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2022-07-31-accounts

Governors,
Officers and Advisors
Annual
Report ofthe Governors
Strategic Report
Statement
ofAccounting
and Reporting		 Responsibilities 15
Independent
Auditor's
Report		 16
Consolidated
Statement of Financial Activities		 19
Consolidated
and School Balance Sheets		 20
Consolidated
Cashflow Statement		 21
Notes to the Financial Statements 23

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Headmasters -Cranleigh
School		 -Cranleigh
School		 M SReader MA, MPhil, MBA, QTS MPhil, MBA, QTS MPhil, MBA, QTS
-Cranleigh
Prep		 School N R Brooks BA, QTS
Director ofOperations P A Dunn BA
Director ofFinance JA Underdown BA (Hons) ACMA
Clerk to the Governing
Body		 P T Roberts MBE, DChA
Principal address
Cranleigh		 School Cranleigh Prep School
and Registered Office
Horseshoe		 Lane Horseshoe Lane
Cranleigh Cranleigh
Surrey Surrey
GU6 8QQ GU6 8QH
www. cranlei h.or www. cranlei h re school.or
ADVISORS'
Bankers: Handelsbanken
Andrews
House
College Road
6uildford
GU1 4RG
Solicitors: Veale Wasbrough Vizards
Narrow Quay House
Narrow Quay
Bristol
BS14QA
Auditors: Crowe U.K. LLP
55 Ludgate
Hill
London
EC4M 7JW
investment Brewin Dolphin Limited
Advisors: 12Smithfield
Street
London
EC1A9BD

Trading
School Subsidiaries
Unrestricted
Unrestricted		 Restricted
Funds Funds Funds Group Group
2022 2022 2022 2022 2021
Note R'000 R'000 f'000 R'000 F'000
INCOME FROM:
Charitable
activities
School fees 2 29,243 29,243 26,029
Other Income 4 902 902 690
Other trading
activities
Facilities and trading
income		 3 613 616 6,229
Other incoming
resources		 124 124 599
Share of surplus
from Joint		 Venture 632 632 319
Investments
Investment
income		 39 46 85 68
Bank and other interest
Voluntary sources
Donations
and legacies		 68 253 321 391
Fundraising
events		 270 270 6
Total incoming
resources		 30,379 1,245 569 32,193 34,331
EXPENDITURE ON:
Raising funds
Trading costs 479 4?9 351
Share of loss from Joint Venture 12
Other income-generating activities
Financing
costs		 553 558 775
Investment
management		 28 28 29
Fundraising
&development		 148 148 1
Total deductible costs 5&1 484 148 1,213 1,156
Charitable
activities
Education
and grant making		 28,899 49 28,948 25,874
Total expenditure 29,480 484 197 30,161 27,030
NET INCOMING
FUNDS FROII OPERATIONS
BEFORETRANSFERS AND INVESTMENT GAINS
Gains/(losses)
on investments
12		 899
~575		 761
-		 372
~5		 2,032
~590		 7,301
1,030
NET INCOIIE I (EXPENDITURE) 324 761 367 1,452 8,331
Transfers 3 496 (1,496) 1,000
Other recognised
gains I(losses):
Pension scheme actuarial gain/(loss) 20 44 2,248
NET MOVEMENT
IN FUNDS FOR THE YEAR		 864 (735) 1,367 1,496 10,579
FUNDS B/FWD 1 AUGUST 2021 45,606 1,306 1,984 48,896 38,317
FUNDS C/FWD 3'I JULY 2022 46,470 571 3,351 50,392 48,896
The notes on pages 23to 39form part ofthese accounts

School School Group Group
Note 2022 2021 2022 2021
f'000 E'000 F'000 F'000
FIXEDASSETS
Tangible assets 11 57,139 58,288 57,149 58,309
Investments 12 4,128 4,692 8,463 6,770
61,267 62,980 65,612 65,079
CURRENT ASSETS
Stocks 48 36 216 202
Debtors - due within one year 13 1,242 5,677 517 396
-due after one year 13 57 85 57 85
Cash and bank balances 3,610 2,868 3,857 9,268
4,957 8,666 4,647 9,951
CURRENT LIABILITIES
Creditors payable
within one year		 14 ~8,686) (8,386) ~8,169) (8,480)
(8,056) (8,386) (8,169) (8,480)
NET CURRENT ASSETSI(LIABILITIES) ~3,699) 280 (3,522) 1,471
TOTAL ASSETS LESSCURRENT LIABILITIES 58,168 63,260 62,090 66,550
LONG-TERM LIABILITIES
Creditors payable
after one year		 15 (11,698) (17,654) (11,698) (17,654)
TOTAL NET ASSETS EXCLUDING PENSION LIABILITY 46,470 45,606 50,392 48,896
Pension scheme funding 20
TOTAL NET ASSETS 45,470 45,606 50,392 48,896
FUNDS
Foundation
restricted
funds		 3,351 1,984
Trading subsidiaries 100 100
School unrestricted
funds		 46,470 45,606 46,941 46,812
Pension reserve 20
TOTAL FUNDS 18 46,470 45,606 50,392 48,896

2022 2021
@000 f'000
Net cash inflow from operations
Net cash provided
by / (used in) operating		 activities (a) 3,906 10,865
Cash flows from investing
activities
Payments
for tangible
fixed assets		 (585) (284)
Proceeds on sale oftangible
fixed		 assets
Purchase of investments (1,678) (537)
Withdrawals
from investments		 28 29
Investment
income and bank interest		 received 39 37
Net cash (used in) / provided
by		 investing activities (2,196) (755)
Cash flows from financing
activities
Finance costs paid (586) (659)
Advance fees:
New contracts		 784 1,883
Accrued to contracts 31 53
Appropriations
Loan Facility		 (1,681)
5,669		 (1,620)
~1,619
Net cash provided
by financing		 activities (7,121) (1,962)
(5,411) 8,148
Debt repayment
(net)		 5,669 1,619
Change
in cash and cash equivalents		 in the reporting period 258 9,767
Cash and cash equivalents
at the		 beginning ofthe reporting period (8,391) (18,158)
Cash and cash equivalents
at the		 end of the reporting period (b) 8,133 8,391

(a) Reconciliation
o		 f net inco me t o net cash t low from operating activities
2022 2021
F'000 F'000
Net incoming
resources		 2,032 7,300
Elimination
of non-operating		 cash flows:
Investment
income		 (39) (37)
Finance costs paid 586 659
Pension gains less contributions paid (2,210)
Depreciation 1,745 1,771
Profit from disposal ofassets
(Increase)/Decrease in stock (14) 30
(Increase)/Decrease
(Decrease)/Increase		 in debtors
in creditors		 (93)
~311		 1,874 115
3,237		 3,565
3,906 10,865
(b) Analysis ofcash and cash equivalents
1 August 1 August
2021 2022
E' 000 E' 000
Cash at bank and
in hand less overdraft
Loan facility - Handelsbanken		 9,268
~17,659		 (5,411)
5,669		 3,857
~11,999
(8,391) 258 (8,133)

School buildings, including including major extensions 15-50years
Staff housing 50years
Furniture,
machinery		 and equipment 3-30years
Motor vehicles 5years
iT 4years

CHARITABLE ACTIVITIES - FEES 2022 2021
R'000 2'000
Fees receivable consist of:
Gross fees 33,351 30,059
Less: Total bursaries,
grants and allowances		 (4,108) (4,055)
Add back: Bursadies paid for by donations to the Fee Relief Fund 25
The above educational
awards were made		 to 349 pupils (2021:384). 29,243 26,029

2022 2021
CHARITABLE ACTIVITIES - OTHER INCOME F'000 F'000
Educational visits 339 182
Activities 191 115
Other Rental income 290 294
Registration fees 72 83
Other 10 16
902 690
OTHER TRADING ACTIVITIES 2022 2021
R'000 F'000
Facilities and trading
income
Cranleigh School 3 1
Cranleigh Enterprises
Ltd		 484 320
Cranleigh Education Services Ltd 129 5,908
616 6,229
Other incoming resources
Surplus
on asset		 sales
Foundation (recoveries)
Other 124 599
124 599
Share ofsurplus from JV
C R Education
Ltd (see note 12)		 27 632 319

FOR THE YEAR ENDED 31 JULY 2022
2022 2021
INVESTMENTS 8000 F'000
Investment income &5 68
Bank and other interest
Bank interest
VOLUNTARY SOURCES 2022 2021
F'000 F'000
Donations and legacies
Donations to Cranleigh School 68 57
Donations to Cranleigh Foundation 253 334
321 391
321 321 321 391 391
During
the year Cranleigh		 Foundation has awarded grants to Cranleigh School totalling FQk (2021: FQk) to support
bursaries
and
various		 capital projects being carried out by the School, all of which were completed in the year.
Cranleigh
Education Services donated		 f659k (2021:FOk) to the School during the year.
2022 2021
Fundraising
events		 f'000 F'000
Cranleigh
Foundation
Ltd		 270 6
ANALYSIS OF EXPENDITURE Total Total
Staff Costs Other Depreciation 2022 2021
a) Total expenditure F'000 F'000 F'000 6'000 F'000
Costs ofgenerating
funds
Trading costs 390 (5) 479 351
Cost ofother activities
Financing costs 558 558 775
Investment 28 28 29
Fundraising
Total costs ofgenerating		 funds 94 148
1,124		 ~5 148
1213		 1
1,156
Charitable
expenditure
Education
and grant making
Teaching costs 13,451 2,478 102 16,031 14,508
Welfare 2,874 1,648 13 4,535 3,887
Premises 1,101 3,002 1,451 5,554 4,903
Support costs and governance 817 1,794 168 2,779 2,520
Grants and awards 49 49 56
Total charitable
expenditure		 18,243 8,971 1,734 28,948 25,874
Total expended 18,337 10,095 1,729 30,161 27,030
2022 2021
b) Grants and awards K'000 f'000
From Restricted Funds: Bursaries 25
From Unrestricted
Funds:		 Bursaries 49 31
49 56
c) Governance
included		 in support costs 2022 2021
R'000 F'000
Remuneration
paid to		 auditor for audit services School 27 26
Subsidiaries 9 8
Reimbursement
ofpersonal		 expenses to Governors - travel costs
Other governance
costs		 135 125
171
Travel expenses were reclaimed
by one member (2021: Nil) ofthe Governing		 Body.
In addition
to the above audit remuneration
the auditor
(2021:f4.6k) and tax advice F0.4k (2021:FQk)		 received fees for taxation compliance services totalling R4.&k

FOR THE YEAR ENDED 31 JULY 2022
2022 2021
9. FINANCING
AND OTHER COSTS		 K'000 F'000
Bank interest and charges 527 722
Advanced fees discounts 31 53
558 775
10. STAFF COSTS AND RELATED PARTY TRANSACTIONS 2022 2021
E'000 f'000
The aggregate
payroll costs for the year were as follows
Wages and salaries 14,345 13,393
Social security costs 1,464 1,307
Pension costs 2,529 2,420
18,338 17,120
No Governor received remuneration remuneration in 2022 (2021:fNil) in 2022 (2021:fNil) from Cranleigh from Cranleigh Education Education Services Ltd. The granting of a
benefit to any Governor is consistent with the School's policies for benefits and no Governor receives any remuneration
or benefit that would
not		 be available to a parent.
Aggregate
employee-benefits
of18(2021:18)key management		 personnel 2,035 1,804
The number ofhigher paid employees in bands of:
60,001-F 70,000
F
70,001 -F 80,000
80,001-F 90,000		 23
6
2		 20
7
3
F
90,001 -		 F100,000 4 2
E 100,001 - F110,000 0 0
F 110,001 -F120,000 0 1
8 120,001 -
f 130,001 -		 F130,000
F140,000		 1
0		 0
0
F. 140,001 - F150,000 0 0
E 150,001 - f160,000 0 0
F 160,001 -
f 170,001 -		 6170,000
F.180,000		 0
0		 1
0
F 180,001 - 2190,000 1 0
37 34
The number with retirement
benefits		 accruing
- in Defined Contribution schemes was 34 31
ofwhich the contributions amounted to R571,000 F506,000
The average number of the School's employees during the year calculated on a full time equivalent basis was 342
(2021:340). The average headcount for the year was 412(2021:401)
2022 2021
K'000 F.'000
Teaching 166 166
Welfare 78 80
Premises 33 32
Support 16 14
Other activities 49 49
342 341

School School Group Group
13. DEBTORS 2022 2021 2022 2021
R'000 E"000 F'000 8'000
Fees 2 17 2 17
Sundry debtors 57 91 206 196
P repayments 287 167 287 167
Staff loans 79 101 79 101
Amounts
due from Cranleigh		 Enterprises Ltd 37 110
Amounts
due from Cranleigh		 Education Services Ltd
Gift aid donations
from subsidiary		 companies 837 5,276
1,299 5,782 574 481
All debtors are due within one year, except for &58k (2021:885k)ofstaff loans, which are due after more than
one year.
The above fees are net of bad debt provision 8203k (2021:E353k).
14. CREDITORS: School
2022		 School
2021		 Group
2022		 Group
2021
amounts
falling due within		 one year E'000 F'000 R'000 E'000
Bank loans (see Note 17) 1,297 1,626 1,297 1,626
Fees received
in advance		 366 751 366 751
Final term deposits 2,105 2,049 2,105 2,049
Taxation, social security and pension contributions 769 726 769 726
Amounts
due to Cranieigh
Enterprises		 Ltd
Overdraft
Other creditors and accruals 2,504 1,969 2,617 2,063
7,041 7,121 7,154 7,215
Advance fees (see Note 16) 1,015 1,265 1,015 1,265
8,056 8,386 8,169 8,480
15. CREDITORS: School
2022		 School
2021		 Group
2022		 Group
2021
amounts
falling due after one year		 K'000 f'000 f'000 F'000
Bank loans (see Note 17) 10,693 16,033 10,693 16,033
Advance fees (see Note 16) 1,005 1,621 1,005 1,621
11,698 17,654 11,698 17,654

2022 2021
(a) The amounts
recognised
in the balance sheet are as follows:		 R'000 2'000
Present value offunded
obligations		 (19,616) (26,861)
Fair value of plan assets 21,297 27,094
less asset not recognised (1,681) (233)
Deficit amount shown
in the balance		 sheet
2022 2021
(b) Changes
in the present value ofthe defined benefit obligation		 K'000 F'000
Opening
defined
benefit obligation		 26,861 27,136
Service cost 559 558
Interest cost 443 389
Actuarial
loss/(gain)
Benefits paid		 (6,613)
~1,634		 (581)
~641
Defined benefit obligation at year end 19,616 26,861
2022 2021
(c)Changes
in the fair value ofthe Scheme assets		 R'000 E'000
Opening
fair value ofthe scheme assets		 2?,094 24,926
Interest on assets/Expected
return		 451 361
Actuarial
gain/(loss)		 (5,121) 1,900
Employer's
contributions		 408 439
Employees'
contributions
Benefits paid		 99
~1,634		 109
~641
Closing defined benefit obligation 21,297 27,094
2022 2021
(d)Amounts
included
within the Statement ofFinancial Activities		 R'000 E'000
Current service cost 1,681 233
Past service cost (GMP equallsation)
Expected return
on scheme assets
Interest on pension
liabilities		 451
~443		 361
~389
Total amount charged to the Statement ofFinancial Activities 1,689 205
Net Actuarial
gains/(losses)		 1,492 2,481
less asset not recognised ~1,448 ~233
Net Actuarial
gains/(losses)
recognised		 in the year 2,248
Net Cumulative
actuarial
gains/(losses)

Unrestricted Restricted Total
Funds Funds Funds
2021 2021 2021
f'000 f'000 f'000
INCOME FROII:
Charitable activities
School fees 26,029 26,029
Other income 690 690
Other trading
activities
Facilities and trading income 6,229 6,229
Other incoming
resources		 599 599
Share ofsurplus
from		 Joint Venture 319 319
Investments
Investment
income		 37 31 68
Bank and other interest
Voluntary sources
Donations
and legacies		 31 360 391
Fundraising
events		 6 6
Total incoming
resources		 33,934 397 34,331
EXPENDITURE ON'
Raising funds
Trading costs 351 351
Share ofloss from Joint Venture
Other income-generating activities
Financing costs 775 775
Investment
management		 29 29
Fundraising
8 development		 1
Total deductible costs 1,155 1,156
Charitable activities
Education
and grant		 making 25,818 56 25,&74
Total expenditure 26,973 67 27,030
NET INCOMING
FUNDS FROM		 OPERATIONS
BEFORE TRANSFERS AND INVESTMENT GAINS 6,961 340 7,301
Gains/(losses)
on investments		 854 176 1,030
Transfers
NET INCOIIE AND CAPITAL (INFLOW) 7,815 516 8,331
Pension scheme actuarial gain/(loss) 2,248 2,248
NET MOVEMENT
IN FUNDS FOR		 THE YEAR 10,063 516 10,579
FUNDS B/FWD 1 AUGUST 2020 36,849 1,468 38,317
FUNDS C/FWD 31JULY 2021 46,912 1,964 48,896

Fund balances at 31 July 2022: Unrestricted Restricted Total
Funds Funds Funds
f'000 f'000 R'000
Fixed assets 65,612 65,612
Current assets 4,560 87 4,647
Current
liabilities		 (8,169) (8,169)
Long term liabilities
Pension scheme assets		 (11,698) (11,698)
Total net assets 50,305 87 50,392
COIIPARATlVE ALLOCATION OF NET ASSETSTO FUNDS
Fund balances at 31 July 2021 Unrestricted Restncted Total
Funds Funds Funds
F'000 8'000 R'000
Fixed assets 65,079 65,079
Current assets 9,864 87 9,951
Current
liabilities		 (8,480) (8,480)
Long term liabilities
Pension scheme assets		 (17,654) (17,654)
Total net assets 48,809 87 4&,896