Charlty Reglstration No. 1076484 Company Registration No. 3T19976 {England and Wales) BLOXHAM SCHOOL LIMITED DIRECTORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 'A8110DZE* 01ffj412022 COMPMIES HOUSE A13
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BLOXHAM SCHOOL LIMITED CONTENTS Pag¢ Company infoMti¢Jn Directors, report, inco¢p)ratir¥J the Strateg reKKJrt Irnlependenl aUdIS report 18 Finanual staterwts
BLOXHAM SCHOOL LIMITED COMPANY INFORMATION Directo E L Lewis-Jones (Joint Chainnan) S T w)d {th"nt ChairrrAn) P Clayson E Coles-Kemp H Harper G P Jones C Ma¢intosh CAShaw MRWard Secrntary Charity number Company number Principal addre$$.and reglstsred office C E J Liltle 1076484 03779976 Bloxham S¢hool Banbury Road Bk)xham OX15 4PE Key Management Personnel Head Bursar Dèputy Heads P W Sanderson CEJLitt M Piice M Buckbr Auditor RSM UK Audit LLP The Pinnacle 170 Mhlsummer Boulevard Milton Keyr*s MK9 18P Bankers Barclays Bank PLC 1 Churchill Place LorKlon E14 5HP Sollcltors Brelhertons SO1ltOrs 19 South Bar Street Banbury OX16 9AF Insurance brokers Matsh Capitsl House 1 10 5 Perryn Roa¢J Haywards Heath West Sussex RH16 3SY
BLOXHAM SCHOOL LIMITED DIRECTORS, REPORT (incory>orating the Strategie Report) YEAR ENDED 31ST AUGUST 2021 Thè Dirtttors wesenl their rewE and fanCIal statements for the year en(led 31 August 2021 for Bloxham S¢h¢x4 Limited I'the Company") and confifm that they compty with the requirements of the Charities Act 2011. including the Directors, and Strategic Reports. under Ihe Companies Act 2006. The Company operates as a Co-educat1 t?Ing and day school for pupi15 from Ihe ages of 11 to 181.the Schoof ¢y'Bloxham Sch1"1. REFERENCE AND ADMINISTRA TIVEINFORMA TION Bloxharn School Limtle(I was formed on 28 May 1999 and is a limited lial)ility panY and whol owned subsidrary of The Woofjard Ctywratn {Charty number 10962701. The Company is in¢ofporated in the United FQ"ngdom. The Company is also registered with the Charity CommissKJn with Charity number 1076484. The Company has wholty ¢)wned subsiaiaries. Bloxham Enterprises Limited and Bkjxham School Library Seryices Lited. In this rep)rt and financial statements Bloxham School and ils subsidraries are ter to as Ihe Group". Directors of the Corrpany are a150 Fellows IwEmbeTsI of The Vtyt)&Jard Coyporation and participate in the election of its board of managernt and are o)mmitted to its charitable objects. Note 31 provides details of the urtimate controlling p¥ty. STRUCTURE. GOVERNANCE AND MANAGEhlENT Governing document The Company is governed ty ArtJ"cles of Assoctation as adopted by Special Resolvlion dated 20 March 2013. replacing those dated 23 June 2009. The ArtleS of Asstxiion permit funds to be managed in such a manner as the Directors see fiL provided that such powers are onty exercised for the purposes of attaining the objects of the Company and in a manner which is le9ally charitabte. The Arbeles of Associathjn forbid the distn"butson of any property or fijnds. whth are lo be aPp[d 501ely towards the prorTh)tion ofthe objects of the Company. Govemlng Body The Directors are also. Govemors olthe School.. charitable trustees of the Company. al comprise the governing body of the School Ilemied 'the Councrf"). The Directors a elected to hold Offi for five years. The School is governed by the Council which operates using several committèès. Memtership of each committee is outlined on page 16. The Councd meets a minimum of six times during the financial and a¢ademic year. Recruitment and tralnin9 of Governo All Govemors are Fellows olThe Wcodard Corporatim. a re¥rt)nsible for ele¢ting Ihe board of The Woodard cofration. Governors are fecruited based on nominations from the School's conlacis and through a selection process when a post becomes availal)le. The Council looks to ensure a mix of S"11S and selec15 new govemor5 based on ba¢kgrotJnd. competence, Specialist skills artd Christian cnmmitment Governors are Pfov¥Jed with induction training by the Head. Butsar and staff and a wider programme of training events is organrsed by The W)ard CorwralK)rt. here possible the Govemors congder that the skn'lls and ex[rnce of the Coun¢il shoukl corryrise the following. A Governor with 8 legal background: A Govemor with a fvnC1avaccQnI1Trg backgrourKI: A Govemor with educab.on experience", A Governor wrth senmjr managenal or business exper*nce: A Govemor with experience of equal opportunths or disability needs: and At least one female Govemor al ast one male Govemor. One Govemor may have one or rrK)re of these skills.
BLOXHAM SCHOOL LIMITED DIRECTORS. REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST2021 Volunteers DiTeclors a volunteers provjding Iheir li Iree lo support the govemance of the Company and the School. The S¢hool also relies on several others to undertake volunleer ro. The Council would11(e lo thank the volunteers for their help and assistance during the year. Oryanlsatlonal managèment The Council deternwnes the general strategy and poky of the Company. The day40-day ManagenI of the School is delegated lo the Head. Deputy Heads and the Bursar. overseeing educational. pastoral and administralive fvnctions in consvtslion th the Sen staff. The day-to-day admini51ralion Is undertaken within the policies and procedures apwoved by the Directors which provide for only significanl expenditure decisions an¢J major capital projecis to be referred to the Directors fw prior appioval. The Head oversees the recruitment ofall educational staff. whils( under delegated authority, the Bursar oversees Ihe cecruilmenl of minIStrative and non-teathing support staff. The Heaj and Bursar are invited lo attend Oirectors. meetings. The Covncil meets a rninimum of six time5 8nnuaAy. with the aim of meeting tsvicE per term. The Coun¢il's Structu pfovhles oversighlofthe key areas ofthe School's a¢tMty. The committees normally meet at least lermty in 8dvan¢e of the Council rreebng, wrth the rneetsng minutes included in the Council papers. The committee chaimien reFth to the Council. The committees are". The Finance and General PuoSeS {'F&Gn Conwnitl". oversees the financial management and physical development of Ihe Schwl and addresses audiL risk man4eThnt. health and safety and remunerab"on", The Education, Boarding and Pastoral Committee." oversees ihe acadenwc performance and educational provision ofthe Schod and rrw)nitors the care of pupi& and the proviqion of pastoral facilities.. and The Communicabons & DeVekjpEnt Committee." C4)n$eT5 ways of marketing the School fundraising strate9ies and admiswon strategy. The remuneration of Key Management Personnel is sel by the Council. with the l1¢Y objective ot. provKling appropriate in¢enlNes to encourage enhanced perfomiance. aThJ of rewarding fairly and resFonsibly for indivhlual contribl.0nS to Ihe Schwfs success. The appiopriateness and laVance ol Ihe remuneration policy is reviewed annualty, IlUdIng referen to Comparisons wth other indeFeftdent schoc4s to ensu that the S1 remains sensitive to the broader issues of pay 8Mpbyrrnt conditions elsewhere. The School aims to recrui[ subiectto experien. at the lower lo medium pointwithin a band. providing scope for rewarding excellen¢e. Delivery of the Company's charitable vision and purpose is primarily dependent on Key Management Personnel and staff costs are the largest Sing element of charitable expenditure. Group struclure and ielationships Bloxham Schwl Limited has tsvo wholty owned nonacharrtaIe subsKtiarTes. Bbxham Enterprises Limited hires ovl the School's sports facilities. out of school houts. during lemi lime and the School's fvll facilities br residenb.al and non-slential courses during school holidays. Bloxham School Library Services Limited provides educational supF by running the Sehool's brary. The Sehool has developed links with a wde range of organisab.ons to ensu the widest possible access toour facilities and schooling. Through ffembership of Headmaslers. and Headmistresses. Conference I"HMC"J and through netsvorking wth peer groups, we ensure that we can attain the highest 5tsndards ofquality and performance. We encourage our pupils to develop an awareness of the social context of the all-round education they receNe al the School and they are engaged in several activibes to enhance their understanding. We have a thrNing alumni group. the Okl BknxharThsls, who are generous in supporting the work of the School and whose support we greatty appreuale. We also cooperate with rnany local charities in our on90ing endeavours to wmlen Publ access to the schooling we can provide. lo optimise the educaltonal use of our cubbjral and sportwig facilities and to awaken in our pUls, in the
BLOXHAM SCHOOL LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2021 Group structure and rnlatktrnshlps Icontlnued) publi¢ inte51. an awareness of the swal context of the al-round education they receNe. CHARITA8LE OBJECTS. AIMS. OBJECTIVES AND ACTMTIES Charltabl¢ Oblects The Company's objects, as set out in the Ae5 ofAssociation. are to prormle and extend education lin¢luding spiritual, moral, sctial. ¢ultural and phystal edu¢atk)nl In a¢¢ordance with the dixtrines and winciples of the Church. The Church is defined as bery the Church of England and churches in full omrnunn with the See of can1eury. Inlnd•d impact Sch¢)ols Wth The Wcl0rd Corw)ralion strive for ihe be51 all round edLKatw of every aspect of everyone", they ensure hvJh standards of tel01$ educats)n.' and they see themselves as communities wtsrking together for the benefit of all merrt)er5. and of the Church and the nation. The schools are strong Chrisban foundats.ons whth adhere to catholic beliefas found in the Church. to Christian worship focused in the ELtcharist. and lo the Ca of each 1Ual and the wlx)le Commun particularised in the ministry of the Chaplain. Aims Bbxham Sthwl is a ¢treducalhJnal tjoarding and day sclK)ol for pupils from the ages of 1110 18. The School aim5 to support children in fexhing their tents"al in all areas of their activity al the School, and in the wider community. This may be in acadern subjects bul coufd just as easily be refted in success in art, drama. sport, rnuS or dance. We pr0dLe ell rounded. individuals who can make a positive contribution lo swety. M the schools in The )dard Corporatth aim to provide a rounded education to help the pupils to make their way in aduh life. Prknary oblecti¥Ès The primary objeclNes of Bbxham School to these aims are.. to Pfovkye a stsmulating learning enwronmenl in which pupifs can develop their academiG potenkn.al lo the fijll.. to provide a happy and secure pastoral environrrEnl in whth pupils can leam to live together and thus foster a sense of community. res for one another and good cilrzenship". lo provide pupils wrth the opportunty lo take advanlage of a breadth of Lyicurrirjjlar adwities in order lo develop F4)sib"vety all aspects of their character, to provide pupi15 with the opportunrty to take drlOn$ base(l on Iheir (wm judgment and to corrKnunicate those (*¢isions approprkqtety an¢J effectively". lo provKle financial support to enable children whose parents are unable to afford the full fees lo benefft from an educabon al Bloxham School". to provide a clear, simple and effective management structure capable of taking timely decisions and all¢Jcab"ng nSsary resources appropnalely." to provide the necessary adminislrative and h)Jisti¢ fraMOrk to meel the needs of members of staff and pupils alike., and to enable a td base of enty into the Sch(M)l. Strategies lo •¢hieve the primary obiectives These inclLKIe: Provide a stimulating environment for learnlng Ineludè: To raise academic allainment aThJ knlue adde(r sccffes through excelnt teaching to improve pupi15 leaming. To develop learnin9 skills and help pupils disc¢)ver a passion for inlellethial pursuit through well-laught lesson5 and enrichment actM"b"es.
BLOXHAM SCHOOL LIMITED DIRECTORS, REPORT lincorylorating the Strategic Report YEAR ENDED 31ST AUGUST 2021 Strategies lo achieve the prknary objectives {continued} The Lower School currulum has teen revWed wilh nre time being allocaled to English. Maths and Digital Liieracy. Moving the Lower School to a dedicated building at the front of the School providing an enhanced farilrty with a Tea.0n area in inNTdiate proximity. The enhancement of the Thompson Buikling has generated four extra ckssrooffts. The Thompson Building rM)w contsins all thiee Sciences. Maths and Geography. Each subject has dedKated workspace and space f¢y best wactice allowng teachers the opportuntty to Share and work ¢ollectively. The White Lk)n Sixth Forrn Centre provkles a dedated and sb"mulating environmgnt for our dder pupils to prepare for their A-Ve1$. Rooms dedicated for gioup and individual study have been provided with the Whrte L Café aecessible for refreshments. The relocation ofthe Sixth Form cent supports indepertdent leaming and has the Th)dem facilities to ensure our pupils are given the best opwlunity. The day house has relocated to a building cjoser lo the main s¢hwl to ensure that pupils can use their dedated workspace more effecttvely and reduce their travel lime between dasses. The newty opened girfs boarding house provided addib.onal beds for our female boarding and allowed us lo ensure that all boarder5 have Iheir own Spa evèn whilst day boarding. A tsvo-week th"metab with one-hour lessons enables teachers to use their time more crealwely. The academi¢ departments ajiusted theirteachirffJ programmes in response to the introdu¢l¢on of refomied A Levels. Incseased provision al Sixth Fom curricular knl to reformed A levels. the introduction ofthe Bloxham Independence Project an(J enrichrnenl opportunits lo prepare pupi1srrx) fulty for the workpla¢e. Provlde a happy and se¢ur¢ pastornl environmenl to foster community respect and living include- To continue lo improve the J8vel of pas1 care in ryder to support our pupils, staff, and pants, where all are respected and valL. To encourage pupils to explore their CO values through spirituality. and a Chrisban ethos lo develop a sensè of nrality. To culture engaging. healthy lifestyles and rdationships. To forge greater links Mth the Bloxham and wider communty in all rts fom. Creation and development ofa pastowl welfare hub. induding whole insb"lution approache5 10 pupil welfare. dlts1 safety and nnlal well-being. The enhancement ol the communrty services project workn.ng wrth 26 extèmal agencTres ranging fmm volunteering with Banbury FoodbanK to provKling Malhs and McJem Foreign Language learning for local primary sch¢x)l ¢hildren. Increase ofcommunity partnerships and outreach events to Iccal primary arKI junior schools to indude Suence workshops. Art and History days. as well as Srrt. There have been over 600 chrldren in the lo¢alty who have benefited from these opportunities in the pa5112 month5 la number only down on ovr prevthis yew due to Coronavwus restn.cliLSj. Provide pupils with opportunities to t•ke advantage of the co4urrlcular programme include: To ensure that all pupils partscp in an eThJaging broadercurriculum. This e5 acadern. sport and perfQrfnan arts. lo go a rranIngfUl activfa.es progranrn. including aspects of servi¢e and ouldts)r educDn. Sport music and drama continue to thrive under the leadership of committed departrnent heads. Piovide pupils with the opportunlty to make declslons and ¢ommunl¢at• effectlvely Include: Development ol a new broader curriculum prtsaramrr* whth indudes Sla1 responsibility for all pupils aged 15 years and above_
BLOXHAM SCHOOL LIMITED DIRECTORS. REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2021 Strategies to achieve the pmnary oblectives Icontlnuedl Pravide Ilnancial support and addsS Issues of affordabllty wlth parents Include: To ensure the affordabty of Bkjxham Sc1Kl fees to all polentral pupils from a dNersty of backgrounds and to employ strategies to make this possible. The day only provision enable5 rrwe pupils to benefit from a Bloxham education and r5 now well eslablished within the School, wth 11.54% of the S¢h¢Jl's population benefiting from this category. Provlde a Clear, simple and effective structvre that improves declsion maklng Include: To ensure a robust arKI financlty viable tne$S throLrgh goed practice and systems. This indudes appropfiate and sensit4e estate management, and the provisjon of 8 hoh stsndard of facilities. To irwesl in. develop, and emKThw stsff to Try out their ro5 to the hvJhest standards. Provlde an administrative network to meet the need$ of all stakehold¢ts in¢lud¢: To develop the 'Bloxham' brand by increased Strateg marketing ty all staff to increase recruitment of pupils who will make the Ffw)51 of an education al Bloxham Schsyjl. To create a Parental Association to SUPF(Srt the aims and ethos of the School. To engage the Old Bloxhamists Th¥xe fully at all age group5 in order to womote the Bloxham name and support the School. Toset up a Development and Campabjn Offttto¢reate revenuefor s¢holarships. spNJ)sorship. bursaries and capital build projects To invest in. develop, and emFower staff lo carry cmjt their rcles ¢0 the hJhest standards. Review of the Bursarial team to provide gater support br Ihe financknil and estates le as well as all staff membecs. Enabl* a broad base of entry into the School Opening of a new day house. with a lowerfee tsnff to aNow greater accessibility for pupils who live within the locality. This is a$)ated wth 519nifKanl bLbrsaries for the local cornmunty. Two nvjhts induded within the day Lx)ar(ling tee SUPF¢Jts the bOardty elhos of the Schwl and ensures the houses are thriving during the term. Prfn¢ipal activities during the year The principal activity of the School is as a fAiodu¢ational boardnig and day school for pupds from the ages of 11 10 18. The School also njns several summer school activities and is open at other times foT use by the local community. Pu1 numbers at the School during year were as follows." 2020121 2019120 Boarder Day Boarder Day Pupil Total 136 301 57 494 140 276 460 Of which Boys Girls 297 197 279 181
BLOXHAM SCHOOL LIMITED DIRECTORS. REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST2021 Public benefit thin its objects. the School aims to create an environment to nurture chihyren. to get the best from them and to allow them to develop and fuffil their potential. We provide them WTth a first-class independent eduCatn and a range of sporting and artiSt0PrtUnrt1es. One of our public benefit aims i8 Ih4t all pupils will be selfconfident and desire to conin.bule to the wider community. In the furiheTarKe of these aim5. the Direclots. as the charty trustees. have complied with ihe duty in s.17 of the Chafilies Act 2011 to have due ard lo the Charity Commission's published general and relevant SUctor guidan concerning the operathm ofthe pubk tenefil reqU1ment un¢Jer that Act. Ourschoolwelcomes pupils from all backgrounds. To admita prospeth.ve pupil, we need to be satisfied that our School will be able to edu¢ate and de¥ebp them to the best of their polenli81 and in line with the general standards achieved ty their peers. Entranee interviews and assessments afe undertaken to satisfy ourselves and parents that potential pupils can CO with the pace of learning and benefit from the education we prowde. individual's economic status. gender. ethni¢tty. race. religion or disability do not form part ofour assessment processes. Our Sch¢)ol is a part of a wider conwnunity and we we keen th our staff and pupils participate. Our School also offers a resource lo support a range of educaiional actsvrties for the benefit of Itxal children attending slate schoojs and their teachers. Our Oirectors are committed to developing our programme of cooperation and joint working with local maintained seclor junior anL1 secondary sclv)ofs. The activities undertaken and Ihe success of our WC3ramme are explained in the"Review of hIevements and performance for the yearf page 9. The Woodard Ction and its SClS provide a gnificant benefft to the public. The School stnves to ensure that measures of publ benefft are appropriate. and that srynfficant sections of the public are not excluded from the opportunty to benefit from the educabon and fa¢ilib"es offered due lo the need lo pay a fee. In addili¢)n to 5rgnificanl provision of bursanes and other forms of financial SUPF¥Jrt, the S¢hool prOVeS a wide range of opportunleS for cL)rnmunTrty benefft and fa¢ilities and events are often open to all. Further detail of the public benefit offefed is induded in the section entilled 'Review of achievewEnts and perfomiance for the yearf page 9. 11 is a key reqviremenl of evNJenung public benefit that any private benefit to indNiduals or elements of the charity will be incidental lo the charty's objectives. An eXarnp of private benefit may be the feimbursemenl of travelling expenses for Directors attendtng training courses. Any private benefit to individuals or eleffents of The k)0d0rd Cortwation are incidenlal to delivery of the Chitable objectives. C¢)n¢es$ions including butsaries and $¢holarships All crilerka and policies relats.ng lo concessions are kept under revyw and we upjated when rwR55ary. Bursaries The Directors wew our bursary awards as imF¢rtant in helping lo ensu Child n from families who would otheryse not be able lo afford the fees can ac¢ess the education we offe¥. Our bursary awards are available to all who meet our general entry requirements and a made solely on the basis of parental means or to relieve hardship where a pupil's education and fvlure wospecls would otherwise be al risk. for examp in the case ol redundancy. In assessing means we use the melhodology promul9aled by the Independent Schcols. Bursars ASslation. which lakes 8 number of factors into considerats.on irscluding family income. inveslrnenls and savings and famity ciiwmstances. for example dependanl relatives and the number of sibfings. The School dces nol have a swnificant endowment and in funding our awards we have tr) be mindfvl that we must ensure a balance betsen fee-paying parents. many ofwhom make consKlerable personal sac¥ffices to fund Iheirchifvj's educatK)n, and I)se benefiting from the awards. The Egerton Souety Endowment Fund was estatylshe(l in 2011. aimed al encouraging Ihose with close links lo the School to c¢)mmil a lega¢y in their wlls to the School. The obje¢twe was lo raise a capital sum to provide sustainable fvnding for an additional thirty bursaoes at an arTr)unt equal lo half the relevant lee. To date the cumulabve value of all donations is £233,96312019120'. £233.9631.
BLOXHAM SCHOOL LIMITED
DIRECTORS. REPORT (incorporating the Strategic Report)
YEAR ENDED 31ST AUGUST 2021
Bursaries (confrnued)
The value of means tested bursaries awwded in the finartial year total £1.075.$43 12019120..
£681,788) and represented 8.6% olgioss fees {2019120'. 6 6%). these means tested bUrSarS provided
assistsnce lo 97 pupils12019r20_" 122 pupils).
The School i% helped each yeaT by the supwrtof the RaYrrn Trust, whh wovided £79.88912019120:
£95.2001 in grants for five pupil$12019120.' six pupils). These grants are not included in the buT5aries
mentKined above OT accounted for in the finanual slalements as the fundrng is obtained diTectly.
Scholarshlps
The purpose of our scholarship awards is to recognise high academ potentKI1 or the abrlty to excel in
our co
BLOXHAM SCHOOL LIMITED
DIRECTORS, REPORT (incorporating the Strategic Report)
YEAR ENDED 31ST AUGUST 2021
Employment Policy (contlnuedj
disabled.
STRA TEGIC REPORT
REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR
Impact of Coronavlrus Pandemic
These accc¥Jnts relate to the year ended 31 August 2021 and therefore refiect the heavy financial and
operalK)nal impact on the educatson sector. and all of society. of the Coronavirus pandemic. Schools
were ordered to close lo all except the children of 'Key Workers. in March 2020 and much of the
educab.on was moved online. The Schwl adapted well io provision ofonline learning and the responses
from parents were positNe. Pu1 numbers returning to the School in September 2020 showed an
increase on previous year in part due to the success with online provision as well as the growing
deman¢J for the School's places. To ensure that physical actNty was not overlooked. the S¢hool has
continued to run its broad ¢o
BLOXHAM SCHOOL LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2021 Improving la¢ilities fcontinued) one, open plan room. The 2020121 academic year ended, as rfé tegan, with fvrthef veStment ir7to Ihe boarding houses. Slt)nehill's capacity increased with the conversion of the newJht¥Juring annexe building, whilst work was done in both RaYmlj and Ihfilberforce boarding houses to lurther increase the number of girls in the Senior School. Arts. Musk and Drnma The Creative Arts were restrrcted in the xale of their events throu9houl Ihe 2020r21 a¢ademi¢ year. although this did not hamper the elforts of the School's pupils within the Art. Music and Drama departments. The Art departnnt has had extraordinary success junior pupils having work exhibited al the Ashmolean Museurn and the Royal Academy. cerarn purple poppies Cated in 2020 wilh local primary and prep schools were exhibrted in May 2021 at Kingham Lodge's $¢ulpture exhibition. Poppy sales raised over £6.000 for Hdp for Heioes and the Royal British Legion. A Lower Schcd pupil won the Young Cartoonist of the Year by the Br.$ Cartoonists. Assoo"ation with an entry enttued 'Ni¢e Hatl, The win inspired Bloxham Schcol Cartoonist of the Year 2021. an Outreach competslion run for Year 4 and 5 pupils of I1 primary and preparal¢y xhoots. For an adwe departTrEnl which usually presents over iwenty corttrts every year. Bloxham's Music department were able only to concerts with a live audEnce. Over evjhteen music exams took place online. th five disb"nction5 in instrurnents induding saxophone anty Clarinet. Pupils across the sche¢l created a charily single perfomiing Coldplay's'christmas LNJhts' to raise funds for the homeles$ in Banbury and across the county. and atso performed 41 the Icarus Twsf$ online Carol Concert fijndraiser. The Drama department $8w success wryth 75% of puyL8 receNing 8 distsncb.on in LAMDA examirtations. A review of contemporary musical numbers was performed online and in fronl of a sccialw distanced and bubbled audience in place of the annu& 5chcol projuCtK. Sport Sport continues to play a key part of a pupil's ttme at Bloxham School. However, the 20201 acaderni year saw disruption to competitNe fixtu$ due to the impact of Coronavirus pandemic restrlOnS. Nevertheless. Bloxham was ab lo fiekl eompetitwe sides in the focus sports of rugby, hockey. netball. cricket and tennis, and also in athletics, equestrK?nism and goff. In addition. as part of the broader currr¢ulum pupils can partipate in other opb"ons. such as Fives. squash, climbing. swirnming and day Pl9eon shooting. The 2020r21 aca¢JenNc year aL80 saw indrwKlual sUsSeS in rugty. netball. sailing. eventing and vaulb"ng. Public benefit In tho educatlonal rId The Pants of our PLrpils often make significant sa¢nfi¢es to pay Ihe Schog1'$ fees. In addition lo the £917.063 in financial assistance to parents who would otherw¢se not be able to send theii children lo Bloxham School. we are able lo provide a first-dass educab.on fw 470 UK base{1 pupils. We provijed opportunities for a numter ofadults who are considering a career in teaching to talk to us and to obserye lessons. We a also Committed to providing opportunities for PLtpils at university to gain pra¢li¢al teaching experience as part 0fthr PGCE teachertraining course by offering leaching pra¢ts"¢e plaMents. with one teacher undertaknng a PGCE paKI kn by Ihe Schc¥)l. Publ1¢ benefft to the wider community The School fostefs many links wih Uie to¢al comnwnty through meeb"ngs. joint projects and provision of ils facilities.. 10
BLOXHAM SCHOOL LIMITED DIRECTORS, REPORT (incoOratIng the Strategic Report) YEAR ENDED 31ST AUGUST2021 Publk benefit to the wldercommunity (continued) The Bur5aT ffleets with Ihe Parish C¢JJrKI term to build corrthunity links arvj as required in resnSe lo specific issues. The sCho.s swimming pool and sports facilities are made available to dubs and organisatvjns in addition lo the Schools below. These include youth football. local and county cricket. local and county hockey. triathlon. swrnming and Scouts. Our Music lac11"e$ a made available to a wide ranye of kxal musr swieks. The Schod's Comned Codet Force Unit partIpaleS in the Bbxham village memorial service. Our grounds staff support the winter safety programme bwthin the vilLAge. helping to grit pavement and Publ a$ be&¥een the S¢hool and St Mary's Church. Our grcwjnds team also help to maintain and repair local areas where required. Communlty ser¥l¢e As a part of the Sixth Fomi programme. all pupi15 in the Lower &"xth are requwed lo undertake a years, worth of ¢ommunty seTvice to a specffi¢ project. Unfortunalety, due to Coronavinjs restrictions. usual activities working with teaching primary school children and care howEs were suspended. These have been reinstsled wth primary schods as of September 2021. AJI pupils were encouraged during the Spring 2021 k)¢kdown peri¢xl to complete service wiihin their local communities, for eXaMpe shopping for the eldedy or vulnerable. Outdoor education During 2020121 over 70 pupls embarked on their Bronze Duke of Edinburgh 30 pupils signed up for the Gold Award. ExpeditKJns were hehd in rural Oxfordshire. the Breeon Beacons and Shropshire. Further outdoor trips were held at Longtown Outdoor Ed[K)n cent and in the Scottish H¥hlands for students to test their Caving. orignleering. climbing and muntaineering skills. Community We conty'nue to build ¢k)se links our neighboumg secondary Scho)l. The INarriner Schcd. and local priniary schools. The Heads of Bloxham SchcL)l and the Warriner School ffel regularly. Our dedicated Outrea¢h Offir coordinates our outreach programme with local primary schools. In particular, we continue to gNe broad curriculum support to 8k)xham Church of England Primary School and a r8nge of sporting and broader curriculum acts"¥th"es to many Iccal schcols In¢141n9.. Hockey. netball. squash, fugby and crid(et events tn six drffefent primary schools {Bloxham. Wroxlon, Deddinglon. St John's Priory. Bishop Loveday and &"shop Carpenter) Hosting of sports day for Sl John's Pri Hosting the OxFordshI County Cricket feslival Hosting Oxfordshire Ho¢key Festivals for Banbury Hthy Club Providing clubs to Bloxham Church of EThJkTrJ Primary Sd)ool in art. cookery. reading. maths and mulli-skills Providing Fxjol facilities and stsff lor Bloxham Primary P holhlay camp scheme. We offer our swimming pod and srrtjts facilities al heavity subsidised rates and provide swimming teachers at marginal cost lo local schools. indudin9.' Bk)xham Primary Church of England School. Deddinglon Primary School, Dr Radcliffe School. Heyford Park Free School, The Grange School. Great Rollnghl Primary School. Great Tew Primary SchcKA. St John's Prtory School and The Warriner School. AddItionlY. Bloxham School offers first aKI courses arKI FA)ol rescue wjtses to help Ic¢al schtr)Is in meetin9 le9islative requirements. Oulreach We continue to buikl links with primary schools in our area. pathukrty those from The Warriner Partnership. Where possib within Coronavirus pandemic restrKtions, we have made our facilities and teaching expertise aVailae for these schLX)Is, fty example hosting a Fun Day for 8loxham Prirnary with ai( climbing, DT and sMn¥n9 activibes fcff their Year 6 leavers.
BLOXHAM SCHOOL LIMITED DIRECTORS. REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2021 Outreach (confrnuedj In addition, pupils participating Fn The DLthe of Edinburgh prograryme engage in communty-based projects. supp)rting charitie5 not related to the Sehool. FurtherftKJre, all Lower Sixth Form pupils participate in the Community ServKe Programme. a year-long cOmrThtrlI in which to make a valuable conlribulK)n to the wider cornmunity. Charltabl¢ A¢¢ivities Other charities Sup[ed by the Schod's lundraising effcxts during the yeaT in¢lude.' Compa$sion. OddBalls Foundalim. Dove House H05p2. m. The World Land Trust and Restart Rugby. Fundraising perfomianc• The Company uses an extemal fvnd raiser. RSAcadem. RsAcadeMs are used to raise philantrropic funds for Bloxham School and provhle interim management of the developffnt fvnction. Bloxham School itself is registered vlrth the Fundraising Regulator which nn$ Ihal the School (and therelore RSA¢ademicsl is committed to fundraising best Wact. Investment performance agalnsl objeetlves The Company's inveslmenls are manage<l by CCLA Fund Man)er Limited. In the 0"nIOn of the advisers the performance has been satisfactory. With movement in interest rates and ¢)pportunities in Ihe global markeL an increase in openiNJ markel value of 21% {2019120. 6%) was a¢hieved. Investments are held for the kjng-term and represent arrnts yet to L SFent on education. Key Perfomiance Indicators The Key Performan IndKalors fKPI'sl used by Ihe Sclth are". KPI Target Actual Surplu5 5% of total income Deficit Pupil Numbefs 494 As the School is in the middle of a development peric¥J. the Directors have set a 5% surplus on total income. This target would have been ¢JelNere(l. but for the reduCn in fees during rerrK)te leaming. The School exceeded the targetfor pupil numbers wrth 494 pupils on the roll in September 2020. These addib.onal 14 pupi15 helped reduce the impact ofthe global Coronavirus pandemic on the Group's financial performance. The C¢)mnavims pandemi¢ ha5 arguabty delayed Capital investment in the School by years. bul the pupil numbers are such that the School has created Space and mana9ed the situatM)n os well as ul¢j be achIed. statement on 8rexit Following the outcome oflhe UK relererKlum on European Un*)n membership. the UK leftlhe European Union on 31 January 2020. In preparalh?n for Ihis dale. and in anticipation of the transition period, the school reviewed operations lo understand and pLan for the initial impact from Brexit. Guidare was also available from a number of sources Including the Independent S¢h¢ol's Bursars Association. Al this stsge rt Is not possible to impkment comprehenswe pol$ for all possible changes as the future trade, visa and travel agreements are not yet in place. The Company will continue to WOTk with relevant authorib'es, stsff. pa15 and supplier5 to fulty undew5tand the impact in all areas inchJding particularly visa requirements. the supply chain and dala handling aftd protection. in order to minimise risk and potential diswpb"on. 12
BLOXHAM SCHOOL LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2021 FINANCIAL REVIEW Rosutts for the year Gross income for the year was up by some 21% on last year. reflectirg the inuease in pupil numbers during the year arKf the appr0matelY 2% increase in fees per puprl. The nel income for the year amovnted to £11.405.866 {2019120: £10.137.1531 on whtch there was an operating loss on aclNities of £507.686 12019r20." operating loss of £518.5081. This wa5 below the tsrgeted surplus on total income of 5% as set o¥Jt in our KPIS. The operab.ng k)ss was a resuk of the continuing effects ¢f the Coronaviws pandemic and tre Direckns. deCiSn to use the OPFQrtunity of an empty schotrl lo invest in the School's facilihes for the future. The School's Irading company 8loxham Enterprises Limited cnUeS to hife out the School's facilities during school hdidays and outside school hours, as well as undertaking cornirErc¥al ath'vity on behalf ofthe Sthcd. The resulls are summarised in note 29 of the financial ststements. The School 1$ unable lo recover the VAT on purchases il makes. During the past year. Bloxham School Limited has paid £492.525 {2019r20." £529.319) in VATon gLuls and 5ervi¢es within the nomial iunning of the Company. Reserves level and poli¢y• and financial viability It has been the School'5 w)licy lo ulilise UnrestrKled funds to ensure that high quality up4date facilities a provided for the benefii of pupils. The aim is to provide enough working capital to nwl the present needs and future development WU1ments of the Schoc4 wiihout the requirement lo have recDur5e to sales ol tangible fixed assets or use of the Sthcrfys readity alISable investhnls which support Unfestri¢led fvnds. The balance sheet contains a number of non-cash and longer-term liats"lities. Going fomard. the Company plans lo fund longer term ¢apitsl expendtiufe and rneel long term liabilrties through careful management of resources and investments and Ihrough building reserves from operations and trading. The Company's UnstrICted reserves are primarity invested in tsngIb fixed assets (see note 23) whith a all used for it5 direct eharitable acbvib'es. The Company's fillancial viatylty does not end on income reserves but in it5 alIty to conb.nue to trade al a surplus on an annu basis. and on the substsntral portlolio offixed assets hekl for operational use. The School doe5 r1 have. and cannot ty on. permanent endowments. Engagement with suppliers. customers and others In a buslnt$$ rtlation$hip Bloxham Sch¢)ol Limited seeks to engage activety arKI posItNe wth all stakeholders in the ktal community and in wider educational landscape. CollaboratNe relationship5 With suppliers, parents, educational partners and community leaders are seen as key enablers lo achièving success in all ol the Company's operations. During the year Ihe Company has further prormted thts engagement thoiigh sp8¢ifL initiab"ve$ including.. Regulai communication and engagernenl with parents and prosFective parents of pupils attending the School to enhae the understanding ol the provision to e&h pupil and to fully Coordinate support lo pupi15 from parents and schcds. Engagement with other edtKational organisations and pathers at kxal and natn1 levels lo share best praCte and to provhde peer support. Active dialogues local eouncils matters vth¢h irrwt chikjren and famil$ in Ihe c¢)mmunity as well as rekte to operation of each school. Engaging with local businesses lo tKomte career arKI eduC?nal opportunities for pupils fcrf their mutual benefit Seeking All 5ble opportunities to engage with Jocal and national suppliers in the area. Seeking regular communication with all suppfiers and ensuring good comrrErcial practices of prompt payment and dear communKation to opts.mise arrangements for suppty of go5 and services to Lhe C¢Nryany. 13
BLOXHAM SCHOOL LIMITED DIRECTORS, REPORT (incorporating the Strategic Reporti YEAR ENDED 31ST AUGUST 2021 Engègement wlth suppllers. customets •nd othets in a business r•lation$hip (continued) In particular. the Company has adopted the govemmenvs lIc$ and 9uidance during the Coronavirus pandemic and sought to maxlmise rts support to all suppliers through the ciisis in order to SLFStain their support and Servi in the future. Promoting and encouraging pupil and slaff opportunities to engage in local voluntary and other projects to support the community. Providing ¢¢)mmunity access to Ihe S¢htr)l and, in many ca5e5. adopb.ng a role that puts the school or academy at the heart of a communty. PRINCIPAL RISKS AND UNCERfAINnES Corortavints pandemic These financial slaternents were eompiled dvring the Coronavirus Pandern. whth affected the normal daily operations of running the xhool. Like ft$t trustees, the Diredors keep under Consrderalion the impacl ol a ¢atsstrophi¢ event on the Company'5 ability to continue. but that event may come about from many causes and being specific abclut the source is not ptsIe. The consKleralN)n of risks in the paragraphs below is therefore reflective of a mre stable environment and does not specifically look at the Coronavirvs pandemic. or other similar events. but offers a wider view of common events plus a specific risk k¥Jking at those events that could impact the conkn.nuty of educab"on. Other risks and uncertainties The Council is Tesponsit4e for ihe identificthn and management of risks. The major risks to which Ihe Company is exposed. as Klentified by the Oirectors, have been reviewed and system5 or procedures havè been established lo manage those rtsks. Detailed examinalion of Ihe risks and establishment of controls to mibgate them ts delegated lo the Key Management Personnel and the prc¢ess 15 overseen by the F&GP Committee on behalf of Ihe Council. A formal rev¥ of the risk managernent prccesses is undertaken annualty. The principal risks to wh¢h the CornF4ny is exposed indude those affecting the protection of pupils and security and preservation of Company's assets. th ncM and in the future. Signifunt risk areas are as follows: fhe market in whth the School operates is highty competitive and we monitor developnts in education to en$ that puwls aayS receNe a first class. holisb"c and varied educational experien In the School. The Directors consmler the OnOMiC turbulence of recent years and the affordability of lees by parents across the independent sector to be the principal risk faced by the Company. The Council decided last year to hohj fees for September 2020. For September 2021, the Coun[ limited fee changes lo an approximate 2% increase. The School is cuffenlty fuM- the Directors consider possible eatsstrophic events and ensuR that the SthcM)I has a pkn in pL8ce lo allow educatson to continue in a ran9e of different snariO$.. Heallh and Safety is ahvays a swjnificant area for rtsk managemenl The risks range from fire and infrastructure to personal risks (most notabjy when away from the campus on trips and expedilionsl. We strive to ensure that all staff are ab lo work in a safe and supportNe environment and policies. procedures and training in Hurrk4n Resource ManageThnt and Health and Safety help lo ensu that the Company meets expectations. The level and breadth of activty at the School ts impressive and the risks associated with all acb"vstses are rninimised by thorough planning and risk asse5smeTII." the School operates in a highly Ulate(j sector. including in matters ot child protection. and we appoint appr¢)priate professional aVrS to ensure that we can keep up to date with all requirerrents The School's or indNidual membership of t#>Jw being the conslituent assocwtions of ihe Independent Scho)15 Counal a150 ensure that we have access to uP-t(Hte information and support.. the Company operates in an increasingty IgIOuS envKonmenl and we appoint appropriate professtonal adviser5 and purch#se insuiance using specialist broker5 and advisers to ensu that we can keep up to date with all requirewents •)d all Challenges: ¥*d 14
BLOXHAM SCHOOL LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2021 Olhor risks and uncertalntles (continu8d) all organiSatnS face difficult ecorKmic condÈtions and ectorS and senior managets in the School keep abreast of economic condibons locally, natnalty and intematKnally to identify trends and develop plans lo address Issues. The key controls used by the Company to entIfy and manage risk Iude. formal agendas and fflinules for all meeb.ngs of the goveming tKJy and c¢Jmmiltees" lernis of refefence for all wmmitths.. comprehensive 51ralegrc planning, finanual f01$bng. budgeting and management aoUnting,. estsblished and enroble organisational structures aTrJ rep¢)rb"ng hnes which are reguLarly reviewed: CoMphen$e formal written pOle$.. dear authorisab'on limits- and vetting procedures. as required by law. for protedion of the vulnerable Financial risk management objectives and policr•s The Company uses finarla1 instruments. other than derNatives. comprising loans, cash and other INJuid resouices and various othef items such as trade ¢Yeblors. txedilors and finance se arrangements that afise directly from operM)ns. The main purpose ol these financial instruments is to raise finare lor the Company's opeiath)ns. The main iSSLres arising from the Company's finanual instnjments are liquidity iisk. The Directors adopt policies for managing each of the risks and these are summarised below.. Luid1ty risk - the Company seeks to manage financral risk by ensurirrfJ sufficnt IK4uidity is available lo meet foreseeable needs by negotiating adequate facilities from banks and other renders.. and Interest rale risk- Ihe Company finances operabons through a rntUre of retained surpluses and bank and olher borrowings. The exposu to interest ratè fluctuations is managed by the vse of bcAh fed and floats.ng frdtylibe5 and. in re¢enl time. by re90tlting the terffs of loans. Afjve-year cash-llow is reviewed and updated by the F&GP Comrniit on a temity basis, ensuring that the Company has the cash positwjn it requires. At the same tiff, the covenants pul in plxe by the lenders a checked against the Company's cash position and financ1 performart. GOING CONCERN The Directors continue to review the impact of Ihe Coronavirus pandern on the Group's and Company's operat)n$ and finances. In 2020r21 the financial impa¢l was milvJated through the use of various elements of support provided ty the Govemmenl including the CJRS scheme. The Directors recognise that the pandemic also has implications for the resutts in the 2021r22 financial year and Ct)ntinue to rework their fOre$ts and plans lo mitigate these in the most appropriate way. The Group arKI Company continue to use the bank's rolling credit facility to offset any deficits in cash. The loan covenants on this facilty were ba¢he during the year, h¢)wever tt)e bank has agreed lo waive these breaches and is lookn.ng lo update Ihese covenants in the next financjal year. Havin9 considered the forecasts prepared lo August 2026 and other evidence, the Dire¢tors have a reasonable expectation that the Group and Company will be able to continue operating for al least 12 nK)nths from the dale of srgning these financial statements and have therefore prepared the financial statements on the going concern basis. FUTURE PLANS The Slralegic SctKtyg1 Development Plan has been develoFed Dutofdirection from the Directors and the Headmaster. The School's Charitab objectives and aims are ntral lo QLtr purpose and should be the foundation of every pupil's education at Bloxham Schcol. These core valves remain central to our planning for the fulvre. The Company intends to cont#) the implementation ofnew inpmed facilibes as part ofthe 15
BLOXHAM SCHOOL LIMITED DIRECTORS. REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2021 Future Plans l¢on¢inuedl Strategic School Devejopment Plan set out in 2019. This rs based on a heatthier financlal posibon. growth in pupil numbers and a strong demand for places in the coming years. In 2021r22, the Company will l¢)ok lo Inase the srLe of its third girts boarding house, Stonehill. to ètx)ve 40 beds. A fL)cu5 on improving the CO<urr9r faoltties in 2022 will a new. ediled Combined Cadet FO and outdoor e(JucatKJn area on site, irrrfnediatety adient to the Mini5ty of Defence owned range and arrrKtrury. DIREcfoRS The Directors who served during the year. and the &)mmiitees ofwhKh they a memtrs. are.. E L Lewis-Jones STWood Joint Chairman Joint Chairman Communicab'ons & Deyebprr( F&GP F&GP Educatk)n. Boarding and Pasloral Edu¢ath?n. Boarding and Pastoral Educalh)n. Boarding and Pastoral F8GP {sIgned 9 DMr 2021) EduCatn. Boarding and Pastoral Rtsk Management Govemor to F&GP F&GP P R Clayson E Coles-Kemp H Harper G P Jones R WLoadgS C hrta¢inlosh CAShaw MR Ward None of the DIlOr$ have any beneficial irtlerest in the C¢Nry)any. Bloxham SchcK)l Limited obtsins Iruslees and officers insurance on behalf of the Directors. AUDITORS RSM UKAudit LLP, having exwessedtheii wiNingness to conb.nue in olTKe. will be deemed 8pted for the next financial year in ardance with section 487{21 of the Companies Act 20C6 unless the Company receNes nob.ce under section 48811) of the Companies Act 2006. DIRECTORS, RESPONSI8ILmES STA TEMENT The Directors are re$Wnb1e for ryeparing the directors. and the finanaal slaterrwts in accoidance wrth appItcae law and regulations. Company requires Directors to Ppare fmarKi ststements for eh financial year. Under that law the Directors have elected lo Prepa the financial Stateftnts in accordance wrth United Kingdom Generally Accepted Accounting PrnCt1 (Unrted KirvJdom Accounting Standards and applicable lawl indudirtg FRS 102. the Financial Reporting Standard appltable in the UK and Republic of Ireland. Under company law the DKrectors must not approve the financkal staterrEnts unless they are satIsfd that they a true and fair view of the slate of affair5 of the Charitable Company and the Group and of the incoming resou5 and applution of resources. induding the income and expenditure. ol the charitable Company and Group lor that peritsj. In preparing these finanaal statements. the Directors are requi to.. select sultable accounting Fdicies and then appfy them cOnststen. observe the ffethods arKI principles in the Charrtie5 SORP IFRS 102)," make judgements and accounb.ng esb"mate5 that are reasonable aThJ prudent," state whether applicable UK Accountmg Stsndards have been followed, su4.ect to any rnateri81 departures disclosed and expfained in the financial statents.. and prepare the financial ststements on the going ¢oncem basis unless it is inappropriate to presurne thal the eharilable Company and Group w1 conts'nue in business. 16
BLOXHAM SCHOOL LIMITED DIRECTORS. REPORT (in¢oOratIng the Strateglc Report) YEAR ENDED 31ST AUGUST 2021 Oirectors, Responsibilities Statement (contrnued The Directors are responsible for keeping adequate accounting tewrds that are sufficient lo show and explain the charilae Company's and Group'5 trdn5aclw)ns and disclose wlh reasonable accuracy al any time the financial position of the Company and Group and enable them lo en5vre that the financial statements comply with Ihe Cornpanies Act 2(NJ6. They are also respM)nsible for safeguarding the assets ol the charitable Company and Group and hence for tsknng reasonable steps for the wevention and detectn of fraud and other irregularities. The Directors confimi thaL so far as eath director is aware, there is relevant audit infom)atK)n of twhth the charitable Company's auditor is unaware.. and the Directors have taken all the steps that they ought to have tsken as 'reCtOrS in order lo make themselves awa of any rewanl audit infOrnll0n and to establish that the charitable Company's auditor is aware of that infotmats'on. The Director5 are iesponsible for the maintenance and integrity ol the corporate and financial information included on the charitsble Company's website. LegiSlatn in the United Kingdom governing the preparation and disseminat of financ1 ststemenls may differ from *iskIn in other iurisdiclKJns. Approved by the Board of Directors of Bloxham School on 24 March 2022, induding, in their capacity as Company directors, appfowny the Directors. and Strategic Repts contsined Ihefein, and signed on its behalf ty.. E L LewisJone5 CHAIRMAN 17
BLOXHAM SCHOOL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLOXHAM SCHOOL LIMITED YEAR ENDED 31ST AUGUST2021 Oplnlon Vve have audited the financol slatements of Bloxham mited Ithe'pareni charitable company'l and its s(rbsKli3ries lihe 'Group'l for the year ended 31 August 2021 vthKh comprise the Consolidated and Charity Statements of Financial ActMtse5. the Consoliolated and Charity Balance Sheets, the ConSolated Cash Flow Statement and the notes to the financial stslements, including a summary of SMJniant accounb.ng polKies. The finawal reporb.ng framework that has been applied in their preparation is applicable law and United Kingdom Accounb"ng Standards, including FRS 102 'The Financial Reporting Standard app.Cable in the UK and RepublK of Ireland" {UnibJ Kingdom Generally Accepted Aecounting Practice). In our opinion the financial staterrEnts= give a true and fair vmv of the state of the Group's and Ihe parent ch8fTtable company's affairs a5 al 31 August 2021 and of the Group's incoming resources and ap[CatIOn of resources. including its income and expenditure. for the year then ended". have properly prepared in accordance with United .Orn Generalty Accepted Accounting PraCte.. and have been wepared in a)rdanCe with the requirnents ofthe Companies Act 2006. Basis for oplnion We have been apwinted audrttws under the Companies Act 2J6 and SeCtn 151 of the Charbties Act 2011 and report in accordance with those Acts. We corKlucled our audit in accordance vrith IntematK)nal Standards on AuditÉng {UK) (ISAS IUKII and applicable law. Our responsibilities under Ihose standards are fvrther described in the Auditor's responsibilittes for the audit of the financial slalements secbon of our rewjrt We are independent of the Group and Pant charitsble ¢ompany in accord8n¢e th the ethr¢al requirements that are relevant lo our audit of the financial statements in the UK incILing the FRC'S Ethvl Stsndard and we have fulfilled our other ethical responsibilibe5 in accordance with these requirements. We believe that the audit evence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In audiling the financial statements, we have concluded that Ihe Directors. use of the going concem basis of accounting in the preparaliLN) of the finan¢ial statements is appropriate. Based on the work y have performed. we have not Mlentified any rnaterol uncertaintv&s rekting to events or conditions that. indNidually or colleclNety. may cast swjnificanl doubt on the Group's or haritable company's ability to continue as a going conrn for a perK#J of at ast twelve months from when the financial statements are authorised for issue. Our respongbllilS and the responsibilrties ofthe tl"rectors with respect to wng concern are described in the relevant sections of this rep)rL oth•r Infomiation The other information comwse5 the informab.on induded in the Diwtorfs Report olher than the financial ststernents and our auditorfs report thereon. The tru51ees are responsible for the other information contained within the Annu& Rep)rt Our wnion on the financial stsleTrEnls does not cover the other information and, except to the extent otherwise explicitly ststed in our reF#rt we do not express any lom of assurance condusion thereon. Our responsrbility is lo read Ihe other infoTrna1b . in doing so. nsler whether the other information is materialty inconsistent wrth the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materkilty mtsstated. If we hdentify such material Inconsistencies or apparent material misststements. we are required to deterrnine whelher this gives rise to a material rnisstslement in the financial statements themselves. If. based on the work ¥ have performed, we conclude Ihat there is a m*erial mBstaterrenl of this other infomiati¢)n. we are required to report that lacL 18
BLOXHAM SCHOOL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLOXHAM SCHOOL LIMITED YEAR ENDED 31ST AUGUST 2021 Other Inlonnation (continued) We have nothing to pOrt in this ard. Opinions on other matters prescribed by the Companoes Act 2006 In our opinion. based on the work undertaken in the course of the audit the infoimalion gwen in the Direclors, ReporL whKh include5 the Directors, Report and Ihe Slralegi Report prepared for the purposes of company law. fo( the financkal year for whth the financial statements are prepared is consistent with the financial stslements". and the DirectOfS' Report and the Strateg¢ Rewrt induded wthin the Directots. Ret have been prepared in 8rdance wlh applicable legal requirements. Matters on which we ar¢ rwuired to r¢port by ex¢tption In the Itghl of the knowledge and understanding of the group and the pafent tharitae company and their environment obtained in the course of the audiL we have not identffied material misstatements in the Directois, Rewt or the Stiategt Report induded within the Directors. ReporL We have nothing to report in SpeCt of the ft>11 maltets whefft the Companies Act 2006 requires us lo report lo you if. in our opinK)n- adequate accounting 0)rdS have not been kept by the pawt Charitab Company. or retums equate for our audit have not been receNed from trfanches not visited by us., or the parent charitable c¢)mpany financk41 stateEntS are Tt in reement with the a¢counling re¢ords and retums", or certain disclosures ol trustees, remunefath)n specified by law are not rnade," or we have not received all the inlormab'on arKI explanatiLN)s we requi for our audft Rèsptsn$lbilitiÈs of tru$tees As explained more fvlly in the Directors. Resp)nsikn"lrties Ststemenl set ovl on pages 16-17. the trustees (who are also the direGlors oflhe charitabk company for the purposes ofcompany lawl are responsib for the preparation of the financkal statements and for being satisfie(I that they give a true and fair view. and for 5u¢h internal contrd as the tru51ees dètermine is necessary to enable the preparatn offinancBI staterrents that are free from material rrisstatement. whether due to fraud or error. In preparin9 the finaneial slalemenls, the Directors are reSnsib for assessing the group's and the PanI charitable company's ability to continue as a going concem. di%¢Sosing. as applicable, matters related lo going concein and using the going concern basis of accounting unless the trustees either intend to liquidate the Group or parenl chantable company or to Cease Operab.$, or have no reali51 alternative bul lo do so. AuditoVs responslbllltle$ for Ihe audi¢ of Ihe finanelal slatements Our objectives are to obtain reasonable assurance about whether the finawal statements as a whol8 a free from material misslatemenl, whether due to fraud or error, and to issue an audil0rf5 reptsrt that includes OUT opinion. Reasonab assurance is a high level of assurance bul is not a guarantee that an audit conducted In accordancewith ISAS (UK) will always detecl a material misstatementwhen il exists. Misstatements can arise from fraud Of and are considered material if. indivKfually or in the 899regale. they coul¢Y reasonably be exF*¢ted to influence the econom deasions of users tsken on the baS of these finan¢ial statements. The extent to whSch the audft was considered capable of detecting irregularitlos. includtng frdud Irregularities are instances of nonwliarKe with Laws and reguLqtions. The obJ"ectives of our audit are to obtain suffKienl appropriate audit evKlence regarding compjiance wtth laws and iegufalions that have a direct effect on the determinat¢on of material amunls and disclosuS in tt)e financial statements. to perform audit prttedv to help Klentify instances of non-complian wtth other laws 19
BLOXHAM SCHOOL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLOXHAM SCHOOL LIMITED YEAR ENDED 31ST AUGUST 2021 The extent to which the auditwas cons5deffed Capable of detecting Irregularit5e5. including fraud Iconllnuedl nd regul8lrons that may have a malerial effecl on the financial statenIS, and lo respond appropriately to identified or suspeded non<ompJian¢e with bws and regulations entified during the audiL In relation to fi3ud. the objecb.ves ofouraudil are lo identsfy and a55ess the riskofmaterial mi55tatement of the financial staternenls due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due lo fraud throu9h deswning and implementing appropriate knseS and to $ptsnd appropriatety to fraud or suspected fraud Klenlified dLrrin9 the audrt. However. it is the primary SponsIbl1ty of managerrnt. the oversight of those charged with governance. to ensure that the enlty's OFeratKJns are conducted in accofdan¢e with the provisions of laws and regulath.ons and for the Preventi( and delgxtion of fraud. In identifying and assessing risks of material nwsstaterrent in respecl of irregularities, includin9 fraud. the gtoup audil engagement leam". obtained an understanding of the nature ofthe sector. iluding the al and regulatory frameworks that the group and parent charitae company operate in and how Ihe group and panI charitable company are complying With the legal and wulatory frameworks.. inquid of mana9enEnt. and those charged with govemarfe, about their own Mlentification and 855essmenl oflhe ii5ks of irregularyties. induding any kncwn actual, SUSFe¢ted or alleged instances of fraud" discussed matters abcMJt non-complr8rKe with k8ws and wulation5 and how fraud mght ¢ur including assessmenl of how and where the fwHncial statements may be sUsp11b lo fraud. As a re5uII of these procedures we consider Ihe Ist 5ignfficant Laws and regulatnS that have a direct impact on Ihe financial stalenEnts are FRS 102. Chants'es SORP (FRS 102), Companies Acl 2006. Charitses Act 2011, the parent ¢haFitae cornpany's go¥eTnm9 dXVFrEnt. and tax le9tslab"on. We performed audit pr¢)cedures to detect noncompliances whrh may have a Material impact on the financial statements which induded reviewing Ihe financial ststements irKluding Ihe 01ctOrS, Report maining alert lo new or unusual transacttons which may Tt be in accordance with the goveming documents. The most sgniftsnt L$ and regtJlats)ns that have an Thidirect impact on the financial statements are The EdUcalft Ilndependent Schtsol srandards) Regulab)ns 2014, Keeping Chitdren Safe in Education under section 175 of the E¢JucatKJn Act 2002. and the UK General Data Protection Regulation (UK GDPRI. We perfom)ed audit pr¢Xedus to inquire ofmanagementand those ¢har9ed with governance whether the charitable company is in compliance with these laws and regulatnS and inspected corpOrlenCe wth gUlatOry authonties. The group audit engagement team identified the risk of man#gernt override of Controls 35 the areas where the financial statements were most SUSCeptie to material misstatement due to fraud. Audit proCedUS perfomie(l included bul were not limited to testin9 manual Journal entries and other adjuslmenls, evaluating the business rabonale in relabon to any SnI[ant. unusual transactions or transactKJns entered iftlo ou15Kle the nomial course of business. challengTng judgments and estimates. A further descripb.on of our responsibilities for the audit of the fM)anoal ststemÈnts is provided on the Financial Reptsrting Counal's website at htt .'IAY*A¥.fr .ukJauditorsre sibilthes. This descriptKin forms part of our audito5 reFK¥t.
BLOXHAM SCHOOL LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLOXHAM SCHOOL LIMITED YEAR ENDED 31ST AUGUST 2021 Use of our report This report is rnade solety to the chantable company's members. as a t. in awdance with Chapter 3 of Part 16 of the Compans Act 20C6_ Our au¢Jit work has been undertaken 59 that we might stste to the charitable MpanY'S members those matters we are required lo state to them in an audilo('s report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charilable company's 8$ a body, for our audit work. for this report or for Ihe opinions we have formed. LSM IAK LLP Sarah Mason (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP. Slutory Auditor Chartered Accountants The Pinnade 170 Midsummer WJlevar(I Milton Keynes MK9 1BP 30 March 2022 21
BLOXHAM SCHOOL LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31st AUGUST 2021 Noles unreSted Funds Restricted FunLts End¢r•rtd Funds Total 2021 Total 2020 Income and endovmients from.. Chzritable activities Educ*ron- School fees Educafr'on- AnalL9ry tradwL¢J 10.197.872 10.197.872 663.808 8.845.835 569.729 Job Retenlfjon S¢heme Grant 248.209 248,209 476,638 Other tradlng a¢tivities Non-anullary Irading incwje 190.590 183,577 Investments Bank ar¥J other irtere5t 153 153 Other- Grants and donations Grant$ an¢ donations 30.efj1 68.574 105.236 88.788 TOTAL INCOME 11.331.293 68.574 6,001 11AIS.868 10.137.153 Expenditure on: Charltsble a¢tiviti•$ Education 71a} 10.867.867 10.867.867 9.859.10B Othertrading aetivities Non-ancillary trading 7101 759.843 759 668,586 Financing costs 331,866 331.866 138,159 TOTAL EXPENDITURE 71bl 11.WJ.576 11.959.576 10.665,8S3 INCOME LESS EXPENDITURE (628.283) 68.$74 6.CO1 {$53.7081 1528.70)) Net gains inve51rnent assets 14 46,022 46,022 12,192 NET INCOMEIIEXPENDITURE) (582261) 68.574 6.0)1 1507.6861 1516.9)81 NeT moVEMEP IN FUNOS 1582.2611 68.574 6.001 {507.6861 1516,508) Fund balances #5 at 1 Septemb 24 7.973,168 489.490 233.3 8,6%,621 9,213.129 FUND BALANCES AS AT 31 AUGUST 7.390.907 $58.064 239,964 8.188,935 8.696,621
BLOXHAM SCHOOL LIMITED COMPANY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31sl AUGUST 2021 14Jtss Unrestricled Fur Resttided FuThts Enthled Funds Total 2021 Totsl 2020 Income and eThJowments from: Charitable activities Education- Sthool fees Edu¢ation- Anallary tradirvj 10.197.BT2 885.9)9 10.197.B72 885.909 8.845.835 830.872 Job Retentson Schemè Grant 248210 248.210 476.638 Investment8 Bank and other interest 153 1S3 98.375 Other- Grants and donations Grants and donalM)ns 30.661 68.574 6.(K)I 105.236 88.788 TOTAL INCOPJIE 11,362,805 68.574 6.th)1 11.437.380 10.340.508 Expenditure on". Charitable activities Education 7{a) 11.377,204 11,377.204 10,317,329 Olhtr trading activities N¢)n-ancillary trading 71al 222.272 222.272 273.791 Financlng Costs 292.194 292.194 137.124 TOTAL EXPENDITURE 7(bl 11.891.670 11,891,670 10.728.244 INCOME LESS EXPENDIYURE 1528.865) 68.574 6,CQ1 14S4.2901 1387,7361 Net gairts on investrrE assets 14 46.022 46,022 12,192 Net lexpendlturej1iQme Fund balwces as at 1 Serlember {482.843) 8,369.496 68,574 6.LKJI 14Q8.268} 9,092,949 (375,5441 9,468,493 24 489.49] 233.3 FUNO BALAN¢£S AS AT 31 AUGUST 7.886,653 558.064 239.964 8.684.681 9.092.949
BLOXHAM SCHOOL LIMITED BALANCE SHEET FOR GROUP AND COMPANY AS A T31ST AUGUST2021 Note Group 2021 Group 2020 Company 2021 Company 2020 FIXED ASSETS Tangible assets Securities InveslrrEnts Investment in subsidianes 12 & 13 14.949,647 14 264.8YJ 14 14.003.439 218,837 12.253,949 264.859 11,264,374 218.837 15.214.506 14.222.276 12,S18,811 11.483.214 CURRENT ASSETS Debtofs Cash al bank and in hartd 15 28 894,S11 2W3.332 507.895 744.254 3.898257 2.483.178 3.611,057 736.374 3,397.843 1.252.149 6.381.535 4,347.431 CURRENT LIABILTnES cdItOrS payable within one year 16 17,029,897) {5.449.2171 (6A22.148) (5.409.109) NET CURRENT LIABILITIES (3,631,054) 14,197.(*8) 1440.6131 11,IX1.6781 TOTAL ASSETS LESS CURRENT UABILITIES LONG TERM LIABIUTIES Creditors payable after one year 11.582A52 10.025.208 12.078.198 10,421,536 17 {3J93J17) 11.328.487) 13.393,417 {1.328,487) NET ASss 8.189.035 8.696,721 8.684.781 9.093.049 REPRESENTED BY: CALLED UP SHARE CAPITAL 21 100 1fy) 100 100 ENDOWED FUNDS RESTRICTED FUNDS UNRESTRICTED FUNDS General 24 24 239.964 S58.064 233.963 489.490 239.964 558,064 233.963 489,490 24 7J90,907 7.973.168 7.886.653 8.369.496 8,189.035 8.696,721 8.684.781 9,093.049 Thè financial stslewents wwe approv1 and authorised fly ssue by the Board on 24 March 2022 and signe¢J on its behalf by E L LewisOneS CHAIRMAN Company iegislratiort number 03779976 The notes on pages 26 to 48 fcffli partof these financial slaternents. 24
BLOXHAM SCHOOL LIMITED CONSOLIDATED CASH FLOW STATEMENT AS A T31ST AUGUST2021 2021 2020 C•sh flows from opeTatlng activilios: Net cash provided by operatlng activities 27 4S1.034 446.146 Cash flovts from Investing activities: DivKlends, interest and Tenis from investments Purchase of wopety, pL4nt and equipment Net ¢a$h used in investing activi¢wes Cash flows from finan¢ing a¢liviti¢$-. Interest paid Repayments of borrowing Cash inflows from new torrowings Net cash provided by finan¢ing aetlvltles 153 11.612,926) 11.612.773) 2,586 12.173.849) 12,171,263) {69.1831 1317,6661 1,550,000 2.990.000 2A20.817 1,232,334 Change In eash and ¢ash equivalents In the year 1,759.078 (492.7831 CAsh and ¢ash equiv•lents at the beginnlny of the year 744,254 1.237.037 Cash and cash equivalents at the end of the year 28 2.503.332 744.254
BLOXHAM SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 I. ACCOUNTING POLICIES The principal xcounting pOle$, all of whrti been 8ppld nSIstenIty throughoul the year and in the preceding year are.. a) Basis of accounting The accounts of the Group have been Prepa underthe Companies Act 2006 and in accordance with the Statement of Recommended pract for Chanb'es {"SORP {FRS1021") and with appli¢able UK Accounting Stsndards. The accounts are drawn up on the hislorKal cost accounting basis except that property and share investments hekj as fixed assets are carried at fair value. Bloxham Sch1 Limited meets the deffinitM of a publ benefit entty under Financial Reporting Standard IFRSI 102. Assets and lbilrties aTe inits.alty re¢c•3nised al histOriCo1 cost or transaction value unless otherwise slated in the relevant accounling policy notes. The Pfeparatton of financia ststements in wnfom)ity with FRS 102 requires management lo make judgements, estimates and assumptnS that affect the application of policies and reported arruntS ol assets and liabilibes. income and expenses. The estimates and asso¢raled assurnplion5 are based on historKal experien and various other factor5 that are believed to be reasonable under the circumstances. the results ofwhith forni the basis of making theludgents about carrying values of assets and IBbilitEs that are not readily app8nt from other sources. Actual results may differ from these eslimates. Further details are provtded in note 33, and in the accounting polKJes for deweciation of fixed assets, for pensions and for bad debts. The financial 51atements are Fyesented in stertiThJ (£1 and the lunCnal currency is sterling (£1. b) Going conc•rn The accounts have been prepared on a going concern basrs. The Council review5 the financial information for the Group and Company and considers whether the Group and Company are going concern for a perh)d of at least fve months from the date of approval of the accounls. The Lh"rectors conts'nue to review the impact of the Coronaviws pandemic on the Group's and Company's operab.ons and finances. In 2020r21 the finan¢ial impact was mitigated through the use of varTOUS elerrEnts of support provided by the Govemmenl irKluding the CJRS scheme. The Directors recognise that the pandern abo has IMlcatnS for the results in the 2021122 financial year and conbnue to rework theirforeca5ts and plans lo mrtigale these in the most appropriate way. The Group and Company continue to use the bank's rolling credit facility to offset any deficits in cash. The loan covenants on this facility were breached during the year, however the bank has agreed to waNe Ihese breaches and is Icoknng to update these covenants in the next financial year. Having (x)nsKlered the forecasts prepared lo August 2026 and other evidence. the Directors have a reasonabte eXpeCtan that the Group and Company will be able to continue 0ratIng at least 12 months from Ihe date of snIng these financial statements and have therefore Prepared the finanaal statements on the 90ing eoncem basis. l Group accounts The financial statements ¢onsolidate the ffinan¢ial stalements ofthe Company. and all its subsidiary ¢ompanres. tharilable trusts and funds wrth all inler-company balances being eliminated. Entities are consolidated where Bbxham Sch¢)g1 Limited exercises overall control either through ownership of shares. or through having common trustees wrth 8 common objective. Acc¥)unts"ng polrAe5 are consistentty applied between group companies. dl S¢hool fees r•celvabl• and $lmNar In¢om¢ Fees ceIv8b1e and other educational income are accounted for in the period in which the servi is provid&Y. Fees receivable are stated after deducting albwances. scholarships and other remissions by the Sd)ool. but include contribut)n5 received from Stricted funds for scholarships. bursaries and other grants. Fees in Advance scheff are those fees received in advance of educalKJn lo be provKJed in future years under a specific contracl. The fee5 are either held as investments in interest bearing assets until tsken to in¢on lo match liabilities in ¢he term when used or refunded. or they are held within the unrestrKted reserves of the Company. Any sufF4us ofassets over IrabllrtS is held within the fund as a buffer. Debts are provided for rf not recovered within one term. Ests"maling amounts to provJe against recovery of debts is a mattw ofjudgemenl.
BLOXHAM SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 ACCOUNTING POLICIES (continued) el At)¢illary and non4n¢illary trading income Anallary trading income represents aruniS from aclivities lo generate funds within the charitable objects, for example coaches to and from activilw and s¢hwl trips. Non-ancillary trading income represents amounts from acbvib.es nol diredty related to the charitab objects, for exarnp lettings of the Company's focililies oul of terrn time. Income from ihese aetivib.es is wogniged in the ststemenl of Financial Activilies when the gc>J5 are sold or Serv provided. Voluntary sources. grants and donations Vdunlary inco 1$ accounted for as and when entiuemenl arises. the amDunt can lIab be quantsfied and the economic benefil is sidered Fyobafre. Voluntary inco for general wrposes is accounted for as unrestricted and is credited lo Unrestricted Reserves. Iere the donor Of an appeal ha5 imposed trust law restrictions, voluntary income is ¢rediled to the relevant Restricted Reserve and inGoming endowments are accounted for as permanent trust capital or expendab trust capitsl. according to whether the donor intends relenltr)n lo be pemanenl or not Gifts in knnd a valued at estimated open market value al the date of gift, in the case of assets for retention or consumpts"on. or at the value lo the school in case of donatsd servi or faolilie5. gl Coronavirus Job R•t¢ntion S¢h¢me"CJRS- The CJRS grant ts receNable as compensab.tsn fot staff costs incurred and for the purpose of giving immediate financial support tr) the organisation with no frjture related costs. It is recognised as income in the perTod in which it becomes receNable. h) Expendlture Expenditure 15 accrued as soon as theTe 8 Contractual obligalton or a liability is considered probable, discounted to piesent value for longer term liabilitbes. Expenditure Is althaled lo expense headings either on a direct (Y)51 basis or apsx)rtioned according to time spent. The irrecoverable elenI of VAT is induded wtth the item of expense to which il relates. Bad debts are providerj for In accordance with the Gr(xJp's bad debt policy. The cost of relufkn'shing and converting existing buildings Is written-off in the year in which it is incurred except where the useful lrfe has been extended. il Flnance and other costs Other costs include amunls accfued in accordance the tel of Fees in AdvarKg S¢hem8. Il Pension ¢o$ts The Company parb'cipales in the Teachers. PenswJn5 Scheme. wh is an unfunded government scheme. The fvnds ofthe scheme a separate from the Cornpany, although the Company's share ofthe scheme cannot be idenb'fied as the scheme is a multi-employer scheme. and so the pensK)n Costs are accounted for as defined contributK•n schemes. The Company also contributes to olher defined contsibub.on penswjn scherrs for support stsff as set out in note 26. k) Tangible fixed assets and depr¢clatlon In ?wdance with Secbon 35.10 Id) of FRS102. Bloxham School Limrted has elected lo use the carrying value of any of the above freehold land and buikjings preVUSIY carried al a valualion. as their deemed cost al the date of transition to FRS102. 1 September 2014. Tangible fixed assets are staled at cost less depreciation. Individual capital items, or projecls. wtth 8 value greater than £10,000 are caprtalised. Assets in the course of construction are slated at cost less any provisron for Impalmnt They are transferred to completed assets when substanlialty all of the acbvilies necessary lo gel the asset ready for use are complete. Where appropnate ¢t includes our own labour costs in relation to construdion, and direclly attributable overheads. IM)ere tsngible red assets have bn acquired wrth the aid of specific grants, they are included in the balan sheet at $t and dePClaIed over their expected useful economic life. The retated grants are credited toa reStrted fixed assetfund {in the 5talemenl of financral activtires and carried forward in the balance sheet). The depreciaiNJn on such assets is thed in the slalement of
BLOXHAM SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 ACCOUNnNG POLICIES {contlnued) rinancial actsvibes ovei the expected useful ecorth7 life of the related asset on a basis ¢onsi5tent with the depreciation policy. Depreaab"on is provhled at rates calculaled to write off the cos( less eslimated $•dUal value of each asset based on Current market over rts expected usefvl life, as follows.. FreelKkl land Not depreciated Freehold buil1n9 Variable according to the building arKt written off over the expected useful lrfe (see paragraph below) 25% straight line basis 25% straighl line basis Computer equipment Pknl and equipment Company has reviewed ts tangible assets. whth comprise land, buildings and inib'al fixtures and fittings. The Company vndertakes an annual re¥1 of all buildings a5se55ing their useful economK life. In some cases. the useful ecormi¢ lrfe of a building is ant1pated lo be of conshlerable leThJth. often in excess of 100 years. The buildings are capitalised in the financial statements * historic cost. There the ¢al¢ulaled deplatIOn charge is a material figure. it is Charged in these financial stalements but, where the carrying value is nol than thè eslimaled recoverable amount and the deprecIatn on the building is not material lo these financial statements, it has teen assessed. trwJl not charged on the basis that it is not material. The Directors will continue to carry annual 8ssessmÈnts of the recoverable amount and the estimated useful life of all buildings and where Ihe depreciation is a malerial valLJe. it will be charged. The review is based on the Directors, assessments of the mathet value and the future economic benefit derived from an asset versus Jts carrying value in the financial stslements. lthen the Company undertakes a significant refurbishment project that will have an economi¢ benefit. the cost of the refurtrxshment is capitalised, recorded separately under 'Freehold Improvements.. its useful life is estimated and rt ts dewecialed over that vseful life. No depre¢iatk)n is pfovkyed fry in resFkd of investment propertj'es in accordance with Section 16 of FRS102. Such pioperties are held for their investment potentsal and not for ¢onsvmplion within the business. InveSthnI properts a stsled al their fair value at the balance sheet dale. Bloxham School Limited exer¢ises judgemenl in Selectti of appropriate rates for deprecialion of xed assets. and for matters of impairmenL 11 Financial instrnments Bloxham School Limited onty has financia assets and financk?I liabililies of a kind that qualify as basi¢ financial inslrumenls. Basic finan¢ial instwffents a inilialty recognised al transaction value and subsequenuy measured at their settleEnt value wth the eXPtIf of bank loans which are Subsequent measured al anw)rtised cost using the effeciNe interesl meth(MJ. ml Securities Investments Se¢uritYes investrnents are earried al fair value. whth is deemed to be market value as al the balance sheet date. Realised and nrealISed inVestwnt gains and 10sse5 are reccsni5ed as "net gainslkjsses" investment assets in the Statement of Financial A¢b"vrties and are allctated to the appropriate frjnd according of Ihe'ownership" ol the undertying assels. n) Leaslng ¢ommi¢ments Assets held under ffinan leases an¢J hire wrchase ¢ontra¢ts are capitalised in the balance sheet and are depreciated over their useful lives or the period of the lease whichever is the shorter. The interestelement of the obligalions is charged tolhe Statement of Finarrial ActiVTtie5 over the peri¢xl of the lease. Rentals applicable to operating leases where substantially all of the benefits and risks of ¢)wnership remain with the lessor are charged to the Slatent of Financial Activities on a strdighl-line basis over the1&25e lerm. Lease incentives a acCoted for over Ihe lease terrn on a straight-line t>asis. ol Fee deposits Relvndable fee de$11$ a curnty dared be kjng tenn and short temi in the financial statements. These deposits are refundab in the event that the pupils leave a sck#Jl on one term's
BLOXHAM SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 ACCOUNTING POLICIES {¢onllnuedl notice and as such the deposii would be reftjntjed to the parents al that point. However, the financial statements a prepared on a going Concern basis and it is assumed that the majority of children will remain in school for their full years of educab'on and therefore the deposit will t refunded lo them when they knie schod. Short term dep05115 reflectlhose pupils that will be leaving a schoolwithin one year. and the longer- lerm element reflects those pupils thalwill be leaving a schwl after h¥ee months Irom the balance sheet dale. pl Fund accounts Endowment fund$ are subJ'ect to ¢onditions by donors that the capital must be maintsined by the Company. ErKlowffEnt funds ale further sU1Vided into pemanenl and expendable, where requi by the temis of the trust. Reslrictsd funds are subject to Spear conditions by ¢Sonors a5 to how Ihey may be used. The Purposes and uses of the Restricte¢J fund5 are set out in note 22 lo the financaal staterrEnts. Deswnaled funds comprise fvnds vthth have been set aside at the discretion of the Directors for specifio purposes. The wrposes and uses of the De4nated hjnds are sel out in the note 22 10 the financial slalerrnts. q) Taxation Bloxham School Limrted 1$ 8 registered charty and as SLJch are exèmpt from Inco tax and corporation lax undei the provis$ of Section 478 of the Corporation Tax Act 2010. There is no similar exemption lor VAT, whth is included in expendthre or in the ¢osl of assets as appropriate. The Company has tsvo subsrfjory companies that a 5ubJ"ecl to tsxes including corporation lax and VAT in the same way as any comrnercial organisati. The tax charged lo the profil and loss ar£ounl is based on the sub5Yiary cornpany's profit for the year and tskes into account tsx arising because of timing diffenCeS ben the treatment of certain items tax and accovnling purposes. The subsidiary compan$ dislit)ute their wofits to Bloxham School Limited under Gift Aid and tax liabilities are kepl to a minimum.
BLOXHAM SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 2. CHARITABLE ACTIVITIES- SCHOOL FEES RECEIVABLE (Company and Gwupl 2021 2020 School fees re¢eNable Ctynprise: Gross fees Less.. Total scholarships. bursaries. stsff nI$S1onS and other di$UnIS 12.544.140 12.346,2681 10.403.412 (1.557,5771 10,197.872 8.845,835 Scholarships and bursaries were p8id to 267 PU1$ (2020.. 276 pupils) and totalled £1.584,S89 12019120 £1.039,2481. Due lo the impact ofcoronawrus p8nderThc on patental y)come, the scho provide(1 supwjrt for pupi15 through provision of exceptional bursaries and scholarships. 3. CHARITABLE ACTIVITIES- ANCILLARY TRADING INCOME {Group) 2021 2020 Extras Enlran¢e fees and registraiion f*s Pupil transport Commissions and related incoff Sundry other Income 159.983 113.144 113.291 170 277.220 148,883 85,096 114,758 1,607 219.385 663,808 569.729 3. CHARITABLE ACTivrriES- ANCILLARY TRADING INCOME Icornpanyl 2021 2020 Extras EnlranGe fees and registration fees Pupil transp¢Jrt Reftl receivable and lated income Commissions and related income &Jndry other income 1S9.982 113,144 113.291 222.272 148,883 85,096 114,758 207,804 1,607 272.724 885,909 630,872 4. OTHER TRADING ACTIVITIES (Group) 2021 2020 eioxham Enterprises Lirntted - trading bjfrthier Bbxham EnterpreS Limile<l - rents recer¥able Olher non-ancillary trading inc 103,903 81.286 5,401 77.528 76,049 190.590 153.577 Other traling actNitss Incor Ihe company was £nil12020". £nil}.
BLOXHAM SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMEKrs YEAR ENDED 31ST AUGUST2021 5. INvESTMErs (Company and Group) 2021 2020 Bank interest 153 2,586 6. OTHER- GRANTS AND DONATIONS {Company and Group) Unrestri¢ted Restri¢tÈd Endowed Total 2021 Total 2020 Legacw and donations 30.e61 68,574 6,001 105.236 88.788 31
BLOXHAM SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 7. ANALYSIS OF EXPENDITURE al Total expenditure (Group) Staff costs (Note 9) Support costs Deprecian Total Total {Note 121 2021 2020 Costs of rai$ing luTrds Non ancillary trading Financbng cost {Note 8) 222.272 494.105 331.866 43.466 759.843 331.866 668.586 138,159 Total Cost of ralslng funds 222.272 825,971 43.466 1,091,709 8CE,745 Charltable expendlture Teaching Welfare Premises hool administral 5.013,778 967,700 487.678 763.7 301.373 5.315,151 1,451.700 2.416.561 1,619.44S 24.961 5.182.246 1,250.953 1.711.775 1,687,330 2,077 1.573,005 733.095 24.%1 375,878 122.554 Granis awards and prizes Governance 40.049 40,049 24.727 Education 7.212,952 3.156,483 498.432 10.867,867 9,859.108 Total expenditure 7.435.224 3.982.454 541,898 11,959,S76 10.665.853 a) Total expènditure (Company) Staff Support Total Total {Note 9) {Note 12) 2021 2020 Costs of raising funds Non ancillary trading Financing cost (Note 81 222.272 222.272 292.194 273.791 137.124 292.194 Total cost of ralsing fvnds 222,272 292.194 514.466 410,915 Charttable expenditure Teaching Wetfa Premises School administration 5.013,778 967.700 467,678 763.796 373.412 5.387.190 1.451,700 2.858.939 1,619,445 24.961 5.182,246 1,250.953 1.984,596 1.873.734 2.077 2.015.383 733,095 24.1 375,878 122.554 Grants awards and pwizes Governan 34.969 34.969 23.723 Edueatlon 7.212.952 3.E65,820 498.432 11.377.204 10.317.329 Total expenditur• 7.435,224 3.958.014 498,432 11.891.670 10.728,244
BLOXHAM SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 b) Group Total expendlture Includes". 2021 2020 Remuneration pa lo Auditor for audit servKes Depreciation of langible fixed assets.. - owned by the Chartsble Company Operating lease rentsls". - other assets Reimbursement of0-of-FI expenses to Directors 22.680 14.426 498.432 415,826 56.578 862 61,607 453 a claim 15 made. the Corw>any EMbUrseS Directors for out-of-po¢ket expenses including travel. subsistence and mr>Jati0n. During the year. 2 Direclors were reimbursed12020.' 21. 8. FINANCING COSTS (Group) 2021 2020 Fees in Adva8 debt finanang costs Bank charges Other ffinan Gosls Provision for bad and doubtfvl debts 58,858 8,672 48,583 215.753 56.571 44.976 2.148 34.464 138.159 331.866 FINANCING COSTS (Company) 2021 2020 Fees in Advance deb¢ financing costs Bank charges Other finance $ts Provision d¢xJbtlul (lebts 58.8S8 7.351 10.232 21S.7S3 56,571 44,531 2,148 33,874 137. 124 292.194 9. STAFF COSTS (Group and Company) 2021 2020 The aggregate payroll ¢osts for the year *tre: Wages and salaries So¢pl secunty costs other pension costs Privats medical in5urarKe 6.001AOS 573,312 834.583 25.924 5.770.073 531,709 807.365 27,357 7.435.224 7.136.504 2021 2020 Included in stsff costs were redundaKy and lerminatft Foyments
BLOXHAM SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 The Head, Bvrsar and the Deputy Heads are classed by the school as being the Key Management PersoTrnel. In 2020. Key Managemenl Per%ne1 also included 2 Assistsnl Heads, these posits"on5 were reworked in 2021. The aggregate employee berefits of key management personnel were as follows.. 2021 2020 Aggregate employee benefits inclucling employers. pension arJ national insurance of key management personnel 507.592 668,473 The number of higher paid empbyees wts)se annual emoluments were £60.OCN) or was.. 2021 2020 No £60,001 - £70,0 £70.001- £80,000 £90.001- £100.000 £120.IX11 - £130,0 £130,1)01- £140.000 The number ol hNJher paid employees wilh tirement benefits accruing". - in Defined ContribUtn scherres was Ofwhich the contributions amunted lo - in Defined Benefri schemes was Of whh the contributions arrKJunted to £4.356 £4.752 £120A59 £124.616 The average number of employees during the year calculated on a head count basis was ." 2021 No 2020 No Teaching Support 73 152 125 224 225 10. DIRECTORS None ofthe Directors lorany persons conn&aed with them)12020. ne) receNed remuneration during the year in their capacity as a Trustee. One of the directors charged £15.750 12020". £nil) for financial services provided in relation to the cyrn1 year, this fijll invoKe was also in creditors at year end. Discounts lotslling £79.652 were awarded to chiklren of Llrect(Ks attending the Bloxham Sco)1 (2020.. £53,811) 11. TAXATION The company Is a registered chwity and therefore no liabilty to taxation arises on rts charttable acttrwties.
BLOXHAM SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 12. TANGIBLE FIXED ASSETS - GROUP Freehold Land & Buildings Assets under ¢onstw¢tion Plant & Equipment Computer Equlpment Total Cost At 1 September 2020 13.459.732 1.C68.803 2.489.362 3.096,915 20,116,812 Transfers 1971.635) 971.635 Additions 45,059 365.278 950,412 252.177 1.612,926 Disposals {60) (170.8721 1170,932) At 31 August 2021 13.504.731 462.446 4.411.409 3,180,220 21,558,806 Deprnclatlon Al 1 September 2020 1.203,051 2.147.5B8 2.762.734 6.113.373 Charge for the year 249,531 294.573 122.654 666.658 Disposals At 31 August 2021 170.872 2,714,416 170.872 6.609.159 1A52.582 2.442.161 Net book value at 31 August 2021 12052149 462A46 1.969.248 14949 647 Net book value al 31 August 2020 12.256.681 341.774 14 003,439 35
BLOXHAM SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMEKrs YEAR ENDED 31ST AUGUST 2021 13. TANGIBLE FIXED ASSETS- COMPANY Freehold Land & Bulldinys Work in Progrtss Plant & Equlpm•n¢ computer Equlpnjent Totsl Cost At 1 September 2020 10.647.807 1.C68,803 2.447.898 2.928.043 17.092.551 Transfers {971.6351 971.635 Additions 45.059 365.278 825.417 252.176 1.487.930 Oisposals 1160) 11601 At 31 August 2021 10,692,706 46Z,446 4,244.950 3.180.219 18.580,321 Deprecialion At 1 September 2020 1,098.188 2.138.128 2.591.861 5.828.177 Charge for Ihe year 216.430 159.211 122.554 498,195 At 31 August 2021 1.314.618 2.297.339 2.714.415 6.326.372 Net l)ook value at 31 August 2021 9 378 088 462.446 1.947611 465.804 12 2S3 949 Nel book value at 31 August 2020 9549619 1.C68.803 336 182 11,264.374 All a55ets are used for charitable purposes.
BLOXHAM SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 14. SECURITIES INVESTMENTS 2021 2020 Group investments Al 1 September 218,837 2C6.645 Unrealised gains on investments 46.022 12,192 Group investments at 31 August 2021 264.859 218.837 Investment in subsidiar Company investm•nts at 31 August 2021 264.862 218,840 Investments ¢ompr¢se: Listed investments Fixe(l interest Equities Unlisted investments Land and buildings Cash 2021 2020 5.905 153.627 240,132 10.345 14.382 49.895 9.410 Group investments at 31 August 2021 Investment in subsidiaries 264.859 218,837 Company investments at 31 August 2021 264,862 218,840 The main securilies investments are managed for Bl0xn Seh¢)ol Limited by CCLA FurvJ Man4er Limited. Al investrnenls are managed and hekj in the U Holdings at the year*nd comprising than 5% ofthe tolal a.. 2021 2020 COIF Charities Inveslment Fund 263.511 278 837 8loxham Schcèl Limited owns all the share capital of Bloxham Enterprises Limiled and Bloxham Library Ser¥e$ Limited. cowies irwjtporated in England and Wales. Further deiails are ovided in note 29. In addilvjn to the above investrnenls. cash balwKeswithin the Fees in Advance Schem? are included in current assets as cash deposits. 37
BLOXHAM SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 15. DEBTORS Group 2021 Company 2021 2020 2020 School fees recae Trade debtor5 Other debtors Prepayments and accrued income Amounts due net from subsidiary companies 318.351 42.231 16.969 516.980 173.203 5.824 8,442 320,426 318,351 26.839 16,725 436,773 3,099,669 173.203 8.443 317,738 3.111.673 894.511 507.895 3098.357 3.611,057 16. CREDITORS: amounts falling due withlrt one year GTQUP 2021 Company 2021 2020 2020 Bank loans and overdrafts Inofr 18) 2.$40.000 Ttade creditors 542,453 Taxab"on and 50ciaS security 152,615 Oiher creditors 300.47S Accru T12.254 1,550,oCl 827.960 150.817 262,185 82.650 2.540.000 48S.392 143.819 281,082 649.755 1,550.000 827,719 133,858 262,185 79.134 Deferred income.. Fees in Advan Scheme (note 19) 1.100.928 Fees in advance of the term 1.130.003 Deposits from paients 491.169 1,100.928 1.13Q,003 491.169 940.468 1, 180.263 435.482 1.180.263 454.874 7.029.897 5.449.217 6.822.148 5.409.109 17. CREDITORS- amounts falling dye •fter one year Group and Company 2021 2020 Bank loans and overdrafts Inole 18) Fees in Advance Scheme (note 191 2.000.000 IM93,417 1,328,487 3.393.417 1,328,487
BLOXHAM SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 18. BANK LOANS Group and Company 2021 2020 The bank loans are repayabte in instalments a5 f01trJ. Due within 2 to 5 years Due within 110 2 years ounts falling due after one year 1,799,996 2.000.000 Amounts falling due within one year 2,540,000 1.5SO,Crt)O 4,540.000 1.550,000 Bbxham School has a Rolling Credit Facilty of up to £3,0.000 in place wilh Bardays Bank Plc. The facility is secured by charges on Ihe Company's assets ncluding all freehold property and is a five-year fa¢ilty lerminaling in Juty 2024. The Rolling Credit Facilrty allows for fiexible drawdown ol funds with maturity occurring three. six. nine or tsvelve months after diawdown. The interest rate charged on each drawdown is the Barclays Bank base rate plus 8 fixed margin of 1.95%. A term loan of £2.0,000 wa5 taken out on 22 January 2021. This 15 a five-year lemi roan with a hvelve-ny)nth repayrrhent holiday until 22 January 2022. with repayments of £16,667 starting in February 2022 and a balanc9 bullet payThEnt in January 2026. The interest rate is fjxed at 3.2% over the temi ofthe loan. 19. FEES IN ADVANCE SCHEPAE Parents and guardians may enter into a uyntracl to pay for fixed contributlons towards pupil tuition fees for a number ofyears in advance. The fees paid in advance may be returrted. subjecttrj specific conditions, on the recerpl of note. Assuming Ihat the pupils remain in the School. fees in advance will be applied to incoirE as follow5". Group and Company 2021 2020 After 5 years thin 2 to 5 years thin 1 10 2 years AnUnIS falling due after one year AnKrtts falling due withm one year 145.741 638.$50 609.126 1.393.417 1,100.928 213.469 553,294 1.328,487 940.468 2,494.34S 268,9SS Summary of movement In liability Group and Company 2021 2020 Balance at 1 September 2020 2268,955 2.303,892 New contracts for Fees in Advan 1 J40.161 148.748) 953.507 Repayments of Fees in Advan 125,7371 Amounts used to pay the School's fees {1,066,0231 1962.707) 2,494,345 2.268,955
BLOXHAM SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 20. COMMITMENTS UNDER OPERATING LEASES (Group) The fulurE minimum commitrnents under Tr)n<ancellable operabng leases are.. 2021 2020 Ihlthin 1 year Imhin 2 to 5 years 69.103 97.586 78,565 157,806 166,689 236.371 21. SHARE CAPITAL (Company and group) 2021 2020 Authorised 1 Ordinary Shares of£1 each 100 Allotted, called up and fully paid 100 Ordinary Shares of £1 each 10 1CrfJ
BLOXHAM SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGusf2021 22. FUNDS (Group and Company} The thjnds of Bkjxham School LJ"ff¥ted are anatysed under the followng heading5.' a} ENDOWED FUNDS Egerton So¢i•ty Endowment Fund The Egerton SOcty was established in 2011 arKI 15 aime(l al encouraging those with close links lo the School lo commit a legacy in theirwlls. A $trted Bbxham School Bursar*s Endowment Fund d5 estsblished with the aim of the capitsl sum to provhle funding for bursaries. b) RESTRICTED FUNDS The Nigel Halfpenny Fund This fund was established by a prevv)us Bursar at Ihe School and represents th• cumulalwe donafions of credit balances and deFQSits by parents of puts that have left the School. The Arthur Disnèy Fund A donation was made lor the care and devewent of Irees on the site of Bloxham School. The funds a $triCted for Ihis purpose. Southefn Yloodard Dlv5slo The dosure of the Southem Ihbodard Dwision provKJed an initsl donation of £302,073 to the Company to be used for improving social mobility of the SCho.s pupils. Erasmus Grant The Company has been award1 a grant from EU fiJrlng lo albw the School's Modem Foreign Languages teacheis to attend knguage courses. Tfrw ojurses have been delayed due lo the Coronavirus pandemi¢. Rugby $¢oreboard A collection was raised to fund a new s¢t)0rd. Pavilion clocktower A collection was raised to fund repairs on the Schcol's paVion ck>ck toww. Coronavirus Hardship fund This fund was sel up during the 2019r20 financid year to ensure that the School's pupils. education wcNJld not be negalNety impacted by the Coronavirus pandem. ¢} UNRESTRICTED FUNDS Unrestricted fvnds represent wmulated income from the Group aTrJ Conyany's ath'vit5 and other SoUrS and are available lor the general purposes ofthe Group and the Company. 41
BLOXHAM SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2021 23. ANALYSIS OF NET ASSEfs BETWEEN FUNDS Toial 2021 Tolal 2020 Group Tangibfe fixed assets 14.949,$47 14,949.547 14,003.439 secU.es inveslrwls (458.594) 489.4 218.837 Net Currenl 8bA*s) 13.632.054) {3.632,0541 14,197,168) Long temi l¥abilili8S (3.393.41n 13,393.4171 11.328.48n 7.465.482 489.4 233, 8.188,935 8.698.621 Total 2021 Toral 2020 Company Restricted End0rd Tangit4e fixed assets 12.253.949 11253.949 11.264.374 seIrit1eS investments 1458.5911 489.490 233.3 264.862 218,840 Net current Iliatxlibes) {440.61• {440.6131 {1,061,778) Long terrn liatslibes 13,393.41n 13.393.417) 11,328,487) 7.961.328 489.4) 233,963 8.684.781 9.092.949
BLOXHAM SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 24. SUMMARY OF MOVEMENTS ON FUNDS {Group) At 1 Sopt 2020 At31 Au9USt 2071 Ineomt Expenthwre Trnn5for Galnsl 1105se81 Endowed Egerton Scoety 233. 6.1 239.964 Totsl Endowment 233. 6.CA)1 239.964 Re$tri¢ted Funds Nigd HalfFenny Fund 39.427 5.524 44.951 Arthur Disney FWKI IrX>.I 14.CK 114,009 Swthem Woc¥lard 268,893 37.670 306,563 Erasmus Grarrt 26.379 30,075 Rugby Scor8&)2rd 1.150 161 1.311 Pavilron CWt¢Y4ver 420 3.420 Coronawrus Hartlship SO.641 67,735 489.4 68.574 Gen¢r•l teseNe5 7,973.168 11.331,293 111.959,5761 46,022 7.390,907 Totsl Fund$ 8.696,621 11,405.868 111.959,5761 46.022 8,188.935 24. SUMMARY OF MOVEIIEiifs ON FUNDS (Company) At 1 S¢pt 2020 At31 August 2021 Incom Eynditwt Tr•nsfr Galnsl 1105ses Endowed E9erton Sooety 233. s.c1 239.964 Totsl Endowment 233. 6.CAJ1 239.964 Restricted Funds Nigel Halfp&rny Fw 39.427 5.524 44,951 Arfhur Di$ney FuThJ 1C(j.l0 14.C 114.1))9 Southem Ktrtydard 268.893 37.670 43 306.563
BLOXHAM SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 Erasmus Grant 26.379 30.075 Rugby Scoreoard 161 1.311 Pavilion Clcdltyrtr 420 3,420 Coronavirus Hardshy 50,641 57,735 489,49) 68.574 558.064 General re8eives 8.369.496 11.362.805 (11.891,670) 7.886.653 Totsl Funds 9,C62.949 11.437.380 {11.891,6701 46.022 ,684.681 25 CAPITAL COMMITMENTS At 31 August 2021, the Grcwp and company had capilal cwlniknnts as hllows.. 2021 2020 Expendibjie ntracted for bul nol provKled rn the accounts 102.539 145.712 26. PENSION SCHEMES Teachers, Pension Scheme The Company participates in the Tea¢hers' Pen5h)n ScheryE 1.the TPS.) for its teaching staff. The Fension charge lor the year inclLKles contributtons payable to the TPS of £1,046.420 12020.- £1,027.603) and al the yearnd £87.17212020- £84.6861 was aCd rn s¥¢t of contn"bulion5 to this scheme. The TPS is an unfunded ThAempYer defined benefts pensp)n Schen 9ovemed by The Teachers, Pensions ReguL4tions 2010 las amended) and The Teacher5. PensDn Scheme Regulations 2014 las arnendedl. Members c¢)ntribute on a.pay a5 you go. basis with contributions from members and Ihe employer being credited to the Exchequer. Retirement and other pension benefits are paid by pU1C fvnds provpaed by ParfK8menL The employer conlribub.on r81e is set by the Secretsry of Ste folh)wing $Cheff valuatiofts undertaken by the Government Acttlary's Departrnent. The most re¢ent actuarial valuation of the TPS wa5 prepared as al 31 March 2016 and the Valuatk)n R¢p)rL which was published in Mar¢h 2019. confim)ed that the employer contribub.on rale for the TPS would Inuease from 16.4% 10 23.6% from 1 September 2019. Emptoyers are also required to pay a scheme adMlSIraI10n levy of Cl.08°A gNing a lotsl employer contrrbutM)n rate of 23.68%. The 31 March 2016 Valuation Report was ppared in a¢¢ordan¢e with the benefils sel out in the heme regulations and under the approach spea'fied in the Direciions, a5 they applied at 5 March 2019. However. the assumptions were congdered and sel by the Department for E¢Ju¢atK)n prK)r lo the njling in the .McCJouSarge3nl case-. This case ha5 required the court5 to consider cases regarding the implementation ofthe2015 refm$ lo publ Se Pensions induding the Teachers. Pensions.
BLOXHAM SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 Penslon Schemes {continued} On 27 June 2019 the Supreme Court denied the govemment permIssn to appeal the Court of Appeal'sjudgmenl that transl1nal prl$lon$ introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrirnination. The government is respecb.ng the Courys decision and has said it will engage fully with the Employment Tribunal as well as empbyer and member rePsentatsVes to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred thoice underpin under which members will be able to choose either legacy or refom)ed scheme tenefits in respect of their seNice during the per#)d beh¥een 1 Aprtl 2015 and 31 March 2022 at the poinE they become payable. The TPS is subje¢t to a cost cap mechanism whth was put in place to protect tsxpayers against unforeseen changes in scheme costs. The Chief Secretsry lo the Tfeasury, having in 2018 announced that there would be a review of this cost eap mechanism. in January 2019 announced a pause to the cost cap mechanism followng the Court of Appeal's njling in the Mccbudlsargeanl case and until there is certainty about the value of pensions to employees from April 2015 onwaids. The pause was lifted in Juty 2020 and a consuttaion was launched on 24 June on proposed changes to the cost control mechanism followi a review by the Government Actuary. Following a publK consultation. the Govemrrnl has a¢cepled the key proposals recomrrended by the G0veMnt Actuary and are aiming to impleffnt these changes in b.me for the 2020 valuations. In view of the above rulings and decisions the assumptrons used in the 31 March 2016 Actuarial Valuab'on may becoffe inapprowiate. In this scenario. a valuation prepared in accordance with revised benefits arKI suitably revised assumpb.ons would yield different results than those contwned in the Acluarial Valuation. Untrl the cost Cap mechanism reVtsn is completed it is mibltr to thidude on any financial impact or future changes to the contribUtn rates of the TPS. Accoidingty. no provision for any addib.onal past benefit pension costs is included in these financial ststemenls. The Scottish Widows Group Personal Pension Pl•n The Scottish dowS Group Persoft Pension Plan is a contributory scheme offered lo suPrt $taff whKh is used as the Company's scherrE for autoonrolff*nt. The Company paid contributions at the rale of 3% or 5% during the year. Members varoble contnbutions from the minimum rale of 5Qh. A5 at the balance sheet ¢Jate, there were 96 active members of the plan employed by the Company. The pension cost to the Company was £179.635 12019120.. £165.0701. As at the year end, £15,709 {2019r20.. £13.763) was accrued in respect of contributions to this stheme. National Employment Savlngs T¢ Plan The National Employment Savings Trust Plan is a conth"buttxy s¢heme offered to support staff. The Company paKI contributs.ons al the fate of 3% during the year. Members paky contrbutions al the rat8 of 5Qh. As at the balan sheet dale. there were 22 aclwe mernbers ol the plan employed by the Company. The pension cost to the Company was £33,60912019120' £22.3581. As al the year end, £2.111 {2019120." £1.9671 was xuued in SpeCt of contribunS to thi5 scheme. Nalional Farme Union Pja The National Farmers Union Plan is a eonth"bulory scheme offered lo support staff. The Company paid contributions at the rnte of 8% during the year. Members paid contributn5 at the rale of 22%. As al the bance sheet date. there was one active member of ihe pLan employed by the C(nPanY. The pension cost to the Company was É3.199 12019120." £3, 1991. As at the year end, £267 12019120." £2671 was acctued in respect of contn"iKJb"ons to thi8 scheme. 45
BLOXHAM SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 27. RECONCILIATION OF NET EXPENDITURE TO NET CASH PROVIDED BY OPERATING ACTIVITIES- (Group) 2021 2020 Net expènditurt for the period per the Statement of Finan¢ial A¢tiviti¢$) 1507,686) {516,508} Adjustments for Dèpreciation charges (Gains) on investsnenls Dividends. Inte$t and rent frDrn inveslrrEnts Financing costs Decrease in stocks tlecreaselllnca$e) in debtors Ioecreaselnerea$e in ¢redrtors 666,6S8 146.0221 457,149 {12.1921 (2.5861 69.090 3,682 749.310 1232,709 1386.6161 655.610 Net eAsh provtded by operating a¢tivities 451.034 446.146 28. ANALYSIS OF CASH AND CASH EoulliALENTS - Group 2021 2020 Cash in hand at bank 2,503,332 744,254 Total eash and cash equivalents 28. ANALYSIS OF CASH AND CASH EQUIVALENTS_ Company 2,503.332 744,254 2021 2020 Cash in hand and al bank 2,483,178 736.374 Totsl cash and ¢a$h equivalents 2,483.178 736.374 29.SUBSIDIARIES The Company owns all the share capital of Blotham Enterwses Limrted. a company incorporated in England (Company number. 020950471. This company lets out the premises and facilities of Bloxham School Limited as well as operatsng a cafè in Bloxham Mllage Bkixham Enterprtses Limited had a turnover of £627.56712020.' £468,138) and a loss before tsx of £70,471 in the year ended 31 August 202112020.. loss of £112.366). As at 31 August 2021. the ¢ompany had negative sharehokfer's fvnds of £165,00512020'. watsve £94.531). The Company owns all the share eapitsl of 8foxham SclKol Library Services Limited a company incorporated in England (Company number.. 051740431. Ths MpanY Carries outactivrties lIng to the School's litnry. Bloxham School Library Serrytis Limrted had a tumover of £77.44012020.' £186.4041. and a loss before &7x 01 £29.118 {2020". £28.5271. As al 31 August 2021. the Company had negative 5hareholderfs fvnds of £330.841 12019.. negative £301.7241. 30. CONTINGENT LIABILITIES- {Group and Company) Tre were no ¢tingentlbIltss outstsndin9 as al 31 August 2021 12020.. none).
BLOXHAM SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 31. ULTIMATE CONTROLLING PARTY The Wocdard COratn b5 the ults.male ci>ntrollrng p, a registered charity number 1096270, whi¢h is incorporated in England and Wales. Cops of the financial statements of The Woodard CorForalion can be obtained from High Street. Abbots Bromley. Ru9eley, Slaffordshire, WS15 3BW. The accounts of Bloxharn Schwl LirThled are included within the r£)n501rdated financial statements ofThe Wc&%lard Corp)ration. 32. RELATED PARTIES As noted on page 2, Bloxham sch( Limrted ts a wholty owned subsidiary of The Woodard Corporation. An amount of £60,431 12019120.. £50,524) was paKI dunThJ the year to The Vvoodard Corporatson by way of a to et running costs. The Company also controls SUbslary trading companE5. Bknxham Library Servtts Limited (registered nury)ber 51740431 and Bloxham Enterprises Lirnrted (regislere(I number 20950471. Details of Iransaclfv?ns with Directors and Key Managerrent Personnel {and their family members and Iransathons with companies cAvned by DIreor$ and thejr family or in which Directors have an inlerest) are included in notes 9 and 10. 33. ACCOUNTING ESTIMATES AND JUDGEMENTS In preparing the financial statements. the Directors are required to make estimates andiudgements. The matters detailed below are the ft$t important in understandin9 the jLtdgements that are involved in preparing the financial statements and the uncertainties that could impact the armunts reported in the results of OFerations, financial p0sOn and cashkn. Accounting pOIleS are shown at note 1 to the financial statements. Provision for bad debts Oebts are provided for if not recovered wrthin one temi. Estimabng al)unts to provide against recovery of debts is a matter ofjudgemenl. Depre&alion. impairment and SId1 values of fixed assets Judgement is exerased in eslimating the residual values of fixed assets. the seJectiDn of appropriate rates for depreciation, ar for matters of impairrrnt 47
BLOXHAM SCHOOL LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2021 34. Consolidated Statement of Financial Activities- Comparative figures by fund type Year end 31 Augu$t 2020 Unrqgtrlcted Funds Restricted Fund$ Endowed Fund$ Total 2020 Income and endowments from.. Charitable Activitie$ Sth)ol fees receivable Ancillary trading incorr Other trnding aGtivities Non-ancillary trading income vestments Bank and oth¥r Inle$t Other- Grants and donatlons GntS and dCti 8.845.835 8,845.835 569.729 153.577 153.577 2,587 2.587 4j.834 74.791 565,425 TOTAL INCOMe 10.C62.362 74.791 10.137.153 Expenditure on". Raising funds Non-ancitlary irnfjng FinarKing costs Charitsble A¢Uvlties Edu¢ats"on aThJ 9rant makry .586 138,159 668.5B6 138.159 9.855,871 3.231 9.859.108 TOTAL EXPENDITURE 10.W)2.622 3.231 10.665.B53 Net gains o# inve$lment a5s•ts 12,192 12,192 Net Incomellexpenditure) Tran$fers between funds Net Movement in funds forthe year Fund ba18r¢es at 1 Septanber 1600.260) 62.372 71.5flJ 12.192 1516.508) 150.180) 112.192 1537.888) 21.380 1516.5081 8.511.056 468.110 233.*3 9.213.129 Fund balances •t31 Au 7.973.168 489.490 233,%3 8,696,621