Regislered number: 0417T118 Charity numbor.- 1087124 THE PRINCETHORPE FOUNDATION IA company Ilmltod by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 ThE PRINCETHORPE FOUNDATION IA comp•ny limlted by guarants•) CONTENTS Page Reference and admlnlstratlve datalls of the Company. Its Trustegs •nd advise Trustees. report Indopondent audltorfs report on tho financial Statements statom•nt of financial activities 3-12 13-17 18 Balance shoot 19 Statèmont of cash flows 20 Notes to the flnanclal stalements 21-43 THE PRINCETHORPE FOUNDATION (A Ggmpany Ilmlted by guaranleo) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021 TrustOè5 Mr J S Birdi lapwnted 27 August 2021) MrsCAECook Mr A Q D Comforth Mr J F Fisher (appointed 2 Septen*er 20201 Mr M W Fletch8r Mr5 B A Forster Mrs E M F Griffin, Chair Mr R W Harcourt Mr D G Jad(son Mr C H J8nkin80n Mrs E C Kenward Mrs M E Kerrigan (appointed 2 September 2020. resign&J 21 September 20211 Mrs C M McGrory Miss T M McNamara Mr C J Russell, Deputy Chair rKDShawMBE Commodore B J Wamer Company reglsterod number 04177718 Charlty rngl8tsr8d number 1087124 Reglstered office Princethorpe College Princethorp8 Rugby CV23 9PX Company secretary E J K Tolther Independ•nt audllor Crow6 U.K LLP Bknk Country House Rounds Green Road o￿JbUry Wost Midlands 869 2DG Page 1 THE PRINCETHORPE FOUNDATION IA company Ilmlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 Solicitors stone King LLP 13 Queen Square B*h BA12HJ Wright Hasfpall LLP Olympus Avenue Leamington Spa Wa￿ck$hirt CV34 6BF Bankers HSBC Bank PIC PO Box 24 55 Corporalron Street Coventry CV1 1QJ The H￿d T•a¢h•vs Mr E D Hester- Princethorpe Collegé Kqr R P Duigan- Cracklay Hall Schod r J P Thackway- Cre￿an1 S¢hod Foundation Bursar Mr E J K Tolch8r Page 2 THE PRINCETHORPE FOUNDATION IA company Ilfflltgd by guarantso) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2021 The Trustees present thwr annual report ￿ether with the audited financial statements of the c(￿panY for thè ar 1 September 2020 to 31 August 2021. The Annual report sarvas the purposes of both a Trustees, report and a directors, report under company law. The Trustees confimi that the Annual report and financial stalgmenls of the charitable company compty with tho current ststutory requirements, the 1oquirement$ d the charitable companys governing dC￿UMent and the provisions of the Ststement of Recommènded Prartice ISORP) applicable lo charities preparing their account$ in ¥wordan¢¢ with the Financial Reportlng Standard applicable #i the UK and Republic of Ireland IFRS102> (effective 1 January 20151 as amended by Updats Bultelins 1 and 2. CONsllTUnON The Princelhorp8 Foundation 16 0 company limited by guarantee. registered number 4177718. 11 is a register8d charity in England and Wales, nurn￿r 1087124. The goveming in$lrumenl$ under which the Charitable company operates comprise the memorandum and 8￿CleS of asseciation of the Company and the instrument of govemmenl. The articles were amended in D￿nber 2019 to darlty the requirements relating to the retirement and reapwntment of trustees. STRUCTURE, GOVERNANCE AND MANAGEMENT The Directors of the charitable company I'lhe Foundation,) are its Trust88$ for the purpose of charty law and throughoui this report are coll&lively referred lo as the Twstees. The Trustees are also members of the Company for the purpose of company law. Thè TnJ$ièas Served during fhe year arg named on page 1. Mr J S Birdi was preserrted for appointment haviNJ become a trustee sinc8 the last Annual General Mgeting. Mrs C A E Cook, Mr8 E M F Grrffin. Mts E C Kermard, Mts C M M¢Grory and Mr C J Russ811 r&lired and. being eligible, offered thwnsefves for rèappointrnenL Mrs M E Kfjrrigan has resigned as a Ifustee, dwgctor aTrJ member of the Foundation during the 2021-22 year. Trustegs are committ&l to the standards outllned In the Charity Commission's Charity Govemance Code. A review of the Code and how the Foundation functions is currently UrK1e￿￿y. Day to day management of the Foundation 1$ delegated by the Tnjstees lo the followng exeojtives.. Mr E D Hester (Foundation Headl Mr R P Duigan (H88d of Crackley Hall) Mr J P Thackway (Head of Crescent School) Mr E J K Tclcher IFoundation Bursar and C¢Jnpany Secretary) Selection and Inductlon of trustees Trustees are sele¢teeaallywhen 88sessed in tenr of value •Jded', as a Who￿ comnwnity, to follcw faithfulty thg ethos ofthg ￿h0O1, creating an enmronment where each child will flourish.. to continue to enhance the wide range of co currTcuLqr actsVIt￿ that are so w4oygd by the pupils,. to continue the programme of r¢furbishment aThJ expar18ion of facllities. Current year's strategles to xhievo aims str8legies employed to ￿hleve these 0￿eetNeS include.. attracting and recruiting hbJh calibre stsff; opts"mi5ing pupil1t￿her rgtios., improwng training and staff deveknpment; provkling schoiarships and bursaries to allow talented pupils from less w611 off bad(grounds to enrol., managing finances so as to retain competr(Ne fees whilst maximising fijnds available to improve quality education and facilities for pupils. Currentyear's prlnclpal adlvldes The Foundatkin successfully prowded educal*)n to ¢)ver 1,300 pupils. A total of 325 {2020.' 3801 pupils recewed help with fees to Ihg totsl value of £1,189,05812020.' £1,385.5711 and the schotarships and bursaries fijnd is at a level equivalent to 7.2%12020.' 9.4%} offee income. The T￿￿te89 have bean successful In ralsing 80me funds from exiSt￿g parents and cthers towards the general bursary fund wh￿h is aciNety publicised. The Thomas More &holarshlp is also actively publKised and 18 mearbs tested schofarship programme which is availablo for Catholic pupils. The Trustee$ are indebted to the parents. associations of all schools whose organisation of events bring together the wder school communities and whose supp¢)rt of ￿001 events is Invaluab￿ as well as raising signrfKant sums of nK)n8y to 8UPPOrt the schoot8. Coronavin Th8 Schools have continue(I to provide effective teaching and leaming during periods of bckdtxn and have ensured the continuity of the life of the schools by holding on-line events such as assembli88 and parents, evenings. The schools have continued lo provide pastoral support to pupils during this time. The schools were ck)8ed for the majorty of the Lent temi. The Foundation has continued lo commit ting and resource to ensure safety megsures in line with tr)v￿nment gubJance. Twstees consider that the Foundation's re$￿se to the coronawrus continues to provide crucÉal SUPFQrt for PL4)ils and has 8trenglhened its relationship vAth current arKI pro¥JectNe parents and enhal￿e￿ its reputation. Page 5 THE PRINCEfHORPE FOUNDATION IA company limlted by guarantso) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 PUBLIC BENEFIT Charltable alm4 rnlevant beneffts andbeneficlarles The Trustees are satisfied that the schools. airns are eharitabl8. and that its operation was aTrJ is Consistent WT those aims. The Trustee5 have also given careful conshleralion to the Charrty Commission's general guKlance ¢3n public benefft and in particular lo its supplemerstary public benefit gu￿anCe on advancing education and on fee charging. In accordance with the govgming instruments of thè FoundatK)n, the chapel al Princgthofp8 Colleg8 is pro￿ded the local parish for servi￿5 including weekly Mass, baptisms, weddings and funerals wthout tharge. An casional donation is received from the parish towards runnlng costs. The Foundation provides free of charge teaching al Our Latys Primary School in Prlncelhorpe. The Foundation intends to extend arKI enhar￿e ts supp)rt for k)cal primary schools. As part of the Foundation's edu￿tiOnal prowsion, the Schools encourage pupils to ￿ntribute to the wder communty. The usual range of other Charitable activities in wh￿h pupils are irwolved has been impacted by the reslrielions resulting from the COVltk19 pandemic. The Foundatlon hopes that the followirw will be fully re- establishèj in full as soon as possible.. fundraising for a wide variety of charities and other organi$ations; Christmas Lun¢h for sonior citizens from local care homes and from the local parish.. fundraising and pr8cts.cal help in Ioc81 schts)Is, care homes and institutions through Youth St Vincent de Paul Souety. Communty Service as part of Sixth Fomi General Studies. Children and young people who are not pupib at the Schoo￿ have also benefited from the Charivs athvities i$istent wrth its obieGts'. the facilities of the Foundation are prowded free or at reasonable cost to a wNJe variety of extemal groups for functions for chiklren and young people Including youth sports groups, children's fun day5 and music festiv81s; the Foundation provKles ¢￿¥hIng in hock8y to 8Xtemal youth teams and to indiv¢dual extemal pupils; the provision of training lo leachers, including remedial tralning sesslons, in maintained schools., t￿herS provide support for exam boards for example as examination moderatotE, examiner8. examination leadership. and In service training (INSET) for AQA for teachers for all seclors,. a Music Day, a Fcotbal Festival and a Hockey Festival are run annualfy for local stho¢Js including State schco)Is," a not￿nalty acclaimd cross county coursa is used by pupils in the indepentjont and mainlainod sectors. There are also acbvities that have provlded other charitsble benofrt, in addits'on to benefrts dirEcty associated %￿h the obieds of the charit￿. pupils c¢mpleliNJ post gradu*0 Studies wlh Va￿U5 &ademic bcr current and future entry into all schools. Trust8es have revbewed the Foundation's financial positson including Ihe budget and forecasts for 2021122 and has every confidence that the Foundation will continug to flourish as a result of ts fin8naal strength. quality of provision of education and the support Provid￿ to pupils and their families and its reputation in the community. Inve$lmont powers Under the memorandum and articles of associaticlb. the FourKlation has thg power to invest monies not imm8dk4tety required for the furtherance of ils objects in such manner as the Trustee5 may from time to tim8 detem)in8. Page10 THE PRINCETHORPE FOUNDATION {A company limitod by guarante• TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 Strèamllned eneryy ènd carbon r•porting The Foundation's greenhouse gas emi88lon8 and energy consumption are as follow. Summa Data for 1 Se Total Ener Tota &eenhcMJ8e C* Emtssi Totsl SILKlents Total Tur[K)￿r Intensity Patio M). 1 {sludents) InlwBity Ratio ￿. 21£ miifion bJrnw) ember to 31 Au ust 2021 2,819.558 kwh 395.8 ICII 1,335 £15,784.493 0.30 tCO2 Pgr PUF41 25.07 ￿(% p8r £m 2020 2,665,364 kwh 512.7 tc 1,313 £15,819,187 0.39 iC¢l Fer Fwil 32.41 icod per £m The Foundation has used the GHG Protocol Corporato Accounting and Rewrting Standard (rew5ed edition). Further emission factors were usgd from UK Government's GHG Conversion Factors for Company Reporting 2021. We have also used dat8 that was collected by the Foundation speaf1￿lty for the purpose of SECR reporting. The Foundatp)n has measured Swe 1 and 2 emission5 and also included Scopg 3 emi881on8 related to employee use of their own vehides, where they claim mileage allowance. We have also report8d on the rènewable energy generate*J and used on site. We have discounted the emi$sions related to electricity SUppl￿d with Renewable Energy Guarantee of Origin {REGOI certificates, whlch are applicable for the haff hourly and non-half ￿rIY supplies for Ihe entire financial year. Ovar the last year, the Foundation ha$ invested in a rc41ing prcgramme of changing fluorescent and tungsten lights to LED al all three seh¢XJls. These upgrade projects are projected to save circa 47,026 kwh per annum, presenting some 6.3% of total 818ctrical conslmption. Sgctlon 172 Statement The trustees have aeted in accordance with th8ir dutigs codrfigd in law, which inGludes their duty to act Mi the way they consider. in good faith. would be most likely to promte the success of the Foundation for the benefft of its member3 as a thole. having regard to the stskeholders and matters set out in s￿tIOn 172 of the COmpan￿S Act In discharging these duties, the trustees carefulty consider. amongsl other matters, the Thpact on and interest of other Foundation stakeholders and factor th9se into their doasion-making. Puplls The pupils benefit from the Sch￿1$. focu8 on all-round personal devel￿ment 8UPPOrted by excellent pastoral provision. in addition to wKlewrnngiThJ academic Opportunit￿ and co (4,433,657) Not current assets 2N30,016 1. 197. 723 Total a$sets1oss cuiront Ilabllltles 22,846.686 22.383.201 CreditoTr.' amounts falling due after more Ihan one year 21 {2.968,1771 (3,026.858) Total net assets 19,888.S09 19.356.343 Charlty fund$ R8strKtsd fvnds Unrestricted funds 22 22 748.259 19.140,260 701,305 18,655,038 Totsl funds 19￿88￿19 19,356,343 The Twstees ad¢nowledge their re3ponsbilf(ies for complying with t￿ requiremgnts of the A¢1 with rospoct to accounting records and preparation of financial 8tatemenl8. The financial statemerrts were approved and aulhorised issue by the Truste8$ and signed on their behaW by. MrnEMFGrlffln (Chair of Trustees} Date. 6 De(ernber 2021 The notes on pages 21 to 43 form part of these financial statements. Page19 THE PRINCEfHORPE FOUNDATION IA company limited by guarantse) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Note Cash flows from opernting a¢tlvili08 Net cash usgd in op¢rating activtties 25 280,206 2.597.818 Cash flows from Invo$tlng aGtivities DNbJends, interests and rents from investments Purchase of tangible fixed assets PayThents for assets under construction 3.917 21,258 (97, 1ST) 179.015) (27Z708) Not cash used In Investing activiti•s 1192.309) 1348.6071 cash flow5 from tinanclng a¢tiviti08 RepayTnents of borrowing Interest paid on borrcwthngs 186.1591 (63,656J (116.4381 (119,OT5J Net cash used In financing actlvltles {202,597) 1182,7311 Changg In c￿h and cash oqulvalents In th¢ y•ar Cash and cash equIval￿ts at the beginning of the year 1114.700) 2,066A80 4.81B.435 2, 751,955 Ca8h and cash oqufvalents at the end of thg ygar 4,703,735 4,818,435 The Mtes on pagas 2110 43 form part ofthese financial ststements Page 20 THE PRINCETHORPE FOUNDATION IA company lim1t￿ by guaranto01 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 General information The Princethorpe Found*ion is a Ccrfnpany limrted by guarantaa Irggistered number 04177718), which 1$ registered in Englartd and Wales. tt's charity registration number is 1087124. The registered offto an(1 principal pl￿8 of business is Princethorpe College, Princethorpe, Rugby, Wd3 9PX. If8 principal aclivty Is the provision of day schootirvJ. The company is a company Ilm6bJ by guarantee. Th6 mambgr¥ of the company are the Tntstees named on page . In the event of the company being Wou￿1 up, the Itability in respect of tho guarantee is limited to £1 per m8rrt)er of the Gompany. Accountlng policies 2.1 Basls of preparntlon of flnanclal statements The financial statements have been preparad in accordance wf(h the CharTtK8S SORP IFRS 1021- Accounting and Reporting by Charf(ies: Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the FinancAal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) leffective 1 January 20191, the Finanual Reporting Stsndard applicable in the UK and Republic of Ireland {FRS 102) and th8 Companies kt 2¢X6. The Princethorpe Foundation meets the definit￿n of a public benefit entty under FRS 102. Assets and liabilit￿5 are inilialw recognised at historical cost or tranSact￿n value unless otherw staled in the relevant accounting pc4icy. 2.2 Golng concern The Trustees assess whether tho use of going concem is approprigle i.e. whether there ore any material uncetsintie8 related to events 01 conditions that may cast significant doubt on the abilty of the Foundation lo continue as a goirg concem. The Trustees make this assessmgnt in respeci of a peri¢)d of at least one year from the date of authorisation for issue of the financial Statements and have conduded that the Foundation has adequate resources to continue in operational wstence for the foreseeable future ané there ale no material uncertoinlies about the Foun(lation'$ abilty to nlinue as a going concem. thus they continue to adcpl the going concem bas￿ of a¢counting in preparing the financial statements. Pagè 21 THE PRINCETHORPE FOUNDATION {A company limited by guarant•el NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Accounting policies {eontinued) 2.3 Fund accountlng General funds are unrestrided funds which are avalable for use al the discrelion of the Trustees in furtherance of the general objectives of the Company and %thich have r￿1 been designated for other purpose$. Designated funds comprise unrestricted funds that have been sel aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the finaneial statéments. Restrited funds are funds whith are to be used in accordance with $pethfic restrictions imposed by don¢ys or which have been raised by the Company for particvkqr purposes. The Costs of raisiNJ and adminisl8ring such funds are charged against the specific fund. The aim and use of each restricted fund is set out in tho notes to the financial $talem8nts. Investmerrt income, gain$ and losses are allocated lo the approprlate fund. 2A Fees and slmllar Income All income is re￿nised once tho Foundation has entitlement to Ihe intclne, 11 is probab￿ that the income will be received and the amount of income receivable can be measured reliably. Fees receivable and ¢harges for 8ervice8 and us8 of the premlses, less any allowances. Scholarships, bursaries granted by the Foundation against those fees, bLrt including ￿ntributIonS received from restrictgd funds, are accounted for in the period in which the semce is provided. 2.5 Donations and lega¢les Vduntary incoming resources are aCC￿nte 1471,6201 9.136,608 958,427 1652,836} At 31 August 2021 6,359,810 251.999 1.866,444 963.846 9.442.099 Nèt book valuo At 31 August 2021 18.718.660 67,829 871.078 203,912 555,291 20,416,670 At 31 Augusl 2020 19.258,563 9a 199 1, 124.759 229.680 476,276 21,185.477 All tangible fued asse18 were Lts&J for charitable purposes. Freehold land of £1,437,750 {2020.. £t.437, 750) included above has not been depreaabj. The fr88hold land 8nd buiklings donated to the foundation by MSC Charity Trust wfth effect from 1 September 2001 were professionally valued prior to the donation by Howkins & Harrison for Princethorpe College and Innes England for Crackley Hall. The values attributed to these properties were £5,900,000 and £842.099 respeclivety. Asset5 under constructi)n relalg to th8 Science project. Inall•nable and hlstorlc assets In addition to the capilalised fixed assets hetd for the Foundation's own use, the Foundation also has a $ubstsntial endowment of assets bequeathed on tnJ8t for retentlon in perpetuty a5 a perynanenl record of the Foundation's history. These comprise a variety of religious artrfacts whose intrinsic value is also bc4Jnd up with the Foundab"on's history. These are irr9placgable Qriginals to whtch no reliable cost oi value can be attributed and aG￿rdinglY these assets ha￿ not b8on capitalised in the financial statfjments. Page 32 THE PRINCETHORPE FOUNDATION (A comp•ny lim1t￿ by guarantg?) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 17. Flxed asset investmonts Inve9tments in subsldlary companles Cost or valuation Al 1 September 2020 At 31 August 2021 Net bt)ok value At 31 August 2021 Al 31 Augusl 2020 Prlnclpal 6ubsldiariè8 The following was a subsidiary undertaking of the Company. Name Company numbor Reglstgrod office or prlnclpal Prlnclpal a¢tivity placo of buslness Princethorpe Enterprises Limtted 07129698 Princethorpe College, Princelhorpe, Rugby, CW23 9PX Dormant Class of Holding shares Included in Gonsolldallon Ordinary 100% Yos The financial results of the 5ub5idiary for th8 ygar worg: Name Net assets Pdncethorpo Enlerprises Limited Pag8 33 THE PRINCETHORPE FOUNDATION IA company limitsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 18. Stocks 2021 Finished goods and goods for res8k8 122.745 116, 180 19. Debtors 2021 2020 Dug Vdithin one year Trade deblors Other debtor8 Prepayments and acttued income 153,923 82,800 207,510 61.207 26.6&3 608,875 444.233 696. 765 An impairmnt loss of £58.665 (2020.. £23,352 loss) was recognised against fee deblofs. 20. Credltovs: Amounts falling due wlthln on• year 2021 2020 Bank hjans Tr&J8 creditor5 Final tami deposits (see below) other tsxation and social security Other creditcKs and accrued ¢h•rges Fees receNed In advance and other ¢Jeferred income 68,786 414.584 361,060 170,162 1,266.921 559.185 66,126 929,654 374,740 172.733 821.875 2.068.529 2.840,698 4.433.657 The bank loans are secured by a dgbenture comprising fixed and floating char9es over all the assets and undertakin9 of the Foundation aThJ a first legal mortgage over the freehold prcfjety at Prnicethlxpe Col*o. There are loans. The first loan has an interesl rate of 3.56%pa until October 2023 and then 1.5Y bove base rate thereafter, the loan is repayable by October 2028 by monlhty instslments. The second an has an Inte￿$1 rate of 3.86QA until October 2023 and then 1.5% above base rale thereafter. The loan is ￿paYable by October 2033 with monthly repayments commencing in Octob9r 2023. Page 34 THE PRINCETHORPE FOUNDATION IA Gompany Ilmlted by guardnlofr) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Fe¢s rKofvgd In advanc• and olher deferred Incom8 Dgfgrred income at 1 September 2020 Resources deferred during the y9ar Amount8 released from prgviou5 P8ri¢)ds 2.068.529 1.304,236 559,185 2.068,529 {2.068.529I (t,304,236J Def8rr￿ In￿Me at 31 August 2020 S59,186 2,068.529 Flnal tsmi deposits In the nomial course of business and based on the going concern basis, the Profile of pupih leaving the sGhool and Ih&refore hawng their deposit8 repald, the eXp￿ted rapayment of éeposits will be.. 2021 2tr20 In one year OT less Be￿¥een one and ￿ years B9tr￿en Iwo and five years Over five year¥ 31.2110 39,000 129,600 161260 28,800 32. 100 128. 1CQ 185.740 361,060 374, 740 21. Credltors: Amounts falllng du• aftor morn than one yoar 2021 2020 Bank l)an$ 2,958,177 3.026,858 Included wlhin tha above are amounts falling due as follows: 2021 2020 Bgtwogn one and two year6 Bank loans 310,933 68.519 Belween two and five yearn Bank loans 960,265 718. 139 Over flve yea Bank loan5 1.686,979 2,240.2LXI Page 35 THE PRINCETHORPE FOUNDATION (A company limitod by gu•rantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 22. Ststement of lund8 statemont of funds- ¢urrent y￿r Balance at 1 soptember 2020 Balance at 31 August 2021 Tran$f•rs Inlout In¢om• Expendlture Unrestricted funds DeSIgnat￿ funds Tangible f￿¢￿ asset fund 20.577.178 1760.6081 19.816.670 Gon8ral fund5 General reserve 11,922,140) 15,900,377 115.415.165 760.508 (676.420) Total Unrostrictgd funds 18,655.038 15,900,377 (15.416,166) 19.140.250 Restricted funds Princethorpe Chapel ffixed asset fund Biodun Olanrgwaju M8morial PrEe Princethc￿e Bursary Fund Princethorpe Science Building Fund Princethorpe- other donations Crackley Hall- donations Cres¢¢nt- d(￿at￿Ons 620.000 120.000) 61)0.000 7,038 49N27 11.0001 6.038 74.259 24B32 22.799 34.954 6,203 44.110 100 57.763 14,755} 137,390} 11001 893 1,148 7,613 1,148 701,305 110,199 {63.2451 748.259 Total of funds 19.356,343 16,010,576 {16.478A101 19,888,509 Page 36 THE PRINCETHORPE FOVNDATION (A company limit•d by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 21 Ststement of ￿ndS (contlnuod} statement of funds- prlor y￿r Balance al I S8pt8mbgr 2019 Balance al 31 August 2020 Transf8 inlout Incomg Expondrfure UnrestriGted funds Deslgnatod funds Tangible frxed asset fund 21,230,392 (653,214) 20,57T, 178 Gènernl funds General reserva (1068,083) 15,771,390 (15,277, 661) 652,214 (1,922, 140) Total Unreslrlctsd fund$ ia 162,309 15,771,390 (15,27T,661J {1,(￿) 18.655.038 Restrict8d funds PrinCeth￿ Chapel fixed asset fund Biodun Olanrewaju M8morial Prrze PrinCeth0￿ Bursary Fund Prin￿t￿)rpo Science BuildirvJ Fund Princethorpe- other donat￿n$ cr￿*leY Hall- donations CTesGent- donations (20.000) 620.OLXI 8.038 2&229 (t,coo) (3, T62) 7,038 49.427 27,960 14,070 17,074 312 322 8. 729 9.858 1.2 22. 799 (26.932) (669J (174) 1. 148 705,045 47.797 (52,S37) 701,305 Total of funds 18,867,354 15,819, 187 f15,330. 198) 19,356,343 Page 37 THE PRINCETHORPE FOUNDATION IA company limited by guarant••l NOTES TO THE FINANCIAL sTATEmEP￿s FOR THE YEAR ENDED 31 AUGUST 2021 22. Ststement of fund8 Icontlnuedl Tanglble FI￿d Assat Fund The tangible fixed asset fund represents the net book value of tsngible T￿ed a88ets excludlng a88et8 held as part of restricted funds. Prfncgthorpe Chapel Fixed Asset Fund Under the term5 of the grfl by the MSC Charty Trust and in accordance the memorandum of associati￿ of tha Foundation, thi8 endowment fund represents the gift of the chapel to the Foundation. The amount expended during the year ￿preSentS the annual depreciation charge. This fund does not represent income available lo be used on other projects. The chapel. which forms part of the pr￿l$es, must be rrolntalned as a public plaGe of worship whilst owned by the Foundation. Blodun Olanrowaiu Memorlal Priz This fvnd has bean set up by three former pupils in memory of thelr ￿te father to prov•Je an award to a Sixlh Fomi leaver. Prln¢8thorpo Bursary fund The BuTSary fund wa$ establish8d to enable students to ￿ntinUe to attend the o)Il&¥. Prin￿thOrpe Science bullding fund The Science bulkling fund has been eslabliÈhed lo ralse fund8 lo contribute to the buildirvJ of a new science building. Princ•thorpe- Othgr donotlon5 fund This fund is lo support actwit18s at the college . Crackley Hall- donatlons fund This fvnd is to support 8Ctiwtie8 at Crackley Hall. Cresconl- donatlon$ fund This fund 1$ support actrvities at Crescent Sch¢)ol. Page 38 THE PRINCETHORPE FOUNDATION IA company limited by guarnnto• NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 23. Summary of funds Summary of funds - curr8nt year Bal•n¢e at 1 S•ptsmbeT 2020 Balanco al 31 Augusl 2021 Transfèrs inlout In¢omo Expgndlture Designated funds General funds Restricted fund8 20,577,178 {1.922.140) 15.900,377 115,416,165) 701.305 110,199 163,2451 1760.608) 19,816,670 760.608 {678,4201 748.259 19,356,343 16,010,576 116.478.4101 19.888,509 Summary of funds - prior year 8818nce al t Septembe 2019 Balan￿ el 31 August 2020 T￿nsIOrS i￿out Income Expenditure Dè8lgnaled lunds General fijnds ReStr￿ted fund$ 21.230,392 (3.068.083) 15.771,390 (14277,661) 705,045 47.797 (52,537? (653,214) 20,577. 178 652,214 (1.922, 140) 701,305 1&867.354 t5.819.187 (14330.198? 19.356.343 X Anatysts of net assets betwe&n funds Anatysls of net assets between funds- current year Unr•strScted Restricted funds funds 2021 2021 Total funds 2021 Tangible fixed assets Flxed asset investments Current a88Ots Creditors due %wthin one ye Creditors due In more than one year 19,816,670 600,000 20A16.670 5,122.454 12,840,698) 12,958,177) 148.259 4270.713 2,840.698 12.958,17n 19.140.250 748.259 19,888,509 Page 39 THE PRINCETHORPE FOUNDATION IA company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Analysls of not ass8ts b8tween funds Icontlnuedl Analysls of net assots balween funds- prfor yoar Unrnslricted fvnds 2020 Resbicted funds 2020 Totsl funds 2020 Tangible Tix&J assets Fixed asset inve$tm8nts Current assets Credrtors due within one year Creditors due in mre than on& yaar 20.￿5,471 620,LiIO 21, 185,477 s,5￿1,075 (4.433, 657) (3.026,858) 81.305 5,631,380 (4,433,65T) (3.026,858) Totsl 18,655.038 701,305 I9,3￿,343 26. RoGoDGlllation of movement In funds to not ush flow from operatlng activitias 2021 2020 Net incc*ne for the year (as per Stslement of Financial Artivitie$) 632.166 488.989 Adjustments for: Depreciatb)n charges Di￿dends. interests and rents from investments Loss on tho sale of fixed assets D￿￿$@/(Incr0ase} in stocks {Increas&ydocreas8 in debtors Increaselldecreaso) in créditors Inierest paid on borrowing$ 958,427 (3,9171 6.606 {6.565) 252.532 (1.675A811 116.438 1,054, 780 {21.258) 30.672 (94.302) 1.019.862 119.OT5 Nat cash provided by operatlng activitie$ 280,206 2,597,818 Page 40 THE PRINCETHORPE FOUNDATION (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Anatysis of cash and ¢a$h equivalents 2021 2020 Cash in hand 4,703.735 4,818,435 Total cash and cash equivalents 4,7Q3,736 4,818.435 AnalysiB of Chang￿ in net debt At1 September At31 2020 Cash flows August 2021 Cash al bank and in hand Debt due within 1 year Debt due after 1 year 4018A36 (66.1261 {3.026.868) 1114.7001 4703,735 12.660) {68,7881 68.681 (2,958,1TII 1.725.451 148.6791 1,676,772 28. Related party tr•nsactions The Company has not entered into any rekted paty transaGtion during the year. nor are there any outstandirvJ balances owing between relatod partw and the Company at 31 Au9USt 2021. Pen8lon commttments Toa¢hgrs' Penslon Scheme The Sch¢x)I part￿ipaleS in the Teachers, Pension S¢hgme ("Ihe TPS") for its leathing staff. The pension charga for the year includes contn"bLrtions payable to the TPS of £1,133,072 (2020.. £1.106.024J and at the year-end £Nil (2020.. £102) was aruued in respect of contributions to this s¢homo. The TPS 1$ an unfvnded multiryernpWr defined ￿efItS pension Scheme govemgj by The Teachers, Pensions Regulalp)ns 2010 las amended) and The Teachers. Pgnsion Scheme Regulati￿3 2014 las amended). Members contribute on a "pay a$ you go. basis with conlribub'on$ from members and the empktryer being credited to the Exch8quar. Retirement and other pensbn ￿n8ffl$ are paid by public fund8 provided by Padiament. Th8 employer Gontribution rate 18 sel by th8 Secretary of State following scheme valuations undertaken by th8 GOv￿Ment Actuary's DepartmenL Th? m05t recent aduarial valuation ofthe TPS was prepared as at 31 March 2016 and the valUat￿n Rèport, whith was published in March 2019, confimRd that the empb)yer contribution rate for tha TPS woukl incre88e from 16.4% to 23.6•h from 1 September 2019. Employers are also required to Pay a scheme admlnistr8tlon ￿ of 0.08% giviru o total empbyer ontribution rate of 23.68trA. Page 41 THE PRINCETHORPE FOUNDATION {A Company limited by guarnnt••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 A￿UST 2021 29. Pènslon commlthients (contlnued) The 31 March 2016 V81u#lion ReM was prepar￿ in a¢¢ordance with the benefits 8et out in the scheme regulations an¢J under the approach specrfied in the Directions, as they applied at 5 March 2019. However. the assumptions were consklered and set ty the Department for Edu¢*ion prior to the ruling in the 'McCloudlSargeant case,. This case has required the courts to consider cases regarding the implementstion of the 2015 refom)s to Public servi￿ Pen$￿A$ including the Teachgrs. Pensions. On 27 June 2019 the Supreme Court denied the govemment permission to sppeal the Court of Appeal's judgment that transiti¢)nal proMsions introd￿ed lo the refomied pension 8chem6s in 201 S gave ri8e lo unlawful age discrimination. The g¢vèmment is respecting the Court's decision and has said (( wll èngage fully wlth the Employment Tribunal as well as employer and member representatives to agree hchv the discriminations will be remedied. govemrnent announced on 4 February 2021 that it intends to pro￿ed wrth a deferred choice Und8￿1n under which rnembers will be able lo chc4)se either legacy or rgform8d scheme benefits in respect of their seryice durlng the period betvfftn 1 April 2015 and 31 •Aarch 2022 at the point they become payab￿. The TPS 18 subject lo a cost mechanism vknich was put in place to protect taxpayers again8t unforeseen changes in scheme costs. The Chief Secretary to tha Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism foll¢)wing the Court of Appeal's ruling in thè McClou(VSargeant case and until there is ertainty about the valuè of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consukation was launched on 24 June on proposed changes lo the cost control mechanism folloswng a review by the Govemment Actuary. The consultation Gl¢)sed to response on 19 August 2021 and the Govemment 1$ CLtrrentty anatysing the reSp￿Ses. In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this S￿nariO, a valuation piepawd in acco¥dan¢e with revised benefits and suitably revised assumptions would yk91d different results than those contained in the Acluarial Valuat￿n. other Pension Schemes Contributions are 8180 made to pension schemes for certain non4aaching staff. Contributions are char9ed as paid, this years contributions payable were £135,914 (2020.. £135,003). At th8 year￿end £20.220 (2020." £20,477) was accrue(l in respect of wntributions to this stheme. Operatlng lea$9 commitments At 31 August 2021 the Company had ctjmmitments lo make futuro minimum18ase payThents under non- an￿lIable operating leases as follows.. 2021 2020 Nol later than 1 year Later than 1 year and not later than 5 years 16.787 36,557 16.920 16,920 OperatirvJ leases rentals charged during the yearw9rg £23,607 (2020.. £22.5eii). Page 42 THE PRINCETrtORPE FOUNDATION (A company Ilmlted by guarnntO0 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 31. Financial instrumonts 2021 Fin•ncial assots Financial 855ets measur8d al fair value through income and expenditure Financial assets measured at fair walue Ihrough income aTra expenditure ¢omprise irwestment& The sc￿￿,$ income. expense. galns and losse$ in respect of financial instruments are 8ummari59J 2021 2020 Total invesknent income ft>rfinancial assets maasurad at fair value through incomè and expenditure Impairment losses on financial assets measured al an￿rtiSed cost 3917 176.103 21,258 142,427 Page 43