Company R•glstratlon No: 3596520 ST. CATHERINE'S SCHOOL, BRAMLEY (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND ACCOUNTS YEAR ENDED 31 AUGUST 2020 ST. CATHERINE'S SCHOOL, BRAMLEY ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2020 Ind•x Page Governors. Officers and Advlsors Governors, Report - Structure. aims and governance - Strategic Rewrt - Statement of Govemors. Responslbilitles Independent Auditoffs Report Stalement of Flnanclal ActIv￿￿s 15 16-17 18 Balance Sheet 19 Statement of Cash Flows 20-21 Notes lo the A¢o)unts 22-37 ST. CATHERINE'S SCHOOL, BRAMLEY GOVERNORS, OFFICERS AND ADVISORS FOR THE YEAR ENDED 31 AUGUST 2020 GOVERNORS The Govemors of SL Catherine's Sch¢x)I, and those who served durfng the year, and to the date of tho slgnlng of thls repor( except where olheThMse stated, are: 1&5 385 2&3 Mr Peler J Martin {Chairmanl MrAbert D RAlonzo Mr Michael F Bustard Mrs Penelope J Crouch Mrs Cardine R Good Ooined P March 2020) 1 8 4 Dr Michagl J Jordan Mr Andrew J Plan¢a 4&5 Dr Janet F McGowan {Wice Chaimianl Mr John A P Blauth Prof Flnbarr E Colter Mrs Karen B M Farrell Mrs Clare S Johnstone Brigadier Matthew P Lowe MBE 1.2 & Mrs Susan E Shipway 2&5 Mr Denl$ B Ulyet 385 Mr Jonathan C M Tippott Notes 1. Academi¢ Committee 2. Estste and Buildings Committee 3. Finance Committee 4. Pastoral & Well-being Committe8 5. Development Committee During the ￿ar th8 activities of the Goveming Body were ca￿led out through ftve principal commlttees. The membership of these committees as at 31 August 2020 1$ shown above for each Governor. The Sxfegu8rding Governor 19 Mrs Clare S Johnstone. the Eady Years FouThJ8tth Stsge {EYFS) Govemor is Mr Michael F Bustard., Dr Michael J Jordan Is Governor Tepresentative on the School ICT Development Committee and Mrs Penelope J Crouch and Mr John A P Blauth are Governor represenlatives on the Bursary and Hardship Awards Committee vAth Mrs Crouch being Char. Mrs Crouth is also Governor representatlve on the Health & Safety Commlttee. OFFICERS Headmistress Prep School He•Jmistress Secretary to the Governing Body Mrs All￿ M Phillips Migs Naoml J Bartholomew Mrs Diane E Haeffele ADDRESS Sl. Catherine's School Slallon Road Bramley Guildford Surrey GU5 ODF ADVISORS Bankers Lloyds Bank pl 147 High Street Guildford rrey, GU13AG Sollcmtts Farrer & Co LLP 66 Lincoln's Inn Fields London. WC2A 3LH Auditor Crowe U.K. LLP 55 Ludgate Hill London. EC4M 7JW Insurar Brokers Mafsh InsurarKe Brokers Llmlted Capital Hous8 1-5 Perrymounl Road Hayward$ Heath Wesl Sussex, RH16 3SY ST. CATHERINE'S SCHOOL, BRAMLEY GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2020 Th• GovernoryJ of St. Catherine's School, Br8mley present thelr annual Govemors. Report for the year gnd9d 31 August 2020. including the Directors. Report and Strolegic Report, together wth the audrf(ed financial statements for th8 year. The Govemors, Report and the accounts have been prepared in accordance with the Financlal Reportlng Standard applicable in the UK 8nd Republic of Ireland IFRS102}. the Companles Act 2006 and the Statement of Re(￿lmended Practice applicable to Char￿88 preparing their aGGounls In accordance with FRS 102. STRUCTURE, AIMS AND GOVERNANCE REFERENCE AND ADMINISTRATIVE INFORMATION The School was founded in 1885 and 15 regislerod wth the Charify Commission under charty number 1070858 and a company limittrj by guarantee and incorporated under ccffnpany numbgr 3596520. The Govenmjrs, execulivg offi¢er$ arKI advisors are listed on page 1. OBJECTS. AIMS. OBJEUNES AND ACTivrries Charftable Objects The objects for which the School Is egtabllshed are to promote and WOVKle for the advancement of education by providing. conduclltvJ. governing, carrying on and maintaining in the United ￿ngdoM or elsewhere, a boardlng or day school or schools for girls in which the teaching Shall be In accordance with the prlnclples of the Church of England. Publlc Benefft, Alm8 and Intended Impact In meeting these objects, St. Catherine's public benefit aim is to inspire puplls to make the most of th8ir abilities by provldlng a happy and secure environment where academic excellencelg combln&d vthh the wider development of the individual's personallty. The School aims to develop pupils. skills of leadership, wsponsibility and rdiabilily. while en￿vragIng re$pe¢t and concem for others in the wider community and a desire to contribute personally and Ihrough St Catherine's School in corporate aclivilies. A girl leaving St. CatherSne's should be a ¢onfidenL indeFendent thinker and learner, secu in her own beliets, able to make sound moral judgments and implement them with compa55ion. She should be ready to seize opportunlues to explore the world. make decisions and take risks, oonfKlent to embark on the unknown. equlpped to rise to 8ny challeng8s life may present, and with the reslllence and strength of Character to overcome adversf(y. The Governors confirm that t￿Y have complled wth thelr duty under Section 17 of the Charities Act 2011 to have due regard lo the Ch8rty Commission's published general guidance on public benefit. The Governors deckled to provlde funds to the value of 23 (2019.18) 100% bursaries incluélng extras for cases of greats$l ￿ed lo fund at least one pupil at e￿h of 11+ and 7+ {for thelr Senlor and the P￿P. Schwl/Key Stage 2 years respectively). In recent years, a greater focus has been placed on 11 + bursary places, supporting the successful applicanls Ihr(whoul 2117 years of their senior schooling asguming their satisf8clory performance. The Governors, current policy is to make awards based on a girl's educational potential. Bursaries are available for both day and È4)arding fees as boarding ¢an be particularly helpful for girls in need of educatbnal or famlly stability. The Govwnors also continue to consider cases of hardship for (yJrrent puplls lo enable them. wherever possible, lo finish Ihe key stage of education that they are In at th8 time of the family experiencing hardship. Al bursaries are means tesled and. almost Invariably. indude a home visit to ascertain real need. In deciding on the allocation, the Committe8 continues to focus on suitable loGal gids who would benefit from an award. In most years. one or more Sixth Fom) HMC (The Headmasters, and Headmistresses. Conferen¢¢) s¢holar(sl from Eastern Europe are acGepted on a full bursary wilh extras. Invariably those students are supported for thelr Iwo-year sixth form edu¢ation. ST. CATHERINE'S SCHOOL. BRAMLEY GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2020 The Schod provlded £1,088,007 (2019: £1.179,3301 of asS[sta￿ In bursar￿, ¥Ghoiarships and other avrards to a total of 131 (2019.. 132) pupils. The School continues to develop ts existing link$ wth state schools in Ihe immodiale locallty, particularfy closer vthing partnershlps with Bramley Infant S¢hool and Gosden House la special needs 8cknI almost ￿ljacent to our site). Overseas, there are historic links wth the Magnet Orphanage and Schcx)I, Nalrobi, and up until this year wth Glrfs, Schoofs projects in Afghanistan wa the Afghan Cc￿neCtIon Education Chartty. founded by an alumna, Dr Sarah Fano OBE. Sadly the charity has now ceased lo operate due to the ch8llenglng sltuation in Afghantstan. The Sclw)Dl I￿0VIded tts venue and staff free of charge on many 0¢¢4sions until the outbreak of COVID- 19 and national Lctkdown and remains ck)8ed to visrtors. These included ¢ontinuing lo enable three local schools to teach swimmlng in our wol on a wegkly basis in lemi time wthout charge, Gosden House School, Bramley Infant School and Wonersh and Shamley Green Primary SGhool. Swmmlng coaching was provid&J free of charge for Wonersh 2nd Shamley Green School, Bramley Infant School and Shalford Infant School. We enabled a University stud9nl to us8 the musi¢ fa¢ilitie5 to record her final year wtal. Ordlnarily we would have provided the followir¥J ￿tIVitIeS and look forward to beltvJ abre to resume this outreach work again In the future.. Cricket and Rounders coaching, Latsn leachiro, Swmmlng Pool use and music dubs all al local Primary and Senior Sthools. We held a Whal Can I do ￿th 8 Degree in History semlnar in November 2019. a Wh8t Can I do with a Degrn8 in 8￿Y or Chgmisty seminar in March 2020, an Imperlal Engineering event in September 2019 and a Careers Forum in October 2019 attended by students from St Peterfs, Guildford County and Howard of Effingham Schools. We have also held a 8erEs of U4 Lectures presented by psrents on their ch)$en career i.e. Mwkeling or filin production. Cathedral Choristers again had full use of the Auditorlum and boarding facilities for a bonding weekend in February 2020. The Southern seml-final of the ECF National Girfs. Chess Toumament was hosted in January 2020 but the final Could not be hosted because of the COVID-19 pandemic. Thg Duke of Edinburgh'5 Surrey Award Annual Pre$8ntatr'on event was sadly cancèlled in April 2020. We provided equipment lor a number of events including a minibus for 8 Children and 4 teachers from W￿ersh Church to attgnd a celebration at another Church In WoklNJ. We would usually offer the School site for parking durfng the annu* Bramley Hall Cycle Event and ￿11 do so again once ￿ is recommenced, We have SUPFKffted Gosden House with a number of Items throughout the year and Continue to do 80. Pupils came to watch the Prep Schocl Nativlty In December 2019. Pupils were cL)Ileded and retumed lo their school ￿en they came to watch a concert. We also loan minibuses on a weekly basis. The School has donated musical Instruments to Cranleigh Youth Musl¢ ProiecL To encourage new entrants to the academic professlon members of staff complet￿￿ their Initial Teacher Tr8iniro (Irr) as employees and a prospecllve tea¢her observed Biology lessons as sh8 is consideriw retraining as a Blology teacher. Their courses involved placements al local state schools, whlch encouraged the cross-ferfllzatK)n of good ideas. Closer tle$ were developed as a consequence th the Classics Departments at Tlffln BOYB and Glebel8nds and the Mu$l¢ Department at George Abbot School. Communliy Llnks The School continue5 to encourage links wlth the eommunity where we support Holy Trinity Church, Bramley. with pupils helping al church events and staff assisting with parking and grounds v￿k when requested. and through making donations. Some of Ihe events in the Auditorium in the 'St. Catherine, Presents" seri8s are open to the vil*e free of charge as are some sch(￿1 concerts. This series of events. vh)ich SUPF4emented the Sixth Form lectures, was o￿n to the community and enwmpassed An 8T. CATHERINE'S SCHOOL, BRAMLEY GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 Evèning of Orchestr81 Delights wth prize-winning conductor, Jonathan Butcher and 20 professional musicians form the South Downs orchestra. They were Joined by the St Catherine's Syrnphony Orchestra, and 30 members of George Abbot School Orchestra for Nw)rk5hopg and rehearsals during the day. In November LuciThJa Hawksley the great4Jreat4Jreal granddaughter of the ￿nOwned British novelist Charfes Dickens dellvered an eng￿ing and informative lectu￿ titled A Dlckens Famlly Affalr: the man behlnd tho novels. We also enjoyed the PTA lecture from Alex Fryer on the topic of Relationships a￿1 Sex Education ￿thIGh was held online. Local Nurserles and Pre-schools attended the Baby Cats Classlcs Glasses throughout the year. Gtrts also provhled occasional musical entertalnment at local care homes. Four local Bramley ￿SIdents ¢ompleted the Microsoft Office Speclallst course that was held and run free of Gharge in the Aulumn term. Caterfng was al80 provided free of tharge for the local WNes' Fellowship. ChrlsUngl8 Servlce and Bramley Infant School Christma5 Ball. The Cultu￿ of helrAng other8 ￿)ntInU￿1. wlth staff helplng pupi18 to support charitable ventures often promoted by the pupils themselves through Ihelr own concems aThl interests. Many dffferenl charlties were therefore promoted and at every opportunity. the pupils were encouragtry to learn at￿ul the charity themselves. STRUCTURE, GOVERNANCE AND MANAGEMENT Go￿rnIng Do¢umént The Charity is govemed by Ils Memorandum and Articles of Assoclatton dated 10 July 1998. Gov•rnlng Body The School is govemed by its Governing Body, detsil$ of which are listed on page 1. It is a self- appointing body, one third of whose members retire each year, but are eligible for re-election, subject lo mandatory retirement at the AGM following their 741h birthday. The age of mandatory retirement was I￿reaSed from 72 to 74 years at the AGM held on 7th March 2015. Governors th reach the age of 74 mid-year will sometimes be requested to complete the academic year for continuity. The Govemors are selected based on eligibility, r￿TSonal competence. specialist 8kills and 8ffinlty to the Schiy)l. New Governors are inducted into the wYKkirffJ of the School, indudlng Board workings and procedures through menloring by existing Gov8mors and an Inductlon programme organisad by the Headmistresses and Senior Management Teams members, ￿lch Includes thorough Safeguarding hecks and training. Regular contact wllh the day-trpday running of the School is maintained through haw-yeady Govemors. Days where Govemors are invited lo vk8it lessons, actiwties and attend training sessions on the Independent Schools Standards Regulations IISSRS), as wdl as attend events such as concerts, drama woductlons and special celebratory days etc. The GOV￿norS are aware of the Charity Governance Code published in 2017 which sets out the principles and rec¢Ynmended practice for good govemance ￿thin the sector. The Governors are satisfied that Ihe Charily applies the principl95 of th8 C(vJe within ils current Govemance arrangements. Organlsatlonal Management The St. Catherine's School Governors. as Trustees of the Charty and Directors of the Company, are legally responsible for the overall management and control of St. Catherine's School and meet three limes a year. The work of Smplemenling their policies is carried out by members of the various Commillees noted on page 1. who meet two or three limes a year in the weeks leading up to the meeungs of the Governors. ST. CATHERINE'S SCHOOL. BRAMLEY GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 The princlpal Govemors, Commtttees are as follows: . Flna Mr Jonathan C M Tlppett Estate and Buildings Mr Denis B Ulyet Pastoral and Well-being Dr Janet F McGowan Academic Mrs Claire S Johnstone Development Mr Albert D R Alor The day40-day running of the Schth)I Is delegated to the Headmi8tress who is supported by the Heafjmistress of the Preparatory School (PTrp. School) and the Senior Management Teams in both Schools, the key management personnd. The kn Headmistresses 8nd relevant members of the Combined Senlor Management Team attend the Govemors, Board meetings and also the Committees rel8vanl to thelr areas of responsibility. The Development Director stts on the Finance Committee and th8 Chalrman hohJ$ a monthly meeting in term Ilme wllh He￿MIstresSeS and the Chlef Operating Officer. Remuneratton 18 set by the Governing Body with the oblectlve of provldlng appyopriate incentives to encourage perfonnance and rewarding all st8ff contributions lo the School's success. Neady all staff are appointed lo a dear salary ￿le. which is updated and publlshed annually after the Governfftg B¢xly agree the annual uplift. The Charty has a wholly owned subsidi8ry, Sl. Catherine's Enterprlses Limited, and thi$ 1$ used for the tr￿tIng of the School Shop, Anniversary Halls Bar, Forum Café and Sports Club. The School Shop sells the new Schc(4 unrform and related equipment. Any Surpluses ￿e gift aided for the benefft of th8 Schwl. St. Catherine's School co-operates vlth local and national charities to share cultural and spM)rting facilities and to widen pUt￿[C accèss lo the schcdlng provided $0 as to optimise the educational use of its facilities and, in the put￿[¢ interest, lo improve the awareness of ils pupils of the sccial context of the allqound education they recelve. The School also benefit$ from the nelwork of former pupils and urrent and forner parents through th• Sl. Catherine's AS￿l8t￿)n, whose support is gratefully ackn￿edged. STRATEGIC REPORT ObJ•cllv•8 for tho Y•ar Thi8 year the School has continued to maintain hs ac*demlc perfomarte and a high slandard of pastoral care which are annual objecttves of the governlng body. However, a major new objective was forced upon the School by the COVID-19 pandemic: the need to keep the school running succeyyfully, financially. and off8ring a sound education and pastoral care for all, desplte the onset of Lockdown. The Summer Term vas conducted enllrely online in the Senior School and both remotdy and on site in Prep School where Reception, Year 1 and Year 6 studied ir¢ school and other year groups leamt from )me. Additional measures were put In place to monitor the wellbeing of all 8ludents Stud￿ng al home. The ￿d￿nIng of access, a regular objective. has been maintalned through bursary wovision and the School always looks for new ways to encourage local School Ghlldren to use the facililieg for educational purposes. as outtined above. Readiness for routine inspection by Ihe relevant authorlues Is an annual objective And In October 2019 Independent Schools Inspeclorale undertook a Compliance Inspection of the School and St. Catherine's was found to be Compliant with the Ind•pendenl Schcx)ts Stsndards ReguLations in all areas. ST. CATHERINE'S SCHOOL, BRAMLEY GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 In the Summer Tem, wblic examin*ions were cancelled. and Centre Assessed Grades SLEbmltted In line with the Governm•nVs policy to ensure GCSE and A Level students could progress to the next stage of their educalton. subsequent issues were well dC￿mented in the medla. NorEthe1￿, academic results of the year were excellent, once again. At A Level there was an increase in A" grades. Unrversty ￿¥t*S were gained al the usual high slarKlard. The iPad wogramme 18 embedded IhroughtsJt the School and 19 8n unqualffied success. Puplls and teachers continue to embrace new technology wlh enthusiasm and digital learnlng is a routlne discussion wint at stsff meetirpJs in both areas of the School. Largely used as a resource Inlllally instead of texlbooks. the stsff are now using iPads and Google ClaSsr￿M as a dlgllal reposllory of reswrces for all classes in years 5-U6 a5 well as some written work. This revel of technical familiarity provided the firm foundation for Ihe Virtual Summer Terni and the School delI￿red the same curric#Jlum throughout with￿t disruption. Staff training bWdS provided dally and staff gained additional skllls al great Speed to finesse their teaching online. The 20%￿21 academlc year began wlth the vKlcoming ba¢k to School of all our boarders and sbjdents after an absence of over S months due lo the COVID-19 pandemic. Works on the new Slxlh Fo boarding house have recomme￿￿ but with Inevitable delays so the interim Slxth Form Boarding House - the 5.9- 18 Still in use for Sixth Fom lknirders. The new bulldlng Is scheduled for cornpletion in March 2021. The Governors, ten-year vision for the School Create the Future - launthed on Speech Day. July 2017. continues as a focus for th8 communty. It is intended that an extension to the existing Creatlve Arts buil(Jiro. °The Art & Makerspace". will commerKe in 2021. However, a new STEM and Llbrary sp￿. "The CATalysf and one additional Laboratory in the Senior School Chemistry area are now on hold due to the ￿rrent srtuation. The School conf1rni￿ that. regardless of its ongolng 8mbitlou8 devdopment p4an3, the focus for expenditure should continue to be on keeplng the fees Sncrease as low as possible for future years. whilst maintaining the Governors, top Strategic priorities. which relate to the edUCa￿on provided by the School, recruitment arKi Trtention of first-rate teachers and prudent financial management. Fee increases for 2019 wer8 once again held at less than the natK)nal average and ￿11 be held until March 2021 as a supportNe gesture to Parents during the Pandemic. Fee reductlons were applied lo all in the Virtual SumTngr Tfj￿. Prfnclpal Activilios of tho Yoar Tho School provides day and boarding education for gids from the local area. a wide catchment area in the United Kingdom 8nd from overseas. This year the Senior School averaged 64412019: 650) pupils of whom 11812019: 1171 were boarders and the Preparatory School averaged 256 pupils {2019.' 255). The total ThJmb8r of gwls in the School in September 2020 was 888. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR 201912020 was F*ovlng to be an excellent year in every a3peGI of Schcd 1Sf& until the COVID-19 pandemlc struck the UK and led to the closure of School for all of the Summer Temi. Nonetheless, the stsff and students rose to this challenge and a full arAdemi¢ programme vras delivered online for all pupi15 using digital platforms appropriate to all relevanl age group8. When putAic exams were cancelled, GCSE students We￿ supported In movlng gtraight on to their A Level studies and they b8nked a full term of study al this level. A Level candidales were provided wth a fvll lerm of universty st￿e supervision study in t￿ sublecl most relevant to Iheir chosen degree ar￿ were kept engaged until the erKi of the temi. Staff and students at this level reported real enjoyment of learnlng for its own sake arxS not for examlnations. ST. CATHERINE'S SCHOOL, BRAMLEY GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 The Prep School Manag8ment Team opened the Prep School for the chldren of parents who are Key Workers. in line with government directives and this provision Tan from 1 Bt April until the end of the Summer Term 2020 when the few remaining children in the scheme were then looked after by young alumnae who stepped in as holiday childcare for individual families. The Key Wclker provision remain5 a ￿1n1 of great pride to the S¢hool and thanks go to the senior staff and the Teaching Assistanls who ran it and kept those children in s¢hod and looked after, enabling ther pa￿nts to work on the front line for the NHS. Further detsil$ are given in Ihe Prep. School report below. In addition, despite the deb&le of the government a￿QrtthM and its impact initially on public examination outcomes, the reinstatement of Centre Assessed Grades saw the school gaining excellent results once again and the vast majority of candKlates proceeding lo the universiti88 of thow choice. The mwale of the entire school communty remained very high throughout the virtual Surnmer Term. Th9 digital leaming strategy was expertly d91Nered, and all staff rose to the thallenge of maintsining the 6th09 and distinctive ¢hara¢tor of St Catherin•'$ avon in Lockdown and with students spread a¢ros$ world in thgr ovffl homes, studying onling. most notable achievements before the pandemic are summarised below. Preparatory School Achl•v•m•nts The COVID-19 pandemic had a considerable impact on lrfe in the Prep School since March 2020. The Prep Schcol remained open for key worker children as the country went into national Lockdown. Up to 15 pupils attended provision in school either due to one or both of their parents belng keyworkers or because we considered a pupil to be wlentkqlly vulnerable learning at home. (Xjr keyworker provislon ran tlyough the Easter holiday and May haW term and throug￿)ut the summer term. Pupls from Reception Year 6 were provlded wllh a full remote leamlng programme vla Seesaw {Receplion to Year 4} and Google Classroom (Year 5 and 6)- Elements of I￿e Interaction took place vki Ilcensed Zoom accounts and musk le550ns and Academic Mentorlng lessons ￿ntinued remotely. The Prep School Invested In PPE. temperature checkers and sanltlser and cleaning doul￿ad lo ￿[ce a day to enable 8 phased return in the summer temi for pupils in Reception, Year 1 and Year 6. Over 95% of pupils in t￿8 year groups attended school during that period. Gids in Reception were in school fu114ime from May hair term. Other year groups continued to learn remotely, arKI e￿h year group h8d a 'keeping in touch. day in schc(sl ahead of the end of the summer lemi. Outdoor sinks were installed in the School over the summer holiday in order lo fvrther assist with hand washing as th8 pupils retumed fully for the stsrt of Autumn Temi. Year 6 puplls galne(i sensor school places al Sl. Catherine's, Benenden, Cranleigh Prep, Priorfs Field, Sl Teresa's. GHS, Sl Swthun's. Reigate Grammar and Tomead. Girfs were awarded tsvo Academ¢c &holarships. one Music Scho18rship arsd five Instrumental Awards at Sl. Catherine's Senior School. one Drama Scholar8hlp and one Sports Scholarship at Priorfs Fi81d and 8 Maths Avrard at Benenden. In Music. the new Soundscape music room enabled new projects like the Podcast series, outdoor mus at break times and Videos of Delight during the Summer Temi to lake place. Some performanc4 highlights include the Informal Concert Series. Harvest ServiGe, Carol Service. Tudor Masque. House Singing. the Big Sing and the Children's Trust Christmas Concert. Girts have also enloyed Gollaborations with professional orchestras, a Soloist's cOn￿rt and perfonned extemally at ShaVor(I Village Hall and Gr)d8lming Musi¢ Festival, where Pre￿P￿p Choir and Major Cholr won Ihelr cla$8. Girt5 tcok part in RAD and ISTD dance lessons In tap, mfyjern and ballet and LAMDA remalns a popular exlra-cuthcular actlvily for Prep. School girls. Gids enjoyed leaming new Sk￿lS during Musul Theatre Club. ST. CATHERINE'S SCHOOL, BRAMLEY GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 The PhyBical Educallon department had another successful year, qualif￿n9 for National Finals in several sports events. Glrls competed In the SU￿eY Cr05s Country, St Catherine's, GHS and PrM)rfs Fkld cross country events. Two glrls were selected to recewe elite training and the opportunity lo run for SU￿ey. In gyTnnasllcs, glrls have enjoyed much suc(*gs and achieved excellent results. Thè U9, U10 and U11 teams performed well al the IAPS GyTmn8sli(s competition. The same age gr￿p5 also competed in the ISGA gymnastics Nvcppiece qualtfying round arKI all ages qualified for the finals in Port Regis. St Catherine's hosted several friendly eompeirtions to give all gymnasts the opportunlty lo perform. Swmming continues to be a popular sport with large numbers of gids attending swimming club each week. The U10 and U11 swimming teams qualified for the IAPS finals in both th8 medley and freeswe relay events and ￿ girfs also qualrfied for individual races in the fr8esWe and butterfiy. In tha autumn and spring terms, St Catherine's hosted numerous swimming galag against local schools allowing all swimmers to experience a compgtibve gala. In netball, the U10 team came 4th in the Rydes Hill Tournament and the U11 leam ¢ame 5th overall in the Danes Hill toumament. St Catherine's hosted both U10 and U11 A-C netball tournament5 against lttal sthcols every team placed in the top three in both toumaments. The U8 teams enjoyed their first experie1￿e of competitiv& matches this year. In the spring tgrm, Ihe Prep School way vistted by soph￿ Hollis. an ex-professional football Fdayer. She delivered some fun skills sessions to the girts in Key Stage 2 and a number of gids then attended her virtual workshops duriro Lockdown. The U91U10 football players had a frlendly match agair)st Wonersh and Shamley Green. Throughout Lockdown the PE department adapted thelr leachlng lo give the girls remote le8rning Opportunit￿$, whilst still fcAlow7ng the summer term currtculum as far as possible. Hhjhlights from the summer temi included Lower11 suThtval skills days, Form I woblem solvlng activtknes, virtual sports day and weekly fitness videos. T1￿ glds enjoyed the varfety of actlvltle8 and posted videos of themselves Completing tasks on Google and See&8w. Over £8,000 was ralsed throughout the year for numerous d￿ferent local, national and international harities including Young Minds, Guildford Food Crisis Centre, Winston's Wish, Godalming Food Bank, Compasslon UK, The Hive, JDRF UK. Royal British Legion, St Peter & Sl Paul Church and The Children'$ Trusl HaNest Boxes were donated lo Salvation Army to help local homeless people and struggling families. The Prep School "Green Trfjttens. have continued to work towar(Is reduclrKJ waste. promoting recydlng and 8UPPOrting biodiversity in the school grcwnds. This year Iwo comFMJSt bins have been built In the cottage garden and there is also a functioning comF)OSt bin in the PPI garden. Minibeasl hotds and a bird tM)x have been installed in the Prep Field. New rubbish bins have been purchased to reduce the amount of rubbish in the playground and a recycling point has bggn set up in order to collect p18stic milk bottle tops, pen5 and batteries whiGh we sent off lo be rec￿led. The Lower 111 production was unable to take place due lo the COVID-19 pandemK. Llll girls en￿Yed workiThJ on a Music and Drama proiecl creating a Wizard of Oz-themed Leavers, film. During the summer tenm, the Prep School continu8d Ydth imFJOrtanl a¢tiMtie$ lo promote well-belng amongst staff and pupils. Well-being Wanesday adlvltles were posted each and included contributK)ns from all staff. Weekly a$$emblie$, chapel services and 'singalong' Fridays were also important aspects of the ￿MOte learnlng programme. Parents transfomed the Prep Llbrary Into a Prayer Space wth thoughtful and mindful activities for gid5, staff and parents. The Prep School has also h8d several excellent talks and presenlalions from Karl Nov8 (Hip hop artist and poet). Professor Beverley McKeon (aeronautics), Robin Steven$ (author) and a vlrbjal talk from G8reth P. Jones (author and perfornier). Girfs in Ull and Llll participated in the UK Bebras Computational Thlnklng Challenge. a problem-solving contest with a focus on computational and loglcal thlnking. A select group of girls were placed in the top 10% of students and were invited lo lake part In the TCS Oxford Computing Challenge. In Chess. the school wag proud to host over 200 girls from schools in the south for the Nalional Girls Chess Seml-Finals. wrth 38 St Cat's girts playing. Girls played matthes against schools induding Aldro, ST. CATHERINE'S SCHOOL BRAMLEY GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 Yateley Manor and Tormead. They also ¢ompeled in Ihe Delancey Chess compeltion and English Primary Schools Chess Championships and partlcipated in chess masterdass and onllne lournaments this lem via Zfy)m. Ull girls participated in a Tudor Masque which they perfomied lo their parents. It was a ¢ross-curricular activty which ¢onsolidaled their learning in History. Engll$h. Music and Drama. Due lo the COVID-19 pandemic, Prep girts were unable to enjoy the fvll schedule of day and resklentlal trips Ihat would nomalty take place during the academ￿ year. Residential and day trips able to lake place prKJr lo closure induded a day trip to Butser Farm. a thre￿aY Historythsed trip lo Dorset and five-day trip to th8 Isle of Wight. Pre-P￿p 1, 2 and 3 @Home sesslons took place as mrmal and Form I gld$ tcrfjk part in home-based actfvitles in place of their usuat res￿entIal lrfp to Holffll￿ry St Mary. S¢nlor SGhool Athlevements The academk results were excellent. based entlrely on the gra and 'The CATalysV' Science building project where plannlng has been granted but the ¢on$tru¢lion date has yet lo be finai5ed. Assoclated wlth the9e capital projacls are excapilonal costs bolh this year and during the next few yeats as finances are reorganised. e￿stIng building5 with a net bLKJk value are rerAaced by the new buildin98. interim accommodation is required during the building phase and associated costs that cannot ￿ capitalised. are incurred. These have been separately iteTnised in Note 7 to the accounts. As prepar*ion for these capital projeds and as a testament lo the financial success of the School In recent years, in 2019 the Governors were able to pay off in full, six years earfy, ￿ e￿stIng 15 year long term108ns. In June 2020 the Goverrbjrn drow down a r￿ 15 year loan for £6m. 11 ST. CATHERINE'S SCHOOL, BRAMLEY GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 During the year, work commenced on the project of the new boarding accommodation, Yhe 6.. The work 1$ expected to be completed by January 2021. The new buildiro will provide a modern, vlbrant ¢ommunity and living space for the School's Sixth Fom t¥)arders and day gid$. To provKle a like for like comparison ￿th previous years, the net def￿1t for the current year, before excepts'onal costs of £138,839. is £88,871 and compares the net income for last year of £1,224,893. In tho ￿rrent year the Govemors 8pproved additional repairs and maintenance of £200,000 for thg ￿￿lring of the main school. Th8 n8t deficit for the current year, after exCept￿nal costs, is £227,710. R•8•rvM Poll¢y Total fvnds of £32,785,450 consist of a permanent endowmenl of £7.153.179. an expendable endowment of £188,380, restricted fund$ of £1,330,299 and unrestricted funds of £24.113.592. There are no free reserve5 as the unrestricted funds are invested in land and buildings. The School's financial viability is secured by striving to achieve regvlar annual surpluses through ¢arefvl and prudent flnanclal management, and further seGured by the substantial propety Portfolio outside the maln schod sltes that is primarily used for staff a(￿mmOdatIOn. Funding of c4pital projects and necessary day to day working capital 1$ met by careful management of the School's liquid resources, together wth fees paid under Ihe Fees in Advan￿ scheme and a) OV8rdraft fxility from the School's bankers and lorvJ lemi loans as and when ￿QUired. The intentlon of Govemors is to use the School's annual operating surplus towards Gonlinuing to improve the current facllitles. Investing in them for our long-term future. It is therefore unlikely. In the medium temi. that there wlll be free reserves. Golng Concern The Govemors are well aware at this ilme that the medium-lemi effects of the COVID-19 pandemic and how long prasent restrictions will last are all still unknown. However, the most important effe¢t on our finandal posllion Is pupil numbws and to date the School has seen no dedine in pupil numbers or In the number of appllcations. St. Catherine's is well placed to malntsin pupil numbers and to continue at the cuffenl level of acts'vily wlth registralons for both Schools remaining strong. The Govemors, plannin9 pr(Kess manage$ the business risk arKI IrKludes fina￿la1 projections for up lo 15 years a￿1 has taken into consideration the urrent econom* dimale during the pandemic and its potential impact on income and planned expe￿Ilture. We have a ju8ltfied eXp￿￿tIOn that our bank borrowing faalities provide an adequate safety net should il be required. The accounts have IheTefore been prepared on the basi$ that the charity continues to be a going concern. The note on going ￿T￿ern on page 22. wthln our Accountlng POI￿leS, provides further information supporting this con¢lu$ion. Risk Managoment The Gov8mors are collectivety responsible for the managgmenl of risk¥ faced by the School. Detailed considerations are delegated to the appropriate Committees and the Senior Management Team. A review of the School's risk managemenl pro¢￿89 1$ Garried out regularly. Thg key ¢onlrols used by the School incI￿le.. formal agendas for all Board and Committee meetings. tem)s of reference for all Committees., strategic planning, budgeting and management accounting. organisational structyre and lin8s of reporling" 12 ST. CATHERINE'S SCHOOL, BRAMLEY GOVERNORS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2020 clear authorisation and approval levels.. vetting procedures requlred by law for the protection of vulnerable children and adults. Prlnclpal Rlsk¥ and UnG•rtalntl08 The key risks are the ability lo maintaln the numbers on roll, to rgtsin key staff and to manage the pressures ¢Jn costs being faced by the Independent school sector. The Goveming Body Consider￿ the economy of re¢enl years. the affordability of fees across Ihe indeperKlent seLtor and in particular the extraor 89,950 (100,000) (227.710) 50,023 Transfer8 btheen funds 16 Nat mov•m•nt In funds 1217.660) 89,950 111NJ,Crf)O) (227,710) 50,023 Reservo8 brought fornard 24.331.252 1.240.349 7.441.559 33,013,160 32.963.137 R•serves ¢anl¢d foThvard 24.113,592 1.330,299 7,341,559 32,785,450 33,013,160 All of the &hool'$ operations represent continuing activities. There no recognlsed gains or losses other than those shown above. A copy of the Statement of Financial Activities for the year ended 31 August 2019 1$ provided In note 22. The notes on pages 22 to 37 fom part of these ￿0￿nts. 18 ST. CAThERINE'S SCHOOL, BRAMLEY BALANCE SHEET AS AT 31 AUGUST 2020 Notes 2020 2019 FIXED ASSErs TaThJible assets Inv￿lment in subsmjiary company 39,323,477 35.628,653 100 100 39A23.577 35.628,753 CURRENT ASSETS Debtors Cash at bank and In hand 11 466,749 6,591,462 795.353 3,834.169 7,058.211 4.629.522 CREDrroRS: Amounts falling due wthin one year 12 (6238275) (4.956, 103) NE[ CURRENT ASSETSIILIABILrriES} 819.936 (326,581) TOTAL ASSEfs LESS CURRENT LIABILITIES 40,143,513 36.302,172 CREDrroRS: Amounts falling due after more than one year 13 17,358,063) (2.289.012) NET ASSErs 15 32,785,450 33,013. 160 FUNDS OF THE CHARITY: UNRESTRICTED FUNDS: General Annual 16 24,109.392 24,324.860 4,200 6,592 RESTRICTED FUNDS: s¢￿arshIpS, pdze funds and donations 16 1.330.299 1,240,349 ENDOWMENT FUNDS Permar￿lI Expendable 7,153,179 188,380 7,253. 179 188,380 TOTAL FUNDS 32.785.450 33.013,160 The notes on pages 22 to 37 fomi part of Ihese accounts. Approved on b If of the Gover g Body and aUthC￿Se￿ for issue on 21st November 2020 P J Martin Chairman of ihe Goveming Body J C M Tlppett Charman of the FinanrE Committee 19 ST. CATHERINE'S SCHOOL, BRAMLEY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020 2020 2019 Cash Ilows from oporating activrti {Note a) 2,294,074 1,840.938 Cash Ilows from invosting activitios investments #nd 8orvicing of financ• Bank interest receipts Finance costs and bank charges Payments lo acquire L8ngible fixed assets Proceeds from 5a18 of tangible fixed assets 50.362 (150,2221 (5.183,187) 348.260 97.687 (243,985) (1,964,638) 4.050 (4,934.787) (2. 106,886) Not cash (outhow) bofore fIn￿Ing actlvtths 12,640,713) {26&948) Cash flowB from flnanclng actlvltl Fees in Advance scheme.. Receipts from new contracts Amounts accrued to contracts Amounts utilised to pay fees Bank loan, repayable by 2035 1338.463 87,396 {2,974,143) S946,291 2,688.618 98,382 (2,711, 193) (3,564,540) 5,398.007 (3,488. T53 Incr•as•l{D•cr•as•l in cash (Not• b) 2,757294 (3, 754.701) Reconciliation of net eash flow to movément in nèt d•bt IncreasellI￿￿8se) In cash In the year Net decreasel{Increase) In Fees In Advan¢e (IncreaseyDecrease in loan finance 2,757,294 548.284 5,946.291 (3,754,701) (75,787) 3,564,540 Movem8nt in nel debt Net debt at 1 September 2019 (2018) (2,640,7131 (906,597) {265,948J 640,649) N•t debt at 31 August 202012019) (3,547,310) 906.597 The notes on pages 22 to 37 torm part of these accounts. 20 ST. CATHERINE'S SCHOOL, BRAMLEY STATEMENT OF CASH FLOWS {CONTINUED> FOR THE YEAR ENDED 31 AUGUST 2020 NOTES TO THE CASH FLOW STATEMENT Reconciliation of net in¢omo to n•t ¢a8h inflow from oporatlng a¢tlvhloS 2020 2019 Net {expenditUreyi￿orne for the ye8r (227,710) 50.023 Bank an(1 othw interest recelv&d Flnance costs and bank d￿rge$ Depreciation Accelerated depreGiat (ProfilyLos$ on disposal of fixed assets Decrease in debtors In¢yeasellDecTraye) in creditors ($0,362) 150.222 1,322.638 (97.687) 243.985 991.013 621. 734 5,498 71,915 (45,543) 1182,534) 32B,604 953,216 Net cash Infiow from operatlng actlvltlos 2,294,074 1.840,938 b) Analysls of changes In net debt Asat 1 Seplember Movwnent 2019 31 Augusl 2(r20 Cash at bank and in harKI 3,834,169 2,757,294 6,591A63 3.834, 169 2,757,294 6.591.463 Fees in Advan￿ scheme Bank loans (4.740.766) 548.284 {4.19Z482 {5,946,2911 {6,9K291 (906,597) {2.640,9131 (3,547.310 21 ST. CATHERINE'S SCHOOL. BRAMLEY NOTES TO THE ACCOUNTS FOR TrIE YEAR ENDED 31 AUGUST 2020 AccouririNG POLICIES 8a818 of accounilng The financial statements have been rxepared in 8CtAxdance wlh the Financial Reporting sts￿lard applicable in the UK and Republic of Ireland IFRS102), the Companies Act 2006 and the Slatement of ReComm￿ded Pra¢lrA applicable lo ¢harlbe8. the Ch8rities SORP (FRS 102). The functional Currer￿Y of th& Schod Is GBP because that Is the ujrrency of th8 prfmary economic environment In whlch the School operate5. The activities of the charrfs Ntholly owned subsidiary company, St. Calherine's Enlerprlses Llmtted, are immaterKo1 lo those of the charity and Gonsdidaled ar￿Unts have, th8rafore, not been prepared. The Schjol 15 a PubliG Benefrt Enlity ￿giStered as a charity in England and Wales and a ompany limited by guaranlee. 11 was irworated on 10 July 1998 (company number: 3596520). Going Con¢•rn The preparation of accounts requires an assessment of the appropriateness of adoptirKJ a going concern assumption since this assumes th8 availability of adequate finanual resources lo allow the School to ￿ntinUe for thg foroseeable future. At th8 lime of approwng these financial ststements. Ihe COVltk19 parKlemic continues to evolve and th8 long-term impact on the School, in common many other businesses. remains unknown. The Governors continually review the FX)sition carefully and prudently lo ensure the long-temi continuing operation of the School, the (￿goIng provislon of schoollng for the pupils and the employment of our staff. The Governors regularfy receive and review fina￿131 and other foreca51$ coverlrKJ one, three, five a￿1 frfteen year future periods. The future financlng of all capital projects is carefully ￿nS￿lered before approval 15 grven lo proceed. Sensitivity scenarios are produced to ensure that there are adequate bank bomwing facilities to provide 8 sufficient Safety net should variou3 Potential adverse evats oc￿r. After reviewing the School'g budgets, forecasts and projections 8nd, reccqnising that pupil numbers are whaps the most important factor in the financial viability of a school, reviewng the level of applications lo join the school in the future, the Govemors have a reasonable expectation that il has adequate resources, induding Gurrenl cash reserves and banking f&111t￿s. to continue in operational existence for the for8se8able fvture. The School therefore continues lo adopl the going ￿ncern basis in preparing ils financial statements. Critical accounting judgemenis and key 8ourc08 of estlmatlon uncgrtalnty In the application of the accountin9 policies, Governors are required to mak8 judgement, estimates. and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. Th8 estimates and underlying assumptions are based on historical experience and other f￿tOrS that are considered to be ￿levanL A¢tual resurts may dtffer from these estimates. The estlmates and UnderI￿n9 assumptlons are revlewed on an oryoing basis. Revisions to accounllng estlmales are recognised in the peri¢)J in which the estimate is revised rf the revlslon affects only that period, or in the period of the revision and futu￿ reriods IF the revision affected current and future periods. ST. CATHERINE'S SCHOOL, BRAMLEY NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 In the view of the Governors, no assumptions concerning the future or estimation uncertainly affecting assets or liabilit￿ al the balance sheet date are likely to result in a material adjuslmenl to their carrying amounts in the next financial year. b) Flx•d a$$•ts TangltAe fixed assets with costs of £5,(MX) or more 8re Ca￿taliSed and, when brought into use, are depreclated by equal annu81 instalments over their eslimaled useful INes. The current estlmated useful lfves are- Freehold bulldlngs Interim boarding accommodatlon Equipment Computers Vehicles JI wwther pitches 50 years 2 years 5 years 3 years 4 year9 7 years Land value, estimated al £6m, is not depreciated. The Governors reviewed the e¥timated useftjl lrfe of the School's freehold buildings and, based on this revK8W. dep￿1•tion Is being provided to vKite off their book value over 50 years from 2002 or the date of 6ubwuent purchase. F￿8 and slmllar •amod In¢omo Fees recelvable and charges for servlces and use of the premistss, less any allowances. scholarships and bursaries granted by the School against those fees, bul including conlributlon9 received from restricle were made during the year. N8lth8r the Govemors nor persorts connected with them re¢elved any remunerat￿￿ or benefits from Ihg School or any connected organisalion, other than Ihe relmbursement of travel expenses which were necessarily incurred by Governtxs lo attend meetings. This totalled £703 for one Governor in 2020 (2019: £1,144 for or* Govemor). 26 ST. CATHERINE'S SCHOOL, BRAMLEY NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 ANALYSIS OF TOTAL EXPENDThURE other Depreciation 2020 2019 Costs of raising fund8 Flnanclng costs Developmgnt 150.222 150,222 243,213 243,985 163.016 237.007 Total 237,007 158,428 393,435 407,001 Charitable actlvltlès Teachlng Housekeeplng and caterfng Prernlses Support and governance costs 7,969,514 1,918,426 9,887,940 10,091,841 208,071 797,951 1,006,022 1, 164,969 415,591 2,027,867 1.322.638 3,766,096 3,556,335 1,127,825 259,860 1,387,685 1,494.869 Total 9.721.001 5,LX]4.104 1,322.638 16.047.743 16,308,014 Ex¢¢pllonal ItWM8 138,839 138.839 1.174.870 Tolal •xp6ndlture 9,958,008 5,2gg,371 1,322,638 16,580.017 77,889,885 Exception81 items of £138,839 comprise demolitson costs associated with th6 new boaTdir accommc#Jation. Exceptional items in 2019 of £1.174,870 comprised £621,734 of accelerated deprecialion relating lo the WTf(e off of t￿lIdIngS with a residual book value that were demolished. £278,234 of costs induding demolit￿n costs in respect of the new boording accommodation £274,902 for the eady repayment of a fixed rale terni108n. FIXED ASSErs Land and ildings Assets in ourse of nstruclion Olher Total Cost At 1 Sfjptfjm￿r 2019 Addibons Disposals 41.937,920 1.203,699 1243,109) 924,869 3,￿.548 3,554.703 46,417,492 10.940 5,183,187 (243,109) At 31 August 2020 42.898,510 4,893,417 3,565,643 51,357,570 Dépreclatlon At 1 September 2019 Charge for year Disposals 7.801,598 1,126,598 {77,384) 2.987,241 10,788,839 1*,040 1,322,638 {77,384) At 31 August 2020 8,850.812 3,183.281 12.034.093 Not book value At 31 August 2020 34047.698 4093,417 382.362 39,323M77 At 31 Aiwust 2019 34, 136,322 924,869 567,462 35,628,653 27 ST. CATHERINE'S SCHOOL, BRAMLEY NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 FIXED ASSETS (CONTINUED) Land 8nd bulldings V￿re valued on 29 Septemt¢r 1999 by King Sturge and Co, Chartered Surveyors. using the depreciated replacemenl cost basr& of valuation for the majorlty of the estate as well as th8 exists'ng use basis of valualion for the resklue where apsxopriale, to establish th8 fair value of these assels when glfted to th1$ charltable company in 19g9. The land value estimated at £6m 15 not depreclated. Assets in course of construcllon relate to new boarding accommodation which has been approved by the Govemors and for vthlch plannlng consent has been received. As al 31 August 2020 there was capital expenditure of £4.4m (2019: £436.272} contracted for lyjt not provlded for in the financial statements. INVESTMENT IN SUBSIDIARY 2020 2019 Shares in wbsi(i 100 100 Nel book value at 31 Augusl 2020 (2019) 100 100 The cost of the above investment totalled £1(Kl. The School's Interest Is as follows.. Company Country of Incorporatlon Shares held Cla88 St. Catherlne's Enterprises Limited EnglaThJ and Wale8 Ordinary ￿gIstered office of St. Catherine's Enterprises ￿mited (Company Number 2W2111) Is at the Same addre3s as the School. The principal activity of the subsidiary is that of selling un5form9 and awes¥ories to the pupilg of the School. The company also operates the Ann￿erSary Halls Bar, Forum Café and Spc*ts aub on the Sch￿1 sile. The nel assets of this company at 31 Augusl 2020 were £12.904 {2019: {£100), and, at that date, the company's total assets were £205.074 12019.. £159.982) and total liabilities were £192,170 (2019= £159.882). The company's profit and loss account for the year ended 31 August 2020 Show￿ tumover of £146,61412019.' £189,834) and an operating profil of £9.364 {2019.' £19.132). Gift of £nil (2019- £550) has been paKI over during the year. In 2020 thgre wa¥ a payment ot tsx of £3.003 in respect of the prior year profil wh￿h was not paid wthin nine months of the ye8r end. Gift of £8,385 {2019: £nil) was payable al the year end. 10. RESTRICTED FUND INVESTIIENTS The total restricted fund investments We￿ liquidated during 2004. The proceeds were loaned lo the general fund to finance the a¢qUisit￿n of tsvo residentlal prowtles. Interest is payable on this loan to the restricted funds at 5% per annum, a$ shown In note 16. 11. DEBTORS 2020 2019 Fee5 recoverable Amount due from SL Catherlne's Enterprises Limited Other debtors Prepaid expenses Accrued income 57.311 184.351 69,418 67,720 87,949 43,4 151,621 241,863 257, 736 100,683 466,749 T95,353 ST. CATHERINE'S SCHOOL, BRAMLEY NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 11. DEBTORS (continued The amount due from St Catherine's Enterprises Limited includes a loan of £150.000. which falls due in great8r than one year and which provides the company wth working capital to purchase school unrform stock for resale. Interest is charged at 1.75% p.a. above base on the balance tstanding at the beginning of each month. 12. CREDrroRS: *nounts falling du• wlthln ono yoar 2020 2019 Trade uedltors Fees in Advance Other taXat￿n 8nd 8oclal securtty costs (Xher creditors Accrued expenses Deferred In￿Me Entrance fees Loan repayments Inole 13) 38.728 874.157 202.877 237.677 896.859 450,968 526,673 204,366 174,655 490,685 84.223 972.779 1,156.918 333.228 3,790,793 2,447,482 2.504,349 2.451,754 Fees in Advan¢e ￿heme (note 13) 6238,275 4.956,103 The total amount held in relation to entrance fees of £1.156.918 is included above. In the norm (ourse of business, the expected repayment of these amounts will be £169,82912019: £165.505) within one year and £987,089 (2019: £807.2741 after more than one year. The Goveinors have reviewed the contract 18rms under ￿[ch Pupil fee deposits are held by the School. Although under nomial circumstances these wll b8 repaid over future years when the pupils complete their ed[￿atIOn at the School, wpils can leave al earlier dates. The School does not therefore have an un¢ondi¢lonal righl lo ￿taIn the individual deposits for at least 12 months after the balance sheet. In Ilne wlth FRS 102, the balance of depostts held at the year end have been Induded within Current Ilabllltles. 13. CREDrroRS: amountg falllng due after more than one year 2020 20t9 Loans Fees in Advance sch8me 613.063 1.745,000 2.289,012 2 289 012 Fees in Advance scheme balarKes to be applied: In over 5 years In 2-5 years In 1-2 years In18SS than 1 year 47,633 961,414 735.954 2.447.481 378,690 795,248 1.115.074 2.461.754 4,192,482 4,740.766 {2,447,482) (2.451,754) Less.- induded In current liabilities Inole 12) 1.745.000 2 289,012 ST. CATHERINE'S SCHOOL, BRAMLEY NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 2020 2019 13. CREDITORS: amounts falling due after morn than one year {continuad) Loans repayable.. In over 5 years In 2-5 years In 1-2 years In less than 1 ye 3,813,331 1,457,771 341,961 5,946,291 1333,228) Less.. Included In current ILgbtiitles {note 12) 5.613.063 Th? balan¢x on the Fees in Advan¢e sd)eme represents the aeKrued liability under the Scheme contracts. Further details on the movements in it during the ytar are shown in note 14. The School has arranged a tong tem) loan wth Lloyds Bank plc during the year. The loan is in the amount of £6,Iy)Q.OQO with a fixed rate of 2.605%, repayable in monthly instalmgnts which ¢ommen¢ed in July 2020 and which are due to be completed by June 2035. The bank loan is secured on the freehold land and buildings at the School. 1& FEES IN ADVANCE SCHEME Parents may entgr into an agreement for the advance payment of fees. Urmler the terms of the Scheme the advance fee payments rnay be retumed should the relevant pupils leave independent educatlon before the advance fee payThenl is applled. 2020 2019 The movements during the year were as follows.. Al 1 September 2019 (2018) New contracts durlng the year Amoun15 credlted to contracts 4,740.766 2.338.463 87.396 4,664,979 2.688,618 98,362 7.166.625 7.451.959 Amounts utilised in payment of fees lo the School (2,974,143) (2.711. 193) Balanc• at 31 August 2020 {2019) 4 192 482 4 740 766 ST. CATHERINE'S SCHOOL, BRAMLEY NOTES TO THE ACCOUNTS {CONTINUED> FOR THE YEAR ENDED 31 AUGUST 2020 1& ALLOCATION OF NEf ASSETS Expendal￿e Pemianent UrYestrth Restrlcted End¢)wment Endowment FundB Funds Funds Funds Total Tangible fixed assets Investment in subsldlary Propety loan Currenl assets Current liabilit Long terni Ilabllhles 32.170.298 100 {188.380) 5.727.912 16.238.275) 17,358.063) 7,153,179 39.323.477 11)0 188.380 1.330.299 7.058,211 (6,238,275) (7,358,063) 24,113,592 1,330.299 188.380 7,153,179 32,785.450 Pern)an•nt Endowmont Fund The perrnanent erKlowmgnl fund repre5errts the land and buihjings on the Senior Sthool Campus that are hold on trust. Expendable Endowmènt Funds The expendable endowmenl funds represent funds glven to the School wlth the specfflc purpose of supplementing scholarships and prizes. These funds have been loaned to the General Fund to part fund the purchase of two residen1181 properties for use by the School. Interest al 5% p.a. Is payable on this inter-fund loan. this interest being available for scholarshlps and awards. Rostrlcted Funds The reslri¢ted funds represent unspent Ir￿)rne from the expenda￿8 endowment funds and unspent donations in reLqtlon lo other restdcled funds. The Bursary Fund exlsts for donations to support pargnts who are unable to meet the fees in full. The Hardshlp Fund exlsts for donations to support parents who are unable, temporarily, lo meet the fees Sn full. Th8 6 campaign exists to create a vibrant boardin9 house and $o¢ial space for the 61b fom. The CATalyBI campaign exis15 lo creale a new tea¢hing $pa¢e dedi(¥led to sci8nce, technology. maths, digital learning, independent reading and resear¢h. The Art & Makerspace campaign exists to create enhanced aTras, full of natural light, for Fin8 Art, Ceramics, Textiles and Design Technology. Create the Futu￿ 1$ Ihe umbrella &qmpaign for The 6, The CATalyst and The Art & Makerspace campaigns. Further expendrture out of each of the aFy)ve funds 15 planned during the 2020-21 finanGial year. Unr￿trICt8d Fund• The Govemors have separately identified receipts and spending on donal*)ns and legacies for general educ81ional purposes a¥ a designated fund called the Annual FUNI. 31 ST. CATHERINE'S SCHOOL, BRAMLEY NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 16. MOVEMEKf ON FUNDS I September 2019 31 August 2020 Inwne Expenéllure Transfers Unrestrfctod Funds Annual Fund General Fund Total 6.592 1.677 (4,0891 24,324.660 16.135,693 {16.350.961) 24.331.252 16.137.370 (16,355,030) 4,200 24,109,392 24113.592 b} Restrlctgql Funds S¢holor8hip funds T M Kitchin Mrs Russ811-Baker St. Catherine's Old Girls Margaret Kayo Gregory Award Mrs S Bevan Endowment fund 312 112 (1901 (1501 {561 13,7241 13,8651 {961 (1,078) 312 112 150 3,724 3,865 1.078 Priz• funds (260) Donatlons Jennrfer Bale Organ Academy Bursary Fund Hardshlp Fund The 6 Campaign CATalyst CampaKJn Art & Makerspace Create the Future other 1.089 97,259 88.116 286,898 151,582 36,970 519,047 58.964 {1.089y {30,0001 (35,7511 13081 28,201 26,998 76,159 20,7 16.250 32.885 4.235 95,460 79,363 362.749 172.372 52.742 515.728 51h61 1478> (36.2041 (11.7381 1,240.349 214.937 (124,9871 1,330299 Expondablo endowmgnts Scholarshlp funds T M Kitchin Mrs Russ811-Baker st. Catherine's Old Girls Margaret Kaye Gregory Award Mrs S Bevan Endowment fund 3.805 3.008 1.120 74,482 77.299 1,915 21,561 3,805 3,008 1, 120 74,482 77,299 1,915 21,561 Pri¥0 funds &190 5,190 188.380 188,380 Permanent Endowm•nt Property fund 7.253.179 (100.0001 7,153,179 32 ST. CATHERINE'S SCHOOL, BRAMLEY NOTES TO THE ACCOUNTS {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2020 17. PENSIONS AND LIFE ASSURANCE Teachln9 Staff The School Part￿ipate$ in the Teachers, Penslon Schemellhe TPS") for ils kachlng stsff. The pension charge for the ye¥ includes contribulh)ns payable to the TPS of £1.266,814 12019.. £892,816) and at the year•end £107.263 12019 £73,772) was ￿rUed In respect of Contri￿tionS lo this stheme. The TPS Is an unfunded multiwemployer defined benefits pension scheme ￿verned by The Teachers, Pensions Regulations 2010 las amended) and The Teachers. Pensh)n Scheme Regulations 2014 las amended}. Members contribute on 8 "pay as you go" basis wth ¢ontrfbutions from members and the employer being uedited to the ExclwLFer. Retirement arKI other pension benefits are paid by public funds provided by Parliament. The employer contritrmjtion rate is set by the secret￿ of State followng sd)eme valuations undertaken by the Govemment Actuary's Department. The most re￿nt aotuarial valuation of the TPS was prepared as at 31 March 2016 and the ValuatK)n Report. vthich 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 r￿Uired to pay a scheme administration levy of 0.08% gNing a total employer conlribullon ral& of 23.68%. The 31 March 2016 Valuation Report was prepared In aCCordar￿8 wlth the beneffts set out In the scheme regulations and urKler Ihe approach specffied Sn the Dlrectlon8. as they applied at 5 March 2019. However. the assumpllons were consldered and set by the Department for Education prior to the ruling in the 'McCloudlSarge8nt case,. This case h8s required the courts to conslder cases regarding the implementation of the 2015 reforms to Public ServKe P8nsions including the Teachers. Pensions. On 27 June 2019 th8 Supreme C(MJrt denied the government permissM)n to appeal the Court of Appeal's Judgment that tranS￿'onal provisions introduced to the refomied pension schem85 in 2015 gave rise to unlawful age discrimination. The 9ovemment is respecting the Courvs decision and has said it will engage fully with the Employment Tritrtjnal as well as employer and member representatives to agree how the discriminations will trR ￿Medled. A consultsllon was laurKhed by the government on 16 July 2020 and closed to rest)onses on 11 Oclober 2020. The TPS is subject to a cost cap me¢hani8m whkh was put in place to Prot￿ taxpayers agalnst UnfO￿seen Changes In scheme Costs. The Chief Secretary to the Treasury, having in 2018 announced Ihat Ihere be a revlew of this cogt cap mechanism. in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal's ruling in the M¢CloudlSargeanl case and until there is certainty 8bwt the value of pensions lo employees from April 2015 onw8rdg. The pause was lffted in Juty 2020 and the government is preparing to Complete the cost control element of the 2016 valuations, which is expeoled to be completed in 2021. In view of the above rulings and decis￿n9 the assumpb'ons used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario. a valuation p￿Pared in ac¢ordan¢e wth revised benefrts and suitably revised assumptions would yiel(I ditferenl results than those contained in the Actuarial v￿Uation. Until the ￿nSUlta￿On and the cost cap mechanlsm reV￿W are compleled 11 Is not posslble to conclude on any financial impact or future changes lo the contrlbutlon rates of the TPS. Accordlngly no provi8ion for any additional past benefit pension costs Is Included In these flnancial statements. Non-toachlng Staff The School's contribubons to the personal pension schemes of rvjn-teaching staff in the year were £207,891 (2019.. £159,695). 33 ST. CATHERINE'S SCHOOL, 8RAMLEY NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 18. TAXATION The ¢ompany18 regSstered a8 a UK charlty and can take advantage of tho ex8fftPtK)rts available lo charllles. 19. FINANCIAL INSTRUMENTS 2020 2019 Financial assets measured at amorti5ed cost la) Financial liabilities measured al amortised {bl Net financial assets measured at amortised cost 6,990,462 4.371,786 18,172,360) (1.689,087) 11,181,898) 2.682.699 la) Financ￿1 assets Include cash, trade and fee debtors, staff loans. other debtors. accrued Income and amounts due frorn subsidiaries. {b) Flnanclal Ilabllities Include deposits. loans repayable, trade creditors, other craditors and accrued expenses. OPERATING LEASES Al 31 August 2020. the School had total commitments under non-cancellable operating leases in one year or less of £1.184 {2019.' £1.155) and greater than one year and less Ihan frve years of £2.D51 (2019: £2,888). 21. RELATED PARTY TRANSACTIONS The following amounts were thargod to St. Catherine's Enterprises Limited, the School's wholly ovmed trading subsidiary, during thg year.. - 2020 2019 Salary costs Rent AdminislralNe support Inl8rest 28,052 12,000 2,400 3,525 44,901 12,000 2,400 3,843 The salary costs recharge repr8senls the salary costs of Ihe Staff In the unrform shop and t Sports centre, The rent and administratlve 6UPPOrt Charges represent the best estimate of costs incurred in the running of the unrfom shop and the Annlversary Halls Bar and Forum Café operations. Inte￿$t is charged at 1.75% p.a. above base on the total balance outstanding at the beginning of each month. For detallg of the amount due from St. Catherbne's Entsrprises Limlted at the yearryend, see note 11. During the year the School incurred total Costs of £9.651 {2019: £16.490} with related parties. lan Morris, the partner of the Domesli¢ Servl¢es Manager, charged £2,151 {2019". £8,9￿} for carpentry work. And￿W Martin, the partner of the Prep School Headmistress, charged £7.500 12019.. £7,500} for organlslng chess aCtIv￿leS. The balance outstanding at th8 year-end was £Nil12019: £NII). These arrangements were fully considered by the Governors who took steps to ensure that they provlded value for the School. ST. CATHERINE'S SCHOOL, BRAMLEY NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 22. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2019 Unr8strictad Restricted Endowment Fund Funds Funds Total 2019 Note5 INCOME AND ENDOWMETrrfs FROM Charltablo a¢tivitiO8 School fwd Other educational Income 15,815,971 1.238.270 15.815.971 1238,270 Interest receivable Donatlons & legacles 86.268 725 9,419 608,247 97,687 608,972 Cxher tradlng Income Gift aid from subsidiary Other incomelrentals 16.357 162.651 1&357 162.651 Total Incom• 17,322,242 617,666 17.939,908 EXPENDITURE ON RAISING FUNDS Flnance costs under Advan¢e Fees Conlra¢ts Bank Interest and charges Devetopment Costs 98.362 145.623 163,016 98,362 145,623 163,016 407.001 407,001 Charltable actlvltlo5 Education 16.082,925 125,089 100,000 16,308,014 Exceptional Ilems 1.174,870 1,174,870 Total exp•nditur• 17,664,796 125.089 100.000 17.889.885 N•t in¢0m￿l0xp¢nd1tur•) (342,554) 492.577 (1￿,000) 50,023 Trnn8f•rs b•twMn fund8 16 49.402 149,402) N•t movement In funds (293,152) 443.175 {100,000) 50,023 Reserves brought forward 24,624,404 797,174 7,541,559 32,963,137 Re￿r¥0$ Gairiod forward 24.331.252 1,240,349 7,441,559 33.013.160 35 ST. CATHERINE'S SCHOOU BRAMLEY NOTES TO THE ACCOUNTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 23. COMPARATIVE ALLOCATION OF NEf ASSErs Expendab￿ Permanent Restrlcl&l Endowment Endowment Funds Funds Funds Unrest Funds Tangible fLxed assets Investment in subsidiary Propety loan Current assets Current liabilities Long term liabilities 28.375,474 100 {188,380) 3,389,173 (4,956,103) (2,289,012) 7,253.179 35,628,653 100 188,380 1,240.349 4629.522 (4956.103) (2.289.012) 24,331,252 1,240.349 188,380 7,253,179 33,013.180 COMPARATNE MOVEMENT ON FLINDS I September 31 August 2018 Income Expenditure Transfers 2019 Unre8trict•d Funds Annual Fund Genèral Fund Tot 21.904 725 (16,037) 24.602,500 17,321,517 (17,648,759} 17, 6,S92 49.402 24,324,660 b) Rostrfcted Funds Stholarshlp funds T M Kitchin Mrs RugselkBaker st. Catherine's Old Girfs Margaret Kaye Gregory Award Mrs S Bevan Endowment fu￿1 312 112 (1901 (1501 {561 {3,7241 {3,8651 (961 {1,0781 312 112 150 3,724 3,865 1,078 Priz• funds (2601 Donations Jennrfer Bate Organ Academy Burs8ry Fund Hardship Fund The 6 Campalgn CATalyEt Carnpaign Art & Makerspace Create the Fuiure other 8.066 92,871 104,802 185,004 116,157 31,253 217,734 40.863 (6.977) (30,527) (48,474) (3,406) 1,089 97,259 88,116 286,898 151,582 36.970 519.047 58,964 34,915 31,788 105,300 35,425 8,250 303,357 91,212 (533) {2,1)44) (23,709) {49.402) 797.174 617.666 (125,0891 (49.402) 1,240,349 ST. CATHERINE'S SCHOOU BRAMLEY NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 COMPARATNE MOVEMENT ON FUNDS (CONTINUED) I September 31 August 2018 Income Expendlture Transfers 2019 Expondable gnd¢)wmants Scholarshlp funds T M Kilchin Mrs Russell-Baker st. Cathgrine'$ Old Girfs Margaret Koye Gregory A￿drd Mrs S Bevan Endo￿nent f¥Jnd 3.805 3,008 1, 120 74,482 77,299 1,915 21,561 3,805 3,008 1,120 74,482 77,299 1,915 21,561 Prlzo fund5 5,190 5,190 188,380 188,380 Porniangnt Endowment Property fund 7,353,179 {100,0001 7,253,179 37