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← Bishopsgate School Limited

2021-08-31-accounts

Bishopsgate School Limited (A Company Limited by Guarantee)

Incorporated in England and Wales No. 03303687 Registered Charity No. 1060511

GOVERNORS' REPORT AND FINANCIAL STATEMENTS

For the year ended 31 August 2021

Bishopsgate School Limited

CONTENTS for the year ended 31 August 2021

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Page
Governors' Report 1-12
Auditors" Report 13-16
Statement of Financial Activities 5 [it]
Balance Sheet 18
Cash Flow Statament 19
Notes to the Financial Statements 20-33
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Bishopsgate School Limited REPORT OF THE GOVERNORS for the year ended 31 August 2021

Governors LS Buchanan * Deputy ChairofGovernors
B Breedon
C Cairns
JA Carrol
V Cresswell
TEX Eddis Chair of Governors
MD Fisher
AR Harrison
DA Henderson-Williams
CE Marais Appointed 26 April 2021
C Marriott Deputy Chair ofGovernors
D Mills
C Robertson
J Symons Appointed 19 April 2021
S Sydeham Resigned 21 April 2021
SM Winson
Headmaster: RWilliams
Bursar & Clerk to Governors: G Carver
Company registered number: 03303687
Charity registered number: 1060511
Registered Office: Bishopsgate School
Englefield Green
Egham
Surrey
TW20 OY
Bankers: Barclays Bank plc
71 High Street
Staines
Middlesex
TW184P5
Auditors: Moore Kingston Smith LLP
Devonshire House
60 Goswell Road
Landon
ECIM7AD

Page 14

Investment Managers: Octopus Investments 33 Holborn London ECiN 2HT CCLA Senator House 85 Queen Victoria Street London EC4V 4ET Solicitors Horne Engall & Freeman LLP 47 High Street Egham Surrey TW20 SES

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TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2021

GOVERNORS REPORT AND FINANCIAL STATEMENTS — YEAR ENDED 31 AUGUST 2021

The Governors, who are also directors for the purposes of company law, present their repart and the financial statements of the charity for the year ended 31 August 2021 in compliance with the Charities Act 2011 and the Companies Act 2006.

REFERENCE AND ADMINISTRATIVE DETAILS

Reference and administrative details are shawn in the schedule of members of the Board and professional advisers on page 11 of the financial statements.

INTRODUCTION TO BISHOPSGATE SCHOOL

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Bishopsgate School (Bishopsgale or the School) is a thriving independent co-educational preparatory day school for 370 children, aged from 3 to 13 years.

Bishopsgate is the successful outcome of a merger in 1996 between Scaitcliffe and Virginia Water Preparatory Schools. Cambined, the two schools had over 160 years of invalvement in preparatory school educatian.

Set in 20 acres of beautiful woodland close to Windsor Great Park, Bishopsgate School children are inspired to learn in a wonderfully safe and spacious environment. Bishopsgate sees school as an extension of family life and so the schoal warks very closely with parents.

In order to thrive and develop effectively, children require an environment that provides them with numerous opportunities and allows them to follow their instinct to be curious. The space and opportunity at Bishopsgate, where our beautiful surroundings are accompanied by excellent facilities and a broad curriculum, provide children wilh the perfect opportunity to discover a love for learning and develop skills that should farm the base of happy and successful adult lives.

Bishopsgate School feels that a desire to be successful and competitive is balanced with a need to be happy and feel secure. Confidence is equally matched against a need to be humble and consider the feelings of others. As well as developing a robust work elhic that gives the children the best academic base upon which they are continually encouraged to strengthen and improve, the children also enjoy participating in spart, music, drama, the arts and an exciting programme of extra-curricular activities.

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Bishopsgate School is extremely proud of its pupils’ achievements, both in terms of academic results, but also as the well-rounded individuals they become during their time at Bishopsgate, ready for the challenge of life in the 21st century.

BISHOPSGATE SCHOOL’S ETHOS

Bishopsgate School exists lo provide a first class education through a broad and balanced curriculum, preparing its children for life in the 21st century,

Bishopsgate asks ils children to live by the school motto Nil Nisi Optimum, ‘Nothing but the Best’. By following this ethos, we very much hope that they will be able to 'Go anywhere, do anything’. Every child should have dreams of the person they wish to be. Our role is to help them start the journey towards fulfilling these dreams. Striving to achieve nothing but the best, you can go anywhere, do anything!

Equality, Diversity and Inclusion are embedded in every aspect of life at Bishopsgate.

BISHOPSGATE SCHOOL’S AIMS

To fulfil its mission the school aims:

REVIEW OF ACADEMIC YEAR 2021

The school continues to provide a high quality education. Despite the pupils nal warking onsite due to COVID-19 during the Lent Term, the School continued to flourish academically, with all pupils continuing their formal education from home. Entry to senior school at either the end of Year 6 or 8 was very strong, with all leavers placed in a school of their choice al the end of the academic year, Academic results were strong; the School recorded a record number of scholarships and exhibitions to a range of different schools. The dala from the summer assessments showed that pupil progress was excellent, providing evidence of the strong online package delivered by the School. The School remains extremely papular and demand for placas at the School continues to be strong, with good numbers enrolled at the commencement of bath the 2020 and 2021 academic years.

There has been a small turnover of teaching staff in the past year, and those recruited continue to be of a high standard, with Teaching Assistants continuing to be employed in all classes from Nursery to Year 4.

In order to enhance the educational facilities at the School in the last decade there has been an ongoing improvement plan to the School facilities. Included in the programme has been: the development of a four-lane 25 metre swimming pool; an extension to the Dining Room; a refurbishment of the Science and IT Classrooms; the resurfacing of the all-weather courts; the refurbishment the Performing Arts Studio; the construction of new cricket nets; a refurbishment of the School kitchen; an extension to the Music block; and new classrooms created as part of

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an extension to the Windsor Building.

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Four Lane Swimming Pool
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New Science Classraom

During the COVID pandemic the School continued to improve its facilities and delivered a new sports facility including a four badminton court hall, a fitness suite, a dance studio, a climbing wall and modern changing facilities for pupils and staff (£4.5M); an Outdoor Learning facility (£30K); a new artificial surface pitch (£210K); and a new science classroom, new food technology classroom and a refurbished IT classroarn (£200K total).

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Four Badminton Court Sports Hall

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TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2021

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These upgrades and improvements have assisted in the physical transformation of the school in the last ten years. Governors and the School's Senior Leadership Team continue to strive to ensure that the facilities available to children attending Bishopsgate School are of the highest possible quality. As such, the School Strategic Plan sets out the School's objectives, over the short term (up to 5 years), medium term (5-10 years) and long term (10-20 years), for further School improvement. New upgrades are currently being planned by Governors ta continue to maintain the School at the leading edge of educational provision, the next project being planned in the strategic short term is a review of the site security.

The educational needs of children constantly change, The older buildings and facililies continue to need regular refurbishment, and changes in curriculum and inspection regulations necessitate the constant monitoring, review and development of all aspects of the School's operation. The School's strategic medium focus is a project to improve the Performing Arts facilities for children atlending Bishapsgale School, Significant financial resources will also be assigned to ensure that the classrooms, educational facilities and IT resourcing and infrastructure are of the highest possible quality,

Governors consider that the fabric of Bishopsgate School should be seen as a market leader without an excess in approach and style that implies a frivolous use of fee income. The new facilities and the proposed Performing Arts development are seen as an opportunity to make the most efficient use of the whole site, whilst also setting a strong lead when compared ta the local comparator schools.

On the matter of the cost of educating a child in Independent Education, there has been significant work undertaken by Baines Cutler which confirms that the numbers able to afford private education is significantly reducing year on year. Governors at Bishopsgate will ensure that the correct balance is found between affordability of educating a child against ensuring that the quality of facilities and education remains at the highest level.

The School is acutely aware of the need to remain at the forefront on matters of IT. All pupils in Years 5 to 8 are provided with a personal Chromebook. Pupils in Years 3 and 4 have access to sufficient Chromebooks for every member of a class whilst they learn how to use them. In

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addition, there are iPad trolleys providing access ta this learning aid for every child from Lower School through to Year &.

Whilst securing entry to a chasen senior school will always remain the priority for staff and Governors at Bishopsgate, the School will continue to strive for much more than simply preparing children for examinations. Focusing on cramming children with the necessary knowledge lo pass tests neglects the development of the skills, capacities and creativity that children at Bishopsgate are going lo need in Jater life,

CHARITABLE OBJECTS

The charitable objective of the School is the provision of education for children. The School provides quality educational services for day pupils, both boys and girls, from the age of three and up to the age of thirteen years.

The Governors, who are also Trustees, regularly monitor the School’s performance and consider if it meets its objectives.

The Governor's role is voluntary and no Governor receives any remuneralion, The annual surplus is nol distributable and is reinvested in the infrastructure of the School.

Objectives for the Year

The main objective has been to deliver a School that is outstanding in every aspect and facet of School life.

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Public Benefit

The Governors continue to monitor the development of best practice in this area. The Governors will continue ta monitor the issue of public benefit and seek opportunities for the School to develop this aspect of its activities and use of resources.

The Governors have taken account of Charity Commission guidance on providing Public Benefit and are confident that the School provides high quality education in line with its Charitable Objectives.

The School continues to provide 5% (£294,000) of its income towards Bursary assistance to support those in financial need, and the Board are actively reviewing the support provided ta eligible parents and guardians. 63 children were provided with a reduction in the cost of school fees this year as a result of the School bursaryscheme.

The Headmaster has worked with North Runnymede partnership, a group of local maintained schools, looking at how Bishopsgate can support disadvantaged children to better access education. He is now looking at building a stronger and more meaningful relationship with a lacal Primary School for whom the School now provides a Governor.

Opportunity Is also provided to clubs and organisations to use the facilities (classrooms, swimming pool, sports hall, Farest School and grounds) of the School free of charge for a range of educational and coaching purposes,

The School also continues to provide regular support to many charities, with significant funds being donated in the Financial Year to Surfers Against Sewage (£925.30), Runnymede Foodbank (£850.00) and Alexander Devine Children's Hospice (£1,356.48).

FINANCIAL REVIEW

Due to the School having to deliver an online learning programme for the Lent Term due to COVID-19, the School gave a 15% discount for the Lent Term (£235,011) and there was an impact on the income the School generates by renting oul ils facilities, In spite of this the School's financial position is very sound. Net fee income aller bursaries, including the discount mentioned above, of £4,594,765 was the primary source of revenue, This covered operating costs of £4,724,583 which were expended on teaching (£2,908,124); welfare (£243,249); premises (£966,281); administration costs (£579,818) and governance (£27,111).

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Operating Costs
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Reserves Policy

The Board considers that free reserves amounting to a term's income (approximately £1,500,000) would be practicable and achievable in order to cover the risks and uncertainties of operating as an independent educational establishment. This has been achieved,

Investment Policy

Governors use a suitably qualified Investment Manager when sufficient funds have been accrued in the School's bank accounts to warrant a long-term approach to investment. The objectives of the School's investment policy are to ensure the creation of sufficient income and capital growth to enable funds to be used for the education of children at Bishopsgate. Governors will invest prudently and conservatively in a diversified range of funds: a low risk will be adopled in the management of the Fund's assets, with a portfolio mix agreed by Gavernars of the Finance Commitiee. The School placed the Bishopsgate investments in medium to long term CCLA investments and CCLA cash funds to protect the value of its capital and obtain a better return. The funds performed soundly in the last year, and the Board are confident that the School can expect a positive return on the money invested over the anticipated lifetime of the investment. The valuation of these invested funds, including those in the cash investment, as at 31 August 2021 was £2,067 ,596,

Pension Scheme and Salaries

All eligible non-teaching staff are auto-enralled onto a Wark Save Pension Scheme run by Legal & General and all eligible staff have remained in the scheme with the exception of one staff member who actively opted out. Teaching staff are automatically enrolled into the Teachers’ Pension Scheme and all current teachers have stayed in the scheme,

Governors review the pay and remuneration of all staff on an annual basis, laking into account any decisions on National Pay Awards, as well as many other factors. The arrangements for the setting of pay for the Head and Bursar is considered by Governors at the Main Board meeting in the Lent Term.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity is a company limited by quarantee governed by its Memorandum and Articles of Association dated 17 January 1997. The Company number is 03303687 and It Is registered as

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a charity with the Charity Commission, Charity Number 1060511.

Governors

The Governors who served the charity during the period to 31 August 2021 were as follows:

LS Buchanan B Breedon C Cairns JA Carroll V Cresswell TFX Eddis MD Fisher A Harrison DA Henderson-Williams C Marias C Marriott D Mills C Robertson $ Sydenham J Symons 8M Winson

Depuly Chair of Governors

Chair of Governors

Appointed 26 April 2021 Deputy Chair of Governors

Resigned 21 April 2021 Appainted 19 April 2021

Board Sub Committees

Education Committee B Breedon JA Garrall (Chair) TFX Eddis J Symons SM Winson

Finance Committee

V Gresswell (Chair) A Harrison C Marias C Marriott C Rabertson

Property Committee C Cairns MD Fisher DA Henderson-Williams (Chair) D Mills

In accordance wilh the company's articles of association JA Carroll, DA Henderson-Williams and CG Marriott retired by rotation and, being eligible, offered themselves for re-appointment at the Annual General Meeting.

As vacancies occur, following the retirement of trustees, suitable potential trustees are identified, proposed and elected by the full board of trustees.

Key management Personnel

Headmaster Mr R Williams Bursar Mr G Carver Be

TRUSTEES ANNUAL REPORT YEAR ENDED 31 AUGUST 2021

Deputy Head Teaching and Learning Deputy Head Pastoral

Mr J Pym Mr D Boorman

Registered Office Bishopsgate Road Englefield Green Egham Surrey TW20 OYJ

Auditors Moore Kingston Smith LLP Devonshire House 60 Goswell Road Londan EC1M 7AD

Bankers Barclays Bank 71 High Street Staines-Upon-Thames TW18 4PS

Organisational Structure

The organisation comprises a Board of Governors, listed on page 9, responsible for the overall management and future development of the School, which meets three times a year. Three Committees, (Education; Property; and Finance) give detailed consideration to malters under their control and report to the Board. Within their powers, as laid down by the Board, the Headmaster and Bursar manage the day to day running of the School, The Headmaster and the Bursar attend all Board and Committee meetings.

Recruitment and Training of Governors

New Governors are appointed by the Board on the basis of recommendations from other Governors and taking account of the experience and skills required. The objective is ta ensure that the Board has the range of skills required to conduct its business in an effective and competent manner. All Governors are made aware from time to time of training opportunities, which in recent months has included Safeguarding Training. New Governors are given the opportunity to spend time with the Headmaster and Bursar to ensure that they are well briefed on their duties and the issues faced by the School. Mr Marais and Dr Symons started as Governors April 2021 and Mr Sydenham resigned in April 2021.

Governor Responsibilities

The Govemors (who are also the directors of Bishopsgate School Limited for the purposes of company law) are responsible for preparing the Trustees Annual Reporl and the financial statements in accordance with applicable law and regulations,

Company law requires the Governors to prepare financial statements for each financial year. Under that law the Governors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the income and expenditure of the charity for that period,

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In preparing these financial statements, the Governors are required ta:

The Governors are responsible for keeping adequale accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RISK MANAGEMENT

The Governing Board is responsible for the management of the risks faced by the School. They have given consideration to the major risks to which the charity is exposed and established systems and procedures to manage those risks.

A Risk Register is maintained by the School, and reviewed and updated on a regular basis. Amongst the many areas of risk considered by Governors are the loss of key staff and high staff turnover; loss of significant numbers of pupils; employment issues; issues relating to Health, Safety and the Environment; Disaster Planning; Information Technology; Cash flow and Financial risks, including the School's fee structure, borrowings and fraud; and external factors, including public perception and adverse publicity, relationships with parents, demographic considerations, Government Policy and economic considerations, and compliance with regulations, Having a robust Risk Management procedure in place ensured that the School was in a strong pasition to react ta the COVID-19 pandemic. The School Governors formed a COVID-19 focus group and held an increased number of Finance Committee Meetings to provide increased oversight during the period of school closures, and the School Risk Assessment pertaining to COVID-19 was regularly reviewed.

The key controls used to manage risk include:

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It is recognised that systems can only provide reasonable, but not absolute, assurance that major risks have been adequately managed. Governors understand the challenges facing the Independent Schools sector in a time of economic and political uncertainty. Factors affecting the sector are continuously reviewed and considered, but the overall aim is to ensure that the School remains at the forefront of preparatory school education, whilst adopting a fee structure that is fair and competitive.

AUDITOR

Moore Kingston Smith LLP are deemed to be re-appointed under section 487(2) of the Companies Act 2006.

Each of the persons who is a trustee at the date of approval of this report confirms that:

Signed by order of the Governors

CMB Carver Charity Secretary 8 December 2021

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BISHOPSGATE SCHOOL LIMITED

Opinion

We have audited the financial statements of Bishopsgate School Limited (‘the company’) for the year ended 37 August 2021 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the gaing cancer basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's repart thereon. The trusteés are responsible for the other information contained within the annual report, Our opinian on the financial statements does nat cover the other information and, except to the extent otherwise explicitly stated in our report, we do nat express any form of assurance conclusion thereon,

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained

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in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

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

Responsibilities of trustees

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

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

Auditor's Responsibllities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion, Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect

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a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slalements,

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicale wilh those charged with governance regarding, among olher matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

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Our approach was as follows:

There are inherent limitations in the audit procedures described above, We are less likely to become aware of instances of non-compliance with laws and regulations that are nat closely related to events and transactions reflected in the financial statements, Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery ar intentional misrepresentations, or through collusion.

Use of our report

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

Shivani Kolhari (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

Devonshire House 60 Goswell Raad London ECiM 7AD

14 December 2021

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STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure statement) for the year ended 31 August 2021

Unrestricted Total Talal
Notes funds 2021 2020
£ £ £
INCOME FROM:
Charitable Activities
School fees 3 4,594 765 4,594,765 4 288 089
Othereducational income 4 17,959 17,959 32,892
Other income
Other trading income 5 79.641 79,641 42,396
Investments
Investment Income 6 178 178 4.942
Voluntary sources
Grants and donations 7 400 400 114,170
Total income andendowments 4,692,943 4,692,943 4.522 489
EXPENDITURE ON:
Costs of raising funds a
Interest and other costs 32,216 32,216 17,143
Charitable activities 8
Education 4.724 583 4,724,583 4,485,272
Total expenditure 8 4,756,799 4,756,799 4.502.415
Net operating income/(expenditure) (63,856) (63,856) 20,074
Netgains on investments 14 229,144 229,144 24,759
Net income/(expenditure) 165,288 165,288 44,833
Transferbetween funds zs P z
Net movement in funds 165,288 165,288 44,833
Fund balances brought forward 9,558,514 9,558,514 9,513,681
Fundbalancescarriedforward 19,20 9,723,802 9,723,802 9,558,514

The statement of financial activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to continuing activities.

The accompanying notes form part of these financial statements.

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BALANCE SHEET as at 31 August 2021

Notes 2021 2020
£ as
FIXED ASSETS
Tangible assets 12 9,694,268 10,000,258
Intangible assels 13 25,364 38,132
Investments 14 1,317,074 1,087,930
11,036,703 11,126,320
CURRENT ASSETS
Debtors 16 159,028 181,584
Cash atbankand in hand 1,222,854 1,748,671
4,381,882 1,930,255
CREDITORS: Amounts falling due within one year 16 (932,774) (1,561,114)
NET CURRENT ASSETS 449,108 369,141
TOTAL ASSETS LESS CURRENT LIABILITIES 11,485,811 11,495,461
CREDITORS: Amounts falling due aftermore than one year 17 (1,762,009) (1,936,947)
NET ASSETS 9,723,802 9,558,514
FUNDS
Unrestricted funds 19 9,723,802 9,558,514
9,723,802 9,558,514

Approved and authorised for issue by the Board of Governors on 15.November.20211. and signed on their behalf by:

eh TFX Eddis V Cresswell Chairman of the Board of Governors Chairman of the Finance Committee

The accompanying notes form part of these financial statements. Company Number: 03303687

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CASHFLOW STATEMENT for the year ended 31 August 2021

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||||||||| |---|---|---|---|---|---|---|---| |CASH|FLOW STATEMENT|Notes|2021|2020| |a|£| |Net cash|inflow|from|operating|activities|25|(78,637)|1,160,097| |Cash|flows|from|investing|activities:| |Bank|interest|raceived|178|4.942| |Interest|paid|(32,216)|(17,143)| |Proceeds|from|sale|of|investments|-|1,710,418| |Payments|to|acquire|fixed|assets|(146,638)|(4,967,433)| |Payments|ta|acquire|investments|:| |Net|cash|outflow|from|investing|activities|(178,676)|(3,269,216)| |Financing:| |Loans|repaid|(268,504)|(28,289)| |Loans|received|-|2,000,000| |Net cash|outflow from|financing|activities|(268,504)|1,971,711| |Increase/(decrease)|in|cash|(525,817)|(137,408)| |Cash|and|cash|equivalents|at| |beginning|of the|reporting|period|1,748,671|1,886,079| |Gash|and|cash|equivalents|at| |end|of the|reporting|period|1,222,854|1,748,671|

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ACCOUNTING POLICIES for the year ended 31 August 2021

4 ACCOUNTING POLICIES

1.1 BASIS OF PREPARATION

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are raunded to the nearest pound.

These financial statements are prepared on the going concern basis, under the historical cost convention as modified by the revaluation of investments and in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. The principal accounting policies, which have been applied consistently throughout the year, are set out below.

1.2 GOING CONCERN

The Governors have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of lhe charity to continue as a qaing concern. The governors have made this assessment for a period of at least one year fram the date of approval of the financial statements. In particular the governors have considered the forecasts and projections and have taken account of pressures on fee income, particularly in the light of the impact of the COVID-19 pandemic. After making enquiries the governors have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foresecable future. The accounts are therefore prepared on the going concern basis.

1.3 COMPANY LIMITED BY GUARANTEE

The company is limited by guarantee, the guarantors at the present time being the Governors, to the extent of £4 each,

1.4 FEES RECEIVABLE AND SIMILAR INCOME

Income from government or other grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grant have been met, it is probable the income will be received and the amount can be reliably measured.

1.5 DONATIONS

obs

ACCOUNTING POLICIES for the year ended 31 August 2021

1.6 EXPENDITURE

Expenditure is allocated to expense headings, which aggregate all costs relating to the category cither on a direct cost basis, or apportioned according to time spent. The irrecoverable element of VAT is included with the item of expense to which it relates,

All costs associated with the provision of education are allocated to Charitable Expenditure. Only the costs directly associated with, or incurred solely in, Raising Funds are allocated to this category. For example, the costs of kitchen and domestic staff who are employed on a short term basis during the school holidays are allocated to the Cost of Raising Funds whereas the costs of the permanent staff are allocated to Charitable Expenditure because they would have to be paid in any event, Likewise, only premises costs that are incurred because of, or to support, the letting activities are allocated to the Costs of Raising Funds.

Governance cosls comprise the costs of running the Trust, including strategic planning for its future development, external audit, and all other casts of complying with constitutional and statutory requirements.

1.7 FUND ACCOUNTING

All funds are unrestricted funds; which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Designated funds are unrestricted funds earmarked by the governors for particular purposes.

Restricted funds are subjected to restrictions on their expenditure impased by the donar.

1.8 FIXED ASSETS AND DEPRECIATION/AMORTISATION

All fixed assets are used in direct furtherance of the school's objectives. Fixed assets are included in these financial statements at their original cost less depreciation and accumulated impairment losses provided to date.

Assets that cost less than £1,000 are not capitalised and are written off in the year of purchase,

Depreciation and amortisation is provided on all tangible fixed assets, other than freehold lJand, al rates calculated to write off the costs less estimated residual value of each asset, by equal annual instalments, over their expected useful lives which are considered to be:

Leasehold property 20 - 99 years Leasehold classrooms 33 years Plant & equipment 4 years Software 5 years

1.9 PENSIONS

The School contributes to the Teachers Pension Defined Benefit Scheme at rates set by the Scheme Actuary and advised to the School by the Scheme Administrator, The Scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilitias of the Scheme which are attributable to the Charity. In accordance with FRS102 the Scheme is accounted for as a defined contribulion scheme and contributions are accounted for when advised as due by the Scheme Administrator.

The School also contributes to an auto-enrolment Work Save Pension Scheme run by Legal & General for all aligible non-teaching staff. This is a defined contribution scheme and the School's liability is restricted to the amount of contributions made.

1.10 LEASES

Rentals paid under operating leases are charged to the Statement of Financial Activities evenly over the period of the lease. |, ee

Bishopsgate School Limited ACCOUNTING POLICIES for the year ended 31 August 2021

1.11 INVESTMENTS

Investments are valued in the balance sheet at their mid-market value at the balance sheet date. Investment management costs are accounted for as incidental costs of the acquisition or disposal where transaction-based, while investment income management costs are charged as expenditure out of the relevant income funds. Gains and losses are shown in the statement of financial activities.

1.12 CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. There are 2 bank accounts in the name of the school. FINANCIAL INSTRUMENTS The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instrurments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.13 FINANCIAL INSTRUMENTS

With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 14, 15 and 16 for the debtor and creditor noles.

1.14 TAXATION

The company is a registered charity and is exempt from taxation as afforded by Section 505 ICTA 1988.

1.15 EMPLOYEE BENEFITS

In the application of the company's accounting policies, the board is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates,

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In the opinion of the board of governors, the estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Critical judgements

Useful economic lives

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic ulilisation and the physical condition of the assets. See note 12 for the carrying amount of the property, plant and equipment and note 1.08 for the useful economic lives for each class of asset.

Recoverable value of fee debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 15 for the net carrying amount of the debtors and associated impairment provision.

-99-

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021

3 FEE INCOME

FEE INCOME
The School's activilies are carried out within the UK. 2021 2020
The school's fee income comprised: £ E
Gross fees 5,124,193 4,960,821
Less: Discounts, scholarships and bursaries (294,417) (279,874)
Less: Covid discounts (235,011) (392,858)
4,594,765 4,288089

4 OTHER EDUCATIONAL INCOME

OTHER EDUCATIONAL INCOME
2021 2020
£ =
Extras and disbursements 3,798 19,257
Registration fees 11,601 10,800
Other income 2,560 2,835
17,959 32,892
OTHER TRADING INCOME
2021 2020
£ 3
Rentand lettings 50,352 25,430
Other income 29,289 56,966
79,641 &2,396
INVESTMENT INCOME
2024 2020
£ £
Interest received 178 4,942
178 4,942
DONATIONS AND GRANTS
2021 2020
£ Fe
Donations and gifts 400 35,700
Furlaugh grant - 78,470
400 114,170

5 OTHER TRADING INCOME

6 INVESTMENT INCOME

7 DONATIONS AND GRANTS

Pep

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021

8 EXPENDITURE

(a) Costs of Raising Funds Staff costs Total
(note 9) Other Depreciation 2021
£ £ £ £
Loan interest - 32,216 - 32,216
Total Costs of Raising Funds - 32,216 “ $2,216
Charitable expenditure Staff costs Total
{note 8) Other Depreciation 2021
£ i £ £
Teaching 2,751,784 156,340 - 2,908,124
Welfare - 243,249 - 243,249
Premises and Estates 89,048 480,224 397,009 966,281
Administration 324,089 187,339 68,390 579,818
Governance 11,921 15,190 - 27,111
Total Charitable Expenditure 3,176,842 1,082,342 465,399 4,724,583
3,176,842 1,114,558 465,399 4,756,799
Costs of Raising Funds Staff costs Total
(note 9) Other Depreciation 2020
£ iF is £
Loan interest - 17,143 - 17,143
Total Costs of Raising Funds - 17,143 - 17,143
Charitable expenditure Staffcosts Total
(note 9) Other Depreciation 2020
£ F £ us
Teaching 2,689,011 86,003 - 2,775,014
Welfare - 208,752 - 208,752
Premises and Estates 87,670 422,192 315,206 425,068
Administration 309,252 199,315 123,730 632,297
Governance 30,101 14,040 - 44.141
Total Charitable Expenditure 3,116,034 930,302 436,936 4,485,272
3,116,034 947,445438,936 438,9364,502,415 4,502,415
(b) Other Governance Costs include: 2021 2020
£ £
Auditors’ remuneration
- Audit Fees 11,794 10,074
-AccountancyFees 3,396 3,256

= 94

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021

2021 2020
(c) Administration Costs £ £
Salaries 268,458 254,020
National Insurance 27,558 25,439
Pension Costs 26,853 76,325
Redundancy Costs - -
Other Staff Costs 1,220 3,468
StaffTraining - -
Subscriptions 412,898 13,406
Staff travel 6,082 §,951
IT support 67,207 59,830
Postage and stalionery 11,641 6,640
Telephones 26,323 20,476
Marketing and advertising 23,647 10,903
Bad debts 10,307 10,000
Depreciation 68,390 123,730
Legal and Professional Fees 14,364 28,043
Other Administration Costs 7,365 32,289
579,818 632,297
9 STAFF COSTS 2021 2020
E: £
Wages and salaries 2,437,364 2,905,393
Redundancy and settlement costs - -
Social security costs 243,132 239,046
Other pension costs 483,451 472,804
Other staff costs 12,895 18,791
3,176,842 3,116,034
The average monthly number of employees during the year was as follows:
2021 2020
No. No,
Teaching T1 71
Premises 5 3
Support § 8
84 62
The number ofemployees whose
£60,000 in the year was as follows: 2021 2020
No. No.
£60,000 - £70,000 2 1
£70,001 - £80,000 4 1
£110,001 -£120,000 1 1
—————

Key management personnel include the Govenors and the senior executives which are made up of the heads and the bursar. The total pay and benefits received by key management personnel were £249,778 (2020: £241,883).

SOB

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021

10 GOVERNORS REMUNERATION AND BENEFITS

There Were no Governors' remuneration for the year ended 31 August 2021 nor for the year ended 31 August 2020, Governors received benefits during the year costing £464 (2020: Enil),

No Governors were reimbursed any expenditure during the year (2020; Enil).

NET INCOME FOR THE YEAR
2021 2020
£ £
Net income is stated after charging:
Depreciation of tangible fixed assets 452,628 426,873
Amortisation of intangible fixed assets 12,771 12,063
Loan Interest 32,216 17,143
Operating lease rentals— other 32,805 34,935
Auditor's remuneration
Audit services for the school- current year 11,794 10,476
Non-audilservices 6,857 3,156

12 TANGIBLE FIXED ASSETS

Plant
Assets under Leasehold & Leasehold
Construction Property Equipment Classrooms Total
£ 3 £ £ £
Cost:
At
Septernber 2020		 4,798,311 4,346,948 1,254,832 4,320,346 14,720,437
Additions - 116,818 29,820 - 146,638
Transfer (4,798,311) = 4,798,311 - - -
At31 August 2021 - 9,262,077 1,284,652 4,320,346 14,867,075
Depraciation:
At 1 September2020 - 1,815,787 1,050,482 1,853,910 4,720,179
Charge for year - 252,742 45,619 144,267 452,628
At 31 August2021 - 2,068,529 1,106,101 1,998,177 5,172,807
Net book value:
At 31 Augusl 20217 - 7,193,548 178,551 2,322,169 9,694,268
At1September2020 4,798,311 2,531,161 204,350 2,466,436 10,000,258

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021

Bishopsgate School Limited

13. INTANGIBLE FIXED ASSETS

Website &
Software Total
£ £
Cost:
At 41 September 2020 63,248 63,248
Additions = 2
At 31 August 2021 63,248 63,248
Amortisation:
At 1 September 2020 25,116 25,116
Charge foryear 12,771 12,771
At31 August2021 37,887 37,887
Net book value: ;
At31 August2021 25,361 25,361
AL1September2020 38,132 38,132

14 INVESTMENTS

INVESTMENTS
Listed
investments 2021 2020
£ £ E
Costivaluation At 1 September 2020 4,087,930 1,087,930 2,773,589
Disposals - - (1,710,418)
Gains/(Losses) arising from movements in valuations 229,144 229,144 24,759
Costivaluation At 31 August 2021 1,317,074 1,317,074 1,087,930
Material Investments
COIF Charities Investment 1,317,074 1,317,074 1,087,930
1,317,074 1,317,074 1,087,930
HistoricalCasl 550,775 550,775 550,775

aioe

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021

15 DEBTORS

DEBTORS
2021 2020
£ £
Fees and extras 119,651 125,425
Less provision for doubtful debts (25,000) (25,000)
Otherdebtors 10,936 6,713
Prepayments and accrued income 53,441 74,446
159,028 181,584
CREDITORS
Amounts falling due wilhin one year: 2021 2020
£ a
Loans 257,197 268,510
Trade creditors 39,292 167,429
Taxation and social securily costs 60,579 56,741
Fee Deposits 46,000 38,500
Feas in advance 312,754 260,442
Other creditors 57,747 59,632
Accruals 159,205 709,460
932,774 1,561,114
Deferred income: 2021 2020
E E
Broughtforwards 260,842 224 638
Released in year (260,842) (224,638)
Received in year 312,754 260,842
Carriedforwards 312,754 260,842

16 CREDITORS

Deferred income relates to schools fees received in advance far the following term.

Pees

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021

17 CREDITORS DUE AFTER ONE YEAR

2021 2020
£ £
Amounts falling due after more than one year:
Bank loan 1,446,009 1,703,200
School fee deposits 316,000 235,747
1,762,009 1,936,947
2021 2020
£ E
Movement on loans
In one yearor less 257,197 268,510
Betweenoneand two years 259,548 257,197
Between two and five years 768,463 773,923
Afterfive years 417,698 672,080
1,703,206 1,971,710
2021 2020
£ 5
Movement on deposits:
In one year or less 46,000 38,500
Greater than one year 316,000 233,747
362,000 272,247

The bank loans provided to the Charity by Barclays Bank Pic are secured by a fixed and floating charge over the assets of the Charity. Loan one is for £1,000,000 over a 10 year term with a fixed interest rate of 2.89% for 5 years, Loan two is CBILS loan for £1,000,000 with a six year term with an interest rate of 2.91% which was nat charged in the first year.

-39-

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021

18 FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS
2021 2020
Carrying amount of financial assets 2 x
Financial assets measured atfairvalue through profitand and loss 1,317,074 1,087,930
Debt instruments at amartised cost 106,247 122,590
Carrying amount offinancial liabilities
Measured at amortised cost 2,282,158 3,013,049
STATEMENT OF FUNDS
Att
Seplember
2020		 Income Expenditure Gains!
(lasses)		 ,
adaa
£ £ £ £ £
Unrestricted funds:
General reserve 9,558,514 4,692,943 (4,756,799) 229,144 9,723,802
Total funds 9,558,514 4,692,943 (4,756,799) 229,144 9,723,802
At
Saptember
2019		 Income Expenditure Gains/
(losses)		 ahaeo
E e - £ £
Unrestricted funds:
General reserve 9,513,681 4,522,489 (4,502,415) 24,759 9,556,514
Totalfunds 9,513,681 4,522,489 (4,502,415) 24,759 9,558,514

19 STATEMENT OF FUNDS

20 ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted 2021
funds Total
r £
Tangible fixed assets 9,719,629 9,719,629
Investments 1,317,074 1,317,074
Current assets 1,381,882 1,381,882
Current liabilities (932,774) (932,774)
Long term liabilities (1,762,009) (1,762,009)
Total net assets 9,723,802 9,723,802
Unrestricted 2020
funds Total
2 2
Tangible fixed assets 10,038,390 10,038,390
Investments 1,087,930 1,087,930
Current assets 1,990,255 1,930,255
Current liabilities (1,561,114) (1,561,114)
Long term liabilities (1,936,947) (1,936,947)
Totalnetassets 9,558,514 9,558,514

-30-

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021

21 COMMITMENTS UNDER OPERATING LEASES

At 31 August 2021, the company had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

2021 2021 2020 2020
Land & Plant & Land & Office
Buildings Equipment Buildings equipment
Due within one year 25,300 Parl 25,300 8,458
Due between two and five years 23,500 69,422 48,700 5,267
Due after more than five years 6,883 23,054 6,983 -
55,683 114,847 80,983 13,724

22 RELATED PARTIES

Two (2020: one) governors received discounts on school fees totalling £2,795 (2020: £1,018) for two (2020: one) children attending the school. Two (2020: twa) members of the key management personnel received discounts on schools fees totalling £20,371 (2020: £19,971) far two (2020: two) children attending the school.

23 MEMBERS LIABILITY

:

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

24 CAPITAL COMMITMENTS

The company had capital commitments contracted for but not provided for in these financial statements of £nil (2020: Enil).

25 NOTES TO THE CASHFLOW STATEMENT

NOTES TO THE CASHFLOW STATEMENTSTATEMENT
2021 2020
Reconciliation ofoperating result to netcash inflowfrom 2 £
operating activities
Net movement in funds 165,288 44,833
Gains on investments (229,144) (24,759)
Depreciation 452,628 426,873
Amortisatian 12,771 12,063
Bank interest received (178) (4,942)
Interest payable 32,216 17,143
Increase/(Decrease) in creditors (534,774) 721,459
{Increase)/Decrease in debtors 22,556 (32,573)
(78,637) 1,160,097

Sars

Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021

25 NOTES TO THE CASHFLOW STATEMENT (continued) Analysis of changes in net debt

Analysis of changeschanges in net debt
At 1 Other non-
September cash At 31 August
2020 Cash flows changes 2021
Cash and cash equlvalents
Cash 1,748 671 (525,817) - 1,222 954
Overdrafts - - - -
Cash Equivalants - - “ -
1,748,671 (525,817) - 1,222,854
Borrowings
Debt due within one year (268,510) 268,504 (257,191) (257,197)
Debtdue after one year (1,703,201) - 257,191 (1,446,010)
(1,971,711) 268,504 - (1,703,207)
Total (223,040) (257,313) - (480,353)
At 1 Other non-
September cash At 31 August
2019 Cash flows changes 2020
Cash and cash equivalents
Cash 1,886,079 (137,408) . 1,748,671
Overdratts - - - -
Cash Equivalents - - - -
1,886,079 (137,408) - 1,748,671
Borrowings
Debt due within one year - - (268,510) (268,510)
Debt due afterone year - (1,971,711) 268,510 (1,703,201)
- (1,971,711) - (1,971,711)
Total 1,886,079 (2,109,119) . (223,040)

Total

ma, ee

Bishopsgate School Limited NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2021

26 PENSIONS

The School participates in the Teachers’ Pension Scheme ("lhe TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £449,111 (2020: £414,777) and at the year-end £49,964 (2020: £48,782) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme govemed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended), Mambers contribute on a “pay as you go” basis with contributions fram members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scherne valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as al 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase fram 16.4% lo 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a tatal employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set oul in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019, However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions. On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination, The government is respecting the Court's decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the poinl they become payable.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme casts. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal's ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 Juné on proposed changes to the cost control mechanism following a review by the Government Actuary. The consultation closed to response on 19 August 2021 and the Government is currently analysing the responses.

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

Until the consultation and the cast cap mechanism review are completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial stataments.

The school additionally operates a money purchase Group Personal Pension Scheme. Contributions on behalf of staff within this scheme are made to the Legal and General Group plc, Tolal contributions made to the Personal Pension Schemes during the year were £34,340 (2020 - £33,686). Contributions to hese schemes are charged to the statement of financial activilies as they fall due. The total pension contributions which were still outstanding as at the year end were £6,881 (2020: as