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2021-08-31-accounts

Charity Registration No. 1076498

Company Registration No. 3779893 (England and Wales)

HURSTPIERPOINT COLLEGE LIMITED DIRECTORS’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

HURSTPIERPOINT COLLEGE LIMITED

CONTENTS

Page
Directors’ report:
Company information 1
Reference and Administrative Information 2
Structure, Governance and Management 2
Objectives and Activities 4
Strategies and Policies Supporting the Charitable Objects 5
Strategic Report 7
Review of Achievements and Performance for the Year 7
Public Benefit 15
Financial Review and Results for 2020/21 17
Principal Risks and Uncertainties 19
Going Concern 23
Future Plans 24
Directors’ Responsibilities Statement 25
Independent auditor’s report 26
Statutory financial statements of the Company 30
Notes to the financial statements 35

HURSTPIERPOINT COLLEGE LIMITED

COMPANY INFORMATION YEAR ENDED 31 AUGUST 2021

DIRECTORS AND ADVISORS

Directors A Jarvis [1,5] (Chairman) Committee Membership: Professor J P Bacon [2 ] (deceased 5 November 2021) Dr S Brydie [4] 1 Finance Committee Dr J A Chocqueel-Mangan [1] 2 Education Committee Mrs L J Corbett[2 ] 3 Estate & Operations P M Dillon-Robinson [3] Committee R J Ebdon [1, 3, 5] 4 Safeguarding & Pastoral Safeguarding & Pastoral Dr I S Francis [3] Committee Mrs F M Hampton [1, 5 ] 5 Governance & Governance & Rev[d] W Kemp Nominations Committee Mrs K M Mack [1, 4, 5 ] K S Powell [1,5] G A Rushton [3, 4 ] Secretary S A Holliday (to 31 August 2021) D J Carpenter (from 1 September 2021) Charity No. 1076498 Company No. 3779893 Principal Address Hurstpierpoint College and College Lane, Hurstpierpoint Registered Office Hassocks BN6 9JS Website www.hppc.co.uk Key Management Personnel Head T J Manly Bursar and CFO S A Holliday (to 31 August 2021) D J Carpenter (from 1 September 2021) Head of Prep School I D Pattison Head of Senior School D W Mott Auditor RSM UK Audit LLP Portland, 25 High Street Crawley RH10 1BG Bankers Barclays Bank Plc 1 Churchill Place London E14 5HP Investment Advisers Brewin Dolphin Ltd CCLA 12 Smithfield Street 80 Cheapside London EC1A 9BD London EC2V 6DZ Insurers and Brokers Marsh Limited Capital House, 1-5 Perrymount Road Haywards Heath RH16 3SY Legal Advisers Veale Wasbrough Vizards LLP Moore Barlow LLP Orchard Court, Orchard Lane The Oriel, Sydenham Road Bristol BS1 5WS Guildford GU1 3SR Solicitors Rix & Kay Solicitors LLP 7 The Drive Hove BN3 3JS

Committee Membership:

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DIRECTORS’ REPORT (Continued) YEAR ENDED 31 AUGUST 2021

The directors present their report and financial statements for the year ended 31 August 2021 and confirm they comply with the requirements of the Charities Act 2011, including the Directors’ and Strategic Reports under the Companies Act 2006, and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Report Standard applicable in the UK and Republic of Ireland (FRS 102).

REFERENCE AND ADMINISTRATIVE INFORMATION

The Charity Hurstpierpoint College Limited (the ‘College’, ‘Charity’ or ‘Company’) was formed in 1849 and is registered with the Charity Commission as charity number 1076498. It was incorporated in the United Kingdom as a limited liability Company and wholly owned subsidiary of The Woodard Corporation (charity number 1096270) in 1999.

Woodard schools strive for the best all round education of every aspect of each individual; they ensure high standards of religious education; and they see themselves as communities working together for the benefit of all members, and of the Church and the nation. They are strong Christian foundations which adhere to catholic belief as found in the Church, to Christian Worship focused in the Eucharist, and to the care of each individual and the whole school community particularised in the ministry of the Chaplain.

All Directors of the Company are Fellows (members) of The Woodard Corporation and participate in the election of its board of management and are committed to its charitable objects.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Company is governed by its Articles of Association, adopted by Special Resolution on 20 March 2013 and replacing those dated 6 July 2005 as amended by Special Resolution on 25 January 2006. The Articles permit funds to be managed in such a manner as the directors see fit, provided that such powers are only exercised for the purposes of attaining the objects and in a manner which is legally charitable. They forbid the distribution of any property and funds, which are to be applied solely towards the promotion of the objects of the Company.

Governing Body

The Directors of the Company, who are also the trustees of the Charity, together comprise the governing body of Hurstpierpoint College. Directors determine the general policy of the Company and are responsible for strategic planning and policymaking. They are elected to hold office for five years and are eligible to stand for re-election. The Directors who held office during the year are listed on page 1. None has any beneficial interest in the Company.

Recruitment and Training of Governors

Governors are recruited from a wide range of College contacts and from others in the local community. The governing body looks to ensure a mix of skills, and select new governors on the basis of background, competence, specialist skills and, as Fellows, Christian commitment. Governors are provided with induction training by the Head, CFO/ Bursar and staff, and a wider programme of training events is organised by The Woodard Corporation. The College also arranges training sessions and encourages governors to attend seminars run by the Association of Governing Bodies of Independent Schools (AGBIS).

Volunteers

Governors are unremunerated volunteers, providing their time to support the governance of the College. The College also relies on a small number of others to undertake volunteer roles, including the management of the College’s equestrian activities and teams.

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Organisational Management

The Directors meet as a Council at least four times each year to determine general policy of the Company and review its overall management and control, for which they are legally responsible. During the year to 31 August 2021 the Council met on seven occasions as there were a number of additional meetings specifically to consider the impact of the coronavirus pandemic. The work of implementing the majority of the Council’s policies is delegated to a number of committees, membership of which is outlined on page 1.

The Finance Committee has a remit to consider budgets, both revenue and capital, cash flow information and financial reports, including the financial statements. It also considers marketing matters, financial policies and the financial regulations. It makes recommendations to the Council for approval. The Finance Committee met three times during the year.

The Education Committee is responsible for oversight of the academic performance of the College and for educational policy, making recommendations to the Council. It met three times during the year.

The Estate and Operations Committee develops the College’s estates and operational strategy, including capital developments and maintenance of the buildings, and it makes recommendations to the Council. It is also responsible for oversight of the College’s Health and Safety management. It met three times during the year.

The role of the Governance and Nominations Committee is to ensure the Council adheres to the highest standards of internal governance and to consider and propose changes to the membership of the Council. The Committee met twice during the year.

The Safeguarding and Pastoral Committee’s remit is to review and monitor all aspects of pastoral care, including safeguarding, across the College and to provide specific assurance to the Council that the College is fully compliant on child protection matters. The Committee met three times during the year.

The day to day running of the College is the responsibility of the Head and the CFO/Bursar, who are both invited to attend governors’ meetings, supported by the Senior Management Team. The day to day administration is undertaken within the policies and procedures approved by the Directors which provide for only significant expenditure decisions and major capital projects to be referred to the Directors for prior approval.

The remuneration of key management personnel is set by the Board, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the school’s success. The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools to ensure that the school remains sensitive to the broader issues of pay and employment conditions elsewhere.

Group Structure and Relationships

The College has three wholly-owned non-charitable subsidiaries – Hurst Facilities Limited, Hurst Transport Limited and Hurst International Limited – the activities and trading of which are described in Note 27 to the accounts, while Note 30 provides details of connected charities.

The College has developed links with a wide range of organisations to ensure the widest possible access to our facilities and schooling. Through membership of the Headmasters' and Headmistresses' Conference, the Independent Association of Prep Schools, the Independent Schools’ Bursars Association, the Boarding Schools Association and the Association of Governing Bodies of Independent Schools and through networking with peer groups we ensure that we are able to attain the highest standards of quality and performance. We encourage our pupils to develop an awareness of the social context of the allround education they receive at the school and they are engaged in a number of activities to enhance their understanding. We have an alumni group, the Old Johnians, who are generous in supporting the work of the College and whose support we greatly appreciate. We also cooperate with many local charities in our ongoing endeavours to widen public access to the schooling we can provide, to optimise the educational use of our cultural and sporting facilities and to awaken in our pupils, in the public interest, an awareness of the social context of the all-round education they receive.

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OBJECTIVES AND ACTIVITIES

Charitable Objects

The Charity’s objects, as set out in the Memorandum of Association, are to promote and extend education in accordance with the doctrines and principles of the Church of England, through the operation of Hurstpierpoint College Limited. Within these Objects, the Charity also has to maintain its heritage endowment, the College with its Grade 2 chapel and listed buildings, and also has various endowed and restricted funds held for special purposes in connection with the development of the College’s facilities as well as for scholarships, bursaries, prizes and other educational purposes.

In setting objectives and planning activities the Directors have given careful consideration to the Charity Commission’s general guidance on charitable purposes and public benefit, and in particular to its supplementary guidance on the advancement of education. Hurstpierpoint College Limited is a charitable trust which seeks to benefit the public through the pursuit of its stated aims. Fees are set at a level to ensure the financial viability of the College and at a level that is consistent with the aim of providing a first-class education to all pupils. The College’s charitable objectives are ‘to promote and extend education’, and these objectives are recognised as benefiting the public when pursued in the context of formal education in a body where all surplus funds are re-invested. The Woodard Corporation Limited and all of the schools it owns are charitable bodies, with no external shareholders and no possibility of making distributions, whether in the form of dividends or otherwise. All surpluses are re-invested in education.

The College welcomes pupils from all backgrounds. To admit a prospective pupil we need to be satisfied that we will be able to educate and develop them to the best of their potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken to satisfy ourselves and parents that potential pupils can cope with the pace of learning and benefit from the education we provide. An individual’s economic status, gender, ethnicity, race, religion or disability do not form any part of our assessment processes.

The College is an equal opportunity organisation that is committed to a working environment free from any form of discrimination, whether on the grounds of colour, race, ethnicity, religion, sex, sexual orientation, age or disability, and we make reasonable adjustments to meet the needs of staff or pupils who are or become disabled.

Charitable Activities

The principal activity of the Charity continues to be the provision of education to pupils ranging from 4 to 18 years of age. It also runs a number of activity sessions during the school holidays which are open to both pupils and non-pupils of the College, and the College facilities are available at other times for use by the local community.

The College comprises three constituent schools. The Senior School is a boarding and day school for pupils aged 13-18, whilst the Preparatory School (which is a day school) is for pupils aged from 7-13. The Pre-Prep is for 4-7 year-olds.

The College provides a very high standard of education and this is validated in review of the academic results, our measurements of added value and through external inspection. It offers a broad curriculum and educates children with a range of abilities. Our aim is to support children in reaching their potential in all areas of their activity at the College. This may be in academic subjects but can just as easily be reflected in success in art, drama, sport, music or dance. We produce well-rounded individuals who make a positive contribution to society.

Grant Making

The College makes a limited number of awards to current pupils to recognise merit and broaden access (see Awards Policy below). It does not make grants to external bodies.

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STRATEGIES AND POLICIES SUPPORTING THE CHARITABLE OBJECTS

Public Benefit Aims and Intended Impact

In order to meet the Charity’s objects, the College aims to create an environment to nurture children, to get the best from them and to allow them to develop and fulfil their full potential. We provide them with a first-class education, independent of the maintained sector, and a wide range of sporting, artistic and extra-curricular opportunities, and our over-arching public benefit aim is that all pupils will have the skills, the confidence and the intention to contribute to the wider community.

In the furtherance of these aims the Directors, as the Charity trustees, have complied with the duty in s.17 of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sub-sector guidance concerning the operation of the Public Benefit requirement under that Act.

Woodard and its schools provide a significant benefit to the public. The College strives to ensure that measures of public benefit are appropriate, and that significant sections of the public are not excluded from the opportunity to benefit from the education and facilities offered due to the need to pay a fee. In addition to significant provision of bursaries and other forms of financial support, the College provides a wide range of opportunities for community benefit and facilities and events are often open to all. Further detail of the public benefit offered is included in the section entitled ‘Review of Achievements and Performance for the Year’ below.

It is a key requirement of evidencing public benefit that any private benefit to individuals or elements of the charity will be incidental to the charity's objectives. An example of private benefit may be the reimbursement of travelling expenses for trustees attending training courses: any private benefit to individuals or elements of The Woodard Corporation Limited are incidental to delivery of the charitable objectives.

Strategic Aims

The College’s over-arching aim is to provide an educational experience which enables every pupil to become an independent, successful, well-grounded individual with excellent self-knowledge and strong values capable of leading worthwhile, happy and rewarding lives and enabling others to do the same. We seek to do this by providing an excellent all-round education with a strong academic core for every pupil in a supportive and understanding culture.

There are four key elements to our strategy:

Academic: Providing an engaging and motivating academic environment with outstanding teachers and coaches operating in the best possible facilities, which thereby enables all our pupils at every level not only to achieve the very best results of which they are capable as they study the most appropriate programmes, but also to develop into confident, skilled and thoughtful learners with effective habits and behaviours.

Co-curricular: Offering a broad and attractive range of co-curricular opportunities accessible to all, delivered by superb staff with excellent facilities, which will thereby enable all our pupils to develop not only the skills, qualities and values necessary for success and happiness in later life, but also the critical quality of self-knowledge.

Pastoral: Creating vibrant, supportive, civilised and civilising communities where pupils can be safe, can feel that they belong and can confidently be themselves in comfortable, high-quality surroundings; supervised, mentored and supported by the best staff possible; thereby enabling them to grow into healthy, well-grounded, balanced, emotionally robust and fully-functioning human beings.

Future Prospects : Offering programmes and experiences designed to encourage and guide both pupils and staff to look to their future lives – not only enabling them to make the best possible career choices, but ensuring that every pupil leaves Hurst with a full understanding and possession of the skills and qualities which will ensure their success and happiness in future years, as well as an awareness of life beyond the purely material and a willingness to embrace a spiritual journey.

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Employment and Access Policies

We are an equal opportunity organisation and are committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation or disability. We will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled.

We have an Information & Consultation Agreement with our staff that has been in place since 2008 and which sets out the terms under which we consult with and provide information to them. This was revised in 2019, as a result of which a new Staff Forum was constituted to look after the interests of staff across the College.

It is important to us that access to the education we offer is not restricted to those who can afford our fees. A great deal of learning occurs through social interaction, conversation and shared experiences, and we believe our pupils benefit from learning within a diverse community where they are able to develop an understanding of the perspectives of other people that will be vital in their adult lives.

Our various concessions policies, as detailed below, contribute to a widening of access to the education we offer and the facilities we enjoy. These policies are kept under regular review to ensure that able children can accept offers of places at the College regardless of their parental circumstances and means.

Awards Policy

The College is committed to attracting pupils of the highest calibre through scholarships and other awards; and broadening access by offering means-tested financial support in the form of bursaries to eligible parents (or guardians) to assist with the payment of College fees.

Scholarship awards are given for academic potential; for excellence in the fields of music, art, drama, dance and sport; or on the basis of all-round ability. The awards – which are not subject to means testing – involve a fixed remission of fees of between 5% and 25%. Where further assistance is required, scholarship awards can be supplemented by a means-tested bursary. We also offer a limited number of means-tested BN6 and Sussex awards of up to 100% of basic fees for entrance at 11+ and 16+ respectively, which are available to local pupils of scholarship standard in maintained schools.

Bursaries – which are available to all holders of scholarship awards and are made solely on the basis of parental means – are important in helping to ensure that children from families who would otherwise not be able to afford the fees can access the education we offer. Bursary awards are available for up to 100% of basic fees and additional sums may be provided to meet the cost of extra-curricular activities, equipment and school trips. In addition, bursaries are also available to relieve hardship where a current pupil’s education and future prospects would otherwise be at risk – for example, in the case of redundancy. In assessing means we use the methodology promulgated by the Independent Schools’ Bursars Association, which takes a number of factors into consideration including family income, assets and savings, as well as family circumstances – for example, dependant relatives and the number of siblings.

The criteria for Awards and the application process are detailed in our scholarship information booklets which are published annually and available on the website. The availability of scholarship awards and bursaries is advertised widely throughout the year in the local press and details of the schemes are provided to all parents making enquiries about possible entry to the College.

Details of bursary and other awards are included in the Strategic Report below and in note 3 to the accounts.

Other Assistance

To underline the value we place on continuity for families we offer discounts to parents with more than one child at the College; while as part of our emphasis on attracting and retaining high-calibre staff we continue to offer a discount scheme to members of the teaching staff who choose to educate their children with us.

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STRATEGIC REPORT

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Objectives for 2020/21

This year our primary objectives were to:

Pupil Numbers

Pupil numbers at the College during the year were as follows:

2020/2021 2020/2021 2019/2020 2019/2020
Senior School 894 (419 boarders) 829 (386 boarders)
Preparatory School 303 296
Pre-Preparatory School 58 59
_____ _____
Total 1,255 (419 boarders) 1,184 (386 boarders)
_____ _____

The number of boys and girls educated was as follows:

2020/2021 2020/2021 2019/2020 2019/2020
Boys Girls Boys Girls
Senior School 492 402 460 369
Preparatory School 147 156 152 144
Pre-Preparatory School 25 33 25 34
_____ _____ _____ _____
Total 664 591 637 547
_____ _____ _____ _____

Impact of Coronavirus Pandemic

In January 2021 all schools in the UK were again ordered to close to all pupils with the exception of the children of ‘Key Workers’. This closure continued to early March. However, as a continued result of good strategic planning and investment from an IT perspective, the College was able immediately and very successfully to again switch to a remote learning model. With the now long-established policy of supplying mobile devices to pupils on a one-to-one basis, and having switched all servers and platforms across to Office365 in the previous academic years, both staff and pupils were ideally placed to provide and share resources, and easily communicate in an ‘online’ world, and this flexibility ensured there was minimal disruption to the curriculum, teaching and learning during the lent term.

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Achievement of the Year’s Objectives

Fulfilment of the objectives set for 2020/21 was disrupted by the temporary closure of the College in the lent term as a result of the coronavirus pandemic, but nevertheless the objectives for the year were met in part.

Academic Hurst

In what turned out to be a very challenging year our pupils were taught in classrooms, remotely and, at times, some were taught in class whilst others joined the lessons from home. The College’s ongoing investment in supplying both pupils and staff with IT hardware, and then our ability, and indeed agility, to flex this equipment by adding screens, visualisers and docks where necessary, enabled us to support teachers superbly in their subject delivery. No matter where pupils, and on occasions staff, connected in from, all were able to engage in learning and minimal disruption. Our ability to now switch to a remote or blended classroom is reasonably seamless, with resources held and produced in cloud environments.

Further investment has also been set for introducing the Surface Pro into Year 7 for 2021-22, therefore ensuring all pupils from Key Stage 3 to 5 have a mobile device.

When external examinations were cancelled, we set our own internal papers so that every pupil had enough evidence to support the Teacher Assessed Grades which replaced the externally set papers. In the end our A Level and GCSE results were exceptionally good.

51.2% of our A-level grades were A grades, 83.1% were A/As and 96.2% of our results were A, A or B grades. There were 270 A grades in total and 108 pupils gained three As or better. In addition to their A2 levels, 92 students successfully completed Level 3 Extended Projects (achieving 96.7% A/B grades). Our BTEC Sport students received another excellent set of results with 85.7% D grades.

All the grades in Art Photography, Chinese, Classical Civilisation, Computer Science, Drama, DT, Economics, Fine Art, French, Further Mathematics, Geography, German, History, Latin, Music Technology, PE, Religious Studies, Sociology and Spanish were A-B grades and our 172 U6th students between them achieved 438 A/A A-Level grades as well as 70 A*/A EPQ grades.

This year twenty-two A Level students obtained four A grades for their CVs, two gained three A and 1 A grade, twentysix students collected three As, two received 2As and 2 As and twenty-seven others were awarded 2As and 1 A grade. One of those with four A grades will proceed to Pembroke College, Cambridge to read Economics whilst another boy, with two A* and one A grade, will read History and Modern Languages at Robinson College, Cambridge.

Others with outstanding results include two boys and three girls who each gained four A A Levels and an A EPQ. Their grades will take them to read History at Exeter, Computer Science at Edinburgh, Engineering Design at Bristol, Liberal Arts and Sciences at Birmingham and Mathematics with Statistics for Finance at Bristol. Of those with 4A grades, another six will go on to read Economics next year (two at Bath, two at Warwick, one at St Andrews and one at the LSE) and one each will go to study Mathematics at Durham, Mathematics and Sports Science at Loughborough, Pharmacy at the UEA and Mechanical Engineering at Manchester. Two leavers will use their 4 A grades for future applications, one (who also has an A grade EPQ) will begin a course in Physics at Bath and a girl will begin her studies in Colorado.

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In terms of medical courses, one girl will go to King’s College, London, another will study in Cardiff, having gained 2 A, 1A and a grade A EPQ, and a third secured her place at Queen Mary, London with 4 A grades. Our successful veterinary students will join the courses at Liverpool and Bristol whilst a third will go to the Harper and Keele Veterinary School to train in Veterinary Medicine and Surgery.

Ninety five percent of our A-level leavers secured their places at their first-choice universities and ninety–six are going on to Russell Group universities such as: Imperial College, Leeds, Newcastle, Nottingham, Southampton, UCL and York.

The percentage of top grades (9s and 8s) achieved in 2021 was our highest ever as more than 1,400 9/8 grades were awarded at GCSE level. Other score lines were equally pleasing with 92.2% 9-7 and 97.8% 9-6 grades being achieved. In a year group of 187, 133 pupils had only 9-7 grades on their statements of results, 112 of last year’s Fifth Form gained eight or more 9/8 passes, and 138 had nine or more 9-7 graded subjects; thirty-four had nothing but 9s on their GCSE statements of results.

All the grades in Art & Design, Biology, Chemistry, Dance, History, Latin, Music, PE and Physics were 6s or above and, in addition, Art & Design, Biology, Chemistry, Dance, DT, English Language, English Literature, History, Latin, Music, Physics, Religious Studies, Spanish and Further Mathematics all achieved over 90% grades 9-7.

Twenty–three pupils gained eleven 9s apiece and close behind them came nine who collected ten 9s and one 8 and thirteen who achieved ten 9s. Nine further pupils collected a total of eleven 9/8 grades and an additional twenty-five students collected a total of ten 9/8 grades.

Pupil Welfare

The College continues to make the welfare of its pupils a high priority. In the Pre-Prep and Prep Schools, the tutors and Heads of Year provide the basis of the pastoral support, assisted by the Director of Safeguarding and members of the Senior Management Team as necessary. The Pastoral Intervention Practitioner works with a large number of individuals and small groups.

All pupils in the Senior School have a House Parent who is responsible for their pastoral care and a tutor responsible for their academic development. In addition, pupils have access to professional counsellors who work four afternoons a week, as well as to medical help in the College’s Medical Centre.

The Guardian Scheme has continued to operate in both the Prep and Senior School, with the pupils given appropriate training on how to actively support their peers.

Tutors and House-Parents communicate regularly with parents, particularly when there is a concern about a pupil’s welfare. AS Tracking was used for pupils in years 5 – 8 to help identify pupils who were struggling emotionally. This enabled action plans to be put in place to ensure that the pupil felt fully supported.

Covid 19 did have a significant impact on the academic year. Many of the usual whole school and house events were unable to go ahead. There was a focus on keeping pupils separate (the bubble system) rather than to be integrated. A second national lockdown was challenging, but the pastoral staff continued to support the pupils from a distance. There were regular meetings via Teams which enabled the school to identify pupils who were struggling. The Deputy Head Pastoral and Director of Safeguarding met frequently to discuss pupils of concern and ensured that additional communications were in place.

This provision is directed and monitored by the Deputy Head Pastoral and the Director of Safeguarding, who work closely together to ensure that all pupils in the College feel safe and able to flourish.

Creative Hurst

The 2020-21 Drama season, as with all areas of College life, began under severe restrictions imposed by the COVID-19 pandemic. The aim was to run year group-based productions, casts of no more than 15, with no contact work and masks in all rehearsal situations. As the year progressed even these very restrictive recommendations changed, and postponements of most live productions became an unfortunate reality. The key wording for the student and parent body was postponement

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rather than cancellation but in some cases the situation also presented opportunities for us to explore the Co-Curricular Drama provision in new, previously unexplored theatrical platforms.

Our link to the Hurst Festival is an important one and even more so this year as it was moved to a virtual format. Margaux Campbell (U6th) wrote, directed, and produced a radio play, Vanilla and Aengus Desmond (U6th) did same with a short film, The Horla. Both pieces aired to a goodly number of viewings and there were positive reviews from all fronts on both the concepts and the quality of the work.

The Hurst in Rep contributions came from two U6th EPQs. Rosie Watson-Saunders created a unique take on the character of Tumnus from C.S. Lewis’ The Lion, the Witch and the Wardrobe in an immersive piece of theatre which was presented to a socially distanced, and masked audience of six. Alice Samuels took an extract of a short play by Andrew Smith, As we forgive those and filmed the live performances.

In the Prep School, the Year 5 & 6 (where bubbles were already year group based) production of Carol Ann Duffy’s adaptation of The Grimm Tales was filmed on the stage of the New Bury Theatre and then edited by Theatre Manager Ollie Mitchell before being released to parents just before half term.

The College’s long serving relationship with Shakespeare afforded us a new challenge in how this might be presented. The Lower Sixth were the year group chosen to present a three-part film trilogy entitled Sceptred Isle. Using the character of John of Gaunt from Richard II as a protagonist and set in the backdrop of the COVID-19 pandemic, the three parts took extracts from Shakespeare plays (which were themselves written during lockdowns of the Elizabethan and Jacobean period) and transferred them to the film genre. Filmed on various locations across the campus and primarily using mobile phone cameras the students were able to embrace the very different set of skills required when acting for camera. Edits were completed by all members of the technical theatre team and an original music score by Mark Travers gave the trilogy an atmospheric and professional edge. Episodes were released half termly and parents, students and the wider world were able to view them via the College’s YouTube and Planet E-Stream platforms.

The Upper Sixth were the year group chosen to deliver the Senior Musical and with the limit on cast size there was an opportunity to explore pieces which we would not ordinarily look at, in this case Paul Gordon and John Caird’s Jane Eyre, A Musical Drama. Rehearsals began in November with the concept and design of the production incorporating COVID restrictions into the action; the use of large Perspex frames allowed the cast to create close contact work without actually having physical contact. We reached the end of the Michaelmas term in a strong position but sadly the second lockdown made the February performances impossible to fulfil. The decision was made to postpone until the Summer Term.

As with the first lockdown we put every effort into providing the students with the opportunity to continue theatre-making at home and the “Locked Down But Not Out” project was taken up by 50 students. Using a variety of image-based stimuli the students were encouraged to make a short film presentation which was submitted online. The results were creative and inspiring and a credit to the dedication and commitment of the students to keep their performance skills honed in the most difficult of circumstances.

Following the Government’s revealing of the steps out of lockdown the decision was made that the second half of the Summer Term was to be the moment to get as many of the postponed productions performed as possible. The 10th Anniversary of our House Film Festival moved to summer filming dates and Mike Carter and his team worked tirelessly to get 12 projects filmed and edited in time for a screening and judging before the half term break. Filmed with reduced casts and still under fairly strict operating procedures, the result was an outstanding series of short films with Wolf House taking the Best Picture award.

By this point live-streaming had become second nature for a number of events and the newly formed Hurst Media team, led by Will Carroll were up for any challenge thrown at them. Our Remove production of Fame (which began life as the Shell Musical from the summer of 2020) was finally able to take to the New Bury stage albeit live-streamed rather than with an audience in situ. The cast dealt with the empty auditorium with professionalism and the shows had over 1000 views across the two performances.

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Although the delay to the full release of restrictions meant no audiences we were determined to continue with the remaining 6 productions taking place between the 14th and 30th of June. The Shell Arts Festival was a whole year group performance filmed over two days taking Carl Sagan’s Pale Blue Dot speech as it’s inspiration and in combination with the Music, Dance and Art departments. The Year 7s had a three day performing Arts workshop and the Year 3 & 4 production of The Emerald Crown was filmed and sent out to parents. The Year 8 production of The Lion the Witch and the Wardrobe, directed by Head of Prep Drama Rose Hall-Smith was also filmed over a two day period and the Fifth form presented an adaptation of Howard Brenton’s play Greenland as a staged film, directed by our Associate Director Sara Markland with a powerful message on climate change. The return of Jane Eyre took us to new horizons with the decision to live stream the two performances from the New Bury Theatre. A socially distanced orchestra took up the stalls area and a significant change in cast also occurred with a group of Lower Sixth form replacing those Upper Sixth who had opted to drop out. Director of Music Neil Matthews and Director of Drama Luke Gasper welcomed the online audience from a studio setup in the foyer and the interval break saw an interview with Head of English, Nicholas Fanthorpe, on the inner workings of the Bronte novel. The shows were a huge success with over 2500 viewings from across the globe and there is merit in considering this as an option for at least one performance every year moving forward.

Quite remarkably the LAMDA team were able to get three live exam sessions into the year despite the majority of the lessons being delivered remotely. Results were once again 100% merits and distinctions and credit must be given to the teachers dedication to the students in keeping this important facet of the department going.

A remarkable amount was achieved in a year which could so easily have been written off for Drama and the Performing Arts in general. It is certainly the case that no other school attempted to deliver as full a programme as Hurst but what is most pleasing is that we were able to maintain the highest standards in the students performances in spite of the restrictions.

The academic year 2020/21 was dominated by government covid restrictions, social distancing and lockdown. Despite the considerable challenges that this posed for the music department, we reinvented a lot of what we offered to enable our pupils to access music through as many different means as possible, both live and remote.

The orchestra was forced into three different sections (Strings, Winds, Brass) to rehearse in socially distanced settings apart from one another. This provided a great opportunity for the sections to concentrate on playing techniques specific to them and the final outcomes were very pleasing indeed.

Choral singing under the government guidelines was difficult. A group of 12 Upper Sixth Formers were keen to sing and provided much of the music for our weekly Chapel services singing socially-distanced from the top of the chapel augmented by a staff choir placed at a distance from them. This Upper Sixth Choir sang for the Boar’s Head Procession – which was moved outdoors – and for the Carol Services. All of our services were live streamed either to houses at school or to pupils at home and those watching remotely heard a variety of anthems sung with real style from this group. Other choral singing took place by year group. The Shell, Remove, Fifth Form and Lower Sixth Choirs were able to sing carols in the Carol Service that were recorded and then broadcast in the service itself. They also recorded songs and anthems for our termly concerts.

The House Music Competition in October took place remotely with each house providing four videos of their four year group bubbles singing along to backing tracks provided by the Music Department. Once these videos had been stitched together, we were able to play them to the school who watched from various venues around the campus. It was good to be able to visit each of these venues live and broadcast to the rest of the school as well as being able to patch in live commentary and a live adjudication from our adjudicator based in Brighton.

During the period of lockdown in January, the choir, orchestra and other instrumental ensembles rehearsed remotely. The ‘virtual choir’ provided an anthem for each of the weekly Chapel services and these are still available on YouTube. It was also good to be able to offer soloists the opportunity to ‘perform’ in these services. A number of pupils took this opportunity playing and singing along to accompaniment tracks recorded by members of the music staff. The sections of the orchestra recorded individual parts to be pieced together for a larger performance and our rock bands were also active remotely.

Music in the Prep School remained strong throughout the year with year-group choirs being formed alongside brass groups, wind groups and string groups. Informal concerts continued with recordings taking place in class in front of an audience and

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then being stitched together to form a finished concert to stream to parents. End of term concerts were, similarly, recorded and streamed to parents and the wider community later along with the Carol Service.

Concerts in the Senior School continued in a similar vein with ensemble being recorded and then streamed to parents. Our annual outdoor rock concert, Hurst ‘n’ Brie, took place in the Inner Quad with the pupils as audience and was live streamed to parents. It was good to see so many so keen to perform in front of an audience again.

Once again, it was a pleasure to collaborate with the Drama department on a number of musical productions this year. Fame was successful stage with the Remove and the College Musical, Jane Eyre, was accompanied by a professional orchestra, socially distanced in the stalls.

In spite of the obvious challenges that dance has faced during the current climate, the student’s engagement has been as strong and committed as ever which has resulted in pieces of work across all year groups.

Committed in their attendance to the various co-curricular opportunities that were available over lockdown saw many students in their homes engaging in Street Dance, Contemporary and Pilates as well the additional creative tasks that were provided to continue to nurture their own choreographic talents.

In place of the usual Dance Showcase a Christmas Dance Advent Calendar presented a work from each year group. The Dance Advent Calendar including works choreographed by our own students which formed part of their EPQ as well as in house and visiting teachers.

During lockdown dance was forced to adapt and restructure delivery of content in order to be suitable for students to access and engage in at home. The results of 194 Shell students performing motifs in their bedrooms, gardens, living rooms and hallways for example has been captured in a reworked version of Boy Blue Entertainment’s Emancipation of Expressionism based on the importance of being free to express ourselves.

In spite of the empty dance studio students have been taking this opportunity to further upskill in filming techniques, learning about the use of camera shots and locations to communicate themes as well as familiarising themselves with editing software and resulted in some moving pieces. Dance for camera is now an area that the department will continue to develop such was the enthusiastic and creative response.

Creative Dance sessions were also held over lockdown to enable students to continue development of their own choreographic skills and were guided through tasks in response to a poem by Sabrina Mahfouz. Once students returned to school the material they created was filmed in different locations with each presenting its own gentle, beguiling mood and atmosphere.

This year’s Shell Performing Arts Festival was able to take place this year as it was originally intended using the Pale Blue Dot monologue by cosmologist Carl Sagan as its initial stimulus. The theme of Environmental Refugees was used to the create the ensemble piece performed by dancers across the year. This was a moving thought-provoking dance not only for its subject matter but also to witness the result of students performing together who ranged in September from those who were already familiar with the dance studio and those who had never set foot in one ever before holding their own. Also part of the Shell Performing Arts Festival was the work of Force I Dance company who performed a piece in response to the issue of plastic pollution and the effect on our oceans. Juxtaposing the grace and nobility of whales, digitally manipulated images of plastic debris were projected onto the dancers to sound the message of the need to think more kindly towards our planet.

Flying the flag in support of Hurst Pride Festival UVI dancers celebrated inclusion and diversity with a piece choreographed by former student Hugo Ciercieski.

Sporting Hurst

Much of the reporting period of the Academic year 2020-2021 has been spent in the grip of the pandemic, and although we are now easing ourselves back into normal routines it is undeniable that we have had to deal with considerable challenges. It would be easy to repeat oneself, as for large chunks of this year we were in a similar situation to the last year where we had

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to cope with lockdowns and remote learning which then transitioned into a return to school with significant restrictions on what was allowed in terms of integration and the sporting diet.

Amidst all of this, one thing that has remained constant on the sporting front has been the desire of our staff to find what is possible rather than bemoan what is not possible. Indeed, the staff at Hurst have committed to seeing this period out with energy commitment and good humour which has sustained the programme though out a tricky winter and we have again come out the other side with enormous credit. Off the back of winning plaudits and recognition from the Independent Schools Awards body for sporting achievement in 2020, we have subsequently been recognised by the Independent Newspaper weekly paper ‘The Week’ as the top school for sport Autumn 2021.

The report said. ‘This West Sussex co-ed school believes that sport is for everyone. “The physical and mental wellbeing of pupils is central to Hurst’s sports offering and equal attention is given to those who simply want to participate as well as the elite performers,” say staff. Hurst’s main sports are rugby, hockey, netball, athletics, cricket, golf, swimming, and tennis but activities like aerobics, dance, football, and yoga are on offer too. The school runs strength and conditioning sessions as well as a player welfare programme. During lockdown the Director of Sport ran a remote sports programme, including an initiative to replicate the journey taken by Phileas Fogg in Around the World in 80 Days. Pupils, staff, and parents rose to the challenge, running, walking, cycling, and rowing more than 65,000km.’

The article is relatively brief, but the message is clear and our reputation for being a sporting school for all, is growing and, although we have been frustrated by the brakes which have been put on our progress the College has done its very best to make the most of every opportunity as they have arisen. The winter months were spent engaging the pupils in an expanded programme of non-competitive training and intra- mural house matches and year group events. There were a whole raft of cross country and athletic events which facilitated safe, enjoyable outdoor activity, which were well received and there was also access to out of season sports such as Cricket, tennis, golf, and athletics which again made good use of outdoor space.

The summer saw the easing of restrictions and Hurst lead the way in terms of reintroducing competitive fixtures with Cricket, Athletics and Tennis offering our first opportunity for matches against other schools.

The Girls Cricket programme this year has been fantastic across both the Prep School and Senior School with hundreds of girls competing in regular, competitive fixtures again. Something we have all missed greatly. The children have benefited from the Cricket sessions we ran in the winter and, as a result, the girls won 68% of their matches. Hurst ran our annual U15 Softball festival again this year with over 80 girls competing. The 1st XI Girls beat the MCC and scored an impressive win over Wellington The girls finished the season across the College having played 105 fixtures and winning 69 of them. Girls’ Cricket is powering ahead at Hurst.

The boys have also had some very competitive, occasionally very tough, fixtures with the Senior Team winning the Langdale Trophy in a thrilling Final against Brighton College and were unlucky in a very tight semi-final of the National Knock Out losing to Tonbridge in the final over. The U17s have progressed to the 3rd round of the Cricketer Paper Cup with wins at Worth and Whitgift. At U15 level we performed strongly too; the A Team had a winning season including an 8 wicket win against Charterhouse and a 107-run victory over Epsom College, they rounded off a successful season with a Cup final for the U15As with Eastbourne. Our U14s made it to the semi-finals of the Holdsworth Cup competition, a great achievement for a side that took a while to hit its stride but this whole year group has made big improvements as the season went on. It has been a great return to Cricket from all our Teams, both boys and girls, with everyone contributing along the way to some impressive results.

The Athletics programme has focused very much on the Diamond League, organised by Hurst, culminating with an excellent final’s day at the K2. 120 pupils from the College have engaged in this multi-school event. Hurst have driven this event for the last couple of years and our athletes continue to win more medals than any of our rival schools and this year was no exception with Hurst being overall winners. The school’s best Athletes competed favourably at the Sussex Schools competition on back-to-back Saturdays but also competed at Tonbridge (boys) and a multi-schoolgirls event here at Hurst. At Tonbridge, the boys came third against a very strong field Tonbridge, St Paul’s, Dulwich, Sevenoaks, and St John’s Leatherhead. This is the best position Hurst has achieved at this prestigious event in over 15 years. The annual Hurst Girls event was moved to later in the term to allow it to happen and five schools competed with Hurst finishing first against Burgess

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Hill, Roedean, Sevenoaks and Eastbourne. The season finished with the Hurst annual Sports Day and although we did this without spectators this year it was an event which had a superb atmosphere and ‘House spirit,’ an event which was live streamed for the parents.

The Tennis season started with Sussex League fixtures for U16 and U18 Boys and Girls Teams. We hosted the Girls competition, with much promise shown by our Senior Girls. We have also had block fixtures with Worth, Ardingly, and Eastbourne with over 70 players involved in each. The Hurst Singles Championships for the U18 and U15 teams took place too. We have also played some LTA AEGON League matches and held our first "Road to Wimbledon" competition, with Will Lott and Phoebe Perry (Shell) qualifying for the County stage and held Team Tennis Squad on Monday evenings. The House Tennis has also been played with great spirit and good quality. We have had over 100 players in Games sessions and there are many children showing much promise. The Remove Girls Team also had success, Shell Boys are doing well, and our Senior Teams have played with great enthusiasm and spirit, especially when in adversity.

Whilst the summer sports dominated the return to fixtures, Hockey and netball had some matches and since then rugby has had a promising pre-season which has further fuelled our excitement for a full return to the normal rhythms of Hurst sporting life.

Hurst continues to be seen as a leader in the community and an example of excellence, and others look to Hurst's innovative, outward-looking approach, developed not only with the best interests of our own students at heart, but for the good of sport in the wider area. The college continues to forge strong links with maintained schools by hosting development days, as well as being a hub for Surrey Storm Netball South and Sussex County Cricket academies, a feeder for the Harlequins Rugby Development Programme and the base for Sussex Hockey. Hurst also organises and plays host to regional and national competitions and events in a variety of sports.

Our challenge moving forward is twofold. The first is to maintain the impetus gained in recent years and to refine our programme still further to be able to deliver on all fronts a first-class sporting provision. The second is to support the programme in terms of facilities and human resource. Both will require a will to improve and a recognition of the value of sport to the community.

Activity Hurst

Outdoor Education and Pursuits are a regular part of the games programme and an established part of our provision for all year groups across the College as both an alternative and in addition to other sports. Activities available during the year include kayaking, canoeing, sailing, paddle-boarding, rowing, archery, skiing, triathlon, mountain-biking, archery, climbing and bouldering.

Our participation in our normal range of external climbing and skiing event was severely limited this year but we have managed to maintain training in both areas, maximising the use of our upgraded climbing wall and local centres when the situation has allowed. We anticipate a return to a full program for 2021-22 provided the organisers are happy and travel restrictions allow.

This year some 255 pupils were enrolled on the Duke of Edinburgh award scheme. There were 35 Gold enrolments, and 10 students successfully completed the Gold award, with another 4 expected to complete the expedition by the end of the year. The success rate at silver was also impressive, with over three-quarters of participants gaining the award by the end of the Lower Sixth. In addition, the College continued to offer training sessions to the county and to local schools in the web-based pupil registration and recording system for DoE award participants. In spite of the COVID related restrictions, we have also been very happy with the way our DofE candidates and pupils have been able to continue most of their DofE award making use of the modifications that have been put in place.

The weekly Duke of Edinburgh service afternoon – and especially the Combined Cadet Force – continues to increase in popularity, allowing pupils to broaden their horizons through volunteering, leadership and self-reliance. Increasing numbers have successfully been accommodated and we continue to develop the syllabus to support engagement. During the year there were an increasing number of community service schemes – including recycling, woodland conservation, farming, and community service – and these projects are now well-established, worthwhile and popular, with over 300 students regularly

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involved. Most encouragingly, we also now have introduced L6th Skills activities this year and these include Young Enterprise, the Community Action Group, Languages, First Aid, STEM and CREST awards.

The activity programme for years 9 and 10 – which includes self-defence, farming skills, archery, board games, jewellery making, tabletop gaming and shooting – adds a further dimension to the rich and rounded education received by all pupils at Hurst. The annual Shell multi-activity day and the L6th leadership induction day also contribute greatly the integration of news pupils to the College and the development of pupils’ team building skills and their understanding of leadership and management.

PUBLIC BENEFIT

Bursaries and Scholarships

The College aims to provide opportunities for a wide range of people, particularly those in need, to access benefits from the Charity.

Scholarships are used to ensure that we are able to maintain high standards in all areas at the College. The total value of scholarships awarded in the year was £1.50M. The progress of pupils receiving scholarships is reviewed at least annually to ensure their progress is in line with their abilities. One scholarship was withdrawn in the year for disciplinary reasons.

To supplement the financial assistance provided to a significant number of present pupils through the College’s bursarial scheme, the College Endowment Fund was established in 2003. The Fund’s objective is to build an endowment that will in the future be used to provide bursarial support to talented pupils whose family circumstances would otherwise prevent them from attending the College. The endowment is funded by regular termly donations from existing parents and transfers from unrestricted funds, but also includes a number of substantial legacies from past pupils. At the end of the year the value of the Endowment and associated Funds had increased to £4.9M. The College is extremely grateful to all those who contribute to this cause.

The coronavirus pandemic and nationwide lock-down continued to cause a substantial hardship to a number of our fee-paying parents. As a result, in addition to the decision to discount the Lent terms fees between 15% and 27% during the period of the directed Campus closure, the College continued with the hardship programme introduced in the previous year. This included the opportunity to defer payment of the Michaelmas and Lent term’s fees and one-off short-term bursaries to support those whose income had been impacted temporarily. These awards were funded in part by a number of parents who, rather than paying the reduced fees charged by the College in the summer term of the previous academic year, paid full fees and donated the discount that they had declined to a special hardship fund, and we are particularly grateful to them.

During the year the College provided scholarships, bursaries and other awards exceeding £3.34M to pupils at the College from unrestricted funds. This included means-tested bursaries with a total value of £926,000 to 102 children both to supplement scholarship awards and in cases of hardship where the pupil’s education and future prospects would otherwise be at risk. The total of 102 included 36 children who received support from a special coronavirus hardship fund created to provide temporary support to those families whose income was affected by COVID-19. 9 pupils received assistance (comprising scholarships, external grants and bursaries) for 100% of fees and 12 others received assistance for at least 80% of fees.

In funding our awards from income we have to be mindful that we must ensure a balance between fee-paying parents – many of whom make considerable personal sacrifices to fund their child’s education – and those benefiting from the awards. Overall, the concessions provided by the College represented 12% of gross fee income.

Wider Education

Hurst remains very committed to using its resources – both financial and human – to support and strengthen wider education provision beyond the confines of the College.

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Initial Teacher Training is a strength. We continue to be highly successful in encouraging a significant number of graduates and others into the teaching profession through our four-year, high-quality, fully-funded teacher training programme, Teach Hurst. Over the course of the year, 7 Teach Hurst trainees successfully completed their year as NQTs; 5 trainees were awarded a distinction, 5 a merit and 1 a pass for their PGCE completed through Sussex University; while in-house training and support was provided for a further 19 graduate teachers. In addition, as an active member of the Bosco Teaching School Alliance, we hosted a PGCE trainee for their main practice. One of our Senior leaders also delivered a keynote presentation, on Cognitive Load, as part of the NQT professional development programme.

Hurst College continues to reach out and strengthen its links with local primary schools. Our Year 4 teacher and pupils collaborated on a Rain Forest project with their counterparts from a local primary school. Across the year, we were also able to support this school to enrich their educational provision. For the second summer in a row, Hurst hosted their Year 3, 4 and 5s for three activity and adventure days. Around 90 children were given the opportunity to participate in dance lessons, a Forest School session and a multi-activity Sports Day. Hurst provided transport between the schools. Additionally, throughout the summer term of 2021 (and now extended for the whole of the academic Year of 2021-22) Hurst provided transport, access to the swimming pool and two swim teachers on a weekly basis, to allow them to fulfil their requirement to offer swimming lessons to all their Year 3 students. In July 2021, we provided our Theatre, lighting and sound technicians and the help of our Director of Drama, to facilitate the rehearsals and performances of their Year 6 leavers' play.

Our Music Department and Digital Learning Group supported another local primary school with their online learning and music provision during lockdown. Our Geography Department loaned our geography fieldwork equipment to a local Academy so they could conduct fieldwork with their geographers.

We continue to be actively involved in the southern book awards facilitating other local state secondary schools to become involved in the scheme.

Our Deputy Head is now the Chair of Governors at Sir Robert Woodard Academy, having previously chaired the Curriculum committee. In this capacity, he has shared his expertise in the leadership and governance of the School. Other teachers from Hurst also play a role in local state schools on the board of Governors.

Several of our teachers are involved in professional bodies and contribute to the wider field of education debate and research through the publication of articles across a variety of media. Our Head of Drama remains the Chair of The National Association for the Teaching of Drama, running workshops and conferences for Drama Teachers across the country to develop teaching and learning. Our Director of Pupil and Staff Well-being continues to share his expertise in articles that have been published online through the TES, and articles for Optimus Education under the topics of Wellbeing, Boarding and Communication.

Community Hurst

The College is a part of a wider community, and we are keen that our staff and pupils participate. However, due to Covid, we were not able to engage with the wider community or invite them onto campus for such events as Cake at the College and the Hurst Festival. We are very much looking forward to doing so once again.

By developing and providing public access to new facilities, the College remains at the heart of the community. Facilities made

available to the public include:

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We also run a choral society for parents and members of the local community; and the College and Prep School Jazz Bands, Choirs and other groups regularly perform at charity and fund-raising events across the locality; while numerous arts events at the College – including plays, concerts and dance performances – are open to the public.

Wider Charitable Activity

As well as supporting the local community through community service activities – including conservation, helping in old people’s homes and youth residential centres – the College community takes part in a wide range of sponsored events and other fundraising activities. Unfortunately, a number of usual charity initiatives did not take place because of the continued COVID 19 restrictions. The College hopes to restart the wide range of charity support in 2021-22.

During the year, the College applied to become a Department for Education approved Sponsor, which was approved in May 2021. The College is one of only five independent schools approved by the Department for Education as a Sponsor. The application for Sponsor status was to enable the College to apply for a new all through Free School in the locality. If successful, the Free School will become a Church of England academy within the newly approved Hurst Education Trust, a multi academy trust established by the College and the Diocese of Chichester. In addition to the proposed academy, a small number of local state maintained primary schools are considering or are in the process of joining the Trust. Schools joining the Trust will receive a wide-range of support, both in terms of education and school improvement support and back-office and administrative support from the College, including in human resources, finance, payroll, health and safety, data protection. Pupils within the schools joining the Trust will have access to the College’s considerable facilities, including sports, academic and the arts.

FINANCIAL REVIEW AND RESULTS FOR 2020/21

In financial terms 2020/21 was another successful year notwithstanding the continued impact of the coronavirus pandemic which, as already noted, forced the closure of the College for much of the lent for all pupils except for a small number of children of key workers.

Using the Key Performance Indicators of the company:

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Our main trading Company, Hurst Facilities Limited, continues to hire out College facilities during vacations and school hours, as well as undertaking commercial activity on behalf of the school and externally (although the main educational letting is undertaken by the charity itself). The Company contributed the sum of £12,400 to the College’s operating surplus in 2020/21.

The parents of our pupils often make significant sacrifices to pay the fees. In doing so they help to relieve the state of the financial burden of educating over 1,250 children. This saving to the state is estimated to have a value in the last year of £8.2M. The Company is unable to recover the VAT on purchases it makes. During the past year, the College has paid an estimated £1.08M in VAT on goods and services.

The College provides a pension to some staff under the terms of the TPT Retirement Solutions Growth Plan. As a result of this pension scheme being under-funded, the College is committed to contributing to a recovery plan. During the course of the year it made contributions to the recovery plan of £33,000 and the recognised liability under the plan fell by £32,000, with this value being recognised in the Statement of Financial Activities (‘SOFA’). Further details can be found in note 26.

Development of the College Estate

Over the year expenditure on improvements to College facilities totalled £4.1M: including

Investment Performance against Objectives

The Company’s Memorandum and Articles of Association permit funds to be invested in such manner as the directors see fit, provided that such powers of investment are only exercised for the purpose of attaining the objects and in a manner that is legally charitable. The governing body’s policy is to preserve the capital value of investments and maximise the long-term return on all investments in order to build a sustainable endowment of sufficient size to provide full bursaries to two pupils in each academic cohort in the Senior School.

Investment activities are managed in line with the requirements of the Trustee Act 2000. In 2019 the Company commenced an external investment programme for its restricted and endowed funds and appointed Brewin Dolphin and CCLA to manage its investment portfolio. To date, some £1.96M has been placed with the investment managers, including the funds previously managed by the Company’s previous fund managers.

The investment managers have discretion about how the investments are managed within the policy parameters set by the governors. The investment targets are to preserve the real value of investments against inflation and to achieve a minimum yield of 3%. Over the course of the year Brewin Dolphin achieved a return of 23.67% on the Company’s investments against their benchmark of 18.86%, while CCLA achieved a return of 13.68% compared with their comparator performance return of 12.52%.

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Reserves Level and Policy, and Financial Viability

During the year, total Group funds increased by a further £1.2m to £37.1M, of which £5.1M were restricted or endowed funds. Unrestricted funds decreased by £4k to £31.96M as shown in Note 23c. In common with most independent schools, the Charity’s unrestricted reserves are primarily invested in tangible fixed assets, which are all used for its direct charitable activities – see Note 24. This utilisation of funds is essential to ensure that high quality up-to-date facilities are available for the benefit of pupils and in order to meet the increasing expectations of our parents.

The College’s financial viability does not depend on income reserves but in its ability to continue to trade at a surplus on an annual basis and on the substantial portfolio of fixed assets held for operational use. The aim is to budget so as to provide sufficient working capital to meet the present needs and future development requirements of the College without the requirement to have recourse to sales of tangible fixed assets.

The Directors consider that given the strength of the company’s balance sheet, the stable cash flow generated by full student rolls, the ongoing popularity of the College, and the available banking facility that can be called upon if need arises, there is no need to build up a free reserve.

PRINCIPAL RISKS AND UNCERTAINTIES

Coronavirus Pandemic

It should be noted that these financial statements were compiled during the continued COVID-19 global pandemic. Like most trustees, the Directors keep under consideration the impact of a catastrophic event on the College’s ability to continue, but that event may come about from any one of a number of causes and being specific about the source is not possible. The consideration of risks in the paragraphs below is therefore reflective of a more stable environment and does not specifically look at the pandemic, or other similar events, but offers a wider view of common events plus a specific risk looking at those events that could impact the continuity of education.

Risk Management

The Directors are responsible for the identification and management of risks, and the major risks to which the charity is exposed have been reviewed and systems or procedures have been established for their management.

A detailed review of the strategic and operational risks to which the charity is exposed is undertaken annually by the governing body, and risk management is delegated to the relevant committee, which reviews the risks assigned to it on a termly basis, works with the Senior Management Team to establish controls and identify actions necessary to mitigate those risks, and reports termly to the Council on the effectiveness of the assurance measures in place.

During the pandemic, and fully cognisant of the additional risks and uncertainties facing the College, the Directors have met more regularly to review progress and to approve changes to the College’s Health and Safety and Safeguarding procedures. They have also undertaken a separate analysis of the short- and medium-term risks pertaining to the pandemic and the measures being taken to militate and mitigate against them, and these are currently being reviewed on at a termly basis by the governing body and its committees.

Principal Risks Facing the Charity

The Directors consider the economic turbulence of recent years and the affordability of fees by parents across the independent sector to be the principal risk faced by the College. The College is currently full, but there is no room for complacency. The governing body, therefore, decided several years ago to limit the annual increase in fees to the wage inflation rate and for the past 9 years fee increases have been limited to 3%, which has often been lower that the increases imposed by many of our competitor schools. In light of the financial challenges affecting many of our parents, the decision was taken to freeze fees at their previous level for the 2020-21 academic year.

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Health and Safety is always a significant area for risk management. The risks range from fire and infrastructure to personal risks (most notably when away from the campus on trips and expeditions). Hurst is committed to the health, safety and welfare of all of its pupils and employees, and we review our policies and procedures on a frequent basis. The level and breadth of activity at the College is impressive and the risks associated with all activities are minimised by thorough careful planning and risk assessment. During the year a number of additional measures have been taken to enhance our Health and Safety procedures and management, including major improvements to our fire protection systems, as we strive to achieve best-practice on all Health and Safety matters across the College.

Otherwise, the principal risks to which the College is exposed include those affecting protection of pupils and security and preservation of charitable assets both now and in the future. Significant risk areas include:

Finally, and not least, the independent school sector as a whole is subject to various financial and political pressures and uncertainties and the College is not immune from these. These include threats to our independent and charitable status; threats which could have a material impact on costs and income, such as the possible imposition of VAT on school fees and the removal of charitable business rate relief; and general cost pressures, including the recent and future expected substantial increases in employer contributions to the Teachers’ Pension Scheme. In the light of these uncertainties the Directors and senior managers in the College strive to keep abreast of issues, identify trends, develop plans to mitigate financial risks, and contain costs wherever possible.

Statement on Brexit

Following the outcome of the UK referendum on European Union membership, the UK left the European Union on 31[st] January 2020. In preparation for this date, and in anticipation of the transition period, the school reviewed operations to understand and plan for the initial impact from Brexit. Guidance was also available from a number of sources including the Independent Schools Bursars Association. The College will continue to work with relevant authorities, staff, parents and suppliers to fully understand the impact in all areas including particularly visa requirements, the supply chain and data handling and protection, in order to minimise risk and potential disruption.

How the Board Complies with its Section 172 Duty

Section 172 (1) of the Companies Act 2006 (Statement of Director’s Duties to Stakeholders) requires directors to act in good faith to promote the success of the charity for the benefit of its members, and in doing so have regard (amongst other matters) to:

20

HURSTPIERPOINT COLLEGE LIMITED

DIRECTORS’ REPORT (Continued) YEAR ENDED 31 AUGUST 2021

The Directors welcome the new reporting requirement as an opportunity to explain how dialogue with stakeholders has informed and helped to shape its decisions in promoting the success of the Schools to achieve its charitable purposes.

As set out on page 3 within ‘Group Structure and Relationships’ the College has developed links with a wide range of organisations to ensure the widest possible access tour facilities and education. Through membership of HMC, IAPS, AGBIS and ISBA and through networking with peer groups we ensure that we are able to attain the highest standards of quality and performance.

Details of how the College has engaged with employees and had regard to employee interests can be found within the employment policy on page 6, and details of volunteer engagement can be found on page 2.

The Directors can demonstrate the promotion and success of the charity for the benefit of the stakeholders through the review or achievements and performance for the year, included within this Strategic Report and, for example, the College continued to provide access to high quality academic education and to pastoral and social support throughout the period of the school closure during the summer term. The College also plays an important role in providing activities for local community groups and access to its facilities.

The Directors are responsible for strategic planning and policymaking at the College and, accordingly, all key decisions, the current performance and future longer-term plans of the Charity and stakeholders are referred to and taken by the governing body. The organisational management and corporate governance arrangements of the College are detailed on page 3.

As set out in the Strategic report, our culture, and our staff, volunteer and pupil welfare and wellbeing throughout the COVID-19 period have been fundamental to the College’s continued success. Further information can be found in our Strategic Report and the detailed review of achievements and performance for the year.

21

HURSTPIERPOINT COLLEGE LIMITED

DIRECTORS’ REPORT (Continued) YEAR ENDED 31 AUGUST 2021

Energy and Carbon Reporting

2021 2020
Energy consumption used to calculate emissions (kWh) 7,598,834 6,228,292
Energy consumption break down (kWh):
• gas 5,556,364 4,352,438
• electricity 1,635,306 1,530,876
• transport fuel 407,164 344,978
Scope 1emissions in metric tonnes CO2e
• gas 1,017.70 800.28
• transport fuel 116.07 104.69
Total Scope 1 1133.77 904.97
Scope 2emissions in metric tonnes CO2e
• Purchased electricity 347.22 356.91
Scope 3emissions in metric tonnes CO2e
• Business travel in employee owned vehicles 0.08 0.16
• Business travel by train - 0.42
• Business travel by taxi 0.83 0.95
Total scope 3 0.91 1.53
Total gross emissions in metric tonnes CO2e 1,481.91 1,263.41
Intensity ratio: Emissions in tonnes CO2e per pupil 1.194 1.067

Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol - Corporate Standard and have used the 2020 UK Government's Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes C02e per pupil, the recommended ratio for the sector.

Measures taken to improve efficiency

During the year, the College implemented a number of initiatives to improve the efficiency of its use of energy. These included:

Going forward, in addition to the ongoing programmes detailed above the College is undertaking various other of initiatives to improve energy efficiency in future years as follows:

22

HURSTPIERPOINT COLLEGE LIMITED

DIRECTORS’ REPORT (Continued) YEAR ENDED 31 AUGUST 2021

Key Controls

The key controls used by the College include:

To this end, the College has had a qualified, full-time Health and Safety Manager in post since 2010 and engages external consultants to undertake an annual audit of Health and Safety procedures. In addition, it also has had a Director of Safeguarding who is responsible for all child protection matters at the College – including providing pupil support, liaison with the statutory authorities, and staff and governor training – since 2016, while a Director of Wellbeing was appointed in 2017.

Financial Risk Management

The Company uses financial instruments other than derivatives (comprising loans, cash and other liquid resources), as well as various other items such as trade debtors, creditors and asset finance arrangements that arise directly from operations. The main purpose of these financial instruments is to provide working capital to finance the group’s operations.

The principal issues arising from the group’s financial instruments are liquidity risk and interest rate risk. The Directors adopt policies for managing each of the risks as summarised below:

GOING CONCERN

The governing body has reviewed the impact of the global pandemic on College operations and finances.

During 2020-21 the financial impact was mitigated through use of the continued support provided by the Government under the Coronavirus Job Retention Scheme. The governing body recognise that the financial implications in previous years brought about as a result of the pandemic will continue into 2021-22 and, possibly, beyond, and continues to review and rework plans for the coming year, to ensure that the financial impact on the College remains mitigated in the most appropriate way.

Having considered all the factors and reviewing the available evidence, the Directors have a reasonable expectation that the group will be able to continue operating for the foreseeable future and the financial statements have been prepared on a going concern basis. Further details related to the adoption of the going concern basis can be found in the accounting policies on page 35.

23

HURSTPIERPOINT COLLEGE LIMITED

DIRECTORS’ REPORT (Continued) YEAR ENDED 31 AUGUST 2021

FUTURE PLANS

Strategic Objectives

The Board’s strategic development plan is reviewed on an annual basis and was approved in September 2021.

The College’s over-arching objectives are:

Objectives for 2021/22

During 2021/22, the College’s principle challenge is to operate normally notwithstanding the difficulties likely to be imposed by the continuing coronavirus pandemic. As such it aims:

AUDITOR

RSM UK LLP, having expressed their willingness to continue in office, will be deemed reappointed for the next financial year in accordance with section 487(2) of the Companies Act 2006 unless the company receives notice under section 488(1) of the Companies Act 2006.

24

HURSTPIERPOINT COLLEGE LIMITED DIRECTORS. REPORT (Continued) YEAR ENDED 31 AUGUST 2021 DIRECTORS, RESPONSIBILITIES STATEMENT The directors are responsible for prePar￿g the direttors. report and the financial 5taoments in iccordance with applicable w and regulatyon5. Company law requlre$ the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial Statements In accordance wlth United Klngdom GenerallyActÈpted Attounung Practice {United Kingdom Accounting Sf2rtdards and appliCa￿e lawl including 101 the Financial Reporting Standard applicèble In the UK and Kepvblic of IreLand. Under company law the threctors must not approve the financial statements un1È5s they are satisfied that they yve a true and fair wew of ihe srate of 2ffairs of the charitsble tornpany and the group and of the incoming resources and application of re50urce5, including the income and expenditure, of the £hariuble company and group for that period. In preparing these financial statsments. the directors are required to.. select suitable accovnting policie5 and then apply thern con5iStently'. observe the method5 and principles in the Charities SORP IFRS 1021., make judgments and accoUn￿n% esilmaw thai are reasonable and prudeTh¢ state whether applicable UK Accounting Standards have been followed. subject to any material departures dlsclosed and explained in the financial sutements.. prepare the finat)cial starements on the going concern basi5 unles5 It ts inappropruite ¢0 presume that the charitable ¢ornpany and group will continue in business. The dire£tor5 are re5pothsible for keepin¥ adequate accounting records that are sufficient to Show and explain the charirable companls and group'5 transactions and dixb5e with rea50nabJe accurdcy at any time the financial position of the company ar￿ group and enable them to ensure that the financial statements comply with thè Companies Att 2006. They are a150 responsible for safe2uarding the assets of the charit2blÈ c<>tnpany and group and hence for taking reasonable steps lor the prevention and detettion of fraud and other irrewlarities. The directors are responsible for the maintenance and Integrity of thÈ corptsr4ts and thn#n¢ial information included on the charitable company's websi￿. LÈgiskntion in the United Kingdom governing the preparation and disseminauon of financlal 5taternent5 ￿rty differ from legis￿￿On in other jurisdictions. Statement of Disclosure of Information to the Auditor The director5 who were in place at the date of approval of these ￿ancIal Sfatements confirm thaL so far as each dir¢etor is aware. there is no re￿Want audit information of which the charitable company's auditor unaware,. and the directors have taken all the sreps that they ought to have taken as direcwrs in order w rnake themsehes aware of any r¢l¢vani audic Informavon and tts establish rhat the charitable company's auditor 15 aware of that Informatlon. Approved by the Board of Direttors of HUrSt￿erpolnt College LimiEÈd on 27 November 2021 lincludin& in their capacity as company dlrectors, approving the Directors. and Strategic Report5 contained therein) and signed on its behalf by. A Jarvis airman 25

HURSTPIERPOINT COLLEGE LIMITED Company Registration No. 3779893 (England and Wales) INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HURSTPIERPOINT COLLEGE LIMITED YEAR ENDED 31 AUGUST 2021

Opinion

We have audited the financial statements of Hurstpierpoint College (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 August 2021 which comprise the Group Statement of Financial Activities, the Group and Company Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

Other information

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

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work

26

HURSTPIERPOINT COLLEGE LIMITED Company Registration No. 3779893 (England and Wales) INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HURSTPIERPOINT COLLEGE LIMITED YEAR ENDED 31 AUGUST 2021

we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 25, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will

27

HURSTPIERPOINT COLLEGE LIMITED Company Registration No. 3779893 (England and Wales) INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF HURSTPIERPOINT COLLEGE LIMITED YEAR ENDED 31 AUGUST 2021

always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

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

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

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

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

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

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

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

A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting

28

HURSTPIERPOINT COLLEGE LIMITED Company Registration No. 3779893 (England and Wales) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HURSTPIERPOINT COLLEGE LIMITED YEAR ENDED 31 AUGUST 2021 Council's website at h re5 Thls descrlptlon forms part of our auditarfs reporr. Use ol our report Thi5 rep¢yE is made 501ely to the charitable company's members, 85 a body, in accordance with Chapter 3 of Part 16 of the C¢xnpanies Acc 2006. Our audic work has b2en underyaken so thar we might State to the ch3rir3ble comparfs member5 those maws Yie are required to 5t3te to them in an audlror's report and for no other purpose. To the [￿￿5[ extent permitred by law, we do notaccept or a55ume responsibility to anyone other than the £harn2ble curnpany and ch¥itab companys member5 as a body. for our audit work. for thi5 repor¢ or for the oplni¢n$ we have lorrned. Zoe Longstaff.Tyrrell Senior 5Taturory Audiror for and cn behalf of RSM UK Audit LLP. Ststutgry Audwr Porfand. 25 High Stree¢ Crawley RH10 18G 29

HURSTPIERPOINT COLLEGE LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31 AUGUST 2021

Notes
Income and endowments from:
Charitable Activities
School fees receivables
3
Ancillary trading income
4
Other trading activities
Non-ancillary trading income
5
Investments
Bank and other interest
6
Other - Grants and donations
Grants and donations
7
Other incoming resources
TOTAL INCOME
Expenditure on:
Raising funds
Non-ancillary trading
8
Financing costs
9
Fundraising and Development
8
TOTAL RAISING FUNDS
8a)
Charitable Activities
Education and grant making
8a)
TOTAL EXPENDITURE
Unrealised gains on investment assets
14
Net income
Transfers between funds
23
Net Movement in funds for the year
Fund balances at 1 September
FUND BALANCES AS AT 31
AUGUST		 Unrestricted
Funds
£’000
24,500
1,321
42
-
328
65		 Restricted
Funds
£’000
-
-
-
-
191
-		 Endowed
£’000
-
-
-
-
-
-		 Total
2021
Total
2020
£’000
£’000
24,500
21,800
1,321
1,244
42
42
-
40
519
882
65
136
26,447
24,144
615
605
98
241
71
74
784
920
24,827
20,726
25,611
21,646
383
35
1,219
2,533
-
-
1,219
2,533
35,865
33,332
37,084
35,865
26,256 191 -
615
98
71		 -
-
-		 -
-
-
784
24,827		 -
-		 -
-
25,611 - -
- - 383
645
(649)		 191
649		 383
-
(4)
31,967		 840
3,612		 383
286
31,963 4,452 669

Note:

The notes on pages 35 to 60 form part of these financial statements.

30

HURSTPIERPOINT COLLEGE LIMITED

COMPANY STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31 AUGUST 2021

Notes
Income and endowments from:
Charitable Activities
School fees receivables
3
Ancillary trading income
4
Other trading activities
Non-ancillary trading income
5
Investments
Bank and other interest
6
Other - Grants and donations
Grants and donations
7
Other incoming resources
TOTAL INCOME
EXPENDITURE ON:
Raising funds
Financing costs
9
Fundraising and Development
8
TOTAL RAISING FUNDS
8b)
Charitable Activities
Education and grant making
8b)
TOTAL EXPENDITURE
Unrealised gains on investment assets
14
Net income
Transfers between funds
23
Net Movement in funds for the year
Fund balances at 1 September
FUND BALANCES AS AT 31 AUGUST		 Unrestricted
Funds
£’000
24,500
1,321
20
-
341
65		 Restricted
Funds
£’000
-
-
-
-
191
-		 Endowed
£’000
-
-
-
-
-
-		 Total
2021
Total
2020
£’000
£’000

24,500
21,800
1,321
1,244

20
8
-
39
532
911

65
47

26,438
24,049

95
234

71
74
166
308

25,436
21,272

25,602
21,580
383
35
1,219
2,504
-
-
1,219
2,504

35,725
33,221

36,944
35,725
26,247 191 -
95
71		 -
-		 -
-
166
25,436		 -
-		 -
-
25,602 - -
- - 383
645
(649)		 191
649		 383
-
(4)
31,827		 840
3,612		 383
286
31,823 4,452 669

Note:

All recognised gains and losses in the current and prior year are included in the statement of financial activities. The notes on pages 35 to 60 form part of these financial statements.

31

HURSTPIERPOINT COLLEGE LIMITED CONSOLIDATED AND CHARITY BALANCE SHEETS ASAT 31 AUGUST 2021 Group Total 2021 Charity Total 2021 Total 2020 T¢xal 2020 Note$ £'ooo £'IK)O <'ooo FIXED ASSETS Tangible assets Securitie5 Investment5 46.378 43.654 46,268 2.206 43.459 2.206 1.581 48,584 45.235 48.474 45.040 CURRENT ASSETS Stock Debtors 1$ 428 664 397 736 Cash at bank and in hand 2.405 3,621 2.356 3.519 2.840 4.296 2.760 4.266 CURRENT LIABILITIES Credltors payable within one year (8,127) 16.4SOI (8,077) {6,3BII NET CURRENT LIABILITIES (S,287) 12, IS41 (5,3 17) TOTALASSETS LESS CURRENT 43.297 43.081 43.157 41925 LIABILITIES LONG TERM LIABILITIES Credicors paydble after one year TOTAL NET ASSETS EXCLUDING 17 {6,096) 17.067) {6,1196) 17,0511 37,201 36,014 37,06 1 35.874 PENSION LIABILITY NeL pension liabili 28 11491 11491 NET ASSETS 37,oe4 3S,865 36.944 35,n5 REPRESEprrED BY.. CALLED UP SHARE CAPITAL 22 ENDOWED FUNDS 2J 669 286 669 286 RESTRICTED FUNDS 23 4,452 3.612 4,452 3.612 UNRESTRicfED FUNDS General reserve 23 31.963 31,967 31.823 31,817 37,084 35,865 36,944 35,725 Th¢ flnandal sratemenfs were apFYo¥ed and authori$ed for i$sue by the Board On 27 Noyernber 2021 and signed on its behalf by. ry15 Chair Ct>mpany re&srration number 3779893 (Eng￿nd and Wales) Note: The notes on pages 35 to 60 form part of these financial 5taternents. 32

HURSTPIERPOINT COLLEGE LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 AUGUST 2021

Statement of cash flow

2021 2020
£'000 £'000
Cash flows from operating activities:
Net cash provided by (used in) operating activities 3,162 1,069
Cash flows from investing activities:
Proceeds from the sale of property, plant and equipment 8 8
Purchase of property, plant and equipment (4,095) (6,467)
Purchase of investments (242) (115)
Net cash provided by (used in) investing activities (4,329) (6,574)
Cash flows from financing activities:
Repayments of borrowing (49) (63)
Cash inflows from new borrowing - 2,000
Net cash provided by (used in) financing activities (49) 1,937
Change in cash and cash equivalents in the reporting period (1,216) (3,568)
Cash and cash equivalents at the beginning of the reporting period 3,621 7,189
Cash and cash equivalents at the end of the reporting period 2,405 3,621
Reconciliation of net income/(expenditure) to net cash flow from operating activities
2021 2020
£'000 £'000
Net income/(expenditure) for the reporting period (as per the statement of
financial activities) 1,219 2,533
Adjustments for:
Depreciation charges 1,281 1,153
(Gains)/losses on investments (383) (35)
Loss/(profit) on the sale of fixed assets 82 (8)
(Increase)/decrease in stocks 4 1
(Increase)/decrease in debtors 236 45
Increase/(decrease) in creditors 723 (2,620)
Net cash provided by (used in) operating activities 3,162 1,069
Analysis of cash and cash equivalents
Cash in hand 2,405 3,621
Total cash and cash equivalents 2,405 3,621

33

HURSTPIERPOINT COLLEGE LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 AUGUST 2021

Analysis of changes in net debt

Cash and cash equivalents
Cash
Borrowings
Loans falling due within one year
Loans falling due after more than one year
Total		 At 1 Sept 2020
£'000
3,621
3,621
(100)
(4,900)
(5,000)
(1,379)		 Cash flows
£'000
(1,216)
(1,216)
-
(1,216)		 Other non-
cash
changes
At 31 Aug 2021
£'000
£'000
-
2,405
-
2,405
(1,050)
(1,150)
1,050
(3,850)
-
(5,000)
-
(2,595)

34

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

1. COMPANY INFORMATION

Hurstpierpoint College Limited is a private limited liability company incorporated in England and Wales and a Registered Charity. The address of the Registered Office is Hurstpierpoint College Limited, College Lane, Hurstpierpoint, Hassocks, BN6 9JS. The Company’s registered number is 3779893. Its charity registration number is 1076498.

2. ACCOUNTING POLICIES

The principal accounting policies, all of which have been applied consistently throughout the year and in the preceding year are:

Basis of Accounting

The accounts of the group have been prepared under the Companies Act 2006 and in accordance with the Statement of Recommended Practice for Charities (‘SORP (FRS102)’) and with applicable UK Accounting Standards. They are drawn up on the historical cost accounting basis except that share investments held as fixed assets are carried at fair value.

Hurstpierpoint College Limited meets the definition of a public benefit entity under Financial Reporting Standard (FRS) 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Further details are provided in note 32, and in the accounting policies for depreciation of fixed assets, for pensions and for bad debts. These financial statements are presented in sterling (£) and the functional currency is sterling (£).

Going Concern

The accounts have been prepared on a going concern basis. The Directors review the financial information for the company and the group and consider whether the group and company are a going concern for a period of at least 12 months from the date of approval of the accounts.

Having considered all factors and reviewing the available evidence, the directors have a reasonable expectation that the group will be able to continue operating for the foreseeable future and the financial statements have been prepared on a going concern basis. The directors have reviewed the impact of the global pandemic on school operations and finances. In the year to 31st August 2021, the financial impact was mitigated through use of the various elements of support provided by the Government including the Coronavirus Job Retention Scheme (furlough scheme). The directors recognise that the financial implications in 2020-21 brought about as a result of the pandemic will continue into 202122, and possibly beyond, and continues to rework plans for the coming year, to ensure the financial impact on the school continues to be mitigated in the most appropriate way.

Group Accounts

The financial statements consolidate the financial statements of Hurstpierpoint College Limited and all its subsidiary companies, charitable trusts and funds with all inter-company balances being eliminated. Entities are consolidated where the Hurstpierpoint College exercises overall control either through ownership of shares, or through having common trustees with a common objective. Accounting policies are consistently applied between group companies.

School Fees Receivable and Similar Income

Fees receivable and other educational income are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions by the school, but include contributions received from restricted funds for scholarships, bursaries and other grants. Fees in Advance Scheme Contracts are those fees received in advance of education to be provided in future years under a specific contract. The fees are held within the unrestricted reserves of the school until taken to income to match liabilities in the term when used, or refunded. Any surplus of assets over liabilities is held within the fund as a buffer. Debts are provided for if not recovered within one term. Estimating amounts to provide against recovery of debts is a matter of judgement.

35

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

2. ACCOUNTING POLICIES (Continued)

Ancillary and Non-Ancillary Trading Income

Ancillary trading income represents amounts from activities to generate funds within the charitable objects for example, school shop sales, coaches to and from school and school trips. Non-ancillary trading income represents amounts from activities not directly related to the charitable objects, for example lettings of school facilities out of term time and rental from spare school buildings. Income from these activities is recognised in the SOFA when the goods are sold, or services provided.

Voluntary sources, Grants and Donations

Voluntary incoming resources are accounted for as and when entitlement arises, the amount can reliably be quantified, and the economic benefit is considered probable.

Voluntary income for general purposes is accounted for as unrestricted and is credited to the General Reserve. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as permanent trust capital or expendable trust capital, according to whether the donor intends retention to be permanent or not. Gifts in kind are valued at estimated open market value at the date of gift, in the case of assets for retention or consumption, or at the value to the school in case of donated services or facilities.

Coronavirus Job Retention Scheme (CJRS) Income

The CJRS grant is receivable as compensation for staff costs incurred and for the purpose of giving immediate financial support to the organisation with no future related costs. It is recognised as income in the period in which it becomes receivable within ‘Other – Grants and Donations” (note 7)

Expenditure

Expenditure is accrued as soon as there is a contractual obligation or a liability is considered probable, discounted to present value for longer term liabilities. Expenditure is allocated to expense headings either on a direct cost basis or apportioned according to time spent. The irrecoverable element of VAT is included with the item of expense to which it relates. Bad debts are provided for in accordance with the group bad debt policy. The cost of refurbishing and converting existing buildings is written-off in the year in which it is incurred except where the useful life has been extended.

Finance and Other Costs

Other costs include amounts accrued in accordance with the terms of Fees in Advance Scheme Contracts.

Pension Costs

The College participates in the Teachers’ Pensions scheme, which is an unfunded government scheme, and the TPT Retirement Solutions scheme, both of which provide benefits based on final pensionable pay. The funds of the schemes are separate from the company, although the College’s share of the schemes cannot be identified as the schemes are multi-employer schemes, and so the pension costs are accounted for as defined contribution schemes. The companies also contribute to other defined contribution pension schemes for non-teaching staff.

The College offers membership of the TPT Retirement Solutions Growth Plan to employees other than the full-time academic staff. The TPT Retirement Solutions Growth Plan is a multi-employer pension scheme where the scheme assets are pooled for investment purposes and cannot be attributed to individual employers. Benefits are paid from the total scheme assets. It is in most respects a money purchase arrangement, but has some guarantees. As a result it is not possible or appropriate to identify the assets and liabilities of the scheme which are attributable to the company, though, due to the guarantees inherent in the scheme, the companies remain potentially liable for a debt on withdrawal from the scheme. In accordance with Financial Reporting Standard (FRS) 102 (section 28) therefore, the scheme is accounted for in a fashion which is similar to a defined contribution scheme.

The College must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the SOFA i.e. the unwinding of the discount rate as a finance cost in the period in which it arises. More detail is given in note 26.

36

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

2. ACCOUNTING POLICIES (Continued)

Tangible Fixed Assets and Depreciation

In accordance with Section 35.10 (d) of FRS102, the Company has elected to use the carrying value of any of the above freehold land and buildings previously carried at a valuation, as their deemed cost at the date of transition to FRS102, 1 September 2014.

Tangible fixed assets are stated at cost less depreciation. Individual capital items, or projects, with a value greater than £10,000 are capitalised. Assets in the course of construction are stated at cost less any provision for impairment. They are transferred to completed assets when substantially all of the activities necessary to get the asset ready for use are complete. Where appropriate cost includes our own labour costs in relation to construction, and directly attributable overheads.

Where tangible fixed assets have been acquired with the aid of specific grants they are included in the balance sheet at cost and depreciated over their expected useful economic life. The related grants are credited to a restricted fixed asset fund (in the statement of financial activities and carried forward in the balance sheet). The depreciation on such assets is charged in the statement of financial activities over the expected useful economic life of the related asset on a basis consistent with the depreciation policy.

Depreciation is provided at rates calculated to write off the cost, less estimated residual value of each asset based on current market prices, over its expected useful life, as follows:

eciation is provided at rates calculated to write off the cost, less estimated residual value of each asset based on
nt market prices, over its expected useful life, as follows:		 eciation is provided at rates calculated to write off the cost, less estimated residual value of each asset based on
nt market prices, over its expected useful life, as follows:
Freehold land and assets under construction are not depreciated
Freehold Buildings: Variable according to the building and written off over the expected useful life
(see paragraph below)
Freehold improvements Over the useful economic life of the improvement
Computer equipment 25% on cost
Plant & Equipment between 4% and 25% on cost
Fixtures and fittings 25% on cost
Motor vehicles 25% on cost

The Company has reviewed its tangible assets, which comprise land, buildings and initial fixtures and fittings. The Company undertakes an annual review of all buildings assessing their useful economic life. In some cases, the useful economic life of a building is anticipated to be of considerable length, often in excess of 100 years. The buildings are capitalised in the financial statements at historic cost. Where the calculated depreciation charge is a material figure, it is charged in these financial statements but, where the carrying value is not more than the estimated recoverable amount and the depreciation on the building is not material to these financial statements, it has been assessed, but not charged on the basis that it is not material. The Directors will continue to carry out annual assessments of the recoverable amount and the estimated useful life of all buildings and where the depreciation is a material value, it will be charged. The review is based on the Directors’ assessments of the market value and the future economic benefit derived from an asset versus its carrying value in the financial statements.

When the Company undertakes a significant refurbishment project that will have an economic benefit, the cost of the refurbishment is capitalised, recorded separately under ‘Freehold Improvements’, its useful life is estimated, and it is depreciated over that useful life.

The Company exercises judgement in selection of appropriate rates for depreciation of fixed assets, and for matters of impairment.

Financial Instruments

The College only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Securities and Fees in Advance Investments

Securities and Fees in Advance investments are carried at fair value, which is deemed to be market value as at the balance sheet date.

Unrealised gains and losses arising on the revaluation of investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate fund according to the ‘ownership’ of the underlying assets. Realised gains and losses are the difference between sales proceeds and opening market value where the investment

37

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

2. ACCOUNTING POLICIES (Continued)

was held at the beginning of the year, or sales proceeds less cost of purchase where the investment was acquired in the year. The revaluation reserve reflects the accumulated total of unrealised gains and losses. Uninvested cash is the balance of liquid cash, held as an investment, which has not been invested in securities.

Stocks

Stocks comprise consumable stores and goods held for resale: they are valued at the lower of cost and net realisable value.

Leasing Commitments

Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet and are depreciated over their useful lives or the period of the lease whichever is the shorter. The interest element of the obligations is charged to the SOFA over the period of the lease. Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the SOFA on a straight-line basis over the lease term. Lease incentives are accounted for over the lease term on a straight-line basis.

Fee deposits

Refundable fee deposits are currently classified between long term and short term in the financial statements. These deposits are refundable in the event that the pupils leave a school on one term's notice and as such the deposit would be refunded to the parents at that point. However, the financial statements are prepared on a going concern basis and it is assumed that the majority of children will remain in school for their full years of education and therefore the deposit will be refunded to them when they leave the College.

Short term deposits reflect those pupils that will be leaving the College within one year, and the longer-term element reflects those pupils that will be leaving the College after 12 months from the balance sheet date.

Fund Accounts

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. Endowment funds are further sub-divided into permanent and expendable, where required by the terms of the trust.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Designated funds comprise funds which have been set aside at the discretion of the directors for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Taxation

Hurstpierpoint College Ltd is a registered charity and as such is exempt from income tax and corporation tax under the provisions of Section 478 of the Corporation Tax Act 2010. There is no similar exemption for VAT, which is included in expenditure or in the cost of assets as appropriate.

The College has subsidiary companies that are subject to taxes including corporation tax and VAT in the same way as any commercial organisation. The tax charged to the profit and loss account is based on the subsidiary company’s profit for the year and takes into account tax arising because of timing differences between the treatments of certain items for tax and accounting purposes. The subsidiary companies distribute over the majority of its profits to Hurstpierpoint College Limited under Gift Aid and tax liabilities are kept to a minimum.

Legacies

Entitlement is taken as the earlier of the date in which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy is only considered probable when the amount can be measured reliably and the charity has been notified of the executors intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

38

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

3. CHARITABLE ACTIVITIES – SCHOOL FEES RECEIVABLE

The school fees income comprises:
Gross fees
Less: Total scholarships, bursaries, etc.		 2021
2020
£’000
£’000
27,839
24,882
(3,339)
(3,082)
24,500
21,800

Scholarships, bursaries and other awards were paid to 910 pupils (2020: 846 pupils). Within this, means-tested bursaries totalling £926,000 were paid to 102 pupils (2020: £853,000 to 120 pupils).

4. CHARITABLE ACTIVITIES – ANCILLARY TRADING INCOME

Extras
Entrance fees and registration fees
Pupil transport
Rent receivable and other sales
Commissions and other income
Sundry other income		 2021
2020
£’000
£’000
503
455
74
56
249
249
41
38
42
12
412
434
1,321
1,244

5. OTHER TRADING ACTIVITIES

Non-ancillary trading income
Lettings income
Interest receivable – pupil bills
Company
Hurst Facilities Limited – Letting income (note 27)
Group		 2021
2020
£’000
£’000
19
-
1
8
20
8
22
34
42
42

39

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

6. INVESTMENTS - BANK AND OTHER INTEREST RECEIVABLE

Bank interest
Other interest
Group
Other interest
Company		 Unrestricted
£’000
-
-
-
-
-		 Restricted
£’000
-
-
-
-
-		 Endowed
£’000
-
-
-
-
-		 Total
Total
2021
2020
£’000
£’000
-
22
-
18
-
40
-
(1)
-
39

7. OTHER – GRANTS AND DONATIONS

Endowment Fund
donations
General donations
Legacies
Government grants CJRS
Group
Gift aid donation: Hurst
Facilities Limited
Company		 Unrestricted
£’000
-
-
-
328
328
13
341		 Restricted
£’000
90
51
50
-
191
-
191		 Endowed
£’000
-
-
-
-
-
-
-		 Total
Total
2021
2020
£’000
£’000
90
183
51
-
50
-
328
699
519
882
13
29
532
911

The Coronavirus Job Retention Scheme (CJRS) grant relates to government funding received to cover a percentage of furloughed staff salaries. £328,000 of the unrestricted income in the current year (2020: £699,000) and costs relate to the CJRS grant. No CJRS grants were claimed relating to government funded contracts where work and government funding has continued.

There are no unfulfilled conditions and other contingencies attaching to grants that have been recognised in income. There are no other forms of government assistance from which the charity has directly benefited.

40

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

8. ANALYSIS OF EXPENDITURE

a) Group - Total expenditure

Costs of Raising funds
Non ancillary trading
Financing cost (note 9)
Fundraising and development
Total cost of raising funds
Charitable expenditure
Teaching
Welfare
Premises
School administration
Movement in pension deficit
Governance costs
Education and grant making
Total Expenditure
b) Company – Total expenditure
Costs of Raising funds
Financing cost (note 9)
Fundraising and development
Total cost of raising funds
Charitable expenditure
Teaching
Welfare
Premises
School administration
Movement in pension deficit
Governance costs
Education and grant making
Total Expenditure		 Staff costs
(note 10)
£’000
321
-
-
321
11,514
439
1,330
1,193
-
-
14,476
14,797
Staff costs
(note 10)
£’000
-
-
-
11,514
439
1,330
1,193
-
-
14,476
14,476		 Support
Costs
£’000
183
98
71
352
1,577
2,041
4,676
894
(88)
82
9,182
9,534
Support
Costs
£’000
95
71
166
2,188
2,041
4,676
894
(88)
80
9,791
9,957		 Depreciation
(note 13)
£’000
111
-
-
111
346
51
772
-
-
-
1,169
1,280
Depreciation
(note 13)
£’000
-
-
-
346
51
772
-
-
-
1,169
1,169		 2021
2020
£’000
£’000
615
605
98
241
71
74
784
920
13,437
12,712
2,531
1,832
6,778
4,321
2,087
1,832
(88)
(29)
82
58
24,827
20,726
25,611
21,646
2021
2020
£’000
£’000
95
234
71
74
166
308
14,048
13,259
2,531
1,832
6,778
4,321
2,087
1,832
(88)
(29)
80
57
25,436
21,272
25,602
21,580

41

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

8. ANALYSIS OF EXPENDITURE (Continued)

c) Grants, awards and prizes

The College did not make any grants during the year (2020: Nil) .

d) Total resources expended include:

Hurstpierpoint College reimburses governors for out of pocket expenses including travel subsistence and accommodation, where a claim is made.

Remuneration paid to auditor for audit services
Reimbursement of personal expenses to governors
Other governance costs		 2021
2020
£’000
£’000
23
24
-
1
59
33
82
58

9. FINANCING COSTS

Bank and other interest payable
Bank charges
Provision for bad and doubtful debts		 Group
2021
£’000
71
54
(27)
98		 2020
£’000
70
58
113
241		 Company
2021
2020
£’000
£’000
68
65
54
56
(27)
113
95
234

42

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

10. STAFF COSTS

The aggregate payroll costs for the year were:
Wages and salaries
Social security costs
Other pension costs
Private medical insurance		 2021
2020
£’000
£’000
11,708
11,257
1,135
1,076
1,927
1,817
27
9
14,797
14,159

Included in staff costs are redundancy or termination payments totalling £nil (2020: £56,000) . No amounts were outstanding at the year-end (2020: £nil) .

The Head, Bursar and Heads of School are classed by the college as being the Key Management Personnel. None of the governors received remuneration or other benefits from Hurstpierpoint College or from any connected body.

connected body.
2021 2020
£’000 £’000
Aggregate employee benefits of key management personnel 701 633
The number of higher paid employees whose annual emoluments were £60,000 or more was:
2021 2020
No No
£60,001 - £70,000 10 6
£70,001 - £80,000 5 6
£80,001 - £90,000 1 1
£90,001 - £100,000 1 -
£100,001 - £110,000 1 1
£110,001 - £120,000 - 1
£140,001 - £150,000 1 -
£250,001 - £260,000 - 1
£270,001 - £280,000 1 -
The number with retirement benefits accruing:
in Defined Contribution schemes was 2 1
of which the contributions amounted to £16,040_(2020: £6,450)_
in Defined Benefit schemes was 15 13

of which the contributions amounted to £255,978 (2020: £202,524)

For 2021 there are 3 employees (2020: 2) earning over £60,000 per year that have chosen not to participate in a pension scheme.

The average number of employees within group and charity during the year calculated on a headcount basis was 437 (2020: 434).

Teaching staff
Other		 2021
2020
No
No
244
232
193
202
437
434

43

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

11. DIRECTORS

None of the directors received any remuneration or other benefits during the year from Hurstpierpoint College or from any connected body. However, remuneration totalling £147,109 (2020: £87,311) was paid to six related parties connected to the directors who are employed at the college on standard employment terms. No expenses were reimbursed to the trustee.

Scholarships totalling £1,800 were awarded to children of directors attending the school on standard published terms (2020: £7,800) .

12. TAXATION

The company is a registered charity and therefore no liability to taxation arises on its charitable activities.

13. TANGIBLE ASSETS

a) Group

Cost
At 1 September 2020
Additions
Disposals
Transfers
At 31 August 2021
Depreciation
At 1 September 2020
Charge for the year
Disposals
At 31 August 2021
Net book value at 31
August 2021
Net book value at 31 August
2020		 Freehold
Land &
Buildings
£’000
36,915
548
(78)
7,576		 Freehold
Improve-
ments
£’000
1,178
-
-
-		 Under
Con-
struction
£’000
7,622
1,336
-
(7,622)		 Computer
Equip-
ment
£’000
797
764
-
-		 Plant &
Equip-
ment
£’000
1,902
1,252
(74)
46		 Fixtures
&
Fittings
£’000
1,354
169
-
-		 Motor
Vehicles
Total
£’000
£’000
731
50,499
26
4,095
-
(152)
-
-
44,961 1,178 1,336 1,561 3,126 1,523 757
54,442
3,131
605
-		 65
25
-		 -
-
-		 373
315
-		 1,517
128
(62)		 1,223
97
-		 536
6,845
111
1,281
-
(62)
3,736 90 - 688 1,583 1,320 647
8,064
41,225 1,088 1,336 873 1,543 203 110
46,378
33,784 1,113 7,622 424 385 131 195
43,654

All assets are used for charitable purposes.

Finance leases and hire purchase contracts

Included in motor vehicles are assets held under finance leases which has a net book value of £16,177 (2020: £64,708) Depreciation of £48,531 (2020: £61,737) was charged during the year.

44

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

b) Company

Cost
At 1 September 2020
Additions
Disposals
Transfers
At 31 August 2021
Depreciation
At 1 September 2020
Charge for the year
Disposals
At 31 August 2021
Net book value at 31
August 2021
Net book value at 31
August 2020		 Freehold
Land &
Buildings
£’000
36,915
548
(78)
7,576		 Freehold
Improve-
ments
£’000
1,178
-
-
-		 Under
Con-
struction
£’000
7,622
1,336
-
(7,622)		 Compute
r Equip-
ment
£’000
797
764
-
-		 Plant &
Equip-
ment
£’000
1,902
1,252
(74)
46		 Fixtures
&
Fittings
£’000
1,354
169
-
-		 Motor
Vehicles
Total
£’000
£’000
30
49,798
-
4,069
-
(152)
-
-
30
53,715
30
6,339
-
1,170
-
(62)
30
7,447
-
46,268
-
43,459
44,961 1,178 1,336 1,561 3,126 1,523
3,131
605
-		 65
25
-		 -
-
-		 373
315
-		 1,517
128
(62)		 1,223
97
-
3,736 90 - 688 1,583 1,320
41,225 1,088 1,336 873 1,543 203
33,784 1,113 7,622 424 385 131

45

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

14. SECURITIES INVESTMENTS

Group investments
At 1 September 2020
Investment
Unrealised gains/(losses) on investments
Group investments at 31 August 2021
Investment in subsidiaries
Company investments at 31 August 2021
Investments comprise:
Listed investments
Equities
Group investments at 31 August 2021
Investment in subsidiaries
Company investments at 31 August 2021		 2021
2020
£’000
£’000
1,581
1,431
242
115
383
35
2,206
1,581
-
-
2,206
1,581
2,206
1,581
2,206
1,581
-
-
2,206
1,581

Hurstpierpoint College Limited owns all of the share capital of Hurst Transport Limited, Hurst Facilities Limited and Hurst International Limited, all companies are incorporated in England and Wales. Further details are provided in note 27.

In addition to the above investments, cash balances within the Fees in Advance Scheme are included in current assets as cash deposits.

The main Securities Investments deposits are managed for Hurstpierpoint College Limited by Brewin Dolphin and CCLA Wealth Management. All investments are managed and held in the UK.

15. DEBTORS

School fees receivable
Other debtors
Prepayments and accrued income
Amounts due from subsidiary company		 2021
2020
£’000
£’000
60
317
37
61
331
286
-
-
428
664
Group		 2021
2020
£’000
£’000
56
317
22
43
310
268
9
108
397
736
Company

46

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

16. CREDITORS: amounts falling due within one year

Group
2021
£’000
Bank loan (Note 18)
1,150
Net obligations under finance leases (Note 20)
16
Deposits from parents
448
Fees received from parents in advance of term
3,771
Trade creditors
1,057
Taxation and social security
285
Other creditors
66
Pension
238
Fees in Advance Scheme (Note 19)
824
Accruals
272
8,127		 2020
£’000
100
49
439
3,133
605
255
62
216
1,104
487
6,450		 Company
2021
2020
£’000
£’000
1,150
100
-
-
448
439
3,771
3,133
1,037
596
285
255
66
62
238
216
824
1,104
258
476
8,077
6,381

17. CREDITORS: amounts falling due after one year

Group
2021
£’000
Bank loan (Note 18)
3,850
Net obligations under finance leases (Note 20)
-
Deposits from parents
1,751
Fees in Advance Scheme (Note 19)
495
6,096		 2020
£’000
4,900
16
1,614
537
7,067		 Company
2021
2020
£’000
£’000
3,850
4,900
-
-
1,751
1,614
495
537
6,096
7,051

Hurstpierpoint College Limited has bank loans from Barclays Bank Plc, as follows:

Both loans are secured by a first legal charge over the Company’s freehold land and buildings.

Parents pay to the College a deposit of £2,000 in advance of which £1,000 is returned when the pupil joins the College. The remainder may be returned subject to specific conditions on the receipt of one term’s notice. Assuming pupils all remain in the College (which the vast majority do based on historical information), refundable deposits will be applied as follows:

47

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

17 . CREDITORS: amounts falling due after one year (continued)

Over 5 years
Within 2 to 5 years
Within 1 to 2 years
Deposits from parents
Within 1 year
BANK LOAN
The bank loan is repayable in instalments
Due after 5 years
Due within 2 to 5 years
Due after more than one year
Due within 1 year		 2021
2020
£’000
£’000
440
349
629
1,102
682
163
1,751
1,614
448
439
2,199
2,053
2021
2020
£’000
£’000
-
300
3,850
4,600
3,850
4,900
1,150
100
5,000
5,000

18. BANK LOAN

19. FEES IN ADVANCE SCHEME

Parents may enter into a contract to pay school fees in advance. Assuming pupils will remain in the school, Advance Fee Contracts will be applied as follows:

Due after 5 years
Within 2 to 5 years
Within 1 to 2 years
Due after more than one year
Within 1 year
Summary of movements in liability
Balance at 1 September 2020
New contracts
Repayments
Amounts used to pay fees
Financing cost
Balance at 31 August 2021		 2021
2020
£’000
£’000
-
11
195
206
301
320
496
537
824
1,104
1,320
1,641
1,641
1,946
799
1,076
(110)
(219)
(1,037)
(1,184)
27
22
1,320
1,641

48

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

20. FINANCE LEASE OBLIGATIONS

Amounts falling due:
Within 1 to 2 years
Due after more than one year
Within 1 year		 2021
2020
£’000
£’000
-
16
-
16
16
49
16
65

21. COMMITMENTS UNDER OPERATING LEASES

The future minimum commitments under non-cancellable operating leases are:

Within 1 year
Within 1 to 5 years		 2021
2020
£’000
£’000
30
30
29
59
59
89

22. SHARE CAPITAL

SHARE CAPITAL
2021 2020
Authorised £ £
100 Ordinary Shares of £1 each 100 100
Allotted, called up and fully paid
100 Ordinary Shares of £1 each 100 100

Ordinary Share Rights

The company ordinary shares, which carry no right to fixed income, each carry the right to on vote at general meetings of the company.

49

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

23. FUNDS

a. ENDOWED FUNDS

The endowed funds of the company include a number of individual trust and prize funds set up by donors as permanent capital. The income generated is restricted to funding scholarships, bursaries, grants and prizes.

Group and Company

Special Endowment Fund
Group and Company
Special Endowment Fund		 Balance at
1 Sep 20
£’000
286
286
Balance at
1 Sep 19
£’000
251
251		 Income
Investment
Gains
Transfers
£’000
£’000
£’000
-
383
-

-
383
-

Income
Investment
Gains
Transfers
£’000
£’000
£’000
-
35
-
-
35
-

Movements in funds
Movements in funds		 Balance at
31 Aug 21
£’000
669
669
Balance at
31 Aug 20
£’000
286
286

50

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

23. FUNDS (Continued)

b. RESTRICTED FUNDS

The income funds of the company include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes.

Group and Company

Endowment Fund
Special Endowment Fund
Woodard Bursary Funds
Albert Keith Parsons Fund
Iva Lancelot Harison Bursary Fund		 Balance at
1 Sep 20
£’000
2,970
46
302
-
294		 Income /
Investment
Gains
£’000
141
-
-
50
-
191		 Expenditure
£’000
-
-
-
-
-		 Transfers
Balance at
31 Aug 21
£’000
£’000
634
3,745
-
46
-
302
-
50
15
309
649
4,452
3,612 -

The Endowment Fund was established with donations from parents. The purpose is to accumulate a fund that will be used to provide financial support to talented pupils whose family circumstances would otherwise prevent them from attending the school. The Special Endowment Fund represents undistributed income arising from Endowed Funds. The Iva Lancelot Harison Bursary Fund was donated to provide bursarial assistance to local pupils requiring financial support. The Woodard Bursary Funds represent funds received following the winding up of The Woodard (Southern Division) Benefit Fund. The Albert Keith Parsons Fund was bequeathed to the college to be used to encourage musically promising pupils.

Group and Company

Balance at
1 Sep 19
Income /
Investment
Gains
£’000
£’000
Endowment Fund
2,572
183
Special Endowment Fund
46
-
Woodard Bursary Funds
302
-
Iva Lancelot Harison Bursary Fund
281
-
3,201
183
Transfers:-
Notional bank interest on Endowment Fund balances
Transfer of unused bad debt provision to Endowment Fund
Transfer of unsued bursary budget
Notional bank interest on Iva Lancelot Harison Bursary Fund
Transfer of used Piano Funds		 Expenditure
£’000
-
-
-
-		 Transfers
Balance at
31 Aug 20
£’000
£’000
215
2,970
-
46
-
302
13
294
228
3,612
2021
2020
£’000
£’000
160
150
150
-
324
65
15
13
-
-
649
228
-

51

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

23. FUNDS (Continued)

c. UNRESTRICTED FUNDS

Group
General reserves
Company
General reserves
Group
General reserves
Company
General reserves		 Balance at
1 Sep 20
£’000
31,967		 Income
Expenditure
Transfers
Balance at
31 Aug 21
£’000
£’000
£’000
£’000
26,256
(25,611)
(649)
31,963
26,247
(25,602)
(649)
31,823
Income
Expenditure
Transfers
Balance at
31 Aug 20
£’000
£’000
£’000
£’000
23,961
(21,646)
(228)
31,967
23,866
(21,580)
(228)
31,827
Movements in funds
Movements in funds
31,827
Balance at
1 Sep 19
£’000
29,880
29,769

CJRS: During the year the company received £328,000 (2020: £699,000) income from the HMRC Coronavirus Job Retention Scheme which was fully utilised to pay staff on Furlough due to the COVID-19 induced lockdown.

52

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

24. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Group

Tangible fixed assets
Securities investments
Net current (liabilities)/assets
Long term liabilities		 Unrestricted
£’000
46,378
-
(8,202)
(6,213)
31,963		 Restricted
£’000
-
-
4,452
-
4,452		 Endowed
£’000
-
2,206
(1,537)
-		 2021
2020
Total
Total
£’000
£’000
46,378
43,654
2,206
1,581
(5,287)
(2,154)
(6,213)
(7,216)
37,084
35,865
669

Company

Tangible fixed assets
Securities investments
Net current (liabilities)/assets
Long term liabilities		 Unrestricted
£’000
46,268
-
(8,232)
(6,213)
31,823		 Restricted
£’000
-
-
4,452
-
4,452		 Endowed
£’000
-
2,206
(1,537)
-		 2021
2020
Total
Total
£’000
£’000
46,268
43,459
2,206
1,581
(5,317)
(2,115)
(6,213)
(7,200)
36,944
35,725
669

25. CAPITAL COMMITMENTS

At 31 August 2021, the charity and group had capital commitments as follows:

2021 2020
£’000 £’000
Expenditure contracted for but not provided in the accounts 1,576 1,230

53

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

26. PENSION SCHEMES

Teachers’ Pension Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,576,390 (2020: £1,516,325) and at the year-end £190,756 (2020 - £128,924) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

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

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable.

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

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

Until the consultation and the cost cap mechanism review are completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

TPT Retirement Solutions Growth Plan

The Company participates in the scheme, a multi-employer scheme which provides benefits to some 950 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the Company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore, it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore, the Company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an

54

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

26. PENSION SCHEMES (Continued)

annuity purchase basis on withdrawal from the scheme.

Growth Plan Deficit Contributions

A full actuarial valuation for the scheme was carried out at 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows

From 1 April 2019 to 31 January 2025: £11,243,000 per annum (payable monthly and increasing by 3% each on 1st April)

Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies.

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2014. This valuation showed assets of £793.4m, liabilities of £969.9m and a deficit of £176.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

From 1 April 2019 to 30 September 2025: £12,945,440 per annum (payable monthly and increasing by 3% each on 1st April) From 1 April 2016 to 30 September 2028: £54,560 per annum (payable monthly and increasing by 3% each on 1st April)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

Present Values of Provision
Present value of provision
Income and expenditure impact
Reconciliation of opening and closing provisions
Interest expense
Remeasurements - impact of any change in assumptions
Provision at 31 August 2021
Provision at 1 September 2020
Unwinding of the discount factor
Deficit contribution paid
Remeasurements - impact of any change in assumptions
Remeasurements - amendments to the contribution schedule		 2021
£’000
117		 2021
£’000
117		 2020
£’000
149
2021
£’000
149
1
(33)
-
-
117
2021
£’000
1
-		 2019
£’000
178
2020
£’000
178
2
(32)
1
-
149
2020
£’000
2
1

55

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

26. PENSION SCHEMES (Continued)

Assumptions 2021 2020 2019
% per annum % per annum % per annum
Rate of discount 0.63 0.55 0.97

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

Deficit Contributions Schedule

The following schedule shows the deficit contributions agreed between the company and the scheme at each year end period:

Year 1
Year 2
Year 3
Year 4
Year 5		 2021
2020
£’000
£’000
33
32
34
33
35
34
15
35
-
15
117
149

The company must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises.

It is these contributions that have been used to derive the company’s balance sheet liability.

The current valuation does not reflect the expected increase in benefits and therefore liability as a result of Guaranteed Minimum Pension (‘GMP’) equalisation between men and women which is required as a result of the removal of the Additional State Pension. Methodologies for a long-term solution are still being investigated by the Government as set out in the published (January 2018) outcome of the Government Consultation ‘Indexation and Equalisation of GMP in Public Sector Pensions Schemes’ and therefore the expected impact cannot be reliably estimated and consequently no provision/liability has been recognised.

56

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

27. SUBSIDIARIES

The Company owns all of the share capital of Hurst Facilities Limited (Company Registration No. 1320729 incorporated in England and Wales). This company carries out trading activity on behalf of the College including that of letting the premises and facilities of Hurstpierpoint College Limited. Hurst Facilities Limited had a turnover of £22,205 (2020: £34,377), gross profit of £16,892 (2020: £32,754), and a profit before tax and gift aid of £12,391 in the year ended 31 August 2021 (2020: £28,910). At 31 August 2021 the company had shareholder’s funds of £200 (2020: £200).

The Company owns all of the share capital of Hurst Transport Limited (Company Registration No. 7914424 incorporated in England and Wales). This principal activity of the company is the supply of school transport services solely to Hurstpierpoint College Limited. Hurst Transport Limited recharged Hurstpierpoint College Limited £616,216 (2020: £560,620), gross profit of £19,492 (2020: £43,654) and a profit before tax of £22 in the year ended 31 August 2021 (2020: £28,033). During the year Hurstpierpoint College Limited recharged Hurst Transport £336,456 (2020: £238,981). At 31 August 2021 the company had shareholder’s funds of £136,638 (2020: £136,616).

The Company owns all of the share capital of Hurst International Limited (Company Registration No. 09425343 incorporated in England and Wales). The company is dormant and has not traded. As at 31 August 2021 the company had shareholder’s funds of £100 (2020: £100).

The address of the Registered Office of all three subsidiaries is Hurstpierpoint College Limited, College Lane, Hurstpierpoint, Hassocks, BN6 9JS.

57

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

28. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES: COMPARATIVE FIGURES BY FUND TYPE

Income and endowments from:
Charitable Activities
School fees receivables
Ancillary trading income
Other trading activities
Non-ancillary trading income
Investments
Bank and other interest
Other - Grants and donations
Grants and donations
Other incoming resources
TOTAL INCOME
Expenditure on:
Raising funds
Non-ancillary trading
Financing costs
Fundraising and Development
TOTAL RAISING FUNDS
Charitable Activities
Education and grant making
TOTAL EXPENDITURE
Unrealised gains on investment assets
Net income/(expenditure)
Transfers between funds
Net Movement in funds for the year
Fund balances at 1 September
FUND BALANCES AS AT 31 AUGUST
Year Ended 31 August 2020		 £’000
21,800
1,244
42
40
699
136
23,961
605
241
74
920
20,726
21,646
-
2,315
(228)
2,087
29,880
31,967
Un-
restricted		 Restricted
£’000
-
-
-
-
183
-
183
-
-
-
-
-
-
-
183
228
411
3,201
3,612		 Endowed
£’000
-
-
-
-
-
-
-
-
-
-
-
-
-
35
35
-
35
251
286		 Total
£’000
21,800
1,244
-
42
-
40
-
882
136
24,144
605
241
74
920
20,726
21,646
35
2,533
-
2,533
33,332
35,865

29. CONTINGENT LIABILITIES

The Company has been notified by TPT Retirement Solutions of the estimated employer debt on withdrawal from the Plan based on the financial position of the Plan as at 30 September 2020 (see note 26). As of this date the estimated employer debt for the Company was £357,577 (September 2019: £433,763), including Series 3 liabilities.

58

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

30. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is The Woodard Corporation Limited (‘Woodard’), a registered charity number 1096270, which is incorporated in England and Wales (company registration number 04659710). Woodard, an educational charity, is the Holding Company of a group of incorporated schools and sponsored academies. Copies of the financial statements of Woodard can be obtained from High Street, Abbots Bromley, Rugeley, Staffordshire, WS15 3BW and are also available on the Charity Commission website https://www.gov.uk/government/organisations/charity-commission. The accounts of Hurstpierpoint College Limited are included within the consolidated financial statements of Woodard.

31. RELATED PARTIES

As stated in note 30 the Company is a wholly owned subsidiary of The Woodard Corporation Limited. An amount of £137,284 (2020: £113,616) was paid during the year to the Corporation by way of a levy to meet Corporation running costs. At the year-end there was an amount outstanding due to the parent company of £445 (2020: £320 due from the parent company).

The Company also controls subsidiary trading companies, Hurst Facilities Limited, Hurst International Limited and Hurst Transport Limited, the results of which are detailed in Note 27.

As stated in note 11, remuneration totalling £147,109 (2020: £87,311) was paid to six related parties connected to the directors who are employed at the college on standard employment terms, and scholarships totalling £1.800 were awarded to children of trustees attending the school on standard published terms (2020: £7,040).

A partnership under the common control of Mr K S Powell, Knill James, performed tax compliance services and finance reviews totalling £2,340 (2019: £3,090). All fees were agreed at arm’s length and charged at market value.

32. ACCOUNTING ESTIMATES AND JUDGEMENTS

In preparing the financial statements, the directors are required to make estimates and judgements. The matters detailed below are considered to be the most important in understanding the judgements that are involved in preparing the financial statements and the uncertainties that could impact the amounts reported in the results of operations, financial position and cash flows. Accounting policies are shown at note 2 to the financial statements.

Pension scheme deficit reduction payments

As stated at note 26, there is a deficit reduction plan in place in respect of Hurstpierpoint College’s membership of the TPT Retirement Solutions’ Growth Plan. FRS 102 requires a liability to be recognised in respect of the present value of future contributions payable under the terms of the deficit recovery plan. The incorporation of this liability in the financial statements involves the exercise of judgement in a number of areas, including the selection of an appropriate discount rate.

Pension scheme contingent liability

As stated at note 29, there is a contingent liability in the event that Hurstpierpoint College were to withdraw its membership of the Pension Trust’s Growth Plan. The independent qualified actuaries advising the TPT Retirement Solutions in respect of the contingent withdrawal liability exercise significant judgement in determining the amount of that liability. Judgement is exercised in a number of areas, including future changes in salaries and inflation, mortality rates and the selection of appropriate discount rates.

Provision for bad debts

Debts are provided for if not recovered within one term. Estimating amounts to provide against recovery of debts is a matter of judgement.

Depreciation, impairment and residual values of fixed assets

Judgement is exercised in estimating the residual values of fixed assets, the selection of appropriate rates for depreciation, and for matters of impairment

59

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2021

33. FINANCIAL INSTRUMENTS

The carrying value of the school financial instruments at 31 August was as follows: -

Equity instruments held at fair value 2021
2020
£'000
£'000
2,206
1,581

60