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2022-08-31-accounts

Governors,OfficersandAdvisers 3
AnnualReportoftheGovernors
Directors’Report 4
StrategicReport 7
IndependentAuditor'sReport 14
ConsolidatedStatementofFinancialActivities 18
ConsolidatedandSchoolBalanceSheets 19
ConsolidatedCashFlowStatement 20
NotestotheFinancialStatements 21

FUTURE PLANS

The School's strategy is to maintain a strong financial position by delivering clear evidence of a consistently first-class education matched with demonstrably outstanding pastoral support. To do this it is building a healthy recruitment pipeline, controlling costs and using the facilities for the public benefit year on year. This generates sufficient resources to invest in the School's infrastructure, supporting the strategy of building on existing resources and foundations and making every penny count directly towards the School's purpose and its non-selective basis.

Accordingly, the priorities for resource allocation agreed by the Board are based on improving and enhancing the existing infrastructure estate and the objectives are to:

The School is reviewing its needs and opportunities to continue to develop its estate to maximise advantage. As the strategy is reviewed, more projects will be considered by the Board in due course.

This Annual Report was approved by the Board on 03 February 2023 including in their capacity as company directors approving the Strategic Report contained therein, and is signed as authorised on its behalf by:

eing Chai rman of Governors Date: 3rd Februarry 2023

13

Use of our report

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

Guy Biggin Senior Statutory Auditor For and on behalf of Crowe U.K. LLP

Statutory Auditor

Fourth Floor St James House St James Square Cheltenham GLS0 3PR Date: 09 March 2023

17

TAUNTON SCHOOL EDUCATIONAL CHARITY (REGISTERED COMPANY NUMBER 4005803) BALANCE SHEET AS AT 31 AUGUST 2022

FIXED ASSETS
Tangible Fixed Assets
Investments
CURRENT ASSETS
Stocks
Debtors
Cash
CURRENT LIABILITIES
Creditors: due within one year
NET CURRENT LIABILITIES
TOTAL ASSES LESS CURRENT LIABILITIES
LONG-TERM LIABILITES
Creditors: due after more than one year
NET ASSETS
CPITAL FUNDS:
Permanent endowed funds
Restricted funds
Unrestricted funds
TOTAL FUNDS
Notes
7,8
9
10
11
12
12
14a
14b
15		 CONSOLIDATED
2022
2021
£000'5
£00's
25,940.9
24,630.2
5,152.5
5,310.8
31,093.4
29,941.0
168.0
142.2
966.4
893.0
793.4
295.6
1,927.8
1,330.8
(10,681.9)
( 10,653.2)
(8,754.1)
( 9,322.4}
22,339.3
20,618.6
(3,145.8)
( 2,713.5}
19,193.5
17,905.1
1,902.2
2,062.2
4,396.6
4,303.3
12,894.7
11,539.6
19,193.5
17,905.1		 CONSOLIDATED
2022
2021
£000'5
£00's
25,940.9
24,630.2
5,152.5
5,310.8
31,093.4
29,941.0
168.0
142.2
966.4
893.0
793.4
295.6
1,927.8
1,330.8
(10,681.9)
( 10,653.2)
(8,754.1)
( 9,322.4}
22,339.3
20,618.6
(3,145.8)
( 2,713.5}
19,193.5
17,905.1
1,902.2
2,062.2
4,396.6
4,303.3
12,894.7
11,539.6
19,193.5
17,905.1		 SCHOOL
2022
£00'5
25,936.2
5,152.6
31,088.8
155.0
958.6
76.0
1,877.6
(10,605.2)
(8,727.6)
22,361.2
(3,145.8)
19,215.3
1,902.2
4,396.6
12,916.5
19,215.3		 SCHOOL
2022
£00'5
25,936.2
5,152.6
31,088.8
155.0
958.6
76.0
1,877.6
(10,605.2)
(8,727.6)
22,361.2
(3,145.8)
19,215.3
1,902.2
4,396.6
12,916.5
19,215.3
2021
£00's
24,627.9
5,310.9
29,938.8
136.7
902.1
284.1
1,322.9
{10,619.1}
31,093.4
168.0
966.4
793.4
1,927.8
(10,681.9)		 31,088.8
155.0
958.6
76.0
1,877.6
(10,605.2)
(8,754.1) ( 9,322.4} (8,727.6) { 9,296.2}
22,339.3
(3,145.8)		 20,618.6
( 2,713.5}		 22,361.2
(3,145.8)
19,215.3
1,902.2
4,396.6
12,916.5		 20,62.6
(2,713.5}
19,193.5
1,902.2
4,396.6
12,894.7		 17,905.1
2,062.2
4,303.3
11,539.6		 17,929.1
2,062.2
4,303.3
11,563.6
19,193.5 17,905.1 19,215.3 17,929.1

The surplus for the financial year dealt with in the financial statements of the School was £1,286k (2021: £924.Sk).

o ised for issue by the Board of Governors on 3rd February 2023 and signed on its behalf by; Treasurer

The notes on pages 21 to 34 form part of these financial statements.

19

2022 2021
Reconciliationofnetincomingresourcestonetcashinflowfrom operatingactivities £000's £000's
Net(outgoing)/incomingresourcesfromoperations 1,516.2 (96.7)
Eliminationofnon-operatingcashflows:
Investmentincome (63.6) ( 198.2)
Financecosts 119.1 117.0
Depreciationcharge 1,048.1 1,042.8
Lossondisposaloffixedassets 141.6 -
Decrease/(increase)instock (25.8) (8.6)
(Increase)/Decreaseindebtors (73.4) ( 285.8)
(Decrease)/increaseincreditors(excludingfeesinadvanceanddeposits) 337.4 ( 848.5)
Increase/{(Decrease)infeesinadvanceandparent'sdeposit 2,330.7 1,120.6



5,330.3


842.6
Cashflowsusedininvestingactivities:
Paymentsfortangiblefixedassets (2,500.4) {607.0}
Proceedsfromthesaleoftangiblefixedassets
Additionstosecuritiesinvestmentsportfolios (2,462.9) (522.2)
Withdrawalsfromsecuritiesinvestmentsportfolios 2,393.4 444.0
Investmentincomeandbankinterestreceived 63.6 198.2
Netcashusedininvestingactivities


(2,506.3)


(486.9)
Cashflowsusedinfinancingactivities:
Financecostspaid (119.1) (117.0)
Repaymentofsecuredloans (187.9) (1,301.9)
Newbankloans 450.0 :
Netcashusedinfinanceactivities


143.0

(1,418.9)
Changeincashandcashequivalentsintheyear 2,967.0 (1,063.2)
Cashandcashequivalentsatthebeginningoftheyear (2,173.6) (1,110.4)
Cashandcashequivalentsattheendoftheyear


793.4

(2,173.6)
ANALYSISOFCASHANDCASHEQUIVALENTS 2022 2021
£000s £000s
Cashinhand 793.4 295.6
BankOverdraft - (2,469.2)



793.4

(2,173.6)
ANALYSISOFCASHANDCASHEQUIVALENTS Asat01.09.21 Cashflow Asat31.08.22
£000s £000s £000s
Cashinhand 295.6 497.8 793.4
BankOverdraft (2,469.2) 2,469.2 :

(2,173.6)
2,967.0

793.4
Thenotesonpages21to34formpartofthesefinancialstatements.
7.TANGIBLEFIXEDASSETS- SCHOOL
Land and Assetsunder
buildings Equipment construction TOTAL
£000's £000's £000's £000's
cost:
Balanceat1 September2021 29,702.3 3,305.9 273.5 33,281.7
Additionsatcost - 181.3 2,315.7 2,497.0
Transfers 1,942.6 68.7 (2,011.3) -
Disposals - - (141.6) (141.6)
Balanceat31August2022

31,644.9

3,555.9

436.3

35,637.1
ACCUMULATEDDEPRECIATION:
Balanceat1 September2021 6,112.8 2,541.0 - 8,653.8
Chargeforyear 841.9 205.2 - 1,047.1
Eliminatedondisposal
Balanceat31August2022

6,954.7

2,746.2

-

9,700.9
NetBookValueat31August2022
24,690.2
809.7
436.3
25,936.2
NetBookValueat31August2021
23,589.5
764.9
273.5
24,627.9
8.TANGIBLEFIXEDASSETS- CONSOLIDATED Landand Assetsunder
buildings Equipment construction TOTAL
£000's £000's £000's £000's
cost:
Balanceat1 September2021 29,714.0 3,566.2 273.5 33,553.7
Additionsatcost - 184.7 2,315.7 2,500.4
Transfers 1,942.6 68.7 (2,011.3) -
Disposals : - (141.6) (141.6)
Balanceat31August2022

31,656.6

3,819.6

436.3

35,912.5
ACCUMULATEDDEPRECIATION:
Balanceat1 September2021 6,125.5 2,798.0 - 8,923.5
Chargeforyear 842.0 206.1 - 1,048.1
Eliminatedondisposal
Balanceat31August2022

6,967.5

3,004.1

-

9,971.6
NetBookValueat31August2022
24,689.1
815.5
436.3
25,940.9
NetBookValueat31August2021 23,588.5
 768.2
 273.5
 24,630.2
TAUNTONSCHOOLEDUCATIONALCHARITY
NOTESTOTHEFINANCIALSTATEMENTS
FORTHEYEARENDED31AUGUST2022
13.
FINANCIALINSTRUMENTS		 CONSOLIDATED SCHOOL
2022 2021 2022 2021
£000s £000s £000s £000s
Financialassetsmeasuredatfairvalue 4,961.3 5,212.6 4,961.4 5,212.6
Financialassetsatfairvalueincludesassetsheldasinvestmentslesscashheld.
14a,PERMANENTENDOWEDFUNDS
Currentyearmovement Balanceat Incoming Investment Balance
01.09.21 Donations Funds Expenditure losses at31.08.22
£000's £000's £000's £000's £000's £000's
lanEvans-LombeScholarshipFund
2,062.2
:
-
:
(
160.0)
1,902.2
Prioryearmovement Balanceat incoming investment Balance
01.09.20 Donations Funds Expenditure gains 31.08.21
£000's £000's £000's £000's £000's £000's
lanEvans-LombeScholarshipFund 1,799.6
 -
 -
 (0.2)
 262.8
 2,062.2
ThelanEvans-LombeScholarshipFundforms partoftheFoundationFunds
.		 Thegiftwasmadeby the Trustees ofMrEvans-Lombe withtheobjective
toadvancetheeducationofchildrenwhocouldnototherwiseaffordtheSchool'seducationbyprovidingforscholarships to beawardedtotwopupils
startingintheLowerSixtheachyear.
14b.
RESTRICTEDFUNDS
Currentyearmovement Balance incoming Investment Balance
at01.09.21 Funds Expenditure Gains Transfers at31.08.22
£000's £000's £000's £000's £000's £000's
TauntonSchoolFoundation 929.2 208.7 (111.0) - - 1,026.9
ParentalFunds 105.3 - : - - 105.3
TauntonSchoolTrust- Land& Buildings 1,959.8 - - - - 1,959.8
TauntonSchoolTrust- OtherFunds:
HaynesFund 100.7 - - - 100.7
lanEvans-LombeScholarshipFund 42.8 63.6 (68.0) - - 38.4
GerrardMemorialBursary 998.1 - - - - 998.1
TauntonSchoo!ScholarshipandBursaryFund
112.6		 - - - - 112.6
OtherRestrictedFunds 54.8 - - : - 54.8


4,303.3

272.3


(179.0)



:


:



4,396.6
Prioryearmovement Balance incoming investment Balance
at01.09.20 Funds Expenditure Gains Transfers at31.08.21
£000's £000's £000's £000's £000's £000's
TauntonSchoo!Foundation 931.7 196.3 (198.8) - - 929.2
DiningRoomRedevelopmentProject 100.0 - - - (100.0) -
ParentalFunds 105.3 - - - - 105.3
TauntonSchoolTrust- Land& Buildings 1,959.8 - - - - 1,959.8
TauntonSchoolTrust- OtherFunds:
HaynesFund 85.6 - - 15.1 - 100.7
lanEvans-LombeScholarshipFund 6.6 116.3 (80.1) - - 42.8
GerrardMemorialBursary 847.9 - - 150.2 - 998.1
TauntonSchoolScholarshipandBursaryFund
95.7		 - - 16.9 - 112.6
OtherRestrictedFunds 49.3 - - 5.5 : 54.8

4,181.9
312.6


(278.9)


187.7
(100.0)
4,303.3

TAUNTON SCHOOL EDUCATIONAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022

19. PENSION COSTS (CONTINUED)

Analysis of the amount recognised in the Statement of Financial Activities
Actual return less expected return on assets
Experience gains/(losses) on the liabilities
Change in assumptions
Unrecognised surplus
Actuarial gain/(loss) recognised in SOFA
Change in the present benefit obligation
Opening defined benefit obligation
Interest cost
Actuarial losses/(gains)
Benefits paid
Closing defined benefit obligations
Change in the fair value of scheme assets
Opening fair value of plan assets
Interest income
Actuarial gains
Contributions
Benefits paid
Closing fair value of plan assets		 2022
£000's
(1,217.0)
(534.0)
2,247.0
(496.0)		 2021
£000's
827.0
56.0
(306.0)
(282.0)
- 295.0
2022
£000's
7,360.0
122.0
(1,713.0)
(341.0)		 2021
£000's
7,257.0
121.0
250.0
(268.0)
5,428.0 7,360.0
2022
£000's
7,642.0
127.0
(1,217.0)
-
(341.0)		 2021
£000's
6,967.0
116.0
827.0
-
(268.0)
6,211.0 7,642.0

The School also operates a defined contribution pension scheme managed by the Pension Trust, which non-teaching staff are eligible to join. The assets of the scheme are separately from the School. The employer's contributions matches that of the employee within the region of 2-12.5%. The cost for the year represents the School's contribution to the Scheme of £272,426 (2021: £246,924).

The School operates a defined contribution pension scheme, for teaching staff, managed by The Royal London, as an alternative to Teachers' Pension Scheme. The employers contribution is eiher 8% or 16.48%. As at 31/08/22 there were 46 members and the cost for the year represents the School's contribution to the scheme of £293,493.

33

TAUNTONSCHOOLEDUCATIONALCHARITY
NOTESTOTHEFINANCIALSTATEMENTS
FORTHEYEARENDED31AUGUST2022
20.CONSOLIDATEDSTATEMENTOFFINANCIALACTIVITIES -COMPARATIVE FIGURES BYFUND TYPE
(IncorporatinganIncomeandExpenditureAccount)
Unrestricted Restricted Endowed 2021 2020
Notes Funds Funds Funds Total Total
£000's £000's £000's £000's £000's
Incomeandendowmentsfrom:
Charitableactivities
Schoolfees 3 18,959.4 - . 18,959.4 18,135.5
Othereducationalincome w 1,072.5 - - 1,072.5 916.0
Otherancillarytradingincome 5 263.6 - - 263.6 897.0
Othertradingactivities
Non-ancillarytradingincome 5 490.2 - - 490.2 587.5
Investments
InvestmentIncome 5 81.9 116.3 - 198.2 231.5
Voluntarysources
Donationsandbequest 14b . 196.3 : 196.3 164.5
Totalincome

20,867.6

312.6

-

21,180.2

20,932.0
Expenditureon:
Raisingfunds
Non-ancillarytradingexpenses 6 379.1 - - 379.1 228.2
Fundraisinganddevelopment an - . 0.2 0.2 31.7
Financingcosts 6 117.0 - - 117.0 89.1


496.1


-

0.2

496.3

349.0
Charitableactivities:
Educationandgrantmaking 6 20,501.7 278.9 - 20,780.6 21,336.7
Totalexpenditure

20,997.8

278.9

0.2

21,276.9

21,685.7
NetIncoming/(outgoing)fundsfrom
operationsbeforeInvestmentgains		 (130.2) 33.7 (0.2) (96.7) (753.7)
Gains/(losses)oninvestments 258.2 187.7 262.8 708.7 (86.7)
Net(outgoing)/incomingresources
128.0
221.4
262.6
612.0
(840.4)
Transfersbetweenfunds
100.0
(100.0)
-
-
-
Otherrecognisedlosses:
Pensionschemeactuarial(losses) 19
290.0
:
:
290.0
(290.0)
Netmovementinfundsinyear 518.0 121.4 262.6 902.0 (1,130.4}
Fundsbalancesat1 September2020 11,021.6 4,181.9 1,799.6 17,003.1 18,133.5
Fundbalancesat31August2021
11,539.6
4,303.3
2,062.2
17,905.1
17,003.1