Registered company number: 04521284 NOTrtNGHAM HIGH SCHOOL {a company limited by guarantee) FINANCIAL STATEMENTS year ended 31 AUGUST 2022 NorriNGHAM HIGH SCHOOL la company limited by guaranteo) GOVERNORS Nottingham High School I'lhe School the Companf and "the Charity.), {depending on the conlexll 18 an educational charity administered by the Governors who are also directors and members of the Company and the trustees of the Charity. The Governors who served during the year were.. Exwofficio Govemors The Lord-Lieutenant of Nottinghamshire The Right Worshipful the Lord Mayor of Nottingharn Ex-officio Governors are appointed for the duration of their tenure of office. Nominated Governors Nominating Body Prof N J Miles Vacancy University of Nottingham Nottingham Trent University Nominated Governors hokl office for a term of five years from the date of their appointment. They may be re- nominated. C04)pted Governors Mr S Banks Mr J M Chivers Mr M T C Flanagan Mr D J Gandee Mrs B Hanslo MrA N Holman Mr J S Jackson Dr S Krishanand Mrs P K McNamard Mr P N Munro Sir J Peace r C J Prenti Mr P G Renshaw Mr C Robinson Mr N S Selhi Dr G Walton Mr M F Dillon Mr S J French Mrs C S Lindsay Mr R J Bonney MrRPSJohal Mrs J Griffilhs Chair of Governors (resigned 19 January 2022) Chair- Finance & Operations Commiitee Chair- Education Committee (resigned 21 June 20221 Chair- Investment Committee (resigned 21 June 20221 (appointed 05 October 20221 (oppointed 29 September 20221 (appointed 19 January 2023) Denotes member of Education Committee Denotes member of Finance & Operations Committee NOThINGHAM HIGH SCHOOL la company Simited by guarantee) OFFICERS AND ADVISORS The Headmaster MrKDFear Company Secretary anif Director of Finan￿ & Operations Mrs H L Avison School Address and registered office Waverfey Mount Nottingham NG7 4ED Bankers National Weslminsler Bank plc Smith's Branch 16 South Parade Nottingham NG1 2JX Auditor RSM UK Audit LLP Chartered Accountants Rivermead House 7 Lewis Court Grove Park Lelcester Leicestershire LE19 1SD Investment Managers Ralhbone Investment Management Limlled Port of Liverpool Building Pier Head Liverpool L31NW Registered company number 04521284 Registered charity number 1104251 NOThINGHAM HIGH SCHOOL la company limited by guarantee) GOVERNORS. REPORT Year ended 31 August 2022 The Govemors present their report of the School for the year ended 31 August 2022, including the D1￿ctorS, and Strategic Reports. under the Companies Act 2(X)6. together with the audited financial slalemenls for the year. The Governors have adopted the provisions of the Stslerllent of Recommended Practice ISORPI "Accounting and Reporting by Charities" {FRS 1021 in preparing the annual report and financial slalements of the School. REFERENCE & ADMINISTRATIVE INFORMATION The School is a company limited by guarantee and a registered charity arKI is controlled by the Board of Governors acting primarily through the Education Cornmittee and the Finance and Operations Committee. The Govemors are the directors of the Company for the purposes of company law and are ils trustees for the purposes of charily18w. Details of the Governors, Officers and Advisors are given on pages 1 and 2. STRUCTURE, GOVERNANCE AND MANAGEMENT Govgmlng Document The School was founded in 1 $13 by Royal Charter from King Henry Vlll. On 23 August 2007, by a deed of transfer with effect from 31 August 2006, the non-permanenl endowment business, assets. liabilities and contracts of the School were transferred from the Foundation of Nottingham High School lo the Company and the Company became the trustee of the permanent endowment assets of the Foundation of Nottingham High School. The Company is governed by its Articles of Association and is regulated by schemes sealed by the Charity Commission on 23 August 2007. Governing Body The detsils of the Governing Body are given on pagg 1. Method of recrultment and appointment or election of Governors Governors are appointed lo the Governing Body in line wilh the requirements of the Company's Articles of Assoclation as follows.. 2 ex-officio Governors being The Lord-Lieutenanl of Nottinghamshire and The R ￿h1 Worshipful the Lord Mayor of Notlingham,. 2 nominated govemors from the nominating bodies being Nottingham Trent University and the University of Nottingham.. and at least 4 and not more than 18 co-opted Governors. The co-opted Govemors are appointed lo the Governing Body by resolution of the Governing Body. The Governors may from time to time. at their discretion, determine the criteria for appoinlrnenl as a co-opted Governor. This criteria w¢ll be determined by a review of the skills mix and diversity of the Governing Body. Governor Training A programme of induction is provided lo ne¥v Governors by rneans of a Governors, Handbook. written documentation, attendance al Governors, Meetings and Committee Meetings prior to formal appointment, and meelings with the Headmaster and Director of Finance & Operations. Govemors are invited to vlsll the School and observe the operation of the School. through a programme of vlsits. Usually timed around Governors. Meetings. In addition, the Education Committee regularly receives presentations by academic. pastoral or other staff prior lo their formal meetings, which enable their knowledge of the workings of the School to be enhanced and updated. An annual Governors. tralninglslralegy day is held and, in addition, Governors are notif￿d of, and offered the opportunity to attend, training courses and seminars provK1ed by organisations such as AGBIS. HMC and ISBA. AII Governors are required lo undertake annual safeguarding training. NOTTINGHAM HIGH SCHOOL la company limited by guarantee) GOVERNORS, REPORT CONTINUED Year ended 31 August 2022 Third Party Indemnity Provision for Governors Qualifying third paty indemnity provision is in pla￿ for the benefit of the Govemors. Organisational Management The Governing Body meets al least ￿l¢e per year lo consider the general policies of the School and lo consldeT any business specifically resetved lor the full Board. The majority of the work of the Goveming Body is delegated lo the Education Committee. and the Finance and Operations Committee, both of which meet three limes per year, with additional Finance meetings being convened, where necessary. lo consider the annual budget and the annual accounts. Other Committees or Sub-committees are formed when necessary lo deal with specific matters, including Remuneration Committee. The day to day operation of the School is delegated lo the Headmaster. supported by the Senior Management Team. Rlsk Management Governors are responsible for the management of the risks lo which the School is exposed. The School's Senior Management Team I'SMT'I consider the main risks facing the School and these are presented for approval by Governors. Each risk area is then considered at the relevant Committee meeting following a presentation by SMT. The key controls used by the School include.. Fomial minutes for all Committee and Govemors, meetings, and associated action plans. Strategic planning, budgeting and management accounting. Established organisalional slruclure, lines of reporting and authorisation levels. Regular review of the investment PDlicy and objectives. All major capital expenditure is approved by the Goveming Body with the inclusion of key milestones and expenditure control procedures. Vetting procedures as required for the safeguarding and protection of children and the vulnerable. Regular lesson and lulorial observations to enhance the quality of academic and pastoral provision. Regular review of the School'5 Parent Contract lo ensure it accurately reflects parents, and the School's obligations. Legal advice is taken when needed. Through the risk management procedures outlined above, the Governors are satisfied that the major risks to the School have been identified and adequately mitigated inclLJding, where appropriate. by insurance cover. It is recognised that systems can only provide reasonable and not absolute assuran￿ that major risks have been adequately managed. The Governors view the following as key risks facing the School.. The relative cost of independent education lo parents in relation to household income and other competing financial pressures. 0[￿ratiOnal costs of Tunning the School continue to oulslrip inflation and the growth in pupil numbers - staff costs. pensions. utilities, eslale costs. Further increases in the cost of employer contributions to TPS. Actuarial reviews (Kcur every 4 years. Increased number of attacks on the School IT systems. Fraudslers obtaining personal data or divert the payment of School fees. The increasing administrative burden of regulatory and compliance frameworks results in non-complian￿. The changing political and social environment and the School's responsiveness. The health and wellbelng of pupils and adults un¢Jer the protection and guidance of the School. The School slips in the national league table lo outside the lop 100. Alternative local choices for prospective pupils. Possible changes lo the tax slalus of the School leading to the services becoming subject to VAT. These risks are addressed through the measures sel out above. NOTTINGHAM HIGH SCHOOL {a company limited by guarantsel GOVERNORS, REPORT CONTINUED Year ended 31 Augu$t 2022 Employee Consultation and Dlsabled Employees The School encourages the involvement of its employees in ils management through regular departmental meetings and specific project working groups. The School encourages disabled persons lo apply fc* a particular vacancy and every effort is made lo ensure that they are given full and fair consideration when such vacancies arise. The School provides training and support so that employees who have been injured or disabled in the course of their employment have been able lo continue in employment with the School. During employment the Schogl sgeks lo work with employees, tsklng account of their personal circumstances, lo ensure appropriate training, development and advancement opportunit￿S are available lo enable them lo reach their full potential. OBJECTIVES. AIMS ANDACTIVITIES Objectives The object for which the School is estsblished is to advance education and training, by the provision and Conduct of a primary and secondary school in or near the City of Nottingharn. The principal object is met by the provision of an educational environment which will develop to the full the talents of ab￿ children. In selling objectives and planning aclivilies. the Governors have given due regard lo the Charlty Commission's general guidance on public benefit on advancing education and on fee-charging. Fees are sel by reference to a detailed budgeting process undertaken each year. based on the need lo ensure the provislon of a first-class educational environment for the pupils and the continued financial viability of the School in both the short and long term. In discussions surrounding the setting of fees, any Governor who has family members attending the School musl declare that interest and the relevant Committee will decide whether that Governor must absenl them*lf from the final decision regarding the level of fees charged. Mlsslons and Value5 Mission We enable students from dlverse backgrounds to flourish in an academic, compassionate environment engaging and inspiring every pupil to maximise their potential and enjoyment. We nurture quietly confident and happy children who are intellectually curious and cared for as individuals. Values Excellence: We have high aspirations and pursue excellence across all areas of our provisK)n. We nurture individual pupils lo achieve their highest potential and make a positive impact in the wortd. Indlviduallty We value each member of our cornmunity as an individual and embrace diversity in all Ils forms. We create the conditions in which all can be happy and flourish. Respect We are proud to be an inclusive and diverse community. We value kindness. integrity and humility. We champion a culture of respect and understanding between all in the school community. Empathy All of our provision is underpinned by empathy and compassion. We seek to build resilience and empower children to make a positive difference in the world. Curloslty We value intellectual curiosity and creativity. We want every child lo develop a love of leaming. We embrace taking risks lo enhance pupil development both academically and as people. NOThINGHAM HIGH SCHOOL la company limited by guarantee) GOVERNORS, REPORT CONTINUED Year ended 31 August 2022 Mlsslons and Values (continued) The Focused Compliance and Educational Inspection Reports dated October 2019 included the following comments.. "Pupils flourish as part of a community whiGh actively nurtures them and shapes their well-rounded development. SuppDrted by strong leadership and the provision of excellent reSoUr￿s, pupils develop self-confidence, emotional resilience and Independence. fulfilling the School's ambitious aims. The atmosphere within the School is calm and purposeful with pupils IhrDughoul the School exhibiting mature social skills, quiet acceptance of each other and strong personal developmenl.. 'Pupils have oulslanding alliludes to learning and this has a positive impact on the quality of their attainment and progress. Pupils are immensely proud of their work and they participate actively and enlhusiaslically in all aspects of a lesson. PupiL8 relish a challenge and show malurily in their diligen￿ and detemiination to succeed.. Principal activities in the year The principal activity has been the provision of education in accordance wlth the princlp81 object descrlbed above. The Senior School averaged - 827 pupils12021:7941 during the yeaf. while the Infant and Junior School averaged 332 pupils12021.' 290}. ACCESS TO THE SCHOOL Entry to the School is by examinatKJn and interview or. where appropriate al lower ages, assessment. These examinations and assessments are undertaken lo ensure that the applicants will be able lo cope and thrive in the educational environment provided by the School. For entry into sixth form, entry is by interview and reference lo GCSE grades. The economic stslus, ethnicity, race or religion of the applicants forms no part of the assessment process and, where reasonably practical. adjusln7enls will be rnade lo accommodate applicants who are disabled. The location of the School naturally means that the majority of applicants are from the Nottingham area. but there 15 no geographical restriction on the home location of the appliGanl's family. provided that the family can make suitable living a¢¢ommodalion andlor guardianship arrangements lo ensure that the School can properly carry out ils legal responsibility for ils pupiL8. FINANCIAL ASSISTANCE Policy The School is committed to broadening access by offering lo eligible parents means-tested financial support with the payment of School fees. Such support is known as a bursary and may be awarded in the form of a discount of up lo 1000/0 on tuition fees payable, depending on the financial, compassionate or other pertinent circumstances of applicants. A further contribution equivalent lo S'h of fees is also available lo full bursary pupils lo contribuie towards school meals. uniform, sports kil and transport {where appropriatel. Bursaries may made available to parents of pupils entering Year 7. The School is a non-profll making charitable inslitutK)n and has only limited resources to assist those parents who for whatever reason are unexpectedly unable to meet their obligations lo pay fees for their Child's education. Parents with a child at the School whose financial circumstances suddenly change may write lo the Headmaster, explaining their situation. Consislenl with the School's philosophy. as much help as possible will be given lo the family concerned in identifying potential sources of advi￿, assistance and funding. The School will support the family's applications lo other grant- making bodies arKI this has enabled several familEs to access additional financial assistance from external sources. NOThINGHAM HIGH SCHOOL la company limited by guarantee) GOVERNORS, REPORT CONTINUED Year ended 31 August 2022 Awareness Information provided by the School alerting the parents of potential pupils lo the possibility of gaining means-lested rinancial support with the payment of School fees is included in-. The School prospectus The School website Open Days and Taster Days Exhibitions designed lo market the School Planning The School has an arrangement with a separate company called School Fees Plan who are able to assist those parents who wish to spread payment of school fees over the year lo better match their income streams. Other The School offers 3 number of non-mean5 tested scholarships al the end of Year 7 each year, by means of a modest reduction in the luilion fees based on academic potential as evidenced by performance throughout Year 7. Where appropriate, a recipient of 8 scholarship may also benefit from means-tesled assistsnce from the Bursary Fund. Asslstance provlded The School provided, or was instrumental in providlng, fln8ncial asststsnce sh¢)wn in the following table from the various methods described above. 2021-22 2020-21 %of pupils pupils 'kn of fees in £000 Pupils Receiv8ble School OA of fees £000 Pupils Receivable School Value of assistance Means lesled bursary 1.383 104 1.275 105 The lotsl means-tesled assistance wa5 provided al the levels shown in the following table. 2021-22 Number 202(k21 Number Pe￿ntage of fee remission 0-50% 23 52 22 24 53 21 23 76_ 990/0 100- 105°kn° 50 21 20 104 100 105 100 In addrtion, other financial assistance totalling £85,000 was provided lo 79 pupils12020-21'. £107.000 to 114 pupils) in the form of scholarships, and £207,000 10 30 pupils12020-21.. £186.00010 31 pupils) in the form of fee discount to stsff members. NOTTINGHAM HIGH SCHOOL la company limited by guarantee) GOVERNORS. REPORT CONTINUED Year endgd 31 August 2022 Future plans Insofar as it can afford lo do so, the School will continue lo provide bursarial SUPPDrt in order to ensure that education al the School can be made available lo parents ol more modest means. The School's Development Office plays a key role in enhancing relationships with alumni and other stakeholders with a view to generating additional funds lo support further bursary provision. The Governors Continue lo pursue a strategy of rnaintaininglenhancing the School's position in a Competitive market principally through Investment decisions aimed al providing a high quality education for boys and gids. Achieving a hlgh stsndard of academic results is a constant aim, while maintaining a broad extra-curricular offering underpinned by oulstandiTrg pastoral caie. Investing in new infiaslruclure is an important element of successfully delivering this slralegy. During the year we refurbished a science lab and undertook drainage works on or main sports venue at Valley Road. L¢x>king ahead, we are progressing the design of a new Wellbeing Centre lo ftjrther enhance our provision of an array of support services for both pupils, staff and the local community. In addf(ion. the School continues lo invest in the maintenance of ils eslale which includes many buildings of historic importance. STRATEGIC REPORT REVIEW OF ACTIVITIES AND ACHIEVEMENTS This has been another very SUC￿$sful year for Nottingham High School. Our success has been recognised in recent years with three awards. In 2021 we were named in the Sunday Times Schools Guide as the East Midlands Independent Secondary School of the Decade. In 2D22 we were ranked first for academic resLJlts in the East Midlands again by the Sunday Times. Then later in 2022 we were named as the c￿EduCatiOnal Independent School of the year in the Independent Schools awards. Academic activities A Level results 440/0 of passes were at A" grade. 78.4% of the grades achieved were either A" or A, Whi￿ 92.2°A of students eamed A., A or B grades. 66 students achieved 3 A grades or better. of whom 33 students gol at least 3 A"s. GCSE results 64.7010 of passes were at grades 8191A' grade and 85.7% were at Ihe equivalent of grades A"IAn+ 96.5¥0 of passes were al A"IA B16+ with 81.kn of pupils achieving 7 or more passes at grades 7-9. Full details of the exam results can be found on the School's website. Co-currlcular actlvlties The School considers its Co-curricular activities lo be a vital part of the overall delivery of ils educational objectives. 11 is one of the three fundamental pillars of the school along with Pastoral IWell-being} and Academic aspects of the School. During the academic year 2021122, the school returned to in person clubs and activit￿S and was successfully able lo offer over 100 clubs and activities lo lake part in. An example of this can be seen online on Ihe School's website. NorriNGHAM HIGH SCHOOL la company limited by guarantee) GOVERNORS. REPORT CONTINUED Year ended 31 August 2022 Co-curricular activities Icontlnuedl The Music department delivered an incredlble programme as they played their way out of lockdown. One of the busiest parts of the Co-curricular programme it saw over 10.200 music 5essons delivered as well as multiple recitals and performan￿$ which were brilliantly delivered by the pupils both in school and at venues around the country. Major performances include.. Speech Day Autumn Con￿rtS NCBF National Finals Carol Services Spring Concerts Half termly Teatime Concerts Supporting Major Drama productions All of these events ranged from audiences of 50-500+ from the greater school communty and beyond. The Drama Department delivered the following stage productions as they loo returned ID Iwe performances.. Senior Play IY13-YI01 Little shop of Horrors". 3 Sell out Evening perfomiances & a Small perfomance for the OAP Christmas Lunch JunicK Play run by pupils (Yeais 7-10) AIKe in Wonderland-. 2 Evening Performances. Year 9 & 10 Studio Productlons Year 10 & 11 Monologues and Plays It was brilliant lo have live performances back for parents, pupils and others part of the g￿ater school community lo view. As well 88 this with. the return of live theatre the Drama department ran a number of trips including a London overnight theatre trip lo see Back to the Future (Adelphi) & Small Islands 81 the National Theatre. Nottingham also saw the return of live productions allowing for nany incredible trips lo see productions such as The Curious Incident of the Dog in the Nighl-Time and other productions linked to the curriculum. Pupils participate in a wid8 variety of activities ranging from the Combined Cadet Force. Scouts. Community Action. Outdoor Education and a huge variety of clubs, activities and societies. The School has a thriving Duke of Edinburgh's Award Scheme, regularly participates in expeditions. Last year the Duke of Edinburgh scheme also saw our pupils complete over 7.000 hours of volunteering with social value of over £17.237. The School is now back running and planning school trips which both support learning in the classroom (super curricular tripsl and of course sports trips. These go lo pla￿S as far afield as Canada and the USA, Ihe Caribbean and South Africa. From Socal visits lo intemational ventures. the trips and visits programme provides a large variety of opportunitles for learning outside the classroom. A Current list of the types of activities can be found the school website. The School is very proud of the quality and variety of actlvltles offered lo our students and the benefits derived from involvement in the various programmes. During the Autumn term. an exlra-¢urri¢ular fair is held lo promote awareness amongsl pupils of the array of activities on offer. Tutors provide regular guidance lo encourage lutees to lake DPPOrtunilies lo develop both as sludenis and as people. Through our co-Curr￿UluM we promote skills in Resilience. Confiden￿, Creativity, Teamwork, Leadership, NO￿INGHAm HIGH SCHOOL la company Ilmited by guarantee) GOVERNORS, REPORT coirfiNUED Year ended 31 AugLlSt 2022 Co-curricular activities Icontinuedl Physical Health. Problem solving. Well-being & MindfulrEss, as well as promoting openness lo all cultur8slgroups 8nd service lo others. Working with others in the community The School is committed lo working with our local and w¢der communities. A number of the comrnunity partnership projects are outlined in greater detail on the 'Schools TogetheT' website.. htt '.lkn.schoolslo elher.or Icase- sl?schoolld=8201 The activities set out in the following paragraphs are a summary of a wide range of ways in which the School plays an active role in supporting the local community. Working with other prlmary and secondary schools The School plays a very active role in wotking with and supporting local prim8ry and secondary schools. reaching over 350 children and young people through hosting a programme of educational and sporting activity days throughout the academic year. Local primary schools were invited lo events such as a Harry Potter Biology Day, Physics and Maths Challenge days. a Mini Olympics, and other sporting events including Netball, Football, Kwik Cricket and Cross- Country Festivals. As part of the Royal Inslilullon's Maths Masterdass programme, In Autumn 2021 we hosted forty year 9 students from 10 secondary schools in Nottinghamshire lor a 6 week series of events exploring malhemalics beyond the curriculum. These 2.Shour sessions covered a variety of industries from engineering to finance and logistics. This was followed up with a series of maslerclasses led by our 6th form students, for twenty year 5 students from 5 local primary schools. Teacher training The School is the ECT {Early Career Teachers) regional centre for the whole of the East Midlands. As part of this the School hosts ECT in the East Midlands once a term and delivers a full day to assist in the training of new lea¢h8rs. The Assistant Head Teaching and Learning al the school sils on the ISTIP Ilndependenl Schools Teacher Induction Panel) national working party and helps progress every new ECT in the East Midlands as well as the staff at the School. Working with universltles {aslde from teacher tralnlngl The School has regular communication with a number of universities through ils access lo Higher Education and Careers programmes. Some examples of practical links include,. the Chemistry Department has strong links with departments at the Universities of Nottingham and Leicester, and the Maths Department linking with Nottingham Trent University as well as the re￿nt work on Sustainability. Links are further strengthened with an opportunily for staff from Nottingham Trent University and the University of Nollingham lo be members of the School's Governing Body. Further educational provislon a¢ro$s the local and wider community Following a survey of staff, 34 confirmed that they have various roles in chaTilies and clubs. are involved in sports coaching and are governors of local schools. In lotsl. some 305 hours per month are given by stsff lo these causes and aCtiv￿leS. Outside of school life and where allowed. staff from all areas of the School give their lime and tslenls lo a wide range of activities and causes. Teachers wilhin a large number of departments are senior examiners or senior moderators. are Course advisers or write lexl books. Members of the School h8ve also contributed to the developrllent of other schools by accepting roles as governors at schLX)Is such as Bleasby PTimary, Heage Primary and All Saints Anglican and Methodist Primary Schools. Our Director of Music is an Arts Award Gold Adviser, our Librarian speaks lo local History Societies such as Lowdham Local History Society about the history of our School. Whenever possible. there is significant involvement in community sport. including Regional ESAA Track and Fiekl Secretary, hosting Loughborough Lightning Netball Youth Coaching and organising and hosting the East Midlands, Tegional qualifiers for the National Secondary School Swimming Relay Championships {ESSA}. 10 NOTTINGHAM HIGH SCHOOL la company limited by guarantee) GOVERNORS, REPORT CONTINUED Year ended 31 August 2022 Community Action The following aclfvllies look place during the year in SUp[￿rt of local charilEs'. Hot Food For The Homeloss At a lime when food poverty is a real issue, our Food and Nutrition students have continued to develop strong partnership links with two local homeless charities including The Guru Nanak Mission and The Emanuel House in Nollingham. Both charities provide vital hot meals for diffe￿nI groups of homeless and vulnerable people in and around Nottingham. The Guru Nanak prepare nutritious vegetarian rneals al 3 Gur15waras across Nottingham and serve the meals in Albert Street every Monday. Thursday and Friday and The Emanuel House do similar every day and night al the Nottingham Night Shelter. Y11 Guru Nanak Christmas Cook- Al Christmas time, our Year 11 GCSE stLJdenls were sel the challenge to prepare and cook over 125 portK)ns of vegetarian chilli for the charily. SILJdenls also generously donated chocolate hampers and collated over 200 personal toiletries kits lo the Guru Nanak for distribution that evening on Albert Street Sn Nottingham. The students enjoyed and rose S￿￿essft11lY lo the challenge and afterwards one student commented.. 'Il was a great Food lesson, I believe our sch¢)ol and students have a social responsibility lo help people around us who are less fortunate and show empathy and kindness lo all. We are able lo do this by helping charitable organisations like the Guru Nanak Mission and providing free fotsj lo peop￿ who need it. We look forward lo continuing lo support the fantastic work of this local charity next year in the sixth form., Y10 Emanuel House Cooking Challenge - As part of our Year 10 activities week. we volunteered to prepare, cook and serve nulrilious hol meals lo donate lo the Emmanuel House homeless charity. This is an independent charity that suprN)rts homeless vulnerable and isolated adults in Nottingham which aims lo prevent people becoming homeless and to support those who are homeless into accommodation. Emanuel House ChaI￿nged us lo cook 100 healthy and nutritious. meals including dessert for the night shelter and this time there was a special request for something different to the usual pasta, chillies and Curries served regularly there. We decided lo make a range of nulrilional and healthy pies including vegetable. cottage and steak pies finished off with seasonal summer fruit cheesecakes as dessert. Ac¢e$$ to Facllltles The school offered ils facilities al either a discounted rale or free of charge, lo benefit various societies and organisalions within the local community.. MCC Foundation Cricket Hub Hosting and providing the facilities for talented young cricketeis from state schools across the region. Providing classrooms for Language School te8¢hing on weekends, for language and cultural actiV1ties. Providing classrooms on a weekly weekend basis for language and cultural activities. The Czech & Slovak Club Punjab Society Nottinghamshire Prlmary Schools Chess Associatlon Parking for Trinity Church on Sundays Nottingham Scouts Hosting lournamenls in the Dining Hall and classrooms Providing free parking lo a local church community Providing rehearsal space for the local Scouts and Guides across an evening and weekend schedule. Providing space and refreshments lunch space for the charity's meetings The School's Player Hall was reseNed as the police's HQ for Nottingham's annual Goose Fair. The School's Dining Hall is given at a discounted rale for one of the society's event and their AGM. Classroom meeting space provided al a dlscounled rate. Nottingham Hosplce Nottinghamshire Polic Laco & Bobbln Soclety Nottinghamshire County Notball Academy NOTTINGHAM HIGH SCHOOL la company limited by guarantee) GOVERNORS, REPORT CONTINUED Year gnded 31 August2022 Communlty Actlon Icontinuedl Combined Cadet Force ICCFI In addition to activities mentioned earlier in this report, the populaf and active CCF supports the Nottingham City Remembrance parade al Sl. Mary's Church and the parade through the City, provides resources. such as the use of the School's firing lange facilities, to a local ATC unit, 2425 squadron, Tollerton. Our CCF also fundraises, with money collected on Inspection Day donated to the Army Benevolent Fund. Scouting The Scout group helps local scout and gulde groups lo devebp craft and de8lgn-based activities as well as hosting scouts DOE and scout leaders, meetings and award presentation meetings. The Drama Department facililales the Nottingham Shakespeare Society open-book performance, whilst School choirs and musical groups perform at a wide variety of local venues, including the Royal Concert Hall. Stsff from across the School are directly involved in supporting local music. playing iegularly with Nottingham Syfflphony Orchestra, Nottingham Chamber Orchestra and the Orchestra of the Resloralion at Sl Mary's Church. Further community links The School holds an ongoing partnership with the Hockey Centre lo ensure the pitches are widely available for community use and actively supports the Hockey in the Community Programme. Examples of use during the year include.. The Chartered Society of Physiolherapy. the MNJlands Driving Inslruclors Group and Nottingham Speakers Club have all used the conference facilities. In November 2021, the University of Nottingham hosted a Movember charity mixed 7 a side event on pitch 4 on Sunday 28th November. Beeston Hockey Club Flyerz and Nollinghamshire Counlry Cricket Club used the pitches lo host a programme of sessions aimed al players with special educational needs and disabilities. In March 2022. The England LX masters teams (aged 60 and overl had a training camp al the Hockey Cenlre. Nottingham High School hosted a summer hockey 5 day camp on pitch 5 & 6 from the 111h- 15th Juty. In May 2021. the Centre hosted an U13 boys and girls festival for the local acartemy ￿nIreS was hosted on the 15th May al the hockey cenlre. This year, the Hockey Club has been announced as one of the new Talent Academies for the sport, and trails were hosted for players aged 15-18 and for juniors. The Schcx)I holds the Lord Lieutenant's Award for Promoting Voluntary SeTvice Nottinghamshire. In a normal year, our voluntary service includes.. a piesligious avrdrd in Through the Duke of Edinburgh Scheme alone, over 3,000 volunteer hours are recorded by our students and added to this can be volunteer hours by students put in through Community Action and those involved in vdunleering outside these schemes. We have a significant number of students aged 16 or over who volunteer in care homes, veterinary practices, scout groups and the like because they recognise the benefits to others and themselves. The School has close links with a number of city ￿ntre churches, particularfy Sl. Mary's where the School was founded and the venue for our annual Founder's Day Service. The Carol Concert and further musical events take place in the Church. The School regularly provides a trumpeler to sound the Last Post at the Remembrance Service organised by the City Council. The School plays an adive role in supporting our immediate community in and around the Arboretum area of Nottingham, working with the City Council to improve traffic flow in the area and promoting good behaviour and a social conscience within the community. The provision of an extensive school bus service significantly reduces the need for car joumeys lo and from the School. 12 NOThINGHAM HIGH SCHOOL la company limited by guarantsel GOVERNORS, REPORT CONTINUED Year ended 31 August 2022 Charlty fundralslng Driven by the Student Leadership Team, a 'whole School charity. was selected by our student body for 2021-22 and supported by the full School community in a variety of fund-raising aclivilies. The selected chafily was The Friary (Working locally to end homelessness in Nottinghaml and in excess of £3,000 was raised following a sludenl coordinated charity events throughout the year. Sleeping bags and other items were also donated by the School lo help the local homeless survive the winter months. Charities are supported through our School House system, wllh each House selecting charitles annually to support. Money is raised through sponsored events such as bike rides, runs, cake sales, non-uniform days and Tutor Sel collections and practical support such as clothing collections and volunteer hours are also coordinated. For the academic year 2021-22 the House charities and amounts raised were.. Cooperfs- Rosie May Foundation - £1.020 Maples,: Berega Hospital, Tanzania - £846 Mellers.: Operation Orphan - £559 White's.. Aid to Gambia - £1,130 Further whole School charity events ale very much encouraged and supported. Over the last year, money has been raised for the BBC Children in Need Appeal. Comic Relief, Royal British Legion Poppy Appeal. Nottinghamshire Hospice, LOROS Hospice. Operation Orphan. and the Nottingham LGBTQ+ Servi￿. Considerable donations were alsts arranged for the Bestwood and Bulwell Foodbank, The Guru Nanak's Mission Toy Collection Appeal, and the Ukraine Appeal. A few are highlighted below.. LOROS HoSpi￿- £1,800 LGBTQ+ Service- £2.527 Nottingham HoSpi￿- £1,975 Ukraine Appeal £3,986 As well as the above we have a number of partnershlps with varfous communities and groups that use the School and its facilities. These range from Community sports oulre8ch such as the Nottlngham Marylebone Cricket Club Hub to the Nottinghamshire Hospice. Economic Impact Using a tool developed by Oxford Economics for the Independent Schools Council, we are able lo quantify the contribution made by the Sch¢x)I lo the national and local economy as follows= The School ¢onlributes in the region of £41m lo the GDP of the UK economy of which £17.3m goes toward the local economy- Over 860 UK jobs are supported, including the 283 people directly employed by the School; and The School contributes over £13m in tsxes and generates savings of £6.2m for the UK Government by enabling pupils lo join our School lather than a stsle school. FINANCIAL REVIEW AND RESULTS FOR THE YEAR Results for the year Total incoming resour￿S were £20.05m12020-21.. £17.92ml. The operational sutplus for the year was £1.41 m12020- 21.. £0.51 ml see page 21. Nel Income for the year was £0.98m {2020-21= £5.61 ml. The main reason for the signfficanl year on year decrease Is the result of the revaluation of the School's investment properties in 2020-21 giving rise lo a surplus of almost £4.0m. In 2021-22 Poor performance in investment markets lead to a £0.4m loss on investments. The underlying performance of the School remains strong. Capital investments and funding Capital expenditure in the year was £1.32m {2020-21: £1.98ml Iprimarily relating lo the completion of the netball courts and other modifications lo land and buildings: see page 331. 13 NOTTINGHAM HIGH SCHOOL la company limited by guarantee) GOVERNORS. REPORT CONTINUED Year endgd 31 August 2022 Reserves policy Govemors aim ID hold fijnds which are sufficient bul not excessive in order lo fund current operational requirements and future development. They are mindful of the need to maintain a level of reserves which enables the School lo respond lo circumstances and mitigate risk, including ensuring compliance with the terms of bank loans. Governors review the reserves policy on a regular basrs. The School aims to hold, at 31 August each year, reserves in the form of unrestricted cash and investments which lolal no less than one term's expenditure lexcluding depreciation) plus the capital repayments due on term loans during the next 12 month period. As at 31 August 2022 the School's target level of cash and investments according lo this Measu￿ was £5.82m. The value of free reserves held al the year end was £7.20m 12020-21.. £6.04ml. The School's reserves are therefore above the target level set out In the policy. Al the end of the year, the School's lolal reserves were £31.38m 12020-21.. £30.40ml, including £10.89m of unrestricted funds (excluding designated funds) 12020-21.. £9.55ml and £16.13m of endowment funds 12020-21 £16_33ml. The School's lolal reserves include £19.74m, which could only be realised by disposing of tangible fixed assets. The Governors remain confident that the School is able to meet ils financial obligations as they fall due, as well as continuing to invest in the fabric of the buildings and the facilities and equiprnenl required to provide an excellent education. The School continues lo generate an annual surplus after meeting its financial obligations and is forecast lo continue lo do so. Remuneratlon of senlor employees The remuneration of most senior employees is based on an assessment of the role. responsibllily and experien￿ of the individual by referen￿ lo nalional pay scales. In some instances. the remuneration is determined by Governors through the Remuneration Committee following their assessment of the aforementioned criteria where relevant, as well as giving due consideration lo comparable market rates. Investment poll¢y and objectives The School's investments are managed by Ralhbone Investment Management Ltd on a d18cretlonary management basis. The Governors, Investment Sub-committee meets iwice each ye8r lo consider 8 report fr(xn the Investment Manager, including the performance ofthe share portfolio ag￿nsI agreed benchmarks. In common with other holders of market inveslrnenls. the School has continued lo be subject lo market volatility since the end of the financial year. However. the Governors are aware that the investments are held for long term income generation and capital growth rather than short term benefits. The Govemors are satisfied with the performance of the portfolio for the year. FUTURE PLANS Strategy and Development The School is keen to continue lo build upon ils academic successes and to maintsin its position as the lop performing School in the region. The School continues to work with ils long-lemi partner to identify opportunities lo open several overseas schools with the Nottingham High School brand over the next 10 years. Income arising from these operations will be used by the School to help invest in its domestic operation as well as the provision of bursaries. The Governors hold joint Strategy Meetings with the Senior Management Team on a regular basis, and the Headmaster produ￿5 an Annual Report which includes an annual update on progress against the School Development Plan. GOING CONCERN Al the trme of approving the financial statements. the Governors have a reasonab￿ expectation that the group and the School have adequate resources to continue in operational existence for the foreseeable future. Thus, the Governors continue lo adopt the going concern basis of accountsng in prepaTing the financial s121emenls. 14 NorriNGHAM HIGH SCHOOL la company limited by guarantea} GOVERNORS, REPORT CONTINUED Ygar endgd 31 August 2022 GOING CONCERN Icontinuedl Following the uncertaSnly presented by the economic re￿$S1On, management has reassessed the going concern assumption and confirms that il remains appropriate based on Ihe strong cash and net asset pOS￿10n which enables il 10 sustain its business and meet its liabilities as they fall due despite the situation. The Governors make this assessment in respect of a period of al least one year from the date of aulhorisalion for issue of the financial slalemenls and have concluded that the School have adequate resources lo continue in operational existence for the foreseeable fulLJre and Ihere are no material uncertainties about the Sch¢x>l's ability lo continue as a golng concern. Thus they continue to adopt the going GOn￿M basis of accounting in preparing the financial slalements. OTHER INFORMATION Environmental Nottingham High School have used the GHG Protocol Corporate Accounting and Reporting Standard (revised edilionl. Further emission factors were used from UK Government's GHG Conversion Fadors for Company Rewrtlng 2022. The table below shows the key metrics that are being reported for Streamlined Energy and Carbon Reporting in the financial year 151 September 2021 to 31 St August 2022. Summary Data for FY 1" Septembor21 to 31st August 22 Value olal Energy Use 5.001.633 kwh olal Greenhouse Gas Emissions Imandalory & volunlaryl 936.71 IC02 olal Students 1.158 Intensity Ratio 0.81 tC02 per student The table below provides a comparison of current emlsslons ￿latiVe to the previous financial year. 5t is clear that there has been decrease in emissions from the 2022121 to 2021122 finanrial year as a result of the improvements in pul in Pla￿ by the School. Area of Measurement FY1St Sept19 to 20 FY 1st Sept 20 to 31"Au 21 FY 1st Sept 21 to 31°'Au 22 Variance nergy Use 4.721.7 Mwh 5.507.6 Mwh 5,001.6 Mwh 9.2Yo decrease Greenhouse Gas Emissions 914.03 tC02 1.045.67 IC02 936.7 IC02 10.4Qh decrease Inlensily Ratio 0.85 IC02 per sludenl 0.96 IC02 per student 0.81 IC02 per student 16.1QA decrease 15 NOThINGHAM HIGH SCHOOL la company limited by guarantee} GOVERNORS. REPORT CONTINUED Year ended 31 August 2022 Environmental Icontinued) Over the last year the School has invested in numerous projects, aimed at improving efficiency and reducing energy consumption. these activities are summarised klow.. LED lighting and PIR control upgrades.. Refinement of BMS selpoints for space healing arKI cooling.. Replacement double glazed windows., Healing pipework insulation.. Thermoslalic radiator valves for improved lemperalure control., Improved energy awareness for staff. covering air conditioning and lighting. The aforementioned projects are projeded lo save circa 256,000 kwh in the reporting year, which represents some 5.1Vh of total energy consumption. There is also a rolling refurbishment programme operated by the estates department for LED lighting upgrades, boiler plant upgrades and Teplacemenl windows. The School are actively monitoring energy usage across all locations. with the aim of deteoling excess energy use at the earliest opportunity. Section 172 In accordance with Section 172 of the Companies Act 2006, the Governors complied with their duty lo promote the success of the School through their review and challenge of the budget. 10 year plan, and a number of reports on all aspects of the School's operations and performance. Key decisions are made with the long-lerm interests of the School and ils slakehoklers in mind. Nottingham High School is an equal opportunities organisalion and is committed lo equal treatment for all, regardless of an individual's race, sex disabilty, ￿ligIOn or belief, sexual o¥ientstion, gender reassignment, pregnancy or matemity. The Schwl continues lo recognise the benefit of timely and effective communication wllh employees and lo ensure a common awareness of the financial performance of the School. The School aims lo provide clear, fair and competitive terms of employment and remuneration and this is underpinned by a commitment lo provide ongoing training to support staff not just in their day to day roles bul lo provide them with skills to further their career. The Governors will not lolerale any physical, mentsl or sexual harassment of the School's employees. High standards of business conduct are always maintained. The School engages suppliers through lender processes, ensuring payment terms are sel which foster a good relationship. Regular customer meetings are held with key suppliers to understand the relationship and ensure both the needs of the School and the supplier are being mel in the most efficient and economical way. The Governors are mindful of the School's Impact on the community and environment. We contlnue lo deliver on a number of projects lo support the environment both large scale e.g. Sing￿ glazing replaced with double glazing, and smaller scale e.g. ￿mOvIng single use water bottles from sports fixtures and increasing the number of water taps on sile. We support our local community through a number of partnership and community action activities, many of which are recorded on the 'Schools Together, website. We are continuously look for new opportunities lo engage with our community. an example of this is the development of our Well Being Centre wh￿h has wider community use as a key objective. 16 NOTTINGHAM HIGH SCHOOL la company limited by guarantee} GOVERNORS. REPORT CONTINUED Year ended 31 August 2022 GOVERNORS. RESPONSIBILITIES The Govemors (who are also directors of Nollingham High School for the purposes of company law) are responsible for preparing the Governors, Report and the financial slalernenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Govemors lo prepare financial statements for each financial year, which gwe a true and fair view of the slate of affairs of the School and of the incoming resources and application of rèsources. including the income and expenditLJre. of the School for the year. In preparlng these financial slalemenls. the Governors are required lo.. Se￿Ct suitsble accounting policies and then apply them consistently.. observe the methods and principles in the Charities SORP.. make judgements and estimates that are reasonab￿ and pruden( stsle whether applicable UK Accounts'ng Standards have been followed, subject to any material departures disclosed and explained in the financial slalements". and prepare the financial slalemenls on the going concern basis unless rt is inappropriate lo presume that the School will continue In operation. The Govemors are responsible for keeping proper accounting records that disclose with reasonable accuracy al any time the financial position of the School and enable them lo ensure that the financial slalements comply with Ihe Companies Act 2006. They are also responsible for safeguaiding the assets of the School and hence for taking reasonable steps for the prevention and detection of fraud and olherirregularilies. The Governors are responsible for the maintenance and integrity Df the corporate and financial information included on the School's website. Legislation in the United Kingdom governing the preparation and dissemination of finarrial slalemenls may differ from legislation in otherjurisdictions. AUDITOR RSM UK Audit LLP has indicated its wS11ingness to continue in office. DISCLOSURE OF INFORMATION TO AUDITOR In so far as the Governors are aware.. there is no relevant aLfdh Information of which the School's audiloT is unaware- and the Governors have taken all steps that they ought to have taken lo make themselves aware of any relevant audit information and to establish that the auditor is aware of that infom)alion. The Governors. Report is approved by order of the B¢)ard of Governors and the SITategic Report (include therein) is approved by the Board of Governors in their capacity as the directors al a meeting on 19th January 2023 an signed on ts behalf by: H L AVISON Company Secretsry 17 NOTTINGHAM HIGH SCHOOL la company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NOThINGHAM HIGH SCHOOL Opinion on financial statements We have audited the financial statements of Nollingham High School Ilhe 'charitable company'l foi the year ended 31 August 2022 which comprise the Slalemenl of Financial Activities (including Summary Income and Expenditure Account), the Balance Sheet, the Slalemenl of Cash Flows and notes lo the financial slalemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, in¢luding FRS 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practicel. In our opinion the financial statements= give a true and fair view of the slate of the Company's affairs as at 31 August 2022 and of its incoming resources and application of reSoUr￿s, including ils income and expenditu￿, 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 requirements of the Companies Ad 2006. Basis for opinion We conducted our audit in accordan￿ with International Standards on AudTting IUKI IISAS IUKII 8nd applicable law. Our responsibilities under those standards are further described in the Audilorfs responsibilities for the audit ol the financial statements section of our report. We are independent of the charitable company in accordan￿ with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilitie5 Ifl 8¢cordan¢e with these iequiremenls. We believe that the audit evidence we have obtained is sufficient and appropriate to provKle a basis for our opinion. Conclusions relating to going concern In auditing the financial stalements, we have concluded that the Govemers, use of the going concern basis ol accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating lo events or conditions that. individually or collectively. may ¢asl significant doubl on the charitable company's ability to continue as going concem for a period of al least ￿e1ve months from when the financial stslements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant secttons of this report. Other information The other information comprises the information included in the Annual Report other than the financial statements and our auditorfs report Ihereon. The trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, ex￿pt to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and, in doing so, con5idei whether the other information is materially inconsislenl with the financial stslements or our knowledge obtained in the course of the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that lacl. We have nothing lo report in Ihts regard. Opinion on other matters prgscribgd by the Companies Act 2006 In Dur opinion, based on the WDrk undertaken in the course of the audr(," the information given in the Governors. Report, which includes the Diieclors, Report and the Strategic Report prepared for the purposes of company law, for the financial year for which the fsnancial stslements are prepared is Consistent with the financial slalemenls,. and the Directors, Report and Strategic Report included in the Govemors, Report have been prepared in accordance with applicable legal requirements. 18 NOThINGHAM HIGH SCHOOL la company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NorriNGHAM HIGH SCHOOLICONTINUED) Matters on which we are required to report by exception In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audil. we have not identified material missialemenls in the Directors. Report or the Strategic Report included within the Governors. Report. We have nothing lo report in respect of the following matters where the Companies Act 2006 requires us lo report to you il, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from blanches not visited by us., or the financial slalements are not in agreement with the accounting records and returns- or certain disclosures of Governors, remuneration specified by law are not made.. or we have not r￿1Ved all the informalK>n and explanations we requiie foi our audit. Responsibilities of Governors As explained more fully in the Slalemenl of Govemors, Responsibilities sel out on page 17, Ihe Govemors (who are also the directors of the Company for the purposes of company lawl are iesponsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal ￿ntrol as the Governors determine is ￿e￿ssary lo enable the preparation of financial slalemenls that are free from material misstslemenl, whether due lo fraud or error. In pieparing the financial statements, the Govemors are iesponsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, mattels related to going concem and using the going concem basis of accounting unless the Governors either intend lo liquidate the Company or lo cease operations, or have no realistic allemalive bul to do so. Auditor's ro$ponsibilities for the audit of th• financlal Statements Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslalemenl, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material rnisslatemenl when il exists. Misslalemenls can arise from fraud or error and are considered material if. individually or in the aggrggale, they could reasonably be expected to influence the economic decisions of useis taken on the basis of these financial statements. The extènt to which the audit was considered capablo of d8ts¢tlng Irregularities, including fraud Irregularities are instances of n0nwcompl1an￿ with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the delerminalion of material amounts and disclosures in the financial slalemenls, lo perform audit procedures lo help identify instances of non-complian￿ with other laws and regulations Ihal may have a material effect on the financial statements. and to respond appropriately to identified or suspected non-compliance with laws and Tegulations identrfied during the audit. In relation lo fraud, the objectNes of our audit are to identfy and assess the risk of material misslalement of the rinancial slalements due lo fraud, lo obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraLJd or suspected fraud identified during the audit. However. il is the primary responsibility of marsagemenl. with the oversight of those charged with governan￿, lo ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. 19 NOTTINGHAM HIGH SCHOOL (a company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NOThINGHAM HIGH SCHOOLICONTINUEDI In identifying and assessing risks of material misstalemenl in respect of irregularities, including fraLKI. the audit engagement team.. obtained an understanding of the nature of the sector, including the legal and regulatory framework that the Company operates in and how the Company is cornplying with the legal and regulatory frarnewDrk,' inquired of management. and those charged with governance, about their own idenlificalion and assessment of the risks of iriegularilies. including any known actual, suspected or alleged instances of fraud.. discussed mallers about non-compliance wlth laws and regulations and how fraud mlght occur inclutjing assessment ol how and where the financi81 statements may be susceptible to fraud. As a result of these prO￿dureS we consider Ihe most significant18ws and regulations that have a direct impact on the financial statements are FRS 1 D2, Charities SORP IFRS 1021, Companies Act 2006. Chaiilies Act 2011, the charitable company's governing document, lax legislation and Charities (Pioleclion and Social Investment) Act 2016. We performed audit prO￿d￿reS lo delect non-compliances which may have a material impact on the financial statements which included reviewing the financial slalemenls including the Governors, Report, remaining a￿rt to new or unusual transactions which may not be in accordance wrth the governing documents. inspecting Corresponden￿ with local tsx authorities and evaluating advice received from exlein81 a(Svisors. The most significant laws and regulations that have an indirect impact on the financial slalemenls are The Education Ilndependent School Slandardsl Regulations 2014. Keeping Children Safe in Education under section 175 of the Education Act 2002. and the UK General Data Protection Regulation IUK GDPRI. We performed audit procedures lo inquire of management and those Charged with governan￿ whether the charitable company is in compliance with these law and regulations and inspected correspondence with regulatory aulhorilies. The audit engagement team identified the risk of management override of controls as the area where the financial staternenls were most susceptible to material misslalemenl due lo fraud. Audit pr￿edureS perfomied included bul were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relaliDn to significant, unusual transactions and transactions entered into outside the normal course of business and challenging Judgments and esllmates. A further description of our responsibilities for the audit of the financial slalemenls is located on the Financlal Reporting Council's website at http'.Ilwww.frc.org.uklauditorsfesponsibililies. This description forms part of our auditorf8 report. Use ofour ￿port This report is made solely to the Company's members, as a body, in ac¢oidance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we fnighl 51ale lo the Company's members those matters we are required lo slate to them in an auditorfs report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as body, for our audit work, for this report. or for the opinions we have formed. Lsm )K&,I,è LLF Garelh Jones (Senior Stalulory Audilorl For and on behalf of RSM UK Audit LLP, Slalulory Audrtor Chartered Accounlanls Rivermead House 7 Lewis Court Grove Park Leicester Leicestershire LE19 1SD Date.. 1310212023 20 NOTTINGHAM HIGH SCHOOL la company limited by guarantee) STATEMENT OF FINANCIAL ACnVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNTI Year ended 31 August 2022 Pemianent Endowment Funds £'ooo Unrestrlcted Funds £'ooo Restrlctgd Funds £'ooo Total 2022 £'ooo Total 2021 £'ooo Notes Income and Èndowments from.. Donations. legacies and grants Charitable activities Other trading aclivitEs Investments 572 18,732 264 340 39 611 18.732 264 443 577 16.780 197 366 103 Total income and endovmients 19.908 142 20.050 17.920 Expendlture on: Raising funds Charitable activf(ies Other 83 18,177 184 83 18,372 184 78 17,141 183 32 163 10 Total expenditure Net incomellexpenditure) before net Ilossesllgains on invastsnants 18,444 32 163 18,639 17,402 1,464 132} 1211 1.411 518 Net Ilossesygain on investments 16117 {2541 1181} 1435) 5.091 Net Income 1,210 132} 1202} 976 5.609 Gross transfer be￿een funds 25127 Net movement In funds 1.210 132} 1202} 976 5,609 Reconciliation of funds Total funds brought forward 14,023 50 16.328 30.401 24,792 Total funds carried forward 15,233 16,126 31,377 30.401 21 NOTTINGHAM HIGH SCHOOL la company limited by guarantee) BALANCE SHEET At 31 August 2022 Not 2022 £'ooo 2021 £'ooo £'ooo £'ooo Fixed assets Tangible assets Investments 15 16&17 19.744 16,264 19,533 16,701 36,008 36.234 Current assets Stock Debtors Cash at bank and in hand 18 19 78 612 3.850 49 378 2,669 4.540 3,096 Current liabilitiès Creditors- amounts falling due within one year 20 12,8871 12.9651 Net current assets 1,653 131 Total assets less current liabilities 37,661 36,365 Creditors - amounts falling due after more than one year 21 16,2841 15.964) Net assets 31.377 30,401 The funds of the ¢harlty: Pernianent Endowment 25 16.126 16,328 Restricted income funds 26 18 50 Unrestricted funds Designated funds Other unrestricted funds 27 4.342 10.891 4,474 9,549 Total unrestricted funds 15.233 14.023 Total charity fund$ 31.377 30.401 The financial s18lements were approved and aulhorised for issue by the Board of Governors on Iq I I l L2and suned on behalf the board of Governors by: SBa ks Governor Governor 22 NOTTINGHAM HIGH SCHOOL la company limited by guarantee) STATEMENT OF CASH FLOWS Year ended 31 August 2022 Notss 2022 2021 £'ooo £'ooo Cash flows from operating activities: Net cash provided by operating a¢ttvities 28 2,273 1.862 Cash flow from investing activitie$: Dividends, interest and rent received from investments Payments to acquire tangible fixed assets Payments for investments Pioceeds from sale of investments 443 {9511 {1631 165 366 11,8241 11.0651 1,110 Net cash used in investing activities {5061 11,4131 Cash flow from financing activillas: Repayment of bank loans Repayment of hire purchase Interest paid {3351 1671 {1841 13621 1401 11831 Net cash used in financing activltles {5861 15851 Change in cash and cash equivalents in the year Cash and cash equivalents al the beginning of the r&porting year 1.181 11361 2,805 2,669 Cash and cash equivalents al the end of the reporting year 3,850 2.669 23 NOTTINGHAM HIGH SCHOOL {a company limited by guarantee) NOTES RELATING TO THE FINANCIAL STATEMENTS Year ended 31 August 2022 Accountlng pollcle$ General intorniation and basis of preparallon Nottingham High School Ilhe School'l Is a cornpany limited by guarantee and is incorporated in England and Wales. 11 is also a registered charity al the Charity Commission for England and Wales. In the event of the School being wound up. the liability in respect of the guarantee is limited lo £10 per member of the School. The address of the registered office is given in the offi¢ers and advisors information on page 2 of these financial slalemenls. The nature of the School's operations and prinupal activities are that of the provision of an educational environment that will develop to Éhe fu15. the tslenls of ab￿ children. Basis of a¢¢ounting The School conslilules a public benefit entity as defined by FRS 102 and has therefore applied the relevant public benefit requirements of FRS 102. The financial slalements have been prepared in accordance with Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191- Charities SORP IFRS 1021, the Financial Reporting Stsndard applicable in the United Trfjngdom and Republic of Irgland, including adoption of the amendments issued in December 2017 {FRS 1021, the Charities Act 2011, the Companies Act 2006 and the UK Generally Accepted Practice as it applies from 1 January 2019. The financial slalemenls have been prepared under the historical cost convention as modified by the inclusion of investments. The financial statements are prepared in sterling which is the ftjnclional currency of the School and rounded to the nearest £1.000, except where olherwise indicaled. On 1 September 2002, the operations and non-permanenl endowment assets of the Foundation Df Nottingham High School were transferred lo the School. subject to arvj conditional upon the issue and subsequent sealing of a Scheme lo this effect by the Charity Commissioners. The Scheme was seajed on 23 August 2007. The significant accounlirig policies applied in the preparation of these financial slalemenls are set out below. These policies have been consistently applied to all years presented unless olherwise slated, Consolidated Financial Statements In the opinion of the Governors, the School and subsidiary undertaklng comprlse a large sized group. The Governors have not prepared consolidated financial slalemenls as the subsidiary undertaking has had little adivily in the year and the Goverrbots consider this to be immaterial to the group. These financial slalements present information about the individual school, Nottingham High School and not about the gioup. Going concgrn Al the time of approving the financial slalements, the Governors have a reasonable expectation that the group and the School have adequate reSoUr￿S lo continue in operational existence for the foreseeable future. Thus. the Governors continue to adopt the going concern basis of accounting in preparing the financial slalemenls. The Governors make this assessment in respect of a period of al least one year from the date of aulhorisalion for issue of the financial statements and have concluded that the group and the School have adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the group's and the School's ability lo continue as a going concem. Thus they continue to adopt the going concern basis of aceounling in preparing the financial statements. 24 NOTTINGHAM HIGH SCHOOL la company limited by guarantee} NOTES RELATING TO THE FINANCIAL STATEMENTS (CONTINUED) Year ended 31 August 2022 Accounting policies (continued) Funds The School's Funds are split into three categories.. unreslricled funds (including designated funds}. reslricled funds and permanent endowment funds. A brief outline of the nature ot these funds is as follows.. Unreslricled fljnds may be expended al the discretion of the Govemors in furtherance of the objects of the School. If part of an unreslricled fund is earmarked for a particular purpose il is shown as a designated fund. This designation has an adminislr81ive purpose only and does not legally restrict the GovemoTS' discretion lo apply the fund. Reslricled funds are funds subject lo specffic trust as declared by the original donor(sl bul which are still within the objects of the School. The income of the restricted funds may only be exper¥Jed in accordan￿ with the terms of the specific trust and the capltal may or may not be expended dependent upon the terms of the speafic Irusls. Permanent endowment funds are capital ftjnds where there is no power lo convert the capital into income and which must generally be held indefinitely. Certain assets can be exchanged and may be subject to depreciation or loss. Income recognition All income is included in the Statement of Financial Actwities ISOFAI when the School is legally enlilled lo the income after any performance conditions have been met, the amount Can be measured reliably and il is probable that the income will be received. For donations lo be recognised, the School will have been nollfied of the amounts and the settlement dale in writing. If there are conditions attached to the donation and this requires a level of performan￿ before enlillemenl can be obtained, then the income is deferred until those conditions are fully mel or fulfilment of those conditions within the control of the School and it is probable that they will be fulfilled. Donations received for the general purposes of the School are credited lo unreslri¢led funds. Donations subject to specific wishes of the donors are credited to relevant reslricled funds or to endowed funds where the amount is required to be held as permanent capital. For legacies, enlillement is the earlier of the School being notified of an impending distribution or legacy being received. Al this point income is recognised. On occasions legacies will be notified lo the School bul it is not possible lo measure the amount lo be dislribuled. On these occasions, the legacy is Irealed as a contingent asset and dlsclosed. Fees re￿1vable and charges for services and use of premises are accounted for in the period in which the seNice is provided. Fees re￿Ivable ale slated gros5 of scholarship5, bursaries and other remissions allowed by the School as detailed in the Govemors, Report. Income from Iradlng activities includes income earned from fundraising events and trading activities to raise funds foi the School. Income is received in exchange for supplying goods and services in order to raise funds and 18 recognised when enlillement has 0￿urred. Investment income is earned through holding assets for investment purposes such as shares and property. 11 includes dividends and interest and rent. Where il is not practicable lo identrfy investment management costs Sncurred withln a scheme wilh reasonable accuracy, the investment income is reported net of these Costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the School's rights to receive payment isestabllshed. Government grants are recognised at the fair value of the asset re￿iVed or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies perf0mlan￿ condilions is recognised as income when Ihe perf0mlan￿ conditions are mel. Where a grant does not specify performance conditions il is recognised in income when the proceeds are received or ￿￿1vable. A grant received before the recognition cr(teria are satisfied is recognised as a liabilily. 25 NOTTINGHAM HIGH SCHOOL la company Ilmlted by guarantee) NOTES RELATING TO THE FINANCIAL STATEMENTS ICONTINUEDI Year ended 31 August 2022 Accounting policies Icontinuedl Deposits Deposits are charged lo students upon arrival al the School. These are refundable lo students when they leave the School unless there are unpaid fees in which case they are used to supplement the unpaid fees. They are therefore held as a creditor until the sludenl leaves the School. Expendlture recognltlon All expenditu￿ is accounted for on an accru81s basis and has been cSassified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive oblKJalion lo transfer economic benefit ID third parties. it is probable that the Iransfer will be required and the amount of the obligation can be measured reliably. It is ¢alegorised undet the following headings.. Cost of raising funds includes propetyexpenses Expenditure on charitabk activit￿S include expenses incurred in the provision of education.. and Other expendilure represents those items not falllng into the c8tegorles above. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Support cost allocations Support costs are those which assist the work of the School bul do not directly represent charitable activities and include office costs, governan￿ costs and adminislralive payroll costs. They are incurred directly in support of expenditure on the objects of the School. Where support costs cannot be directly attributsble lo particular headings they have been allocated to costs of raising funds and expenditure on charitable actNities on a basis consistent with the use of the resources. Taxatlon The School is considered lo pass the lesl set out in Paragraph 1. Schedule 6 of the Finance A¢1 2010 and therefore it meets the definition ol a charitable company for UK corporation tax purposes. Accordingly. the School is potentially exempt from tsx in respect of income and capitsl gains received within categories covered by part 11, chapter 3 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively lo charitable purposes. Tangible fixed assets The School sile. original buildings and playing fields are excluded from the fi'nanaal slalements as, in the opinion of the Governors. their written-down cost would not be material. The value of subsequent building additions and improvements is included in the financial ststemenls al cost. Tangible frAed assets are initially measured at cost and subsequenuy measured at cost net of depreciation and any impairment losses. Costs include costs directly attributsble to making the asset capable of operating as Intended. Freehold land is not depreciated. Freehold buildings are depreciated at 2Vo of cost. Until the year endin9 31 August 2000, no rteprecialion had been provided on freehold buildings. Improvements lo buildings are depreciated at 10Vo of cost. The School equipment including fixtures and fittings is caprtalised where costs exceed £2,500. Cost, less residual value. is written off over the estimated useful life of the asset by providing depreciation over three. seven or ten years in equal annual inslalmenls. Assets in the course of construdion are not depreciated until brought into use. Investment properties The School's freehold investment properties have been stated at fair value, as required by the SORP 'Accounting and Reporting by Charities". 26 NOTTINGHAM HIGH SCHOOL la company limited by guarantee) NOTES RELATING TO THE FINANCIAL STATEMENTS {CONTINUED} Year ended 31 August 2022 Accounting policies Icontlnued) Other investments Other investments are included in the financial statements al their fair value al balan￿ sheet date. Any realised and unrealised gains or losses Irom disposals and revaluations are shown within the School's Slalemenl of Financial Activities. Stock Stock is valued at the lower of cost and eslimaled selling pri￿ less costs lo complete and sell. Provision is rnade for obsolete and slow-moving items. Loans and borrowlngs Loans and borrowings are initially recognised at the transaCt￿n price including transaction costs. Subsequently, they are measured al amortised cost using the effective interest rate method, less impaimienl. If an arrangement conslilutes a finan￿ transaction il is measured al present value. Impaimiont Assets not measured al fair value are reviewed for any indication that the asset may be impaired al each balance sheet date. If such indication exists. the recoverable amount of the asset is eslimaled and compared lo the carrying amount. Where the carrying amount exceeds its recoverable amount. an impairment loss is recognised in the Statement of Financial Activities unless the asset is carried al a revalued amount where the impairrnenl loss is a revaluation decrease, Financial instruments The School has elected to apply the provisions of Secllon 11 'Basic Flnanclal Instruments, and Section 12 '0ther Financial Instrument8 Issues, of FRS 102. in full, lo all of its financial instruments. Financial assets and financial liabilities are Tecognised when the School becomes a party lo the contractual provisions of the instrument, and are offset only when the School currently has a legally enforceable right lo set off the recognised amounts and intends either lo sellle on a nel basis. or lo realise the asset and settle the liability simultaneously. Financial assets Outstanding fees and otherdeblors Outstsnding fees and other debtors (including accrued income) which are receivable within one year and which do not conslltute a financing transaction are initially measured at the transaction pri￿ and are subsequently measured al 2mortised CDSI, being the transaction price less any amounts settled and any impairment losses. A provision for impairment of outstanding fees is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the outstanding fees over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate lo an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss. Financial liabilities and equity Financial instruments are classffied as liabilities and equity instruments according lo the Substan￿ of the contractual arrangemènts entered into. An equity instrument is any contract that evidences a residual interest in the assets of the School after deducting all of its liabilities. Trade C￿ di10￿, other creditors and accwals Trade creditors and other creditors lincluding accrualsl payable within one year that do not constitute a financing transaction are initially measured al the transaction price and subsequently measured at am0￿'sed cost. being the transaction price less any amounts settled. 27 NOTTINGHAM HIGH SCHOOL la company Ilmlted by guarantee) NOTES RELATING TO THE FINANCIAL STATEMENTS ICONTINUEDI Year ended 31 August 2022 Accounting policies (continued) Derecognition of financial assets and liabilities A financial asset is derecognised only when the conlraclual rights to cash flows expire or are settled, or subslanlially all the risks and rewards of ownership are transferred lo another party, or if some significant risks and iewards of ownership are retained bul control of the asset has transferred to another party that is ab￿ to sell the asset in its entirely lo an unrelated third party. A financial liability {or part thereof) is de￿cogniSed when the obligation specified in the contract is discharged, cancelled or expires. Retirement Benefit5 Retirement benefits for the leaching staff of the School are provided by the Teachers. Pension Scherne ITPSI. The TPS is an Ljnfunded scheme. Contributions lo the TPS are calculated so as to spread the cost of pensK)ns over employees, working lives with the School in such 8 way that the pension cost is a substantially level percentage of C￿r￿nt and future pensionable payroll. The contributions are determinecl by the Government Actuary on the basis of quadrennial valuations using a projected unil method. The TPS is a mulli-employer scheme bul Sufficient informaliDn is not available lo use defined benefit accounting and therefore il is accounted for as a defined contribution scheme, with the amount ¢harged to the Statement of Financial Activities being the contributions payable in the year. Differences beiween contributions payable in the year and contributions actually paid are shown as either accruals or piepaymenls. The School also operates a defined contribution scheme for the benefit of its non-leaching slaff. The pension cost charged in the Slalemenl of Financial Activities is the amount of the Contributions payable for the year. DIfferen￿S between contributions payable for the year and contributions actually paid are shown as either accruals or prepayments in the Balance Sheet. Tgrmination b&ngfits The best estimate of the expenditure required to settle an obligation for termination benefits is recognised immediately as an expense when the School is demonstrably committed lo temiinaling the employment of an employee or to provide ternination benefiis. Leases An asset and corresponding liability are recognised for leasing agreements that transfer to the School substantialty all of the risks and rewards incidental lo ownership I'Finance Leases'l. Assets held undei Finance Leases are recognised as assets al the lower of the asset's fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finan￿ lease. Lease payments are Irealed as consisting of capital and interest elements. The interest is charged lo the Slat6menl of Financial Activities so as to produ￿ a constant periodic rale of interest on the remaining balan￿ of the liability. Crltl¢al accountlng estimates and areas of judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors. including expectations of future events that are believed lo be reasonable under the circumstances. Critical accounting estimates and assumptions The School makes eslimales and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant rlsk of causing a material adjustment to the carrying amounts of assets and liabilities bwthin the next financial year are discussed below. Depreciation Management reviews Its estimate of the useful lives of depreciable assets at each reporting dale, based on the expected utillty of the assets. Residual value and useful life assessments consider issues such as future market conditions, the remaining life of the asset and Maintenan￿ programmes. The carrying value of tsngible fixed assets al the year end was £19,744,00012021'. £19,533,000) 28 NOThINGHAM HIGH SCHOOL la company limited by guarantee} NOTES RELATING TO THE FINANCIAL STATEMENTS ICONTINUEDI Year ended 31 August 2022 Accountlng pollciès Icontinuedl Critical accounting estimates and assumptlons Icontlnuedl Impairment Determining whether fixed assets are impaired requires an estimation al the higher of fair value and value in use of the asset. The value in use calculation requires managemenl lo estimate the future cashflows expected to arise from the asset and a suitable discount rale in order lo calculate present value. The carrying value of tangible fixed assets al the year end was £19,744,(K)012021.. £19.533,000} Carrying value of investments properties The School values its investment properties al fair value. The valuations are made by a qualified Chartered Surveyor. using a variety of assumptions to determine the valuation of the investment properties. Any ¢hanges in these assumptions would impact on the carrying value of these inveslrnenl properties. The carrylng value of investment properties al the year end was £9.072.00012021.. £8.420.0001. Leases In calegorising leases as Finan￿ Leases, management make judgement as lo whether significant risks and rewards of ownership have transferred to the School ag lessee. Income from donatlons, legacles and grants 2022 £'ooo 2021 £'ooo Legacies Donations Job retention grant Gift aid from subsidiary 39 522 391 144 42 50 611 577 Income from donations, legacies and grants was £611,00012021'. £577.0001 of which £39.00012021'. £ nil) was attributable lo permanent endowment funds and £572,00012021'. £577,000) attributsble lo unreslricled funds. Income from charitable activities 2022 £'ooo 2021 £'ooo Fees Music tuition Catering Other 17.278 216 840 398 15,780 186 512 302 18.732 16.780 Income from charitable activities was £18.732,000 12021.. £16,780.0001 of which all was attributable to unrestricted funds. 29 NOThINGHAM HIGH SCHOOL la company Ilmlted by guarantse) NOTES RELATING TO THE FINANCIAL STATEMENTS {CONTINUEDI Year ended 31 August 2022 Income from other trading actlvllles 2022 £'ooo 2021 £'ooo Hire of facilities MIS￿lIaneouS re￿IP1S Clothing sales Management charges received from subsidiary 145 46 55 18 86 30 66 15 264 197 Income from other trading activities was £264.000 {2021.. £197,000) of which all was attributable to unreslricled funds. Investment income 2022 £'ooo 2021 £'ooo Property income Dividends receivable 213 230 168 198 443 366 Income from investments of £103,000 12021.. £80.000} was attributable lo endowment funds arKI £340,000 {2021'. £286,000) was attribLrtable to unrestricted funds. Analysis of total expenditure staff Depreciation Costs and Impairmènt £'ooo £'ooo other costs £'ooo 2022 Total £'ooo 2021 Totsl £'ooo Raising funds Charitsble activities Other expenditure 83 6,298 83 18,372 184 78 17,141 183 10,970 1.104 10,970 1.104 6,565 18.639 17,402 Raislng funds 2022 £'ooo 2021 £'ooo Property expenses Management fees 45 38 32 46 83 78 Raisin9 funds expenditure of £83.00012021'. £78.0001 was allribulable to unrestricted funds. 30 NOTTINGHAM HIGH SCHOOL la company limited by guarantee) NOTES RELATING TO THE FINANCIAL STATEMENTS ICONTINUED} Year ended 31 August 2022 Analysls of expenditure on charitable activities 2022 £'ooo 2021 £'ooo Notes Provision of education Acadernic Costs Extra-curricular Bursarieg Prizes Scholarships Staffing School support services Govwnance costs 682 206 1,383 443 110 1,275 14 107 10.626 1,216 43 85 11,063 1.538 71 15,047 13.834 Administration and maintenance Estates 791 2.534 529 2.778 18,372 17,141 Charitable activities expenditure of £163,000 12021.. £244,000) were attributable lo endowment funds, £32.000 12021." £31,000) were attributable lo restricted funds and £18,177,00012021.. £16,866,000) were attribulable lo unrestricted funds. Governance costs 2022 £'ooo 2021 £'ooo Audit and accountancy Legal and professional fees Govemors expenses 40 27 42 71 43 10 other expenditura 2022 £'ooo 2021 £'ooo Loan interest 184 183 Other expenditure of £184,(JOO12021'. £183,OCM)} was attributable lo unrestricled funds. 11 Net income 2022 £'ooo 2021 £'ooo Net income is staled after charging: Tangible assets depreciation of permanent endowment assets Tangible assets depreciation of unrestricted assets 163 941 244 1.361 31 NOThINGHAM HIGH SCHOOL {a company limited by guarantee) NOTES RELATING TO THE FINANCIAL STATEMENTS ICONTINUEDI Year ended 31 August 2022 12 Auditorfs remuneration 2022 £'ooo 2021 £'ooo Fees payab￿ to RSM UK Audit LLP and its associates in respect of both audit and non-audil services was as follows.. Fees payable for the audit of the financial ststements 25 19 Fees payable lo the auditor for other services.. Other services 13 Governors. and key management personnel remuneratlon and expenses The Governors neither received nor waived any remuneration during the year12021.. £nill. The total amount of employee benefits lincluding employer's national insurance contributions and Contribut￿nS to the pension ￿heMe) received by key management personnel was £1.312,69912021'. £1,420,715). During the year,1 {2021.. 11 Governor claimed expenses of £110 12021.. £1351 wlth ￿spect lo travel and subsistence expenses. 14 staff costs Acadèmic Stsff £'ooo Support Staff £'ooo 2022 Total £'ooo 2021 Totsl £'ooo Wages and salaries Social security costs Employer contributions to defined contribution schemes Redundancy costs 6.060 657 2.551 216 8,611 873 8,295 812 1,318 168 1,486 1.471 30 8.03S 2,935 10,970 10,608 Other employment costs 8,035 2.935 10.970 10,609 The average number of persons employed by the School during the year was as follows: Number FTE 2022 Numbgr 2021 Number 2022 Number 2021 Number Teaching Non-lea¢hing Visiting music teachers 112 153 18 130 144 21 100 117 112 103 283 295 219 217 The total cost to the School of contributions towards the TPS was £1.318,00012021.. £1.277,076}. The amounts paid into private pension schemes in respect of support staff amounted lo £168,00012D21.' £194,401). 32 NOThINGHAM HIGH SCHOOL la company limited by guarantee) NOTES RELATING TO THE FINANCIAL STATEMENTS ICONTINUEDI Year ended 31 August 2022 14 Staff costs Icontlnued) The numbei of employees whose emoluments {excluding employer pension costs) exceeded £60.000 was.. 2022 Number 2021 Number £60,001- £70,000 £80.001- £90,000 £90.001 - £100.000 £110,001- £120,000 £250,001- £260,000 Pension costs in respect of the above employees lotalled £228k {2021'. £216kl. 11 12021 10} higher paid employees are accruing benefits under the deferred benefit pension scheme. 15 Tangible fixed assets Assets In the course of construction £'ooo Freehold school land and buildings £'ooo Fixtures and rittings £'ooo Total £'ooo Cost at 1 September 2021 Additions Transfers 25,039 115 726 3,549 202 28,595 1.315 998 {726) Cost at 31 August 2022 279 25.880 3,751 29,910 Accumulated depreciation at 1 September 2021 Charge for the year 7,042 748 2,020 356 9,062 1.104 Accumulated depreciation at 31 August 2022 7.790 2.376 10,166 Net book value al 31 August 2022 279 18.090 1,375 19,744 Net book value al 31 August 2021 17.997 1.529 19,533 The nel book value of r￿l￿reS and fittings includes £224,578 12021.. £119.0001 in respect of assets held under Finance Leases and hire purchase contracts. The depreciation charge for the year with respect lo these fixtures and fittings were £59,71112021.. £39.4651. 33 NOTTINGHAM HIGH SCHOOL la company limitsd by guarantsel NOTES RELATING TO THE FINANCIAL STATEMENTS ICONTINUEDI Year ended 31 August 2022 16 Investment properties Freehold £'ooo Valuation al 31 August 2021 and al 31 August 2022 Additions 8,420 652 Valuation al 31 August 2022 9.072 The School's investment properties were revalued as at 31 August 2021 by Savills, Chartered Surveyors, al a fair value of £8,420.000. The historical cost of the investment properties is £2,020.035 12021.. £1,368,328>. The governors are of the opinion that the fair value has not materially changed al the balance sheet dale. Investment propertles lo the value of £3,225.00012021.. £3,225.0001 have been used as security in respect of the bank loans as described in note 21. 17 other investments Total £'ooo Fair value at 1 September 2021 Cash on deposit al 1 September 2021 Additions Disposals Nel gain 8.281 11,0821 365 11651 14351 Quoted investments 6.964 Cash on deposit as at 31 August 2022 228 Fair value at 31 August 2022 7.192 2022 £'ooo 7.192 2021 £'ooo 8,281 Total lat fair value) Total lat historical cost} 5,801 6.454 18 Stock 2022 £'ooo 2021 £'ooo Goods for resale 78 49 19 Debtors 2022 £'ooo 2021 £'ooo Outstanding fees Accrued income Prepayments Amounts due from subsidiary undertakings Other debtors 34 51 262 62 336 45 160 31 612 378 NOTTINGHAM HIGH SCHOOL la company limited by guarantee) NOTES RELATING TO THE FINANCIAL STATEMENTS {CONTINUEDI Year ended 31 August 2022 20 Creditors: amounts falling due within one year 2022 £'ooo 2021 £'ooo Bank loans Inole 211 Obligations under finance leases {nole 23) Trade creditors Other taxation and social security costs Accruals Amounts due lo subsidiary undertakings Other crediloTS Deferred income 351 104 613 237 431 339 53 267 216 377 322 829 266 1.446 2.887 2,965 21 Creditors: amounts falling due after more than one year 2022 £'ooo 2021 £'ooo Bank loans Deferred income Obligations under finance leases Inole 231 5.470 701 113 5.817 81 66 6.284 5,964 2022 £'ooo 2021 £'ooo Loan maturity Debt due in one year or less Due in more than one year but not more than two years Due in more than two years but not more than five years Due in more than five years 351 363 4.576 531 339 351 1,130 4,336 5,821 6.156 The School has three separate bank loans. The details of these loans are given below.. The School's first bank loan is a facility of £5.Om to ftjnd capital projeds. As at 31 August 2022, £4.24m12021.. £4.98ml had been drawn down by the School. The bank loan has a fixed inleresl rale of 3.38Vkn per annum. The loan is repayable by monthly inslalmenls and is repayable by May 2027. The School's second bank loan is seCU￿d over cerlain assets of the School as detailed in note 16. The bank loan is a facility of £1.1 m and is subject to an interest rate of 2.60°h above base rate. The bank loan is being repaid in quarterfy inslalments over the period until 3 February 2029. The School's third bank loan is secured over certain assets of the School as detailed in note 16. The loan is a facility of £2.4m and is subject lo an interest rale of 1.0% above base rate. The bank loan 18 being repaid in quarterly inslalments over the period until May 2030. These loans are secured over the Sthool's main sile and certain investment properties as detailed in note 16. 35 NOThINGHAM HIGH SCHOOL {a company limited by guarantee) NOTES RELATING TO THE FINANCIAL STATEMENTS ICONTINUEDI Year ended 31 August 2022 Deferred Income 2022 £'ooo 2021 £'ooo Deferred income al 1 September Resources deferred in the year Amounts re￿aged from previous year 1,527 924 19211 1,279 853 16051 Deferred income al 31 August 1,530 1.527 The deferred income relates to school fees and deposits received in advan￿. 23 Finance lease and hire purchase obllgatlons 2022 £'ooo 2021 £'ooo The totsl minimum future lease payments are payable.. Less than one year Between one and ffve years 53 66 113 217 119 Finance Lease payments represent rentals payable by the SchoDI for certain items of IT equipment. Leases include purchase options at the end of the period and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. The School's obligatsons under Finance Leases are secured by the lessor's charge over the leased assets. 24 Analysis of net assets between funds Permanent Endowment Funds £'ooo Unrestricted Designated Restricted Funds Funds Funds £'ooo £'ooo £'ooo Totsl £'ooo Tangible assets Investments Nel current assets Creditors due after mole than one year 14.316 3.601 1742} 16.284) 5,428 10,251 447 19,744 16,264 1,653 16,284) 2,412 1.930 10,891 4,342 18 16,126 31,377 Pemianent Endowment Funds £'ooo Prlor year Unrestricted Designated Restricted Funds Funds Funds £'ooo £'ooo £'ooo Total £'ooo Tangible assets Investments Nel current assets Creditors due after more than one year 13.942 3.733 12.162) 15,964) 5.591 10.409 328 19,533 16,701 131 15.9641 2.559 1.915 50 9.549 4,474 50 16.328 30.401 36 NOThINGHAM HIGH SCHOOL la Company limited by yuaranteel NOTES RELATING TO THE FINANCIAL STATEMENTS {CONTINUEDI Yearended 31 August 2022 25 Pemianent Endowment Balance at 1 September 2021 £'ooo Balance at 31 August 2022 £'ooo Other gain5 £'ooo Income £'ooo Expenditure £'ooo Transfers £'ooo Capital fund J Bramley Scholarship other funds 12,084 1,383 2,861 {163) 11,921 1,386 2,819 17 125 1141 11671 16,328 142 (1631 11811 16,126 Prlor year Balance at I September 2020 £'ooo Balancg at 31 August 2021 £'ooo other gains Income Expenditure £'ooo Transfèrs £'ooo £'ooo £'ooo Capital fund J Bramley Scholarship Other funds 8.803 1,148 2.683 (244} 3,525 131 124 12,084 1,383 2,861 26 54 78 12.634 80 1244} 3,780 78 16,328 The Capital Fund comprises the School's permanently endowed land and buildings together with the School's foundation capital inveslmenls. The J Bramley Scholarship Fund consists of a donation lo fund specific scholarships for former pupils. The School cannot benefit in any way from this fund. Where the terms of the bequests have been unable lo be fulfilled, the income arising from the investments has been accumulated within Ihe fund to provide scholarships in future years. 26 Restrlcted Income funds Balance at 1 Septembgr 2021 £'ooo Balanco at 31 August 2022 £'ooo In¢omg Exponditura Othèr gain$ £'ooo £'ooo £'ooo Bursary Fund 50 1321 18 50 1321 18 Prior year Balance at 1 SepteTnber 2020 £'ooo Balance at 31 August 2021 £'ooo IncoTne £'ooo Expenditure Other gaTns £'ooo £'ooo Bursary Fun 81 (31} 50 81 {311 50 37 NOTTINGHAM HIGH SCHOOL la company limlted by guarantee) NOTES RELATING TO THE FINANCIAL STATEMENTS ICONTINUEDI Year ended 31 August 2022 27 Unrestricted funds Balance at 1 September 2021 £'ooo Balance at 31 August 2022 £'ooo other gains Income Expenditurè £'ooo Transfers Deslgnated £'ooo £'ooo £'ooo Bursary fund Capital fund Other ftjnds 2,513 1,811 150 (1321 2,381 1.811 150 4,474 {1321 4,342 Other unro$tri¢ted funds Capitsl fund 9.549 19,908 118,4441 1122} 10.891 14,023 19,908 118,4441 12541 15,233 Prlor year Balance at 1 September 2020 £'ooo Balance at 31 August 2021 £'ooo Other gains £'ooo Income £'ooo Expenditure £'ooo Transfers £'ooo Designatsd Bursary lund Capital fund Other funds 3,455 1,811 605 11.5471 2,513 1.811 150 5,416 605 11,547) 4,474 other unre$trf¢ted funds Capital fund 6,661 17.840 117,1271 706 1,469 9.549 12,077 17.840 117,1271 1,311 1781 14.023 The Bursary Fund is lo further the education of pupils attending the School, and who are in financial need, by the provision of bursaries. The funds of the School include the above amount which has been set aside by the Governors out of unrestricted funds for the purposes of the Bursary Fund. The Capital Fund relates to amounts transferred from unrestricted funds in previous yeais as a contribution towards planned improvements to the School buildings. 38 NOThINGHAM HIGH SCHOOL la company limited by guarantee) NOTES RELATING TO THE FINANCIAL STATEMENTS {CONTINUED} Yearended 31 August2022 28 Reconciliation of net Incomg to net cash Inflow from operatlng actlvltles 2022 £'ooo 2021 £'ooo Nel income for the reporting period las per the Statement of Financial Activitsesl Adjuslrnenls for.. Interest payable Dividends. inlerest and rent from Investrnents Depreciation of tangible fixed assets Lossesllg8ins} on investments Increase in stock Ilncreasedlldecrease in debtors Increasedlldecreasel in creditors 976 5,609 184 14431 1.104 435 1291 12341 280 183 13661 1.605 15,0911 1101 59 1127) Net cash provided by operating activities 2,273 1.862 29 Analysis of changes In net debt Balanco at 1 Sèptember 2021 Cashflows £'ooo £'ooo Balance at 31 August 2022 £'ooo New finance leases £'ooo Cash al bank and in hand Debt due within one year Bank loans Obligations under finan￿ leases Debt due after one year Bank loans Obligations under finance leases 2,669 1.181 3,8SO 13391 1531 1121 67 {351} {1041 11181 15,8171 1661 347 15.470} {113} 1471 13.6061 1.583 11651 12.1881 30 Constitution The Company is limited by guarantee. Members undertake to contribute a sum not exceeding £10 each under rtain circumstan￿$ pre-defined in the Memorandum of Association. 31 Taachers. Penslon Scheme The School participates in the Teachers, Pension Scheme I'the TPS") for its leaching staff. The pension charge for the year includes contributions payable to the TPS of £1,318,000 12021.. £1,277.0761 and al the year-end £150,36312021'. £144.6391 was accrued In respect of contributions lo this scheme. The TPS is a mulli-employer pension plan and there is insufficient infofmalion to acwunl for the scheme as a defined benefit plan, so il is accounted for as a defined contribution plan. The TPS is an unfunded mulli-employer defined benefits pension scheme governed by The Teachers. Pensions Regulations 2010 las amended} and The Teachers, Pension Scheme Regulations 2014 las amended}. Members conlrtbule on a 'pay as yosj go" basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provNJed by Parlia￿ent. 39 NOTTINGHAM HIGH SCHOOL la company limited by guarantee} NOTES RELATING TO THE FINANCIAL STATEMENTS ICONTINUEDI Year ended 31 August 2022 31 Teachers. pension scheme lcontinugd) The employer Contribution rale is sel by the Secretary of Slate following scheme valuations undertaken by the Govemmenl Actuary's Department. The most recent actuarial valuation of the TPS was prepared as al 31 March 2016 and the Valuation Report. which was published in March 2019. confirmed that the employer contribution rale for the TPS would increase from 16.4Vo lo 23.6Vo from 1 Seplemkr 2019. Employers are also required lo pay a scheme adminlslrallon levy of 0.080/0 giving 8 lolal employer contribution rale of 23.680/.. The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However. the assumptions were Considered and sel by the Department for Education prior to the ruling in the 'McCloudlSargeant case.. This case has required the courts to consider cases regarding the Smplementalion of the 2015 reforms lo Public servi￿ Pensions including the Teachers, Pensions. On 27 June 2019 the Supreme Court donied the government permission lo appeal Ihg Court of Appeal's judgment that transitional provisions introduced lo the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The govemmenl is respecting the Court's decision and has said il will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The govemmenl announced on 4 February 2021 that it intends lo pro￿ed with a deferred choice underpin undei which members will be able lo chwse either legacy or reformed scheme benefits in respect of their Servi￿ during the period be￿en 1 April 2015 and 31 March 2022 al the point they become payable. The TPS is subject lo a cost cap mechanism which was pul in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury. having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause lo the cost cap mechanism following the Court of Appeal's ruling in the Mccloudlsargeanl case and until there is certainly about the value of pensions lo employees from April 2015 onwards. The pause was lifted in July 2020, and a consullalion was launched on 24 June on proposed changes to the cost control mechanism following a review by the Govemmenl AclLbary. Following a public consultstion, the Govemmenl have accepted three key proposals recommended by the Government Actuary, and are aiming lo implement these changes in lime for the 2020 valuations. In view of the atM)ve rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation. Until the cost cap mechanism revision is completed it is not possible lo conclude on any financial impact or future changes lo the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension Costs is included in these financial stslemenls. 32 Controlllng party The Govemors consider that the Sthool has no controlling party. 33 Relatgd party transactions During the year, the School paid expenses lo the Govemors amounting lo £11012021.. £1351. see note 13. A nurnber of Iruslees and members of the senior management team have SPDuses who are employed by the School. The appointments were made in open competition and the Irusleeslsenior management team were not involved in the decision making process regarding appoinlmenl. The posts are paid within the normal pay scale for the roles and the individuals receive no special treatment as a result of their relationship to the Irusteeslsenior management team. Key management personnel compensation disclosure is included in note 13. 40 NOThINGHAM HIGH SCHOOL la company limited by guarantee) NOTES RELATING TO THE FINANCIAL STATEMENTS ICONTINUEDI Year ended 31 August 2022 34 Flnanclal Instruments The cairying amounts of the School's financial instruments measured at fair value through profil and Ioss 8t 31 August were.. 2022 £'ooo 2021 £'ooo FinancAal assets measured al fair value through profil and loss 7,192 8.281 35 Capital commitments As al 31 August 2022. the School had contractual capital commitments of £Nil {2021'. £283,572). 36 InvgStm9nt subsldlary undertaking The School has an investment in Nollingham High School Inlemational Limited (Company number 119054741, company incorporated in England and Wales. The School owns the entire share Capital of 101 ordinary shares of £1 each. The Subsidiary's registered Offi￿ is Wavedey Mount, Nottingham, NG7 4ED. During the period ended 31 August 2022, Nottingham High School International Limited income lotalled £78,590 {2021'. £62,518) with a retained profil of £462 12021.. £4621 and net assets at 31 August 2022 of £56312021.. £563}. Durfng the perlod ended 31 August 2022, the company recharged management expenses of £18,000 12021.. £15.000} and received £49.91412021= £41,818) of gift aid from Nottingham High School Intemalional Limited. Al the year end. a balance of £44,650 was due from Nottingham High School Intemallonal Limiled12021: £994 was due lo Nottingham High School Intemational Limiledl. 41