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 GoVern￿g Bodl. present the￿ annu21 repon for the lear ended 31 AugLLS1 2020 under the ComPan￿S Act 2W6, Eogeiher Trith the audited fmanciai statements forthe ￿3￿, and cOnf￿￿that d￿lattercomPlYTrlththe requi￿rnents of the Act, the Trust Deed aJ]d Ihe a￿l[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 Plin￿llyto diScoL￿r5 given on School fees during the SuMn￿rTe￿I The imp2Ct of C(Jvid-19 ￿ 2020 is add￿ssed on page 6. Ref•renc• and admlnlstration informatlon The PIigti￿, School ￿ fOl￿ded in 1931 Js a Preparaioryschool forthe W￿CheStercalhedts1 Choiistets but opened 21so for entrance byother pupils as Commoners. In 1966 arrangemenrs There made with W￿cheSter College forthe QUir￿te￿ (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 d￿CiPlined 2nd caring COMMU￿￿. Our y￿10n, 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 Atta￿the highes[ academic levek B&iLst alloviing them to benefit frorn nuny extra-cunicuiar act￿l[￿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 agree￿￿nt have been provided to all parents. The School operates ￿ an independent comp8￿Y11[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 pu￿OseS 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 ca￿On 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¢l*l 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- rn￿d &$ Fka&))&￿r 31 Aw 2020 K Dennett- app)itred l May2ff20 Mr CHUrt￿y{l￿errn Butsa4 - appointed l Novemkr2019, JEsigned 30 Apiyl 2020 MrWR Walker- as Butsar 31 Cttober2019 Ihe Pl￿1￿￿. Scknl 3Trthe Dittctor of Fin2t￿e & S023 9LT BankeLS 105 FWI Street Wmchester 5(Y23 9AW Llo)d5 BankPk BlaCkHo￿e Ho Jxobs Yard Londoll Streer Basiyoke Ha[￿￿$bi RG217Nr Solicito 12 St Thonm Sttret ￿ll￿￿ter Hampshire S023 9HF B]ake Morgan To]]gth (knid]eFs Fo S053 3LG Audito h Floor, Me￿k F*)￿e SeHowtL Poole Do BH15 IIW The Pilgrtms. School Financial statements for the year ended 31 Augu$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 ￿lit￿Y to reflecr recenr changes in legisl￿10n and to ll￿re￿e 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 W￿CheS[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 no￿￿tior￿ received from Bqihin Ihe Board. All aPpO￿t￿￿nts take inio considerntion pe￿onal competence, specialisi sltills 2nd hcai 3vai]abiiiryRnd followthe procedures for good govern3￿ce est8bI￿hed by the Governance aod Non]￿arIonS Committee. The tern] of office for GovemotE appointed by the external appOint￿g bodies ￿ ar the d￿cretion of th￿e bodies {and ￿ nonnally 5 It￿5), Governo appointed bythe Board Serve for 2 tem of five le￿5 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 W￿Ckler Cathedral 2ppoinied Govemor in November 2019 and Mr &par Ridley rel￿ed ￿ 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 Bol' and 'wtihin an exceEKiollally fLiendly and Calngcomllll￿I. It was conrlln￿tb3tthe Schix)lDreTS allthe ￿ry￿qUirell￿￿ forthe￿llbell 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 Ilcom￿ndItio￿ 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 pl1￿CiP￿S WNI has tEcetYed no cotnplait)ts aLK)Ut its fUlld￿lt activities. OpportUnL￿ for fundraising ￿d￿ed 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￿'P￿E[￿s ASS{￿]￿ri0nartd£2,42s from otherdoDatAons. Afurther £3,CU of ￿sti￿ted fun(k wag domredto the Gavin Ro3￿ a￿liSterBu￿aryFlllld 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: alo￿te￿. 21 Qu￿Sters. 15 ￿)rn￿￿ner Boarde￿. 58 Con]tnoner DayBois: 132 Pre-P￿p'. 40 Toia]: 266 (Average number of pupils for 2019/20) The School Com￿lleS 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￿ ga￿ed scholat5hips at WmchesierG)llege, one at Eion lour fI￿r King's Scho]ar since 2014), one at Radley, another at Qurford, and an Exhibition ai ShertK)rne. This 9￿0[her excelleni lear lor ￿l￿1c. One boy achteved a full music schOla￿hIP 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 w￿Chester, Lord Wa￿(￿WOrth College, Marlborough, Portsmouth GrarnLror School a￿d Tonbridge. Charitable Objects The School Js of guidance issued byihe thariry Q)nM￿S1On 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 ￿ pu￿uLt of its objects and are delivering public benefir. is achieved both byd￿ prov￿10￿ of education forthe thonstet¥ and the Qu￿te￿ and school bU￿wieS s￿d ￿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 Bll￿ary FL￿d 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 w￿Chester Cathedtsl ￿ rhe current ￿ar. The maximum bu￿a￿PrOvided 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. Year0nYe￿figureS have reducedas feTrEr bu￿ary£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 ll￿dertake￿. The School continued 10 support a choraj outreach proiect combined with w￿Chester 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 for1￿1 chadrni o Sthool choir I￿￿orn￿￿￿eS 3t other kn[ aY)rnL Mjrkhops forthe Di(K£san Sch(x)k I￿Ve￿ ServKes the S¢b(M)I Unckrthe object of the adv3￿￿￿nt 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 I￿the £￿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 COM￿vi[￿S It 1% hoped t]ut ollce bcld)wrtg Irf¢ and social diSt￿l￿g ndes th full p3rt*ipation in st￿b evenLS vriIL Et able to rasu￿. The School Con)m￿l￿al50 CODti[L￿$ to Conu]b￿ gewYMlYthro￿ou¢ the )tarto wiy national and charllable cawes; dur1￿ this funds raised to sw)wrt ch￿rt*S such as aic S2rgent, Norrh Hampslytr med￿￿1 WthterBasic (fiKKt) bank Ant￿BullyDg Alli9nce and Flands [4). We have trfenEdto the (ThwiryConJmissioD's 8ereTal gui&llce oo public benefir miewing ourainL and obiecuves and in pIat)nll4 f￿￿e activities. FitiancAal Perfotmance The School's finatxial perforn]ance in the 2019/20 )rarwas imP￿d bythe Cott)llavIn￿ pan&mia With thanks to the woAt of the Scb(x>l t￿￿ferred (wrkly to a vimjal kning ellvirontw fn)m Matrh 2020, onlychtklrell of ky ￿)￿r5 ￿]llg ed￿ted 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(>r0￿1rus Job I1£te￿￿OnSchen* 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 D1￿ctOr0E Fin#J￿e & Resouwes. Before 3llov*ing forthe net costs o£the p2tthw (£329k) and one-off reCnJ1tn￿llt 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 ￿qu￿rS it to maintaill Suff￿￿nt rcserves to enable it to nrrt its short.telm fiD2ncial obiettitres in the event of an ut*wc¢ed Metl￿ sliortfail or emewnce of an th￿xpeCted jiability. Totsj fw￿ of the khool at the pr-elld an￿un[edtO£421Ik(20I9. £4,479W, of MI￿£4,125k (2019.. £4J92k) are COrLSide￿d aFai]abk tEserves. The FinatKe alld Generat Purposes Conm]it*e ha% condLtrd a revThof the fituucul risk f%iDg the knL Aftert21ong thtse into *coutrt and ENtru]ady the r￿kS vthich have en￿￿ed ill ITs￿Ct of the ill1p￿ of Covi&19, the Commtitee CO￿l￿edth3tthls level of reserves i£ appropri*e. Cash balances atthe Ivar.endtoraUed£833k4ainsT a piior)ear b2]a1￿ of £1157k This ￿duCtionw￿ in P2rL due to the Urt￿CEed costs of the pan(kmic (£32910 but also d￿ to timing of suppllerpayn￿lts and fee iuvoÈcing arowKI the lear en(L The Governing Body Ltgubrty revie￿5 the School's fllunces agJin5t bty toget[￿r Trith a casb flow anaty$￿ as pan of the effecLiTe steBpr{bh￿) of the SchooL It colls1(k￿ that given the s[ren￿b of its balance The Pllgrlms. School Flnanclal sl*t•monts lor the year •nded 31 Aygllst 2020 Report of the Governing Body she￿ Positio￿ the generate4 the p)pukniryof the School and its FLscaI colltrob. the resenos hekl adequate to its ￿quitE￿ts 2tMI so ir is 9ppn)pIiate w Prepa￿ the Schwl's fin#ncial sta￿n￿[L8 as a going concenL SignifKant vA)rk has been￿￿ert￿n¢0 improve & estgte andgrounds of t￿ Sch(x>L ind￿]ng upgrn nranylights to LETr, paintllE & exteriorof the Lmaillschool buiMing atKI extell5ive ￿}gradeS to fire safety. The Governing Body retnain • to the P9JEllts A$S(￿J0￿ wbo conttnue ro generO￿lY siipporL sorne of this va)rk Post Bal4nce Sheet Events The CDMnaVir￿ pandemic ha5 Contin￿1 to affe(x dayto dayoFtratKllls of the SCI￿01 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￿ annOU￿e￿￿the SthIK)I returned or￿e aggin to avirttuL karnll¥ ellvironn￿t. Ourstaff tD2tTraged a fant*ii¢ 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 pa￿llts once again ￿l￿g 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 sUmn￿reMI.$ fee invoKe. RK8k Management The Governo￿ ￿Viewan￿￿1ydy 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, ￿$0 ￿VIeThEd and contaiw followi incLEases in ch34es forteachet5' F￿L0￿$ and other additK>Dal et[Jploy￿r costs The itrjpact on the Sch(x)I's 0￿ratioNS 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 BUsi￿S G>ntinuityDtsasterREcoveryPIwL' Imp%t ofnmjor i￿]dents Ltsuknllg ft7)m fi￿, s￿10￿ iniwy, loss of th (poTrwa￿l wate4. and IT swiry. data recovery2nd contimllty. Inthe opiDionof the Governo￿, the khiKTrI h28 the rw]18i￿ ll￿n￿Or1ng aDdreViews)Stell￿ alldI]as acws the necessary resources and s]aiLs whKh, ull&r wmTrai cl￿VE￿I81￿e$, shouId aibw these ith to be mirEated to an xcept¥l>k level ill Its dayt<>dayo￿ra[10Ths. Futslte plans The Hea(L Dr Sarth Esse4 srarted at the SchcM)l ia ty 2020. Her p]gns for the School thi8 on]ing year are to focus fitsdy on continuing to grow ￿adem￿ c￿elle￿ and excellewe acn)ss the Sclwol's bmd and deep cunKututtL 3txl QFcutXLdit￿s to nmxiw the progrt%s of au boF; The Pilgrims. School Flnan¢(al statements for the year ended 31 August 2020 Report of the Governing Body enliance p25tord care through lis foity pilLus - the venic31 rutor sisten4 pa%tod leade￿hip? srfeguarding, and tlie School's The]1-be￿g departmeni; thLrdly? to opiiinise operntiorLf and processes For coIitinued cost n]an.Igement and fleyibdiry to enslire that bois and siaff atf 52fe and thnve d]rougli the cont￿lled uncerta￿ly0f the COVID.19 pandemic and beiond. Gov•rnlng Bod￿$ 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 v￿W 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 account￿g 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 d￿ClOSed and exPla￿ed ￿ 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 [rJ￿a￿10ll5 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 re￿Onable 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 then￿elVeS awa￿ of 2ny relevant audit information 3nd to estab]ish thai auditor is aware OE that infonnaiion. The Govemots are r￿POnsible 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 S￿en￿￿r5 may d&fer fron] ￿g￿latiOn ￿ otherjurisdittlo￿. The Govern￿g 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 St*enrJJt of FiDanciai ActiFts, Bala￿e SW Ca%hflowStatenrDt alld notes to the financial s[atell￿ts, inchxlillg a sumw of signo￿t 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 Fin￿12[ Reporti￿ Standard applic2b]e in the UK aTKI Republtc of Ithd. (United l(ingdom cetmllyAcCe￿d Accounting Practre). In our Opinio￿ tbe fillancial statellEnts: give atrue 3JKI fair v*wof tbe stare of tbe cknitls affaits a$ at 31 Awt 2020 and of iLS income and expenditLTre forthe iearthen edel. have been proper1yprepa￿d in xcoTh4a￿ UDit8J Ki￿OM GetrrallyAccepted Accounting Pr*￿. aE have Eten ptEP2red in the ofThe CQn4>all￿ Act 2(Th. Basis for opinio We Cond￿ our audti ill acCorda￿e Trith It]ten]atiotul Standards on Ad￿n& (UK) USAS (UK)) and applicable law. Our re5powibiIiue5 urxler those standa￿ are furt￿ (kscnhd in the A￿lE0￿S respowibiltues for the a￿1[ of rhe fim￿l21 srate￿llts section of our rep)￿ We are independent of the chJrityin accordance TridL the ethical reqUitEn￿n[S tEut are ￿leVant to our audn of the fin￿￿]81 statrrnents in the UK, ll]clurk VE have F*rforrred cordu& that is a material ￿&￿Staren￿r of this od￿r 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 incl￿eS the Strategic Re￿tt the Directon. ReEK)rt prepwrd for the pwposes of con]pgJry Jaw, for the financi￿ Ivar for &ich the financial statemcnts are p￿Pared 1% eoo8LStellr ￿ry[h th* filTra￿l91 Staten￿llts. 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 reqUI￿n￿mS. Mattet8 on which we ate tequired to rtport by exception Ill light of the IuK>* and understanding of the clmity and its e￿V￿￿[De￿[ obtained in the coune of the audi4 have not identified ntstrtial misst2reDfDts in the Sttategic Report or the DirecrwE' Rtport iwluded Thrhtn the Re￿tt 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 andpro￿r￿counLing t￿OrdS h3ve not Ixen Or￿t￿M% forour have not been ￿Ce[￿ed fron] brJllches Dot viSi￿d byus. or certain discloswes of govenM)J¥' ttrnuner￿n 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 di￿torS of the ckniiabIe comFYanyforthe puwes of cornpanylTh) resw)nsible for the pffparauon of the fi￿ncial 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%sraten￿ll4 whether to fraudoreAror. In p￿P￿]ng the financd st2tellr￿, the sovernO￿ a￿ ￿s￿)lIS￿b￿ 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 0￿r￿lonS, 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 guat￿lee. 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 Pffp￿d m 2ccordance with Accounting 2nd Repotting by Ch￿TEles.. 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 I￿la[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 f￿anCIal statemenis have been prepaLEd on the basis that the School is a going concern. The GovemotS consider that d￿re 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 policYn￿ar]S that li be able to meei ils obligations and have sufficient time to mitigate agaI￿t any unforeseen Circu￿rances. The Governo￿ have revies%¢d the13test forecasts #Ad consideTrd the period 12 nx)nths from the date of apprOV￿g these f￿anCial staiemenis. Pupil numbery for 2020/21 are son]eThliai gnd there are continued incre￿ed 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 0d￿rpU4)0Ses. Designated fun& cornpJise unrestricted fiuds thai have been set &ide by Ihe G0ven￿￿ for patticuI#r pU￿05e5. 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 fl￿d$ are charged agai￿1 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 Cha￿e$ 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 Coronav￿Ls 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]e15L￿ed 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. D￿ect costs arrnbutable to a single activity are allocated directlyto d]2t activity. Sha￿d 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]Cu￿d in connection with the running of SchooL ￿ClUding mges, equipmeni 10 support teaching and other admirwtration expenses. Govemance costs are Ihose inCu￿ed in connection V￿[h admi￿￿tration of the Sd]ool and compliance with constitutional and Sta[L￿Ory reqiurements. These costs include audii, legal advice for Governots and the costs 35sociaied Tr4Qth meeting cot]siiniiional and suiuiory requi￿rnents such a5 the cos1 of Governo￿, meetings and the preparaiion of statuioryaccounts. Q)sts of general￿g fund5 are costs incurred in atttatt]ng volurjrary income, s￿d those inCu￿ed Jn trading activities that rJise funik. FLU](ti?istng costs ￿ Those incurred in seeking voluntary coninbutions and do not include the costs of dIssen]￿al￿g infonnation in support of ch￿ilable activities. F￿2￿C￿g costs include ￿terest on loarjs and other sources of fll]ance. All resouJEes expended 2re inclusive of I￿0verable VAT. Tan9lble fixed assets and depreciatlon Expenditure on improven]entS 2nd modern￿atIon 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 ll￿llrred on a regular b&is, along individual itens c05ting less than £ I,CQO, are Ch￿ed to the Statement of FU￿￿claI 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 Impalm￿n[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 le￿ehOld Equipment Moior vehicles 10-20Q/o 10-25/0 Operatlng leas•s Rentals under operating leases Ch￿ed to Ihe Statement of Financial Activiues on J straight line basis over the le￿e 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 d1￿ct 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 rneasu￿d 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 a￿oU￿1 after any nade discount offered. The Goveming BodyregularlyrevteThs &brO￿ and provision is made against anydebts conSide￿d 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 acq￿l[lon or oPen￿g 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. L￿bILitIeS are recogll￿ed 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 pro￿lOn 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 $tatem8nts for the yoar ended 31 August 2020 15 Accounting policies Financial instNments The enriryonlyhas f￿ancial2$stts and £￿anCIal liabilities ofa Igndthat quaiifyas basic f]nanci21 instrutnents. B2sic financial ￿￿tru￿ents ￿e lllliially recognised ai Era￿aCtiOn value and subsequently rne￿Ured at Iheir seulemenr v21ue with the excepiion of bank IoatL% thich are subsequentlyllE￿Ured 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 C0ntnbi￿IOnS 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 Ch￿ed the SOFA as theybecome pa>2ble. Judgem•nts In applylng accountlng poll¢l•s and key sour¢os of estlmation uncertalnty In d]e P￿paratIon 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 Pil￿1[￿5, Sd)ool acknowledges the ￿qU￿en1ents of d￿$ dTrsclosure. As such, the Governo￿ and office￿ of the School have n]ade the following judgements a￿d estimatiolls That have the m05r signtticant effea on the atnounis ￿cognised in the fll]2ncial siaien]ents. Theyhave conSide￿d Ed)erherthere are allyindicaiiow that Irade debiots mayhave 5ufEered llnpairment at the reporting dare as required byFRS102. The Dutcror of FU￿nCe & ResoU￿e$ regularly reviesvs those baIances thai are overdue. CnnSide￿[l0n is b￿ed upon credit ter￿￿ 2nd £ll￿ncial status of the parents rh provjsions bemg rnade against those there a n]2retyal uncert2inty e￿s[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￿ Co￿lder thi5 judgement to be appropriate based on Irs ongoing d￿C￿sSIOnS 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 forvoluntaryi￿jll 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 4,848￿70 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 4,124￿28 86.698 4,21L226 4,479,187 The Pllgrlms. School (Regl$lwed number 4296085) FEnanclaf stat•mants lor tho yo•r ondod 31 August 2020 17 Balance sheet Note 2020 2019 Fixed a55ets TangAbEe assets 3,986,772 4,033,453 Current a88ets Sti DebtotS Cash at ballkgnd in hand 846 727J95 883,11 6,619 1,604J32 1756,602 3?67,953 io 2.615J41 Creditors: amounts falling due within one year Net cuttent ￿￿ets 11 (2.109,761) (2,474205) SO5￿80 893348 4,927201 Total assets less current liabilities 492J52 Creditot8: Amounts fauing due aftet more otte yewt Net ￿Sets (28L126) (H8,014) 4,21L226 4,479,187 Funds 13 14 4,124,528 86,698 4,392J57 86030 4,479,187 Rtstiicted fun& 4,211.226 The fMan¢ial5raten￿r5 approved alld aurhorised fori$s￿ by￿ Govemittg B¢xlyaThl sig on their I￿h2]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 st￿ten￿nts. 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 n￿Ven]ellt in fund5 Adjustments fot: Depreciation of ralwble wsets Interest paieble Interest receivabk Illc￿ase in debto DecrvJse ill 5￿Ck¥ IDectr38e)/Inurase in C￿1][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$tiDg Activitit8 (]36,645) (190,625) Ca8h tlows from fiftanci-og actiFitie8 RepaYll￿llt ol b9ffjk loatLS Interest tllid (162,887) (7,872) (159,555) (11,915) Net cash outfiow ftom finaneitig activities (170,759) (171,470) Net (decreaBe}/increase iti cash •t bat Éwd io hand Cash at bank and in h2nd * the Ixgin of Irar (SV3.502) 231,086 L756,602 1525.516 Cash at battk and in haod 883,1 1,756,602 Net cash Cash at baDkoAd in hand Bank loatLE due wffhin Jear Ballkk)￿ due afterone Irar 883.1 (165,ll4) (281, 1356,602 (161,113) (448,014) 1,147,475 The Pilgrlm$' School Flnan¢lal statements for the yeaf end￿ 31 August 2020 19 Fees receivable 2020 2019 Daybois Boarde Pre-Prep o￿terS iirtste Swidry fee income Gross fees receivable Less: BU￿arleS 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 DiSbu￿ernen[s (net) Fees rem￿s1On scheme commi5510n 4,676,328 4,684 4,93L312 4,353 Add: Bu￿alle$ 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 M￿lC facility charge si￿dry 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-P￿d employEes, excluding exceptional staff costs, fell wirhsn the folloThing ranges. Where Jppropnate. the comparatives have been atnended to be consistent with the cu￿ent lear disclosu￿S. 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 pe￿10￿ schemes in respect of the higher p￿d etnplO￿es. The keymanagerneni Pe￿Onnel ofthe chanrycomprise the Head atdthe Director ofFll]2nce eiResources. The iotal emploiee benefits for these pe￿onnel Thdich includes empbTrer pension glld NI contributL0￿, Trtre £?73,8311?019.. £231,441). The prior Irar comparative figure excludes £85,000 of COmpe￿all0n p3Jd to d]e But5Jr following ￿SIgnatIon as a result of the re5tnrr￿ of the School's Se￿Or mjnagement support team at the end OE that fM8￿CIal 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 ￿L￿agemenT support ieanL School financlng costs 2020 2019 11,915 2,477 14,392 Bank loan interest Other inteffsi and similar chwEes pl￿￿e 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 Fi￿￿1¢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•$ources Tlys is Stated after ch84in¥. 2020 2019 Cnsts of Coronavirus pandernic RestructurLng costs, see Note 3 and Nore 4 Loss on sale of f￿ed assets Depreciation of tangible fjxed assets Alldilo￿ remuneration- Judit services Operating lease rentls - land and buildi 2L274 116,185 2,002 175,645 11,382 169.953 187,576 9,702 209,711 Tanglble fixed assets Long leasehold property Equipment School buildings Motor vehicle8 Total Cost At I September 2019 AdditiOllS 4,882,687 54.600 50.930 1215,992 86,295 1167,9561 1.134,331 70J35 6219,944 140,895 (167,956) 6,192,883 At 31 Aug￿[ 2020 Depreciation At I September 2019 a]arge for the ￿ar On disposak At 31 August 2020 Nei book value at 31 August 2020 Ner book value at 31 August 2019 4,937,287 50,930 70,J35 1?06,671 102,002 818,347 80.312 (167,956) 730,703 61,473 5262 2,186,491 187,576 (167,9561 2206,111 1,408,673 66J35 3,528,614 50,930 403,628 3,600 3,986,772 3.576,016 50,930 397,645 8,862 4,033,453 School buiidiiigs comprise piimarilyrhe cost of improvernents, such ￿ the Millennium Bl(Kl Pre-Prep and Ihe Wmtoncornplex ￿ClUding[he sThimw pool. Underihe iern)s ofthe School's le￿e V￿[h[he Caihedraj, these buildings fall within the scope of the lease 21 ieJts 9fterthey￿Ere buiLr and hence become subject to rental charges. The f￿[, d]e Millennium Blocl ￿ expected 10 lake effett from 2021. the rentat charge is subject to negoiiaiion alld at this stage it ￿ noi possible 10 quantifythe charge, rf any, sA&ich will ￿lSe. stocks 2020 2019 Stock of school unifonn% 6,619 The accompanying accOu￿[lng policies and notes fomi 2n integral p3rt of these financi21 statements. The Pllgrim$' 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 0￿￿g 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 ResOL￿ceS defeiTed duting the ￿ar Amounts rele￿ed 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 W￿chester. 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 ResoU￿e$ expended At 31 August 2020 4.392,357 4,920,653 15,188,482) 4,124,528 14 Restricted funds The Ga￿ll 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 ￿sL￿tanCe 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)i￿nt at 31 Aug￿1 2020 of £nil (31 Aug￿5[ 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 t￿e 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 outsta￿ding in respect of contributions to this scheme. The TPS is an unfl￿ded muki-emploicr def￿ed 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 Pe￿lOn benefits are paid by public funds provided byParliameni. sucIL il is not possible or appropnare to Co￿lStentIY identify dLe liabiiitEes of the TPS TA&ich are attributable 10 Ihe School. req￿￿ed 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 act￿￿1& valuation of rhe TPS wLs prepared at 31 March 2016 2nd the v21uJtion report, Nd]ich was published in March 2019, conf1m￿d[he eMplo￿rCOn1ribu￿i0n 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 P￿pared ]n aCcord3￿Ce 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 Itnplen￿ntatioll 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 jUdgen￿n[ that transitional provisiorjs introduced to the refom]ed pe￿ion schemes in 2015 gave Iise to unlaTh&ui age diSCrLtn￿￿I0n. The governtnent is respecting Ihe Coutt's decLSion atd ha5 s￿d it engage EullyMQth the Employment Tribunal as Thell as emphier and rnernber ￿preSentatIveS to agree how the disclimi￿n$ ryll be rell￿died. The TPS is subject to a cost cap mechawm which was put in place to pr￿e¢r Ilwait￿ agau]st u[rfO￿Seen 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 ar￿ounCed 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[U￿13ll 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 Actu￿12[ Valuatio Until a remedyto the discn[n￿a1ioll conclusion has been detennined bythe Emphyment TribunaL li ts not possible to conclude on any financial impact or full￿e 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 sCott￿h wido￿ on behalf of the Incoryoraied ￿socia[10n of Preparatory Schook for which Ehe The %compan?ing accounr]ng polic￿5 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 Occ￿10n￿ 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 reg￿teRd a5 a pnvate limitedcompanywithihe Registrar 0£ Compankes for Engl3nd md Wales, companynumber4296085. on 28 Septell]ber 2CQI. Inclided in preM￿e5 Cost ]5 reni of £155,00012019: £ 126,056) Pa￿ble 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 appo￿1 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 SU￿1￿ 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 D1￿ctOr of Fin2nce & ReSol￿ceS, 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 w￿On, is the semor partner of Blake NIo￿an LLP. During the Itar, Blake Morgan PrO￿ded£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 cont￿1 of the Governo￿, a of whom Js d￿doSed in the Governo￿, report. 24 Post bal•neo sheet events The second wve of the CoronaV￿uS 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 Learll￿g env￿On[nenI, onlypupi]s of critical EvDA