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2023-08-31-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 2023

HURSTPIERPOINT COLLEGE LIMITED

CONTENTS

Page
Directors’ report (incorporating the Strategic 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 14
Financial Review and Results for 2022/23 16
Principal Risks and Uncertainties 18
Going Concern 21
Future Plans 22
Directors’ Responsibilities Statement 23
Independent auditor’s report 24
Financial statements of the Company 28
Notes to the financial statements 33

HURSTPIERPOINT COLLEGE LIMITED

COMPANY INFORMATION YEAR ENDED 31 AUGUST 2023

DIRECTORS AND ADVISORS

Directors A Jarvis [1,5] (Chairman) Committee Membership: Dr S Brydie [4] Mrs L J Corbett OBE[2 ] 1 Finance Committee Mr R Corney [3, 4] (Appointed 28 March 2023) 2 Education Committee R J Ebdon [1, 3, 5] 3 Estate & Operations Dr I S Francis [3] Committee Mrs F M Hampton [1, 5 ] 4 Safeguarding & Pastoral Mrs P Hoyle [ 2 ] Committee Mr S Innes [3, 4] (Appointed 28 March 2023) 5 Governance & Rev[d] W Kemp Nominations Committee Mrs K M Mack [1, 4, 5 ] K S Powell [1,5] G A Rushton [3, 4] (Resigned 17 June 2023) Mrs M Shaw [ 2] Secretary D J Carpenter 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 Principal T J Manly Bursar and CFO D J Carpenter Head of College D W Mott Chief Operating Officer D M Higgins

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 4 Milton Road Haywards Heath West Sussex RH16 1AH Legal Advisers Veale Wasbrough Vizards LLP Moore Barlow LLP Narrow Quay House Narrow Quay Bristol The Oriel, Sydenham Road BS1 4QA Guildford GU1 3SR Solicitors Rix & Kay Solicitors LLP 7 The Drive Hove BN3 3JS

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HURSTPIERPOINT COLLEGE LIMITED

DIRECTORS’ REPORT (Continued) YEAR ENDED 31 AUGUST 2023

The directors present their report and financial statements for the year ended 31 August 2023 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 on 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 Principal, Head, CFO 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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DIRECTORS’ REPORT (Continued) YEAR ENDED 31 AUGUST 2023

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 2023 the Council met on four occasions. 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 Principal and CFO together with the Head of College and the Chief Operating Officer, who are 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 26 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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DIRECTORS’ REPORT (Continued) YEAR ENDED 31 AUGUST 2023

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 designated, 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 Senior Preparatory School (which is a day school) is for pupils aged from 11-13. The Junior Preparatory School is for 4- 11 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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DIRECTORS’ REPORT (Continued) YEAR ENDED 31 AUGUST 2023

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.

The Staff Forum met three times during the year to discuss matters relating to the employment of staff within the College, any concerns raised by staff collectively and to feedback from any concerns that had been raised previously.

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.

All College employees who are wholly in the United Kingdom were subject to the following policy:

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 an external organisation, Bursary Administration Limited who take 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.

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DIRECTORS’ REPORT (Continued) YEAR ENDED 31 AUGUST 2023

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.

STRATEGIC REPORT

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of monitoring the performance of the prior years’ strategic objectives together with setting the objectives for the year ahead and future developments.

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Objectives for 2022/23

This year our primary objectives were to:

As well as continuing work to:

Pupil Numbers

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

2022/2023 2022/2023 2021/2022 2021/2022
Senior School 946 (464 boarders) 913 (443 boarders)
Senior Preparatory School 167 165
Junior Preparatory School 207 200
_____ _____
Total 1,320 (464 boarders) 1,278 (443 boarders)
_____ _____
mber of boys and girls educated was as follows:
2022/2023 2021/2022
Boys Girls Boys Girls
Senior School 506 440 487 426
Senior Preparatory School 84 83 82 83
Junior Preparatory School 94 113 96 104
_____ _____ _____ _____
Total 684 636 665 613
_____ _____ _____ _____

The number of boys and girls educated was as follows:

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DIRECTORS’ REPORT (Continued) YEAR ENDED 31 AUGUST 2023

Achievement of the Year’s Objectives

Fulfilment of the objectives set for 2022/23 for the year were met in part.

Academic Hurst

2022-2023 saw the full return to post-Covid school life across the UK. The College itself underwent a transition in senior management structure, as well as middle management structure in the academic world. By the end of the year, the senior management team had grown, with many new faces joining the team, and the inception of faculties led to the introduction of Heads of Faculties, who played a role in the push for increased pupil independence which was a College wide objective. In a year where staffing was tight, and challenges were plenty, the staff body banded together to provide yet another outstanding school year; the Hurst spirit reigned supreme with the external exam results being truly excellent.

As we returned to post-covid grade distributions nationally, our Upper Six achieved an excellent set of results. 27% of our A-level grades were A, 57% were A or A and 85% of our results were A, A or B grades. Although the national trend saw a return to 2019 levels for top grades, our distribution of grades was up almost 10% at A level against 2019, and our A/A distribution was up 5% against 2019. In addition to their A2 levels, 92 students successfully completed Level 3 Extended Projects (achieving 95% A/B grades). Our BTEC Sport students received another excellent set of results with 79% D* or D grades.

Six students achieved the grades necessary for either Cambridge or Oxford. One student who achieved a remarkable set of results, six A grades along with a grade S in both STEP 2 and 3 exams, will be heading off to Cambridge to read Mathematics. Another student will be heading off to Cambridge to read Natural Sciences, with a very impressive haul of four A grades. One student will read Biology at Oxford after obtaining a clean sweep of three A grades. Another student, who also obtained a clean sweep of three A grades, will read Chemistry at Oxford. Lastly, one student will read French at Oxford after achieving three As and a B, while another student will read Philosophy, Politics and Economics at Oxford after obtaining an A and two As.

Others with outstanding results include one student (five As and a grade 2 in STEP 2) who will study Computer Science at Imperial College London, one student (four As) who is heading to Warwick to study Economics, while two students (four As and an A; and three As) will be heading off to Durham to study Engineering. One student (four As) will study Computer Science at Bath while another student (three As) will study aerospace engineering, also at Bath. One student (three As) is heading to Birmingham to read Chemistry with Business Management, one student (three As) will study Chemistry at Bristol, while another student is off to Edinburgh to study Veterinary Medicine. Two students (four A*s) will take a gap year before deciding on their university destinations.

2022-2023 saw our Vth form achieve an excellent set of results, with the most common grade achieved being a 9, which made up 37% of all grades. 62% of all grades were awarded as a 9 or an 8, and 82% of all grades were a 9, 8 or a 7. In a year group of 195 pupils, 27 pupils received only grades 9 or 8 with a total of 73 pupils obtaining only grades 9, 8 or 7.

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Six students achieved eleven grade 9s. Close behind them came six students who collected ten grade 9s. A further ten pupils gained 9 grade 9s, with another ten pupils achieving 8 grade 9s.

Art, Biology, Chemistry, English Language, Geography, Latin and Physics all achieved over 90% of grades being either 9, 8 or 7, with Maths, REP and Spanish obtaining over 85% of grades being either 9, 8 or 7. The success of the cohort was also demonstrated through the ‘value-added’ metric, which is a measure of what each pupil achieved relative to national baseline predictions; the cohort placed within the top 3% of independent schools at GCSE level, demonstrating their commitment to achieving their personal bests.

Pupil Welfare

The College continues to make the welfare of its pupils a high priority. In the Junior Prep and Senior 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 also plays a key role supporting both 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 Deputy Head Pastoral and Safeguarding Team have a full overview and are able to provide extra support as necessary. By the end of the first half term in an academic year, all pupils are asked to nominate their ‘Go2’ members of staff, and we can then use these particular staff to support individuals.

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. A number of the talks from visiting speakers also focus on Mental Health and overcoming adversity and include information about how to support others.

Tutors and Houseparents communicate regularly with parents, particularly when there is a concern about a pupil’s welfare. CPOMS is used to ensure everything is recorded and the relevant members of staff are kept fully informed about arising issues.

With Covid 19 firmly in the rearview mirror, the houses have been able to return to a full program of social events and extracurricular events. It perhaps took some time for pupils to remember how to fully engage and this was a key focus in the last academic year.

All pastoral provision is directed and monitored by the Deputy Head Pastoral and the rest of the safeguarding team, who work closely together to ensure that all pupils in the College feel safe and able to flourish.

Creative Hurst

Drama

This year’s productions took us back to the very roots of theatre-making with the theme of “the art of storytelling”. Audiences experienced well-known characters, sometimes traditionally portrayed, sometimes very much not, but at the centre of all the productions was the enormous creativity storytelling efforts those who take part in it and the joy this brings to those who receive it.

The Fifth Form Scholars production of Philip Ridley’s play Sparkleshark was a perfect way to begin the season. This simple tale of a group of disaffected teenagers acting out a fairy story on the roof of an urban tower block was superbly delivered by the company whose sense of escapism was tangible throughout the performance. As our annual contribution to the Hurst Festival this afforded our students a great opportunity to perform to a local community audience as well as the usual “homegrown” groups and in the case of Sparkleshark the reaction was positive on all fronts with over 250 attendees across the two nights.

This year saw one Extended Project Qualification play, Drowning, which was written and directed by one of the Drama Scholars. This was a short play focusing on the complex relationship between an alcoholic mother and her son. This was a

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well-crafted script, cleverly staged and a great example of what can be achieved through the Extended Production Qualification process, it is hoped to restore more of this sort of theatre to the program in the coming years.

The year 5 & 6 groups presented Olivia, a combination of Dickensian themed characters with the accompanying period costumes and superb singing was a showcase of the excellent talent that is coming through the lower end of the College.

The Shell Scholars group presented a radio play recording of Charles Dickens’s classic, A Christmas Carol, which was then recorded in the Music Tech studio. In a newly shaped activity slot, the Shell and Remove Technical Theatre group were put through their paces by our brilliant Theatre Team covering some of the basics of lighting design and operation as well as elements of stage management.

The Fifth and Lower Sixth students worked on a joint theatre project with students from Woodlands Mead College in Burgess Hill as part of their service option. Creative practices were shared by both sets of students; the Hurst students were taught how to use Makaton sign language which was then incorporated into the piece. The sessions were hugely rewarding for both groups with the shared experience of theatre-making being the driving force behind the fun.

This year saw the first ever all-female cast of a Shakespeare which was a well was crafted piece filled with class and the truest embodiment of what this superb play is all about.

The Lent term saw the Senior Musical launch one of the most famous and popular fairy tale characters onto the New Bury Stage in the form of Shrek the Musical. Jeanine Tesori and David Lindsay-Abaire’s epic story (essentially the first DreamWorks film) was our biggest undertaking since Les Misérables in 2020 and it did not disappoint both in terms of audience engagement and outstanding quality of performance from the students. Particularly important were the Tuesday School’s Matinee, in which we hosted a number of feeder prep schools as well as two of our Hurst Education Trust (HET) schools, and the sell-out Saturday Community Matinee which gave the opportunity for local residents to come and enjoy the New Bury theatre experience and demonstrate our commitment making this venue as accessible as possible for all.

The Year 8 musical took on the Storytelling theme with a new version of Kenneth Grahame’s classic The Wind in the Willows, this saw the return of live musicians to accompany the cast for this section of the College, something that both the Director of Music and Drama are very keen becomes the norm moving forward. The production had all of the hallmarks of the tale and the company, made of almost the entire year group, were excellent, giving us another healthy crop of performers into the Shell next year.

The 12th annual Hurst Film Festival saw a dozen varied and exciting short films put together by a hardworking and creative group of students from every house. Assisted as always by MCN Productions team this year's entries gave the judging panel, who watched the films at our Gala Screening on Monday 27th March, a very difficult task in selecting nominees and winners for the 15 categories. It was fantastic to see the whole school in the Sports Hall on Wednesday 29th for the screening and awards ceremony and every film was given a rapturous ovation. In the end it was Star House's, "Hurst Pschyo" which took Best Picture but there were nominations and awards for every house and the event was a perfect way to finish the term.

The Summer term began with the culmination of the College’s collaboration with playwright Brian Woolland with the world premiere performance of, Two Sisters, Two Brothers. Four of the original cast remained to see the project through from workshop to performance and they were joined by a group of L6th and Remove actors. Set in the backdrop of the Ukrainian crisis and loosely based on the Greek classic Antigone, the cast handled the sensitive nature of some of the content with professional ease and audiences were given a genuinely moving theatrical experience. To go from concept workshops to shaping the piece with the playwright and finally presenting its first iteration is a unique project to have taken on and one that we hope can become a bi-annual event for the College.

The second ever Year 7 play was a stage adaptation of E.B. White’s, Charlotte’s Web. The story of the unusual relationship between a piglet and a spider gave the students a great opportunity to think about the skills required in delivering non-musicbased theatre. The Year 8 Drama Club were also given a literary classic to bring to life on the stage with Rudyard Kipling’s The Jungle Book presented in the Drama Studio venue and incorporating a range of theatrical techniques they had explored with Marcus Wilkinson over the course of the year. The standard was high and a good example of the versatility of the Studio space as an alternative performance venue.

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With the establishment of the Junior Prep School midway through the year we took the opportunity of adding a performance for years 1 and 2 as well as the already existing year 3 & 4 production. Performed outside in the Inner Quad the Year 1 & 2 students’ production of Hats Off was a delight to behold and a great moment for the staff and students to share a creative experience together. Equally engaging was Year 3 & 4’s presentation of Archibald’s War, which followed on from Year 4’s History topic about World War II. The play really brought the period to life with the poignant story of young Maggie who left her beloved teddy, Archibald, on a train when being evacuated. Year 4 took on the main roles as well as proving themselves to be very efficient stagehands. Highlights of the show included over 70 children doing the jitterbug and the evacuees' mothers mistaking guns for buns and yanks for tanks. Year 3 were a fantastic supporting cast, and all the children were word perfect on the rousing songs.

In a newly formatted version of the Shell Arts Festival, the entire Shell year group spent two and half days taking part in ten workshops across the performing arts spectrum. From drumming to puppetry and street dance to film music, all students were fully immersed in the creative process some accessing skills that they simply didn't realise they possessed. This was a hugely rewarding experience and a great example of what an all-round Hurst education is truly about.

The college's LAMDA team continue to help pupils achieve at the highest level, in particular for Grade 8, Gold Medal (28 in total) with all achieving this at a Merit or Distinction level.

Music

This was another year in which pupil engagement in music, across all our musical disciplines and across all year groups, was at an all-time high.

Chorally, the department hit the ground running with ‘pre-season training’ for the choir in August. Interest in the Chapel Choir was strong and the choir numbered some 100 pupils. The Chamber Choir sang a very successful evensong at Salisbury Cathedral before touring West Wales in October half term singing Evensong in St David’s Cathedral and giving concerts in local churches. Through these two concerts, the choir raised more than £1,000 for local West Wales charities. Other highlights of the choral year included the Remembrance Service, the Advent Procession, the four end of term Carol Services, and the College services of Evensong, which were very well received.

The whole of the Senior School took part in the annual House Music Competition where each house produced an ensemble and a song that was then performed to the whole Senior School. This year’s competition was won by Shield House.

In terms of instrumental music-making, there was a real vibrancy about the Music School again this year. The orchestra worked well, rehearsed hard and gave performances of music by Copland, Dvorak, Tchaikovsky and of film music from the 21st Century. The Jazz Band gave concerts both at school and in the wider community and our smaller instrumental ensembles – string group, brass group, flute group etc – all rehearsed and performed in the termly concerts.

Recitals continued to be given by the Music Scholars both at lunchtime for pupils and staff and in the evenings for parents and friends. These recitals prove to be very popular. We were also pleased to continue our relationship with the Hurst Festival in September giving two concerts as part of this vibrant local event.

The Music School continues to support and encourage rock and pop musicians and the three rock concerts throughout the year were well attended and were a feast of excellent music-making. Hurst ‘n’ Brie, our outdoor summer rock concert, was again a great success.

Our prep school musicians again produced some exciting performances and worked exceptionally hard in rehearsal. All year groups were given the opportunity to perform solos in the termly informal concerts. Many pupils took up this opportunity and these concerts were well supported by parents. Singing continues to be a popular activity with our younger pupils and the Senior Prep School Chapel Choir performed regularly as part of their weekly services with over a third of the Senior Prep School in its membership. Choirs continued to offer opportunities to those in years 5 and 6 and in years 3 and 4 and these groups all performed in three concerts during the year. Smaller instrumental ensembles also performed, and a very popular improvisation group showcased its work at a number of events during the year.

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The College Choral Society allowed the department to continue its community outreach and members of the parental body alongside many members of the local community came together to perform music by Vaughan Williams and Goodall in concerts in December and in July. Run by the Hurst Foundation, the Music Department was pleased to offer a ‘come and sing’ event to old pupils and to the local community and the day itself attracted over 100 very strong singers who appreciated the opportunity to perform Faure’s Requiem in the College Chapel.

Dance

One of the most visible events in the dance calendar was the Dance Showcase, based on Akram Khan’s retelling of the original classical ballet, Giselle. With a cast of 70 dancers the performance proved to be a poignant and memorable feast for the senses. The success of the Dance Showcase, however, is not solely based on the strength of its lead dancers. The narrative simply would not have held together were it not for the dedication of the ensemble, who were unfailing in their commitment to their roles and their belief in the importance of the story’s message.

After the intensity of Giselle, some of the dancers took time to indulge in something a little lighter of heart when joining creative forces with the drama and music department for the school musical, Shrek. The dancers took it in good humour having to dance dressed as citizens of Duloc and enjoyed the glow up for the ‘Forever’ number. Frequent flyers in the dance department were joined by newcomers and were flawless in their characterisation.

The Academic Dance Sharing is not only a celebration of the pieces created but also acts as an important live performance moment before the final moderation. The pieces this year ranged from stimuli such as Frozen Water, Sleep, Instructions From a Packet, Something to Sit On and an Image of a Face and were successful in their originality and interest. The LVI A Level dancers premiered the trio that they had been creating over the course of the summer term based on the lunar cycle and provided inspiration and aspiration to the younger years.

To facilitate as many performance opportunities throughout the year as is possible for our Senior School dancers there were some guest appearances from our in-house dance companies Force I (Shell / Remove) and Force II (Vth /Sixth Form) as part of the Prep School Dance Showcase, which was inspired by the popular TV programme, Gogglebox.

The Senior dancers received a workshop from Rhys Dennis based on the work Within Her Eyes by James Cousins; one of the six anthology works on the GCSE Dance specification. The students really valued the additional insight the workshop provided into the choreographic intention, and it increased their understanding and awareness of the movement material.

The last performance of the year came from the Shell as part of the Arts Festival. Over the course of two days the whole year group participated in dance sessions that firstly developed their physical literacy and then manifested into the creation of a performance piece. This was the first time that some students had performed in front of a live audience, and they certainly did not disappoint.

Finally, we ended the school year on a high with some excellent exam results in the Royal Academy of Dancing Ballet exams and from our first cohort of students undertaking the newly created Rambert Grades specifically designed for contemporary dance.

Sporting Hurst

The Academic year 2022- 2023 followed a similar pattern to the year before with sport forging ahead with its recalibration after covid. Hurst has increased in size and pupil numbers have never been higher and this has meant that the Sports Department has had to grow accordingly. Vitally the Human Resource at the College is one of its strengths and with the staffing levels and expertise we have, enables us to deliver first class coaching not just to our performance teams but across the board with those in our lower sides being afforded a similar diet of tuition to those in the first teams. The gradual transition the College is making under the tenure of a new Headmaster will impact all areas of college life, including sport which will keep pace with the undoubted evolution and will continue to flourish. As mentioned in previous Directors Reports one of our challenges is finding other schools who have the same ambitions in terms of competitive, weekend sport. More and more we are finding it harder to fill the fixture list, particularly for the lower sides. Certainly, there is conviction that we outstrip most of our local/regional competitors when it comes to providing meaningful and regular competitive situations at

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the weekends. Going forward we need to consider, however, how we access the right level of competition for our pupils as we are ‘outgrowing’ some of our local neighbours in terms of competition. We may well need to finesse how we operate into the future as we may need to look further afield for our opponents.

Sports facilities are always a priority and to provide the best opportunities for our pupils we need the facilities to match this ambition. Obviously, the building of the new swimming pool will take centre stage, but there are many other projects which must follow including floodlit facilities, pavilions, a makeover for the MUGA and the upgrade of our sports hall, all of which befits a school of our stature and sporting reputation.

The last report mentioned some of our targets for sport. Over the past 12 months we have added a Head of Athletic Development to direct our strength and conditioning programme, which we hope will elevate the overall athleticism of our student body as well as focusing on mental and physical well-being with Yoga, Pilates Spin and HITT all coming under the one umbrella. Our Swimming programme has also been a focus and with the new pool on the horizon we have embarked on an exciting new initiative which is the setting up of the Schools Swimming Super league (3SL) which has already attracted a lot of interest with 16 schools already signed up and more waiting to get in. Tennis is also undergoing an overhaul and we have started to develop a school’s competition for Sussex – The Sussex Schools Summer Slam Series. Allied to these targets we continue to give specific attention to our prep school admissions and outreach. Looking forward, we aim to retain the community spirit of the College whilst driving up the quality of our provision with equal attention being given to both our performance and participation pathways.

Activity Hurst

Outdoor pursuits are now back to full coverage and have seen an increase in numbers across all areas.

The L6th Bonding Induction and Shell Multiactivity Day started the year strongly and created a positive environment for pupils to get to know each other and start working together.

Outdoor pursuits in the Games programme saw high levels of uptake across climbing, mountain biking, sailing and rowing. Climbing, this year, has really benefitted from the arrival of the new climbing tower, which has increased capacity for onsite climbing, featured in sports day and will be incorporated into our outreach work with feeder prep schools. The climbers have also been successful in a number of climbing competitions including 3 local competitions and the Independent Schools’ final at Harrow.

Archery has seen a significant investment in new equipment, now has several staff who are qualified to run sessions, and this is now a regular part of the games programme. With plans to create an indoor space in the MUGA for archery during the winter this will become a year-round sport.

Ski trips were once again possible with pupil participation increasing significantly. Ski racing trips went to Les Menuiers & Wengen, and 3 indoor events held in the UK. The recreation ski trip saw 45 pupils head to Bardonecchia in Italy, at Easter. Next year, this will move to February half term to increase the chance of good snow condition, and to avoid other important academic trips.

Hurst Equestrian continued to build in terms of numbers and success. Weekly training regularly involves up to 20 pupils from a combined pool of 50 riders across the College. There has been notable success including from Grassroots to high level of competing. We had success in May at the Royal Windsor Horse with an NSEA team qualifying for the schools final and our first year in entering a CCF team into the Military Service Team Show jumping competition where we successfully won our section. We had several riders qualify for the eventers Challenge Championships at Hickstead in May for the Grassroots Championships. In August, we had two riders that qualified for the Elite Championships at Hickstead.

We have 20 riders all competing at the NSEA Championships this October (Dressage, show jumping, combined training). Outside of Hurst, we have some Elite riders who have represented GB in the Equestrian Europeans in dressage and show jumping securing team bronze medals.

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The range of activities offered on a Tuesday afternoon continues to engage all the pupils from Remove, Vth and LVI Forms. Pupil engagement is high and when combined to the knowledgeable and enthusiastic staff the sessions have real purpose and benefit.

CCF continues to run very well and the first year of the Remove Carousel has been so successful that we have rolled it on into this year. Some refinements have been made and staffing remains an issue, but we continue to innovate.

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 £1.54M. 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 Designated 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 Designated Funds had increased to £4.3M. The College is extremely grateful to all those who contribute to this cause.

During the year the College provided scholarships, bursaries and other awards exceeding £3.46M to pupils at the College from unrestricted funds. This included means-tested bursaries with a total value of £804k to 52 children both to supplement scholarship awards and in cases of hardship where the pupil’s education and prospects would otherwise be at risk. 6 pupils received assistance (comprising scholarships, external grants and bursaries) for 100% of fees and 1 other 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 10% of gross fee income.

Wider Education

As noted in last year's report, Hurstpierpoint College set up a Multi Academy Trust (the Hurst Education Trust, known as HET) at the end of 2021. This is a joint venture between the College and the local Diocese of Chichester with the current Principal as the Trust CEO, the College CFO as the CFO of the Trust and a senior member of Hurst staff taking on the role of Director of Education. There are also various other staff involved both academically and in Co-Curricular areas. The Trust is fully supported by the College and currently contains four primary schools. School improvement work is regular and consistent with each of the schools drawing in external advice as required. Co-Curricular programmes have been set up with the College and many College pupils are utilised in these ventures providing academic support alongside Hurst College staff. For instance, currently, 70 pupils are involved in reading programmes in these schools, whilst other pupils are involved in Sports Leadership and Creative activities. A number of staff have been deployed in areas where there is a lack such as modern languages. Many of the children from these schools come to the College campus for swimming on a regular basis, activity days, Science extension experiences as well as Sport, Drama, Dance etc. The Hurst College minibuses are also utilised frequently for these activities and by the schools to enable pupils within the schools to experience opportunities beyond their own school.

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The College staff, in the Primary Years, have also worked closely with the subject groups in the individual schools to develop curriculum (including the introduction of the Read Write Inc., I am a Clever Writer and White Rose Science programmes) across all schools. The core Hurst Education Trust team are regularly in the schools working with both the Senior Teams as well as the classroom teachers. The impact is being felt with improved outcomes in many academic areas across the schools as well as an enriched experience for the pupils. It could be argued that this model is an excellent example of integration between the Maintained and Independent sectors and a potential model for other schools to follow. Without getting overly political, this initiative is a very good example of levelling up and model where all schools (Independent, State, Special, Grammar etc) are integrated into Multi Academy Trusts for the benefit of all.

Although the HET is the main vehicle for our involvement in wider education locally, as well as being an initiative for others to copy nationally, there has been considerable work done in other local schools. Staff at Hurst have become Governors in local primary schools but also, in the case of a local secondary school the Deputy Head is Chair of Governors as that school continues its upward trajectory. The College has also utilised its resources to support a number of individual pupils within local schools with their applications for Oxbridge etc and, for younger pupils, with extension sessions as well. There has been some excellent work also with a local Special School with an activity day for all their pupils at the College along with a Drama group doing work within the College on a regular, weekly, basis.

The College is also committed to the development of teachers not just for itself but for the greater and wider good. The College currently trains in excess of ten teachers every year, with a PGCE from Sussex University, who then go on to pursue careers either at the College, another Independent School or cross into the Maintained sector. For instance, one of our strongest Primary Years Science teachers has just joined a local HET primary school and is now the Subject Network Lead for Science for the HET schools. This is a good example of our intent to be a net capacity giver to the system rather than just a taker.

Finally, the College is committed to supporting the Hurst Education Trust as it grows. In the next academic year, 2023-24, it is expected that the number of schools will double within the Trust with further growth to follow. Ultimately, this could mean that the Trust, backed by the College, will be supporting the education of nearly 3000 primary school children in the locality. This is a significant commitment from the College and, alongside our bursarial programme for local children, marks the College out as a leader in wider education both within the region and, arguably, beyond.

Community Hurst

One of our priorities at Hurst College is to increase the pupils’ awareness that we are a part of the wider community and to support the local community where we can. We encourage pupils and staff to participate in community projects, and we have established good relationships with local community groups. We also invite community groups and local residents to use our facilities, and to enjoy events such as Cake at the College, and a number of performances as part of the Hurst Festival.

On Tuesday afternoons during term time, pupils and staff support a variety of community organisations and schools. Various groups of pupils visit local primary schools as part of the Reading Buddies programme, in which Hurst pupils support the reading of younger children.

Another important day in the life of Community Hurst is our annual Community Action Day in June, in which pupils and staff support local community groups in a variety of ways. Examples include the following:

At Harvest, we collect goods for the local Foodbanks, and we support a range of other charities, local, national and international. These charities include Movember, Breast Cancer Now, the NSPCC, and Cameron’s Orphanage in Zambia, a charity founded by a member of the Hurst Community. We also held a Musicathon for the charity Shine, as well as a sale of ski clothes for Mind in Brighton. Many of these initiatives are suggested and led by pupils. Hurst CCF Contingent supported

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Off The Fence, a local Brighton Homeless Charity by donating jumpers, hats, gloves and rucksacks that were no longer required.

We also run a choral society for parents and members of the local community; and the College and Prep School 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. In the summer months, the College facilities are used for a range of sporting events, and in July Hurst Stage our in-house drama, singing and dance summer school takes place, running a series of master classes resulting in a production on the Friday of that week. We also hosted Opera Brava in June, who performed a free performance of La Boheme in our New Bury Theatre for local care homes.

At Christmas, Easter and other times in the year, services open to the public take place in Chapel, and there are good links between the College Chaplaincy and the local parish churches, with regular visits of the local clergy.

By developing and providing public access to our facilities, the College remains at the heart of the community. Increasingly, our facilities are used by our Hurst Educational Trust (HET) schools, both during and outside of term time.

Facilities made available to the public include:

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.

FINANCIAL REVIEW AND RESULTS FOR 2022/23

In financial terms 2022/23 was another successful year for the College.

Using the Key Performance Indicators of the company:

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also focussed on capital expenditure primarily on purchase of Westfield residential property, extension of Eagle House, Woodard House mezzanine, windows project, and the commencement of the swimming project.

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 £30k to the College’s operating surplus in 2022/23.

Hurst Transport continue to provide transport for pupils with a fleet of twenty-six minibuses covering the surrounding area and goes as far as Loxwood. These red minibuses serve to advertise the college and the company broke even during the year under review.

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 around 1,320 children. This saving to the state is estimated to have a value in the last year of over £9.2M.

The Company is unable to recover the VAT on purchases it makes. During the past year, the College has paid an estimated £1.9M 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 £17,424 and the recognised liability under the plan fell by £6,903, with this value being recognised in the Statement of Financial Activities (‘SOFA’). Further details can be found in note 25.

Development of the College Estate

Over the year expenditure on improvements to College facilities totalled £9.7M 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 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 and appointed Brewin Dolphin and CCLA to manage its investment portfolio. To date, some £2.4M has been placed with the investment managers, including the funds previously managed by the Company’s previous fund managers.

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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 1.08% on the Company’s investments against their benchmark of 3.35%, while CCLA achieved a return of 5.62% compared with their comparator performance return of 7.26%.

Reserves Level and Policy, and Financial Viability

During the year, total Group funds increased by a further £4M to £43.6M, of which £1.1M were restricted or endowed funds. Unrestricted funds increased by £8.3M, of which £4M were profits and the balance a transfer of £4.3M from restricted to designated funds under unrestricted funds, to £42M as shown in Note 22c. 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 23. 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

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 Leadership 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.

Principal Risks Facing the Charity

The Directors consider the economic turbulence of recent and future 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.

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:

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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.

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:

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.

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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.

Energy and Carbon Reporting

----- Start of picture text -----
2023 2022
Energy consumption used to calculate emissions (kWh) 7,103,758 7,331,913
Energy consumption break down (kWh):
• gas 4,933,185 4,955,618
• electricity 1,528,378 1,752,356
• transport fuel 642,195 623,940
Scope 1 emissions in metric tonnes CO2e
• gas 909.27 907.67
• transport fuel 182.38 180.54
Total Scope 1 1091.65 1088.21
Scope 2 emissions in metric tonnes CO2e
• Purchased electricity 316.49 372.08
Scope 3 emissions in metric tonnes CO2e
• Business travel in employee owned vehicles 0.15
• Business travel by taxi 2.79 1.48
Total scope 3 2.79 1.64
Total gross emissions in metric tonnes CO2e 1,410.92 1,461.93
Intensity ratio: Emissions in tonnes CO2e per pupil 1.079 1.111
----- End of picture text -----

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

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to improve energy efficiency in future years as follows:

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

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 33.

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FUTURE PLANS

Strategic Objectives

The Board’s strategic development plan is reviewed on an annual basis and was approved in September 2023.

The College’s over-arching objectives are:

Objectives for 2023/24

During 2023/24, the College’s principal challenge is to operate normally notwithstanding the difficulties likely to be imposed by the ongoing political and economic climate. 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.

22

HURSTPIERPOINT COLLEGE LIMITED DIRECTORS. REPORT (Continued) YEAR ENDED 31 AUGUST 2023 DIRECTORS, RESPONSIBILITIES STATEMENT The directors are re5pon5ible lor preparing the Stfdtegic ReporL Directors. reportand thefinarKial statements in accordance with applicable law and regulations. Cornpany law requires the directors to prepare group and cornpany financial statements for each financial year. Under that law the directors have elerted to prepare the financial statements in accordance with United Kingdom Generally Accepred Accounung Practice (United Kingdom Accountyng Standards and applicable lawl i•cludir FRS 101 the FinancAI REporting Standard applKable in the UK and Republic of Ireland. Under c¢mpany law the direcrors must not ipprove the financi31 statements unless they are satisfied that they wve a true and fair view ol the state of aHairs of the charitable coTnpany and the group and of the incoming resource5 and applKation of resources, Including the income ènd expenditure, of the charitable company and group for that period. In preparing these financK41 statements, the directors are required to: select suitable accounting policies and then apply them con5iStendy. observe the rnethods and principles in the CharitSes SORP IFRS 1021. make judgments and accounring esomates that are reasonable and prudent state whether applicable UK Accountyng Srandard5 have been lollowed. subject io any material departur￿ d￿￿oSed and explained in the financial statements. prepare the financial srattments on the ￿]ng eoncern basis ￿lesS It is inappropriate to presume that the tharirable company and group will continue in busines5. The director5 are responsible for keeping adequate accoununE records that are suificient to Show and explain the charitable mparby's and group's transa£oons and disclose with reasonab￿ accuracy at any tiffle the financial position of the company and group and enable thetn to ensure that the financial statements comply with the C￿lp8n1eS Act 2CQ6. Tlw are a150 responsible Icr safeguarding the assers of the £harirable company and group and hence lor taking reasonable steps for the prevention and derectK)n of frdud and other irregularitie5. The directors are responsible fcr the maintenance and integrity of the corporate and financial nformarion in£luded on the charitable company's websio. Legislation in the Unired Kingdom governing the preparation and di55emtnation of financBI statements may drffer fr¢m le8isl•tion in other jurisdicti￿$. Statement of Disclosure of Information to the Auditor The drectors who were in PL￿￿ ae the date of approval of ¢he5e f￿an¢￿1 statements confirm thaL so far as each director is I￿are. there Is no relevant audit wrfortnauon of which the charitable cornpany's au(fitor is unaware., and the director5 have taken all tho steps that they ought ¢0 have taken as directors In order to tnake theMse￿e5 aware of ny relevant audit inlomti¢)n and to establish that the charitable comp3nl5 auditcr 15 aw3re of that informatyon. Approved by the Board Of Dire£tors of Hurstpierpoint College Lirnited on 2nd December 2023 (including, in their capacity as company director5. approving the tJ'rectors' aThd Stratewc Reports contsined therein) and s￿rned on its behalf by. A larvis Chairman 23

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 2023

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 2023 which comprise the Group and Company 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 have been appointed auditors under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

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

24

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 2023

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

Responsibilities of trustees

As explained more fully in the Statement of Directors’ responsibilities set out on page 23, 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 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.

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 2023

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 and income recognition as the areas 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 and evaluating the business rationale in relation to significant or unusual transactions and transactions entered into outside the normal course of business. Furthermore, a sample of income transactions recorded either side of the year end were tested to confirm they had been recognised in the appropriate period.

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

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 2023

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Zoë Longstaff-Tyrrell

Senior Statutory Auditor for and on behalf of RSM UK Audit LLP, Statutory Auditor Portland, 25 High Street Crawley RH10 1BG

05/12/23

27

HURSTPIERPOINT COLLEGE LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31 AUGUST 2023

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
22
Net Movement in funds for the year
Fund balances at 1 September
FUND BALANCES AS AT 31 AUGUST		 Unrestricted
Funds
£’000
31,197
1,774
601
70
144
250		 Restricted
Funds
£’000
-
-
-
-
-
-		 Endowed
£’000
-
-
-
-
-
-
-
-
-
-
-
-
-
22
22
-
22
701
723		 Total
2023
Total 2022
£’000
£’000
31,197
27,968
1,774
1,505
601
108
70
8
144
186
250
31
34,036
29,806
978
848
292
136
58
61
1,328
1,045
28,729
26,175
30,057
27,220
22
(118)
4,001
2,468
-
-
4,001
2,468
39,552
37,084
43,553
39,552
34,036 -
978
292
58		 -
-
-
1,328
28,729		 -
-
30,057 -
- -
3,979
4,321		 -
(4,321)
8,300
34,126		 (4,321)
4,725
42,426 404

Note:

The notes on pages 33 to 57 form part of these financial statements.

28

HURSTPIERPOINT COLLEGE LIMITED

COMPANY STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31 AUGUST 2023

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
22
Net Movement in funds for the year
Fund balances at 1 September
FUND BALANCES AS AT 31 AUGUST		 Unrestricted
Funds
£’000
31,197
1,774
502
70
175
250		 Restricted
Funds
£’000
-
-
-
-
-
-		 Endowed
£’000
-
-
-
-
-
-		 Total
2023
Total 2022
£’000
£’000
31,197
27,968

1,774
1,505
502
20
70
8
175
210
250
30
33,968
29,741
291
134
58
61
349
195
29,640
26,946
29,989
27,141
22
(118)
4,001
2,482
-
-

4,001
2,482
39,426
36,944
43,427
39,426
33,968 - -
291
58		 -
-		 -
-
349
29,640		 -
-		 -
-
29,989 - -
- - 22
3,979
4,321		 -
(4,321)		 22
-
8,300
34,000		 (4,321)
4,725		 22
701
42,300 404 723

Note:

All recognised gains and losses in the current and prior year are included in the statement of financial activities. The notes on pages 33 to 57 form part of these financial statements.

29

HURSTPIERPOINT COLLEGE LIMITED CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31 AUGUST 2023 Gro Charity 1013 2022 2•2J 2022 Note £'ooo {￿00 £•oo £Doo FIXED ASSETS Tangible a55ets Sewri¢ies Invesrménts 57.334 2.444 4Y.156 57,152 2.444 49,OC 2.229 44 1229 59.778 51,385 59,596 51,237 URRENT ASSETS Sttsd( 24 24 Debtors 16 762 574 859 733 Cash 4¢ bank and in hand 4.439 3,483 4,372 3.332 5,282 4.081 5.291 4,089 CURRENT LIABIUTIES Credltors payable wlrhln one yeir (13.692) (13.646) NET CURRENT LIABILITIES (6.410) (7.218) (8.354) {7.196) TOTAL A55FT5 LE55 CURRf NT LIABILITIES 51.368 44.167 51.242 44.041 LONG TERM LIABIUTIES Creditors parable after one year TOTAL NET ASSET5 EXCLVDING PEN510N (7,805) 14.S991 (7.805) 14.5991 43.563 39568 43A37 39.44Z LIABILITY Net pension liability (10) {10) NET ASSET5 43.553 39352 43.427 39.426 REPRESENTED BY: CALLED UP SHARE CAPITAL ENDOWEf> FUNDS 22 723 701 723 701 RESTRICTED FUNDS 22 404 4.n5 404 4.725 UNRESTRICTED FUNDS 22 42,426 34.126 42,300 34,000 43.SSJ 39.552 43,427 39.426 The financial statements were approved and author￿ed lor issue by the Board On 2n& December 2023 and signed on its behaw by.. A Jarvis Chairrnan Cotripany registration number 3779893 (England and Walesl Note: The notes on pages 33 to 57 form parr of these financial sutements. 30

HURSTPIERPOINT COLLEGE LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 AUGUST 2023

Statement of cash flow

Statement of cash flow
Cash flows from operating activities:
Net cash provided by / (used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Proceeds from the sale of property, plant and equipment
Purchase of property, plant and equipment
Purchase of investments
Net cash provided by / (used in) investing activities
Cash flows from financing activities:
Repayments of borrowing
Cash inflows from new borrowing
Payment of interest on borrowing
Net cash provided by / (used in) financing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
Reconciliation of net income/(expenditure) to net cash flow from operating activities
Net income/(expenditure) for the reporting period (as per the statement of financial
activities)
Adjustments for:
Depreciation charges
(Gains)/losses on investments
Finance costs
Interest received
(Profit) on the sale of fixed assets
(Increase) in stocks
(Increase) in debtors
Increase in provisions
Increase in creditors
Net cash provided by / (used in) operating activities
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 2023
£'000
8,214
70
17
(9,710)
(193)
(9,816)
(1,150)
4,000
(292)
2,558
956
3,483
4,439
2023
£'000
4,001
1,519
(22)
292
(70)
(4)
(57)
(188)
-
2,743
8,214
4,439
4,439		 2022
£'000
6,688
8
8
(4,155)
(141)
(4,280)
(1,166)
-
(164)
(1,330)
1,078
2,405
3,483
2022
£'000
2,468
1,377
118
164
(8)
(8)
(17)
(174)
28
2,740
6,688
3,483
3,483

31

HURSTPIERPOINT COLLEGE LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 AUGUST 2023

Analysis of changes in net debt

Other non-
cash
At 1 Sept 2022 Cash flows changes At 31 Aug 2023
£'000 £'000 £'000 £'000
Cash and cash equivalents
Cash 3,483 956 - 4,439
3,483 956 - 4,439
Borrowings
Loans falling due within one year (1,150) 1,150 (1,150) (1,150)
Loans falling due after more than one year (2,700) (4,000) 1,150 (5,550)
(3,850) (2,850) - (6,700)
Total (367) (1,894) - (2,261)

32

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

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. The principal activities and nature of its operations are disclosed in the Strategic Report.

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 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 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 31, 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 recognise that there will be significant financial implications in 2023-24 as the current energy contracts end during the 2023 calendar year. Having considered the College’s financial position and forecast of slightly decreased pupil numbers, the Directors have deemed the College’s finances to be well positioned to weather the increase in energy costs.

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.

33

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

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.

Redundancy and termination payments

Redundancy and termination payments are made after taking applicable legal advice. Expenditure is recognised immediately as an expense when the group is demonstrably committed to terminate the employment.

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

34

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES (Continued)

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 25.

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:

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:		 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:
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

35

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES (Continued)

assets. Realised gains and losses are the difference between sales proceeds and opening market value where the investment 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

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

36

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

3. CHARITABLE ACTIVITIES – SCHOOL FEES RECEIVABLE

The school fees income comprises:
Gross fees
Less: Total scholarships, bursaries, etc.		 2023
2022
£’000
£’000
34,660
31,430
(3,463)
(3,462)
31,197
27,968

Scholarships, bursaries, and other awards were paid to 920 pupils (2022: 929 pupils). Within this, means-tested bursaries totalling £804,141were paid to 52 pupils (2022: £868,000 to 68 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		 2023
2022
£’000
£’000
561
500
93
93
546
403
45
39
27
37
502
433
1,774
1,505

5. OTHER TRADING ACTIVITIES

Non-ancillary trading income
Lettings income
Interest receivable – pupil bills
Company
Hurst Facilities Limited (note 26)
Group		 2023
2022
£’000
£’000
501
19
1
1
502
20
99
88
601
108

37

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

6. INVESTMENTS - BANK AND OTHER INTEREST RECEIVABLE

Bank interest
Other interest
Group
Other interest
Company		 Unrestricted
Restricted
£’000
£’000
70
-
-
-
70
-
-
-
70
-		 Total
Endowed
2023
£’000
£’000
-
70
-
-
-
70
-
-
-
70		 Total
2022
£’000
-
8
8
-
8

7. OTHER – GRANTS AND DONATIONS

Endowment Fund
donations
General donations
Legacies
Group
Gift aid donation: Hurst
Facilities Limited
Company		 Unrestricted
£’000
-
144
-
144
31
175		 Restricted
£’000
-
-
-
-
-
-		 Endowed
£’000
-
-
-
-
-
-		 Total
Total
2023
2022
£’000
£’000
-
150
144
21
-
15
144
186
31
24
175
210

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.

38

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

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
538
-
-
538
13,144
720
1,169
1,333
-
-
16,366
16,904
Staff costs
(note 10)
£’000
-
-
-
13,144
720
1,169
1,333
-
-
16,366
16,366		 Support
Costs
£’000
378
292
58
728
2,342
3,160
4,178
1,064
(7)
169
10,906
11,634
Support
Costs
£’000
291
58
349
3,262
3,160
4,178
1,055
(7)
169
11,817
12,166		 Depreciation
(note 13)
£’000
62
-
-
62
348
172
922
15
-
-
1,457
1,519
Depreciation
(note 13)
£’000
-
-
-
348
172
922
15
-
-
1,457
1,457		 2023
2022
£’000
£’000
978
848
292
136
58
61
1,328
1,045
15,834
14,248
4,052
3,118
6,269
6,470
2,412
2,353
(7)
(100)
169
86
28,729
26,175
30,057
27,220
2023
2022
£’000
£’000
291
135
58
61
349
196
16,754
15,021
4,052
3,118
6,269
6,470
2,403
2,353
(7)
(100)
169
84
29,640
26,946
29,989
27,142

39

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

8. ANALYSIS OF EXPENDITURE (Continued)

c) Grants, awards and prizes

The College did not make any grants during the year (2022: 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. One governor was reimbursed during the year.

Remuneration paid to auditor for audit services
Reimbursement of personal expenses to governors
Other governance costs		 2023
£’000
42
2
125
169		 2022
£’000
25
1
60
86

9. FINANCING COSTS

Bank overdraft
Bank and other interest payable
Bank charges
Provision for bad and doubtful debts		 Group
2023
£’000
4
196
92
-
292		 2022
£’000
-
94
70
(28)
136		 Company
2023
2022
£’000
£’000
4
-
196
93
91
69
-
(28)
291
134

40

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

10. STAFF COSTS

TAFF COSTS
2023 2022
£’000 £’000
The aggregate payroll costs for the year were:
Wages and salaries 13,337 12,522
Social security costs 1,312 1,215
Other pension costs 2,258 2,041
16,907 15,778

There were no redundancy and temination payment during the year under review (2022: £110,000) . No amounts were outstanding at the year-end (2022: £nil) . The Principal, the Head, Chief Financial Officer and Chief Operating Officer 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.

Aggregate employee benefits of key management personnel
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000
£110,001 - £120,000
£120,001 - £130,000
£130,001 - £140,000
£290,001 - £300,000
The number with retirement benefits accruing:
in Defined Contribution schemes was
of which the contributions amounted to £57,102_(2022: £33,039)
in Defined Benefit schemes was
of which the contributions amounted to £315,303(2022: £263,464)_
The number of higher paid employees whose annual emoluments were £60,000 or		 2023
£’000
813
2023
No
6
8
4
-
2
1
1
1
1
5
17
more was:		 2022
£’000
774
2022
No
7
3
2
2
1
2
-
-
1
3
13

For 2023 there were 2 employees (2022: 2) earning over £60,000 per year that have chosen not to participate in a pension scheme.

Teaching staff
Other		 2023
2022
No.
No.
204
226
237
210
441
436

41

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

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 £153k (2022: £166k) was paid to six related parties connected to the directors who are employed at the college on standard employment terms. Expenses for travelling for board meetings totalling £2k were reimbursed to four trustees during the year compared to £1k in the previous year.

Scholarships totalling £4k were awarded to children of directors attending the school on standard published terms (2022: £4k).

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 2022
Additions
Disposals
Transfers
At 31 August 2023
Depreciation
At 1 September 2022
Charge for the year
Disposals
At 31 August 2023
Net book value at 31
August 2023
Net book value at 31
August 2022		 Freehold
Land &
Buildings
£’000
45,214
2,082
-
38		 Freehold
Improve-
ments
£’000
5,124
-
-
-		 Under
Con-
struction
£’000
38
6,665
-
(38)		 Computer
Equip-ment
£’000
1,574
265
-
-		 Plant &
Equip-
ment
£’000
3,964
336
(36)
-		 Fixtures
&
Fittings
£’000
1,718
242
-
-		 Motor
Vehicles
£’000
923
120
-
-
Total
£’000
58,555
9,710
(36)
-
47,334 5,124 6,665 1,839
 4,264 1,960 1,043 68,229
4,397
670
-		 126
77
-		 -
-
-		 1,027
323
-		 1,707
268
(23)		 1,408
104
-		 734
77
-		 9,399
1,519
(23)
5,067 203 - 1,350 1,952 1,512 811 10,895
42,267 4,921 6,665 489 2,312 448 232 57,334
40,817 4,998 38 547 2,257 310 189 49,156

All assets are used for charitable purposes.

Finance leases and hire purchase contracts

Included in motor vehicles are assets held under finance lease which have net book value of £0 (2022: £0) and depreciation of £0 (2022: £16k) was charged during the year.

42

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

b) Company

Cost
At 1 September 2022
Additions
Disposals
Transfers
At 31 August 2023
Depreciation
At 1 September 2022
Charge for the year
Disposals
At 31 August 2023
Net book value at 31
August 2023
Net book value at 31
August 2022		 Freehold
Land &
Buildings
£’000
45,214
2,082

-
38		 Freehold
Improve-
ments
£’000
5,124
-
-
-
5,124
126
77
-
203
4,921
4,998		 Under
Con-
struction
£’000
38
6,665
-
(38)		 Computer
Equip-
ment
£’000
1,574
265
-
-		 Plant &
Equip-
ment
£’000
3,964
336
(36)
-		 Fixtures
& Fittings
£’000
1,718
242
-
-		 Motor
Vehicles
£’000
77
24
-
-
101
36
15
-
51
50
41		 Total
£’000
57,709
9,614
(36)
-
47,334 6,665 1,839 4,264 1,960 67,287
4,397
670
-		 -
-
-		 1,027
323
-		 1,707
268
(23)		 1,408
104
-		 8,701
1,457

(23)
5,067 - 1,350 1,952 1,512 10,135
42,267 6,665 489 2,312 448 57,152
40,817 38 547 2,257 310 49,008

43

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

14. SECURITIES INVESTMENTS

Group investments
At 1 September 2022
Investment
Unrealised gains/(losses) on investments
Group investments at 31 August 2023
Investment in subsidiaries
Company investments at 31 August 2023
Investments comprise:
Listed investments
Equities
Group investments at 31 August 2023
Investment in subsidiaries
Company investments at 31 August 2023
Company historical cost of investments at 31 August 2023		 2023
£’000
2,229
193
22
2,444
-
2,444
2,444
2,444
-
2,444
2,025		 2022
£’000
2,206
141
(118)
2,229
-
2,229
2,229
2,229
-
2,229
1,825

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 26.

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		 2023
2022
£’000
£’000
203
203
177
24
382
347
-
-
762
574
Group		 2023
2022
£’000
£’000
203
203
130
18
360
331
146
181
839
733
Company

School fees receivable are net of £157K (2022: £157K) provided for doubtful debts.

44

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

16. CREDITORS: amounts falling due within one year

Bank loan (Note 18)
Deposits from parents
Fees received from parents in advance of term
Trade creditors
Taxation and social security
Other creditors
Pension
Fees in Advance Scheme (Note 19)
Accruals		 Group
2023
£’000
1,150
1,026
6,313
2,063
313
124
208
1,189
1,306
13,692		 2022
£’000
1,150
1,228
5,062
1,853
293
111
245
1,054
303
11,299		 Company
2023
2022
£’000
£’000
1,150
1,150
1,026
1,228
6,313
5,062
2,034
1,848
313
293
124
108
208
245
1,189
1,054
1,289
297
13,646
11,285

17. CREDITORS: amounts falling due after one year

Bank loan (Note 18)
Deposits from parents
Fees in Advance Scheme (Note 19)		 Group
2023
2022
£’000
£’000
5,550
2,700
1,087
1,091
1,168
808
7,805
4,599		 Company
2023
2022
£’000
£’000
5,550
2,700
1,087
1,091
1,168
808
7,805
4,599

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:

45

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

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		 2023
£’000
335
412
340
1,087
1,026
2,113		 2022
£’000
351
399
342
1,092
1,228
2,320

18. BANK LOAN

The bank loan is repayable in instalments
Due within 2 to 5 years
Due after more than one year
Due within 1 year		 2023
2022
£’000
£’000
5,550
2,700
5,550
2,700
1,150
1,150
6,700
3,850

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 2022
New contracts
Repayments
Amounts used to pay fees
Financing cost
Balance at 31 August 2023		 2023
£’000
-
500
668
1,168
1,189
2,357
1,863
1,662
(52)
(1,200)
84
2,357		 2022
£’000
136
389
283
808
1,054
1,862
1,320
1,821
(16)
(1,292)
30
1,863

46

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

20. COMMITMENTS UNDER OPERATING LEASES

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

Within 1 year 2023
£’000
-
-		 2022
£’000
29
29

21. SHARE CAPITAL

SHARE CAPITAL
£’000 £’000
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.

22. 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 22
£’000
701
701
Balance at
1 Sep 21
£’000
669
669		 Income
Investment
Gains
Transfers
£’000
£’000
£’000
-
22
-
-
22
-
Income
Investment
Gains
Transfers
£’000
£’000
£’000
150
(118)
-
150
(118)
-
Movements in funds
Movements in funds		 Balance at
31 Aug 23
£’000
723
723
Balance at
31 Aug 22
£’000
701
701

47

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

22. 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 22
£’000
3,973
46
302
65
339
4,725		 Income /
Investment
Gains
£’000
-
-
-
-
-
-		 Expenditure
£’000
-
-
-
-
-
-		 Transfers
Balance at
31 Aug 23
£’000
£’000
(3,973)
-
(46)
-
(302)
-
-
65
-
339
(4,321)
404

The Iva Lancelot Harison Bursary Fund was donated to provide bursarial assistance to local pupils requiring financial support. The Albert Keith Parsons Fund was bequeathed to the college to be used to encourage musically promising pupils. There has been a transfer from the restricted fund to the designated fund in the year. This has arisen from a detailed review of the restricted fund during the year which identified funds that didn’t have any restrictions on them and therefore instead should be recognised as designated funds. The Trustees ringfence these funds for use on Bursaries.

Group and Company

Balance at
1 Sep 21
Income /
Investment
Gains
£’000
£’000
Endowment Fund
3,745
-
Special Endowment Fund
46
-
Woodard Bursary Funds
302
-
Albert Keith Parsons Fund
50
15
Iva Lancelot Harison Bursary Fund
309
-
4,452
15
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 to Designated Funds		 Expenditure
£’000
-
-
-
-
-
-		 Transfers
Balance at
31 Aug 22
£’000
£’000
228
3,973
-
46
-
302
-
65
30
339
258
4,725
2023
2022
£’000
£’000
-
169
-
47
-
12
-
30
(4,321)
-
(4,321)
258

48

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

22. FUNDS (Continued)

c. UNRESTRICTED FUNDS

c. UNRESTRICTED FUNDS

Unrestricted funds represent accumulated income from the school’s activities and other sources that are available for the general purposes of the school.

Group
General reserves
Designated fund
Company
General reserves
Designated fund
Group
General reserves
Company
General reserves		 Balance at
1 Sep 22
£’000
34,126
-
34,126
34,000
-
34,000
Balance at
1 Sep 21
£’000
31,963
31,823		 Income
Expenditure
Transfers
£’000
£’000
£’000
33,892
(30,057)
-
144
-
4,321
34,036
(30,057)
4,321
33,824
(29,989)
-
144
-
4,321
33,968
(29,989)
4,321
Income
Expenditure
Transfers
£’000
£’000
£’000
29,641
(27,220)
(258)
29,576
(27,141)
(258)
Movements in funds
Movements in funds		 Balance at
31 Aug 23
£’000
37,961
4,465
42,426
37,835
4,465
42,300
Balance at
31 Aug 22
£’000
34,126
34,000

Designated funds were 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. There has been a transfer from the restricted fund to the designated fund in the year. This has arisen from a detailed review of the restricted fund during the year which identified funds that didn’t have any restrictions on them and therefore instead should be recognised as designated funds. The Trustees ringfence these funds for use on Bursaries. The Directors are looking to spend this in future years.

49

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

23. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Group

Tangible fixed assets
Securities investments
Net current (liabilities)/assets
Long term liabilities
Company
Tangible fixed assets
Securities investments
Net current (liabilities)/assets
Long term liabilities		 Unrestricted
£’000
57,334
-
(7,093)
(7,815)
42,426
Unrestricted
£’000
57,152
-
(7,037)
(7,815)
42,300		 Restricted
£’000
-
-
404
-
404
Restricted
£’000
-
-
404
-
404		 Endowed
£’000
-
2,444
(1,721)
-
723
Endowed
£’000
-
2,444
(1,721)
-
723		 2023
Total
£’000
57,334
2,444
(8,410)
(7,815)
43,553
2023
Total
£’000
57,152
2,444
(8,354)
(7,815)
43,427		 2022
Total
£’000
49,156
2,229
(7,218)
(4,615)
39,552
2022
Total
£’000
49,008
2,229
(7,196)
(4,615)
39,426

24. CAPITAL COMMITMENTS

At 31 August 2023, the charity and group had capital commitments as follows:

Expenditure contracted for but not provided in the accounts

2023 2022
£’000 £’000
10,286 -

50

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

25. 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 £1,743,032 (2022: £1,582,510) and at the year-end £211,093 (2022 - £189,907) was accrued in respect of contributions to this scheme.

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 School has accounted for its contributions to the scheme as if it were a defined contribution scheme.

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2023 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020 in accordance with The Public Service Pensions (Valuations and Employer Cost Cap) Directions 2023 and the Employer Contribution Rate was assessed using agreed assumptions in line with the Directions and was accepted at the original assessed rate as there was no cost control mechanism breach.

The valuation report was published by the Department for Education on 26 October 2023. The key elements of the valuation are:

Total scheme liabilities for service (the capital sum needed at 31 March 2020 to meet the stream of future cash flows in respect of benefits earned) of £262 billion

Value of notional assets (estimated future contributions together with the proceeds from the notional investments held at the valuation date) of £222 billion

Notional past service deficit of £39.8 billion (2016 £22 billion)

Discount rate is 1.7% in excess of CPI (2016 2.4% in excess of CPI) (this change has had the greatest financial significance)

As a result of the valuation, new employer contribution rates have been set at 28.6% of pensionable pay from 1 April 2024 until 31 March 2027 (compared to 23.68% under the previous valuation including a 0.08% administration levy).

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 annuity purchase basis on withdrawal from the scheme.

51

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

25. PENSION SCHEMES (Continued)

Growth Plan Deficit Contributions

A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

From 1 April 2022 to 31 January 2025: £3,312,000 per annum (payable monthly)

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

From 1 April 2019 to 30 September 2025: £12,945,440 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 2023
Provision at 1 September 2022
Unwinding of the discount factor
Deficit contribution paid
Remeasurements - impact of any change in assumptions
Remeasurements - amendments to the contribution schedule		 2023
£’000
10		 2023
£’000
10		 2022
£’000		 2021
£’000
17 117
2023
£’000
16
1
(7)
-
-
10
2023
£’000
1
-		 2022
£’000
117
1
(23)
(1)
(78)
16
2022
£’000
1
(1)

52

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

25. PENSION SCHEMES (Continued)

Assumptions 2023 2022 2021
% per annum % per annum % per annum
Rate of discount 6.04 4.46 0.63

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		 2023
2022
£’000
£’000
7
7
3
7
-
3
-
-
-
-
10
17

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.

53

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

26. SUBSIDIARIES

The Company owns all 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 £99K (2022: £88k), gross profit of £41k (2022: £33k), and a profit before tax and gift aid of £31k in the year ended 31 August 2023 (2022: £24k). At 31 August 2023 the company had shareholder’s funds of £201 (2022: £201).

The Company owns all 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 £920k (2022: £772k) of turnover and other income, gross profit of £22k (2022: £16k) and a profit before tax of £nil in the year ended 31 August 2023 (2022: £nil). During the year Hurstpierpoint College Limited recharged Hurst Transport £539k (2022: £464k). At 31 August 2023 the company had shareholder’s funds of £123k (2022: £123k).

The Company owns all 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 2023 the company had shareholder’s funds of £100 (2022: £100).

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

54

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

27. 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
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 2022		 £’000
27,968
1,505
108
8
21
31
29,641
848
136
61
1,045
26,175
27,220
-
2,421
(258)
2,163
31,963
34,126
Un-
restricted		 Restricted
£’000
-
-
-
-
15
-
15
-
-
-
-
-
-
-
15
258
273
4,452
4,725		 Endowed
Total
£’000
£’000
-
27,968
-
1,505
-
108
-
8
150
186
-
31
150
29,806
-
848
-
136
-
61
-
1,045
-
26,175
-
27,220
(118)
(118)
32
2,468
-
-
32
2,468
669
37,084
701
39,552

55

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

28. 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 2022 (see note 25). As of this date the estimated employer debt for the Company was £120k (September 2021: £225k), including Series 3 liabilities.

29. 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.

30. RELATED PARTIES

As stated in note 29 the Company is a wholly owned subsidiary of The Woodard Corporation Limited. An amount of £184k (2022: £151k) was paid during the year to the Corporation by way of a levy to meet Corporation running costs. At the year-end there was £nil outstanding (2022: £ nil due to the parent company).

The Company also controls subsidiary trading companies, Hurst Facilities Limited, Hurst International Limited and Hurst Transport Limited. The results are detailed in Note 26.

The Company owns 40% of Hurst Education Trust Limited, a Multi Academy Trust (Company Registration No. 13807225), incorporated on 17 December 2021. While the company owns 40%, it’s not deemed to have significant influence and therefore has not been recognised as an associate. The Trust’s principal activity is Pre-primary education, primary education and educational support services. During the year ended 31 August 2023, Hurst Education Trust had income of £4.3M (2022: £683k) and surplus of £33k (2022: £105k). During the period of operation under review the College contributed £18k (2022: £17k) to the operations of the Trust.

As stated in note 11, remuneration totalling £166k (2022: £166k) was paid to five related parties connected to the directors who are employed at the college on standard employment terms, and scholarships totalling £4k were awarded to children of trustees attending the school on standard published terms (2022: £4k).

A partnership under the common control of Mr K S Powell, Knill James, performed tax compliance services and finance reviews totalling £5k (2022: £4k) in the year. At the year-end there was £nil outstanding (2022: £nil). All fees were agreed at arm’s length and charged at market value.

31. 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 25, 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 28, 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.

56

HURSTPIERPOINT COLLEGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023

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.

Classification of revenue and capital expenditure

Judgement is exercised in determining the classification of revenue and capital expenditure based on the descriptions on the invoices.

32. FINANCIAL INSTRUMENTS

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

Equity instruments held at fair value 2023
£'000
2,444		 2022
£'000
2,229

33. EVENTS AFTER THE REPORTING PERIOD

No events after the reporting period.

57