld in the balance sheet al ￿st less depreciation and impairment. Tangible fixed assets are Initially recognised at cost. After recognition, under the cost model, tangible fixed assets arè measured al cosl less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into rts intended working condition shoLJld be Included in the measurement of cost. Depreciation is provided al the following annual rates in order to write off ea¢h asset over rt5 estirnaled useful life or, if held under a finance lease, over the lease lem, whichever Is the shorter. Depreciation is Pfovided on the following bases.. Freehold propety Motor vehicles Fixtures and fittings Computer equipment 2 /0 on ¢osl 250h on c05t 25.10 on reducing balarbce 25°h on cost Assets under construction are not depreciated until brought into use. Where applicable, finan￿ costs are caprtalised gross. Freehold land is not depreciated. 2.8 Investments Investments are valued in the balance sheet at their bid prices value at the balance sheet dale. All movements in value arising from investment change5 or revaluat￿n are reco9nised in the slalemgnl of financial aclivilies. Ca8h deposits held by the inv8slmanl managers are classified as liquid resources and are held within fixed asset inveslm8nls. These deposits are available for ieinveslmenl. Investments in subsidiaries are valued at cost less provision for impairm&nL 2.9 Stocks stocks are valued al the k)wer of cost and net realisable valu8 after making du8 allowance for obsolete and slow-moving stocks. 2.10 Debtors Short tem debtofs afe initially measured at transaction price, less any impairment. 2.11 Cash at bank and in hand Cash is represented by cash in hand and deposrts with financial institutions. Page 32 TUDOR HALL SCHOOL IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting policie5 Icontinuedl 2.12 Creditors Short lem ¢redilors are inf(ially measured al the transaction price. 2.13 Financlal instruments The Group only has financial assets and financial liabilities of a kind that qualify as basi¢ financial inslrumenls. Basic financial instruments ar& inilially r8cognised al transaction value and subsequendy measured at their settlement value with the exception of bank loans which are subsequenlly measured al amortised cost using the effective Inteiest method. 2.14 Operating leas¢s Rentals payable under operating leases a￿ charged in the statement of financial actNilies on a straight line basis over the lease lemi. 2.15 Pensions The Group operates two defined contribution pension schemes. Contributions payable to the defined contribution pension schemes are charged lo the slalement of financial aclivilies in Ihe period to which they relate. Retirement benefrts to certain employees of the School are provided by Ihe Teachers, Pension Scheme I'TPS'I. This is a defined benefit scheme, contracted out of the Slate Earnings Related Pension Sch8m8. Atl pension costs are charged against unreslricled funds in line w((h the associated staff costs. TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees, working lives wrth the School in such a way thal the pension ￿$1 Is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quinquennial valuations using a prospective benefit method. As slated in Note 26, the TPS 15 a mulli-employer s¢hemÈ and the School is unable to identify rts share of the undertying assets and liabilities of the Scheme on a consislenl and reasonable basis. The TPS is therefore t￿ated as a defined contribution scheme and the contributions recogniseLf as they become due each year. 2.16 Fund accounting Unreslricled funds Can be used in accordancè wf(h the charitable objectives at the discretion of the Govemors. Restricted funds ￿mprIse donations earmarked by the donois, or Ihe terms of the appeal, for specific purposes and are detailed in the notes to the financial slatemenls. Designated funds have been eamiarked by the Govemors for specrfic purposes. Expendable endowed funds comprise funds transferred to Tudor Hall School in accortlance with Ihe Trust Deeds. The purposes and uses of the endowed funds are set out In the notes to the finan¢ial slalemenls. Page 33 TUDOR HALL SCHOOL IA colnpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Critical accounting ostimates and areas oljudggmont Eslimales and judgements are continually evalu*ed and are based on histor￿al experien￿ and other faclois. including expectations of future events that are believed to be reasonable under the GifGumslances. The items in the financial slalements where these estimates and judgements have been made include the IDllowing'. Critical accounting e51imales and assumptions.. Useful economic lives of lan ible fixed assets The annual depreciation charges for tangible fixed assets are sensitive lo changes in the estimated useful economic lives and ￿sIdUal values of the a5sels. The useful economic lives and residual values are re- assessed annually. They are amended when necessary lo reflect curient eslimales, based on technological advancement, future investments. e¢onomi¢ utilisation and the physi¢al condition of the assets. See Nole 14 for the carrying amount of the tangible fixed assets and Note 2.7 for the useful lives for each class of fixed asset. airment of debtors The Group makes an estimate of the recoverable value of Irade and other debtors. When assessin9 impaimienl DI trade anij other debtors, managernenl considers factors including the ageing profile of debtors and historical experience. See Note 17 for the net carrying amount of the debtors and associated impairvnenl provision. Page 34 TUDOR HALL SCHOOL IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 In¢omg from donations and grants UTrre3tricled Restrl¢te 1420.8261 (343,314) Adjustments for- D8precialion charges Lossesl{gainsl on investments Investment in¢ome L¢￿$ on the disposal of fixed assets Ilncreaselldecrease in stocks Ilncreasel in debtors IDecreasellinc￿a$e in creditors Finance cost5 672.287 11.324 137,9361 671.827 70,977 (22, 368) 83,674 (2,592) (170.942) f261,819) 106.477 1,258 1109.5221 201,907 93.565 Net cash provided by operating activit 412.057 131,920 Analysis of cash and cash gqulvalonts Group 2023 Group 2022 Cash at bank and in hand 527.288 925.562 Analysis of changes in nol debl At1 September 2022 Cash flows other non- cash At31 Changes August 2023 Cash at bank an¢J in hand Debt due within 1 year Debt due after 1 year 925,562 1499,9991 (2,633,337) 1398,2741 499.999 527,288 1299,9991 1299.9991 299,999 {2.333,3381 (2,207.7741 101,725 12.106,0491 Page 51 TUDOR HALL SCHOOL A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 26. Penslon commllmonts Teachers. Pension Schem8 The School participatès in the Teachers, Pension Scheme I'the TPS°I for ils lèaching staff. The pension charge for the year includes contributions payable lo the TPS 01 £945.43512022.. £849,361) and al the year end £120,24312022.. £98.5941 was accrued in respect of contributions lo this scheme. The TPS is an unfunded mulli*vnployer defined benefits pension scheme govern@d by The Teachers. P@nsions Regulations 2010 las amended) and The Teachers, P8nsion Schème Regulations 2014 (as amended). Members contribute on a 'pay as you go. basis wrth contributions from members and the employer being credited lo the Exchequer. Retirement and other pension benefits are paid by public funds provided by Padiament. The employer contribution rate is set by the Se¢relary of Stale following scheme valualton5 undertaken by the Government Actuary's Department. The most recent actuarial valuation ofthe TPS wa5 prepared as al 31 March 2020 and the Valuation Report was published In October 2023. Following the Mccloud judgement. the remedy proposed that when benefits become payable, eligible members can select lo rgceive Ihem from either the fefotmed or legacy schemes for the period 1 April 2015 10 31 March 2022. The actuaries have assumed that members ar8 likely lo choose the option that provides them with the greater benelrts. and in preparing the 2020 valualion have valued the 'grealer value, benefits for groups of relevant members. The valuation confirmed that Ihe employer ¢onlribulion rale for the TPS would increase from 23.6°h lo 28.6 /0 from 1 April 2024. Employers are also required to pay a scheme adminislralion levy of 0.08Q/o giving total employer contribution rale of 28.680k. Dofinod Contribution P8n$lon Schomos The School also makes contributKJns into the personal pension funds of employees. The pension charge represents the ¢onlribution5 payable by the school to the funds in respect of the year of £117.397 {2022'. £110.5991. The amount of employer contributions outstanding al 31 August 2023 was £19,910 {2022.' £17,012). Page 52 TUDOR HALL SCHOOL IA company limited by guarantee) NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 27. Operating lease commltmgnts At 31 August 2023 the Group and the School had commitments to make future minimum lease payments under non•c2ncellable operating leasey as follows.. Group 2023 Group 2022 Not later than 1 year Later than 1 year and not later than 5 years 182,421 265,357 123, 153 235,501 447.778 358, 654 The following lease payments have been re¢ognised a$ on expense in the Slalemenl of financial activities-. Group 2023 Group 2022 Operating lease rentals 151.735 74.813 Related party transactions The value of the management recharge with Tudor Hall School Enterprises Limited in the yaar was £97.499 (2022.. £39,955) and the debtor balancè al the end of the year was £107.924 {2022.' £55.433J. In the year £437 was paid for Govemor expense3 f2022.- £43). Governors made donations lo the school amounting lo £8,12Q (2022.. £3,250). Two 9overnors are parents of children al the School (2022.. Two govemorsJ- They are charged school fee5 * the standard rate. Page 53