ChaTIty Rogl8tratlon No. 1103522 Company Registratlon No. 05091977 (England and W•lMI THE CATHEDRAL SCHOOL LIMITED DIRECTORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023 THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED CONTENTS Pag• Company information Directors. report (incorporating the Strategic report) Independent auditors, report Flnandal statements of the compary 2-15 16-19 2042 THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED COMPANY INFORMATION DIRECTORS AND ADVISORS Dlrectorn Mr M R Havard, BS¢, E¢onlHonsl (Chairman) Mrs K Bates, LPQH, Cert. Ed {Retired 31.12.20221 Mr P Dewey, BSC, FCA Mrs P Jones, BAIHonsl Professor P J Knowlès. BA, PhD Mr P R Lacey, MA Miss E McKinnie, Bsc. MEB (Appointed March 20231 Mfs J E Newley, MA Cert Ed Mr J C Rawlins, FRICS, MRAC Mr J Smith IAppointed March 20231 Mr P A Smith, BS¢ Mr M Toss811, LL.B {Honsl {Appointed March 2023} The Revd Canon B D Clover, MA, FRSA, LTCL MrRALeek 1103522 05091977 The Cathedral School, Cgrdiff Road, Llandaff, Cardiff. CF52YH Provost Company S•cretary Charlty No. Company No. Prlnclwil Addro88 and R•gl•iered Offic• Koy Managem•nt Pernonn•l Head Burnar Mrs C V Sherwood, MA (Hons Cantsbl MrRALe8k Audltor RSM UK Audll LLP Portland, 25 High Street, Crawléy, W8St Sussex. RH10 1BG Banker• Barclays PLC, 6TH FIIKJr, 5 Callaghan Square, CardrfF, CF10 SBT Solicitord Veale Wagbrough Vizards, Narrow Quay House, Narrow Quay, Bristol. BS14BZ Geldards LLP, 4 Capital Quarter, Tyndall Street, Cardiff. CF10 4BZ Insurnnce Brokern Marsh 1 Tower Place West Tower Place London EC3R 5BU THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2023 The directors present their report and financial statements for the year ended 31st August 2023 and confimi they comply with the requirements of the Charities Act 2011, including the Directors, and Strategic Reports, under the Companies Act 20C6. REFERENCE AND ADMINISTRA TIVE INFORMA TION The ch8nty was formed in 2004 and is registsr8d with the Charity Commission as charity number 1103522. The chanty is a limited liability company and wholty owned subsidiary of The Woodard Corporation {charity number 10962701. The charitable company is incorporated in the United Kingdom. Oirectors of the Company are also Fellows Imembersl of the Woodard Corporation and participate in the electlon of its board of management and are committed to its ¢haritable objects. Note 30 provides dètails of connected charibe8. STRUCTURE. GOVERNANCE AND MANAGEMENT Govemlng Document The company is governed by Articles of Association as adopted by Special Resolution dated 20 M8rch 2013, replacing those dated 29 March 2004 amended by Special Resolution{s} dated 25 January 2006, 28 April 2009 and 23 June 2009. They permit funds lo be managed in such a manner as the directors see fil, provided that such powers are onty exercised for the Pufposes of attaining the objects and in manner which is legally charitable. The Articles of Associat￿ll forbid the distribution of any propety or funds, which ar8 lo be applied solely towards the promotion of the objects of the company. Governlng Body The governors are the direthrs and charitable tru8lees of the company and comprise the governlng body of The Cathedral School and ar8 816Cted to hold offu for five years. The governing body mèt three limes during the year. Reference to directors, governors and trustees are interchangeable throughout these account8. Racrultm•nl and Tralnlng of Gov•mor8 All governors are Fellows of the Woodard Corporallon. Fellows are responsibl8 for electing the Woodard corpor8b.on 8oard. Governors are recruited on the basis of nominations from school contacts and from selection when a post becomes available. The governing body look to ensure a mix of skills and select new govemors on the basis of background, competence, specialist skills and, in the case of Fellows, Christian commitment. Govemors are provided wrth induction training by th6 Head, Bursar and stsff and a wider programme of training events is organised by the Woodard Corporation. Imere possible the govemors consider that the skllls and exp8dence of the governing body should compnse the followlng.. A Governor with a leg81 background. A Governor with a financiavaccounling background. A Govemor with educats'on exFerien¢e. A Govemor with estates rnanagemenl experience. A Govemor with senior managerial or business experience. A Govemor with experience of equal opportunitles or dlsability need8. Al least one female Govemor and at18asl one male Govemor. An Anglican Ordained Minister. One Governor may have one or ffK)re of these skills. Volunteern Govemors are volunteers providing their lime for free to support the governance of the school. The school also relies on a number of others lo undertake volunteer roleg including fvndraising events via 'The Friends of the Cathedral School,. Parents of infant aged children also 8SSlSt with School Irip$ and THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2023 visits. Ory•nlsatlonal Management The school is govemeo by the goveming body which delegates work to a number of committees. Membership of each committee is outiined on page 13. The directors detemiine the general policy of the company. Joint Estates and Fln8nce Committee - the joint committee develops the school's estates strategy, including capital developments and maintenance of the buildings and has a remit to consider budgets, both revenue and capital. cash flow infomiation and financial reports, including the finanGial statements. 11 also considers financial policies and the financial rtgulations, It makes reccmmendations lo the goveming body for approval. The Estates and Finance Committee met three times durin9 the year. Education Committee the Education Committee is responsible for ovètsight of the academic performance of the school and educational policy, making recommendations to the govoming boa¥. 11 mat four times during the year. Remunerallon Committee - the Remuneratlon Committee makes recommendatlons to the governlng body regarding the remuneration of the Head and the Bursar. 11 also consider5 the over811 staff salary increases and makes recommendat￿)n5 lo the Flnance Committee. It met ￿1c? during the year. Risk Management Committee the Risk Management Committee sets and reviews the Rlsk Management Register on an annual basis. The Committee consists of the full board and meets once a year. The day to day management of the company is delegated to the He8d and the Bursar as tha Key Management pe￿nnel, overseeing educational, pastoral and admlnlslralNe functions in consuFtstson with the senior staff. The day to day adminlslration is undertaken wilhln the policies and procedures approved by the govemors which provide for only significant expenditure decision8 and major capital projects to be referred to the governors for prior approval. The Head oversees Ihe recrultment of all educational staff, whilst under delegated authority the bursar overgees the recrullment of adminislratsve and non-teaching support staff. The Head and Bursar are invlted to attend governors, meetings. The remuneration of key management personnel is set by the goveming body, with the policy objectlve of providing appropriate incentives to encourage enhanced perfomiance and of rewarding them fairty and responsibty for their individual conlribullons to the school'8 Success. The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools lo ensure that the school remains sen8its.ve to the broader issues of pay and employment conditions elsewhere. We aim lo recruit, Subject lo experience, at the lower to medium point within a band, providing scope for rewarding excellence. Delivery of the school'3 charitable visB)n and purpose 15 primarily dependent on our key management personnel and stsff Costs are the largest single element of our ¢hari18ble expenditure. School Structure and Rglatlonshlp8 The School has developed linkswith a whle range of organisations to ensure the wldest possible access to our faci5ities and Schooling. Through mem1￿rShIP of the family of Woodard Schools. Headmasters, and Headmistresses, conferen￿ IHMCI, Independent Association of Preparatory Schools IIAPSI. the Choir Schools Association (CSAI, Society of Heads, The Independent Schools, Bursars Associab'on IISBAI, Association of Governing Bodies of Independent Schools IAGBIS) and through ne￿OrkIng With peer groups we ensure that we are able to attain the highest standards of quality and perf0mlan￿. We encourage pupils to develop awareness of the 80cial context of the all-round education they receive at the Sch¢)ol and they are encouraged in a number of activities to enhance their understanding. We have a growing alumni group, the Old Llandavians. A committee of parents and stsff form 'The Friends of the Cathedr81 School, and ale generous in supporting the work of the School, which is greally appreciated. We also cooperate with charities and local Primary Schools in our ongoing endeavours THE CATHEDRAL SCHOOL {LLANDAFF) LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2023 to widen public a¢￿$S to the Schooling we can provide, to optimise the educational use of our culture and sporting facilities and lo awaken in our pupils, in the publiG interest, an awareness of the social context ot the all-round education they receive. CHARITABLE OBJECTS, AIMS, OBJECTIVES AND ACTIWTIES Charltsblo Owocts The charity's objects, as set out in the Articlès of Association. are to promote and extend education (including spiritual. moral. social, cultural and physical edvcationl in accordance with the doclrines and principles of the Church. The ChurGh 15 defi'ned as being the Church of England 8nd churches In full communion with the See of Canterbury. Intendgd Impoct Woodard schools strive for the best all round education of every aspect of each indivldual., they ensure high standards of religious education., and they see themselves as communities working together for the benefit of all members, and of the Church and the nation. They are strong Christian found8tion5 which adhere lo catholic belief as found in the Church, lo Chrfslian worship focused in the Eucharist, and lo the care of each individual and the whole school community particularised in the ministry of the Chaplain. Alm• The Cathedral School is a day school for pupi18 from the ages of 3 to 18, It aims lo support children in reaching their potential in all areas of their activity at the school, and in the wider community. This is ¢ertainly enabling each child to meet their academic potential and also enabling children to find success in coosed include those affecting protection of pupils and security and Pfesefyation of charitable assets both now and in the future. Significant risk areas.. the governors consider possible catastrophic events 8nd ensure that the school has a plan In placa to allow educatson lo continue in a range of different scenarios. th& market in which the school operates is highly competitive and we monitor developments in education lo ensu￿ that pupils always receive a first class, holistic and varied educational experience in our school. we strive to ensure that all staff are able to work in a safe and supportive environment and policies. procedures and training in Human Resource management and Health and Safety help lo ensure that the school meets expectations. the school operates in a highly regulated sector, including in mallers of Child protection, and we 8ppoint appropriate profession81 advisers to ensure that we Can keep up lo dale with all requirements., school or individual membership of bodies being the constituent associations of the Independent Schools Council also ensure that we have x¢es8 lo up-to-date informabon and support. the school operates in an In￿asInglY litigicus environment, and we appoint appropriate professional advisers and purchase insurance using specialist brokers and advisers to ensu￿ that we can keep up lo date with all requirements and meet all Ghallenges. all organisations face difficult economic conditions, particularly in relation lo the impact of inflation, and directors and senior managers in the school keep abreast of economic conditions locally, nationally and int&mationally to identify trends and develop plans to address issues. The key contro18 used by Ihe school include.. fomial agendas and minutes for all meetings of th8 governing body and committees temis of reference for all committees comprehensive strategic planning, financial fowasting, budgeting and management accounting estsblished and identifiable organisational structures and reportlng lines which are regularty reviewed comprehensive formal written policies clear authorisalion limits vetting procedures, as required by law, for protection of the vulnerable GOING CONCERN The accounts show that we are currently ¢a5h positive, this is the case even without recognising that over 25% of our parents regularly pay fees in advance of the due date. We also have £1.5m bank overdraft facility, in case of need. which has never been called upon. The School has a financial plan up until the end of 2027128, conservatively indic8bng an annual EBITDA of £345k to £552k - the latter being the equivalent lo 40 senior pupil fees. Our cash forecast of circa £3.1m in 2024125. gives the governors confidence that the School will be able to reslart the capital project of a new Sixth Fomi Buikling in the next few years. Having considered all factors and reviewing the available evidenre, inrluding demand v capaclty, exam results and the h8ndling of the Sock down which has given rise to potential additional funding opportunities. the govemors have a reasonable expectation that the School will be able lo continue operating for the foreseeable fvture. Therefore. the financial statements have been prepared on a going concern basis. 12 THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED DIRECTORS, REPORT (incorporating the Strategic Report) YEAR ENDED 31ST AUGUST 2023 FUTURE PLANS The goveming body's current five-year strategic plan was approved on June 2023 and is reviewed on an annual basis. The key objectives of the Current plan are.. To establish new markets for the school by undertaking specific research. 50 that pupil numbers can be increased to be consistentty above 800 year on year. To achleve a total of £25,000 in appeal fund5 before the end of the next academic year to August 2024 by commencing a formal fundraising programme with appropriat8 resources. To continue to improve school facilities through completson of a ten year ar¢hilect's plan ft)r the school sile, with a particular emphasis on school dining and Sixth Form provish)n. To prepare effectively ft)r the likely increase to School costs from external challenges including.. increased TPS costs and change of Government, resulting in a change to tsxalion on Inde￿nd￿nt School6. To WKlen acce$$ to the schools st115 further through the provision of means-lested bursaries equivalent lo 4 full-fee-paying places by establishing 8 larger budget and improving manag8ment of awards. DIRECTORS The directors who served during the year, and the committees of wh￿h they are members, are.. Joint Estates and Finance, Nominations, Remuneration, Risk Management Education, Remuneration, Risk Management M R Havard IChaSmian) Mrs K Bate8 R85KJned 31 Oecember 2022 P R Dewey Joint Estates and Finance, Nominations, Remuneration. Risk Management Joint Estates and Finance, Risk Management Education, Remuneration. Ri8k Management Risk Management Joint Estates and Finaftce, Risk Management Education, Joint Eststes and Finance, Risk Management Mrs P Jon98 P J Kn¢)wl88 P R Lacey Miss E McKinnYa IApp)inled March 2023} Mrs J E Newley J C Rawllns Joint Estates and Financo, Nominations, Risk Management Joint Estates and Finance, Risk Management Education, Nominations, Remuneration, Risk Management Joint Estates and Finance, Remuneration, Risk Management J Smith IAppoint8d March 20231 PASmrth M Tossell (Apttjinled March 2023} None of the directors has any beneficial interest in the company. The Cathedral Sthool buys trusle8s and officers insurance on behalf of the directors. 13 THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED DIRECTORS, REPORT (incoqjorating the Strategic Report) YEAR ENDED 31ST AUGUST 2023 Exgmptlon8 from dIs¢l￿Ure The Cathedral School has not tsken advantage of any exemption from disclosure In ralatKin to trustee details. AUDITOR RSM LIK LLP. having expressed their willingness to continue in office, will be deemed reappointed for the next financial ye8r in accordance with section 487121 of the Companies Act 20(￿ unless the company receives notlce und8r section 488{11 of the Companies Act 2DO6. 14 THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED DIRECTORS, REPORT (incorporating the Strateglc Report) YEAR ENDED 31ST AUGUST 2023 DIRECTORS RESPONSIBILITIES STATEMENT The directors are responsible for preparing the Directors, Report, the Strategic Report included within the Directors, Report and the financial slalements in accordance with applicable law and ￿gula￿.0n5. Company law requires the directors lo p￿pare company financial statements for each financial year. Under that law the directors have elected to prepare the financial slaternenls in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom AGGounting Standards and applicable lawl. Under company law the directors musl not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing each of the company financial statements, the dir8Ctors are requI￿d to.. select suitable accounting policie5 and then appty them con518tenUy', observe the methods and pnnciples in the Charities SORP IFRS 1021., make judgements and aGcounb'ng estsmal8s that are ￿asonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial stalement5,' and, prepare the financial statements on the going concern b8S18 unl8SS It Is inappropriate to presume that the company will continue in business. The dlrectors are responsible for keeping adequate accounting records that are sufficient to Show and explain the company's transactions and dI￿lOse with reasonable accuracy al any time the financial position of the company and enabl& them to ensure that the financial statements comply with the Companies Act 2006. They 8re alsc responsible for safeguarding the assets ofthe company and hence for taking reasonable steps for the prevents'on and d&teclion of fraud and other irregularrties. The directors confirm that.. so far as each director is aware, th8re is no relevant audit information of vthich the charitable Company's auditor is unaware.. and the d1￿ctorS have taken all the steps that they ought lo have taken as directors in order lo make themselves aware of any relevant audit informallon and to establish that the charitable Company's 8uditor is aware of that infom)ation. The directors are ￿sponSible for the mainlenance and integrity of the corporate and financial information included on the company's webslte. Legislation in the United Kingdom governing the preparation and dissemination of financial staternenls may differ from legi51alion in olherjurisdictions. Approved by the Board of Directors of The Cathedral School on 29 November 2023, including. in their capacity as company directors. approving the Directors, and Straleglc Reports contained therein, and signed on its behalf by.. M Robin Havard CHAIRMAN 15 THE CATHEDRAL SCHOOL {LLANDAFF) LIMITED INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED YEAR ENDED 31ST AUGUST 2023 Oplnlon We have audited the financial $tstem8nls of The Cathedral School {Llandaffj Limited {the 'charitable company'l for the year ended 31 August 2023 which Gomprise the Charity Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes lo the financial stalements, including significant accounting policies. Th8 financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. Iunrted Kingdom Gener811y Accepted A¢¢ounting Practice}. In our opinion the financial statements.. give a true and fair view of the st8t8 of the charitable company's affairs as at 31 August 2023 and of its incoming resources and application of resources, including ts income and expenditure, for the year then ended., have been properly prepared in accordance with Unrted lfj'ngdom Generally Accepted Accounllng Practlce,. and have been prepared in accordance wlh the requirements of tha Companies Act 2008. Ba•1• for oplnlon We conduc18d our audit in accordanc8 Wlth Inlemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit ol the financial sta18m8nls section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard 8nd we have fulfilled our other ethical responsibilities in accordan¢e with these requirements. We belleve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ConGlu•lons rolatlng to golng eonc•m In auditing the finanGial statements, we have concluded that the Iruslees, use olth? going concern basls of accounbng in the preparation of the financial statements is 8ppropriale. Based on the work we have performed, we have not identified any material uncertaintie5 relating to events or conditions that, individually or eolleclively, may cast $1gnificant doubt on the charitable company's ability to continue as a going concern for 8 period of at least hv81ve months from when the financial slalements a￿ aulhorisèd for issue. Our responsibilities and the responsibilitSes of the trustees with ￿sPeCt lo going concem are described In the relevant sections of Ihis report. Other Infomiatlon The other information compnses the information included in the Directors. Report other than the linancial statements and our auditorfs report thereon. The trustees are responsible ft>r the other Information contained within the Directors. Report. Our opinion on the financial statements does not cover the other information and, except lo the extent otheM5e explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read Ihe other infomiation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material Inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to a mateiial misstatement in the financial statements themselves. If, based on the work we have perfomied. we conclude that the￿ is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 16 THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED YEAR ENDED 31ST AUGUST 2023 Opinions on 0th8r mattor8 prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit. the infomialion given in the Directors, Report, which includes the Directors, Report and the Strategic Report prepared for the purposes of company law, for the financial year lor which the financial statements a￿ prepared is consistent with the financial statements,. and the Directors, Report and the Strategic Report included withln the Directors Report have been prepared aGcor(1an¢e with applicable legal requirements. Matt•r8 on whlch wo aro roqulred to rnport by oxceptlon In th8 light of the knowledge and under$18nding of the ch8ritable company and its environment obtained in the course of the audit. we have not identified material misstatements in the Direclor8' Report or the Stratè9ic Report included within the Directors, Report. We have nothing lo report in respect of Ihe following matters where the Compani85 Act 2006 ￿quI￿9 us to report lo you if, in our opinion,. adequat& accounting records have not been kept, or retums adequate for our audit have not been received from bran¢hes not visited by us., or the fi'nancial statements ar8 not in agreement with the accountsng records and r8tums', or certain disclosures of trustees, remuneration specified by law are not made,, or we have not received all th8 information and explanations we require for our audit. Ro•pon•lbllltlo• of tru8t•8• As explained more fully in the Statement of Trustees, responsibilities set out on page 14. the trustees Iwho are also the directors of the charitabl& company for the purposes of company lawl are responsible for the preparats'on of the financial statements and for being satisfied that they give a true and fair vlew, and for such internal control as the trustee$ determine is necessary lo enable the preparation offinanci81 staternenls that are free from material misslatem&nt, whether due to fraud or error. In preparing the financial statements, the trustees are responsible ft)r assessing the Charitable company's ability lo continue as a going concern. disclosing, as applicable, matters related lo going concern and using the going concem basis of accounting unless the Iruslees either intend lo liquidate the charitsble company or to cease operations, or have no realistic altematsve but to do so. Audltorfs responsibilitlel for tho audtt of the flnancial •tatements Our objectives are lo obtain reasonable assuiance about whether the financial statements as a whole are free from material misstalemenL whether due to fraud or error, and to IS5Lte an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audlt conducted in accordance with ISAS IUKI will a￿ayS detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonabiy be expected to influence the economic decisions of users taken on the basis of Ihese financial statements. The extent to which tho aydit was con•ldered capabh of d?tO¢ting irrogul•rilios, in¢ludlng frnud Irregularities are instance5 of non-compliance with laws and regulatsons. The objects"ve5 of our audrt are lo obtain sufficient appropriate audit evidence regarding compliance with laws and reguL*tions Ihal have a direct effect on the determination of material amounts and disclosures in the financial statements. lo perfomi audr( procedures to help identify inslanees of non-compliance wf(h other laws and regulations that m8y have a material effect on the financial statemenlg, and lo respond appropriately to identified or suspected non Date 06/12/23 **19** THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED CHARITY STATEMENT OF FINANCIAL ACTIVITIES (Incorporating an Income and Expenditure Account) YEAR ENDED 31ST AUGUST2023 Notes Unrgstricted Funds R&8lrfcted Funds Totsl 2023 Total 2022 Incom• and •ndowm•nts from: Charltable ActlvlUo8 School fee5 receivable Ancillary trading income Other tradlng actlvltl Non-aneillary trading income Inve•tm•nts Investment income Bank and olh8r inlereBt Oth•r- Grant• and don•llon• Grant$ and donalionB Other Incomlng r••ourc•• TOTAL INCOMING RESOURCES Expèndltur• on: Ral•lng lundl Finanang co¥ts TOTAL DEDUCTIBLE cosfd 9,466,231 432.285 9.466.231 432.285 9.279,907 284,774 50,898 SO,898 41.479 060 62.283 52,283 2,425 2,368 2,368 200 21 10,001.677 2,928 10.004.605 9,609,335 {117,0501 {117,0501 173,5811 173,581) Ch•rlt•bl• Advltle• EdLKab'on and grant moking 7b (9,695.586) 19,696,586) 18,935,186) TOTAL EXPENDITURE 19,812,830) 19.812,8361 19,008,72n N•1 98lnslllo88e81 on Inve8lmenl a888ts 13 620 820 1,2 N•t In¢omell•xp•ndltur•l 189,041 192,S89 601,808 N•t Nlov•m•nl In lund• forth• year Fund balan￿$ at 1st Sept&mber FUND OALANCES AS AT 318T AUGUST 189.041 192.389 e01,808 8,874,254 128,448 8,802,700 8,200,795 8.863,295 131,994 8.995.289 ,802.603 20 THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED BALANCE SHEET AS AT31ST AUGUST2023 Note 2023 2022 FIXED ASSETS Tangible assets Investments 12 13 9,279 9,295,336 12,660 9,307,996 9,292,720 CURRENT ASSETS Stock Debtors Cash al bank 8nd in hand 6,306 310,839 2 758,110 3,076,255 4,486 247,008 2,568,570 2,820,064 14 CURRENT LIABILITIES Creditors payable within one year 15 12,988,121) 11,493,751) NET CURRENT ASSETS 87,134 1,326,313 TOTAL ASSETS LE88 CURRENT LIABILITIES LONG TERM LIABILITIES Credbtor8 payable after one year 9,379,854 10,634,309 1378,3110 11,821.2111 TOTAL NET ASSETS EXCLUDING PENSION LIABILITY Net p8nsDn liabil 23 16,1861 110,395) NET ASSETS 8,996,389 8,802,703 REPRESENTED BY: CALLED UP SHARE CAPITAL 19 100 100 RESTRICTED FUNDS UNRESTRICTED FUNDS General reserve 21 131,994 128,446 21 8,863,295 8,674,157 8,995,389 8.802,703 The financial statements were approved and authorised for Issue by the Board on 29 November 2023 nd signed on Its behalf by M Robln Havard CHAIRMAN Company registration number 05091977 The notes on pages 23 to 42 form part ofthese financial statements. 21 THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED CASH FLOW STATEMENT AS AT31STAUGUST2023 2023 £'ooo 2022 £'ooo Notes Cash fl¢)ws from op•rnting activities: N•t eash provided by operatlng actlvitles 24 699,600 929,3C Cash flow6 from Invg8tlng actlvltlo•: Dividends, interest and rents from Investments Purchase of propety, plant and equiprrent Not c••h provid•d by {usod In) Invo•tlng actlvltlos Cash flowfj from flnanclng actfvltlu: Repayments of borrowing Financing costs Net ca•h provldod by {uBod In) flnanclng octlvltl08 52,823 1270,907) 1218,084) 550 {102.4141 {101,8641 1174,926) 1103,983) 1278,909) {189.1571 {73,561 } {262,7181 Chang• In ca8h and cuh equlvohnts In th• y•ar Ca•h ond c•8h oqulvalent8 at the b•glnnlng ol the yoar 1B9.540 564,724 2,568,670 2,003,846 Ca•h and ¢••h equlv•lont• at th• ond of tha y••r 25 2,7158,110 2,568,570 22 THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 1. ACCOUNTING POLICIES The principal accounting policies. all of which have been applied consislentiy throughout the year and In the preceding year a￿.. al Basls of Accountlng The accounts of the The Cathedral School have been prepared under the Companies Act 2006 and in accordance with the Statement of Recommended PractiGe for Charities I'SORP IFRS1021'1 and with applicable UK Accounting Standards. They are drawn up on the historical cost accounting basis except that propety and share inve$lmenl8 hekl as fixed assets are carned at fair value. Th8 Cathedral School meets the definition of 8 public benefit entity under Financial Reportin9 standard {FRSI 102. Assets and liabilities a￿ initially recognised al historical cost or transaction valua unless otherwise stated in the relevant accounting policy notes. The preparation of financial statements in conformity with FRS 102 ￿qUireS management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, Income and expenses, The estlmales and associa18d assumptions are based on historical experience and various other faotors that are bel￿Ved to be reasonabKg under the circumstances, the results of which fonn the basis of making the judgements aboLSt carrying v81ues of assets and liabilities that are not readily appar&nl from other sources. Actual results may differ from these estimates. Further details are provided in nol& 30, and in the ac¢ounting policie5 for depreciation ol fixed assets, for pensions and bad debts. The financi818tatements are presented in stefllng (£1 and the lunctional currency is sterling 1£). bl Golng Concom Th? accounts show that we are cuffenlly cash posib've. Ihls is the case even without recognising that over 250A of our parents regularly pay lees in advance of the due date. We also have £1.5m bank overdraft facility, in case of need. which has never been called upon. The School has a financial plan up until the end of 2027128, conseTvatlV8ty indicallng an annual EBITDA of £345k lo £552k- the latter being the equlvalenl lo 40 senior pupil fees. Our cash forecast of circa £3.1m in 2024125, gives the governors confidence that the School will be able to restart the capital project of a new Slxth Fomi Building in the next few years. Having considered all laclors and revigwing the available evidence, including demand v capacity, exam results and the handling ol the lock down which has given rise lo potent181 additional funding opportunities, the governors have 8 reasonable expeclalion that the School will be able to continue operating for the foreseeable fvture. Therefore, the financlal statements have been prepared on a going concern basis. ) School Recelvablo and Slmll•r In¢omg Fees recelvable and other educatkJn81 income are accounted for in the period in which the Service is provided. Fees receivable are staled after deducting allowances, scholarships and other remissions by the school, but include contributions received trom restricted funds for scholarships, bursaries and other grants. Fees in Advance Scheme Contracts are those fees received in advance of education to be provided in future years under a specific contraGI. The fees are either held as investments in interest bearing asse15 until taken to income lo match liabilities in the term when used, or refunded, or they are held within the unrestricted rese￿eS of the school. Any surplus of assets over liabilrties is held within the fund as a buffer. Debts are provided for rf not ￿COvered within one term. Estimating amounts to provide against recovery of debts is a matter of judgement. d) Anclllary and NonAnclllary Trading Income Ancillary trading income represents amounts from 8Ctivilies to generate funds within the charitable objects, for example school shop sales, coaches to and from schwl and school trips. Non-?n¢illary trading income represents amounts from activities not directly related to the charitsble objects, for eXarnp￿ letbngs of school facilities Out of temi time and ￿ntaI from spare school buildings. Income from these activities is reGognised in the Ststement of Financial 23 THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 Activities when the goods are sold or services provlded. el Volunlory gources, Grants and Donations Voluntary incoming resources are accounted for as and when entillement arises. the amount can reliabty be quanlffjed. and the economic benefit is Considered probable. Voluntary income for general purposes is accounted for 8s unrestricted and is credlted to the General Reserve. ￿ere the donor or an appe81 has imposed trust law restn'¢tions, voluntary Income is credited to the relevant reslricled fund and incoming endowmenls are accounted for as permanent trust capital or expendable trust capitsl. according to whether the donor intends retention lo be pemianent or not. Gifts in kind are valued at estimated open market value at the dale of gift, in the case of a55els for retention or consumption, or at the value lo the school in case of donated services or facilities. Coronavlru8 Job R•tentlon Sch•me {CJRS) Income The CJRS grant is receivable as compensation for staff costs incurred and for the purpose of giving immediate financial support to the organisats.on with no future related costs. It Is recognlsed as income In the period in which it becomes receiv8ble within 'Olher- Grants and Donations. {nole 7). gl Expendlturn Expenditure is accrued as soon a8 ther8 18 a contractual obligation or a li8bility is considered probable, discounted lo present value for longer term liabilities. Expenditure is allocated to expense headings either on a direct cost basls or apportioned ￿CordIng to ts'me spent. The irwoverable elemenl of VAT is included with the item of expense to which il relates. Bad debts a￿ provided for in accor(iance with the group bad debt pollcy. The cost of refurbishlng and converting exi$ling buildings 1$ wrItten￿ff in the year in whlch it 18 incurred except where the useful life has been extended. h) Flnaneo ind Other Co•t• Other costs include amounts accrued in a¢¢ordance with the terms of Fees in Advance Scheme Contracts. il P•nolon Colts The school company participates in the Teachers, Penslons scheme. The funds of the Schemes are separate from the company, although the company's share of the schemes cannot be idenbfied as the schemes are mulli-employer schemes, and 80 the penslon costs are accounted for as defined contribution schemes. The company off8r3 membershlp of the Pensions Trust Growih Plan to employe88 Other than the full-time academic staff. The Pensions Twsl Growth Plan is a mulli-employer pension scheme where the scheme assets are pooled for investment purposes and cannot be attnbuled to individual employers. Benefits are paid from the total scheme assets. It is in most respects money pur¢h8¥e arrangement bul has some guarantees. As a result, it is not possible or appropriate lo identify the assets and liabilities of the scheme which are attributable to the company, Ihough, due to the guarantees inherent in the scheme. the ￿rnpanIeS remain polenlially liable for 8 debt on withdrawal from the scheme. In accordance with Financial Reporting Standard IFRSI 102 Iseclion 281 therefore, the scheme is accounted for in a fashion which is similar lo a defined contribution scheme. The company must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreem8nt and the resulting expense in the income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period In which it arises. More detail is given in notes 37 and 40. jl Tanglblo Flxed A88ets and Dgpreclatlon In accordance with Secbori 35.10 Id) of FRS102, The Cathedral School has elected to use the carrying value of any of the above freehold land and buildings previously carried al a valuation, 8$ their deemed ¢ost at the date of transition to FRS102. 1 Septemter 2014. Tangible fixed assets are staled at cost less depreciation. Individual capital items, or projects. with a value greater than £I0,ODO are capitalised. Assets in the course of construction are stated at cost les5 any provision for Impairment. They are transferred to completed assets 24 THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 when substantially all of the activities necessary to get the asset feady for use are complete. Where appropriate cost includes our own labour costs in relation to conslruclion, and direcly attributable overheads. ere tangible fixed 8ssels have been acquired with the ald of specific grants they are included in the balance sheet al cost and depreciated over their expected useful economic life. The related gonls are credited to a restricted fixed asset fund lin the statement of financial aclivitles and carried forward in the balance sheell. The depreciation on such assets is charged in the statement of financial actlvities over the expected useful economic life of the related asset on a basis consistent with the depreciation policy. Dep￿latIOn is provided at rates calculated to write off the cost, less estimated residual value of each asset based on current market prices, over its expected useful lrfe. as follows.. Freehold 8uilding$'. Variable according lo the building and written off over the expected useful life (see paragraph below) Over the useful economic life of the improvement - Over tha shorter of the economic life of the 8ssel or the lrfe of Ihe18ase Over the short&r of the o¢onomic lrfe of the asset or th8 lrfe of thelease 25gkn on cost 25gA on cost - 25% on cost Freehold improvements Leasehold land and buildings Leasehold enhancements Fixtures, fittings and equipment Computer equipment Motor vehicles Freehold land is not d8precialed. The company has reviewed its tangible assets, which comprise land. buildings and initial fixtures and fillings. The company undertakes an annual review of all buildings assessing their useful economic life. In som8 cases the u5efvl economic life of a building is anticipated to be of considerable length, often in excess of 100 years. The buildings are capitalised in the financial statements at historiG Gost. ￿ere the calculaled depreciab'on charge is a material figure, il is charged in these financial slalemenls but, where the carrying value 1$ not more than the estimated recoverable amount and the depreciation on the building is not material to these financial statements, it has been assessed, bul not charged on the basis that it is not material. The direGtors will continue to cary out annual assessments of the recoverable amount and the estimate¢J useful life of all buildings and where the dep￿CIall0n is a material valu8, il will be charged. The review is based on the directors, assessments of the market value and the future economic benefit derived from an asset versus ils carrying value in th& financial stalemenls. When the company undertakes a significant ￿fUrbI$hmant project that will have an economi benefit, the cost of the refurbishment is capilalised, recorded geparately under 'Freehold Improvements,, its useful life is estimated and it is dep￿ciated over that useful life. No depreciation is provided for in respect of investment properties in accordance with Section 16 of FRS102. Such properties are held for their investment potential and not for consumption within the business. Investment properties are slated at their fair value at the balance sheet date. The Cathedral School exercises judgement in selection of appropriate rates for depffjcialion of fixed assets. and for matters of impairment. kl Flnancial In8truments The Cathedral School only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their setuemenl value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 11 Inv08tments and Fe95 In Advanc• Invostmonts Investments and Fees in Advanc8 investments are ¢arried at fair value, which is deemed to be rnarket value as al the balance sheet dale. Realised and unrealised investment gains and losses are recognised as'nel gain51(105sesl on investment assets, in the Statement of Financial Activities and are allocated to the appropriate 25 THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 fund according to the 'ownership' of the underlying assets. ml Stocks Stocks comprise raw materials, consumabl8 stores and goods held for resale.. they are valued al the lower ol cost and n&1 realisable value. n) Leasing Commitments Assets hekl under finance leases and hire purchase oonlracls are ¢apitsli5ed in the balance Sheet and are depreciated over their useful lives or the period of th8 lease whichever is the shorter. The interest element of the obligations is charged lo the Statement of Financial Aclivi118s over the period of the lease. Rentals applicable to operating leases where Substant￿llY all of the ben8fils and risks of ownership remain with the lessor are charged to the Statement of Financial Activities on a straight line basis over the lease term. Lease incentwes are accounted for over the lease lemi on a strai9ht-line basis. ol Fo• Doposlt6 Refundable fee deposits are currently classified be￿88n long term and short lemi in the financial slatemenls. These dep05115 are refundable in the event that the pupils leave a school on one temi's notico and as such the deposit would be refunded to the parents at that point. However, the fi'nanclal statements are prepared on a going concern basis and it is assumed that the majonty of children will remain In school for their full years of education and therefore the deposlt will be refunded lo th8m when they leave school. Short term deposits reflect those pupils that will be18aving a school within one year, and the longer-term 81emenl reflects those pupils that will be leaving a school after 12 mnths from the balance sheet dale. pl Fund Accounts Endowment funds are subject to specific cOndI￿onS by donors that the capltsl musl be maintained by the charity. Endowment funds ar8 further 8ub-divKled into pemwnent and expendable, where required by the terms of the trust. Re8fficted fund8 are Subject to specffic conditions by donors as to how they may be used. The purposes and uses of the reslricted funds are sel out in the note8 to the financial $18tements. Designated funds Gompd5e funds which have been set aside at the discretion of the directors for specific purposes. The purposes and uses of the designated fvnds are sel out in the note$ lo the financial statements. THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 2. CHARITABLE ACTMTIES - SCHOOL FEES RECEIVABLE 2023 2022 The school fees income comprises Gross fees Less.. Total scho18rships. bursaries, etc 10,407.002 1940.7711 10.134.056 1854.1491 Add back.. Scholarships, Grants etc paid for by Restricted Funds 9,466,231 9.279.907 3. CHARITABLE ACTIVITIES - ANCILLARY TRADING INCOME 2023 2022 Extras Entrance fees and registration fees Pupll transport Extra Subjects Sundry Income Other School Shop Commission 15,400 18,700 17.000 74,538 201,125 119,865 19,757 158,892 80.513 11,269 432,285 284,774 4. OTHÉR TRADING ACTIVITIES 2023 2022 Non-•nclllary tradlng Incom• Lettings income Interest rec8ivable- pupil bllls 45,786 5,112 41,479 50,898 41,479 5. INVESTMENTS - BANK AND OTHER INTEREST RECEIVABLE Unrestncled Restricted Tolal 2023 Total 2022 Bank Interegt Other interest 52,263 52,283 560 2,425 550 560 52,263 560 52,823 2,975 6. OTHER- GRANTS AND DONATIONS Unrestricted Restricted Totsl 2023 Total 2022 The Cathedral School Foundation 2,368 2,368 2.398 2.398 27 THE CATHEDRAL SCHOOL {LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 7. ANALYSIS OF EXPENDITURE al Total expendStur• Staff costs {note 101 Support costs Depreci ation (Note 121 Total Total 2023 2022 Costs of rni8ing fund• Non ancillary trading Other income generatlng 8¢tivities Financin9 cost (note 81 Investment management Fundraising and development Total co•t of 9gn•r•tlng tunds 117,050 117,050 73,561 117,050 117,060 73,561 bl Charltsblo exp•ndltur• Teaching Welfare Premlses School adminlstration 5,453,235 38,884 245,020 541,478 563,311 749,832 1,163,964 6S7,289 27,465 6,044,011 788,716 1,668,322 1,198,767 5,713,082 634,780 1,487,294 1,154,960 259,338 DonalDn8 Grants awards and prizes Inole 81 Movement in Pension recovery plan Gov8m8nce 14,2301 14,230) {54.9501 Educatlon •nd grant maklng 6,278,617 3,130,186 286,803 9,695,586 8.935,166 Totsl Expondltur• 6,278,617 3,247,218 286.803 9,812,636 9,008,727 28 THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 8. ANALYSIS OF EXPENDITURE Iconbnuedl a) Grants, awards and priz06 The Cathedral School makes awards to individual famili85 10 5UPPOrt schooling. 2023 2022 From Restrlcted Funds: Scholarships From Unrestrlcted Fund8: 8ursaries (Hardship) Bursaries (Scholarships) Bursanes (Siblings) Scholarships 18.720 290,248 211,855 19,658 227,829 235.266 201,430 18,517 178,585 749,588 652,518 bl Totsl ro•ources ?xpend•d Include: The Cathedral School reimburses governors for'oul of pocket, expenses includlng travel subsislence and accommodation, where a claim is made. 2 governors were reimbursed during the year12022'. 51. 2023 2022 Remuneration paid lo auditor lor 8udil services Depreciation of tangible fixed assets.. - owrsed by the Charitable Company Operating lease rentals.. land and buildings - other assets Reimbursernent of'out of pocket, expenses to govemors Other Governance Costs- Legal Fees 20,100 21,600 286,803 276.685 184,611 84,736 576 8,680 93.294 71.793 125 12.608 685,505 478,105 8. FINANCING COSTS 2023 2022 Bank interest Payable Bank charges Provision for bad and doubtful debts 93.064 10,919 13,067 47,862 10,968 14,731 117,050 73,561 THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 9. STAFF COSTS 2023 2022 The aggregate payroll costs for the year We￿.. Wages and salaries Social security costs Other pension costs Prfvate medical insurance 4.829.788 607,278 938,046 3,505 4,705.480 486.402 908.102 9,865 6,278,617 6,109,829 None of the governors received remuneraJon or other benefits from The Cathedral School or from any connecl8d body. The Head and Bursar a￿ classed by the School as being the Kay Management Personnel. 2023 2022 Aggregate employee benefits of key managemanl pérsonnel 263,492 245,201 Th8 number of higher paid employe88 whose annual emoluments were £60,CQO or more was.. 2013 2022 No £60.001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001- £100.000 £100,001- £110,000 £110.001- £120,000 The number with retirement benefits accruing.. in Defined Contribution schemes was Of which the contributions arrK)unted to £19,698 £16,715 For 2023 there are nil12022'.1) employees eaming over £60.000 p8r year that have chosen not to participate in a penslon %heme. THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 10. STAFF COSTS {Continuedl The 8verag8 number of employees during the year ¢alculated on a head count basis, was 161 {2022= 152) 2023 2022 No Teaching Welfare Premises Support Other activities 80 12 12 40 25 11 37 161 152 10. DIRECTORS None of the directors lor any person8 conr¢ected with them) receNed any remuneratlon during the y8ar. 11. TAXATION The cornpany 16 a registered chadty and therefor8 no liabillty to taxation 9ri88s on ts Gharitsble activities. 31 THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 13. INVESTMeNTS Investments 2023 2022 At 1 September Unrealised g8inslllos5es) on investments 12,660 620 11,460 1,200 Inv•6tments at 31 Augu8t 13,280 12,660 Investments comprl8e: Llsted investmont8 Equi118s- Murray International 13,280 12,660 Inve•tm•nt• at 31 August 13.280 12,660 14. DEBTORS 2023 2022 School fees receivable 87,264 51,137 2.810 191.712 1.349 other debtors Prepayments and accrued income Amounts due from parent company 223,008 667 310,839 247,008 15. CREDITORS: amounts falllng du• wlthln one year 2023 2022 Bank loans and overdrafts (note 171 Deposits from parents Fees received from parent5 in advance of term Trade ¢￿ditOrS Taxation and s￿181 securrty Other creditors Accruals 1,483.580 17,300 897,634 200,292 22,900 663,481 429,598 307,158 115,581 62,197 122,142 90,352 69,657 2,988,121 1,493,751 The Cathedral School has a bank loan from Bardays Pl¢. The 108n is secured by charges on the school's assets and by a debenture at a rale of interest of 2.320% over base rate, and is repayable over a term of 5 years. with effeGt from April 2020, following renegotiation. At year end the School was in brea¢h of one of the three Covenants that are attached to the loan, the bank have been understanding as to the reason for the breach and are in the pro￿$ of applying for a waiver for the breach which related to the Debt servi￿ Cover covenant 33 THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 Following a technical breach of the Debt Service Cover covenant this year with Barclays Bank, the long tem loan has been restated as being due within one year. Subsequent to the year end131sl August 20231, the bank have confirmed verbally that they will issue a waiver, confirming that as a consequence of the breach an event of default has occurred. They have staled that il is not the present Intention of the bank lo exercise its right in conneckn'on with the default, but the bank retains all rights in respect of the b￿ ach. 2023 2022 Summary of movements In dof•rred Income Balance at 1 September 2022 Amounts arising in the year Amounts transferred to SOFA 663,481 881,159 {663,481 } 797,804 663,481 1797,804) Balinc• at 31 August 2023 881,159 663,481 16. CREDITORS: amount8 falllng du• after on• yo•r 2023 2022 Bank loans and ov8rdr8ft8 Inole 171 Deposits from par8nts 1,458.311 382,900 378,300 378,300 1,821,211 17. BANK LOAN 2023 2022 The bank loan 18 repayable in instalments Due within 1 to 2 years Due within 2 to 5 years Due after more than one year Due within 1 year 205,498 1252 813 1,458,311 200,292 1,483,S80 1,483,580 1,658,603 18. COMMITMENTS UNDER OPERATING LEASES The fvture minimum commitrnents under non-cancellable operating leases are.. Land and bulldings Other 2023 2022 2023 2022 Wf(hin 1 year Wrthin 1 to 5 years After 5 years 98A50 384.400 7.981,671 98.350 384,400 8,099,216 97,920 24,780 97.920 122,700 8,464,421 8,581,966 122,700 220,620 THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 19. SHARE CAPITAL 2023 2022 Authorlsod 100 Ordinary Shares of £1 each Allotted, c•lled up and fully pald 100 Ordinary Shares of £1 each 100 100 11)0 100 20. FUNDS The Cathedr81 School's fvnds are analysed under the following headings.. •) RESTRICTED FUNDS The incorne funds of the Company include restricted funds comprising the following unexpendgd balances of donations and grants held on trust for 8P8cifiG purposes.. The Chorister Special Fund assist parents of Chori$lers who have fallen into financial difficulty and ar& unable to meet the totsl cost of fees less the Chori8ler Scholarship. The Special Fund Support Funding is a fund that help8 families who have lost Ihair main income aarn8r. The fund helps to Pay the fees of the child until the next natural break in their education. bl UNRESTRICTED FUNDS Unrestricted funds represent accumulated income from th8 Schojl's 8clvlties and other sources that are available for th6 general purpose of the School. 21. ANALYSIS OF NET ASSET8 BETWEEN FUND8 Total 2023 Total 2022 Unrestdcted Reslricled Tangible fixed assets Investments N81 current assets Long temi liabilib'es 9.279.440 9,279.440 13.280 87.034 1384.465) 9,295.336 12.660 1,326.313 11,831,606) 13,280 118,714 131,6801 1384,4651 8,863.295 131,994 8,995,289 8,802,703 Totsl 2022 Total 2021 Unrestricted Restrided Tangible fixed assets Investments Net current Ili8bilitiesllassets Long temi liabilities 9.295,336 9,295,336 12,660 1,326,313 11,831,606) 9,469,617 11,460 803,760 {2,083,9421 12.660 115,786 1.210,427 11,831,606) 8,674,157 128,446 8,802,703 8,200.895 THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 22. SUMMARY OF MOVEMENTS ON MAJOR FUNDS A131 August 2023 Al 1 Sèpt Incomlng 2022 rnsour ReBource$ exp8ndad Gain81 1108ses) R••tricted Fund* Revgluai¢)n Re8erv Chorister Speclal Fund Special Fund- Support 8,561 820 9.181 77,371 560 77.931 42,514 2,368 44.882 128.448 2,928 620 131,994 Unre8trict•d Fund• Genaral Re8erv88 8,674.254 10,001,677 19.812,636) 8,883,295 8,874.254 10,OJ1,877 {9.812,636) 8,863,295 Totsl Fund• ,802,700 10.004,605 19.8116361 620 8.996.289 At31 Augu8t 2022 Al 1 Sopt In¢omlr fè8oufco8 R980ur •xp8nded Gain81 (1088881 Ro•trlctsd Fund• Revalualhjn Re$grv8 Chorlsler SperAal Fund Special Fund . Support 7,361 76,821 61,234 1200 8,581 77,371 42,514 550 118,720) 145418 550 Unr••trl¢tsd Fund Gener81 Re8eThe 8.065,379 9,808.882 18,990,oon 8,874.254 8.055,379 9.608.882 {8,990,007) 8,674,2J4 144418 560 {18.720} 1,200 128,446 Total Fund¥ 8,200.795 ,809,432 19,008,727) 1.20D 8,802.700 Chorister Special Fund is a restrictsd fund available to support Choristers where their parents have fallen inlo difficulty covering school fees. in excess of the Chorister Scholarship. Special Fund - Support. A restricted Fund to assist pupils to continue at the school until the next natural break in their education following a major change to family financial circumstances, such as the loss of the main Income earner. THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 23. PENSION SCHEMES Teachfrr8' Pension Scheme The School participates in the Teachers, Pension Scheme I'the TPS"} for its teaching staff. The pension chargè forthe year includes contribution5 payable lo the TPS of £808,97612022." £788,296) and at the yearend £93,440 12022 - £92. 146) was accrued in respect of contributions to this scheme. TPS is an unfunded mults'_employer defined benefits pension scheme governed by The Teachers. Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Members contribute on a °pay as you go. basis with contributions from members and th8 employer being credited to the Exchequer. Reti￿rnent and other pension benefits 8re paid by public funds provided by Parliament. The School has accounted for ils eonlribulions to the scheme as if it were a defined contribution scheme. The Govemment Actuary, using nomial actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Capl Directions 2023 published by HM TreasLtrry every 4 years. The aim of the review is to specify the level of future conlribulions. Actuarial scheme valuations ar8 dependent on assumpts'ons about the value of future costs, d85ign of benefits and many other factors. The lalesl actuarial valuation of the TPS was carried out as at 31 March 2020 in a¢¢ordance with The Public Service Pensions IValuallon8 and Employer Cost Capl Directions 2023 and the Employer Contribution Rale was assessed using agreed assumptions in line with the Directions and was accepted at the original assessed rate as there was no Cost control mechanism breach. The valuation report was publlshed by the Department for Education on 26 October 2023. The key elements of the valuation are.. Total scheme liabilities for service (the c8pilal Sum n8ed8d at 31 Maich 2020 to meet the stream of future cash flows in respect of benefi'ts earned) of £262 billion Value of notional assets lestlmaled future contributions together with the proceeds from the notional investment8 held at the valuatKsn datel of £222 billion Notional past service deficit of £39.8 billion {2016 £22 billion) Discount rale is 1.7'h in excess of CPI12016 2.4% in excess of CPI) {thi8 change has had Ihe greatest linancial significance) As a resull of the valuation, new ernployer cnntributlon rates have been Set al 28.6% of pensionable pay from 1 April 2024 until 31 March 2027 (compared to 23.68% under the previous valuation including a 0.08% a¢Jministration levyl. 37 THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 23. PENSION SCHEMES (Continued) Penslon6 Trust Growth Plan Th8 school participates in the TPT Retirement Solutions - The Growth Plan, which is a multi- employer scheme providing benefits to over 638 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the school to obtain suffi'cient information to enable it lo account for the scheme as a defined benefit scheme. Therefore it accounts for il as a defined contribution scheme. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came Into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical A¢luarial Standards issued by the Financial Reporting Council, set out the frarnework for funding defined benefit occupational pensM?n schemes in the UK. The scheme is classified as 8 '1ast-man standing arrangement,. Therefore the school is polentialty liable for other participating employers, obligations if those employers are unable lo meet their share of scheme deficits following wlthdrawal from the scheme. Participating employers are legalty required to meet their Sha￿ of the scheme deflcits on an annuty pU￿hOse basis on withdrawal from the scheme. S4Jmmary of provision for penslon defich recovery plan Company 2023 £'ooo 2022 £'ooo TPT Reti￿rnent Solulion8- The Growth Plan 6,166 10,395 TPT Rotlroment Solutlon• - The Growth Pl•n Dellclt Contrlbutlon8 A full actuarial valuation for the scheme was carried out al 30 September 2020. This valuallcn showed assets of £800.3m, liabilrties of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Twstee has asked the participating employers to pay addrtional contributlOll8 to tha schem8 as follows.. From 1 April 2022 to 31 January 2025.. £3.312 m perannum Unless a concession has been ag￿ed with the Trustee the term to 31* January 2025 applies. Note that the scheme's P￿vIouS valuation was carried out with an eff¢Glive date of 30 September 2017. This valuation showed assets of £794.gm, liabilities of £926.4rn and a deficit of £131.5m. To eliminate this funding shortfall. the Trustee asked the participating employers to pay additional contributions to the scheme as follows. From 1 April 2019 10 30 September 2025.. £11.243 m per annum {payable monthly and increasing by 3% each on Apnll The recovery plan contributions are allocated lo each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities. ere the scheme is in defficit and Whe￿ the company has agreed lo a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the nel present value of the def￿ll reduction contributions payable under the agreement that relates lo the deficit. The present value is calculated using the discount rale detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost. THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST2023 23. PENSION SCHEMES Iconlinuedl Present Values of Pmvl8lon 2023 2022 Present value of provision 6,165 10,395 R¢conclllatlon of openlng and closlng provlslons 2023 2022 Provision at 1 September Unwinding of the discount factor Deficit contribution paid Remeasurements - impact of any change in assumptions Remeasurements - amendments lo the contribution s¢hedule 10,395 355 14,524) 161) 65.345 372 112,6321 {458) 142,2321 Provlslon at 31 Augusl 6,165 10,395 Income and expendlture Impact 2023 2022 Interest expense Unwinding of the discount factor Remeasuremenls - impact of any change in assumptions Remeasuremenls - emendmenls to the contribution schedule Contribution5 paid in respect of future seNi¢e Costs recognised in income and expenditu￿ aGGount 'includes defined contribution schemes and future Service contributions li.e. excluding any defi'cit reduction payments) lo defined benefit schemes which are treated as defined contribution schemes. To be completed by the company AMumptlon8 353 372 (611 14581 142,2321 2023 %per annum 2022 %per annum Rate of discount 6.04 The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due. would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contn"butions. Deflclt Contrlbutlon8 Schedule The following schedule shows the deficit contributions agreed be￿een the company and the scheme at each year end penod". 2023 2022 Year 1 Year 2 Year 3 Year 4 12 39 THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 23. PENSION SCHEMES Icontsnued) The company musl recognise a liability measur8d as the present value of the Contributions payable that arise from the deficit recovery agreement and the resuhing expense in the income and expenditure account i.e. the unwinding of the discount rate a5 a finance cost in the peri(yJ in which it arises. It is these contributions that have been used to derive the ¢ompany's balance sheel liability. The current valuab'on does not reflect the expected increase in benefits and therefore liability as a result of Guaranteed Minimum Pension I'GMP'I equalisab'on be￿een men and women which is required as a result of the removal of the Addition81 Stsle Pension. Methodologies for a long-term 601ution are still being investigated by the Government as set out in the published (January 20181 outcome of the Government Consultation 'lndexalion and Equalisation of GMP in Public Se¢tor Pension$ Schemes, and therefore the expected impact cannot be reliably eslimated and consequently no provisionlllablllty has been recognised. 24. RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH INFLOW FROM OPERATIONS 2023 2022 Net Income for the perlod {•• por the Stst•ment of Flnanclal A¢tlvltlesl 192,589 601.808 Adjustmonts for Depreciation Gharges Interest Receivable Inlgre51 Payable Dividends, inl8resl and rents from investments (Gainslllosses on investments Ilncreaselldecrease in stocks Decreaselllncreas81 in debtor8 IDecreasellincrease in creditors 286,803 {52,2631 117,050 {560) 18201 (1.8201 163.8311 222.252 276,695 73,561 {5501 11,2001 11,4281 51,640 171,2201 Nel ea•h provided by lusèd inl op•rnting activiti08 699.600 929,306 25. ANALY818 OF CASH AND CASH EQUIVALENT8 2023 2022 Cash in hand and at bank Overdraft facilities repayable on demand 2,768,110 2,568,570 Total c•8h and cash equlvalents 2,758,110 2,568,570 THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST AUGUST 2023 26. ANALYSIS OF CHANGES IN NET DEBT Oth8r non- cash changes At 111 Sept 2022 At 31*t Auy 2023 Cash flows Cash and cash equlvolenta Cash 2,568,570 189,540 2,758.110 Borrowlng• Loans f811ing due withln one year Loans falllng due after n￿re 11.458,311} than one y&ar 1200,292} 175,023 {1,458,3111 (1,483.680) 1,458,311 11,858,603) 175,023 (1,483.580) Totsl 909,967 364,563 1,274,530 27. CONTINGENT LIABILITIES The Company has been notified by The Pensions Trust of the estimated employer debt on withdrawal from the Plan based on the financial position of the Plan as al 30 September 2022. A5 of this date the eslimaled employer debt for the Company was £6,165 including Series 3 liabilitie5. 28. ULnMATE CONTROLLING PARTY The Woodard Corporation Limited is the Ltlllmale Controlling paty, a registered charity number 1096270. which is incorporated in England and Wales. Copies of the financial statements of the Woodard Corporation can be obtained from High Street, Abbots Bromley, Rugeley, Slaffordshire, WS15 3BW, The accounts of The Cathedral School Limited are included within the consolidated financial statements of the Woodard Corporation Limited. 29. RELATED PARTIES As ststed In note 28, The Cathedral School Limited is a wholty owned subsidiary of The Wood8rd Corporation. An amount of £64,431 was paid during the year to Woodard CorporalN?n by way of a levy lo mget running costs. 30. ACCOUNTING ESTIMATES AND JUDGEMENTS In preparing the financial slatemenls, the directors a￿ required to make estimates and judgements. The matters detailed below 8re considered to be the most important in understsnding the judg8menl8 that are involved in preparing the financial statements and the uncertainties that could impact the amounts reported in the results of operab'ons, financial position and ￿Shflows. Accounting policies are shown at note 110 the financial statements. P•n6ion8 Scheme deflctt reduction payments: As explained at note 23, there is a deficit reduction plan in pl￿ in ￿SpeCt of The Cathedral sch￿I,s membership of the Pension Trusts Growth Plan. FRS 102 requires a liability to be recognised in respect of the present value of future contributlons payable under the terms of the deficit recovery plan. The incorporation of this liability in the financial statements involves the exercise of judgement in 2 number of areas, including the selection of an appropriate discount rate. Provislon for bad debts: Debts are provided for If not recovered within one tem. Estimating amounts to provide against recovery of debts is a matter ofjudgement. 41 THE CATHEDRAL SCHOOL (LLANDAFF) LIMITED NOTES TO THE FINANCIAL sTATEME￿rs YEAR ENDED 31ST AUGUST2023 Depreclatlon, Impaimi•nt and r•sidual values of fixed asGet•: Judgement Is exercised in estimating the residual values of fLxed assets, the selection of appropriate rates of d&precialion and for matters of impairment.