WORTH NNUAL REPORT 2019-20 WORTH WORTH SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2020 CHAIRMAN'S OVERVIEW...................................... .... TRU5TEES' REPORT................................................. .... ..................................................................................... .............. REFERENCE & ADMINISTRATIVE INFORMATION................................... . ...... .................. .......................................... STRucfiJRE, GOVERNANCE AND mANAGEME￿................. . . STRATEGIC REPORT............................................................ ..... .. .10 AIMS, OBJECTIVES ANO PRINCIPAL ACTIVITIES....................... .10 RESPONSE TO THE CORONAVIRUS PANDEMIC Leadershlp response..-...................................................................... 11 REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR............................................................................. 12 FUNDRAISING POLICY AND ACTIVITIES.... . .16 FINANCIAL REVIEW AND RESULTS FOR THE YEAR........................... .18 FUTURE DEVELOPMENT5.................................................................................................................... .20 TRUSTEES, RESPONSIBILITIES STATEMENT..................................................................................................................... 21 INDEPENDENT AUDITOR'S REPORTTO THE MEMBER OF WORTH SCHOOL.................................................................. 22 WORTH SCHOOL STATEMENTOF FINANCIALACTIVITIES...................... .....................-..............................-...................25 WORTH SCHOOL BALANCE SHEET..................................................................................................................................26 WORTh SCHOOL CASH FLOW STATEMENT....... ... .27 NOTES TO THE FINANCIAL STATEMENTS.......................................... .............................................................................28 Worth SrhoolAnnuol Report ond Finunciolstutements Yeor Ended 31 August 2020 CHAIRMAN'S OVERVIEW During the 2019-20 academic year we planned to mark the School's 60, anniversary year. The School opened with a full roll for a second consecutive year and an exciting programme ol events was planned. Inevitably the year, and the time since, has been overshadowed by the outbreak of COVID-19. The School wa5 fully open until Friday 20 March 2020 when the campus had to physically clDse in line with Government guidance. It remained closed for face-to-face lessons for the rest of the academic year. During that time. the whole School community showed great re50urcefulne55 in adapting to the situation such that learning and community support could be maintained. The actions taken are outlined on page 11 of this report. l am very grateful for the work, flexibility and continued support of staff. pupils and parents. The School offered a rebate on fees during the closure in 2020-21 worth £1.5m. Fully re-opening the School in September 2020 and offering on-site learning and activities during the Autumn Term has posed further operational and financial challenge5. In january 202 1, a second physical closure of the School was required by the Government which lasted unril 8 March 202 1 and will impact on lee income in the current year. We have now successfully re- opened the physical School for a second lime and look lo the future with a degree Df cautlDUS Optimism. During the Autumn 2020 and Lent 2021 term5 we have enjoyed watchin8 the new Library and Sixth Form Centre in the heart ol the campus eo up. Thi$ Is ser to open in the Autumn Term 2021 and will significantly enhance our Sixth Form provision. We are very 8rateful to Lord Spencer of Alresford, an alumnus of the School, for making this possible. As a community. Worth has benefited from the work of the Chèplaincy in deepenin8 our understanding of the six values that underpin day-to-day life at the School. They represent an ethos that is based on the Benedictine values, followed every day by the monastic community of Worth Abbey I would once again like to express my gratitude to the mDnks for their support of the School. Purpose The mission of Worth School is to welcome Its pupils into a Chr15t-centred community to form them in humility for servant leadership in society. We seek to live out this Miss￿on through followin8 six value5. Silence, Humility. Community, Worship, Service and Stewardship. These are drawn from the 8enedictine spiritual tradition, and 1500 years of monastic experience. Academic performance The examination process this year was significantly disrupted by the COVID-19 pandemic with the abandonmenr of public examinations In March and the decision in August to award grades based on centre asse55ments Our Year 13 students achieved the best results since 2011 and our Year 11 pupi15 achieved the seeond-besi performance in the history of the School. Against a challenging background. our studenis have done very well with their university placements this year with the majority achieving their first-choice univer5Ity placement. Pastoral care Worth prides itself on the care it takes of its pupils- each is known. supported and encouraged in h15 or her particular path in life. Each pupil belongs to a House which has a Housemaster or Housemistre55 supported by a team of teachers, matrDns and chaplains. Worth SchoDIAnftuol Report oftd Finonciol 5tolements Yeor Ended 31 August 2020 The Chap131ncy team consists of young lay evangelists. known as the Forerunners. and Is led by the Director ol Mission with additional support from mollks and an Anglican priest. Throughout the year the Chaplaincy team works to offer pupils new ways to explore their faith and to develop a culture of worship, prayei. service to others, friendship and community involvement. When the khool was running its remote learning In the Sumrner of 2020, the Pastoral and Chaplaincy teams worked creatively to provide pastoral care remotely io pupils around the world. They were able to maintain a sense of community and care that enabled current pupils to step back into School feeling known by pastoral staff. Safeguarding is of paramount importance to the School. During lockdown the Governors, Safeguarding Committee continued to meet. Counselling provision to pupils has been reviewed during 2019-20 and increased during 2020-21. Co-curriculurn The School is concerned with the all-round development of its pupi15. The School offe15 some 120 activitie5, clubs and societies which are adjusted every year to reflect the interests of pupils. There is also a full weekend programme for boarders to which day pupils are also invited. As well as being a licensed centre for the Duke of Edinburgh's Award, the School organises trips, sports tours and departmental study trips In the UK and overseas. Although the prograrnme was curtailed frorn March, there was still the traditional Year 9 trip to the World War One battlefields. a Science trip lo CERN in Geneva and History trips to Berlin and Krakow. The School fflaintain5 an outstanding reputation for performing arts. There are 16 musical groups in the School as well as many contemporary bands and the Schola Canrorum. There are three concert5 per terrn, m05t of thern in the Abbey Church and open to the public. The Drama department staeed two major productions 'First LIEht' and a combined Drama/Music cabaret for charity. The department also ran the Inspire theatre company for Drama Scholars. In terms of sport, Worih fielded tearll5 and individuals in 16 different sports over the course of the year. The School continues to provide opportunities for pupi15 to play representative sport at all levels and many are selected to play at regional level. Public benefit Worth School is committed to the advancement of educ3tion in it5 widest Sense. Each ye3r we offer a range of scholarships and bursaries, including a small number of full bursaries. We also run activities for, and offer our facilities to, local state schools and have built a closer partnerghip with the local primary school at Turners Hill and with Citv Academy Whitehawk in Brighton. Worth reaches into the community with various events that support all age groups, from primary school children through tD care home residents and the homeless. In addition. the SchoDI encourages its pupi15 to fundra15e for charitie5 of their choosing. Financial performance Worth School made a surplus from its core activities for the year ended 31 August 2020 of £25,00012019". £971,000). The IDwer SLJrplus was due to COVID-19, other higher exceptional costs and higher maintenance costs. In view Df the economic climate, the Tfijstees neither received a gift from Worth Abbey Projects Ltd nor rnade one lo Worth Abbey. Worth School Annuol Report i)nd Finonciol Slotemeftrs Yeor Ended 31 August 2020 The Trustees have rnaintained c105e supervision of the School's finances during the lockdown periods. They have met more frequently than usual and reviewed scenarios about future trading p05sibilities. Based on this information the Trustees are content that the School is a going concern. Future developments Due to the Government's vaccine pro8ramme. we are now cautlously optimistic that we have passed the worst impact of COVID-19 and can Start to plan for the future. We are looking forward to opening our new Library and Sixth Form Centre next term. Work 15 also progre5sin8 on a new biomass-fuelled district heal network that should be ready in ALJtumn 2021. This will replace aged oil-fired boiler equipment and will demonstrate our commitment to a green agenda. Tim Pet Chairman of Governors Worth SchoolAnnuol Report ond Fint7nciJlStotements Yeor Ended 31 August 2020 TRUSTEES, IIEPORT FOR THE YEAR ENDED 31 AUGUST 2020 rhe Trustees present their Jnnuol report together with the auditedfinonciol stutements for I September 2019 to 31 August 2020. The Trustees confirm that the Annuol Report ondfinanriol stotemen15 of the School cornply with the current stututory requirements, the requirements of the company's governing document and the provisions of the Strjtement of Recommended Proctice (SORP), applicoble to chorities preporing their ocrount5 irj gccordonce with the Finoncigl Reporting Stondofd opplicoble in the LIK Jnd Republic of Irelond IFRS 1021 (effective l Jonuory 2015) CYS omended by Update Bulletin l (effective l Jonuory 20151. REFERENCE & ADMINISTRATIVE INFORMATION Worth School (the "School") is a charitable company limited by guarantee, registration number 4476558 and a registered charity, registration number 1093914. The Registered Office is at Worth School, Paddockhurst Road, Turner5 Hill. West Sussex, RHIO 4SD, which is also the principal office of the Charitv. Trustees The present Directors of the school and those who served during the year, who are also the Charity's Trustees ancl the School GovernoT5, are". The Right Reverend Dom Luke Jolly, President INoml Mr Tim Pethybridge, Chairrnan IGRC, Edcom, Chair of Ed Com from September 2020, Norn. Risk. GSCI Mrs Brenda Alleyne (Appointed 12 October 20201 Mr David Buxton IEd Com, Chair of Ed Com from September 20191 IGSCI IResigned 31 August 20201 Ms Mary Coller (Ed Com, GSCI ISaleguardin8 Governor) IAppointed 25 ILJne 20201 Dr Bridget Dolan QC (Risk) Ms Alison Palmer (Appointed 14 December 20201 Mr Jeremy Fletcher IGRC,. Chair of the GRCI (Noml Mrs Henrietta Fudakowski (Ed Coml (Risk) (Noml (Safeguarding Governor) IGSC. Chair of the GSC frc>m lanuèry 20201 Mr Peter Green Mr Gavin Harnilton-oeeley IGRCI (Appointed 14 December 20201 Dom David larmy Mrs Fiona Newton IEd Com) (Safeguarding Governor) (Chair of the GSC from September 20191 IResigned 6 lan 20201 Mrs Helen Parry IGRCI IRi5k. Chair of the Risk Commilleel Participants in the relevant committee are denoted by the following.. GSC- Governor5, Safeguarding Committee Ed Com = Governors, Education Committee GRC = Governors, Resources Committee Risk - Governors, Risk Committee Nom - Governors, Nomination Committee Worth school Annuol Report ond Finoncjal 5totements Year Ended 31 August 2020 Key executive and professional advisers Head Master.. Mr S McPherson Chief Operating Officer and Company Secretarv.. The Rev P Bilton Clerk lo the Governors; Mr G FitZ5imons Bankers.. HSBC. 9 The Boulevard. Crawley. West Su55ex, RHIO IUT Solicitors.. Veale Wasbrough Vizards. Orchard Court. Qrchard Lane, Bristol, BSI SDS Ru55ell-Cooke LLP. 2 Putney Hill. London. SW15 6AB Auditors. Cfowe UK LLP, Riverside House, Maidstone. Kent, ME14 IIH STRUCTURE, GOVERNANCE AND MANAGEMENT Goveming document The School is governed by its Memorandum and Articles of Association, dated l July 2002. These were revised in December 2008. Governing body The Trustees of the Charity are the School's Board of Governors. The President Df the Board of Governors is the Abbot of Worth Abbey who is also the Chairman of the Board of Trustees of Worth Abbey. Appointments to the Board ol Governors are made by the Governors, NominatlDns Committee. The Nominations Committee con515t5 of the Abbot of Worth Abbey, the Chairman of Governors and up to three other Committee mernbers. Trustees are appointed fDr terms of three years which are renewable. Trusteeg who have served for nine or more years are subject to a particularly rigorous review before their term is renewed. This review is designed to ensure that the Board takes account of the need to periodically refresh Itself. The Governors pay particular attention to the need lo ensure a diverse Board. The Board operates with four standing sub-committees, the Governors. Safeguarding Committee, Governors, Resource5 Committee, the Governors, Education Committee and the Governors, Risk Committee. The Governors, Safeguarding Cornmittee has oversight of the School's safeguarding policie5 and practices. The Governors, Resources Committee considers matters concernin8 finance and resources. The Education Committee oveisees 311 aspects of acadernic activity and developrnent, all aspect5 of pupil welfare and pastoral care and a150 oversees the continued application and development of the School's Catholic ethos and mission. The Governors, Risk Committee oversees all matters ol operational risk The Trustees are covered by trustee indemnity Insurance. Worth SchoolAnnuol Report ond Finonciol Sioternents Yeor Ended 31 August 2020 Training of Trustees All new Trustees are Inducted Into the workings ol the School. At their apt>ointment each is given relevant legal, admin15trative and operational information as well as specific guidance on their role as charity Trustees. Training on various governance and safeguarding topics Is provided at Board meetings Individual Governors also attend specific training courses and share the knowledge gained with other Trustees. Organisational management The Trustees meet as 3 Board at least four rimes a year to examine issues ol strategy, policy, finance, risk management and safeguardillg. The Governors, Safeguardine Committee, Governors, Resources Committee and the Governors, Education Committee each tneet three to four liwe5 per year and report to the following Governors. eeting. The Governors, Risk Commitree meets twice a year. The day-to-day running of the School is undertaken by the Senior Leadership Team. Group structure Worth Abbey, charity number 1093913, 15 rhe sole member of Worth School. The School leases it5 buildings and playing fields from Worth Abbey. The Head Master is a member of the Headma5ters' and Headmistresses, Conference I'HMC'I and the School is a member of the Independent Schools, Bursais A550ciation I'ISBA'I, the Boarding Schools Assoc13tion I'BSA'I and the Association ol Governing Bodies of Independent Schools I'AGBIS'I. Worth School a150 SUPPOrts the work of the 'Worth Society, for alumni which rLJns a variety of events and reunion5, as well as organisinÉ networking opportunities and work experience. In March 2020 the decision was taken to merge Worth Society with the School a proce55 that was CDmpleted in April 202 1. Corporate governance and risk management The 8oard Is committed to hi8h standard5 of corporate governance and undertakes a review of its operations after each meeting of the Trustees. The Board is responsible for the Charity's system of internal control and for reviewing its effectiveness. As part of their ongoing discussions. the Governor5 are considerin8 the appropriateness of the existing legal structure of the school. The Governor's Risk Committee undertakes a cyclical review of the risk reportinE and management structures within the School, making some recommendations for changes. It also undertakes detailed reviews of specific risks to satisfy itself that these are both appropriate and well managed. In 2019-20 It carried out a detailed review ol the School's plans lo upgrade its boiler infrastructure and a derailed review of the School's re-openin6 plans in the aftermath of COVID-19. It a150 considered the 5afe8uarding risks P05ed by the Dperational oversisht regimes for Lettings and the Buildings and Maintenance depaitment, and the risks posed by Brexit. The School's oper3rional response to COVID- 19 was subject to ongoing review by the Chair of the Rigk Committee between formal meetin8S. There is an ongoing process for identifying, evaluating and managing the risk5 faced by Worth School. Specific risks are identified by staff, senior leaders and Governors and then rated according to their likelihood and impact. Risks are categDrised according to wherher they are strategic, financial, commercial, charitable, operational, social, environmental or ethical r15ks. Actions that management either 15 taking or can Lake to mitigate risks are then identified and evaluated according to their impact on the risk. Processes are in place to confirm that management take these actions and their effectiveness is reviewed each term and after any Incident. These processes are designed to rllanage rather than eliminare the risk of failure and can Only provide reasonable, not absolute, assurance against the occurrence of any particular event, material rn1551atements 01105s. In addition. the Board has procedures In place to ensure the SchoDI's CDmpliance with the Bribery Act 2010. During the year the Governors commissioned an aLJdit of the School'5 practices under the General Data Protection Regulations IGDPRI from ludicium Education Ltd. The audit was complimentary about the importance the School Worth School Annuol Repori ond Fintsncial statements Yegr Ended 31 August 2020 gives to GDPR. the efforts we take to communlcate with stakeholders about data protection and data protection Structures It made three recommendations for improvement which the School has since implemented. The Board considers safeguarding to be of paramount importance. Two Governors take a lead role on safeguardin& supported by the new Governors. Safe8uarding Committee. The Board receives a report on safeeuarding at every meeting of the lull Board. Our comprehensive recruitment policy aims to discourage and screen out vnsultable applicants. Safegvarding forms a key part of our induction process and all staff and Governors receive an anrsual safeguarding training update. Pay policyfor senior stsff The SchDoI's key management personnel CDmprise the Head Master, the Chief Operating Officer and the Second Master. Arrangements ère in place lor setting the remuneration lor these personnel and the 8oard has taken into consideration benchmark information and market pay for these roles. The 8oard also carries out on annual review of all salaries as part of the budget process. Worth SchoolArtnuGI Report and Finunciol Statements YeGr Ended 31 August 2020 STRATEGIC REPORT AIMS, OBJEcfivES AND PRINCIPAL AcfiviTIES Worth School's objectives, a5 set out in its Memorandum of Association, are as follows". The advancement of the Roman Catholic religion. The advancement of education in accordance with the Benedictine tradition. To support the work of Worth Abbey (charity no.10939131. Strategic aim and intended effect During the year the Governing Body. the Senior Leadership Team and staff of the School have worked together to continue the delivery of our current long-term strategic plan. Our mission statement is as follows.. Worth School welcomes its pupils Into a Christ-centred community to form them in humility for servant leadership in 50cietv. Our valves were updated in 2018-19 to Hurnility.. CelebrGte Others We seek to celebrote other people ond to delight in their achievement5. Silence.. Listen more thon you talk We seek to listen to other people und devote out totol attention to them when we ore in their presence. Worship.. Hove on attitude of grutitude We seek to be thonkfulfor the people oround us and the things they dofor us. Community.. Cho95e cofflmunity Wg seek to build a caring community of people, where we look outfor others. Stewurdship.. Leuve it better th(7n youfound it We seek to toke core of where we work, ond of what is enrrusted to US. SO th(Jt when we pas5 It on it is better thrjn wefound it. Service.. Servg your heart out We seek to go out of our way to help Gnd serve all those we encL7unter. During 2019-20 we held workshops and larger meetings with staff and pupils to deepen our understandin8 of these values and con51der how they can be embedded fully Into all aspects ol khool life. This process will continue into 2020-21. io Worth School Annuol Report ond Financiol Stotemenfs Yeor Ended 31 August 2020 Pupils of a bioad ability range are admitted into the School. The School aims to maximise the progress and achievement of every pupII whi15t ensuring that pupils benefit from involvement with other activities including drama, music. sports and extensive extra-curricular activities. The School'5 Strate8y fDr the success of its educational goals is pivotal to the achievement of its charitable objectives for the advancement ol the Roman Catholic faith and support of rhe work of Worth Abbey. The Senior Leadership Team has adopted èn 3nnu31 development plan which is intended to focus priorities on short- term objectives that form part of the longer-term vision. Objectives for the year The Board's main objectives for the year were.. to work with the Senior Leadership Team and staff to deliver the long-term strategic plan., to support the Senior Leadership Tearn in the development of a focused Catholic curriculurn., to continue working closely with Worth Abbey to further develop the spirilualily of the School.. to provide the School's pupils with continued high standards of pastoral care and academic teaching to enable them to gain entry into their chosen univer51ties,' to deliver the physical facility develDpments needed to offer an excellent educètlon,. to continue to focu5 on the broèder public benefit provided by the SchoDI including financial a55iStance to enable pupils to attend the School through the provision of means-tested bursaries, including the promotion of the St Benedict's Bursarie5, and other financial a5515tance', to work closely with community groups and other charities,. to continue tD review the Estate master plan in conjunction with the Abbey Trustees. Principal activity The school's principal activity durin8 the year was the provision of a boardin8 and day schDoI for 11- to 18-year-old boys and gir15. From March 2020 to lune 2020 the physical school was closed due to the COVID-19 epidemic. From lune we began a programme Df re-openin& and fully re-opened the School in september 2020. The School was also able io provide support, both financial and through its other resources. to the work of Worth Abbey and it5 charitable 3ctivitie5 durin8 the year. Supporting the work of Worth Abbey The School paid rent to Worth Abbey of E828.00012018-19'. £828,000]. It also provides other support through a range of shared back-olfice services and through Sharing in the liturgical life ol the Monastic Community. Lastly. it gifts frDm its surpluses to the Abbey. The COVID-19 pandemic meant that the School did not have sufficient reso(Jrces to make a gift in 2019-2012018-19.. £936,000 was gifted). RESPONSE TO THE CORONAVIRUS PANDEMIC Leadership response The School ha5 tnade extensive use of techno108y during this period to ensure that the Senior Leadership Team. Governors and other committees met frequently and safely. The operational response wa5 led by the Senior Leadership Team while a strategic group, the School Re-opening Task Force ISRTFI, was set up under the Second Master to plan, coordinate and communicate the return to School. The SRTF met on a weekly bas1$ Until the middle of September 2020 when It was superseded by the Coronavirus Critical Incident Management Team, also led by the Second Master. li Worth SchoolAnnLJGI Report and Financial Stotements Yeor Ended 31 August 2020 Operational response Continuity in provision Df le550n5 was a priority and the School launched its online learnin8 resource 'Worth Online. on 23 March 2020. Training and suppori was provided to the teaching staff as they rnastered the new skills requiied to teach online Where pos51ble, co-curricular activities and academic enrichment formed part of the online offering. This offering was well received by parents and students. In lune and July. the School ran a pre-sixth Form programme which was also made available to local state schools at no cost. Wednesday Worship and School Assembly continued In a video format online, as did meetings with parents The Admissions department developed a virtual open day and held interviews online. There were no pupils on campus from the Start ol lockdown lo the end of the academic year, with the exception of a limited opening in lune for small groups ol junior, Year 10 and Year 12 students. This limited opening allowed the School to support the pupils and test its COVID-19 secure procedures ahead of the full re-opening in September. Since the start of the Autumn Term 2020, the School has implemented the measures required to meet Government guidelines includin@ House and Year @roup bubbles, zoning to reduce pupil movement, alld Social distancing protocols. There were timetabling changes to furthei reduce the movement of pupi15 around campus and to allow lunchtirnes to be staggered. Cleaning regimes were enhanced, hand sanitising and cleaning equipment was provided in every classroom and office, windows opened and new procedures Introduced for school drop-off ènd pick-up. COVID-19 related $18na8e was Installed. a5 were physical barriers such as perspex screens where needed. The new requirements were communicated to pupils, parents and staff via briefings, videos and two digital publications (Autumn 2020.. Plonning Aheod and A New Yeor Begins) and continued to be reinforced In meeting5 and newsletters. Risk management The School operates a robust risk management system in normal times under the oversight of the Governors, Risk Committee Isee page 81. In response to COVID-1g, the School produced an org3n15ation-wide risk assessment which detailed the steps the School would take to reduce the risk ol virus transmission. The risk assessment was used in conjunction with the Re-opening Plan to guide the re-opening of the School. Additionally, each department produced its own COVID-19 specific risk assessment with mitigating measures. This work was led by department manaEers with consultation across all staff in the relevant team. REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Academic teaching and pastoral care The School roll in September 2019 was 614 Iseptember 2018.. 6161. This Included 299 boarders and 315 day-pupils, 407 boy5 2nd 207 girls. In September 202D the School opened with 601 pupils. Public exams for the Summer of 2020 were cancelled In March due to the COVID-19 pandemic. They were replaced first by a combination of centre assessed grades and centrally determined 318orithms. The algorithm process for A Leve15 and GCSE5 was abandoned in August and replaced by centre assessed grade5. The School operated a rigourous process In determining its centre assessed grades. International Baccalaureate awards continued to include an element of centrally determined alÉorithms to normalise results across centres and years. In 2020, Worth GCSE results continued to out-perform the national average. 58YD ol all results were grade(J at 7-9. The top grade. 9, was the most commonly awarded grade to Worth pupils, with 22% of all results at this level. This was the second-best set of GCSE results on record for the School12018 havin8 had the best ever results). In the Sixth Form, students completln8 the18 scored an average of 35.4 point5- well above the worldwide averaEe and an improvement on the 2019 results. Our A Level results were the best we have seen since 2011. Just under third of all A Level grades were at A'_A. and just under two thirds were at A'_B. A number of students completed an 12 Worth SchoolAftnuol Report und FinGnciol StGternents YeGr Ended 31 August 2020 EPQ (Extended Project Qualification), researching a variety of topics. All students who completed the EPQ were graded at A, or A. The EPQ is a research-based, supervised project that a student may undertake on any subject that interests him or her, Successful completion counts as half an A Level. The majority of our leavers have secuied places at their first-choice university. One student has a place ai Oxford for Fine Art, another at Cambridge for Land Economy. Three students have places for Medicine at Southampton, Liverpool and University College London,. two leavers gained places for medical training, one lor Oental Surgery at Liverpool, the other for Paramedic Science at 5t George's in London. Our students gained places on a wide ranee of courses, including English. Psychology, Geography, Economics, Chemistry. Accounting, PPE, Engineering, Anthropology, Criminology, Business Management and Marine Bi0108y, among others. A significant number of our students gained places at Russell Group universities, with Exeter being the most popular choice114 this yearl. followed by UCL, Nollingham and King s College London. The School is committed to the all-rounrj development of its pupi15. The School offered gome 120 activitie5, clubs and societie5 plus a lull weekend programme for boarder5. The School is a licensed centre for the Duke of E(Jinburgh's Award. The School also organised a Series of trips, expedition5, sport5 lours and departmental study trip5 in the UK and overseas. The School maintains an outstanding reputation for performing arts. There are 51Xteen musical groups in the School and In addition, many contemporary bands and a Choir. There are three large-scale concerts per teim, most of them in the Abbey Church and open to the public. The Drama depèrtment staged two major productions 'First Light, and a combined Dram3lMusic cabaret. DurifTrg 2019-2020, planning for the move toward5 0fferin8 flexi-boarding in Butler House led to renDVations of Butler and the introduction of day/flexi Year 9 boys In September 2020. This planning will benefit the continued quality of pastoral care for day boys as the numbers of day boys continue to grow. Counselling provision was temporarily extended following the sudden death of a pupil in November 2019 and the general demand for counsellin8 led to an Increase In provision for 2020-2021. St Mary s Middles and St Mary's Sixth are now established 35 two girls, boarding houses in one building with two Housemi5tre55e5 and a550cialed teams, each providin8 care for their own House while working in collaborètion with the other House. Mr Damièn Cummins handed over to Mr Liam Richman in january 2021 as Housem3Ster ol Rutherford House. Mrs Myfanwy Bournon joined the School to replace Mr Richman in Austin, our junior day house. During the Summer Term, as schools were able to re-open partially. a number of pupils in Years 10 and 12 benefited from one day a week on site for two week5 and pupils In Years 7 and 8 were able to have a day's activity on site. This enhanced the pastoral care provided remotely and enabled Mrs Myfanwy Bournon to continue to establish herself as the pastoral lead for the junior pupils Two Housemasters now have Pastoral Leadership Qualification5, which have enriched their approach to Pastoral care, particularly with regard to colleague5, professional development and management of mental health, parental concerns and other challenging issues. Spirituality In 2019-20 the Chaplaincy team at Worth School con515ted 91 three monks working with six youth min15ters (known as the 'Forerunners'l, 35 well as a theology graduate. to provide pastoral accompaniment and outreach within the School for the students and st31f. The Chap13incy provided liturgy for the School and prayers in the Houses a5 well as online worsh Ip during the lockdown period. The Chaplaincy also provided half-day retrea15 for students and successfully promoted retreats and pilgrimages to the SPEC Retreat Centre and Crai@ Lodge 'house of prayerf. It also helped In the School voluntary service programme, providing supervision for Students helping at the Brendc)ncare and Heatherly Cheshire Homes and a shopping service for the elderly. The Chaplaincy coordinated the fundraising efforts in rhe School. Mary's Meals and justice Defenders were the main School charities and 311 the Houses engaged in their own fundra15ing efforts supporting ten other charitie5. Further to th15, the most significant project of the Chaplaincy during this time was the refining of rhe School's Benedictine values and the establishing of the 'culture project,. 13 Worth School Annual Report ond Finonciol Stotements Yeor Ended 31 August 2020 Facilities In l u ne 2019 Worth Abbey received a genefDUS donation of £6 25m from Lord Michael Spencer of Alresford. an alumnus of the School, for the construction and fit out of a new Library and Sixth Form Centre for the 5choDI. DurinE 2019-20 we worked together on the planning and de51gn of this building. Work began on the construction in September 2020 and it 15 planned to complete in the Autumn of 2021. During the Autumn Term of 2019 the School completed a master plan for 115 facilities which included, amongst orher thin8s, excitins plans lor the development of Its sport and science facilities. In Oecember 2019, the Abbey Chapter granted permission for the School to start fundraising for these projects. Inevitably, the outbreak ol COVID-19 has delayed these plans. Public benefit When CDnsidering the School's activities, the Trustees have complied with their duty under section four of the Charities Act 2011 to have due re8ard to the Charity Cornmi55ion'5 general guidance on public benefit. The School has for many year5 offered bursaries to deserving pupils whose parents could not otherwise afford to enable their children to attend the School. including rhe 51 Benedicl's Bursary which offers full fee remission for selected students throughout their time at Worth. The Trustees consider their public benefit work under these broad headings.. 5cholar5hips and bursaries, Work with other schools. work with thE local cornmunity, and work supporting other charitable activities in the UK and overseas. We also report for the second year on green initiatives underway as the School responds to Its environmental responsibility. Scholarships and bursaries During the year, the School continued lo provide scholarships to both academically able and musically talented pupils as well as those with other talents including sports, art and drama. Specific consideration is given to pupils from state primary schools. The School has continLJed with its lon8-terrn policy of increasinE the funds made available for rnean5-te5ted bur5arie5. Entry bursaries are given to a5515t able pupils to come to the School where fin6ncial circumstances would otherwise preclude them from doing so. Specific means-tested awards, called 'The St Benedict'5 Bursa￿, are available for pupils entering the schoo￿ at years 7, 9 and 12. These awards provide up to 100% fLJnding for Christian children from families with limited means. In addition, one or two fully-funded places per year are made available for a CathDlic scholar from Eastern Europe to study in the Sixth Form. The School also provides means-resled hardship bursaries to existing pupils whose families fall into financial difficulty and who would otherwise be unable to remain in the School. It works closely with other educational charities who provide fundin8 for pupils in need. A total of 217 pupi15, 35% of the total.12019.. 236, 38%) benefited from normal fee remission through scholarships, bursaries and other fee assistance in the year. Of these 1012019.. 161 received remission of 90% Of more of the fee. In addition. all pupils received rerni55ion in the Summer Term such that they were not chaiged more than 90% of the day fee while teaching was online. Furthermore, the School provided 25 exceptional hardship grants in the Summer Term to help those particularly impacted by COVID-19. The total value Df fee remissions provided by the School in the year was £3,740,00012019.. £2,202,000). Of this £1.525,000 was due to a rebate provided in response to COVID-19. Worth School is committed to continuing lo provide assistance within the financial constraints of bein8 a charity without significant endowment funds. State schools Worth School ha5 coritinued to develop its relationship with the local primary school at Turners Hill which. before the pandemic, used Worth's facilities every week for art and IT projects. Worth students also volunteer at Turners Hill 14 Worth SchoolAnnuol Report and Finonciol 5taternents Yeor Ended 31 August 2020 primary school. The Forest School programme continued IL5 Outreach with children attending from City Academy Whitehawk in 8ri8hton. During the pandemic, Worth supported Our Lady Quepn ol HLavun Catholic Priinary School in Crawley with various essential sralionery and hoiisphold supplies. Worth was able to supply toilet roll£ and liquid hand 50ap. a5 well as paper. and envelope5 used lo prepare l Sttytements Yeur Ended 31 August 2020 Bursary Fund During the year we raised E25,(X)O lor the Bursary FLJnd from individual donations. Some donations carlle from previou5 donors and other donations were generated through the Annual Fund. Hardship Fund When Governors announced the fee rebate for the 5ufntner Term in light of COVID-19, they also announced that thev were establishing a new Hardship Fund to help support parentslfamilies particularly hard hit by the pandemic. Governors invited parents to donate tD this fund, raising £39.000 in this way. Fundraising standards We are reg15teied w1th the Fundra15ing Regulator in order to demonstrate our commitment to h1gh 913ndards of ethic5 and professionalism and we comply with all the relevant standards set out in the Code of Fundraising Practice. The Head of Development is registered with the Institure of Fundraising. We did not use any third-partv Suppliers to help us raise fund5 over the course of the year. We welcome feedback at any time from our community about our lundraising efforts. This seroes to develop and improve our activities while promoting reflection on our practice. Developing clear feedback channels is part of our ongoing 5trate8y. Contact made with 3ny member of the Worth community with regard to fundrèising is made with careful consideration to ensure each interaction Is fair, reasonable and ethical. All communications are accurate, cknowledee a person's wishes for when and how to be communicated with and give the recipient the opportunity to opt out of future comrnunication5. Content and frequency are carefully monitored. We are working within the guidelines ol the data protection le8islation; our fundraising contact with alumni has been via postal campaigns. Our new online networking platform called 'Worth Connecting. gathers consent preferences upon registration for future email, postal and telephone communications. These consent options can be changed at any time. Oeveloping positive long-term relationships with all rnembers of our community Ljnderpins all we do. During the past year, we have received no complaints about our fundraising activities. We ensure that we operate within the guidelines ol current legislation on data protection to protect our audience, including vulnerable people, from Intrusiong on their privacy We have privacy notices available on our website and these have been shared with our community member5, Wlth inforrnation about how to opt-out from receiving communications at any time. 17 Worth SchoolAnnuul Report ond Fin<7nciol Stoternents Yegr Ended 31 August 2Q2Q FINANCIAL REVIEW AND RESULTS FOR THE YEAR REVIEW OF FINANCIAL ACtIVlTY General attivities The Worth School core surplus is the surplus it makes on Its general activitie5 before any gift from Worth Abbey Projects and any gift to Worth Abbey. The School made a surplus on its core activities for the year ended 3 1 August 2020 of £25,0(X) 12019.. £971,000). This was after all out6oings. including rent paid under the terms of the le3se with Worth Abbey. This surplus 15 Stated alter exceptional Items of £188,00012019.. £49,000). Exceptional item5 are detailed In Note 4c of the financial statements. The main cause of the weaker performance compared to 2019-20 was the COVID-19 pandemic. In response to COVID- 19. and the switch to on-line learning, the Trustees agreed to grant a rebate on fees to day and boarding parents. The total value ol thi5 rebate was £1,525,000. In addition, Trustees made £256.OIX) available for hardship awards to those particularly severely impacted by COVID-19. The School took advantage of the Government's Coronavirus lob Retention Scheme. Between April 2020 and AuEUSt 2020 an average of 120 Staff were furloughed and the School received government grant worth £590,000 The School also made savings in areas like food. sport and electricity estimated at E522,(h)O. Therefore, the net 3dverse impèct ol COVID-19 on the 2019-20 financial performance is an estimated £669,000. Designated activities During the year the School established two (Je5ignated funds to help il plan for future needs. In response to COVID-19, a Hardship Fund was established to help paren15 particularly irnpacted by COVID-19. An Initial £256.000 was made available for this fund of which £209,000 wa5 unused at year end. In addition, when the COVID-19 lee rebate was announced parents were asked to consider donating some or all of this to the School. A total of £39,000 was donated in this way and used in the year. At the 31 Atjgust 2020, the Fund had a closin8 balance of E209,000. Trustees expett this funcl to be used up over the next two year5 to manage the economic impact of COVID-19. Ouring the year, the School cornmissioned a property condition survey from Lambert Smith Hampton. This survey Identified the need to spend E3.7 million over the next five years on maintenance issues. In re5porise a Maintenance Fund was established and E219,000 transferred intD It from general funds. Trustees will add to this a5 funds allow and use it to undertake the identified work. Restricted attivities The School has three restricted funds. rhe lai8e5t is the Bursary Fund which wa5 established to provide long-term support for bursaries. During the year the fund increased by a net of £30.000 from a mixture of donations, dividends. interest and stock market growth. A total of £12,000 was transferred to rhe General Fund to match against bursaries. Al the 31 August 2020 the balance on the fund was £817,000. The Trustees plan to fundraise and build up this fund SD that it can further support the School's full-fee bursary progiamme. The School also has an Annual Fund de51gned to provide smaller items that will enhance the learning experience and School life generally. During 2019-20 the Annual Fund raised £22,000. The School spent £21,000 in the year and transferred a further £3,750 to the general fund to support the depreciation on a capital item In total, the Annual Fund made a deficit of £3,000 due to spending amounts raised in 2018-19. At 31 August 2020 the fund had a balance of £41,000. Lastly, the School has a Sports Fund established to finance new sports facilities. There was no movement on thi5 fund In 2019-20. 18 Worth SchoolAftF)ual Report and Finunciol 5tofemen£s Yeur Ended 31 ALJgust 2020 Financial management policies The Bursary Fund Is largely held as 3 stockmarket investment fund. During the year the School purchased an additional £200,000 of inve5tment5 Wlth cash it had raised. The School has decided thal it will follow the advice of the Abbety5 Investment Committee when deciding on the funds to Invest in. The Chairman of the Board of Governors sits on the Abbey's Investment Committee along with the Abbey Bursar and Abbey Chief Executive Officer. The 8urs3ry Fund is invested in the Charifaith Common Investment Fund ICIFI. managed by BlackRock Investment Management IUKI Limited. This fund was chosen on the basis of the fund's objective of achieving capital growth and a growing level of income and its compliance with an ethical investment policy. The performance of this fund is kept under review by the Abbey s Investment Committee and the School governors. The School lends surplus cash to the Abbey as part ol the Group's tieasury management 3rran8ements. This103n 15 interest free and repayable on demand in line with the School's charitable objective to support the work of Worth Abbey. At 31 August 2020 the School had a cash balance of £2,339,00012019.. £1,381,0(K)l and was owed £5,323,OLKI by the Abbey12019., £6,315,000) Reser¥es policy The Trustees regularly review the level and nature of reserve funds for the School. The Trustees have Identified a need to build up a general fund reserve. They are currer)tly considering the level of reserves that will be needed and have not yet determined the final PDlicy. The corDnavirus pandemic has both heighiened the need for general reserves and made it harder for the Tru5tee5 to add to existing funds. As at 31 Au8ust 2020 the School had £226,00012019.. £201,000) in general reserves. To rneet the particular challenges of COVID-19 and backlog maintenance. the Trustees have chosen to designate £428.000 ol unrestricted fund5 for particular purposes. The School Trvstees are looking to build up the Development Office so that it will raise significant funds for capital improvements and bursaries in the longer term. This activity Is expected to lead to the School having additional restricted feserve5. At 31 August 2020 the School had restrictecj reserves of £869,29312019.. £855,000). Going concern Since the School physically closed for the first time on 20 March 2020, the Trustees have kept the financi31 performance of the School under close review. The Governors, Resources Committee has met nine times in total since March 2020. four times more than would be typical. This inclLJded a full review of the School's financial position in February 202 1 alter the second lo>ckdown began. The full Board has a150 met more times than normal including a review in january 2021 of the operational and financial implications of the second lockdown. Key Trustees have also maintained on8oinE dialogue with rnember5 Of the School's Senior Leadership Team. Cash is managed through a 12- month rolling forecast for the whole Worth Abbey group.. Worth Abbey. Worth School, Worth Abbey Projects Ltd and Worth Abbey Construction Ltd. The Trustees receive regular reports of these forecasts. This heightened level of Dve15ight ha5 allowed the Trustees to piobe and consider a wide range of scenariDS. The School made a small surplus on its underlying activities In 2019-20. It expects to break even in 2020-2 1 and is lorecèsling a surplus in 2021-22. In forming a decision on going concern the Trustees considered two cash flow projections. a base case and a reasonable worse case scenario which projected a further three-month school closure. These lorecastg indicate that the group can expect to meet all its anticipated payment5 from its anticipated inflow5 and existing borrowing facilities for the next 12 month5. As a result of these factors the Trustees consider that the School remains a going concern. 19 Worth school Annual Report Gnd Finonciol Srotements Yetsr Ended 31 August 2020 FUTURE DEVELOPMENTS The School has now re-openecj after 3 second physical closure in the Lent Term OF 2021. The progress of the Government'5 vaccine orogramme gives us cause for cautloug Optimism that future closures will be either avoided or less disruplive. We are also looking forward to the opening of our new Library and Sixth Form Centre in the Autumn of 2021. 20 Worth School Annuul Report and Finonciol 5tafernen£s Ye(7r Ended 31 August 2020 TRUSTEES, RESPONSIBILITIES STATEMENT rhe Trustees Iwho are a150 directors Of Worth School for the purposes of company lawl are responsible foi preparing the Tru5tEes' rpport and the financial staternents in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practicel. Company law requires the Trustees to prepare financial statements for e2ch financial year. Under company law the Trustees must not approve rhe financial statements unless they are satisfied that they give a Irue and fair view of the state ol affairs of the School and of the incoming resources and application of resources, Including the income and expenditure, of the School for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistentlv., observe the methods ènd principles in the Charities SORP.. make judgments and accounting estimates that are reasonable and prudent: state whether applicable UK Accounting Standard5 have been followed. subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern bas1s unless It Is inappropriate to presume that the School will continue in operation. DISCLOSURE OF INFORMATION TO AUDITORS Insofar as each of the Trustees of the Sch(x)l at the date of approval of this report is aware, there is no relevant audit information linforrnation needed by the Charity s auditor in connection with preparing the audit report) of which the Charity'5 auditor is unaware. Each Trusree has lèken all ol the sieps that helshe should have Laken 35 3 Trustee in order to make himself/herself aware of any ielevant audit Information and to establish that the School's auditor 15 aware of that information. AUDITORS Crowe UK LLP have expressed their willingness to continue In office as auditor and a resolution proposing their reappointment will be submitted to the forthcoming Annual General Meeting. This Annual Report, prepared In accordance with the Statement of Recommended Practice.. AccoLJntin8 and Reporting by Charities (effective january 20151, tjnder the Charities Act 2011 and the Companies Act 2006. was approved by the 803rd on 11 May 202 1, including In their capacity as company directors approving the Strategic Report contained therein. and 15 signed as authorised on its behalf bv.. Klr Tirn Pethybridge Chairman 21 Worth School Annuol Report nnd Finonciol Statements Year Ended 31 August 2020 INDEPENDENT AUDITOK'S KEPORTTO THE MEMBEROF WORTH SCHOOL Opinion We have audited the financial statements of Worth School for the year ended 31 ALJgust 2020 which comprise the statement of financial activities, balance sheet, cash flow statement, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framewDrk that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. Including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). This report is made 501ely to the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit WDrk has been undertaken so that we might state to the charitable company'5 mernber5 those matrers we are required ro state to them in an auditor's report and for no other purpose. To the Itjllest extent permirted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company s members as a body, lor our audit work, for this report, or for the opinions we have formed. In our opinion the financial statement5'. give a true and fair view of the State of the charitable companqs affairs a5 at 31 August 2020 and of its incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirernents of the Companie5 Act 2006. Ba515 for opinion We conducte(J 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 respon5ibilitie5 for the audit of the financial statements section of our ieport. We are independent Df the charitable company in accordance with rhe ethical requirement5 that are relev3nt to our audit ol the financial statement5 in the UK, includin8 the FRC'5 Ethical Standard, and we have fulfilled our Dther 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 We have nothin8 to report In respect ol the followin8 matters in relation to which the ISA5 IUKI require u5 to report to you where.. the Trustees, use of the going concern basis of accounting in the preparation of the financial statements Is not appropriate,, or the Trustees have not disclosed in the financial statement5 any identified material uncertainties that may cast $18nificant doubt about the charitable company s ability to continue lo adopt the going concern basis of accountillg for a period of at least twelve months from the date when the financial statements are authorised for Issue. Other information The Trustees are responsible for the other information. The orher information comprises the information inclucjed in the annual report, other than the financi31 statement5 and our auditor's report thereon. Our opinion on the financi31 slalements 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. 22 Worth School Annuol Report and Finoncial Statements Yeor Ended 31 August 2020 In connection with our audit of the financial statements, our responsibility is to read the other inforrnation and, in doin8 so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or Dtherwise appears to be materially mi55tated. If we identify SLJch material inconsistencies or apparent material misstatements, we are required to determine whether there is a rnaterial misstatement In the financial statements or a material mi55tatement of the other information. If. based on the work we have performed. we conclude that there is a material mi5Statement of this Other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit the information given in the Trustees. report, which include5 the directors. report and the 51rategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial st3tements,' and the 5trate8ic repoTt and the directors, report included within the Trustee5' report have been prepared in accordance with applicable legal iequirements. Matters on which we are required to report by exception In li8ht of the knowled8e and under5tandin8 of the charitable company and It5 environment obtained in the course of the audit, we have not identified material m15Statement5 in the strategic repofl or the directors, report included within the Trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinlon". adequate accounting records have not been kept,. or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of Trustees, remuneration specified by law are not made.. or we have not received all the information and explanations we require for our audit Responsibilities of Trustees As explained more fully in the Trustees, responsibilities statement set out on page 22. the Trustees IwhD are also the directors of the charitable company for the purposes of companylawl are respon%ible for the preparation of the lin3ncial Statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation ol financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company'5 ability to continue as a goir)g concern. disclosing, as applicable, matters related to going CDncern and Ljsing the going concern basis of accounting unles5 the Trustee5 either Intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs 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 misstatemenL whether due to fraLJd or error. and to issue an auditor's report that includes our opinion. ReasDnable assurance is 3 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. 23 Worth SchoolAnnuol Report ond Finoncit71 Sttstements Yetyr Ended 31 August 2020 Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements, A further description of our respon5ibilitie5 for the audit of the financial statements is located on the Financial Reportin8 Council's website at.. www frc.or auditor's report. .uk auditorsres onsibilities. Thls description forms part of our lan Weekes Senior Statutory Auditor For and on behalf of Crowe UK LLP Statutory Auditor Riverside klouse 40-46 High Street Maidstone Kent ME14 IJH Date.. 26 May 2021 24 Worth SchoolAnnuol Report ond Financial Stotements Yeur Ended 31 August 2020 WORTH SCHOOL STATEMENT OF FINANCtAL ACTIVITIES INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT.. YEAR ENDED 31 AUGUST 2020 Unr&stricted funds General Designated Restricted Notes Total 2U20 rotol 2019 funds INCOMING RESOURCES Voluntary income Donations. gifts and legacies Income from charIts￿e aCt￿ltIeS Advancement of education 3b Income from raisin8 funds Investment income 3a 38,607 46,682 85.289 402,590 14,6D8,766 14,608,766 15.354,825 21,996 21,996 611,303 13,447 11,017 Other 3d 611,303 TOTAL INCOMING RESOURCES 15.220,069 38,607 68,678 15,327,354 15,781,879 RESOURCES EXPENDED Cost of raising funds Net incoming resources available fc¢ charitable 4b 276,663 2,891 279.554 113,433 14,943,406 38,607 65.787 15.047,800 15.668,446 appllcatlon Charitable activities Advancefflent of education Support of Worth Abbev TOTAL RESOURCES EXPENDED 4b 4b 14,506,776 38,607 21.397 14,566,780 14,326,260 935,805 14.783.439 38.607 24.288 14,846,334 15,375,498 Net Incoming resources before transfers and revaluations Transfers between funds NET INCOME FOR THE YEAR Unrealised loss on investment assets 436,630 44,390 481,020 406,381 1411,5721 25.058 427,607 427.607 116,0351 28,355 481,020 406,381 113,574 113,5741 12,019 NET MOVEMENT IN FUNDS INCLUDING INCOME FOR ThE YEAR At I September 2019 At 31 August 2020 2S,058 427,607 14,781 467,446 418.400 200,587 225.645 854,692 869.473 1,055,279 636,879 1.522,725 1,055,279 12 427,607 The note5 on pages 28 to 50 form part of these financlal statements. 25 Worth School Anntjol Report rJnd FinGnciol Statements Yeor Ended 31 August 2020 WORTH SCHOOL BALANCE SHEET 31 AUGUST 2020 Notes 2020 2019 FIXED A￿ET5 Tangible fixed assets 317,876 263,380 Investments 459 331 960,741 722, 711 CURRENT A55ETS Stock Debtors Cash at bank and in hand 63.166 5,831.400 2,339,421 8,233,987 85.960 6,655,574 1,381,181 8,122,715 CREDITORS.. Amounts falling due within one year 15.199,7931 (5,130,003J NE[ CURRENT ASSEtS 3.034,194 2,992. 712 TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS.. Amounts falling due alter more than one year 3,994,935 3 715,423 io 12,472,210) 12,660, 144) TOTAL AsS￿s 1,522,725 1.055,279 FUNDS Restricted funds 13 869,473 427,607 225,645 1,522,725 854,692 Desi8nated funds General funds 13 13 2ffl,587 1.055.279 TOTAL FUNDS 13 The financial statements were approved by the Trustee5 and authorised for i55ue on 11 May 2021, and signed on their behalf by Mr Tim Pethybridge Chairman Mr Jeremy Fletcher Trusree The notes on pa8es 28 to 50 form part of these financlal statemenls. 26 Worth SchoolAnnuol Report and Fin(Jnciul Statements Ye(Jr Ended 31 August 2020 WORTH SCHOOL CASH FLOW STATEMENT YEAR ENDED 31 AUGUST 2020 Notes 2020 2019 RECONCILIATION OF OPERATING RESULTTO NE[ INFLOWIIOUTFLOWI FROM OPERATING ACTIVITIES Net income lor the year 481,020 Returns on investment and 21,996 the servicing of finance Investment management fees Depreciation Decrease in stock Oecrease in debtors Increase/lDecrea5el in creditors 406,381 13,447 3c 4b 2,891 127,870 22,794 824,174 1102,7041 115.565 8,532 534. 722 739,808 NETCA5H INFLOW FROM OPERAnNG AcnviTIES 1,378,041 1.821,555 C45H FLOW STATEMENT Net cash Inflow from operatin8 activities Returns on investment and the servicing of finance Purchase of tangible fixed assets 1,378,041 1.821,555 3c 121,9961 113,447) 1182,3661 1200.0001 f108.019J {450,312J Ilncreasel in investments Net cash used in investment activities Increaselloecreasel in parent's acceptance deposits Change in cash and cash equlvalents for the yèar Cash and cash equivalents brought forward Cash and cash equivalents carrled forward 1404,3621 1571778) li 115.4391 10,335 958.240 1.260.112 1,381,181 121,069 2,339,421 1,381.181 The notes on pages 28 to SO form part of these financial statements. 27 Worth SchoolAnnuol Report und Finonciol Statements Year Ended 31 August 2020 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2020 I. ACCOUNTING POUCIES al Company information Worth School 15 a company limited by guarantee incorporated in England and W31es Icompany registration number 4476558 and charity number 10939141. The principal activity is th3t of an independent 5Ehool. Its re8lStered addre55 is at'.- Paddockhurst Road Turner5 Hill West Sussex RHIO 4SD bl Basis of preparation of financial statement5 The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Repoiting Standard applicable In the UK and Republic of Ireland IFRS 1021 leffective l January 20151- Icharities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Worth School meet5 the definition of a public benetit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated In the relevant accounting policy. The Trustees consider thar the 8oin8 concern basis of preparation remains appropriate as the forward financial projectlDns suggest surpluses in future years. The forward cash projections of the School show that it will generate sufficient cash to meet its needs and gift and lend sums to the Abbey. WDrth Abbey a5 the 501e member of Worth School h35 undertaken to provide appropriate financial resources to the School for the foreseeable future. Company status The Charity is a CDmpany limited by guarantee. The member of the company is Worth Abbey. In the event of the Charitv being wound up, the liability in respect of the guarantee Is limited to £1 per mernber ol the Charity. d) Incoming resources Fees receivable and charges for services and use of premises are accounted lor In the period In which the service is provided. Fees receivable are stated after deducting Scholarships, bursaries and other allowances. Interest income 15 accounted for on a receivable basis. Extras are now stated gros5 of expenses. Previously they were stated net and the 2018-19 comparatives have been restated to reflect th15 change This change has incre35ed both Tot31 Incoming Resource5 and Total Resources Expended for the year lo 31 August 2019 by £284,689. 28 Worth 5choolAnnual Reporr and Finijnciolstatements Yeoi Ended 31 August 2020 NOTES TO THE FINANCtAL STATEMENTS e) Grants Grants receivable are reC￿niSed when received. f) Gifts in kind The value5 attributed to eilts in kind are either the amounts actually realised or an estimate of their value. They are recognised as Incoming resources when received, Resources expended All resources expended are accounted for on an accruals bas15 3nd are detailed under the folSowin@ headings-. Ctssts of raising fund5 This includes non-charitable trading activities together with their related support costs Charitable expenditure This include5 that expenditure incurred directly in connection with the objects of the charity and includes the cost of services, management and support cosis Expenditure is summarised under functional headings either on a direcr cost basis or, for overhead costs, apportioned 3CtordinE to management estimates of expendilure Incurred. The irrecoverable element of VAT is included with the item of expense to which it relates. h) Tangible f ixed assets and depreciation Items costing le5S than £2.$00 are written off as an expense as acouired. Depreciation is provided on all tangible fixed 355et5, at rates calculated to write off the original cost on a straight line basis over their expected useful economic life as follows.. Motor vehicles Computer equipment Sports Equipment Fixtures and fittings Plant and machinerv over 4 years over 4 years over 4 years over 5 year5 between 4 and 7 years Stock Stocks are valued at the lower of cost and net realisable value. Debtors Trade and other debtors are recognised at the settlement arnount after any trade discount offered. Prepayment5 are valued ai the amount prepaid net ol any trade discounts due. Known bad debts are written off and provision 15 made for any considered to be doubtful. kl Cash at bank and in hand Cash at bank and in hand Includes cash and short terrn highly liquid investments with a short maturity of three months or less from the date ol acquisition or Dpening of the deposit or similar account. 29 Worth SchoolAnnual Report and Finonciolstotements Yeor End8d31 August 2020 NOTES TO THE FINANCtAL STATEMENTS Liabilities and provisions Liabilitie5 are recognised when there is an oblieation at the Balance sheet date 3S 3 result of a past event, il Is probable that a transfer of economic benefit will be required in settlement, and the amc>unt of the settlement can be estimated reliably. Liabilities are recognised ar the amount that the company alltlClP3te5 It will pay to settle the debt or the amount it hès received as advanced payments for the good5 or services it musl provide. Provisions are measured at the best esiimate ol rhe amounts required to settle the obligation. Where the effect of the time value of money Is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the r15k5 Specific to the liability. The unwinding ol the discount Is recogni5ed within interest payable and similar charges. Fee5 received in advance are carried forward for credit in the period to which they relate. Financial instruments The SchDDI only enters into basic financial instruments transactions that result in the recognition of financial a55ets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans tD relared parties and inve5tment5 in unit trusts. Pensions The Teèchers, Pension Scheme ITPSI Is an unlunded scheme and contributions are calculaied $0 as tts spread the cost of pensions over employees, working lives with the School in such a way that the pension cost is a substanrially level percentage of current and future pensionable payroll. The contribution5 are determined by the Government Actuary on the basis of quinouennial valu3tlOn5 U51ng a prospective benefit method. As stated in note 19, thp TPS is a multi- ernployer Scheme and the School 15 unable to identify irs share ol ihe underlying asset5 and liabilitie5 of the scheme on a consistent and reasonable basis. rhe TPS Is therefore treated as a defined contribution scheme and rhe contribution5 recognised as they are paid each year. The School also contributes to a Worth Abbey Group Personal Pension Plan for non-teaching staff who have more than three months service. at a rare of 8% of annual basic pay, and these costs are accrued accordinglv. Operating lease5 Ihe rentals payable under operatinE leases are charged in the Statement of Financial Activities as incurred over the lease rerm. pl Leasing and hire purchase Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of rhe lease lerm and their useful lives. Asset5 acquired by hire purchase are depreciaied over their useful live5. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the charity. Obligations under such agreements are Included in creditors net of the finènce charge allocated to future period5. The finance element of the rental payrnent Is charged to the statement of financial activiries so as to produce a constant, periodic rate of charge on the net obligation outstanding in each period. 30 Worth SchoolAnnuol Report ond Finonciol Siotement5 Yeor Ended 31 August 2020 NOTES TO THE FINANCtAL STATEMENTS ql Acceptance deposits When a pupil is accepted into the School, parents are fequired to pay an acceptance deposit which 15 refunded, wilhout interest. after the pupil leaves the School. Fee prepayments Fee prepayments are included within creditors and a8ed accordin8 to the expected year of release assuming that the pupil remains in the School. Fund accounting Unrest¥icted funds are available to spend on activities that further any of the purposes of the Charity. Unrestricted funds consist of designated funds that the trustees have assigned for a particular purpose and general funds. Restrirted funds 3re funds subject to specific restrictive conditions imposed by donors or by the purpose of the appeal. The purpose and use of the restricted funds is set out in note 12 to the financial statements. All income and expenditure is shown in the Statement Df Financial Activities. Critical accounting estimates and areas of judgement The School rnake5 e5timate5 and assumption5 concernin8 the future. The resulting accounting estimate5 and assumptlDns will, by definition, seldom equal the related actual results. The estimates and assumptions ihat have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial vear are discussed below. Tangible fixed assets.. Ihe Trustees annually assess both the residual value of these assets and the expected useful life of such assets bèse(l on expeiience. Recoverability of trade debtors.. the Trustees annually assess whether a bad debt provision is required lor any bad or doubtful debtor balances. 31 Worth SchoolAnnuol Report and Finonciol Stotements Yeor Ended 31 August 2020 NOTES TO THE FINANCtAL STATEMENTS Income & Expenditure account: Year ended 31 August 2019 RostflCTcd fuiidfi ToTril 2019 Donations. gifts and legacies Advancement of education Investment income 165.805 15.354.825 236,785 402.590 15,354.825 13,447 ii.oi? 3b 13.447 Other TOTAL INCOMING RESOURCES 3d 11.017 15.531,647 250,232 15.781.879 C05t of rai51n8 funds Net incomin8 re50urce5 available for charitable applicatlon Charltsble actlvltSes Advancement of education Support of Worth Abbey TOTAL RESOURCES EXPENDED 4b 110,433 3,000 113,433 15.421.214 247.232 15.668.446 4b 14.286.072 935.805 40.188 14.326,260 935.805 4b 15,332,310 43,188 15,375,498 Net incoming reSoUr￿S bef￿e transfers and aluations Transfers between funds NET INCOME FOR ThE YEAR Unrealised gain on investrnent assets NET MOVEMENT IN FUNDS INCLUDING NET INCOME FOR THE YEAR At I September 2018 At 31 August 2019 199,337 207,044 406.381 1,250 200,587 11.2501 205,794 406,381 12,019 12,019 200,587 217.813 418.400 636,879 854,692 636,879 1.055.279 200,587 32 Worth SchoolAnnuol Report rjnd Fintsnciol Stotefflents Yerjr Ended 31 August 2020 NOTES TO THE FINANCtAL STATEMENTS INCOME 3a. Donations, gifts and legacies Restricted Designated funds Toial 8ursary Fund Annual Fund Sports 2020 Gifts from other members of the Worth Abbey Group Gifts & donations from others Gift aid tax reclaimed 24.728 21.954 38,607 85,289 Total 24.728 21,594 38,ff￿7 85,289 Prioryear Unrestricted Restricted Designated Fund5 Bursarv Fund Annual Sports 2019 Fund Gifts from other members of the Worth Abbey Group Gifts & donations from others Gift aid tax reclaimed 165.805 1,577 167,382 152,287 78,256 230,543 4,665 2,163 2,502 Total 165,805 153,864 80,419 2,502 402,590 33 Worth SchoolAnnuol Report und Financiolstotefflenis Ye(Fr Ended 31 August 2020 NOTES TO THE FINANCtAL STATEMENTS 3b. Income from the advancement of education ?o?o Fee income for the year 17,160,067 16.451.050 Release of fee prepayrnents 598,017 527,064 Extras 489,867 411,139 Entrance fees 62.482 67,783 18,310,433 17,557,036 LESS.. AIIDwances and remissions.. Scholarships granted Full fee bursaries Fee rebate5 1,352.423 308,614 1.525,331 1,150,095 578,538 Other bursaries and remissions 515,299 473,578 3,701,667 2,202,211 14.608.766 15,354,825 3c. Investment income Restr5Cted Bursary Funds 2020 2U19 Investment Income from listed securities 20,553 20,553 11,974 Bank interest receivable 1,443 1,443 1,173 Total 21,996 21,996 13,447 34 Worth 5choolAnnuol Report and Finonci(31Statements Yeor Ended 31 Augu512020 NOTES TO THE FINANCIAL STATEMENTS 3d. Other Income 2023 2019 Government furlough grant 590.144 Other income 21,159 11,019 611,303 11,019 4. EXPENDrruRE 4a. Expenditure - staff costs 2020 2C)19 Employment costs Include: Wages and salaries 7.5C)7,849 7,619,162 Social security costs 683,314 707,916 Pension contributions 1,128,040 881,819 9,319,202 9,208,897 The average number of ernployees In the year was.. 2020 2019 Number Number Teachin8 & teaching Support 106 Welfare 52 51 Premises 30 30 Support 59 61 247 250 35 Worrh SchoolAnnuol Report ond Finonciolstutements Yeor Ended 31 ALJgust 2L)20 NOTES TO THE FINANCtAL STATEMENTS 4a. Expenditure - staff costs (Continued) The number of employees whose ernolumenls exceeded £60,0(h) were.. 2020 2019 Number Number £60,000 £70,QKK) 19 17 E70,001 £so,000 E80,001 £90.OOD E90,001 £100,000 £iOO,OOi- £iiO,O(K) £110,001 - £120,OLK) £120,001- £130,0 £130,001- £140,OtX) E140,001- £lSO,OtK) E150,001- £160,000 £160,001- £170,000 Thirty-three of the above were members of a defined benefit pension scheme. Total pension contribulions payable for these efflployees amounted to £334,03212019.. £336,332) in the year. Four of the above were Members of a defined contribution pension scheme. Total pension contributions payable for these employees amDuntecl to £25,01712019.. £15,620) in the year. The key management personnel (Senior Leadership Team) received total remuneration for the yea¥ of £334.03212018.. £363.3331. 36 Worth SchoolAnnuGI Report ond Finonciol 5totefflent5 Ye(Fr Ended 31 August 2020 NOTES TO THE FINANCtAL STATEMENTS 4b Expenditure - analysis of total resour￿5 expended Staff cost5 Other Depreciation Toral ?O?O Cost of generating funds Marketin8 Costs 176,230 100,058 375 276,663 Irivestment 2.891 2,891 management fees 176,230 102,949 375 279,554 School operating costs Teaching costs 5,689,625 863.357 11,687 6,564,669 Welfare costs 958.181 738.385 24.730 1.721,296 Premises 621.046 2,788,297 33.070 3,442,413 Support CDSts 1.874,120 846,270 58,008 2.778,398 Restricted expenditure 33,681 33,681 9,142,972 5,269,9 127,495 14,540.457 Total 9,319.202 5,372,939 127,870 14,820.011 37 Worth 5choolAnnuul Report und finonciol Statements Yeor Ended 31 Augu512020 NOTES TO THE FINANCIAL STATEMENTS Prior year staff costs Other Depreciation Tot312019 Cost of 8eneratin8funds Marketing costs 103,019 7.414 110.433 Investment 3,ffl0 3.￿0 management fees 103.019 10,414 113.433 School operating costs Teaching costs 5,505,988 1,082,868 2,157 6,591,013 Welfare costs 978.464 1.029,113 16,429 2.024,006 Premises 856,530 2.342,679 96,981 3,296,190 Support costs 1,764,896 609,967 2,374,863 Restricted expenditure 40,188 40,188 9,105,878 5,104,815 115,567 14,326,260 Support of Worth Abbey 935.8D5 935.8C>S Total 9,208.897 6,051,034 115.567 15,375,498 38 Worth SchoolAnnuol Report Finunciul Stotements Yectr Ended 31 Aug4JSt 2020 NOTES TO THE FINANCtAL STATEMENTS 4c. Expenditure - other disclosures Total resour￿5 expended are stated after charging: 2020 2019 Auditors, remuneratlon= Audit Fee5 Professional advice 10,412 10,695 7,304 10,412 17.999 Oepreciatlon of tsngible fixed a5sets.' owned by the charitable company 127,870 115,565 Operating leases.. land and building 828,276 820,080 -other 305,379 106,564 1.133,655 925,644 Costs of an unusual or exceptional nature.. Costs associated with providing evidence for the Independent Inquiry into ChilLI Sexual Abuse 17.0461 49,047 Costs associated with examining the appropriateness of the School'5 existing legal structures 113,653 Costs associated with implementing the School's 10-ye3r plan 80.912 187,519 49,047 39 Worth SchoolAnnual Report and Finonciol Stotements Yeur Ended 31 August 2020 NOTES TO THE FINANCIAL STATEMENTS 5.TANG18LE ASSErs Motor Vehicles Plant and Machinery Fixture5 & Fittings Computer Equipt Sports Assets Equipt under construttn Total COST At 01 Sep 19 178.926 1,060,387 165,348 518,415 60.318 1,983,394 AdditlDns 114,619 54,298 13,449 182,366 At 31 Aug 20 178,926 1,060,387 279,967 518,415 114,616 13,449 2,165,760 DEPRECIATION At Cll Sep 19 108,170 l.OlQ.780 50,439 5LK),020 50,605 1,720,014 Charge fDr the vear 25,480 44,073 33.070 10.578 14.669 127,870 At31 Aug 20 133.650 1.054,853 83,509 510,598 6S.274 1.847,884 Net bookvalue At31Au@20 45,276 5,534 196,458 7,817 49,342 13,449 317,876 At31 Aug19 7Q, 756 49.607 114,909 18,395 9.713 263,380 40 Woith 5choolAnnuol Report fjnd FinGnciol Stotements Yeor Ended 31 August 2020 NOTES TO THE FINANCtAL STATEMENTS Prlor Year Motor Vehicles Plant and Machinery Fixtures & Fittings CompLJter Equipt Sports Equipt Total COST Al 01 Sep IS 91,741 1.052,502 165,348 517.336 48,448 1,875,375 Additions 87,185 7,885 1.079 11,870 108,019 At 31 Aug 19 178,926 1,060.387 165,348 518,41S 60,318 1,983,394 DEPRECIATION At 01 Sep 18 91,741 960,791 17,370 486.098 48,448 1,604,448 Charge for the year 16.429 49,989 33,069 13,922 2.157 115,566 At 31 AUE 19 108,170 1,010.780 50.439 500,020 50,605 1.720.014 Net book value At 31 Au8 19 70.756 49.607 114,909 18,395 9,713 263,380 At 31 Aug 18 91,712 147,978 31,238 270,928 41 Worth SchoolAnnuol Report ond FinuncialSÈGtements Yeor Ended 31 AugUSt 202Q NOTES TO THE FINANCIAL STATEMENTS 6. Investments Listed restricted investrnents 2020 2019 Al I September 2019 459,331 Inve5tment5 made in the year 200,000 450.312 Management fee 12,8911 13,0001 Unrealised investment gain/llossl 113,5741 12,019 Market value at 31 August 2020 642,865 459,331 7. STOCK 2Q)20 2019 General Stores 63,166 85,960 The difference between purchase price or production cost of 5tock5 and their replacernent cost 15 not material. 42 Worth SchoolAnnuGI Report and FinonciulStutement5 Yeor Ended 31 Augu5r 2020 NOTES TO THE FINANCIAL STATEMENTS 8. DEBTORS 2020 2019 School fees and extras less bad debt provision 178,601 131,552 Arnounts owed by group companies 5,323,190 6.314,990 Other debtors 117,792 11,588 Prepayments and accrued income 211,817 197,444 5,831,41 6.655,574 Amounts owed by group companie5 are lent interest free and repayable on demand. CREDITORS: amounts falling due within one year 2020 2019 Fee prepayments 606.821 583.037 Acceptance deposits 515,613 589.381 School lees and extra5 received in advance 2,389,336 2.958,Q87 Trade creditors 456.750 102,342 Other taxe5 and social security costs 168,120 183.504 Clubs and Societies 2.659 7.385 Other creditors 246.797 206.438 Accruals 813,697 500,839 5,199,793 5,130,003 43 Worth 5choolAnnual Report ond FinonciGIStutements Yeor Ended 31 August 2020 NOTES TO THE FINANCIAL STATEMENTS 10. CREDITORS.. amounts falling due after more than one year 2020 2019 Fee prepayments Inotel 11 402,586 575,080 Acceptance deposit5 (note 111 2,069,624 2,085,064 2,472,210 2,660.144 11. PARENTS, DEPOSITS AND FEE PRE-PAYMENTS 2020 2019 Fee prepayments 1,009,407 1,157,117 Less.. amotjnt to be released within one year 1606,82 11 (582,037) On account of fees falling due after more than one year 402.586 575,080 Acceptance deposits 2,585,237 2.674,445 Le55 amounts due to be repaid in September 1515.6131 1589,381) Ac￿ptan0 deposits and fee prepayments falling due after more than one year at 31 August 2,472,210 2,660.144 Fee prepayments on account of fEEs falling due after more than one year are aged on the assumption that the pupil remains in the School until the Pfepayment is exhausted. 44 Worth SchoolAnntJcJl Report ond Financia15tatements Yeor Ended 31 AugL45t 2020 NOTES TO THE FINANCIAL STATEMENTS 12. NET MOVEMENT IN FUNDS General funds Forthe year ending 31 Au8U5t 2020 Atl September 2019 At31 August 2020 Incomin8 resources Resources expended Tran5fer5 General funds 2¢J),587 15.181.462 114,783,439) 1372,9651 225.645 Prioryear Atl September 2018 At31 Au8USt 2019 Incoming resources Resources expended Transfers General funds 15,246,958 115.047,6211 1,250 200,587 b. Designatsd funds For the year ending 31 August 2020 Atol September 2019 At31 August 2020 Incomin8 res(yJrces Resources expended Un￿alIsed Irwestment Galn Transfers Hardship Fund Maintenance Fund 38,607 138,6071 208.607 219,(KK) 208,607 219.000 38.607 138.6071 427,fA17 427,607 45 Worth SchoolAnnuol Report and FinoncialStGtements Yeor Ended 31 August 2020 NOTES TO THE FINANCIAL STATEMENTS There were no designated funds prior to I September 2019. Hardship Fund.. The Hardship Fund wa5 e5tabli5hed during 2D19-20 to a55i5t familie5 who are economically negatively affected by COVID-19. Maintenance Fund.. This fund was established durinÉ 2019-20 to provide hJndin@ for essential maintenance that was identified following a building condition survey. c. Restricted funds For the ￿ar ending 31 August 2020 Atol September 2019 At31 August 2020 Restricted Funds Incoming re50ur Resources expended Unrealised Inve5trnent Gain Transfers Bursary Fund Annual Fund Sports FatilitiÈs 798,784 43,756 12,151 46,724 21,954 12,8911 121,3961 113,5741 112,2851 13.7501 816,758 40.564 12,151 854,691 68.678 124,2871 113,5741 116,0351 869.473 Prlor year Atol September 2018 At31 Au8USt 2019 Incoming re50urce5 Resources expended Unreallsed Investment Galn Transfers Bursary Fund Annual Fund Sports Facilities 618,392 169.473 78,256 2.502 ii.iooi 133,2501 18,8381 12,019 798,784 43,756 12,151 11.2501 18,487 636,879 250.231 143,1881 12,019 11,2501 854,691 46 Worth SchoolAnnu(Jl Report and FinunciolStatement5 Year Ended 31 August 2020 NOTES TO THE FINANCIAL STATEMENTS 8ursary Fund: The Buisary Fund was transferred from Worth Abbey in August 2018. The fund 15 represented by cash and investment. Trustees are aiming to increase this fund and use the income to 5UPPOlt their bursaries. Transfers out of this fund relate to the utilisation of the balance in support of bursaries part funded from general funds. Annual Fund The Annual Fund was set up to provide curriculum-enhancing resources across the School. Transfer5 Out of this fund relate to the utilisation of the balance in support of depreciation on assets part funded frorn general funds. Sports Facilities.. This Fund wa5 e5tabli5hed to a5515t W￿t￿ funding for new sports facilities includir)g a 3G pitch on which early design work has commenced. 13. ANALYSIS OF ASSETS BThEEN FUNDS At 31 August 2020 Net current aS5etsl Tanglble Investments fixed assets Long temi Total Restrfcted fvnd5 Bursary Fund Annual Fund Sports Facilities 642,865 173.893 40,564 12,151 816,758 40,564 12,151 642,865 226,608 869,473 Designated funds Hardship Fund Maintenance Fund 208,607 219.0(K) 208,607 219,000 427.607 427,607 General funds 317,876 2,379,979 12.472,2101 225,645 Total ￿SeNe5 317,876 642,865 3,034.194 12,472,210) L522.725 47 Worth SchoolAnnuol Report und Flnancialslutements Yeor Ended 31 August 2020 NOTES TO THE FINANCIAL STATEMENTS At 31 August 2019 Net cUr￿nt assets/ Long frrrn Tangible Investments fixed assets Total Restricted funds Bursary Fund Annual Fund Sports Facilities 459,331 339,454 43,756 12,151 798,785 43,756 12,151 459,331 395,361 8S4,692 General funds 263.380 2,597,351 12,660,144) 200,587 Total reserves 263,380 459,331 2,992,712 12,560,144) 1.055,279 14.ANALYSIS OF CHANGES IN NET DEBT Ai 31 August 2019 Net Cash Flow At31 August 2020 Cash in hand and at bank Debt due after one year: Acceptance deposits 1.381.181 958,240 2,339,421 12,085,063) 15,348 12,069,625] Net debt 1703.8821 973.678 1269,7961 Prioryear At 31 August 2018 Net Cash Flow Atil August 2019 Cash in hand and at bank Debt due after Dne year.. Acceptance deposits 121,069 1,260,112 1.381.181 12,074,729) 110,3341 {2,085,063J Net debt 11,953,6601 1,249,778 f703,882J 48 Worth SchoolAnnuol Report and Finoncio1Sitstements Yeor Ended 31 Augusr 2020 NOTES TO THE FINANCtAL STATEMENTS 15. OPERATING LEASE COMMITMENTS Commitments under operating leases to make payments are analysed below by the expiry date ol the leases concerned. Land & buildin85 Oiher 2020 2020 201a 2019 Underl year 828.276 110,692 828,820 5,663 Between 2 ènd 5 year5 194,687 100,342 828,276 305.379 828,820 106,005 16. FINANCIAL INSTRUMENTS 2020 2019 Financial assets measured at amortised cost 2,635.815 1,524,321 Financièl liabilities measured ai 3mDrti%ed cost 7,762,OD3 7, 790,148 Financial a55ets measured at amortised c05t comprise cash at bank, trade debtors and other debtors. Flnancial liabilities measured at amortised CDSt comprise bank loans. trade creditors, other creditors and accruals. 17. ULTIMATE CONTROLLING PARTY Worth Abbey Iregistefed charity number 1093913, registered company number 44755561 is the 501e member and controlling party of Worth School. A copy of rhe group accounts can be obtained from the Company Secretary, Worth Abbey, Paddockhtjrst Road, Turners Hill, West Sussex, RHIO 4SB. 18. RELATED PARTY TRANSACTIONS Trustees received a total of £179 for fc>od and travel expenditure incurred whilst travellin& on School busiNess12019'. £861. Trustee Indemnity insurance is included in the School's insurance policy at no extra cost and covers those mermbers of the Board serving as Trustees. There Is a process at each Board meeting for the Trustees to declare any hospltalitv and gifts that Tustees receive as a result of their role as trustees. During 2019-20 no gift5 or hospitality were declared by Trustees. 49 Worth SchoolAnnuJl Report ond Finoncitslstotements Yeor Ended 31 ALJgust 2020 NOTES TO THE FINANCIAL STATEMENTS The School enters into transactions with parent Governors. These transactions occur on an arm's length ba51S Wlth independent COn5idefatiDn of any bur5arie5 and scholarships which may arise. The Worth Abbey Group operates in such a way thar goods and services are often bc>ughr by one entity on behalf of anoiher and then pa55ed on at cost. As a result, during the year the School transacted with Worih Abbey, its parent, Worth Abbey Construction Limited and Worth Abbey Projects Ltd. fellow 5ubsidiories. Under these arrangement5, Worth School received goods and services from Worth Abbey valued at £2,798,18212019.. £2,077,400) in the year and passed goods and services to Worth Abbey valued at £776,637 in the ye3r12019.. £441,181). Furthermore, goods and seryices valued al E48.17312019'. £207,440) were transfer¥ed to Worth Abbey Projects Ltd and goods and services valued at £0 12019.. £131 were transferred to Worth Abbey Construction Ltd. In addition to these transactions. Worth School leased 13nd and buildings frorn Worth Abbey for E828,276 12019.. £828,820) which Is considered to be an approximation of the market rent. Worth School also purchased goods and services from Worth Abbey Projecis Ltd to the value of £94,80812019.. £13,D811 on a basis that is equivalent to that paid by other customers ol Worth Abbey Projects Ltd. During the year Worrh School received a payment frorn Worth Abbey Projects of EO12019.. E165,80SI under a deed of covenant. It also made a gift to Worth Abbey of £012019.. E935,8051. As at the year end, £5,323,190 was owed from Worth Abbev12019.' £6,314,990), 19. PENSION COMMITMENTS The School participates in the Teachers, Pension Scheme IEn8land and Walesl 1.the TPS~I for its teaching staff. The pension charge for the year include5 contributions payable to the TPS of £900.57712019.. £663,47013nd at rhe year- end £110.57212019'. E87.7301 was accrued In respect of contributions to this scheme. The TPS is an unfunded multi-employer defined beNetit5 pension scheme governed by the Teachers, Pensions RegulatlOn5 2010 and, from I September 2019, the Teachers, Pension scheme IAmen(Jmentl Regulations 2019. Members contribute on 3 'pay as you go, basis with contributlDns frorn 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 15 set following scheme valuativns unde1'tak'èi) by tl)Y Gov¥i'i)i)'i¥i li Aituai'Y'S Department. The latest valuation report In respect of the TPS wa5 prepared as at 31 March 2016 and was published in April 2019. The ernployer cor)tribution was increased from 16.48% to 23.68% effective from I September 2019. The charity also make5 defined colltribution5 to a group personal pension scheme for its non-teaching staff. Contributions to this scheme in the year amounted to £227,46312019.' £218,349). 50 Worth 5choolAnnuol Report ond FinrJnciGIStrJterTrents Year Ended 31 August 2020