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2022-07-31-accounts

Page
Company
information
Report ofthe trustees 3 —10
Independent
auditor's		 Report 11 —14
Statement of financial activities 15
Statement of financial position 16
Statement of cash flows 17
Notes to the financial Statements 18 —35

Trustees Mr S.H.W. Pilcher (Chairman) Mr S.H.W. Pilcher (Chairman) Mr S.H.W. Pilcher (Chairman) Mr S.H.W. Pilcher (Chairman)
Mr J.D.B.Anderson, CBE
Mr. N.C.J.Bewes
Mr. K.A.M. Edmunds
The Rev. R Marsden (resigned 31/08/2022)
Mrs. C.M. Pellereau
Secretary Fiona J Edwards
Registered office Kingham
Hill School
Kingham
Chipping
Norton
Oxon
OX7 6TH
Auditors Moore Kingston Smith LLP
Chartered
Accountants		 and Registered Auditors
9 Appold Street
London
EC2A 2AP
Bankers Barclays Bank PLC
Wytham
Court
11West Way
Oxford
OX2 OJB
National
Westminster		 Bank PLC
1 Town
Hall Buildings
Bridge Street
Banbury
Oxon
OX16 SJS
Solicitors Stone King LLP
13Queen Square
Bath
BA1 2HJ
Investment managers Investec Wealth 8 Investment Limited
30 Gresham
Street
London
EC2V 7QN

Unrestricted Restricted Total Total
funds funds funds funds
2022 2022 2022 2021
Note f'000 f'000 f'000 6'000
Income
Donations 741 232 973 1,042
Income from charitable activities 10,905 10,905 9,712
Income from other trading
activities 1,463 1,463 1,139
Government
grants		 244
Investment
income		 168 169 167
Total income 13,277 233 13,510 12,304
Expenditure
Cost of raising funds 161 161 140
Expenditure
on		 charitable
activities 12,405 64 12,469 11,881
Interest
payable		 23 113 113 104
Total expenditure 12,679 64 12,743 12,125
Total income less total expenditure 598 169 767 179
Net investment (losses)/gains 14 (379) (379) 769
Net income for the year 219 169 388 948
Transfers 26 215 (215)
Net movement in funds for the year 434 (46) 388 948
Reconciliation of funds
Total funds brought forward 26 39,320 516 39,836 38,888
Total funds carried forward 26 39,754 470 40,224 39,836

2022 2022 2022 2021 2021
Note f'000 6'000 f'000 6'000
Fixed assets
Tangible assets 13 34,732 35,484
Investments: 14 7,141 7,477
41,873 42,961
Current assets
Stock 15 44 18
Debtors 16 689 449
Cash at bank and
in hand		 3,853 3,394
4,586 3,861
Creditors: amounts falling due
within one year 17 (1,951) (2,097)
Net current assets 2,635 1,764
Total assets less current
liabilities		 44,508 44,725
Creditors: amounts falling due
after more than one year 18 (4,277) (4,679)
Provision for liabilities 19 (7) (210)
Net assets 40,224 39,836
Reserves
Unrestricted
income funds		 26 39,754 39,320
Restricted
income funds		 470 516
Total charity funds 40,224 39,836
Company
Registration		 Number: 00365812
The financial statements were approved by the trustees and authorised for issue
on 30 November
2022		 and signed on their behalf by:
S.H.W. Pilcher K.A.M Edmunds
Trustee Trustee

tatement ofcash flows for th e year e nded 31 july 2022
Reconciliation
ofnet income for		 the year 2022 2021
to net cash flows from operating activities K'000 000
Net income for the year before investments 767 179
Depreciation 1,255 1,396
Loss on sale oftangible
fixed assets
Decrease/(increase)
in stock		 (26) 4
Decrease/(increase)
in debtors		 (240) 5
(Decrease)/increase
in creditors		 (259) 182
(increase)/decrease
in provision		 (203) (51)
Return
on investments		 (164) (167)
Net cash inflow from operating
activities		 1,130 1,548
Cash flows from investing
activities
Dividends
and interest
received		 167 169
Purchases of tangible
fixed assets		 (508) (396)
Sale proceeds of tangible
fixed assets
Purchases of fixed asset investments (1,059) (597)
Unrealised
gain/(loss)
on investments
Sales of fixed asset investments 718 932
Net cash inflow/(outflow)
from investing		 activities (682) 108
Cash flows from financing
activities
Proceeds from bank loan
Repayment
of bank loan		 (281) (210)
Repayment
offinance lease funding		 (7) (7)
Net cash (outflow)/inflow
from financing		 activities (288) (217)
Change
in cash and cash equivalents
in the reporting
period		 161 1,439
Cash and cash equivalents
at the beginning
ofthe reporting
period		 4,588 3,149
Cash and cash equivalents
at the		 end
ofthe reporting
period		 4,749 4,588
Cash and cash equivalents
consist of:
Investment
cash		 896 1,194
Cash 3,853 3,394
4,749 4,588
Analysis ofchanges
in net debt		 At 01/08/21 Cashflows Non-cash At 31/07/22
000 OOOO K'000 OOOO
Cash 4,588 161 4,749
Loans due within
one year		 (333) (136) (469)
Loans due after more than one year (4,347) 99 207 (4,041)
Finance lease obligations (17) 8 (9)
(109) 268 71 230

2022 2021
2 Donations Note 6'000 6'000
Restricted to development 8/9 14 1
Restricted to bursaries 8/9 199 66
Restricted to educational purposes 8/9 19 117
Unrestricted 8/9 741 858
973 1,042
3 Income from charitable activities
Kingham
Hill School		 9,809 8,454
Kingham
Hill School restricted		 39
Oak Hill College 1,096 1,258
10,905 9,712
4 Income from other trading activities
Kingham
Hill School		 505 256
Oak Hill College 958 883
1,463 1,139
5 Investment
income
Income from listed investments 160 166
Restricted interest
receivable		 8/9 1 1
Unrestricted
interest
receivable		 8/9 7
168 167
6 Cost of raising funds
Development
office
Kingham
Hill School		 131 110
Investment
management		 fees 30 30
161 140
7 Expenditure
on charitable		 activities
Kingham
Hill School unrestricted		 9,802 9,005
Kingham
Hill School restricted		 64 55
Oak Hill College unrestricted 2,499 2,761
Governance
administration		 costs 104 60
12,469 11,881

for the year e nd e d 31 july 2022 (contin ued)
2022 2021
8.Kingham
Hill		 School 6'000 K'000
Income
Fees 9,809 8,454
Less: Bursaries 8 concessions (1,477) (1,234)
8,332 7,220
Rental income 149 133
Investment
income		 3
Restricted
donations		 39 87
Unrestricted
donations		 102 100
Restricted other income
Government
grants		 230
Inter trust grants 194 75
Unrestricted
other		 income 356 123
Total income 9,175 7,968
Expenditure
Cost ofgenerating funds
Development 131 110
Charitable
expenditure
Academic 3,841 3,563
Restricted
academic		 64 55
Administrative
Staff costs 324 411
Insurance
costs		 66 65
IT and office costs 174 157
Legal and professional 119 92
Bank charges 12 11
Other costs 5 11
Total administrative costs 700 747
Marketing 142 99
Transport 240 187
Premises 1,182 1,114
Leisure centre 136 83
Catering 734 567
Domestic 451 363
Depreciation 753 876
Finance costs 113 104
Other 146 172
Total charitable expenditure 8,502 7,930
Total expenditure 8,633 8,040
Total income less total expenditure 542 (72)
Transfers
Net movement in funds 542 (72)
Net assets of Kingham Hill
School 13,641 12,997
23

2022 2021
9 Oak Hill College K'000 f'000
Income
Student fees 1,084 1,195
Less: Bursaries (147) (23)
937 1,172
Rental income 945 870
Restricted
donations		 193 97
Unrestricted
donations		 639 758
Restricted
investment		 income 1 1
Unrestricted
investment		 income 4 1
Government
grants		 14
Joint appointments 12 63
Other income 13 13
Total income 2,744 2,989
Expenditure
Charitable
expenditure
Academic costs 620 935
Administrative
costs
Staff costs 235 244
Insurance
costs		 23 21
IT and office costs 100 116
Legal and professional 62 73
Bank charges 3 3
Other costs 25 34
Total Administrative Costs 448 491
Marketing costs 137 154
Catering costs 73 40
Household
costs		 74 73
Premises costs 495 525
Depreciation 505 520
Total charitable
expenditure		 2,352 2,738
Total expenditure 2,352 2,738
Total income less total expenditure 392 251
Transfers
Net movement
in		 funds 392 251
Net assets ofOak Hill College 19,485 19,092

or t he year ended 31july 2022 (continued) he year ended 31july 2022 (continued) he year ended 31july 2022 (continued)
10 Auditors'
remuneration		 2022 2021
f'000 f'000
Auditors'
remuneration
Audit fees 33 36
Other advice 2
Previous year overprovision (5)
Total auditors' remuneration 35 31
11 Employees and payroll 2022 2021
No. No.
Average
monthly
number ofemployees:
Kingham
Hill		 School 154 155
Oak Hill College 36 42
Governance 2 1
192 198
2022 2021
K'000 OOOO
Staff costs:
Wages and salaries 4,578 4,738
Social security costs 435 427
Other pension costs 602 670
5,615 5,835
2022 2021
Other pension costs comprise K'000 OOOO
Defined benefit schemes 418 374
Defined contribution scheme 184 296
602 670

%of pensionable stipends 01/02/22 to 01/02/21 to
31/12/23 31/12/22
Deficit repair contributions 11.9% 71/
2022 2021
8'000 8'000
Balance sheet liability at 1 August 18 31
Deficit contributions
paid		 (11) (15)
Interest cost (recognised in SoFA
Remaining
charge* (recognised
in SoFA)		 2
Balance sheet liability at 31 Dec 2021 18
Balance she et liability at 31 D ec 20 2 1 1 18
*Comprises change
in agreed		 deficit recovery plan and change in discount rate between
year-ends.
This liability represents
the present		 value of the deficit contributions
agreed		 as at the accounting date and has
been valued using the following assumptions set by reference to the duration ofthe deficit recovery payments:
2022 2021 2020
Discount rate pa 0.0% 0.2% 1.1%
Price inflation
pa		 n/a 3.1% 2.8%
Increase to total pensionable payroll pa -1.5% 1.6% 1.3%

Section 28.11Aof FRS 102requires agreed deficit recovery payments to be recognised as a liability. The movement
in the provision
is set out below:
2022 2021
8000 6000
Balance sheet liability at 1 August 2021 192 230
Deficit contributions
paid		 (46) (46)
Interest cost (recognised
in SoFA)		 1 3
Remaining
charge* (recognised
in SoFA)		 147 5
Balance sheet liability at 31 December 2021 192

OOOO
Cost 21,455
Depreciation (6749)
Net book value
At July 2022 14,706
At July 2021 14,770

14 Fixed asset investments Fixed asset investments Fixed asset investments 2022 2021
000 000
Investments
(at market		 value) are represented
by:
Fixed interest securities 1,720 1,851
Managed
funds		 1,173 2,490
Equity shares 3,352 1,942
6,245 6,283
Cash deposits 896 1,194
7,141 7,477
No individual
holding		 is considered
material		 in the context ofthe overall portfolio
Investment
Comprise:
UK Fixed interest 1,222 1,415
Overseas
Fixed Interest		 498 436
Equities
and Unit Trusts		 4,525 4,432
Short Term Deposits 896 1,194
7,141 7,477
Opening
balance:
Cost at 1 August 2021 5,445 5,614
Cumulative
unrealised		 gain/(loss)
at 1 August		 2021 838 235
Valuation
at 1 August		 2021 6,283 5,849
Movements
in the		 year:
Purchases
at cost		 1,059 597
Sales at proceeds (718) (932)
Net (loss)/gain
on revaluation		 (379) 769
Valuation
at 31July 2022		 6,245 6,283
Closing balance:
Cost at 31July 2022 5,826
Cumulative
unrealised		 gain at 31July 2022 419
6,245
15 Stock 2022 2021
000 000
Raw materials
and consumables		 40 14
Goods for resale 4 4
44 18

16 Debtors 2022 2021
6'000 f'000
Fees 445 356
Less: provision for doubtful debts (108) (212)
337 144
Prepayments
and		 accrued income 277 222
Other debtors 75 83
689 449
Provision for doubtful debts
At 1 August (212) (180)
Further
provisions		 (98)
Amounts
recovered		 104
Amounts
written		 off 66
At 31 July (108) (212)
17 Creditors: amounts falling due within one year 2022 2021
000 K'000
Deposits received in advance 237 383
Trade creditors 295 237
Other creditors 259 221
Other taxation
and social security		 113 103
Bank loan (see Note 23) 469 333
Finance lease funding (see Note 25) 9 9
Accruals and deferred income 569 811
1,951 2,097

Creditors: amounts falling due after more than one year 2022 2021
000 K'000
Deposits received
in advance		 234 213
Finance lease funding (see Note 24) 2 8
Bank loan (see Note 23) 4,041 4,458
4,277 4,679

The loa n is repayable
as under:
2022 2021
000 OOOO
Within 1 year 469 333
Within 1 - 2 years 938 666
Within 2 - 5 years 1,407 1,000
Over 5 years 1,696 2,792
4,510 4,791
24 Finance lease
2022 2021
6'000 f'000
Within 1 year 9 9
Within 1 - 2 years 2 8
Within 2 - 5 years
Over 5 years
17

The Kingham The Kingham The Kingham Hill Trust Hill Trust
Notes to the financial statements for the year ended 31July 2022 (continued)
26 Reserves Unrestricted income funds Restricted income funds
Total Total
Revaluation Capital General Unrestricted Oak Hill
Kingham		 restricted Total
reserve
6'000		 reserve
f'000		 reserve
f000		 funds
f'000		 College
f'000
Hill School
E'000		 funds
f'000		 funds
F000
At 1 August 2021 16,895 11,715 10,710 39,320 345 171 516 39,836
Income 13,131 13,131 195 38 233 13,364
Expenditure (12,532) (12,532) (65) (65) (12,597)
Investment gains/(losses) (379) (379) 1 1 (378)
Transfers (see below) (597) 811 214 (215) (215) (1)
Depreciation on revalued assets
Net movement in funds (597) 1,031 434 (19) (27) (46) 388
At 31 July 2022 16,895 11,118 11,741 39,754 326 144 470 40,224
Unrestricted income funds Restricted income funds
Total Total
Revaluation Capital General Unrestricted Oak Hill
Kingham		 restricted Total
reserve reserve reserve funds College
Hill School		 funds funds
g'000 g'000 6'000 g'000 6'000 6'000 g'000 g'000
At 1 August 2020 16,895 12,295 9,211 38,401 348 139 487 38,888
Income 10,862 10,862 98 87 185 11,047
Expenditure (10,81 3) (10,81 3) (55) (55) (10,868)
Investment gains/(losses) 769 769 769
Transfers (see below) (580) 681 101 (101) (101)
Depreciation on revalued assets
Net movement in funds (580) 1,499 919 (3) 32 29 948
At 31 July 2021 16,895 11,715 10,710 39,320 345 171 516 39,836