Company Number: 03898262 Registered in England and Wales Charity Number: 1081875 Notre Dame School Cobham Annual Report and Financial Statements for the year ended 31 August 2022 Notre Dame School Cobham Annual Report and Financlal Statements for the year ended 31 August 2022 Contents Page Reference and administratlve Information Annual Report of the Govemors Strategic Report Directors. Report Statement of Govemors, Responsibilities 15 Independent Audito¢s Report 17 statement of Financlal Actlvities 20 Balance Sheet 21 Statement of Cash Flows 22 Notes to the Financial Statements 23 Notre Dame School Cobham Reference and administrative information for the year ended 31 August 2022 Reference and admlnistrative information Nolre Dame School Cobham ("the school.) is constituted as a company limited by guarantee registered in England, and is registered as a charity with the Charity Commission. Its company registration number is 03898262 and its charity number is 1081875. Governors, dlrectors and charlty trustees The Govemors of Notre Dame School Cobham {°the school.) are the school's charity trustees under charity law and the directors of the charitable company. The members of the Goveming Body who served in office as Governors during the year and subsequenuy are as follows.. Mrs Wanda Nash BA MEd (Canlab) (Chair) Mr Simon Frost (Vice Chairl Sr Maria Nieves Escalada. ODN Mr David Gair Sr Anne Gill, ODN Sr Patricia Grady, ODN Mr Russell Granat ACA Mr Gerard Owens Sr Kathy Schneider Ms Emma Appleton (From November 2022) Offlcers The following key senior members of staff (key management personnel) are responsible for the day-tfrday management of the charity.. Heads of School Mrs A King MA (Cantab) M.Ed PGCE FRGS Mrs Amelie Morgan MA BA (Hons) PGCE Head of Senior School Head of Preparatory Schod Bursar Ms L Ayling Bsc (Hons) MA (Oxon) PGCE FCA Mrs J Robinson To January 2023 From February 2023 Company Secretary Ms L A￿Ing Bsc (Hons) MA (Oxon) PGCE FCA Clerk to the Govemors Mrs G Finney BA {Hons) GDL LP Page 1 Notre Dame School Cobham Reference and administrative information for the year ended 31 August 2022 Principal address and r6gist6red office Notre Dame School, BunNood House, Burwood Park. Cobham. Surrey. KT11 1 HA Auditors Crowe U.K. LLP, 55 Ludgate Hill. London. EC4M 7JW Bankers 8ardays Bank PLC. 8-12 Church Street, Walton on Thames KT12 2YW Sollcltors Veale Wasborough Vizards, Narrow Quay House. Narrow Quay. BristcA BS14QA Website W¥AiW.r)olfedame.co.uk Notre Dame School Cobham Annual Report of the Governors for the year ended 31 August 2022 Th8 Govemors present their report and the financial statements of Notre Dame School Cobham for the year ended 31 August 2022 under the Charities Act 2011. including the Directors, and Strategic Reports under the Companies Act 2006 together with the audited financial statements for the year. STRATEGIC REPORT Review of achlevements and perfonnance This year. the school has continued to grow wilh new pupils starting throughout the year and across all year groups. This year we had a third Year 5 class and On￿ again had four-fomi intake at Year 7. We continue to remain committed to a broad intake as we believe this makes for a better learning environment for students of all abilities. Focus has been on the continued achievement of the highest standards of academic performance, enhancing sport and enrichment opportunities and continuing to be leading light in student and staff wellbeing. Autumn 2021 saw a return of all year groups to sporting fixtures. musical and theatre P8rformances, residential and day Irips and a full programme of academic enrichment activities. Among others there were trip to Hindleap Warren, Butser Farm, RHS Wisley, Hindu Temple, Hampton Court and Dover Castle. Our year 11 GCSE PE group visited Wimbledon Lawn Tennis Club and gave a presentation on Allhea Gibson - the first black woman to win Wimbledon. Year 6 enjoyed a very successful Sport and Cultural week in Jersey. Girfs from the Senior school have also been enjoying visits to Walton Firs Activity Centre during their weekly PE Lessons. We were also honoured to be shortllsted for two awards th18 year- Independent Glrls School of the Year- this was in recognition of our delivery of cutting-edge academic provision within a d88pIy 8mb8dded and authentic pastoral èthos and Independent School of the Year for Healthy Eating- an acknowledgement of the hard work and care of our catering team and the important role that eating together plays at Notre Dame. During the Summer lemi we made the most of our extensive grounds and Sports facilities, with Sports Days, Feast Days and Induction events for new pupils. The students continued to enjoy an extenslve array of muslc clubs. choirs, orchestras and lessons and produced a dislinguished set of ABRSM examination results. In January 2022 we launched our new Year-round Nurs8ry provision which has been very well received with high attendance during the holidays. Our youngest nursery and infant pupils hav6 been fully embracing all that Notre Dame has to offér with their weekly visits to forest school, sports, music and swimming lessons throughout the year. Older students can also enjoy Forest Schod Club and Senior Students have enjoyed Reflection Days in the woodland setting. Page 3 Notre Dame School Cobham Annual Report of the Governors for the year ended 31 August 2022 Examinations and Curriculum At Notre Dame we continue to provide a range of dynamic and innovative strategies which together assure the delivery of a highly personalised education for each individual student. All staff are encourdged and supported in conlinually striving to improve and enrich the academlc experience. Thls year, despite some continued un¢ertalnty, our GCSE and A Level students were able to sit their public examinalions in school. Our stLKJents showed great resilience, worked hard and were rewarded wth an amazing set of results. At GCSE, one in three students were awarded at least eight grades ￿7 (A'IA equivalent). One in five students were awarded as least seven grades 918 (A. equivalent). 96% of students were awarded grades 94 {A'_ C equivalent). We were delighted that many of these top students chose to stay at Notro Dam8 for Sixth Form. At A Level one in five students V￿re awarded at least three A"grades and two in five students were awarded at least three A"IA grades. Overall 100°h of students were awarded A" _ C grade. All our A Level students got accepted onto their first choice places at University to study a diverse range of courses- including Natural Sciences, Bio-veterinary Sciences. Ancient History. Mathematics & Physics and Theology. We also a student accepted onto a prestigious Apprentlceship Scheme at Christle's Auction House. We were Incredibly proud of all our GCSE and A Level students. Creativity ts embedded in the teaching of all subjects and art, music, drama and sport offer scope for personal expression, exploration, inspiration and growth. We were delighted to be able to present our GCSE and A Level Art arbd Art Textiles work to parents, families and friends at our Summer Exhibition. Notre Dame provides an alkround education wilh both extra and co-curricular activities designed to buikl resilience, leadership skills, teamwork and exPerfen￿s that wlll enhance the girls. future lives. There are a huge range of opportunities across the school which include day trip5, residential trips and expeditions, master-classes and lectures, wsiting experts and authors and from Year 10 the opportunity to take part in the Duke of Edinburgh Scheme. Notre Dame School Cobham Annual Report of the Governors for the year ended 31 August 2022 Financial review Financial results of activities and events The financi81 results of the charity's activities for the year ended 31 August 2022 are sel out in the Slalement of Financial Activities on page 20, and the Statement of Cash Flows on page 22. This year the school made an operating surplus of £320,000 (2021.. £667,000) and had an inflow of cash from operating activities of £1,073,000 (2021.. £1,401,000). Included withln this figure is an amount of £nil (2021.. £426,000) relating to net costs directly attrlbutable to the pandemic. The Governors had set aside £nil (2021: £500,000) to cover such costs. Further details are given in note 15. Rosorvos Policy The school's total reserves at the year-end (note 15) were £12,136,000 (2021: £11,816,000). Included within these reserves were £25,000 of unspent restricted income (2021.. £49,000) and £11,611,000 of designated funds12021.. £11,267,000). As a company limited by guarant86, the school cannot dislribule surpluses and reinvesls any surpluses made to benefit current and future beneficiarles. The current students benefit from past investment into the estate and the designated fixed asset fund of £8,127,000 {2021'. £8,017,000) reflects the carrying value of all the fixed assets In use at the 31 August. The school is situated on a private road, and is partly responsible for the upkeep of the lane. Burhill Group Limited. an independenl company, are responsible for commissioning repair works. The southem part of the lane was resurfaced in December 2021, wlth some initial preparation work taking place in August 2021. The designaled Convent Lane repairs fund balance of £90,00012021'. £148,000) represents an estimate of the funds that would be required to restore the northern part of the lane given Ils current condition. As the fe8s are paid in advance and the short term cash flows have proved to be robust 8ven during the pandemic. the governors hav8 r8tain8d the level of the general reserve at £500,000. This represents the School's free reserves. As a result of these allocatlons and the results for the year, the deslgnated future capital projects reseNe has increased by £292,000 to £3,394,000 (2021: £3,102,000). Futurn Stratègy The school's long-term strategy is one of consolidation not continued expansion. Were you to walk into the school in 20 years, time, we hope that you would find it largely recognisable. Our aim is to remain unashamedly holistic. with our students at the centre of everything we do. However, we recognise that we wlll need to invest and adapt to remain competitive and to ensure that the next generation of students have the same opportunities as our current students lo benefit from St Jeanne's legacy. Page 5 Notre Dame School Cobham Annual ReFJOrt of the Governors for the year ended 31 August 2022 Our future strategy focuses on incremental improvements, includlng: Planning permission ha8 been granted for a new bulldlng In the Senlor School - this will be an Innovation Space and will enhance all aspects of the curriculum and Co-currtcular provlslon but especlally sclence, computing and technology. Prep ICT, Science and Art facilities will b8 enhanced to complement the Innovatlon Space In the Senlor School Continue to deveSop all year round nursery provlsion and work towards full cla888S In the EYFS and Infant classes Enabling students and visiting teams to participate more effectively in sport by providlng more sultably located changlng and refreshment facllltSes Creatlng a wellbeing hub which draws togelher our existing welfare provisions for Senior students, prep Students and staff and lo create a central servlce which $8Nes the whole school cornmunlty Co-locating specialist currlGulum provislon so that students of all ages have acc&8S to the best facllStSes and staff the school can provide Ensuring that th8 financial position of the school IB s8cur8 Golng Concern Following In the wake of the pandemic the school was able to get back to normal acllvllles durfng the year, however, has now had to consider how high levels of Inflatlon, Ghanges in the living wage and the impact of Brexit have affected the School's cost base. The flnanclal projectlons have taken into conslderatlon the current economlc cllmate of higher inflation following the global pandemic and th8 possible Impact that these will have on student number8, affordability of fees and expenditure levels. In Ilght of these projectlons, the Governors are confldent that the school has adequat8 resources to contlnue in operational existence for the foreseeable future and that there are not mater181 uncertalntles that call Into doubf the school's ability to continue. The financial statements have therefore been prepared on the basis that the school Ss a going concern. Page 6 Notre Dame School Cobham Annual Report of the Governors for the year ended 31 August 2022 DIRECTORS, REPORT Structure, governance and management Status and hlstory Notre Dame School is an independent Roman Catholic day school for approximately 700 girfs aged from two to elghteen years and boys aged from two to four years, and was founded by the Order of The Company of Mary Our Lady, which is the oldest recognised educational order devoted to the teaching of gids; founded on the belief that women have a unique conlribution to make to society. Saint Jeanne de Lestonnac, who founded the Order of The Company of Mary Our Lady in 1607, said "we are all educators accompanying young people in their efforts to build their lives for today and tomorrow" an approach that still looks fresh and modern 400 years later. Notre Dame School Cobham is 8 registered charity, and a company limited by guarantee, not having share capital. Every memb6r undertakes to conlribule an amount not exceeding £110 the assets of the charity in tha event of the charity being wound-up during the period of membership, or wilhin one year thereafter. The management of Notre Dame School is the responsibility of the Board of Governors of Nolre Dame School Cobham, which was incorporated on 22 December 1999, and became a registered charity on 7 August 2000. Notre Dame School Cobham is govemed by the rules and regulations set down in its Company Memorandum and Articles of Association. Organlsatlonal Structure The overall slralegic direction and evaluation of risk of the sch¢)ol 18 detennined by the Govemors, who make all the key pollcy decisions, and supervise and control the authority delegated to the Executive Team, comprising the Head of Notre Dame Senior School, the Head of Notra Dame Preparatory School and the Bursar. The Executive Team, as the key management personnel, are responsible for the day-to-day operations of Notre Dame School Cobham. The Board of Govemors meets at least three times per year. All meetings are also attended by the Executive Team, who report to the Governors on all malters of significance in relation to the affalrs of the school. The remuneration of key management personnel is set by Ihe Board, with the objective of providing appropriate incentives to encourage enhanced performance and of rewarding them faidy and responsibly for their individual contributions to the Company's success. The appropriateness and relevance of the remuneration policy is reviewed annually, induding reference to comparisons with other Independent schools to ensure Ihat the School remains sensitive to the broader issues of pay and employment conditions elsewhere. Page 7 Notre Dame School Cobham Annual Report of the Governors for the year ended 31 August 2022 The aim is to recruit, subject to experience, at the lower to rn8dium poinl within a band, providing scope for rewardlng excellence as staff costs are the largest single element of the school's charitable expenditure. Governors receive no remuneration for their services to the school either as trustees of the charity or as directors of the Company. Committees The Govemors organlse themsehles Into the following commlttees (all of whlch meet at least three times per year) to assist them in the process of the govemance of the school. All committees have at least on8 Govemor representative with the balance of the committee comprssing staff and l or CLFOPted members, as appropriate. The Finance and Bu8ine8s Commlttee is responsible for monitoring income and expendlture, approvlr¥J the annual budget and setting the fees. The Commlttee also ensures that the annual audited financial statements and regulatory retums are prepared In accordance with relevant legislation. The fdlowing Governors have been members of the Flnanco and Buslnass Comrnittee, slnce 1 September 2022: Mr Russell Granat (Chalr) Mr Simon Frost Sr Anne Gill ODN The Educatlon and Staffing Commltteo is responsible for monitorlng the school currlculum and Its Ilnks wSth the school Development Plan. The Commlttee reviews Staffing requirements, staffing issues and monitors staff performancelsalarfes. It also advises the Buildlngs Committee on faalities requirements in tenns of the curriculum. Th8 following Govemors have been members of the Educatlon and Stafflng Commlttee slnce 1 September 2022: Mr Gerard Owens (Chalr) Mr David Gair Sr Anne Gill ODN The Lestonnac Commlttee Is responslNe for considerfng the work of the school In Ilght of its mission. The Committee reviews all preparations for rdigious servlces and celebrations, Includlng anniversary celebrations. It also ensures the teachlngs and mlssion of Salnt Jeanne de Lestonnac are central to the education offered by the school. The following Govemors have been members of the Lestonnac Commlttee since 1 September 2022: Sr Anne Gill ODN (Chair) Sr Patricla Grady ODN In addition to the above cornmittees. the governors have oversight of the following two committees and receive regular updates on their activities. Page 8 Notre Dame School Cobham Annual Report of the Governors for the year ended 31 August 2022 The Frionds of Notre Dame (FOND) Committee, the parents association, operates under the auspices of the school. FOND arranges social events and fundraising activities. The FOND Committee consists of representslives of the parent body. staff at the school and a Governor. A governor attends the meetings on a rotation basis. The Health and Safety Commlttea is a staff committee with no governor attendance. It is responsible for monitoring and advising on safety aspects for the whole school site in terms of Health and Safety legislation as it pertains to pupils, staff and visitors to the school. Th8 school also engages the services of a Health & Safety Advisor to r&view the school's procedures and processes and to provlde advice to staff. The Commlttee considers the risks involved in all activities, visits and the use of the site and buildings and reports findings and risks lo the Finance and Business Committee on a termly or ad hoc basis. Molhod of Recrultment. Appolntment, Electlon, Inductlon & Tralnlng of Gov•rnors Recruitment Th8 school's Governors are recruited based on eligibility, personal competence. specAalist skills and local availability. Appointment and Electlon The majority of the Board of Governors are appointed by the Mother General of the Order of The Company of Mary Our Lady and are known as SG Govemors. The remainder are known as AGM Govefflors, being elected at the Annual General Meetlng (AGM) or co- opted onto the board to hold office until the following AGM. Elections to the board are on the basis of a simple majorlty of the votes of the Governors. Induction and Training Newly appointed or elected Governors are inducted into the workings of the school, induding being briefed on board policy and procedures, at an induction meeting with key fellow Governors and the Executive Team. Copies of key documents are provided. Governors ar8 also briefed on gov8rnanc8 issu8s at regular board m8&tings and ar8 k8pt Informed about training opportunltles vl8 regular e-rnail correspondence. Regulation, legislalion and governance best practice updates are provided in the board packs for informalion purposes, and various opportunities for meeting socially. incorporating talks on the school's misslon, are arranged throughout the year. A Governors, portal on the school webslte has also been establlshed to create a resource and reference base for Governors. The portal provides Governors with easy access to reference materials, meeting minutes and policies. Governors are invited to attend the bl-annual pilgrlmage to Bordeaux to follow in the footsteps of tha Foundress, Saint Jeanne de Lestonnac, in order to understand and experience the Charism and educational mission of the Order of The Company of Mary Our Lady. Page 9 Notre Dame School Cobham Annual Report of the Governors for the year ended 31 August 2022 The.Charlty Govemance Code The Charity Governance Code is endorsed by the Charity Commission and was updated In December 2020. The Code is designed as a tool to support continuous improvement and all charity trustees are encouraged to meet the principles and outcomesof the Code by elther applylng the recommended practice or explaining what they have done instead or why they have not applied it. The school has used the code to ass8SS Itscurr6nt practice agalnst the Charlty Governance Code's seven principles and recommended practice. The main areas where the school's practice differs from recommended practice relate to the recruilment of Governors and the diversity of the members of the Board. Our governing document requlres the malority of the Board of Governors to be appolnted by the Mother General of the Order of The Company of Mary Our Lady to ensure the continuation of the ethos of the school 8nd 811 governors must be symp8thetic to thts ethos. We recruit AGM governors uslng a variety of means, including seeklng appllcatlons from former students and parents and through nomlnat5ons from governors and tho ex8CUtive team. Invgstmgnt Pollcy and performance Under the rules of the governing document of the charity, the Governors have wide ranging powers to Invest the funds of the charlty as they see flt within the scope of the laws and regulatlons 8pplylng In the United Kingdom. In practlce, the Governors have continued to accumulate their free reseNas and hold them ss Ilquld asset5 In a managed cash fund, removable without charge 8t minimum noticé. The Governors would not knowingly invest in an￿hIng that they conslder to be socially, environmentsiiy or ethlcally unsound. For the year ended 31 August 2022, the school's unrestricted res8Nes (held princlpally as cash and flxed assets) increased by 2,920/0 (2021 Incre8sed by 5.99 % ), and the school achleved an average income return on total cash depo81ts of 0.14% (2021: 0.180A). Thls Is In line with expectations. Fundralslng All fundraising actlvities for the school are carried out by the Friends of Notre Darne (FOND) and are focussed around fundraislng events stsch as the Winter Ball. the Christmas Craft Falr and an annual Quiz Night. In addition, FOND co-ordinate th8 Nearly New Unifomi shop which allows parents to buy and sell items of school unlform from and to other parents. These activities serve to r8Ise funds for the school, but also to generate a sense of communlty wlthln the parent body. The school does not use professional fundralsers or have any commercial participators. All fundraislng actlvltles are managed by FOND, with overall oversight by the FOND commlttee. No complaints relating to fundraising activities have been received by the school during this financial period. However, the school has in place procedures that would be followed In the event of a complaint being received with the initial response being Ihe responsibility of the Executive Team. Any continuing issues would then be dealt with in line with our Complaints Policy. The school does not currently subscribe to any specific fundraislng standards or schemes for fundraising regulation but considers that It has set appropriate standards for the Page 10 Notre Dame School Cobham Annual Report of the Governors for the year ended 31 August 2022 operation and management of its fundraising activities. In particular, the school considers that its processes and controls should ensure that vulnerable people and other members of the public are protected from any unreasonable intrusion on a person's privacy and that no fundraising activities would b8 unreasonably persistent or place undue pressure on a person to give money or other property. Risk and corporate governance The school has taken out a public Ilability insurance pollcy that provldes professlonal indemnity cover for the Govemors and Staff of the school. The Governors keep under regular review the principal areas of the school's operations, and consider the major risks faced by the school in each of those areas. The management team undertakes a regular review and update of the risks, and action is taken to assess and improve procedures in order to mitigate the n8gative impact of risk. This is reviewed by the Governing Body. Risks are identified and assessed, and then appropriate contro15 established to be monitored and 18sted throughout the annual cycle. The main risks facing the charity are reduction in pupil numbers, arising principally from the economic circumstances in the region generally exacerbated by COVID 19 and Brexlt, and from the strong competition from Independenl and State schools in Ihe area and co-educational sixth foms in local boys, independent schools. The school made a number of changes to its operating procedures to comply with guidance on operating securely during the coronavirus pandamic. The Govemors also consider externally mandated increases to the school's cost base (for example from changes to VAT legislation, the availability of charitable relief on business rates and contribution rales for the Teachers, Pension Scheme) and the affordability of fees by parents across the independent sector to be the principal risk faced by the school. Th8se risks are being mitigated by ensuring that the fee levels are maintained at reasonably affordable levels. without compromislng the quallty of the education,. rigorous credit control: constant int8rnal and exlernal marketing and a rolling r8view of the educational experience. Following a consultation with affected staff, the Governors took the difficult decision to wilhdraw from the Teachers. Pension Scheme with effect from 31 December 2020 as they felt that continued membership of the scheme posed too great risk to the school. The school is also investing in high quality staff and facilitiès and continues to improve its IT infrastructure to support the technology needs of the curriculum. The Education Committee monitors and reviews all the major risk areas. It conducts annual formal reviews of the school's child protection policies and procedures, and of the efficiency with which the related duties have been discharged, and then tha findings are reported to the board of Governors. Page 11 Notre Dame School Cobham Annual Report of the Governors for the year ended 31 August 2022 The key controls used by the school indude: Formal agendas for all committee and board meetings. Detailed terms of reference for all committees; Comprehensive strategic planning, budgetlng and management accountlng procedures; Established organisational structures and form81 Ilnes of communlcatlon and reportlng; Formal written pdicles; Clear authorlsatlon and approval levels; and Vetting procedures as required by law for the protection of children and vuln8rabl& adults. Through the risk management processes established for the charlty, the Govemors are 8atlsfied that the major risks have been identified and have been adequately managed where necessary. It Is recogn15ed that 8ySterns can only provlde reasonable but not absolute assurance that malor rlsks have been adequately manag&d. Objectsi publlc beneflt alms and objectlves Charltable Objoctlvas The ch8rit8ble objectlves for whlch the charity was establSshed are 'to advance the Roman Cathollc rellglon by the conduct of a Roman Catholic school or schools" and as a Company of Mary Our Lady school, we do thls in the spirlt of our foundress, St Jeanne de Lestonnac, a progresslve and dedlcated educator of women of all falths and none. Notre Dame continues to build on this legacy by accompanying young people in their efforts to build their lives for today and tomorrow. We provide a Roman Cathollc educatlon, but are open to snd respect the falths and cultures of all members of our community. Pupils and staff of other donominations and faiths are welcomed and encouraged to make an active contrrbution to the splrftual life of the school. Aims, Intended Impact and Grant maklng policy Notre Dame is an unashamedly holistic school. Our students from 2-18 are placed 8t the cenlre of everythSng and their physical and mental wellb8ing is as important as their excellent academic, sportlng and artlstlc achlevements. Pastoral Care Is at the heart of school life at Notre Dame but is not at the expense of academic rigour. It forms the bedrock on which academic excellence is built: happy, comfortable and secure chlldren and young women make confident and successful learners. who feel safe to venture beyond their comfort zone and try new approaches, and who understand that mistakes and failure are an important step in leaming. Page 12 Notre Dame School Cobham Annual Report of the Governors for the year ended 31 August 2022 In particular, the school's aims are.. To develop a secure and stimulating environment in which pupils are encouraged and challenged to fulfil their potential, both academically and physically and gain an understsnding and appreclation of the wider world in whlch they live. To develop in pupils a responsible and indep6ndent attitude towards work and their roles in society and a desire to reach out a helplng hand and contribute to the wider community. To ensure Ihat the school atmosphere is such that all pupils learn to appreciate diversity, respect each other's views and beliefs and build a reasoned set of altitudes, values and beliefs based on Christian principles which will enable them to make a positlve difference in the world. To respecl e8ch pupil as a valued individual who can choose her own individual path through the school and in turn grow self-esteem confidenc8 and ind8P8nd8nce and Ilve an authentic Ilfe. To work wlth parents and famllies as part of a wlder Notre Dame community To prepare, support and guide each pupil for the next stage of their education, whatever that might be. The charity's immediate beneficiaries are the girts who attend the school, but the l¢xal community (with whom the school fosters strong links across a wide range of activities) also benefits from what the school does and from access lo school facilitles. In the opinion of the Governors, the general publlc is the ultimate beneficiary of the high quality education and the greater awareness of social values that the school provides to its pupils. The charity makes availabl8 scholarships, means tested bursaries and awards out of unrestricted funds. The charity's polScy, In line wlth other Independent school operators, Is to make awards on the basis of an individual's educational potential and bursaries are offered where the pupil's education and future prospects would otherwise be at risk. To widen access further, the school also facilitates putting needy families in touch with other potenlial funding sources. The school provided scholarships, bursaries and discounts to two hundred and five puplls (2021: two hundred and thirteen puplls) amounting to £937,000 (2021.. £848,000) all provided from the unrestricted funds of the charity. Means tested bursaries of £411,000 (2021: £331,000} are Included in thls total, The Governors also aim to widen access further for new pupils joining the school who would benefit from a Notre Dame education, but whose families are unable to afford the full fees and who have no substantial capital assets, by offering up to full fee assistance in key year groups for a limited number of places each year. This support is also available lo scholarship candidates where they meet the means testing criteria. Page 13 Notre Dame School Cobham Annual Report of the Governors for the year ended 31 August 2022 Th8 school continued to ensure that both current and new initiatives were considered in ight of the guidelines identified from The Company of Mary Our Lady (COMOL) Educational Projecl strategy meeting held in June 2011. These guidelines set out the key elements whlch all COP*AOL schools and educ8tlonal projects have In common Includlng: A humanist and Christian education that places people at the cenlre and enables them to be citizens of the globe who lake collective and transfomative action An educatlon that provldes an open learning opportunity and that educates in life and for life Educators as companlons and wltn8sses to the values and prlnclples In whlch they want to educate, who are committed to quality and continuous Improvement An 8ducatlonal communlty, Involvgd In a common project, in which receptiveness, dlalogue. teamwork and co-responsibility are fundamental components. Objactlves for the year The prlnciple objectivos to fulfil the aims set out above fall Into three broad categorie8: Thlnklng Space Deliver a hlghly personalised educatlon for each indivldual student throughout the schools, rewarding effort and learning Pay careful attention to each individual's progress through specialist Engllsh and mathematlcs programmes In the Prep School and dala-tracked progress measurement In the Senlor School Run 8n extensive range of ac8demlc enrichment events, challenges and opportunltles across th6 whole school Gmwlng Space Help every studént to dlscover new interests Encourage particlpation by all students in sport, drama and music Embed creativity in the teaching of all subJect8 Breathing Space Focus on happlness, reslllence and success Promote well-being and resilience through Project Flor8c6r in the Prep School and The Lestonnac ApproaGh in the Senlor School Relationships with Related Parties The school continues to maintain a strong relationship with the Order of the Company of Mary Our Lady (COMOL). Page 14 Notre Dame School Cobham Annual Report of the Governors for the year ended 31 August 2022 Public Benefit and links wlth local schools and the wider communlty The Governors have given due consideration to the Charity Commission's published guidance on the Public Benefit requirements under the Charities Act 2011. As an educational charity and, in meeting the objectives of the charity, the school's aim is to benefit the public through the advancement of education within the Roman Catholic ethos of educating children and young persons. In addition to providing £411,000 of m8ans-tested assistance lo foty-one pupils (2021-. £331,000 to thirty-two pupils), wider access to the facilities avallable at the school was promoted this year through numerous hockey, swimming and netball cjubs using our facilities in the evenings and at weekends. We have continued to work wlth local schools in the area sharlng knovAedge, skills and expertise and experience. The Senlor School has worked wlth a local school on a project to improve the quality of teaching and learning for pupils and also provides regular support for other secondary schools sharing advice, support and resources. This includes streaming free vid80 lessons and revision sessions and establishing subject guided principles for procurement of resources. The Senior School has also donated music eouipment to schools in the local 8rea. The Prep School have hosted Cross Country events for Elmbridge and Runneymede Schools Association {ERPSA). Statement of Governors, Re8ponslbllltles The members of the Governing Body {who are also directors of Notre Dame School Cobham for the purposes of company law) are responslble for preparlng the Governors, Annual Report and the financlal statements in accordance wlth appllcable law and United Kingdom Generally Accepted Accounting Practice (Uniled Kingdom Accounting Standards). Company law r8quir8s the Trustees to prepare financial stalements for each financial year. Under that law the Governing Body have elected to prepare the financial statements in accordance with United Kingdom Gen8rally Accepted Accounting Practice (Uniled Kingdom Accounting Standards> and applicable law. Under company law the Governing Body members must not approve the flnanclal statements unless they are satisfiod that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charities SORP., make judgments and estimates that are reasonable and prudent. state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concem basis unless it is inappropriate to resume that the charitable com an will continue in business. Page 15 Notre Dame School Cobham Annual Report of the Governors forthe year ended 31 August 2022 The members of the Goveming Body are responsible for keeping adequate accounting records that are sufficlent to show and explain the charitable company's transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure thal the financial statements comply with the Companles Act 2006 and the provtsions of the charity's constitution. They are also responsible for safeguardlng the assets of the charity and heTrce for taktng reasonable steps for the prevention and detection of fraud and other irr8gLlariti6 Relevant audit infonnatlon So far as each of the Govemors is aware, there is no relevant audit information of which the charitable companvs auditors are unaware. Each of the Governors has taken all the steps that he or she ought to have taken as a Govemor in order to make ourselves aware of any relevant audit information and to establish that the charitable company's auditors are aware of that Informatlon. Thls Annual Report, prepared under the Charlties Act 2011 and the Companies Aot 2006, wa8 approved by the Board of Governors on 23 March 2023, induding in thelr capacity as company directors approving the Directors, and Straieglc Report8 contained therein, and Is signed as 8Uthorfsed on its bèhalf by. . Govemor Mrs Wanda Nash BA MEd (Cantab) 23 March 2023 Page 16 Independent Auditor's Report to the members of Notre Dame School Cobham Oplnlon We have audited the financial statements of Nolre Dame School Cobham I'lhe charitablo company,) for the year ended 31 August 2022 which comprise Stalernenl of Financial Aclivilies, 8alance Sheel, Statement of Cash Flows and notes lo the financial stalemenls, including significant accounting p¢4i¢ies. The financial reports'ng framework that has been applied in Ihair preparalionis applicable law and United Kingdom Accounting Standards, including Flnancial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounllng Pra¢ticel. In Ouf opinlon the financial slalements.. givg 8 true and falr viow ol the stale of the chanlabla company'8 affairs as at 31 August 2022 and of 118 Income and expendliure for th8 year th8n ended., have been propedy prepared in accordance with United Trangdom Generally AccepledAccounlin9 Practice,. and have been prepared in accordan¢e wllh the requlremenls of the Compani88 Act 2006. Ba•ls for oplnlon W8 Gonduct8d our audit in ac¢ordan¢o wrth Int8rnation81 Standard8 on Audillng IUKI IISAS (UKII and applicable law. Our responsibilities under Ihoso standard$ aro further described in tho Auditor's r8sponsibililies for the audit of tho financial Slaiemenls s8clion of our report. We aro indapendenl of the charitable company in accordance with the 61hical requir8menls Ihal 8rg relevant lo our audit of the financial slatemènls in th8 UK, including the FRC'S Elhical Standard. and we have luifilled our other ethical re8ponsibllili88 in accordance I￿1h th980 requlrftmgnl$. We b8llèv8 Ih8t th6 audll evidenc8 we h8ve oblaln8d18 sufficlenl 8nd appropflal8 to provlde a b8818 for Our opinion. Conclu8lon• rèlatlng to golng ¢onG•m In auditing the financial slal8menls. we hav8 conduded that the Irustae'$ U80 of Iha golng concem ba818 of accounting In the preparation of the flnan¢lal slalements is appropdale. 888ed on th8 work wè have ￿rfOrMed, have not identified any malerlal uncertalnile8 relallng lo evenl8 or conditions that, individually or collectively, may cast signiflcanl doubl on the charllabl6 companls abilily lo continua as a going concern for a perlod of al least twelve months from when the financAal statements •r8 eulhorisod for issue. Our re8ponsibililies and the re8pon81bMi1188 of the tDJslees wllh respect to goln9 concern are described in the rglevanl section3 of this report. Othor Inlormjtlon The Iruslee8 are responsible for Ihe other inlofmalion contained within the annual report. The other Infomalion comprfses tho infomiallon Indudgd in the annuol report. othof Ihan th8 financlal slalements 8nd our auditor's report Ihbreon. Our opinlon on the flnancial 81al8ment8 does not cover the other information and, except lo Ihe extent othorwiBe explidlly slal8d in our reporl, wg do not 8xpres8 any fomi of 888ur8nc8 concluslon Ihereon. Our responsibility is lo r8ad the other informaUon and, in doing so. consider whathèr the other inlomiation m8lerially inconsistent with the financial stal8ments or our knO￿edg0 oblainod In Ihg audit or oth6tV4iSe appears lo be materially mi$slaleil. If we identify su¢h materi81 In¢onsislencl8s or apparent material misslalemenls, we are required to determine whether Ihis gives rise to a material misstslemenl in the fin8nci 51alemenls themselves. If, based on the work we have perfomied, we conclude that there is a material misstalemenl of thi5 0th8r informatlon. we arg required to report that fact. Wa hav8 nothing lo report in th18 regard. Page 17 Ind8pendent Auditor's Report to the members of Notre Dame School Cobham Oplnlons on oth8r mattern prescrfbed by the Companles Act 2006 In our opinion based on Ihe work undertaken in thg course of our audit the Infomiation given In the trustees, report, whlch Includes th8 dlreclors, report and thestrateglc report prepared for the purposes of Company law. for th8 financial year for whtch the financlal 8ts1ements are preparedls conslstenl wllh the flnancial sl8tem8nts; and the slr8teglc report and the directors, ￿port included within the Iru$tees' r&port havebeen prepared In ac¢ordance with appllcable legal requlrements. Matter8 on wh5ch wg are requlred to report by exception In Ilght of the knowledge and understanding of the charitable company and thelr envlronment oblalned In the coutse of the audit, we havo rKsl Ideniified material misstatemenlg In the strategic report or the dlreclors, report Induded vllhln the tru8t888' reporL We have nothing lo report in respect of the follo￿ng matters In rglatlon lo whlch the Companlas AGt 2006 requlres us lo r8POrt to you If, In our opinlon: adequate and prop8r accounllng rerordg have not ba8n kept; or thè flnanclal statement8 are not In ogroement wtlh Iha accounting records and rèlums,'or certaln dlsclosures of Iru81ees' remungrallon Specified by law are not m8de,' or we h8vg nol recelved 811 the knlormallon and explanallons we requlrg for our audll. Re8pon8lblllt1è8 Of tru8tee8 A8 8xplaln8d more fully In Ihe trusl888' r8spon$lbllltie8 $18tement Sat out on page 15, the tru$lee8 {wko aro 81so thè dlrectors ol thè charflablè company for the purposes of company law) 8re résponsSble for the prgparallon of the financlal statements and for belng sallsfled that they olve a true and falr vlew, and fcr such Intern81 control as the trustees deterynlne Is necessary lo enable the pr8parallon of flnanclal statements that ere freo from materlal mlsslatemenl. whelher due to fraud or error. In prep8rlng th8 financ181 statements, the Iru8t8e6 are responslble for a8988slng the charltable company'8 eblllty lo conllnue 8$ 8 golng Concern, dlsclosing, as 8ppllcabl8, matters relaled to going concem and using the golng concern basls of accoLtnllng unles8 th8 Iru818es elther Intend to Ilquldate the charltable Gompany or lo ceasa 0￿ra170n$, or havé no r8allsllc allernallve but lo do $0. Auditor's rgsponsibilitigs for Iho audit of thg financial statomonts Our objectlve8 are lo oblaln rea8Cfl8ble assurance aboul whelher th8 financlal statements a8 a whole are free from material misstslemenl, whglhgr due lo fraud or error, and to i88ue an audllorf8 roport that Includas our opinion. Reasonable assurance18 a hl9h level of assurance. bul IB not a gu8rant8e that an audlt conducted In accordance wlth ISAS (UK) wlll always detgcl a maleTial misslatgment when il exlsts. MIs8tatem8nt8 can arlse from fraud or error and are considered material if, Indivldu811y or In Ihe aggregale, they could reasonably be expected to Inllu8nc• th8 économlc decisions of users tak&n on Ihe basls of Ihese fIna￿l81 statements. Delalls of the extent lo which the aud5t was consid8red capable of detectlng Irregularitte4 Including fraud and non, together wlth all debtors exduding prepayments (note 11). A specific provision is made for debts for whlch recoverabillty 58 in doubt. Cash at bank and In hand Is defined as all cash held in Instant access bank accounts and used as worklng capit81. Flnanclal liabillties held at amortlsed cost ¢ompr16e deposits, trade and other creditors, and accruals (note 12). 1.13 Inva8fments Cash on deposlt whlch is not needed for working capital wlthln the forthcoming year Is shown under Investments (note 10). Investments are held at falr value at the Balance Sheet date. Income from donatlons 2022 Total £'ooo 2021 Total £sooo FOND 42 Other 13 Total 42 20 FOND donations are restricted. Other donations were used to provlde additional hardship support to parents during the school closure. Page 26 Notre Dame School Cobham Notes to the Financial Statements for the year ended 31 August 2022 Income from charitable actlvities 2022 £'ooo 2021 | £'ooo Fees receivable for tuition 11.060 10,537 Less: discount relating to school dosure during lockdown Less: bursaries, discounts ar￿ allowances (23) (937) (848) 10.123 9.666 other income 1,476 866 Total 11.599 10,532 All income from charitable activities is unrestricted Other income 2022 £'ooo 2021 £'ooo Job Retention Scheme grant income 36 Other Total Expenditure on raising funds 2022 £'ooo 2021 £'ooo Fund raising expenses All expenditure on raising funds is restricted and relates to FOND. Notre Dame School Cobham Notes to the Financial Statements for the year ended 31 August 2022 Expenditure on charitablè activities Staff costs £'ooo Depreclatlon other cost £'ooo 2022 Total £'ooo 2021 Total £'ooo rooo Teachlng 5,759 661 6.420 5,880 Welfare 133 858 991 794 Prgmisgs 321 1,362 1.683 1,613 Support 927 451 832 2,210 1,643 Total 7.140 451 3,713 11,304 9,930 Governance costs included within support costs are as follows: 2022 £'ooo 2021 £'ooo Remuneration paid to auditor for: statutory audit other assurance services 27 26 Other governance costs Total 27 38 The average monthly number of persons employed by the schod (exdudlng Govemors) during the year was 168 (2021: 161). The school also employed 23 casual staff (2021: 33} who work on a seasonal basls. The staff costs for the above pensons were as follows: 2022 £'ooo 2021 £'ooo Wages and salarles Social security costs Pension costs- Teachers, Pension Scheme 5,544 5,426 562 522 270 Pension costs - APTIS 800 370 Pension costs- Notre Dame Scfvjol Group Pension Plan Total 234 112 7,140 6,700 Page 28 Notre Dame School Cobham Notes to the Financial Statements for the year ended 31 August 2022 Staff costs and related party transactions Included in the above are redundancy and termination costs of £nil (2021: £42,490) of which £nil was unpaid at the year-end (2021: £nil). None of the Governors received any remuneration for services as a Iruste6 of the charity or as a director of the company during the current or previous year. During the year expenses of £110 were reimbursed to one governor (2021: £186 to one governor}. The school's main insurance policy now provides professional indemnity cover for the Governors and staff of the charity. In 2021, this cover was provided by a standalone policy and the cost lo the school was £8,787. The key management personnel of the school received salary and benefits, including employer's pension and national insurance, to the value of £378,000 (2021.. £352,000). The number of employees whose total employee benefits (excluding employer pension costs) for the period were more than £60,000 were: 2022 Numb8r 2021 Numb•r £60,000 to £69,999 £70,000 to £79,999 £80,000 to £89,999 £90,000 to £99,999 £110,000 to £119,999 £120,000 to £129.999 Total Ultlmate Controlllng Party The Order of the Company of Mary Our Lady is based in Rome and appoints the SG Governors to the Board of Notre Dame School (which is a foundation of the Company of Mary Our Lady), to ensure that the ethos and educational mission of the Order continues In the school. The school was set up in a separate charity to enable it to operate independently of the Order. As the Board of the school is comprised of a majority of SG Governors, it regards the central government of the Order in Rome lo be its Ultimate Controlling Party. Notre Dame School is not included in the group accounts of the said government in Rome, as it does not receive any benefit derived from its control. Page 29 Notre Dame School Cobham Notes to the Financial Statements for the year ended 31 August 2022 Staff costs and related party transactions (continued) Relatad parties The Order of the Company of Mary Our Lady CIO (Charity Number 1173559) is a related party of Notre Dame School and three of its trustees are also trustees of the school. During the year, the school paid rent of £163,000 to the Order (2021: £160,000). Statement of Flnanclal Actlvltles - comparative figures by fund type Year ended 31 August 2021 Not98 Unroslrlctod funds £'ooo R88trlGtgd funds £'ooo 2021 Total £'ooo Incorne from: Donatlon8 Charltable actlviti8S Investmènts other Income Total 13 10,532 20 10,532 38 10,590 36 10.597 Expenditur8 on: Ra181ng funds Charltable actlvliles Tolal Net Income Transfers between lunds Not mowment In funds Recon¢lllatlon of funds: Total funds brought forward Total funds ¢arrled foThvard 9,925 9,925 665 9,930 9,930 667 665 667 11,102 11,767 47 11,149 11,818 49 Page 30 Notre Dame School Cobham Notes to the Financial Statements for the year ended 31 August 2022 Tangible fixed assets Vehlcles, equlpment, flxtures and flttings £'ooo Freehold Land Freehold buildings Total £'ooo £'ooo £'ooo Cost At 1 September 2021 6,468 3,336 10,652 Additions 561 561 Disposals (31) (31) At 31 August 2022 6,468 3,866 11.182 Depreclatlon At 1 September 2021 1,561 1,074 2,635 Disposals (31) (31) Charge for the year 129 322 451 At 31 August 2022 1,690 1,365 3,055 Net book value At 31 August 2022 4,778 2,501 8,127 At 31 August 2021 848 4,907 2,262 8,017 The school has some long-held historic assets used in the course of the school's educational activities. These include the tabernacle, chalices and candlesticks provided by the Order and used by the school for its masses. Due to their age. reliable historical cost information is not available for these assets and could not b8 obtained except at disproportionate expense. However, in the opinion of the Governors, the depreciated historical cost of these assets would now be immaterial. Page 31 Notre Dame School Cobham Notes to the Flnanclal Statements for the year ended 31 August 2022 10 Investments 2022 £'ooo 2021 £'ooo Cash on deposit 3,239 3,541 11 Debtors 2022 £'ooo 2021 £'ooo Fees receivable for tuilon 41 28 other debtors 52 50 Prepayments 222 125 Total 315 203 All debtors are due within one year. 12 Creditors: amounts falling due within one year 2022 £'ooo 2021 £'DOO Deposit8 from parents 437 400 Trade creditors 533 494 Other taxes and social security costs 140 149 Other creditors 22 Accruals 265 231 Deferred income 124 171 Fees received from parents in advance of tem 872 615 Fees in advance scheme 242 164 Total 2,635 2,231 Page 32 Notre Dame School Cobham Notes to the Financial Statements for the year ended 31 August 2022 13 Creditors: amounts falling due after more than one year 2022 £'ooo 2021 £'ooo Fees in advance scheme 202 189 Other creditors 24 18 226 207 14 Fees in advance scheme Parents may enter into a contract to pay the school in advance for fixed contribution5 towards the tuition fees for up to five years. The money may be returned subject to specific conditions on the receipt of notice. Assuming pupils will remain in the school. fees in advance will be applied as follows.. 2022 £'ooo 2021 £'ooo Over five years Within two to five years 16 118 77 Within one to two years 68 112 202 189 Within one year 242 164 Total 444 353 Summary of movements In Ilablllty £'ooo Balance at 1 September 2021 353 New contracts 292 Refunded (38) Amounts used to pay fees 1163) Balance at 31 August 2022 444 Page 33 Notre Dame School Cobham Notes to the Financial Statements for the year ended 31 August 2022 15 The funds of the school 31 August 2021 £'ooo Transfers betrNeen funds £'ooo 31 August 2022 £'ooo Income Expondlture £'ooo £'ooo Restrlcted funds Prayer Garden FOND 48 42 (36) 130) 24 Total restrrcted funds 49 42 (36) 130) 25 Unrestrlcted funds FIx8d assets 8.017 110 8,127 Convent Lane repairs 148 (78) 90 Future capital projects 3,102 292 3,394 Tota deslgnated funds 11.267 {78} 422 11,611 General fund 500 11,615 (11,223> (392) 500 Total unrestricted funds 11,767 11,615 (11.3011 30 12,111 Total funds 11,816 11,657 (11,3371 12,136 The parents, association, Friends of Notre Dame (FOND) operates as g committee under the auspices of the school. The FOND commiltee's remit is to raise funds for the school from the current parents and friends of the school and to determine which projects / requests from the school wll be supported. The FOND fund compri5e5 amounts raised by the committee which have not yet been spent. The transfer from FOND to the general fund represents FOND'S Contribution towards the new adventure playground and school minibus. The designated fixed assets fund represents unreslrlcted funds retained to flnance the fre8hold property and flxed assets. The designated Convent Lane repairs fund represents unrestrlcted funds set aside to cover the costs of maintaining Convent Lane. The designated future capital projects fund represents unrestricted funds earmarked for future capital projects. Page 34 Notre Dame School Cobham Notes to the Financial Statements for the year ended 31 August 2022 15 The funds of the school (contlnued) At the end of each year, transfers are made between the fixed assets, futura capital proJ8cts, Convent Lane r•palrs and general funds to reflecl changes in fixed assets during the year and amounts set aside to cover future development plans and repair costs. The funds of the school for the previous financial year were as follows: 31 Augu4t 2020 £'ooo Trangfers betwoen funds £'ooo 31 August 2021 £'ooo Income Expendlture £'ooo £'ooo R•strlctod fund8 Prayer Gard8n FOND (51 48 Total r8strict8d funds 47 15) 49 Unrestrlcted fund• FIx9d assets 8.161 (144) 8,017 Convent L8n8 repairs 155 1281 21 148 COVID fund 500 (462) (74) Future capital prolects 1,786 1,316 3,102 Total deslgnaled fund$ 10,602 36 (490) 1,119 11,267 General fund 500 10.554 (9,435) 11,119) 500 Total unrestiicted funds 11,102 10,590 (9.925) 11,767 Total funds 11,149 10,597 19,930) 11,816 Page 35 Notre Dame School Cobham Notes to the Financial Statements for the year ended 31 August 2022 16 Analysis of net assets between funds At 31 August 2022, the analysis of net assets between funds was as follows: Fixed Net current Long terni assets assets Ilabllltles £'OOD £'ooo £'ooo Total £'ooo Rastrlctad funds Prayer Garden FOND 24 24 25 25 Unre8trlcted funds Flxed assets 8,127 90 8,127 90 Convent Lane repalrs Future capltal projects General fund 3,149 471 (226) 3,394 500 500 11,366 11,366 971 (226) (226) 12,111 12,316 Net assets 996 At 31 August 2021, the analysis of net assets between funds wa8 as follows: Flxed Net current Long term assetg assets Ilabllitles £'ooo £'ooo £'ooo Total £'ooo Restrlcted lund8 Prayer Garden FOND 48 48 49 49 Unrestrlcted fund8 Fixed assets 8,017 70 8,017 148 Convont Lane repalrs COVID fund 78 Future capital projects General fund 3,471 <162) 500 (207) 3,102 500 11,558 11,558 416 (207) (207) 11,767 11,816 Net assets 465 Page 36 Notre Dame School Cobham Notes to the Financial Statements for the year ended 31 August 2022 17 Commitments under operatlng leases The schod is committed to making the followng minimum lease payments under non- cancellable operating leases: 2022 £'ooo 2021 £'ooo Not later than one year 179 164 Later than one year and not later than fNe years 180 168 Induded within the financial statements are operating lease costs of £164,000 (2021: 165,000) The school leases Burnvood House from the Order of the Company of Mary Our Lady. The lease has a term of 999 years from 1 September 2002, and the current annual rental due under the lease is £178,000 (2021: £163,000). The school can cancel the lease at any time by giving the Order twelve months, written notice. 18 Commitments under finance leases The school has the following finance lease commitment ￿1th future minimum lease payments of: 2022 £'ooo 2021 £'ooo Not later than one year 13 Later than one year and not later than five years 27 21 40 27 The sch¢)ol has leased photocopiers for a period of 5 years. The asset carrying value at 31 August 2022 was £35,000. Notre Dame School Cobham Notes to the Financial Statements for the year ended 31 August 2022 19 Pension comrnltments The school participated in Ihe Teachers, Pension Scheme ("the TPS.) for its teachlng staff until 31 December 2020. The pension charge for the year includes contributlons payable to the TPS of £nll (2021: £270.000) and at the year-end £nil (2021- £nll) was accrued in respect of contributions to this scheme. The pension costs for the year in relation to the bNo defined contrtbution pension schemes for teaching and non-teaching staff were £1,034,000 (2021 £482,000). As at 31 August 2022, £103,000 (2021 £74,000) was accrued in respect of contributions to these schemes. 20 Future capital commitments At 31 August 2022, the School had future capital commitments totalling £5,325 (2021: £241,000). Thls relates to completlng electrical work and commlsslonlng of new electric car charging points in maln car park. 21 Reconciliation of cash flows from operating activities 2022 £'ooo 2021 £'ooo Net incom? for the year 320 667 Adjustments for: Depreciation charges 451 368 Interest from Investments (9) (9) (165 391 (Increase) In debtors (112) Increase in creditors 423 Net cash pmvlded by operatlng activltles 1,073 1,401 22 Analysis of cash and cash equivalents 2022 £'ooo 2021 £'ooo Cash in hand 3,316 2,493 Total cash and cash equivalents 3,316 2,493 Page 38