Registered No. 03201223 IEDgland W'ales) St Edmund's School Canterbury (A compAny Ilmlted by guarantee) Annual Report For the ye￿r eDded 31 Augusi 2022 Reglstered Chrlty Number 1056382 St Edmund's School Canterbury For the year ended 31 August 2022 Contents Page Legèl and èdministrative inforlnation Directors, and Govemors. report Strategic report 5- 11 Direetors, responsibilities in the preparation of financial sta*menis 12 Independent audiiOTS report 13- 15 Consolidated statement of flnancial activities 16 Balance sheets 17 Consolidatcd statement of cash flows 18 School strt¢m¢nt of c&sh flows 19 Notes tts the fmancial statements 20-39 Si Edmund's School Canterbury Legal alld #dministrativ¢ informatio For the year ended 31 August 2022 Tbe Head.. Mr E G 0'Cot￿or. MAICanub), MPbil (Oxottl, MEd {Cantabl The Head of the Junior S¢tLOOI". Mr D A de Silva BA. QTS, NPQH (Resigned 31 Au8USt 2022) Aeiing Head of Junior School Mr R A Comfort BA {Appointed I September 2022) Bursar Company Secretsry and Clerk to the fjovemoTS". MI. N C S¢ott-Kilvert FCCA Addres5 and Registered Office.. St Edmund's SchcN)I Canterbury St Thomas Hill, Canierbury Kent cr2 8HU Banker.. National We5trninster Bank PIC Canterbury City Centre Branch POBox306 I l The Parade Canterbury Kent CTI 2SQ Auditor.. RSM UK Audit LLP 25 Farringdon Street London EC4A 4AB Insurance Brokers: AON Risk Servi¢es Somerset House 47 - 49 London Road Redhill Surrey RHI ILU Marsb Brokers Linuted Capital House 1-5 Perymount Road HaywaTds Heath Wesi Sussex iiH163SY Investmen¢ MaDager'. CCLA Senator House 85 Queen VictoriA Street London EC4V 4ET Page I St Ldmund's Schtsol Canterbury Dlre¢iors' and GoverDors' Report For the year ended 31 August 2022 Statu$ and adminlstratlon Si Edmund's Schtsol was founded over 250 years ago utsder tbe auspices of the Clergy Corporation w provide ediication for the SODS ofdeceased clergylnen. It has occupied its presenl site overlooking the City of Canterbury for over 150 year5. In 1982, Ihe School became co-educational. On 20 May 1996, tlie School was incorporated uiider Ihe Compallies Aci as St Edmund's Sebool Callterbury. a collipany limited by guaiante¢ lTrlumber 03201223} and not havmg a share capital. Tlie School has been accepted as a Regisrered Charity (Number 10563821 by the Charity Commission and is dtsignattd as a School having a religious character. The company aquI￿d 5,000 ordinary sharcs of £ l each in STEDS Limited (a wbolly owned wbsidiaryl on S November 1998. STEDS Limited acts as agent for certain letting activities. Goyernlng docllments The charity is govemed by its Meniorandum and Articles of Association dated 20 May 1996. These are curreDily under review and thc upda￿d version will be presented at the AGM in DeceDiber 2022 for adopiion. Governance Code The Govemors reviewed ihe Charity Commission Governance Codc ai their Strate8y Day Meeting ID October 2020 and February 2019 which concluded that they follow the core principles. The Governor5 will be commissionin8 lh¢ Asso¢iaiion of Goveming Bodies for Independent Schools (AGBISI to undertake a leview of governance effectiveness in the Coming months. AGBIS have undertaken over 200 reviews in the last 20 year5 and are well placed to provide expert guidance on the cutrelli provision and recoDYneDdatioDs to improve govemance practiee al St. Edmund's. Objects Th¢ objects as set oiit in Ihe Mertorattdum of Association ate to advance ibe education of cbildrets of deceased Clergy and subject thereto to advance the education of the public. Governor$ Tbe Governors of the SclM>ol (wbo are also tbe Ditectots and tbe members of ihe Conyany and TThs¢ees of the Charity) who served during the yeai wei¢.. Air Marsbal C M Nickols CB, CBE, DL, MA (Caniab). FIiAeS (Chair) Dr M R Camegie MB BS Dr P D Eichom MD Mr C C Harbridge FRICS Mrs N J LeatberbaTfOW Bsc {Hons), DMS, MBA, PGCLT Ichatr F&GP Cornmitteel DI L Naylor Bsc. PhD (Vice Chair) {Resigned 23 JuDe 20221 The Revd. Canon Dr T S N Naish Canon Dr Q L Roper MA NPQH (Vice Chairl Mr S M Sutton BA FCA The Lord Mayor Cllr P A Todd Mr R J Dodgson LLB (Hons) Governors are elecred at the Annual General Meeting of the Company and one third of iheir nuEnb¢r retires annually by roration. The ski115 tnatrix and diversity of the govemors is taken inio consideiation to enwe the school beneflts from a wide base of exp¢ri¢n¢¢ and background. Th¢ GoveTnillg B(xly consists of a ￿aXi￿U￿ of 17 m¢mbers, one being nominated by the Archbishop of Canterbury. The Dean and Chapter of Canterbury Cathedral also nominate one member in recognition of the fact Ihat Ihe School eduCa￿S the Cathedral Choristers. Where governors have served for a nine yeats or mole their re-election is deierniined by lot and if rhe retiring govertLOT is willing to aci is deemed to have been rcappointed. Pag¢ 2 St EdtnuDd's School Canterbury Director5, and Governors. Report For the year ended 31 August 2022 OrgaDlsatffion The Governots detemiine the general policy of tbe School. Mie operational maDagem¢ni of the School is delegated to the Head. rbe Head of tbe Junior Schogl, the Head of Ibe Pre-Pr¢p Schth)l and the Bursar, wbo CQLnPTise rhe Executive Group. In serting objectives and plannillg activities. the Governors have given care￿1 COTLsideratiots to the Charity Commission, general guidance Oll public benefit and in parti¢ular to ils supplemetstary public ben¢fit guidance on advancing education and on fee-charging. Governors can confirm rhat th¢y hav¢ complied with the Charities Act 201 I ￿ have due regard to thai guid8n¢¢ as well as with theii duiies as Directors, to have r¢gord t(Tr th¢ matters in s¢Ction 172(1 l of th¢ Companies Act 2006. This duty is io act in good fairh io prornote the success of the S¢hool whilst having regard to: The consequence5 of any decisions in the long temi: The interests of the School's employ¢es" The Deed Lo foster the company's bu5Ln¢ss relationship5 with it5 5ypplie5, Customers and others. The impact of th¢ S¢hool'5 op¢rations on the community and the envirorllnenL The desirability of Ihe cornpany maiiitaining a reputation for high standards of business conduct: The need to act fairly as bemeen members of the company Governors ensure the above is complied with by having the followin8 objectives". Continuing to deliver an outstanding all round education for all pupils. Responding to inspection ¢omments so as to funh¢r improve the School; Enhancing and improving rhe co-eurricular provision foi pupils." cont￿ulD8 to deliver and fiuther improve r￿S1-ClasS pastoral care for pupils; Muimising pupil Dlltnbers whilst recognisiug tb¢ importance of appropria￿lY sized year groups across tbe School; Providmg contiDuing suFyort of pupils alteady in ieceipt of fee assistance througb bursaries: Increasthg the provision of means-tested places. in¢liidiDg with the assi5tallce of the St. Edmund's School Foundation and the support of third party trusts and foundation5' Developing our 'Outreacb' progratDme of co-operation and joiot working with local stale junior and 5ecoodory Schools esp¢¢ially the work being undertaken witb East Kent Schools Together IEKST}' Complying with the Governors Con￿c￿$ of interest policy and all Governors rnakn"ll8 a declaration of itmerest at ¢acb full board and COLiuTritt¢¢ meetin8. aod Making a significant cottrribuiioD to the lif¢ and w¢ll-b¢iDg of our local comniunity. including through our conununity acc¢s5 and service piogrammes. Policy The School provides for tlie education. training and insThction of its pupils, providing them with spiritual. moral. mental and physjcal training on the basis of Church of England principles. The ages of the pupils range from 2 10 19 years". 2 ro 7 in the Nursery and PTe-Prep School, 7 to 13 in the Junior School and 13 10 19 in the Senior School. The Head. who is a member of H¢admasrers' and Headmistress¢s' Collference {HMCI. ¢arries ultiTnate responsibiliry for the whole ii)stt"DJtion. The operatioiial managemeni of the Junior School 15 delegated to the Junior School Head and the Junior School enjoys IAPS (the Indep¢iident Association of Preparatory Schools) and CSA (Choir Schools. Associarion} memb¢Tship. The Pre- Prep School also has its own Head The combination of the Schools on the same campus provides an excell¢nr oppominity for the sharin8 of resources. especially in key areas such a5 Science. Musie, Sport atKI the VÈsual and Creative Arts. The close proximity also ensures the coherence of approach and culture for ihe majority of pupils who rnove from ihe St Edrnund'5 Pi'e-Prep ￿ the Junior School. and then onto the Senior School. Our ethos: a caring School serving our local cfrmmunity and society St Edmund's Is a charitable company which seeks 10 benefit the public through rhe educatÈon of ¢hildren in accordance with its charitable tsbjeclives. We welcome pupils frorn all back8rounds. whilst ensuring that we ar¢ able to educate and develop a prospective pupil to the best of their potential and in line with the general standards acbieved by thelr peers. Etttrance iDterviews and ass¢ssrnents are uodertaken to ensure thai w>tentxal pupils can cope witb the pace of learn￿g alld benefit from the education we pro%'id¢. The a$5e5sment process is thoioughly objective and takes no account of an individual's econorrLiC Status, gendei. eilmicity. roce, religion. noi (as far as wssiblel any disability. If there are any possible restrictions ￿ ac¢e55inB the School's education 3n(VoT Its facilities then all factors will be taken into ac¢ouDI during tbe poientlal r¢cruitm¢Jt proc¢ss and decisiolls w'ill be made with 811 stakeholdeis itivolved. The School is cottslanily revLewiDg Lts A¢c¢ss S¢ateLnent and considers how to improve the accessibility of the buildittgs and cu￿1CUlUrn that need additional support wben refurbishi08 exisiing faciliii¢s or constructiug llew otte5. We are commilled to saf¢guaTdiug aud promiiDg th¢ welfare of our pupik and expect all staff and vtslunt¢¢r5 to shore this ¢ommitrn¢Dt. Our fees ar¢ set ai a level whicb eDsur¢s ¢on5iStency its the first class education tbat w¢ gtTer to our pupils wbilsl protecting the fujancial viability of tbe School. Pa8e 3 St Edjnund's School Canterbury Directors, 2nd Governors, Report For the year ended 31 August 2022 Our ethos: a caring School serving our local community and society (continued) We embrace equal opportuniry aud are cottllnitted to a workin8 ellvironm¢JJt that is free from any fom) of discrimiTL2tion ¢)n the grouttds of colour. race, ethnicity, religton, gendei, sexual orientatiou or disability. We will make reasonable 8djustm¢llÈS to tneet ibe Deeds of staff or pupi15 who ar¢ or who be￿rne disabled. Going ttsncern We coniinue to pr¢paie oui accounts on a going concern basis as we have adapted to th¢ challenges faced through the recent pandemic and detnon51rat¢d our capability io continue our school offeiillg bofh on51t¢ at)d via Temote leaming. The group has reported an overdll sutplus of £1,514.06912021.. deficii £191,980). The Group's net ¢urren¢ assers £867.160 (2021.. nei cur¥ei)I liabiliiies (£681,388) ale supported by a stron8 n¢t asset base of £5,292,15612021'. £3,777.221) and the ¢ducation of the pupils has returned to tnoie tlormal conditlONS Ltl thc cunrnt academic year. Cash flow forecasts pr¢sented (o Governors confm that the Sclkool ha5 5ufficienf reiained and tTadin8 funds to fulfil its shon and long term financial obligftrions. The School also has the support of its bankers atd Governors are confideni thèi the pupil IiLunbers will Continue to improve in the coming years as they hav¢ done so for the year elided 31 Au8USt 2022 and are therefore conreni that the School continues to be a going concern. The Michaelmas 2022 puptl numbers support this with 637 being ihe CUJTent population ¢ompar¢d fo 587 for Michaelmas 2021. The School has benefited from the support of ifs bartkers and has taken advantage of the CoronaviNs Business Inierrnpiion Loan Schert]e {CBILSI, temporarily borrowing £500.000 with repayments btu￿ rDade from Ocrober 2021. This loan has been used to *mporarily suppon the working capital of rhe School. Repaym¢Thts are included in budgets alld ¢ash flow forecasts Audltors RSM UK Audtt LLP bas been reappointed. Statement 9$ to dlsclosure of InformgtiOD to auditors In so faT as the direct015 are aware. there is no relevant audit itrfotmalion of which the charitable company's auditor is unaware-, and the trnstees have takeD all steps thai diey oughr to have taken to make themselves aware of any relevant audit inforniatiots and to establish that (he auditor is aware of tbkt infOrn￿tIOO. By order of the Board Air Marshal C M Nicko15 CB. CBE, DL, MA, FRA¢S, Chairnian Date". Page 4 St Edmund's School Canterbury Strategi¢ Report For the year ended 31 August 2022 Appointments at)d Nominailon pro¢edtsres The Chair, Vice-chair and th¢ Ex¢cu(ive Group comprise the Gov¢rnors' NominaiioDS Group. Persons suggested as possible Enembers of th¢ Governing Body submii a cuiriculuiN I'iloe and have a preliminary ini¢rview wiib fhe Chairtnan andlor Vice-cljaimian, followed by a tneetitig with the full Nominations GroiLP at which time tbey alKJ tour rhe School. On the reconjmendaiion of rhe Nomin&tlOns Group, nornine¢s ar¢ proposed ro a ￿11 Govemors, Meeiittg for election linder Article 32 of the Melnoraiiduin and Articles of Association of the Company. i.e. until il)e next AGM of the Company. All new Govemor5 are provided with a 'Gov¢rnor5 Pa¢k' which includes copies of the Memorandum and Articles of Associaiion. minutes of Goveimor M¢¢Lings for di¢ pr￿eding year. prospectus. statutory accoutjts and any additional infomiation Ctsl)5idered relevant at the tim¢. An induction programme i5 Tnanaged by the HR departnient and includes safeguarding. EDI, tT systems. fire, health and safety training as well as a tour of the Sch(x)l including a visit ro the staff common rooms. When a new Govetnor's appointment Is fomalLSed at a Governors, Meeting they are appoiiited to one of the sub-committees And are allocated an expenenced Govemoi as a m¢nior. The Governing Body requir￿ a balanee of breadth and depth of experience in order to discharge its duties effectively and efficiently. When recnjitirtg new Governors, important attributes are a pas5ton for the work of our Sch(x)l and understanding of ¢ducation as an holistic and rounded experience of personal growth. The Governors consider that (Evherever possible) the skills and experience of the Board should include the followintr: education {including safeguarding). f￿an¢t and accounting., law l¢specially charirylpropertylemployment). senior management andlor bLLsiness.' chartered Su￿ey0r. equal opportunities or disability needs,. and individuals with Christian prittciples. The vasr tnaioriry of Gov¢rDors have mattagerial and business experi¢Th¢e. Tb¢ Board as a wbole bas considerable experience noi only UJ ¢ducatioD attd flnance. bur also in welfare. Arrnngemellts for setting pay and remuneration ol key ￿anageMellt personnel The key mana8emeni persorujel of th¢ Charity comprise the board of Governors and the Head gjpported by a S¢oior L¢adershJ'p Tearn. wbicb in¢lude5 the Head of Juuior S¢b<)ol, H¢&d of Pre-Prep and the Bursar. Tile Chairman. Vice-Chairn￿n and a Governor from the Education and Staffmg Commitie¢ constÉtute the Remuneration Conunitte¢ which approves EKeciitive Group goals and appropria￿ thrgets {Lttdividual and collective} ar￿uallY. Th¢ tiuee Heads and the Bursar submit rheir paperwork to the EiemuneTaiion Committee foi cottsideraiion and pay rises are awarded on the basis of the R¢mutJeration Committ¢e's assessment of rhe work and progr¢ss achieved tog¢th¢r with appropriate benchmarking data in¢ludin8 se¢tor specific paid for researcli lie Bain¢s Cutler Salary SUrvey￿AGBIs guidance) and l(Kal market conditions. Sub-Commiltte5 The Governors have ¢stablished the following sub￿COmMitteeS which are each gov¢rn¢d by of Tefw¢nce which are reviewed annually.. Flnance and General Purposes Committee Remlt: To oversee the financial and business operdllons of the S¢h(Kil (includtng financial planning and management. budgeThng. and debt recovery). Investments, marketing strategy. interaction with extemal auditors in¢ludin8 management letters the budget and allocation of restricted ￿ndS raÈsed. Development and E5tat¢s Commiti¢¢ Retthlt: To OV¢Tse¢ the Scbool development platt, buildsng site proJ¢cts, miDor works programme. maintenaDce (including priorities, plans and implemeniationl 2nd assessment of major projects" io ensure compliau¢e with all Health and Safety, Disability Access. Discrimination and Special needs policte5", to n)onitor all security, letting, and use of ulilitie¥ Within the Scliool illcluding those of tbe subsidiary compaoy. STEDS Ltd. Page 5 Si Edmund's School Canterbury Strategic Report For the year ended 31 August 2022 Sub-commlttees (continued) Edu¢atiOTI gDd Statllng Commlttee Remit: To oversee Sta￿][)g Inatteis, including peTS0[￿e] policieg (Discipline, GrievaThce and Appraisal procedures). staff developmeDt and perfomiance, remunerdtion of senior sthfy. educational policie5 of the Scbool alld their inipact on staffing,. to superintend ihe pastoral and conununity environment witliin the School including the monitoring of the Safeguarding of Children and Special Educational Needs and Disability policies. The Head, the Head of ihe Junior School, the Head of the Pre-Prep School and the BuTsaT attend all meetin85 of the conunittees. In$pectlon St EdmLllld's was inspecred by ISI in December 2018 for a Regulatory Compliance fDspection {RCI). No grade is aWard￿j ai an RCI, ortly a pass or fail, and the School passed every area of this inspection. The School was also inspected by Eoth ISI and Ofskd (boarding) in September 2015 and received a verdicr of 'outstanding' in many areas. In the Spring of 2022, the Headmaster notified the Departmeni of Education that the School would like to increase ils maximum capacity Irom 600 to 650 pupils. As is usual practice. the DfE commissioned ihe ISI to undertake a'short inspection, as this is iecoguised as a material change. On 27 May 2022 the ISI inspecied the School and confinned tlLal St Edtttuttd's was ¢ornpliarLt wilh all relevallt regulalions alld Itas planned 5Ultably foi the ￿Crease in piipil nuTDbers. Th¢ ISI reCo￿￿endatIon to D￿ was accepted and the registered pupil nutnber5 on roll was iDcreased to 650 as requested. Acgdemie Stalldard5 It has be¢n another sttong year for the Scbool academically. As. A Level results ID 2020 at￿ 2021 were derÈved from Tea¢herlC¢ntre Assessed GTades, Ofqual recoryunends COIDpari50n witb 2019 results (the last year of examiuations prior lo the COVID pandeinic}". This year saw a 99 /0 pass raie ai A Level12019." 98Q/ol 66Q/o of A Level grades were A* B grade512019.. 59D/o } 17 Academic departsnents Scored 11)O(A+ success at gainiug A• C grades for their pupils. Of the 46 pupi15 ID U6, 27 pupils1590/fj) achieved at least ODe grade A* or A The EPQ Tesults were consjsient with previous years, wtih 43 % gaining A* or A (2019.. 600/&} and 100 /D A*_C12019 900/0). GCSE r¢sults were again excellent. The percentage equivalent of 9-7 grades at GCSE wa5 370/0 (2019. 360/01 The percentage equivalent of passes at Grades 9-5 ai GCSE was 79 /o12019.. 570A} The percentsge equivalent of passes ai Grades 9-4 ai GCSE was 92Q/o12021.. 92Q/o} I S Subjects had a IOOO/o pas5 rat¢ at 9-4 (2021..171 22 pupils achieved at least one Grade 912021". 19) 5 pupils achievd 4 or more Grade 95 (2021.. 9) Co-curriculgr Offering The school provides a broad and rieh eo-eurrieular offering. This aims to develop leadership and communication skills. resili¢n¢¢ and mental and physical well-being. The programme includes". Comprehensive Sport and PE prograEnme Regular ¢otnpetitJve f￿￿r¢S with orher SCh￿lS Scholars. Pro￿arnme￿ for academics, music, thama, aTt and sports Friday afiernoon Skills & Services time Combined Cadet Force Duke of EdTnbuigh's Award Scheme Work experience for Year 10 pupils "The Curiosity Shop" luncbtim¢ lecture series Over 40 weekly ￿-¢u￿)CUlar clubs across tbe three 5ch¢y)Is (5POrting. CUl￿ra[ and acaderttic} East Kellt Children's Orchestra Multiple choirs. eDs¢mbles, bands and OT¢knestrhs High quality Drama productions Page 6 St Edmund's School Canterbury Strategi¢ Report For tli¢ year eDded 31 August 2t122 Co•curri¢ular Offering (eontinued) Programm¢s For Drama and Music Scbtslars INTERAfff- Cbarity fundraisiThg cotnmittee School Council Debating Society LS Outdoor ActÈvity Week Creative Sa¢urday morning programme which employs outsid¢ 5p¢cialist5 in area$ such as Fir51 Aid and International Cuisine Annual Enriclitnent Week for all pupils in years 3 to 8 as well a5 vaTIOU5 educational trips. day and r¢sid¢ntial, for all year groups Pllbllc Benefit Our primary pU￿oSe is the provision of educational servi¢¢s to young people ag¢d 3 to 19. drawn from as wide a Cross section of the public as possible for which we offer some fee discounts. Aimo$t all of the fee discounts consist of scholarships and means tesid biirsaries OUT educati¢)nal servic¢5, bas¢d on An8lican Christian principles, consistently exceed nati¢mal benchmarks and include a range of subjects not widely availabl¢. Our aiTll is to develop ¢1)nfident and capable young people, with lead¢rship potential. who can make a p051tiw¢ contribution ttTr soci¢ty. With the financial a&sistance of the Dean and Chapter of CanteTbury Cathedral, we fAiucaie the Canterbury Caihedrdl Choristers who are drawn from V￿allY and musically abl¢ boys from a wide Cross section of th¢ community. Tbeir seleclioD and education at St Edmund's Is Dot dependent on Ibe ability of their familh¢s to pay Scbool fe¢5, but on ￿eans-les(ed bursaries provided by various charities including Si Edmund's School. These ChoTlSters have Provid￿ musical (Trutr¢acb throughout the Dioccs¢ and bave been an integral part of the choral services that have been broadcast nationally and iDt¢rnationally dunng the COVID-19 palldemic. The Ind¢p¢ndent Scbool Council commissioned research using the Oxford Economics Asseswent Tool into th¢ f￿ancial itnpact of the public benefit that independent schools provide to botb their local area and the UK'S GDP. St Edmund's School was evaluated as contributing £15.6m to tbe UK GDP and £9.6m to the Callterbury local authority district last year. Additionally. we hav¢ beeD 3ss¢ssed as supporting Dearly 450 jobs nationally, of wbich well ovei 300 w¢1¢ irL our local area. It was also calculated that Si Ednjund's Scbool saved the UK taxpayer £3.] m iti the last financial year. The Scbool has establish¢d a number of munjally beneficial links with maintained Schools sn Canterbury, offering pupils from diverse backgrounds Iht opportunity to work logeth¢r iu the contexi of Gifted and Talented extension Work. and ID joint activities suetrl ag M￿$1¢ and maths workshops, and to enjoy bavin8 high profde visitin8 $peak¢rs from the local community and beyond. We have been sympathetic towards the plight of Ukrainian families with the ongoing invasion of their ¢ountry. We CUiTei)tly provide 13 fre¢ places to pupils that have fled from Ukraine across a number of y¢ar groups. Additionally. we have a numbv of gatherings for displaced Ukrainian families lo me¢t new people from the Canteibury area. The School established the annual St Edmund's School Festival in June 2017 which was open to and attended by members of th¢ local community and continues to grow in scale and reach. St. Edmund'$ is an in¢Rdibly activ¢ member of the East tQ¢nt Schoo15 Together pioject, our Head and Assistsnt Head having spent the 2020121 as ChairpeTSOiiS, a partn¢rship which bitngs tO8eih¢r 10 State and independent Scb(y)1s along with a univetsily. The paTmership aims to ¢rnhance the lea¢hin8 and l¢arning of cbildren in the Schools by sharing best practice. organising le￿ber meetings and excbanges ￿ld providing opportunities for pupil ¢ollaboration in creattve and acadernic pitsjecls. St. Edmund's was asked to help suppon a local state s¢hool, Archbishop's, and there #re a number of projects that we ate working on with thern including a CCF partnership allowing over 35 Archbishop's pupils to benefit ft¢)m our excellence leadership iti thÈs area. Childr¢n a wide lange of local priDWy scboo15 have enjoyed KS3 exp¢rien¢e days with us. Th¢ Pre-Prep Scbool Organis￿ 'Toddler Time, Nursery activity sessions eacb half ierni for lo¢al pre. School children as well as Sawrday activity mornings for 2-7 yeai olds tbroughout the year. As part of the Senior School Skills and Services Programme every Friday afternoon. pupils do volunte¢T Work wittl local ¢hariti¢s and in lo¢al primary Schools. Page 7 St EdtnuDd's School C3nterbury Strategi¢ Rtport For the year ended 31 A Publi£ Benefit (continued) ust 2022 We provide opporNnilies for pupils aiid teachers from overseas S¢hools lin¢luding USA. Swedell. Frdnee, Poland, Gemiany and Japan) io spend time al St Edmund'5. We have a fornial link with the Bitkent University in Ankara. Turkey with which we have mutually beneficial educational links in terms of student and staff teaeher training St Edmund's aTrallged for exlemal speakers to pr¢scni on E-safety. Gender Idenliry and Future Careers inviting representative5 from local se1￿07$- bolh mainiained and independent to attend. Representatives froin the Si Edmund'5 Big Band a¢corDpallied by Si Edtnund's music teachers visited pupils at wll￿ham, Ell)am and Bridge Primary Schoo15 to PTovide a ChTJ5tma5 Jazz Experience and workshop. Si Edmund's were again pan of an An Collaboration Proj¢cL bi'irlging pupils together online across local schools. St Edmund's runs the East Kenl Children's Orchesrra. This was fomied for children under the atse of13 from any School, who play alongside our own Junior School pupils. This has allowed development of the Scbool's overall orchestral provision and we also run a St. Edmund's Symphony Orchestrd open io ¢ommuniry players. This is an eftsemble for adv8n¢ed players in the eornmutjity. up to the age of eighteen. A Choral Society open to all local adults. for over 20 years culminate5 in an annual performan¢e in Canterbury Cathedral. The area Duke of Edinburgh Award's evening wa5 hosted in the School's rileaire in 2021 with pupils from several local schools in attendance. St Edmund's encouraged local schools to have access to our Menu of Opportunity (online learning magazine) weekly ihroughout the lockdown. Thiough links with th¢ English Chamber Orchestra. the Easi Kent Children's Orchestra provides the basis for Creative Coru]ections. a scheme which takes professional musicians inio piimary Schools in the ai'ea. Our Music School facilities are open to local and natioTJal orgaDisatLOIiS {such as the can￿[bUry Youth Choir) as a centre for perfomiing arts and as a resouwe foi teaching and public performance. Wc offer work experience opwrtulliries for local young adulis and are currently slipport￿g a college student with their Early Cbildhood course by speuding rime in ihe Nursery and Pre Prep schools. Tb¢ Scbool runs a rlumber of Open Days througbout the Ye￿ wel¢on￿￿ tbe local cornmunity to ¢oÉne and See wbat Si EdrnuDd's Scbool has to of(er. Oui Drama deparrmenl put on a numb¢T of p¢rforJnan¢es open to merobers of tbe public. perforn]¢d by rnernbets o(all It￿e Schools wilh a special maiillee peTfoman¢e for over 250 PTimary school pupils. SoThe of our staff manufactured PPE for local priinary schools and N'HS staff for use during the COVID-19 pandemic. During tile COVID-19 pandemic the School provlded educaiion for the ehildren of key workers in tertn time and holidays. Five SCDior rneiTLber5 of the School are Governors in local stste schools aud mauy otlier staff members volunteer witb local and national cbarities. We provide extensive additional public benefits. for example.. Indoor spons facilities, Trnni5 courts, football pitehes and All Weath¢r Pitch- all used by nunierous local 5POrts groups at only a nominal charge Fundraising. in 2021-22, through charitsble activits"e8 by OUT pupils and staff. donated £9,309 (2021.. £4,954) for local and national causes. A Roiary tNTERACT Club tun by senior pupils ¢oordinates ill the Senior Sehool'5 charitsble ftts)draising. community service and international giving. The Junior School, Jn conjunction with the University of Kent, operates a Math5 mL%ter cia&8 for children frottl local Primary S¢hoo15 on Saturday moTnin8s and irs staff have been Lrtstrumentrdl in setting up and twinitkg an tntcr Primary School Maths competitioTh. Led by the Royal Institution, Ihi5 is Tun in conjutJctlOD with St Edmund's and the University of Kent. FaGiliti¢s for various organi5ations including Kent Fire Brigade and the NHS. Facilities available for Kent County Council training cours¢s. The School facilities wer¢ used to host the Easi Kent Women's Institute's Centenary Garden Party with over 31)0 members in attendance. Use of Theatre and Recital Hall for a number of organisattons iDcluding Cauterbury Festival, Canieibury Choral Society Youtb Choir and caritas Cha￿ber Choir Fin#llei#l P¢rformance TFLe ongoiDg pandernic of COVID-19 contlnues to effeci the sborl tem perforn)ance of many compaDi¢S including indepeDdeDt schools. The S¢hool's Enauagement bave adminisieied (he finances effectively over tbe last years and wiib pupil nutnbers rettming io normal l¢vels the futuie is looking positive. Tb¢ reduction in fees applied and pupils at th¢ school during the period of tbe paudemic have meant that the usual KPIS the School uses to rneasure perfortrlance have been less helpful in d¢terrllining the School's success and effi¢iencie5. The main driver in the lasi two financial years bas been io contit)u¢ to provide an excelleat edu¢ation foi our pupils wlll.lst maiThtaiDing as solid a casb Position as possible. Page 8 St Edmund's School Canterbury Strategic Report For the year ended 31 A￿8￿1 2022 Financial Performance {continuedl Tlie School has benefitted from 8ovemmenr support tlvough tlie Coronavirus Job Retention Scheme ICIRSI and the CBILS which. amongst otheT actions including staff voluntarily tsking tempornry pay cuis and a Yoluntary redulldaAcy pro8rauwne, has enabled the Scliool to CODtinue tradin8 successfully. The School received gross fees of £13.561,486 (2021.. £11,637,187) out of whicli Scholarships, Butsaries and othEr allowances ioralling £2,515,73812021.. £2,295.6441 were made, leaving net f¢e income of £l1,045.748 (2021.. £9,341,543)_ Oiher income includes £NIl12021.. £207,748) received fiom the COVID-19 job r¢tention scheme ICJRSI and that from the School's trading subsidiary with wral oth¢r incorne b¢ing £1,794,03412021.. £315.1971 givÈng a total income for ihe year of £12,839,78212021." £9.656,739). Included in other income is a restrici¢d donation of £1,5(￿,000 {2021. Nill. The School's expenditure, includtn8 TradiDg Subsidiary. was £11,272,543 {2021.. £10.029.01 I I resulting sn a consolidated sutplus of £1.514,0691,12021.. deficit {£191,98011 aft¢r other r¢¢ognised gains and losses. Capital expenditure amounted to £258,315 {2021.. £243,7231.The Group's net currenr assets £867,35912021.' nei curreni liabililie51£681.388)l are supported by Strong net asset base of £5,292,15612021.. £3,777.22]) ond ihe ¢ducoiion of the pupils has r¢turn¢d to more ttomvd conditions in the current acadernic year. The COVtD-19 pandemic affected ihe independent sector as a whole and St Edmund's didn't escape this. However. the Governors and Executtve were quick to respond to the challenge5. Governors working with the Exe¢iitive Team, continued to employ strate8ies to miiigate ihe risks where possible. This included a reduciion in fees for parents during th¢ pandemic and benefitting from the 8ovemmenVs COVID-19 Job Retention Scheme {CJRSI illcliided in other income £NtL12021". £207,748). The wholly owned subsidiary STEDS Limited principal activity of the company continued to be that of the purchase and sale of stationery and books to stsff and pupils. and to act as agent foi Si Edmund's Sch(K)l in respect of certain lettLIh8S activities. The profits for the year £92.27212021.. £2.5111 ate distributed into the ￿h0o1 parent coropany under gift aid and net asseis are £34.2(K)12021.. £34,200). Key Perform*llce Indic8tor5 Govemors use the infom)ation ¢ontained in the table below ￿ review perfornunce against key perfomiance indicatOT5. 20211Z022 20201202 I 20191Z020 201812019 2017120L8 591 559 570 572 588 6.16..1 6.(b..I 6.09..1 6.39-.1 Aver¥ e No. (kf Pu Pu iI..FTE Teachi Total Staff costs rcenta e of Gr055 Fees Texhin2 Staff Costs er£¢nta e of Gt05s Fees Means Tested Bursgries ercent of Gross Fees i]s Staff Rxiio 58.7P/o 62.9r/ 53.2(P/i 44.36Q/o 46.4￿/. 50.8P/. 45.040/ 42.28V. 5.130/0 4.440/. 3 420/0 3.W/• For academic perf0m￿nCe please refer academic standards results earlier in the report. Bursary and Scholarship PolRCi¢5 Bursary and scholaiship awards are vital in ensiiring that children frorn families who would othenvise not b¢ able to afford th¢ fe¢s can have acces5 to tbe education we offer. We do not have a lar8e endowment and in funding our awards we need to ensure a balance betw'een fee-￿ying parents {many of whom make coosideiable personal sacrifices io fijnd their child'$ educarion). and ihose benefiiing frorn the awards. Our bursary awards are available ¢0 all who meet our gen¢ro1 enty requiremeDiS and are tnade solely on the basis of parental raeans or to relieve hard51LiP wbere a pupil's educaiion and futuie prospects would otherwise be at risk, for example in the case of wiundancy. ID accordatjce with oui objects. w¢ place particular emphasis on children of deceased clergy. The awards currently range frotn 5Q/o lo IOO°/o of fees. Si Edmund's provides for some I(￿0 bursarie5 where it ha5 been detertDined tbai a place at St Edmund's would b¢n¢fit a clu"Id's educational welfare. Si. Ednjund's supported 4 pupils {2020.. 41 with IOO°/o bursaries in the year. We also offer dtscounts to mernbeis of the Armed Force$ and ro s¢aff members who choose ro educate their childreTh ai oui Scbool. All bursary awards ar¢ subje¢t to financial needs assessment. In line wi¢h our objects we also offer support ro orpbans of elergy familie5. Our scholar$bips are awarded on the basis of tbe individual's educational and extracurricular merit or pot¢utial. subject to any condition imposed for particular awards by the on8inal donor. Page 9 St Edmund's School Canterbury Strategic Report For the year ended 31 August 2022 AcknoTrvledgement The Gov¢mors are unanimous in ¢xpre5sillg their appreciatIoD lo ib¢ Exe¢uLive Gi'oup and all tbe members of the Tea¢liing and Busthess Services staff of St Ethnund's for their continued support and unsliniing contributiODS io rbe success of the Scbool. Investment Pollcy and Powers Th¢ School's iuvesitneni powers are govern¢d by the MemoTaDduni of Association. which pemiis unr¢stri¢t¢d funds to Ix invested in any security or investments aDd property, as the Governors feel appioptiate lo tl)e School's ne¢ds. Th¢ Governors. aim is to maintain thc real value of Endowm¢Dls. witl) benefits provided to PUPLIS ¢oniing from the income generated by inveslTnents. The target annual investment re￿rn is inflation plus 3Q/o based otj discussions with the relevanr investmeni bouse and Governors when deterniining the level of risk for the School's inv¢5tments. The actual reNrn reported is 4.71 / (2021.. 3.44Q/ol. Investment Portfollo Perform3nce The Gov¢niiug Body reviews the performance of the inve5ttn¢nt ponfolio each quarter against the movernent in the FTSE 100 index and similar portfolios and seek5 explanation5 where necessary from the School's investmetht manag¢rs. During the year th¢ Gov¢tnors moved the School's illvestmeDts io CCLA from Brewin Dolphin aft¢r uThd¢rtaking a tender in the previous year. Gov¢rnoTS are pleased with the p¢rfomance and reporting by CCLA. R¢serv¢s Policy The School's Poli¢y is to maintain workin8 capital sufficieni to ensure that short-term risks can be covered adequately ID tetms of cash flow and aim ro add to reserve5 a mitiLtnum 5urpllls of £ l(X),000 each year and. Th¢ reserves policy is reviewed on a regular basis by the Oovern015. The rn05t likely risks ar¢ an unfor¢¢ast reductiOD in pupil nurnber$. a signifi¢ant repair reqLiiremeni in the S¢hool'5 infrastructure or externally imposed lax or pensioDS changes. Wbile th¢ Board has T¢cogDis¢d ibal its lollg-temi aspiration for greater reserves is difficult to achieve wben Fixed A$5els are excluded. it has agreed that, al preseDt. amy surpluses over the minitnum Su￿7￿5 will be spelli Oll further imprOv￿g the fa¢iliti¢s of th¢ Scbool for Qu￿¢￿t a￿d filture getserarions of pupils. The School bas an ambitious developmettt plan of new buildings and r¢furbishmenls Whe￿ fuad5 become availabl¢. In line with many oih¢r 5choo15 in the independent sector aod across nujnerous otber sectors, the COVID-19 parKlen)ic ha$ bad a significant effect OD the Scbool's financial performan¢e both Ln thIs year and the previous y¢ar and the School's Reserves Policy fo iD¢rease reserves by a tninimlun of £IOO,000 ha5 had to be t¢mpordrily suspended ￿ suppoil the education of our pupils. The Governors took decisive ttleasures. 5ucI) as makiDg use of the goven)meni's Job Retenfio Scheme to help mitigat¢ the impact and are confidettt that the la51 two years, perforn￿nce does not affect the overall going n¢em of the School. The Governors plan to reDJrn Re5eÉves to their pre COVtD-19 levels as soon ts Possible although reco￿15¢ tliat this is a medium temi goal. As ttading continues to return to nomial levels Governors will Consider the appropriate retention of surpluses achieved and may adjust their target of £100.000 per ar￿UM. Provision of Servlees to the Charity Th¢ Govemors ar¢ tuindful that professional and o¢her servi¢es provided to the School should be subjKt ¢0 regular review to ensure that they ar¢ appropriate to tbe School's needs. delivered to the highest w)&8ibl¢ Siaudard and provide good value for money. Disability and Eq￿#1 Opportunities Poli The School's policy is to give ￿11 and faiT consid¢ration to disabled persons applying for e￿P10y[n¢Dt, having regard io their particular aptitudes and abiliti¢s. Lik¢wise. consideration will b¢ giv¢n to th¢ contlDuing ¢mploymeni and appropriate training of persons who become disabled. The School's policy is to provide equal opportunities to all staff ort the basis of objective criteria and personal merit. Th¢ Gov¢mors hav¢ approved a Scbool Accessibility Plan for the disabled. Page I St Edmund's School Canterbury Strategic Report For the vear ended 31 August 2022 Future Plans and Dei'elopments The S¢hool is pla[￿l￿g to colltinue operating in line with its curtent objeets, whieh are reviewed and assessed annually by the Board of Governors. The S¢liool aims to ￿rther Lncrease its provision of free {IOO/fj bursary) places as futtditlglendowments allow, as well as its wider public benefit activities. The Oovernors have reviewed the Estate Development Plan ai their recent Strategy Day and plan to improve ihe aLadeTlliC. pastoral. boarding and sporting PTOVLsion for piipils over the next detade. This will include investing m sustainable and Tetsewable technologies Phase l of this plan was a new iea¢hit)g block consisting of 8 classrooms which was completed in Spring 2018 Over the lasi couple of years fundraising has been undertaken for the second phase of the teaehing block and continue5 which will ￿rther improve the teaching $paces. A planning permission applieatiorl for this development will be submitted to Canterbury City Council in the next few monihs. Tlie Chapel Organ lias been refurbished and the School has secured planning permission to improve the 5wrting facilities with the permanent coverin8 of the outdoor Swimming pool and expansion of the Sports. Hall. Several cla5sroorns in the Jvnior $chool have been refvrbighed to include teaching walls in¢orporaiin8 Illteractive whiteboards. genius laboratory and a brand new library. This re￿IbIShMent programme WLII be rolled out across the Junior school over the Coming periods. The School has submitted a planrling applitation for the eonstrnction of a sports. pavilion and the revSitin8 of the Caiit¢rbury Squash Club onto the Jaekmart Field. Fundraising Policy The School LS Tegistered wilh the FuTkdraising Regulator committing to follow ihe Code of Fundraising Practice and the Fundraising Promise. The school's approach to fundraising is internally managoj and ensures thai reco8ni5ed standards ￿e upheld and the school did not undertake any direct fiLndraising diiring the year {2021.. Nil) The school does not use any fund raising agencie5. Any complaint5 are dealt with prornptly and that campaigns are not petsi5tent protecting publi¢ interests such as vulnerable people and the school did i)ot receive and complaittts during the year (2021. Nill. Ili$k Management The Governors acknowledge their respoDsibility lo consider the risks fated by the School a￿d to ensure that adequate controls are to place to identify. assess and miiigote against such risks. Tbrougb the iisk tnanagement processes established by the School, the Governors ait satisfied thai the major risks have been identjfied and mitigated where lle¢￿ary. alld that the systems and procedures have been put in place to provide reasonable a$5uraThce that rnajor risks have been adequately Tnanaged. The GovetDOTS and Executive Groiip have identified the following key are4s of risk and have taken appropriate action, as far as possible and piactical, to protect the Organisation froln any potential adverse exposures thal could arise. Steps have therefore beeTh takell to ensure that we bave the capacity to.. Ke Area Manage any continued disruption due to the COVID-19 pandemic; Action taken Ensw¢ ability to Teturn to the ¢xcellent remote learning capabiliry is maintained and any knowledge gap in pupils education is reversed The Curriculum Plarh Is reviewed annually during the budgeting Process arhd is used io ensure staffing and resources are ade uèie for the ex ected Il numbers Robust recrnitment processes Managed by the HR Mana er and inve5tmeTht in CPD Rollitlg rnaintenance and Estates Development plan$ Meet the demand for pupil places. Recruit and retain sufficieiit levels of skilled staff. Provide and maintain adequate physical resources and infrastwcttire" Provide adequate levels of governance and op¢rational conrrol. Pr¢vent events that tould damage the School's reputation" Annual Governor skills audit and targeted Governor recruitment Regular training of staff, strong pupil education aftd PR strate UK GDPR compliani and constant Lnve5tment in IT resources as well as re laT extetDal testin ofs stems Well trained desigThated staff and robust systems in place Provide adequate IT systems and ¢rL5ure the prot¢etion and securil of CODfideDtial inf0m￿li0￿. Provide adequate controls to ensure the safeguarding and welfare of The Strategic report was approved by the board ott .. . and signed OD their behalf by.. Air Marshal C M Nickols CB. CBE. DL. MA, FRAeS. Chair Page I I St Edmund's School Cgnterbury Direttors, respoll$ibilities in the prep4rgtion ol nnAncial st*tements For the ?eaT ended 31 Au ust 2022 St4temeDt of Direetors, Responsibilities The Directors (who are also Trustees of the ¢knarktabl¢ co￿panY and GoveTuors of tbe School} are respotjsible for preparitjg the Directors, 2nd Governors. Report and the f￿anCial statements in ac¢ord8n¢e with applicable law and United Kingdom A¢coullting Standards (Unkted Kingdom Generally Aceepied Ac¢ountii)g Practice). Company law iequires the Directors to pr¢par¢ financial stsremenis for each finan¢i81 year which give a lrne and fair view of the state of affairs of the cliaTltabl¢ company and the group and of the incoming resources and application of resources. includillg the income and expenditure, of the ¢haritsbie group for that year. In preparing these finan¢ial statements. the dir¢ctors are required to.. select suiiable accounring policies and then apply ihem eonsistently," observe the methods and prineiples sn the Charities SORP, make judgments and estimaies that are reasoiiable and prudent", sia* wh¢th¢r applicable accounting stalldards hav¢ be¢n followed. 5ubj¢¢t to any material departur¢s disclosed and explaiii¢d in th¢ fLnan¢kal stai¢m¢nts,' prepare the flnancial statements on the going ¢on¢em basis unless li is inappropriate to presurTre that the 8mp will contlrtue in business. The Directors are responsible for keeping proper aceounting reeoi'ds that disclose with reasonable accuracy at any time the financial position of the charitable cornpany and enable them lo ensure that the flnancial sts¢ements comply with the Companies Acr 2006. They are also responsible for safeguarding the assets of the charitable company and the group artd hence for taking reasonable steps for the pievenlion and detection of fraud and oth¢r i￿¢gUlaritIeS. Th¢ Trustees are also resport5ible for ensuring tbat the assels Are properly applted ill accordance with charity law. The Trustees are responsible for the maintellance and iniegrity of the corp)rate and f￿ancIal Information included on the ch2ritable cortLpany's website. Legislation in the UK goveming tbe preparation and disseminaiion of f￿ancIal statements may differ from legislation in oth¢r jiirisdictions. Page 12 St Edmund's School Cgnterbury Independent allditor's report to the members of St. Edmund's School Cgnterbury For the year ellded 31 Aueust 2022 Opinion We have audited tbe financÈal staternetkts of St. Edmunds School Canterbury (the 'parent charitable eompany'} and its subsidiary (the 'group'l for the year ended 31 Augusi 2022 which comprise ibe Consolidated Statement of Financial A¢tLvjlies lineluding tbe lrteome aiid Expendittlre Account). the Groiip and School Balance Sheets, the Grollp and School Cash Flow Statements and notes to the firjattcial stalemettts. ineluding signifieatti accouniing policies. The flnancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102"The Finaneial Reporting Standard applicable in the UK and R¢public of Ireland" Iunited Kingdom Genci"ally Accepted Accounting Practice). In our oplnSon the financial stat¢mentS: give a true and fair view of the stale of the group's and the parent ¢haritabl¢ Company's affairs as at 31 August 2022 and of the group's incotnirL8 Fesources and application of resources. including its income and expendiNre. for the year then etidcd. have been properly prepared kn accordance with United Kingdom Generally Accepted Accounting Practic< aDd have been prepared in accordance with the requirements of the Companies Att 2LN)6. Basts for oplnion We Conducted our audit in a¢¢ordanc¢ with luternational Standards on Auditing (UK) IISAS (UK}) and applicable law Our re5pon5ibililies linder tknse standards are further described in the Auditor's responsibilities for the audit of th¢ financial statements section of our Feporl. We are independent of the group and parent charitable company in ac¢ordan¢e with the ethical requiiemenls that are relevant lo our audit of the financial ststements in the UK, inclllding tlie FRC'S Ethical Standard and w¢ have fulfllled our other ethical responsibilities in ac¢ordan¢e with tbese requiremettts. We believe that the audii eviden¢e we bave obiained is sufficient and appropriate to provide a basis for our opinion. Concluslon5 relating to going concer In audiiing the f￿an¢1a[ slatemenls. w¢ have concluded tbat the trustees, use of tbe going concern basis of a¢¢ouniing L th¢ preparation of tbe fuhaD¢ial statements is appropriate. Based the work we have perlortned, we bav¢ ELOI identJFied any material uncertainties relating to events or conditions that, illdividually or collectively, may c3St signifi¢8nl doubt on the group'5 or parent tbaritabl¢ company's ability to ¢ontillU¢ as a 80iug concern for a period of at least tw¢lve mootbs from wbeo tbe fioaocial statemethls authorised for issue. Our responsibilities and tlie resp)nsibilities of the trystees with respect to going Concern are described the relevant sections oFthis reth)rt. Other information The other infomiation ¢ompTise5 the information included in tl)e Directors. and GovemoFS' Report other than the finan¢ial $tat¢ments and our auditor's report thereon. The trustees are responsible for the other information contained wilhiTh the Directors, and Govemors. Report. OUT opinion on the fina￿La1 statements does not Cover the other infotmalion and, except to ihe ext¢nt oth¢rwise explicitly sthied in our TeporL we do not express any form of assurance con¢lusiou th¢r¢on, Our responsibility is to r¢ad th¢ other information an4 itl doing $0. ¢otLsider whether the oihei information is materially iTLCOllSiSteni with the financial 5tat¢m¢TLts or Qui knowledge obtain¢d in th¢ ¢ourse of the audit QT otherwise appears to bE materially misstaied. If we identify such mat¢rial in¢onsi5ten¢i¢s OT appar¢nl material mi55tal¢ments. we are requir¢d to deiermine whether this gives rise to a material misstaLem¢ni in the financial statements th¢tnselves. If. based on the work we have perfomied. we CODclude that ther¢ is a material misstatemeni of ihis other infomialion, we are required to report that fact We have nothittg to report in this regard. Page 13 St Edmund's School Canterbur Independent allditor's report to the members of St. EdniuDd'$ School Canterbury For the lear eDded 31 Au ust 2022 Opinions OD Other mtstttrs pre$¢ribed by the Companies Att ZOO6 In oiir opinion. based on the work undertakeo in tbe course of tbe audit.. th¢ infom)ation given in tbe Directors, and Gover￿rS, Report and the Strategj'e Report prepared for the purposes of company law. for the financial year for which the financial statemellts ate prepared is consisieot with the [￿ancial statements,. and the Directors. And GovemoTS' Report and the Strate￿¢ Report have been prepared in accordanee with applicable legal requirements. M*tters on ivhich we gre required to report by txceptlon In the light of the knowledge and understanding of the group and the parent charitable company and the￿ environment obtained in the course of the audit. we have not identifjed material misstatements in the Directors. and Govemors, Report and the Strategic Report. We have nothing to report iii respect of the folk>wing matters where the Compaiiies Act 2006 require us io report to you if, in our opinion.. adequate accounting records have not been kept by the parent charitable company. or re￿rnS adequate for our audit have not been received from branches not VlSlted by us: or the par¢nl charitable etsmpany financial statements are not in agreement with the accounting records and returns. or ertaiD disclosures of trust¢es' remuneration specified by law are not made" or we have not r¢c¢ived all ihe informatioll and explanations we require foi our audit. Responsibilities of try$tees As explained more fully in the Statement of Trustees. responsibilities set gut on p￿¢ 12, the trustees (wbo are also the directors of tbe Charitable company for the purposes of company lawl are responsible for the preparation of tbe financial stztetnenls and for being satisfied thai rhey give a true and faar view. and for 5vch internal control as the trustees d¢ternitne is necessary to enable the prepararion of financial statem¢nts that are free from material misstaremell¢ whetber dll¢ to fraud or error. In preparing th¢ financial statements. rhe trustees are responsible for assessing the group's and parent charitable company's ability to eontÈnue as a going concem. disclosing. as applicable, matters related io going ￿nCern and ll5ing the going ¢on¢em basis of ae¢ounting unless the trnsrtts either intend to liquidate ihe group or parent ¢haritabl¢ company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the fillsncixl statements Our objectives are to obiain Teasonable assuranee about whether the flnancial statements as a whole are free from material misstatemcnt. whether due to fraud or error, and to issue an auditor'5 report that Includes our OPLnion Reasonable ssurance is a high level of assurance, but is nor a guarantee that an audit conducted in accordance with ISAS {UK) will always delect a ma¢rial misstatement when it exist5. MLSSt&tements can arise from fraud or error and are considered material Lf, individually or in the aggregate, they eould reasonably b¢ expeeted to influence the economic decisions of users taken on ihc basis of these financial statements. The extent to which the audit was considered capable of detecting irregularities, including fraud Irreglllaiities are instances of non-compliance with laws and regulations. The objectives of our aitdil are to obtaIn sufficieTLt appropriate alldit evidence regarding compliance with laws and r¢gulations that have a direct effect on the determination gf materlal amounts and disclosures in the financial sratements. to perform audlt procedures to help identify instances of noD-compliance with Other laws and regulations may have a Tnaterial effect OD tbe flnallcial statements. and ¢0 respond appropriately to identifled or suspected non-compliance with laws and regulatlOll5 identified duiiDg Ihe audil. In r¢latioD to fraud, the obJectiv¢s of our audit are to idetttify and assess the risk of material tniS5tatemeni of the ftttancial staten)ents due to fraud, lo obtain sufficient appiopriate audit evldence regarding the assessed risks of tnaterial Fnisstatenient due to fraud througb designing atLd implementing appropriate responses and to respond appropTiat¢ly lo fraud gr suspeeied fraud identified during the audit. However. it Is Ibe pritnary responsibility of management. Wlth the oversight of thos¢ charged with governanc< to ensur¢ that th¢ entity's operations are condu¢t¢d in accordatLce with th¢ provi5i0ns of laws and regulations and foi the pr¢v¢ntion and d¢leotlOD of fraud. Page 14 Si Edmund's School Canterbury Independent auditor's reporl to the members of St. Edmund's S¢bool Canterbury For the }ear ended 31 Augu51 2022 Auditor's responsibilities for the audlt of the financial statements (rontiDu¢d) In identifying and ass¢5siag risks oFmaierial misstatem￿11 iii respect of irregularities, including fixud. th¢ group audit eugagement t¢am'. obtOiDed au uuderstandiDg of the naDJre of the sector. including the Icgal and regulatory franework thai th¢ group and pareni charitable ¢oinpauy operate in and how tlie gioup and parent charitsble company ar¢ ¢omplying witb Ili¢ legal and regulatory fram¢woTk. inquired of managemeni. and those ¢haTg¢d with governance, aboui their owi) identification and assessment of Ihe risks of irt¢gul8riiies. ii)cluding any known actual, suspected or alleged itista￿e$ of fraud. A5 a r¢sult of thes¢ PTo¢edures we consider the most significant laws and regulaiitsns that have & direct in)pact on the fu￿ncial statcm¢nts are FRS 102. Charities SORP IFRS 102}. Companies Act 2006. Chariti¢s Act 2011 and the parent haritable conipany's gov¢rnittg dOcU￿￿nI. We perfomed audit procedur¢s ro d¢t¢ct non-compliances which may have a material impact on th¢ finan¢ial statejnents which included Feviewirt8 the financial stat¢meDts including the Trust¢¢s' Report, remaining alert to new or unusual transactions which may not b¢ in &C¢OTdance with the governing documents. The mosi si.tsnificant laws and regulations that have an ￿di[¢¢t LInpact on the financial statemen¢5 ar¢ Th¢ Education (Independent School Siandards} Regulations 2014. Ke¢ping Childr¢n Safe in Edlication under section 175 of the Educatiort Act 2002, and th¢ UK Gerteral Data Protection R¢gulation (UK GDPR). We perfor￿ed audit procedures to inquire of management and those charged wilh governance wherher th¢ chariiable company is in ¢ompliance with these law and Tegulations and inspected ¢ottespondence with regulatory authorities. The group audit ¢Dgag¢mellt t¢am identified rbe risk of management overrid¢ of controls as the area where tbe financial statements were most siisc¢ptibl¢ to tnaterial misslatetnenr due to fraud. Aiidit procedur¢s perfonned included but w¢rc rtoi limited io testing manual journal ¢ntri¢s and other adjusfment& evalLiating the business rariollale in relation to significant. unusual transactions and trarAsactions ¢rLt¢r¢d iDlO Oiltside the nottnal cours¢ of business. challenging Judgmeats and estimates. A further description of our responsibilities for the audit of the financial $tslements is provided on the Finaocial Reporting Cotsncii's website ai h¢tp."Ilwi%Tr¥.frc.org.uklauditor5r¢sponsibiliti¢s. This descripiioll fornis part of our auditor's Teport. Use of our re￿rt This report is made sol¢ly t(Tr the charitable company's members, as a body. irt accoidance with Chapter 3 of Part 16 of the Companies Act 2(K>6. Our audit work has been undertaken so ihat we might state to the charitable Company's members those matteTS we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pemitted by law. we do not accept or assume r¢sponsibility to anyone other than the charitable compally and th¢ charitsble cornpany's rnembers as a body. for our audit work, for this report, or for the opinions we have forn¢d. LSM LLP HANNAH CATCHPOOL (Senior Srattitory Auditor) For and on bebalf of RSM UK AUDIT LLP. Statutory Auditor Cbartered Accoulltants 25 Fatritsgdon Street Lorldorn EC4A 4AB Date 21st December 2022 Page IS St Edmund's School Canterbury Consolidated 5tatemeDI of finaucial activitie$ (includlng iDcome gnd txpenditure aeeount} For the year ended 31 Augllst 2022 Ntsie Untestrict¢d Restricted Fndowed 2022 2021 Incon￿ froLri DDnations and l¢gaties 1,558,870 1,558070 ,622 Charitabk activities I l.(A5.748 11,045,748 9.341,543 her incowt- ICJISI 207.748 (xhcrtrdd￿g incotit 181,205 186,$16 &6,4q) InvestTr£nts 20,823 3,621 24.203 48ffi47 29,336 Total 11247776 1567 802 12 839,781 9,656,739 Ewcnditur¢ on.. Rai1fft8 fiAnd$ 24.191 75,095 18,419 ariiable aclivitit¢5 11,180,378 11,035 6,035 11,197A48 10,010,592 Total 43 10 029,011 (tAissllCAtn on investnrnts IS {11.6751 (41.495) (53,17LII 180.291 kt ttbverr¢tsi in fvDd$ 43 07 1494 188 23,327 Bgknn¢e al I Sepiether 24 1,49Y.669 I.OD,885 1,253,670 3,777,224 3.969204 B8￿nce ai 31 August 24 l J42I76 2,S18Ab73 ,230 J43 5,291,292 3,777,224 Page 16 St Edmund's School Canterbury Balance Sb¢et$ A$ at 31 August 2022 CoD)pony no. 03201223 Croup 2022 School 2022 N¢)te 2O2J 2021 Flxed2S5ets Tangible fjxd assets 14 SJ25,936 5.431.050 SJZ5,936 5.431.050 Inv¢st￿¢n1s InvestTKnt thi subsidiary 15 16 1.104.714 1,157,894 1,104,714 1,157.894 6,430,649 6.588.944 6.435,649 6.593,944 Current ¥sets Debtots Cash and deposits Caryaign deposits 17 lJ197,386 I349￿91 70J77 906,636 1,438.397 402.569 1.172996 1.121,732 1870J77 SX>7.131 1.392,736 402,569 4316154 2,747,￿2 4,165,105 2.701436 Creditors: AnN)unts falling due within one year 18 (3 J49.496) 13,428,991) 3 J32,191) (3,418,611} Net Current assets l Oi*bilities) 867J58 1681.3891 831,914 (716,l751 Totgl as$ets le$s eurrenl liabilities 7298.006 5,907,555 7368.563 5,877.769 Creditor$: AT¥DUnts falkn8 du¢ after nb)re than one year 19 {2.005.850) 12,130,332) 12,005.850) (2.130,3321 Net a$sel$ 5 292 IS5 3.777221 5,262.712 3,747,437 Reser￿$ Unrestricted funds 22 1,539,137 2.522.679 1,230 J39 1,499,669 1,023,885 1.253,670 1.509.693 2.522.68 1,230J39 1.469.882 1.023.885 1.253.669 Restricted fvnd$ Fndowed funds 5.292.155 3,777221 5362,712 3,747,437 A separatestatenrnt of Fthancial ActLVlties, or ￿e0r[£ and ewenditUTe account. forthe charity itself is not presented because thecharity has takei) advanta8eof the exenwtions afforded by s¢clion 408 of the CorEwanies Aci 2(KkS. N¢t inco¢ringl(outgoitig) resources of thecharity for the year were £1.514.068 {2021'. {£191,9801). The financia statenrnts on ages 15 to 38 were approved and Èutborised for tssueby tbe board of govemors and were signed on its bebaLf by.. Aw Marshalc M Niekols CB, CBE, DU MA. FRAeS G)vernor Page 17 St Edmund's School Canterbury Congolidated statement of cash tlows For th¢ yeAr ended 31 Allgllst 2022 Not¢ 2022 2021 Cash inllo)Vfromo￿r1llllg 2Ctl%ltles-. Net cash pro¥￿ed by l (lls¢d Ln) operating aerivities tnvesinEnl incon tnt¢resi r¢ceiv¢d 1.616,088 48,209 438 1,664,735 {193,836) 28,941 395 (164,500) Cwsh inflo)Yfromlnit$tiDg a¢tiiitit5'. Proceed5 fromsale of fjxd asset investrt￿niS Purchase of tangbi k fLYd assets PuTch2se of fiy2d asset investn%nts Net t￿h from in￿tIng 8ctiiities 9W,436 1243.7241 031795 {285,08J) {258,3151 1258 J 151 Cash ftoms from anfinclng Acti￿ties. Nel IdecTcasc)l incrr&$e in borrowings 1127,946) 443,797 Net Increa$ell&creasel In ¢a$h attdcasb ¢qui%gl¢nts ,278.475 (5.7851 CAsh and casb equivaieDts brought forwa 1,841.845 ,847.631 Cash cash equlv41etsts ¢arri£d formurd 3 120319 Relating to.. Cash and deposits Cartyaign deposi15 1,249,(Y)I 1,870.377 1.438,397 402.569 Cash held wilh ￿VeStn￿nI nynager 851 3120319 879 841845 A0￿y513 of(h￿E&S iii ntttht* Al IslSeOemL*r 2021 At 31st August2022 C&sb fltha lJ41,845 1134,8881 2 ljl 32 423 75 1278.474 188,2061 124.483 3,IlQJ19 I223￿94> 50 tJ)ans falbng due within ODe ye*r Loans hlbn8 due ifterrttyrt ihan one ye4r 891 Page 18 St Edmund's School Canterbury School State￿£￿t of casb floivs For the year ended 31 Augllst 2022 Note 2022 2021 Ca$h Inflowfromyrating acd￿ttE$. Net tash provided by I (used ui) operdiing aciivities ttkve51rnent ￿t0[[* Interesi received l J33,201 48,209 438 {167,0481 28,941 395 1,581,848 (137,712) Cash Inflowfrom In*sting act[￿tIeS.. Proceeds from5ak of fiytd asset investtrtnts Purchase of tangible ftr£d assets Purchase of fLxed asset inve51nrnts Net cgsh from irtltstlng Actliitie$ ,436 (243.724) 1031.795 (285,083) Q58,315) (258 JIS) Cash IloThs from finan¢lng acti￿lIes. Net (de¢rease} l ui¢rease in borrowings (127.946) 443.797 Net i￿rease l (therease) ltt cash Andcash eqUi￿le￿¢s 1,195 J87 21,002 Ca5b and cash ¢quivakDts bmugbi fotwdrd 1,796.185 1.775.181 C85b aNie95h e(piwlents carrledforw4rd 1796,185 Relating to: Ash and deposits Canwaign dep0511s 1,120J44 1,870,377 1.391736 401569 Cash heid with Divesinrnt nynager 851 2 991772 879 1,796 185 Analy515 of Changes In net thlt At 1st SeF¢emk*r 2021 At 31s1 August 2022 CAsh floms Cash I￿4n5 failmg due withlli orte year ans faUm8 due afier trJ)re than one year Totsl 1,796,185 11341881 2 130,332 469 036 1,195587 I88,1￿51 124 483 I Z31864 2991,772 1223.094) 2,005,8SO 762 828 Page 19 St Edmund's School Cantei'bury Notes to the financial statetlltnts For the year eDded 31 Au ust 2022 I Prillelpal accounting policles Legal ststus The cha￿ty is a private company lirnited by guarantee. incorpoTat¢d in EDglaDd alid Wales with its registered office addTe$s b¢ing. St F.dmund's School CaDterbury. St Thoinas Hill. Canterbury, K¢n( CT2 8HU. tn the event of the ¢haTity being wowid up, ti)e liability in respect of the guarante¢ is limited to £1 per voting member of ilie chaTIry. The charity's objectives and ainis are disclosed in the Directors, and Govemors, and Straie8ic Repott. Accountlng Conv¢ntiotX These fmancial stsiements have been prepared in accordance with FRS 102 "The Financial Reporting Stsndard applicable in the UK and Republic of Ireland" the requirements of the Co￿panieS Act 2006 and under the historical cost convenllOD. modified to intlude certain finan¢ial instrutnent5 at fait value. The financial statetn¢nts have also been prepared in accordan¢¢ with the accounriiig poliries set out iii mole d¢tail below. to comply with the charity's govelliino docunient a￿1 The Charities Act 201 l and Accounting and RepoTtii)g by Chaiities.. Stat¢ment of Recomrnended Practice applicable to charities preparirt8 their accounts in ac¢ordance with The Financial Reporting Staiidard applicable in the UK w)d Republic of Ireland (the FRS 102 Charities SORP 2019). The financial statements ar¢ pr¢sellted in sierling, which is the ￿nCtional cutr¢n¢y of the ¢haritable company. Monetary amounis in these financial staremenls ar¢ rounded to the nearest £1. The clkarity COIiStilUtes a public beDeftt ¢Dtiry as defjned by FRSIO2. Golng concern The Governors have prepared f￿a￿Cl741 infonDation. covering a p¢riod of ar leasr 12 moDtb5 from the date of approval of these accounts, and on the basis of thai infortDaiion. the support of the bank a￿d otb¢r s&keholders. the Governors aoiicipate tiut the Charity will Continue to have sufficient Tesources to meet its fillancial liabilkries as they fall due. The fulancial infonnation, whicb is updated on a regular basis. includes derailed budgets and cashflow forecasts. Key assumptions used in tbe forecasting m￿Je] include pupil nutnber predictlODS ittfomied by current and prospective puplis logether with pupil TeGruitmeDt trettds previously achieved using several years. wortb of data. The bank is the main stskeholdei in tern￿ of fmancial support, other key stskeholders are primarily grant making organisations ihat suppori sonie pupils, fees, the largest of which is the Dean and Chapter of Canterbury Cathedral that provide financial support for 25 CaDt¢rbury Choristers ¢du¢ated at St EdmuDd'5 Sthool. During the Prior year the Charity has urilised the CBILS ￿ndIng available as part of the r¢sponse to COVtD-19 panden)ic. The School also has the suppoit of its bankers and Governors are ¢onfident ihai the pupil numb¢rs will continue to improve in the coming years as ihey have done so for the year ended 31 August 2022 and are therefore content thai the School continue5 to be a going concem. The Mich8¢lTnas 2022 pupil numbers suppon this with 637 being th¢ current population compared ￿ 587 for Michaetmas 2021. Consolidated fI￿n¢1a] statements Th¢ charity has consolidated the results of its trading subsidiary. STEDS Limited, (company number 03611862} in accordance with the 2015 Sta￿MeTht of Recommended Practice.. Accounting and Reporting by Charities and the Companies Act 2006. Restricted funds The restricted funds rela￿ to donations received for specific pil￿OSeS as set out it) Dole 24. Endoivment funds EndoW￿ent Eunds relate to amounts given to the Scbool for $p¢¢ific purpos¢s as set out in note 24. Donatiolls aDd legacies Donations and legacies are recognised under income in the S¢ètement of Finallcial ActIVLties when the r¢c¢ipt of them is probable. can be measured teliably and entitlement is traDsFerred to the School. Page 20 St Edmund's School Canterbury oles to the financial $t2tements For the year ended 31 Au ust 21122 Fee5 All in¢onie is r¢¢o8nLsed wben the cbarity ba5 ¢ntitlein¢ttt to the funds, the receipt is probable and the amount can be measured r¢knably. Fe¢s Consist of charges for the Scbool year ¢nding Augu51, less bursaries, scholarships and o(ber discouttts or allowances. Antlllary and non-?n¢illary tradSng Income An¢illary irading income repi'esenis amounts from activities to gen￿￿te funds withitt the charitable objects for example registration fees. music fees. Non-allcillary trading income repTesen15 aTnOUnts from a¢tivilie5 not diT¢cfly reL41ed io the charitabl¢ activities. for example letting5 of school facilitL¢S Out of lemi time and rental fTom spare ￿h0o1 buildin8S. Incorne from these activities is recogni5ed in the SOFA when th¢ goods are 501d 01. 5¢rvic¢s provided. Expenditure EKpendirure is allocaied to expens¢ headings either on a direct ¢0* basis. or apportioned accoi'ding to tim¢ sp¢nt. Th¢ 1￿Ce0V¢rable elemeni of VAT i5 included with the item of expense to which ii relates. Teachin% tosi$ Supplies of gatnes equipmen( books, Stslionery. gnd sundry maieriaEs are written off to the School general ￿nd when the expenditure is incurred. Governance Costs Goi'emance costs cotnprise the costs of complying wiib ¢ODSlitutional and stawtoiy requirements and any other costs of ruE)ning the ch¥rity as a legal entity. Penslon scheme5 Rel￿eMe￿It ben¢fits to ¢mployees of Ihe cbarity are provided by th¢ Teach¢rs' Pettsion Scheme (TPS'I which is a multi- employer defmed b¢n¢fJi schelne. The TPS is au unfvnd¢d ￿h¢m¢ and COtttributiOn5 are calculated so as to spread the cost of peDsion5 over employees, working liv¢s with the cl)aTity itj such a way that the pension c￿1 is a substantially l¢v¢l p¢r¢entage of currenr and fU￿re p¢nsionable payroll. Tb¢ contribuiions are deiern)iJed by tbe Govertllnent Actuary on the basis ofquadreDnial valuaiions using a projecied unil m¢ihod Th¢ TPS is a mulri-eniployer scheme but th¢re is in5uffi¢i¢nt IDfornTriion available 10 use defined b¢nefit accountii)g. Th¢ TPS 15 therefore Iieated as a defin¢d ¢onrribution s¢hem¢ for accounting pury>oses and tb¢ contributions ar¢ r¢cognised in the period to whi¢li they relate. Differenc¢5 beNieen conrributions payabl¢ itl th¢ y¢ar and c(mtribuiions acwally paid at¢ shown as either other creditors or debtors. Th¢ company operates I group Personal Pension Plan {defined contribution) for all oth¢r ¢mployee5. The assets of tbe plan are held S¢POrydtely from those of th¢ company. For employees who joined the sch¢m¢ PTior to 21, MaTch 2014 lh¢ employee make5 a minimum JO/0 coniribution and th¢ company make5 a minimum contriburion of 5V.. Foi ¢mploy¢¢5 Vltho joined the scheme afi¢r to 21" March 2014 th¢ employ¢e makes a rninimum 4/f* contribution and th¢ company make5 a minimum contribution of 40/0. Th¢ annual conrribuiions payable are charg¢d to Ihe incom¢ and exp¢nditure account. The School is meeting its obligation to th¢ auto4nrolment of p¢nsion5 for staff. Th¢ support Staff contribuie lo a Defined Contribution Policy wirh Royal London. Unrealised galnsAosseg Utytalis¢d gainsAosses comprise ihe differell¢e b¢twe¢n the maTk¢t v&lLie of iDV¢Stments at the beginning of the year and tb¢ market valu¢ of iovesrments at tbe ¢Dd of the year. Stocks Stock5 are stat¢d at the lower of cost and estimated selllng price less cost5 to compl¢t¢ aDd sell. Page21 S¢ Edmund'$ School C3nterbury ¥Otes to tlie flnancial statenient$ For the year ended 31 August 202Z TAngible fiyed issets Tangible fixed assets are initially measured ai cosi. and subsequently measured ai etssL net of depreciation and any impaitrtielli losses. A55ets below the value of £SOO are noi regarded worthy of capitalisation and are written off to the Statemeut of Financial Aetivilies in ihe yeai of purchase. Depreciaiion is provided on all tangible flxed assets in use, other than freehold land at rates calculated io write-off tbe ￿st less estimared residual value of earh asset over its expected useful life on a straight-line basis as follows". Buildings Building Improvements Furniture and equipment Moior vehicle5 Assets under construction Between 10 and 50 years Between 3 and 9 years Between 4 and 7 years Between 3 and 4 years Noi depreciated until brought into use Investments Li51ed Lnvesrments are stated at rnarket value by refuen¢e to their bid value at the balance 5heei date. The Statem¢nt of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year. Corporatiort Taxes Act ZOIO and T4x4tiOn of Chargeable Gains Aci 1992 The School is a registered charity and as such its income and gains falling within SeciL0115 471 to 489 of the co￿oration Tax Act 2010 or Section 256 of the Taxarion of Chargeable Gains Aci 1992, are exempt from Coo)OTation Tax io the extent that they aTe applied to its charitable objectives. OperatiDg leoses Rentals applicable to operating leases where substantially all of the benefits and risk5 of owAershLP Temain with the lessor are cbarged agalnst profits OD a strdigbt-line basis over the period of the lease. Finantial instrument5 The cbaritsble company applies the provision$ of Sectiots I I 'Ba5ic Financial InstswmeDts' of FRS 102 to all of its finaocial iDStnJments. Financial iThslruments are recognised when the charitable company becomes party to the contracDJal provisions of the in#rument. Basic fingnci#l 455ets Basic financial assets. which include trade and other debtor& are iniiially measuTed ai transaction price includiTh8 transaction costs and are subsequently ca￿led ar amortised Cost using the effe¢rive interesi method. Basic finanesal Ilabilities Basic financial liabilities, Including Irade and other creditors. overdraft facilities and bank loans aTe initially TecognL5ed at transactlOD pri¢¢ Financial liabilities classified as payable within one year are not arnortis¢d. Fmancial liabilitles are subsequently carried at amortis¢d cost. using the effective interest rate method. Trade creditors are obli8ations to pay for goods or services that have been acquired irt the ordinary course of business from suppliers. Amounts payable are classified as current liabilittes if payrnent l5 due wiihin one year or less. If not, they are presented as non-current liabilities. Trade eredilor5 are reCo￿l$ed in￿lallY at transaction price and subsequeThtly measured at amortised cost using the effective interest method. Clas5ificatiott of finAnci91 IiAbilities Financial liabilitles and equiiy instrumeJts are classified aC¢OTding to the substsnee of Ihe eontractual arraDgemellts elltertd into. An equity instrurnertt is any contract that evidences a residiial inttrest in the assets of ¢he company oft¢r deducting all of its liabilities. Derecognltion of financial Instruments Financial assets and liabilities are derecognised when, and only when. the contractual obligaiiolls are discbarge¢l cancelled. OT they expire. Pag¢ 22 St Edmund's School Csllterbury otes to tbe fitlancial statements For tht year ended 31 August 2022 Cash 8nd <•sh equivalents Ca%h and casli equivalents include cash in hand, deposits held at call with banks, other short-tenn liquid iuvestllitnts with original mattwiti¢s of tbree months or less. and bank overdiafts. Bank overdrafts are shown witkniu borrowings in eurrenl Critical Accounting estimates and area$ of judgment Tli¢ Governors du not consider any to be judgements or estimations which have a significant effect OTh the financial sratem¢nts. Don&tion$ #nd legaci¢s (koup 2022 2021 Variety of Donots - Restticled I,S58I70 11,622 11,622 3 Charltable ¥tiiiti¢s 2022 2021 Fees Gr05S luition. boarding and guardrdtk f¢es MUS￿ Fees Less.. Total butsaries. schoL4rshLPS. aSSi5ted pla¢es, 5ubsidi¢s and di5counLs 13J2 1061 239,625 2 515 738 11.413.794 223,393 2,295,644) 11045748 9,341.543 Otber trathn8 incorne (koup 2022 2021 Fac￿lI1¢S incon CaTnpahgn iThcon Trdding inco￿* (note 61 64,742 SJII 116463 31.869 16.479 18,142 186S16 &5,45X> The caTnpai8ti incoTY* reiaies to the School's deveiopnrot canyaigo. Of ihe total othei tradllig COTrE received 2021, £5,311 12021.. £16,479) was attributable to resltictcd fi2nds attd £181,205 (2021.. £59,729) io uorestricled fvnds. Pagt 23 St Edmund's School Canterbury Notes to the fin3thcial SIHte￿ellt5 For the y¢2r eDded 31 Au st 2022 In￿$t￿ents Group 2022 2021 Bank and other interesi 438 395 Inconr from ]Ès(ed investn￿￿t5 48,209 28,941 48 29,336 Of the lotal ulvesln￿nt income Tcceived in 2022, £3,621 {2021.. £1,871) was attnbutable lo restricted fvnd £24203 {2021.. £27.070110 endowed ￿ndS and £20.823 (2021." £3951 to unr¢siricl¢d funds. Trading IRcome STIDS Limited 2022 2021 Turnover Cost of 5aks 110,463 18.142 {6314 (koss profit 101,313 11,828 Otheroperdlitig e¥eoses {9Jl Profrt on ordinary aciiviiies before and aftertax Audit fees of £3.2CKI (2021.. £3,6QD) are included in op¢raling ¢)p¢ns¢s. Ralslng funth 2022 2021 Trddllig eypendI￿re ITLOte 6) InvestnTnt manageTr£nt charges Fundrais￿8 e>pen5es 24.191 712 50,192 15,631 676 2,112 75,095 18.419 Of the totsl ewendiiure OD raising fiind5 ID 2022 £50.192 (2021.. £2.112) was attributable to ]Esfricted nds.£712 (2021.. £676) to endowed funds and £24,191 12021.. £15,631) to unrestricted fvttds. Page 24 St Edmund's School Canterbury Notes to the financial 5tatetllent$ For the y¢ar eDded 31 August 2022 CharitalAe ￿till￿e$- Group StAffcwts Other Deprtciatlon 2022 2021 . Teaching costs Welfare costs 5,910.171 422,469 374,g)5 740,910 668.9)4 815,259 ,291,861 587,214 5.163 17,070 21,619 6.6011,784 1237,728 1,981,446 IJ552S6 5,163 17,070 5,767, 1.125,012 1.781829 1.260,337 1412 72,912 - Premises Support costs (note 91 - Crtnts. awards and piizes . Restricled Awards 314.680 27.132 To￿1 3 385.561 363,431 11 197447 10,010.592 Of the total charrtable activires in 2022, £11,035 {2021.. £56.0361 was attribul&ble to restricted fijnds. £6.035 {2021..£17,183) was attributable to eodowed fvnds and £11,180,378 Q021.. £9.937.373} to uDresticted fijnds. 9 Other supy)rt costs 2022 2021 Finan¢e ¢osts Other operating costs (bv¢man¢e costs (see bek)wl 156,069 361,669 69,476 147,(143 306,805 57,391 Total 587.214 511239 G•*rn8nee costs 2022 2021 Audit and accoutttancy fees (note 10) L£gal aud ptofessLonal fres vetnors. iAbLknty insur4n¢e 26.570 37.9 30.210 26,979 202 Totsi 64,562 57.391 Pa8e 25 Si EdtnuDd's School Cgnterbury Notes to the finallcial $taterDents For the y¢ar ended 31 August 21122 10 Authtor's remuneralio 2(122 21121 Auditoi's reinuDerJtion for statutory audit.. Group and School SubsNJiary conyai)y Othcraudit services. Teachers, p¢n5ion s¢hen Auditols t)on audit servkes.. Tax¢oT[pi￿nee 18,350 32 22.590 3,600 1.740 3.490 2280 30,210 I l TautiOII 2(J22 2021 Current taL' United K]ngdom corporntioo taxon results for the year UDdeT PTOViSiOll m Ptioryeats oa￿￿1 taxcharge included in sundry costs Factors affecting tbe tax claarge for the year: Profit on ordfftary ac¢ivites before tax 1,514, 1191.980) Profit on orduhary activites nwltipbed by the 51andard rdte of UK corpoIaiion iaxof l*/0 (2021.. 251Tr/0) 287,673 147.W5) Effects of.. NoD4aAbie charilabie actlVLtes Deferred taxnot recognised Current taxehar8e (287,673) 47,995 12 Net income GTOUP 2022 2021 This ￿ ststed after¢hargittg'. Depre¢iation Operdtwsg lease rentals tntere5t payable". - Batth ititeresr and otb¢r¢barg¢s Loan ititeFest vemots, knabi]J"ty insurdn¢¢ 363,432 53.&12 374,308 57,517 35,458 78,734 12,972 88.290 202 530,666 533,289 Pag¢ 26 St Ldtnund's School Canterbury Notes to the fjnancial statements For the j'ear ended 31 August 2022 13 StAff costs 2022 2021 Wages attd saJarie5 So¢ial $e¢uniy costs PenS￿n contribulK)ns 5B91,951 594,874 5,2942 532,624 7,448,455 6,707,626 Included ￿ $taffro$is are slatYrcstNcturim8 costs totauing £86WO12021£Ndl. The 4￿ra8e number oferyloyees In the ye#r w4$: 2022 NuTthr 2021 Nllrn￿r T¢ach￿S and $upport staff. -Fulltu - Part tirr - Peripat¢tic Mtt$K Teachers Don*stic Administraliotl 82 27 39 26 32 21Q 192 Ih¢ S￿rage nUTbt*r orem￿0Yees on a Fllll Time EApi￿le￿I (FIEI ba515 ltrxs: 2022 Nuthr 2021 T¢a¢hing and $ttpport staff.. - Full lit .Panill - Per￿alet￿ Music T¢ackn¢ Dotr£st AdnNni%tration 83 77 14 26 Thc governots and ttu$tees dbd not Tecetvc and Temuneration or rem*ursen%nt of ery)enses durittg th¢ year under rtview or theprevious year. The nurrt>erof ¢tu)loy¢es whose emhJTr£nl5 erLeed¢d £￿.0[1) w*s'. 2022 Numter 2021 £70,(KTri - £8Tr,IKK) £80,001- £90,OJ) £gYI,(Y)I - £Io),( £IIO,QOI-£Ith? ,(YK) The key ullna8enJetti personnelof thecharity col￿nse ¢he Board of COverno￿ and the Head 5UPPOrted by an FJ£culive Teaw wh￿b u)clud¢$ the Head of Jun￿[ SchooL Head olJuoior S¢hDoL Head of Pre-prep and the Bursar. The ioial Tefthjneration (including ertpbyer Thational in5uranc¢ and ettwioy¢r peDSW)n Cotstnbulionsl ofth¢ k¢y rrAnagellxni per50llll¢lwas £437.050 12021.. £428.1451. Page 27 L% < St Edmund's School Canterbmry Notes to the financial Statements For tlie year ended 31 August 2022 IS Flxed asset inrstments Groupalldscbool 2022 2021 Invesliiiellts Market value I Septeni)eT 1,157,007 935,357 Acquisit¥)ns at ¢o$t Disposa15 Unreahsed and reabsed gau)s l (losses) 1,031,795 (95¥).436) 180291 I,157,￿7 1,103.832 Cash with irtvestrrtnt manager 654 659 Market value at 31 August 1 104486 1,157,666 Cash Deposils 2022 2021 eener-wynn Trust - Elldowll*ttt Michael Nodder- Fmdowment 207 21 21n 21 228 1 104 714 228 1.157.894 Total Invest￿nIS Fndownrut loan balances have beeD shown nei against the CotTespond￿gc[edItOr ba]aDces. Further details on tbe ithteT-SJnd loatss can be found n note 24. The h￿tOncal cost of these ￿ve$trt*￿tS is £1,031,795 12021.. £1,031,795) 16 tn*stment in $ut6ithary 2022 2021 STEDS lJmited The charity a¢qu￿ed 5,(m ordinary shares tsf £ l each tsi STEDS Linited. a wholly owned subsidiary. (with the registered office address being the sanE as its parent) on 5 Noven*ier 1998. The nei assets of the subsidiary al JI August 2022 were £34,21K> 12021.. £34,2￿). The tradllig 5urplu5 for the 5ubsthry is £92,272 (2021.. $utplus £2,511} and fitrther analysis ¢aii be found in noie 6. Page 29 St Edmund's School Canterbury Notes to the financial 5tAtemeDts For the year ended 31 Au u$t 1022 17 Detrtors Group 2022 School 2022 2021 Trdde debtOTS Fees Other debtors and prepayn*i)ts Amunt due fiom subsidiary undertaling 21,943 906.OS4 169,388 2,919 819,6(U 84.115 906,055 165255 101686 1 172996 819,()03 84,115 3,413 907,131 85 ,636 18 Creditors Group 2022 Sehool 2022 2021 2021 AINounisfalliNg rfu¢ wiil&iN oneyeor.. Trnde ereditOTS Bank k>aus atld overdrafts Other tay£s and Social secilrity er¢rediLOIS AccNais Tern) loans and deposits Fees re¢eived ID advance 181,025 223.094 155.458 439,288 S2,420 786041 17J,516 223,094 145,670 443,430 48,270 786,841 1511 J70 31.624 226,557 121,261 611,314 166.664 747.129 1514 C62 3,418.611 226,S57 123,228 6(b.467 170.976 747.129 1514,062 3,428,991 tncluded Mthits other¢rediloTS are ￿n￿llnts totall￿8 £104.754 {2021.. £94.2941 in re5pectof oUtstand￿g pell5lOll COtitribution5. The bank loans and overdrafts of £2,22&944 12021.. £2.356.8891 are secured by f￿ed aiid tloating ¢harge5. Fees In ath•nce Group *hd Sch￿[ 2022 2021 Brought fotward Additional fee5 m advan¢e Utth'sed in th¢ year 1314,062 1511,370 (lJ14,0621 1,279.088 1.514.Ik52 {1,279,0881 c9￿l¢d foTwaid shown within ¢redi¢oTS fallin8 due withiti one year 151137 I,514.{￿2 Fees iti advance represent the an￿Unt of School fees T￿e1Ved in TelalioJ io ttLe folh)win8 year. Pa8e 30 St Edmund's School Canterbyry Not¢s to the financial st#temeDts For ihe year tllded 31 August 2022 19 Crethtors Group 2022 Sthwl 2012 2021 2021 AINo¢ffnisf&lliTrtg dme dfiepoNeye4r.- Bank loans 1-2 yeays Bank loans 2-5 yeaT5 Bank loans 5+ years Totsl P4nk loans >lyr 223,094 585,948 1196808 2 005 850 234,890 7(H,671 223,094 585948 08 2 130,332 ￿50 234,85 71M,671 1,190,771 2.130,332 The following securities are held over Ihe Sch¢x)I's assets by NaiW¢sl Bank Pic.. Mortgage issued March 1998 ovei. the freehold property known as 1,2,3 & 4The Cbse St Thot)ps' Hiu CAnterbury Kent and l & 2 Si Ednwnd5 Coiiages &ks Lane C2ni¢rt>ury Kent. Mortgage issued Octob¢r 2003 over the PToperty kno￿} as Portligny, Univetsily Road, Cantett*ury. Kettt. Mortgage issued O¢tober 2(KJ3 over the property known a5 3 Si Edmunds Cottages, Gtrs Lalie. Cani¢rbury, Kent. l£gal char8c issued Novejther 2017 over Sl EdnuDd's School. St Thonjas Hjli, Canterbury, KeDI. Legal Charge tssued October 2020 oversl Edownd s School St Tbollms Hill, Cantert>ury. Kent. IID respecr of CBtLS) The Natw¢si CBtLS tnall i8 due for repaY￿lt OD ￿tb September 2026aiid has a cumt vatiabie ￿terest rat¢ of 2 09•/o per yearover tbe banks base rnle. The Naiw¢si Loan was refmanc¢d duriDg ibe yeai. aud iq due for ￿paYMe1)t on 3rd F¢bTuary 2044, and has a curretlt fixd inter¢st rate 012.23¥• per year overtlle ballkts base rate. 20 FIDancial instrurnents (loup 2022 Scbool 21122 2021 2021 Carwylng amwnt OffiJwi¢1￿ assets In5twnrnts nrasuffd at fair valu¢ through Surplus I.I04.713 1,157,894 I,l(M.713 1.157.894 21 Flnancial comrnitmtnts Operatin8 leases The charitable Co￿anY l¢a5es a number of assets underconira¢led comnrr¢Èal tetrtE. Al the Teporting dai¢ the charity had total ou15landitL8¢0srm￿mtDts for ￿ture minimum lease payrTrnts uTrdernon-Lanc¢llable operdting leases, whith fau due as foUowE'. Group 2022 S¢bLW)I 2022 2021 2021 Less thall On¢ y¢3T Betweell l and 5 years Over 5 yeats 68,081 135019 53,042 68.081 135*19 53,042 2,296 2,296 203 154,738 203 900 154,738 Page31 St Edmund's School Canterbury 'ote5 to tbe fInanC￿al 5tatement$ For the year ended 31 August 2022 ZZ Atl¢cgtiottot*etAssets iofvnth I￿reStrI¢l Gr(Mp orher fiet gssttsl Oin141ities1 Fixed asiets Toial 2011 Uw¢itrl¢tèdlllnts'. - School&Rernl 5.220A03 13NI.6651 1SJ9.138 REstrir¢d Fvttts.. - Foundal￿n fvrtd -an5 - kndowutnis -¢>Eellei-Wytsn Be9￿¢$¢ Mi¢hael ￿￿dder -john B]¢isdell 127.¥)9 I44￿3$ 18.422 14 4J,4J4 12729) 521.984 9.618 29.861 44,747 43.431 50 1103 113 17 Other Thet 455tts ImEslmeAts ljl4wlltles1 Totsi 201Z tkneJtrl¢tsd ￿￿￿5.. - Sthoolcrtntrtl 6Jnd 122Q803 13.716.1 l.Y)9h97 PestTi¢od Fynth.. - Foundaix>n ￿nd .th8An Fund 184.651 41424 227,075 Its1.847 I&C921 272￿37 9B.755 271037 - Pool Isports Hall - Cl&*$ P￿lld -GFGFound*tv)n -QllpA￿n fijnd 1,668.193 1.008.193 - W4rMemnalS¢hotsr5hr* . BcweT5 Fund -QhJ Boy5 Bursary Fund -covtD Hwtdshy Fund . Fund Stawe Fund .Qh)nal￿tts and 57,709 12,014 69.783 1611 4.710 Jc 054 31.￿7 iy. 4.710 6054 31￿? 134fy95 . EndoW￿￿t b)kns -Endowrnriit3 .cknner-wyt￿ MKha¢l Noddei -Jobm Blea5dtU 1272Y) 144135 38.40 127,259 .819 8.041 44,747 43.434 521SM 29,861 43.434 25 30 1,108J2a 5 262 717 Page 32 St Edmund's School Canterbury otes to the llnanci21 state￿entS For the ycar ended 31 August 21122 2J ￿10t￿L0￿ oftte¢ Fssets ts furtL¥ *￿r￿trIes- Prior oup Flxtd $¢1$ sttsl OiaNllll*s) Tfjt￿ 2021 lknre5tri¢t¢dfund%'. - Sch(k)l OEneTrl fvnd 5.326.202 1.499.f49 Foundarion fiind 193.%7 37,899 231,446 -(￿an Fund -Thtstrt - PoollSpoff5 -aas5 Fupd -GFGFoundaiwn -Caryai8D fvnd -C3ryai8n hnd2 - War MewAbnal SGlioLirsh41 . Be*[% But%ary Fund -otd Boys &JTrary Fund -CO%TD Fund -Butsary Fund .Don4ivJns atsd te8aCiaS 16.0921 2n.037 9&755 2T2,037 2fj0.734 2(K>,734 .490 &453 68.913 i.i(A) 5(A) S,352 l)4.695 5,352 lJ4,695 -ElldoMryrtnt i¥( 12J.051 41,970 12&rrfi) 670.205 36ASOJ 45.527 43,434 547.ly 324,534 31.275 -GreD¢r.Wyon Michael N4dder -Jobtt Bkasdeu 43,434 1 157 OOIJ ￿15 S¢b• FI￿ *J$¢ts setsl rotal ZOII thr*StrletedfuTrth.. - School &nerdl fund S320,￿2 13,861,320) 1,469,882 R¢$tri¢¢d FKnd%'. Foundaiion fiin - Organ .Tbeaire - Pool,. Spon5 Hau -CF&55 Fund -GF0F0￿nda1￿ry -Canpai8n ￿Thd 193,Y7 37,89) 231.446 104.847 I6,￿2) 171037 98,￿5 271037 2W.734 - WarM¢mnal S¢bol•tsh .Bewets PAiryary Fund -Okl &)y5 Bllr5ary Fund - COMD Matd%b4D FuTrd -Butsary Fund -rK>naly)D5 and leiac 8,453 68,943 3.1 i.lco 5(K) 5,352 134. 5,352 134. -End0￿￿Thi -End0￿￿￿t$ - CAeener-WyDo BBqUE$i .Mi¢ha¢lNodd£t -Johh Bkasdell 12s.fAX) I2&￿) 670.205 36A501 45.527 43.434 547,154 324,534 31275 41,970 I4.￿2 43,434 $431049 1 161000 2845611 3,747 439 Page 33 St EdmuDd's School Canterbury Notes to the fLnancial 51atements For the )'ear ended 31 August 2022 Rt4JlSstd & CTr¥p Totsl )•ZI Uryrtslfjtied lullth.. - &hool Ctner*l fthd 1.4•9.66• J42.171 1.4Pg.&69 Rcslrltcd Flnd5'. 3.99J - Orytt F￿d . The￿r¢ Potsl HA 98.755 272.•JS •1.7Si . C*mpaw 200.872 .663.741 7.000 68.944 7.000 69.715 200 - MethonJl&bolarth 12.7WI - Bt4erS BwSaryr￿d . OldBoysBw5wry F￿d . LX)VID Harthhy SOD 5.352 500 6,054 ?0? 48.067 - giiue Ftsid DonLtions•ndlEytts 2.$18J71 loan$(hher 128.000 Iza EiithwDEOts 664,955 14.680 9.699 825 654,445 J59JqJ 44.931 43A34 . Mrc&?dNon of the &vemo¥s. ui the furtherance of the educational objectives of the School. The &eener-Wynn TrLLSt Fndown*nt is to proV￿e education for gifted ￿ll$l¢al and otherscholars of St Ednund's School. The M￿￿2¢1 NoddeT endOW￿nt is to be appbed for the benefit of Chddren of the ckrgy in studying an ecologically fnendty proj¢ct. The John Bleasdell endowrneTht is to provide scholatshtps atthe di%¢tetion of the vernors. The COVtD hardshipfurtd i8 to provile financ2al support to famibes ut)pacl¢d by the Co￿￿D-19 panderric. The Bewer5 Butsary ￿nd 15 to provide support foran orphaned studentlsl olst Edtwlld's School I￿rIng ibe yearthe totalscholar5hip paid from the WarMertK>rial Seholar5h Fund was £nii12021.. £nil), paid from the EndowrtttEt was £4266 {2021.. £5,250), paid from tbe Foiind&iiott FuDd was £6.506 12021.. £6.5(hi Page 35 St Edmund's School Canterbury Notes to the financial Statements For th¢ year ended 31 Allgus12021 TrnDif•n 1121 9.$99.$97 19.•55.4041 9.599.697 Ul.J•6 - P￿4 The*iM 16AQ> . [￿￿2 ?fvJ• fj&944 War -LTh$5 Fund -OWBoy1&z￿ry Fwd -COMD F￿4 - Pu5Diy Fwd JJSI 134.6*5 T•¢*1 rts¢rl<¢¢d 1.051.192 29.971 $9.Ml iii.olo 506.735 f4.IODI W.gS5 9.700 (13.40fy) - Ml¢httlN4thr 144 4.919 4S.St7 11.029.•1S J.771Jts PQDI&¢Mr ymelll¥ sfirs ialnsrlo¥yÈs T4tdJ IOZI 8.$71 29.715 Vhuir¢ ljl,•J7 184.2$5 16.479 2QD.7J4 7,100 44 . w￿￿E￿Ork￿L>￿￿￿kn1F . BE￿￿5 I,V3J8S Ea*J*W¢4t 1?8.iW $71.935 33).447 3•.161 4J.434 LIVOO 67030$ 36ASO 4SWY 4J,454 . Er￿￿¢￿15 .rJr¢Trcr.VlyNn Br 9.7 (JSWI Tvr41 luwth 140.624 IJ5JM9 To¢*1 9,640.57D 180.185 Pagc 36 St Edniund's School Canterbury Notes to the fin#D¢ial $t2tements For the )ear cnded 3 1 Auvust 2022 26 Ne¢ cashflow from 0￿ratIonS -Group 21121 2021 Net Dep￿ciatiOn Faw value gauls l Oossesl InVeSt￿￿ttt incon Intere51 teceived Dectease in stocks Increase Ln d¢biors (Decrease) l increase in trade artd oth¢r ¢r¢ditOT5 1.514.913 363,432 S3,170 (4820)) 1438) {19l,980) 374,307 (I80.2911 (249411 (395) 1578 1231,305) 61192 1190,748) (76,0321 Net cash inflowfrom D￿rating actllltles 1,616,088 193,836 Net ￿$h tlowfrorn oFration5- Schod Nel expetldrture Deprecvalion Fawvalue gaiDS I (loss¢sl Iovestnrnl incon Illlerest received Itkcreosel l llJcrease in debtors (De¢Teasel l inCT¢aS¢ in trdde aDd oiher¢redirors 1,514.070 363,432 53.170 14&2091 14381 (265.865) (81958) 1191,9801 374,307 1180.2911 128.941} {3951 1199.Q41 59276 Netcg$h loudlow) / intlow frorn tsprfitittg actllittes 1.533.201 167,048 27 Related prtl¢s Group and School Mr E Oconnor. current Head and act￿8 Head of rhe Junior School til the prior year. pa￿ School fees for the year totalling £7,9S7 (2021.. £6,922). There were no armunts outstaThding in the cutT¢nt or previous year. Mr A De Silva. curttnt Head of thejunior SthooL paid School fees for the year totsllirtg £4.300 12021.. £25821. There were no arrK)unt5 oUtstand￿g ill the current or prevh)us year. Mr N S¢ott_Kilvert. the &Lrsar, paid Skhool fe¢s for the year totalknng £1 l J36 (2021.. £18.764J. Thete weTe no an￿U￿t$ outstanding in th¢cUr￿n1 orprevious year. Durmg the year the charity received spon$orshipand advertising revenue totaujng £49012021.. £480) fr9rn Burgess Hodgson wbete N4r S SuttOtL. G)vemot. is a partn¢Tof tbe Thete w￿￿ nOan￿U0tS outs[and￿8 iti the tutrent or pwvious year. Duting ihe year the cbarity paid £Nii (2021.. £975) lo Shullri FJTro Ltd ItTrditLg as Cbaucer College) frjr e%3mination servi¢es where Mr P Todd. CA)vemoT is a dwector of tbe con¥atty. thring the year the charity paid £27.086 12021: £14.730 to Catbedrnl ￿terprIseS Itsd where Mr C NKkoLs. Jvemor was a dtrector of tbe cortyany. Page 37 St Edmund's School Cgllterbury Notes to tbe financial statetnents For the )'ear eoded JI Augll5t 2022 27 Rel#tedFarties - Continued Sehool During the year tlie charity had the foUowittE ¢ransacttOttS with it5 sllbsidiary STEDS titThted.. ManagetT¢llt charge io STEDS tinvted "fted profits from STEDS Lfft¥ted £6.690 £92.272 {2021.. £&690) (2021.. £2.511) Al thebalance sh¢e¢dat¢ £ 101,687 {2021.. £3.4131 wa$ owed from STEDS LArnit¢d and 15 in¢￿0£d iviihni debtors. No int¢T¢St has been ¢har8es on Iheoulst2ttdmganb)unt {2021.' nill. All of theabov¢ Ird115aclions havebeen ¢lThinai¢d on cotLsoIKlatioii. 28 P¢DSion $imll#r otllEations Thv School partKipat¢s tn th¢ T¢acher5' Pen$itin Sehert* ￿Sland and Wale5 {TPSI for academi¢ and related siaff. thich i8 a mLilti•s contributc Qn a"p4y as you go" basi4 wiib contribuiions troin [rerbe￿ and tb¢¢llployeT being Credited to ttrLe Eitbequer. Retllet¥Dt and ottL¢r perLsionbencfit5 arr paMI by pubh¢ 6Jnd5 proV￿cdby ParbanKllt. The e￿vI0YCT coniiibution raie i8 5etby the Secretary of Siaie following scheryt vabjattons undertak¢n by ihe Covernryxnt Actuary's DepartTrtnt The trx)st tccent aciuanal ValUat￿n of the TPS was prtpartd a$ at 31 Marth 2016 and the Valuat￿n Report, which was pubbshcd in March 2019, ¢Onfi[n￿d thai theeryloyer contribUt￿n rate for the TPS ¥vould in¢rea$e ftom 16.40h 10 23.&A from I S¢pt¢n*er 2019. bTpk)yeTS are abo reqU￿d lo pay & schenr adnunistrat¥Jn ￿¥y ofo.IÉo/. givuig A total etryloyer conttibution ratc of23.6N. The 31 March 2016 Valuation Report was PTEpafEd u) accordancewith the benefits 5eroui th the Sche￿ [egU￿(lon$ and under theapproach 5pcGthed in Ibe DLEctv)ns, as th¢y appLied ai 5 March 2019. However, Iheassuryii)Ds w¢re ¢onsN]¢red and sei by ihe Departrr£nt foT FAuealH)n pnor te the rnbng fft the'McaoudlSaTgeanl ease. Th￿ ca$e has tequwed the tourts to considercases regardsng the ryiett*lltaik)D ofibe 2015 TeforrN to PLblic SeThi¢e Pens￿￿5 including ihe Teathers. Pensions. ott 27 2019 the sUpren￿ Court d¢nied the governrr£nt pe￿%510n to appeal the Court ofAppeal'sfft2d8Tr*nt that ITaDSiIK)nal provisions introduced io ¢h¢ Tefomrd pens￿￿ schertts ￿ 2015 8ave rkSe to Un￿W￿l age dL%crimiDation. The 80vemn%ni is respect￿g th¢ Coiirt'$ deetsion and has said rt wdl engage fuuy with the fvryloyrrcnl Tr￿ulla1 as w¢ll as ellpioy¢T and rtnber ttPTe5¢ntaiTVeS to wee how thedi%ciiJninaiion5 will b¢ r¢tr£died Tbe governn%rtt announeedoll4 February 2021 thai li intends topro¢eed with a d¢[¢￿ed choi¢e und¢rpw¢ und¢rwhich nKtrbeT5 will be able lo choo$eeiiher legacy OT relotTtrd 5cbett* benefits in re5PCCtof thcw scrvKe dutin8 the period between l AP￿ 2015 and 31 Ma￿h 2022 at Ihc poinithey becorr¢ payable. Th¢ TPS i% subieci EO a c051 cap tr£chartisrll wbicb was Put m p￿ce to protect lap4)ay¢t5 aga￿51 unforeseen changes sCh¢￿t £o$ts.The Se¢r¢tary to th¢ Tr¢a$ury. havthg ￿ 2Q18 announ¢¢d that there would be a rev￿w of this cost¢ap rrtchani$￿ iti January 2019 announted apau$eto thecostcap ￿￿than15M lollowwg ¢h¢ C¢urt of Appeal's rukng uj the Mccknudlsargeant ¢a$eand tbete is certa￿tY aboui ibe value olpensiolls io eTh¥toyees from Aprd 2015 orywards. Th¢ pausewas bfted ID Juty 2020. artd a consuitatloll wa5 launched Ott 24 Julle oll proposed changes to Ibe ¢05tcontrol nubanism following a Tevi¢w by the G7vern￿￿￿t Actuary. Page 38 St Edmund'5 Sehool Canterbury Note$ t• the financial Statetnents For the ear ended 31 Au u$t 2022 28 Pension HndsioMl#r ONig*tiO￿ -G)nlJnlled Tn Y￿W ofthe aboveTuiDgs and deciswns the a$$urroiion$ used ￿ the 31 March 2016 Actuarial Vaillat￿n tt¥y become inappropriate. In Ihis scenario. a ValUat￿n prtpared ￿ aceoydattce with revtsed benefits and suitably revised $511Tnpl￿ts$ WOU￿ yiejd differeni resulisthan ih05e COnta￿ed ￿ the Actuarial Valuaiitin. Until thecosttap n*chanism levts￿n i% cOmp￿ed li ￿ noi possbkto concludeon any financial ryacl or fvture ch•Th8es to the eohtribvtion rares ofihe TPS. Accordingty no provision foT any addtiional past bert¢fit Pens￿)n costs ¢luded in these Emancial statenx¥Jl5. Other Pettslon Seheme$ The School opetates a def￿¢d contribution pensM)n schenx for all qualifying etnpk)yEes. The ¥sEt5 of the scherrr he￿ separatety from ibos¢of rhe Sehool iti an ￿d¢PEndentIY adFfinist¢red fiind. coninbul￿n5 arrvuntlll8 10 £11791 were payabkio ihe $cherrE at 31 August2￿12 I2￿21. £9,ty1) and ale fftclud¢d Willi￿ cjrditors. The School ￿ nYetJlB 115 obkngalion to tlie auto