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2022-08-31-accounts

CHARITY NO: 1071298 COMPANY REGISTRATION NO: 3625063

ABINGDON SCHOOL

Report and Accounts for the year ended

31 AUGUST 2022

ABINGDON SCHOOL

INTRODUCTION TO THE REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2022

Contents
Introduction 1
Structure, Governance and Management 2
Object, aims, objectives and activities 3
Capital developments and reserves 7
Investment powers and policy 7
Public Benefit 8
Streamlined Energy and Carbon Reporting (SECR) 13
Equality Act 15
Disabled persons 15
Section 172 Statement 15
Statement of Directors’ Responsibilities 16
Consolidated Statement of Financial Activities (incorporating income and expenditure account) 21
School and Consolidated Balance Sheets 22
Consolidated Statement of Cash flows 23
Notes to the Financial Statements 24-39

ABINGDON SCHOOL

INTRODUCTION TO THE REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2022

Introduction

Governors, Directors, Officers and Advisers

The Board of Governors of Abingdon School is appointed in accordance with the terms and conditions laid down in the Schools Memorandum and Articles of Association incorporated on 2 September 1998 as amended in March 2005 and January 2017.

The Governors who served in the year were as follows:

Co-opted Governors

Michael Stevens Damian Tracey Penny Chapman Mark Lascelles Robbie Barr Jonathan Carroll Glynne Butt Steven Sensecall Harriet Woollard Kate Wheeler Michael Farwell Mark Beer Briony Bowers

Chair Vice Chair (retired 1[st] December 2021) Vice Chair

(appointed 23[rd] March 2022) (appointed 29[th] June 2022)

Nominated Governors

Christ’s Hospital of Abingdon Tom Ayling Kevin Senior

(retired 1[st] December 2021) (appointed 1[st] December 2021)

The Mercers’ Company, London Robert Jardine-Brown

The Old Abingdonian Club Ken Welby

Directors

All Abingdon School Governors are registered with Companies House as Directors of the Company.

Officers

Michael Windsor Headmaster, Abingdon School Craig Williams Headmaster, Abingdon Preparatory School Justin Hodges Director of Finance & Operations, Company Secretary and Clerk to the Governors

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ABINGDON SCHOOL

INTRODUCTION TO THE REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2022

Advisers Bankers National Westminster Bank Plc 11 Market Place, Abingdon, Oxfordshire OX14 3HH Solicitors Harrison Clark Rickerbys Ellenborough House, Wellington Street, Cheltenham, GL50 1YD Auditors RSM UK Audit LLP Davidson House, Forbury Square, Reading RG1 3EU Investment Advisers Rathbones Finsbury Circus, London EC2M 7 AZ Insurance Brokers Marsh Insurance Brokers Ltd Capital House, 1-5 Perrymount Road, Haywards Heath, West Sussex RH16 3SY Addresses Abingdon School Park Road, Abingdon, Oxfordshire OX14 1DE (Registered office and mailing address)

Abingdon Preparatory School

Josca’s House, Frilford, Abingdon, Oxfordshire OX13 5NX

Reference & Administrative Information

The senior school (Abingdon) and the junior school (Abingdon Preparatory School) are hereafter referred to as ‘Abingdon School’ or the ‘School’ and are registered with both Companies House and the Charity Commission as Abingdon School. In this report where specific reference to either school is necessary the senior school is referred to as ‘Abingdon’ and the junior school as ‘Abingdon Preparatory’.

Abingdon is known to have existed in 1256. It was re-endowed in 1563 by John Roysse, a London Mercer. It moved to its present site in 1870. In September 1998 Abingdon combined with Abingdon Preparatory School (at that time known as Josca’s), forming a new Registered Charity (No. 1071298) and a company limited by guarantee (No. 3625063), which was incorporated on 2 September 1998. The Company, Abingdon School, is governed by its Memorandum and Articles of Association.

The School has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of public benefit and energy and carbon reporting.

Structure, Governance and Management

Organisational structure and decision-making

The School Governors, as the Directors of the Charity, are legally responsible for the overall management of the school and for its strategic direction. Governors benefit from presentations by staff and by third-party experts, and from face-to-face meetings with staff, pupils and parents in order to deepen their knowledge of the school and of issues of current importance. The Governors were assisted in undertaking their responsibilities during the year by four Governors’ sub-committees, namely the Education Committee, Finance Committee, the Audit Risk & Compliance Committee, and the Remuneration & Nominations Committee. In particular, the Remuneration & Nominations Committee reviews the remuneration of the Senior Leadership Team with reference to benchmarks and sector trends.

The Headmaster is responsible to the Chairman and to the Governors for the management of the School, which the Headmaster achieves with the support of the Director of Finance and Operations, the Second Master, the Headmaster of Abingdon Preparatory School and members of the Senior Leadership Teams at Abingdon School and Abingdon Preparatory School.

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ABINGDON SCHOOL

INTRODUCTION TO THE REPORT AND ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2022

The Governors and Senior Leadership Teams recognise the importance of engagement with employees and stakeholders to the ongoing success of the School. Engagement with employees happens in many forms including weekly staff meetings, regular meetings of the Staff Consultation Committee, and regular surveys of staff. Engagement with other stakeholders also takes many forms including parents’ evenings and webinars, parents’ associations, an active alumni club and a student council.

The Governors are aware of the Charity Governance Code and believe that Abingdon School applies, in all material respects, all seven of the principles and recommended practice for good governance contained in the Code. In addition, the School is registered with the Fundraising Regulator.

Recruitment and Training of Governors

The appointment of Governors is confirmed at meetings of the Full Governing Board on the basis of nominations received to the Board’s specifications concerning eligibility, personal competence, specialist skills and availability. New Governors are inducted into the workings of Abingdon and of the Charity, including its strategy, policies and procedures, at induction meetings organised by the Clerk to the Governors. On-going Governor training is carried out through seminars organised nationally or arranged internally. If Governors incur training costs, Abingdon offers to reimburse these.

Group Structure and Relationships

Abingdon School has a wholly owned non-charitable subsidiary, Abingdon School Enterprises Limited.

Object, aims, objectives and activities

Charitable object

The Charity’s objects, as set out in its Articles of Association are:

Aims and intended impact – Abingdon’s Aims and Ethos statement:

“Though proud of its considerable successes, Abingdon enjoys a down-to-earth atmosphere that stems from being a school that knows itself well, does not seek to be what it is not and eschews the flashy, the false and the arrogant. There is a constant eye on innovation to reflect the needs of a rapidly-changing world but the school is also careful not to dispense with the traditional where tried and tested practice proves still to be the most effective.

While Abingdon is certainly academically selective and vigorously promotes the life of the mind, academic achievement is far from being the sole criterion either for entry or for success whilst at the school. The choice of title for our formidable extra-curricular programme – the Other Half – symbolises the importance to the school of nurturing well-rounded pupils and our belief that the development of their skills and characters is of equal importance with their academic progress and achievements.

We offer exceptional facilities but recognise that the success of Abingdon School rests upon the quality of our staff, so we recruit and develop highly qualified colleagues of diverse talents and strong commitment. We value our powerful links with the wider community and nourish them through active and effective partnerships; this includes our commitment to keeping access to an Abingdon education as wide as possible. Underpinning all that the school does is a very strong pastoral system. The house and tutor structure anchors day pupils and boarders alike with a powerful sense of belonging and ensures they are known individually and feel genuinely and personally supported by a range of people in their journey towards adulthood.”

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ABINGDON SCHOOL REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 AUGUST 2022

STRATEGIC REPORT

Financial Review

The total income for the year comprised £30,519k (2021: £27,826k) from school fees and ancillary income, £644k (2021: £501k) from charitable donations and £1,182k (2021: £593k) from other activities. Expenditure on school operating costs was £29,042k (2021: £26,761k) of which 59% is represented by staff costs. The total funds as at 31/8/22 amounted to £64,020k (2021: £61,958k), of which £50,985k (£48,748k) is unrestricted funds.

As an educational charity, the School has tax exemptions on its educational activities and its investment income and is entitled to an 80% reduction on business rates on the properties occupied for charitable purposes. The financial benefits derived from these tax exemptions are all applied for educational purposes, including the provision of bursaries.

Abingdon School is not able to reclaim VAT input tax on its costs as it is exempt for VAT purposes.

The Governors consider both the level of activity and the year-end financial position of Abingdon School to be satisfactory.

Risk Management

The Board of Governors is responsible for putting in place a strategy to manage the risks faced by the School, which they review annually. The Governors’ Audit Risk & Compliance Committee provides increased focus on this important area and reviews the risk register termly. Governors oversee the Senior Leadership Team who have executive responsibility for identifying, assessing and controlling risks.

The key business risks for Abingdon include maintaining pupil numbers, child protection, ICT, and welfare and academic standards. They also include external factors such as the general economy, cost inflation, pandemics and changes to the political environment and the Teachers’ Pension Scheme.

Controls and safeguards which are put in place to manage the major risks include appropriate levels of insurance cover; terms of reference for all the Governors' sub-committees; strategic planning, budgeting and management accounting; formal written policies; clear authorisation and approval levels; strict adherence to safer recruitment procedures in order to protect school pupils; completion of appropriate risk assessments on relevant aspects of the School's activities; and disaster planning.

The School's Health and Safety committee supports the suitable managements of health and safety risks and seeks to ensure that appropriate risk assessments are in place.

The Governors are of the opinion that they have put in place a strategy to identify and, where practicable, mitigate the major risks. It is recognised that while this process provides reasonable assurance that identified risks are being mitigated, it cannot provide absolute assurance.

Response to Covid

The previous two academic years were severely disrupted by Covid. Fortunately, 2021/22 was far less disrupted and school life increasingly returned to normal through the school year and in line with government guidance. Some impacts did continue to be felt however, particularly for the international boarding community and those in the School community who were more vulnerable. Preparations for public exams in summer 2022 ultimately were not significantly affected, although precautionary measures such as testing were taken earlier in the year in case teacher assessed grades or similar were required.

Covid, and pandemics generally, are considered a reputational risk to the School given the potential impact on its reputation if the School does not put in place sufficient measures to ensure the safety of its community and the continuity of quality education for all pupils in different scenarios including learning in school and online. The School manages this risk through comprehensive risk assessments and related actions; providing additional resources; extra meetings with governors; investing in training; and extensive communications with all members

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ABINGDON SCHOOL

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 AUGUST 2022

of the school community. The overall aim being to ensure the safety of the school community and the continuity of quality education in all foreseeable circumstances.

In addition to the reputational risk arising from Covid there is a financial risk, e.g. the impact on pupil numbers and therefore the School’s finances if parents’ and potential parents’ finances are adversely affected by Covid. The School manages this risk by prudent financial forecasting and providing additional financial support for families who need it as a result of Covid.

Achievements and Performance

Abingdon is a boarding and day school which provides education to pupils between the ages of 11 and 19. Abingdon Preparatory provides education for pupils between 4 and 13 years of age. The average number of pupils in the schools during the academic year 2021/2022 was 1058 (2021: 1038) for Abingdon and 235 (2021: 245) for Abingdon Preparatory. Demand for places is high allowing for comprehensive planning for future improvements and developments.

Academic Results

Public exams returned to the UK in summer 2022 after two years of Covid-enforced teacher/centre assessed grades (2020 and 2021). Results in 2022 represented the School's strongest ever exam grades. At A Level in summer 2022, 79.1% of grades were in the A to A range (2017-19 average: 65%) and 93.5% at A to B (2017-19 average: 87.1%). At GCSE, 46.3% of grades were awarded at grade 9 (2019: 42.1%), with 86.9% in the 9-7 range (2019: 86.6%). 99.5% were in the 9-4 range (2019: 99.3%).

Grant-making policy

The Governors are committed to broadening access to Abingdon School by offering means-tested bursaries to pupils whose parents/guardians are unable to pay the full day fees. All bursaries are means-tested annually and have a value of up to 100% of the day fees. Pupils must meet the Schools’ usual entrance criteria but need not necessarily show exceptional ability. Abingdon offers an enormous breadth of opportunity and bursaries are aimed at those students who will take full advantage of all the School has to offer. During the year 69 (2021: 64) pupils benefited from Bursaries at a total cost of £1,056k (2021: £888k). Of these, 19 (2021: 16) were 100% bursaries.

Abingdon School has a range of scholarships and awards offered to pupils entering the School. Scholarships and awards are provided in recognition of exceptional academic, music, art and design, drama or sporting ability; they carry kudos and privileges within the School. Scholarships carry a nominal financial value of £300, and 184 (2021: 186) were awarded during the year.

All scholarships and bursaries are subject to satisfactory academic progress and behaviour, and in the case of scholarships and awards, to a continued contribution to the disciplines for which they were granted. Each case is assessed on its own merits and awards are made accordingly, subject to the Schools’ ability to fund these within the context of its overall budgets.

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ABINGDON SCHOOL

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 AUGUST 2022

Plans for future periods

During the year, the senior leadership team and governors reviewed plans for future periods and created an updated five-year Foundation Development Plan for 2022-27. To consolidate its position as the school of choice, the broad aims of the School are:

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ABINGDON SCHOOL REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 AUGUST 2022

Capital developments and reserves

Capital developments

The last decade has seen significant capital developments at Abingdon School with substantial investment in the upgrade and modernisation of facilities. These developments have included a new Science Centre and Sixth Form Centre as well as improved facilities for Art, Music, Drama, the Library, Sport, houserooms, Business Studies, Economics and Computer Studies. These developments have happened alongside extensive refurbishment of the School.

Current areas of capital development are focused on the boarding accommodation with construction underway to significantly modernise two boarding houses and create a second dining hall and flexible space attached to the Amey Theatre.

At Abingdon Preparatory, the significant investment of recent years has been completed with the opening in September 2022 of new buildings for a Music School and Design and Technology department as well as four additional classrooms and refurbishment and expansion of the school library.

Reserves

Note 13 to the financial statements sets out an analysis of the School's endowment, restricted and unrestricted funds and their attributable assets. These assets are sufficient to meet the charity's obligations.

The Governors regularly review the finances, budgets and the spending against budgets as part of the effective stewardship of the Charity. In common with other independent schools, Abingdon School has invested substantial sums into new school buildings in recent years, and operates a continuing programme of refurbishment, development and investment to maintain excellent teaching, welfare and boarding facilities for its pupils.

At the end of the financial year the total level of group reserves stood at £64,020k (2021: £61,958k) of which £50,985k (2021: £48,748k) was in unrestricted funds. It is the School's policy to build up funds to meet planned improvements and additions to the School's resources principally by means of annual operating surpluses and therefore the Governors have not set a target level of free reserves. The Governors are of the view that the group has adequate working capital for its foreseeable requirements given the predictability of cash flow arising from pupil rolls, the ongoing demand for places at the School and the availability of banking finance towards the cost of capital expenditure.

Investment powers and policy

Investment management

The Governors are authorised by the Memorandum of Association and by the Trustee Act 2000 to invest monies not immediately required for the schools’ purposes, or where there is a specific obligation to invest funds to comply with the terms of a restricted donation, in securities, property or other investments as may be thought fit. Strategic investment policy is set by the Governors and the School then works with Rathbones, the School's investment managers, who then manage the investments within prescribed guidelines on a discretionary basis.

The investment objective is to protect the real value of the capital whilst generating income with a view to producing annual growth of a rate at least equivalent to the increase in the School’s tuition fees. The Governors remain confident that their investment policy is prudent and likely to produce attractive returns over the longer term.

Investment performance

The School’s investments increased from £1,479k in 2021 to £1,733k in 2022 following a transfer of donated funds and an unrealised loss of £130k (2021: gain of £173k) on retained investments. The Governors will continue to keep all investments under close review.

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ABINGDON SCHOOL

FOR THE YEAR ENDED 31 AUGUST 2022

REPORT OF THE DIRECTORS

Public Benefit

In setting the School’s objectives and planning its activities, the directors of Abingdon School, as charity trustees, comply with their duty in s.17 of the Charities Act 2011 to have due regard to the Charity Commission’s published general guidance concerning the operation of the public benefit requirement.

Abingdon School has a long history of supporting the education of young people across the town of Abingdon and in 2018-19 developed Abingdon School in Partnership (ASiP) in order to coordinate and develop its partnership activities. ASiP is also in regular and close communication with the CEO of Schools’s Partnership alliance in helping advise on strategic development of school partnerships at a national level. ASiP’s aims include:

The following sections focus on the work that was undertaken in 2021/22 in support of these aims.

Community

Bursaries: The Governors of Abingdon School are committed to broadening access to the School. The School endeavours to provide an education to those pupils who will best benefit from the style of teaching and the facilities that we have to offer. Inevitably, not all parents of such pupils will possess the means to fund the school fees that the School necessarily has to charge. The School provides means tested bursaries to help address this challenge. During the year 69 pupils benefited from bursaries at a total cost of £1,056k. In addition to this direct assistance with fees, the School also subsidises ancillary expenses such as school trips where parents would otherwise experience financial hardship.

The Governors make sure that the availability of these awards is well publicised through advertising and when visits are made to local primary schools. In addition, details of how to apply are made available on the School’s website. Additional resources for bursaries is an increasing driver of fundraising activities. For example, a successful Giving Day to raise funds for bursaries was held this year. A new fundraising campaign for bursaries was launched in autumn, 'Seven years to change a life'. This led to a positive response from donors. Furthermore, a successful fundraising and awareness building telephone appeal in support of bursaries was held in June. In light of the recent situation, the School has given 4 full bursaries across the foundation to children from the Ukraine.

Mental Health and Wellbeing: As part of the School’s commitment to mental health and wellbeing, webinars were delivered this year for parents and families in schools across Oxfordshire and beyond, including ‘Emotional Wellbeing For You & Your Family’ (178 attendees), ‘Talking To Our Children About Drugs and Substances’ (84 attendees), ‘Supporting Our LGBTQ+ Children And Loved Ones’ (33 attendees) and ‘Managing The Mind In Uncertain Times’ (237 attendees). A series of webinars on staff wellbeing were also delivered for headteachers, governors and school staff in schools within the Oxford Diocese Board of Education (127 attendees). A staff CPD session on ‘Supporting Students’ Mental Health’ was delivered to 65 staff at John Mason School and many school staff have attended our regular Youth Mental Health First Aid courses.

A presentation on managing stress was also delivered to 120 year 11 students at Fitzharrys School; as were workshops on consent for 140 year 9 students and menstrual wellbeing for 105 year 10 students at St Helen & St Katharine School. An assembly on ‘Supporting Your Peers’ was delivered to 100 6th form students at Wood Green School, Witney. For Children’s Mental Health Week, recorded assemblies were made available to the schools within the OX14 Learning Partnership and 3 local primary schools. The charity, ‘I Can & I Am’, founded by James Shone, visited John Mason School and Fitzharrys School in the summer term, working with many students on self-esteem and building a growth mindset. As part of the School’s Relationships and Sex Education programme a series of workshops on puberty were also delivered across 4 primary schools, reaching 201 children in total, and assemblies on ‘communicating consent’ were given to 275 year 10 and 11 students at John Mason School. Digital toolkits on ‘RSE for Parents’, ‘Return to School’ and ‘Anger Management’ have also been created and shared with 15 schools across the county.

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ABINGDON SCHOOL REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 AUGUST 2022

Combined Cadet Force: The broad function of the Combined Cadet Force is to provide a disciplined organisation within a school so that students may develop powers of leadership by means of training, to promote the qualities of responsibility, self-reliance, resourcefulness, endurance and perseverance, and a sense of service to the community. It is firmly believed that the self-confidence and self-discipline required in Service life are equally important in civilian life. 178 students were members of Abingdon’s Combined Cadet Force in the year.

Community Service: Students were able to start visiting sheltered accommodation for older people again and they baked cakes for the residents to eat while they ran a quiz. We visited 4 such venues in the town. We organised 3 tea parties at school and we hosted more and more guests as Covid numbers lowered. The catering department prepared afternoon tea boxes which were delivered to the local care homes that were not open to the public. Students volunteered at two charity shops in town and our aspiring medics returned to Abingdon Hospital to help on the wards. During ward closures, they made a film about Abingdon, which was shared with patients to help prompt them to chat about the town. St Ethelwold’s has also welcomed us to work in their garden and some students helped Syrian refugees with their IT skills there. Small groups of 3rd year pupils visited Abingdon town library in the summer term, where they supported the team with a range of tasks.

Duke of Edinburgh’s Award: In 2021/22, 214 students participated in the DofE Award and completed over 2000 hours of volunteering in their local community. This included volunteering in charity shops, visiting the elderly, coaching sports, running youth groups and helping to run community organisations.

Fundraising and Overseas Aid: During the 2021/22 academic year the Abingdon School community raised £38,203 through a wide range of fundraising events. Our biennial sponsored walk, which had been delayed due to the Covid-19 pandemic, saw all members of the school community walking 10 miles in support of Agape and SSNAP. This event alone raised over £25,000, with the members of the younger years particularly generous in their support. Other fundraising events ranged from home-clothes days and quizzes to pool tournaments. One tutor group walked through the night to raise over £2000 for the DEC Ukrainian appeal. Students also donated toys to the Abingdon Community Toy Drive, and over 150 toys were given to support those less fortunate. The final whole school fundraising event of the year was a home clothes day held in partnership with other schools in the OX14 partnership - the money raised will go to support the Abingdon Bridge mentoring projects.

Amey Theatre: Abingdon School has a 446 seat modern theatre which regularly hosts events for the community and local schools at discounted or free rates. This year the Theatre has been fully open post-COVID and has once again been running a Live Screening programme (albeit slightly reduced based on previous years) which is open to the local community. This year we hosted several local primary schools for a range of end of year performances and events at 100% discounted hire fee. Several local dance and drama schools used the Amey Theatre throughout the year, many of which were raising money for local charities and because of this we offer a reduced hire fee. The Amey Theatre has also hosted several charity concerts, including the Soveida Ensemble raising money for local charities supporting Ukrainian refugees.

Tilsley Park and Sports Centre: Abingdon School operates a substantial track and field facility in the north of Abingdon called Tilsley Park. The site has three 5-a-side football pitches, two full size astro-turf hockey pitches, a full size artificial pitch for rugby, football and American football as well as a 7-a-side football pitch that is also suitable for rugby training. These facilities are regularly rented to local community clubs and schools. Tilsley Park supports annual sports days for local schools free of charge. Further community use included: free facility hire for two partnership groups that run sports events for local schools; 35 community clubs regularly using Tilsley Park for training and/or competitive matches; along with hosting the Abingdon Marathon for a substantially discounted fee. Schools and other charities are also offered a discount when booking outside of their sports day, in some cases the facility is provided free of charge. The School’s Sports Centre also runs an extensive programme of activities for the community, including the Abingdon Swim School; the Abingdon Sports and Leisure club with access to facilities and exercise classes; as well as courses, camps and academies. The School also works closely with Oxfordshire Cricket to provide a regular winter training base. In 2022, a joint venture with the Abingdon Bridge mental health charity started the North Abingdon Youth Club and between 10 and 20 young people access the youth space at Tilsley Park each week.

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ABINGDON SCHOOL REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 AUGUST 2022

Collaboration

Abingdon School is aware of the fortunate position it holds both within the local educational landscape and within a broader national picture of school provision. To this end the School has worked hard to set up and develop partnerships with local schools which continue to grow and thrive across academic and cross-curricular settings. Abingdon School in Partnership (ASiP) encompasses all areas of partnership at Abingdon School, including the Abingdon Science Partnership which has been running since 2014. The aim is to help staff and students at Abingdon collaborate with, and learn from others within, the local educational community.

Impact: 2021/22 saw over 18000 student experiences within ASiP (Student Experiences is calculated as number of students x number of activities run x number of hours). Non-partnership Abingdon Staff spent 471 hours running partnership activities whilst the Partnership Committee invested many additional hours. Partnership activities involved >7750 children and young people from 9 secondary schools and 55 primary schools.

Abingdon School in Partnership: The main focus of 2021/22 was to embed the OX14 learning partnership; use the Impact Ed platform to enhance evaluation and impact measurements and reporting; and develop Sports partnerships.

The launch of the OX14 Learning Partnership (www.ox14lp.org.uk) in November 2021 led to the development of a calendar of partnership events, teacher networks and collaborative partnership activities. Based on mutual benefit and collaboration, this partnership aims to support, inspire and challenge its students and teachers. In its first year there were over 4000 student experiences and 46 activities. The Director of Partnerships and Partnership Coordinator meet regularly with representatives from each of the 6 schools as well as working with the Headteachers to ensure the strategic vision is met. Staff at Abingdon School help to lead on events and activities as well as collaborating with colleagues in other schools. Along with staff-led strategic groups we have a student forum to ensure young people from across the town have input into the future of partnership work. For example, events such as an Eco Forum brought students and teachers together to discuss relevant environmental issues and a youth manifesto was created by students to share with their schools.

Academic Coaching programme: The School trained over 50 Year 12 students from across the town in key communication and leadership skills so that they may coach Year 9 and 10 students. Online coaching sessions were provided for younger students. Students found the training beneficial and enjoyed working with students from other schools.

The Peer Support Lead programme ran for the third year. This programme involves over 60 students from across 6 schools in Abingdon who train together in mental health support including safeguarding and listening skills. This training, provided by teachers and guest speakers, enables students to go back into their own schools and provide pastoral support to younger students. It also creates opportunities for colleagues to collaborate and share ideas. Teachers have noticed a real difference in levels of peer pastoral support since putting this programme in place.

‘After Abingdon’ programme: In February 2022 students from partner schools attended the School’s online ‘After Abingdon’ event where talks were given on Oxbridge and alternatives to university. Webinars and talks on topics such as Gap years, the UCAS process and London Universities were also opened up to local students. In addition, several members of Abingdon staff offered Oxbridge UCAS support and interview practice to several students from partner schools.

Governance: Fourteen members of staff served as Governors of local maintained primary and secondary schools or the local MAT, with 20% taking the role of Chair. Abingdon is happy to release colleagues to complete their governance duties when those commitments fall at times when the staff would usually be in school as the School understands the benefit for all parties.

Library: In March 2022, the library funded and hosted an in-person author visit for more than 200 students plus teachers and library staff from three Abingdon schools: Fitzharrys, Larkmead and OLA. The librarian also

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ABINGDON SCHOOL REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 AUGUST 2022

continued to support a national partnership of public, private and voluntary-sector organisations, initiated in February 2020, to encourage and assist the integration of ‘information literacy’ teaching into the secondary school curriculum; this initiative has attracted support from more than 150 organisations across the UK. Over the course of 2021/22, the librarian continued to mentor three early-career librarians at other secondary schools in Oxfordshire, and liaise with around 30 school librarians across the UK to help them evaluate and decide on new information technology.

Primary School Partnerships: In-person curriculum mornings returned in 2021/22 and we organised a Time and Place Topic morning, Business Challenge, Festival of Languages and Mini Olympics event at Abingdon School. Our students had the opportunity to lead some of these sessions. We held a Teach Meet for local primary school MFL teachers. Students visited Carswell School to run a chess club and designed and built a wild flower garden with Thameside Primary School Eco-committee. Third year language leaders visited a local primary school to deliver some lessons. We also made board games, a Christmas fun pack and European Day of languages pack, which we delivered to local primary schools. Our rugby lead coach and a group of students visited 4 primary schools to coach the pupils in Tag Rugby. This training culminated in a Tag Rugby festival at Abingdon School. These events receive consistently good feedback from staff and students.

Sports Partnerships: Weekly rugby sessions were held for local students in collaboration with the RFU and Gloucester Rugby using the facilities at Tilsley park. Professional coaches, including Abingdon Staff led these fun and collaborative sessions and were particularly successful at encouraging girls to try Rugby. The programme was popular and regularly saw 15-20 students attend. The sessions were based on enjoyment of the sport for wellbeing. Students from Larkmead School were invited to attend a rowing programme with one of our coaches. The students developed a range of skills on the river and in the pool and tried something new.

Arts Partnerships: After a successful pilot scheme at the end of 2020/21, the Oxfordshire Academy of Broadcast Journalism launched in full in early 2022 and involved over 30 students from Fitzharrys, Larkmead, John Mason and Abingdon. Professional broadcasters Olly Hogben & Blythe Lawrence delivered 6 x 1 hour online taster and development sessions for middle school students in the fields of Presenting, Podcasting and Blogging, followed in March by an in person workshop day at Fitzharrys led by Olly and Blythe and joined by ex-Blue Peter presenter Lindsey Russell as our VIP tutor for the day. The OABJ programme received tremendous feedback from students and staff alike, the latter particularly hailing its success in promoting pupils' confidence and oracy skills.

After the continuing interruptions of the pandemic, the Abingdon Film Academy re-launched in March 2022 with two highly successful schemes in partner schools. At Larkmead, AFU tutors conceived and ran a six week minifilmmaking project with 12 middle and upper school students, producing four short films. At Fitzharrys, AFU tutors supported the English department in an ambitious Film-in-a-Day project with over 50 Year 8 students. The project resulted in 10 short films being created, all shot at Fitzharrys in one day.

At the very end of the summer term, colleagues at Larkmead initiated a Year 8 Dance Day for 24 Larkmead and Abingdon Year 8 pupils. This was an inspirational day, led by a professional choreographer.

Abingdon Prep in Partnership (APiP) APS pupils continued with their initiative of measuring air quality and comparing and contrasting that with other primary and secondary schools. Our Science club, consisting of Year 5 and 6 pupils produced a display which was exhibited in the Town Hall in Abingdon to share their ideas, along with those from other local primary schools. Our Art Department continued to be involved with the community, taking part in Young Art Oxford, which celebrates Art from local schools in Oxfordshire in addition to participating in an Art initiative at Waddesdon. As part of this, a group of pupils from APS collaborated to design a piece of Art which formed part of a display alongside other Oxfordshire and Buckinghamshire schools. Other initiatives are being planned allowing older pupils to build on their leadership skills and work with younger pupils locally. Staff continued their personal links with primary school coordinators and shared good practice with the introduction of whole school Art days around a theme at a partnership school. DT support continued and APS staff worked to provide resources and equipment to schools.

Page 11

ABINGDON SCHOOL

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 AUGUST 2022

Abingdon Science Partnership (ASP) . Our Yang Science Centre includes a large, flexible laboratory (the Galileo Laboratory) dedicated for use by the Abingdon Science Partnership. Abingdon has created an extensive programme of science partnerships, establishing itself as a national centre of excellence in this area, as indicated by its shortlisting for the TES Schools Award in the Community and Collaboration category in 2018 and 2019 and for the TES Independent Schools Award in the Independent–State School Partnership category in 2019.

ASP Impact: In 2021/22 ASP ran 56 primary workshops with 15 different schools. 1313 pupils attended these sessions over the course of the year. 392 hours of additional teacher and support staff time made these sessions possible. Students and colleagues assisted with the running of Saturday science club for local children with 27 hours of session time. 6080 ASP experiences (calculated by the number of attendees x number of hours x number of sessions) were logged by primary and secondary school students. These figures include workshops, GCSE Astronomy sessions for other schools, a Chemistry competition and cover for teachers in partner schools.

ASP Students in other schools: our student Science Ambassadors have contributed to a number of core ASP programmes, including a weekly Primary Science Club attended by up to 25 Year 5 and Year 6 age pupils and organised and presented by our Science Ambassadors; and monthly Saturday Science Clubs for 5-9 years olds and their parents run in collaboration with Science Oxford, part of the Oxford Trust charity

ASP’s Confidence in STEM Programme: Abingdon School’s successful bid for STEM funding from The Mercers’ Company continued with a second year of funding being awarded for this programme. This funding was used to enhance the parts of the programme found to have most impact, namely:

Science Teachers’ continuing professional development (CPD). The ASP Lead chairs the science coordinators' group of local schools, organising and hosting three twilight CPD sessions per annum. Abingdon School also hosts CPD sessions for the Oxfordshire Science Learning Partnership, providing a venue for their trainers to deliver practical science workshops for teachers and technicians.

Working with national science organisations and commercial companies. The ASP Lead serves on the Education Committee of the Royal Meteorological Society contributing to discussions of the Society’s policies on links between science and climate change in the curriculum. A very successful partnership has been established this year with GKN Automotive whose Innovation Centre is in Abingdon. This has resulted in a STEM careers visit to their centre, visits from young engineers to local schools and sponsorship of Greenpower Challenge electric go kart teams at two local schools with logistical and admin support provided by the ASP.

Page 12

ABINGDON SCHOOL

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 AUGUST 2022

Streamlined Energy and Carbon Reporting (SECR)

As part of the obligations set out under the Energy and Carbon Report Regulations 2018, the School is required to disclose the energy consumed and carbon dioxide created as an organisation over the last reporting year starting on or after April 2019. To fulfil this we have measured our UK energy and greenhouse gas emissions as classified within scope 1 and 2 which are presented in table 1. In addition we have included our scope 3 emissions related to business travel in employee owned vehicles where the school reimburses the mileage and fuel allowance. Table 2 contains the conversion factors used in the calculation of these figures. Comparative figures using historical conversion factors have been included for prior years and our base reporting year.

Organisational and Operational Boundaries of the School. The School does not have a complex company structure and therefore accounts for 100 percent of the greenhouse gas (GHG) emissions from operations over which it has control, including the trading subsidiary. Its structural and operational boundaries are the same with the School operating from four sites:

The School operates a fleet of fifteen minibuses for the purpose of pupil transportation as well as a number of grounds and other road vehicles used in the operation and maintenance of its sites.

Methodology. The methodology used for determining energy and carbon emissions within this section of the report uses data from a number of sources of our greenhouse emissions:

Gas and electricity consumption figures have been taken from invoices and sub-meter readings as appropriate. Where the readings/invoices do not cover a full year, we have estimated the consumption for the full year based on the average consumption per day in the period. Fuel consumption for company owned vehicles is measured from fuel cards used by staff when in control of business owned vehicles. Mileage from reimbursed claims from staff has been calculated using the standard rate of 45p per mile.

For a base year the School has set the financial year September 2017 to August 2018 as the earliest period for which reliable data is available for the sources above. We therefore include figures for the financial year September 2020 to August 2021 (Year 1) and September 2021 to August 2022 (Year 2) as a comparison.

Intensity ratios normalise emissions data with an appropriate business metric or financial indicator. This allows a comparison of energy efficiency performance over time and with other similar types of organisation. We have chosen to measure our overall emissions per average annual pupil number in each reporting year as well as our annual turnover (£100,000s).

Page 13

ABINGDON SCHOOL

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 AUGUST 2022

Energy Consumption, Greenhouse Gas Emissions and Intensity Ratios

Table 1: GHG emissions and energy use for reporting year, comparison reporting years and base reporting years.

Current Comparison Base
reporting year reporting year reporting year
2021/22 2020/21 2017/18
Gas combustion kWh(Scope 1) 4,944,009
5,331,961
5,172,946
Transport litres(Scope 1) 30,090
16,562
25,401
Transport kWh (Scope 1) using conversion factor from
miles/litres to kWh
315,615
173,138
265,920
ElectricitykWh(Scope 2) 2,082,010
1,781,838
2,150,598
Transport miles(Scope 3) 9,440
4,998
21,303
Transport kWh (Scope 3) using conversion factor from
miles/litres to kWh
10,509
5,607
24,979
Total consumption(kWh) 7,352,144
7,292,544
7,614,443
Emissions from combustion ofgas kgCO2e(Scope 1) 900,749
976,602
951,615
Emissions from combustion of fuel for transport purposes
kgCO2e(Scope 1)
74,633
40,848
65,351
Emissions frompurchased electricitykgCO2e(Scope 2) 402,619
378,338
608,770
Emissions from business travel in employee owned vehicles,
where the companyrepaid mileage claims kgCO2e(Scope 3)
2,593
1,379
6,193
Totalgross tCO2e based on above 1,381
1,397
1,632
Average annualpupil number 1,292
1,309
1,272
Intensity Ratio: tCO2e gross figure/average annual pupil
number
1.07
1.07
1.28
Turnover £100,000s 32.3
28.9
28.3
Additional Intensity Ratio: tCO2e gross figure/£100,000s
turnover
42.7
48.3
57.7

Source: Gas and electricity supplier invoices, meter readings, fuel card invoices, staff mileage claims.

Table 2: Carbon Conversion Factors.

Activity kWh kgCO2e
Type Unit Year
Gaseous Fuels 0.18219
Naturalgas kWh
Liquid Fuels 10.607
2.52058
Diesel(average biofuel blend) litres
Liquid Fuels Petrol(average biofuel blend) litres 2022 9.515
2.14805
Transport 1.1132
0.27465
Average car,unknown fuel miles
UK electricity 0.19338
Electricity generated kWh

Source: UK Government GHG Conversion Factors for Company Reporting, 2022, BEIS.

Page 14

ABINGDON SCHOOL

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 AUGUST 2022

Energy Efficiency Actions. This year the School has produced an environmental sustainability policy based on the 10 One Planet Living principles to guide and support its environmental action plan. Key actions in the year included the completion of the Prep School building project with a number of sustainability features including Air Source Heat Pumps (ASHP), Light Emitting Diode (LED) lighting and energy efficient heating controls. There was also significant tree planting (50 in total) in Lower Field and at the Prep School. In addition, a water borehole was installed on War Memorial Field which will irrigate 2 full pitches and 10 cricket squares.

We remain committed to further reducing our Carbon Footprint and improving our environmental sustainability. In particular, the following projects are planned in the near term:

  1. Installation of solar panels on the Yang Science Centre west roof and the Prep School.

  2. The new Pavilion Dining room building will have a green sedum roof, LED lighting throughout, an allelectric kitchen as well as ASHP heating.

  3. The new boarding house developments will have LED lighting throughout, ASHP heating and solar panels installed.

  4. Continuation of LED lighting programme roll out in the Science Centre circulation spaces and further rollout of LED lighting in the main dining hall and sports centre changing areas.

  5. Planting of biodiversity areas e.g. 20 wildflower habitats are planned around the School estate.

Equality Act

Abingdon School complies with the Equality Act 2010 and is committed to providing equal opportunities in employment. The School's policies seek to avoid unlawful discrimination in all aspects of employment including recruitment, promotion, opportunities for training, pay and benefits, discipline and selection for redundancy.

Disabled persons

The School will employ disabled persons when they appear to be the most suitable candidate for a particular vacancy and every effort is made to ensure they are given full and fair consideration when such vacancies arise.

During employment the School seeks to work with employees, taking into account their personal circumstances, to ensure appropriate training, development and advancement opportunities are available to enable them to reach their full potential.

Section 172 Statement

This section is in response to a reporting requirement to explain how the Governors, as Directors of the Charity, have had regard to broader stakeholder interests when performing their duties under section 172 of the Companies Act 2006. It is intended to act as a ‘signpost’ to the relevant areas of the Governors' report and not to repeat the discussion in other sections of the report.

The Governors understand the importance of maintaining productive relationships with all stakeholders. They do this in many ways, including as described in our section on Public Benefit (page 8) and Employee involvement (page 3). The addition this year on page 13 of an Energy and Carbon section demonstrates the Governors’ regard to the role the Charity plays in climate change.

Our Aims and Ethos statement on page 3 guides the long-term decision making of Governors and the section on page 4 explains the decisions taken this year in the interests of all the Charity’s stakeholders in response to Covid.

The commentary, starting on page 5, that discusses our academic results, grant-making policy, plans for future periods and capital developments helps explain the Governors’ focus on the promotion and success of the Charity for the pupils at Abingdon, both currently and in the future.

Finally, the section on Structure, Governance and Management starting on page 2 underlines the focus of the Governors on running the Charity effectively and to high standards for the benefit of all its stakeholders.

Page 15

ABINGDON SCHOOI REPORT OFTHE DIRECTORS FOR THE YEAR ENDED 31 AUGUST2022 statèment of DirÈttors' Re5PODsibilitles The directors are responsible for preparin8 the Directors, Report and the financial statements in accordance with applicable18w and regulations. Company law requires the directors to prepare financial statement5 foT each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accountlng Standèrds) and applicable law. Under company law the director5 must not approve the financ1al statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the group and of the surplus or deficit of the group for that period. In preparing these financial statements. the directors are required to.. select suitable accountin8 policies and then apply them consistently,. observe the methods and principles in the Charities SORP.. make judgements and accounting estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed, subjert to any material departu￿5 disclosed and explained in the financial statements.. prepare the fi'nancial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The directors are responsible for ensuring that adequate accountin8 records are maintained that are suffieient to show and explain the charit¢5 and the group's transactions 8nd di5c105e with reasonable accuracy at any time the financial position of the tharity and the group and enable them to ensure that the financial statement5 comply with the Companies Act 2006. They are also responsible lor safe8uarding the a55et5 of the charity and the group and ensurin8 their proper application in accordance with charity law. and hente fortaking reasonable steps for the prevention and detection of fraud and other irregularities. Provision trf irtfomit7tion to the ¢7uditor Each ol the persons who are directors at the tlme when this directors. report is approved has Confirmed that= 50 far a5 that each director Ss aware, there is no relevant audit information of whi¢h the tharitable company and the Group's auditor is unaware., and each director has taken all the steps that ought to have been taken as a director in order to be aware of any information needed bythe charitable companyand the Group's auditors in connection with preparing their ￿port and to establish that the charitable company ènd the Group's auditor is aware of that information. Auditor RSM UK Audit LLP has indicated its willingness to continue in office. The Report of the Directors and incorporated Strategic Report were approved by the Board on 7th December 2022. 14.OLopp ST ENS PENNYCHAPMAN Chairman of Governors Vice Chairman of Governors Pa8e 16

ABINGDON SCHOOL

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ABINGDON SCHOOL

FOR THE YEAR ENDED 31 AUGUST 2022

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ABINGDON SCHOOL

Opinion

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

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other 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

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

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

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

Other information

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

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material

Page 17

ABINGDON SCHOOL

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ABINGDON SCHOOL

FOR THE YEAR ENDED 31 AUGUST 2022

misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report or the Strategic Report included within the Directors’ Report.

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

Responsibilities of trustees

As explained more fully in the Statement of Directors’ responsibilities set out on page 16, 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 Directors are responsible for assessing the group’s and 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 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.

Page 18

ABINGDON SCHOOL

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ABINGDON SCHOOL

FOR THE YEAR ENDED 31 AUGUST 2022

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected noncompliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:

As a result of these procedures, we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the parent charitable company’s governing document, tax legislation and Charities (Protection and Social Investment) Act 2016. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Directors’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, and reviewing the tax computation.

The most significant laws and regulations that have an indirect impact on the financial statements are The Education (Independent School Standards) Regulations 2014, Keeping Children Safe in Education under section 175 of the Education Act 2002, and the UK General Data Protection Regulation (UK GDPR). We performed audit procedures to inquire of management and those charged with governance whether the charitable company is in compliance with these laws and regulations and inspected correspondence with regulatory authorities.

The group audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to any significant, unusual transactions and transactions entered into outside the normal course of business.

Page 19

ABINGDON SCHOOL

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ABINGDON SCHOOL

FOR THE YEAR ENDED 31 AUGUST 2022

A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 auditor’s 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.

KERRY GALLAGHER (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants Davidson House Forbury Square Reading RG1 3EU

Date 9 December 2022

Page 20

ABINGDON SCHOOL

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

Consolidated Statement of Financial Activities (incorporating income and expenditure account)

Note
INCOME AND ENDOWMENTS FROM:
Charitable activities:
School fees
3
Ancillary income
4a
Earned from charitable activities
Donations
4c
Trading & lettings
Investments
4b
TOTAL INCOME
EXPENDITURE
Expenditure on charitable activities:
School operating costs
5a
Costs of raising funds
5a
Other expenditure:
Trading & lettings costs
5a
Finance costs
6
TOTAL EXPENDITURE
NET INCOME BEFORE GAINS /
(LOSSES) ON INVESTMENTS
(Losses) / Gains on investments
9b
Transfers
14
NET MOVEMENT IN FUNDS
Balance brought forward at
1 September 2021
BALANCE CARRIED FORWARD at
31 August 2022
14		 Unrestricted
Funds
£’000
Restricted
Funds
£’000
Endowed
Funds
£’000
2022
Total
Funds
£’000
2021
Total
Funds
£’000
28,397
(114)
-
28,283
26,227
2,235
-
-
2,235
1,599
30,632
(114)
-
30,519
27,826
60
584
-
644
501
1,110
-
-
1,110
561
45
8
19
72
32
31,848
478
19
32,344
28,920
28,594
86
361
29,042
26,761
143
-
-
143
98
941
-
-
941
451
20
-
7
27
21
29,698
86
368
30,152
27,332
2,149
392
(349)
2,192
1,588
(42)
(29)
(59)
(130)
173
130
(112)
(18)
-
2,237
251
(426)
2,062
1,762
48,748
951
12,260
61,958
60,196
50,985
1,202
11,834
64,020
61,958

All amounts relate to continuing operations.

The notes to the financial statements on pages 24 to 39 form part of these accounts.

Page 21

ABINGDON SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 school and Consolldated Balance Sheets GROUP 2022 £'o SCHOOL 2022 £'ooo Notes 2021 £'ooo 2021 £'ooo FIXED ASSETS Tangible fixed assets Investment assets 59,927 1,733 61.660 56,801 1,479 58,280 59,876 1,733 61,609 56,736 1.479 58,215 CURRENT ASSETS Stocks Debtors Cash 27 1,230 8.994 10.251 26 1.308 9,632 10,967 22 1.245 8.786 10.052 23 1,436 9,419 10,877 io CREDITORS.. Due within one year li 15.1531 14,8181 15,0631 14.6971 NET CURRENT ASSETS 5,098 6.149 4.989 6,181 TOTALASSETS LESS CURRENT LIABILITIES 66.758 64,429 66.598 64.396 CREOITOR5.. Due after more than one year 12 12,7381 12,4711 12,7381 12.4711 TOTAL NEf ASSETS 64,020 61,958 63,861 61,925 ENDOWED FUNDS 13 11.834 12,259 11,834 12,259 RESTRICTED FUNDS 13 1.202 951 1,202 951 UNRESTRicfED FUNDS 13 50,984 48.748 50.825 48,715 TOTAL FUNDS 14 64.020 61,958 63,861 61,925 As permitted by s408 of the Companies Act 2LX)6, the charitable company has not presented a separate Statement ol Financial Activitie5 and Income and Expenditure Account. The charitable companls net income after expenditure was £1,936k12021.. £1,687kl. The flnantial statements were approved by the Board of Governors of Abingdon School on 7 December 2022. MICH ENS f Governors 14C+ PENNYCHAPMAN Vice Chairman of Governors The notes to the financial 5tatement5 on page$ 24 to 39 form part of these accounts. Pa8e 22

ABINGDON SCHOOL

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

Consolidated Statement of Cash flows

Notes
Net cash generated from operations
18
Investment activities:
Payments for tangible fixed assets
Transfer of fixed assets from work in progress
8
Proceeds from sale of fixed assets
Payments for financial investments
9b
Cash withdrawn from investment portfolio
9b
Bank interest received
4b
Net cash absorbed by investing activities
Financing activities:
Bank charges
Net cash absorbed by financing activities
(Decrease)/Increase in cash in the year
Cash and Cash equivalents at 1 September
Cash and Cash equivalents at 31 August		 2022
£’000
2021
£’000
6,694
5,704
(7,019)
19
(955)
-
8
33
(378)
(140)
27
93
32
-
(7,311)
(969)
(20)
(15)
(20)
(15)
(638)
4,720
9,632
4,912
8,994
9,632

The notes to the financial statements on pages 24 to 39 form part of these accounts.

Page 23

ABINGDON SCHOOL

FOR THE YEAR ENDED 31 AUGUST 2022

FINANCIAL STATEMENTS

1. COMPANY LIMITED BY GUARANTEE

The School is a company limited by guarantee, registered in England, and is a Registered Charity. Each Director’s liability would be limited to an amount not exceeding £10 in the event of the School winding up.

2. ACCOUNTING POLICIES

a) Accounting Convention

The financial statements have been prepared in accordance with 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 and Republic of Ireland (FRS102 effective 1 January 2019) – Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006 and under the historical cost convention modified to include the revaluation of investments at fair value.

In accordance with FRS 102 as a qualifying entity, the School has taken advantage of the exemption from the following disclosure requirements:-

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 £1,000.

Abingdon School meets the definition of a public benefit entity under FRS 102.

The charity’s business address is Abingdon School, Park Road, Abingdon, Oxfordshire OX14 1DE.

b) Going concern

At the time of approving the financial statements, the Directors have a reasonable expectation that the charity and group have adequate resources to continue in operational existence for the foreseeable future. We have prepared a number of scenarios that consider our cash position, sources of income and planned expenditure. These scenarios consider reduced pupil numbers, reduced fees and potential bad debts as well as impact on costs from the measures taken so far. Sensitivity around these assumptions has also been considered in our forecasting. Results of this cash flow and sensitivity analysis indicate that the cash reserves of the charity are adequate to meet the charity’s obligations as they fall due. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

c) Basis of consolidation

The consolidated (group) accounts comprise the charity and its wholly-owned subsidiary Abingdon School Enterprises Limited. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. A summary of the profit and loss account for the subsidiary is shown in note 17. A separate Statement of Financial Activities and Income and Expenditure account for the School itself has not been presented in accordance with the exemptions afforded by Section 408 of the Companies Act 2006. The School’s income was £31,280k (2021: £28,394k), expenditure £29,211k (2021 £26,815k), and a loss on investments of £130k, giving net income of £1,938k (2021: £1,687k).

d) Fees and Similar Income

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions allowed by the School.

Interest income is accrued on a time-apportioned basis, by reference to the principal outstanding at the effective interest rate. All income was generated in the UK.

Page 24

ABINGDON SCHOOL

FOR THE YEAR ENDED 31 AUGUST 2022

FINANCIAL STATEMENTS

e) Donations

Donations received for the general purposes of the Schools are credited to ‘unrestricted funds’ and are recognised when entitlement to the funds exists, receipt is probable and the amount can be reliably measured. Donations subject to specific wishes of the donors are carried to relevant restricted funds or to endowed funds where the amount is required to be held as permanent capital.

f) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Certain expenditure is apportioned to cost categories based on the estimated amount attributable to that activity in the year. The irrecoverable element of VAT is included with the item of expense to which it relates.

Costs of raising funds comprise the costs associated with attracting voluntary income as well as costs incurred liaising with alumni.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs comprise the cost of running the charity, including external audit, Governors legal advice and constitutional and statutory compliance costs.

g) Investments

Listed investments are carried at their mid-market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sale proceeds and market value at the start of the year or subsequent cost and are credited or charged to the statement of financial activities in the year of disposal. Unrealised gains and losses represent the movement in the market values during the year and are credited or charged to the statement of financial activities based on the market value at the year end.

Unlisted investments are held at cost.

h) Investment Income

Income from these investments is accounted for on a receivable basis. Interest is accounted for on an accruals basis.

i) Stocks

Stock is valued at the lower of cost and net realisable value.

j) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

k) Tangible Fixed Assets

Tangible assets are stated at historical cost or valuation less depreciation. Items of £5,000 or less are expensed in the year. Projects under construction are not depreciated. Depreciation is provided on a straight-line basis as follows:

Buildings generally 25 years, in no event more than 50 years Motor vehicles 4 years Sports equipment 4 years Fixtures, Fittings and Equipment 4 to 10 years

The carrying values of fixed assets are reviewed for impairment only when events indicate the carrying value may be impaired.

Page 25

ABINGDON SCHOOL FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

l) Cash at bank

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

m) Creditors

Liabilities are recognised within the financial statements in respect of all expenditure for which the entity has a measurable obligation, be it constructive or legal, at the balance sheet date.

n) Financial instruments

The School applies the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102, in full, to all of its financial instruments.

Financial assets and financial liabilities are recognised when the School becomes a party to the contractual provisions of the instrument, and are offset only when the School currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets

Basic financial assets which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities

Basic financial liabilities including trade and other creditors are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Other financial liabilities classified as fair value through profit or loss are measured at fair value and are subsequently measured at amortised cost.

o) Pension Costs

The School operates two types of pension schemes for their employees.

Teaching Staff

The School contributes to the Teachers’ Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the School. In accordance with FRS102 therefore, the scheme is accounted for as a defined contribution scheme.

Non-Teaching Staff Scheme

There are five different schemes all of which operate on a defined contribution basis. The pension cost charged to the Statement of Financial Activities represents the amount of the contributions payable to the scheme in respect of the accounting period.

p) Employee benefits

The costs of employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the School is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Page 26

ABINGDON SCHOOL

FOR THE YEAR ENDED 31 AUGUST 2022

FINANCIAL STATEMENTS

q) Leases

Assets obtained under hire purchase contracts are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives or the lease term, whichever is shorter.

Rentals paid under operating leases are charged to statement of financial activities on a straight line basis over the period of the lease.

r) Fund accounting

Restricted funds are to be used for specified purposes laid down by the donor. Expenditure for those purposes is charged to the fund, together with a fair allocation of overheads and support costs.

Unrestricted funds are donations and other incoming resources received or generated for expenditure on the general objectives of the Trust.

Endowment funds consist of fixed asset donations where the capital is held to provide income for bursaries. The purpose to which these assets may be applied is restricted in accordance with the terms of the endowment trust.

s)

Judgements and key sources of estimation uncertainty

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

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

The following judgements have had the most significant effect on amounts recognised in the financial statements:

Depreciation of tangible fixed assets

The Governors exercise their judgement in assessing the expected remaining useful life of the assets held.

Page 27

ABINGDON SCHOOL

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

3. SCHOOLS’ FEES

Fees receivable consist of:
Fees receivable consist of:
Gross tuition fees
Less: Scholarships, Foundation Grants and Commissions
Less: Bursaries from unrestricted funds
Less: Bursaries from restricted funds
Total Bursaries
Net fees receivable		 2022
£’000
2021
£’000
30,010
27,750
(671)
(635)
29,339
27,115
(942)
(802)
(114)
(86)
(1,056)
(888)
28,283
26,227

4. OTHER INCOME

a) Ancillary Income

) Ancillary Income
Coaches, trips and other recharges
Registration fees
Retained/forfeited deposit income
Government grants
Other ancillary income
Total		 2022
£’000
2021
£’000
1,906
1,097
126
121
151
121
0
223
53
36
2,235
1,599

In addition to the Government grants shown above, the School’s trading subsidiary had Government grants in 2022 of £0k (2021 : £95k).

b) Investment Income

) Investment Income
Dividends received in investment portfolio
Bank interest received
Total		 2022
£’000
2021
£’000
40
32
32
0
72
32

c) Donations Income

Restricted bursaries
Other restricted donations
Unrestricted donations
Total		 2022
£’000
2021
£’000
500
420
84
76
60
5
644
501

Page 28

ABINGDON SCHOOL

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

5. EXPENDITURE

a) Analysis of total expenditure

)
Analysis of total expenditure
2022
Expenditure on charitable activities:
Teaching costs
Welfare
Premises
Support
Governance costs (note 7)
Coaches, trips and other
Other expenditure:
Trading and letting costs
Fundraising costs
Finance costs (note 6)
Total expenditure		 Staff costs
Other
costs
Deprec-
iation
Total
£’000
£’000
£’000
£’000
13,682
1,350
83
15,115
818
1,790
-
2,608
882
2,257
3,765
6,904
1,737
753
-
2,490
3
31
-
35
-
1,889
-
1,889*
17,122
8,072
3,848
29,042
417
507
17
941
81
62
-
143
-
27
-
27
17,619
8,668
3,865
30,152
2021
Expenditure on charitable activities:
Teaching costs
Welfare
Premises
Support
Governance costs (note 7)
Coaches, trips and other
Other expenditure:
Trading and letting costs
Fundraising costs
Finance costs (note 6)
Total expenditure		 Staff costs
Other
costs
Deprec-
iation
Total
£’000
£’000
£’000
£’000
13,205
1,445
44
14,693
763
1,304
-
2,067
872
2,135
3,695
6,702
1,584
548
-
2,132
3
24
-
27
86
1,053
-
1,140*
16,514
6,508
3,739
26,761
331
104
17
451
65
34
-
98
-
21
-
21
16,909
6,667
3,756
27,332

Support costs include staff costs and other costs related to marketing, advertising, finance, HR, photocopying and other administration costs.

Page 29

ABINGDON SCHOOL

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

5. EXPENDITURE (continued)

b) Net incoming resources are stated after charging:

)
Net incoming resources are stated after charging:
2022 2021
£’000 £’000
Depreciation of tangible fixed assets 3,769 3,756
Loss on disposal of fixed assets 104 -
(Profit) from sale of fixed assets - (33)
(Proceeds) from sale of fixed assets (8) -
Operating leases 48 48
Auditors’ remuneration for audit 32 29
Other professional services from audit firm:
Tax compliance services 4 1
Other non-audit services 6 1

The above costs include irrecoverable VAT.

c) Employer payroll costs

)
Employer payroll costs
Wages and salaries
Social security costs
Pension contributions		 2022
£’000
2021
£’000
13,668
13,096
1,471
1,368
2,658
2,399
17,797
16,863

The average number of persons employed by the Group and the company in the year was 397 (2021: 376). Of these 156 were teaching staff (2021: 158). In addition to the above there were 49 (2021: 34) music, sport and English as a Foreign Language teachers.

Neither the Directors nor persons connected with them received any remuneration or other benefits from the Schools or any connected organisation.

The number of employees whose emoluments exceeded £60,000 were:

2022 2021
No. No.
£60,001-£70,000 36 30
£70,001-£80,000 8 9
£90,001-£100,000 1 1
£100,001-£110,000 3 2
£110,001-£120,000 1 2
£160,001-£170,000 - 1
£170,001-£180,000 1 -
£210,001-£220,000 1 1

Pension costs for staff earning over £60,000 were £784k (2021: £625k). This relates to Defined Contribution schemes for 5 staff (2021: 5) and Defined Benefit schemes for 44 staff (2021: 40).

Page 30

ABINGDON SCHOOL

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

5. EXPENDITURE (continued)

d) Key management personnel (Group and School)

The annual cost for the members of staff who are considered to be key management personnel (in addition to the governors) were:

2022 2021
£’000 £’000
1,211 1,183

Key management personnel includes the Headmasters of Abingdon School and Abingdon Prep School, the Director of Finance and Operations, and the Director of Admissions and Marketing. It also includes the Second Master, Deputy Head Academic and Deputy Head Pastoral at Abingdon School.

6. FINANCE COSTS

7.

Bank charges
Investment manager fees
GOVERNANCE COSTS
Auditor's remuneration
Governance administration costs
Governor expenses and costs		 2022
£’000
2021
£’000
20
15
7
6
27
21
2022
£’000
2021
£’000
28
24
3
3
3
0
35
27

During the year 4 Governors (2021: 1) were reimbursed £1,432 (2021: £105) in respect of travel expenses.

Page 31

ABINGDON SCHOOL

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

8. TANGIBLE FIXED ASSETS

a) Group

Cost
At 1 September 2021
Additions
Transfers
Disposals
At 31 August 2022
Depreciation
At 1 September 2021
Charged for the period
Disposals
At 31 August 2022
Net Book Value
At 31 August 2022
At 31 August 2021		 Land
&
Buildings
Projects
in Progress
Sports
Equipment
Fixtures
Fittings &
Equipment
Motor
Vehicles
Total
£’000
£’000
£’000
£’000
£’000
£’000
64,744
1,900
712
17,029
768
85,153
-
6,879
29
64
47
7,019
-
-
-
-
-
-
(36)
(19)
(9)
(347)
(36)
(448)
64,708
8,759
731
16,747
778
91,724
18,134
-
670
8,996
552
28,352
2,261
-
28
1,383
96
3,769
(18)
-
(9)
(261)
(36)
(325)
20,378
-
689
10,118
612
31,797
44,330
8,759
43
6,628
167
59,927
46,610
1,900
42
8,033
216
56,801

b) School

Cost
At 1 September 2021
Additions
Transfers
Disposals
At 31 August 2022
Depreciation
At 1 September 2021
Charged for the period
Disposals
At 31 August 2022
Net Book Value
At 31 August 2022
At 31 August 2021		 Land
&
Buildings
Projects in
Progress
Sports
Equipment
Fixtures
Fittings &
Equipment
Motor
Vehicles
Total
£’000
£’000
£’000
£’000
£’000
£’000
64,744
1,900
703
16,830
768
84,945
-
6,879
29
64
47
7,019
-
-
-
-
-
-
(36)
(19)
(9)
(347)
(36)
(448)
64,708
8,759
722
16,545
778
91,516
18,134
-
661
8,862
552
28,209
2,261
-
28
1,367
96
3,752
(18)
-
(9)
(261)
(36)
(325)
20,378
-
680
9,967
612
31,637
44,330
8,759
43
6,577
167
59,876
46,610
1,900
42
7,965
216
56,736

The above assets are all used in the furtherance of the Charity’s objects.

Page 32

ABINGDON SCHOOL FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

8. TANGIBLE FIXED ASSETS (continued)

c) Revaluation reserve

The net carrying value of the School’s freehold land and buildings of £44,330k (2021: £46,610k) are held at deemed cost based on a valuation carried out by GVA Grimley International Property Advisers in August 1999, who prepared Existing Use Valuations on each of the two Schools, adopting a Depreciated Replacement Cost basis for the Abingdon site and boathouses. This gave rise to a revaluation reserve of £12,576k (2021: £12,576k).

Had the land and buildings been included in the accounts at historical cost, the net book value would have been as follows:

Cost
Accumulated depreciation
Historical net book value		 2022
£’000
2021
£’000
52,132
52,165
(17,054)
(14,793)
35,078
37,372

9. INVESTMENTS

a) The Charity’s investments are as follows:

Listed investments, at market value
Cash awaiting re-investment
Unlisted investments
Investments		 2022
£’000
2021
£’000
1,603
1,426
101
36
1,703
1,462
30
17
1,733
1,479

The carrying value of Abingdon School Enterprises Ltd is £1.

b) Investments

The movement during the year on investments and cash is shown below:

At 1 September 2021
Transfers
Additions
Dividends received
Cash withdrawn
Cost of fund management
Unrealised gain
At 31 August 2022		 Unrestricted
Restricted
Permanent
endowment
Total
£’000
£’000
£’000
£’000
399
322
758
1,479
112
(112)
-
-
378
-
378
13
8
19
40
(9)
-
(18)
(27)
-
-
(7)
(7)
(42)
(29)
(59)
(130)
473
566
693
1,733

Page 33

ABINGDON SCHOOL

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

9. INVESTMENTS (continued)

The historic cost of the investments (including cash) is £1,639k (2021: £1,257k). Included in the investments are overseas investments with a market value of £1,273k (2021: £229k).

c) Investment in subsidiary

The investment in Abingdon School Enterprises Limited represents 100% of the share capital of that company. The company is registered in the UK and operates a lettings, sports and leisure business. The registered office is Abingdon School, Park Road, Abingdon, Oxon, OX14 1DE. The results of this entity are consolidated into these financial statements. The investment in the subsidiary is eliminated on consolidation. The results of the subsidiary are disclosed in Note 17.

10. DEBTORS

Sundry debtors and prepayments
Fees and extras
Amounts due from subsidiary		 GROUP
SCHOOL
2022
£’000
2021
£’000
2022
£’000
2021
£’000
844
1,061
831
1,054
386
248
330
173
-
-
83
209
1,230
1,308
1,245
1,436

11. CREDITORS: AMOUNTS DUE WITHIN ONE YEAR

Fees received in advance
Trade creditors
Other tax and social security creditors
Sundry creditors and accruals
Acceptance deposits		 GROUP
SCHOOL
2022
£’000
2021
£’000
2022
£’000
2021
£’000
1,890
1,553
1,890
1,553
664
672
919
628
656
672
912
628
1,476
1,266
1,394
1,152
451
452
451
452
5,153
4,818
5,063
4,697

Sundry creditors and accruals include £643k (2021: £609k) in respect of accrued works for capital projects.

12. CREDITORS: AMOUNTS DUE IN MORE THAN ONE YEAR

REDITORS: AMOUNTS DUE IN MORE THAN ONE YEAR YEAR
GROUP AND SCHOOL
2022 2021
£’000 £’000
Acceptance deposits 2,738 2,471

Acceptance deposits represent deposits taken at the time a pupil has been granted a place at the school and are refundable when the pupil finishes his education at the school. The deposits are allocated to creditors owed in less or more than one year according to when the pupil is normally expected to leave the School.

Page 34

ABINGDON SCHOOL

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

13. ALLOCATION OF GROUP NET ASSETS

2022
Permanent endowment
Hammond legacy
Land and buildings
Expendable endowment
Land and buildings
Total Endowment funds
Restricted funds
Unrestricted funds
Total School
Subsidiary reserves
Total Group
2021
Permanent endowment
Hammond legacy
Land and buildings
Expendable endowment
Land and buildings
Total Endowment funds
Restricted funds
Unrestricted funds
Total School
Subsidiary reserves
Total Group		 Fixed Assets
Investments
Current assets
less total
liabilities
Total
£’000
£’000
£’000
£’000
-
693
-
693
9,093
-
-
9,093
2,046
-
-
2,046
11,140
693
-
11,833
-
566
636
1,202
48,736
473
1,619
50,828
59,876
1,733
2,255
63,863
51
-
105
156
59,927
1,733
2,360
64,020
Fixed Assets
Investments
Current assets
less total
liabilities
Total
£’000
£’000
£’000
£’000
-
758
-
758
9,326
-
-
9,326
2,175
-
-
2,175
11,501
758
-
12,259
-
322
629
951
45,235
399
3,082
48,715
56,736
1,479
3,710
61,925
65
-
(33)
32
56,801
1,479
3,678
61,958

Free reserves (2022: £2,197k, 2021: £3,448k) are defined as the unrestricted elements of Investments and Current assets less total liabilities.

Page 35

ABINGDON SCHOOL

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

14.
FUNDS
2022
Permanent endowment
Hammond legacy
Prize funds
Land and buildings
Expendable endowment
Land and buildings
Total Endowment funds
Restricted funds
Unrestricted funds
Total School funds
Subsidiary reserves
Total Group funds
2021
Permanent endowment
Hammond legacy
Prize funds
Land and buildings
Expendable endowment
Land and buildings
Total Endowment funds
Restricted funds
Unrestricted funds
Total School funds
Subsidiary reserves
Total Group funds		 Balance
31 August
2021
Transfers
Income
Expenditure
Investment
loss
Balance
31 August
2022
£’000
£’000
£’000
£’000
£’000
£’000
758
(18)
19
(7)
(59)
693
-
-
-
-
-
-
9,326
-
-
(233)
-
9,093
2,175
-
-
(129)
-
2,046
12,259
(18)
19
(368)
(59)
11,833
951
(112)
478
(86)
(29)
1,202
48,715
130
30,783
(28,757)
(42)
50,828
61,925
0
31,280
(29,211)
(130)
63,863
32
-
1,065
(941)
-
156
61,958
-
32,344
(30,152)
(130)
64,020
Balance
31 August
2020
Transfers
Income
Expenditure
Investment
gain
Balance
31 August
2021
£’000
£’000
£’000
£’000
£’000
£’000
683
(18)
18
(6)
82
758
-
-
-
-
-
-
9,559
-
-
(233)
-
9,326
2,304
-
-
(129)
-
2,175
12,546
(18)
18
(368)
82
12,259
557
-
419
(57)
32
951
47,137
18
27,957
(26,456)
59
48,715
60,239
0
28,394
(26,880)
173
61,925
(43)
-
526
(451)
-
32
60,196
-
28,920
(27,332)
173
61,958

Page 36

ABINGDON SCHOOL FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

The Hammond legacy is an endowment invested to provide income for bursary and other support. The income from each year is then transferred into unrestricted to provide funds for the school.

Restricted funds are to provide for the long term future for the School and to provide funds for bursaries and scholarships at the Governors’ discretion. The additions in the year are either for bursaries and scholarships or areas specified by the donors.

15. CAPITAL COMMITMENTS – GROUP AND SCHOOL

Capital commitments as at 31 August 2022 totalled £16,916k (2021: £3,328k).

16. OPERATING LEASES – GROUP AND SCHOOL

At 31 August 2022, there were outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

Within one year
Within two and five years
Over five years		 2022
£’000
2021
£’000
48
48
34
82
-
-
82
130

17. RESULTS OF THE TRADING SUBSIDIARY

The school owns a non-charitable trading subsidiary, Abingdon School Enterprises Limited, registered company number 4442429, which operates as a retail and lettings business and distributes any taxable profits to the school under Gift Aid. The trading results for the subsidiary are shown below:

Profit and Loss Account
Turnover
Cost of sales
Gross profit
Cost of administration
Net surplus
Balance Sheet
Total assets
Total liabilities
Called up share capital
Profit and Loss account		 2022
£’000
2021
£’000
1,065
526
(263)
(89)
802
437
(678)
(362)
124
75
330
362
(174)
(330)
156
32
-
-
156
32
156
32

Included within cost of administration is £20k (2021: £20k) charged by the Charity to Abingdon School Enterprises for use of the Amey Theatre. This charge has been eliminated on consolidation. The net liability of the trading subsidiary owed to the Charity as at 31 August 2022 was £83k. (2021: £209k)

Page 37

ABINGDON SCHOOL

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

18. NOTES TO THE STATEMENT OF CASH FLOWS

Reconciliation of net incoming resources to net cash generated from operations

econciliation of net incoming resources to net cash
enerated from operations
Net movement of funds
Investment income
Finance costs
Depreciation charges
Loss on disposal of fixed assets
(Profit) on disposal of fixed assets
(Proceeds) on sale of fixed assets
Decrease/(increase) in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors (exc capital creditor movement)
Loss/(Gain) on investments
Net cash generated from operations		 2022
£’000
2021
£’000
2,062
1,762
(72)
(32)
27
21
3,769
3,756
104
-
-
(8)
(33)
-
1
(4)
79
(209)
602
616
130
(173)
6,694
5,704

19. PENSION SCHEMES

Teachers’ Pension 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 £3,037k (2021:£2,718k). At the year-end there were no unpaid accruals 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). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s 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%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or

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ABINGDON SCHOOL FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following a public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for the 2020 valuations.

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation. Until the cost cap mechanism revision is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

Non-Teachers’ Pension Schemes

The School also runs pension schemes for its non-teaching staff, which are all defined contributions schemes. The cost for the year of £526k (2021: £490k) represents the Charity’s contributions to these schemes and there were no unpaid contributions outstanding at the year end.

20. RELATED PARTIES

During the year donations were received from Governors totalling £1,910 (2021: £6,345).

During the year, the School purchased usage of Tilsley Park totalling £66k (2021: £35k) from the wholly owned subsidiary undertaking, Abingdon School Enterprises Limited. At the balance sheet date, the subsidiary owed the School £83k (2021: £209k).

21.
FINANCIAL INSTRUMENTS
Carrying amount of financial assets
Financial assets at fair value through income or expenditure		 2022
£’000
2021
£’000
1,733
1,479

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