2022-08-31-accounts

RYDAL PENRHOS LIMITED AND SUBSIDIARIES REPORT AND ACCOUNTS

FOR THE YEAR ENDED

31 AUGUST 2022

COMPANY REGISTRATION NUMBER: 3294434 CHARITY NUMBER: 1063489

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2022

CONTENTS	Page
Company information	1
Trustees’ report	2 – 14
Independent auditor’s report	15 – 17
Consolidated statement of financial activities	18
Consolidated and company balance sheets	19
Consolidated cash flow statement	20
Notes to the accounts	21 – 37

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

COMPANY INFORMATION

FOR THE YEAR ENDED 31 AUGUST 2022

Incorporation 19 December 1996 Company registration number 3294434 Charity number 1063489 Trustees Mrs D McKinnel (Chair) Mr JP Burgess Mr M Gilman L A Mr D Humphreys Mr B Park R A Mr J C Salisbury R A Mrs BAM Watson L A T The Revd Dr S Wigley Mrs J Cooper L Mrs D Keogh L (Appointed 1 March 2022) Mr N Jewsbury L (Appointed 5 May 2022) Mr J Barnes (Former Chair) (Resigned 18 February 2022) Dr D Fazey L (Resigned 1 March 2022) Mr JMA Wilford A (Resigned 18 February 2022) Mr IM Williams R (Resigned 11 September 2021) Mr C Wolfendale R (Resigned 22 November 2022)

Key of Committee Membership  Learning & Personnel - L  Resources - R  Audit & Risk - A  Trusts – T

The Trustees of the Rosa Hovey Scholarship Trust consist of a committee of the Head and three Trustees.

Head/Principal JE Waszek Company Secretary H Filbee (Resigned 31 August 2022) Key Management Personnel JE Waszek - Principal L Davies - Head of Prep School A Thomas – Assistant Head R Williams – Assistant Head P Sutton – Deputy Head Senior School R Beamish – Chaplain (Appointed 1 September 2021) H Filbee – Bursar (Resigned 31 August 2022) SA Harding - Head of Senior School (Retired 31 August 2021) Registered Office Old House, Pwllycrochan Avenue Colwyn Bay, Wales, LL29 7BT Bankers National Westminster Bank plc. Union Street, Chester, CH1 1UA Solicitors Pothecary Witham Weld 70 St Georges Square, London, SW1V 3RD Auditors Xeinadin Audit Limited 2 Hilliards Court, Chester, CH4 9PX

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COMPANY INFORMATION AND TRUSTEES’ REPORT

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

FOR THE YEAR ENDED 31 AUGUST 2022

The Trustees (who are also the directors for the purposes of company law) submit their report and the accounts for the year ended 31 August 2022.

Structure, governance and management Constitution

The company is limited by guarantee and has no share capital. Every member of the company undertakes to contribute to the assets of the company in the event of it being wound up while he or she is a member, or within one year of ceasing to be a member, for debts and liabilities of the company contracted before he or she ceased to be a member, such amount as may be required not exceeding £10.

The governance and objects of the School are as laid down in the Articles of Association and Memorandum of Association which incorporates the provisions of the Methodist Secondary Education Trust Deed 1903, as subsequently amended.

Trustee body

A list of Trustees of the charity who served during the year and since the year end at 31 August 2022 is shown on the company information page.

Trustees are appointed for a term of five years and may stand for re-election. Conference nominated Trustees are appointed for three years. The Trustee body meets a minimum of four times a year and delegates responsibility to sub-committees as necessary.

The Board seeks to have a broad range of business, professional and educational skills; Trustees receive induction training and are encouraged to participate in regular training in their areas of particular interest.

Organisational Management

The Trustees determine the general policy and strategy of the School; the implementation of strategy and the management of the School is delegated to the Head and the Bursar, supported by Senior Leadership Team who together form the key management personnel.

Remuneration amounts are set by the Board and reviewed annually including reference to comparisons with other independent schools. The policy objective is ensuring appropriate incentives to encourage enhanced performance and, in a fair and responsible manner, rewarding for individual contributions to the School’s success. The Board appoints the Principal, the Head of Finance and the Chaplain.

Related Entities

Details of related entities are incorporated within the related party transactions note to the accounts.

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RYDAL PENRHOS LIMITED AND SUBSIDIARIES

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

VALUES, AIMS AND OBJECTIVES

Rydal Penrhos seeks to benefit the public through the pursuit of its stated aims ‘to advance education and learning’. The Trustees have given due consideration to the Charity Commission’s general guidance on public benefit. The school welcomes pupils from all backgrounds; to admit a prospective pupil the school must be satisfied that the school will be able to educate and develop that pupil to the optimum of his or her potential and in line with the general standards achieved by their peers. The Methodist foundation of the school is important to its identity and the way it promotes pupils’ attitudes and responsibilities to each other and society at large.

Our Aims and Objectives

Our key objectives for the year were:

• To improve the financial operation of the school by focussing the impact of expenditure on pupil outcomes.

• To enhance the quality of teaching and learning by a strong focus on in service training and performance management for teaching and support staff.

• To continue providing a vibrant, coherent and diverse curriculum that allows pupils to thrive and achieve the best possible results.

• To further improve academic performance. The results in the school are already of a high standard compared with the national average, however, we should always strive to be better than the previous year and therefore set targets for the Heads of Faculty. Our Value Added as reported by Centre for Evaluation and Monitoring, CEM, is very high, and we often achieve scores in the top 5% of schools in the country.

• To enhance the liturgical life of the school, retaining the central importance of Methodist values to the school’s approach while continuing to welcome members of other faiths in a spirit of openness and tolerance.

• To improve the school’s relationship with all stakeholders, including pupils, parents, staff, alumni and local residents.

• To maximise community and commercial uses of our facilities, to benefit local people and generate funds for further investment in pupil outcomes.

• To expedite the development of the school’s estate and facilities with the intent of improving educational outcomes, aligning various parts of the school, raising funds for further investment and adding value to our local area through the positive, environmentally-conscious redevelopment of redundant assets.

• To build for a long-term increase in the school’s fundraising income, with the aim of supporting our Fully Funded Places scheme through the Donald Hughes Trust.

STRATEGIC REPORT

Review of Operational Performance of the School

Academic

Rydal Penrhos provides excellent academic teaching and support (improving in turn the long-term life prospects of local children and young people) through its stated aim ‘to advance education and learning’. This aim complies with section 3(1)(b) of the Charities Act 2006, and in serving the public qualifies as a charitable purpose as specified in section 2(1).

Estyn most recently inspected Rydal Penrhos in March 2020 and said that the school “is facing the future with growing confidence”. Rydal Penrhos “provides a caring environment and supports pupils effectively in developing an understanding of their roles and responsibilities as part of a school community”. They confirmed that the school meets all of the Independent School Standards (Wales) Regulations 2003.

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RYDAL PENRHOS LIMITED AND SUBSIDIARIES

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

Academic (continued)

Rydal Penrhos places primary importance on pupils fulfilling their academic potential, securing the best possible examination results and, in turn, moving onto a bright future in the world of work and higher education, bringing value to the businesses, communities and individuals they encounter. In recent years, Rydal Penrhos has further developed its reputation as a school that consistently gets the best from its pupils with successive years of positive Value Added scores

. Over the year, Rydal Penrhos pupils continued to thrive, underpinned by quality teaching and a strong supportive community spirit. Pupils achieved excellent results, from the youngest pupils to eighteen-year-old A- Level candidates. When pupils join Rydal Penrhos at an early age, the outstanding education they receive each year compounds over time, elevating their levels of academic performance above the norm and allowing pupils to tackle their next educational challenge from a starting position of strength.

Exam Results and Value Added

In August 2022, Rydal Penrhos pupils once-again achieved exceptional results at both GCSE and A-Level, continuing the trend of recent years.

Of Year 11 pupils taking their GCSEs, 37% secured A (or 9 to 8) grades, with 57% achieving A to A (9 to 7). This far exceeds the national average in Wales for those with A to A grades, which stands at 25.1%. The number of pupils securing pass rates from A to B (or 9 to 6) was 81%. A total of 97% of all grades were A* to C (or 9 to 4), which far eclipses the national average in Wales of 68.6%.

The results meant that the school’s ‘value-added’ statistic (as measured by the Centre of Evaluation and Monitoring at the University of Cambridge) for GCSE was 0.4. This means that, on average, in four out of ten examinations our pupils scored a grade higher than they would at the average school.

A-Level candidates fared similarly well, with 37.78% securing the top A grade and 64.2% attaining grades in the A to A range. Those achieving A to B grades stood at 80.5%, while 92.7% of pupils achieved A to C grades. Rydal Penrhos’ pass rate (A* to E) remained at 100%; it was the eighth time since 2000 that Rydal Penrhos achieved this feat.

As at GCSE level, Rydal Penrhos’ ‘value-added’ score for A-Level was 0.4. Again, this means that, on average, in four out of ten examinations our pupils scored a grade higher than they would at the average school or sixth form college.

Exam Preparation and Study Skills

Rydal Penrhos seeks to attain continued improvement in its already outstanding examination results by further improving (a) the quality of teaching and lessons and (b) the exam competency of pupils. Over the year there was a considerable focus on the latter, given that many pupils in the final year of their GCSE or A-Level courses had not participated in public examinations due to the Covid-19 pandemic.

Pupils sitting public examinations in the summer of 2022 or 2023 were invited to study skills presentations led by Maximise Your Potential, an industry-leading educational workshopping firm offering bespoke study skills for secondary school pupils. Aside from providing useful study techniques and exam tips to pupils, the presentations also focused on promoting well-being and proper time management in the lead up to examinations.

In the year, Rydal Penrhos introduced a new initiative of Easter GCSE Revision Courses. Over three days in April, specialised tuition was offered in the core GCSE subjects of English, Maths and Science. The sessions were delivered by Rydal Penrhos teachers; many of whom were faculty leaders and/or examiners in their subjects. As part of the Revision Courses, Rydal Penrhos also organised a study-skills seminar designed to teach effective revision and exam strategies. Appreciating the opportunity to support local young people by raising their exam prospects, the school opened the Easter GCSE Revision Courses to young people both inand outside the Rydal Penrhos community.

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RYDAL PENRHOS LIMITED AND SUBSIDIARIES

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

Academic (continued)

Exam Preparation and Study Skills (continued)

Individual subjects, teachers and classes also adopted specific measures to boost pupils’ studies. These included, but were not limited to: subject-specific academic clinics during the hour of allotted extra-curricular time at the end of the day, allowing pupils to access extra support if needed; the creation of revision podcasts, allowing pupils to access spoken-word resources created by their teachers in their own time; and the invitation of recent high-performing alumni to deliver talks on how they achieved examination success.

Science, Technology, Engineering and Mathematics (STEM) Education

The school recognises the growing importance of STEM fields in the modern economy, labour market and educational sector. The school considers many of the skills attainable through the study of STEM – including problem-solving, real-time thinking, intellectual curiosity, leadership and learning from mistakes – to be essential to the flourishing of pupils into productive citizens, equipped to contribute to modern society. As such, Rydal Penrhos seeks to promote maths and science skills in its pupils throughout the school and cultivate their engagement in those subjects both in- and outside the classroom.

Prep pupils aged five (i.e. Reception) and above receive weekly STEM lessons as part of the standard timetable. Over the year, Prep classes took part in several projects to improve their understanding of the fundamental concepts surrounding STEM: Reception travelled to Welsh Mountain Zoo to learn about different animal species; while Year 2 designed their own litter-catching machines and travelled to the local beach to discover the effects of pollution and climate change. Year 5 also benefitted from the visit of a third-year Cardiff University medical student, who led a Science lesson on children’s medical conditions.

Science and Maths form two of the main pillars of the curriculum in Senior year groups, with the two subjects combined accounting for nine lessons a week (or a third of the timetable) in Year 7. This is not to mention the up-to three lessons a week in Design Technology and Computer Science. Beyond curriculum lessons, pupils also have access to STEM Club, which allow pupils to explore hands-on, applied science and mathematical concepts beyond the standard syllabus.

Pupils regularly take part in STEM-related competitions, both individually and in teams. In the UKMT Intermediate Maths Challenge, 22 pupils achieved Gold, Silver or Bronze certificates, with two pupils qualifying for the advanced stages of the competition. Two Sixth Form pupils received commendations for their efforts in the Intermediate Biology Olympiad, an annual international competition open to pupils in the first year of post16 education anywhere in the world.

Rydal Penrhos was especially proud of its team of Year 9 scientists who proved victorious in a STEM Olympics competition hosted by the Grange School, Northwich. Participating in various challenges that included dissection, dentistry, crime scene investigation, model rocket launching and coding, the Rydal Penrhos team defeated a field of over 30 other leading independent schools from Wales, Cheshire and the North West.

Preparation for Life After School; University Destinations

Rydal Penrhos places a great emphasis on supporting its pupils as they prepare to enter higher education and post-school life. The school employs a dedicated UCAS and Careers focused staff member who advises pupils on a variety of issues relating to higher education.

In the Summer 2022, Rydal Penrhos alumni went on to study at several leading UK universities, including Russell Group institutions such as the University of Birmingham, the University of Edinburgh, the University of Liverpool, the University of Warwick, the University of York and Imperial College London, among others.

For pupils electing not to enter higher education immediately, or at all, the school provides support in organizing gap year opportunities and exploring potential employment or apprenticeship routes. A 2022 leaver secured a prestigious three-year finance apprenticeship working within the National Health Service. Over the course of the apprenticeship, the school leaver will take the Level 2-4 Association of Accounting Technicians assessments, with Completion of Level 4 leading to a professional diploma in accountancy.

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RYDAL PENRHOS LIMITED AND SUBSIDIARIES

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

Extracurricular

Rydal Penrhos recognises the importance of a balanced curriculum and opportunities to develop interests and skills beyond the classroom. Each day, between 15:30 and 16:30, pupils from Reception upwards have the choice of participating in a wide range of extracurricular clubs and societies, with over 100 options in total.

Rydal Penrhos is keen to see its pupils pursue their academic curiosity beyond the classroom. As such, several clubs and societies with an academic focus are available as part of the extra-curricular programme, including the likes of Model United Nations and the Coding Club.

Music, drama and sport play an important part in school life and participation is encouraged at all levels and ages, thus developing wider interests, team spirit and resilience. The school’s enviable location enables pupils to enjoy sailing, golf and outdoor activities including individual and team sports.

The Duke of Edinburgh Award

Rydal Penrhos is a Licensed Centre for the popular Duke of Edinburgh (DofE) Award scheme and offers all three levels of the prestigious programme. Under the guidance and tutelage of our specialist DofE coordinator, 44 pupils completed their Bronze Award in 2021/22, while a further 25 completed their Silver Award.

Combined Cadet Force

The Combined Cadet Force (CCF) is sponsored by the Ministry of Defence to "provide a disciplined organisation in a school so that pupils may develop powers of leadership by means of training to promote the qualities of responsibility, self-reliance, resourcefulness, endurance and perseverance".

The CCF is open to all pupils from Year 8, with a dedicated base situated on school grounds. In the year, the school’s cadets participated in a CCF camp at Swynnerton Training Area in Staffordshire, where pupils put the skills that they had developed over the year, including navigation, teamwork and resilience, into practice. Rydal Penrhos were also visited by the school’s sponsor regiment, the 1[st] Queen’s Dragoon Guards, for the first time.

Sports and Outdoor Education

Rydal Penrhos recognizes the positive impact of sports in bringing communities together and promoting health and wellbeing. The school has a proud sporting history and maintains sporting facilities of the highest order to support and encourage its emerging sportspeople. Various sports days were held in school across the year, as well as the annual Colours Awards, which recognise the individual achievements of Rydal Penrhos pupils.

Team sports at Rydal Penrhos thrived over the year. Two Rydal Penrhos pupils served as captain and vicecaptain of the North Wales U13 girls hockey squad that competed in a national tournament in Nottingham. The U16 Rugby Sevens side competed in a tournament hosted and organised by the school, which featured several schools and teams from across North Wales and the North of England. Rydal Penrhos also hosted its annual cricket match against Marylebone Cricket Club (MCC) on the school’s historic New Field. Based out of Lord’s Cricket Ground in London, MCC is one of the oldest and most prestigious cricket clubs in the world, and once served as governing body of the game.

With its own sailing facilities and access to the dry-slope in Llandudno, the school offers extensive opportunities for pupils to participate in sailing and skiing. The school achieved six first-place finishes at the 2022 North Wales Ski Championships, alongside many other strong results. Rydal Penrhos sailors have attained call ups to the RYA Cymru Wales ILCA and British Sailing squads; one pupil finished second at the prestigious Eric Twiname Junior Championships, which took place at Rutland Sailing Club and featured some of the brightest young sailors from across the nation.

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RYDAL PENRHOS LIMITED AND SUBSIDIARIES TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022

Sports and Outdoor Education (continued)

Rydal Penrhos seeks, wherever possible, to aid its pupils in their individual sporting pursuits. Over the year, pupils achieved several notable individual feats:

• A Year 11 pupil and member of the Colwyn Bay Athletics Club won gold in the 100 meter-final at an athletics meeting in Warrington, which featured many of the most promising young athletes from across North Wales, Cheshire and the North West.

• A Sixth Form golfer competed at the Sir Henry Cooper Junior Masters, having already secured a scholarship to further his golfing ambitions in the United States once he has finished his time at Rydal Penrhos.

• A Sixth Form pupil, who regularly participates in Hockey Wales Regional Performance Centre training, attained several caps for the U18 Wales team and attended their overseas tour to the Netherlands.

Creative Arts

Rydal Penrhos is proud to offer its pupils numerous opportunities to get involved in creative arts subjects (including Drama, Music, and Art), as part of both timetabled lessons and extra-curricular sessions. By providing pupils the opportunity to express their creativity and individuality, the school hopes to produce confident and engaging young people, ready to make an important contribution in society and the workplace.

Rydal Penrhos has a rich history of music that spans several instruments, genres and generations. In addition to a thriving curriculum music programme over the year, pupils across the school contributed to a series of successful concerts during the late spring and early summer. Audiences enjoyed a variety of performances involving a range of instruments, thanks to the school’s initiative to introduce every Prep year group to a particular musical instrument over the course of an academic year.

Pupils sought to bring their positive approach to music to the public by performing for nearby nursing homes, civic services and the National Methodist Choir of Great Britain nationwide song drive, in support of HRH Queen Elizabeth II’s Platinum Jubilee. Rydal Penrhos pupils also excelled in music examinations, with several pupils attaining excellent Associated Board of the Royal Schools of Music (ABRSM) results, including the top Grade 8 level of certification.

Music played a particularly important role in the school’s attempts to connect to its local community over the year. The Rydal Penrhos Community Choir was relaunched and a Rydal Penrhos Community Wind Band was established, allowing enthusiastic local musicians, including pupils, alumni, parents, and other friends of the school, to share and practice their craft. Both groups rehearse in school, making use of its facilities, and both performed as part of the school’s Four Choirs Concert in the spring.

As with Music, curriculum Drama continued to thrive over the year. Outside of lesson time, Rydal Penrhos’ developing actors and musicians led successful dramatic productions of ‘Paws and Claws’ in the Prep and ‘Matilda’ in the Senior section, alongside the annual Prep nativity play. Pupils also benefitted from a combat performance workshop, which sought to develop their physical theatre skills and teamworking.

Rydal Penrhos offers peripatetic teaching in Speech and Drama. Rydal Penrhos has a long-standing tradition of Speech and Drama, with lessons available for pupils in Years 7 to 13 individually or in pairs and small groups. The sessions are designed to not only boost communication and acting skills, but also promote the confidence, creativity, and selflessness of our pupils, as they learn to work together in their groups. The school consistently returns outstanding results at the Chester Competitive Festival of Performing Arts; in 2022, the school secured 14 first-place awards.

The significance of Art at Rydal Penrhos is visually apparent from the number of pupil artworks that adorn all areas of the school site. Rydal Penrhos has produced many talented artists over the years and the school is pleased to see several current pupils on track to achieve similar success. In the early summer, Rydal Penrhos celebrated the achievements of its Art exam candidates through the return of its annual Art Exhibition, which had been in hiatus due to the pandemic.

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RYDAL PENRHOS LIMITED AND SUBSIDIARIES

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

Creative Arts (continued)

Both Prep and Senior pupils benefit from access to spacious, well-equipped Art Studios that support pupils’ work across a range of different mediums. Under the tutelage of experienced teachers, pupils studied a wide range of themes, styles, and artistic cultures from around the world; from a broad-scope investigation of Mexican art to focus on individual creators including Amedeo Clemente Modigliani or self-taught engraver Colin See-Paynton.

School Trips

Rydal Penrhos recognises the value of educational excursions to enhance the learning and development of pupils. While the Covid-19 pandemic forced a temporary hiatus on school trips, over the year 2021-22 the school was able to conduct several trips while adhering to Welsh Government guidelines and protecting pupils’ safety.

Given the school’s location – less than a five-minute walk from the North Wales coastline, within a half-hour drive of Snowdonia National Park and within a short distance of the A55 – teachers, sports coaches and outdoor education instructors conduct excursions to a variety of local destinations. Nearby locations visited by pupils over the year include Conwy Castle, Yr Wyddfa (Snowdon), Llandudno’s Great Orme, and Llyn Geirionydd, for purposes including Sixth Form ecology surveys and a Year 2 fossil-hunting field trip.

Year 5 pupils visited DangerPoint North Wales, an interactive life skills education centre teaching children about safety across several settings and scenarios. Meanwhile, Senior pupils studying History benefitted from trips to Hack Green Secret Nuclear Bunker in Nantwich and the Sick to Death experience at St Michaels Church in Chester, where the history of medicine throughout the ages is depicted with a focus on plagues and pandemics.

In the year, the school announced an overseas trip to Poland scheduled for the 2022/23 academic year, with the purpose of supporting learning regarding culture and history.

Admissions

Rydal Penrhos aims to educate as many pupils as it can without sacrificing the standard of its provision. The school recognises that, by educating more children and young people, it increases the scale of the public good generated by its work.

Pupil numbers across the school grew strongly throughout the year in 2021/22. In the Trinity (or Summer) Term, the number of day pupils in school reached its highest point since 2008. This demonstrates the rapid adaption Rydal Penrhos has made to its new identity as a day-only school for families across Anglesey, mainland North Wales and the English border regions.

Fees, Fully Funded Places, Scholarship Premiums and Bursaries

In line with Rydal Penrhos’ strategic plan, the school operates a fair and transparent fees system. The qualifying criteria for our financial assistance measures – the Fully Funded Place, Scholarship Premiums and Bursary Schemes – are clearly defined and available to prospective parents.

Rydal Penrhos aims to set fees at the minimum required level to provide a high-quality education to every pupil. This way, the school can offer its educational provision to more children and young people, thus increasing the effect of its charitable purpose. The school’s attempts to keep fees to a minimum are demonstrated by a consistent decrease in school fees (when adjusted by CPI) between the period 2018/19 and 2021/22. This has been made possible by a series of efficiency and cost-reduction measures made across the school, without sacrificing the quality of our service.

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RYDAL PENRHOS LIMITED AND SUBSIDIARIES

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

Fees, Fully Funded Places, Scholarship Premiums and Bursaries (continued)

In order to ensure that a Rydal Penrhos education is, as far as possible, easy to access and free of hidden charges, the school includes as many elements as possible within the standard fee. This includes the nutritious school meals available, both in the school’s Dining Halls and on the go as part of packed lunches for pupils travelling to fixtures, trips and so forth. Additionally, the school funds all examination entry fees for GCSE and A-Level pupils. This represents a saving of approximately £500 for a Year 11 pupil, £200 in Year 12 and £350 in Year 13.

By each year offering two Fully Funded Places in Year 7 and Year 12 to new pupils joining from the North Wales area, Rydal Penrhos serves the public interest, supporting local, disadvantaged people who have the ability to achieve great things and contribute to society at large.

The Trustees view the school’s various awards as important in helping to ensure that children from families who would not otherwise afford the fees have a means to access the education offered by the school. The school aims to develop exceptional talent, to widen participation and demonstrate public benefit and this is supported by the provision of scholarships and bursaries for senior pupils.

Bursaries are available to those who meet the entry requirements on the basis of parental means or relief of hardship. The school takes many factors into consideration including income, investments, savings and circumstances.

Fundraising

The school recognises the importance of fundraising to the continued operation and growth of our Fully Funded Places and Scholarship Premiums. A substantial proportion of fundraising activities by the school are now in support of these schemes. The school continues to maintain several trusts and memorial funds, most notably the Donald Hughes Trust.

Alumni

Rydal Penrhos is delighted to maintain a rich and active relationship with its alumni, several of whom are parents and/or members of staff. The school's alumni association, the Rydal Penrhos Society, brings together former pupils of Penrhos College, Rydal School, and Rydal Penrhos School.

The Society has over 2500 active members, with whom the school is in regular contact, sharing newsletters, alumni-related news stories and other forms of communications.

Former pupils participate in a wide-range of Society Sports, including hockey, cricket, netball, rugby and golf. Each year a number of named trophies are contested, including the prestigious Marsden Trophy, a golf competition first established in 1932, and the Natalie Kate Moss Trophies for netball and hockey, played in memory of their namesake each Founders' Weekend.

The annual Founders' Weekend celebrations in September 2021 saw many alumni return to Colwyn Bay to participate in a variety of events. The evening dinner on the Saturday featured alumni from the Society's newest cohort, the Class of 2021, alongside several other generations of Old Rydalians and Penrhosians.

The school appreciates the generosity of its alumni in support of the Donald Hughes Trust.

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RYDAL PENRHOS LIMITED AND SUBSIDIARIES

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

Staff

Training and performance management for our staff are considered highly important and as such the school has organised several training days. The school uses appraisal software such as BlueSky Education that allows staff to set targets for themselves and others under their management.

Infrastructure Investment & Changes to the School Estate

The school recognises the importance of fundraising to the continued operation and growth of our Fully Funded Places and Scholarship Premiums. A substantial proportion of fundraising activities by the school are now in support of these schemes. The school continues to maintain several trusts and memorial funds, most notably the Donald Hughes Trust.

Staff

• Over the year, Rydal Penrhos continued to progress plans to relocate the Prep, with the aim of:

• Securing the position of the school as a thriving forward-looking successful twenty-first century day school.

• Further improving the use and quality of resources across the whole school to benefit all pupils.

• Seeking to future proof the school estate for potential educational developments.

• Ensuring that the school estate is safe and secure for all pupils, staff and visitors.

The relocation of the Prep away from Pwllycrochan will allow younger pupils to make use of existing facilities on the Senior site. Revenues from the sale of Pwllycrochan will be invested in infrastructure projects across the school. The old Prep site will be sensitively redeveloped to create diverse new housing with open public spaces and maximum biodiversity. Crucially, the listed Pwllycrochan building will have its external façade retained and restored.

The restoration of the Osborn Hall, formerly the Learning Resource Centre (Library) and Dining Hall, was completed in the year. The Osborn Hall is a Grade II listed building with beautiful wood panelling, parquet floors and stained-glass windows. As part of the restoration, the floors were extensively refurbished, and the steel mezzanine was removed. In its restored form, the Osborn Hall fulfils a variety of educational roles and functions, serving as a study room, workshopping space, examination hall and parent evening venue, among other uses.

For the start of the academic year in September, the school’s Fitness Suite was heavily upgraded. By repurposing space from an adjoining room, the existing gym was expanded both in terms of its physical size and its store of equipment. Several rowing machines, free and machine weights, exercise/peloton bikes and other tools were acquired to support Rydal Penrhos pupils in their training. The Fitness Suite supports the physical and mental wellbeing of not only Rydal Penrhos pupils, but also the local people who utilise the school’s facilities.

Rydal Penrhos significantly upgraded its technological infrastructure through the introduction of SchoolsBuddy, a mobile and web-based school-to-home management system for activities, bookings, billing and transport. The system has simplified the registration and payment processes involved when pupils and parents sign up for extracurricular clubs or non-curriculum trips.

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RYDAL PENRHOS LIMITED AND SUBSIDIARIES

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

Commerical Activities

One of the purposes of the school’s commercial activities is to fund Rydal Penrhos’ Fully Funded Places scheme, which offers two free places in Year 7 and Year 12 to local children and young people from financially disadvantaged backgrounds.

Over the year, Rydal Penrhos has continued to strike partnerships with both local and national groups, allowing increased numbers of people to benefit from the school’s facilities and equipment.

In an average week, between 2500 and 3000 local children, young people and adults make use of the school’s outstanding facilities. This represents 30 separate organisations including local community groups, small businesses, and charities. Seeking to support the region’s young people, the school opens its facilities free of charge for the local Young Carers group to host their fortnightly meetings.

In addition to local sports clubs, several professional sports sides utilised the school’s upgraded Fitness Suite and other sports facilities for training. Super League Champions St Helens conducted their pre-season training camp at Rydal Penrhos, and the Rochdale Hornets and North Wales Crusaders also visited.

Rydal Penrhos has established itself as a leading option for weddings in the North Wales area. The school held a Wedding Fayre on Sunday 24 October 2021, which several suppliers joined. Additionally, Rydal Penrhos was confirmed as host for the North Wales Wedding Awards in the autumn of 2022.

Charity and Community Service

The school continues to play an important part in its community, with over fifty different local and national groups making use of the school’s facilities on a regular basis.

Pupils and staff have taken part in a number of fundraising activities for worthy causes during school hours and in their own time, including:

• More than 120 pupils and staff, both Prep and Senior, participated in a walkathon from Colwyn Bay to Llandudno. A total of £2,867 was raised, with all proceeds going towards the Blind Veterans UK Centre for Wellbeing situated in Llandudno.

• The Prep and Senior School Councils collaborated to organise a pupil-led donation event in support of those impacted by the Russo-Ukrainian War. A total of £829 was raised, which the school paid forward to the Disasters Emergency Committee Ukraine Humanitarian Appeal – with the donation then matched pound-for-pound by the UK Government. Additionally, many essential items - including clothing, toiletries and children’s toys - were donated and transported to the Ukrainian border to support refugees.

• Rydal Penrhos pupils and alumni gathered to support alumnus Rob Lloyd in his marathon attempt, running alongside him for the first and final mile of the course, which started and ended at the school’s historic New Field. The marathon was a part of his ‘Senseless Challenge’ in support of Sense, a national disability charity that supports people living with complex disabilities. Rob Lloyd’s campaign raised over £50k in total.

• In keeping with the theme of the Prep drama production, ‘Paws and Claws’, a collection took place to gather food and equipment for animals in need or distress. This equipment was donated to the local RSPCA Centre situated in Bryn-y-Maen.

• In November 2021, over £1600 was raised as part of the school’s Children in Need campaign, with the aim of improving the lives of less fortunate and disadvantaged children and young people around the UK.

• During the Advent period, a collection for the Conwy Home-Start appeal was launched, which is a community network of trained volunteers who provide expert support helping families with young children through challenging times. A significant number of toys and other items were donated and then distributed to families across the region in time for

11

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

Environmental Initiatives

Rydal Penrhos is fortunate to enjoy a wonderful location of natural beauty, such as the coastline and Snowdonia National Park. We appreciate the importance of reducing our environmental footprint and becoming more sustainable. We are proud that our pupils take a leading role in this effort:

• In collaboration with the school’s catering partners, Holroyd Howe, pupils from the Prep and Senior Eco Committees planted wild pear and crab-apple trees outside the Memorial Hall as part of the Queen’s Green Canopy initiative for the Platinum Jubilee.

• In the year, pupils took part in a range of competitions with the aim of increasing awareness of climate change and environmental issues. These included: a contest to build an animal habitat, such as a bug hotel or hedgehog house, for World Habitat Day; the WWF’s Winter Mini Challenge book review competition; and a school Eco Committee contest to produce a sea creature sculpture out of items of litter.

• To mark World Oceans Day and highlight the issue of plastic waste, members of the Eco Committee from each year group wrote a persuasive letter to companies who use plastic packaging for sweets, to try and encourage them to use a more sustainable and eco-friendlier alternative.

• As part of a campaign called ‘Promise to the Planet’, organised by the World Organisation of the Scouts Movement, pupils wrote personal climate pledges, detailing what they would do to support the environment. The campaign was designed to coincide with the COP26 United Nations Climate Conference in Glasgow.

• Year 6 spent a morning in the Forest School producing bird feeders and identifying avian species as part of the RSPB’s annual Big Garden Birdwatch initiative, which surveys biodiversity in the national bird population.

Other Relationships

As an Associate member of the Methodist Independent Schools group, the school benefits significantly from the collective ethos and educational initiatives of that group. The Heads of school are also members of the Society of Heads and of WISC.

Financial review and future plans

The transition from a Boarding/Day School to a fully Day School was completed in the 2021 year, boarding having ceased at the end of Trinity (Summer) Term 2021. The anticipated reduction in income of circa £500k was funded by a reduction in planned expenditure of around £700k. However, the impact of Covid-19 was again significant and had an estimated negative impact of circa £550k. This was partly due to an additional reduction in boarding fee income of approximately £350k and a reduction in lettings income of around £200k.

The planned property sales during the year of £1.7m enabled the school to continue the Project Bold plan in staffing and curriculum, though the Covid-19 regulations delayed the planned developments in extra-curricular provision.

The structural changes in relation to the campus have been delayed significantly due to the national issues in the planning and authorisation of building projects caused by Covid-19 restrictions in Wales. However, although delayed, the school is working effectively with partners in both the public and private sectors to progress the developmental plans.

Day pupil numbers rose during the period and the school has continued to see a 15% increase in pupil numbers during 2021-22 and reasonably anticipates a further increase of between 5% and 10% during 202223. This has enabled the Board to set a fee increase of 4.8% against a background inflation rate of approaching 10%.

12

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

Investment powers and policy

The investment powers are governed by the Memorandum & Articles of Association that permits the funds of the School and its subsidiary charities to be invested in any investment or security as the charity may think fit. Investments are held under the management of the TMCP and Investec, which provides investment advice.

Reserves

Total reserves of the group at 31 August 2022 were £22.618m (2021: £24.168m), with unrestricted funds of £22.208m (2021: £23.758m) which includes designated funds of £0.123m (2021: £0.561m). At 31 August 2022 the group had restricted funds of £0.409m (2021: £0.409m) and a permanent endowment of £5 (2021: £5). Further details of the restricted and designated funds are given in note 17.

The Trustees regard ‘free’ reserves as being the reserves of the School after deducting fixed assets not covered by specific bank financing and investments held to generate income for the various Trust funds. On the basis described there is a deficit of free reserves of £2.112m (2021: £1.698m). Similar to many other independent schools, the School has invested heavily in fixed assets which have resulted in this deficit.

The need for day-to-day working capital is met by careful management of short-term liquid resources.

The policy is to reduce the level of free reserves deficit from annual operating surpluses, subject to the prior demands of further capital expenditure to equip the School with the up-to-date facilities needed to maintain the standard of educational services currently provided.

Risk management and principal risks and uncertainties

The Governing Body is responsible for the management of the risks faced by the School, and a formal review of the risk management processes is undertaken regularly.

The main risks that the Trustees have identified and the plans to manage those risks are:

• Reputation – the School’s success is built on its reputation for the education and wellbeing of our pupils.

This risk is managed though safeguarding policies, providing a broad and attractive curriculum, staff recruitment policies, pastoral support for both pupils and staff and management of health and safety matters.

• Financial viability – our ability to operate is reliant on the prompt receipt of fee income based on stable pupil numbers and effective management of costs.

This risk is managed by marketing activity to maintain and expand pupil numbers, maximising pupil retention, maintaining a reputation for academic excellence and active cash flow management.

The Trustees are satisfied that the major risks identified have been adequately mitigated as far as possible.

It is the Board’s policy that key controls should include:

• Formal agendas for all Board and Committee meetings

• Detailed terms of reference for all Committees

• Comprehensive strategic planning, budgeting and management accounting

• Established organisational structure and lines of reporting

• Clear authorisation and approval levels

• Vetting procedures as required by law for the protection of children

13

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 AUGUST 2022

Statement of Trustees’ Responsibilities

The Trustees (who are also directors of Rydal Penrhos Limited for the purposes of company law) are responsible for preparing the Trustees' Report (including the group director’s and strategic report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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

• Select suitable accounting policies and then apply them consistently;

• Observe the methods and principles in the Charities SORP (FRS 102);

• Make judgements and accounting estimates that are reasonable and prudent;

• State whether applicable UK Accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable group will continue in operation.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company and the group’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable group 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 charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

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

• so far as that Trustee is aware, there is no relevant audit information of which the charitable group’s auditors are unaware, and

• that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group’s auditors are aware of that information.

Auditors

In accordance with the company’s articles a resolution proposing that Xeinadin Audit Limited be reappointed as auditor to the group and parent charitable company will be put at a General Meeting.

This report, incorporating the group strategic report, was approved by the Trustees, in their capacity as company directors, on 23[rd] May 2023 and signed on their behalf by:

………………………………………….

Deborah McKinnel Chair

14

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF RYDAL PENRHOS LIMITED FOR THE YEAR ENDED 31 AUGUST 2022

Opinion

We have audited the financial statements of Rydal Penrhos Limited (the ‘charitable parent company’) and its subsidiaries (‘the group’) for for the year ended 31 August 2022 which comprise comprise the group statement of financial activities, the group balance sheet, the charitable company balance sheet, the group statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the group and of the parent charitable company’s affairs as at 31 August 2022 and of the group’s net movement in funds, including the income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

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 group 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 ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

15

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF RYDAL PENRHOS LIMITED (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

Opinion on other matters prescribed by the Companies Act 2006

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

• the information given in the Trustees’ Report (which incorporates the strategic report and the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors’ report included in the Trustees’ Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the strategic report and the directors’ report).

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

• adequate accounting records have not been kept by the parent charitable company; or

• the parent charitable company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of Trustees’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

• the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Trustees' report and from the requirement to prepare a strategic report.

Responsibilities of Trustees

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

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

Auditor’s responsibilities for the audit of the financial statements

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

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

Enquiries of management and those charged with governance were held in order to identify any laws and regulations that could be expected to have a material impact on the financial statements. Throughout the audit, the team were updated with the outcomes of these enquiries including consideration as to where and how fraud may occur in the Trust.

16

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF RYDAL PENRHOS LIMITED (continued) FOR THE YEAR ENDED 31 AUGUST 2022

The audit procedures undertaken to address any potential risk in relation to irregularities (which include fraud and non-compliance with laws and regulations) included: enquiries of management and those charged with governance on how the charity complies with relevant laws, regulations and any cases of actual or potential litigations or claims; examination of appropriate legal correspondence; review of board minutes; testing of journal entries for appropriateness; and analytical procedures on account balances to identify variances against expectation which may show indications of fraud.

No instances of material non-compliance were identified, although the prospect of detecting irregularities, including fraud, is inherently difficult. This is due to; difficulty in detecting irregularities; limits imposed by the effectiveness of the entity’s controls; and the nature, timing and extent of the audit procedures performed. Irregularities as a result of fraud are inherently more difficult to detect than those that resulting from error. Despite this the audit has been planned and performed in accordance with ISAs (UK), there is an unavoidable risk that material misstatements may not be detected.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

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

Alastair Jeffcott BA FCA (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited	23rdMay 2023
Chartered Accountants
Statutory Auditor	2 Hilliards Court
	Chester Business Park
	Chester
	Cheshire
	CH4 9PX

Notes:

1. The maintenance and integrity of Rydal Penrhos Limited’s website is the responsibility of the Trustees; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the web site.

17

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME & EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 AUGUST 2022

		Unrestricted	Restricted	Permanent	2022	2021
		Funds	Funds	endowment	Total	Total
Notes		£	£	£	£	£
INCOME FROM:
Charitable activities:
School fees	2	4,402,467	-	-	4,402,467	4,008,894
Trading and other activities:
Lettings income	3	227,323	-	-	227,323	111,467
Other income	3	203,885	-	-	203,885	1,977,213
Investments
Investment income	4	1,144	-	-	1,144	14,777
		---------------------	-----------------	---------------	---------------------	---------------------
Total income		4,835,819	-	-	4,835,819	6,112,351
		----------------------	-----------------	---------------	----------------------	---------------------
EXPENDITURE ON:
Raising funds:
Finance costs		12,257	-	-	12,257	20,604
Charitable activities:
Teaching costs		3,454,352	-	-	3,454,352	3,351,667
Welfare costs		730,840	-	-	730,840	658,789
Premises costs		1,153,247	-	-	1,153,247	1,386,758
Support and governance costs		1,028,124	-	-	1,028,124	1,125,262
		----------------------	-----------------	---------------	----------------------	----------------------
Total expenditure	7	6,378,820	-	-	6,378,820	6,543,080
		--------------------	-----------------	---------------	--------------------	--------------------
Net (expenditure) before
investment gains		(1,544,001)	-	-	(1,544,001)	(430,729)
Revaluation of tangible fixed	8	-	-	-	-	22,782,063
assets
Net gains/(losses) on investments	9	(6,005)	-	-	(6,005)	23,148
		--------------------	------------------	----------------	--------------------	--------------------
Net movement in funds		(1,550,006)	-	-	(1,550,006)	22,374,482
Reconciliation of funds:
Total funds brought forward		23,758,503	409,468	5	24,167,976	1,793,494
		----------------------	-----------------	---------------	---------------------	---------------------
Total funds carried forward		22,208,497	409,468	5	22,617,970	24,167,976
		===========	========	=======	==========	==========

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

All income and expenditure is derived from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

The notes on pages 21 to 37 form part of these financial statements.

18

RYDAL PENRHOS LIMITED AND SUBSIDIARIES Company Number: 3294434

BALANCE SHEETS

AS AT 31 AUGUST 2022

	Notes	Consolidated	Consolidated	Company	Company
		2022	2021	2022	2021
		£	£	£	£
Fixed assets
Tangible assets	8	24,320,817	25,457,043	24,320,817	25,455,043
Investments	9	191,791	197,795	4,914	6,502
Investment in subsidiary	9	-	-	2	2
		--------------------	--------------------	--------------------	--------------------
		24,512,608	25,654,838	23,325,733	25,461,547
		--------------------	--------------------	--------------------	--------------------
Current assets
Stocks	10	-	49,000	-	49,000
Debtors	11	187,352	88,161	187,352	87,657
Cash at bank and in hand		316,643	361,732	316,643	343,931
		--------------------	--------------------	--------------------	--------------------
		503,995	498,893	503,995	480,588
Creditors: amounts falling due
within one year	12	(2,151,370)	(1,708,296)	(2,412,214)	(2,059,784)
		--------------------	--------------------	--------------------	--------------------
Net current liabilities		(1,647,375)	(1,209,403)	(1,908,218)	(1,579,196)
		--------------------	--------------------	--------------------	--------------------
Total assets less current liabilities		22,865,233	24,445,435	22,417,515	23,882,351
Creditors: amounts falling due
after more than one year	13	(247,263)	(277,459)	(247,263)	(277,459)
		---------------------	---------------------	----------------------	----------------------
Total net assets		22,617,970	24,167,976	22,170,252	23,604,892
		===========	===========	==========	==========
Capital
Permanent endowment	17	5	5	-	-
Income
Restricted funds	17	409,468	409,468	7,522	7,522
Unrestricted funds:
General reserve	17	744,598	765,317	822,005	725,819
Designated funds	17	123,174	560,668	-	439,033
Revaluation reserve	17	21,340,725	22,432,518	21,340,725	22,432,518
		----------------------	----------------------	---------------------	---------------------
Total funds		22,617,970	24,167,976	22,170,252	23,604,892
		==========	==========	==========	==========

As permitted by s408 Companies Act 2006, the charitable company has not presented its own statement of financial activities and related notes. The charitable company’s deficit for the year was £1,434,640 (2021: £65,899).

These financial statements were approved by the Trustees and authorised for issue on 23[rd] May 2023 and are signed on their behalf by:

Deborah McKinnel Chair

The notes on pages 21 to 37 form part of these financial statements.

19

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2022

	2022	2021
	£ £	£	£
Reconcilition of net expenditure to net cash
flow from operating activities:
Net income/(expenditure) before investment	(1,550,006)	(430,729)
gains/(losses)
Depreciation charges	231,474	580,501
Interest paid	12,257	20,604
Investment income	(1,144)	(14,777)
Gain on investment	6,004
(Increase)/decrease in debtors	(99,191)	31,448
Increase/(decrease) in creditors	457,431	(389,131)
(Increase)/decrease in stock	49,000	16,109
Profit on sale of property	(203,885)	(1,164,923)
	-----------------	-----------------
Net cash provided from operations	(1,098,060)		(1,354,372)
Net cash flow from investing activities:
Investment income	1,144	14,777
Purchase of tangible fixed assets	(33,875)	(52,408)
Proceeds from sale of investments	-	-
Net proceeds from sale of tangible assets	1,142,510	1,322,866
	-----------------	-----------------
Cash provided from/(used in) investing activities	1,109,779		1,285,235
Cash flows from financing activities:
Bank loan repayments	(44,551)	(20,604)
Interest paid	(12,257)	(14,692)
	-----------------	-----------------
Net cash (used in) financing	(56,808)		(35,296)
	---------------------		---------------------
Increase in cash and cash equivalents	(45,089)		(104,433)
Cash and cash equivalents at beginning of the period 361,732			466,165
	---------------------		---------------------
Cash and cash equivalents at the end of the period	316,643		361,732
	==========		==========
ANALYSIS OF CASH AND CASH EQUIVALENTS	2022		2021
	£		£
Cash in hand and at bank	316,643		361,732
Bank overdraft	-		-
	---------------------		---------------------
	316,643		361,732
	==========		==========

20

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2022

1. ACCOUNTING POLICIES

Charity information

Rydal Penrhos is a charitable company limited by guarantee incorporated in England and Wales and registered with the Charity Commission. Rydal Penrhos Limited was incorporated on 19 December 1996 (company number: 3294434) and registered as a charity on 17 July 1997 (charity number: 1063489). The registered office is Old House, Pwllycrochan Avenue, Colwyn Bay, Wales, LL29 7BT.

The group consists of Rydal Penrhos Limited and all of its subsidiaries.

The Charitable Company’s financial statements have been prepared in compliance with the Charities SORP (FRS 102) effective 1 January 2019.

Legal Status

The members of the company are the Trustees. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the Charity.

Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK (FRS 102) (as amended for accounting periods commencing 1 January 2019)”. The charitable company is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of land and buildings and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The charitable company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The School has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

Basis of consolidation

The consolidated financial statements incorporate those of Rydal Penrhos Limited and all of its subsidiaries (i.e entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefit) on a line by line basis.

All financial statements are made up to 31 August 2022.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

21

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

1. ACCOUNTING POLICIES (continued)

Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, Trustees are required to make judgement, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 ongoing 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 affected current and future periods.

The judgement that the catering equipment provided to the School through a contract with the catering provider effectively a loan and contingent liability (as set out in note 22) rather than a finance lease is considered a significant judgement.

In the view of the Trustees, no other assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

School fees and similar income

Fees receivable and charges for services and use of premises are accounted for in the period to which they relate, after deducting allowances, scholarships and other remissions granted by the School, but including contributions received from restricted funds.

Fees received for education to be provided in future years are carried forward as deferred income.

Investment income

Income from investments is accounted for on a receivable basis and includes all relevant tax credits.

Donations, legacies, grants and other voluntary income

Voluntary income is accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable.

Voluntary income for the School’s general purposes is accounted for as unrestricted income to general funds. Where the donor or an appeal has imposed trust law restrictions, income is credited to the relevant restricted fund.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met . Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability

22

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

1. ACCOUNTING POLICIES (continued)

Expenditure

Expenditure is accrued as soon as a liability from a past event is considered probable. Irrecoverable VAT is included with the item of expense to which it relates. Costs of charitable activities include expenditure associated with the running of the School and include both direct and support costs.

Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include finance, personnel, payroll and governance. Governance costs comprise the costs of complying with constitutional and statutory requirements including strategic planning for its future development, external audit, any legal advice for the School’s Trustees, the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability.

Fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Expenditure on plant and equipment costing more than £1,000 is capitalised and written off in the Statement of Financial Activities at 20% straight line per annum. Expenditure on solar panels has also been included within plant and equipment but is being written off at 5% straight line per annum. Expenditure on motor vehicles costing more than £1,000 is capitalised in the accounts and is being written off in the Statement of Financial Activities at 25% straight line per annum. All other expenditure is written off in the year in which it is incurred.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities for the year.

Fixed asset investments

Listed investments are valued at market value as at the balance sheet date. Unrealised gains and losses arising on the revaluation of investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate Fund according to the “ownership” of the underlying assets.

Investments in subsidiaries are valued at cost less provision for impairment.

Stock

Stock represents goods for resale and is valued at the lower of cost and net realisable value.

Debtors

Trade and other debtors are recognised at the settlement amount due for the provision of services delivered. Prepayments are recognised at the amount prepaid or the amount it has paid in advance.

Cash and cash equivalents

Cash and cash equivalents include cash and deposits with a short term maturity of three months or less from the date of opening the deposit account.

23

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

Creditors and provisions

Creditors and provisions are recognised where the School has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured reliably, amounts are recognised at their settlement amount.

Fund accounting

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

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

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

Endowment funds are retained on trust for the benefit of the school as a capital fund.

Operating leases

Rents payable under operating leases are charged in the Statement of Financial Activities on a straight-line basis over the period of the lease.

Pension costs

For eligible employees, the School contributes to the Teachers’ Pension Scheme (TPS), a superannuation scheme which provides benefits based on final pensionable pay. The TPS is a multiemployer scheme and the School is unable to identify its share of the underlying assets and liabilities of the scheme. In accordance with FRS 102, the TPS is therefore treated as a defined contribution scheme and the contributions are recognised in the Statement of Financial Activities as they are paid each year.

Support staff may join the Aviva defined contribution group personal pension plan to which employees currently contribute 5% of their total pensionable salaries whilst the School makes a contribution of 3.2%. The contributions are recognised in the Statement of Financial Activities when incurred.

Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes.

24

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

2.	SCHOOL FEES	2022	2021
		£	£
	Gross fees and charges	5,014,176	4,576,712
	Less: Bursaries, allowances and scholarships	(611,709)	(567,818)
		----------------------	----------------------
	Group Total	4,402,467	4,008,894
		===========	===========
3.	TRADING AND OTHER INCOME	2022	2021
		£	£
	Rents and lettings	227,323	111,467
	Proceeds from the sale of property	203,885	1,693,864
	Coronavirus job retention scheme	-	148,296
	Other income	-	135,052
		---------------------	---------------------
		431,208	2,088,679
		===========	===========
4.	INVESTMENT INCOME	2022	2021
		£	£
	Income from investments	1,144	14,777
		========	========
5.	NET MOVEMENT IN FUNDS	2022	2021
		£	£
	This is stated after charging:
	Auditor’s remuneration (including value added tax)	20,400	18,980
	Depreciation	231,475	580,501
		=========	========
6.	STAFF COSTS	2022	2021
		£	£
	Wages and salaries	3,449,118	3,078,169
	Social security costs	298,631	271,260
	Pension contributions	432,563	623,625
	Termination payments	102,760	309,581
		---------------------	---------------------
		4,283,072	4,282,635
		===========	===========
	Aggregate employee benefits of key management personnel	561,974	630,163
		=========	========

Key management personnel are considered to be the senior leadership team as set out on the company information page.

25

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

6.	STAFF COSTS (continued)				2022	2021
					Number	Number
	The average number of employees during the		year was made up as follows:
	Teaching				47	46
	Non-teaching				96	89
					-----------	-----------
					143	135
					-----------	-----------
	The number of employees whose emoluments		exceeded £60,000 per annum		were:
	£60,001 - £70,000				2	1
	£90,001 - £100,000				-	1
	£100,001 - £110,000				1	-
					=====	======
7.	ANALYSIS OF EXPENDITURE				2022	2021
		Staff costs	Other	Depreciation	Total	Total
		£	£	£	£	£
	Costs of raising funds
	Bank interest and fees	-	12,257	-	12,257	20,604
	Costs of charitable activities
	Teaching costs	3,171,107	283,245	-	3,454,352	3,351,667
	Welfare costs	115,368	615,472	-	730,840	658,789
	Premises costs	439,849	481,925	231,473	1,153,247	1,386,758
	Support and governance costs	556,748	471,376	-	1,028,124	1,125,262
		---------------------	---------------------	---------------------	--------------------	--------------------
		4,283,072	1,864,275	231,473	6,378,820	6,543,080
		==========	==========	==========	==========	==========
	Comparative period				2021
		Staff costs	Other	Depreciation	Total
		£	£	£	£
	Costs of raising funds
	Bank interest and fees	-	20,604	-	20,604
	Costs of charitable activities
	Teaching costs	3,115,018	236,649	-	3,351,667
	Welfare costs	147,696	511,093	-	658,789
	Premises costs	224,393	581,864	580,501	1,386,758
	Support and governance costs	795,528	329,734	-	1,125,262
		---------------------	---------------------	---------------------	--------------------
		4,282,635	1,679,944	580,501	6,543,080
		==========	==========	==========	==========
					2022	2021
					Total	Total
					£	£
	Governance included in support costs
	Trustees’ expenses				-	849
	Audit and accountancy fees				20,400	18,980
					--------------------	--------------------
					20,400	19,829
					==========	==========

26

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

8.	TANGIBLE FIXED ASSETS			Fixtures
		Land and	Property	and	Motor
		Buildings	Improvements	Equipment	Vehicles	Total
	Group	£	£	£	£	£
	Cost
	At 1 September 2021	25,445,000	233,194	1,153,537	108,410	26,940,141
	Additions	-	7,613	26,262	-	33,875
	Disposals	(962,000)	-	-	-	(962,000)
	Revaluation	-	-	-	-	-
		---------------------	---------------------	--------------------	-----------------	--------------------
	At 31 August 2022	24,483,000	240,807	1,179,799	108,410	26,012,016
		---------------------	---------------------	--------------------	------------------	--------------------
	Depreciation
	At 1 September 2021	424,049	46,473	940,342	72,234	1,483,098
	Charge for year	127,215	13,479	76,619	14,162	231,475
	Disposals	(23,375)	-	-	-	(23,375)
		---------------------	---------------------	--------------------	----------------	-----------------
	At 31 August 2022	527,889	59,952	1,016,961	86,395	1,691,198
		---------------------	---------------------	--------------------	----------------	-------------------
	Net book value
	At 31 August 2022	23,955,111	180,855	162,838	22,014	24,320,817
		===========	===========	=========	=======	==========
	At 31 August 2021	25,020,951	186,721	213,195	36,176	25,457,043
		===========	===========	=========	========	==========
	Company
	Cost
	At 1 September 2021	25,443,000	233,194	1,153,537	108,410	26,938,141
	Additions	-	7,613	26,262	-	33,875
	Disposals	(960,000)	-	-	-	(960,000)
		---------------------	---------------------	--------------------	-----------------	--------------------
	At 31 August 2022	24,483,000	240,807	1,179,799	108,410	26,012,017
		---------------------	---------------------	--------------------	------------------	--------------------
	Depreciation
	At 1 September 2021	424,049	46,473	940,342	72,234	1,483,098
	Charge for year	127,215	13,479	76,619	14,162	231,475
	Disposals	(23,375)	-	-	-	(23,375)
		---------------------	---------------------	--------------------	----------------	-----------------
	At 31 August 2022	527,889	59,952	1,016,961	86,395	1,691,198
		---------------------	---------------------	--------------------	----------------	-------------------
	Net book value
	At 31 August 2022	23,955,111	180,855	162,838	22,014	24,320,817
		===========	===========	=========	=======	==========
	At 31 August 2021	25,018,951	186,721	213,195	36,176	25,455,043
		===========	===========	=========	========	==========

27

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

8. TANGIBLE FIXED ASSETS (continued)

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

	2022	2021
	£	£
Plant and equipment	38,057	63,428
Motor vehicles	14,774	35,632
	========	========

At 31 December 2020 the land and buildings were revalued by Stannybrook Property Consultants, Chartered Surveyors at £27,268,000 as at 31 December 2020 therefore the resulting revaluation totalled £24,440,403. Stannybrook Property Consultants are independent valuers, not connected with the School. The valuation was conducted on an open market value basis of vacant possession and available voidspace. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

The historic cost of the assets at 31 August 2022 is £4,993,309 (2021: £4,993,309). If the revaluation policy had not been applied, the carrying value of these assets would have been £2,611,810 (2021: £2,625,158). The depreciation on the revalued amount for the period was £113,867 (2021: £349,545).

9.

INVESTMENTS	Unrestricted	Restricted	Total
	£	£	£
Group – listed investments
At 1 September 2021	184,372	13,424	197,796
Revaluation gains	(6,005)	-	(6,005)
	-------------------	--------------	-------------------
At 31 August 2022	178,367	13,424	191,791
	=========	========	=========
The historic cost of the group listed investments held is £161,468 (2021: £161,468).
Subsidiary undertakings
The following subsidiaries have been consolidated in these accounts:
Charities and funds
Gillian Campbell Trust (1085795)	Charity number: 1085795
Rydal Penrhos (525752)	Charity number: 525752
Rosa Hovey Scholarship Trust	Charity number: N/A Trust
Trading company
Rydal Penrhos (Sport & Leisure) Limited	Company number: 03590034

The registered office for each of the above subsidiaries is: Old House, Pwllycrochan Avenue, Colwyn Bay, Wales, LL29 7BT

Bay, Wales, LL29 7BT
	Subsidiary
	undertaking
Company	£
At 31 August 2022 and 31 August 2021	2
	========

The whole of the issued ordinary share capital of Rydal Penrhos (Sports & Leisure) Limited, a company registered in England and Wales, is held by nominee’s on behalf of the School.

28

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

9. INVESTMENTS (continued)

A summary of the balance sheet and profit and loss account from the audited financial statements is set out below:

set out below:
	2022	2021
Profit and loss account	£	£
Turnover	-	-
Expenditure	-	-
	=======	=======
Net profit/loss before tax and any donation under Gift Aid	-	-
	=======	=======
Balance sheet
Fixed assets	-	-
Current assets	225	225
	=======	=======
	225	225
Current liabilities	-	-
Net Assets	225	225
	=======	=======
Share capital	2	2
Profit and loss account	223	223
	---------------	---------------
	225	225
	=======	=======
Company – listed investments:
		£
Market value
At 1 September 2021		6,502
Revaluation gains/(loss)		(1,588)
		-------------------
At 31 August 2022		4,914
		=========

The historic cost of the investments at 31 August 2022 was £4,129 (2021: £4,129).

10.	STOCKS		Group		Company
		2022	2021	2022	2021
		£	£	£	£
	Clothing stock	-	49,000	-	49,000
		----------------	----------------	----------------	----------------
		-	49,000	-	49,000
		========	========	========	========

29

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

11.	DEBTORS		Group		Company
		2022	2021	2022	2021
		£	£	£	£
	Fees receivable	80,157	6,439	80,157	6,439
	Prepayments and accrued income	105,144	79,698	105,144	79,698
	Amounts owed from group undertakings	-	-	-	-
	Other debtors	2,051	2,024	2,051	1,520
		------------------	------------------	------------------	------------------
		187,352	88,161	187,352	87,657
		=========	=========	=========	=========
12.	CREDITORS: due within one year		Group		Company
		2022	2021	2022	2021
		£	£	£	£
	Bank loans (note 14)	46,080	46,080	46,080	46,080
	Bank overdraft	-	-	-	-
	Trade creditors	263,329	359,500	263,329	359,450
	Fees in advance	611,921	303,372	611,921	303,372
	Other taxes and social security costs	420,525	218,175	420,750	218,400
	Accruals and deferred income	172,959	45,790	172,959	45,790
	Amounts owed to group undertakings	-	-	260,618	351,313
	Other creditors	618,714	717,823	618,714	717,823
	Finance lease	17,841	17,556	17,841	17,556
		---------------------	---------------------	---------------------	---------------------
		2,151,369	1,708,296	2,412,213	2,059,784
		===========	===========	===========	===========
13.	CREDITORS: due after more than one
	year		Group		Company
		2022	2021	2022	2021
		£	£	£	£
	Bank loans (note 14)	58,572	103,123	58,572	103,123
	Other creditors	158,810	126,032	158,810	126,032
	Finance lease	29,881	48,304	29,881	48,304
		------------------	------------------	------------------	------------------
		247,263	277,459	247,263	277,459
		=========	=========	=========	=========
14.	MATURITY OF DEBT		Group		Company
		2022	2021	2022	2021
		£	£	£	£
	Within one year	46,080	46,080	46,080	46,080
	Two to five years	58,572	103,123	58,572	103,123
	Over five years	-	-	-	-
		------------------	------------------	------------------	------------------
		104,652	149,203	104,652	149,203
		=========	=========	=========	=========

30

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

15. FINANCIAL INSTRUMENTS

Group	2022	2021
	£	£
Financial assets measured at amortised cost	82,209	8,463
Financial assets measured at fair value	191,791	197,795
Financial liabilities measured at amortised cost	(2,225,673)	(1,939,966)
	------------------	------------------
Net financial assets measured at amortised cost	(1,951,673)	(1,733,708)
	=========	=========

Financial assets measured at amortised cost comprise fee debtors and other debtors. Financial assets measured at fair value comprise listed investments and investment property. Financial liabilities measured at amortised cost include bank loans and overdrafts, trade creditors, other taxes and social security costs and other creditors.

16. PENSION COMMITMENTS

Defined Benefit scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £546,388 (2021: £534,177) and at the year-end £594,405 (2021: 533,523) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Contributions from members and the employer are credited to the Exchequer and 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 scheme valuations undertaken by the Governments Actuary Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

Other pensions

The employer’s contributions paid into the group personal pension plan operated for support staff amounted to £95,737 (2021: £89,448).

The amount outstanding for pension contributions at the year end were £10,391 (2021: £16,378).

31

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

The net assets are held for the various funds as follows:

	Unrestricted	Restricted	Permanent	2022
	funds	funds	endowment	Total
	£	£	£	£
Group
Tangible fixed assets	24,320,817	-	-	24,320,817
Investments	178,367	13,424	-	191,791
Net current assets/(liabilities)	(2,043,424)	396,044	5	(1,647,375)
Creditors due after more than one year	(247,263)	-	-	(247,263)
	----------------------	-----------------	---------------	----------------------
	22,208,497	409,468	5	22,617,970
	===========	========	=======	===========
Company
Tangible fixed assets	24,320,817	-	-	24,320,817
Investments	4,916	-	-	4,916
Net current assets/ (liabilities)	(1,915,740)	7,522	-	(1,915,740)
Creditors due after more than one year	(247,263)	-	-	(247,263)
	---------------------	-----------------	---------------	---------------------
	22,162,730	7,522	-	22,170,252
	===========	========	=======	===========
	Unrestricted	Restricted	Permanent	2021
Comparative period	funds	funds	endowment	Total
	£	£	£	£
Group
Tangible fixed assets	25,457,043	-	-	25,457,043
Investments	184,371	13,424	-	197,795
Net current assets/(liabilities)	(1,605,452)	396,044	5	(1,209,403)
Creditors due after more than one year	(277,459)	-	-	(277,459)
	----------------------	-----------------	---------------	----------------------
	23,758,503	409,468	5	24,167,976
	===========	========	=======	===========
Company
Tangible fixed assets	25,455,043	-	-	25,455,043
Investments	6,504	-	-	6,504
Net current assets/ (liabilities)	(1,586,718)	7,522	-	(1,579,196)
Creditors due after more than one year	(277,459)	-	-	(277,459)
	---------------------	-----------------	---------------	---------------------
	23,597,370	7,522	-	23,604,892
	===========	========	=======	===========

32

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

17a. ENDOWED FUNDS

	At 1						At 31
	September						August
	2021	Income	Expenditure	Gains/(losses)	Transfer		2022
	£	£	£	£	£		£
Group
Permanent capital	£5	-	-	-		-	£5
endowment
	========	========	========	=======	=======		========
	At 1						At 31
	September						August
	2020	Income	Expenditure	Gains/(losses)	Transfer		2021
	£	£	£	£	£		£
Group
Permanent capital	£5	-	-	-		-	£5
endowment
	========	========	========	=======	=======		========

This permanent capital endowment lies within Rydal Penrhos (charity 525752) held for the general purposes of Rydal Penrhos and must be retained within the group.

33

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

17b. RESTRICTED FUNDS

	At 1				At 31
	September				August
	2021	Income	Expenditure	Gains/	2022
				(losses)
Group	£	£	£	£	£
Comenius Multilateral School
Partnership Grant (Company)	7,522	-	-	-	7,522
Rosa Hovey Scholarship Fund	19,842	-	-	-	19,842
Gillian Campbell	382,104	-	-	-	382,104
	------------------	---------------	----------------	--------------	------------------
	409,468	-	-	-	409,468
	========	========	========	=======	========
	At 1				At 31
Comparative period	September				August
	2020	Income	Expenditure	Gains/	2021
				(losses)
Group	£	£	£	£	£
Comenius Multilateral School
Partnership Grant (Company)	7,522	-	-	-	7,522
Rosa Hovey Scholarship Fund	17,217	315	-	2,310	19,842
Gillian Campbell	382,104	-	-	-	382,104
	------------------	---------------	----------------	--------------	------------------
	406,843	315	-	2,310	409,468
	========	========	========	=======	========

The Comenius Multilateral School Partnership Grant was given to the School by the EU to carry out 12 visits to partner schools.

The Rosa Hovey Scholarship Trust is used to pay grants to pupils who are leaving the School and wish to continue their education at universities and higher education colleges.

The Gillian Campbell Trust is used to provide assistance with fees and support costs for girls who would otherwise be unable to be or remain students at Rydal Penrhos. Support may also be provided to girls who, on leaving the School, wish to continue studying in a manner approved of by the Trusts’s Trustees, but who would, in the opinion of the Trustees, be unable to do so without the help of The Gillian Campbell Trust.

34

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

17c. UNRESTRICTED FUNDS

	At 1					At 31
	September					August
	2021	Income	Expenditure	Gains/	Transfers	2022
				(losses)
Group	£	£	£	£	£	£
General reserve	765,317	4,826,984	(6,376,940)	(1,589)	1,530,826	744,598
	==========	==========	===========	==========	==========	==========
Revaluation reserve	22,432,518	-	-	-	(1,091,793)	21,340,725
	==========	==========	===========	==========	==========	==========
Designated funds
Scholarship and
Development	439,033	-	-	-	(439,033)	-
Donald Hughes and
Percy Heywood Fund	121,635	7,835	(1,880)	(4,416)	-	123,174
	------------------	--------------	----------------	----------------	----------------	------------------
Total designated funds	560,668	7,835	(1,880)	(4,416)	(439,033)	123,174
	=========	=========	=========	========	========	=========
Total unrestricted funds	23,758,503	4,834,819	(6,378,820)	(6,005)	-	22,208,497
	=========	=========	=========	========	========	=========
	At 1					At 31
Comparative period	September					August
	2020	Income	Expenditure	Gains/	Transfers	2021
				(losses)
Group	£	£	£	£	£	£
General reserve	761,998	6,097,811	(6,444,216)	179	349,545	765,317
	==========	==========	===========	==========	==========	==========
Revaluation reserve	-	-	-	22,782,063	(349,545)	22,432,518
	==========	==========	===========	==========	==========	==========
Designated funds
Scholarship and
Development	506,866	13,593	(81,066)	(360)	-	439,033
Donald Hughes and
Percy Heywood Fund	117,782	632	(17,798)	21,019	-	121,635
	------------------	--------------	----------------	----------------	----------------	------------------
Total designated funds	624,648	14,225	(98,864)	20,659	-	560,668
	=========	=========	=========	========	========	=========
Total unrestricted funds	1,386,646	6,112,036	(6,543,080)	22,802,901	-	23,758,503
	=========	=========	=========	========	========	=========

The revaluation reserve arose in 2021 from the uplift and subsequent depreciation of land and buildings during the period. Further details on this revaluation are included in note 8.

The Scholarship and Development Fund is used for grants towards the payment of fees.

Donald Hughes and Percy Heywood Fund is to provide for the needs of students at the School in the provision of grants towards fees and in the provision of sporting and other facilities by the School as considered appropriate by the Trustees.

35

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

18. BANKING FACILITIES

Bank loans

On 26 August 2007, the School entered into an agreement to borrow up to £600,000 in the form of a loan to finance the construction of a sixth form recreation area within the existing dining hall, and the refurbishment of the Preparatory School. At the balance sheet date the amount owing was £104,652 (2021: £149,203). These facilities are secured by legal mortgages over the land and buildings in which legal ownership vests in the Trustees of the Methodist Secondary Education Trust Deed of 1903 as custodian Trustees at the direction of Rydal Penrhos Limited, as beneficial owners (who are the managing Trustees). A letter of comfort has also been jointly given by the company and the Trustees of the Methodist Secondary Education Trust.

On 24 March 2001, the company together with Rydal Penrhos (Sports & Leisure) Limited entered into an unlimited multilateral guarantee, with the company’s bankers.

19. FINANCIAL COMMITMENTS

At 31st August 2022 there were no capital commitments (2021: £nil).

20. COMMITMENTS UNDER OPERATING LEASES

At 31 August 2022 the company had total commitments under non-cancellable operating leases as set out below:-

	Assets	other than
	land & buildings
	2022	2021
	£	£
Operating leases which expire:
Within 1 year	109,919	109,919
Within 2 – 5 years	75,637	185,556
	----------------	----------------
	185,556	295,475
	========	========

21. RELATED PARTY TRANSACTIONS

Transactions and balances between the School and the various subsidiaries are eliminated on consolidation.

Trustees are volunteers and are not remunerated, however, Trustees’ expenses totalling £Nil (2021: £849) for travel and accommodation have been reimbursed.

36

RYDAL PENRHOS LIMITED AND SUBSIDIARIES

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 AUGUST 2022

22. CONTINGENT LIABILITY

The School’s catering provider invested £500,000 in equipment in 2019 for use over the contract period. The agreement contains a clause requiring the School to repay the unamortised amount of this investment if the agreement is terminated over the contract period. At the year end the contingent obligation would have been £275,000 plus VAT.

23. COMPARATIVE CONSOLIDATED SOFA

	Unrestricted	Restricted	Permanent	2021
	Funds	Funds	endowment	Total
INCOME FROM:	£	£	£	£
Charitable activities:
School fees	4,008,894	-	-	4,008,894
Trading and other activities:
Lettings income	111,467	-	-	111,467
Other income	1,977,104	109	-	1,977,213
Investments
Investment income	14,571	206	-	14,777
	---------------------	-----------------	---------------	---------------------
Total income	6,112,036	315	-	6,112,351
	----------------------	-----------------	---------------	---------------------
EXPENDITURE ON:
Raising funds:
Finance costs	20,604	-	-	20,604
Charitable activities:
Teaching costs	3,351,667	-	-	3,351,667
Welfare costs	658,789	-	-	658,789
Premises costs	1,386,758	-	-	1,386,758
Support and governance costs	1,125,262	-	-	1,125,262
	----------------------	-----------------	---------------	----------------------
Total expenditure	6,543,080	-	-	6,543,080
	--------------------	-----------------	---------------	--------------------
Net (expenditure) before
investment gains	(431,044)	315	-	(430,729)
Revaluation of tangible fixed assets	22,782,063	-	-	22,782,063
Net gains on investments	20,838	2,310	-	23,148
	--------------------	------------------	---------------	--------------------
Net movement in funds	22,371,857	2,625	-	22,374,482
Reconciliation of funds:
Total funds brought forward	1,386,646	406,843	5	1,793,494
	----------------------	-----------------	---------------	---------------------
Total funds carried forward	23,758,503	409,468	5	24,167,976
	===========	========	=======	==========

37