Regl$lered number: 04016403 Charlty number.. 1081249 BLUNDELL'S SCHOOL TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ishop Fleming 8LUNDELL'S SCHOOL CONTENTS Page Reference and Administrative Details of the School, tts Trustees and AdviseT5 Trustees, Report In(lependent AuditOT5' Report on the Financial Ststement$ Consolidateil Statement of Financial Activitie5 17-20 21 Consolidatsd Income and Expenditure Account Consolidated Balance Sheet 22 23 School 8alance Sheet 24 onsolidated Statement of Cash Flows 25 Notes to the Financial Ststements 26.49 BLUNDELL'S SCHOOL REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022 Trustees & Dir8Ctors Mr N P Hall, Chair12.3 Dr S B Anse112,3 Mr N Arnold1,2,4 Ms A Crosse2.4 Mr N Cryeri Mr G L Howe1.2 Mr M Hunlingfordl,4 Mr M J Lovett2,3.4 Mrs J M A ManniK1,3 Fr R Maudsley Iresigned 1 July 202212,3 Rt Rev'd N H P McKinne13 Mrs D L Rees2,3 Mr R W Thanel.2.3 Mr l R G Thomasi,3 Mrs J S Thomson1.3.4 Dr M E Wood3.4 Mr A Smith lappointed 26 November 202111.2.3.4 Finance and General Purposes Committee Blundell's Preparatory School Committee EducatlDn Committee Governance Committee Company registered number 04016403 Charity rggSstered number 1081249 Reglstered office Blundells Road Tiverton Devon EX16 4DN Head Mr B Wielenga. Bcorn. Natal & Johannesburg, BEd Company secretary Mrs A Hedrich-wiggans, MA {Cantabl. Mst Ioxonl, ACA Independent auditors Bishop Fleming LLP Chartered Accountants 2nd Floor Stratus House Emperor Way Exeter Business Park Exeter EX13QS Bankers HSBC Bank PIC Slralus House Emperor Way Exeter Business Park Exeter EX13QS Page 1 BLUNDELL'S SCHOOL REFERE14CE AND ADMINISTRATIVE DETAILS OF THE SCHOOL. ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Sollcitor5 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 2022 1. REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2022 The Trustees, who are also directors of the company for the purpose of the Companies Act 2006, present their annual report and the audited con501idated financial slalemenls for Ihe year ended 31 August 2022. The Trustees, all of whom served throughout the year lo 31 Augus12022 and up lo the dale of signing the financial stalemenls, except where otherwise disc105ed, are listed on page 1. 81undell's School I'the School l is a charitable company limited by guarantee, governed by its Memorandum and Articles of Association (company registered number 40164031 and a charity registered with the Charity Commission Icharily registered number 10812491- 11 has a wholly owned subsidiary, Horsdon Enterprises Limited (company registered number 27583601. Two directors of Horsdon Enterprises Limited hold one share each in trust for the School. The information with respect to Trustees, direcloTS, officers and advisers, sel OLII on pages 1 and 2, fomis part of this report. The financial slalemenls comply with current slalulory requirements, the Memorandum and Articles of Association, applicable Accounting Standard5 Iri the United Kingdom and the Statement of Recommended Practice ISORPI 'Accounling and Reporting by ChaTilies.' Slalement 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 leffeclive 1 January 20191, the Charities Act 1993 las amended by the Charities Act 20111 and the Companies Act 2006. 2. Executlve Sumrnary Our Report gives an overview of the year's activities at 81undell's School (including Blundell's Preparatory School) both academic and co-curricular our financial strength and our Governance. Our primary objective, lo provide a fiTS1-class independent education for all our pupils as they move through the School, has not changed and we highlight in our Report the ways in which progres5 has continued. 11 is our aim to achieve the best possible environment for academic learning and teaching and the all-round development of the sporting. artistic and social skills of our pupils. The year ended 31 August 2022 saw a return lo a more normal level and pallern of academic and co-curricular aclivilies, after the severe disruption of the last two years caused by the Coronavirus pandemic. Publi¢ examinations were undertaken for the first time since 2019 and a more nomial programme of sports, music and drama activities was possible. Challenges remained however, In particular, absence due lo sickness amongst staff was higher than normal. Pupil numbeTS al both the Senior and Preparatory School have been high with strong recruilmenl al all entry points. 11 has been pleasing that the achievements of the school prior lo and during the pandemic are recognised by both current and prospective parents and our offering continues to be in demand. We have continued to be a positive conlribulor lo our local community in a variety of ways wilh many activities initiated and driven by our Direelor of Community Partnerships. Both our schools have contributed to the West Country Teaching School Alliance and we have extended our partnerships with local schools, holding events through which we can share the facilities we have available and enhance the relationships that develop. Our finances came under pressure during the pandemic bul through careful management and the support of our parent body we have remained financia15y sound while recouni5ing 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 pur5uII of excellence particularly in the face of circumstances that presented them with unprecedented challenges. Page 3 BLUNOELL'S SCHOOL TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 3. Aims, objectives and activities The primary object of the School, as stated in 115 Memorandum ol Association. Is lo advance education through the piovision of an age 2'A lo age 18 co-educational day and boarding school known as Blundell's School or such other schools as the Board of Trustees shall determine. Within this object, the School's aim Is lo provide h'rsl class independent education, both through strong academic tuition, and through developing wider sporting. musical, artistic and social skills in all ils pupils. The School's main objective for the year is for pupils lo achieve good examination results al both A and GCSE levels The School's slialegy for achieving Ihese resLJlts Is by seeking continually lo improve academic standards throughout the School", providing the best possible environment for teaching and providing excellent pastoral care and a varied co-curricular progiamme. Our core School aims cenlre around the theme of providing 'Rools and Wings, foT our pupils. These are defined as follows Roots.. To develop depth and breadth of characler, which will encourage resilience, optimism, self- control and generosity within the rich Christian values that we have. To develop a 5en5e ol social responsibility and to be mindful ol our role in our community towards each other, our role in society al large and in the global environment. which will encourage consideration, mindfulness and respect. Wings.. To develop independence. taking responsibility for our own growth and development which will enable us lo show inilialive, lake ownership and feel satisfaction in what is achieved_ To pursue excellence, aspiring to do everything as 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 activities, the Trustees have given careful consideration to 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. ACHIEVEMENTS AND PERFORMANCE 4. Academic This yeaf we returned lo a degree of normality with public exams being written again for the first tsme since 2019. Howevei, the academic provision extends far beyond the demands of the examinalions. and we are proud of the range of successes that pupils have achieved over the past year. Below is a flavour of some of these achievements.. Two successful offers from Oxbridge, both for Law, one lo Oxford and one lo Cambridge. An Upper Sixth pupil made the four-man UK Chemistry Olympiad Team where he competed in an international field. He achieved a Gold Award, placing 29th out of 320 candidates from around Ihe World. Wimbledon Bookfesl young Writer Compelilion.. Runner up Arkwright Engineenng Scholarships.. Two Lower Sixth pupils Cambridge Chemistry Challenge" 2 Gold, 5 Silver and 2 Copper Awards Chemistry Olympiad. 2 Gold, 7 Silver and 3 Bronze Awards Junior Maths Olympiad. Top 25 Nationally pupil In Year 9 Inlermediale Maths Challenge." 5 Gold, 13 Silver and 18 Bronze Awards Page 4 BLUNDELL'S SCHOOL TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Senior Maths Olympiad.. 7 Gold, 6 Silver and 16 Bronze Awards One pupil in the Top 100 and another in the Top 250 Bebra Computational Thinking Challenge.. 27 Gold Awards Brillsh Astronomy and Astrophysics Challenge.. 1 Gold, S Silver and 2 Bronze Awards 8rilish Physics Olympiad.. Senior- 3 Gold Awards, Intefmediale- 2 Gold Awards Senior Physics Challenge." 4 Gold and 1 Silver Awafd Junior Physics Challenge.. 3 Gold Awards Oxford University Computing Challenge.. One Distinction, one Merit Award National Scientific Thinking Challenge.. 3 Gold and 1 Silver Award British Biology Olympiad.. l Gold and 3 Silver Awards Junior Biology Challenge_. 3 Gold, 10 Silvei and 5 Bronze Awards At the Preparatory School, annual standardised scores indicated an above average academic profile across all age groups, with the addition of 10 academic awards lo Blundell's Senior School gained by Year 6 pupils during the 11+ exam period in January 2022. Notable academic successes have included Gold awards in national BEBRAS Compulalional Thinking Competitions and UK Maths Challenges. Children sal CAT4 assessments in October 2021. creating a baseline of potential for the year ahead. In May 2022, a second sel of standardised assessments were used to measure progress and results showed that over 85% of the children achieved al or above national expectations in English, Maths and Science. A Level and GCSE Results The exam results were very pleasing and the vast majority of Upper Sixth pupils were successful in gaining places in either their first choice or insurance university. The results were anticipated lo be somewhere between the pre-covid level and that of the cent￿ Assessed Grades of 2021. 11 remains difficult to accurately compare data and il will be some lime before we can do so with any degree of confiden￿. A-Level Results were especially pleasing with 78% of pupils achieving A. B grades. The GCSE cohort achieved an admirable level of success and whilst the overall average was quite low. there were still some exceptional individual achievements. Some of the lower results on paper still marked excellent results in practice as this was the generation of pupils whose studies were most disrupted by Covid. 39tsA 8 _ 9 grades still represented a gLX)d outcome and is comparable to the 400k achieved by the very strong cohort of 2019. Music and Drama Major Concerts Carnival of the Animals by Saint-saens in the Autumn Term Carols in Exeter Cathedral - Aulurnn 2021 Blundell's in Space- Spring 2021 London Chamber Orchestra collaboration at Sl John Smith Square, London- Surnmer Major Productions in Ondaatje Theatre °Our Town" Thornton Wilder- Senior- Autumn Tem) 'Wolves of Willoughby Chase- Joan Aiken - Year 7 & 8- Spring Term A5 You Like Il'_ Shakespeare- Year g & 10- Summer Term Other highlights Successful acceptance lo the Trinily Laban Conservertoire Three pupils achieving ARSM Diploma's in their instruments Iposl Grade 81 A number of pupils successfully achieving their Trinity Gold Awards in Art Page 5 BLUNDELL'S SCHOOL TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 The successful launch of the first Blundell's Art Festival in the Summer Term At the Prep School, the Summer Play for Year 6 was Chilty Chilty Bang Bang, in which all 47 children within the cohort played a part. Sport HighSighls include.. Girls, Hockey U13 Devon County Champions U14 Devon County Champions U16 National Plate Semi-Finalisls U18 National Cup Quarter-Finalisls 1 England U18, 1 England U16, 1 Sweden U18 7 U14. 3 U15 and 5 U17 Devon Hockey players Boys, Hockey U18 4th Round National Hockey Cup U14 South Wesl Semi-Finalists 2 South Wesl Panthers players 8 U14, 1 U15 and 2 U17 Devon Hockey players Alhlelics 5 Devon County representatives al the English Schools Championships A full scholarship lo the University of Alabama for Alhlelics 2 pupi15 Tepresenled Devon in Cross Country Equestrianism Regional and National Representation Blundell's own One Day Event at Pontispool, Somersel Rugby Numerous boys involved with the Exeter Chiefs Academy Seven's Rugby-. Devon County Champions in all age groups Cricket U15 Semi-Finalisls in the National Schools Cup ITop 4 nalionallyl 5 boys Tepresenling Devon County on their lour lo South Africa NumeTous boys and girls representing Devon and other counties One U14 girl involved in the Southern Vipers Academy U14 and U15 Girls, Devon Country Champions Netball Numerous pupils representing East Devon Netball Academy Al the Prep School, girts and boy5 play cricket together and a number went on to play representative cncket for the county. Our younger pupi15 returned to a full programme of fixtUTe5, with notable success for the Under 11 Girls, hockey team who were runners up in the IAPS National Hockey final. We still held various internal sporting events including a very successful Alhlelics day as well as a swimming gala. The Annual Russell cross country run was as competitive as ever and showed Page 6 BLUNDELL'S SCHOOL TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 that, despite all the difficult cireumslances, sport remains a central pillar in the life and culture of the school. During the Summer Term, we welcomed spectators lo a wide range of events and we made the most of the fine weather with our Nursery, Pre.Prep and Prep Sports Days, all ol which were very well allended. CCF, Ton Tors and Duke of Edinburgh Highlights 3 x 35 mile and 2 x 45 mile Ten Tors teams- all successfully finished 3 crews completed the 125 mile Devizes to Weslmin51er International Canoe Marathon. including the 1s1 mixed school crew. Duke of Edinburgh.. record numbers of Bronze, Silver and Gold awards Clay Pigeon Shooting Team started competing The Rifle Team continued lo achieve success 8Tec in Leadership in the Community completed by several pupils ILM Level 2 Award in Effective Team Member Skills completed by several students World Challenge The Wortd Challenge Expedition was intended lo go lo Madagascar in the Summer of 2021. Due to Covid that was pushed back lo Summer 2022. 11 was fell that Madagascar had not sufficiently progressed with its Covid measures and the destination was changed lo Ecuador. A fortnight before departure. polilical unre51 broke out in Ecuador and the location was changed to Morocco. The team eventually had a wonderful experience in North Africa. 5. Public Benefit- Extemal engagement with local schools, clubs. and other Charities Under the leadership of the Director of Community Partnerships, Blundell's engagement with the local community continues lo ffouri5h. There are three main components to the work.. 1. Charitable giving and work". There are a number of charities sUPPOrted by the school. a. CHAT.. The Churches Houses Action Team ICHAT) is a local Tiverton charity established to support homelessness in the area. In recent limes the school has raised funds, helped in the stores room. collected food parcels, and helped to design a web page. In May Blundell's look part in the Big Sleep pupils and staff slept 'rough' lo raise money for the charity. a fundraising event where b. Will's Woods.. This local charity aims lo provide a haven for families who have children suffering fiom serious illness. Founded in memory of their son who died of cancer al a young age, the charity is run by Blundell's Prep School parenls. Along with fund raising, teams of pupils have worked on the sile. working in the gardens, laying out foolpalhs and doing other manual labour. Hospicecare.. This can￿r charity has a facility close to Blundell's where pupils have been working in the gardens for a number of years. d. Bhambayi Project near Durban. South Africa. This is a charity the school has been supporting for a number of years and thi5 has included fundraising as well as clothes collections and a Chii51mas Box appeal. Two Blundell's families visited the charity in South Alrica over the Summer and the relationship conbnues lo strengthen through that personal contact. 2. Community Outreach, mainly focused on local Primary Sehool3' Over the past year numerous Primary Schools have visited the school garden where children leam about various aspects of growing vegetables and plants. The day vi511s have also included time in the Biology Department working alongside senior pupils. and lime on the sports fields with PLJpiI sports leaders. Members of our PE department continue lo support the Culm Valley Small Schools Association with PE lessons and sports support. Page 7 BLUNOELL'S SCHOOL TRUSTEES REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 3. Partnership worf(.' Our relationship with the local council continues lo strengthen with pupils regularly allending the Council meetings to report on what is happening al Blundell's and in particular with regards lo the CommLJnity work. Our collaborations with Tiverton High School. through their pupil Ambassadors continue lo develop well. We have collaborated with local primary schools and Tiverton high School in musical perfom)ances in recent years. Gardening. a popular activity within the School, now also includes weekly volunteer work by pupils in a local Hospice vegetable bed and herb garden, 3s well as involvement with Tiverton in Bloom. Last October. our garden successfully participated in the RHS Campaign for School Gardening Big Soup Open Garden Event. 11 is our intention lo participate in the 2023 National Gardens Scheme, raising funds for Cancer charities. We are members of the West Country Teaching Schools Alliance and the Culm Valley Small Schools Association. The Teaching Schools Alliance has proved especially valuable In areas of teacher training and a number of our ECT and ITT teachers do their placements at Uffculme School. Al the Preparatory School, a number of chaiities have been supported throughoijt the year - local, national and inlernalional charities have been researched by the pupils and thousands of pounds have been raised foi Ihem along the way, often through child-initiated activities such as cake sales, Sponsored walks and car washes. There were also numerou5 examples ol children giving their lime for causes close lo their hearts, whether volynleering OT selling their own produce for a charily of their choice. The Blundell's Adventure. Leadership and servi￿ Award 18ALSAI continues lo encourage children to try new aclivilies, lo give up their lime lo help others and lo learn more about their place in the World around them. A highlight was the children's p8rticipalion in Ihe Virgin Money 'Make £5 Grow, scheme in which they raised £300 for The Devon Air Ambulance. 6. FINANGIAL REVIEW The Group slalement of financial 8clivilies for the year is sel out on page 21 of Ihe financial slalernenls. The School's income increased from £16,021,000 10 £17,265,000. In this year almost all income was derived from normal Charitable aclivilies. Fund-rnising In the Summer we held our fiTSt Giving Day involving Ihe wider Blundell's Community, including pupils, CLJrrenl paren15, ex-paren15. Old Blundellians, and other friends of the school. Over the course of a 48 hour period: over £150,000 was raised in support of the school's bursary provision. Horsdon Enterpri5e5 Limitgd The School's wholly-owned trading subsidiary carries out non-charitable trading activities for Ihe School. Normally, Ils incoTlle is largely derived from the lelling of School facilities lo local sports teams, and lo hosl children's aclivily clubs and courses for adult groups.. This year the subsidiary therefore generated income of £70,502 12021.. £49,273), expenditure of £65. 190 12021 £1.8961 and recorded a profit of £5,312 12021.. £47,377). Net assets al 31 sl Augus12022 were £9.038 12021. 43.6311. Page 8 BLUNDELL'S SCHOOL TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Asset eover for funds Note 22 to the financial statements sets out an analysi5 of the assets attributable lo the various funds and, in note 21, a description of the funds. These assets are sufficient lo meet the School's obligalions in respect of each individual fund. Plans for future pevlods- Strateglc Development Plan {SDPI targets for 2021122 In Febmary 2020 we launched our Blundell's 2025 Strategic 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 is being done on the strategic development of the busine55 model loo. 7. 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 teaching and a good work ethic among51 ils pupils. Al Blundell's, in addition lo those baseline expectations, we focus on five specific areas which we believe help pupils lo become good at learning. Self-Efficacy'. A pupil's belief in their own ability lo overcome challenges and to succeed in Iheir learning. Staff Endoisemenl.. 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 goals are- and knowing what the first slep towards the goal Is. Executive Functions.. A pupil's mental skills required for leaming, which we believe can be laughl and leainl. Resourcefulne55". A pupil's ability to problem sofve and dexterity in doing what needs lo be done lo complete the task. Our main academic targets for the corning period include.. A whole school literacy program sel up with a coherent flow through the school. To host al least one academic conference per year. Develop our infraslruelure lo support young teachers on the ITh and ECT programs. Reduce the complexity and introduce more Choice in the Year 9 curriculum. To publish the first edition of the Professional Development Review Journal. Establish a team lo lead on departmental refurbishments. Review the recruilmenl process and lo create a staff recruilmenl brochure. The staff Professional Development Review, introduced in September 2021 is now up and running and staff are enjoying good support and feedback on their work. We continue lo develop our 'coaching' capacity by having more staff trained in the art of coaching. In the Prep Sohool, the focus for 2022123 is on further developing teachers through the Professional Development Review IPDRI programme. Half lemly leaming walks for all staff continue lo provide opportunities for teachers to share best practice and explore new idea5 10 inform their ov4n leaching. These reflections are recorded and shared at regular departmental meetings and as a whole staff at the start of each leim. During last year, our own Outdoor Leaming Programme, Wild Explorers, was successfully launched into Year 3. This will now extend in lo Year 4. Page 9 BLUNDELL'S SCHOOL TRUSTEES REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Having employed Qui first Gap Year sludenl during the previous Summer Term we have now appointed three students to provide support inside and outside of the classroom. Pastoral Targets The main pastoral targets for the year ahead include.. Promote boarding opportunities including 'closed actsvity weekends, for different year groups. To review luloring and lo introduce a new Sixth Form luloring program featuring mixed groups of boys and girls rather than all belonging lo a single house. To embed coaching and AS tracking In the pastoral framework of the school. To host an annual Housemasters and mistresses conference for the South West region. Train moTe staff lo lead the Girls on Board program and the boys equivalent. To continue lo promote pupil voice through the School Council, the Diet Committee. the Inlernalional Pupil Committee, and other such bodies. The appointment of an EOI lead who 8150 serves on the Senior Leadership Team. To promote the DSL lo Deputy Head (Paslorall as recognition of the importance of safeguarding al school. A more recent inilialive, 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 Cornrnunily Partne¥ships. These teams will focus on various aspects of school life inclijding Equity, Diversity and Inclusivity IEDII a newly appointed Head of EDI who Is a rnember of the Senior Leadership Team, mees with the team lo discuss inilialives lo promote EDI acros5 the school. At the Prep School, our Year 6 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 last year, we designed and ihen implemented a new pupil questionnaire, drawing on influences from the ISI pupil questionnaire as well as our own thoughts on areas of pupils, lives al school about which we wanted more information. That continues ID be used lo inform our plans lor the development of our pasloial care. Pupil voice remains as important as ever and we have Increased the number of School Council eelings taking place each term. Any suggestions Ihal come from those meetings are shared with the Head Master 8nd 3clion points are determined and then fed back lo the pupils, either through class assernblies or full assemblies. Similarly, our Eco Committee are working towards Green Flag status for the school. Extra-currlcular Targets.. There are several challenges in the provision of delivering the high end extra-curricular programme we aspire lo consislenlly deliver. One of those is the recruitment of qualified and expert staff. The model al 81undell's is that teachers are expected lo be experts in their subjects in the classroom, oulslanding pastoral carers in the boar(Jing houses, and lop-level coaches in a variety ol sporting disciplines. This Is not always realistic and we are looking lo expand the number of specialist coaches over the coming years This is not a shift in strategy, as we want schoolteachers to continue lo offer games coaching. bul it is a recognition Ihal we need lo offer teachers more support in this regard. Page 10 BLUNDELL'S SCHOOL TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 The choir has ambitious plans for promoting Choral Music al 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 YeaT 13 all the way through lo the Prep School. We continue lo collaborate with the London Chamber Orchestra. A new Head of Activities has been appointed lo reinvigorate the Activities Program and to ensure that il is of the same high standard as Sport. Music and Drama. Further largels for extra eurricular undertakings inclLtde'. The appointment of a sports adminislralor to help ensure that sports are supported with consislenw and professionalism Succession planning for key sporting ioles.. the Direelor of Cricket and the Director of Rugby roles are up for Teview A review of how Sports Scholarships are marketed A review of 'non-leam games. options lo ensure that all pupi15 have acce55 to an enjoyable, high calibre exercise and sports experience Introduction of a Marines Section lo the Combined Cadet Force ICCFI. Four terms of compulsory CCF- Summer of Year 9 and all of Year 10- lo include all year 9's signing up lo Bronze Duke of Edinburgh Reinlroduclion of Scuba Diving as an activity A full program of Drama Productions including a Senior performance of'chorus Line,. A full concert program induding a planned Iiip lo New York in February 2023. 8. STRATEGIC AIMS FOR GOVERNANCE, LEADERSHIP AND MANAGEMENT The Bursary Team was completed in the past year with the appointment of an HR Bursar, lo join the team that already consists of a Finance Bursar and an Estates Bursar. They report lo the Bursar who is a member of the Senior Executive Team. The Senior Executive Team (SEry consists of the Head, The Prep Headmastef, the Second Master, the Deputy Head (Academic) and the Bursar. That team has not changed since September 2018. The Senior Leadership Team ISLTI and the Operational Leadership Team IOLTI are the next level of senior management and focus on Educational and operational matters respectively. There is some overlap belween the Iwo and weekly Monday meetings function on a rolalion of SLT, OLT and combined meetings. Al the Prep School, the Senior Leadership Team consists of the Prep Head, DepL¢ty Head, Head of Pre•Prep, Assistant Head (Curriculum), Assistant Head IIAssessment and Reporting) and Ihe SENDCO. This has been unchanged for 3 years. A key focus for this coming year is lo develop the roles of Subject Co-ordinalors so that they take a more proactive lead in the running of their departments. One new Trustee was appointed in the year. The Bursar was appraised in November 2021. Risk management The Board of Trustees is responsible for assessing, monitoring and milig8ting the polenlièl risk5 faced by the School. The School regularly conducts a comprehensive review of the major slralegic, business and operational risks lo which the School could be exposed. This review has resulted in the production of 8 Risk Register which reflects systems established to miligale those risks and procedures are continually being implemented lo minimise any potential impact on the Page11 BLUNDELL'S SCHOOL TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 School should any of those risk5 rnalerialise. The Board of Trustees. 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 the systems pul in place to minimise those risks. Principal risks and uncertainties The School's financial performance may be affected by factors outside the control of the School which impact on UK and global economic conditions. Financlal risk management Price risk Fees are subject to annual review. Salary costs are communicated lo staff during the fomial annual review ol salaries. PrI￿s of materials purchased are subject lo contracts with suppliers, based on current market prices. Aigh value contracts are subject formal lender process and Trustee approval. Credit risk Credit risk on amounts owed lo the School by ils customers is low, due lo the nature of the income being received and the close allenlion given lo any overdue debts. Liquidity risk The School has long term borrowings lo finance capital projects. The School will make use of ils credit facility with ils bankers when required. Interest rale cash flow risk The School is able lo place sutplus funds on short term deposit with Ils bankers. The School has loans, split between fixed and variable fate interest. Details are shown in notes 18 and 19. Bursarles, Foundation Awards, Scholarships and other Concessions Bursaries - Applications for bursaiies (hardship awardsl are considered by the School and awards made based on the financial information forwarded by the applicant. Foundation awards The School is able lo offer Foundation awards lo applicants whose parents need financial assistance lo afford a place al the School foi their child. Assessment Is through the 11+ enlrznce test and completion of a means-lesl form. Awards can be made up lo 100Yo of the basic tuition fee. ScholaTships - These are awarded by means of a competitive process and have a maximum of 30OA of the school fee. Often, they are awarded alongside means-lesled bursaries. Al different points of entry different awards are made.. 11+ Acadernic and Music only 13+ Academic. Art, Design and Technology, Drama, Music and Sport 16+ Academic, Art, Drama, Music, Sport and STEM In addition lo the support shown above, the School re￿iVed direct contributions from four educational charities in means-lesled assistance towards fees IDr a total 0119 pupils. The lolal of this support was £85,553 for the year 12021." £74,4281 and Is dependent upon the continued financial support of these pupils by Blundell's School. Services discount - The School recognises the importance of continuity of education for children of service personnel and offer5 financial assistance lo enable those receiving the Ministry ol Defence ConlinLtrity of Education Allowance lo send their children to Blundell's School. Page 12 BLUNDELL'S SCHOOL TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Sibling discount - To undedine the value we place on continuity for families, we offer dis¢ounts 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 to some members of staff who Choose lo educate their children at the School. Investment poviersi policy and perfomiance Investment powers are governed by the Memorandum of Association. which permits the funds lo be invested in the manner shown in note 15 to the financial slalemenls. The Trustees intend that the real value of the School's investments be maintained and enhanced over the long term by investment in a portfolio comprising equities, fixed income stocks and cash. The Trustees have delegated the investment management function lo CCLA and Ralhbones. who each hold a portion of the Investment with a view that this will be approximately 500A of total investment value. The share of investments administered by CCLA is held within the COIF Charities Investment Fund, which the Governing Body is satisfied meets the School's investment objectives. Ralhbones have invested the Blundell's funds in a mixed portfolio which is made up of equities, fixed inleresl stocks and other asset classes. During the year the income return on investments was 2.84Yo 12021.. 1.93OAI. In a difficult period, the performance of the investments ha5 been reasonable, in line with the general performance of world markets. Reserves The School's policy on restricted funds is to separately record donations, grants and other sources of fundraising where restrictions are imposed that are narrower than the School's overall objective5. Al 31st August 2022, lolal reserves held amounted 10 £17,074.000 of which £12,230,000 is unreslricled, £4,706,000 consliluted reslricled fund5 of which £3,438,000 is hekj in investment funds. The three major funds are.. the Holslius Scholarship Fund, which uses its income lo support one or more scholars each yea¥,. the Foundation Appeal, which are funds raised by the school lo provide facilities not otherwise available through normal funding and the Beryl Reynolds Fund which provides music scholarships. The School's unreslricled Teserves are fully represented by tangible fixed assets. inveslmenls, long tefm liabilities and nel current liabilities. There are no unreslricled funds beyond the exlenl of these assets and commilmenls. The Trustees believe that there is no requirement lo increase levels of unreslricled reserves as the annual budget is sel lo ensure that income will cover operating costs on an ongoing basis. The level of rese￿eS is reviewed annually al the same lime as the income and expenditure budget for the following year 15 approved. The Trustees believe that the curienl level of unreslricled reserves is salisfaclory al £12.230,000 9. GOVERNANCE OF THE SCHOOL During the year under review. the Trustees mel lermly. A panel comprising existing Tnjslees selects members of the Goveming Body having regard ID the individual's experience and qualifications and the needs of the School. Tru51ees setve for a 5-year period and may be re- elected for further 5-year periods. New Trustees are given a suitable induction based on their past experience and areas of responsibility within the Governing Body. Ongoing training needs are assessed by the Governance Committee. The Governing Body meets three limes a year., meetings include reviewing the strategy and performance and selling operating plans and budge15 with an additional meeting periodieally to focus on future strategy. The Trustees, all of whom Page13 BLUNDELL'S SGHOOL TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 served throughout the year lo 31 August 2022 and up lo the dale of signing the financial slalements. except where otherwise disclosed, are listed on page 1. Pay and remuneration of the Charity's key management staff is sel by Trustees. COMMITTEES The Trustees have established commillees for specifi'c areas of the School's operations. These are.. a Governance Commillee,. a Finance and Gener21 Purposes Commillee., an Education Commillee," and a Blundell's Preparatory School Committee. Each committee has ils own Terms of Reference and ils decisions are ratified by the full Board. In addition, some Trustee5 focu5 on specific aspects of School life. such as Child Protection, Health and Safely and Boarding. STATEMENT OF GOING CONCERN In OLJr consideration of the presumption of going concern as the basis for the preparation of the report and financial slalements, the Trustees have concludecl that no material uncertainties have been identified th81 may cast significant doubl about the ability of the School lo continue as a going concern. The Trustees therefore have a reasonable expectation that the School has adequate resources lo continue in operational existence lor the foreseeable future. For this reason, we continue lo adopt the going concern basis in preparing the financial slalements. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees (who are also directors of Blundell'5 School for the purposes of company lawl are responsible for preparing the Report of the Trustees and the financial slalemenls in accordan with applicable law and regulation. Company law requires the Tru51ees lo prepare financial slaternenls for each financial year. Under that law the Trustees have prepared the financial slalemenls in accordance with United Kingdom Accounting Standard5. comprising FRS 102 "The FinanGial Reporting SlandaTd applicable in the UK and Republic of Ireland" and applicable law (United Kingdom Generally Accepted Accounting Piaclicel. Under company law the Trustees musl not approve the financial slalemenls unless they are salisfied that they give a true and fair view of the $131e of the affair5 of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial slalemenls. the Trustees are required to". select sui18ble accounting policies and then apply them consislenlly, observe the methods and principles in the Statement of Recommended Practice". Accounting and Reporting by Charilies12D191, make judgmen15 and eslimales Ihal are reasonable and prudent: slate whether applicable UK Accounting Standards, comprising FRS 102, have been followed, subject lo any material departures disclosed and explained in Ihe financial slalemenls., and prepare the financial statements on the going concern basis unless Il is inappropriate to presume Ihal the charitable company will continue in business. The Trustees 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 charitable corllpany and the group and enable them lo ensure that the financial slalernenls comply with the Companies Act 2006. They ale also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and olhei irregularities. Page 14 BLUNDELL'S SCHOOL TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 The Trustees are responsible for the maintenance and integrity of the charitable company's website. Legislation in the United Kingdom governing the preparation and di58eminalion of financial statements may differ from legislation In other jurisdictions. In accordance with Section 418. Trustees in office al the date the Trustees, report is approved, slate Ihal.. lal so far as the Trustee is aware, there 15 no relevant audit infomialion of which the company's auditors are unaware., and Ibl that the Trustee has taken all the steps that he ought to have taken as a Trustee in order to be aware of any relevant audit information and lo establish that the company, auditors are aware of that information. Indemnity Insurance As permitted by the Articles of Association, the Trustees have the benefit of an indemnrty which is qualifying third-paty indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in for￿. Indemnity insurance for Trustees, liability Is included within the School's combined insurance policy which was in for￿ during the financial year and also al the date of approval of the financial slatemenls. Independent Auditors Our auditors, Bishop Fleming LLP, have indicated their willingne5S to continue in office and a resolution concerning their reappoinlmenl will be proposed al the Annual General Meeting. Approved by order of the members of the Board of Trustees on a< the by: i i-tstsnd signed on MrNPHall Trustee Mr L Howe Trustee Page15 BLUNDELL'S SCHOOL IGONTINUED) STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees Iwho are also the directors ol the School for the purp05e5 of company lawl are responsible lor p￿parIng the Trustees, Report inclu¢Jing the Strategic Report and the financial slalemenls in accordance wlh applicable law and Uniled Kingdoffl A¢¢ounling Standards (United Kingdo￿ Generally Ac¢eptèd Accounting PTacticel. Company law requires the Trustees lo prepare financial statements for each financial Under company law. the Trustees must not approve the financial slalemenls unless they are satisfied that they give a true and fair view of the 518le of aff8irs of the Group and the School and of their in￿ming re50urce5 and application of resources, including their incorne and expenditure. for that period. In preparing these financial slalemenls, the Trustees ale required lo. select 5Ultable accounting policies and then apply them consi5tenlly, observe the methods and principles of the Cttarities SORP IFRS 1021 rnake judgements and accounting estimates that are reasonable and prudent.. slate whether applitable UK Accounting Standard5 IFRS 1021 have been followed. subject to any material departures disdosed and explained in the financi31 slaternents., prepare the financial statements on the going concern basis unless 1115 inappropriate ID presume that the Group will conbnLJe in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the School's transactions and disclose with reasonable accuracy at any time the financial p051tion of the Group and the School and enable them to ensure that the financial statements comply with the Cornpanies Act 2006. They are 81s0 responsible for safeguarding the assets of the Group and the School and hence for taking reasonable steps foi the prevention and delectson of fraud and other itregu13ri1ies. Page 16 BLUNDELL'S SCHOOL INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BLUNOELL'S SCHOOL OPINION We have audited the financial slalemenls of Blundell's School Ilhe 'parent charitable COTnpanll and ils Subsidiaries (the 'group'l for the year ended 31 August 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated Income and Expenditure Account, the Consolidated B81ance Sheet, the School Balan￿ Sheet. the Consolidated Slalemenl of Cash Flows and the related notes, including a summary of signrficant acwunling policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accountsng Standards, including Finanoal Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United ￿'ngdoM Generally Accepted Accounting Practi￿>. In our opinion the financial slatemenls.. give a true and falr view of the state of the Group's and of the parent charitable company's 8ffairs as al 31 August 2022 and of the Group's incoming resources and application of Tesources, including ils income and expenditure lor the year then ended.. have been Properly prepared in accordance wlh United Kingdom Generally Accepted Accountsng Practice,. and have been prepared in accordance wth the requirements of the Companies Act 2006. BASIS FOR OPINION We conducted our 8udrf( in accordance with Intemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilib'es under those standards are further described in the Audilor5' responsibilitie5 lor the audit of the financial slalemenls section of our report. We are independent of the Group In accordance with the ethicai requirements that are ￿levant to our audit of the financial slalernents in the United Kingdom, Induding the Financial Reporting Council'5 Ethical Stsndard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basls for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial slatemenls. we have concluded that the Twstees, use of the going concern basis of accounting in the preparation of the financial statements 15 appropriate_ Based on the wod( we have performed, we have not identified any material uncertainties relating to event5 or condiknons that, individually Qf coilectively, may cast significant doubl on the Group's OT the parent charitable company's ability lo continue as a going concern for a period of al lea51 twelve months from when the finanaal Statements are aulhorised lor issue. OUT responsibilities and the responsibilities of the Trustees wlh respect to going eoncem are described in the relevant section5 of this report. OTHER INFORMATION The other informalion comprises the information included in the Annual Report other than the financial statements and our Audrtors, Report thereon. The Trustees are respansible for the other infomiation contained within the Annval Report. Our opinion Dn the financial slalemenls does not cover the other information and, except lo the extent olherwse explicitly stated in our report, we do not express any fomi ol assurance condusion Ihereon. Our responsibility is lo read the other information and, In doing so, consider whether the other informats'on is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misslaled. 11 we identify such materi21 inconsistencies or apparent materi81 misslatement5, we are required lo determine whether this gives rise lo a material misstatement in the financial stslements themselves. If, based on the work we have performed, we conclude Ihal there is a material misslatemenl of this other infomalion. we are required lo report that fact. We have nothing lo report in thi5 regard. Page 17 BLUNDELL'S SCHOOL INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF BLUNDELL'S SCHOOL ICONTINUEDI OPINION ON OTHER MAThERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion. b85ed Dn the work undertaken in the course of the audil.. the informalion given in the Trustees, Report including the Strategic Report lor the financial year lor which the financial 5talemenls are prepared is consislenl ¥Mlh the financial 5ts1ements. the Trustees, Report and the St¥ategic Re￿rt have been prepared in accordance with applicable legal requirements MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our kno￿edge and understanding of the charitable company and ils environment obtained in the course ol the audit, we have not identified rnaterial misstatements in the Ttuslees, Rew>rt including the Stralegic Report. We have nothing to feport in respecl of the followng mallers in relation lo which Companies Act 2006 requires us lo report lo you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records. or returns adeqLJate for our audit have not been received from branches not visited by us, or the parent charitable company financial statemenls are not in agreement with the accounting records and ¥elurns. or certain (tisclosures of Trustees, iernuneration 5pecilied by law are not rn3de," or we have not received all the informalion and explanations we require lor our audit. RESPONSIBILITIES OF TRUSTEES As e%￿aIned more lully in the Truslee9' Responsibilities Slalemenl, Ihe Trustees Iwho are also the diredors of the charitable company for Ihe purposes of company lawl are respgnsible lor the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is ne¢essary to enable the preparation of financial slalemenls that are free from material misslatemenl, whether due to fraud or error. In preparing the finanGi81 slalements. Ihe Trustees are responsible for a55essing the Group's and the parent chantable companys abilily lo continue as a going concern, disclosing, 85 applicable, matters related to going Concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the Group or the parent charitable company or lo Cease operats'ons, or have no realistic alternaive Ixjl to do so. Page18 BLUNDELL'S SCHOOL INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BLUNDELL'S SCHOOL (CONTINUED) AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and lo 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 accofdance wth ISAS IUKI will a￿yS delect a material mis5talernent when il exists. Misstatements can arise from fraud or error ancl are considered material if, individiJ8lly OT in Ihe aggiegale, they could reasonably be expected to influence the econ¢)mi¢ deci&ons of users taken on the basis of these financial slalemenls. Irregularities. including fraud, are Instances of non.compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. lo delecl material misslalemenls in respect of irregularities. including fraud. The extent lo vhich our procedures are capable of detecting irregLtlarities, including fraud is detailed below.. We have considered the nature of Ihe sector, control environment and Group performance., We have considered the results of our enquiries of management in relakn'on to their own identification and assessment of the nsks 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". Identifwny, evaluating and complying with laws and regulations and whether they were aware of any instan￿5 of non-compliance., Delecling and responding lo the risks of fraud and whether they have kno￿edge of any actual, suspected or alleged fraud,. and The Inlemal ¢ontro15 established lo mitigate risks of Iraud or non-cornpliance with laws and regulalians.. As a result of these procedures, we have considered the opportunities and incentives that may exist wlhin the organisalion for fraud and identified the highest area of risk to be in relatton to incorrect income recognlion. In common with all audits under ISAS IUKI we are 21so required lo perform specific procedLsres lo respond to the risk of management override. We have also obtained understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulation5 that had a direct effect on the determination ol material amounts and disdosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102. Charities SORP and Charities Act. In addition, we considered the provision of other laws and regulations that do not have a direct effect on the financial statemen15 bul compliance with may be fundamental for the Group's ability lo operate or avoid material penalty. These included safeguarding regulalions, health and safety regulations, education and inspections legislation, employment legislation and data protection laws. Our procedures lo respond lo risks identified included the following. Reviewing the financial 51alement dis¢losure5 and testing lo supporting documentation lo assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial slalements.. Reviewing the finanaal statement disclosures and lesling lo supporting documenlab.on lo assess the recognition of revenue., Discussions with managemen and those charged wth governancet, induding consideralic)n of known or suspected instances of non-compliance with laws and regulations and fraud., Performing analyticial procedures to identify any unsuual oi unexpected relationships that may indicate risks of material mi8stslemenl due lo fraud", Reviewng minutes from meetings of those Charged with governance and reviewing internal control reports., Idenlity'ng and testy'ng journ81 entries, evaluating whether there was evidenee of ￿'aS by the members that represented a risk of material misslalemenl due lo fraud, and Challenging assumptions and judgements made by management in the significant accounting estimates. We also comrnunicaled identified laws and regulations and potential fraud risks lo all rnembers of the engagement team and remained alert to possible indicators of fraud or non-compliat)ce with laws and regulatsons Ihroughoul the audit. Page19 BLUNDELL'S SCHOOL INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF 8LUND£LL'S SCHOOL ICONTINUEDI Because of the inherent limitations of an audit, there Is a risk that we wll not delect all irregularities, including those leading lo a material misstatement In the financial statements or non-compliance ￿th regulalion. This risk increases the more that Compliance with a law or regulation is removed from the events and Iransa¢lions reflected In the financial statements, as we will be less likely to become aware af instances of non-compliance. The risk is also greater regarding irregularibes occuiring due to fraud rather than error, 85 fraud involves intentional concealment, fofgery, ¢trllusion, ornission or misrepresentation. A further description of our responsibil>ties for the audit of the financial statements 15 located on the Financsal Reporting Counal's website 81.. www.frc.or .uklauditors￿s onsibililies. This description form5 part of our Auditors, Report, USE OF OUR REPORT Thi5 report Is made solely lo the Charitable company's members. as a body, In accordan￿ wlh Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charitable company's members those mallers we are required lo slate lo them in an Auditors, Report and for no other PLJfpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its membeTS. as a body. lor our audit work, for this report. or for the opinions we have formed. TIM Borton FCA DChA (Senlor Statutory Auditor) for and on behalf of Bishop Fleming LLP Chartered AccoLJntants Slatulory Auditors 2nd Floor Stratus House Emperorway Exeter 8usiness Park Exel¢r EX1 3QS Dale.. 20 December 2022 Page 20 BLUNDELL'S SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022 Endowment funds 2022 £000 Restricted Unrestricted funds fund5 2022 2022 £000 £000 Total funds 2022 £000 Total funds 2021 £000 Note INCOME AND ENDOWMENTS FROM: Donations and legacies Chari18ble activities Other trading activities Investments 202 202 16,609 357 97 156 141 16,609 357 15,438 346 97 81 TOTAL INCOME AND ENDOWMENTS 295 16.966 17.26S 16.021 EXPENDITURE ON.. Raising funds Charitable activities.. Other charitable acty'vib'es 332 332 223 107 16.264 16,376 15.584 TOTAL EXPENDITURE 107 16,596 16,708 15,807 NET IEXPENDITUREIIIN COME BEFORE NET ILOSSESIIGAINS ON INVESTMENTS Nel Ilosse5)/gains on investments 188 370 5S7 214 16) 1276) 171 {2891 486 NET MOVEMENT IN FUNDS 171 1881 363 268 700 RECONCILIATION OF FUNDS: Total funds brought lorward 145 {71 4,794 {881 11,867 363 16.806 268 16,106 700 Net movement in funds TOTAL FUNDS CARRIED FORWARD 138 4.706 12.230 17,074 16,806 The Consolidated Slalement ol Financial Activities inclu(fes all gains and losses recognised in the year. The Notes on pages 26 10 49 form part of these financial slalements. Page 21 BLUNDELL'S SCHOOL SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2022 Total funds 2022 £000 17,261 12831 Total fund5 2021 £000 16,017 466 Income IL055esllgain5 on investments GROSS INCOME IN THE REPORTING PERIOD Less." Total expenditure 16,978 116.7031 16,483 115.80n NET INCOME FOR THE REPORTING PERIOD 275 676 The notes on pages 26 10 49 form part of thes¢ financial slatemenls. Page 22 BLUNDELL'S SCHOOL REGISTERED NUMBER..0401640J SCHOOL STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 AUGUST 2022 2022 £000 2021 £000 Note FIXED ASSETS Tangible assets Investments 14 15 17.747 3.438 17,370 3,725 21.185 21,095 CURRENT ASSETS Stocks Debtors Cash al bank and in hand 135 133 204 1,460 17 328 2,326 2.789 1.797 Creditors.. amounts falling due wlhin one year 18 {4.5671 (3,965) NET CURRENT LIABILITIES TOTAL ASSETS LESS CURRENT LIABILITIES 11,7781 12,1681 19,407 18.927 Cfedilors.. amounts falling due after more than one year NET ASSETS EXCLUDING PENSION ASSET (2,3421 (2,1671 17.065 16,760 TOTAL NET ASSETS 17,065 16.760 CHARITY FUNDS Endewmenl funds Reslrided funds Unrestricted funds 21 21 21 138 4.706 12.Z21 145 4,794 11,821 TOTAL FUNDS 17.065 16,760 The School's nel movement in funds for the year was £331 12021 £6801. The Trustees ad(novledge their responsibilibes for complwng with the requirements of the Act wlh respect lo accounting records and preparation of financial statements. Th nancial slalemenls were approved and aulhorised for issue by the Trustees on f4*4 i ¥ and signed on their behatf by. MrNPHall MrG Howe The notes on pages 26 to 49 form part of these financial slalemenls. Page 24 BLUNOELL'S SCHOOL REGISTERED NUMBER:04016403 CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2022 2022 £000 2021 £000 Note FIXED ASSETS Tangible as5els Investments 14 17.747 3.438 17,370 3,725 15 21,185 21,095 CURRENT ASSETS Stocks Debtors Cash al bank and in hand 16 135 133 208 17 345 2,331 1,506 2,811 1,847 Creditors". amounts falling due within one year 18 14,580) 13.968) NET CURRENT LIABILITIES TOTAL ASSETS LESS CURRENT LIABILITIES 11,7691 12,1211 19,416 18.g74 Credilor5." amounts falling due after more than one year 19 12,3421 12,1681 TOTAL NEf ASSETS 17.074 1 $,806 CHARITY FUNDS Endowrnent funds Reslncted funds Unrestricted funds 21 138 145 21 4,706 12.230 4,794 11,867 21 TOTAL FUNDS 17,074 16,806 The Trustee5 acknowledge their responsibilities for cornplying with the requirements of the Act ￿rith respect to accounting records and preparation of financial statements. nancial statements approved and aulhorised for issue by the TfUSlees on and signed on their behalf by.. MrNPHall MrGLHowe The notes on pages 28 10 49 lomi part of these financial statements. Page 23 BLUNDELL'S SCHOOL CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022 2022 £000 2021 £000 Note CASH FLOWS FROM OPERATING ACTIVITIES Net cash provided by oper81ing activities 23 1,796 1,717 CASH FLOWS FROM INVESTING ACTIVITIES Dividends and interest received from investments Purchase of tangible fixeLI assets Purchase of inveslmenls Interest paid on bank loans and overdraft 97 11,029) 121 (261 61 17881 11,0031 (261 NET CASH USED IN INVESTING ACTIVITIES {9601 11.7361 CASH FLOWS FROM FINANCING ACTIVITIES Cash inflows from new borrowing Repayments of borrowing 780 1,600 11,9021 13691 NET CASH PROVIDED BYIIUSED INI FINANCING ACTIVITIES 411 1302) CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR Cash and cash equivalents at the beginning of the year 1.247 13211 1,084 1.405 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 24 2.331 1,084 The notes on pages 26 to 49 form part of these fina￿181 statements Page 25 BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 GENERAL INFORMATION Blundell's School is a Company limited by guarantee, incorporated in England and Wale5. The reyislered office is Blundell's School. Blundells Road, Tiverton, Devon, EX16 4DT. The pnncipal activity of the entity is disclosed within the Tru51ees report. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial slalements h8ve been prepared in accor(Sance wlh the Charities SORP IFRS 1021 Accounting and Reporting by Charities. Statement of Recommended Pra¢lice applicable to charities preparing their accounts In accordance ￿ri1h the Financial Reporting Standard applicable in Ihe UK and Rppublic of Ireland IFRS 1021 (effective 1 January 20191. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Blundell'5 School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy. The Consolidated Slalemenl ol Financial Activities ISOFAI and Consolidated Balar¥ce Sheet consolidate the financial statements of the School and ils subsidiary Ljndertaking. The results of the subsidiary are consolidated on a line by line basis. The School has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented ils own Slalervenl of Financial Activihes in these financial slatemenls. 2.2 GOING CONCERN In our ¢onsiderafion of the presumption of going concern as the basis lor the preparation of the report and financial statemen15, the Governors have conduded that no material uncertainties have been identified that may cast significant doubl about the ability of the School lo ¢ontinLJe as a going coll￿￿. The Governors therefore have a reasonable expectation that the School has adequate resources lo continue in operational existence for Ihe foreseeable future. For this reason, we continue to adopt the going concern basis in pieparing the financial 51alemenl5. 2.3 INCOME l income 1s recognised once the School has entitlement lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent Dn establishing enlillement, the probability of receipt and the ability to eslirnale with sufficient accuracy the amount ￿Ceiv?b1e. Evidence of entillemenl lo a legacy exists when the School has sufficient evidence that a gift h85 been left lo them Ithrough knol￿edge of the existence of a valid WIIS and the death ol the benefaclorl and the executor 15 satisfied that the property in question will not be required to satisfy claims in the eslale. Receipt of a legacy must be recognised when it Is probable that it will be received and the fair value of the amount receivable, which wll generally be the expected ¢ash amount lo be distributed to Ihe School, can be reliably measured. Income lax recoverable in relation lo investment income is recogni5ed al the lime the investment income is receivable. Page 26 BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POUCIES {contlnuodl 2.4 EXPE14DITURE Expenditure is recognised once there is a legal or conslruclive obligation to transfer economic benefit lo a third party. it is probable that a transler of economlc benefits wll be required in settlement and the amount of the obligation can be measured rgliably. Expenditure is classified by activity. The costs of each activity are made up of the lolal of direct costs and shared costs. including support costs nvolved in undertaking each activity. Direcl costs attributable lo a single activity are allocated directty lo that activity. Shared costs which contribute to more than one activity and support cos15 which are not attributable lo a &ngle activity are apportioned between those activib'es on a basis consislenl with the use of resotJrce5. Cenlral staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities Is incurred on directly undertaking the activities 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 capitslised and recogni5ed when futu￿ economic benefits are probable and the cost or value ol the asset can be measured reliably. Tangible fixed assets 8re initially recognised at cost. After recognib'on. under the cost model, tangible fixed assels afe measured al cost less accumulated depreciation and any a¢cumuSaled Impairment 1055es. All costs incurred lo bring a tangible fixed asset into ils intended working conditson should be inctuded in the measurement of cost. Assets in the course of construction a￿ included al ￿St$ incurred lo date. Depreciation on these assets is not charged until they are brought into use. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their eslimaled useful lives, using the straighl-line method. Depreoation is provided on the followng basis.. Freehold property Short-lerm leasehold property Plant and eqLJipmenl Motor vehicles Other fixed assets 1% or 10% for improvements 1Q 10°k or 25Yo for Computer Equipment 25% 70 2.6 INVESTMENTS Fixed asset investment5 are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair valu& al the Balance Sheet date, unless the value C8nnot be measured reliably in which case il is measured al cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, in the Consolidated Slalement of Financial Activities. Investmen15 in subsidiaries are valued al cost less provision for impairment. Investments held as fixed assets are shown al cost less provision for impairment. Paoe 27 BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES Icontinuedl 2.7 STOCKS Stocks 8re valued at the lower of cost and net realisable value after rnaking due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 2.8 DEBTORS Trade and other debtors a￿ Tecognised al the selllement amount aftèr any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discoun15 due. 2.9 CASH AT BANK AND IN HAND Cash al bank and in hand indude5 cash and short-term highly liquid investmenls with a short malurily of three months or less from the date of acquisition or opening of the deposit or similar account. 2.10 LIABILITIES AND PROVISIONS Liabilities are recognised when there is an obligation at the Balance Sheet dale as a result of a past event, it is probable that a Iransler of econornic benefit will be required In setUeTnttnl, and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the School anticipates it wll pay to settle the debt or the amount il ttas received as advanced payments for the goods or services it rnust provide. Provision5 are measured at Ihe best eslim81e of the amoun15 required lo settl? the obligation. Where the effect ol the lime value of money Is material, the provision is based on the present value of those amounts. discounted al the Pfe-lax discount rale Ihal reflects the risks specific lo the liability The unwnding of the discount 15 recognised In the Consolidated Staternent of Financial Activib'es as 8 finance cost. 2.11 FINANCIAL INSTRUMENTS The Group Dnly has financial assets and financial liabilitie5 of a kind that qualify as basic financial instrumen15. Basic financial instruments are initially recognised at Itafjsaclion value and subsequently rneasured al their settlement value with the exception of bank loans which are subsequently measured al amortised cost using Ihe effective interest method. 2.12 PENSIONS The Group operates three defined contribution pen510n Scheme and the pension charge represents the amounts payable by Ihe Group lo the funds in respecl of the year. The Group is a member of the Teachers, Supperannuation Scheme. It 15 not possible for the Group Lo obtain suffiaent infoimalion to enable Il lo a¢¢ount for the plan as a defined benefit plan, it accounts for the plan as a defined Contribution plan. Poge 28 8LUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POUCIES Icontlnuedl 2.13 FUND ACCOUNTING General funds are unrestricted ftjnds which are available for use al the discretion of the TrLtstees in furtheran¢e of the general 0tr4eclives of the Group and which have not been designated for other purposes. Restricted funds are funds whi¢h 8re to be used in accordance with specific restrictions imposed by donors or which have been wised by the Group for particular purposes. The costs of raising and administering such funds are charged against the speeific fund. The 8im and use of each reslricled fund is set out in the Notes lo the financial statements. Investment Income, gains and105ses ale allocated to 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. induding expectations of future events that are believed lo be reasonable under the circumstances. Critical accounting eslimales and assumption5. The School makes estimates and asgumplions concerning the future. The resulb'ng accounting estimates and assumptions wll, by definition, seldom equal the related actual results. The estimates and assumpb"on5 that have a significant risk of causing a materi81 adjuslmenl lo the carrying amounts of assets and liabiliti'es within the next financial year are discussed below. Critical areas of judgement.. The annual depreaalion charges for tangible fixed assets are sensitive lo changes in the estimated useful economi¢ life of the assets. The useful lives are amended when necessary lo reflect Cur￿n1 eslimales. The School makes an estimate of the recoverabte value of trade and other debtors. Factors such as the ageing profile of the debtors and historical experience are considered. Bad deb15 are considered on a case by case basis, tsking into account the likelihood of recovery. Debts are wiitlen off in line with approval limits if deemed appropriate. Page 29 BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 INCOME FROM DONATIONS AND LEGACIES Restrlcted fvnds 2022 £000 Total funds 2022 £000 Total funds 2021 £000 Donations 202 202 70 LegaGies 86 TOTAL 2022 202 202 156 TOTAL 2021 156 156 INCOME FROM CHARITABLE ACTIVITIES Endowment funds 2022 £000 Restricted Unreslrlcted funds funds 2022 2022 £000 £000 Total funds 2022 £000 Total funds 2021 £000 Gross Fees Less. Total 5¢holarships, bursaries, gran15 and allowances Add back.. scholarships, bursaries. gran15 and allowances paid by Re51ricled Funds 1141 20,186 20,176 18,414 13,5771 13,5771 13,1531 10 10 Furlough lunding 171 TOTAL 2022 141 16.609 16,609 15,438 TOTAL 2021 210 15,228 15,438 Page 30 BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 INCOME FROM OTHER TRADING ACTIVITIES Income from fundralslny events Unrgstrlcted funds 2022 £000 Total funds 2022 £000 Total fijnds 2021 £000 Fundraising 46 46 146 TOTAL 2021 146 146 Income from non charttable tradlng acllvltle$ Unrestricted fund$ 2022 £000 Total funds 2022 £000 Total funds 2021 £000 TTading subsidiary Ancillary trading lumover 68 243 68 51 243 149 TOTAL 2022 311 311 200 TOTAL 2021 200 200 INVESTMENT INCOME Endowment Restricted funds funds 2022 2022 £000 £000 Totsl fund5 2022 £000 Total funds 2021 EOOO Income from listed investments 97 97 81 TOTAL 2021 77 81 Page 31 BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 EXPENDITURE ON RAISING FUNDS FUNDRAISING TRADING EXPENSES Unrestricted fund5 2022 £000 Total funds 2022 £000 Total funds 2021 £000 Fundraising cvsts 102 102 98 TOTAL 2021 98 98 OTHER TRADING EXPENSES un￿strICted fund5 2022 £000 Tota fynds 2022 £000 Total funds 2021 £000 Trading costs Trading staff costs Cost of sales Adrninislration expenses 107 107 94 31 32 32 86 86 TOTAL 2022 230 230 125 TOTAL 2021 125 125 Page 32 BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Summary by fLtnd typg Endowment Restrl¢ted Unrestricted funds funds funds 2022 2022 2022 £000 £000 £000 Total 2022 £000 Total 2021 £000 Teaching Welfare Premises Grants, awards and prizes Marketing Office and administration costs Minibus Finance costs 95 9.410 2,144 3,429 9.510 2,144 3.429 9.381 1,734 3,236 239 847 112 83 239 847 112 86 167 826 92 145 TOTAL 2022 107 16,264 16.376 15,584 TOTAL 2021 260 15,324 15.584 10. ANALYSIS OF EXPENDITURE BY ACTIVITIES Actlvltie5 undertaken directly 2022 £000 Support Costs 2022 £000 Total funds 2022 £000 Total funds 2021 £ODO Teaching Welfare Premises Grants, awards and pnzes Marketing Office and administration costs Minibus Finance costs 9,328 2,144 2,776 182 9.510 2,144 3,429 9,381 1.734 3,236 653 239 239 167 826 92 112 112 86 86 144 TOTAL 2022 14,257 2,119 18,376 15,584 TOTAL 2021 13,487 2,096 15,583 Page 33 BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 11. AUDITORS, REMUNERATION The auditors, remuneration amounts lo an auditor fee of £13,300 r2021 £13,200). and accoun15 and laxalion setvice DI £5,00012021 £5,000). 12. STAFF COSTS Group 2022 £000 Group 2021 £000 School 2022 £000 School 2021 £000 Wages and salaries Social security costs Conlribulion to defined contribution pension schemes 9,260 895 8,560 711 9.260 895 8,560 711 1,545 1,385 1,545 1,385 11,700 10,656 11,700 10,656 Thè average number of persons employed by the Sehool during the year was as follows". Group 2022 No. Group 2021 No. Educats'on 211 111 14 210 Services 109 12 Support Fundraising Catering and shop 34 32 373 366 The number of ernployees whose employee benefits lexduding employer pension costs) exceedeca £60,000 was.. Group 2022 No. Group 2021 No. In the band £60,001- £70,000 In the band £70,001 - £eo,000 In the band £80,001- £90,000 In the band £90,001 - £100,000 In the band £110,001 £120,000 In the band £120,001 £130,000 For those 51aff whose emolumen15 exceed £60,000, seven of the above staff members12021'. four) have benefits accruing under a defined benefit pension scheme and one has benefits under a defined ontribulion pension scheme. The School made employer's contributions of £142,14212021' £91,000110 the relevant pension schemes in relation lo these employees. Key management pefsonnel received renumeration for the year of £596,00012021'. £571,000), including the cosl of employer's pension and National Insurance conlribulions. Page 34 BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 13. TRUSTEES. REMUNERATION AND EXPENSES During th$ year, no Trustees received any remuneration or other benefits12021 - £NILI. During the year ended 31 August 2022, expenses lotalling £63 were reimbursed or paid directly to I Truslee12021 £58010 3 Tfusleesl. Page 35 BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 15. FIXED ASSET INVESTMENTS Other flxed Listed asset investment5 invo$tments £000 £000 Total £000 GROUP AND SCHOOL COST OR VALUATION Al 1 September 2021 Additions Revaluations 1.341 2,384 3,725 1821 11071 (289) AT 31 AUGUST 2022 1,159 2,279 3,438 NET 800K VALUE AT 31 AUGUST 2022 1.159 2.279 3,438 AT 31 AUGUST 2021 1,341 2.384 3,725 16. STOCKS Group 2022 £000 135 Group 2021 £000 133 School 2022 £000 School 2021 £000 133 Finished goods and good5 for resale 135 17. DEBTORS Group 2022 £000 Group 2021 £000 School 2022 £000 School 2021 £000 DUE WITHIN ONE YEAR Trade debtors Amounts owed by group undertakings Other debtors Prepayments and aecrued income 164 42 132 38 175 156 175 156 345 208 328 204 Page 37 BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2022 £000 GTOUP 2021 £000 School 2022 £000 School 2021 £000 8ank overdrarts 422 422 Bank108ns 437 347 437 39S 50 347 302 61 190 456 Trade creditors Refundable deposits Taxation and social security Other creditors Accruals, deferred income and fees in advance 395 50 218 326 302 61 190 218 325 456 3,154 2,190 3,142 2,187 4,580 3,968 4,S67 3,965 The banking facilities are provided by HSBC UK and includes ￿ loan facilities and the overdraft. The faCIl￿tY is for a period of 5 years lo October 2025. attracting interest at 1.4°A above the base rate. Monthly repayments ol bolh capital and interesl are payable. The facility is secured over the land and buildings of the School. Deferred Income Group 2022 £000 Group 2021 £000 School 2022 £000 School 2021 £000 Group and School Deferred income al 1 September 2021 Resources deferred during the year Amounts released from previous period5 1.966 2.115 11,9661 2,699 1,966 12.6991 1,966 2.115 11,9661 2,699 1,966 12,6991 2,115 2,115 1,966 Deferred income relates lo the payThenl of school fees paid in advance of the start of the Autumn Temi. Page 38 BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group 2022 £000 Group 2021 £000 School 2022 £000 School 2021 £000 Bank loans Refundable deposits Fees in advan 1.423 377 1.102 360 1,423 377 1,102 360 705 542 706 542 2,342 2,188 2.342 2,167 Parents may enter into a contract lo pay fees lo the School lo cover future periods. The money may be returned subject to specific conditions. 20. FINANCIAL INSTRUMENTS Group 2022 £000 Group 2021 £000 School 2022 £000 School 2021 £000 FINANCIAL ASSETS Financial assets measured al fair value through income and expenditure 2,331 3,725 2.326 3,725 Financial assets measured al fair value through income and expenditure comprise market listed investments. Page 39 BLUNOELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 21. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 1 Sèptember 2021 £000 Balance at 31 August 2022 £000 Transfers Inlout £000 Gainsl {Lossesl £000 Income Expenditure £000 £000 UNRESTRICTED FUNDS General funds Non-charitable trading reserves 11,823 16,895 116.5291 39 12,221 44 71 1671 1391 11,867 16,966 116,$961 71 12,230 ENDOWMENT FUNDS Peter Hvrford Organ Scholar 145 161 61 138 RESTRICTED FUNDS Scholarships and prizes Foundation Appeal James Bullock Memorial Scholarship Fund Colin Beale Hay Library FLsnd War Mernorial Fund CCF Chapel Funds Prepaialory School Drama Fund 320 1101 1461 273 661 200 1771 784 42 191 131 32 230 55 227 161 50 261 1101 256 57 57 163 166 131 Halford Bequest Fiona Baddeley Orama Fund Agricultur31 Bur58ry Fund Holstius Scholarship Fund 180 1201 164 22 22 19S 131 181 189 1,532 20 121 11361 1.414 Page 40 BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 21. STATEMENT OF FUNDS ICONTINUEDI STATEMENT OF FUNDS- CURRENT YEAR Icontlnued) Balance at 1 September 2021 £000 Balance at Gain51 31 August {L055esl 2022 £000 £000 Transfers Inlout £000 Income Expendlture £000 £000 The John Victor Reynol(1s and Bet￿ Reynolds Music Scholarship FLTnd Blundells Bursary Fund Reserve Account 580 34 1251 589 458 23 14 (211 451 23 4,794 295 11071 1276) 4,706 TOTAL OF FUNDS 16.806 17,265 116.7081 12891 17,074 Page 41 BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 21. STATEMENT OF FUNDS ICONTINUEDI STATEMENT OF FUNDS- PRIOR YEAR Balance al 1 September 2020 £000 Balance at 31 August 2021 £000 Transfers inlout £000 Gainsl (Losses) £000 Income Expenditure £000 £000 UNRESTRICTED FUNDS General funds Non-charilable trading reserv&s 11.802 15,523 115,5471 31 11,820 27 51 47 11.829 15,574 {15,5471 11.867 ENDOWMENT FUN05 Peter Hurford Organ Scholar 121 20 145 RESTRICTED FUNOS Scholarships and pr￿e$ Foundation Appeal Jarnes Bullock Memorial Scholarship Fund Colin Beale Hay Library Fund War Memorial Fund CCF Chapel Funds Mu51c Fund Preparalory School Orama Fund Halford 8equesl Fiona 8addeley Drama Fund Agricultural 8ursary Fund Holslius Scholarship Fund 247 171 73 320 1,057 102 1731 14251 861 37 131 121 42 232 230 45 55 220 35 261 48 57 169 131 166 12 146 31 180 22 163 27 195 1,233 113 1,532 Page 42 BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 21. STATEMENT OF FUNDS {CONTINUEDI STATEMENT OF FUNDS - PRIOR YEAR ICONTINUEDI Balance al 1 September 2020 £000 Balance at 31 August 2021 £000 Transfer5 inlout £000 Gainsl (Losses) £000 Income Expenditure £000 £000 The John Victor Reynolds and 8eryl Reynolds Music Scholarship Fund Blundells Bursary Fund Reserye A(xount Fudough Grant 510 21 49 580 425 31 458 23 171 1171) 4.156 443 12601 455 4,794 TOTAL OF FUNDS 16,106 16.021 115,8071 486 16,806 Page 43 BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 The main restricted funds ¢omprise.' Scholarships and Prizes- Donations and legacies for the purposes of providing scholarships and prizes. Foundation Appeal- Ongoing appeal lo provide funds for proj¢¢ts, scholarships and bursaries. James Bullock Mernorial Scholarship Fund - t)onalions for the purpose of providing awards to leaving pupils lo spend on materials requi￿￿ for university. Colin Beale- Donab'on from Ihe Old BlunLlellian Club towards a building. Hay Library Fund- Donations and legacy for the purpose of providing books for the library. War Memorial Fund - To maintain and keep in good repair the Mernoiial Cross and Tablets and lo award bursaries to the sons of Old Blundellians who, in the opinion of the Tru51ees, are in need of finanGial asslstance. Reserve Account- Remains of a bequest to be used al the absolute discretlon of the School Governors. CCF - Pupil subscriptions to the Combined Cadet Force used lo fund Ihe running ol Ihe unit. Chapel 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 at Preparatory School. Halford Bequest- Donation to the History Department. Fiona Baddeley Drama Fund - Legacy lo be used fund those pupils audition fee lo enter Drama School who ordinarily cannot afford the fee. Agricultural Bursary Fund Donation lo be used lo provide bufsaries lor the children of agricullL¢ral workers who otherwise would be unable to attend the School. Holstius Scholarship Fund- Legacy lo provide s¢holar5hip5. The John ViGtor Reynolds and BerO Reynolds Music Scholarship Fund A Legacy Fund lo be applied to the benelil of one or more music scholar5 of promising talent of the School's choosing. Blundell's Bursary Fund - The Governors have transferred part of the Foundation appeal monies given for the purpose of bursaries into this separate fund. They intend to Preserve the capital and use the income for the award ol mean5 lesled bursaries_ Furlough Grant - govermenl fundino for the furlough scheme. to only be used for pawng specific wage costs. Page 44 BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 21 ANALYSIS OF NET ASSEfs BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT YEAR Endowrnent Restrlcted Unre$trlcted funds nds fvnds 2022 2022 2022 £000 £000 £000 Total funds 2022 £000 Tangible fixed assets Fixed asset investments Current assets Creditors due wlhin one year Creditors due in more than one year 943 16.804 50 17,747 3,438 2,811 14.S801 {2.3421 127 3,261 502 2,298 14.5801 12,3421 TOTAL 138 4,706 12.230 17,074 ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR Endowment funds 2021 £000 Restricted Unrestricted funds funds 2021 2021 £000 £000 Total funds 2021 £000 Tangible fixed assets Fixed 88sel investments Current assets Creditors due wthin one year Creditors due in more than one yeaT 963 3,570 551 12901 16,407 21 17.370 3,725 1,847 13.9681 12,1881 134 1,285 13,6781 {2.1681 TOTAL 145 4,794 11,867 16,806 P8ge 45 BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATJNG ACTIVITIES 23. Group 2022 £000 Group 2021 £000 Nel income for the year las per Slalement of Financial Acliwliesl 268 700 ADJUSTMENTS FOR: Depreciation charges Interest payable LossIIGainsl on investments Income from InveslTnenls IlncreasellDecrease In stocks IlncreasellDecrea5e in debtors IncreasellDecreasel in creditors 653 26 289 1971 121 11371 796 723 26 14861 1811 40 533 262 NET GASH PROVIDED BY OPERATING ACTIVITIES 1,796 1.717 24. ANALYSIS OF CASH AND CASH EQUIVALENTS Group 2022 £000 Group 2021 £000 Cash in hand Overdraft facility repayable on demand 2,331 1,506 14221 TOTAL CASH AND CASH EQUIVALENTS 2,331 1.084 25. ANALYSIS OF CHANGES IN NET DEBT At1 September At31 2021 Cash flows August 2022 £000 £000 £000 1.506 14221 14081 11,1021 Cash at bank and in hand Bank overdrafts repayable on demand Oebl due within 1 year Debt due after 1 year 825 422 2,331 1781 13211 14861 11,4231 14261 422 Page 46 BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 26. CAPITAL COMMITMENTS Group 2022 £000 Group 2021 £000 School 2022 £000 School 2021 £000 CONTRACTED FOR BUT NOT PROVIOED IN THESE FINANCIAL STATEMENTS Aequisilion of tangible fixed assets 262 332 262 332 27. PENSION COMMITMENTS The School participates in the Teachers, Pension Scheme { the TPS'I for ils teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,252,89212021'. £1,197.1471 and al the year-end £148,30812021.. £139,261) was accrued in respect ot contributions to this scheme. The Teachers, Pension Scheme (TPSI is a slalutory, conlribulory, defined benefit scheme. gDvemed by the Teachers, Pension Scheme Regulations 2014. Membership 15 automatic for full-time teachers in academies. Wl teachers have the optson to opt-oul of the TPS following enrdmenl. The TPS is an unfunded scheme lo whith both the mernber and employer make5 contributions, as a percentage of salary - these contributions ale credited lo the Exchequer. Ret•rement and other pension benefits are paid by public funds provided by Parliament. Valuation of the Teachers, Pension Scheme The Govemment Actuary, using normal actuarial principles, conducts a fomi81 actuarial ￿vieW of the TPS in accordance wlh the Public Service Pensions (Valuab"ons and Employer Cost Capl Directions 2014 published by HM Treasury every 4 years. The aim of the review is lo specify the level of future conlribLJtions. Actuarial scheme valuations are dependent on assumption5 about the value of lulure costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carned out as al 31 March 2016. The valuation report was published by the Department for Education on 5 March 2019. The key dements of the valuation and subsequent consullation are". Employer contribution rates sel al 23.68% of pensionable pay (including a 0.08% adminislralion le*y) Total scheme liabilities {pensions currently in payment and the eslimaled cost of future benefits) for service lo the effective dale of £218.100 million and notional assets leslimated future contribution5 together wlh the notional investments held al the valuats"Dn dalel of £196,100 million, gNing a notional past service deficit of £22.000 million The SCAPE rate. sel by HMT, is used lo determine the notional investment return. The Current SCAPE rale is 2.4°A above the rate of CPI, assumed real rale of return is 2.4% in eX￿sS of prices and 2.kn in excess of eamings. The rate of real earnings growth is assLtmed to be 2.2%. The assumed norninal rale of return including earnings giowth is 4.45QA. The next valuation result is due lo be implemented from 1 April 2024. copy of the valuatson report and supporting documentation is on the Teachers. Pension5 website Ihttps'.Iluh￿.leacherSpenSlOnS.co.ukInewsIeM￿oYer$/2019Io4/leachers-penSiOnS-VaIua1p0n-report.aSpxI. Page 47 BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 28. OPERAnNG LEASE COMMITMENTS At 31 August 2022 the Group and the School had commilmenls lo rnake fulure minimum leas$ payments under non-can¢ellable operating lease5 as follows" Group 2022 £000 Group 2021 £000 School 2022 £000 School 2021 £000 Not later than 1 year Later than 1 year and not later than 5 years 103 142 103 142 135 24 135 24 127 277 127 277 29. PRINCIPAL SUBSIDIARIES The following was a subsidiary undertaking ofthe School.. Name Company number Registered office or prin¢kpal Principal activity place Df busines5 Horsdon Enterprises Limited 027658380 B5undell's School, Blundell's Road, Tiverton. EX16 4DT Lettings services and sub contract work lor the school Holding Included in consolidation 100% Yes The financial result5 of the subsidiary for the year were". Name Income £000 Expenditur8 £000 ProfiUILossl I Surplusl IDefl¢ltl for the year £000 Net assets £000 Hor5don Enterprises Lirniled 71 85 30. MEMBERS. LIABILITY Each member of the charitable company undertakes to contribute lo the assets of the company in the event of Il being wound up while helshe is a member. or within one year after helshe ceases to be a membei. such amount as may be required, not ex￿eding £10 for the debts and Iiabililies contracted before helshe ceases to be a member. Page 48 BLUNDELL'S SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 31. RELATED PARTY TRANSACTIONS The School has not entered into any related party transaction during the year. nor are there any outstanding balances owing belween related parties and the Schoot at 31 August 2022. Page 49