Reglstered number.. 04016403 Charity number- 1081249 BLUNDELL'S SCHOOL TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ? Bishop Fleming
BLUNOELL'S SCHOOL CONTENTS Page Referen¢¢ and adminlstratlve detalls of the School, its Trustees and ad¥lsgrs Trustees. report Independent audltors. report on the financial statements Consolidated Siatement of financial activities 18.21 22 Consolidated income and expenditure account Consolldatgd balance sheet 23 24 School balance sheet 25 Consolidated statement of cash floy 26 Notes to the financial statements 27-48
8LUNDELL'S SCHOOL REFERENCE ANO ADMINISTRATIVE DETAILS OF THE SCHOOL. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021 Tru5tee5 & Dlre¢tors Mr N P H811, Chair1 Dr S B Anse112.3 Mr N Arnold1.2.4 Mr C M Clapp (resigned 27 November 20201 Ms A Crosse (appointed 18 June 20211 Mr N Cryeri Mr G L Howel,2 Mr M Hunlingford lappunled 18 June 20211 MT M J Love112.3.4 Mrs J M A Mannix1.3 Mrs M MacNeice (resigned 27 November 20201 Fr R Maudsley2.3 Rl Rev'd N H P McKinne13 Mrs D L Rees lappoinled 18 June 20211 Mr R W Thane1.13 Mr l R G Thomasl.3.4 Mrs J S Thomsoni,3,4 Dr M E Wood3.4 Finance and General Purposes Committee Blundell's Preparatory School Committee Education Committee Governance Committee Company registered number 04016403 Charlty registered number 1081249 Reglstered offSce Blundells Road Tiverton Devon EX16 40N Head Mr B Wielenga, Bcom. Natsl & Johannesburg. BEd Company secretary Mrs A HedrIClggan$. MA Icantabl, Mst (Oxonl, ACA Independent audlto Bishop Fleming LLP Ch8rtered Accountsnls 2nd Floor Stratus House Emperor Way Exeter Business Park Exeter EX13QS Page 1
BLUNDELL'S SCHOOL REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL. ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Bankers Allied Irish Bank IGBI {to October 2020) 19 Whiteladies Road Clifton Bristol BS81PB HSBC Bank PIC (from October 20201 Slralus House Emperor Way Exelef Business Pafk Exeter EX1 3QS Sollcltors Harrison Clark Rickerbys Ellenborough House Wellinglon Street Chellenham GL50 1YD Hole & Pugsley 6 Sl Peter Street Tiverton Devon EX16 6NX Page 2
BLUNDELL'S SCHOOL TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2021 REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021 The Governors, who are also directors of the company for the purpose of the Companies Act 2006, present their annual report and the audited consolidated financial stslemenls for Ihe year ended 31 August 2021. The Govemors, all of whom Served throughout Ihe year lo 31 August 2021 and up lo the dale of signing the f5nancial stslemenls, except where otherwise disclosed, are listed on page 1. Blundell's School I'lhe School") 15 a charltable company limited by guarantee, governed by ils Memorandum and Article5 of Association Icompany registered number 40164031 and a charity fegislered with the Charity Commission Icharily registered number 1081249). 11 has a wholly owned subsidiary, Horsdon Enterprises Limited leompany registered number 27583601. Two directors of Horsdon Enterprises Limited hold one share each in ITUSt for the School. The information with respect lo govemors, directors. officers and advisers, sel out on pages 1 and 2, fornis part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association, applicable Accounting Standards in the United Kingdom and the Statement of Recommended Practice ISORP) 'Accounting and Reporting by Charities.. Slatemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" 2005 leffecb've 1 January 20191, the Charities Act 1993 las amended by the Charities Act 20111 and Ibe Companies Act 2006. Executive Summary Osjr Report gives an overview of the yearfs activitses al Blundell's School lincluding Blundell's Preparatory Schooll- both academic and co-curricular- our financial strength and our Governance. Our primary objective, lo prowde a firsl-class independent education for all our pupils as they move through the School, has not changed and we highlight in OUT Report the ways in which progress has continued. 11 is our aim lo achieve the best Possible environment ftir academic learning and leaching and the all-Tound development of the sporting, art151ic and social skills of our pupil5. The Coronavirus pandemic continued to impact on school life throughout the year, with further lengthy period when the school was closed in the Spring Temi. A-Level and GCSE examinations were cancelled and replaced by teacher assessments of grades. A innovative programme of online leaching and involvement for the youngesl through lo the most senior pupils was maintained by our dedicated teachers, building on the experience gained last year. A reduced, bul effeclive, estate maintenance programme was undertaken by our support teams. This year's academie results have been excellent and there have been successes al national level in a variety of academic competitions. The pandemic affected our co-curricular programmes, bul after the return to allendanc 81 school in the Summer every effort was made lo resume as many events 3nd fixtures as possible. Earlier in the year, we enjoyed impressive sporting successes al regional and national levels. We have continued to be a positive conlribulor lo our local community In a variety of ways. Both our schools have contributed lo the Wesl Country Teaching School Alliance and we have extended our partnerships with local Schools, holding events through which we can share the tscililies we have available and enhance the relationship5 that develop. Page 3
BLUNDELL'S SCHOOL TRUSTEES REPORT (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 Our finanees, in common with many schools during the pandemic, came under psSUre bul through careful management and the support of Ouf parent body we have remained financially sound while recognising that many financial challenges still exist for the independent schools sector. We thank our Head, Bart Wielenga and all his colleagues for their Skill, care and enthusiasm and their constant pursuit of excellence particulady in the face of circumstanS that presented them with unprecedented challenges. Aims, objectlves and activities The primary object of the School, as staled in ils Memorandum of Association, is lo advan education through the provision of an age 2 ½ lo age 18 co-educational day and l)oarding school known as Blundell's School or such other schools as the Board of Governors shall determine. Within this object, the School's aim is lo provide first class independent education, both through strong academic luilion, and through developing wider sporting, musical, artistic and social skills in all ils pupils. The School's rnain objective for the yeai is for pupils lo achieve good examination results al both A and GCSE levels. The School's strategy for achieving these results is by seeking continually to improve academic standards throughout the School, providing the best possible environment for leaching and providing exlIent pastoral care and a varied co-curricular programme. Our core School aims ntre around the theme of prowding 'Rools and Wing5" for our pupils. These are defined as follows.. Roots.. To develop eeplh and breadth of character, whieh will encourage resilience, optimism, self-ntrol and generosity within the rich Christian values that we have. To develop a sense of social responsibility and Ir) be mindful of OUT role in our community towards each other, OLtr role in society at large and in Ihe global environment. which will encourage consideration, mindfulness and respect. Wngs.. To develop independence, taking responsibility for our own growth and development which will enable us t0 show initiative. take ownership and feel salislaclion in what is achieved. To pursue excellence, aspiring lo do everything 35 well as il can be done, which will develop a sense of jusliliable pride and ambition. To develop confidence and a sense of adventure which will foster courage, curiosity and enterprise and originality. In selling our objectives and planning our aclivilies, the Governors have given careful consideration lo the Charity Commission's general guidance on public benefit and in particular lo Ils supplementary public benefit guidance on advancing education and on fee charging. Page 4
BLUNDELL'S SCHOOL TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 ACHIEVEMENTS AND PERFORMANCE Academic A Level and GCSE Results The public exams. of course. did not happen due lo the exceptional circumstance5 caused by the Coronavirus outbreak and therefore the results of the A-Levels and GCSE exams are not comparable lo previous years. Ofqual turned to the Teacher Assessed Grades ITAG'51 lo ascertain outcomes for pupils and whilst thi5 created a considerable additional burden for teachers and school administrators, the ultimate succes5 was that over 85.kn of our A-Level pupils achieved entrance to their first choice of university. Similarfy, Year 11 pupi15 have achieved a sel of grades that has prepare¢Y them well for entry into the Sixth Foim as well as being a platform upon which lo apply for university. At the Pieparatory School, annual slandardised scores indicate an above average academic prolile across all age groups, with the addition of 9 academic awards lo 8lundell's Senior School gained by Year 6 pupils during the 11+ exam period in January 2021. Notable academic successes have included Gold awards in national BEBRAS Compulalional Thinking Competitions. UK Maths Challenges and our Quiz Club Team made the Nation81 Fina15. Our Home Learning Programme which was so successful during the 2019120 academic year, was further enhanced during 2020121 and enabled all pupils lo continue lo learn through live leaching acros5 the Pre-Prep and Prep. Through a conlinualion of our broad offering, all pupils were able lo continue their academic Studies whilst also enjoying their creative and alhlelic pursuits. The decision was made lo assess all of the children using GLA data in October 2020, both as a measure of the impact of Lockdown I bul also as a baseline for the year ahead. In May 2021, a second set of slandardised assessments were used lo measure progress and results were comparable lo pre-covid times with over 85% of the children achieving al or above national expectations in English and Maths. Music and Drama A went concert featured Sainl-saenz's Carnival of the Animals in what was our first major concert in Big School since Covid restrictions have allowed it. We have also begun collaborating with the Exeter University Chapel Choir and recently they joined our Chamber Choir in leading the School In a midweek Evensong Service. This has given choral singing a real boost and il has also extended choral singin9 to the Prep School and we enjoyed having a cohort of singers from the Prep School al the Evensong. Ondaatje Hall Theatre has not had a major production for some lime bul there are currently three plays in rehearsals. The Senior play will be 'Our Town, by Thornton Wilder, due lo be performed in December 2021. In the new year, Year 9 and 10 pupils will take lo the stage in a production of Shakespeare's 'A5 You Like It, and 'The Wolves of Willoughby Chase, is the Year 7 and 8 play due lo be staged in the Summer Term. Al the Prep School, the Summer Play for Year 6 continued with live audiences enjoying 'Olivei' across iwo glorious evenings in Ondaale Theatre. Last year two of our leavers achieved places at leading acting Schools in London. Page S
BLUNDELL'S SCHOOL TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Sport Sport eontinues to play a critical role in the life of the school and whether pupils are novices or semi-professional, there is a place for everyone to enjoy learning new skills and being part of a team. Sports fixtures against other school resumed in the Summer Term of 2021 and the 1 * Xl cricket team enjoyed the resumption of competitive sport. They played 15 matches, winning 14 and having a thrilling tie against Healhcoal Criekel Club (the Devon Premiership Club Champions) in a T20 fixture. Cricket is thriving al Blundell'5 Wlth several players Tepresenling Devon al different age groups. Girls, cricket is gaining in popularity and, as with Ihe boys. country selection was achieved by a number of players. Al the Prep School, girls and boys play cricket together and three girls represented the school's Under 11 A team during the Surnmer Term. Through the pandemic sport continued lo be ? fflajor focus of school life bul we desperately missed the competibve aspects of playing against other schoo15. To compensate for this, numerous internal leagues sprouted up in hockey, cricket, rugby. football, and nelball and this w3s enjoyed by many pupils. Our younger pupils also continued to enjoy matches within their year groups and whilst this did not replicate the experience of playing against other schools, il did provide ample opportunities to develop skills and enjoy healthy competition. We still held various internal sporting even15 including a very successfijl Athletics day as well as a swimming gala. The Annual Russell cross country run was as competitive as ever and showed that, despite all the difficult circumstances, sport remains a central pillaT in the life and culluTe of the school. By the Summer Term, reslriclions had lifted lo the point whereby we could welcome spectators to outdoor events and we made the most of this with our Nursery, Pre-Prep and Prep Sports Days, all of which were very well attended. CCF, Ten Tors and Duke of Edinburyh We have an active and growing CCF which is compulsory to all Year g and 10 pupils, but which 15 voluntary after that. A healthy number of pupils choose lo continue and qualify for various BTEC'S in leadership as parl of that participation. During the CCF lime pupils prepare for the Bronze Duke of Edinburgh Award and last year nearfy 60 pupils completed the Bronze Award. Two groups went on lo achieve Silver Awards and the Gold candidates completed their expedition in the Brecon Beacons. For the second year running the Ten Tors event was cancelled bul a number of our pupils still undertook the training that would have been prerequisite for participaliDn. World Challenge Every years we undertake a World Challenge Expedition and in July and August of 2019 a large group of Year 11 and 12 pupils travelled through Peru hiking, climbing, serving and relaxing. The next World Challenge expedition is scheduled for July and August of 2022 and is heading for Madagascar. It was initially scheduled for 2D21 but circumstances determined that a poslponemenl was inevitable. Page 6
BLUNDELL'S SCHOOL TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Public Benefit- Extemal engagernent with local schools, clubs, and other Charities The School further expanded ils extensive programme of engagement with other local organisalions last year. Communication with Tiverton Town Council now includes allendance by the Heads of School al Irimonlhly meetings, in which they update the Council on the School's most recent inilialives, comrnunity involvement, fundraising, individual and group successes and achievement5. Under the leadership of our Director of Community Partnership, various projecls are in proces5 and links with partrTrers in the local community are beginning lo take root. We are enthijsiaslic about engaging with the Tiverton Pannier Market and we will be conlribuling lo the thriving market by providing musical support and there is a Saluiday earmarked for later in the year al which our catering team will be providing street food. Initially, the Blundell's Loyally Card Scheme was due lo be laLinched for Christmas 2021, but we have pushed that back by a year. The Scheme has been endorsed and sponsored by the Tiverton Town Counc1 and will create an incentive scheme lo members of the Blundell's community lo support local independent traders. INe hope that this will be of benefit to both members of the school community as well as being a boost lo the Tiverton economy. Gardening, a popular activity within the School, now also includes weekly volunteer work by pupils in a local Hospice vegetable bed and herb garden. as well as involvement with Tiverton in Bloom. Last October. our garden s4Jccessfully participated in the RHS Campaign for School Gardening Big Soup Open Garden Event. It is our intention Ic* participate in the 2022 National Gardens Scheme, raising funds for a variety of nursing and health charitie5. Pupils and staff are also sUPPOrting CHAT. a local Homeless Charity and Food Bank, by supplying surplu5 food to the Community Fndge in Tiverton Library. During Lockdown, over 500 food boxes were sold and dislnbuled lo local residents, many of whom were shielding al home. As well as providing a seivice to the community, the initiative raised almost £2,000 for CHAT. One of our pupils is volun18rily maintaining the CHAT website. Alongside Hospice care and CHAT. the School has lo further charities it supports, one local and one abroad. The other I(1 charity is Little Heroes al their 'WIll's Woods, sile just outside Tiverton. Not only have we raised funds lor them, bul stsff and pupils have spent many hours working on the sile helping lo develop it. The Bhambayi Project is our charity abroad. It is a South Afiiean chafily operating out of the East Coast crty of Durban and il looks after orphans in the Bhambayi settlement to the north of the city. We are members of the Wesl Country Teaching Schools Alliance and the Culm Valley Small Schools Association. In addition, we continue lo support three local state schools, both primary and secondary. by providing specialist Science and Music leaching, as well as Activities programmes. Al the Preparatory Sthool, a number of charities have been supported throughout the year - almost forty local, national and international charities have been researched by the pupils and thousands of pounds have been raised for them along the way, often through child-iniliated activities such as cake sale5, Sponsored walks and car washes. This was particularly the case during the 2nd lockdown period. where the school community joined Page 7
BLUNDELL'S SCHOOL TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 in raising funds for the NHS. for Force cancer $UPPOrt. local food banks and the 2.6 challenge, lo name bul a few. There were also numeTOUS examples of children giving their lime for causes close to their hearts. whether delivering food to local people who were most at risk or selling their own produce for a charity of their choice. The Blundell's Adventure, Leadership and Service Award IBALSAI is a scheme for pupils in Year 6. It has been designed lo encouoge children lo try new aclivilies, to give up their lime to help others and to learn more about their place in the world aroun¢J them. This continued to take place with a highlight being the children's participation in the Virgin Money 'Make £5 Grow, scheme in which they raised £300 for The Devon Air Ambulan. FINANCIAL REVIEW The Group slalemenl of financi81 activities for the year is set out on page 21 of the financial stalemenls. The School's income increased from £15,583k lo £16,021 k In this yea¥ almost all Income wa5 derived from normal Charitable aclivilies. Fund-raising Whilst the School does not carry out significant fund-raising activities, we continue lo be grateful for the on-going support from the wider Blundell's Community. This was particularly evident dunng the Spring and Summer Coronavirus pandemic, during which current parents, members of School stsff and Old Blundellians donated in excess of £18.000 for temporary hardship assistance with payment of school fees. The balance of some previous year legacies were receNed and these amounted lo £92,455. Horsdon Enterpri5e5 Limited The School's wholly-owned trading subsidiary carries out non-eharilable trading activities for the School, Normally, ils income is largely derived from the letting of School facililies to local 5POrts teams, and to host children's activity clubs and courses for adult groups. Despile ambitious development plans for 2020-21. the subsidiary's ability lo trade was sign1ficanlly impacted by the further Covid~19 lockdown in January 21. This year the subsidiary therefore generated income of £49,273 {2020. £37,121), expenditure of £1,896 12020 £13,700) and recorded a profil of £47,377 12020. £23,421). Nel asseis at 31 st August 2021 were £43,631 12020.. £27,347). Asset covey for funds Note 22 to the financial slalemenls sets out an analysi5 of the assets attributable to the various funds and, in note 21, a description of the funds. These assets are sufficient lo meet the Sch¢Jol's obligations in respect of each individual fund_ Page 8
BLUNDELL'S SCHOOL TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Plans for future perlods - Strateglc Development Plan ISDPI targets for 2021122 In February 2020 we launched our Blundell's 2025 Slr8legic Development Plan. 11 sets out our educational stall and clarifies our objectives for the next five years. 11 deliberately focuses on educational outcomes rather than operational ones, although work 15 being done on the slralegic development of the business model loo. ACADEMIC TARGETS As part of our Blundell's 2025 work we have sel our very clearly our educational philosophy. We believe that all schools should provide excellent leaching and a good work ethic amongst ils pupils. Al Blundell's, in addition to those baseline expeclalions, we focus on five specific areas which we believe help pupils to become good al learning. Self-Efficacy". A pupil's belief in their own ability lo overcome challenges and lo succeed in their learning. Staff Endorsement.. That teachers ensure that pupils know that they care and believe In their ability lo succeed. Melacognilive Skills". A pupil's understanding of their current abilities and of what their goa15 a- and knowing what the first step towards the goal is. Executive Functions.. A pupil's mental skills required for leafning, which we believe can be taught and leamt. Resourcefulness". A pupil's ability lo problem solve and dexterity in doing what needs lo be done lo complete Ihe task. During the period of lockdown over the Spring Term we, once again, lumed lo a very effective and successful on-line learning programme. The focus was lo use Microsoft Tools such as Teams and OneNole lo leach pupils and lo sel, produce, submit and mark work. It has proved lo be very successful and the skills staff antj pupils have acquired form the foundation for further OPPOTlunities for efficiency and flexibility in our leaching and leafning. The Enrichment and Extension programmes continue to develop. The Year 7 & 8 "Roots and Imngs" piogTamme is now well established and continues lo be fine-luned to ensure the delivery of a diverse and slimulaling enrichment progr8mme. Last year we introduced programme for Year 11 13 on Friday afternoons. which included lectures and smaller seminars and discussion groups. This year we have launched our Enrichment Programme lo Year 9 - 11. The Year 9s have a rolalion under the banner of Character Education which includes three 10-week courses on Sewvice, Well-Being and Character. The Year 10 and 11 Electives Programme consists of options electives under four headings.. Study Skills. Employability Skills, Character and Well-Being. The School continues lo invest in a Graduate Teacher Training Programme and this year has four new staff. Last year three teachers graduated, two of whom have stayed on al Blundell's. Blundell's continues to host NQT training days, and we believe we play a leading Tole in inlToducing and training young teachers lo the profession. We continue to invest heavily in the training of teachers in Coaching skills and these skills are employed in a variety of sellings In school. From lessons lo luloring to career advice and also coaching on the sports field, the culture around coaching continues lo glow and lake root. Page 9
BLUNOELL'S SCHOOL TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 In the Prep School, the focus for 2021122 is on ¢Jeveloping teachers through the introduction of a new Professional Development Review IPDRI programme. Half lermly learning walks for all staff provide opportunities for teachers to share best practice and explore new ideas lo infom their own leaching. These reflections are recorded and shared al regular departmental meetings and as a whole staff al the start of each term. Engineering has been included within the timetable for children in Years 5 and 6 and our own Outdoor Learning Programme, Wild Wonders, which has enjoyed such success in our Pre-Prep, has now been expanded lo include Year 3, under the title, Wld Explorers. The Prep School has one Apprentice teacher and the hope is that this will be the start of more regular apprenticeships al the Prep over the coming years. Pastoral Targets The main pasloTal target for the coming year is lo establish the Blundell's Leadership Institute which will consist of three complemenlary strands". The school leaver readines5 programme.. To establish links with local industry leaders lo help us lo audit the school leaver readiness of our pupils and to help us develop programmes to address and deficits in our pupil's current skillset. To continue lo develop the use of AS Tracking as a mean5 of monitrjring the mental and emotional well-being of OLJr pupils, and lo use il as a tool lo track the effectivenes5 of inlervenlions aimed al promob.ng resilience and self-regulation In our pupils. To develop the use of coaching as a tool lo develop our pupils intellectually, emotionally, physically, and spiritually. To develop opportunities for pupils lo develop their voice. There are a number of forums through which pupils can contribute lo Ihe running of the school". School Monitors.. A group of 14 Upper Sixth pupils who meet regularly with the Head and Second Master lo discuss school matters. House Monitors.. Teams of Year 12 Monitors are appointed in each house lo asS151 the House Parents in running the houses. School Council.. Elected represen131ives from each year group in each house meet on a fortnighlly basis lo raise concerns and discuss school mallers. The Council is chaired by the Senioi Monitor5. The International Pupil Committee. Thi5 committee represents Ihe need5 and interests of the pupils who come from diffeienl countries. The committee helps to organise events marking special occasions in other countries, such as Chinese New Year or Diwali. The committee also represents the interests of overseas sluéenls lo the Senior Management Team. A more recent initiative. aimed al spreading leadership opportunities across more pupils, has been the launch of the Blundell's Community Action Teams, under the Supervision of the Director of Commun1ty Partnerships. These teams will focus on various aspects of school life including Equity, Diversity and Inclusivity IEDII. A newly appointed Head of EDI who is a member of the Senior Leadership Team. meets with the team lo discuss inilialives to promote EDI across the school. Page10
BLUNDELL'S SCHOOL TRUSTEES REPORT (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2021 Al the Prep School, our Year 8 children have taken on additional responsibilities in their roles as senior pupils within the school. This includes reading with our Year 3 children on a weekly basis and supervision of equipment at break limes. During mid-seplember 2021. we designed and then implemented a new pupil questionnaire, drawing on influences from the ISI pupil questionnaire as well as our own thoughts on areas of pupi15' lives al School about which we wanted moTe information. The responses from all pupils in Yeais 2 10 6 were collated by the Deputy Head and then shared with form teachers. enabling them lo take swift action should there be any concerns. Pupil voice remains as important as ever and we have a Pre-Prep and Plep School Council, both of which meet regularly with the Head of Pre-Prep or Deputy Head. Exira<urricular Taryets: There are several challenges in the provision of delivering the high end exira-curricular programme we aspire lo consistently deliver. One of those is the recruilmenl of qualified and expert staff. The model al Blundell's is that teachers are expected lo be experts in their subjects in the classroom, ouls13nding pastoral carers in the boarding houses, and top-level coaches in a variety of sporting disciplines. This is not always realisli¢, and we are looking lo expand the number of speci8li51 coaches over the coming years. This is not a shift in strategy, as we want schoolteachers lo continue to offer garnes coaching, bul il is a recognition that we need lo offer teachers more support in this regard. The choir has ambitious plans for promoting Choral Music at Blundell's. The collaboration with the Exeter University Chapel choir has already started and we hope that the experience of singing in regular Evensong Services together will inspire pupils from Year 13 all the way through to the Prep School. We continue to collaborate with the London Chamber Orchestra. One immediate ambition for the School Garden is lo build a Community Partnefship Hub l Base which will allow the School Garden lo be even more central in the life of the School. The School Garden already provides a base for.. Mental Health inilialives The Gardening Club Biology extension lessons Community Partnership Outreach Programmes Prep School Teaching A Dance Studio was opened at the Prep School this year and we aim to develop that facility into a leading Dance School in the area. We have seen numbers for our Saturday classes increase throughout September and are hopeful Ihat this will continue. STRATEGIC AIMS FOR GOVERNANCE. LEADERSHIP AND MANAGEMENT Over the past year a considerable amount of work has been invested in the restructuring of the Bursary. A number of new middle managers have joined the team and have raised apacity and performance and there are a number of further changes which are imminent. In this past year, a new Finance Bursar has been appointed lo restructure the finance team and a new Head Groundsman has made a significant impact. A new Head Chef was appointed in the Summer and a change in structure and leadership of the Page11
BLUNDELL'S SCHOOL TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 School Shop ha5 also been inibated. Each new appointment brings fresh ideas and energy. and we look foNard to our new colleagues settling into IheiT new roles. The leadership structure continues to evolve bul the Senior Execub"ve Team has now been unchanged for the third year running. The Senior Exec consists of the Head, the Bursar, The Prep School Head, The Second Master and the Deputy Head IAcademicl. The next tier of leadership consists of the Operational Leadership Team Ifocusing on the organisational aspects of school lifel and the Senior Leadership Team. who focus primarily on educational and pupil malters. There is appropriate overlap between these o committees and every third meeting 15 a joint meeting. Al the Prep School, the Senior Leadership Team Consists of the Prep Head, Deputy Head. Head of Pre-Prep, Assistant Head Icurriculvml, Assistsnl Head IIAssessmenl and Reporting) and the SENDCO. Thi5 has been unchanged for 3 years. A key focus for this coming year is lo develop the roles of Subject Co-ordinators so that they lake a more proactive lead in the running of their departments. Three new Governor5 have joined the Board in the past period bringing in expertise in legal mallers, safeguarding, 5uslainability, and finance. The Head had his Performance Appraisal Iconducled exlernallyl in October 2020 and the Bursar will be apprsised in November 2021. Risk management The Board of Governors is responsible for assessing, monitoring and mitigating the potential iisks faced by the School. The School regularty conducts a comprehensive review of the major slralegic. business and operational risks to which Ihe School could be exposed. Thi5 review has resulted in the production of a Risk Register which reflects Systems established to miligale those risks and procedures are continually being implemenled lo minimise any potential impact on the School should any of those risks maleriali5e. The Board of Governors, through the Governance Committee. reviews the Register each term and considers the likely impact of the risks that have been identified and the effectiveness of Ihe syslems pul in place lo minimise those risks. Principal risks and uncertaintles The School's financial performance may be affected by factors outside the control of the School which impact on UK and global economic conditions. Financial risk management Price risk Fees are subject to annual review. Salary costs are communicated to staff during the formal annual review of salaries. PnS of materials purchased ale subject lo contracts with suppliers, based on current market prices. High value contracts are subject formal tender process and Governor approval. Credil risk Credit risk on amounts owed lo the School by ils customers is low. due lo the nature of the income being feceived and the close allenlion given lo any overdue debts. Page12
BLUNDELL'S SCHOOL TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 LIqu11Y risk The School has long term borrowings to finance capital projects. The School will make use of its credit facility with its bankers when required. Interest rate cash flow risk The School is able lo place surplus funds on short term deposit with ils bankers. The School has a fixed rate interest loan. Details are shown in notes 18 and 19. Coronavirus risk management During 2019-20 and 2020-21, the Coronavirus pandemic created significant new financial. operational and reputational risks. In order lo manage risks, the School produces budgets and forecasts and regularly Teviews its financial performance against forecast. Operational procedures and risk assessments are reviewed regularly and adapted when appropriate. The School's Health and Safely Committee, which normally meets lermly, convened frequently throughout Spring and Summer this year, in order to ensure timely and effective action in response lo the challenges posed by the Coionavirus outbreak. Bursaries, Foundation Awards. Scholarships and oth9r Concessions Bursaries Applications for bursaries Ihardship awards) are considered by the School and awards made based on the financial information fOnarded by the applicant. Foundation awards The School is able to offer Foundation awards to applicants whose parents need financial assistance to afford a place al the School for their child. Assessment is through the 11+ entrance lesl and completion of a means-lesl form. Awards can be made up lo 1000kn of the basic luilion fee. Scholarships - These are awarded by the School as a result of academic achievement in the scholarship examinations sel by the School and academic polenlial. The value of a scholarship varies from lo° 10 1000A of the basic fee. The value of a scholarship may be increased in cases of financial hardship based on the completion of a means-lest form. In addition lo the support shown above, the School received direct contributions from seven educational charities in means-lesled assistance towards fees for a lolal of 15 pupils. The lolal of this support was £76,232 for the year 12020.. £74,428) and is dependent upon the continued financial support of these pupils by Blundell's School. Services discount - The Sehooi recognises the importance of continuity of education for children of seNice personnel and offers financial as51Stance lo enable those receiving the Ministry of Defence Continuity of Education Allowance to send their children lo Blundell's School. Sibling discount To underline the value we place on continuity for families, we offer discounts where parents have more than one child al the School. Staff fee remission - As part of our emphasis on attracting and retaining high calibre staff. we offer a discount lo some members of staff who choose lo educate their children al the School. Page 13
BLUNDELL'S SCHOOL TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Investrnent powers. policy and performance Investment powers are govemed by the Memorandum of Association, which pemits the funds lo be invested in the manner Shown in note 12 to the financial slatemenls. The Governors Intend that the real value of the School's investments be maintained and enttand over the long term by investment in a portfolio comprising equities, fixed income stocks and cash. In order to meet these objectives, the Governors recently carried out a re-lender exercise of investment fund managers and have appointed Nvo firms lo manage a diversified Poflfolio of suitable inveslrnenls on a discretionary basis. The Govemors have delegat the investment management function lo CCLA and Ralhbone5, who each hold a portion of the total investment value with the intention of holding approximately 500/0 each over lime. The shaTe of investmen15 administered by CCLA is held within the COIF Charities Investment Fund, which the Governing Body is sa115fied meets the SchooS's investment obieclives. Ralhbones have invested the Blundell's funds In a mixed portfolio which is made up of equities, fixed interest stocks and other asset classes. During the year the Income return on investments was 1.96D {2020' 1.930kl The reduction was caused largely by the late addition ol additional investments into CCLA in the form of the final distribution of previous legacies and the creation of the Blundell's Bursary Fund from Foundation liquid assets. In a difficult period, the performance of the investments has been reasonable, in line with the general perfom)ance of world markets. Reserves The School's policy on restricted funds is to separately record donations, grants and other sources of fundraising where resliiclions are imposed that are narrower than the School's overall objectives. Al 315t August 2021. total reserves held arnounled lo £16,80e,ODO. Of these lolal fund5, £4,939,000 Conslituled endowment and Teslricled funds. £3,671,000 of the endowment and reslricled funds are held as inveslmenls. The three major funds are". the School's Scholarship5 and Prizes Fund, the income of which contributes lo the cost of scholarships and Speech Day prizes each year", the Holstius Scholarship Fund, which uses 115 income lo support one or more scholars each year,. and the Agricultural Bursary Fund, which provides means-tested assistance lo pupils from an agricultural background. The School's unreslricled reserves are fully represented by tangible fixed assets, investments, long term liabilities and nel current liabilities. There aTe no unreslricled funds beyond the extent of these 2sset5 and commitments. The Governors believe that there is no requirement to increase levels of unrestricted reserves as the annual budget is sel lo ensure that income will cover operating costs on an ongoing basis. The level of reserves is reviewed annually al the same time as the income and expenditure budget for the following year is appfoved. The Governors believe that the current level of unreslricled reserves is salisfaclory al £11,867,000. GOVERNANCE OF THE SCHOOL During the year under review, the Governors mel termly. A panel comprising existing Governors selects members of the Governing Body having regard lo the individual's experience and qualification5 and the needs of the School. Governors serve for a 5-year period and may be re-elecled for two further 5-ye2r period5. New Governors are given a suitable induclion based on their past experience and areas of responsibility within Ihe Page 14
BLUNDELL'S SCHOOL TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Governing Body. Ongoing training needs are assessed by the Governan Committee. The Governing Body meets three limes a year,. meetings include reviewing the strategy and perfomiance and setting operating plans and budgets with an additional meeting periodically lo focus on future strategy. The Governors, all of whom Served throughout the year to 31 August 2021 and up to the date of signing the fi'nancial slatemenls, except where otherwise disclosed, are listed on page 1. Pay and remuneration of the Charity's key management staff is sel by Governors. COMMITTEES The Governors have established commillees for specific areas of the School's operations. These are.. a Governance Committee., a Finance and General Purposes Committee., an Education Committee, and a Blundell's Preparatory School Cornmitlee. Each committee has ils own Terms of Reference and ils decisions are ratified by the full Board. In addition, some Governors focus on specific aspects of School life. such as Child Protection. Health and Safety and Boarding. STATEMENT OF GOING CONCERN In OUT consideration of the presumption of going concern as the basis for the preparation of the report and fin3ncial slalemenls. the Governors have concluded that no material uncertainties have been Identified that may cast significant doubt about the ability of the School lo continue as 8 going concern. The Governors therefore have a reasonable expectation that the School has adequate resources to Continue in operational existence for the foreseeable futkjre. For this reason, we continue to adopt the going concern basis in preparing the financial statements. STATEMENT OF GOVERNORS. RESPONSIBILITIES The Goveinors (who are also directors of Blundell's School for the purposes of company lawl are responsible for prepafing the Report of the Govemors and the financial slalements in accordan with applicable law and regulation. Company law requires the Governors lo prepare financial statements for each financial year. Under that law the Govemors have PTepared the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" and applicable law Iuniled lfjngdom Generally Accepted Accounting Practice). Under company law the Governors must not approve the financi81 slalemenls unless they are satisfied that they give a Irue and lair vtew of the state of the affairs of the charitable company anlrf the group and of the incoming resources and application of resources, including the Income and expenditure, of the charitable group or that period. In preparing these financial stalemenls, the Governors are required lo.. select suitable accounting policies and then apply them consislenlly.. obseive the methods and principles in the Statement of Recommended Practice". Accounting and Reporting by Charilies120191', make judgments and eslimales that are reasonable and piudenl., sle whether applicable UK Accounting Standards, comprising FRS 102, have been followed, subject lo any material departures disclosed and explained in the financial statements, and prepare the financial slalemenls on the going concern basis unless il is inappropriate to presume that the charitable company will continue in business. Page 15
8LUNDELL'S SCHOOL TRUSTEES REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 The Governors are responsible for keeping adequate accounting records that are sufficient lo show and explain the charitable company's transactions and disclose with reasonable accuracy al any lime the financial position of the chaiitable company and the group and enable them lo ensure that the financial stalemenls comply with the Companie5 Act 2006. They are also Tesponsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and deleclion ot fraud and other irregularities. The Governors are responsible for the maintenance and integrity of the charitable company's website. Legislation in the United Kingdom governing the prepaiation and di55eminalion of financial slalemenls m8y differ from legi51atson in other jurisdictions. In accordance wi(h Section 418, Governors in office al the dale the Governors, report is approved, slate that.. lal so far as the Govemor is aware, there is no relevant audit infomialion of which the company's auditors are unaware,. and {bl that the Governor has taken all the steps that he ought lo have taken as a Governor in order lo be aware of any relevant audit information and lo establish thal the Company's auditors are aware of that informaliork. Indemnity Insurance As pemiilled by the Articles of Association. the Governors have the benefrt of an indemnity which is a qualifying thirtl-party IndenItY provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is cuirently in foice. Indemnity illSUTance for governors, liability is Included within the School's combined inSUTance policy which was in force during the financial year and also al the dale of approval of the financial slalemenl5. Independent Auditors Our auditors, Bishop Fleming LLP, have indicated theiT willingness lo continue in office and a resolution concerning their reappointment will be proposed at the Annu81 General IAeeling. Approved by order of the members of the Boar alf, by of Trustees on and signed on their MrNPHall Governor MrGLHowe Governor Page 16
BLUNDELL'S SCHOOL ICONTINUEDI STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also the directors of the S¢hL)ol for the purposes of company lawl are responsible for preparing the Trustees, Report including the Strategic Report and the financial slalemenls in accordance wrth applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally ApIed Accounting Praclicel. Company law require5 the Trustees to prepare financial statements for each fin8n¢ial . Under company law, the Trustees musl not approve the financial statements unless they are sab'sfied that they give a true and fair view of the state of affairs of the Group and the School and of their incoming resources and applicab'on ol resources, including their income and expenditure, for that period. In preparing these finanaal slalemenls, the Trustees are required lo.. select suitsble accounting policies and then apply them consistently." observe the methods and principles of the Charities SORP IFRS 1021 make judgements and accounting eslimales that are reasonable and prudent.. stste whether applicable UK Accounting Slandaids IFRS 102) have been followetl, subject lo any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless il is inappropriate to presume that the Group will continue in bus¢ness. The Trustees are responsible for keeping adequate accounting records that a sufficient to show and explain the Group and the School's transactions 8nd disclose with reasonable accuracy at any time the financial position of the Group and the School and enable them lo ensLJre that Ihe financial slalements Comply the Companies Act 2006. They are also responsible for safeguarding the assels of the Group and the School and hence for tsking aSOnable steps for the prevention and detection of fraud and other irregularities. Page 17
BLUNDELL'S SCHOOL INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BLUNDELL'S SCHOOL OPINION We have audited Ihe financial staternents ol Blundell's School (the 'parent charitable company'l and its subsidianes Ilhe 'group'l for the year ended 31 August 2021 which comprise the Consolidated Slalemenl of Financial Activities, the Consolidated Income and Expenditure Account, the Consolidated Balance Sheet, the School Balance Sheet, the Consolidated Ststement of Cash Flows and the related notes, including a summary of Significant a¢counling policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard appticable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Praclicel, In our opinion the financial slatemenls.. give a true and fair view of the slate of the GTOUP'S and of the parent charitable Companys affairs as at 31 August 2021 and of the Group's incoming resources and application of resources. including ils income and expenditu for the year then ended". have been property prepared in accordance wf(h United Kingdom Generalty Accepletl Accounting Practice,. and have been prepared in accordance with Ihe requirements of the Cornpanies Act 2006. BASIS FOR OPINION We Conducted our audf( in a¢cordan¢e with Intemalional Standards on Auditing IUKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the finanaal statements sect40n of our report. We are intjependent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance with these requirernenls. Vve believe that the avdil evidence we have obtained is Sufficient and appropriate to provide a basls for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, we have concluded that the Trustees. use of Ihe going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncettsinties relating lo events or conditions that, indiwdually or Collectively, may cast significant doubt on the Group's or the parent charitable company'5 ability to continue os a going concern for a period of at least twelve months from when the financial statemen15 are authorised for issue. Our responsibilities and the responsibilities of the Trustees wlh respect lo going concem are desoibed in the relevant sections ol this report. OTHER INFORMATION The other information comprises the infomalion included In the Annual Report other than the financial statements and our AudiloTS' Report Ihereon. The Trustees are responsible for the other infofmaliun contsined wthin the Annual Report. Our opinion on the financial staternents does not cover the other Information and, except lo the extent otherw5e explicitly slated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, consider whether the olheT information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audil. or otherwse appears to be materially misslaled. If we identify such material inconsistencies or apparent material misslalements, we are required to determine whelheT this gives rise lo a material misslalemenl in the financial slalemenls themselves. If, based on the work we have performed, we condude that there is a material misslalement ol this other informalioii, we are Tequired lo report that fact. We have nothing to report in this 98rd. Pagg 18
BLUNDELL'S SCHOOL INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF BLUNDELL'S SCHOOL ICONTINUEDI OPINION ON OTHER MArrERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion. based on the work undertaken in the course of the audft.. the information given in the Trustees, Report including the Slralegic Report for the fin8n¢ial year for which the financial statements are prepaTed is con51slenl with the financial stalemenls. the Trustees, Report and the Strategic Report have been prepared in accordance with applicable legal requirements. MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of OUT knowledge and understanding of the chafilable company and rts enviTDnment obtained in the course of the au(fil, we have not identrfied material misstatements in the Tfuslees, Report including the Strategic Report. We have nothing to ieport in respect r>f the following matters in relation lo which Companies Act 2006 requires us lo report lo you rf. in our opinion.. the parent charitable company ha5 not kept adequate and sufficient accounting ie¢ords, or retums adequate for our audit have not been received from branches not visited by u5", or the parent charitable company finanaal statements are not in agreement with the accounting records and returns,. or certain disclosures of Tw$tees' remuneration specified by law are not made., or we have not received all the inlomialion and explanations we quire for ou¥ audit. RESPONSIBIUTIES OF TRUSTEES As explained more fully in the Truslees, Responsibilities Slalemenl, the Trustees (who are also the director5 of the charitable company for the purposes of company lawl are Tespon5ible for the preparation of the financ5al statements and lor being sa115fied that they give a true and fair view. and for such internal control as the Trustees determine Is necessary lo enable the preparation of financial stslemenls Ihal are free from material misslalement. whether due lo fraud or error. In preparing the financial statement5, the Trustees are responsible for assessing the Group's and the parent charitable companls 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 T¥ustees either intend lo liquidale the Group or the parent charitable company or to cease operation5, 01 have no realistic alternative bul lo do so. Page 19
BLUNDELL'S SCHOOL INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF 8LUNDELL'S SCHOOL ICONTINUEDI AUDITORS, RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are lo obtain reasonable assurance about whether the finanaal statements as a whole are free from material missialement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misslalemenl when il exists. Misslalements can arise from fraud or error and are considered material if, individually OT in the aggregate, they could reasonably be expected lo inlluence the economic decisions of users taken on the basis of these financial stslemenls. IegUla.es. including fraud, are instsnces of non-compli8nce wlh laws and TegulalioF15. We design procedures in line wlh our responsibilities. ouuined above, lo deleet material misslatemenls in respect of irregularities, induding fraud. The extent lo which our procedures are capabfe of detecting irregularities. induding fraud is detailed below.. W8 have considered the nature of the sector, control environment and Group performance., We have considered the results of our enquiries ot management in relation to their own identification and asse$smenl of the risks of irregularities within the Group,. and.. We have considered any matters we identified having obtained and reviewed the Group's documentation of their policies and procedures relating lo.. Identi.ng, evaluating and COTnplying with laws and regulations and whelher they were aware of any instances ol non-compliance., Delecling and Sponding to the risks of fTaud and whether they have knowledge of any actual, suspected or alleged fraud,. and The inlemal controls established to mitigate risks of fraud or non-compliance with laws and regulations., As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisalion for fraud ancl idenlilied the highest area of risk tg be in relation lo incorrect Income recognlion. In cornmon vthth all audits under ISAS IUKI we are also required lo perform specifi¢ procedures lo respond lo the risk of management override. We have also obtained understanding of Ihe legal 8nd regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the detemiinalion of material amount5 and disclosuies in the financial slalernenls. The key laws and regulation5 we considered in this context included the UK Companies Act, Financial Repotb'ng Standard 102, Charibes SORP and Charities Act . In addition, we conSided the provision of other laws and regulations that do not have a direct effect on the finanaal st21emenls bul compliance with May be fundamental for the Group's ability to operate or avoid a material penalty. These included safeguarding regulations, health and safely regulations. education and inspections legislation, employment legislation and data pfoleclion laws. OUT procedures lo respond to risks identified included the following.. Reviewng the finanaal 51alemenl disclosures and testing lo supporting documentation lo assess comp118nce th promsions of relevant laws and regulations described as having a direct effect on the financial slalements., Reviewing the financial slalement disclosures and testing to supporting documentation lo assess the recognition of revenue", Discussions with managemen and thtsse chaiged wlh govemancet, including consideration of known or suspected instances of non-¢ompli8nce wlh law5 and regulations and fraud., Performing analyticial procedures lo idenlify any unsuual ur unexpected relalion5hip5 that may indicate risks ol material misslalement due to fraud", Reviewing minLJles from meetings of those charged wlh governance and reviewing internal ntrol Teports., Idenlifying and testing jDumal entries, evaluating whether there was evidence of bias by the members that represented a risk of rnaterial misstatement due to fraud.. and Challenging assumpts.ons and judgements rnade by management in the significant accounting estimates. Wo also communicated identified laws and iegulalions and potential fraud risks lo all members of the engagement team and remained alert to possible indicators of fraud or nortrcompliance with laws and Page 20
BLUNDELL'S SCHOOL INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF BLUNDELL'S SCHOOL ICONTINUEDI regulations thioughoul the audit. Because of the inherent limitations of an audit, there is a risk that we will not delect all irregularities, including those leading lo a material fflisslalemenl in the financial slalemenls or non-compliance wlh regulation. Thi5 risk increases the more that compliance with a law or regulation is removed from the even15 and Iransactsons reflected in the financial ststements, as we wll be le55 likely to become aware of instances of non-eompliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error. 88 fraud involves intentional concealment, forgery, collusion, omission or misrepresenlalion. A further descripb.on of our respon5ibililie5 for the 8Ltdil tsl the financial statements is located on the Financial Reporting Council's web511e at.. www.frc.o .uklaudiloTsre5 onsibililies. This description foms part of our Auditors, Report. USE OF OUR REPORT This report is made 501ely lo the charitable companls members. as a body, in accordanee with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might s181e lo the charitable companys members those matters we are required to slate to Ihern in an Auditors, Report and for no other purpose. To the fullest extent permrtted by law, we do not ac¢epl or assume responsibility to anyone other than the charitable company and its members. a5 a body. for our audit work, for this report, OT for the opinions we have formed. TIM 8orton FCA DChA IS9nlor$latutory audltorl for and on behalf of Bishop Fl¢mlng LLP Chartered Accounlanls statutory Auditors 2nd Floor Slralus House Emperor Way Exeter Business Park Exeter EX1 3QS Dale. 02 February 2022 Page 21
8LUNDELL'S SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2021 Endowment funds 2021 £000 Restricted Unrestrlcted funds funds 2021 2021 £000 £000 Total funds 2021 £000 Total funds 2020 £000 Note INCOME AND ENDOWMENTS FROM.. Donations and legacies Charitable aclivilies Other trading acb'vities Investments 1S6 210 1S6 15,438 346 81 574 16,228 14,744 222 77 43 TOTAL INCOME AND ENDOWMENTS 443 15.574 16.021 15,583 EXPENDITURE ON: Raising funds Charitable activib"es'. Other charitable activities 223 223 232 260 15,324 15,684 14,944 TOTAL EXPENDITURE 260 15,547 15,807 15,176 NET INCOME BEFORE NEr GAINS ON INVESTMENTS Net gains on investments 183 27 214 407 20 455 486 39 NET MOVEMENT IN FUNDS 638 38 700 446 RECONCILIATION OF FUNDS: Total funds brought forward Net movernenl in funds TOTAL FUNDS CARRIED FORWARD 121 4,156 638 11,829 38 16,106 700 15,660 446 24 145 4,794 11,867 16,806 16,106 The Consolidated Statement of Finanaal Activities includes all gains and losses recognised in the year. The Notes on pages 27 to 48 fomi part of these financial slalements. Pa9e 22
BLUNDELL'S SCHOOL SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2021 Total funds 2021 £000 16,017 466 Total funds 2020 £000 15,580 37 Note Income Gains on investments GROSS INCOME IN THE REPORTING PERIOD 16.483 {15,8071 15.617 115,1761 Less.. Tol81 expenditure NET INCOMEIEXPENDITUREI FOR THE REPORTING PERIOD 676 441 The notes on pages 27 10 48 form part of these financial slalements. P8ge 23
8LUNDELL'S SCHOOL REGISTERED NUM8ER..04016403 CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2021 2021 £000 2020 £000 Note FIXED ASSETS Tangible assets Investments 14 15 17,370 3.725 17,305 2.237 21.095 19,542 CURRENT ASSETS stocks Debtors Cash at bank and in hand 16 133 208 1,506 172 741 1,682 17 1,847 2,595 Creditors." amounls falling due within one year 13,9681 14,4951 NET CURRENT LIABILITIES TOTAL ASSETS LESS CURRENT LIABILITIES 12,1211 11,9001 18.974 17,642 CreditOTS.' amounts falling due after more than One year 12.1681 11,5361 TOTAL NET ASSETS 16,806 16,106 CHARITY FUNDS Endowment fvnds Restricted funds UnstriCted funds 21 21 21 145 4,794 11.867 121 4,156 11,829 TOTAL FUNDS 16,806 16.106 The Trustees acknowled9e thwr responsibilities for complying wlh the requirements of the Act with respect lo aecounling records and preparation of financial slalements. The financial statements were approved and authorised foT 155ue by the Trustees on and signed on their behalf by". MrNPHall rGLHowe The notes on page5 27 10 48 form part of these financial slatemenls. Page 24
BLUNOELL'S SCHOOL REGISTERED NUMBER.'04016403 SCPIOOL STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 AUGUST 2021 2021 £000 2020 £000 Note FIXED ASSETS Tangible assets Investments 14 17.370 3,725 17,305 2,237 15 21,095 19,542 CURRENT ASSETS Stod<s Debtors Cash at bank and in hand 16 133 172 17 204 748 1.460 1.637 1.797 2,557 Creditors.. amounts falling due within one year 18 13,9651 14.484) NET CURRENT LIABILITIES TOTAL ASSETS LESS CURRENT LIABILITIES 12.1681 11,9271 18,927 17,615 Creditors". amounts falling due after more than one year NET ASSETS EXCLUDING PENSION ASSET 19 12.1671 {1,5371 16.760 16,078 TOTAL NET ASSETS 16,760 16.078 CHARITY FUNDS Endowment funds Restricted funds Unrestricted funds 21 21 21 145 121 4.155 11,802 4,794 11,821 TOTAL FUNDS 16,760 16,078 The Schocsl's net movement in funds for the year was £680 {2020 - £4401. The Ttuslees acknowledge their responsibilib'es lor complying with the requirements of the Act wlh respect lo accounting records and prepaT81ion of financial slalements. Th ncial slalements were appToved and autrorised for issue by the Trustees on 8nd signed on their behalf by". MrNPHall GLHO The notes on pages 27 10 48 fomi part of these financial slatemenls. Page 25
BLUNDELL'S SCHOOL CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021 2021 £000 2020 £000 CASH FLOWS FROM OPERATING ACTIVITIES Net cash prowded by operating aciivib'es 1.717 1,033 CASH FLOWS FROM INVESTING ACTIVITIES Dividends and interest received from investments Purchase of tangible fixed assets Purchase of inveslmenls Interest paid on bank loans and overdraft 81 1788) (1,003) (261 43 17371 11,1871 1581 NET CASH USED IN INVESTING ACTIVITIES (1,7361 11,9391 CASH FLOWS FROM FINANCING ACTIVITIES Cash infiows from new borrowng Repayrnents of bom)wng 1.600 (1.9021 138 166ei NET CASH USED IN FINANCING ACTIVITIES 13021 IS301 CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR 13211 1.405 11,4361 Cash and eash equivalents at the beginning of the year 2,841 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 1.084 1,405 The Notes on pages 27 to 48 fofm part of ihese finanual slalemenls Page 26
BLUNOELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 GENERAL INFORMATION Blundell's School is a company Iirnited by guarantee, incorporated in England and Wales. The registered office is Blundell's School, Blundells Road. Tiverton, Devon, EX16 4DT. The principal activty of the entity is disclosed within the Tru51ees report. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been ppared in accordance with the Charities SORP IFRS 102} Accounting and Reporting by Charities. Statement of Recommended Practice applicable lo charities preparing their accounts in accordan wlh ihe Financial Reports"ng Stsndard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Blundell's S¢hoc4 meets the definition of a public benefit entity under FRS 102. Assets and liabilities are Initially recognised al historical cost or Irans8Ction value unless olhemse stated in the relevant accounting policy. The Consolidated Stslemenl of Financial Activities ISOFAI and Consollclaled Balance Sheet consolidate the financial slalements of the School and ils subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Sthool has taken advantage ol the oxemplion allowed under seth'on 408 of the Compènies Act 2006 and has not presented r(s own Statement of Financial Activities in these financi81 stalemenls. 2.2 GOING CONCERN In our consiéeration of the presumption of going Goncem as the basis for the preparation ol the report and financial slalemenls, the Govemors have concluded that no material uncertainties have been identified that rnay cast significant doubl aboLrt the 8bility of the School lo continue as a going concem. The Govemofs therefore have a reasonable expeclab'on that the School has adequate TesDurces to continue in operational existence for the foreseeable futLtre. For this reason. we continue lo adopt the going concefn basis in preparing the financial slalements. 2.3 INCOME AJI income is recognised once the School has enlillement lo the income, il is probable that the income will be received and the amount of income receivable can be mea5UTed lIablY. The recognition of income from legacies 1$ dependent on e5tsblishing enliuemenl, the probability of receipt and Ihe ability lo estimate Mlh sufficient accuracy the amount receivable. Evidence of entitlement lo a legacy exists when the School has sufficient evidence that a gift has been left to them Ilhrough knedge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question wll not be required to satisfy claims in the estate. Receipt of a legacy musl be recognised when il is probable that it wll be received and the fair value of the amount receivable, which wll generally be the expected cash amount lo be distributed to the School, can be fellaY measured. Income lax recoverable in relation lo investment income is recognised at the lime the investment income is receivable. Page 27
BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ACCOUNTING POLICIES l¢ontÉnued) 2.4 EXPENDITURE Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, il is probable that 8 transfer of economic benefits wll be required in settlement and the amoLJnt of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activty a made up of the total of direct costs and shared Costs, including support costs involved in undertaking each acliwty. Direct costs attributable to a single activity are allocated directly to Ihal acts"vily. Shared costs which contribute to more than one acttvity and support costs which are not allributable lo a single activity are apportioned betseen those activities on a basis consistent wth the use of resources. Central staff costs are allocaled on the ba515 of lirne spent, and depreciation Charges allocated on the portion Df Ihe asset's use. Expenditure on charitable activities is in¢urred on directly undertaking the acliMties which further the Group's objectives. as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets costing £2,000 or more are capilalised and recognised when future economic benefits are probable and the cost or value ol the asset Can be rnea5ured reliably. Tangible fixed assets are initially recognised al cost. After Tecognilion. under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated imp8irmenl losses. All costs in¢urred lo bring a tangible fixed asset into ils intended working condition should be induded in the measurement tsl cost. Assets in the course of conslruetton are included al costs incur lo dale. Oeprecialion on these assets is not charged until they are brought into use. Depreciation is charged so as to allocate thg cost of tsngible fixed assets less theiT residual value over their estimated useful lives, using the slraight-line method. Depreciation is provided on the followng basis.. Freehold property Short-i@rTn le35ehold property Plant and eqvipmenl hAolor vehicles Other fixed assets 1 tsk 01 10% for improvements 10% or 25% for Computer Equipment 25% 70 2.6 INVESTMENTS Fixed asset investments are a form of financial ir551rument and are initially recognised al their transaction cost and subsequendy measured at fair value at the Balance Sheet dale, Ljnless the value cannot be measured reliably in which case rt is measLJred 81 cost less impairment. Investment gains and losses, whether reali5ed or unrealised, are combined and Pfesenled as 'GainsllLossesl on investments, ln the Con501idated Slalement of Finanaal Acb'vilies. Investments in subsidiaries are valued at cost less provision for impairment. Inve51menls hold as fixed assets are shown al c051 less provision for impairment. Page 28
BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ACCOUNTING POLICIES Icontinuedl 2.7 STOCKS Stocks are valued al the lower of c05t and nel re81isable value after making due allowance for obsolete and slow-moving stocks. Cost indudes 811 direct costs and an appropriate proportion of fixed and variable ovetheads. 2.8 DEBTORS Trade and other debtors are Tecognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 2.9 CASH AT BANK AND IN HAND Cash at bank and in hand includes cash and short-terrn highly liquid investments with a short maturity of three months or less from the dale of acquisilion Of opening of the deposit or similar account. 2.10 LIABILITIES AND PROVISIONS Liabilities are recognised when there is 8n obligation al the Balance Sheet date as a result ol a past event, it is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the School anticipates il wll pay to settle the debt or the amount it has received as advanced payment5 for the goods or services it musl provide. Provisions are measured al the best estimate of the amounts required to settle the obligation. Where the effect of the lime value of money is material. the pfovision is based on the present value of those aThount5, discounted al the pre-tax discoLint rale that reflects the risks specific lo the liability. The unwinding ol the discount is recognised in the Consolidated Statement of Finanaal Activities as a finance cost. 2.11 FINANCIAL INSTRUMENTS The Group only has financial assets and financial liabilities of a kind that qualify as basic financial in51rurnenls. Basi¢ financial instruments are initially Tecognised al transaction value and 5ubsequentty measured at their settlement value with the exception of bank loans which aTe subsequently measured at amort15e£l cost using the effective interest method. 2.12 PENSIONS The Group operates three defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the funds in respect of the year. The Group is a member of the Teachers, Supperannualion Scheme. 11 is not possible for the Group lo obtain sufficient information lo enable it to account foi the plan as a defined benefit plan, it accounts for the plan as a defined contribution plan. Page 29
8LUNDeLL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ACCOUNTING POLICIES l¢ontlnuedl 2.13 FUND ACCOUNTING General funds are unreslricled funds which ale available for use al the discretion of ihe Trustees in furtherance of the general objects'ves of the GTOUP and which have not been designated lor other purpose5. Restricted funds are funds which are lo be used in accordance with speafic Teslnclions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each reslricled fund 15 Set out in the Notes lo the financial statements, Investment income, gains and losses are allocated lo the appropriate fund. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expe¢t81ions of future even15 that are believed lo be reasonable under the circumstances. Critical accounting estimates and assumptions.. The School makes estimates and assurnplions conceming the future. The resulting accounting estimates and assumptions will, by definilion. seldom equal the related actual results. The eslimales and assumptions that have a significant risk of causing a material adjustment lo the catrying amounts of assets and liabilities within the next financial year are discussed below. Critical areas of iudgemenl.. The annual depreciation charges for tangible fixed assets are sensitive lo changes in the estimated useful economic life ol the assets. The useful lives are am&nded when necessary lo refle¢l current estsrnales. The School makes an estimate of the recoverable value of trade and other debtors. Factors such as the ageing profile of the debtors and historical experience 8re cons1dered. Bad debts are Considered on a case by case basis, taking into account the likelihood of Tecovery. Debts are written off in line wlh approval limits if deemed appropriate. Page 30
BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 INCOME FROM DONATIONS AND LEGACIES Restrfctsd funds 2021 £000 Total funds 2021 £000 Total funds 2020 £000 Donations Legaoes 70 86 70 86 TOTAL 2021 156 158 574 TOTAL 2020 574 574 INCOME FROM CHARITABLE ACTIVITIES Restrlcted Unrestrl¢l¢d funds funds 2021 2021 £000 £000 Total funds 2021 £000 Total funds 2020 £000 Gross Fees Less.. Total scholarships, bursaries, grants and allowances Add baek.. scholarships, bursaries, grants and allowances paid by Restricted Funds Furfough funding 33 18,381 18.414 16,947 13.1531 (3,1531 (2,7931 171 171 582 TOTAL 2021 210 15,228 15,438 14,744 TOTAL 2020 590 14,154 14,744 Page 31
BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 INCOME FROM OTHER TRADING ACTIVITIES Income from fundraising events Unrestrlcted funds 2021 £000 Total funds 2021 £000 Total nds 2020 £000 Fundraising 146 146 Income from non charitable trading activities Unrestrlcted funds 2021 £000 Total lunds 2021 £000 Total funds 2020 £000 Trading subsidiary Ancillary trading turnover 51 149 51 37 185 149 TOTAL 2021 200 200 222 TOTAL 2020 222 222 INVESTMENT INCOME Endowment Restrlcted fund$ funds 2021 2021 £000 £000 Total funds 2021 £000 Total lunds 2020 £000 Income from listed investments 81 43 TOTAL 2020 40 43 Page 32
8LUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 EXPENDITURE ON RAISING FUNDS FUNDRAISING TRADING EXPENSES Unre5tri¢ted funds 2021 £000 Total funds 2021 £000 Total funds 2020 £000 Fundraising costs 98 98 99 TOTAL 2020 99 99 OTHER TRADING EXPENSES Unrestrlctod fund$ 2021 £000 Total funds 2021 £000 Total funds 2020 £000 Trading costs Trading staff costs Cost of sales 94 99 31 31 21 Administration expenses TOTAL 2021 125 125 133 TOTAL 202tt 133 133 Page 33
8LUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Summary by fund type Restricted Unrestricted funds funds 2021 2021 £000 £000 Total fund5 2021 £000 Total funds 2020 £000 Teaching Welfare Premises Grants, awards and Prizes Marketing offi and adminislralion cos15 Minibus Finance costs 256 9,125 1,734 3.236 9,381 1,734 3,236 8.981 1.627 2,902 167 826 92 144 167 220 826 92 145 859 80 272 TOTAL 2021 260 15,324 16,684 14.944 TOTAL 2020 675 14,269 14,944 10. ANALYSIS OF EXPENDITURE BY ACTIVITIES A¢tivitie$ undertaken dlrectly 2021 £000 Support costs 2021 £000 Total funds 2021 £000 Total funds 2020 £000 Teaching Welfare Premises Grants, awards and prizes Marketing Office 8nd administration costs Minibus Fin8nce costs 9,243 1,734 2,507 138 9,381 1,734 3,236 8.981 1.627 2.902 729 167 167 220 826 826 92 859 92 80 144 272 TOTAL 2021 13,487 2,096 1S.584 14,944 TOTAL 2020 12,743 2,201 14.944 Page 34
BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 11. AUOITORS. REMUNERATION The auditOfS' remuneration amounts lo an auditor fee of £13.200 {2020 - £12,000), and accourlts and taxation service of £5,00012020- £5,000). 12. STAFF COSTS Group 2021 £000 Group 2020 £000 School 2021 £000 School 2020 £000 Wages and salaries Social security costs Conlribulion lo defined contribution pension schemes 8.S60 711 8,382 714 8,560 711 8,382 714 1.385 1.400 1,385 1,400 10,656 10.496 10,656 10,496 The average number of persons employed by the School during the year was as follow5". Group 2021 No. Group 2020 Education Semces Support Fundraising Cateiing and shop 210 202 109 112 12 32 34 366 364 The number of emptoyees whose employee benefits lexcluding employer's National Insuran contributions and employer pension costs) exceeded £60,000 was.. Group 2021 No. Group 2020 In the band £60.001- £70,000 In the band £70,001 - £80,000 In the band £80.001 - £90,000 In the band £110,001 £120,000 For those staff whose emoluments exceed £60,000, four of the above staff members12020.' four) have benefits accruing under a defined benefit pension scheme and one has benefits under a defined contribution pension scheme.. The School made employer's contributions of £91.000 12020." £89,000110 the levant pension schemes in relation lo these employees. Key management personnel received renumeralion for the year of £571,000 {2020'. £567,000), including the cost of employevs pension and Nab'onal Insurance contributions. Page 35
BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 13. TRUSTEES. REMUNERATION AND EXPENSES During the year. three Govemors12020". five} received expenses covering tr8vel during the year lolaling £58012020. £5591. 1& TANGIBLE FIXED ASSETS GROUP AND SCHOOL Short-tem Fr8ghold leasehold Plant and property property equipment £000 £000 £000 Motor Other fixed vehicle$ assets £000 £000 Total £000 COST OR VALUATION Al 1 September 2020 Additions Disposals 17.491 554 114 5,970 209 125 947 24,647 797 (91 191 At 31 August 2021 18.045 114 6,179 150 947 2S,436 DEPRECIATION At 1 September 2020 Charge for the year On disposals 2,563 230 113 3,987 113 566 42 7,342 731 {81 At 31 August 2021 2,793 114 4,425 125 608 8,065 NET BOOKVALUE Al 31 August 2021 15,252 1,754 25 339 17.370 Al 31 August 2020 14,928 1,982 13 381 17,305 Page 36
8LUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 15. FIXED ASSET INVESTMENTS Other fixed Llsted asset investments investments Total £000 Group and School £000 £000 COST OR VALUATION Al 1 September 2020 Additions Gain 1.062 79 1,175 924 285 2,237 1,003 201 AT 31 AUGUST 2021 1.341 2,384 3.725 NET BOOK VALUE AT 31 AUGUST 2021 1,341 3.725 A T31 AUGUST2020 1,062 1,175 2,237 16. STOCKS Group 2021 £000 133 Group 2020 £000 School 2021 £000 133 School 2020 £000 172 Finished goods and goods for resale 172 17. DEBTORS Group 2021 £000 Group 2020 £000 School 2021 £000 School 2020 £aoo DUE WITHIN ONE YEAR Trade debtors Amounts owed by group undertakings other debtors PpayMentS and accrued income 42 332 38 332 12 10 156 94 10 156 89 315 315 208 741 204 748 Page 37
8LUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2021 £000 Group 2020 £000 School 2021 £000 School 2020 £000 Bank overdrafts Bank loans Trade credrtors Refundable deposits Taxation and soaal security Other creditors Accruals, deferred income and fees in advance 422 277 422 277 347 802 347 802 302 202 302 202 61 64 196 183 61 190 190 456 183 2.190 2.771 2,187 2.760 3.968 4.495 3,965 4,484 Following a formal b8nk re-tender proces5 in 2019120, all bank facilities were transferred and consolidated into one new facility provided by HSBC UK, in October 2020. Within the new facility provided by HSBC UK, there are two loan facilities and the overdraft. The facility is for a period of 5 years from October 2020, attracting interest al 1.40A above the base rate. Monthly repayments of both capital and interest are payable. The facility 15 secured over the land and buildings of the School. Included within Other Creditors is £257k received on behalf of the Ondaatje Hall Cricket Trust and due lo be paid lo It. Deferred Income Group 2021 £000 Group 2020 £000 School 2021 £000 School 2020 £000 Group and Schoo Delerred income at 1 September 2020 Resources deferred during the year Amounts released from PvIouS periods 2.699 1,966 {2,6991 2,098 2,699 {2,0961 2,699 1,966 12,6991 2,096 2,699 12.096} 1.966 2,699 1,966 2,699 Oeferled income relates to the payment of school fee5 paid in advan of the start of the Autumn Term. P8ge 38
8LUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 19. CREDITORS.. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group 2021 £000 Group 2020 £000 School 2021 £000 School 2020 £000 Bank loans Refundable deposits Fees in advance 1.102 360 706 949 1,102 360 949 352 352 235 705 235 2,168 1,536 2.167 1,536 Parents may enter into a contract lo pay fees lo the School to cover future periods. The money may be returned subject lo specific conditions. 20. FINANCIAL INSTRUMENTS Group 2021 £000 GTOUP 2020 £000 School 2021 £000 School 2020 £000 FINANCIAL ASSETS Financial assels measured at fair value through income and expenditure 3.725 2.237 3,725 2,237 Finanaal assets measured at fair value through income and expenditure comprise market listed Investments. Page 39
BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 21. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 1 September 2020 £000 8alance at GaSn51 31 August {Lossesl 2021 £000 £000 Transfers inlout £000 Income Expenditure £000 £000 UNRESTRICTED FUNDS General funds Non-charilable trading reserves 11,802 15,523 {15,5471 31 11 11.820 27 51 1311 47 11,829 15,574 115,$471 11 11.867 ENDOWMENT FUNDS Peter Hurford Organ Scholar 121 20 145 RESTRICTED FUNDS StholaThips and prizes Foundats"on Appeal James Bullock Memorial Scholarshlp Fund Colin Beale Hay Library Fund War Memorial Fund CCF Chapel Funds Music Funds Preparatory School Drama Fund Halford Bequest Fiona Baddeley Drama Fund Agricultural Bursary Fund Holst4US Scholarship Fund 247 73 320 1,OS7 102 1731 14251 861 37 232 45 42 230 5S 220 35 261 48 57 169 13) 11) 166 12 146 12 31 180 18 22 163 27 195 1,233 113 186 1,632 Page 40
8LUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 21. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS- CURRENT YEAR Icontlnuedl Balan¢e at 1 September 2020 £000 Balance at Galnsl 31 August (Lossesl 2021 £000 £000 Transfers Inlout £000 Income Expenditure £000 £000 The John Victor Reynolds and Ber0 Reynolds MLJSi¢ Scholarship Fund Blundells Bursary Fund Un5penl donab'ons Furlough Grant 510 21 49 580 425 31 458 18 23 171 11711 4.156 1260) 465 4,794 TOTAL OF FUNDS 16,106 16,021 11S,8071 486 16,806 Page41
BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 21. STATEMENT OF FUNDS ICONTINUEDI STATEMENT OF FUNDS - PRIOR YEAR 8alance al 1 September 2019 £000 Balance at 31 August 2020 £000 Gainsl IL055esl £000 Income Expenditure £000 £000 UNRESTRICTED FUNDS General funds Non-charitable trading reseNes 11,934 22 14,339 37 114.4691 1321 121 11,802 27 11.956 14,376 114.501} 121 11,829 ENDOWMENT FUNDS Peter Hurford Organ Scholar 116 121 RESTRICTED FUNDS Scholarhips and prizes Unspent donations Foundation Appeal James Bullock Memorial SchL)lawship Fund Colin Beale Hay Library Fund War Memorial Fund CCF Chapel Funds Music Funds Preparatory School Drama Fund Halford Bequest Fiona Baddeley Drama Fund Agricultural Bursary Fund HolsliLts Scholarship Fund The John Victor Reynolds and Beryl Reynolds Mu51C Scholarship Fund Furtough Grant 257 20 14) 1261 247 1,070 61 1741 1.057 38 131 131 121 37 235 232 45 220 47 210 47 121 141 48 169 173 12 118 12 26 146 17 18 155 163 1.189 14 30 1,233 510 582 510 15821 3,588 1,204 16751 39 4,156 TOTAL OF FUNDS 15,660 15,583 {15.1761 39 16,106 Page 42
BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 The main restricted funds comprise.. Scholarships and Prizes- Donations and legaues for the purposes of providing schoiarships and prizes. Foundation Appeal- Ongoing appeal to provide funds for projects, scholarships and bursaries. James Bullock Memorial Scholarship Fund - Donations for the Pufpose of providing awards to leaving pupils lo spend on materials required for university. Colin Beale- Donation from the Old Blundellian Club lowar(Ss a building. Hay Library Fund- Donatsons and legacy for the purpose of prowding books for the librdry. War Memorial Fund - To maintain and keep in good repair the Memorial Cross and Tablets and lo award bursaries lo the sons of Old 8lundellians who, in the opinion of the Trustees, are in need of financial assistance. Reserve account- Remains of 8 beque811o be use(J at the absolute discretion of the School Govemors. CCF- Pupil sub5CriPtions to the Combined Cadet Force used to fund the running of the unit Chapef Funds- Pupil subscriptions used for ecumenical purposes. Music Funds- Donations lo the Music Department. Preparatory School Drama Fund - Donation towards the cost of building a Drama Studio al Preparaltsry School. Halford Bequest- Donation lo the History Department. Fiona Baddeley Drama Fund - Legacy lo be used fund those pupils audition fee lo enter Orama School ordinarily cannot afford the fee. Agricultural Bursary Fund - Donation to be used to provide bursaries for the thildren of agricultural workers who olherwse would be Ltnable to altend the School. Holslius Scholarship Fund- Legacy lo provide scholarships. The John Victor Reynolds and Beryl Reynolds Music Scholarship Fund - A Legacy Fund lo be applied to the benefit of one or more music scholars of promising talent of the School'5 choosing. Blundell's Bursary Funrj - The Govemors have transferred part of the Foundation appeal Monies given for the purpose of bursaries into this separate lund. They intend to preserve the capitsl and use the income for the 8W8rd of me8ns tested bursaries. Furlough Grant - govermenl funding for the fudough scheme. to only be used for paying specifc wage costs. Page 43
BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 22. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT YEAR Endowment Restrlcted Unrestricted funds funds fund5 2021 2021 2021 £000 £000 £000 Total funds 2021 £000 Tangible fixed as5els Fixed asset investments Current assets Creditors due wlhin one year Creditors due in more than one year 963 3,570 551 {2901 16,407 21 1,284 {3,8781 {2,1671 17.370 3,725 1,846 13,9881 12,1671 134 11 TOTAL 145 4,794 11.867 16,806 ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Endowment fund5 2020 £oc¢o Reslricled Unreslricled funds funds 2020 2020 £000 £000 Total funds 2020 £000 Tangible fixed assets Fixed asset inve5tmenis Current asse15 Credrtors due within one year Creditors due in more than one year 1,435 1,849 872 15,870 272 17,305 2,237 2,595 14.495) 11.536) 116 1,718 14,4951 (1,536) TOTAL 121 4,156 11,829 16,106 Page 44
BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 23. Group 2021 £000 Group 2020 £000 Net income for the year las per Statement of Finanual Activities) 700 446 ADJUSTMENTS FOR: Depreciation charges Interest payable Gains on investments 723 660 26 58 14861 1811 40 1391 1431 131 11831 137 Income from investmen15 Ilncrea5ellDecrease in stocks IlncreasellDecrease In debtors IncreasellDeereasel in ¢redilors 533 282 NET CASH PROVIDED 8Y OPERATING ACTIVITIES 1,717 1.033 24. ANALYSIS OF CASH AND CASH EQUIVALENTS Group 2021 £000 Group 2020 £000 Cash in hand Overdraft facility repayable on demand 1,506 14221 1,682 (2771 TOTAL CASH AND CASH EQUIVALENTS 1,084 1.405 25. ANALYSIS OF CHANGES IN NET OE8T At1 September At31 2020 Cash flows August 2021 £000 £000 £000 1,682 12771 18661 {9491 Cash al bank and in hand Bank overdrafts repayable on demand Debt due within 1 year Debt due after 1 year 1176) 11451 458 11 $31 1,506 14221 14081 11,1021 (4101 1161 1426) Page 45
BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 26. CAPITAL COMMITMENTS Group 2021 £000 Group 202Cs £000 School 2021 £000 Sch¢Jol 2020 £000 CONTRACTED FOR BUT NOT PROVIDED IN THESE FINANCIAL STATEMENTS Acquisition of tangible fixed as5els 332 202 332 202 27. PENSION COMMITMENTS The School participates in the Teacheis, Pension Scheme I'the TPS'I for ils teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,197,14712Q20'. £1,191,000) and al the year-end £139,261 12020." £143,000) was accrued in respect of contributions lo this scheme. The TPS is an unfunded mulli-employer defined benefits pension gcheme govemed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 las arnendedl. Members contribute on a pay as you go. ba515 with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public lunds provided by Parfiament. The employer contribution rale is sel by the Secretary of Stale following scheme valuations undertaken by the Govemmenl Actuary's Department. The most recent acluarial valuation of the TPS was prepared as al 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase frDm 16.40h lo 23_6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving 8 total employer contribution Tale of 23.68%. The 31 March 2016 Valuation Report was prepad in accordance wrth the benefits sel OLtI in the scheme regulations and under the appmach specified in the Directions, as they applied al 5 March 2019. However, the assumptions were considered and Sel by the Department for Education prior to the ruling in the 'McCloudlSargeant case,. This case has required the courts to consider cases regarding the implementation of the 2015 ref0rm5 to Public Service Pensions including the Teathers. Pensions. On 27 June 2079 the Supreme Court denied the government permission lo appe81 the Court of Appeal, judgment that transitional provisions introduced lo the reformed pension schemes in 2015 gave rise lo unlawful age discrimination. The government is respecting the Court's decision and ha5 said it will engage fully with the Employment Tribunal as well as employer and mernber repre5enlalives to agree how the discriminations wll be remedied. A consullalion was launched by the government on 16 July 2020, and dosed tts responses on 11 October 2020. The TPS is subject lo a cost cap mechanism which was put in pla¢e lo protecl taxpayers against unforeseen changes in Scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of thi5 Cost cap mechanism, in January 2019 announced a pause lo Ihe cost cap mechanism followng the Court of Appeal's ruling in Ihe M¢CloudlSargeant case and until there is ertainly about the value ol pensions to employees from April 2015 onward5. The pause wa5 lifled in July 2020 and the govemment is preparing lo complete the cost control element of the 2016 valuats"ons, which is expected to be completed in 2021. In wew of the above rulings and decjsions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and Sultably Tevised assumptions would yield different results than those contained in the Actuarial Valuatron. Until the consultation and the cost cap mpchanism review are completed il is not possible lo condude on any financial impact or future changes to the conlnbulion rates of the TPS. Accordingly no provision for any additional pasl benefit pension costs is included in these financial stalernents. Page 46
BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 27. PENSION COMMITMENTS (CONTINUED) 28. OPERATING LEASE COMMITMENTS Al 31 August 2021 the Group and the School had commitments lo make future minimum lease payments under non-cancellable operating leases as follows.. Group 2021 £000 Group 2020 £000 School 2021 £00 School 2020 £000 Not18ter than l year Later than 1 year and not later than 5 years 142 135 78 142 135 78 275 275 277 353 353 29. PRINCIPAL SUBSIDIARIES The following was a subsidiary undertaking ol the School.. Name Company number Registered office or princlpal PrEn¢lpal activlty place of business Horsdon Enterprises Limfted 027658380 Blundell's School. Blundell's Road, Tiverton, EX16 4DT Lettings services and sub conlfa¢l work for the school Holdlng Included In consolldatlon 100DA Yes The financial Tesulls uf the subsidiary for the year were.. Name Income £000 ProfiVILossl I Surplusl IDeficitl for the year £000 Net assets £000 Horsdon Enterprises Limited 51 47 30. MEMBERS. LIABILITY Each member of the charitable company undertakes to contribute lo the assets of the cornpany in the event of il being wound up while helshe is a member, or within one year after helshe ceases lo be a member, such amount as may be Tequired. not exceeding £10 for the debts and liabilities contracted before helshe ceases lo be a member. Page 47
8LUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 31. RELATED PARTY TRANSACTIONS The School has not entered into any related party Iiansaction during the year, nor are there any outstsnding balances owng belween related partie5 and the School al 31 August 2021. Page 48