CHARITY NO.. COMPANY REGISTRATION NO: 1071298 3625063 ABINGI)ON ABINGDON SCHOOL Report and Accounts for the year ended 31 AUGUST 2024 ABINGDON SCHOOL INTRODUCTION TO THE REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Contents Introduction Structure, Governance and Management Object, alms, objectlves and activitles Investment powers and policy Publ1¢ Benefit Streamllned Energy and Carbon Reportlng ISECRI Equallty Act Dlsabled persons Sectlon 172 Statement li 13 13 13 Statement of Dlrectors. Responsibllltles Independent Audltors, Report to the members of Ablngdon School Consolldated Statement of Flnanclal Activltles Ilncorporating Income and expendlture account) School and Consolldated Balance Sheets 14 15 19 20 Consolldated Statement of Cash flov 21 Notes to the Flnanclal Statements 22.37 ABINGDON SCHOOL INTRODUCTION TO THE REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Introductlon Governors, Dlrectors. Officers and Advlsers The Board of Governors of Ablngdon School Is appolnted in accordance with the terms and conditions laid down In the School's Memorandum and Articles of A$50clatlon Incorporated on 2 September 1998 os amended in March 2005 and January 2017. The Governors who served in the year were a5 follows.. Co-opted Governors Michael Stevens Penny Chapman Mark Beer Mark Lascelles Robbie Barr Jonathan Carroll Glynne Butt steven Sensecall Harriet Woollard Kate Wheeler Mlchael Farwell Briony Bowers Robert Charles Lowe 8enjamin Robertson Fellclty Rutland Chalr Vice Chair Vice Chair (resigned 21 February 2024* Iresigned 6 December 20231 Iresigned 26 June 20241 (appointed 6 December 20231 lappointed 13 March 20241 lappointed 3 September 20241 Nomlnoted Governors Christ's Hospitol of Abingdon Kevin Senior The Mercer5' Company, London Robert Jardine-Brown The OldAbingdonian Club Ken Welby Henry Scarlett Ire51gned 6 December 20231 (appointed 6 December 2023) Dlrectors All Ablngdon School Governors are reglstered wlth Companie5 House as Dlrectors of the Company. Offlcers Michael Windsor Craig Williams Justin Hodges Headmaster, Ablngdon School Headmaster, Abingdon Preparatory School Director of Finance & Operations, Company Secretary and Clerk to the Governors * Penny Chapman retired on the 8round5 of111 health and died In October 2024. We acknowledge with gratitude her years of unstinting 5ervlce to the Governing Body and the School. Page I ABINGDON SCHOOL INTRODUCTION TO THE REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Advlser5 Bankers Natlonal Westmlnster Bank PIC 11 Market Place, Abingdon, Oxfordshire OX14 3HH Sollcitors Harrison Clark Rickerbys Ellenborough House, Wellington Street, Cheltenham, GLSO IYD Auditors Critchleys Audit LLP First Floor, Park Central, 40-41 Park End Street, Oxford. OXI IJO Investment Advlsers Rathbone5 Finsbury Circus, London EC2M 7 AZ Insurance Brokers Marsh Insuran￿ Brokers Ltd Capital House, 1-5 Perrymount Road, Haywards Heath. West Sussex RH16 3SY Addresses Abingdon School Park Road, Abingdon, Oxfordshire OX14 IDE IRegi5tered office and mailing address) Abingdon Preparatory School losca's House, Frllford, Abingdon, Oxfordshire OX13 5NX Reference & Admlnlstratlve Informatlon The senior school IAbingdonl and the lunior school (Abingdon Preparatory School) are hereafter referred to as 'Abln8don School, or the 'SchDoI' and are registered with both Companies House and the Charity Commission as Abingdon School. In thls report where specific reference to either school Is necessary the senior school is referred to as 'Abingdon' and the junior school as 'Abingdon Preparatorf. Abln8don is known to have ex15ted in 1256. It was re-endowed in 1563 by John Roysse, a London Mercer. It moved to it5 present site in 1870. In September 1998 Ablngdon combined wlth Abingdon Preparatory School lat that time known as Josca'sl. forming a new Registered Charity (No. 10712981 and a eompany limlted by guarantee (No. 36250631, which was incorporated on 2 September 1998. The Company, Abin8don School, 15 governed by its Memorandum and Artl¢les of Association. The School has Chosen in accordance with Companies Act 2006, s. 414CIIII to set out In the group's strateglc report informatlon required by Large and Medium-5ized 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 Orqanlsatlonal structure and declslon-maklng The School Governors, as the Directors of the Charityi are legally responslble for the overall management of the school and for Its strategic direction. Governors benefit from presentations by staff and by third-party expert5, 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, SLtb-¢ommittees, namely the Education Committee, Finance Committee, the Audit 8i5k & Compliance Committee, and the Remuneration, Nominations & Staff Consultatlon Committee. In partlcular. the Remuneration, Nominations & Staff Consultation Committee reviews the remuneration of the Senior Leader5hlp Team with reference to benchmarks and sector trends. The Head is responsible to the Chair and to the Governors for the management of the School, which the Head achieves with the support of the Director of Finance and Operations, the Senior Deputy Head, the Head of Abingdon Preparatory School and members of the Senior Leadership Teams at Abinsdon School and Abingdon Preparatory School. Page 2 ABINGDON SCHOOL INTRODUCTION TO THE REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 The Govemors and Senior Leadershlp 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 SUTveys of staff. Engagement wlth other stakeholders also takes many forms including parents. evenings and webinars, parents. 3550ciatlons, an active alumni club and a student councll. The Governor5 are aware of the Charity Governance Code and believe that Abln8don 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 Fundraislng Re8ulator. Recrultmentand Tnylnlng oA6overnors The appointment of Governors is confirmed at meetings of the Full Governing Board on the basls of nominatlons received to the Board's specifications concerning eligibility, personal competence, speclalist skills and availability. New Governors are inducted Into the workings of Ablngdon and of the Charity. includlnB Its str3tegy, pollcles and procedures, at induction meetings organised by the Clerk to the Governors. On-golng Governor tralnlng is carrled out through seminars organised nationally or arranged internally. If Governors Inojr trainlng costs, Ablngdon offers to reimburse these. Group Structure and Relotlonshlps Abingdon School has a wholly owned non-tharitable subsidiary, Abingdon School Enterprises Llmited. Object, alms. oblectlves and a¢tlvltle5 Chorltuble objects The Charity's objects, as set out in it5 Articles of A550ciation are: to advance, for the public benefit, the education of children and young people not older than the age of nineteen years at Abingdon School or such other school as the Governors may from time to time determine. and to promote for the benefit of the puplls of Abingdon School and the Inhabitant5 of the surroundlng area the provision of facillties for recreation or other lelsure time occupatlon of indivlduals who have need of such facilities by reason of their youth, age, Infirmity or dlsablement, financial hardship or 50¢ial and economic clrcumstances or for the publlc at large in the Interests of soclal welfare and with the object of Improving the conditlon of the life of said inhabitants. Alms and Intended Impact-Ablnqdon'sAlm5 and Et1￿5 stutement.. hough proud of Its considerable successes, Abingdon enjoys a down-to-earth atmosphere that stems from being a school that know5 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 rapldly-changing world but the school is also careful not to dlspense with the traditional where tried and tested practice proves still to be the most effectlve. Whlle Abingdon is certainly academically selective and vigorously promotes the Ilfe of the mind, academic achievement Is far from being the sole criterion either for entry or for succe55 whilst at the school. The choice of title for our formidable extra-cuiricular programme- the Other Half - symbolises the importance to the school of nurturing well-rounded puplls and our belief that the development of thelr skills and characters Is of equal importance with their academic progress and achievements. We offer exceptional facilities but recognise that the success of Ablngdon School rests upon the quality of our staff, so we recruit and develop highly quallfied 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 commltment to keeping access to an Ablngdon education as wide as possible. Underpinning all that the school does is a very strong pastor31 system. The house and tutor structure anchors day pupils and boarders alike with 3 powerful sense of belonging and ensures they are known indlvidually an feel genulnely and personally supported by a range of people In their journey towards adulthood." Page 3 ABINGDON SCHOOL REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT Flnonclal Revlew The total income for the year compr15ed £33,293k12023.' £32,036kl from school fees and anclllary income, £564k 12023.. £629kl from charltable donations and £1,382k12023.. £1,305kl from other activlties. Expenditure on school operating costs was £33,187k12023.. £32,600kl of which 59% is represented by staff costs. The total funds as at 3118124 amounted to £65,052k12023.' £64,158kl, of which £52,210k1£51,230kl1s unrestrlcted funds. As an educational charity, the School ha5 tax exemptlons on its educatlonal actlvities and Its Investment Income and was entitled during the year to an 80% reduction on buslness rates on the properties occupied for charitable purposes. The flnancial benefits derlved from these tax exemptlons are all applied for educatlonal purposes. Includin8 the provlsion of bursarles. During the year the school consulted with its teachers about employment contract changes regardlng membershlp of the government's Teachers, Pension Scheme I'YP5"1. Following thi5 consultation, at the end of the year, the School moved into 'Phased Withdrawal, of the TPS. Thls means that the School offers newly employed teachers a Defined Contribution pension scheme and no longer offers them the option to be an active member of the TPS. Followlng the change in the UK government in July 2024 and the subsequent Autumn Budget, the School wlll have to add VAT to its fees from I" January 2025 and lose the business rate reductions described above from Aprll 2025. It will also have to make higher additional Employer National Insurance contributions from April 2025. All of these changes represent a significant financial Impact for the Independent School sector as a whole. The School is respondlng by absorbing some of the impact of the VAT imposition with parents and reviewing its cost base carefully, mindful of the need to maintain the qu31ity of an Abingdon School education. The Governors ¢onsider both the level of activity and the year-end financial position of Abln8don School to be sat15factory. Rlsk Monoqement The Board of Governors Is responsible for putting in place a strategy to manage the rlsks faced by the School, which they review annually. The Governors, Audit Risk & Compllance Committee provides increased focus on this important area and revlews the risk register termly. Governors oversee the Senior Leadershlp Team who have executive responsibility for identifyin& a55essing and controlllng risks. The key business risks for Abingdon include maintaining pupll numbers, child protection, Icr, and welf3re and academic standards. They also include external factors such as the general economyj Cost inflation, pandemics and changes to the politlcal environment. Contro15 and safeguards which are put in place to manaEe the major rlsks Include appropriate leve15 of iftsurance cover.. terms of reference for all the Governors, sub-committees. strategit planning, budgeting and management accounting; formal written policies,. clear authorisation and approval levels- Strict adherence to safer recruitment procedures in order to protect school pupi15,' completlon of appropriate risk asse55ments on relevant aspects of the School's activities,. and disaster planning. The School's Health and Safety committee 5UPPOrts the suitable managements of health and safety risks and seeks to ensure that appropriate risk asse55ments 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 thi5 process provides reasonable assurance that identified r15ks are being mitlgated, It cannot provSde absolute assurance. Achlevements and Performance Ablngdon is a boardlng and day school whlch provides educatlon to pupils between the a8e5 of 11 and 19. Abingdon Preparatory provide5 education for pupils between 4 and 13 years of age. The average number of pupils in the schools during the academi¢ year 2023124 was 107212023: 10681 for Abingdon and 21612023.. 2171 Page 4 ABINGDON SCHOOL REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2024 for Abingdon Preporatory. Demand for places is high allowing for comprehensive planning for future improvements and development5. Academlc Results External exam grades In 2024 were excellent at both GCSE and A-level. AtA-level in summer 2024 70.2% of grades were in the A'_A range12023,. 70.lyol and 89.6% at A* B12023'. 90.5Ytsl- At GCSE, 44.8% of grades were awarded at grade 912023.. 34.8%), with 86.4% In the 7-9 grade range12023.' 81.4%). 99.7% were in the 9-4 ran8e12023: 99.6%). Grant-moking policy The Governor5 are commltted to broadening access to Abingdon School by offering means-tested bursarles to pupils whose parentslguardians 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 criterla but need not necessarlly show exceptlonal ablllty. Ablngdon 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 7S12023.. 761 pupils benefited from Bursaries at a total cost of £1,243k12023,. £1,148kl. Of these, 2112023.. 211 were lOO% bursarles. Abingdon School has a range of scholar5hip5 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 abilily,. they carry kud05 and privileges within the School. Scholarships corry a nominal financial value of £300, and 187 12023: 1811 were awarded durlng the year. All scholarships and bursarie5 are subject to satisfactory academlc progress and behaviour. and in the case of scholarships and awards, to a continued tontrlbutlon to the disciplines for whlch they were granted. Each case is assessed on its own merits and awards are made accordingly. subject to the Schools, ability to fund these wlthin the context of its overall budgets. Pl¢ynsforAuture perlod5 During the year, the Senior leadership team and governors reviewed the plans In its five-year Foundation Development plan for 2022-27. To consolldate its position as the school of cholce, the broad aims of the School are.. To develop its position as one of the leading independent schools in Britain, wlth a reputation for excellent academic results, pastoral care and co-curricular achievements. To encourage in each pupil, the development of character and the many skills they will need to flourish at school and beyond. To maintain and extend accessibility to pupils of high abllity, whatever thelr economic or social background, particularly through bursary scheme5. To be recognlsed as a ¢entre of excellence in educational practice and continue to attract high quallty staff. To maintain and invest in its facllitie5 to support its Aims and Ethos statement. To build on the posltive role it plays in the local commvnlty through effectlve partnerships and collaboratlon. To be environmentally responsible and promote 5UStainability. To be a sector leader in diversity* inclusion and equality malters. To ensure the Abingdon experience for pupils and their families is enjoyable. rewarding and engaging. To seek 2nd utilise extra sources of funding, To be as affordable as possible in the context of these aims and the economic envlronment. Furthermore. in May 2024, Abingdon announced that it would become co-educational. This will occur over time and is a major focus of planning for the future. Page S ABINGDON SCHOOL REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2024 Capltal developments and reserves Capltol developments The last decade has seen significant capital developments at Abingdon School with sub5tantlal investment in the upgrade and modernisation of facilities. These developments have included a new Science Centre and Sixth Form Centre as well as improved faclllties for Art, Muslc, Drama, the Llbrary, Sport, houserooms, Business Studies, Economics and Computer Studies. These development5 hove happened alongside extensive refurbishment of the School. The most recent areas of capital development have been the substantlal modernisatlon of two boarding houses and the creation of a second dining hall, café and flexible space attached to the Amey Theatre. These were completed in the year. Planning for the modernisation of the remaining boarding house is underway . At Abingdon Preparatory, the slgnificant investment of recent years has been completed wlth the opening in September 2022 of new bulldings for a Music school and Deslgn and Technology department as well as four additional classrooms and refurbishment and expanslon of the school library. ReseNes Note 13 to the financial statements sets out an analysls of the School's endowment, re5trlcted and unrestrlcted 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 a8ain5t 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 malntain excellent teaching, welfare and boardlng facllitles for Its puplls. At the end of the financial year the total level of group reserve5 stood at £65,052k12023,' £64,158k} of which £52,210k12023'. £51,230kl was in unrestrlcted funds. It is the School'5 pollcy to bulld up funds to meet planned improvements and addition5 to the School's resources prlncipally by means of annual operating surpluse5 and therefore the Governors have not set a target level of free reserves. As with many independent schools, the group has negative free reserves a5 Surpluses are reinvested into the school's fixed assets in order to maintain a high standard of facllltles, The Governors are of the view that the group has adequate working capital for Its foreseeable requirements given the predictabillty of cash flow arislng from pupil ro115, the ongoing demand for places at the School and the availability of banking finance towards the cost of capital expenditure. Investment power5 and pollry Investment management The Governors are authori5ed 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 3 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 wlth 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 ot 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 attra¢tive returns over the longer term. Investmentperformance The School's Investments decreased from £1,495k in 2023 to £1,478k in 2024 following a withdrawal of donated funcls offset by an unrealised gain of E125k12023.. 1055 of £48kl on retained investments. The Governors wlll continue to keep all investments under close review. Page 6 ABINGOON SCHOOL REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2024 Publlc Beneflt In setting the School's objective5 and planning Its activities, the directors of Ablngdon School, as charlty trustees, comply with their duty in s.17 of the Charities Act 2011 to have due regard to the Charlty Commission's published general guidance concernlng the operation of the public benefit requirement. Abingdon School has been Involved in the local community for years and places great value on supporting young people across the town. Abingdon School in Partnership IA5iPI was developed in 2018119 to coordinate and develop partnership activities. ASIP works closely with primary and secondary schools across sectors as well as being involved with the strategic development of partnerships at a national level. ASiP's aims include.. ForAbingdon School to build on the p051tive role it ploys in the local communlty For Students ond stoff to collubomte effertively and posltively with members of the locol communlty. For5tudents and stoff atAbingdon SCht￿l to challenge them5elve5 thmugh partnerships Our Vislon.. Centrul to un Abingdon School educt7tion15 our nationally respected Pfjrtnershlp progromme where community, colluborotion and challenge run through all asperts of school life. Our Mission.. To help our student5 become ambitious und resilient, staff to be collaborative ond reflective, porents to feel informed ond engaged. ondfor oll stakeholder5 tofeelsUPPOrted by, ond given opportunltles thmugh, portnerships. The following sections focus on the work that was Ltndertaken in 2023/24 in support of these aims. Communl Bursarles: The Governors of Abingdon School are ¢ommltted to broadening access to the school. The school endeavours to provide an education to those students who will best beneflt from the style of teaching and the facllltles that we have to offer. Inevitably, not all parents of such pupils will possess the means to fund the school fee5 that the School necessarily has to charge. The School provides means tested bursaries to help address this challenge. During the year 75 students benefited from bursarie5 at a total cost of £1,245k, 37 of whom were In recelpt of bufsaries greater than 80% of fees. The Governors make sure that the availability of these awards Is well publicised through advertlsln8, on open days, through our community links, and when visit5 are made to local prlmary schools. In addition, details of how to apply are made avallable on the School's website. Additional resources for bursaries ère an increaslng driver of fundraising activities. A new fundraising campalgn for bursaries was launched in autumn 2021, 'Seven years to change a life,. Thls led to a positive fesponse from donor5. A successful fundfaislng and awareness buildlng online appeal loften known 85 a Glvlng Dayl was held In November 2023 in support of bursaries. £103,046 was raised from 326 donors, 188 of whom made their first donation to the school. In light of the contlnuing situatlon, the School has given 4 full bursarie5 aCfOSS the foundation to children from the Ukraine. Mental Health and Wellbelng: Our provision5 for ment31 health and wellbeing continue within the framework of the Whole School A roach supporting puplls, staff and families. Provislons for school staff in 202312024 include Adult and Youth Mental Health First Aid training courses141 staff trained),. CPD on planning & delivering RSHE for staff across 2 primary schoo15 and I secondary school168 staff trained),. CPD on staff wellbelng for staff in a primary school 125 staff trained): assembly and lesson resources for PSHCE and RSE shared regularly across 89 schools in Oxford5hire, along with our bulletins on Mental Health & Wellbein uardin We have also led a working group of staff in the OX14 Learning Partnership to develop sUPPOrt and incluslon for LGOTQ+ students and thelr families. Provision for parents & families included a webinar wlth a CAMHS psychologist on supporting your child's mental health for the OX14 Learning Partner5hip1137 parents registered),. a webinar with It Happens Éducation on staylng safe at partles for the OX14 Learnlng Partnershlp1128 reglsteredl; a webinar on managing difficult feelings with the Centre for Emotional Health for our primary partnership schools174 registered), a bespoke webinar for Rush Common primary School on digltal health & wellbeing for a primary 5¢hool118 registeredl and Page 7 ABINGDON SCHOOL REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2024 n information evening for parents on the RSHE curriculum at St Peter's CE primary school122 re8iSteredl. A number of wellbeing sessions were run for pupils from our partner schools ècross the year. Cornblned Cadet Force., The broad function of the Combined Cadet Force is to provide a disciplined organisation within a school so that student5 may develop powers of leadership by means of trainirt& to promote the qualities of responsibility, self-rellance, resourcefulness, endurance and perseverance, and a sense of service to the community. It Is flrmly believed that the self-confidence and self-discipline required In Service life are equally important In civilian Ilfe. 221 students were members of Abingdon's Comblned Cadet Force in the year. CommunSty Setvlte: Forty students visited slx care homes and resldences for older people on a weekly bas15 to run qulzzes and share the cakes that they had baked. We hosted 3 tea partles at school for 50 local resident5. other student volunteerin8 opportunities included volunteering in local charity shop5, working in a local hospital, gardening for a Dr's surgery, offering ICT assistance and help at after school clubs. Eighty students aye Involved in community servlce each term with over a third of all our student5 contrlbuting at some point In the academlc year. Duke of Edlnburgh's Award: In 2023124, 225 students participated in the DofE Award and completed over 2000 hour5 of volunteerlng in thelr local community. Thls Included volunteering in charity shops. Visltlng the elderly, coaching sports, running youth groups and helping to run community organisations. Fundralslng and Overseas Ald: During the 2023124 academlc year the school raised over £35,000 through a wide range of fundraising events such as the biennial sponsored walk, itself raising £27.000 alone. Other events included regular home clothes days, supporting Pride month, cake sales, football tournaments and a new cultural Heritage Day. Amey Theatre: Abingdon School has a 446-seat modern theatre whlch regularly hosts events for the Community and local schools at discounted or free rates. This year the Theatre ran a Live Screenlng pfoBramme 120 screenings Includlng those from ROH Live and NT Livel whlch is open to the local communlty. We also arranged for screenings of several NT Live productions specifically for local schools at no cast to them. We hosted three local prlmary schools for a range of end of year performances and events at 100% discounted hire fee, and offered technical advice and deslgn. Eleven local dance schools use the Amey Theatre throughout the year. many of which were raising money for local charities, where this is the case, a reduced hire fee is offered. The Amey Theatre is also used as a performance base for several youth theatre groups, including DIY Theatre Companyi Thames Vale Youth Orchestra and the local Stagecoach schools helping produce several of their productions, In 2024, the theatre was a central venue for the ATOM Festival of Science and Technology and Abingdon Music Festival. Tllsley Park and sports Centre: Abingdon School operates a substantial track and field facility in the north of Abingdon called Ti151ey Park. The site has three 5-a-side football pitches, two full size astro-turf hockey pitches, a full-si2e artificial pitch for rugbyi footb311 and American football as well as 3 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 ¢h3rge. The School's Sports Contre also runs an extensive programme of activitie5 for the community, including the Abingdon Swim School; the Ablngdon Sports and Leisure club with access to facilities and exercise classe5; as well as courses. camps and academies. Collaboratlon Ablrsgdon School Is aware of the p051tlon it holds both wlthin the local educational landscape and withln 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 for the benefit of all stakeholders. Abingdon School in Partnership IASIPI encompasses all areas of partnership at Abingdon School. in¢lLtding the Abingdon Sclence Partnership which has been running since 2014 and the OX14 Learning Partnershlp which launched in 2021. The aim is to help staff and students at Abingdon collaborate with, and learn from others within, the local educational community. Page 8 ABINGDON SCHOOL REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2024 Impact: 2023124 saw over 25000 hours of student experlence wlthln ASIP. with students Involved from 40 schools across ages and sector5. Approximately a third of teachill8 staff have been involved with the partnership programme ifi some way. Ablngdon School In Partnershlp: The main focu5 of 202314 was to ctsntlnue to develop our Primary strategy with focus on three local Primaiy Schools in south Abingdon and to develop partnership actlvities in the arts and sport. Abingdon School Is a founding member of the OX14 Learning Partnership Iwww.ox141 ,or .ukl. A formal State and independent and State school partnership launched in November 2021. Headteachers from across the six schools involved have worked together to create a mutually beneficial partnership based on challenge, inspiration and support for students and staff. In 2023124 there were over 7500 hours of student experience and SO actlvities. The OX14 Learnlng partnership is ? strong group of slx schools In the OX14 postcode and the Coordinator works with the Operatlons Group and School leaders to ensure a wide 3nd diverse offerlng of programmes and activltles including leadershlp opportunitle5 for students. These activitie5 hope to provide opportunities for aspiratlon and challenge and bring student5 from across schools to work together. This year has seen the introduction of three new core events for the OX14 Learnlng Partllershlp, these focus on the core aims. InspirED, ChallengED and SupportED brought together over 500 students to explore the themes and experience new things while working toBether. Academlc Coachlng Is an embedded actlvlty within our Partnershlp programme set up to traln students In coaching skills. The sessions cover leadership, listening skills, the coaching conversatlon and Safeguarding. After completing the training, students across schools work with younger peers to support them in their studies and academlc goals. Last year 45 students were trained in coaching and carrled out 400 hours of coaching. The Peer Support Lead pro8ramme works Wlth students across OX14 Learning Partnership schools to train and deliver a collaborative programme for slxth form students. The PSL programme aims to enhance existing pastoral support structures in schools and bring students together to learn new skills. Students are trained in empathetic listenillg, creative loitering and mental health owareness to provide Invaluable support. Students are also able to signpost student5 to helpful resources or further support. In 2023124 over 50 students were trained and 90% of students felt they had a good or excellent knowledge of mental health condltions by the end of the programme. Collaboration with local mental health charities was a rewarding and useful part of this programme 'AfterAblngdott' programme: partner schools attended a range of events aimed at the next steps beyond sthool. Activities included webinars on Oxbridge, considering alternatives to unlversity, gap years and understandlng student loans. Local school student5 were also invited to attend the Futures Falr, a universities fair wlth a range of Institutions aiming to broaden awarene55 of available degree courses and universlties. In addition, Abingdon staff provided Oxbridge guidance and interview practice to students from partner schools. Governance: Seven members of staff served as Governor5 of local primary and secondary schools, with l of those takingthe role of Choir. Abingdon is happy to release colleagues to complete their governance dutiès when those commltments fall at times when the staff would usually be in school as the School understands the benefit for all parties. One member of staff is also an Independent person for Oxford International College. Llbrary: Over the past year, the librarian ha5 contlnued to contribute to the ongoing development of a national partnership of public, private and voluntary-sector organi5ations, initiated in February 2020, to encourage and asslst the integration of 'lnformation literacy, teaching into the secondary school curriculum. This Inltiative has attracted support from more than 150 organi5atlons across the UK. In addition, he has continued to work wlth the education resources provider JCS to provide free CPD for Secondary schoo15 running the Extended Project Qualification and seeking to make the most of digltal learning resources,. this included a webinar that attracted more than 500 participants. Over the coijrse of 2023124, the librarian began mentoring four new early-career librarians at state secondary schools in Englartd. as well as liaising with school Ilbrarians across the UK to a551st with the development and delivery of EPQ programmes and to help them evaluate the potential for new online information resources to support teaching and learning. Page 9 ABINGDON SCHOOL REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2024 PrlmarySchool Partnershlps: In 2023-24 we organised a range of curriculum workshops some of which Abingdon students had the opportunity to lead. Ablngdon students visit a number of local primary schools regularly to a5S15t in running clubs or offer demonstrations. Sports Partnershlps A Primary school cricket festival was attended by over 150 Children and multi-sport clubs led by our student coaches are offered weekly. Arts Partner5hlps: The 2023124 iteration of the Oxfordshlre Academy ot Broadcast Jouynallsrn saw a record number of over one hundred student5 from f6ve OX14 schools participating in a number of in person 5esslons at local schools led by broadcasters Olly Hogben and Blythe Lawrence. The Abingdon Fllm Academy broke new ground by runnlng a year-long series of once-a-week. 90-minute after school workshops at Larkmead School attracting 16 from Years 9 & 10. In the flrst term, students learned basic skllls before combining to create, film, irect and act in a short fiction film, Corols Christmas. In January, the students came into school to attend Film Club sessions and began workin8 on five indivldual documentary projects which were completed In the summer term, with one of the fllms receiving a screenlng at the Instltut Francai5 in London in June. In the Michaelma5 term, OA filmmaker Michael Bicarrugui joined forces with the primary school's partnership team to lead two workshops on stop motion anlmatlon films. The popular programme of partnership NT Llve screenlngs continued in February Wlth the hit play Dear Enolond. attracting over 300 students from Larkmead, Fitzharrys and John Mason Schools. A new Initlative, In partnershlp with Radley College, was a Year 9 OX14 Shakespeare monologue ¢ompetltlon and attracted participants from three schools Fitzharrys, Radley and Abingdon. Musical collaboration centred on the highly succe55ful Anythlng But Closslcal concert In July, in whlch a large number of student bands from several OX14 schools took part. Flnally, practitioners from the Puppet Theatre Barge in London led four days of shadow puppetry workshops at Abingdon towards the end of the summer term that involved around 300 puplls from local primary schools. Ablngdon Prep In Partnershlp {APIPI We have ¢ontlnued to build our links across the Foundation between AP5 and AS. A notable part of this has been the sessions held between Sixth form Peer Support Leeds IPSLSI and Year 8 pupils. Pre-prep and Year 2 puplls have used the planetarium at AS and Year 5 have taken part In the Science partnershlp sesslons. We have continued our Ilnks with three local primary schools, Wootton Village prlmary, St James prlmary in Hanney and Hagbourne prlmary. As part of this, puplls from these schools have joined our Year 6 puplls for some sports activities run by our Director of Sport. Pupils in Year 5 and 6 have also taken part i science sessions. Ablngdon Sclen¢e P4rtnershlp (ASPI. The dedicated Partnerships Laboratory in the Yang Sclence Centre continues to be an essential community asset. Abingdon Science Partnership's extensive programme of primary sciente workshops, science clubs and astronomy activities engage with a network of nearly thlrty other schools in the area as well as community groups such a5 the Stouts and Guides association, and Abingdon Home Educators Group. ASP Impa¢t.' In 2023124 ASP ran 80 prlmary science workshops with schools from the local network, includlng planetarium workshops. Student Science Ambassadors and tolleagues assisted with the running of monthly Saturday Science Clubs for children and parents in collaboration with Science Oxford. Five pupils from two lo£al Secondary schools have continued with the GCSE Astronomy course, alongside Abingdon School pupils, throu8h weekly contact sesslons and a self-study programme. ASP also hosts the annual Oxford5hlre Technicians, Conference in the Partnerships Lab, Greenpower F24 Challenge Teom.. ASP hos once again SUPPOTted Fitzharry5 School In the Greenpower F24 Challenge. These accomplishments highlight the positive impact of community collaboration in STEM education. Worklng wlth natlonal s¢lence organlsotlons tsnd commerclul componles.. The ASP Coordinator is a Schools, Observatory Champion, working closely with The Schoo15' Observatory to develop astronomy education resources and promote the teaching of astronomy in schools. The ASP Coordinator is also on the steering committee of the Astronomy Educators & Outreach Network, and acts as a liaison for the UK Atomic Energy Authorily Education & Public Outreach. Page 10 ABINGDON SCHOOL REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2024 Streamllned Enqrgy and Carbon Reporting ISECRI As part of the obligations set out under the Energy and Carbon Report Regulations 2018, the School is requlred to disclose the energy consumed and carbon dioxide creèted as an organisatlon over the lost reporting year starting on or after April 2019. To fulfil thls we have measured our UK energy and greenhouse gas emissions as classified within scope l and 2 which pre presented in table l. In addition we have included our 5¢0pe 3 emi55i0ns related to business travel in employee owned vehicles where the school reimburses the mileage and fuel allowance and boarding pupll travel (home to school durlng the year- table 31 along wlth International travel relating to school trips Itable 41. Table 2 contalns the conversion factors used in the calculation of these figures. Compafative figures uslng historical conversion factors have been included for prioryears and our base reportlng year. OrganlsatSonal and Operallonal Boundarle5 of the School. The School does not have a complex Companv structure and therefore accounts for 100 pèrcent of the greenhouse gas IGHGI emissions from operations over which it has control. in¢ludlng the trading subsidiary. Its Structural and operational boundaries are the same with the School operating from four sltes: Abingdon School, Park Road, Abingdon Abingdon Preparatory School, Joscas House, Kingston Road, Frllford Tllsley Park. Dunmore Ruad, Abingdon Boathouse. Wilsham Road, Abingdon The School operates a fleet of sixteen minibuses for the purpose of pupil transportation as well as a number of grounds and other road vehicles used in the operation and malntenance of its 51tes. MÈthodoloBY. 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: Natural gas used for heating the buildings we occupy and for hot water (Scope 11 Fuel consumption in comp3ny owned vehicles for business use (Scope 11 Electricity used for lighting. coollngl air conditioning and point of use water heaters (Scope 21 Mileage from reimbursed claims for business use in staff owned vehicles (Scope 31 Gas and electricity consumptlon figures have been tsken from invoices and sub-meter readings a5 appropriate. Where the readlngslinvoices 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 vehicle5 15 measured from fuel cards used by staff when in control of bltsiness owned vehicles. Mileage from reimbursed claims from staff has been calculated uslng the standard rate of 45p per mlle. For a base year the School has Set the financial year September 2017 to AuEUSt 2018 0$ the earliest period for whlch reliable data is avallable for the sources above. We therefore include flgures for the financial year September 2022 to August 2023 (Year 11 and September 2023 to August 2024 Iyear 21 as a comparison. Intensity rat105 normalise emissions data with an appropriate busine55 metrlc Of financial indicator. This allow5 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 reporling year a5 well as our annual turnover I£IOO,OOOsl. Page 11 ABINGDON SCHOOL REPORT OFTHE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2024 Energy Con$uMPtlon, Greenhouse Gas Emlsslons and Inten$lty Ratlos Toble l.. GHG emlsslons ond ene yuse rre ortlng r. compurlson year andbose reportln Curréntreportlhs.:4,* Lomparlioth.portln#.- ears. .B¥.$¢ r4port.lrt8' Gas combustion kwh 111131 lscope 11 Trans ort Iltres 141 Sco Transport kwh (Scope 11 using conversion factor from milesllitres to kwh Electrici kwh IZ1131 Sco Transport mlles1$1 Scope 31 Transport kwh (Scope 31 using converslon factor from mllesnltres to kwh Total consum tion kwh Emissions from combustion of gas tC02È Isco ell Emissions from combustion of fuel for trans ort purposes tC02e Isco ell Emlsslon5 from purchased electrlclty tC02e Sco Emlssions from business travel in employee owned vehicles, where the company repaid mlleage claims tC02e Isco e31 Total gross tC02e based on above Avera e annual pu il number161 Inten51ty Ratlo.. tC02e gross fi8urÈ/avera8e annual il number Turnover £IOO.000s Additlonal Intenslty Ratio.. tC02e gross urel£lOO.OOOs turnover Total Emisslons from 112 boarding students travellin to and from school tC02e 171 Iscope 31 Overseas school trip transport emlsslon5 from coaches, ferries and fll hts tC02e181 Sco Source.. [1] Gos invoices, [2] Electricity invoices, [3} meter reodings,14lfuel card involces, [5] stt7ff mlleoge cluims, [6} isomsfvr pupil informotion, [7] MyAbingdr)nfor trip dett7ils, [8] httPs.'//www,cqrbonfootprint.com/colcult7tor,a5PX 4,149,205 26,797 4,631,684 29,850 5,172,946 25,401 279,743 310,748 265,920 2,032,572 12,291 1898,279 10,440 2 150,598 21,303 13,682 11,548 24.979 6,475,202 6,852,259 7,614,443 757 846 952 66 73 65 421 393 609 1,247 1288 1,314 1285 1,632 1272 0.97 1.02 1.28 35.24 34.60 28.29 37.99 57.69 35.39 NIA NIA 1,408 455 NIA NIA Toble 2.. Curbon Converslon Fo¢tors 2023-24 Artlvl Gaseous Fuels Notural as 0.18253 uid Fuels Dlesel average biofuel blend 2,47960 Liquid Fuels Petrol (average biofuel blend 2.07047 Trans ort Average Car, unknown fuel mlles 0.26860 UK electricit Electricit enerated kwh 0.20705 Source.. UK Government GHG Conversion Foctorsfor Company Reporting, 2024, DESNZ. kwh litres io.sii 2024 9.468 1.11314 Energy Efflclenry Actlons. In 2022123 the School produced an Environmental 5u5t31nabillty policy based on the 10 One Planet Llving principles to gulde and support it5 envlronmental action plan and work has been ongoing to complete the agreed activitles. These include not just the expected energy, waste and water reduction projects but community outreach projects to other schools, health and wellbelng inltiatives 2nd estate bio diversity and tree care management schemes to improve and maintain the estate carbon capture. Page 12 ABINGDON SCHOOL REPORT OFTHE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2024 Key actions for the year included contlnued development of our new waste management contract with our waste Service contractor Grundon. We can now state that the school waste is 100% zero to landfill. the waste is either recycled or 8oe5 into energy 8eneration. In the reporting period September 202312024 ,73.65 % of the school waste wa5 recycled the remaining waste wa5 Utillzed for energy productlon resulting in 28,593 kwh being produced, which equ3ted to a 105,509 C02 Ikgl 5avlng or to 334 trees saved. In July 2024 the decision was made to reduce the school minibus routes and contract wlth the Oxfordshire wide Joint Bus Service and other schools for the majority of morning and afternoon school routes which has significantly reduced our transport carbon footprint on whlch we will report fully next year when the annual impact data15 available. We have Invested in 3 state-of-the-art food recycling unit (Tumble Bugl which will turn 100% of the Prep school food waste into soll improver which wlll then in turn be used to enhance and improve the school estate biodlversity. Acro55 the Ablngdon Foundation est3te portfolio, we Currently have 5 roofs fitted wlth solar PV panels and one with 501ar fllm and vla our energy monltorinB 50ftware Isolarwavel we have calculated that the 23124 energy generation from this is 120,012 kwh pa. or 1404 trees saved. We remain committed to further reducing our Carbon Footprint and improvin8 our environmental sustalnability. In partlcular, the following projects are planned for this finan¢Sal year- Continuation of LED lighting programme in the Sports centre circulation spaces and the changing areas and the next phase of the Tilsley Park pitch flood IiEhting. EV charglng at Tilsley Park. Planting of more biodiversity zones and development of more hedging to support wildlife habitat. Equallty Act Abingdon School complies with the Equality Act 2010 and Is committed to providing equal opportunities in employment. The School's policies seek io avoid unlawful discrimlnation in all aspects of employment including recruitment, promotion, opportunities for trainin8, pay and benefits, discipline and selection for redundancy. Dlsabled per50115 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. Durin8 employment the School seeks to work with employees, considering their person31 circumstances, to ensure appropriate traininB. development and advancement opportunlties are available to enable them to reach their full potential. Sectlon 172 Statement This section Is in response to a reportlng requirement to explain how the Governors, as Dlrectors of the Charlty, have had regard to broader stakeholder interests when performlng their duties under section 172 of the Companies Act 2006. It is intended to att as a 'signpost' to the relevant areas of the Governors, report and not to repeat the discusslon in other 5ectlOlls of the report. The Governors understand the importance of maintalnlng productive relationships with all stakeholder5. They do thi5 in many ways, including as described in our section on Public Benefit (page 71 and Employee involvement Ipage 31. The Incluslon on page 13 of an Energy and Carbon sectlon demonstrates the Governors. regard to the role the Charlty plays in climate change. Our Alms and Ethos statement on page 3 guides the lon8-term decision making of Governors and the section on page 4 explains the decisions taken in the interest5 of all the Charitvs stakeholders in response to risk. The commentary, starting on page 5, that di5CU55es our academic results, grant-making policy, plons for future periods and capital developments helps explain the Governor5, focus on the promotion and success of the Charitv for the pupils at Abingdon, both currently and in the future. Finally, the section on Structure, Governance and Management starting on page 2 underllnes the focus of the Governors on runnlng the Charlty effectively and to high Standards for the benefit of all its stakeholders. Page 13 ABINGDON SCHOOL REPORTOF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2024 Statement of Dlre¢torg Responslbllltles The dlrectors are responsible for preparing the Directors, Report and the financial statement5 in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice Iunited Kingdom Accountlng Standards) and applicable law. Under company law the dlrectors must not approve the financ131 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 director5 are requlred to: select 5Uitable accounting policles and then apply them conslstently: ob5eive the methods and principles in the Charities SORP,. make judgements and accounting estimates that are reasonable and prudent; state whether applicable UK Accountlng Standards have been followed, sublect to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unle55 It is inapproprlate to presume that the charitable company will contlnue In business. The directors are responsible for ensuring that adequate accounting records are maintained that are Sufficient to show and explain the charlty's and the group's transactlons and disc105e wlth reasonable accuracy at any time the financial position of the charity and the group and enable them to ensure that the financial statements tomply with the Companies Act 2006. They are also responsible for safeguarding the ?$5ets of the chority and the group and ensuring their proper application in actoidance with charity law, and hence for taking reasonèble steps for the prevention and detection of fraLsd and other irre8ularities. Prov1510ft ollnfvrmatlon to the audltor Each of the persons who are directors at the time when this dlrectors, report is approved has confirmed that.. 50 far as that each director Is aware, there 15 no relevant audit in*ormatlon of which the charitable 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 by the charltable company and the Group's auditors in connection with preparing their report and to establish that the charitable company and the Group's auditor is aware of that information. Audltor Critchleys Audit LLP has indlcated its willingness to continue in office. The Report of the Dlrectors and incorporated Strategic Report were approved by the Board on 4th December 2024. MIC STEVENS Chair of Governors Page 14 ABINGDON SCHOOL INDEPENDENT AUDITORS, REPORTTOTHE MEMBERS OF ABINGDON SCHOOL FOR THE YEAR ENDED 31 AUGUST 2024 Independent Auditors, Report to the members of Ablngdon School Oplnlon We have audited the financial statements of Abingdot) School (the 'parent charitable company'l and Its Subsidiaries Ithe 'group'l for the year ended 31 August 2024 which comprlse consolidated statement of financial activities. the school and consolidated balance sheets, the consolidated statement of cash flows and notes to the financlal statements, includlng slgnlficant accountlng policles. The financial reporting framework that hès been applied in their preparation 15 applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard appllcable in the UK and Republic of Irelènd" (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. glve a true and fair view of the state of the group's and the parent charitable compan¢s affalrs as at 31 AugL¢St 2024 and of the group's incoming resource5 and application of resource5, including its Income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Pra¢ti¢e; and have been prepared in accordance wlth the requlrements of the Companies Act 2006. 8asls for oplnion We conducted our audlt in accordance with International Standards on Auditing IUKI IISA5 IUKII and applicable law. Our responsibilities underthose standards are further described in the Auditorfs responsibilities forthe audlt of the flnancial 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 FRCS 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. Concluslons relatlng to golng concern In audlting 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 materièl uncertainties relatlng to events or conditions that, individually or collectively, may cast significant doubt on the group's or parent charitable companls ability to continue as a going concern for a period of at least twelve month5 from when the financial statements are authorlsed for Issue. Our responslbllities and the responsibilities of the trustees with respect to going concern are described in the relevant 5e¢tions of this report. other Informatlon The other information comprises the information included in the Report and Accounts other than the financial statements and our auditorfs 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 otherw15e explicltly stated In our report, we do not express any form of assurance conclusion thereon. Our responsibillty is to read the other Informatlon and, In dolng so, consider whether the other Information is materially inconsistent with the flnanclal statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such materlal incon5iStencles or apparent materlal Page 15 ABINGDON SCHOOL INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ABINGDON SCHOOL FOR THE YEAR ENDED 31 AUGUST 2024 m15Statements, we are required to determlne whether this gives rise to a material misstatement In the financlal statements themselves. If, based on the work we have performed, we conclude that there is a material mi5Statement of this other information, we are required to report that fact. We have nothlng to report in thls regard. Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given In the Directors, Report, whlch includes the Directors, Report and the Strateglc Report prepared for the purposes of company law, for the financial year for which the financlal statements are prepared Is consistent with the financial statements,. and the Directors. Report and the Strateglc Report included wlthin the Directors, Report have been prepared in accordance wlth applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the118ht of the knowledge and understandin8 of the group and the parent chaTltoble company and their environment obtained in the course of the audit, we have not identlfied material misstatements in the Directors, Report or the Strategic Report included within the Directors, Report. We have nothing to report In respect of the followlng matters where the Companles Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept by the parent charltable company. or return5 adequate for our audit have not been received from branches not V15ited by us. or the parent charitable company flnancial statements are not in agreement wlth the accounting records and returns,. or certain disclosures of trustees. remuneration specified by13w are not made; or we have not received all the information and explanation5 we require for our audit. Re5ponslbllltles of trustees As explained more fully in the Statement of Directors, responsibilltles set out on page 15. the trustees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being Satisfied that they give a true and fkir view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material mi5Statement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the group's and parent charltable company'5 ablllty to continue as a going concern, disclosing, as applicable, matters related to going concern and using the goin8 concern basis of accounting unless the trustees either intend to liquidate the group or parent charitab5e company or to Cease operatlons, or have no realistic alternative but to do so. Audltors, responslbllltles for the audlt of the financlal statements OLFr objective5 are to obtain reasonable assurance about whether the financlal 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 IUKI wlll always detect a material misstatement when It exlsts. Mlsstatements can arlse 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 fin3nci31 statement5. Pa8e 16 ABINGDON SCHOOL INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF ABINGDON SCHOOL FOR THE YEAR ENDED 31 AUGUST 2024 The extent to whlch the audlt was consldered capable of detectlng IrreEulailtles, Includlng fraud Our approach to identifying and assessin8 the risks of material mi55tatement in respect of irregularities, includlng fraud and non-compliance with laws and regulatlolls, Was as follows: the enBagement partner ensured that the engagement team collectlvely had the appropriate tompetence, capabllities and skllls to identify or recognlse non-compliance with appllcable laws and regulations. we Identlfied the laws and regulations applicable to the group through dlscus5ions wlth dlrectorsltrustees and other management, and from our knowledge and experience of the sector. we focused on speciflc laws and regulations which we considered may have a direct materlal effert on the financial statements or the operatlons of the group. we assessed the extent of compllance with the laws and regulations identlfied above through making enquiries of management and inspectlng legal correspondence,. and identifled laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the group's financial statements to material mlsstatement, Including obtaining an understanding of how fraud mlght occ¢Jr, by.. making enqLElries of management as to where they considered there was Susceptibility to fraud, their knowledge of actual, suspected and alleged fraud- considerlng the internal controls in place to mitigate rlsks of fraud an(1 non-compliance with laws and re8ulations,' and To addre$5 the risk of fraud through management bias and override of controls, we.. pefformed analytlcal procedures to identify any unusual or unexpected relationships. tested journal entrie5 to identify unusual tr8nsactions,' a55e5sed whether Judgements and assumptlons made in determinlng the accounting estlmates were indicative of potential bias,. Investigated the rationale behind slBnificant or unusual transactlons. In response to the risk of irregularltles and non-compllance with laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial statement disclosures to underlying 5upportlng documentatlon; reading the minutes of meetings of those charged with governance: enqulring of management as to actual and potential litigation and c131ms' There are inherent limitations in our audit procedure5 described above. The more removed that laws and regulations are from financial transactions. the less likely it 15 that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulètions to enquiry of the directors/trustees and other management and the inspection of regLtlatory and legal correspondence. if anv. Material misstatement5 that arise due to fraud Can be harder to detect than those that arise from error as they may involve deliberate concealment or colluslon. Page 17 ABINGDON SCHOOL INDEPENDENT AUDITORY REPORT TO THE MEMBERS OF ABINGDON SCHOOL FOR THE YEAR ENDED 31 AUGUST 2024 A further descrlptlon of our respon51bllltles for the audlt of the financlal statements Is provlded on the Flnanclal Reportlng Councll's webslte at h www.fr¢,or auditor5res onslblllties, Thls descrlptlon forms part of our audltorfs report. Use ol aui report Thls report Is made solely to the charltable compan¢s members, as a body, In accordance wlth Chapter 3 of Part 16 of the Companies Art 2006. Our audit work has been undertaken so that we mlght state to the charitable companV5 members those matters we are requlred to state to them In an audltorfs report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume re5ponslbillty to anyone other than the charltable company and the charltable companvs member5 as a body, for our audlt worL for thls reporL or for the opinions we have formed, //// • ROBERT KIRTLAND Isenlor Statutory Audltorl For and on behalf of CRITCHLEYS AUDIT LLP, Statutory Audltor Chartered Accountants Flrst Floor Park Central 41>41 Park End Street Oxford OXI IJD Date 1011212024 Pa8e 18 ABINGDON SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Consolldated Statement of Flnanclal A¢tlvltles Ilncorporatlng In¢ome and expendlture account) Note Unrestrlcted Funds rooo Re$tYlrted Funds £'ooo Endowod Funds £'ooo 2024 Totsl Funds £'ooo 2023 Total Funds £'ooo INCOME AND ENDOWMENTS FROM: Charitable activities: School fees Ancillary income Earned from charitable a¢tlvltles 30,541 2,752 33,293 30,541 2,752 33,293 29,069 2,968 32,036 4a Donatlon5 Trading & lettinBS Investments TOTAL INCOME 4c 13 1,327 16 J4,649 552 564 1,327 55 35,239 629 1.187 118 33.970 4b 12 564 26 26 EXPENDITURE Expenditure on charitable activities.. School operating Costs Costs of raising funds 5a 5a 32,669 191 157 361 33,187 191 32.600 145 Other expenditure: Trading & lettlngs costs Finance costs TOTAL EXPENDITURE 5a 1,000 87 33.946 1,000 986 53 33,784 157 367 34,470 NET INCOME BEFORE GAINS I IL055ESI ON INVESTMENTS 703 407 13411 769 186 (Losses) / Gains on investments Transfer5 9b 14 33 244 32 1218 60 1261 125 1481 NET MOVEMENT IN FUND5 980 221 13071 893 138 Balance brought forward at I September 51,230 1.485 11,444 64,158 64,020 BALANCE CARRIED FORWARD at 31 Au8USt 14 52,210 1.705 11,136 65,052 64,158 All amounts relate to continuing operatlons. The notes to the financial statements on pages 26 to 37 form part of these accounts. Page 19 ABINGDON SCHOOL FINANCIAI STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2024 School and Consolldated Balance Sheets GROUP 2024 £'ooo SCHOOL 2024 rooo Notes 2023 E'OOO 2023 £'ooo FIXED ASSETS Tangible fixed asset5 Investment a55ets 72.941 1,478 74,419 71,199 1.495 72,694 72,927 1,478 74,405 71,167 1.495 72,662 CURRENT ASSETS Stocks Debtors Cash 32 1,937 1,023 2.991 33 1,907 755 2,695 27 1.920 732 2,679 29 1.882 574 2.485 io CREDITORS.. Due wlthin one year li 17,1711 18,3511 {7,0861 18,2401 NET CURRENT LIABILITIES 14,1801 5.6561 {4,407} 5.7551 TOTAL ASSETS LESS CURRENT LIABILITIES 70,239 67,037 69.998 66,907 CREDITORS: Due after more than one year 12 {5,187) 12,8781 (5,1871 12,8781 TOTAL NET ASSETS 65,052 64,158 64,810 64,028 ENDOWED FUNDS 13 11,137 11,444 11.137 11.444 RESTRicfED FUNDS 13 1.706 1,485 1,706 1,485 UNRESTRICTED FUNDS 13 52,209 51,230 51,966 51,099 TOTAL FUNDS 14 65,052 64,158 64,810 64,028 As permltted by s408 of the Companles Act 2006, the charitable company has not presented a separate Statement of Financial Activities and Income and Expenditure Account. The charitable compèD¢s net income after expenditure was £781k12023.. £164kl. The flnancial statements were approved by the Board of Governors of Abingdon School on 4, December 2024 EVENS air of Governors The notes to the financial statements on pages 26 to 37 form part of these accounts. Page 20 ABINGDON SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Consolldated Statement of Cash flows Note5 2024 £'ooo 2023 £'ooo Ilet fash 8enerated Irom operatlDns 18 7,283 5,076 Investment artlvltles: Payment for tan8lble fixed assets Proceeds from sale of flxed assets Payments for financial Investments Cash withdrawn from Investment portfolio Bank Interest recelved Net cash absorbed by Investlng artlvltles 15,1291 li 115,5721 9b 9b 4b {361 278 187 14,917} 115,2711 Flnanclng actmtles: Cash loutflowifinflow from revolvln8 bank credlt fa¢lllty Bank charges Interest pald Net ¢ash generated /(absorbed) by flnanclng artlvltles {2,0001 1131 1741 12,0871 2,000 1211 1261 1,953 Inueasel(Decreasel In cash In the year 268 18,2421 Cash and Cash equlvalents at I September 755 8,994 Cash and Cash qqulvalents at 31 August 1,023 755 The notes to the financial statements on pages 26 to 37 form part of these accounts. Page 21 A8INGDON SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 COMPANY LIMITED BY GUARANTEE The School Is a company limited by guarantee, registered In England, and Is a Re8lstered Charlty. Each Directorfs Ilability would be Ilmited to an amount not exceedlnE £10 in the event of the School winding up. ACCOUNTING POLICIES Accountlng Conventlon The financial statements have been Prepared in accordance with Accounting and Reporting by Charlties.. Statement of Recommended Practice applicable to charities preparing thelr accounts In accordance with the Flnanclal Reporting Standard appllcable in the UK and Republic of Ireland IFRS102 effectlve I january 20191 Charitles SORP IFRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006 and under the historlcal cost convention modified to include the revaluation of investments at fair value. In accordance wlth FRS 102 as a quallfylng entlty, the School has taken advantage of the exemption from the following disclosure requlrements'.- Section 7 Statement of Cash Flows- Presentation of a ch3rity only Statement of Cash Flow and related notes and disclosures. 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 definltlon of a public benefit entity under FRS 102. The charity's business address is Ablngdon School, Park Road, Abingdon, Oxfordshire OX14 IDE. b) GolnE concern At the time of approvlng the financial statements, the Directors have a rea50nable 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 redL¢ced pupil numbers, reduced fees and potential bad debts as well as the p055ible impact of VAT on fees. Sensitivity around these assijmptions 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 charit￿5 obligations as they fall due. Thlts the Directors continue to odopt the goin8 concern basis of accounting in preparing the financial statements. Basls of consolldatlon The consolidated Igroupl accounts comprise the charlty and it5 wholly-owned subsidlaryAbingdon School Enterprise5 Limited. All intra-group transactions, balance5 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 Financlal Actlvities 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 £33,950k12023., £32,820kl, expenditure £33.294k12023 £32,798kl, and a gain on investments of £125k. giving net income of £781k12023.' £164kl. d) Fees and Slmllar Incoffle Fees receivable and charges for services and use of premises are accounted for in the perlod in which the service is provided. Fees receivable are stated after dedurting allowances, scholarships and other remlssions 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 22 ABINGDON SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Donations Donatlons received for the general purposes of the Schools are ¢redlted to 'unrestri¢ted funds, 3n(f are reco8nised when entitlement to the funds exlsts, recelpt Is probable and the amount can be reliably measured. DonatlODS subject to specific wishe5 of the donor5 are carried to relevant restricted funds or to endowed funds where the amount is required to be held as permanent capital. f) Expendlture 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 obllgation can be measured reliably. Certaln expenditure is apportioned to cost categorle5 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 comprlse the costs associated with attracting voluntary income as well as costs incurred lialsing with alumnl. Charitable expenditure comprises those costs Incurred by the charity in the dellvery of its actlvlties 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, Includlng external audit, Governors legal advice and constitutional and statutorv compliance costs. Investments Listed investments are carried at their mid-market value at the balance sheet date. Realised galns and losses on investments are calculated as the differen¢e 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 actlvities in the year of disposal. Unrealised gains and losses represent the movement in the market values dL¢ring the year and are credited or charged to the statement of financial activities based on the market value at the vear end. Unlisted investments are held at cost. h) Investment Income Income from these investments is accounted for on a receivable basi5. Interest is accounted for on an accruals basls. stocks Stock is valued at the lower of cost and net realisable value. Debtors Trade and other debtor5 are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepald net of any trade discounts due. kl Tan8lble Flxed Assets Tangible assets are stated at historical ¢ost or valuation less depreciatlon. Items of £5,000 or less are expensed in the year. Projects under construction are not depreciated. Depreciation is provlded on a straight-line basi5 as follows.. Buildlngs generally 40 years, in no event more than 50 years Motor vehlcles 4 years Sports equipment 4 years Fixtures. Fittings and Equipment 4 to 10 years Sn the year the Governors changed the rate of depreclation on buildings from 25 years to 40 years as described above. The carrying values of fixed assets are reviewed for impairment only when events indicate the carrying value may be impaired. Page 23 ABINGDON SCHOOL FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 AUGUST 2024 Cash at bank Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturlty of three months or less from the date of acquisltion or openlng of the deposit or similar account. Credltors Llabllities 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. Flnafielal Instruments The School applies the provisions of Section 11 'Ba5ic Financial Instruments, of FRS 102, in full, to all of its rinancial instruments. Financlal assets and financial Ilabilities 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 ofl the reco8ni5ed amounts and intends either to settle on a net basis, or to realise the asset 2nd settle the liability simultaneously. Fin(Jnciul assets Basic financial assets which intlude trade and other recelvables and cash and bank balances, are Initially measured at transaction price includln8 transaction costs and are subsequently carried at amortised cost using the effectlve interest method, unless the arrangement constitutes a financing transactlon, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financiol liabllitie5 Basic financial liabilities includin8 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 flnancial liabilities classlfled as falr value through profit or loss are measured at fair value and are Subsequently measured at amortised cost. Penslon Costs The School operates two type5 of pension schemes for their employees. reaching St17ff The School contributes to the Teachers, Penslon 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 a55ets and liabilities of the scheme which are attributable to the School. In accordance with FRS102 therefore, the scheme is accounted for as a defined contrlbution scheme. Non-Teaching Stoff Scheme There are five different schemes 311 of whlch operate on a defined contributlon basis. The pension c05t charged to the Statement of Financial Activities fepresentS the amoLFnt of the contributions payable to the scheme in respect of the accounting period. pl Employee benellts The cost5 of employee benefits are recogni5ed a5 a Ilability and an expense, unless those rosts are required to be recognised as part of the cost of stock or fixed èssets. The cost of any unused hollday entitlement 15 recognised In the period in which the employee's servlces re received. Termination benefits are recognised immediately as an expense when the School 15 demonstrably Committed to termlnate the employment of an employee or to provide termlnation benefits. Page 24 ABINGDON SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 q) Lease5 Assets obtained under hire purchase contracts are capitalised in the balance sheet. Those held under hlre purchase contracts are depreciated over their estimated useful lives or the lease term, whichever is shorter. Rentals pald under operatlng leases are charged to Statement of flnancial activltles on a stralght Ilne basis over the period of the lease. Fund accountlng Restrlcted funds are to be used for specified purposes laid down by the donor. Expenditure for those purposesls charged to the fund, together with a falr 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 osset 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. Judgement5 and key sources of estlmation uncertalnty In the application of the charity's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrylng amount of a55ets and liabillties that are not readlly apparent from other sources. The estimates and associated assumption5 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 onEoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects onlv that peTiod, 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.. Depreclatlon of tanglble Ilxed assets The Governors exercise theii judgement in assessing the expected remaining useful life of the assets held. Page 25 ABINGDON SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2014 SCHOOLS, FEES Fees reeelvable conslrt of: 2024 2023 £'ooo Gross tultlon fees Less: Scholarshlps, Foundatlon Grants and Commlsslons 32,486 17021 31,784 30.933 {716 30,217 Less; Bursarles from unrestricted funds Less: Bursarles from restricted funds Total Bursarles 11,0251 218 li,Z43) 19291 1219 11,1481 Net fees recel¥able 30,541 29,069 OTHER INCOME a) Anclllary In¢om¢ 2024 2023 £'ooo Coaches, trips and other recharges Re8lstratlon fees Retained/forfelted deposit income Other anclllary Income Total 2.368 123 147 2,529 159 230 50 2,968 2.752 b) Investment Income 2024 2023 Divldends recelved In investment portfolio Bank Inte￿St received Total 51 58 60 118 55 c) Donallong Income 2024 2023 £'ooo Restrlcted bursarles Other restrlcted donations Unrestrlcted donatlons Toial 457 94 13 564 305 323 629 Page 26 ABINGDON SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 EXPENDITURE Analysls of total expendlture Stalf costs Other costs £'ooo Deprec- latlon £'ooo Total 2024 £'ooo £'ooo Expendlture on charltaljle artlvltles.. Teaching costs Welfare Premises Support Governance cost5 (note 71 Coache5, trips and other 15,567 993 1,000 2,084 1,568 2,289 2,903 911 22 2,383 10,075 122 17,258 3,282 7,138 2,995 25 2,489 33,187 3,236 106 19,753 3,358 Other expendlture: Trading and letting costs Fundraising c05t5 Finance costs Inote 61 Total expendlture 469 107 514 17 1,000 191 94 34,470 20,329 10,767 3,375 • Includes proceeds from dlsposal of fixed assets stafl costs other costs £'ooo Oeprec- latlon £'ooo Total 2023 £'ooo £'ooo E¥pendlture on charltable actSvltles: Teaching costs Welfare Premise5 Support Governance costs (note 71 Coaches, trips and other 14,503 934 921 1.899 1,501 2,103 2,995 866 25 2,468 9,958 85 16,088 3,037 8,113 2,765 28 2,568 32,600 4,197 loo 18,360 4,282 other expendlture: Trading and letting costs Fundraising costs Finance costs Inote 61 Total expendlture 465 504 47 53 10,562 17 986 145 53 33,784 18,923 4,299 * Include51oss on disposal of fixed assets Support costs Include Staff Costs and other costs related to marketing, advertlslng, finance. HR, photocopying ènd other administrktlon costs. Page 27 ABINGDON SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 EXPENDITURE Icontinuedl bl Net Incomlng resour¢¢s are stated after char8lns'. 2024 £'ooo 2023 £'ooo Depreclatlon of tangible fixed assets Loss on disposal of fixed a55et5 Auditors, remuneratlon for audit Other professional services from audit firm.. Tax compllance seivices Other non-audit services 3,375 3,885 414 24 21 The above costs Include irrecoverable VAT. Employer payroll costs 2024 2023 £'ooo Wages and salarles Social security costs Pension cont¥ibutlons 15,411 1,673 2,859 19,944 14,408 1,582 2,540 18,530 The average number of persons employed by the Group and the company in the yearw3s 41112023.. 4021. Of these 161 were teachlng staff12023.' 1591. In addltion to the above there were 5212023.. 51) muslc, sport and English as a Foreign LangL¢age teachers. Included In wa8es and salaries above are termination payments totalling £147k12023'. £63kl, Neither the Directors nor persons connected wlth them received any remuneration or other benefits from the Schools or any connected organisation. The number of employees whose emoluments exceeded £60,000 were-. 2024 No. 2023 No. £60,001-£70,000 £70,001-£80,000 £80,001-£90,000 £90,001-£100,000 £ioo,ooi-£iio,000 £110,001-£120,000 £120,001-£130,000 £130,001-£140,000 £170,001-£180,000 £180,001-£190,000 £220,001-£230,000 £240,001-£250,000 36 26 40 15 Pension costs for staff earning over £60,000 were £1,338k12023'. £954kl. Thls relates to Deflned Contribution schemes for 215taff {2023.' 151 and Defined Benefit schemes for 57 staff12023'. 481. Page 28 ABINGDON SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 EXPENDITURE (contlnuedl d) Key managem¢nt p¢r50nnol (Group and Sthooll The annual cost for the membets of staff who are considered to be key management personnel (ln addltlon to the governors) were.. 2024 2023 £'ooo 1,502 1,435 Key management personnel Include the Heads of Ablngdon School and Ablngdon Prep School, the Director of Flnance and Operations. and the Director of External Relatlons. It also Includes the Senlor Deputy Head, Deputy Head Educational Development, Deputy Head Academlc and Deputy Head Pastoral at Ablngdon School. FINANCE COSTS 2024 2023 £'ooo Bank Charges Interest pald on loans and overdraft Investment manager fees 13 74 21 26 53 GOVERNANCE COSTS 2024 2023 £'ooo Audltor's remuneration Governance adminlstratlon costs Governor expenses and costs 19 21 25 28 Durln8 the year 6 Governors12023: 51 were reimbursed £2,60412023: £1,915) in respect of travel expenses. Page 29 ABINGDON SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 8. TANGIBLE FIXED ASSETS al Group Land Projects & In Progress Buildlngs Sports Equlpment Flxture$ Flttlngs & Equlpment Motor Vehlcle5 Total £'ooo £'ooo fOOD eooo C05t At I September 2023 Additions Transfers Disposals At 31 August 2024 67.873 19,271 4,758 124,0291 768 54 17.328 254 946 291 18,499 849 62 106,089 5,129 23,083 1181 804 (241 888 1711 111,147 90,957 Depreciatlon At I September 2023 Charged for the period Disposals At 31 August 2024 21,969 1,780 719 29 18 730 11,502 1,500 29 12,973 701 78 124 755 34,891 3,386 1711 38,206 23,748 Net Book Value At 31 Au8USt 2014 67,208 74 5,526 132 72,941 At 31 August 2023 45,905 19,271 49 5,826 148 71,199 b) School Land Prolecls In Pro8ress Sports Equipment Flxtures Flttlng5 & Equipment £'ooo Motor Vehlcle5 Total 8ulldlng5 £'ooo £'ooo £'ooo rooo Cost At I September 2023 Addltlons Transfers Disposals At 31 August 2024 67,873 19,271 4,758 124,0291 759 54 17,129 254 946 1291 18.300 849 62 105,881 5.129 23,083 118 795 1241 888 1711 110,939 90,Y57 Depreclatlon At I September 2023 Charged for the period Disposals At 31 August 2024 21,969 1,780 710 29 1181 721 11.334 1.483 291 12,788 701 78 24 755 34,714 3,369 1711 38.012 23,748 Net 8ook Value At JI August 2024 67,208 74 5,512 132 72,927 At 31 August 2023 45,905 19.271 49 5,795 148 71,167 The above assets are all used in the furtherance of the Charitls objects. Page 30 ABINGDON SCHOOL FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 AUGUST 2024 TANGIBLE FIXED ASSETS Icontinuedl RLwaluatlon reserve The net carrying value of the School's freehold land and buildings of £67,208k12023.. £45,905kl are held at deemed cost based on a valuatlon carried out by GVA Grimley Internatlonal Property Advlsers In August 1999, who prepared Existlng Use Valuation5 on each of the two Schools, adopting a Depreclated Replacement Cost basis for the Ablngdon site and boathouses. This Save rise to a revaluation reserve of £12,576k12023', £12,576kl. Had the land and buildings been included in the accounts at historical cost. the net book value would have been as follows: 2024 £'ooo 2023 £'ooo Cost Accumulated depreclation Historlcal net book value 78,381 121,2021 57.179 55,297 119,4221 35.875 INVESTMENTS The Charlty's Investments are as follows: 2024 £'ooo 2023 £'ooo Listed investments, at market value Cash awaiting re-investment 1,439 22 1,461 17 1,478 1,465 12 1,478 17 1,495 Unlisted investments Investments The carryin8 value of Abingdon School Enterprises Ltd is £1. bl Investments The movement during the year On investments and cash is shown below: Unrestrl¢ted Restrl¢t¢d Permanent endowment £'ooo Total £'ooo e(K)o rooo At I September 2023 Transfers Addltions Dividends received Cash withdrawn Cost offund management Unrealised gain At 31 August 2024 424 407 665 1,495 13 1341 12 11271 26 1261 161 60 719 51 11871 161 125 IA78 33 435 32 324 The historlc cost of the investments lincludlng cashl is £1,317k 12023.. £1,452kl. Included in the investments are overseas investments with a market v3lue of £1,056k12023.. £1,117kl. Page 31 ABINGDON SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 INVESTMENTS Icontinuedl Investment In subsldlary The ￿nveStrnent 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, sport5 and leisure business. The reglstered office is Abingdon School, Park Road, Abingdon, Oxon, OX14 IDE. 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. io. DEBTORS GROUP 2024 £'ooo SCHOOL 2024 £'ooo 2023 £'ooo 2023 £'ooo Sundry debtors and prepayments Fees and extras Amounts due from subsidiarv 1,618 319 1,453 454 1,605 248 67 1,920 1,438 377 67 1,882 1,937 1,907 ii. CREDITORS.. AMOUNTS DUE WITHIN ONE YEAR GROUP 2024 £'ooo SCHOOL 2024 £'ooo 2023 £'ooo 2023 £'ooo Fees received in advance Trade creditors other tax and social security creditors Sundry creditors and accruals Acceptance deposits Revolving bank credlt facility 3,652 876 754 1,325 564 2,038 927 715 2,159 511 2,000 8,351 3,652 870 749 1,251 564 2,038 923 711 2,057 511 2,000 8,240 7,171 7,086 Sundry creditors and accruals include £580k12023.. £1,282kl for accrued works for capital projects. A secured revolving credit facility of up to £3.5 million was arranged in the previous year to manage the working capital requirements of the new building developments. The credit facility incurs Interest at a rate of 1.4% over the sterling overnight index average rate. 12. CREDITORS.. AMOUNTS DUE IN MORE THAN ONE YEAR GROUP AND SCHOOL 2024 2023 £'ooo £'ooo Fees received in advance Acceptance deposits 2,069 3,119 5,187 2,878 2,878 Acceptance deposits represent deposlts taken at the time a pupil has been granted a place at the school nd are refundable when the pupil finishe5 their 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 32 ABINGDON SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. ALLOCATION OF GROUP NET ASSETS Fixed Asset5 Investments Current assets less total Ilabilltles £'ooo Total 2024 £'ooo £'ooo Permanent endowment Hammond legacy Land and buildings Expendable endowment Land and bulldings Total Endowment funds 719 719 8,628 8.628 1,789 ION18 1,789 11,137 719 Restrlcted funds 324 1,382 1,706 Unrestrirted funds 62,509 435 110,9791 51,966 Total School 72,927 1fv78 19,5971 64.810 Subsidiary reserves 14 228 242 Total Group 72,941 1,478 {9,3681 65,052 Flxed Assets Investments Current a5sels less total IlabllltlÈs eooo Total 2023 £'ooo £'ooD Permanent endowment Hammond legacy Land and buildings Expendable endowment Land and buildings Total Endowment fund5 665 665 8,861 8,861 1,918 10,779 1.918 11044 665 Rostrlcted funds 406 1,079 1.485 Unroslrlcted funds 60,389 424 19,714) 51,099 Total School 71,167 1.495 18,636) 64,028 Subsidlary reserves 31 loo 131 Total Group 71,199 1,495 18,5361 64,158 Free reserves 2024..1£10,316kl, 2023:1£9,190kl are defined as the unrestricted element5 of Investments and Current assets less total liabilities. Page 33 ABINGDON SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 14, FUNDS Balance 31 Au8USt Transfers 2023 In¢ome Expenditure Investment Ios5 Balance 31 August 2024 2024 eooo £'ooo É'ooo £'ooo Permanent endowment Hammond legacy Prize fund5 Land and buildings ExpÈndable endowment Land and bulldings Total Endowment funds 665 1261 26 161 60 719 8,861 12331 8,628 1,918 IIA44 11291 1367) 1.789 11,137 {26) 26 Restrlcted funds 1085 12181 564 1157) 32 1,706 Unrestrlcted funds 51.099 244 33,361 (32,770) 33 51,966 Total School funds 64,028 33,951 (33,2941 125 64,810 Subsidiary reserve5 131 1,288 11,1771 242 Total Group tunds 64,158 35,239 134,4701 125 65,052 Balance 31 Au8USt Translers 2022 Intome Expendlture Investment galn Balance 31 August 2023 1023 £,(￿0 £'ooo £'ooo £'ooo £'ooo £'ooo Permanent endowment Hammond legacv Prize funds Land and buildings Expendable endowment Land and buildings Total Endowment funds 693 1221 22 1231 665 9.093 12331 {8.8611 2,046 11,833 1129 {3671 1,918 11,4¢VI {22) 22 123} Restrlded funds 1202 1219) 648 {130} 115) 1,485 Unrestrlcted funds 50,828 241 32,150 132,111) {io) 51,099 Total School funds 63￿63 32,820 132,798) {481 64,028 Subsidiary reserves 156 1,150 11,1761 131 Total Group funds 64,020 34,160 33,9741 148} 64,158 Poge 34 ABINGDON SCHOOL f INANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 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 provlde funds for the school. Restricted funds are to provide for the long term future for the School and to provide funds for bursaries and scholarshlps at the Governors, discretion. The additions in the year are either for bursaries and scholarships or areas specified by the donors. 15. CAPITALCOMMITMENTS-GROUP AND SCHOOL Capital commitment5 as at 31 August 2024 totalled Énil 12023: £2,423kl. 16. OPERATING LEASES- GROUP AND SCHOOL At 31 August 2024, there were outstanding commitments for future minimum lease payments under non- cancellable operating leases, which fall due as follows.. 2024 É'ooo 32 48 40 120 2023 E'OOO 34 Wlthin one year Within two and five years Over five years 34 17. RESULTS OFTHE TRAOING SUBSIDIARY The school owns a non-charitable trading subsidiary, Abin8don School Enterprises Limited. registered company number 4442429, which operates as a retall and lettings buslness and distributes any taxoble profits to the school under Gift Aid. The trading results for the subsidiary are shown below.. 2024 £'ooo 2023 £'ooo Profft and Loss Attount Turnover Cost of sales Gross profit 1,288 2991 989 1,150 1280 870 Cost of admlni5tration Net Ilossl/ surplvs {877) 112 1896 126 Balance Sheet Total assets Total liabilitles 394 11521 242 308 1178 130 Called up share capital Profit and Los5 account 242 242 130 130 Included wlthln cost of admlnlstration 15 £20k12023'. £20kl Charged by the Charlty to Ablngdon School Enterprises for use of the Amey Theatre. This char8e has been eliminated on consolidation. The net liability of the trading subsidiary owed to the Charity as at 31 August 2023 was £67k.12023'. £67k) Page 35 ABINGDON SCHOOL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. NOTESTOTHE STATEMENTOFCASH FLOWS Reconciliatlon of net incoming resources to net cash generated from operatlons 20Z4 2023 £'ooo Net movement offund5 Investment income Finance costs Depreciation charges Loss on dlsposal of fixed assets IProfitl on dlsposal of fixed asset5 IProceedsl on sale of fixed asset5 Decrease/lincreasel in stocks Ilncreaselldecrease in debtors In¢rease/ldecreasel in creditors (exc capital creditor movement) IGainl/Loss on investments 893 1551 93 3,386 138 11181 53 3.885 414 {ii} 16) 16771 1,339 48 (Jo) 3,129 11251 Net cash generated from operations 7,283 5,076 19. PENSION SCHEMES Teactherg PÈnslon Scheme The School participates in the Teachers, Penslon Scheme 1.the TPS"} for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £2,804k12023.. £2,557kl. At the year-end there were no unpaid accruals In respect of contributions to thls scheme. The School has entered phased withdrawal from the TP5 which means that there will be no new entrant5 to the stheme after I" September 2024. The TPS is a statutory. contributory, deflned benefit scheme, 8overned by the Teacher5, Pension Scheme Regulations 2014. The TPS is an unfunded scheme to which both the member and employer makes contributions, a5 a percentage of salary - these contributions are credlted to the Exchequer. Retirement and other pension benelits are paid by public funds provlded by Pafliament. The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Servlce Penslons (Valuations and Employer Cost Capl Directions 2014 published by HM Treasury every 4 years. The aim of the review is to ensure scheme costs are recognlsed and managed appropriately and the review specifies the level of future contributions. Actuarl31 scherne valuations are dependent on assumptlons about the value of future costs, design of benefits and many other factors, The latest actuarlal valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, set by HMT, applyin8 a notional investment return based on 1.7% above the rate of CPI. The key elements of the valuation outcome are.. Employer contribution rate5 set at 28.68% of penslonable pay lincluding a 0.08% adminlstration le￿1. This is an increase of 5% in employer contrlbutlons and the cost control result Is such that no change in member benefits is needed. Total scheme liabilitie5 (pensions currently In payment and the estimated cost of future benefits) for service to the effective date of £262,000 million and notional assets le5timated future Page 36 ABINGDON SCHOOL FINANCIAL 5TATEMEMrs FOR THE YEAR ENDED 31 AUGUST 2024 contrlbutlons together wlth the notlonal Investments held at the valuatlon datel of £222,200 milllon, glvlng a notlonal past servlce defi¢lt of £39,800 mlllion The result of thls valuation has been implemented from l Aprll 2024. The next valuatlon result is due to be Implemented from l Aprll 2028, Under the definltlons set out In FRS 102, the TPS is an unfunded multi-employer penslon scheme. The School has accounted for Its contributlons to the scheme as If it were a défined contribution scheme. Olher Penslon schemes The School also funs penslon schemes for Its teaching and non-tea¢hln8 Staff. whlch are all deflned contrlbutions schemes. The cost forthe year of £871k {2023: £735kl represents the Charitvs contributions to these schemes and there were no unpald contiibutions outstanding at the year end. 20. RELATED PARTIES Ourlng the year donatlons were recelved from Governors tot3llln8 £2,445 {2023: £1,920). Durin8 the year, the School purchased usage of Tllsley Park totallln8 £74k12023', £59kl from the wholly owned subsldlary undertakin& Ablngdon School Enterprlses Limlted. At the balance sheet date. the subsldlary owed the School £67k12023., £67kl. 21. FINANCIAL INSTRUMENTS 2024 2023 £'ooo Carrying amount of financlal assets Flnanclal assets at falr value through Income or expenditure 1.478 1,495 Page 37