Règlstered company number.. 04521284 NOTTINGHAM HIGH SCHOOL la company limited by guaranto•) FINANCIAL STATEMENTS year ended 31 AUGUST 2023 NorriNGHAM HIGH SCHOOL la company limlt¢d by guaranto0} GOVERNORS Nottingh2m High School {'Ihe School. °the Company. and "tho Charity), {depending on the contexll is an education81 charity administered by the Governors who are also director5 and members of the Company and the trustees of the Charity. The Govemors who seNed during the year were: Exwofficio Governors The Lord-Lieutenanl of Nottinghamshire The Right Worshipful the Lord Mayor of Nottingham Ex-officio Govemors are appointed for the duration of their tenure of office. Nominated Governors Nomlnatlng Body Prof N J Miles Vacancy University of Nottingham Nottingham Tienl University {resigned 9 May 20231 Nominated Govemors hold office for a term of five years from the dale of their appointment. They may be re- nominated. CO￿p￿d Governors Mr S Banks 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 McNamara Mr P N Munro Sir J Peace Mr C J Prentice Mr P G Renshaw Mr C Robinson Dr G Walton Mr M F Dillon Mr S J French Mr R J Bonney MrRPSJohal Mrs J Griffiths Chair of Governors Iresigned 26 June 2023) Chair- Finance & Operations Committee Chair- Education Committee Iresi9ned 26 June 2023) Chair- Education Committee Chair- Investment Committee (appointed 05 October 20221 (appointed 29 September 21r22) (appointed 19 January 20231 Denotes member of Education Committee Denotes member of Finance & Operations Committee NOThINGHAM HIGH SCHOOL {a company Ilmlted by guarantee) OFFICERS AND ADVISORS The Headmaster MrKDFear Company Secretary and Director of Finance & Operations Mrs H L Avison School Address and registered office Waverfey Mount Nottingham NG7 4ED Bankers National Westminster Bank plc Smith's Branch 16 South Parade Notb'ngham NG12JX Auditor RSM UK Audit LLP Chartered Acwunlants Rivermead House 7 Lewis Court Grove Park Leicester Leicestershire LE19 1SD Investment Managers Ralhbone Investment Management Limited Port of Liverpool Building Pier Head Liverpool L31NW Registered company number 04521284 Registered charity number 1104251 NorriNGHAM HIGH SCHOOL la cornpany limited by guarantee) GOVERNORS, REPORT Year ended 31 August 2023 The Govemors present Iheir report of the School for the year ended 31 August 2023, induding the Directors. and Strategic Reports, unrter the Companies Act 2006, together wlh the 8uéited financial slalemenls for the year. The Govemors have adopted the prowsions of the Slalemenl of Recornmended Practice ISORPI "Accounting and Reporting by Charities" {FRS 1021 in preparing the annual report and financial statements of the School. REFERENCE & ADMINISTRATIVE INFORMATION The School is a company limited by guarantee and a registered charity and is controlled by the Board of Govemors acting primarily through the Education Committee and the Finance and Operations Committee. The Govemors are the directors of the Company for the purposes of company law and are its trustees for the purposes of charity law. Details of the Governors, Officers and Adwsors are given on pages 1 and 2. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng Document The School was founded in 1513 by Royal Charter from Klng Henry Vlll. On 23 August 2007, by a deed of transfer with effect from 31 August 2008, the non-permanent endowment business, assets, liabilities and contracts of the School were transferred from the Foundation of Nottingham High School lo the Company and the Company becam9 the trustee of the pemanenl endowment assets of the Foundation ol Nottingham High School. The Company is governed by its Articles of Association and is regulated by schemes sealed by the Charity Comrnission on 23 August 2007. GO￿rnIng Body The details of the Goveming Body are given on page 1. Method of recruitm•nt and appolntmont or oloctlon of Govornors Govemors are appointed to the Goveming Body in line with the requirements of the Company's Articles of Assoryation as follows: 2 ex-officio Governors being The Lord-Lieutenant of Nottinghamshire and The Right Worshipfvl the Lord Mayor of Nottingham., 2 nominated govemors from the nomlnaling bodies being Nothngham Trent Unfversity and the University of Nottingham., and at least 4 and not more than 18 co-opted Govemors. The co-opted Govemors are appointed to the Goveming Body by resolution of the Goveming Body. The Govemors may from lilne lo lime, at their discretion, detemiine the criteria for appointment as a Co-opted Govemoi. Thi5 Criteria 11 be determined by o review of the skills mix and diversity of the Goveming Body. Govemor Training A programme of induction is prowded to new Govemors by means of a Governors, Handbook, written documenlalion, attendance at Governors, Meetings and Committee Meeting$ prior to fomial appoinlmenl, and meetings wi(h the Head and Director of Finance & Operatsons. Govemors are invited lo visit the S¢hool and observe the operation of the School, through a programme of visits, usually limed around Govemors. Meetings. In addition. the Educati¢n Committeè regularfy receives presentations by academic, pastoral or other staff prior at their f(xmal meetings, which enable their kno¥￿edge of the wotl(ings of the School lo be enhanced and updated. An annual Governors, Iraininglstralegy day is held and. in addition, Governors are notified of, and offered the opportunity to attend, training courses and seminars provided by organisalions such as AGBIS, HMC and ISBA. AI Govemors are ￿quired to undertake annual safeguarding training. NO￿INGHAm HIGH SCHOOL {a company limited by guarantee} GOVERNORS, REPORT CONTINUED Yoar endod 31 Augllst 2023 Thlrd Party Ind•mnlty Provlslon for Governors Qualifying third party Indemnity provision is in place lor the benefft of the Govemors. Organisational Management The Governing Body meets at least twice per year to consider the general polirAes of the SchcK•l and lo consider any business specrfically reserved lor the fijll Board. The majority of the work Df the Governing 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, to Consider the annual budget and the annual accounts. Other Committees or sL1￿ComMIttee$ are fomied when necessary lo deal with specificmatters, including Investment Commrttee. The day lo day operation of the School is delegated to the Head, supported by the Senior Management Team. Rlsk Management Governors are responsible for the management of the risks to which the School is exposed. The School's Senior Management Team I'SMT'} consider the main risks facing the School and these are presenled for approval by Govemors. Each risk area is thgn Considered al the relevant Committee meeting following a presentation by SMT. The key controls used by the School include: Formal minutes for all Committee and Governors. meetings, and associated action plan5. Strategic planning, budgeting and managementaccounting. Established organisab'onal structLJre, lines of reporting and aulhorisation levels. Regular review of the investment policy and objectives. All major capital expenditure is 8pproved 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 lo enhance the quality of academic and pastoral provision. Regular review of the S¢h¢)ol's Parent Contract lo ensure il accurately reflects parents, and the School's obligations. Legal advice is taken when needed. Through the risk management procedures ouuined above, the Govemors are 5alisfiecl that the major risks to the School have been idenfjfied and adequately mitigated induding. where appropriate. by insurance cover. It is recognised that systems can only provide reasonable and not absolute assurance that major risks have been adequatdy managed. The Govemors view the following as key risks facing the School.. The relative cost of independent education to parents in relation to household income and other competing financial pressures. Possible changes to the lax slalus of the School leading lo the services becoming sublect to VAT, loss of business rate ￿lIef. loss of gift aid and application of corporation tsx. Operatlonal costs of running the School continue to outstrip inflation and the growth in pupil numbers staff costs, pensions, utilities, estate ￿$1$. Further increases in the cost of employer contributions lo TPS. Actuarial reviews occur every 4 years. Increased number of attacks on the School IT systems. Fraudsters obtaining personal data or divert the payment of School fees. The increasing administrative burden of regulatory arwj Compliar￿e frameworks ￿SuIts in non-compliance. The changing political and social environment and the School's responsiveness. The health and wellbeing of pupils and adults under the protection and guidance of the School. The School slips in the national league table lo outside the top 100. Ajtemative local choices lor prospective pupils. These rfsks are addressed through the measures set out above. NOThINGHAM HIGH SCHOOL la company litnited by guaianteel GOVERNORS, REPORT CONTINUED Yèar end￿ 31 August 2023 Employ80 Consultation and Disabled Employ9•$ The School encourages the invO￿ement of ils employees in its management through regular departrnental meetings and specific project worklng groups. The School encourages disabled persons to apply for a particular vacancy and every effort is made to ensure that they are given full and fair consideration when such vacancies arise. The School provides training and support so that empk)yees who have been injured or disabled in the course of their employment have been able lo continue in employment with the School. During ernployment the School seeks lo work with employees. tsking a￿￿nI of their personal circumstances, lo enstjre appropriate training, development and advancement opportunities are available lo enable them lo reach their full potential. OBJECTIVES, AIMS AND ACTlliiTIES Objectives The object f¢x whlch the School Is estsblished Is to advance educalon and training, by the provision and conduct of a primary and secondary ￿h0o1 in or near the City of Nottingham. The principal object is mel by the prowsion of an educational environment which will develop to the full the talents of able children. In setting objectives and planning activities, the Governors hove given due regard lo the Charty Commission's general guidance on public benefit on advancing ed￿ation and on fee-charging. Fees are sel by ￿erence lo a detailed budgeting process undertaken each year, based on the need lo ensure the provision of a first-class educational enwronment for the pupi15 and the continued financial viability of the School in both the short and long term. In discussions surrounding the setting of fees, any Govemor who has family rnembers attending the School musl declare that interest and the relevant Committee will decide whether that Governor must absent themself from the final decision regarding the level of fees charged. Mlsslon and Values Ml$slon We enable sludenls from diverse backgrounds lo 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 Excellonce: We have high aspirations and pursue excellence across all areas of our provlsion. We nurture Indbvidual pupils to achieve their highest potential and make a pos11ive impact in the world. Individuality We value each mernber of our community as an individual and embrace diversity in all ils forms. We create the conditions in ￿1¢h all can be happy and flourish. Respect We are proud to be an inclusive and diverse communty. We value kindnegs, integrity and humility. We champion a culture of respect and understanding between all in the school comfflunity. Empathy All of our provision is underpinned by empathy and compassion. We seek lo build resilience and ernpower children to make a positive difference in the worfd. Curiosity We value intelle¢lual curiosity and creatsvity- We want every child lo develop a love of learning. We embrace taking risks lo enhance pupil development both academically and as people. NOTTINGHAM HIGH SCHOOL la company limited by guarant881 GOVERNORS. REPORT CONTINUED Year onded 31 August 2023 Mlsslons and Values (contlnued) The Focused Compliance and Ed￿ational Inspection Reports dated October 2019 included the following comments.. 'Pupils flourish as part of a communty which actively nurtures them and shapes their well-rounded development. Supported by strong leadership and the provision of excellent ￿sour￿s, pupils develop self-confidence. emotional resilience and independenee, fulfilling the School's ambitious aims. The atmosphere within the School is calm and purposeful with pupils throughout the School exhibiting Matu￿ social skills, quiet acceptance of each other and strong personal develgpmenl.. 'Pupils have oulslanding attitudes lo learning and this has a positive impact on the qualty of their attainment and progress. Pupils a￿ immensely proud of their work and they participate actively and enthusiastically in all aspects of a lesson. Pupils relish a challenge and show malurily in their diligence and detem)ination lo succeed.. Prlnclpal actlvltles In the year The principal activity has been the prowslon of education in accordance with the principal object described above. The Senior Sch¢Jol averaged - 843 puplls {2021-22.. 8271 during the year. while the Infant and Junior School averaged 324 PU￿lS {2021-22.' 3321. ACCESS TO TPIE SCHOOL Enty lo the School is by examination and interview or. where appropTl8te al lower ages. assessment. These examinations and assessments are undertaken lo ensure that the applicants will be able to cope and thrive in the educational environment provided by the School. For entry into sixth form. entry is by interview and reference to GCSE grades. The economic slalus, elhnlclty. race or religion of the applicants fomis no part of the assessment process and, where reasonably practical. adjustments will be made to accommodate applicants who are disabled. The location of the School nattjrally means that the majority of applicants are from the Nottingham area. bul Ihere is no geographical restriction on the home location of the applicant's family, promded that the family can make suitable living accommodation andlor guardianship arrangements to ensure that the Schod can properfy carry out ils legal responsibility for its pupils. APPROACH TO FUNDRAISING The School's Development Office proactwely fundraises for Nottingham High School. As a registered ¢haiity, the School is registered with the Fundraising Regulator and complies wth the Code of Fundraising Practlce. The Development Office ujffently has ￿ full lime members of staff. Both employees are salaried and don't receive commission. The Fundraising and Aumni RelatKJns Manager has overall responsibility for the fundraising activities. is a Member of the Chartered Institute of Fundraising and 15 qualified lo CIOF (Diploma) level. Regular training and coaching take place. The Fundraising and Alumni Manager reports lo the Headmaster and the Director of Finance and Operations and is accountable to the Governors. The approach lo fundraising focuses on educating the school community and raising awareness of the ongoing commitment to creating opportunities for academically-able children, regardless of background. through the bursary programme. NOTTINGHAM HIGH SCHOOL la company limited by guarantee) GOVERNORS, REPORT CONTINUED Year ond•d 31 August 2023 APPROACH TO FUNDRAISING l¢0nfjnu•d) Our overall approach incorporates the following.. Adopt a Donor-cenlric approach to our fundraising, giving priority lo the donor and their wants. needs, wshes and desires. Focus on fundraising through the School community, strengthening existing reLationships. Create opportunits'es for donors to make a gift that will meel their own sp￿la1 needs and add greater meaning to their lives. Ensure that we treat people f8irW and with respect, explainlng the cause In 8 Way thich does not mislead people, and are sensitive to people who may be in vulnerable circumstances. Take responsibility by only using ethical processes. Record the number of fundraising complaints received and reported on. Respond lo feedback accordingly (positive and negativel. Have not worked with any'on behalf of fundraisers in the past 12 months. 11 is important that we protect our prospects in the way in which we engage with them by.. Avoiding intrusions on their privacy. Not being unreasonable and making persistent approaches for money. Not placing undue pressure on a person to give money. The approach we tske to enable us to operate in this way is by.. Providing coaching for staff explaining what we consider vulnerability to mean and how to recognise and protect vulnerable people and understanding how this translates into our fundraising activities. Monitoring and reviewing a¢livilies and processes. Mitigating the risks of fundraising with vulnerable people. Being transparent and clear about our fundraising activity which builds trust in the organisation. FINANCIAL ASSISTANCE Policy The School is committed to broadening access by offering to eligible parents means-tesled 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 to 100Q/o on tuition fees payable, depending on the financial, compassionate or other perbnent cir¢umstsn¢es of applicants. A further conlributh.on equivalent lo 50k of fees is also available lo full bursary pupils lo contribute towards school meals, unifom), sports kit and transport {where appropriatel. Bursaries may be made available lo parenls of pupils entering Year 7. The School is a non-profit making charitable institution and has only limited resources to assist those pa￿nIS who for whatever reason a￿ unexpectedly unable to meet their obligations to pay fees for their child's educatior). Parents with a chikl at the School whose flnancial circumstances suddenly change may write lo the Head, explalning their sluation. Consistent with the School's philosophy. as much help as possible will be given to the family Con￿rned in identifying potential sources of advice, assistance and funding. The School will support the faMil￿S applications to other gr8nt- making bodies and this has enabled several families to access additional financial assistance from exlemal sources. NOThINGHAM HIGH SCHOOL {a company Ilmlted by guarantee) GOVERNORS, REPORT CONTINUED Year ended 31 August 2023 Awareness Infomiation promded by the School alerting the parents of polenllal puplls lo the posslbillty of gaining means-tesled financial support wth the payment of School fees is included in.. The School pr05pectus The School website Open Days and Taster Days Exhibitions designed lo market the School Plannlng The School has an arrangement with 8 separate cofflpany called Schod Fees Plan who are able to assist those parents who wish to spread payment of school fees over the year to better match their income streams. other The School offers 8 number of non-means tested scholarships 8t the end of Year 7 each year, by means of a mTrJest r8dl￿tiOn In the luilion fees based on academic potential as evidenced by performance throughout Year 7. Where appropriate. a recipient of a stholarship may also benefit from means-tested assistance from the Bursary Fund. Assistance provSded The School provided, or was instrumental in providing, financial 855[Stan￿ shown in the following table from the various method5 described above. 2022-23 2021-22 /oof pupils 'A of fees in £000 Pupils Recewable School Voof pupils 0/0 of fees in £000 Pupils Receivabla School Value of assistance Means tested bursary 1,522 112 1.383 104 The total me8ns-tested assistance was provided at the levels shovm in the followng tsble. 2022-23 Number 2021-22 Number Percentsge of fee remission 0-50Yo 51-75/ 76-99/v 1CIO_ 105Q/oVo 22 53 29 23 52 22 22 47 26 21 112 1L¥) 104 100 In addition, other financial assistsnce totalling £85,000 was provided lo 75 pupils12021-22.' £85.000 to 79 pupils) in the form of scholarships, and £219,000 10 31 pupils 12021-22- £207,000 10 30 pupilsl in the form of fee discount to slaff membets. NorriNGHAM HIGH SCHOOL la company limit8d by guarantwl GOVERNORS. REPORT CONTINUED Year •ndod 31 August 2023 Future plans Insofar as il can afford to do so. the School will continue to provide bursarial SLtpport in ￿der to ensure that education al the School ean be made available lo parents of more modest means. The School's Fundraising and Developrnent Office plays a key role in enh8nc4ng relationships ￿th alumni and other stskeholders with a view to generating additional funds to support further bursary provision. The Governors continue to pursug a strategy of mainlaininglenhancing the School's posf(ion in a competitive market principally through investment decisions aimed at providing a high quality education for boys and girfs. Achieving a high standard of academic results is a ¢onst8nl aim, whilst supporbng students wellbeing and maintaining a broad extra-curricular offering underpinned by outstanding pastoral care. Investing in new infrastructure is an important element of successfully delivgring this strategy. During the year we refurbished a property on sile lo deliver our new Wellbeing Centre lo further enhance our provision of an array of support services for both pupils. staff and the local community. In addition. the School continues to invest in the maintenance of its estste which includes many buildings of historic importance. STRATEGIC REPORT REVIEW OF ACTivmES AND ACHIEVEMENTS This has been another very successful year for Nottingham High School. Following our success in 2022, being Tanked first for academic results in the East Midlands by the Sunday Times. then later being named 8$ the Co-Educalional Independent School of the year in the Independent Schools awards, in 2023 we were awarded Independent Secondary School of the Year in the East Midlands, again by the Sunday Times. Our Infant and Junior School were also awarded the Brf(ish Council's International Schc<)l Award in recognition of our work in bringing the world into the classroom. Audemlc actmtles A Level results 33.20/0 of passes were at A. grade. 58.6D/v of the grades achieved were either A. or A. while 84.5Yo of students earned A. A or B grades. 57 students achieved 3 A grades or better, of whom 23 students gol al least 3 A"s. 61.4Vo of passes were al grades 8191A" grade and 81.80/0 were at the equSvalent of grades A'IAn+ 94.3Vfj of passes were at A'IA B16+, wllh 77.8Vo of pupils achieving 7 or more passes al grddes 7-9. Full details of the exam results can be found on the School's websi(e. The C￿urrICUlar programm• The School ¢onsiders ils Co-Curri¢ular activities to be a vital part of the overall delivery of its educational objeclivos. 11 is one of the three fundamental pillars of the school along with Pastoral (Well-being) and Academic aspe¢ls of th8 School. During the academic year 2022123. the school was successfijlly able to offer over 100 clubs and actiV￿e$ lo lake part in. An example of this can be seen online ori the School's website. htl s'.Ilnoltin hamhi h.co.uklco-curricularl The School is committed to working with our local and wider communities. A number of the community partnership projects ar& outlined in greater detail on the 'S¢hods Together, website.. h s.'IlwwN.schoo15to ether.or case- sludiesl?schoolld=82019 NOThINGHAM HIGH SCHOOL la company Ilmlted by guarantee) GOVERNORS, REPORT CONTINUED Year ended 31 August 2023 CoORT CONTINUEO Year gnd8d 31 August 2023 Community Action The following activities took place during the year in support of local charities-. The School's Community Action group has once again enjoyed a highly successful year. dedicated lo supporting and collaborating with local charities and organisalions. The core mission has always been to ensure that our students play a central role in contributing lo the betterment of these causes, thereby embodwng our school's values of excellence. empathy, respect, curiosity, and individuality. This report wll explore events held throughout the year. shed light on how they have positively impacted our local community and. in turn, enriched the experiences of our students. These events can be categorised into Food Povety, Primary School Patherships. Gardening Partnerships, Christmas Grft Appeals, and our engagement with the elderfy community. Food Poverty: Aiding the Hom•las$ and Collaboratlng wlth Local Food Bank$ Feedin the Homeless wth Guru Manak's Mission Throughout the year. our Year 10 and 11 students. in partnership wth the Food and Nutrition Department. had the privilege of working alongside Guru Nanak's Mission. Their task involved preparing meals and distribub'ng them lo the homeless in Nottingham city centre. This particular event offered our students a profound first-hand understanding of the challenges faced by the homeless. including issues relat9d lo mental hoallh and fina￿la1 hardship. It also prowded them wlh an exceptional opporlunity lo display empathy, work in partnership with the Gurdwara volunteers, and positively contribute lo the local community. Bestwood and Bulwell Foodbank Our Community Action team organised ￿ substsntral appeals for the Besfvlood and Bulwell Foodbank al Christmas and in the summer term. As food povety Continues to escalate due lo the rising ¢osl of living. our school's contributions provided crucial support to those in need. Furthermore, Year 9. 10. and 11 students regularly visited the Foodbank. assisting volunteers in sorting food parcels, nanaging supplies. and lending a hand wherever necessary. These visits were thoughrfully aligned w¢th major food donations. such as supemarket appeals. ensuring our assistance was most impactful. Prlmary S¢hool Partnershlps In September 2022, as part of the School's Aeliviliès Day, we extended a warm Invitation lo Iwo local primary schools. Edna G Olds Academy and Hunlingdon Academy, for an excits'ng aftemoon of sports actimlies. Our Community Action group look charge of the event, prowding 30 Year 5 pupils from each s¢hool with a memorable experience. After delightful lunch, we organised mini-olympics, which was organi5ed by our students. The lo¢al chiléren relished our sports facilities, while our students enhan￿d their communication skills, leamed how to connect wth younger children, and, in the process, demonstrated values such as empathy and respect. Teachin Assistsnt Da In March 2023, we dNided our Communlty Acts'on group among th￿e prtmary schools.. Edna G Olds Academy, Hunlingdon Academy, and Nottingham High School Infants and Junior School. Our students assumed the role of leaching assistsnls, supporting pupils with their studies and offering friendly company during break and lunch. The students exhibited professionalism, courtesy. and honed vital life skills such as ￿511￿ence, effective communicatKJn, teamwork, and at limes, the ability lo take initiative. This opportunity allowed our students to display their individuality in their inleraclions with primary school pupils, showcasing high levels ol respect and empathy. NOThINGHAM HIGH SCHOOL {a company Ilmlted by guarantee) GOVERNORS, REPORT CONTINUED Year ended 31 August 2023 Community Action (continued} Gardènlng Partnershlps Win mill Communi Gardens In June 2023, we look advantage of the excellent weather to engage in a day of gardening at the Windmill Community Gardens. near Hyson Green. Our students look on the significant challenge of renovating an overgrown garden secb'on, conslrucling a pond path, and aiding the Garden's sustsinability projects. What struck our students the most was the Gardens, role in supporting local individuals wth mental health issues and serving as a space for counsellirKJ and garden therapy. Our students, efforts 5ubstanlially advanced the Garden's projec15 for the benefit of the local community. This experience allowed our students to ex￿1 in their horticultural pursuits, collaborate effectively, and nurture empathy for those dealin9 With mentsl health challenges. Chrlstmas Gift Appeal Guru Nanak Christmas Gift A ongside our Chrlslmès Appeal for the local food bank, our Community Action group organised an appeal lo eollecl gifts for children across Nottingham who might not have received a gift on Christmas Day if not for the efforts of Guru Nanak's Mission and our compassionate donors. We were moved by the outpouring of gifts and proud to support this heart-warniing cause. Our students played a vital role in raising awareness for this appeal throughout the school via their marketing efforts. Engaglng wFth the Local Eldorly Communlty Communi Chrrstrnas Lunch In December 2D22. we hosted OLJr annual Community Christmas Lunch, extending a wami inwtstion to a large number of elderly guests. They enjoyed a hearty Christmas meal in the Sch¢x)I's Dining Hall, accompanied by our students who provided excellent hospitality, seNed meals, guided them around the school, and distributed gifts. Furthermore, guests had the privilege of taking in the first act of the School's Christrnas production, leaving them deeply impressed by our students, dramatic and musical talents. This event was undoubtedly a success, as our Community Actson students exhibitèd Ihe highest levels of respect. empathy, and individuality while interacting with our guests. In summary. our students continue lo be at the heart of our Community Actlon endeavours. We have provided a number of opportunities for them lo develop our school values and we are delighted wth the positive impact of our student volunteers on the local community. Comblned Cadet Forcè (CCFI In addition to activities mentioned earlier in this report, the popular and active CCF supports the Nottingharn City Remembrance parade at St. Mary's Church and the parade through the City, provides resources, such as the use of the School's firing range facilities, to 8 local ATC uni(, 2425 squadron, Tollerton. Our CCF also fundraises. with money collected on Inspection Day donated to the Army Benevolent Fund. Last year one of our pupils was hand chosen lo play the last post at the Notbngham City remembrance service at the town hall a great honour for the pupil and the school. Scoutlng The Scout group helps local scout and guide groups to develop craft and design-based activit￿$ as well as hosting scouts DOE and s¢out leaders. meetings a￿1 award presentation meetings, This also involves support for the arts in and around the Nottingham community. The Scouts also host a number of community events including events such as Fireworks night. Scouts remains one of the major ways the community and parents can volunteer and reciprocate all the amazing things the school does for the community- Scouting continues lo be a popular choice al the sthool with a very active programme involving night hikes and overnight tsips into the British outdoors. 12 NorriNGHAM HIGH SCHOOL {a cornpany limited by guarantee} GOVERNORS, REPORT CONTINUED Yoar gndad 31 August 2023 Community Action Icontinuadl Duke of Edlnburgh The School has a thriving Duke of Edinburgh's Award Scheme and regularly participates in expeditions. Last year the Duke of Edinburgh Scheme Saw 27 Golds. 74 Silvers, and 46 and counting for the Bronze which crosses over the academic year dates. This also saw our pupils complete over 4,498 hours of volunteering wth social value of over £21,633 and spend over 4￿3 hours on skill development. We have one of the best completion rates wthin schools and this is due to the hard work of all the stsff, Outdoor Edu¢8tion, Teachers and verifiers. School Trips The School is now back running and plannlng school trips which both support leaming in the classroom (super curricular tn'psl and of course sports trips. We successfully ran trips lo Canada and the USA, the Caribbean and Iceland. From local visits lo international ventures. the trips and wsits programme provides a large variety of opportunities for leaming outside the classroom. A current list of the types ol activities can be found on the school website. The Schcx)l is very proud of the quality and variety of activities offered lo our students and the benefits derived from involvement in the various programmes. Burs8ry pupils are supported in trips by the Headmasters Bursary fund so trt'ps are more accessible to 811. The Core Values of tho programmo During the Autumn temi, extra-curricular assemblies are held lo promote awareness amongst pupils of the array of activities on offer. Tutors provide regular guidance lo encourage lutees io take opportunities lo develop both as students and as people. Through our Co-curriculum we promote s￿'11S in Resilience, Confidence, Crealiwty, Teamwork, Leadership, Physical Health. Problem Solving, Well-being & hAindfulness. as well as promoting opennes5 to all cultureslgroups and Servi￿ to others. This is ftjlly integrated of course as through school values, Excellence, Individuality, Curiosity, Respect & Empathy. Worklng with others In the communlty The School is committed to working with our local and wder comrnunilie5. A number of the community partnership projects are outlined in greater detail on the 'Schoo15 Togetherf website.. s'.Ilwww.schoolslo ether.or studiesl?schoolld=82019 The activities set out in the fr)Ilowing paragraphs are a summary of 8 wide range of ways in which the School plays an active role in supporting the local community. Worklng wlth other prlmary and secondary schools The School plays a very active role in working with and supporting local primary and secondary schools, reaching over 1500+ children and young people through hosting a programme of educalional and sporting activity days throughout the academic year. Local primary schools were invited to &vonts such as a Harry Potter Biology Day, Physic5 and Maths Challenge days. a Mini Olympics, and other sporb'ng events including Netball, FtX)tball, Kwik Cricket and CTOSS• Country Festivals. As part of the Royal Institut￿￿'S Maths Maslerclass programme. in Autumn 2022 we hosted 40 year 9 students from 10 secondary schools in Nottinghamshire for a 6-week series of events exploring mathematics beyond the curriculum. These 2.5 hour sessions covered a variety of industries from engineering lo finance and logistics. This was follow& up with a series of maslerclasses led by our 6th fomi students. for 20 year 5 students from 5 local primary schools. Teacher tralnlng 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 lemi and delivers a full day to assist in the training of new teachers. The Assistant Head Teaching and Learning (now Deputy Head Strategy & Intemalional projects) at the school sils on the ISTIP Ilndependent Schools Teacher Induction Panel) national working paty and helps progress every new ECT in the East Midlands as well as the staff al the School. 13 NorriNGHAM HIGH SCHOOL {a company limit¢d by guarantee) GOVERNORS, REPORT CONTINUED Year ended 31 August 2023 Communlty A¢tlon (continu￿) Worklng with universities {aside from t•achor training) The School has regular communication with a number of universities through its access to Higher Education 8nd Careers programmes. Some examples of prath'cal links include,. the Chemistry Department has strong links with departments al the Universities of Nottingham and Leicester. and the Maths Department linking with Nottingham Trent University as well as the recent work on Sustainability. Links are further strengthened with an DPPOrtunity for staff from Noltingham Trent Universrty and the University of Nottingham lo be members ol the School's Goveming Body. Furthor educational provision across the local and wldar communlty Followng a survey ol slaff, 34 confirmed that they have various roles in charities and clubs, are involved in sports coaching and are govemors of local schools. In lotsl, some 305 hours per month are given by staff to these cause5 and actiwties. Outside of school lrfe and where allowed. staff from all areas of the School give thelr lime and ta￿nIS lo a wide range of activities and causes. Teachers within a large number of departments are senior examiners or senior moderators. are course advisers or write lexl books. Members of the School have also contributed lo the development of other schools by accepting roles as govemors al schools such as Bleasby Primary, Heage Primary and All Saints Anglican and Methodist Primary Schools. Our Director of Music is an Arts Award Gold Adviser, our Librarian speaks to 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 Field Secretary, hosting Loughborough Lightning Netball Youth Coaching and organising and hosting the East Midlands. regional qualifiers for the National Secondary School Swimming Relay Championships (ESSA). F3¢llltle$ at the Heart of Nottingham Community Access to Facilitigs The SCWI offered ils farylities al either a discounted rale or free of charge. lo benefit various societies and organisations within the local comrnunity.. MCC Foundatlon Crl¢kot Hub Hosting and providing the facilities for talented young Cricketers from slate schools across the region. Th• Cz•¢h & Slovak Club Providing classrooms for Language School teaching on weekends. for languagg and cultural acliv*lies. Punjab Socièty Prowding dassrooms on a wee￿Y weekend basis f¢x language and cultural activities. Nottinghamshire Primary Schools Chess Association Hostr'ng loumaments in the Dining Hall and ¢lassrooms. Parklng for Trlnlty Church on Sundays Providing free parking to a local thurch community. Nottingham Scouts Prwding rehearsal space for the local Scouts and Guides across an evening and weekend schedule. Nottingham Hosplco Promding space and refreshments lunch space for the charty's meelin9S. Nottinghamshire Poli The School's Player Hall was reserved as the police's HQ for Nottingham's annual Goose Fair. Lac• & Bobbin Society The School's Dining Hall is given at a discounlod rate for one of the society's event and their AGM. Nottlnghamshire County Netball Academy Classroom meeting space provided al a discounted rate. 14 NOThINGHAM HIGH SCHOOL la company limlted by guarantee) GOVERNORS, REPORT CONTINUED Year endtd 31 August 2023 Community Action (continued) Facilities at tho H￿rt of Nottlngham Communlty {contlnuedl CRY Scroonlng$ We gave our venue free of charge lo Rushclrffe Athletics Club to hold CRY 5creenin9s on the 25th July. child11￿ toam building conf•r•nc• Free Roomlno charge for room hi￿ and gave a éiscounted ryte for ref￿shMents on sile. Loughborough Lightening Free hire of ihe sports hall each week for nelball training wlhin the cty. Goose Falr Event Command Centre This year we are hosliri9 the event command centre for goose fair in the Scout Hul at a reduced rate. Maggi8 Allen (ON parnnti Fundraising for Ukraine concert- Offered her the Player Hall free of charge so all money raised for tickets was donated to Ukraine £6.361 raised. The Drama Department facilitates the Nottingham Shakespeare Society open-book perforniance, whilst School t*oirs and musical groups perfomi at a wde variety of local venues, including the Royal Con¢ert Hall. Stsff frotn across the School are directly involved in supporting I￿81 music. plawng regularty wth Nottingham Symphony Orchestra, Nottingham Chamber Orchestra and the Orchestra of the Resloralion al Sl Mary's Church. Further communty links The School holds an ongoing partnership with the Hockey Centre lo ensure the pilches are widely available lor community use and actively supports the Hockey in the Communlty Programme. Examples of use during the year include.. The Chartered Society of Physiotherapy, the Midlands Driving Instructors Gmup and Nottingham SpeakeT5 Club have all used the conference facilities. In November 2022, 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 Nottinghamshire County Cricket Club used the pitches lo host a programme of sessions aimed at players with special educational needs and disabilities. The Ho¢key centre has also been doing vast amounts of Outreach providing access for minorty groups wlhin the wmmunity to ty and make the Hockey centre a hub for the local community whefe everyone feels welcome no matter where they originate. The Hockey Club continues as one of th8 new Ta19nt Acadgmies for the sport. and trials were hosted for players aged 15-18 and forjuniors, as well as regular training camps for Great Britain and England. In the Summer of 2023 School Hockey pitches hosted the England over 35 & over 40 world cup bringing nations from around the workl together al One of the largest Hockey facilitie5 in the wodd. The School holds the Lord Lieutenant's Award for Pr¢)moling Voluntary SeNke Nottinghamshire. In a normal year. our voluntary service includes.. a prestigious award in Through the Duke of Edinburgh Scheme alone. over 4.49CI volunteer hours are recorded by our students and added lo this can be volunteer hour5 by students put in through Community Action and those involved in volunteering outside these schemes. We have a signrficanl number of students aged 16 or over who volunteer in care homes. veterinary prdctices. scout grtyjps and the like because they recognise the benefits lo others and themselves. 15 NOTTINGHAM HIGH SCHOOL {a company lim1t￿ by guarantee} GOVERNORS, REPORT CONTINUED Year ended 31 August 2023 Communlty A￿lOn Icontlnuedl Further community links Icontinu¢d) The School has dose links with a number of city Centre churches. particularly SL Mary's where the School was founded and the venue for our annual Foundels Day Servu. The carol concert and further musical events take place in the Church. The School Tegularfy provides a trun)pet8r lo sound the Last Post at the Rernembrance Sorvice organised by the City Council al the Town Hall and this year saw a very memorable perfom)ance played brillianuy by our lop CCF bugleltrumpeler. The School plays an active role in supporting our immediate community in and around the Arboretum a￿a of Nottingham, working with the City Council to improve traffic flow in the area and promoting good behaviour and social conscEn¢e within the community. The provision of an extensive school bus service si9nrficanlly reduce5 the need for car journeys to and from the School. Charlty fvndraising Driven by the Sludenl Leadership Team. tsvo 'wh¢le School eharities, were selected by our student body for 2022-23 and supported by the full School community in a variety of fund-raising activities. The selected charities were Base 51 & First Steps and a total of just over £5,800 was rais￿ following a student coordinated charity events throughout the year. Sleeping bags and other items were also donated by the School to help the local homeless survive the winter months. Charities are also supported through our School House system, with each House selecting charities annually lo support. Money is raised through sponsored events such as bike rides, runs. cake sales, non-uniforni days and Tutor Set collections and practical support such as clothing colledions and volunteer hours are also COQfdinaled. For the academic year 2022-23 the Hoijse charities and amounls raised were.. Cooperfs.. Rosie May Foundatton - £452 Maples,: Berega Hospital. Tanzania- £270 Mellers,: Operation Orphan - £2,500 Vvhile's.. Aid to Gambia - £762 Further whole School charity events are very much encouraged and supported. Over the last year, money has been raised for the BBC Children in Need Appeal. Comic Relief. Mountain Rescue, Notts LGBT+ counselling group, Hector's House, Friary Drop-in. A few are highlighted below: Notts LGBT+ Nelmrk- £2.345 Fri8ry Drop-in Limiled - £1,599 Considerable {nonwmonetary) donations were also arranged for the BeS￿0d and Bu￿ve11 Foodbank, The Guru Nanak's Mission Toy Collection Appeal. and the Ukraine Appeal. Infant and Junior Schools raised over £1,500 for Toilet Twnning. as well as ftjndraising for Make-a-wish charity- Profits from Young Enterprise aclivi11è5 were also donated to the Turkey-syria Earthquake Appeal, the Blltish-Asian Trust, and Mind. In addition. the School look part in a collection for the Royal British Legion Poppy Appeal Nottinghamshire. 16 NOThINGHAM HIGH SCHOOL la company limited by guarant801 GOVERNORS. REPORT CONTINUED Ygar gndod 31 August 2023 Charlty fundraising (continued) As well as the above we have a number of partnerships wth various communities and groups that use the School and its facilities. These range from Community sports outreach such as the Nottingham Marylebone Cricket Club Hub lo the Nottinghamshiie Hospice. Economic Impact Using a tool developed by Oxford Economics for the Independent Schools Council. we are able to qU8nlify the contribution mad8 by the School lo the national and local economy a5 follows.. The School conlribules in the rogion of £47.ern lo the GDP of the UK economy". Over 600 UK jobs are supported, including the 296 ￿0p18 direcdy employed by the School., and The School contributes over £15.2m in taxes and generates savings of £7.1 m for the UK Govemment by enabling pupils to join our School rather Ihan a state school. FINANCIAL REVIEW AND RESULTS FOR THE YEAR Rgsults for the year Tol81 in¢oming resources were £21.09m12021-22.. £20.05ml. The operational surplus for the year was £0.44m12021- 22.. £1.41ml see page 25. Net Income for the year was £0.21m 12021-22.. £0.98ml. The main reason for the year on year decrease is the increase overall infi8tionary imp8Ct across our cost base. Capital investments and funding Capital expenditure in the year was £1.22m {2021-22.. £1.32ml. This relates to a number of key capital projects including, new roof on St PeleT'S Gate, a new boiler in the science block and the start of work on the Well B9ing Centre. Reserv•s pollcy Governors aim to hold funds which 8re sufficient trAJt not excessive in order lo fund Current operational requirements and future development. They are mindful of the need lo maintain a level of reserves which enables the School to respond to circumstances and mitigate risk, including ensuring compliance with the lems of bank loans. Govemors review the reserves policy on a regular basis. The School aims to hold, at 31 August each year, reserves in the form of unreslricled cash and investments which lolal no less than one term's expenditure (excluding depreciation) plus the capital repayments due on temi loans during the next 12 month period. As al 31 August 2023 the School's target level of cash and investments according lo this measure was £6.22m. The value of free resery&s held al the year end was £7.12m 12021-22.. £7.20ml. The School's reserves are therefore above the largel level sel out in the p(Aicy. Al the end of the year, the School's total reserves were £31.59m 12021-22.. £31.38ml, including £11.36m of unrestricted funds lexcluding designated funds) 12021-22.. £10.89m) and £15.96m of endowment funds 12021-22: £16.13rn1. The School's lolal reserves include £19.76m. which could onty be realised by disposing of tangible fixed assets. The Govemors remain Confident that the School is able lo meet ils financial obligations as they fall due, as well as continuing to invest in the fabric of the buildings and the facilllies and equipment required to provide an excellent education. The School continues lo generate an annual surplus after meeting its financial obligations. Financial planning is underway to identify additional SoUr￿S of revenue and variable cost saving5 in the event that the Labour Paty win the next General Election Ito be held no later than Q1 20251 and impose VAT on fees and remove other tax reliefs on the provision of education which could redu￿ the number of parents able to afford private schooling. Romuneratlon of senlor employees The remuneration of m051 senior employees is based on an assessment ol the role, responsibility and experience of the individual by referer)ce to national pay scales. In some instances. the remuneration 15 determined by Govemors through the Remuneration Committee followng their assessment of the aforementioned criteria where ￿leVant. as well as giving due consideration to comparable market rates. 17 NOTnNGHAM HIGH SCHOOL (a company Ilmlted by guarantee) GOVERNORS. REPORT CONTINUED Year end￿ 31 August 2023 Investment poll¢y and objectives The School's investments are managed by R8lhbone Investsnenl Management Ltd on a dI￿retiOnary management basis. The Governors, Investment Sub-committee meets ￿ce eath year lo ¢onsK￿r a report from the Investment Manager. induding the perfomiarte of the sh*e porffdio *J8insl agreed benchmarks. In common with other holders of market inveslmenls, the School has continued to be subject to market volatility since the end of the financial ye8r. However. the Governors are aware that the investrnenls are held for long term income generation and capitsl growth rather than short temi benefits. The Governors are satisfied with the perfomiance of the portfolio for the year. FUTURE PLANS Strategy and Developmant The School is keen to continue lo build upon ils academic successes and to maintain its position as the lop performing School in the region. The School continues to work with ils long-lerm partneT lo identify opportunities to 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 ils domestic operation as well as the provision of bursaries. The Govemors hold lolnl Strategy Meetings with the Senior Management Team on a regular basis, and the Head produces an Annual Report which includes an annual update on progress against the School Strategic Development Plan. GOING CONCERN Al the time of appromng the financial statements, the Govemors have a reasonable expectation that the group and the School have adequate resources lo continue in operational existence for the foreseeable future. Thus. the Govemors continue lo adopt the going concern basis of accounting in preparing the financial statements. Following the uncertainty presented by the current economic climate. management has reassessed the going concem assumption and confirms that it remains appropriate based on the strong cash and net asset position which en8bles11 lo sustain ils business and meet its liabilities as they fall due despite the situation. The Governors make this assessment in respect of a period of at least one year from the dale of aulhorisation lor issue of the financial ststemen15 and have concluded that the School have adequate resources to continue in operatlDnal existence for the foreseeable future and there are no material uncertainties about the School's ability to conts'nue as a going concern. Thus they continue to adopt the going concern basis ol accounting in preparing the financial statements. 18 NOThINGHAM HIGH SCHOOL {a company limited by guarantaal GOVERNORS. REPORT CONTINUED Yaar endod 31 August 2023 OTHER INFORMATION Envlronmental Nottingham High School have used the GHG Protocol Corporate ￿CoUntIng and Reporting Standard (revised edition). Further emission factofs were used from UK Govemmenl's GHG ConversK)n Faclois for Company Reporting 2023. The tsble below shows the key metrics that are being reported for sfreamlined Energy and Carbon Reporting in the financial year 1si September 2022 10 31$1 August 2023. Summary Data for FY 1•t Sgplombor 22 tr> 3181 August 23 Valuo otal Energy Use 4.616,834 kwh otsl Greenhouse Gas Emissions Imarkel-basedl 882.1 tC02 otsl Students 1,177 Intensity Ratio 0.75 IC02 per student The table below provides a comparison of current emissions relative lo the previous financial years. It is clear that there has been a year on year reduction in emissions and intensity ratio since 2020121 to the current 2022123 financial year. Arèa of Measurement FY 1st Sept 20 to 31stAu 21 5,507.6 Mwh FY 1st Sapt 2110 31stAu 22 5,001.6 Mwh FY 1st Sgpl 22 to 31$tAu 23 4,616.8 Mwh Varlance to prgvlous nergy Use 7.7Yo decrease reenhouse Gas Emissions 1.045.67 tC02e 936.7 tC02e 882.1 tC02e 5.8V/o decrease nlensity Ratio 0.96 IC02e per student 0.81 tC02e per student 0.75 IC02e per student 7.4D/o decrease Over the last year. Nottingharn High School has invested in numerous projects. airned at improving efficiency and reducing energy consumption. as well as relurbishment programmes. these actsvities are summarised bo1ow= _ Continued LED lighting upgrades lo corridors ané ¢1855rooms- Boiler upgrade in Science wth new BMS controls and insulation to pipework., Replacement double glazed windows lo west wing ground floor of the senior school. Themiostatic radiator valves lo rooms for improved temperature control., Replacement of air conditioning units in some classrooms; Replacement ol sections of heating pipework, wth insulation in the senior school.. Wellbeing Centre Refurbishment project in Whilehouse, wlh new wndows and doors throughout to meel18lesl building regulation requirements, exlemal and internal insulation to walls and roof space, new building management system and LED lighting throughout. The aforementioned projects are projected lo save CTrca 368,OLKI kwh in the reporting year. which represents sorne 8V/o of total energy consumption. The energy savings associated with the Whilehouse refurbishment wll show on future periods. On￿ the building has been in full operation over a 12-monlh period. 19 NOThINGHAM HIGH SCHOOL la company limltod by guarantaol GOVERNORS. REPORT CONTINUED Y¢ar end￿ 31 August 2023 Sectlon 172 In accordance with Section 172 of the Cornpanies Act 2006. the Governors complied with their duty to 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 oporations and performance. Key decisions are made with the long-lemi interests of the School and ils stakeholders 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, disability, religion or belief. sexual orientation, gender reassignment. pregnancy or malemity. The School continues lo recognise the benefit of timely and effective communication with employees and lo ensure a common awareness of the financial Performan￿ of the School. The School aims to provide clear. fair and compekn.tive term5 of employment and remuner8tton 8nd this is underpinned by a commitment to provide ongoing training to support staff not just in their day to day roles but lo provide them with s￿'11S to further their career. The Governors will not tolerate any physical. mental or sexual harassment of the School's employees. High standards of business conduct are always maintained. The School engages suppliers through tender processes. ensLJring payment terms are sel which foster a good relationship. Regular customer meetings are held wth key Suppl￿r$ to understand the relationship and ensure both the needs of the School and the supplier are being met in the most efficient and economical way. The Governors are mindful of Ihg School's impact on the community and environment. We continue to deliver on number of projects to support the environment both large Scale e.g. single glazing replaced with double glazirig, and smaller s¢8le e.g. ￿MovIng single use water bottle5 from sports fixtures and increasing the number of water laps on sile. We support our local community Ihrou9h a number of partnership and community action acliv41ies. many of which are recorded on the 'Schools Together, website. We are continuously look for new opportunitses to engage with our community, an example of this is the development of our Well Being Centre which has wider community use as a key objective. GOVERNORS. RESPONSIBILITIES The Govemors {who are also directors of Nottlngham Hlgh School for the purposes of company law) are responsible for preparing the Governors, Report and the financial staternents in accordance with applicable law and United Kingdom Ac¢x)unling Standards (United Kingdom Generally Accepted Accounbng Practice). Company law requires the Governors to prepare financial ststements for each financial year. which give a true and fair view of the state of affairs of the School and of the incoming resources and application of resources, including the income and expenditure, of the School for the year. In preparing these financial slalements, the Govemors are required to.. select suitable accounting policies and then apply them ¢onsislenlly', obseNe the methods and principles in the Charities SORP.. make judgements and estimates that are ￿8$onable and prudent., slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements- and prepare the financial slalements on the going concem basis unless st is inapproprlale lo presume that the School will continue in operatwjn. The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy al any time the finanaal position of the School and enable them to ensure that the financial statements Comp￿ with the Companies Act 2006. They are 81s0 ￿spOnSible for safeguarding the assets of the School and hence for tsking reasonable steps for the prevention and detection of fraud and otherirregulafities. The Govemors are responsible for the maintenance and integrity ol the corporate and finanaal informat'on included on the School's website. Legislation in the United lfjngdom governing the preparation and disseminats'on of financial statements may differ from legislation in other jurisdictions. 20 NOTllNGHAM HIGH SCHOOL {a company lirnited by guaranteg) GOVERNORS. REPORT CONTINUED Year ended 31 August 2023 AUDITOR RSM UK Audit LLP has indiealed ils ￿lIlingnesS to continue in office. DISCLOSURE OF INFORMATION TO AUDITOR In so far as the Governors are aware: there is no relevant audit information of wh￿h the School's auditor is unaware,. and the Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit inforniation and to establish that the auditor is aware of that information. The Governors, Report is approved by order of the Board of Govemors and the SITalegic Report linclude Ihereinl is approved by the Board of Govemors in their capaoty as the directors at a meeting on Joii go? and signed on 115 behalf by.. 0/4kiÉfttE. H L AVISON Company Secretary 21 NOThINGHAM HIGH SCHOOL la company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NOTllNGHAM HIGH SCHOOL Oplnlon on financial statements We have audited the financial statements of Nottingham High School Ilhe '¢haritsble ¢ompany'l for the year ended 31 August 2023 which comprise the Ststement of Financial Activities (including Summary Income and Expenditure Account), the Balance Sheet. the Statement of Cash Flows and notes to the financial ststements, including a summary of significant accounting policies. The financial reporting Iramework that has been applied in their preparation is applicable law and United Kingdom A¢counling Sland8rds, including FRS 102 'The Financial Reportin9 Standard applicable in the UK and Republic of Ireland. Iunited Kingdom Generally Accepted Accounb"ng Pracb"ce). In our opinion the financial 5tsteFnents= give a true and fair view of the stste of the Company's affairs 85 8131 August 2023 and of its incoming resources and application of resources. including its income and expendituie, for the year then ended.. have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practi￿.. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We wndu¢ted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our ￿SponSIbl1111eS under those standards are further described in Ihe Auditor's responsibilities for the audit of the finan¢i81 sl8lemenls section of our Teport. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Stsndard and we have fulfilled our other ethical responsibilit￿S in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the ffinancial statements, we have concluded that the Govemers, use of the going concem basis of accounb'ng in the preparation of the financial sLitements is appropriate. Based on the work we have performed, we have not identified ar¢y material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities ol the tnjstees with respect to going concem are described in the relevant sections of this report. Other infomiation The other information comprises the infomi81ion included in the Annual Report other than the financial statements and our auditorfs report thereon. The Iruslees are responslble for the other information contained within the Annual Report. Our opinion on the financlal statements does not cover the other information and, except lo the extent otherwise expliciuy stated in our rewrt, we do not exp￿55 any form of assurance conclusion thereon. Our responsibility is to read the other infomialion and, in doing so, consider whether the other informatson is material inconsistent wlh the financial statements or our knowledge obtained in the course of the audit or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misstatements, we are required lo delem)ine whether this gives rise lo a fflalerial misslalement 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 lo report that fact. We have nothing to report in this regard. Oplnion on othor mattgrs proscrlbed by Iho Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit- the information given in the Govemors, Report, which includes the Directors, Report and the Strategic Report prepared for the purposes of company law, for the financial year for which the financial ststernents are prepared Ss consistent with the financial statements., and the Directors, Report and Strategic Report included in the Governors, Report have been preparwj in accordance with applicable legal requirements. NOTnNGHAM HIGH SCHOOL (a company limited by guarantwl INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NOThNGHAM HIGH SCHOOLICONTINUEDI Mattgrs 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 misstatements in the Directors, Report or the Strategic Report included within the Governors, ReporL We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you If, in our opinion: adequate accounting rewrds have not been kept. ￿ retums adequate for our audit have not been receNed from blanches not visited by us., or the financial statements are not in agreement wth the accounting records and relLFrns: or certain disdosures of Govemors, remuner81K>n specified by law are not made- or we have not received all the infomiation artd explanations we require for our audit. Responslbllltles of Governors As explained more fully in the Slalement of Govemors. Responsibilities sel out on pag8 20. the Govemors (who are also the directors of the Company for the pu￿OSe$ of company law} are responsible for the preparation of the financial statements and for being salisfie(S that they give a true and fair view, and for such inlemal control as the Govemors detemiine is necessary lo enable the preparation of financial ststements that are free from material misstaternent, whether due lo traud or error. In preparing the financial statements, the Governors are responsible for assessing the charitable company's ability lo continue as a going Concern, disclosing, as applicable, matters related to going ¢oncem and using the going concem basis of accounting unless the Govemors either intend lo liquidate the Company or lo cease operations, or have no realistic altemalive but to do so. Auditor's rospon$lbSlltle$ for th• audlt of tho financlal ststem•nts Our objecl'ves are to obtain reasonable assurance about whelher Ihe financial stal8menls as a whole are free from material misstatement. whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an 8UtJil conductetj in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or errol and are considered material if. individually or in the aggregate. they could reasonably be expe¢led lo influence the econofflic decisions of users taken on the basis of th8se financial stalemenls. The extent to which tho audit was conslderod capablg of dgtactlng Irrogularitlos, Includlng fraud Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are lo obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direcl effect on the delerrnination of material amounts and disclosures in the financial statements, to perfomi audit procedures lo help identify instances of non-complian￿ with other laws and regulations that may have a mateiial effect on the financial slalements, and to respond appropriately to identified or suspected non-compliance with laws and regulations idenlrfied during the audit. In ￿lation to fraud. the objeclives of our audit are to identify and assess the risk of material misslatgmenl of the financial statements due lo fraud. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misslalement due lo fraud through designing and implementing appropriate responses and lo respond appropriately to fraud or suspected fraud identified during the audit. However. it is the primary responsibility of management, wth the oversight of those charged wrth governance, to ensure that the entity's operations are conducted in accordance with the provisions ol laws and rogulations and for the prevention and detection of fraud. 23 NOTnNGHAM HIGH SCHOOL la company limited by guarantee) INDEPENDeNT AUDITOR'S REPORT TO THE MEMBERS OF NOThINGHAAI HIGH SCHOOLICONTINUED) In identifying and assessing risks of material misstalemenl in respect of irregularities, including fraud, the audit engagement te8m'. obtained an understanding of the nature of the sector. induding the legal and regulatory framework that the Company operates in and how the Company is complying with the legal and regulatory framework- inquired of management, and those Charged wth governance, about their own idenltficalion and assessment of the risks of irregularities. including any known actual, Suspected or alleged instances of fraud., discussed matters about r￿n-COMpliance with laws and regulabons and how fraud might occur including assessment of how and where the financial slalements may be susceptible lo fraud. As a result of these procedures we consider the most significant laws and regulations Ihal have a di￿¢1 impact on the financsal statements are FRS 102, Charities SORP IFRS 1021, Companies Act 2006, Charities A¢1 2011, the charitable company's governing document, tax legislation and Charities IPTOtection and So¢ial Investment) Act 2016. We perfomied audit prO￿dureS to detect non-compliances which may have a material impact on the financial statements which includeé reviewng the financial statements induding the Governors. Report, remaining alert lo new or unusual transactions which may not be in accordance with the governing documents, inspecling correspondence with local tax 8ulhorilles and evaluating advice received from extemal adwsors. The most significant laws and regulations that have an indirect impact on the financial statements are The Education {Independent School Stsndardsl Regulations 2014, Keeping Children Safe in Education under section 175 of the Education A¢1 2002, and the UK General Dats Protection Regulation (UK GDPRI. We performed audit procedures to inquire of rnanagernent and those charged with govemance whether the charitable company is in Compliance wth these law and regulations and inspected ¢orresponden¢e wth ￿gUlatOry authorities. The audit engagement learn identified the risks of management override of controls and revenue recognition 8s the areas where the financial Statements were most susceptible to material misstatement due to fraud. Audit procedu￿$ performed included bul were not limited lo testing manual joumal entries and other adjustments and evaluating the business rats'on8le in ￿latiOn lo ary significant, unusual transactions and transactions entered into outside the normal course of business and testing a sample of revenue transactions around the year end to ensure they were recognised in the correct period. A further description of our responsibilities for the audit of the financial ststements is located on the Financial ReF)Orting Council's website at http.'Ilwww.frc.org.ukJaudilorsresponsibililies. This descripth)n fomis part of our audf(orfs report. Usa of our rgport This report is made solely lo (he Company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stsle lo the Company's members those matters we are required to state to them in an audftor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's member3 as a body, for our audit work, for this report, or for the opinions we have formetj. Garelh Jones Isenior Statutory Audilorl For and on behalf of RSM UK Audtt LLP, Stslutory Auditor Chartered Accountsnts Rivemiead House 7 Lewis Court Grove Park Leicester Leiceslershi LE19 1SD Date: 2210112024 24 NOThINGHAM HIGH SCHOOL (a company limited by guaranteel STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) Yoar anded 31 August 2023 Permanent Endowment Funds £'ooo Unrestrlctod Funds £'ooo R￿trIcted Funds £'ooo Total 2023 £'ooo Total 2022 £'ooo Notss Incomo and andowmonts from: Donab'ons, legacies and grants Charitable actsvilies Other trading acb'mlies Investments 584 19,660 305 426 589 19,660 305 537 611 18.732 264 111 Total income and endowmonts 20.975 111 21,091 20.050 Expondlture on: Raising funds Charitable aGtivities Other 472 19,768 228 472 19.948 228 83 18,372 17 163 10 Total expenditure Net In¢omellexpenditure} before net Ilosses}Igains on invostments 20,468 17 163 20.648 18.639 507 (121 152} 443 1.411 Net losses on investments 17 11201 1110} 1230} (4351 Not income 387 112) 1162} 213 976 Gross transfer betsyeen funds 25127 Net movement in funds 387 1121 11621 213 976 Reconciliation of funds Total funds brought fovNard 15.233 18 16.126 31,377 30,401 Total funds Carrled fonvanl 15,620 15,964 31.59D 31,377 25 NOThNGHAM HIGH SCHOOL (a company limit•d by guarantee) BALANCE SHEET At 31 August 2023 Not•$ 2023 £'ooo 2022 £'ooo £'ooo £'ooo Fixed assets Tangible assets Investments 15 16&17 19,675 16,078 19,744 16,264 35,753 36,008 Current assets Stock Debtors Cash at bank and in hand 18 19 65 593 3,525 78 612 3.850 4,183 4.540 Current liabilities Creditors- amounts falling due within one year 20 12,4341 12.8871 Net current assets 1.749 1,653 Total assets les$ curTent liabiltties 37,502 37.661 Creditors- amoun15 falling due after more than one year 21 15,9121 16.2841 Not assots 31,590 31,377 The funds of the charity: Pernianent Endowment 25 15. 16,128 Restricted income tund$ 26 18 Unrestricted funds Designated funds Other unrestricled funds 27 4.260 11.360 4.342 10.891 Total unrestrlcted funds 15,620 15.233 Total charfty funds 31,590 31,377 The financial stslements were approved and authorised for issue by the Board of Govemors on 1910112¢ and signed on behalf of the board of Governors by-. JSJack on Govornor 26 NOTTINGHAM HIGH SCHOOL (a company limited by guarantee) STATEMENT OF CASH FLOWS Yoar Ond￿ 31 August 2023 t4ot 2023 2022 £'ooo £'ooo Cash flows from op•rating activiti•s'. Net cash provided by operating activities 28 2.273 Cash flow from investing activities: Dividends. interest and rent received from investments Payments to acquire tangible fixed assets Payments for investments Proceeds from sale of investments $37 11,0441 11,1761 1,132 443 19511 11631 165 Net cash used In Invgstlng a¢tlvltlo$ 1551) 15061 Cash flow from financing activities- Repayment of bank loans Repayment of finance leases Interest paid 1342} 1108} 12281 13351 1671 11841 Net cash used in financing activities 16781 15861 Change in cash and cash equivalents in the year Cash and cash equivalents al the beginning of the repofdng year 13251 3,850 1,181 2,669 Cash and cash equivalents al the end of the reporting year 3,525 3,850 27 NOThINGHAM HIGH SCHOOL (a company Ilmlt•d by guarantqel NOTES REL4TING TO THE FINANCIAL STATEMENTS Y•ar ¢ndad 31 August 2023 Accounting policles General information and bas1$ of prgparatlon Notts'ngham High School I'the School'l is a Company limited by guarantee and is incorporated in England and Wales. It is a150 a registered charity at 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 to £10 per member of the School. The address of the registered office is given in the officers and advisors information on page 2 of these financia slalemenls. The nature of the School's operations and principal activities are that of the provision of an educational environment that wll develop to the full. the talents of able children. Basis of accounting The School constitutes a public benefit entity as defined by FRS 102 and has therefore applied the relevant public benefit requirements of FRS 102. The financial statements have been prepared in accordance wlh Accounting and Reporting by Charities.. Statenent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporb'ng Standard applicable in the UK and Republic of Ireland {FRS 1021- Charities SORP IFRS 1021. the Finan¢ial Reporting Stsndard applicable in the United lfj'ngdom and Republic of Ireland, including adoption of the amendments issued in December 2017 IFRS 1021, the Charities Act 2011. the Companies Act 2006 and the UK Generally Accepted Practice as it applies from 1 January 2019. The financial slalements have been prepared under the historical cost convention as modified by the inclusion of investrnents. The financial ststemenls are prepared in sterling which is the ftjnctional currency of the School and rounded to the nearest £1,000, except Whe￿ otherwise indicated. On 1 September 2002, the operations and non-permanenl endowment a55e15 of the Foundation of Nottiryham High School were transfe￿ed to the School, subject to and conditional upon the issue and subsequent sealing of a Scheme lo this effect by the Charity Commissioners. The Scheme was sealed on 23 August 2007. The significant a¢coiJnling policies applied in the preparation of these financial statoments are sel out below. These policies have been consistently applied lo all years presented unless otherwise stsled. Consolldated Financial Statements In the opinion of the Govemors, the School and ils subsidrdry undertaking comprise a large sized group. The Govemors have not prepared consolidated financial statements as the subsidiary undertaking has had litue activity in the year and the Govemors consider this to be immaterial lo the group. These financial slalemenls present information about the ir￿1VIdual school, Nottingham High School and not about the group. Going concgrn At the time of approving the financial statements. the Govemors have a reasonable expectation that the group and the School have adequate ￿$oUrCeS lo continue in operational existence for the foreseeable future. Thus. the Govemors C(￿tinUe to 8dopt the going concem basis of accounting in p￿paring the finanaal statements. Following the uncertainty presented by the current economic climate. management has reassessed the going concern assumption and confirms that il rgmains appropriate based on the strong cash and net asset position which enables il to sustsin ils business and meet ils liabilities as they fall due despite the situation. The Govemors make thls assessment Sn respect of a perfod of at least one year from the date of authorisation for issue of the financial ststements and have concluded that the School have adequate ￿SoUrceS lo continue in operational existence for the foreseeable futurg and there are no material uncertainties about the School's ability to continue as a going concern. Thus they continue to adopt the going concem basis of accounting in preparing the financial stalemenls. 28 NOThINGHAM HIGH SCHOOL (a company limited by guarantee) NOTES RELATING TO THE FINANCIAL STATEMENTS {CONTINUEDI Ygar ondgd 31 August 2023 Ae¢ounting policies {continuedl Funds The School's Funds are split into three categories-. UnreStr￿ted fvnds lincluding designated funds), reslrtcted ftjnds and permanent endowrnenl funds. A brief outline of the nature of these funds is as follows.. Unrestricted funds may be expended at the discretion of the Govemors in fijrtherance of the objects of the School. If part of an Un￿strICted fund is earmarked for a parbcular purpose it is shown as a designated fund. This designation has an adminislrabve purpose only and does not legally restrict the Govemors. discretion lo apply the fund. Restricted funds are funds subject to specific trust as declared by tho original don(¥(sl bul which are still within the objects of the School. The income of the reslricled funds may only be expended in a¢Gordance with the temis of the specific trust and the ¢8pilal may or may not be expended dependent upon the terms of the specific Irusls. Permanent endowment funds are Capital funds %there there is no power lo convert the Capital into income and which rnust generally be hold indefinitgly. Certain assets can be exchanged and may be subject lo depreciation or loss. Income recognltlon All income 15 included in the Statement of Financial Activities ISOFAI when the School is legally entitled to the income after any performance conditions have been met. the amounl can be measured reliably and it is probable that the income will bg recoived. For donations to be recognised. the School will have been notified of the amounts and the settlement dale in writing. If there are conditions allached lo the donatlon and Ihls requI￿S a level of perfomance before enlifjemenl can be obtained, then the income is defeffed until those conditions are fully met or fulfilmenl of those Conditions 15 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 to unrestricted funds. Donations subject to specific wishes of the donors are credited to relevant restricted funds or to endowed funds where the amount is required to be held as permanent capital. For legacies. gntitlemenl is the earlSer 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 to the School bul it Is not possible lo measure the amount to be distrit4Jted. On these occasions. the legacy is treated as a conbngent asset and disclosed. Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are slated gross of scholarships, bursaries and other remissions allowed by thg Sthool as detsiled in the Govemors, Report. Income from trading activities includes income eamed from fundraising events and trading actiwlies to raise bjnds for the School. Income is received in exchange for supplying g¢x)ds and services in order to raise funds and is recognised when entitlement has o¢curred. Investment income is earned through holding assets for investment purposes such as shares and property. It indudes dividends and interest and rent. Where il is not practicable lo identify investment management costs incurred within a scheme with reasonable accuracy, the investrnenl income is reported nel of these costs. 11 is induded when the amount can be measured reliably. Interest income is reeognised using the effective interest method and dividend and rent income is recognised as the Sthool'$ rights to receive payment isestablished. Govemment grants are recognised al the fair value of the asset received OT receivable when there is reasonable a55urance that the grant conditions will be met and the grants will be received. A 9ranl that specifies performance conditions is recognised as income when the performance conditions are met. Where a grant does not specify perf0mlan￿ conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. 29 NOTfiNGHAM HIGH SCHOOL (a ￿rnpanY Ilmlted by guarantee) NOTES RELATING TO THE FINANCIAL STATEMEPtrs (CONTINUED) Year ended 31 August 2023 Accountlng pollcles (continued> Deposits Deposits are charged lo students upon S￿1Val at 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 Schwl. Expondltur• recognition l expenditure is accounted for on an accruals basis and has been clasSif￿d under headings Ihal aggregate all costs related lo the category. Expenditure is recognised where there is a legal or constru¢live obligation lo transfer economic benefit to third parties, it is prOba￿e that the Ir8nsfer will be required and the amount of the obligaty'on Can be measured reliably. 11 is calegorised under the following headings.. Cost of raising funds includes propetyexpenses Expenditure on charitable activities include expenses incurred in the provision of education,. and Other expenditure represents those iterns not falling into the categories above. Irrecoveryable VAT is charged as an expense against the 8clivity for which expenditure arose. Support cost allo¢ations Support costs are those which assist the work of the School but do not directly represent ¢hari18ble activities and include office Costs, governance costs and administrative payroll c051s. They are incurred directly in support of expenditure on the objects of the School. Where support costs cannot be directly attributable to particular headings they have been allocated to costs of raising funds and expenditure on charitable activities on a basis consistent with the use of Ihe resources. Taxation The School is considered lo pass the test sel out in Paragraph 1, Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation lax purposes. Accordingly. the School is potentially exempt from tax in respect of income and capital gains received wthin categories covered by part 11, chapter 3 of the Corporation Tax Acl 2010 or section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusivety to charitable purposes. Tangible fixed assets The School site. origin81 buildings and playing fields are eX¢lL￿ed from the financial ststements as, in the opinion of the Governors, their written-down cost would not be material. The value of subsequent building additions and improvements 15 included in the financial statements at cost. Tangible fixed assets are initially measured at cost and subsequently measured at cost net of dep￿ClatIon and any impairment losses. Costs include costs direclly attributsble to making the asset capable of operating as intended. Freehold land is not depreciated. FreehL4d buildings are depreciated al 2./0 of cost. Until the year ending 31 August 2000, no depreciation had been provided on freehold buildings. Improvements to buildings are depreeialed at be￿een 8 - 10°k of cost. The School equipment including fixtures and fittings Is capilalised where costs exceed £2,500. Cost. less residual value, is wrftten off over the eslimaled useful life of the asset by providing depreciation over three, seven or len years in equal annual instalments. Assets in the course of construclion are not depreciated until kyought into use. Invostment propertles The School's freehold investrTrent properties have been slated at fair value. as required by the SORP 'Ac¢ounting and Reporting by Charities" 30 NOThINGHAM HIGH SCHOOL la Company limited by guarante¢l NOTES RELATING TO THE FINANCIAL STATEMENTS (CONTINUED) Year endad 31 August 2023 A¢￿U￿tIng pollcies Icontinuedl Other investments Other investments are included In the fin8ncl81 statements 8t their falr value al balance sheet date. Any realised and unrealised gains or losses from disposals and revaluations are shown ¥Mthin the School's Statement of Financ¢al Activibes. Stock Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. Provision is made for obsolete and slow-moving items. Loans and borrowlngs Loans and borrowings are initially recognised al the transaction price including transaction costs. Subsgquenuy. they are measured al aTnortised cost using the effective interest rate method. less impairment. If an arrangement conslilules a finance transaction it is measured at present value. Impairment Assels not measured al fair value a￿ reviewed for any indication that the asset may be impaired at each balance sheet dale. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds ils recoverable amount, ar¢ impairment loss is recognised in the Statement of Financial Actwities unless the asset is carried ot a revalued amount w17ere the impairment loss is a revaluation decrease. Financial instrumonts The School has eleGled lo apply the provision5 of Section 11 'Basic Financial In51ruments' and Section 12 '0ther Financial Instruments Issues, of FRS 102, in full. to all of ils fin8n¢ial instruments. Financial assets and financial liabilities are recognised when the School becomes a paty to the contractual provisions of the instrument, and are offset only when the School currently has a legally enforceable right lo sel off the recognised amounts and intends either to settle on a net basis, or lo realise the asset and settle the liability simultaneously. Financial assots Oulslanding fees. other debtors (including accrued income) and afnounts due from subsidiary undertaking which are receivable within one year and which do not constitute a financing transaction are inib'ally measured al the transaction Pri￿ and arg subsequently measured at amortised cost, being th8 transaction price less any amounts settled and any impaimient losses. A provision for impaimienl ol oulslandlng fees is established when there is oblecfjve evldence that the amounts due will not be collected according to the original terms of the contract. lrnpairmenl losses are recognised in profit or loss for the excess of the carying 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 impaimient loss that objectively relate lo an event occurring after the impairment loss was recognised, are re¢ognised imFnediately in profit or loss. Flnan¢lal Ilabllltles and equity Financial instruments are classified as liabilities and equity instruments according to the substance of the conlraclual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the School after deducting all of its liability'es. Trade Creditors and other creditors (including accruals) payable whhin one year that do not eonslilute a financing transaction are initially measured at the transaction price and subsequenfjy measured al amortised cost, being the transaction price less any amounts settled. 31 NOTfiNGHAM HIGH SCHOOL (a Company limited by guarantee) NOTES RELATING TO ThE FINANCIAL STATEMENTS {CONTINUED) Year ended 31 August 2023 Accounting policies Icontinuedl Derecognition of financial assets and Ilabllltles A financial asset is derecognised only when the contractual rights to cash flows expire or are settled. or substsntially all the risks and rewards of ownership are transferred lo another party, or if some significant risks and rewards of ownership are rolained but control of the asset has transferred lo another party that is able lo sell the asset in its entirety lo an unrelated third party. A financial liability lor part thereofj is derecggnised when the obligation specified in the contract is discharged. cancelled or expires. Retlrement Benefits Retirement benefits for the leaching staff of the School are provided by the Teachers, Pension Scheme {TPSI. The TPS is an unfunded scheme. Contributions to the TPS are calculated so as lo spread the cost of pensions over employees, working lives with the School in such a way that the pension cost is a substantially level per¢entsge of cu￿ent and future pensionable payroll. The ￿ntributionS a￿ detemiined by the Government Actuary on the basis of quadrennial valuats'ons using a projected unil method. The TPS is a multiemploygr scheme bul sufficient information is not available to use defined benefit accounting and therefore il is accounted for as a defined ¢onlribution scheme, with the amount charged to the Statement of Financial Activities being the contributions payable in the year. Differences beNveen conlriiKJtsons payable in the year and contributions actually paid are shown as either accruals or prepaymonts. The School also operates a defined contribution %heme for the benefit of ils non-teaching stsff. The pension cost charged in the Statement of Financial Activities is the amount of the contributions payable for the year. Differences befy¥een contribulion5 payable for the year and contributions actually paid are shown as either accruals or prepayments in the Balance Sheet. Ternilnation benefits 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 to terminating the employment of an employee or to prowde lerminalion btsnefils. Lea$e$ An asset and corresponding liability are recognised for leasing agreements th81 transfer to the School subslanlially all of the risks and rewards incidental lo ownership ('Finan¢e Leases"). Assets held under finance leases are recognisad a5 assets at the lower of the asset's fair value at the dale of inception and the present value of the rninimum lease payments. The related liability is included In the balance sheet as a finance lease. Lease payments are treated as consisting of capital and interest elements. The interest is charged lo the Statement of Financial Activities so as to produce a constsnt periodic rale of interest on the remaining balance of the liability. Critical accountlng g$tlmates and areas of ludgement Estimates and judgements a￿ continually evaluated and are based on historical experience and other factors, including expo¢la110115 of future events that are believed to be reasonable under the ¢ircumslan¢es. Critl¢al accounting estimates and assumptlons The School makes estimates ané assumptions concemlng the fijlure. The resulting accounting estimates and assurnptions will. by definit￿n, seldom equal the related actual results. The estimates and assumptions that have a si9nifi¢anl risk of causing a material adjustment lo the carrying arnoijnts of assets and liabilrties within the next financial year are discussed below. Oepreciatlon Management reviews ils eslim8te of the useful lives of depreciable assets at each reporting dale, based on the expected Ljb'lity of the assets. Residual value and useful lrfe assessments consider issues such as future market conditions, the remaining life of the asset and maintenance programmes. The carrying value of tangible fixed assets at the year end was £19,675,00012022.' £19,744,000) 32 NO￿INGHAm HIGH SCHOOL (a company Ilmlted by guaronteel NOTES RELATING TO THE FINANCIAL STATEMENTS (CONTINUED) Y•ar onded 31 August 2023 Accounting policies Icontinuedl Critlcal ac¢ountlng estlmates and assumptlons Icontlnued) Impalrment Determining whether fixed assets are impaired requires an estimation at the higher of fair value and value in use of the asset. The value in use calculation requires management lo &slirnalo the future cashflows expected to arise from the asset and a suitsble discount rate in order to calculate present value. The carying value of tsngible fixed assets al the year end was £19,675.00012022.. £19,744,0￿)} Carrying value ot investments proportlgs The School values its investment prop9rties al fair value. The valuations are made by a qualified Chartered Surveyor. using a varitrty of a55umpb'on5 to delerTnine the valuation of the investment properties. Any changes in these assurnplions has the potential lo materially impact the carying value of these investment properties. The carying value of investment properties at the year end was £9, 157.00012022.. £9.072.0001- Leases In categorisin9 leasgs as finance leases, management make judgement as to whether significant risks and rewards of ownership h8ve transferred to the School as lessee. In¢ome from donations. legacies and grants 2023 £'ooo 2022 £'ooo Legacies DDnations Gift aid from subsidiary 39 522 50 536 53 589 611 Income from donations, legacies and gran15 was £589,00012022.. £611,000} of which £nil {2022.. £39,0001 was attributable lo pem8nent endowment funds, £5,000 12022.. £nill was attributable to restricted funds and £584.00012022'. £572.00018ttributsble lo unrestricted funds. Income from charitable activities 2023 £'ooo 2022 £'ooo Fees Music tuition Catering Other 18.124 234 17,278 216 840 398 454 19.660 18,732 Income from charitable 8clivities was £19,660,000 12022.. £18,732.000} of Ythich all was attributable lo unreslricled funds. 33 NOThINGHAM HIGH SCHOOL la company Ilmitèd by guarant¢•) NOTES RELATING TO THE FINANCIAL STATEMENTS (CONTINUED) Year ended 31 August 2023 Income from olhgr tradlng actlvltles 2023 £'ooo 2022 £'ooo Hire of facilities Miscellaneous receipts Clolhing sales Management charges received from subsidiary 172 53 61 19 145 55 18 305 264 Income from other trading actsvilies was £305,000 {2022.. £264,000) of wh￿h all was attributable to unreslricled lunds. Investment Income 2023 £'ooo 2022 £'ooo Property income Dividends and inteiest receivable 285 252 213 230 537 443 Income from investments of £111,000 12022.. £103.0001 was attributable to endowment funds and £426.000 12022.. £340,000) was attributable to unreslricled funds. Anatysl$ of total oxp•ndltur• Staff Depreciation Costs and lrnpairment £'i)00 £'ooo Other costs £'ooo 2023 Total £'ooo 2022 Total £'ooo Rai5iro funds Charitable activities Other expenditure 472 6,854 228 472 19,948 228 11,895 1,199 18,372 184 11,895 1,199 7,554 20.648 18,639 Raising funds 2023 £'ooo 2022 £'ooo Propety expenses Management fees 430 42 45 38 472 83 Ralslng funds expenditure of £472,00012022.. £83.0001 was attrlbulable to unrestricted funds. NOTnNGHAM HIGH SCHOOL (a company limited by guarantee} NOTES RELATING TO THE FINANCIAL STATEMENTS (CONTINUED) Year ondod 31 August 2023 Analysis of gxponditure on ¢harltable a¢tivitl•s 2023 £'ooo 2022 £'ooo Notes Provlslon of educatlon Dlr•¢t Costs Academic costs Extra-curricular Burs8ries Pfizes Scholarships Staffing 743 228 1.522 206 1,383 19 85 11.063 85 11,994 14,581 13,438 Support costs School support ServI￿S Governance costs Administratson and malnlenance Estalgs 1,705 59 1.538 71 791 2.534 2,718 19.948 18.372 Charitsble activities expenditure of £163,00012022.. £163,000} were attributable to endowment fijnds, £17.000 12022". £32,000) were attributable lo reslricled funds and £19,768.00012022= £18,177,000) were attributable to unroslricted funds. Govemance costs 2023 £'ooo 2022 £'ooo A￿￿11 and accountsncy Legal and prolessional fees Other Govemance expenses 49 40 27 59 71 10 Othor exp•ndtture 2023 £'ooo 2022 £'oiio Loan intsrest 228 Other expenditure of £228,000 {2022.' £184,0001 was 8ttributsble lo unrestricted funds. 11 Net In¢ome 2023 £'ooo 2022 £'ooo Nel income is slated after charging.. Tangible assets depreciation of pem)anent endowment assets Tangible assets depreciation of unrestricted assets 163 1,036 163 941 35 NorriNGHAM HIGH SCHOOL {a company limited by guarant801 NOTES RELATING TO THE FINANCIAL STATEMENTS (CONTINUED) Yaar ondad 31 August 2023 12 Auditorf$ remuneratlon 2023 £'ooo 2022 £'ooo Fees payable 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 statements 27 25 Fees payable to the auditor for other services.. Other assurance services Other non-8udit serwces 13 Governors. and key management personnel remunerafjon and expenses The Govemors neither received nor waived any rernunerat￿n during the year12022.' £nill. The key management personnel of the School is the Govemors and the senior management team. The total amount of employee benefits (including employels national insurance contributions and contributions to the pension scheme) received by key management personnel was £1.522,67512022.' £1,312,699). During the year 2 {2022'. 11 Governor claimed exponses of £198 12022.. £1101 respect to travel and subsistence expenses. 14 SLiff costs Academic Staff £'ooo Support Staff £'ooo 2023 Total £'ooo 2022 Total £'ooo Wages and salaries Social security costs Employer contributions lo define(I contribution schemes 6.750 716 2,818 218 9,368 934 8,611 873 1,435 158 1,593 1,486 8,901 2.994 11.895 10,970 The average number of persons employed by the S¢h¢x>l during the year was as follows: Numb•r FfE 2023 Number 2022 Numb 2023 Numbar 2022 Numbor Teaching Non-teaching Visiting music teachers 113 164 19 112 99 123 1CQ 117 18 296 283 222 219 The total cost to the School of conlribulions towards the TPS was £1,435,00012022.. £1,318,000). The amounts paid into private pension schemes in respect of support staff amounted to £158.00012022.. £168.0001. 36 NorriNGHAM HIGH SCHOOL {a cornpany limited by guarantee) NOTES RELATING TO THE FINANCIAL STATEMENTS ICONTINUEDI Y•ar ènded 31 August 2023 14 Staff costs {continU￿) The number of empbyees whose emoluments (excluding employer pension c05ts1 exceeded £60.000 was-. 2023 Number 2022 Number £60,001 - £70,OLIO £70,001 - £80,000 £80,001 - £90,000 £90,001 - £100,000 £110,001- £120,000 £250,001- £260,000 £260,001 - £270,000 13 Pension costs in respect of the above employees totalled £264,00012022.' £228,000). 1212022.. 10} higher paid employees are accruing benefits under the defined benefit pension s¢h8me. 15 Tanglble flxod assets Agsets In the course of constructlon £'ooo Freehold school land and buildings £'ooo Flxtures and fittings £'ooo Total £'ooo Cost at 1 September 2022 Additions Transfers 279 931 12041 25,880 112 204 3,751 87 29.910 1.130 C05t al 31 August 2023 1,006 26,196 3,838 31,040 Accumulated depreciation at 1 September 2022 Charge for the year 7,790 808 2.376 391 10,166 1.199 Accumulated dep￿ciatIon at 31 August 2023 8,598 2,767 11.365 Nel book value at 31 August 2023 1.006 17.598 1.071 19.675 Net book value at 31 August 2022 279 18,090 1.375 19,744 The net book value of fixtures and fittings includes £206,54712022'. £224,578) in respect of assets held under finance leases and hire purchase contracts. The depreoalion Charge for the year wth respect to these fixtures and fittings were £86,537 {2022.' £59.7111. 37 NO￿INGHAm HIGH SCHOOL la company Ilmtted by guarnntee) NOTES RELATING TO THE FINANCIAL STATEMENTS ICONTINUED} Year ended 31 August 2023 16 Investment propgrt10S Freehold £'ooo 9.072 85 Valuation at 31 August 2022 Additions Valuation at 31 August 2023 9,157 The Schc)01's investment properties were revalued as at 31 AugkJsI 2021 by Savills, Chartered Surveyors, al fair value of £8,420.000. Since the revaluation in 2021, the sch1￿1 has acquired a further property al a cost of £652,000 and further additions to a current propety of £85,000. The historical cost of the investment properties is £2,104.￿7 12022.. £2,020,0351- The wvernoT5 are of the opinion that the fair value has not materially changed at the balance sheet date. Investrnent properties lo the value of £3,225.00012022'. £3,225,000} have been used as securty in respect of the bank loans as described in note 21. 17 Othor investrnonts Total £'ooo 7,192 12281 1.124 11,1321 12301 Fair value at 1 September 2022 Cash on deposit at 1 September 2022 Additions Disposals Net105s on revaluation Quoted investments 6,726 Cash on deposit as at 31 August 2023 195 Fair value al 31 August 2023 6,921 2023 £'ooo 6,921 2022 £'ooo 7,192 Total (at fair value} Total lal historical cost) 5,912 5.801 The School has a number of small portfolios held with Rathbones Investment Management Limited, which includes equities. fixed income Ljnit trust and treasury bonds which are valued at mid-market price. 18 Stock 2023 £'ooo 2022 £'ooo Goods for resale 78 19 Debtors 2023 £'ooo 2022 £'ooo Outstanding fges A¢¢rued income Prepayments Amounts due from subsidiary undertakings other debtors 114 10 270 80 119 62 336 45 160 593 612 NOThINGHAM HIGH SCHOOL (a ¢ompany limited by guarantee) NOTES RELATING TO THE FINANCIAL STATEMENTS ICONTINUEDI Year end￿ 31 August 2023 Creditors: amounts falling due wthin one year 2023 £'ooo 2022 £'ooo Bank loans Inole 211 Obligations under finance leases (note 231 Trade creditors Other taxation and social security costs Accruals Other creditors Deferred income 363 101 258 251 270 467 724 351 613 237 431 322 829 2,887 21 Craditors: amounts falling due after mora Ihan ong yoar 2023 £'ooo 2022 £'ooo Bank loans Deferred income Obligations under finance leases {note 231 5,116 702 5,470 701 113 5.912 6,284 2023 £'ooo 2022 £'ooo Loan maturity Debt ¢Jue in one year or less Due in more than one year bul not more than fyvo years Due in more than two years but not more than five years Due in more than five years 363 376 4.444 296 351 4,578 531 5,479 5.821 The School has three separate bank k>ans. The details of these loans are given below: The School's first bank loan is a facility of £5.Qm lo fund capital projects. As al 31 August 2023, £4.09m {2022.. £4.24ml had been drawn down by the School. The bank loan has a fixed interest rale of 3.38OA per annum. The loan is repayable by monthly instalments and is repayable by May 2027. The School's second bank loan is a facility of £1.1 m and is subject lo an interest rale of 2.fjOVD above base rate. The bank loan is being repaid in quarterly instalments over the period until 3 February 2029. The School's third bank loan is a facility of £2.4m and is subject to an interest rate of 1.OOh atr*)ve base rate. The bank loan is being repaid in quarterly instalments over the period until May 2030. These loans are secured over the School's main sile and certain investment propertses as detailed in note 16. 39 NOThINGHAM HIGH SCHOOL (a ¢ompany limited by guaranteo) NOTES RELATING TO THE FINANCIAL STATEMENTS ICONTINUEDI Year ended 31 Au9U$t 2023 Doferred Income 2023 £'ooo 2022 £'ooo Deferred income al 1 Seplemkr Resources deferred in the year Amounts released from wevious year 1,530 615 17191 1,527 924 19211 Deferred income at 31 August 1,426 1.530 The deferred income relates lo school fees and deposits received in advance. 23 Finan¢e1oas• and hlre purchase obligations 2023 £'ooo 2022 £'ooo The tol81 minimum future lease payments are payable: Less than one year Be￿een one and five years 101 94 104 113 195 217 Finan￿ Lease payments represent rentals payable by the School for certain items of IT equipment. Leases indude purchase options at the end of the period and no reslriclions are placed on the use of the a5sels. The average lease temi is 3 years. Al leases are on a fixed repayment basis and no arrangements have been entered into foi conlingenl rental payments. The School's obligatK)ns under Finance Leases are secuied by the lessols charge over the leased assets. 24 Analysis of net assots b•two8n funds Pamianont Endowment Funds £'ooo Unrestricted Designated R8strict•d Funds Funds Fund$ £'ooo £'ooo £'ooo Total £'ooo Tangible assets Investments Nel current assets Creditors due after more than one year 14.410 3,554 16921 {5.9121 5,265 10,208 491 1g,675 16,078 1,749 15,912} 2,316 1,944 11,360 4.260 15,964 31,59J Pernianont Endowment Funds £'ooo Prlor yaar Unrestricted Designatad Restrlctad Funds Funds Fund$ £'ooo £'ooo £'ooo Total £'ooo Tangible assets Investments Net current assets Creditors due after MO￿ than one year 14,316 3,601 1742} 16,284) 5,428 10,251 447 19,744 16,264 1,653 {6,2841 2.412 1.930 18 10,891 4,342 18 16,126 31,377 40 NOThINGHAM HIGH SCHOOL (a Company limlted by guarantee) NOTES RELATING TO THE FINANCIAL STATEMENTS ICONTINUEDI Yoar Ond￿ 31 August 2023 25 Permanent Endowmont Balon¢o at 1 Septomber 2022 £'ooo Balance at 31 August 2023 £'ooo Other gains £'ooo Income Expenditure £'ooo £'ooo Transf¢rs £'ooo Capitsl fund J Bramley Scholarship Other funds 11,921 1,386 2.819 {1631 11,758 1.382 2.824 18 93 1221 188} 16.126 111 11631 {1101 15,964 Prfor year Balance at 1 September 2021 £'ooo Balance at 31 Augu$t 2022 £'ooo other galns £'ooo Income Expondlturg £'ooo £'ooo Tran$fers £'ooo C8Pital fund J Brarnley SchoLarship Other funds 12.084 1.383 2.861 11631 11,921 1,386 2.819 17 125 1141 {1671 16,328 142 1163) (1811 16,126 The Capllal Fund comprises the School's permanenlly endowed land and bulldings together wlth the School'5 foundation Ca￿'tal investments. The J Bramley Scholarship Fund consists of a donation to fund specific scholarships for formgr pupils. The School cannot benefit in any way from this fund. Where the tgmis of the bequests have been Unab￿ lo be fulfilled, the income arising from the investments has been accumulated within the fund to promde s¢holar5hips in future years. 26 Restricted incomg funds Balance at 1 S•ptombar 2022 £'ooo Balonce at 31 August 2023 £'ooo Income Expendlture Other galns £'ooo £'ooo £'ooo Bursary Fund 18 {171 18 {171 Prlor year Balance at 1 September 2021 £'ooo Balan¢e at 31 August 2022 £'ooo Incomo £'ooo Expenditure Othw gains £'ooo £'ooo Bursary Fund {321 18 50 {321 18 41 NOTnNGHAM HIGH SCHOOL la company limited by guarantee) NOTES RELATING TO THE FINANCIAL STATEMENTS (CONTINUED) Yaar endad 31 August 2023 27 Unrg$trlcted funds Balance at I Septembor 2022 £'ooo Balan¢e at 31 August 2023 £'ooo Other gains £'ooo Income Expenditure £'ooo £'ooo Transfers £'ooo Deslgnatod Bursaryfund Capital fund Other funds 2,381 1.811 150 1821 2.299 1,811 150 4,342 1821 4.260 Other unrestrlctod funds 10,891 20,975 120,4681 {381 11.360 15,233 20.975 120,468) 11201 15,620 Prlor yoar Balance at 1 September 2021 £'ooo Balan¢e at 31 August 2022 £'ooo Othgr galn$ £'ooo Incoma ExpgndSture £'ooo £'ooo Transfers £'ooo Designated Bursary fund Capital fund Olher funds 2.513 1,811 1132} 2,381 1,811 150 4.474 11321 4.342 Other unr8strlct8d funds Capiiaj fund 9,549 19,908 118,4441 11221 10.891 14.023 19,908 118,4441 12541 1 5,233 The Bursary Fund is to further the educallon 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 Govemors OLrt of unreslricled funds for the purposes of the Bursary Fund. The Caprtal Fund relates to amounts transferred from unrestri¢ted funds in previous years as a ¢ontributh)n towards planned improvements to the Schtx>I buildings. 42 NOTTINGHAM HIGH SCHOOL la company limited by guaranto8} NOTES RELATING TO THE FINANCIAL STATEMENTS ICONTINUEDI Year ended 31 August 2023 28 R•con¢lliation of n•t income to net cash infiow from 0￿ratIng activities 2023 £'ooo 2022 £'ooo Nel income for the ￿porting period (as per the Statement of Financial Activiliesl Adjustments for= Interest payable Dividends, interest and rent from investments Depreciats'on of tangible fixed assets Losses on investments Decreasellincrease} in stock DecTeasel{increasel in debtors Ilncreaseydecrease in creditors 213 976 228 1537} 1,199 230 13 19 14611 1443} 1.104 435 129) 12341 280 Net Cash provided by operating activitie5 904 2.273 29 Analysis of changos In n•t debt Balance at 1 September 2022 Cashflows £'ooo £'ooo 8alane• at 31 August 2023 £'ooo Non cash flows £'ooo Cash at bank and in hand Dèbt due wlthin one year Bank loans Obligations under finance leases Debt due after one year Bank loans Obligations under finance leases 3,850 1325) 3.525 {3511 {1041 342 108 13541 11051 13631 11011 15,4701 11131 354 19 {5,1161 194} 12,1881 125 186} 12,1491 30 Constitution The Company is limited by guarantee. Members undertake lo contribute a sum not exceeding £10 each under certain circumstances pre-defined in the Memorandum of Association. 31 T￿¢boys, P•nsion Scheme The School participates in the Teachers, Pension Scheme I'lhe TPS'I for its teaching stsff. The pension charge for the year includes contributions payable lo the TPS of £1,435,000 12022.. £1,318.000) and al the year*nd £161,41512022.' £150.3631 was accrued in respect of Contributions to this scheme. The TPS is an unfunded mulli-employer defined benefits pension scheme govemed by The Teachers, Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Members contribute on a "pay as you go. basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. 43 NOThINGHAM HIGH SCHOOL la company Ilmlted by guarant•e} NOTES RELATING TO THE FINANCIAL STATEMENTS ICONTINUEDI Year ended 31 August 2023 31 Teachers, pènsion schomg l¢ontlnugd) The employer contribution rale set by the Secretsry of Slate following scheme valuations undertaken by the Govemment Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at March 2020 and the Valuatson Report. which was published in October 2023. Followng the Mccloud judgement, the remedy proposed that when benefrts become payable. eligible membors can select lo receive Iherll from either the refomied or legacy schemes for the period 1 April 2015 to March 2022. The actuaries have assumed Ihal members are likely choose the oplion that provides them with the greater benefits. and preparing the 2020 valvalion have valued the 'grealer value, benel$ for groups of relevant members. The valuation confirmed that the employer contribution rale for the TPS would increase from 23.6Vo to 28.60 from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.080/0 giving a lolal employer contribution rate of 28.68Q/o. Controlllng party The Governors consider that the School has no controlling patty. Rolated party tron$a¢tion$ DurSng the year, the School paid expenses lo the Governors amounting to £198 {2021: £1101. see note 13. A number of trustees and Members of the senioT management team have spouses who are employed by the School. The appointments were made in open competition and the trusleeslsenior 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 Irealmenl as a result of their relationship to the tnjsteeslsenior management team. Key management personnel compensation disclosure is included in nole 13. Financial instrumants The carrylng amounts of the School's flnancial instruments measured at fair value through profit and loss al 31 August were.. 2023 £'ooo 2022 £'ooo Financial assets measured at fair value through profil and loss 6.921 7.192 35 Capital commitments As at 31 August 2023, the School had contractual capital commitments of £825,57612022.. £Nill. 44 NOTTINGHAM HIGH SCHOOL la company limited by guarantee) NOTES RELATING TO ThE FINANCIAL STATEMENTS {CONTINUED) Year •nd•d 31 August 2023 36 Investment In subsidiary undertaking School has an investment in Noth'ngham High School Intemational Limited (company number 119054741, a company incorporated in England and Wales. The School owns the ents're share capital of 101 ordinary shares of £1 each. The Subsidiary's registered office is Wavedey Mount. Nottingham. United Kingdom. NG7 4ED. During the period ended 31 August 2023. Nottingham High School Intemats'onal Limited income lolalled £83.861 12022.. £78,590) with a retained profil of £462 {2022'. £4621 and nel assets al 31 August 2023 of £563 {2022.. £5631. During the period ended 31 August 2023. the company recharged management expenses of £19.000 12022.. £18.0001 and received £52,96012022'. £49,914) of gift aid from Nottingham High School Internation81 Limited. Al the year end, a balance ot £80.212 {2022.' £44.6501 was due from Nottingham High School Inlernab'onal Limited. 45