Financial Statements The Pilgrims, School For the Year Ended 31 August 2020 Company No. 4296085
Tho Pilgrlms. School Finan¢lal statement5 for the year ended 31 August 2020 Index to the financial statements Report of the Governlng Body Independent Auditorf5 fOPOrt 9- 11 Principal accounting poll¢le$ 12- 15 Statemtnt of financial activities 16 Balance 5h••t 17 Cash flow 5t¥t•m•nt 18 Notes to tho flnanclal statements 19-27
The Pilgrim5' School Financial statements for the year ended 31 August 2020 Report of the Governing Body The TnL5tees (hereafter ffferred to as Ihe Govemot5 or GoVerng Bodl. present the annu21 repon for the lear ended 31 AugLLS1 2020 under the ComPanS Act 2W6, Eogeiher Trith the audited fmanciai statements forthe 3, and cOnfthat dlattercomPlYTrlththe requirnents of the Act, the Trust Deed aJ]d Ihe al[leS SORP IFRS 102). Summary of ovorall performance The School has con[Ued to rknive 2nd floutish in rern]s of ac2demic, musical and sporttng &ellen. Ho¢ver, the itnpact of the CoronavLllLS pandemic resuiied losses the ar, due Plinllyto diScoLr5 given on School fees during the SuMnrTeI The imp2Ct of C(Jvid-19 2020 is addssed on page 6. Ref•renc• and admlnlstration informatlon The PIigti, School fOlded in 1931 Js a Preparaioryschool forthe WCheStercalhedts1 Choiistets but opened 21so for entrance byother pupils as Commoners. In 1966 arrangemenrs There made with WcheSter College forthe QUirte (the Qjllege Chapel aLoir Bois) to lo and theytake part fullyin the life of the School. The School provides a lllgh level of educaiion for pupils betTrren the ages of 4 and 13 either as b0Vde or darb0. The Scliool seeks 10 enabk each Pl1][n 10 find 2nd develop his basic talenis Ihe fnin]ework of a dCiPlined 2nd caring COMMU. Our y10n, taken fron] d]e Straiegic Plan revised and approved in 2016, is 10 be 'a School Ihat enables boys 10 be the best theycan, a School boys live nor jusi forrheThelves but for Othe,. We aun 10 ensure that pupiIs Attathe highes[ academic levek B&iLst alloviing them to benefit frorn nuny extra-cunicuiar actl[S, especially Ihe provision of facilities and tLlltion to develop their mwical t8Jents. ethos has been n]ade clear through a legally devised Parent- School Agreement. The tenn5 2nd conditions of this agreent have been provided to all parents. The School operates an independent comp8Y11[nired byguarantee under the ovmership of The Chapter of WmchesterC2thedtJ. The Pdgrllns'school reg[ered a private limited comp2nywiththe Registrar of Compatues for England 2nd Wales, company number 4296085, oll 28 September 2001. The P]Igrllns' SchooL registered number 1091579, was enEeTed the C£ntraI Register of (Jwities Trith effect from IOApri12002. A fom]al kase was signed betTrren the School 2nd (hapter on I SeptemEtr2002. Governing Body The Governo of the School {who 2re also directo of the company for the puOseS of Ihe Companies ACL) Trho served ar allyiime during Ihe lear ThEre: The VeryRevd C Ogle- Chair Mr M Bnice Mt3 M Ch.w0]f Dr D LucketE caOn G Medd Mr C Rid]ey- re[ed hLirch 2020 The Revd Canon A Trerner- appointed November 2019 Dr J Websier Prof M Ixlheeler MrNWd Mrm Wdson Mr S Woods
The Pllgri¥ns' School Flnan¢ll stAt•m•thts loi the year end•4 31 Auyust 2020 Report of the Governing Body Key petsonnel attd pmfe8sional advieets The Fkad Dr S J Essex- apw)inted 7Awtst 2020 Mr TWBur&ll- rnd &$ Fka&))&r 31 Aw 2020 K Dennett- app)itred l May2ff20 Mr CHUrty{lerrn Butsa4 - appointed l Novemkr2019, JEsigned 30 Apiyl 2020 MrWR Walker- as Butsar 31 Cttober2019 Ihe Pl1. Scknl 3Trthe Dittctor of Fin2te & S023 9LT BankeLS 105 FWI Street Wmchester 5(Y23 9AW Llo)d5 BankPk BlaCkHoe Ho Jxobs Yard Londoll Streer Basiyoke Ha[$bi RG217Nr Solicito 12 St Thonm Sttret llter Hampshire S023 9HF B]ake Morgan To]]gth (knid]eFs Fo S053 3LG Audito h Floor, Mek F)e SeHowtL Poole Do BH15 IIW
The Pilgrtms. School Financial statements for the year ended 31 Augu$l 2020 Report of the Governing Body Poll¢y The Governo deternjine the strategLC direction of the School. The d2yto day tnallagernent of the School is delegated 10 the Head and Director of Fin8llce & Resources. structur•i govarnan¢e and mana9em•nt Governing document The School governed by its Articles of Lssoc[lOn. These There updared in June 2016 litY to reflecr recenr changes in legisl10n and to llree the size 9lld Iherefore wenLse and experience of the Governing Body. Governing Body The Governtng Body con¥e5 lip to 14 members.. 2 are ex officio and 7 2re appointed by excemal appoll]tll]g bodies (5 by the Dean and Thapier of WCheS[e[ Cathedral and 2 bythe Warden and Fellows of Wfftchesier College). The ren]2ining Governo are elected at a meerlng of the Board on the basis of notior received from Bqihin Ihe Board. All aPpOtnts take inio considerntion peonal competence, specialisi sltills 2nd hcai 3vai]abiiiryRnd followthe procedures for good govern3ce est8bIhed by the Governance aod Non]arIonS Committee. The tern] of office for GovemotE appointed by the external appOintg bodies ar the dcretion of the bodies {and nonnally 5 It5), Governo appointed bythe Board Serve for 2 tem of five le5 but, if eligible. they may be re-eletted. Related parry Telaiionships d trins2Ctions are disclosed in Note 22 EO Ihe accounts. No Governor WLS elected during the lear. The Revd CatLnon Andy Trenier, Precenior and SacIist ol WCkler Cathedral 2ppoinied Govemor in November 2019 and Mr &par Ridley reled a Govemor March 2020. Subsequent to the ar end, ll] Noven]ber 2020, Mr J Brouth and E Boumer have 2]50 been appoittted as Governo. Ttustee training NewGovemors canyoui an induciion session Trith the Clerkto the Governing Bodyand receive briefings fromthe (hairnwj, Head and DirecrorofFinance &Resources a5 necessary. AllGOvernO are encouraged to carry0l Irainmg provtded byEhe Association of GovernLng Bo<lies of Independent Schoo]s {AGBIS). Otganisational management The G0vem0 meei as aBoard at least thtEe lunes a iearto deternllne the generJJ policyof School and review lis overall managemeni and control, for which they are legally responsible. The Head and Ihe Director of FULCe & Resources also attend meetings in an Advisory capaciry. The work of implementing nDst of the Board s policies Js carried out byihe folloTring Standing Q)mmittees that meet 2t let once a lenn pnorro each Meeting of the Governing Body. The Governance and NO[nl[lOnS CDrnmittee The Finance and GenerRL Purposes Conunittee The Academic and Pastoral Qirnmirree The dayio dayrnanagernent and rutullng of the School Js delegatedto the Head 2nd the Directorof Finance & Resources, SiiPEX)rted by other Mefflbe of the Senior Matwnrnt Tegjn sd staff.
Th• Pllgrlms. S¢hool Fin#nclAI stat•ments for thè y•ar end•d 31 A9st 2020 Report of the Governing Body Remunetatiots of the Governing Body Memb3 of the Governing Bcmty do not ceive aty for their services. Detads of the munerationfortbe Head alldtheDirectorof FIe &Resourcts are cotyainedioiykne 3 to the financial OrgaDi8ational sttucthte attd telationship8 The Sch1 ig m artive memkrr of the JAM&pen&nt knociation of Pp khook, tbe 01r Schwk, Associatio the Boarding Schools, A8sociatioll and the IdepeThkn SdMx)k' Butsat5 knociarion forthe pron]otion aDd of school statth gerally. Ch2ritsble objectives attd aiths The School's prArKwJJ objertive is to provide 2hEh level of edtIont0 its pupik, Ixxh ill academic tenns by encouraging then] to befit FftDm many extrLI]ni¢th %¢rvnRs, espiallYthOse develop their 1c31 Eaiellrs. The Sch(K)l ako cTrowates n)2nylocal chartits in our ongoit]g eeyou to widen Publ acce5S to our scbooli4 to optimize the of our CultW and Sporti £aci]itLes and io awaktn in our pupils all awareness OE the social context of the edwatK)lltheYLve ar the SchooL Further &tJiLs of the Scbool's CjJarti2b xt[Yit 2tE provi(kd in the Report below. lttspectioo Repotts The School was kt itted byd In(kn(nI ScbwLs' Insrate (tSD for tTgukntorycomp]iauce in Januuy2019. Ibe ReEx)rt confllnrd School all the ed Catego of cow]i3nc£. The School rn]Mins stnglyCOMrnl( ro safegWdi pronxxiDg tbe th of pupils. The report &5cribed F&fLorai c8Je as fxcelkn in all patts of sdKK>l' and 'wtihin an exceEKiollally fLiendly and CalngcomllllI. It was conrllntb3tthe Schix)lDreTS allthe ryqUirell forthellbell health and safetyof pupib. InAugust 2020,the ScboolcomD]lssio JanP]deS OBE 2fKI CatDline Rees to ull(kn21r a genera] review of safeguar& at the School to he]p and infomi the Ihi5 i]U(d with Govemots, staff and pupik andaThiewof various to fLdlyundetst2ndthe Safeg]ng Ex)licies> proceduffs 2nd practi thin the Schwl. Their Trpott5 COllStwive IlcomndItio 2Te Ixing Anw]en)ted by the Fkad and Deputy Safewding It3d and •1 ensu tlut School a&r&s to knt PT2cuce in th Jmwrtanr are& Fu¢t4181tig In viewof the relattyelylowkyel of ILS Xtivtiy, the Sch(x)Ihas not trgistered theFun&2isingReguIator bur does supportthe Stan( forfundraisiDgset outinthe Code ofFutthJsingPrnetir£. To irs kwwltdge, the Schix)I has complied wtih those pl1CiPS WNI has tEcetYed no cotnplait)ts aLK)Ut its fUlldlt activities. OpportUnL for fundraising ded itl the Jrar due to tbe Coronavints pandemic, hoiAEver, sonr funds Mttr rai8ed as a resdt of vimJal fulldrdising xtivicies. Donations for Lhe 3ear amountedio£2,397 rntsed bythe pi1gnn'PE[s ASS{]ri0nartd£2,42s from otherdoDatAons. Afurther £3,CU of stited fun(k wag domredto the Gavin Ro3 aliSterBuaryFlllld iti 2019/20.
The Pilgrlm$' S¢hool Flnanclal statements lor the year •nd8d 31 August 2020 Report of the Governing Body Strategic and Operatlonal R•port Review of achievements and performance for the yeat Dunng d]e Icar Ihe School i]25 been siJghtlybelowm3ximum C¥aCity[h the following numbets: alote. 21 QuSters. 15 )rnner Boarde. 58 Con]tnoner DayBois: 132 Pre-Pp'. 40 Toia]: 266 (Average number of pupils for 2019/20) The School ComlleS to rlllive and 2chievement has flourished in its three njain are of academic, musical, and sporting excellence. The leave from Year 8 achieved excelleni results in their f]nal examinauon5. Ihe over2ll nun]ber of aw was 17 rhis {20 kn£t ar1. Five academic schoknhips alld one exhibition Ere won. Two bo gaed scholat5hips at WmchesierG)llege, one at Eion lour fIr King's Scho]ar since 2014), one at Radley, another at Qurford, and an Exhibition ai ShertK)rne. This 90[her excelleni lear lor l1c. One boy achteved a full music schOlahIP to Eton and a further six Music ExhibLfLons There awarded: two at Eton, rwo at Wmchester Q)llege and othe at Shed)ome and Magdalen Q)Ilege. Two Exhibiiiolls were achieved for Spon (Chester 2nd RadieO and one boy gyined )n kn Ethibition at Canford. Otherbois ob[lled eniryto the above schools, as Beda]es, Bradfield, The Swe School a]gnerhouse, George Abbot School, FLUTOW, King's School wChester, Lord Wa(WOrth College, Marlborough, Portsmouth GrarnLror School ad Tonbridge. Charitable Objects The School Js of guidance issued byihe thariry Q)nMS1On under the (]tille5 Act in reiarLon to Public Benefit and the Governo, The Head and Director of Finance & Resources are mindful of their obligJEion to have rewd Ihereto. All are confident thaE the School's activities are puuLt of its objects and are delivering public benefir. is achieved both byd prov10 of education forthe thonstet¥ and the Qute and school bUwieS sd SiStance to fundthe education of non-choraLpupds whose parents would not nonnaIlybe a position to send the boi5 to the school. During 2019120, 31 Pupi received 50n]e fomi of butSJry 5uppon' this presellted 12 % of the pupi] P0PLdati0 Of these, 20 received financial support totalling £143,115 (2018/19.. £195,036) from the School's Bllary FLd and 7 received support totalling £48,20912018/19: £67,872) from Ihe R2ymond FrelE Award Funds. An additional £58,146 {2018/19.. £66,087) wLs provided fron] exrenuI sources, of ich £ 17,733 catne from wChester Cathedtsl rhe current ar. The maximum buaPrOvided to a single pupll 870kn of 2 tOEal fee. The tot21 provision of £249,47012018/19: £328,995) eqiutes to 5.20k {2018/19.. 6.4°A)) of gross fee income. Year0nYefigureS have reducedas feTrEr buary£undS FEre rreded to supporr boys due to the discounied fees in the Sumtner Temi as a result of the Coronavirus pandernic. In addiiion to but52ries, the School's attiviiies have reached out iwo the local community and given Solutes free or for rnin1 charges, to help othe. In particJ2r, the folloTring have been lldertake. The School continued 10 support a choraj outreach proiect combined with wChester Caihedr21 Music Department As part of the School's object a Chow School, a strong musical ethos is nJJintained throwout the School 3nd Ihis extended inro Ihe local comtnunitybyproviding: Pr2Ctice faciiiiies for severa] local and visiting chollS
The Pllgrims. School Flnan¢l•l statem•nts iby the y•¥ eftdBd 31 August 2020 Report of the Governing Body Facilw for Lternal allLSiC kssDtLs and for11 chadrni o Sthool choir IorneS 3t other kn[ aY)rnL Mjrkhops forthe Di(K£san Sch(x)k IVe ServKes the S¢b(M)I Unckrthe object of the adv3nt of the (hrittrn lIgIO the khool plxiE a full part in the life of Wmchester c2[hed and the S(h(K)I has C(K)d manysndt vrdys With the missAon OE the Cathedd Ithe £e provision ofthescbool's kiltrs for& (hdLeddCommw The Schoolp#rttcip&es inthe WJiKhester Fknage (4)en Dais event UnFortunately, m2tLy of the aboye that the Sch(x)I wualtyP2Ttripates in pl46icallyhave been cancelted or $tricted due to the COMvi[S It 1% hoped t]ut ollce bcld)wrtg Irf¢ and social diStlg ndes th full p3rtipation in stb evenLS vriIL Et able to rasu. The School Con)mlal50 CODti[L$ to Conu]b gewYMlYthroou¢ the )tarto wiy national and charllable cawes; dur1 this funds raised to sw)wrt chrtS such as aic S2rgent, Norrh Hampslytr med1 WthterBasic (fiKKt) bank AntBullyDg Alli9nce and Flands [4). We have trfenEdto the (ThwiryConJmissioD's 8ereTal gui&llce oo public benefir miewing ourainL and obiecuves and in pIat)nll4 fe activities. FitiancAal Perfotmance The School's finatxial perforn]ance in the 2019/20 )rarwas imPd bythe Cott)llavIn pan&mia With thanks to the woAt of the Scb(x>l tferred (wrkly to a vimjal kning ellvirontw fn)m Matrh 2020, onlychtklrell of ky )r5 ]llg edted on slte. From 1st June, n line with Govemnw Guidejlll, ReceptK)D and Yean l atd 6 to ScknL Tr Sch(x)I the (lecision to bting rn0 bo back on site (Yew5 3, 5 and 8} fmm lith June. Ar San ttmc, the i%ion made to offer a sch(x)I fee discoum itL tbe Sumnler TentL in onaer to support and recognise that the School could not ofEer EK)2rd1 facilitk%. thi5 arrM)ullted to a total discount 0£ £512k This w&$ off5er byllXOTh receivedfroMd C(>r01rus Job I1£teOnSchen of £183E as staff trrmbe who yrre uthle to wform thetr roles put on the Govemnrrrt furlough schen. There Thrre atso other one-off costs of £70kin 2J19/20 re1th to 1rcrniti of the WHead and D1ctOr0E Fin#Je & Resouwes. Before 3lloving forthe net costs o£the p2tthw (£329k) and one-off reCnJ1tnllt Costs (£7010 otrlined above, it is encouraging to see that rhe SCI)1 delivered an un&rlyillgoperatjotdsuyl 01£131k The School's reserve p)IKy qurS it to maintaill Suffnt rcserves to enable it to nrrt its short.telm fiD2ncial obiettitres in the event of an utwc¢ed Metl sliortfail or emewnce of an thxpeCted jiability. Totsj fw of the khool at the pr-elld anun[edtO£421Ik(20I9. £4,479W, of MI£4,125k (2019.. £4J92k) are COrLSided aFai]abk tEserves. The FinatKe alld Generat Purposes Conm]ite ha% condLtrd a revThof the fituucul risk f%iDg the knL Aftert21ong thtse into coutrt and ENtru]ady the rkS vthich have ened ill ITsCt of the ill1p of Covi&19, the Commtitee COledth3tthls level of reserves i£ approprie. Cash balances atthe Ivar.endtoraUed£833k4ainsT a piior)ear b2]a1 of £1157k This duCtionw in P2rL due to the UrtCEed costs of the pan(kmic (£32910 but also d to timing of suppllerpaynlts and fee iuvoÈcing arowKI the lear en(L The Governing Body Ltgubrty revie5 the School's fllunces agJin5t bty toget[r Trith a casb flow anaty$ as pan of the effecLiTe steBpr{bh) of the SchooL It colls1(k that given the s[renb of its balance
The Pllgrlms. School Flnanclal slt•monts lor the year •nded 31 Aygllst 2020 Report of the Governing Body she Positio the generate4 the p)pukniryof the School and its FLscaI colltrob. the resenos hekl adequate to its quitEts 2tMI so ir is 9ppn)pIiate w Prepa the Schwl's fin#ncial stan[L8 as a going concenL SignifKant vA)rk has beenertn¢0 improve & estgte andgrounds of t Sch(x>L ind]ng upgrn nranylights to LETr, paintllE & exteriorof the Lmaillschool buiMing atKI extell5ive }gradeS to fire safety. The Governing Body retnain • to the P9JEllts A$S(J0 wbo conttnue ro generOlY siipporL sorne of this va)rk Post Bal4nce Sheet Events The CDMnaVir pandemic ha5 Contin1 to affe(x dayto dayoFtratKllls of the SCI01 since the le ell Ihe countryexperienced a se£olld wave of the P9ndern in the Autum of 2020. CLthiw in another locldown king atllKpunced bythePI?nr on 4 January2021. Ls a su of rh annOUethe SthIK)I returned ore aggin to avirttuL karnll¥ ellvironnt. Ourstaff tD2tTraged a fantii¢ transition in a veryshott titlle, building on their experiences from tbe Sumnrr Terni in 202C. The School kn lYen able to offer bo a full PrO£rat of Jessolls, tutor growls, assen)bl*s alld J])usic lessolls, Thryrb pallts once again lg verysupwrttye. During this t[n tk ScEKX)11]25 Son 5avillgs on catering c05rs and IELS again ittili%edthe Governnrnt's G)mtravinLS Job RetentK)n sd ]Irse Savi given tt> parents 85 a reb3te on the sUmnreMI.$ fee invoKe. RK8k Management The Governo Viewan1ydy a$ of the School¥ qxrations and coAsidered the nuN)r rigks faced each of these areas. The princiE)al iisk xkrnifd ar C4tU in the Seh(x)l RiskR£gister, $0 VIeThEd and contaiw followi incLEases in ch34es forteachet5' FL0$ and other additK>Dal et[Jployr costs The itrjpact on the Sch(x)I's 0ratioNS and of aFan(kmic a% Q)vi&19 Effeaive govemallce atKI sound nMweDrnt Sound fina[Lcj rnawllt A fall itk pupil to support CU stnthTh alld k)ng tennp]atLS The following aèo itKlu&d Thrythin the Sd)1's BUsiS G>ntinuityDtsasterREcoveryPIwL' Imp%t ofnmjor i]dents Ltsuknllg ft7)m fi, s10 iniwy, loss of th (poTrwal wate4. and IT swiry. data recovery2nd contimllty. Inthe opiDionof the Governo, the khiKTrI h28 the rw]18i llnOr1ng aDdreViews)Stell alldI]as acws the necessary resources and s]aiLs whKh, ull&r wmTrai clVEI81e$, shouId aibw these ith to be mirEated to an xcept¥l>k level ill Its dayt<>dayora[10Ths. Futslte plans The Hea(L Dr Sarth Esse4 srarted at the SchcM)l ia ty 2020. Her p]gns for the School thi8 on]ing year are to focus fitsdy on continuing to grow adem celle and excellewe acn)ss the Sclwol's bmd and deep cunKututtL 3txl QFcutXLdits to nmxiw the progrt%s of au boF;
The Pilgrims. School Flnan¢(al statements for the year ended 31 August 2020 Report of the Governing Body enliance p25tord care through lis foity pilLus - the venic31 rutor sisten4 pa%tod leadehip? srfeguarding, and tlie School's The]1-beg departmeni; thLrdly? to opiiinise operntiorLf and processes For coIitinued cost n]an.Igement and fleyibdiry to enslire that bois and siaff atf 52fe and thnve d]rougli the contlled uncertaly0f the COVID.19 pandemic and beiond. Gov•rnlng Bod$ responsibilitl•s tor the financial statements The Governo (tho atr ako directots of The Pi]gLims' School for the putposes of cotnpany ]aTr) are responsible for preparing the Report of the Governing Body and the financiaI siaiements in accordance with applicable lawand regulations. Company law requires the G0vem0 to prepare financtal staternenrs for each fingllciai ie2r. Under that ]3W the Governo have elected to Prepa Ihe financial staiemenrs m accordance with Utllied Kingdotn Generally Accepied Accounting Pracrice {UniEed Kingdorn Accounting Srandards and 2pplicable law). Companylaw3150 pmhibits the G0vem0 from approvingthe fuwicidstaternents unless Ihey2re satisfied that they give a true and vW of the state of aff of the School and of irlcoming resources and application of resources. including the orne 2nd expendirure, for Ihat petio In prepwv)g these financial sratements. the Governo are required to: selett suitable accountg policies and then 2pplydTrm consistendy> observe Ihe md principles in the Ckniries SORP. ndte judgments 2nd accounting e5riIrJates that are reasonable and prudent" state theEher applicable UK Accounting Standards have been folloThrd subjec[ to any nvteIiai departures dClOSed and exPlaed the financial staien]enrs' prep2re the financial staren*nts on the going concern basis unless it LS ll]appropriate to presume that the Schi)ol wiiL continue in business. The Governo JJT respowible for keeping adequate accouniing trcords that sufficient to show and explain the School's [rJa10ll5 and disclose re&onable accuracyat anytime the fllwiciai posiuon of the con]pany2nd enable them to ensure that the financial siatements complyviiih the Q)mpanie5 Act 2006. They are 3]so responsible for safeguarding Ihe assets of the SchiK)l and hence for t3Jong reOnable sieps for Ihe prevention 2nd deteuioll of fraud and other llTegularities. In so far 35 the Govemors Jre aware.. there is no relevant audii infomwion of Trhich the School's audiior unaware. and Governo have iaken all steps that they ought 10 have taken to make thenelVeS awa of 2ny relevant audit information 3nd to estab]ish thai auditor is aware OE that infonnaiion. The Govemots are rPOnsible forihe m2intenance #nd mtegLiryof anycotporate 2nd financi31 infornution cluded on Ihe companls website. LegLslarion in the Uniied Kmgdom governit]g the preparation 2nd dissen]ination of financiaL Senr5 may d&fer fron] glatiOn otherjurisdittlo. The Governg Body approved Ihis report, including dr strategic Port, at its meeting on 20 March 2021. Signed on its behalf by. Cog air of Governors
Tho Prjgrlms. School Flftancjal statements for year ond•d 31 August 2020 Independent Auditor's report to the Members of The Pilgrims, School Opinion We have auditedthe fiDaxialstatelltDts ofTrPi1grin, Sch(x)l (&'chartiA forthe Iparended 31 Augu 2Q20 which comprjse the StenrJJt of FiDanciai ActiFts, Balae SW Ca%hflowStatenrDt alld notes to the financial s[atellts, inchxlillg a sumw of signot accounting wlici. The fmaucial framewA£ that has been applied in their prparatK)n i5 app]icable law and Lnited KiDgdom Accountit¥ Standards, induding FRS 102 "The Fin12[ Reporti Standard applic2b]e in the UK aTKI Republtc of Ithd. (United l(ingdom cetmllyAcCed Accounting Practre). In our Opinio tbe fillancial statellEnts: give atrue 3JKI fair vwof tbe stare of tbe cknitls affaits a$ at 31 Awt 2020 and of iLS income and expenditLTre forthe iearthen edel. have been proper1yprepad in xcoTh4a UDit8J KiOM GetrrallyAccepted Accounting Pr. aE have Eten ptEP2red in the ofThe CQn4>all Act 2(Th. Basis for opinio We Cond our audti ill acCordae Trith It]ten]atiotul Standards on Adn& (UK) USAS (UK)) and applicable law. Our re5powibiIiue5 urxler those standa are furt (kscnhd in the AlE0S respowibiltues for the a1[ of rhe fiml21 sratellts section of our rep) We are independent of the chJrityin accordance TridL the ethical reqUitEnn[S tEut are leVant to our audn of the fin]81 statrrnents in the UK, ll]clu<ling the FRCS Ethical Stallda and haye fulfilled our other ethKg1 sponslI1tS in accordan with th(se requ1Men[S. We Hieve that th£ evi&nce T luve obtsined is suffwtt 9nd appropriate to pLDvide a basi5 for our opinio Cooclu8iOn8 telating to going cern We luve nothing to LEEK)rt in of the followi nuttds in lat)n to vhich ISAS (UK) require us to to YDU whe. the goyernots use ol the EOit¥ concern basis of g£couming in the preparation of the knig1 statellts is not apptopriate. or the governo have not di%d05ed in the financial s¢atruts any identtfied UllnainI]Cs that nkny cast s¥nificant doubt alx)ut tbe charitys abi]ityto collrinue to adopt the going concern is of accounLit]g for a wi(Kl of at tve llK)llths fmm the date kn the fmanciaL Statrur5 2uthoii5ed for iU Othet infotmation The govemots are reSnSIble forthe otherinfotinatiotL Ihe otherirrformatiollcon]pises the inFontution JrKluded m the anmjai LEEK)rt, other thao the FanCIal and our alt0S ffport thereon. Our opinion on the fitwoalstatemeffls do&$ Dcoverthe (therI]rfOLi10n atyl excepttoiheexrentotbeThuse explicitlysTaTrd in our repoffj R do not expLfSS atwfomi of assurance conclusx)n theTro In connection our audit of the fll]ancial $tatenrs, our tYsw)nsibilityis to read the other inforn]auon anl in doing so, consider whether the Od iDfomxttiDll is tel}Y ijKortststeDt with the fiugncial
Tho Pllgrlms. School Fln8nclal statomants l¢K th• yoar endod 31 Augugt 2020 10 Independent Auditor's report to the Members of The Pilgrims, School statements or our IqK)wIedge obr2ined in the alt or odrrwe appea to matrttilly mi5Stated If idenrify such materiat inconsisiencies or apyJJEnt nwiaL miSsrn15, atr LEquired to dthrn]i M41etherthere is a material missratenrnt in the finallctJJ staren ora m&wial mi55r2tement of the other infornurioo If, kned on the FA>rk VE have Frforrred cordu& that is a material &Starenr of this odr 1nfomuti0 att to report djat fxL We have nothll]g to tew)rt ill thts Opittlons on othet mauern ptesetibed by the Cothpatiies Act 21Mb6 In ow opitjion, based on the 74vA£ underraken in the coutse of the audtt: the information given in the IleEK)n ol the Governing B(Aythich incleS the Strategic Rett the Directon. ReEK)rt prepwrd for the pwposes of con]pgJry Jaw, for the financi Ivar for &ich the financial statemcnts are pPared 1% eoo8LStellr ry[h th filTral91 Statenllts. and (he Stiategic Rew)rt andthe Direc, RqM iwlu(kd Thithin tbc B£port of the Governing Bcty has Ixen pwd in %conlatKe widL appltcab]e leg31 reqUInmS. Mattet8 on which we ate tequired to rtport by exception Ill light of the IuK>* and understanding of the clmity and its eV[De[ obtained in the coune of the audi4 have not identified ntstrtial misst2reDfDts in the Sttategic Report or the DirecrwE' Rtport iwluded Thrhtn the Rett of Govemiog B(dy. We have nothing to pOrt in tEspect of the fojlowitig ttutter5 infflationto vknh the Con)pani Acr 2 requires to report to y)u rf, in our opinioJL" adequate andprorcounLing tOrdS h3ve not Ixen OrtM% forour have not been Ce[ed fron] brJllches Dot viSid byus. or certain discloswes of govenM)J¥' ttrnunern SFtcifr by]aWa not or bave not received all infomution and e4)lanatiom requi for our audit. Re8potssAbilitie8 of govemor8 As explained nK)tt fuUyiD Governing Botys $)lL$]lI1trS Statellrnr set out on page 8, the governo (who aLso tbe ditorS of the ckniiabIe comFYanyforthe puwes of cornpanylTh) resw)nsible for the pffparauon of the fincial statellEnrs arul for Eeing Satisf tha( Tlygive atn¢ and fairview, wd for swh intemal conrml as the governo detern is essary to eD2bk the prepamion of fuDnciaL statements that are free froD] llwetial [ni%sratenll4 whether to fraudoreAror. In pP]ng the financd st2tellr, the sovernO a s)lISb for assÈssing the chwrls abi]ity tt> continue as a going cow disdosillg as p1th, mattets Trlared to going cojxem gnd Ing the going concern bas of accounting unless the govenw5 either inrLndtL) Imwidatethe d]aLiryorto cease 0rlonS, or have no tE3listic alrernatiye but to do so.
Stephen MillsStephen Mills (Mar 22, 2021 15:27 GMT)
Mar 22, 2021
The Pilgrims. School Financial 5tatem8nts for the yoaT ended 31 August 2020 12 Accounting policies Company status The PiIgtin, School is an independeni company lin]ited by guatlee. The only member of Ihe company is the Chapter of Winchester CaihedrnI. In the event of the eniitybeing wound up. the liabiknryin respect of the guarantee is limited to £ l. Ba51s ol preparatlon The [ancIal starernents have been Pffpd m 2ccordance with Accounting 2nd Repotting by ChTEles.. Statement of Recomtnended Practice applicable ro chirities preparLng their acCou[S in accordance Trith the FLnanci21 Reporting Srandvd 2pplicable the UK and Republic of Ire12nd (FILS 102) (Chanries SOBP (F 102)), d]e Fu(131 Reporting St3ndard applicable in the UK and Republic of Ila[ld (FRS 102) 2nd the Companies Act 2006. The Pi]grims' School n]eets the definition of a public benefit entiryunder 102. Assets and liabiliiies are initiallyrecognjsed at histoncal cost or trattsaction va]ue unless otherwjse stated in Ihe rekvant accouming policy. The financ13J siatenrnts gJE presented in Srerling (£). The prmcipai 3ccouniLng policies of the School are set out below. Going concern The fanCIal statemenis have been prepaLEd on the basis that the School is a going concern. The GovemotS consider that dre are no ntsreri21 uncertaitllies on the School's abiliry to con[ue its activitie5 for the foreseeable future. Theyhave approved a deEailed inconr and expendirLUt blidget for 2020/21, the School regular srTr2m of Incon from the schoo]s' pupik Rnd its reserves policYnar]S that li be able to meei ils obligations and have sufficient time to mitigate agaIt any unforeseen Circurances. The Governo have revies%¢d the13test forecasts #Ad consideTrd the period 12 nx)nths from the date of apprOVg these fanCial staiemenis. Pupil numbery for 2020/21 are son]eThliai gnd there are continued increed cosrs Lssociated wilh coronav, e.g. cleaning. HoBever, thi]st these are having a negaiive llnpact on Ihe cutreni IEarfs finances, the extent of available reserves and cash balances ensure the School's longer tenn future. The G0vem0 are sawfied the School 2 going conce Fund accountlng Genend funds JJE unrestriCEed futh whicli are av3iiable for use ar the di5creiion of the Governo in funherance of the general objectives of the School and sthich have noi been de5ign2ted for 0drpU4)0Ses. Designated fun& cornpJise unrestricted fiuds thai have been set &ide by Ihe G0ven for patticuI#r pU05e5. The aiJn and use of each designared fund is set out in the notes to the financial siarernents. Reslricted fwMI5 are funds which are to be used in accordance wilh specific restriction% unposed bydonos5 or Tthich h1ve been raLsed by the School for particular putposes. The costs of Ing and admintsieiing such fld$ are charged agai1 the specific funcL The aim and use of each re5tiiCted fund is sei oui in Ihe notes 10 financial statemenis.
The Pllgrlms. S¢hool Flnanclal statements tor the year onded 31 Au9USt 2020 13 Accounting policies In¢oming resources Fees tecetvable consJ5rs of Chae$ forthe academic Irar 2019120 less aibwances and buLSaLies of the School's designated funds but cludeS contributiom received from restricted funds for but3arie5. Otherschool income COllSLSlS of optional services provided to the pupik, Thtll as income for iniu regisirarion of and deposits forfeiEed for piipils. Payments to the School from the Government's CoronavLs Job Reteniion Scheme 2tr CogniSed TA&en receivable and ckssrfied other incotne ]n the SOF Expendlturo Expenditure is recognised once Ihere is a legal or consirnaive obligation ro Irat]sfer economic benefit to a third pRry, It probable that 2 tiansferof economic benefiis TAryiL be required settlement 2nd the amount of the obIigarion can be n]e15Led reliably. Expenditure is ciassified by activity. The costs of each activiry are n]2de up of the tot31 of direci costs and shared costs, including support costs involved undertalgng each aciiviry. Dect costs arrnbutable to a single activity are allocated directlyto d]2t activity. Shad costs TAthich contribute 10 tnore than one activtyand support Costs sthich are not atcribuEabie 10 a single aciivity are apportLoned beThEen those activitie5 on 2 basis consisieni the use of resources. Charitable activities 2tr costs U]Cud in connection with the running of SchooL ClUding mges, equipmeni 10 support teaching and other admirwtration expenses. Govemance costs are Ihose inCued in connection V[h admitration of the Sd]ool and compliance with constitutional and Sta[LOry reqiurements. These costs include audii, legal advice for Governots and the costs 35sociaied Tr4Qth meeting cot]siiniiional and suiuiory requirnents such a5 the cos1 of Governo, meetings and the preparaiion of statuioryaccounts. Q)sts of generalg fund5 are costs incurred in atttatt]ng volurjrary income, sd those inCued Jn trading activities that rJise funik. FLU](ti?istng costs Those incurred in seeking voluntary coninbutions and do not include the costs of dIssen]alg infonnation in support of chilable activities. F2Cg costs include terest on loarjs and other sources of fll]ance. All resouJEes expended 2re inclusive of I0verable VAT. Tan9lble fixed assets and depreciatlon Expenditure on improven]entS 2nd modernatIon Tthich enhances the bng-temi cap2biitty of the School is capitalised and depreciated line the policy for freehold buildings. Expendirure on repaiLS and general mainienance llllrred on a regular b&is, along individual itens c05ting less than £ I,CQO, are Ched to the Statement of FUclaI Aciivities incurred A review for impaThni of a fixed asset is cwied out if events or changes circumstances indicate dial the carrying value of anyf]xed asset may nor be recoveuble. ShortfaU5 betseen Ihe cany1 value of fiyed assets and the recovernble amounts are recogntsed as Impalmn[s. Irnp2innent losses e recognised Ihe Statement of F]tMnciai ActLviiies.
The Pllgrlm5' School Flnancial 5tatemÈnts for the year ended 31 August 2020 14 Accounting policies Tanglble fixed a55ets and depreelatlon {contlnu•d DepreciRiion LS provided on all tangible fixed Sets in e, oiher IhaTL long leasehold properry, ai raies calculated 10 write off the cost less est]nuied residu3J vajue ol each asset over its expetted ]ife as follolls: School buiEdings - freehold and long leehOld Equipment Moior vehicles 10-20Q/o 10-25/0 Operatlng leas•s Rentals under operating leases Ched to Ihe Statement of Financial Activiues on J straight line basis over the lee ternL Stocks Stocks, Ththich compwe school unifonns, Rre valued ai the IoTrErof cost and nei realisable VaLl after maliing due allowance for obsoleie and sloTrtnoving stocks. G)st includes all d1ct costs and an appropnate proportion of f]xed and vanable overheads. No accoLint taken at the iear-end of stock8 of provisions, stationery, fuel and household requisites. In rhe Opullon of the Governing Bodythis does not represent a n]ateiiaL depatture from standard accounting practice. Interest recelv¥bl• Interesi on funds held on deposit is included when receivable and the amount c2n be rneasud re]iably by the School., this nomdiy upon notification of the interest paid or payable bythe B2nlL Debtors Tnde and oiher debt0 recogtllsed ai the 5ertlen]ent aoU1 after any nade discount offered. The Goveming BodyregularlyrevteThs &brO and provision is made against anydebts conSided inEcoverable. Cash at bank and In hand Cash at bank and in hand includes cash and short term higldy liquid investments with a short matilliry of three months or less frorn Ihe dare of acql[lon or oPeng of the deposir or similar 2ccount. Llabllltles and provisions Liabilities are recognised when there is a legal or constructive obligation ai Ihe ba]ance sheet date as a resuk of a p25t event, it probable d)ar R rrans£er of econornic benefit be required in setdement. and the an]ount of the serrlement can be estimated reliably. LbILitIeS are recoglled ai Ihe 3Jnount thar the entiry anticipates it pay to settle the debt or the amount it has CeiVed as advanced payments for the good or services it provide. Provisions are measured at best estimate of amounts required to settk the obligaiion. Where the effect of the time value of moneyis tnaien8J, the prolOn LS ed onthe present ue of those amounts, discounted at the pre-t&T discouni rate that reflects the risk8 spec&ic to the liabiiiry. The llnTrrynding of the discount recognised Thothin interest payable and similar dutEes.
The Pilyrlms. School Financlal $tatem8nts for the yoar ended 31 August 2020 15 Accounting policies Financial instNments The enriryonlyhas fancial2$stts and £anCIal liabilities ofa Igndthat quaiifyas basic f]nanci21 instrutnents. B2sic financial truents e lllliially recognised ai EraaCtiOn value and subsequently rneUred at Iheir seulemenr v21ue with the excepiion of bank IoatL% thich are subsequentlyllEUred at atnorrised cost using the effecEive interest nrthod Penslons Retiremenr benefirs 10 teaching staff of Ihe School are provided bythe Teache, Pension Scheme ('TPS?. This is a defined benefit scheme and the assets are held separatelyfron]those of rhe School. 1ke TPS is unfunded scherne 2nd coninburions are caicuIated so to spread Ihe cost of pensions over etnploiees, worlong lives with the School in such 3 way that the pension cost a substatllially level perceniage of current and future pensionable pairoll. The C0ntnbiIOnS are deremiined bythe Govemmem Actuary on the basis of quinquennial valuatio using a prospective benefii med]od. As siared in Note 20, the Tl)S Js a multI-emploier scheme and the School is unable 10 identifyits shwt of tjnderlying *sets and liabilities of dLe scheme on a constsreni and reasonable bas. The TPS therefoTr Ireated as a defined coninbiirion scheffle and the conrnbutions are recognised theyare paid each Icar. The School also operates de£ed contribution schemes for non-teaching ststf. ConrributLOllS are Ched the SOFA as theybecome pa>2ble. Judgem•nts In applylng accountlng poll¢l•s and key sour¢os of estlmation uncertalnty In d]e PparatIon of the 2020 fmanciai staiements it Js the responsibiiityof bOthd Governo and Office to make iufonned judgements and esiim2tes the provlsion of Labiiiues and expenses. The Pil1[5, Sd)ool acknowledges the qUen1ents of d$ dTrsclosure. As such, the Governo and office of the School have n]ade the following judgements ad estimatiolls That have the m05r signtticant effea on the atnounis cognised in the fll]2ncial siaien]ents. Theyhave conSided Ed)erherthere are allyindicaiiow that Irade debiots mayhave 5ufEered llnpairment at the reporting dare as required byFRS102. The Dutcror of FUnCe & ResoUe$ regularly reviesvs those baIances thai are overdue. CnnSide[l0n is bed upon credit ter 2nd £llncial status of the parents rh provjsions bemg rnade against those there a n]2retyal uncert2inty es[S that the amounrs n]2y not be recovered. The School building been accounted in line Mth FRS 102 on Ihe judgen]ent that the le3se Trill be extended beyond the current lease rernL The Governo Colder thi5 judgement to be appropriate based on Irs ongoing dCsSIOnS ihe Thapier of Wll]chester Qthedtal and their tention to agree the ellensio
Tho Pllyrlms. School Flnanclal statements tho y•ar wdod 31 Au9USt 2020 16 Statement of financial activities UorestrACted nds 2020 Re8trieted funds 2020 Total fijtsds Totsj Funds 2019 Note Incoming re8ource8 Income from charJ't&le acttFybe8 Fees Trceivable Other S&ool income JTrcumefromgenet3tedfund8 Grants and donations 4,68L012 227J77 4.68L012 227JTI 4,935,665 70250 4,822 7022 92,512 Ftre of ptrrnises Bank Illte ceIV#bk 4,856 13,525 19 J82 L664 Total iticotnitig tesource8 4,920,653 4,925J17 5,131,334 Re8QUtce8 expended ChaThtabJe ACtiFitie$ School operating costs Costs ofgetseiAtingAmdB Fulldwing forvoluntaryijll School financing costs Tot41 tesoutces expended 5J38.045 £796 5,14l841 4J57,592 39,694 10.743 39,694 10,743 5,193,278 76886 14 J92 4,84870 5.188,482 <796 Net iticoming/(outgoitig) re50Utces Transfe15 bet fun(k (267,829) (]32) (267,961) 282,464 Net movement in futtds fot the year (267,829) (132) (267,961) 282,464 Balatt$ brought foLwanl ar I September 2019 Balartre8 cattied forward at 31 Augu8t 2020 4J9¥57 4479,187 4,196J23 4,12428 86.698 4,21L226 4,479,187
The Pllgrlms. School (Regl$lwed number 4296085) FEnanclaf stat•mants lor tho yo•r ondod 31 August 2020 17 Balance sheet Note 2020 2019 Fixed a55ets TangAbEe assets 3,986,772 4,033,453 Current a88ets Sti DebtotS Cash at ballkgnd in hand 846 727J95 883,11 6,619 1,604J32 1756,602 3?67,953 io 2.615J41 Creditors: amounts falling due within one year Net cuttent ets 11 (2.109,761) (2,474205) SO580 893348 4,927201 Total assets less current liabilities 492J52 Creditot8: Amounts fauing due aftet more otte yewt Net Sets (28L126) (H8,014) 4,21L226 4,479,187 Funds 13 14 4,124,528 86,698 4,392J57 86030 4,479,187 Rtstiicted fun& 4,211.226 The fMan¢ial5ratenr5 approved alld aurhorised fori$s by Govemittg B¢xlyaThl sig on their Ih2]E by. The VeryRevd C Ogle atsir of Governo Lkne: 20 March 2021 The acconwaniqng accounting poJKx% and forn] an itxegrai part of due fjnarcial sttennts.
Thg Pllgrlms. School Flnanclal gtat•monts for tho yw onded 31 Aiyist 2020 18 Cash flow statement 2020 2019 Cash tIow8 froth opetating activitie8 Net nVen]ellt in fund5 Adjustments fot: Depreciation of ralwble wsets Interest paieble Interest receivabk Illcase in debto DecrvJse ill 5Ck¥ IDectr38e)/Inurase in C1][0 Loss on S of fixed a55elS 1267,961) 282,464 175,645 11,915 (19?82) (124,648) 4,070 261,115 2.CQ2 7,872 (£250) (122,663) L773 (368,445) Net Cg8b (absotbed by)/8ener4ted from opemting a¢tivitie8 (566,098) 593,181 Cash flow5 from inyestittg activitie$ Puwhase of tangible &sets InteArst tEceived Proceeds from sak of fiEed asseLS (140,895) (212,694) 19J82 2,687 Net ca8h outtlow from Inve$tiDg Activitit8 (]36,645) (190,625) Ca8h tlows from fiftanci-og actiFitie8 RepaYllllt ol b9ffjk loatLS Interest tllid (162,887) (7,872) (159,555) (11,915) Net cash outfiow ftom finaneitig activities (170,759) (171,470) Net (decreaBe}/increase iti cash •t bat Éwd io hand Cash at bank and in h2nd * the Ixgin of Irar (SV3.502) 231,086 L756,602 1525.516 Cash at battk and in haod 883,1 1,756,602 Net cash Cash at baDkoAd in hand Bank loatLE due wffhin Jear Ballkk) due afterone Irar 883.1 (165,ll4) (281, 1356,602 (161,113) (448,014) 1,147,475
The Pilgrlm$' School Flnan¢lal statements for the yeaf end 31 August 2020 19 Fees receivable 2020 2019 Daybois Boarde Pre-Prep oterS iirtste Swidry fee income Gross fees receivable Less: BUarleS 2,360,996 1,272,434 402,000 445,105 337,288 1,220 2,478,658 1,213,178 542,822 493,899 389,280 7,895 4,819,043 5,125,732 (143,115) 4,675,928 324 76 (195,036) 4,930,696 513 103 DiSbuernen[s (net) Fees rems1On scheme commi5510n 4,676,328 4,684 4,93L312 4,353 Add: Bualle$ from tEstncted fund5 4,681,012 4.935,665 other School Incomo 2020 2019 CoronaVin Job B£tention Scheme Leaming support Holidayspotts coutles Choir tllne and expenses recharged Registmion fees Deposits forfeited MlC facility charge sidry income 182,857 16,860 8,655 7,050 8,105 1,850 301 L699 27,327 19,024 9,838 9,400 500 2,495 1,666 227,377 70,250 The accompan)ing accounting policies and notes fomi an tegra1 part of these financial statements.
The PIIyTim$' School Flnanclal statements for the year ended 31 August 2020 20 staff Costs 2020 2019 Wages salaries Socid secwity cosis Pension coninbutiorjs 2,742,191 269,858 409,243 2,674,455 250,683 268,309 3,421,292 3,193,447 The Jverage number of emploiees in d]e lear was: 2020 Numbet 2019 Number Teaching Domestic1v]E#re Adn]iIllStration 58 35 io 57 33 103 99 The emoluments of hItsr-Pd employEes, excluding exceptional staff costs, fell wirhsn the folloThing ranges. Where Jppropnate. the comparatives have been atnended to be consistent with the cuent lear disclosuS. 2020 2019 Nutnber Numbet £60,001 to £70,000 £70,00110 £80,0 £ 100.00110 £ 110,000 Q)ntributions totalling £39,335 (2019.. £J4,419) Bere made to defjned benefit pe10 schemes in respect of the higher pd etnplOes. The keymanagerneni PeOnnel ofthe chanrycomprise the Head atdthe Director ofFll]2nce eiResources. The iotal emploiee benefits for these peonnel Thdich includes empbTrer pension glld NI contributL0, Trtre £?73,8311?019.. £231,441). The prior Irar comparative figure excludes £85,000 of COmpeall0n p3Jd to d]e But5Jr following SIgnatIon as a result of the re5tnrr of the School's SeOr mjnagement support team at the end OE that fM8CIal Trtar. The Govemots received no remuneration durjng the year. Travel expenses of £461 ThEre reimbussed to Governo dwi[¥ the Irar (2019: £594. The 3ccompan?ing accounting policies and notes fomi an integR2L part of these financial statements.
21 The Pilgrims. School Financlal statements lor the year ended 31 Auyust 2020 Governanc? costs 2020 2019 Audito, remuner3tLon: Statutory auiknt services Other professional fee5 Liabiliry }uranCe 9,702 138,224 10,997 158,923 11,382 51,051 13.846 76279 Orher professional fees include £92,585 in ffspect of legal and profession31 fees, associated Thryth a reTrryew 0£ the School's s3fegu2rding pmcesses and£31,865 of Legal fees for enwloiqnent and propertyadvice inthe Icar. In the pnoryear, other professional fees included£31,165 respect of legaL costs SocIaled v/iththe restructuting of Ihe School's senior LagemenT support ieanL School financlng costs 2020 2019 11,915 2,477 14,392 Bank loan interest Other inteffsi and similar chwEes ple 7,872 2,871 10,743 Analysls of total re50ur¢os expendod 2019 Staff costs Other 2020 Staff costs Other ChAritable 'activities School operating co$. Teaching costs Welfare cos Premises Support costs of 5choolir¥ 2,468,07J 366,888 230,063 356,268 186,137 251,861 895,580 224,152 2,654,310 618,749 1,125,643 580,420 2,180,458 335,456 232.582 444,951 225,916 270,615 826.367 160,493 2,406J74 606,071 1,058,951 605,444 4,796 4,796 4,473 4,473 and piizes Governance cosrs 158,923 158,9 76,279 76279 3,42L292 1,72L549 5,142,841 3.193.447 1.564.145 4,757,592 Costs Qf generating funds Fundraisins cosis Fi1¢e costs 39,694 10,743 39,694 10,743 5,193,278 76,886 14,392 76,886 14,392 4,848,870 3,42L292 The accompanying accounting policies notes fonn m inregrai part of ihese financi siaten]ents. 1,77L986 3,193,447 1,655,423
The Pllgrlms. S¢hool Financial statements for the year endod 31 August 2020 22 Net Incoming r•$ources Tlys is Stated after ch84in¥. 2020 2019 Cnsts of Coronavirus pandernic RestructurLng costs, see Note 3 and Nore 4 Loss on sale of fed assets Depreciation of tangible fjxed assets Alldilo remuneration- Judit services Operating lease rentls - land and buildi 2L274 116,185 2,002 175,645 11,382 169.953 187,576 9,702 209,711 Tanglble fixed assets Long leasehold property Equipment School buildings Motor vehicle8 Total Cost At I September 2019 AdditiOllS 4,882,687 54.600 50.930 1215,992 86,295 1167,9561 1.134,331 70J35 6219,944 140,895 (167,956) 6,192,883 At 31 Aug[ 2020 Depreciation At I September 2019 a]arge for the ar On disposak At 31 August 2020 Nei book value at 31 August 2020 Ner book value at 31 August 2019 4,937,287 50,930 70,J35 1?06,671 102,002 818,347 80.312 (167,956) 730,703 61,473 5262 2,186,491 187,576 (167,9561 2206,111 1,408,673 66J35 3,528,614 50,930 403,628 3,600 3,986,772 3.576,016 50,930 397,645 8,862 4,033,453 School buiidiiigs comprise piimarilyrhe cost of improvernents, such the Millennium Bl(Kl Pre-Prep and Ihe Wmtoncornplex ClUding[he sThimw pool. Underihe iern)s ofthe School's lee V[h[he Caihedraj, these buildings fall within the scope of the lease 21 ieJts 9ftertheyEre buiLr and hence become subject to rental charges. The f[, d]e Millennium Blocl expected 10 lake effett from 2021. the rentat charge is subject to negoiiaiion alld at this stage it noi possible 10 quantifythe charge, rf any, sA&ich will lSe. stocks 2020 2019 Stock of school unifonn% 6,619 The accompanying accOu[lng policies and notes fomi 2n integral p3rt of these financi21 statements.
The Pllgrim$' School Financlal statemonts lor the year endod 31 August 2020 23 10 Debtors 2020 2019 Fees Othe L647,(108 80J87 1,581,386 23,346 1,604,732 1,727J95 Creditors: amount5 falllng due within ono year 2020 2019 Bank loan AmoLU]ts 0g to Slipplie Payroll taxes and deductions Fees invoiced in advance PupiL deposits Other credico Accnu]s 165,114 17,165 70,138 1,521,924 124,558 43,822 167,040 161,113 139,609 60,871 1,671,ICQ 128,156 91.fy)3 221,753 2,474,205 2,109,761 Analysis of deferred Incom•: 2020 2019 Defeffed incorne at I Sepien]ber 2019 ResOLceS defeiTed duting the ar Amounts releed from Previo iews Deferred incon]e ar 31 August 2020 1,671,100 1.556 J19 1,521,924 1,671,ICO (L671,100) 11,556,319) 1,521,924 1.671,1( Creditors: amounts falllng due after more than one year 2020 2019 Bat]k103 281,126 448,014 Included within the above gJE amounTS falknng due as follow5: 2020 2019 Bank loan Bemeen one and 166,848 163,852 BetThEen two arLd five ie3Js 114,278 284,162 The bankloan comn]enced ar(iutdNovember2014 at kne rate plus 0.95°/0 gJ)d is repayabk in 101 monthly instaknents. The bankloan i% secured bywiyof a letter of comfott from the Dean of Wchester. The accotnpanying accounting policies and notes fomi #n integral part of these financial sr2tements.
The PilgrSms' School Finan¢lal statem•its for tho year ended 31 August 2020 24 Unrostricted funds General tesetve Ar I September 2019 Incoming resources ResoUe$ expended At 31 August 2020 4.392,357 4,920,653 15,188,482) 4,124,528 14 Restricted funds The Gall Roynon Chorister Bursary Victor Rose Fund Bursaries Prizes Fund Total At I Sepiember 2019 84232 525 2,073 86,830 Incoming Ee60urces Donations Interest received Resources expended But33ries and pnzes At 31 Augus12020 3,0 1,653 li 1,664 (4,1591 84,726 525 112 1,972 4,796 86,698 The VictorRose ButEaryFund wLs esiablished bydonaiion in 2005/06. The Fund w&$ w)und doTrvn dwing 2019/20. The Piizes Fund was established bydonarions to fund prizes for achievement. The Gavin Roynon Fund ws established in 2017/18 by initial donation to provide financial sLtanCe to chorigters. The accompanjing accounting policies and note5 forni an integrnl patt of these financial 5ratenrnts.
25 The Pllgrlm5' School Financial st#tement5 foy the year ended 31 August 2020 15 AIIoGatlon of not a5set5 Current yeaf Tangible fixed 8sets Current assets Cutrent liabilities ng-term liabilities Total Genernl fund Resiricted funds 3,986.772 2,528,643 86,698 {2,1,761} (281,126) 4.124,528 86,698 3,986,772 2,615,341 (2,109,761) (281,126) 4,211226 Prior year Tangible fixed assets Current assets Current liabilities Long-tetm liabilifie5 Total General fund Resiricied funds 4,033,453 3,281.123 86,830 12,474205) (448,0141 4.392,357 86,830 4,033,453 3,367,953 (2,474,205) (448,014) 4,479,187 16 Toxation The School is resistered as a chariry 3nd there is no liabiliryio t)X3tion on its chwitable activities. 17 Capital commitments There was a capital Conm)int at 31 Aug1 2020 of £nil (31 Aug5[ 2019: £tuD. 18 Operatlng lease ¢ommitments At 31 Aiwt 2020 the School had future minitnum renra]s paiable under non-cJncellable operating as folloTrs: Land and buAldings 2020 2019 Non-cancellable lease commitments: WLthin I lear Between 2 and 5 After more 5 lears 208,465 672235 178,425 188,765 656,710 333,550 The accon]paniing accounting policies and notes fom] an integd part of te financial statements.
Tho Pilgrlm5' School Financial statements for the year ended 31 August 2020 26 19 Contlng•nt liabilities There There no contingeni liabilities at 31 August 2020 or 31 AugLJSt 2019. 20 P•nslon s¢h•m•s The School pJxicipates in the Teachets, Pension Scheme (England and Wales) ("the TPS") for its teaching siaff. The pension charge for the lear includes contribuiiolls piyable 10 the TPS of £374,90612019: £239,560) and ai the Ivar-end £nii12019: £ni4 was outstading in respect of contributions to this scheme. The TPS is an unflded muki-emploicr defed benefits pension scheme governed by the Teache, Pensions Reguiarion% 2014. mernbe contribute on 3 °pJy as go" basis with contributions from n]e[nbe and Ihe emploirr being credited to the Exchequer. Retirement 2nd other PelOn benefits are paid by public funds provided byParliameni. sucIL il is not possible or appropnare to ColStentIY identify dLe liabiiitEes of the TPS TA&ich are attributable 10 Ihe School. reqed by FPS 102 "Reiiretneni Benefits., the School accounts for this Sche as rf it Trtre a defined contribution scheme. The etnploiercontiibution rnte set follosving schenr vaiuattons undertaken bythe Government AcEuarfs Department. The litest act1& valuation of rhe TPS wLs prepared at 31 March 2016 2nd the v21uJtion report, Nd]ich was published in March 2019, conf1md[he eMplorCOn1ribui0n rate forthe TPS of 16.4 would increase to 23.6¥0 frorn I September ?019. Emplo}e are ako qlllred to pay a scheme admI[ration levyol 0.08¥0 giving a tot emploiercontribuiion le of 23.68%. The 31 March 2016 Valuation Repon was Ppared ]n aCcord3Ce wilh the benefits set oui m the scheme gu]ations and under the approdi specrfied in the Directions, as they appIied at S March 2019. Fbsstver, the aSSLLmpiiO We considered and sei by t1 Departmeni for Educaiion pnor to the nding in the 'McCloud/Sargeant case,. This case kn required Ihe couffs to co]dercaSeS regar(iing Ihe Itnplenntatioll of the 2015 refOn 10 Public Service Pensio including the Teachets, Pensiow. On 27 June 2019 the Supietne CourE denied Ihe governmeni pennission 10 appeal the Coun of Appeat's jUdgenn[ that transitional provisiorjs introduced to the refom]ed peion schemes in 2015 gave Iise to unlaTh&ui age diSCrLtnI0n. The governtnent is respecting Ihe Coutt's decLSion atd ha5 sd it engage EullyMQth the Employment Tribunal as Thell as emphier and rnernber preSentatIveS to agree how the disclimin$ ryll be relldied. The TPS is subject to a cost cap mechawm which was put in place to pre¢r Ilwait agau]st u[rfOSeen changes in 5chen]e costs. The thief Secretaryto the Treasury, having in 2018 announced that there would be a review of Ihis cost cap mechanisni January 2019 arounCed a pause to the cost cap mech8JUS folloThing the Q)urt of Appeal's ruling in the Mcaoud/Sargeant case and u[11 Ihere Js certainry about the value of pensions ro emploiEes from Apiil 2015 onvJar(&. In viewof rhe 2bove ndings and decisions the 2ssumptions used in the 31 March 2016 Ac[U13ll Valuation may become aPprop11ale. In this scenano, a vaiuaiion prepared accordance ryth revised benefits atid suitablyrevised asswnptions wou]d Iqeld different resul tha Ihose coniJined the Actu12[ Valuatio Until a remedyto the discn[na1ioll conclusion has been detennined bythe Emphyment TribunaL li ts not possible to conclude on any financial impact or fulle changes to Ihe coninbution rates of the TPS. Accordingly, no provjsion for any 2ddition2L past benefit pension cosrs is included in these [ancial statements. Foi"some non-reaching siatf, Ihe School coniribures to a defined contriburion pension scheme admintstered by sCotth wido on behalf of the Incoryoraied socia[10n of Preparatory Schook for which Ehe The %compan?ing accounr]ng polic5 and notes fom] an integral part of these financial staiernents.
The Pilgrlms. School Finanelal statements lor the year onded 31 Auyust 2020 27 School s contribuiion Js 5.50k of pensionable salary. AU other eligible Membe of si8fE gjt auto-enrolled to NEST. The School conEributed£ 11,195 (2019- £8,750) to the Scortjsh WidoThs Scheme and£ 14,92512019.. £10,398} to NEST dl£ Ihe lear. Tvlo st£ rnembet5 have J private scheme to Ihthich the School contributed a futther£821712019: £9,601). 21 Trading Income and expendlturo Tlie School does not participate ll] any Inding enterprise other than Occ10n smgjl lets and the sgle of school uniforms. 22 Relalad party transactlons Tlie School operates as an independent comp?YILmited bygu2r2ntee underthe ownetship of The aupter of WlldiesterCathedr21. The PiigtinL8' School was regteRd a5 a pnvate limitedcompanywithihe Registrar 0£ Compankes for Engl3nd md Wales, companynumber4296085. on 28 Septell]ber 2CQI. Inclided in preMe5 Cost ]5 reni of £155,00012019: £ 126,056) Pable to Ihe (hapter of WllKhester. The loan is secured by Yof a letter of comfort from the Dean of Wmchester. The Chapter has the right to appo1 Governo of The Piigrtms, School (litnited by guaraniee). Hostever, the School's results are not consolidared % the Ch2Pter does nor regard njnning the School as part of the minisTryof the Cathedttl and anyfinancial SU1 Js not passed on to the CAthedraL save the event of a dissoluiion or aup and oniy2fter all debts and liabilities have been setded Dwing d]e #r, School fees of £48209 (2018/19: £67.872) Trtre payable bythe Raymond Freke Award Fund, 0£ thich the D1ctOr of Fin2nce & ReSolceS, Head and Ch)1[ of the Governing Body are ex officio Irustees. At the iear-end a balance of £64,11712019.. £20,014 was due frorn the fund A Governor, Mr M wOn, is the semor partner of Blake NIoan LLP. During the Itar, Blake Morgan PrOded£51,865l2ol9.. £31,165) of leg services to the School on Jm-length basil. 23 Controlling party Throughout the year the ellt1ryh been under the cont1 of the Governo, a of whom Js ddoSed in the Governo, report. 24 Post bal•neo sheet events The second wve of the CoronaVuS pandemic continued to have an impact on the dayio dayoperations of the SchooL kner the Goven]ment announcement on 4 Janw 2021 of a third lockdow the School umed to a virtual Learllg envOn[nenI, onlypupi]s of critical EvDA<eL5 on sire. The G0vem0 have considered the fanCial itnpact of Ihis pandemic and have concluded that th nutter a non-adjusting posi ba]ance sheet evenT. See the Trost Balance Sheet Evellts, Ihe Report ofthe Goveming Bodyon page The accompaniqng accounting policies 2nd notes fomi 2n itegra[ pan of these financial statements.