I￿41 EXETER SCHOOL (A COMPANY LIMITED BY GUARANTEE) REGISTERED CHARITY NUMBER 1093080 REGISTERED COMPANY NUMBER 04470478 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 EXETER SCHOOL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Contents Pages Report of the board of governors incorporating the Strategic Report i-ii Statement of governors, responsibilities 12 Independent auditors, report 13-15 Consolidated statement of financial activities 16-17 Group balance sheet 18 Company balance sheet 19 Consolidated cash flow statement 20 Notes to the financial statements 21-32 EXETER SCHOOL- REPORT OFTHE BOARD OF GOVERNORS INCORPORATING STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST2024 The members of the board of governors of Exeter School present their annual report for the year ended 31 August 2024 under the Charities Act 2011. including the directors, report and strategic report, under the Companies Act 2006. together with the audited financi81 statements for the year. This report is the directors. report for the purposes of company law and the trustees, report foi the purposes ofcharity law. The Companywas incorporated in England 8nd Wales on 26June 2002. On 31 July 2002, it acquired the ur7dertakings, assets and liabilities lexcluding the permanent endowment) of Exeter School (registered charity number 3067241, which became known as the Exeter School Trust and ret8ined ownership of the permanent endowment. The Company limited by guarantee, Exeter School, is the sole trustee of the Charity, Exeter School Trust. The merger of Exeler School Gener81 Charitable Trust Iregistered charity number 3067251 with Exeter School took effect from 30 July 2008. The Charity Commission approved the merger. The Company updated its Articles of Association on 12 Febiuary 2021. The financial statements combine the undertakings, assets and liabilities of both Exeter School and Exeter School Trust and therefore include the permanent endowment. Objects The objects of the Company are to advance education and training, bythe provision and conduct, of a co-educational day andlor boarding school or schools. Organisational structure The board of governors may exercise all the powers of the Company set out in the Articles of Association, except those, which by these Articles or the provisions of the Companies Act are required to be exercised only in General Meeting. All governors give of their time freely and receive no remuneration. No governor or person connected with a governor received any benef it f rom either means tested awards or scholarships awarded to its pupils. The head and the bursar Iwho is 81so the Clerk to the governors) are appointed by the board of governors and are required to report to the board at least three times a year. In each year. the board of governors has to set salary levels for staff and fee levels for pupils as part of approving the detailed budget put to it by the bursar in conjunction with the head. The head is responsible for the day-to-day running of the school. They are assisted in this by a senior leadership group consisting of themselves, three deputy heads, head of the Junior School. the head of HR and the director of admissions and marketing. Composition of the board of governors The members ofthe board of governors are also the directors ofthe Company and trustees ofthe Charity. The board of governors when complete consists of not less than eight and not more than seventeen persons. All governors are co-opted to the board. Under the terms of a memorandum of understanding between the Charity and the governing body of St John's Hospital Educational Foundation, two governors will be agreed between those two bodies. The board of governors meets at least three times a year and during the year, there were six subsidiary committees.. the finance and general purposes IF&GPI committee, the academic committee, the junior school committee. the welfare and safeguarding Iw&s} committee, the foundation committee, and the governance committee. All the subsidiary committees meet at least once each schoolterm. and report to the board ofgovernors. The head and the bursar, as the clerkto the governors. attended all meetings. The head of the Junior School attended full meetings of the board of governors 8nd meetings of the F&GP, W&S and Junior School committees. The designated safeguarding lead attended the W&S committee, the head offinance the F&GP committee meetings and the deputy head ac8demic the academic committee meetings. In April 2024, the school commissioned a review of governance by the association of governing bodies in independent schools IAGBISI. At the full board meeting in June, the recommendations of the review were accepted. and with effect from September 2024, the existing six committees have been reduced to four. These are education Ito include academic, co-curricular and character development matters), welfare and safeguarding Inow with a wider remit to include pastoral matters). finance and general purposes Ito now include the business of the foundation committee) and a governance, nominations and remuneration committee, with a specific role in relation to the makeup of the governing body and the remuneration of senior staff. EXETER SCHOOL- REPORT OFTHE BOARD OF GOVERNORS INCORPORATING STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST2024 Details of current governors The following individuals sat as governors during the 12 months ended 31 August 2024- Mr J D Gaisford (chair of board and of the finance and general purposes committeel Iresigned 10 July 20241 Miss R Edbrooke . (chair of the academic committee) (resigned 10 July 20241 Ms G A Hodgetts" Ichair of the foundation committeel18ppointed chair of the board 10 July 20241 Mrs R Vigers . Ichair of the welfare and safeguarding commilleel Iresigne(110 July 20241 Mrsc N Baillie MrA P Burbanks Mrs H Clark Ichair of the Junior School committee) Ms CAGibaud QC Brigadier S P Hodder Mr l K Iroche lappointed 6 December 20231 Mr M E Johnson Mr D A Kalantary MrREMay Mi D M McGahey Mr S A Otter (appointed 6 December 20231 Iresigned 20 March 20241 MrA H Richards Iresigned 20 March 20241 Vice-chair of the b08rd of governors Each member af the board of governors has guaranteed to contribute to the assets of the Company. in the event of it being wound up, an amount not exceeding £10. Trustee recruitment The governance committee meets termlyto review, amongst otherthings, the make-up ofthe governing bodyand to trackwhen v8cancies and professional or personal skill shortages are foreseen to occur. When vacancies occur, the skills of potential trustees are assessed 8gainst perceived needs. Potential trustees are invited to visit and to meet and be briefed by key members ofthe school st8ff and a number ofgovernors before their names are put forward for election. Once elected, governors undergo a formal induction process, including receipt of a comprehensive briefing pack, a tour of the school, a f ull briefing with the clerk and optional attendance at the AGBIS new governors training seminar. The papetwork for all meetingsofgovernorsatthe school is comprehensive and much use is made ofbenchmarking sutveys, professional and legal advice on matters relating to schools. Governors also take part in a scheduled series of informal visits to departments. to observe lessons and to familiarise themselves more closelywith the daily life af the school. Addition211y, informal visits by one or more governors are a regular occurrence. Trustee training The school has continued to actively pursue detailed training of trustees by making use of training seminars for governors run by ISC and other bodies, as well as running an annual formal training day in December. Several governors attended one-dayAGBIS, ISBA and ISC seminars. Details of Key Management Personnel The following individuals filled key management positions during the 12 months ended 31" August 2024: Ms LA Simpson Iheadl Mr MCM MacEacharn (bursar and clerkto the governors) Mrs SA Van Schalkwyk (head ofthe Juniorschooll Mr GS Bone Ideputy headl Ms A Dunning (deputy headl Dr JL Wilson IdepLJty headl MrJSWood (deputy head, Junior School) Mrs A McGregor (head of HR) Mrs ES Williams Idirector of admissions and marketing) EXETER SCHOOL- REPORTOF THE BOARD OF GOVERNORS INCORPORATING STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST2024 Maln agents Independent auditors Simpkins Edwards Audit LLP The Summit Woodwater Park Pynes Hill Exeter EX2 5WS Bankers National Westminster Bank PLC Commercial Banking 246 High Street Exeter EX4 3PD Solicitors Veale Wasbrough Vizards LLP Narrow Qu8y House NarrowQuay Bristol BS14QA Investment managers Rathbones Investment Management The Senate Southernhay Gardens Exeter EX1 1UG Objectives In setting their objectives and planning the school's activities the governors have given careful consideration to the Charity Commission's general guidance on public benefit and. in particular, its supplementary guidance on advancing education and on fee charging. The school's key objectives are set against a background of tLJition fees that offer value for money and help to ensure that access to the education the school offers is available to pupils from a wide sector of the public. The objectives are to: Manage the transition to a new landscape for independent schools where tuition fees are subject to VAT. Maintain a strong level of demand for places at 3+ 7+, 11 + and 16+ as well as continuing entry at 8+ 9+ and 13+ as appropriate from a wide range of feeder schools from both the maintained and private sectors. To develop the character of our pupils, promoting aspiration and f lourishing in all. Maintain the high standard of academic teaching and pastoral care within the school by recruiting and developingtalented and committed staff. Maintain the richness, v8riety and profile of the school's co-curricular provision and resources. Continue to respond to the changing educational climate and to enhance the curriculum and facilities accordingly. Play an active part in the lite of the Ioc81 community. Public Beneflt The Exeter School family continues to provide first class education to pupils between the ages of 3 and 18. Historically, Exeter School developed from one established in 1633, which provided education for the sons of Freemen of the City. This school operated from the complex of buildings at St John's Hospital in Exeter where, from 1636, the Blue Boy School, designed mainly to drum the three 'Rs' into orphans and sons of the poor, also operated. A Royal Charter was granted by Charles 1 in 1637 to establish St John's Ho8Pltal as z corporate body to the schools thus establishing the link between today's Exeter School and its continuing concern to provi(ie assistance with the payment of school fees to parents who would otherwise be unable to access the excellent education offered by the school. EXETER SCHOOL- REPORT OF THE BOARD OF GOVERNORS INCORPORATING STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST2024 In the early part of the 20, Century, the school was for various periods controlled by the board of Education, Exeter City Council and Devon County Council. It was a direct grant school from 1945 until 1975, when it became independent. From 1982 until 2004 it participated in the government's assisted places scheme. Today's fees remain amongst the lowest in the southwest and are deliberately set at levels which will enable and encourage parents on lower incomes and less well-off backgrounds to consider sending their children to the school. The parents of pupils of Exeter School have the assurance that, as a charity, all the income of the school must be applied for educational purposes. As a charity, the school enjoys limited tax exemption on its educational activities and orb its investment income and gains, provided these are applied towards its charitable purposes. The school pays tax as an employer through its payment of NatlOn81 Insurance Contributions and is a significant provider of employment in the local area. The governors see Exeter School as part of a wider community and assist the community whenever they can. Both the Exeter community and the wider Devon community frequently use the facilities of the school. Economic Impact In 2018, the ISC, working with Oxford Economics, a le8der in glob81 forecasting and quantitative an81ysis, produced a report which looked at the impact of independent schools on the UK economy. It found that independent schools save the taxpayer £3.5 billion every year by providing places for pupils who could otherwise be expected to take up a place in the state-funded sector and that these schools together contiibuted nearly £12 billion to the UK economy. The report allowed individual schools to run their accounts through the same metrics. For the year 2023-24 it is estimated that Exeter School contributed £27.8 million to the UK economy and supported 528 UKjobs. For local Exeter economy, the figures were £14.4 million and 284 jobs. Strategic Report A¢hievementand performance; review of progress and achievements Pupil number$ Pupil numbers across the 7-18 range were 968, continuingthe trend for strong recruitment enjoyed over recentyears. There were 66 pupils at Exeter Pre-Prep School at the start of the latest school year. The maintenance of the pupil roll remains an important part of the group's strategy and the successful marketing of the schools is of key importance, especially against the continuing diff icult economic background. Means-tested bursaries and othercharltablg support The school has continued to offer bursaries. which are means-tested on an annual basis, to pupils whose parents would not otheMi8e be able to afford to send their children to the school. These awards are available to external candidates who meet the school's academic entry requirement and are tailored to individual need. Applications must be supported by a full written verification of financial circumstances. The assessment of the level of financial need includes 8 consideration of parental income. outgoings, capital assets, the number of dependent children and other relevant information. Assessment is based on information gathered through scrutiny of paperwork provided in support of the application and by a home visit and report produced by an agent retained by the school. As in recent previous years, the school has been able to secure support from national charities such as the Record Trust, the St John's Hospital Educational Fund as well as from generous local benefactors, and internally from the George Williams Trust amongst others. These sources, at the discretion of the head, may be used to supplernent a limited number of sixth form bursaries or to create an award offering up to the full tuition fees. In the academic year 2023-24, there were 15 pupils at the school on a free place with a further 47 receiving means- tested financial support. EXETER SCHOOL- REPORT OF THE BOARD OF GOVERNORS INCORPORATING STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST2024 Academic results We were again delighted with the results th8t our young people achieved in summer 2024, following the huge efforts made by the pupils themselves as well as the support and expertise of school staff. A full report has been presented and analysed at Education Committee.. On Upper Sixth results day, the vast m8jority of pupils gained a place 8t their chosen university. For A Levels, 24.5Wo ofgradeswere8tA", 58.2% atA'Aand 86.1¥0 atA*AB. This wasthe second yearthatwe had 15 pupils completing the BTEC sport qualification, with 53.3% of pupils Distinction" and the remainder gaining a Distinction. At GCSE. 97.696 of grades were 9-4, ofwhich 67¥0 were grades 9-7 and 25.1% were grade 9. Outdoor activities Duke of Edinburgh Award In the academic ye8r 2023-24, we introduced the Duke of Edinburgh award to the L5 year group. 63 pupils signed up to complete the award, 8nd the school worked with Dynamic Adventures. and outdoor education company, to facilitate the expedition. Several pupils have completed the award,. more are in the process of corT7pleting it. During the year, silver award pupils completed their practice and qualifying expeditions on east Dartmoor and Exmoor. Gold award pupils completed their training on Dartmoor and qualitying expedition in Brecon. Over the academic year, 72 pupils achieved their DofE Awards143 Bronze, 18 Silver, 17 Gold). Ten Tors 36 pupils from M5th and 12 L6th took on the Ten Tors Challenge Event in May, in sweltering conditions. All bar one successfully completed their routes. The 55-mile team was the first one entered by Exeter School in five years. 14 L6th and 43 M5th pupils took part in the 1633 Challenge in March, as their final expedition before Ten Tors selection. The majority successfully completed the challenge from Princetown to Ford Farm, via an overnight stop at Runnage Farm. oU￿ard Bound In Octobef 2023. 18 L6th pupils took part in the Abbots Way Walk from Buckf88t to Tavistock. raising money for local charities. with 811 completing the route. Other activitie$ Model United Nations Model United Nations continues to go from strength to strength, with a particularly impressive cohort in L6. Weekly meetings are well attended, and there are increasing numbers of pupils from the lower years to complement our more regular attendees from the sixth form. We have attended competitions at Exeter College and Queen's School Taunton, with delegates from Exeter School doing very well in both. We are currently preparing to attend this year's conference at Queen's and also have plans to hold our own conference here at school in the future. Young Enterprise There were two Young Entrepreneurs teams run from Exeter School in the year, both of which were run as soci81 enterprises. "Sea Shore Collections" was a sociel enterprise business set up to raise awareness of the impact of ocean pollution - by manufacturing and selling products made from materials collected from beach cleans. They g8ve Pfesent8tions at Ioc81 primary schools, and whilst selling at local markets, they aimed to raise awareness of their cause. They also organised beach cleans on the weekends in Teignmouth and Exmouth with Sixth Form pupils volunteering their time. 'South West Soaps" was another social enterprise which aimed to raise awareness of the unsustainable palm oil used in most commercial soaps. 581es at Ioc81 markets 8nd campaigns in the local areas raised community awareness of the issues. All surplus stock at the end of the programme was donated to 8 local charity. Chess Chess was a popular activity during lockdowns and there has been a significant inciease in online chess around the world. Although some of that interest has now calmed, there has still been plenty of pupils playing chess and chess EXETER SCHOOL- REPORT OF THE BOARD OF GOVERNORS INCORPORATING STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 teams have continued to develop. This year the 1st team won the region81 stage of the National Schools U19 competition anci took part of the National final. finishing tenth in the country. In addition, the team re8ched the national final of the Team Chess Challenge for the third year running. A pupil in Year 8 is currently playing for England and in various national tournaments. We have recently started chess coaching from Victor Cross who has been coaching the junior school for a number of years. Charities The Exeter School community were involved in a great range of charitable endeavours throughout the academic year of 2023-24. both collectively and within individual houses and sections ofthe school. Every house held a charity cake Sale with all proceeds being donated to their charity of choice, 8S Outlined below. Acland house. inspired by the volunteering that two pupils undertook in Uganda, elected to support Sanyu Baby Home as their charity for another year Buller chose to support The Wave Project, a local surf therapy charity Collins raised money for Atzheimer's Society and even organised for a local representative to come in and speak with the house. In addition to their cake sale, they also ran an Easter egg gifting seNice, whereby teachers and pupils could pay £1 to send an Easter egg to a friend. Crossing raised moneyfor charity CALM. Daw supported the Leo Project. working to support educational endeavours in Kenya. Dowrich continued to supportthe Devon Air Ambulance. Drake also committed to raising money for CALM, a charity dedicated to reducing the suicide rate in the UK. Goff spentthe year raising money for Guide Dogs UK Raleigh also continued to support Guide Dogs UK as their charity for the year Finally, Townsend continued their support for the Ehlers Danlos society- This year saw us adopt a new approach to charitable giving, aiming to establish longer term partnerships with charities in the local area. To this end, the money raised through the autumn term non-school uniform day and sales of refreshments during the senior school play was donated to Wooden Spoon, the children's charity of rugby, who visited school to speak in a whole school assembly to rise awareness of the work they do for children with special needs. They also organised an opportunity far members of the charity committee to visit Vr8nch House. a local special needs school, in the spring, to see how our donations had been spent. Our inaugural schoolfete, taking place in the summer, also raised funds for Wooden Spoon. represented by three volunteers and assisted by members of the charity committee on the dayofthe fete. The charity committee has shown pleasingdevelopments overthe course oftheyear, with many members choosing to stay on for another year. We met six times across the year and members also communicate via the Google Classroom page. In addition to helpingto plan the summerfete, members 8180 organised Easter fundraising for their elected charity of the spring term, Pete's Dragons. In the summer term they elecred Force cancer support charityto be the recipient of money raised by the non-school uniform day. Moneywas also raised for charity through specific events held throughout the year. with all money r8ised at the junior school Christmas concert going to the chaplain's chosen charity. The junior school also held a non-school uniform day in the autumn term to raise money for Children In Need. In December a National Trust concert was held in the cathedral, and a charity concert took place in May, with money forwater Aid also being raised through refreshment sales at the senior school Christmas concert. The whole schooljoined together for Christas Jumper Day, with pupils donating money in aid of our senior citizens Christmas party, in which elderly residents from the local community are invited in for refreshments and singing on the last day of term. all leaving with a Christmas gift. Poppies were also sold ahead of Remembrance Dayto raise moneyforthe Royal British Legion. The pupils attending the summer 2025 Kenya expedition have also commenced their fundraising, selling refreshments at the lower school play to raise money to donate to the people they will work with. Throughout the spring term pupils from all year groups within the school were involved in the chaplain's Warm Space initiative, working with Acorn Community Support to enrich the lives of vulnerable elderly people in the local area. This was an initiative launched by the chaplain and has been inclucled in the Independent Schools Council's celebrating partnerships report. EXETER SCHOOL- REPORT OF THE BOARD OF GOVERNORS INCORPORATING STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Work is naw underwayto develop a meaningful partnershipwith the local hospice, with a viewofthem becoming our charity of the year for 2024-25. Community service 2023-2024 Once again, pupils enjoyed a range of opportunities to help linl our community, with placements across all three schools IPre-pre, Junior and Senior), and a placement with the RSPCA. We launched a coat land warm clothir)gi drive in aid of homeless people and refL¢gees. This was led by Leda Trotman, with the help of a couple of L6 pupils. We organised the annual Community Service Christmas party. It was a joyous occasion, and all had much funl Roughly 10 or so 6, formers helped serve many cups oftea and coffee. Another 5-6 pupils from the 3F attended as well, as part of the Ichnos progr8mme ran by Mrs Daybell. Those pupils provided much chat and entertainmentto our guests. Finally, same members of Swank organised a fabulous musical interval: some great music was played. carols were sung, and 811 was 1 OOWO pupil led Imy thanks go to Mr Tamblyn for making this possible in the first instance). Again, Santa distributed cards and boxes of chocolate to our guests before their departure. None of this would have happened without the help of our wonderful catering team, the estate team and several teaching staff and members of the SLT. In December Mrs Trotman, with the help of the community service, organised a coat/warm clothes collection in aid of refugees I n #￿r . She then took a cai-load of items to theirwarehouse in Taunton. and it was great to have a thank you note on their Facebook page. During the spring term. whilst many members of the community service continued to work in their usual placements, somevolunteered with Rev. Close's Warm Space. It has been wonderful seeing and hearing the connections between our pupils and the guests. In the summerterm, as we said goodbye to our U6, and the L6 concentrated on their end ofyearexams, the Community se￿iCe was not as active as in other parts ofthe year. However, a selection of L6 pupils were keen to do an act of kindness for their year group ahead of exam season. With that in mind, they decided to give a adeleine to each L6 pupil, with a motivation quote attached. It made for a rathercheerful moment in the common room. Finally, in June. for Field Day we organised a trip to Buckland Abbey (near Plymouthl. We invited roughly 35 local elderly people and spent the day with them visiting the abbey and the gardens, as well as enjoying a cup of tea or two. Public benefit: achievement As well as settingfees at levels. which offer exceptional value for money a total of £732,89614.4% of income) was made available on a means-tested basis to assist parents who were unable to afford the full fees. Discounts totalling £68k off the standard charge for hiring out facilities were also given to 11 Ioc81 community groups. Partnerships Exeter School is involved in many different partnership initiatives, and these are all listed on the Schools Together website. We sh8re our swimming pool with an increasing number of primary schools in the local area Icurrently 61 Physics masterclasses gre run for Year 6s from local primary schools, involving both the head of physics and a great number of 6F physics pupils. We are now working with the Devon Orchestra group and they make use of our music facilities at the weekend. The Wafm Sp8ce initiative in collaboration with Acorn Community Care. The intergenerational project with Millbrook Retirement Village sees our pupils working with the elderly residents, playing games and delivering presentations. ESMUP (Exeter School Music Partnerships) sees PLrpils visiting local primary schools to teach them how to sing and play musical instruments. This was featured on BBC news. EXETER SCHOOL- REPORT OF THE BOARD OF GOVERNORS INCORPORATING STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 We have now established our own Young Entrepreneurs style group with Maynard School and Wellington. Our EdFest offered a number of free places to state school delegates. Public benefit: examples Listed below are some other examples of public benefit. not stated elsewhere in this report. which have been provided during the year. The list is not exhaustive but is included to give an indication of the scope and extent of what public benefit is provided. The history department has links with the Exeter Branch of the Historical Association. The heaé of History is a committee member of the Exeter Branch of the Association and advises on secondary history education issues. We will be hosting at least one lecture at school this year and co-hosting with the HA. This will be open to the wider public and other local schools have been invited. There was a free matinee performance ofthe senior school play, A Midsummer Night's Dream. to which three local primary schools were invited. Members of the maths department continue to maintain online materials that they produced for the Centre for Innov8tion in Mathematics Teaching ICIMTI. These materials 8re freely available and support state schools, those in home schooling and centres working with youngsters not in normal schooling. Members of the department have also been very 8Ctive with UKMT, a charity promoting math8 and problem solving as well as writing materials to develop problem solving skills in second8ry age pupils. This has included supervising the Junior Mathematical Olympiad, setting the M8thematlC81 Olympiad for Girls papers and being invited to help supervise the International Mathematical Olympiad. The same member has also been involved helping writing and markSTEP papers (entrance papersfor Cambridge and otherelite maths courses). One ofthe department is also chair of governors at their local school secondary school. Finally, before the pandemic we would run an outreach enrichment session for local primary schools. We currently have an external speaker booked to come and do a talk to our students, and others from local primaries. in January 2025. The head of Religious Studies is a member of Devon County's SACRE which establishes a Religious Education syllabus in state schools, monitors standards in RE. and provides support to schools and guidance on Religious Education and collective worship. He is also involved in the local Learn Teach Lead RE project.. a project that seeks to address CPD needs of RE te8chers in the local area and is on the steering group for the project Eleven new teaching staff joined in September (nine in the senior school and two in the junior school). In 8ddition, two staff have joined in the second half of the Autumn term on maternity cover, with a further two to join in January also on maternity cover. Induction meetings continue through the academic year to provide regulatorytraining Isafeguarding, fire safety, CME, registration) as well as broader aspects of the responsibilities of teaching staff at Exeter School. The school continues to support early cereers teachers and trainees on PGCE placements. One colleague in the PEIGames department is completing his PGCE course through the University of Buckingham and a student is set to undertake a week placement in the Science department in the Spring Term whilst completing her PGCE through Teach First at ISCA. Unfortunatelythe DfE changed the training requirements for PGCE mentors forthe start of this year. The full details of this only arrived once term had started and it has been too onerous for mentors in the MFL department and junior school to complete. We therefore will not host any PGCE placements from the University of Exeter this year. This is still an open door and we will look at how we can better support this for the next academic year. In ad dition the PE/Games department are set to host work experience in conjunction with the University of Exeter. A colleague is completing his ECT through ISTIP this year, on a fast-track 1-year syllabus to do this based on his existing teaching experience. He gained QTS last year through an assessment-only route. Exeter School is the hub school for the Exeter and East Devon Ogden Trust Partnership (made up of seven state sector schools and Exeter School) whose aims gre to increase pupils, experiences of physics. to encourage 8 community of physics teachers and communicators in Devon and to support teachers of physics and technicians. Afew schools have found it hard to contribute since Covid and since several teachers have movecl. We are reviewing how the partnership works in future. Exeter School also took part in the Royal Institution EXETER SCHOOL- REPORT OF THE BOARD OF GOVERNORS INCORPORATING STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST2024 Mastercl8ss programme for prim8ry schools for the second year, where Sixth Form pupils gave extension sessions on physics topics that interested them. This involved pupils from local primary schools. Two members of the junior school teaching staff are working with the University of Exeter in the roles of Primary Subject Curriculum Leads in Art and Computing to deliver the university's primary PGCE to their Somerset and Dorset cohort in those subjects. Three teachers in the junior school have run courses throughout the ye8r at the University of Exeter as part of their Primary Enrichment in English, maths. art and computing activities. These courses target pupils in state schools on pupil premium to provide opportunities they may not normally experience and provide inspiring learning expeiiences. Several teachers also volunteer to aid with PGCE interviews at Exeter University. Pupils contribute to the Dartmoor National Park '£ for the Park scheme. both through theii partiCiP8tion in the Abbot's Way Walk and Ten Tors Challenge. The school contributes a donation to the Dartmoor Rescue Group service in lieu of a charge for using Ford Farm for one of the training weekends. The school playing fields continued to be used as an emergency helicopter landing site for RD&E Hospital and were used on several occasions to receive at very short notice aircraft from the Maritime Coastguard Agency and the Devon Air Ambulance with injured casualties on board. The school's facilities were used by the following community 8nd sports groups during the year: Big Noise Chorus ' Central Youth Football Club Clyst St George Cricket Club Neil Davey Physiotherapy" Dartmoor Beasts Dodgeball Club Devon and Torbay Music Hubs, Devon Youth Symphony Orchestra. Duckes Meadow Football Club Exam Suite Limited" Exeter Cityswimming Club" Exeter Company ofArchers' Exeter Cricket Club Exeter Korfball Club Exeter Storm Volleyball Club Andrew Gillett Music" Isca Junior Hockey Club Isca Senior Hockey Club Isca School of English Junior School Parents Kirton Volleyball Club LaserAdventure Camps" Luscombe Badminton Club Brian Moore Music" Pinpoint South West Hockey R D & E Doctors Hockey Club St Martins of ExminsterYFC Stoke Hill Youth Football Club Topsham St James Cricket Club Trinity College London, The starred clubs enjoyed charitable support from the school tot811ing £68,728. EXETER SCHOOL- REPORT OF THE BOARD OF GOVERNORS INCORPORATING STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Risk management Each year, the board of governors examines the principal areas of the school's operations and considers the major risks in each of these areas. The maintenance of pupil numbers and the generation of adequate operating surpluses are recognised as the key to the financial success of the school. The governors consider the government's employment and taxation policies and their effect on the independent sector to be the principal risk faced by the school. In the opinion of the board of governors. the Charity has established resources and review systems that, under normal conditions, allow these risks to be mitigated to an acceptable level in its day-to-day operations. School's financial actlvities and affairs For the year ended 31 August 2024 the SOFA shows a net income of £834,729 compared to £393,614 in 2023. There were donations and bequests of £58k in 2024 compared to È59k in 2023. The financial OLJtturn for the year is ahead of the planned budget. Ongoing maintenance and new building programmes secure and add to the school's permanent endowment and have been consciously planned to allow the school to meet its objectives of providing a high standard of educational and co-curricular provision. In September 2019, the cost of TPS contributions for teachers, pensions rose from 16.48% to 23.680/0. This rate rose again in April 2024 to 28.68 %. As a result. the school has closed membership of the TPS to new staff with effect from 1 January 2024. It has also introduced a new defined contribution scheme for teaching staff. These two measures will together help keep TPS contributions at an appropriate level. The school has spent a great de81 of time and money planning for the implementation of VAT on school fees from January 2025. This will of course bring a significant extra financial change to the school and our parents. The financial challenge is exacerbated by the loss of mandatory charitable rate relief and the increase in the rate of employers, national insurance contributions. As we enter a period of uncertsintyforthe independent school sector. with no borrowings, a sound pupil roll, healthy cash generation and tight financial control, the school's finances are in a strong st8te and the school continues to be able to offer high quality education at fee levels which it believes offer m8rket-leadingvalue for money. The board of governors is satisfied that the Charity's 8ssets attributable to each of its individual funds are av8ilable and adequate to fulfil its obligation in relation to those funds. Fundraising In the 2023124 academic year active fundraising took place predominantly via face-to-face meetings lin-person or remotely) and 8 telephone campaign, held in August 2024. General information about the school's bursary fund was also included in communications such as the alumni magazine, our half-termly eNewsletter and on our alumni Facebook p8ge, as well as at events organised bythe Alumni and Development office. During the telephone campaign four recent leavers phoned alumni to update them on the school today, find out about their time at school and career, and, in certain cases, ask alumni to consider donating to our bursary f und. Alumni were contacted in advance and given the opportunity to opt-out of receiving a c811. The telephone campaign callers also received training. covering how to appropriately pitch their c811s, as well as the importance of following the script and letting the Director of Development and Alumni Relations know if they have any concerns about an alumnus called. The callers displayed a commendable sensitivity, engaging equally well with those who chose to support the bursary fund as with those who did not, and, in a number of cases, following the training correctly and deciding not to make an ask after completing an assessrnent of 8n alurllnus's personal circumstances. The highly personalised nature of face-to-face fundraising, in which the fundraiser has extensive contact before an ask is made. works to protect vulnerable individuals by enabling the fundraiser to 8ssess their suitability. as does the training provided for telephone c8mpaign callers. io EXETER SCHOOL- REPORT OF THE BOARD OF GOVERNORS INCORPORATING STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The school's onlyfundraiser is the Director of Development and Alumni Relations, who reports regularlyto the Bursar and the Head. In the 2023124 academic year the Director reported to a sub-committee of the governors. No fundraising complaints were received. Policy for makingawards The school's fees continue deliberately to be set at the lowest possible level, in older to enable the widest range of parents to send their children to it without recourse to financial assistance. Academic scholarships and exhibitions offer only nominal discounts off fees. The school's means-tested bursaries are important in broadening this f ield by ensuring that children whose parents are unable to afford the full fees can access the education offered by the school. Awards may be up to 1000/0 and up to eight free places continue to be made available each year. Existing P8rents who experience short-term financial problems can also sometimes be offered means-tested support and the school assisted a number of parents throughout the year. This year the value of scholarships, bursaries. governors, awards and other discounts, remissions and grants amounted to £1.5m12023: £1.4ml. The school's policy on fees, recognising the relatively low per c8Plta income in the catchment area, is to ensure that they are seen to offer value for money. In this regard, fee levels continue to be amongst the lowest in the southwest. Investment policy The governors take the view that when sums of money are available for investment, they should strive foi a balance that seeks both capital growth and income growth. They also see it as important to attempt to preserve the capital value of any legacies or bequests that might be made from time to time. All investments operate within inve stment portfolios that will not raise ethical problems for the school. The school's investments on 31 August 2024 were £651.53812023: £597,323). Rese￿eS policy Atthe balance sheet date free reserves of the Group were in deficit by £1.5m. This balance is taken at 31 August 2024 prior to the Auturnn term fees being released. From 1 September, the Autumn term fees of approximately £4.5m will be released f rom deferred income and set 8g8inst these negative reserves. The board of governors considers that cash reserves of a minimum of £0.5m are desirable in order to cover the risks and uncertainties of operating as an independent educational establishment. At the ba18nce sheet, date cash reserves were £8.6m. This balance is boosted this year due to the success of the school's fees in advance scheme, which offered parentstheopportunityto make 8 lump sum paymentagainstfuture fees in return fora smalldiscount. The Group's tot81 reserves of £27.2m at the year-end included £18.7m endowment capital, £0.2m of restricted income and £8.3m unrestricted income. Future plans In 2023, the school completed the first and most significant item identified in its 2018 site m8Sterplan, the pedestrianisation of the site. This involved a new car park on the southern edge of the site, 8 new marketing and admissions office and signif icant enhancements to the centre of the site. During the summer of 2024, the school completed an improvement 8nd extension of the sixth form centre to include the addition of a new café. The governors have no plans for any further major development until the future of the sector becomes clearer, following the application of VAT on school fees f rom 1 January 2025. li EXETER SCHOOL- REPORT OF THE BOARD OF GOVERNORS INCORPORATING STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST2024 Statement of governors, responsibilities Company and charity law requires the board of governors as directors of the Company and Trustees ofthe Charity to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Group and of its financial activities for that period. In preparing those financial statements. the board of governors is required to: Select suitable accounting policies and then apply them consistently. Make judgements and estimates that are reasonable and prudent- State whether the policies adopted are in accordance with applicable accounting standards, subject to any material departures disclosed and explained in the fin8ncial statements- Prepare the financi81 statements on the going concern basis unless it is inappropriate to assume that the GroLJP and Company will continue in business. The board of governors is responsible for piep8ring the Report of the board of governors incorporating the Strategic Report and the financial statements in accordance with applicable law and United Kingdom Accounting standards (United Kingdom Accepted Accounting Practicel. The board of governor5 is responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Group and Company and to enable it to ensure that the financial statements comply with those provisions of the Companies Act 2006 and Charities Act 2011 currently in force. It is also responsible for safeguarding the assets of the Group and Company and hence for taking reasonable steps for the prevention and detection of f raud or other irregularities. Remuneration of key management personnel The day-to-day running of the school is delegated to the head and the bur88r, as the key management personnel, who in turn are supported by their Senior Leadership Group. The head and the burs8r attend all meetings of the governing body's committees. The remuneration of key management personnel is set by the board, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the school's success. The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools to ensure that the school remains sensitive to the broader issues of pay and employment conditions elsewhere. We aim to recruit, subject to experience, at the lower to medium point within a comparator salary, providing scope for rewarding excellence at annual review. Delivery of the school's charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expenditure. Statement of disclosure toauditors So far as the board of governors are aware, there is no relevant audit information of which the Company's auditors are unaw8re. and they have taken all the steps that they ought to have taken as the board of governors in order to make themselves aware of any relevant 8udit information and to establish that the Company's auditors are aware of that information. The ieport, incorporatingthe strategic report, was approved bythe b08rd ofgovernors on 26 March 2025 and signed on its behalf by: GAH getts Chair of the board of governors 12 EXETER SCHOOL INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF Ex￿ER SCHOOL Opinion We have audited the financial Statements of Exeter School Ithe 'parent charitable company'l and its subsidiaries (the 'group'l for the year ended 31 August 2024 which comprise the Consolidated Statement of Financial Activities. the Group and Company Balance Sheets, the Consolidated Statement of Cash Flow and notes to the financial statements, including significant accounting policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standard5, including Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the group's and the parent charitable company's affairs as at 31 August 2024 and of the group's incoming resources and application of resources for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted AccountirFg Practice- and have been prepared in accordance with the requirements of the Companies Act. Basis for opinion We condutted our audit in accordance with International Standard5 on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the governors. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or parent charitable companrfs ability to continue as a going concern for a period of at least twelve month5 from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the governors with respect to going concern are described in the relevant sections of this report. Other Infornation The other information comprises the information included in the Governors, Report, other than the financial statements and our auditor's report thereon. The Governors are responsible for the other information contained within the Governors, Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of our audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fart. We have nothin8 to report in this regard. 13 EXETER SCHOOL INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EXETER SCHOOL Opinions on other matters prescribed by the Companie5 Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Governors, Report, (incorporating the strategic report and the directors, report) for the financial year for which the financial statement5 are prepared is consistent with the financial statements; and the Governors, Report lincorporating the strategic report and the directors. report) has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Governors. Annual Report. We have nothing to report in respect of the following matters in relation to where the Companies Act 2006 require5 US to report to you if, in our opinion.. adequate accounting record5 have not been kept or returns adequate for our audit have not been received from branche5 not visited by us,. the parent charitable company financial statements are not in agreement with the accounting records and returns,. certain disclosures of Governors, remuneration specified by law are not made- or we have not received all the information and explanations we require for our audit. Responsibilitles of the governors As explained more fully in the Statement of Governors, Responsibilities Statement set out on page 12, the governors Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material mi55tatement, whether due to fraud or error. In preparing the financial statements, the governors are responsible for assessing the parent companrfs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the governors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. AUdit0￿S responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Mi55tatements can arise from fraud or error and are considered material if, individually or in the aEEregate, they could reasonably be expetted to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. In so doin& we considered the following:_ The nature of the charity. its control environment and performance indicators: Results of our enquiries of management and governors regarding their own identification and assessment of the risks of irregularities,. and The matters discussed among the audit engagement team regarding how and where irregularities might occur in the financial statements and any potential indicators of fraud. 14 EXETER SCHOOL INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EXETER SCHOOL As a result of these procedures. we considered the opportunities and incentives that may exist within the charity for fraud and identified the greatest potential for fraud in relation to the recognition of revenue and the risk of management override of controls. We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context relate to The Education Ilndependent Schools Standards) Regulations, Keeping Children Safe in Education Statutory Guidance, the Companies Act 2006 and Charities Act 2011. Our procedures in response to the risks identified included the following: reviewing the financial statement disclosures and testing to supporting documentation: understanding and evaluating the design and implementation of management controls- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud,. challenging assumption5 and judgements made by management in their Significant accounting estimates, in particular, in relation to income recognition; reviewing reports from regulators and correspondence with legal advisers and insurers and enquiring of management and those charged with governance regarding compliance with laws and regulations; and in addressing the risk of fraud throuEh management override of controls, testing the appropriateness of journal entries and other adjustments,. assessing whether the judgements made in making accounting estimates are indicative of a potential bias- and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. There are inherent limitations in the audit procedures described above and the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example. forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities for the aLsdit of the financial statements is located on the Financial Reporting Council's website at This description forms part of our auditor's report. Use of our report This report Is made solely to the charitable company's member5. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable com 's memb rs as a body. for our audit work, for this report, or for the opinions we have formed. Jonathan Williams Bsc FCA CTA {Senl Statutory Audltor) For and on behalf of Simpkins Edwards Audit LLP 11Ltltf Chartered Accountant5 Statutory Auditor The Summit Woodwater Park Pynes Hill Exeter, EX2 5WS 15 EXETER SCHOOL CONSOLIDATED sfATEMENT OF FINANCIAL ACTIVITIES IINCLUDING INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF NET GAINSIILOSSESI ON INVESTMENTS) FOR THE YEAR ENDED 31 AUGUST 2024 YEAR ENDED 31 AUGUST 2024 Unrestricted funds Restricted funds Restricted income 2023 Total Totsl General Deslgnated Capital lendowmÈnii INCOME Note Income from charitable artivities School fees Ancillary income 2a) 15,226,474 1,073,588 1183,8081 133,4201 15.009,246 1.073.588 13.960, 785 853.999 Income from other trading activities Investment income Donations and legacies Other 202,018 149,409 55,768 202.018 153.358 58,026 40,146 193,652 40,311 59,242 37,850 3,492 457 2,258 2bl 37,322 2,824 Totsl income 16,707,257 1146.4861 127,1041 2,715 16,536.382 15,145,879 EXPENDITURE Charitable activltles Teaching costs Welfare costs Premises costs Grants, awards and prizes Support Costs 9,223.167 760,251 2,414.775 11,549 2,680,630 9.223.167 760.251 2.928,097 17.049 2.680,630 8,394,019 722.431 3.003,348 16.611 2.453,605 513,322 5.500 Other 146,674 146.674 165,714 Total eJ(penditure 15,237,046 5,500 513,322 15,755,868 14, 755, 728 Net gains on investments 38,641 11,194 1,137 3.243 54.215 3,463 NET INCOMEIIEXPENDITUREI FOR THE YEAR 1,508.852 1135,2921 131,4671 1507,3641 834,729 393,614 Reconciliation of funds Total funds brought forward at I September 6.184,161 756.534 225,454 19.256,175 Z6.422,324 26,028,710 Total funds carried forward at 31 August 7,693,013 621,242 193,987 18,748,811 27257,053 26.422,324 16 EXETER SCHOOL CON50IIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCLUDING INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF NET GAINS/ILOSSESI ON INVESTMENTS) FOR THE YEAR ENDED 31 AUGUST 2024 YEAR ENDED 31 AUGUST 2023 Unrestricted funds Restricted funds Restrirted income Total General Designated Capital lendowmentl INCOME Note Income from charitable artivities School fees Ancillary income 2a) 14,069,460 853,999 1108,6751 13,960,785 853,999 Income from other trading artivities Investment Income Donations and legacies Other 193,652 34,132 15,576 193.652 40,311 59,242 37,890 4,017 3,152 35,218 1,708 40,100 2,672 454 414 2bl Total income 15,166,819 166,2881 44,480 868 15,145,879 EXPENDITURE Charitable artivities Teaching costs Welfare costs Premises costs Grants, awards and prizes Support costs 8.392,586 722,431 2,565,791 13,526 2,424,788 1,433 8,394,019 722,431 3.003.348 16.611 2,453,60S 437,557 3,085 28,817 Other 165,714 165,714 Total expenditure 14,284,836 4,518 466,374 14,755,728 Net gains/llossesl on investments 7,628 12,9171 12811 19671 3.463 NET INCOMEIIEXPENDITUREI FOR THE YEAR 889.611 169,2051 39,681 1466,4731 393,614 Reconciliation of funds Total funds brought forward at I September 9,133,806 82S.739 185,773 15,883,392 26,028,710 Transfer between funds 13,839.2561 3,839,256 Total funds carried forward at 31 August 6,184.161 756,534 225,454 19,256,175 26,422.324 17 EXETER SCHOOL GROUP BALANCE SHEET AT 31 AUGUST 2024 2024 2023 Note Fixed assets Intangible assets Tangible assets Investments 156.260 27.607,346 651,538 179,996 26,170,854 597,323 28.415,144 26,948,173 Current assets Stock Debtors Cash at bank and in hand 15,460 4,073.478 8.660.086 20,263 3.873,288 3,578.618 io 12.749,024 7,472,169 Creditors: amounts falling due within one year li (9,118,304) 17,317.499) Net current assets 3.630.720 154,670 Total assets less current liabllities 32,045,864 27,102,843 Credltors: amounts falllng due after more than one year 12 (4,788,811) (680,519) Net assets 27,257,053 26,422,324 Funds Unrestricted funds: General Designated Restricted fund5: Restricted income Capital lendowmentl 13 16 7,693,013 621,242 6,184,161 756,534 15 193.987 18.748,811 225.454 19,256.175 14 27.257,053 26,422,324 The financial statements on pages 16 to 32 were approved by the board of governors on 26 March 2025 and signed on their behalf by: G Hodge hair of the board of governors MrA Burbanks Governor and chair of the finance committee Company registratlon no: 04470478 18 EXETER SCHOOL COMPANY BALANCE SHEEf AT 31 AUGUST 2024 2024 2023 Note Fixed assets Tangible assets Investments 27,570,186 1,025,560 26,130, 703 971,345 28,595.746 27.102,048 Current assets Stock Debtors Cash at bank and in hand 15.460 3,922,832 8,527.573 20,113 3. 793,406 3,128,319 io 12.465,865 6,941.838 Creditors: amounts falllng due withln one year li (9,283,231) (7.135,373) Net current assetsl(liabilities) 3.182,634 (193,535) Total assets less current Ilabilities 31,778.380 26,908,513 Creditors: amounts falling due after more than one year 12 (4,679.069) {680,519J Net assets 27,099,311 26,227,994 Funds Unrestricted funds: General Designated Restrirted funds". Restricted income Capital {endowrnentl 13 16 7,535,271 621,242 5.989,831 756,534 15 14 193,987 18,748.811 225,454 19,256,175 27,099,311 26,227,994 The financial statements on pages 16 to 32 were approved by the board of governors on 26 March 2025 and signed on their behalf by: rsGHo getts Chair of the board of governors Mr A Burbanks Governor and chair of the finance committee Company registratlon no: 04470478 19 EXETER SCHOOL CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note Net cash inflow from operating activities 17 1,544,298 2,044,254 Returns on investments and servicing of finance Investment interest and dividends received Bank and other interest received Bank charges paid 6.239 147,119 (21,2541 6.836 33,076 118,083) Net cash inflow from returns on investments and servicing of finance 132,104 21,829 Capital expenditure and financial investment Purchases of tangible fixed a55ets Sale of investments Sales of tangible fixed assets (2,524,553) (1,894.440) 38,269 300 Net cash outflow from capital expenditure and financial investment {2,524,5531 (1,855,871) Financing Additional endowments received Advance fees- Advance fees received Advance fees utilised 2,715 868 6,205,165 (278.261) (91,572) Net cash inflow/(outflow) from financing 5.929,619 {90, 704) Increase in cash 18 5,081,468 119,508 20 EXETER SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 I. ACCOUNTING POLICIES Basis of accounting The financial statements have been prepared in accordance with the Companies Act 2006, the Statement of Recommended Practice ISORPI 'Accounting and Reporting by Charities,, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102 lissued October 20191 (Charitie5 SORP IFRS 10211 and the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Exeter School meets the definition of a public benefit entity under FRS 102. The financial Statements have been prepared on the historical cost basis or transaction value, except for fixed asset investments which are stated at fair value and freehold property which is disclosed below. The financial statement5 are prepared in sterling, which is the functional currency of the Company. Monetary amount5 in these financial statements are rounded to the nearest £. Consideration has also been given in the preparation of these financial statements to guidance on the Charitie5 SORP for independent schools. As referred to in the report of the Board of Governor5, these financial statements show the combined p051tion of Exeter School and Exeter School Trust. Exeter School Trust is the owner of the permanent endowment funds. On 19 March 2021 Exeter School acquired 100% of the share capital in Yew Tree Hall Limited. The School is considered to be a qualifying entity under FRS 102. As allowed by the exemptions available under FRS 102 in respect of certain disclosures for the parent charitable company financial statement. no separate parent company Cash Flow Statement with related notes is included. As permitted by $408 Companies Act 2006, the charitable company has not presented its own Statement of Financial Activities ISOFAI and related notes. The charitable company's net income for the year was £871,319. bl Basis of con501idation In the parent charitable company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments 155ued and liabilities incurred or a55umed, plus costs direttly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets and liabilitie5 acquired is recognised as goodwill in the consolidated balance sheet. The consolidated financial statements incorporate those of Exeter School and its subsidiaries lie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefitsl. All financial statements are made up to 31 August 2023 and all intra-group transactions and balances are eliminated on consolidation. Fees recelvable Fees receivable are accounted for in the period in which the service is provided. They are stated after dedutting discounts, scholarships, bursaries and other remissions but include contributions received from other funds. d) Donations Donations received for general purposes are credited to unrestricted funds. Donations subject to specific wishes of the donors are credited to restricted funds. Expenditure Expenditure is classified on an activity basis and is allocated to expense headings on a direct cost basis. Irrecoverable Value Added Tax is included with the item of expense to which it relate5. Pension schemes The School participates in the Teachers, Pension Scheme I'the TPS'I for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,576,74512023.. £1,114,765) and at the year-end £149,194 12023.. £93,778) was accrued in respect of contributions to this scheme. 21 EXEfER SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 I. ACCOUNTING POLICIES (continued) The TPS is an unfunded multi-employer defined benefits pension scheme governed by the Teachers, Pensions Scheme Regulations 2010 las amendedl and The Teachers, Pension Scheme Regulations 2014 las amended). Members contribute on a 'pay as you go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which wa5 published in October 2023. Following the Mccloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period l April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the 'greater value, benefits for groups of relevant members. The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6QA from l April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.680A. The subsidiary company makes payments to a defined contribution retirement benefit scheme. Payments are charged as an expense as they fall due. gl Tangible flxed a55et5 Items of continuing use which individually cost less than £250 are not capitalised. Freehold land und buildings The valuation of buildings at 31 July 2003 was included as an approximation of historic cost. Additions after 31 July 2003 are included at historic cost. Thi5 policy is unchanged by the introduction of FRS 102. Depreciation is being charged on buildings from l August 2003 at a straight line rate of 2% per annum. While the Board of Govornors recognise that the buildings included in the balance sheet have differing useful economic lives and residual values, they consider fifty years to be a reasonable approximation of the average remaining useful life of the school buildin8S. Land has been included in the balance sheet at historic cost. No depreciation is charged on land, in accordance with FRS 102. The Governors have considered whether it was worthwhile obtaining a valuation of the depreciated replacement cost of the buildings, but believe that the benefits of such a valuation do not justify the cost to the charity. The costs of repair and maintenance of the buildings are charged to the Statement of Financial Activities 25 incurred and help to preserve the economic lives and residual values of the buildings. Until 31 July, 1999, capital expenditure on new buildings and improvements of existing buildings was charged to the Statement of Financial Attivities as incurred. Motor vehicles Motor vehicles are depreciated at 20% per annum on the straight line basis. Fixture5, fittings ond equipment Fixtures, fittings and equipment are accounted for at their estimated realisable value at 31 July 1990 as depreciated, plus additions less disposals at cost in the years since that date. Items held at 31 July 1993 are depreciated at IOQA per annum on the reducing balance basis, with the exception of certain items, which are not considered to lose their value. 22 Ex￿ER SCHOOL NOTES TO THE FINANCIAL 5TATEMEf+trs FOR THE YEAR ENDED 31 AUGUST 2024 I. ACCOUNTING POLICIE5 (continued) Items acquired in the years since 31 July 1993 have been depreciated on the following basis: Elertrical and electronic equipment 20% All other items 5% with the exception of certain items, which are not considered to lose their value. The items of fixtures, fittings and equipment which are not considered to lose their value are musical instruments and various paintings and prints. In addition, library books are capitalised at a value determined at 31 July 1990 and replacements, renewals and new purchases are charged to the Statement of Financial Activities as incurred. A55ets in the course of construction No depreciation is charged on assets in the course of construction until they are taken into use. At which point, thev are transferred to the appropriate category of fixed assets. Intangible fixed assets - goodwlll Acquired goodwill is written off in equal instalments over its estimated economic life of 10 years. Investment5 Investments are stated at market value at the balance sheet date. Unrealised gains and losses arising from movements in their valuation are shown on the Staterllent of Financial Activities. In the parent charitable company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. J) Stock Stock is valued at the lower of cost or net realisable value. k) Composition fees The future liability for advance payments of fees received under the composition fees scheme is stated at the balance Sheet date as follows.. For pupils in the School the net commitment for the number of years that the pupil has remainins in the scheme,. For pupi15 yet to enter the School - the advance payment or the commitment at the previous balance sheet date, if later, uprated by the interest rate implicit in the agreement. Amounts accrued in accordance with the terms of the agreement are included in finance costs. Funds Gifts, legacies and grants received that are subject to specific trusts are classified as restricted funds. Where such items received are given with the further restriction that they are to be treated as capital and must not be spent as income, these are classified as capital lendowmentl funds. Designated funds arise where trustees decide to set aside funds for specific purposes. Funds that are not subject to a restriction, or which have not been designated by the trustees, are classified as unrestricted funds. Operating lease rentals Lease and rental payments are charged to the Statement of Financial Activities in the period to which they relate. Gains/llosses) on investments Realised and unrealised gains and losses on the revaluation and disposal of investment assets are included in the statement of financial activities as 'Net gains/llossesl on investments" They are split according to the fund concerned. 23 EXETER SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGusf 2024 I. ACCOUNTING POLICIES (continued) Liability recognition Generally, liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to the expenditure. pl Going Concern At the time of approving the financial statements, the Governors have a reasonable expectation that Exeter School has adequate resources to continue in operational existence for the foreseeable future. Thus the Governors continue to adopt the going concern basis of accounting in preparing the financial statements. q) Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with short term maturity of 32 days or less from the date of the opening of the deposit or similar account. Basic financial instrurnents The charity only has financial assets and financial liabilities of a kind that qualify 85 basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Government grants Government grants are recogni5ed at the fair value of the asset received or receivable or receivable when there is reasonable assurance that the grant conditions will be met and the grant5 will be received Government grants relating to turnover are recognised as income over the periods when the related costs are incurred and for which the grant is intended to compensate. Taxation The school is considered to pass the tests set out in the Finance Act 2010 and therefore meets the definition of a charitable company for UK tax purposes. Accordingly, the school is potentially exempt from taxation in respect of income or capital gains received within categories covered of the Corporation Tax Act 2010 or the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 24 EXETER SCHOOL NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 2 al FEES RECEIVABLE Tuition fees Senior school Junior school Pre-prep school 2024 2023 12,815.222 2,716.340 511,476 11,931,560 2,506,164 465,345 16.043,038 14,903,069 Less.. Bursaries, scholarship and other remissions Net tuition fees 11,542,532) 14.500,506 508.740 11,386,090J 13,516.979 Catering income 443,806 15.009.246 13,960, 785 bl OTHER INCOME 2024 2023 St john's H05Pital Educational Foundation 40.146 37,890 40,146 37.890 3 INCOME FROM INVESTMENTS 2024 2023 UK listed investments 6.239 6.836 4 STAFF COSTS 2024 2023 Wages and salarles Soci315ecurity costs Other pension costs 7,750,254 823,791 1.616,970 7,212,171 767,676 1,335,243 10.191,015 9,315,090 The average numtjer of employees in the year was- 2024 number 188 S4 2023 FTE 127 48 number 182 50 FTE Teaching and te3ching 5UPPOrt staff Others 124 242 175 232 168 2024 2023 Agency staff 330,578 297,723 Sodexo Ltd tla Sodexo Education Service5 are contracted to provide catering Services to the school, including the employment of catering staff. No governor received any remuner3tion during the year other than the reimbursement of expenses incurred, which amounted to £17712023.. £2,883) in total to one12023.. four) governor. Indemnity insurance has been purchased in respect of governors. officer5 and employees of the school. The cost of this insurance 15 included within the school'5 combined liability premium. The key management personnel of the school comprise the Head, Bursar, Headmistress of the junior school and Deputy Heads. The total employee benefits of the key management personnel of the school were £871.72212023.. £887,807). 25 EXETER SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 4 STAFF COSTS Itontinuedl The number of employee5 whose emoluments (including employer's pension contributions) exceeded £60.000 were.. 2024 number 2023 number 38 £60,001 - £70.000 £70,001- £80,000 £80,001- £90,000 £90,001- £100,000 £ioo.ooi- iio,000 £110,001- £120,000 £130,001- £140,000 £150.001- £160,000 £200,001- £210,000 £210,001- £220.000 22 Number with retirèment benefits accruing in defined contribution schemes= Of which the contribution5 amounted to.. 75.936 48,298 Number with retirement benefits accruing in defined benefit schemes: Of which the contributions amounted to.. 71 1,057,915 45 607.592 5 ANALYSIS OF TOTAL GROUP RESOURCES EXPENDED Staff costs Other Depreciation Total 2023 Charitable activities Teaching costs Welfare costs Premises costs Grants, awards and prizes Support costs 8,172,204 164,182 757,217 1,050.963 596.069 I,S02,251 17,049 1,169,842 9,223.167 760.251 2.928,097 17.049 2.680,630 8.394,019 722.431 3.003,348 16.611 2,453,605 668,629 1,097,413 413,375 Other 146,674 146,674 165, 714 10,191,015 4,482,848 1.082,004 15.755.868 14,755,728 Total resource5 expended includes the following.. 2024 2023 Auditors. remuneration Audit of the financi31 statements of the group and company Audit of the financial statements of the company's subsidiaries 13,878 9,120 12,762 5,800 6 INTANGIBLE FIXED ASSETS Goodwill Total Group Cost At I September 2023 412,358 412,358 At 31 August 2024 412,358 412.358 Accumulated amortisation At I Septermber 2023 Charge for the year 232,362 23,736 232.362 23,736 At 31 August 2024 256,098 256.098 Net book value At 31 August 2024 At 31 August 2023 156,260 179,996 156.260 179.996 26 EXETER SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 7 TANGIBLE FIXED ASSETS Fixtures, fittings and equipment Group Freehold land and buildings Motor vehicles Asset5 in the course of construction Total Cost At I September 2023 Additions Disposals 33,445,296 1,370 395,179 205,144 4,823,906 705,216 1204,7291 29,845 1,612,823 16,0581 38,694.226 2,524,553 {210,7871 At 31 August 2024 33,446,666 600,323 5,324.393 1,636,610 41,007,992 Accumulated depreciation At I September 2023 Charge for the year Eliminated on disposals 8,952,140 668,629 325,653 33,026 3,245,579 380,348 12,523,372 1,082,003 1204,7291 1204,729) At 31 August 2024 9,620,769 358,679 3,421,198 13,400,646 Net book value At 31 August 2024 At 31 August 2023 23,825,897 24,493,156 241,644 69,526 1,903,195 1,578,327 1,636,610 29,845 27.607,346 26,170,854 Company Freehold land and buildings Motor vehicles Fixtures, fittinES and equipment Assets in the course of construction Total Cost At I September 2023 Additions Disposals 33,445.296 1,370 395,179 205,144 4,764,106 700,802 1204.7291 29,845 1,612,823 16,0581 38,634,426 2.520.139 1210,787) At 31 August 2024 33,446,666 600,323 5,260,179 1,636,610 40,943.778 Accumulated depreciation At I September 2023 Charge for the year Eliminated on disposals 8,952,140 668,629 325,653 33,026 3.225,930 372,943 12,503,723 1.074,598 1204,7291 1204,7291 At 31 August 2024 9.620,769 358.679 3,394,144 13,373,592 Net book value At 31 August 2024 23,825,897 241,644 1,866,035 1,636,610 27,570,186 At 31 August 2023 24,493.156 69,526 1,538,176 29,845 26,130.703 All the tangible fixed assets are held for use on direct charitable activities. 27 EXETER SCHOOL NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 8 INVESTMENTS Group Listed investments Total Valuation At I September 2023 Revaluations Disposals 597.323 54,215 597,323 54,215 At 31 August 2024 651,538 651,538 Rathbones holds a portfolio of global investments amounting to 68Yo of the total investment portFolio. Nine listed investment in COIF accounts represents 32% of the total portfolio. Listed investments are valued at market valuation on the UK Stock Exchange. The historical cost of these investments is as 2024 2023 Listed investments 456,181 456,181 Company Subsldiary undertakings Llsted investments Total Valuation At I September 2023 Revaluatioris 374,022 597,323 54,215 971,345 54,215 At 31 August 2024 374,022 651,538 1.025.560 Rathbones holds a portfolio of global investments amounting to 68Ya of the total investment portfolio. Nine listed investment in COIF accounts represents 32% of the total portfolio. Listed investments are valued at market valuation on the UK Stock Exchange. The historical cost of these investments is as follows.. 2024 2023 Listed investments 456,181 456,181 Subsidiaries Details of the charitable company's subsidiaries at 31 August 2024 are as follows.. Class of shares held Ordinary Ordinary Name of undertaking Yew Tree Hall Limited 1633 Enterprises Limited Registered owice Exeter School, Virtoria Park Road, Exeter, Devon Exeter School, Victoria Park Road, Exeter. Devon % Held direct loo loo The investments in subsidiary undertakings are stated at cost. 9 STOCK Group 2024 Company 2024 2023 2023 Raw materials Goods for resale 8,878 6,582 5,489 14,774 8,878 6,582 5,489 14,624 15,460 20,263 15.460 20,113 28 EXETER SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10 DEBTORS Group 2024 Company 2024 2023 2023 Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 3,340,835 2,993,107 3.200.341 2,923,020 23,887 209,118 637,381 271,765 460,878 209,118 671,063 271,093 451.398 4.073,478 3,873,288 3,922,832 3,793,406 11 CREDITORS." amounts falling due within one year Group 2024 Company 2024 2023 2023 Trade creditors Other creditors Amount5 owed by Eroup undertakings Advance payment of School fee5 Accruals and deferred income Pen5i0n costs 1.116.832 391.070 935,425 504,090 1.112.563 359,631 384,918 1.979,781 5,256,819 189,519 930.431 338,432 1,998,431 5,421,277 190.694 184,254 5,534,209 159,521 184,254 5,523,743 158,513 9,118,304 7.317,499 9.283,231 7,135,373 12 CREDITORS: amounts falling due after more than one year Group 2024 Company 2024 2023 2023 Trade creditors Advance payment of school fees 341,797 4,447,014 346.232 334,287 341,797 4,337,272 346,232 334,287 4 788 811 680 519 4,679,069 680,519 2024 2023 Of the amounts falling due after more than one year, the following amounts are repoyable after more than five year5.. 616.372 187,213 Trade creditors include acceptance deposits, which are payable upon a child accepting a place at the school and are repayable when they leave, without addition of interest. Agreements for the advance payment of school fees have been made and allow for interest accruing to the lump sum paid at varying rates, according to the prevailing market conditions when the advance payment was made. Deferred income represents the autumn term fees invoiced in advance. 29 EXETER SCHOOL NOTE5 TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13 ALLOCATION OF THE CHARITY NET ASSETS Unrestricted funds Restricted funds Restricted income Total Group General Designated Capital lendowmentl Intangible assets Tangible assets Investments 156,260 9,072,555 8,358 156,260 27,607,346 651,538 18,534,791 161,955 431,768 49,457 Stock Debtors Cash at bank and in hand 15,460 4,073,478 8,274,017 15.460 4,073,478 8,660,086 189,474 144,530 52,065 Creditors.. amounts falling due within one year 19,118,304) 19,118,304) Creditor5.' amounts falling due after more than one year 14.788.811) 14,788.8111 Nèt assets 7,693,013 621,242 193.987 18,748,811 27,257,053 Unrestrirted funds Restricted funds Restricted income Total Company General Designated Capital lendowmentl Tangible assets Investments 9,035.395 382.380 18,534,791 161,955 27,570,186 1,025,560 431,768 49,457 Stock Debtors Cash at bankand in hand 15,460 3,922,832 8,141,504 15,460 3,922.832 8.527.573 189,474 144,530 52,065 Creditors.. amounts falling due within one year 19,283,231) 19,283.2311 Creditors.. 3mounts falling due after more than one year 14,679,069) {4.679,069) Net assets 7,535,271 621,242 193,987 18,748,811 27,099,311 14 CAPITAL IENDOWMENTI FUNDS At 15eptember 2023 Incomlng resources Resources expended Tran5fer5& inve5tmentgains At 31 August 2024 Group and Company Freehold property Hardship funds Prize funds Specific funds 19,048,113 129,012 7,625 71,425 1513,3221 18,534.791 131,270 7,852 74,898 2,258 227 457 3,016 19,256,175 2,715 1513,3221 3,243 18,748.811 The Freehold property fund represents the permanent endowment property which is owned by Exeter School Trust. The Hardshipi Prize and Specific Funds are comprised of 25 individual fund5, given for purposes specified by the donor. 30 EXETER SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15 RESTRICTED INCOME FUNDS Atl September 2023 Incoming resources Resources expended Transfers and investment gains At 31 August 2024 Group and Companv Hardship funds Prize funds Specific funds 207,198 17,474 782 5,598 142 137,8101 ii.iioi 1,127 io 176,113 16,516 1,358 576 225,454 6,316 138,9201 1,137 193.987 The Hardship, Prize and Specific Funds are comprised of 29 individual funds, given for purposes specified by the donor. 16 UNRESTRICTED FUNDS Unrestricted funds include the following designated funds= Atl Incoming resources Resources expended Transfers and investment gains September 2023 At 31 August 2024 Group and Company Endowment Foundation Hardship funds Specific funds 603,206 1122,4841 133,678 480.722 1133,6781 150,1301 151,690 1,638 37,322 138,882 1,638 756,534 37,322 1183,8081 11,194 621,242 The Endowment represents funds received from the St John's Hospital Educational Foundation, which the school historically forms part of. These funds are available for the provision of education at the school. The Hardship and Specific Funds are comprised of four individual funds, where the governors have put aside funds to augment amounts given for restricted purposes. 17 RECONCILIATION OF NET INCOME/IEXPENDITUREI FOR THE YEAR TO NET CASH INFLOW FROM GROUP OPERATING ACTIVITIES 2024 2023 Net income/lexpenditurel for the year before investment gains and losses Depreciation Amortisation of goodwill Loss on disposal of fixed assets Non-operating cashflows eliminated.. Endowment donations Investment interest and dividends receivable Bank and other interest receivable Bank charges payable Decrease in stock Ilncreasel in debtors Increaselldecreasel in creditofs 780,514 1,082,003 23,736 6,058 390,151 1,067,901 23,736 36,123 12,7151 16,2391 (147,1191 21.254 4,803 1200.190) 117,807) (868) (6,836J (33,076) 18,082 350 1464,597) 1,013,288 1,544,298 2,044,254 31 EXETER SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18 RECONCILIATION OF NET CASH FIOWTO MOVEMENT IN NET FUNDS 2024 2023 Increase/ldecreasel in cash in the period 5,081,468 119,508 5,081,468 119,508 Movement in net funds in the period Net funds at I September 2023 5,081,468 3,578,618 119,508 3.459,110 Net funds at 31 August 2024 8.660,086 3,578,618 19 ANALYSIS OF CHANGE5 IN NET FUNDS At I September 2023 At 31 August 2024 Cashflow Cash at bank and in hand 3,578,618 5,081,468 8,660,086 3,578,618 5,081,468 8,660,086 20 RELATED PARTY TRANSACTIONS During the f inancial year Exeter School used the services of Vectare Lirnited. Mr D A Kalantary, a governor of Exeter School. is a director. Exeter School paid Vectare Limited £23,310 during the year for services received. 32