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2023-08-31-accounts

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY (A company limited by guarantee)

Charity No: 1105544 Company No: 05189426

ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

Year Ended 31 August 2023

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY

REPORT AND FINANCIAL STATEMENTS 31 AUGUST 2023

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PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY

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CHARITY INFORMATION
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Charity Registration Number: 1105544 Company Registration Number: 05189426 Company Secretary: Mr T Williams Registered Office: Plymouth College Ford Park Plymouth Devon PL4 6RN Interim Head of[the][Senior][School] Mr A R Michie-Carr Head of the Prep School Mr H Thomas

Bursar Mr T Williams Clerk to Trustees Mrs E Aubrey-Fletcher

The day-to-day running of the School is delegated to the Head and the Senior Leadership Teams respectively:

Mrs J Hayward Head (resigned 31% August 2023) Mr A R Michie-Carr Interim Head Mr T Williams Bursar Mr H Thomas Prep Head MrC Irish Deputy Head Pastoral Mr P Grey Assistant Head (Academic) Mr P Mutlow Assistant Head (Co-Curricular) & Director of Sport Mr P Gilchrist Director of Marketing and Admissions (appointed 17 April 2023)

TRUSTEES (DIRECTORS)

Details of Trustees (Directors) and officers of the company who served during the year are:

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Mr R Light Chair Resigned 2" December 2022
Mr A Palmer Chair Appointed 2"! December 2022
Mrs A Morton Vice Chair
Mr E Beavington Appointed 23"¢ October 2023
Mrs K Campbell Resigned 17 May 2023
Mr R Chubb
Mr W Duncan
Mrs L Gregory Appointed 30” June 2023
Right Reverend } Grier
Mr C Morton
Mr P Nunnerley Resigned 17 November 2023
Mr 3 Pendleton
Mr§ Plant
Dr A Williams
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The Trustees are appointed by the Board for a term of four years. They can be re-elected.

NOMINATED/REPRESENTATIVES

Plymouth University Not filled University of St Mark and St John Mr S Plant Bishop of Exeter Dr A Williams Flag Officer Sea Training Not filled Rector of Minster Church ofStAndrew's Not filled

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PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY

PROFESSIONAL ADVISORS

Bankers: Lloyds Bank PLC Royal Parade Plymouth Devon PL] 1HB Solicitors: Wolferstans 60/64 North Hill Plymouth Devon PL4 SEP Auditors: PKF Francis Clark Melville Building East Unit 18, 23 Royal William Yard Plymouth PL1 3GW Insurance Brokers: Marsh Limited 4 Milton Road Haywards Heath West Sussex RHI6 1AH

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PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY TRUSTEES’ ANNUAL REPORT INCLUDING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023

The Trustees. who are also directors of the company for the purposes of the Companies Act, submit their annual report and the audited financial statements for the year ended 31 August 2023. The financial statements comply with the requirements of the Charities Act 2011. the Charities SORP (FRS 102) and the Companies Act 2006

The company has consolidated the financial statements of Plymouth College Trust (charity number 306949) and St Dunstan’s Abbey School Trust (charity mimber 306736) as required by Financial Reporting Standard (FRS} (02 “Accounting for Subsidiary Undertakings’ and Plymouth College Enterprises Limited. the trading subsidiary of Plymouth College Trust (charity number 306949).

PUBLIC BENEFIT

The Trustees confirm that they have complied with their duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales and in particular to its supplementary public benefit guidance on advancing education and on fee-charging.

The Trustees and School Officers actively encourage the contribution of time, money, resources and talent across the full range of the School community for the furtherance of public benefit at the local, regional and international jevels. We assist a significant number of[organisations][in][the][focal][community.][including][local][maintained][schools,][community][ groups][and][local] charities, and these alf benefitted from the use of School facilities for much of[the][year][and][from][financial][support.][This][support][ranged] ftom pupils’ fundraising initiatives and from the involvement ofpupils and staff in events such as concerts and community events. It was a pleasure to invite our neighbours to a performance of ‘Grease’ the musical during the year and the event was very well attended by the residents of Hermitage Court. Examples of projects that the School was engaged in during the year include, not exclusively:

Supporting charities

Our pupil led Charity Committee is a thriving organisation that, continued to benefit some charities where it was possible to do so. Through these opportunities to serve athers and to participate with other communities, our pupils also benefit from a meaningful interaction with those outside our Schoo! community. Many staff also give of their expertise as volunteers to coach local children’s sports teams. The Estates Manager is a Trustee at Devonport High School for Girls.

Teaming up with local schools The Schoo! recognises how fortunate it is to have its facilities and looks to give others the opportunity to benefit from them. During this year, the sports pitches at afl sites have been loaned to local schools. Our minibuses have been used by local schools and charities and the Schoo! buildings have been provided to local schools for hosting music exams.

We offer Junior Sports Leader Award (JSLA) accreditation for our pupils working with local schools. Under this scheme, our pupils qualify as young sports leaders and are able to run events for local schoois like the Festival of Sport noted below.

During the year, we provided placements. support and professional development for trainee teachers who will work in any part of the education sector. We also provided placements for individuals either applying for a PGCE or who are about to start it to give them the experience they require before embarking on their course.

We are in conversations with our nearest primary school, Hyde Park, on what different partnerships might look like. So far, this has included the school using our facilities for their Sports Day but plans for the future include shared INSET training. use of other facilities such as Science laboratories and academic and sporting competitions.

Making our facilities available to the community We make our facilities available to the community in a number of ways, some of which are set out below. We are mindful of our own financial position and therefore, where we had to charge for some of the activities, that these charges were kept to a minimum.

The School made available its facilities throughout cach holiday period for a ‘Holiday Club’.

The Festival of Sport is a day where local primary schools visit Plymouth College for a sports day competing against each other. The event in the summer is run annually by our older pupils and staff.

Local Scout Groups and other schools once again this year hired our bunkhouse on Dartmoor for camps and outdoor activities. The groups also had use of our minibuses at just the cost of replacement fuel.

During the year, we have provided 2 trips for the Millfields Inspired charity. Millfields Inspired is a charity based in Stonehouse in Plymouth that aims to raise aspiration in local primary children by providing trips and visits to businesses and organisations that they may not otherwise have had the opportunity or financial resource to visil. For each trip, we provided two minibuses. The trips were from various Primary Schools in the Devonport area. going to venues such as the Aquarium, EE Plympton, Sherford and the Millfields HQ in Union Street.

Over the summer. we also provided two minibuses for Cricket arranged by the Plymouth Cricket Club.

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PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY TRUSTEES’ ANNUAL REPORT INCLUDING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)

We have been running the Combined Cadet Force in conjunction with Stoke Damerel School for many years now, This is a joint project with a local maintained school where we provide the facilities and staff and both our pupils and visiting pupils come together to enjoy training trips and events. This year they took part in the Remembrance Day services, adventure-training activities and a formal inspection of the contingent. They also used the swimming pool to run swim assessments for their CCF students. During the summer, we made our facilities available for the British Youth Music Theatre. Also, High 5 operated at the School for the first time running a holiday club for children of all ages and had an extremely positive start with a great deal of interest shown. Working alongside the Plymouth Argyle Community Trust, we were able to continue to make available accommodation, minibuses, our sports centre and many other facilities. School neighbours at Hermitage Court, a private residential home, made occasional use of the School swimming pool and the United Reformed Church at Delgany used the School minibuses on occasions when requested. Plymouth Argyle F.C, used the Delgany facility for training weekly. Plymouth College supports Plymouth Leander Swimming Club through the provision of coaches and the rent at below-commercial rates for use of the School swimming pool.

The sale of the Millfields, which completed on 30" September 2022, has enabled the School to focus on facility improvements at the Ford Park and Delgany sites in the short to medium term, and this will result in the short term in increased opportunities for School pupils and the wider Plymouth community, as they will all benefit from any improvements made. An example of this is the refurbishment of the School swimming pool, which took place over the summer. Improvement with our partners Chartwells in the kitchen upgrade with the replacement of most of the catering equipment will allow greater and more flexible opportunities for entertainingwill for much ofthe Plymouth College community. The improvements with the swimming poo! and in the catering department also assist the School in its aims of becoming far "greener’ and more energy efficient into the future.

The setting up of the Development Office with fund raising targets will assist in achieving these aims and ta this end; the Delgany Appeal was launched at the end of the year to raise money for the pavilion up at Derriford. if the appeal is successful, this newly refurbished pavilion will become a popular venue for hosting visitors both linked to Plymouth College and the wider community. It is intended also to incorporate into the building energy efficient ways of heating with the installation of solar panels. Bursary programme

In addition to the very substantial benefits the School brings to our pupils, the local community and society through the education we offer, our means-tested bursary programme creates a social asset without cost to the Exchequer: £485,853 (2022 - £397,483) of means tested bursaries were provided in the year 2022-23. The School uses parents’ fees for the funding of bursaries and two pupils in the Senior School and one pupil in the Prep School benefit from a 100% bursary. In year, the School has funded 100% places for five refugee children (three in the Senior School and two in the Prep School) from Ukraine as a result of the Russian / Ukrainian conflict. There are certain other discounts offered by the School in addition to bursaries in order to heip families maintain continuity in the haveeducationmoreofthantheironechildren,child at suchthe School. as discounts for children whose parents serve in HM Armed Forces and sibling discounts where parents As a charity, all the income of the School must be applied for educational purposes. As an educational charity, we enjoy tax exemptions on our educational activities provided these are applied for our charitable aims. Asa charity, we are also entitled to an 80% reduction on our business rates on the property we occupy for our charitable purposes. The financial benefits we receive for these tax exemptions are all applied for educational purposes and indirectly help us to maintain our bursary policies, We are registered for VAT; however, as an educational charity we are unable to reclaim VAT input tax on the majority of our costs, as they are exempt for VAT purposes. We also pay tax as an employer through the PAYE and national insurance contributions we make.

OBJECTS, AIMS AND ACTIVITIES

Objects The objects for which the Company is established are the advancement of the education of boys and girls in accordance with the Christian faith. In particular, but without prejudice to the generality of the foregoing, to provide and conduct a day or a day and boarding schoo! or schools in which religious instruction is given in accordance with the doctrines of the Church of England and any ancillary or incidental and other associated activities for the benefit of the community. The School provides continuous education from age 3 years to 18 years. Boarding is available from age !1, or earlier at the discretion of the Head. Both the Senior and Preparatory Schools are fully co-educational. The School follows the broad thrust of the National Curriculum.

Aims and Intended Impact Plymouth College seeks to produce happy, knowledgeable and caring young adults who gain confidence in learning and who strive to reach their full potential. We aim to provide a diverse and enriching education that promotes self-discipline, motivation and excellence in addition to consideration for others. The nine Plymouth College Principles (resilience, integrity, aspiration, respect, collaboration, service. communication, reffectiveness and resourcefulness} provide the foundation upon which the holistic education at the School is based and are integral to daily life. They offer guidance to all members of the Plymouth Coflege community, build character and underpin everything that is done. Above all, we wish to see our pupils become independent and self-sufficient citizens who will succeed and contribute responsibly as

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PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY TRUSTEES’ ANNUAL REPORT INCLUDING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)

members of a global community. We have 77 boarders with a mix of well over 20 nationalities who bring with them a range of cultures, which enriches the life of the community.

Plymouth College is committed to safeguarding and promoting the welfare of our pupils and expects all staff and volunteers to share this commitment. Parents are given regufar information about their children’s social and academic progress through parent evenings in addition to end of term and year reports. The School maintains regular contact with parents and guardians throughout the year through more informal contacts and newsletters.

The School welcomes pupils from all backgrounds. To admit a prospective pupil we need to be satisfied that we will be able to educate and develop hinvher to the best of their potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken to satisfy the School that potential pupils can cope with the pace of learning and benefit from the education we provide. An individual’s economic status, gender. race. religion or disability do not form part of our assessment process. We are an equal opportunity organisation and are committed to a working environment free from discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation or disability. We pride ourselves in both Senior and Prep schools with the level of expertise we have in providing Special Educational Needs (SEN) support to over 150 pupils. STRATEGIC REPORT Overali Achievement and Performance. We had a good set of exam results in 2023. The government's return to pre-Covid levels of exam rigour is now complete, after a twoyear return to the previous grade boundaries. Therefore, this year’s national grade boundaries were on a par with 2019. We were at or above this point in most grade ranges, with the middle and upper GCSE grades particularly strong. Our headline figures were:

A level results: AYA: 26%, AB: 50%, AC: 76%, Pass: 95%. GCSE: 9-7/AA: 40%, 9-6/A-B: 62%, 9-5/A-C (Good Pass): 78%, 9- 4/A-C (Pass): 88%, Average points 6.0. These results allowed our pupils to access courses at a wide range of excellent universities and the courses that they went on to study were varied and important.

The School ethos of Educate, Enrich and Empower is fundamental in giving our pupils the knowledge and ability to attain such a fabulous range of examination results and university destinations, but everything we do at Plymouth College instils a rich range of skills that serve our pupils well both while at school and for their lifelong pursuits. We are proud of the achievements our pupils make both within and beyond the classroom. and we cannot hope to list all the varied and wonderful things that our pupils achieved in 2023. Prep pupils have again made excellent academic progress this year. End of Key Stage Two indicators are above national standards in both English and Maths and several Year 6 pupils achieved success in gaining scholarships to the senior school.

Examination results are very important for any school and securing the best possible set of results for our pupils has always been and will remain one of our principal concerns, but such results are not the only measure of success. As a school, we do not forget that whilst good examination grades are both a key to unlock further opportunities and an objective measure of learning at a particular stage of an individual's life. they are net the only reason that parents invest in a school such as ours. The richness and the diversity of all that goes on beyond the classroom and the formal curriculum plays just as important a part in shaping the lives of the young people who pass through this school.

We have 73% of our leaving students going on to University and of that number, 10% are joining non-UK universities, a trend that we have seen in the last 5 years. The remaining leavers are either taking gap years out before moving on to University or entering alternative training schemes and/or employment. One student joined the Armed Forces. University destinations in the UK include UCL, Cardiff, Nottingham, Bath, Plymouth, Loughborough, Sheffield Hallam, Durham. Southampton, Newcastle and Exeter. University destinations outside of the UK include the Universities of Berlin, Nazarene, Arkansas, and Nevada. Subjects being studied include Accounting & Finance, Business Studies, Biomedical Science, Civil Engineering, Geography. Criminology and Physics.

Music and Drama

Our traditional Autumn Term events included Remembrance Day and the Carol Service at St Andrew's Church, and at Mutley Baptist Church. There was the house music competition, which was at the end of term, where all houses performed a song all together that was then judged. This was also in Mutley Baptist Church. We had an instrumental concert and vocal concert. Both were beld in the Old Gym in front of an audience of parents and pupils. All extra-curricular activities happened every week including jazz band, choir, senior rock band, string ensemble, ukulele club, samba band, open mic band, karaoke club and Prep choir and band.

During the Spring Term there were many concerts happening around the school. The usual round of instrumental and vocal evenings happened, as audiences were now permitted to attend such events at school culminating in a two-evening performance of the musical ‘Grease’. All music clubs and events happened as usual. Speech Day was a fantastic event in the Summer Term, and we had solo performances in the event itself and a concert that happened after the main ceremony. We had jazz band, rock bands, singers, and soloists performing throughout the whole afternoon. We also enjoyed our annual House Music competition at the end of the Summer Term in Mutley Baptist Church.

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PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY TRUSTEES’ ANNUAL REPORT INCLUDING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)

Individual speech and drama lessons, as well as instrumental and singing continued with many face-to-face lessons. A significant number of pupils now have instrumental lessons during the schoo! week. Sport It has been lovely to see pupils on the sports pitches in competitive situations again and the School continues to field teams in; Rugby. Cricket, Netball, Hockey and Football regularly throughout the year, as well as in sports such as Basketball and Golf on a less frequent basis. It was pleasing to see the number of girls representing the School in Cricket teams and the development of our provision in this area, Cricket is now a non-gender specific activity, which has seen participation levels increase. Increased numbers of girls have also been involved in Football, with some boys also trying Hockey as part of our co-curricular provision. In swimming, our partnership with Plymouth Leander Swimming Club, where the School provides the majority of the elite swimmers, continues to deliver a hugely successful programme of coaching to our young athletes, and Plymouth College alumni and students were well represented at the Birmingham Commonwealth Games in 2022 and the World Championships in 2023. Fencing continues to go from strength to strength, with pupils winning medals at the Commonwealth Fencing Championships amongst other competitions.

There remains a strong interest in sport at the School and the role of honour has been expanded to include over 180 current and former pupils who represented their country since the year 2000. We do however. need to be very conscious of the number of pupils on roll who contribute to sport and the long-term future of team sports unless we are prepared to think outside of the box. This is further highlighted by the national drop off in returning to sport post-lockdown being felt by clubs and other schools around the country. Sport is struggling to return with the same numbers participating outside of education and this is a challenge of which we must remain mindful. Other Activities The Outdoor Education provision, Duke of Edinburgh Award Scheme, Ten Tors, Young Enterprise, Combined Cadet Force and Business competitions al] remain extremely popular with pupils, providing a broad range of extra-curricular activities for the pupils, complementing the bespoke and personalised nature of education at the school. Alongside the delivery of the Outdoor Adventure element of the Level 3 BTEC course, which includes theory lessons and a day of practical activity each week for both Lower and Upper 6th, the Outdoor Department also runs a number of extra-curricular programmes. This year the updated course we run requires the U6th pupils to undertake a week's work experience, which they did at a local outdoor centre. We also included various outdoor qualifications for the pupils including those offered by British Canoeing, Mountain Training, Mountain Bike Instructor Scheme and an outdoor first aid course.

Ten Tors 2023, We are stiil feeling the long lasting effects of COVID 19, whereas we had keen interest from the younger years (Years 9 and 10) for the 35 mile route, we have not yet had the rotation of pupils who are in the L6th and keen and are able to participate in the 55 mile route. We had four pupils start the 55-mile training, but failing to find a fifth and sixth member for the team by Christmas, we had to disband the team. We did have 20 pupils start the training for the 35-mile route, and ended up with two teams of six, who all successfully completed the 35-mile route at the event. We ran Duke of Edinburgh expeditions at the three levels of the award: Bronze 20. Silver 18, Gold 25. The Bronze section headed back to Exmoor for their assessed expedition. The Silver section ran the training on Dartmoor and the assessment in the Brecon Beacons, For assessment.Gold, we broke new ground on the river Thames for the practice, a great success, with teams canoeing on the River Wye for their Although we have previously run successful National Three Peaks trips, Plymouth is not the natural starting place of choice. Being aware12 ofthe environmental impact ofdriving minibuses to Scotland and back via North Wales. we opted for a ‘River Dart Source to Sea hr challenge’. which comprised a 20km walk, a 30km bike ride and a 4hr paddle. This being the first time we had done this, we limited numbers and after a few last minute pull outs, we had nine pupils for this trip who all successfully completed the challenge. Our Outdoor Discoverers* Club continues to be popular. and this was the second year we extended the invitation to the Prep school (Yt5&6 - 32, Yr7&8 - 30, Yr9O&10 - 13, Yr11-U6 - 23). These run on various evenings throughout the week until 19,30, during which we provided a range of activities including climbing, mountain biking, ghyt! scrambling, busheraft, night walks, orienteering, weaselling and paddling. The last week of the summer term is the School's Activity Week for Years 7-10 and Lower Sixth. Building on the success of the previous year, we continued the format of four-day residential visits. Year 7 went to BF Adventure in Cornwall, Year 8 did a programme based from the School’s bunkhouse on Dartmoor and included a two day canoe trip down the River Dart, with camping overnight. We again ran the Year 9 camp on Exmoor. Year 10 pupils dedicate the time connected with their Friday afternoon enrichment. CCF had a number of camps, the Sport Leaders ran a programme including the day of sport for local primary schools and the DofE pupils adventurouscompleted theiractivities.expedition. Lower Sixth pupils had a blended week of careers, UCAS, volunteering at a local tree charity as well as Pupil Numbers The school roll averaged 558 across the academic year, of which 149 were pupils at the Preparatory School and 409 were at the Senior School. Of this number, 73 were full boarders at the school and 4 were weekly boarders.

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PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY TRUSTEES’ ANNUAL REPORT INCLUDING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)

Facilities

Comprehensive maintenance work is an ongoing cycle to refresh the “envelope” of many of our older and listed buildings. Over the summer and in partnership with the Catering Contractors, Chartwells. the kitchens were refurbished with new cooking and cleaning equipment that will not only enhance the delivery of that service to the School and the wider community but will also be far more energy efficient. The swimming pool has also been relined and this will benefit a wide community of adults and children. This upgrade too will introduce significant improvements in terms of energy efficiency and cost savings. The Estates Manager, appointed on 1“ September 2022. has written a Sustainability Statement for the School and intends to develop this into an overarching Sustainability Strategy for the estate, which will become an intrinsic part of our development plan for the campus over the next 3 to $ years. The Sustainability Strategy will be an intrinsic part of the School's overall strategy and to that end: the Governors are this year drafting a new whole school strategy. In addition to the above. a new boiler has been fitted in the Main Building to add to the work completed over the summer to make the School far more energy efficient and less wasteful.

Finally, over the summer our Library was completely refurbished improving what is one of our most important learning facilities and a great deal of[painting][and][decorating][was][completed][in][the][Boarding][Houses.]

Sustainability

At Plymouth College. we recognise the need to take action to minimise our carbon footprint and to embrace sustainable practices throughout our sites. We have already taken significant steps towards the reduction of our Scope 1 and Scope 2 emissions and have ambitious plans to continue this as we move towards the aim of net carbon zero. We have switched our cleaning products to eco-friendly alternatives; we have installed electric vehicle charging and have added a hybrid vehicle to our fleet. Further to this, we are installing LED lighting across our sites and have implemented a number of measures to reduce water consumption. Our work, and that of our student "Eco-Club" has recently been recognised, having been awarded an Eco-schools green flag with merit. e We embrace sustainable procurement and look to reuse or repurpose items wherever possible to reduce the amount sent to landfill and the impact of manufacture and transport of new goods.

We collect all of our garden waste and re-use this for composting. Whiteworks, our property on Dartmoor, is completely off grid and has a wind turbine to generate electricity.

We have this year achieved the Eco-Schools Green Flag Award with merit due to our work on sustainability across the estate and curriculum and by involving all School stakeholders in eco initiatives.

Health and Safety

A great deal of time was again spent during the year managing safety. We appointed a new external Health and Safety consultant in October 2022 and a permanent appointment of a Health & Safety Officer was made in October 2022. Risk Assessments to manage any changes in circumstances were constantly updated throughout the year. The Schoo! formaily briefs all Trustees on Health and Safety matters on a termly basis; in addition to this, Health and Safety meetings with Trustee representation are held termly and Health and Safety updates have become a standing agenda item at all meetings of the Full Board of Trustees. A comprehensive Fire Risk Assessment. Asbestos inspection and Legionella assessment all provide a focus for maintenance issues.

Fundraising

The charity does not currently engage with any commercial participators/professional fundraisers. The Charity has not received any complaints regarding its fundraising activities in the year ended 31 August 2023. Ail fundraising activities conform to recognised standards and the Charity operates in such a way to protect the public, including vulnerable people, from unreasonably intrusive or persistent fundraising approaches and undue pressure to donate.

Ail fundraising undertaken during the year was monitored by the Trustees.

Financial Review Key financial performance indicators, which the Trustees monitor closely to assess the School's financial performance, include overall surplus or deficit, pupil numbers, percentage of gross fees offered as remissions and staff costs as a percentage of income. The academic year 2022-23 shows a deficit on a consolidated basis of £400,909 (2021-22: surplus of £329,517), including for the first time depreciation of Freehold Buildings of £100,707.

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PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY TRUSTEES’ ANNUAL REPORT INCLUDING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED) Relocation ofthe Prep School to the Senior School site at Ford Park was completed ahead of 2021. the academic year commencing September The As reported last year, the former site of the Prep School, the Millfields, was sold for £3m, completing on 30° September 2022. disposal of three residual property interests on the site have also now been successfull y concluded.

The remaining freehold assets are held predominantly in the name of Plymouth College Trust, or Plymouth College and St Dunstan's Abbey Schools Charity. Since August 2006, the assets of Plymouth College Trust have been used to secure the bank borrowing of Plymouth College and St Dunstan's Abbey Schools Charity by guarantee to Lioyds Bank Plc. Assets at the Ford Park site owned by Plymouth College Trust were subject to this charge. During 2018-19, the guarantee was extended so the freehold property assets of the Group were subject to this charge. Charity Commission approval was given to undertake a group restructure and this was completed on 14" February 2024. The next steps are lo clase Plymouth Coliege Trust and St Dunstan's Abbey School Trust. clear all the indebtedness between the trusts and vest all assets in the Plymouth College and St Dunstan's Abbey Schools Charity.

On a consolidated basis, the group of charities free reserves are in deficit by £1,860,059 (2022: £4.560,215 deficit). The School's free reserves are in deficit by £2,949,841 at the year-end compared to a £2.725,689 deficit in 2022. The Trustees plan to address this gap by generating annual accounting surpluses over a period of time and to a level sufficient to sustain the School through a crisis. This will be balanced with the need to ensure that our fees remain competitive and affordable and with the need to invest in our facilities to maintain and improve, which in turn should make the School more attractive to parents of prospective pupils. The need for day-to-day working capital is being met by careful management of short-term liquid resources in the absence of free reserves; restricted funds - £561,903 (2022: £592,864) and designated funds - £75,214 (2022: £32,637).

Grant-Making Policy

This year the total value of scholarships, bursaries and other allowances was £2.0m (2022: £1.9n; 2021: £2.2m: 2020: £2.3m; 2019: £2.4m; 2018: £2.2m; 2017:£2.4m; and 2016: €2.4m). It is the Trustees” policy to award scholarships on the basis ofeducational or cocurricular potential and rigorously means tested bursaries are granted where appropriate. The value of scholarships has increased in recent years as the difficulty in recruiting high quality pupils increased, though it has now stabilised and the internationa! reputation of the schoo] has continued to grow. There is currently no endowment sum to provide scholarships or bursaries, which are all provided from current income, but the Trustees intend to build up a reserve, which may eventually be used to offer education to a wider spectrum of society. Information about fee assistance through bursaries is provided on request to all applying to join the School and our “Policy on Financial Assistance’ is displayed on the School internet site and available to the public.

Assistance for Teaching Staff As part of our emphasis on attracting and retaining high calibre staff. we offer a discount scheme where staff members choose to educate their children at our school.

Access Policy It is important to the Schooi that access to the education we offer is not restricted to those who can attord our fees. We believe our pupils experiencesbenefit from learning with a diverse community. A great deal oflearning occurs through social interaction, conversation and shared which help our pupils develop an understanding of grant-making the perspectives of other people that will be vital in their adult lives, Our facilities we enjoy.policies, together with our many community links, contribute to a widening of access to the education we offer and the Investment Policy The Trustees are authorised by the Memorandum of Association and by the Trustee Act 2000 to deposit and to invest funds in any manner, provided that they obtain appropriate advice from a qualified individual and keep the investments under review. The School works with investment managers who manage the investments on a discretionary basis. Current value of Investments £nil.

The Trustees intend that the real value of the School assets be maintained and enhanced over the long term by investment in a portfolio of equities, fixed income stocks and cash. The specific objectives for restricted and unrestricted funds are as follows: e Restricted Funds - Income {to supplement scholarships and bursaries) e Unrestricted Funds - A balance of income and capital growth

Under the direction of the Charity Commissioners, £10,000 is to be invested annually over a 25-year period to replace the capital that was used to assist with the building costs ofthe swimming pool and fitness suite.

Reserves Policy The Trustees’ policy is to build up funds out of annual operating surpluses. The Trustees recognise their responsibilities to continue to invest to maintain the fabric of its buildings and to equip the School with up to date facilities that are needed to maintain and enhance the standard of educational services it provides, in the short term. the Trustees’ aim is to generale an annual cash surplus of £160,000 to meet the banking covenant. For 2022/23, the charity was technically in breach of this covenant but it has the full support of the bank and repayment of the secured loans is not required, Going forward, the Trustees have agreement in principle with the bank for the provision of an overdraft facility up to a surge value of £]m to cover its working capital requirements but as part of this agreement, repayment of the secured loans is required which will remove the banking covenant,

8

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY TRUSTEES’? ANNUAL REPORT INCLUDING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)

Following the sale of Millfields. receipt of the completion proceeds enabled an immediate reduction in bank borrowing, which has reduced exposure to the cost ofrising interest rates, Restructuring of[the][present][complex][trusts][structure][will][also][facilitate][a][restructure] of the balance sheet. The Trustees will then review the appropriate level of reserves, which they will seek over time to build, to a level sufficient to sustain the School through a crisis. The challenge will always be balancing building surpluses whilst at the same time ensuring fees remain competitive and affordable, and investing to maintain and improve facilities across the School campus. To this end, the Trustees have established a Strategy Working Group whose aim is to future proof the School in light of the challenges that it will face over the next few years with attention given to focussing on the forward direction of the Schoo! in terms of its curriculum and offer. One of the key action points being to agree a remissions strategy that is consistent with the overall school ethos. At 31 August 2023. our consolidated free reserves are in deficit by £1,860,059 (2022: £4,560,215 deficit), with net current fabilities of £1.05miltion (2022: £3.30 million). Notes 17 and 18 show the allocation of the reserves between those designated for specific purposes and those available for the day-to-day requirements of the School

Plans for Future Periods The Trustees are cognisant that the School will face significant risks over the next couple of years, particularly with the possibility ofa change in Government, the current cost of living crisis and increased interest rates and how that will impact on the Independent Schoo] sector and parents’ ability to pay their fees. This coupled with a drop in pupil numbers and consequently, revenue, the Trustees have established a Strategy Working Group with the express aim of developing a Strategic Plan that will take the School through the next stage of its development, looking into how the impact of these risks can be mitigated against. Alongside this, the Trustees undertook a parental affordability survey and the feedback received is being taken into account in future deliberations.

One of the key findings to take into account was that it would probably not be possible to pass on the full impact of VAT on fees to parents if it was introduced at 20%. Another finding was that parents were not particularly interested in the breadth of the curriculum on offer at the school, which may afford opportunities to reduce and streamline into the future. The Strategy Working Group will take these findings into consideration as it finalises its strategy over the next 12 months.

Moving forwards with our estate strategy, we plan to continue our move towards net carbon zero and reducing our energy consumption. A rolling programme of replacing lighting with LED equivalents will continue. The summer relining of our swimming pool, along with the installation of new eco-friendly equipment in the kitchen should see ongoing water savings. The removal of gas equipment and the associated meter, combined with a new main school boifer should see reductions in our gas consumption. A five-year maintenance and capital plan will continue to drive improvement across the school campus, with the next area of focus being the sixth form kitchen and social area to improve student experience and satisfaction in this area, We aim to maximise our outdoor space by creating a "secret garden" seating area and to create a forest school/outdoor classroom space to be enjoyed by our Prep schoo! students.

The appointment of a new Director of Marketing and Admissions in April 2023 has seen the development of a clear strategy, supported by an appropriate investment budget, to rebuild pupil numbers both intemationaily and from the local market. Alangside this, at the end of the financial year, the School had a change in Jeadership with the Head resigning and an interim Head appointed whilst the Trustees looked to appoint a permanent head. This was completed on 29" November 2023 and Peter Watts will be joining the school in September 2024 to lead the school through the next period of its development and working with the Trustees, will fully implement the Strategic Plan through a process of discussion and revision.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The charity is a charitable company limited by guarantee and was incorporated on 26 July 2004. It is governed by a Memorandum and Articles of Association. In the event of the company being wound up no member will have to pay an amount exceeding £10. The company began operating on } September 2004 and was incorporated to min the combined schools of Plymouth College and Mannamead School (established 1877) and St Dunstan's Abbey School (established 1865). These schools were previously run by two separate charities. The charities retained their freehold assets - the school buildings - and were renamed: Plymouth College and Mannamead Schoo! became Plymouth College Trust St Dunstan's Abbey Schoo! became St Dunstan's Abbey School Trust

The company has consolidated the financial statements of Plymouth College Trust (charity number 306949) and St Dunstan's Abbey School Trust (charity mumber 306736) as required by Financial Reporting Standard (FRS) 102 ‘Accounting for Subsidiary Undertakings’. Plymouth College Trust (formerly Plymouth College and Mannamead School) has secured the borrowings of Plymouth College and St Dunstan's Abbey Schools Charity on its freehold property.

9

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY TRUSTEES’ ANNUAL REPORT INCLUDING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)

St Dunstan’s Abbey School Trust (formerly St Dunstan’s Abbey School) borrowed money from Plymouth College Trust to improve its Thefreehold property and build a sports hall complex. Plymouth College Trust took a legal charge over the freehold property ofthis charity. with freeholdproceeds property of £3m ofreceivedthis charityon 30" (theSeptemberMillfields) 2022.was, following the move of the Prep School to the Ford Park site, marketed and sold

At the balance sheet date Plymouth College Trust owes £1,545,504 (2022 - £1.545.504) to Plymouth College & St Dunstan's Abbey Schoois Charity. Charity Commission approval has been given to aligning the objects of both Plymouth College Trust and St Dunstan's Abbey School Trust, and in tum to merging both trusts with Plymouth College and St Dunstan's Abbey Schools Charity, simplifying the current cumbersome Structure. The Trustees completed on the group restructure on 14% February 2024 and the next steps will be to close both Plymouth College Trust and Si Dunstan’s Abbey Schoof Trust. This will be completed before the end of the 2023/24 financial year.

Induction training is provided for all Trustees on appointment, and further training is given from time to time during the year, specifically at ‘Trustee's Twilight Training’ sessions. All Trustees are registered as members of AGBIS and are able and encouraged to attend relevant courses run by that and other organisations. The Board meets a minimum of three times per year. and more frequently if necessary. Each meeting is preceded by Education, Finance & General Purposes and Governance and Nominations meetings. Remuneration and Strategic Planning ad hoc sub committees meet when required. The Head and Bursar attend ail meetings described above. The Trustees are aware of the Charity Code of Governance and continue to review it in conjunction with the objectives of the School.

Key Management Personnel

The Trustees consider that they, together with the Head, Bursar, Senior Deputy Head, Prep Head, Deputy Head Pastoral, Assistant Head Academic, Assistant Head Co-Curricular, Director of Sport & Director of Marketing and Admissions are Key Management Personnel {see note 4 to the accounts). All Trustees give of their time freely and no remuneration was paid during the year except legitimate travelling expenses. The pay and remuneration of employed Key Management Personnel are set on appointment and reviewed annually by the Board of Governors. Several criteria are used in setting pay:

RISK MANAGEMENT

Risks are identified, assessed and controls established by the Trustees, assisted by the Leadership Support Group and Senior anManagementannual basis.Teams, throughout the year, A formal review ofthe Charity’s Risk Management processes is undertaken by the Board on The Trustees have assessed the risks to which the School is exposed, including operational, political and financial risks. In the opinion of the Trustees, the Charity has established resources and reviewed systems. which should allow the risks identified to be mitigated to an acceptable level in its day-to-day operations. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

The major risks are set out below with the School's strategy to address them.

Pupil numbers Growing and maintaining pupil numbers is a major risk for the independent school sector as parents across the country are finding the increasing independent school fees are becoming fess and less affordable. This year this has been especially the case with the continuing high cost of living and rising interest rates, impacting on mortgages. The demographic of Plymouth is finding this particularly challenging. Without effective marketing of what Plymouth College is able to offer with the additional benefit the Schoo! can bring to the pupils in terms of developing confident and talented young people, the School will suffer a decline in pupil numbers. [t is also important to ensure that we have sufficiently experienced, efficient and effective staff in our Marketing & Admissions team so that we know where to target our marketing in relation to the recruitment of pupils locally, elsewhere around the UK and internationally.

Quality of teaching The quality of teaching and coaching needs to be constantly monitored and upgraded and the environment for education needs to be modernised where appropriate. There is ongoing work to improve the utilisation of pupils’ academic tracking data to focus attention as needed in this area. It is also important to ensure that the environment and rewards ensure the recruitment and retention of quality staff. External risks There are a number of risks that are outside of our control, such as the current political climate which includes increases in inflation, wages and interest rates;, impacting beth the School and parents income and costs, the global energy price volatility: the threat of VAT

10

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY TRUSTEES’ ANNUAL REPORT INCLUDING THE STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED) being introduced on independent school fees; and the potentia! loss of current mandatory business rate relief, We continue our scenario and contingency planning identifying opportunities to mitigate the impacts of some of[these][risks][as][best][we][are][able.]

Reputational risks

Finally, the risk to the business of the School that could be caused by a joss of reputation needs constant review and focus of attention through our recruitment of quality staff, provision ofa safe environment and Health and Safety and Safeguarding policies, backed up by robust behaviours and management.

GOING CONCERN AND LIQUIDITY RISK DISCLOSURE

The Charity’s core activities. together with factors likely to affect ils development, performance and position within the Independent School sector are set out in the above paragraphs. Similarly, the financial positions of the charity, its cash flows, liquidity position and borrowing facilities are described both in the preceding paragraphs and in the detail of the audited accounts that follow.

During the year to 3fst August 2023, Plymouth Coflege and St Dunstan’s Abbey Schools Charity met its day-to day working capital requirements with limited bank facilities, primarily some modest historic and reducing level of bank loans. Otherwise, with the benefit of the proceeds of the sale of the Millfields site on 30th September 2022 the bank accounts have operated in credit.

However, the Trustees are aware that during certain points in the year, namely towards the end of each term, the cash flow needs a degree of flexibility. Therefore, following discussions with the bank, the Trustees have agreement in principle from the bank for the provision of a core overdraft of £500k with an in case of need surge to £1m at peak times to support working capital requirements. As part of this agreement, the Charity will be required to repay the balance outstanding on the secured loans but this will have the benefit of removing the current covenant, which requires annual cash surpluses of £160,000 per annum.

The Trustees will continue their scenario planning whilst continuing to closely monitor future risks and threats, assessing the potential financial impacts. Currently, the Trustees believe that there are no material uncertainties and that Plymouth College and St Dunstan's Abbey Schools Charity’s forecasts and projections. and taking account of all reasonable changes in trading performance, evidence that the Charity should be able to operate within credit for the foreseeable future. On this basis, the Trustees have prepared the accounts on a going concer basis.

Statement ef Trustees’ Responsibilities

The Trustees (who are also directors of Plymouth College and St Dunstan's Abbey Schools Charity far the purposes of company law) are responsible for preparing the Trustees’ Annual Report (incorporating the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standard).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources, including the income and expenditure of the charitable group for that period. In preparing those financial statements. the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s and the group’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and group and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and the group and hence for taking steps for the prevention and detection of fraud and other irregularities.

LA This report werrn the Boardon- (5H Marhe 202 q¢ Mr. R Chubb eee a (Trustee)

11

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY

Opinion

We have audited the financial statements of Plymouth College and St Dunstan's Abbey Schools Charity (the ‘parent charitable company’) for the year ended 3] August 2023, which comprise the Consolidated Statement of Financial Activities (incorporating income and expenditure accounts), Consolidated and Charity Balance Sheets, Consolidated Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (effective 1 January 2019) and applicable law (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We have been appointed as auditor under the Companies Act 2006 and report in accordance with regulations made under those acts.

We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of financial the statements in the UK. including the FRC’s Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion

Conclusions related to going concern In auditing the financial statements, we have concluded that the Trustees’ use ofthe going concer basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial Statements, our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. if we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of[the][audit:]

£2

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY (CONTINUED)

Matters on which we are required to report by exception

in the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit. we have not identified material misstatements in the Trustees’ report.

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:

e adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or « — the parent charitable company financial statements are not in agreement with the accounting records and returns; or certain disclosures of Trustees’ remuneration specified by law are not made: or ¢ we have not received ali the information and explanations we require for our audit.

Responsibilities of Trustees

As explained more fully in the Statement of Trustees’ Responsibilities (set out on page 11). the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the Trustees cither intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irreguiarities, including fraud is detailed below:

As part of our audit planning, through discussions with management, we obtained an understanding of the legal and regulatory framework that is applicable to the group and the sector in which it operates to identify the key laws and regulations affecting the group. We considered those laws and regulations that have a direct impact on the preparation of the financial statements, including, but not limited to the Companies Act 2006, FRS 102 (effective 1 January 2019} - (Charities SORP), the Charities Act 2011 and relevant tax compliance regulations in the UK. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity’s ability to operate or to avoid a material penalty. We identified the following areas as those most likely to have such an effect: Employment Law, Data Protection, Health and Safety Legislation and the Independent Schools Inspectorate.

We discussed with management how the compliance with these laws and regulations is monitored and we discussed the policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the entity complies with laws and regulations and deals with reporting any issues as they arise. As part of our planning procedures, we assessed the risk of any noncompliance with laws and regulations on the group's ability to continue trading and the risk of material misstatement to the accounts. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

As part of our enquiries, we discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which there were none.

13

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY (CONTINUED)

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also. the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Because of the inherent limitations of an audit, there is a risk that we will not detect alt irregularities. including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of noncompliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK). we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Use of our report

This report is made solely to the parent charitable company’s Trustees, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the parent charitable company and the parent charitable company’s Trustees as a body. for our audit work, for this report, or for the opinions we have formed,

PK Franc Clark

Duncan Leslie (Senior Statutory Auditor) For and on behalfof PKF Francis Clark, Statutory Auditor

Meivilie Building East, Unit 18, 23 Royal William Yard Plymouth, Devon PLI 3GW

Date: 20/03/2024

14

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 313 AUGUST 2023

;
Note		 Unrestricted
Funds		 Restricted
-
Funds		 Total Funds Total
Funds
2023 2022
5 = £ £
INCOME AND ENDOWMENTS
FROM:
Charitable activities:
Schock tees 2 7,696,672 . 7,696,672 7,502,053
Ancillary income 3a 873.67] - 873,671 798,679
Donations and legacies:
Donations and legacy income 3b 52.392 14,253 66,445 28,140
lncome from trading activities:
Letting income 103,713 - 103,713 64,154
Trading income 9,349 - 9,349 8,406
Investment income 3c 24,804 - 24,804 12
Other
Profiton sale oftangible fixed assets 28.454 - 28,454 786
TOTAL INCOME 8.788.855 14,253 8,803,108 8,402,230
EXPENDITURE ON:
Charitable activities:
School operating costs 9,056,871 45.214 9,102,085 7,754,156
Finance costs 73,22) - 73,221 265,086
Expenditure on raisingfunds:
Cost ofraising funds 577 ° S77 aa
Tradingand lettings 29,134 - 29,134 46,036
TOTAL EXPENDITURE 4 9,159,803 45.214 9,205,017 8,065,854
Movement in deferred tax 14 1,000 - 1,000 -
Net (losses}/gains on investments - i - (6,859)
NET MOVEMENT IN FUNDS (369,948) (30,961) (400,909) 329,517
Fund balancesbrought forward 5.73747) $92,864 6,330,335 6,000,818
Fundbalancescarriedforward §,367,523 $61,903 §.929,426 6,330,335

The statement of financial activities includes all gains and losses in the year. All income and expenditure is derived from continuing activities.

The notes on pages 18 to 37 form part of these financial statements,

15

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY

CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31 AUGUST 2023

Note 2023 Group 2022 2023 Charity 2022
£ £ £ £
FEXED ASSETS
Intangibleassets
Tangible assets
Investments		 5
6
ze		 135,000
7,017,368
-		 150,000
10,115.049
:		 135,000
1,825,402
-		 150,000
1,865,378
=
7,152,368 10,265,049 1,960,402 2,015,378
CURRENT ASSETS
Stock
Debtors
Debtors— Amounts fallingdue after
one year		 9
10		 16,662
386,846
_		 -
333,177
-		 -
566,397
1,545,504		 -
494,188
1.545.504
Cash atbank and in hand 2,424,477 195,315 2,005,932 128.593
2,527,985 528,492 4,117,833 2,168,285
Creditors: Amountsfallingdue
within one year		 "1 (3,488,868) (3,828,145) (3,451,077) (3,811,437)
NETCURRENT LIABILITES (960,883) (3,299,653) 666,756 (1,643,152)
TOTAL ASSETS LESS
CURRENT LIABILITIES		 <
6,191,485		 «
39
6,965,396		 #
A
§
2,627,158		 =
2,226
37
Creditors: Amountsfallingdue
afterone year		 12 (262,059) (634,061) (3,557,158) (1,035,464)
Deferred taxation 14 - (1,000) - -
TOTAL NETASSETS /
(LIABILITIES)		 =
;
5,929,426		 .
6,330,335		 (930,000) 5
(683,238)
FUNDS
Endowmentfund:
Unrestricted funds:
Designated funds
Restricted funds		 19
17
17
18		 -
5,292,309
75,214
561,903		 -
5,704,834
32,637
592,864		 ra
(989,439)
42,577
16,862		 (710,318)
-
27,073
$,929.426 6,330,335 (936,000) (683,238)

The School has taken advantage of section 408 ofthe Companies Act 2006 not to publish its own statement of School's financial activities. The net expenditure for the year was £236,551 (2022: net income £758,123). The financial statements were approved and authorised for issue by the Trustees on {5 March and signed on their behalf by: ZOLH |

----- Start of picture text -----
j Aw 248 )
Trustee
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Company Registration No. 05189426

The notes on pages 18 to 37 form part of these financial statements.

16

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2023|2022| |Note|£|£|£|£| |CASH|FLOW|FROM|OPERATING|ACTIVITIES| |Net|cash|generated|from|operating|activities|2D|326,966|1,279,515| |CASH|FLOWS|FROM|INVESTING|ACTIVITIES| |Investment|income|receipts|24,804|12| |Purchase|of|[tangible]|[fixed]|[assets.]|(124.531)|(107,243)| |Proceeds|from|sale|of|[tangible]|[fixed]|[assets]|3,005,300|2,000| |Proceeds|from|sale|of|investments|-|216,499| |Net|cash|provided|by|investing|activities|2,905,573|111,268| |CASH|FLOWS|FROM|FENANCING|ACTIVITIES| |Repayment|of|bank|loans|(410,591)|(108,983)| |Interest|paid|(35,752)|(83,138)| |Net|cash|used|in|financing|activities|(146,343)|(192,121)| |INCREASE|IN|CASH|EQUIVALENTS|DURING THE YEAR|3,086,196|1,198,662| |CASH|AND CASH|EQUIVALENTS|AT BEGINNING|OF|(961,719)|(2,160,381)| |REPORTING|YEAR| |A| |CASHYEAR AND:|CASH EQUIVALENTS7ALEN|AT END OFi|THE|2,124,477|a(961,719)| |ANALYSIS OF|CASH|AND CASH|EQUIVALENTS| |Cash|at|bank|and|in|hand|2,124,477|195,315| |Bank|overdraft|-|{1,157,034}| |TOTAL CASH|AND CASH|EQUIVALENTS|2,124,477|(961,719)|

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The notes on pages 18 to 37 form part of these financial statements.

17

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

I. Accounting Policies (a) Charity information Plymouth College and St Dunstan's Abbey Schools Charity is a registered charity and company limited by guarantee in England and Wales. The registered office is Plymouth College, Ford Park, Plymouth, PL4 6RN, Plymouth College and St Dunstan's Abbey Schools Charity meets the definition ofa public benefit entity under section 34 of FRS 102. The principal objectives of the charity are detailed in the Trastees® report and can be found on page 4 of these financial statements, (b) Basis of preparation The financtal statements have been prepared under the historical cost convention unless otherwise specified within the accounting policies. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective ( January 2019) — (Charities SORP {FRS 102)) the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Companies Act and the Charities Act 2011. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. (c) Going Concern The Financial Statements have been prepared on a going concern basis. Net assets at the balance sheet date were £5,929 426 and net current liabilities at the balance sheet date were £960,883. At the year-end, there were positive cash balances of £2,124,477 and the level of unrestricted reserves is £5,292,309. However. the Charity’s free reserves, as defined by the Charity Commission, are in deficit by £1,860,059 (2022: £4,560,215 deficit) as there is significant investment in the school buildings. Operating Model We have modetled the impact on our pupi! numbers, other sources of income and our cost base. We have taken a prudent view on pupil numbers and have based income on information from regular contact with parents both in the UK and overseas. The Trustees have stress tested the budget for 2023-2024 and the fall in pupils that would be required to deem the charity to not be a going-concern was considered to be unrealistic. However, with the real possibility that there may be a change in Government and what that will mean for the Independent School sector, the Trustees have established a committee with the express aim of looking into how the impact of this risk can be initigated against, working closely with members of the Senior Leadership Team. They have also commissioned a Parental Affordability Survey, which will provide valuable input into this process. Letting income has increased slightly as we build the commercial aspects of our business post pandemic, we have secured a number of holiday clubs and summer lets of the facilities and will continue to look to secure contracts for other lettings both residential and non-residential. We have taken significant steps to restructure the teaching staffing costs with a view to delivering the curriculum in a smarter and more efficient way, building on the experience of our successful home learning programme. We have also addressed overstaffing in some departments and the need to streamline others. All major cost centres have been reviewed to achieve better commercial contracts and achieve better value for money. Bank Facilities During the year to 31st August 2023, the school operated in net credit, post the sale of the Miilfields, which completed on 30th September 2022, and no longer has an overdraft facility. The cash flow forecast demonstrates the school, with the overdraft facility in place, will operate within its credit limits for the foreseeable future but as part of this arrangement the bank requires the charity to repay the outstanding balances on the secured loans. External factors such as the global energy crisis and resultant increase in cost to the School of utility charges had presented ongoing challenges that had cast doubt on the charity’s ability to continue as a going concern, and therefore its ability to realise its assets and discharge its liabilities in the normal course of business. However, the charity pulled together a programme of improvements with particular focus on energy efficiency, in an effort to reduce our costs. During Summer 2023, the school installed a new swimming pool lining which should save on both water and energy usage and replaced the main school’s boiler which was operating at 30% efficiency.

18

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)

Therefore. as far as possible, the charity has demonstrated its willingness and ability to take steps to mitigate against the many challenges and associated risks that it will face over the next few years. As a result, the Trustees believe that the charity remains a going concem.

(a) Group accounts
These financial statements consolidate the results of the charity and its associated charities Plymouth College Trust and St
Dunstan's Abbey Schoo! Trust and the trading subsidiary, Plymouth College Enterprises Limited ona line by line basis.
A separate statement offinancial activities for the charity itselfis not presented because the charity has taken advantage ofthe
exemption afforded by the Companies Act 2006 and the Charity SORP (2019). The parent company’s net expenditure for the
yearwas £236,551 (2022 £758,123 net income).
FRS 102 allows qualifying entities certain disclosure exemptions. The charity. only. has taken advantage ofthe exemptions for
the following disclosure requirement:
*
Section 7 “Statement of
Cash Flows” — presentation ofan entity only Statement ofCash Fiow and related notes and
disclosures.

{e) Fund accounting General resources are unrestricted funds which are available for use at the discretion of the Trustee in the furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated Funds are amounts that have been set aside at the discretion of the Trustee for a specific but not legally binding purpose. Restricted finds are funds, which are for a specific purpose, and income comprises gifts, legacies and grants where there is no capital retention obligation or power but only trust law restriction to some specific purpose intended by the donor. Endowment funds are funds where the capital must be retained in accordance with the donor's wishes. either permanent or endowment and the income. together with the capital where it is the donor's wish. distributed for the stated purpose of the fund.

(f Income Income is recognised when the charity is legally entitled to the income, it is probable it will be received and the amount can be measured reliably. Fees receivable, charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the schooi. Donations are recognised in the year in which the charity is entitled to receipt, it is considered probable that they will be received and the amount can be measured reliably. Donations received for the general purposes of the charity are included as unrestricted funds. Donations received for activities restricted by the wishes of the donor are included as restricted funds. Donations required to be retained as capital in accordance with the donor's wishes are accounted for as endowments — permanent or expendable according to the nature of the restrictions. Investment income is accounted for on a receivable basis. Legacies are included when it is probable that a payment will be made or property transferred that the school is entitled to and the amount or value can be reliably measured.

(g) Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been apportioned according to pupil numbers. Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with statutory requirements. Redundancy costs are reported when the School is demonstrably committed to incurring such costs.

19

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 3} AUGUST 2023 (CONTINUED)

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||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Depreciation|is provided|to|write off the|cost,|less estimated|residual|values,|of all|fixed|assets over their expected|useful|lives.| |It|is|calculated|at|the|following|rates:| |Freehold|Property|2%|straight|line| |Freehold|Property|Improvements|10%|straight|line| |Computer|Equipment|20%|straight|line| |Fixed|Plant|5%|straight|line| |Motor|Vehicles|25%|reducing|balance| |Fixtures,|Fittings and|Equipment|20%|reducing|balance|and|10%|straight|line| |Individual|items|under £1,000|are|not|capitalised|unless|part ofa|larger project|or capital|item.| |Theat|Millfields|sale completed on 30"|September 2022|and|Christie|& Co|undertook a new|valuation|ofthe|land and|buildings| |on|Ford Park and|Delgany|in|November 2022.|This|has shown|that|the|market|value of the|site|ranged|from|£8.530,000|based| |vacant|possession|to|£9,500,000|as|a|fully|equipped|operational|entity,|having|regard|to|trading|potential.|The|Trustees| |sought|advice|from|the|valuers|on|the|split|between|Freehold|land|and|buildings.|Using|this|information,|the|deemed|cost|of| |our Freehold|Property was|split|between|land|and|buildings|and|the depreciation|charge|for|the year ended|31|August|2023|on| |Freehoid|buildings|totalled|£100,707.| |Freehold|Jand|and|buiidings|are impaired|if there|are|indications|that|the carrying|value|exceeds|their recoverable|amount.|Any| |impairment|to|their value|is|taken|through|the|Statement of Financial|Position.|On|disposal|of land|and|buildings,|a gain|or|loss| |is|reported,|being the difference|between|the proceeds|and|the carrying value|of|[the]|[asset.]| |Expenditure|on|school|equipment|is|charged|to|the revenue|account|as|the expense|is|incurred.|

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rap)

Investments

Listed investments are carried at their mid-market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sale proceeds and market value at the start of the year or subsequent cost and are credited or charged to the statement of financial activities in the year of disposal. Unrealised gains and Josses represent the movement in the market vafues during the year and are credited or charged to the statement of financial activities based on the market value at the year-end. Unlisted investments are held at cost. (k) Stocks Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. (D Pension costs During the year, the School participated in a multi-employer defined contribution pension scheme for its teaching staff administered by Aviva (APTIS). The standard contributions are 15% employer and 5% employee although staff can opt to increase their contributions or reduce their employer contributions and receive as additional salary. The School also contributes to a defined contribution scheme for non-teaching staff with employer contributions at 7% of basic pay, and now has an auto-enrolment scheme where it contributes 3% of pay. The pension cost for these schemes is recognised as it becomes payable.

Rentals applicable to operating leases where substantially all of the risks and rewards of ownership remain with the lessor are charged to the Statement of Financial Activities on a straight-line basis over the term of the lease.

20

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)

(n) Advance Fees Scheme

The charity offers parents the opportunity to pay boarding and tuition fees in advance in accordance with a written contract. Quotations are given based on an annual increase in fees each year. This is treated as deferred income until the pupil joins the school whereupon the fees for each school term are charged against the remaining balance and taken to income. All amounts are included in creditors split between amounts falling due within one year and amounts falling due after more than one year.

(a) Financial Instruments

The group has elected to apply the provisions of Section [1 ‘Basic Financial Instruments’ and Section 12 “Other Financial Instruments Issues’ of FRS 102 to ail of its financial instruments. Financial assets and liabilities are offset, within the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and intents either to settle on a net basis or to realise the asset and settle the liability simultaneously.

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||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Financial|Assets| |Basic|financial|assets|which|include|trade|and|other|receivables|and|cash|and|bank|balances|are|initially|recognised|at| |transaction|price|including|transaction|costs|and|are|subsequently|carried|at|amortised|cost|using|the|effective|interest|method,| |unless|the|arrangement|constitutes|a|financing|transaction,|where|the|transaction|is|measured|at|the|present|value of the|future| |receipts|discounted|at|a|market|rate|of interest.| |Financial|Liabilities| |Basic|financial|liabilities|including|trade|and|other|creditors|are|initially|measured|at|transaction|price,|unless|the|arrangement| |constitutes|a|financing|transaction,|where|the|debt|instrument|is|measured|at|the|present|value of the|future|receipts|discounted| |at|a|market|rate|of interest.|

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(p) Taxation The charitable company is a registered charity, and as such is entitled to tax exemptions on income and gains properly applied for its charitable purposes. (q) Judgements and key sources of estimation uncertainty

In the application of the group's accounting policies. the Trustees are required to make judgements. estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements: Depreciation of tangible fixed assets The Trustees exercise their judgement in assessing the expected remaining useful life of the assets held and expected residual values where appropriate. The School properties, land and buildings, were professionally valued in in November 2022 on instruction from Lloyds Bank PandIc. buildingsThe. Millfields. at FordsaleParkcompletedandP Delganyon 30"in. NovemberSeptemberP 2022.2022 haveand shownChristiethat& Co,the marketwho undertookvalue rangesthe newfromvaluation£8.53 millionoatof thebasedland on vacant possession to £9.5 million as a fully equipped operational entity, having regards to trading potential. Using the advice given, the deemed cost of Freehold property has been split between land and buildings and depreciation charged on the buildings element.

Recoverability of Fee Debtors Significant estimates included within the financial statements include provision for fee debtors, which require a judgement by management regarding the likelihood of recovery. Management review and assess fee debtors on an individual basis and provide for fee debtors as appropriate.

2]

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)

2; School Fees
2023 2022
Fees receivable consist of: £ £
Grass Fees 9,663,390 9,386,236
Less Fee Remissions (1,966,718) (1,884,183)
7,696,672 7,502,053
3: Other Income
a}
Ancillary Income
2023 2022
£ £
Unrestricted Funds:
School mealsreceipts
Registration fees
Special needs income
Other income
Examination income
Learn to Swim
Teacher training		 408,074
18,515
5,346
343,951
75,204
21,825
736		 380,441
20,039
6,072
310,084
60,493
24,550
-
873,671 798,679
b)
Donations and Legacy Income
2023 2022
Restricted donations: £ £
Bursary Fund
CCFAGrant
St Dunstan’s Abbey Old Girls
DelganyAppeal
Leszek Rapala		 1a
4 0
[ :
4,356		 ner
Bee
.
-
Drum Kit Appeal 1,006 .
Michael Hession 867
400 <
Designated legacy income
Estate ofMargaretJean Palmer 44,743 -
Unrestricted donations 7,449 14,714
66,445 28,140
c)
Investment Income
2023 2022
£ £
Interest received 24,804 12
24,804 i2

22

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 26023 (CONTINUED)

4, Analysis of Expenditure

(a) Expenditure:
2023 Staff
Costs		 Other —Depreciation &
Direct Costs
Amortisation		 Total
2023
£ £ £ £
Expenditure on Charitable Activities:
Teaching 4,215,900 471,326 147,157 4,834,383
Welfare 289,599 833,674 12.503 1,135,776
Premises $74,167 868,413 100.707 1,543,287
Support costs 648,744 $15,695 - 1,164,439
Gavernance costs - 424,200 - 424,200
Finance costs - 73.221 - 73,221
5,728,410 3,186,529 260,367 9,175,306
Other Expenditure:
Cost ofraising funds - 577 - 877
Tradingand lettings - 29,134 - 29,134
Total Expenditure 5.728.410 3,216,240 260,367 9,205,017
2022
Staff
Costs		 Other
Direct Costs		 Depreciation&
Amortisation		 Fotal
2022
£ £ £ £
Expenditure on Charitable Activities:
Teaching 3.756.157 381,372 152,425 4,289,954
Welfare 260.629 788, 106 6.148 1,054,883
Premises 562,102 733,330 - 1,295,432
Support costs 560,610 445.810 3,886 §,010,306
Governance costs - 103.581 - 103,581
Finance costs - 265,086 - 265,086
5,139,498 2,717,285 162,459 8,019,242
Other Expenditure:
Cost ofraising funds - 576 - 576
Tradingand letting costs - 46,036 - 46,036
TotalExpenditure 5,139,498 2,763,897 162.459 8,065,854

Governance costs for year ended 31 August 2023 include fees in relation to the sale of Millfields for legal and professional advice totalling £129,273 and a payment of £25,000 to the Community of the Sisters of Wantage to extinguish the gift over interest of the Community in the site. It also includes fees of £101,674 in relation to HR advice given during the year.

Analysis of Support costs

2023
Educational
Operations
£		 Marketing
£		 Total
2023
ry
Staffcosts 476,519 166,092 642,611
Finance and administration 349,407 196,288 515,695
Redundancy 6,133 - 6,133
Depreciation - # -
TotalSupportcosts 802.059 362,380 1,164,439

23

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)

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|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |2022| |Educational|Marketing|Total| |Operations|2022| |£|£|£| |Staff costs|388,557|133,689|$22,246| |Finance|and|administration|257,361|188,449|445,810| |Redundancy|38.364|-|38,364| |Depreciation|3,886|-|3,886| |Total|Support|costs|688.168|322,138|1,010,306| |i|EE|EU| |(b) Net|income/expenditure|is|stated|after:| |2023|2022| |£|£| |Depreciation of tangible|fixed|assets:|245,367|147,459| |AmortisationProfit|ofintangible|fixed assets|15,000|15,000| |Operatingon disposal|oftangible fixed assets|28,454|786| |Interest|leases|77,684|68.466| |Interest|payable on bank overdraft|10,601|61,220| |payable on|bank|loans|25,151|21.918| |Auditor’s|remuneration|for|audit|of annual|financial|statements|29,000|41,550| |Other|professional|services:| |-|Tax|compliance|services|2,600|2,000| |Bad|-|Other non-audit|services|-|4.884| |debts|225272|168,033| |The|above|costs|include|irrecoverable|VAT,|where|relevant| |full|review of fee debtors was of fee debtors was fee debtors was debtors was was|carried out during out during during|the year year|ended|31|August|2022|and|a decision decision|was|taken by by|the Trustees Trustees to| |write off all off all all|historic debt where there was debt where there was where there was there was was|no|possibility|of obtaining obtaining|settlement due due|to|the age age|of|[[the]]|[[debtor.]]| |Twelve|Trustees|were|reimbursed|a|total|of £2,629 £2,629|for|travel,|accommodation|and|training expenses {2022 ~ expenses {2022 ~ {2022 ~ ~|Six|Trustees|£992| |expenses).| |other Trustee or person connected Trustee or person connected or person connected person connected|with them them|received|any remuneration remuneration|or other benefit benefit|during|the year except year except except|for those those| |listed|in|Note|24.| |(c)|Employer|payroll|costs|(School|and Group)|2023|2022| |£|£| |Wages and|salaries|4,605,818|4,071,248| |Social|security|costs|445,281|399,044| |Pension contributions|463,239|420,683| |Other allowances|and|costs|64,622|210,159| |Redundancy & PILON|149,450|38,364| |5,728,410|5,139,498|

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A full review of fee debtors was of fee debtors was fee debtors was debtors was was carried out during out during during the year year ended 31 August 2022 and a decision decision was taken by by the Trustees Trustees to write off all off all all historic debt where there was debt where there was where there was there was was no possibility of obtaining obtaining settlement due due to the age age of[[the]][[debtor.]]

Twelve Trustees were reimbursed a total of £2,629 £2,629 for travel, accommodation and training expenses {2022 ~ expenses {2022 ~ {2022 ~ ~ Six Trustees £992 for expenses). No other Trustee or person connected Trustee or person connected or person connected person connected with them them received any remuneration remuneration or other benefit benefit during the year except year except except for those those listed in Note 24.

Of the redundancy costs, £nil was included in creditors or accruals at the year-end (2022 - £nil).

Of the other allowances and costs is a credit of £32,605 (2022: £85,000 provision) for backdated holiday pay as a result of the Supreme Court ruling on part year workers in the Harpur Trust v Brazel case. Afier all payments have been made during the year ended 31 August 2023 for backdated holiday pay for the previous two years, the remaining credit has been released. The number of employees whose gross salaries amounted to £60,000 or over in the year was as follows:

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|||||| |---|---|---|---|---| |2023|2022| |£60,000|- £70,000|3|2| |£70,000|- £80,000|2|1| |£80,000|-|£90,000|I|I| |£110,000|- £120,000|i|||

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The total employer contributions in the year towards pension scheme contributions for the above 7 (2022: 6) staff members were £67,095 (2022: £49,206).

24

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)

The key management personnel of the School and the Group are detailed in the Trustees’ Report. The total emoluments for these personnel in the year. including employers’ NI and pension contributions. was £711,063 (2022: £520,553).

The average number of employees of the Schoo! and the Group analysed by function was:

2023 2022
Charity:
Teaching staff 69 66
Teaching support staff 27 ag,
Premises staff 35 28
Welfare staff 11 12
Support staff 22 19
164 152

Intangible Fixed Assets

The 2013 Astro Turf agreement with University of St Mark & St John for £300,000 to be placed in escrow account drawn down at £15,000 per annum for the first 15 years and £5,000 per annum for the remaining 15 years to reflect the usage of the pitch. As at 3{ August 2023 the value was £135,000 (2022: £150,000).

6. TangibleFixedAssets
Group: Freehold
Property&		 Assets Under
Construction		 Fixtures
Fittings and		 Motor
Vehicles		 Group
Total
Cost improvements
£		 £ Equipment
E,		 £ £
At
 September 2022 9,315,488 20.755 1.278.076 125.403
Additions
Disposal/Transfer		 -
(2,950,000)		 13.761
-		 69,395
(121,912)		 41,375
(1,999)		 124,531
(3,073,911)
At 31 August 2023 6,365,188 34,516 1,225,559 164,779 7,790,042
Depreciation
At] September2022 23,119 - 501,964 101,296 624,373
Charge forthe Year 123,811 - 109,053 12,503 245,367
Eliminated on Disposal - - (95,423) (1,643) (97,066)
At 31 August 2023 144.930 - 515,594 142,150 772,674
Net Book Value
At 31 August 2023 6,220,258 34,516 709,965 52,629 7,017,368
At 3} August 2022 9,294,069 20,755 776.142 24,113 10,115,049
The historical cost equivalent of the freehold property is £6,298,728 (2022: £9,820,042).
Charity: Freehold Assets Under Fixtures Motor Charity
Property& Construction Fittings and Vehicles Total
Improvements Equipment
Cost & £ £ £ £
At } September2022 1,077,175 20,755 1,278,076 74,569 2,450,575
Additions - 13,761 69,395 41,375 124,531
Transfer from Subsidiary - - - 50,834 50,834
Disposal - - (121,912) (1,999) (123,911)
At 31 August 2023 1,077,175 34.516 1,225,559 164,779 2,502,029
Depreciation
At September2022 21,119 - 501,964 62.314
Charge for theYear 27,764 - 109,053 42,503 149,320
Transfer from Subsidiary - - - 39,176 39,176
Eliminated on Disposal - - (95,423) (1,643) (97,066)
At31 August 2023 48.883 = 515,594 112,150 676,627
Net Book Value
At 31 August 2023 1,028,292 34.516 709,965 52,629 1,825,402
At3lAugust2022 1,056,056 20.755 776,112 12.455 1,865,378

25

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)

The Group has elected, in accordance with Section 35.10(d) of FRS102 to use the carrying value of any of the above assets previously carried at valuation, as their deemed cost.

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||||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |The|sale of Millfields|was completed|on|the|30|September 2022|for|a|sale|price|of|£3|million.| |&|Investments| |(a)|Group:|Unrestricted|= Endowment|Total2023|Totai2022| |£|£|©|£| |Balance|at|||September 2022|-|92,024| |Additions (Net of management|fee)|-|10,000| |Disposals|-|(102,024)| |Balance|at|31|August|2023|=|is|-|z| |Listed|on|the|Stock|Exchange|-|e|2|=| |Cash|deposits|-|a3|°|-| |The|historical|cost|of|[the]|[listed]|[investments]|[is]|[£nil]|[(2022:]|[£nil).]| |Group|Undertakings’|Financial|Results| |(a)|Plymouth|College|Trust| |The|consolidated|position|reported|in|these|financial|statements|includes|Plymouth|College|Trust,|registered|charity|number| |306949,|which|was|created|prior|to|the|merger|with|St|Dunstan's Abbey|Schooi|in|2004|to|hold|the|assets|previously|owned| |by|Piymouth|College.|The|financial|results|for the|Trust|are|shown|below:| |2023|2022| |£|£| |Ancillary income|889|-| |Charitable|expenditure|889|-| |Denations|to Plymouth|College and|St|Dunstan's|Abbey|Schools|Charity|-|(405,657)| |Governance|costs| |Premises|-|(3,300)| |Finance|Costs|(96,047)|-| |Costs|(30)|-| |Net|(losses)|on|investments| |-|(6,859}| |Net (expenditure}|for the year|(95,208)|(415,816)| |The donations|te Plymouth|College|and|St|Dunstan's Abbey|Schools|Charity of £nil|(2022:|£405,657)|are eliminated on| |consolidation.| |The|assets|of Plymouth|College|Trust|were:|2023|2022| |£|£| |Tangible|fixed|assets|5,191,966|5,288,013| |Investments|100|100| |Current Assets|2,531,238|2,534,587| |Creditors — falling due within one year|(161,490)|(165,678)| |Creditors ~ falling due|after one year|(1,595,504)|(1.595.504)| |Net assets|5,966,310|6.061.518|

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8. Group Undertakings’ Financial Results

26

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY NOTES TO THE CONSOLIDATED FENANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)

(b) Plymouth Cellege Enterprises Limited

Plymouth College Enterprises Limited, registered company number 03911069, is a wholly owned subsidiary of Plymouth College Trust.

The trading results of the company for the year as extracted from the audited financial statements are summarised below:

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |see|Restated| |2022| |£|£| |Turnover|106,634|84,893| |Cost|of sales|(88,776)|(46.036)| |Gross|profit|17,858|38,857| |Administrative|expenses|(3,280)|(58,500)| |Interest|Receivable|and|similar|income|226|}2| |Profit on disposal|of|fixed|assets|.|412| |14,804|(19,249)| |Taxation|1,000|-| |Gift|aid|distribution|<|z| |Profit/(Loss)|for|the|year|15,804|(19,219)| |Profits|are|gifted|to|the|Trust|under|the|gift|aid|provisions.| |The|assets|of Plymouth|College|Enterprises|Limited|were:|Restated| |2023|ae| |=|£| |Tangible|fixed|assets|-|11,657| |Current|assets|160,220|66,881| |160,220|78.538| |Creditors|amounts|failing|due|within|one|year|(90,879)|(24,001)| |Deferred|taxation|-|(1,000)| |69,341|532537| |Representing:| |Share|capital|100|100| |Profit|and|loss|account|69,241|$3,437| |69,341|53,537|

----- End of picture text -----

(c) St Dunstan’s Abbey School Trust

The consolidated position reported in these financial statements includes St Dunstan’s Abbey Schoo! Trust, registered charity number 306736. which was created prior to the merger with Plymouth College in 2004 to hold the assets previously owned by St Dunstan's Abbey School. The financial results for the Trust are shown below:

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2023|2022| |£|£| |Income|1,015|-| |Profit|on|sale|of freehold|land|and|buildings|55,000|-| |Expenditure|(130,758)|(3,215)| |Net expenditure|for|the|year|(74,743)|(3,215)|

----- End of picture text -----

27

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |The|assets of St|Dunstan’s|Abbey|Schoo!|Trust were:|2023|2022| |=|£| |Tangible|fixed|assets|-|2,950,000| |Current|Assets|3,345,099|473,542| |Creditors —|falling due|within one year|-|(3,700)| |Creditors —|failing due after one year|(2,521,224)|(2,521,224)| |Net assets|823,875|898.618|

----- End of picture text -----

All of the above subsidiaries have the same registered office as the School,

The assets of Plymouth College Trust and St Dunstan's Abbey School Trust provided security for the bank borrowing of the charity until sold on 30" September 2022 (see note 13).

----- Start of picture text -----
||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |2023|2022| |Stock|£|£| |of Schocl|Uniform|16,662|-| |16,662|-| |During|the|year,|the supplier|of school|uniform|was changed|and|alt|excess|stock|was delivered and|charged|to|the schao!.|The| |balance|above represents|the cost of the|unsold|stock|as|at 31st|August|2023.| |Debtors| |Group|Charity| |2023|2022|2023|2022| |£|£|£|£| |Fees|receivable|43,876|54,134|43,876|54,134| |Loan|Plymouth|College|Trust — jong-term|-|-|1,545,504|1,545,504| |Group debtors|-|-|214.578|176,671| |Other debtors|144,473|64.422|109,446|48,762| |Prepayments|198,497|214,621|198,497|214.621| |386,846|333.177|2,111,901|2,039,692| |Creditors:|Amounts|falling due due|within|one year year| |Group|Charity| |2023|2022|2023|2022| |£|£|£|£| |Bank overdraft|(secured)|-|1,157,034|-|1,157,034| |Trade creditors|376,251|357,705|339,343|352,184| |Other creditors|602,638|672,110|602,638|671,109| |Tax|and|social|security|197,090|102,905|196,207|102,017| |Accruals|123,040|80,841|123,040|71,543| |Fees|received|in|advance|1,823,621|1,346,959|1,823,621|1,346,959| |Bank loans (secured) (see|note|13)|356,228|106,591|356,228|100,59}| |Bank|loans (unsecured)|(see|note|13)|10,000|10.000|10,000|10.000| |3,488,868|3,828|145|3,451,077|3,811,437|

----- End of picture text -----

  1. Creditors: Amounts falling due due within one year year

  2. Creditors: Amounts falling duc after more than one year

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2023|Group|2022|2023|Charity|2022| |£|£|£|£| |OPM|foan — unsecured|50,000|50,000|-|-| |Loan:|St|Dunstan’s Abbey|School|Trust|-|-|3,345,099|471,403| |Bank loans (secured)|(see|note|13)|“|356,228|“|356,228| |Bank|loans (unsecured)|(see|note|13)|17,500|27,500|17,500|27,500| |Fees received|in advance|194,559|200,333|194,559|200,333| |262,059|634.061|3,557,158|1,055,464.|

----- End of picture text -----

28

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)

  1. Bank Loan

The School has loan facilities, secured and unsecured as follows:

Group Charity
2023 2022 2023 2022
£ a £ £
Due within one year 366,228 110,591 366,228 110,59
Due within ]-2 years 10,000 112,286 10.900 112,286
Due within 2-5 years 7,500 271,442 7,500 271,442
Due after 5 years - - - -
383,728 494.319 383,728 494,319

The unsecured bank loan related to the Bounce Back loans that the Government issued during the Covid-19 pandemic and is repayable over 5 years.

The bank borrowing is secured by a charge over the freehold property of the Group in favour of Lloyds Bank. At the year-end, the School was in technical breach of its loan covenants and as a result, the joans are shown as repayable on demand but the bank confirmed that the loans would continue on the terms originally agreed. However, post year end, the Trustees have agreement in principle from the bank for the provision of a core overdraft of £500k with an in case of need surge to £1m at peak times to support working capital requirements and termly collection of fees. As part of this agreement, the Charity will be required to repay the balance outstanding on the secured loans but this will have the benefit of removing the current covenant, which requires annual cash surpluses of £160,000 per annum,

The consolidated bank loan originally for £760,060 is being repaid over 15 years.

The loan for the freehold property. The Haven, was for £280.000 and is being repaid over 15 years.

The third loan was for £717.000. which was for various works, refurbishment of the school’s atl weather pitch, renovations to The Haven freehold property and £300,000 for a long licence for use of Astroturf,

Interest on these loans Is at varying fixed rates and is shown in Note 4(b).

14.

Provisions for liabilities
Deferred Tax Total
£ £
Balance at 1 September 2022 1,000 1,000
Movement in year (1,000) -
Balance at 34 August 2023 : 1,000
2023 2022
£ £
Provision for deferred tax has been made as follows:
Accelerated capital allowances - 1,000
- 1,000

29

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)

15. Financial Instruments

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Group|Charity| |2023|2022|2023|2022| |£|£|£|£| |Financial|assets|that are debt|instruments|measured at amortised|cost:| |Fees|43,876|54,134|43,876|54,134| |Other debtors|144,473|64,422|109,446|48,762| |Other amounts due|from|group undertakings|-|-|1,545,504|1,545,504| |188,349|118.556|1,698.826|1,648,400| |Equity|instruments measured|at market|value|:|ss|:|:| |Financial|liabilities|measured|at|amortised cost:| |Bank overdraft|-|1,157,034|-|1,157,034| |Bank|loans|383,728|494.319|383,728|494,319| |Trade|creditors|376,251|357,705|339,343|352,184| |Other creditors|602,638|672,110|602,638|671,109| |Accruals|123,040|80.841|123,040|71543| |OPM|loan|$0,600|50,000|-|-| |1,535,657|2,812,009|1,448,749|2,746,189| |16.|a)|Allocation|of the|Group’s|Net Assets|2023| |2023| |Net|Long-| |Fixed|Current|Term|Total| |Assets|Liabilities|Liabilities| |Pi|£|a|£| |Unrestricted|Funds| |General|reserve|6,607,327|(1,052,959)|(262,059)|5,292,309| |Designated|funds|-|75,214|-|75,214| |Restricted|Funds| |J.C.|Herringshaw ~ Chemistry|-|178|-|178| |George|Stephenson|Pavilion|-|973|-|973| |Astronomy donation — Prep School|-|4.998|-|4,998| |Appeal|funds|545,041|-|-|545,041| |Mortimer’sMargaret|DriverJewellersFund|-=|894-|-.|894.| |Bursary Fund|-|3,596|-|3,596| |LeszekDelganyCCFA|Grant Appeai|-=|4.356-|-=|4,3563| |Drum|Rapala|-|1,000|-|1,000| |Kit Appeal|-|867|-|867| |TE|ARR|TOR|RN| |ee7,152,368|(960,883)|NEE(262,059} O295,929,426426|

----- End of picture text -----

30

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)

2022
Net Long-
Fixed Current Ferm Total
Assets Liabilities Liabilities
£ £ £ £
Unrestricted Funds
General reserve 9.700.203 (3,360,308) {635,061) 5,704,834
Designated funds - 32,637 - 32,637
Restricted Funds
J.C. Herringshaw~Chemistry - 178 - 178
George Stephenson Pavilion - 973 - 973
Astronomy donation — Prep School - 10,000 - 10,660
Appeal funds 564,846 - - 564,846
Margaret DriverFund - 946 - 946
Mortimer’s lewellers - 2,495 - 2,495
Bursary Fund - 3,426 - 3,426
CCFA Grant - 10,000 - 10,000
10,265,049 (3,299,653) (635,061) 6,330,335

b) Allocation of the Charity’s Net Liabilities

2023
Net Long-
Fixed Current Term Total
Assets Assets Liabilities
£ £ £ £
Unrestricted Funds
General reserve 1,960,402 607,317 (3,557,158) (989,439)
Designated funds - 42.577 - 42,577
Restricted Funds
J.C. Herringshaw—Chemistry - 178 - 178
George Stephenson Pavilion - 973 973
Astronomydonation— Prep School - 4,998 - 4,998
Mortimer’s Jewellers - 894 - 894
Bursary Fund - 3,596 - 3,596
Delgany Appea! - 4,356 - 4,356
Leszek Rapala - 1,000 - 1,600
Drum Kit Appeal - 867 - 867
1,960,402 666,756 (3,557,158) (930,000)
2022
Net Long-
Fixed
Assets
ie		 Current
Liabilities
£		 Term
Liabilities
£		 Total
£
Unrestricted Funds
General reserve 2.015.378 (4,670,225) (1,055,464) (710,341)
Restricted Funds
J.C, Herringshaw—Chemistry - 178 - 178
George Stephenson Pavilion - 973 - 973
Astronomy donation— Prep School - 10,000 - 10,000
Mortimer’s Jewellers - 2,496 - 2,496
Bursary Fund - 3,426 - 3,426
CCFA Grant - 10,000 - 16,000
2,015,378 (1.643.152) (1,055,464) (683,238)

3]

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)

Ti Unrestricted Funds — Movement in the Year a) Group

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2023| |Balance|[at]|[31]|.|i|Realised|i|3|alance|at|3| |August 2022|Income|Expenditure|gains/(losses)|Fransfers|August 2023| |£|£|£|4|£| |General|reserve|5,704,834|8,744,112|(9,157,637)|1,000|-|5,292,309| |Designated|funds|32,637|44,743|(2,166)|-|-|75,214| |i5,737,471|8,788,855|(9,159,803)|1,000|8-|5,367,5237,523| |2022| |Balance|at|31|;| |August|:|Realised|;|Balance at 31| |¥ 2021|iseame£|Expenditure£|gains/(losses}|sinoienen£|August£ 2022| |General|reserve|4,976,476|8,388,804|(8,059,244)|388,798|10,000|5,704,834| |Designated|funds|42.637|-|-|(10,000)|32,637| |a|a|a| |OST5,019,113|8,388,804|(8,059,244)|388.798|-|5,737,471AT|

----- End of picture text -----

Designated Funds

b) Charity

2023

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Balance|at|Balance|at| |31|August|Income|Expenditure|Transfers|3}|August| |2022|2023| |General|£|£|£|£|if| |Reserve|(710,311)|8.580.347|(8,859,475)|~|(989,439)| |Designated|Funds|re-|44,743|(2,166)|-|42,577| |(710,311)|AST| |8,625,090|(8,861,641)|-|(946,862)| |2022| |Balance|at|Balance|at| |31|August|Income|Expenditure|Transfers|31|August| |2021|2022| |General|£|£|ce|£|£| |Reserve|(1,468,435)|8,795.63]|(8,037,507)|~|(710,311| |The general|reserve represents the|free|funds of|the charity,|which|are not designated|for any|particular purpose.|

----- End of picture text -----

32

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)

18. Restricted Funds— Movement in the Year
a}Group
2623
: eesi
ms
£		 Income
£		 Expenditure
£		 Balanceat
31August
2023
£
LC. Herringshaw—Chemistry 178 - - 178
Astronomy donation—Prep School 10,000 - (5,002) 4,998
George Stephenson Pavilion 973 - - 973
Margaret Driver Fund 946 - (946) -
Appeal Funds
Mortimer’s Jewellers		 564,846
2,495		 -
-		 (19,805)
(1,601)		 545,041
894
Bursary Fund 3,426 170 - 3,596
CCFA Grant 10,000 - (10,000) -
St Dunstan's Abbey School Old Girls - 7,460 (7,460) -
Delgany Appeal - 4,356 - 4,356
Leszek Rapala - 1,060 - 1,000
Drum Kit Appeal - 867 - 867
Michael Hession - 400 {400) -
$92.864 14,253 (45,214) 561,903
2022
pansal
ugust 2021
=		 Income Expenditure Balanceat
31 August
2022
5 £ st £
Foundation
J.C. Herringshaw—Chemistry
Astronomydonation—Prep Schoo}
George Stephenson Pavilion
Margaret Driver Fund
Appeal Funds
Mortimer’s Jewellers		 334
4.827
10,000
973
946
564,846
4.122		 -
-
-
-
-
-
-		 (334)
(4,649}
-
-
-
-
(1,627)		 =
178
10,000
973
946
564,846
2,495
Bursary Fund
CCFA Grant		 -
-		 3,426
10,000		 -
-		 3,426
10,000
586,048 13,426 (6,610) 592,864
b) Charity
2023
Balanena
31
August 2022
2		 Income Expenditure Balanceat
31August
2023
£ £ £ =
J.C. Herringshaw—Chemistry
Astronomydonation ~—Prep School
GeorgeStephenson Pavilion
Mortimer’s Jewellers		 178
10.000
973
2,496		 -
-
-
-		 -
(5,002)
-
(1,602)		 178
4,998
973
894
Bursary Fund
CCFA Grant		 3,426
40,000		 176
-		 -
(10,000)		 3,596
-
St Dunstan’s Abbey School Old Girls
Delgany Appeal
Leszek Rapala
Drum Kit Appeal
Michael Hession		 -
-
-
-
-		 7,460
4,356
1,000
867
400		 (7.460)
-
-
-
(400)		 -
4,356
1,000
867
-
27,073 14,253 (24,464) 16,862

33

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 (CONTINUED)

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2022| |Bal|at|3]|Balance|at| |Augustsigne|2021|Income|Expenditure|31 August| |&|2022| |Foundation|£|£|£|£| |J.C.|334|-|(334)|=| |Herringshaw — Chemistry|4,827|-|(4,649)|178| |Astronomy|donation — Prep|School|10,000|-|-|10,000| |George|Stephenson|Pavilion|973|-|-|973| |Mortimer’s|Jewellers|4.323|-|(1,627)|2,496| |Bursary|Fund|-|3,426|-|3,426| |CCFA|Grant|-|10,000|-|16,000| |ee| |weON20,257|13,426|(6,610)|27,073EA OTS|

----- End of picture text -----

Foundation In previous years, the Foundation office raised £7,944 for specific projects. The majority was utilised in prior financial years towards a new gym. During the year ended 31 August 2022, the remainder of the funds were spent on anew computer. J.C Herringshaw— Chemistr In the year ended 31% August 2015, the School received £5,000 from the estate of of Jillian Clara Herringshaw for the furtherance chemistry study at Plymouth College. Part of these funds were utilised to purchase a cup to be awarded annually for Chemistry: During the year ended 31 August 2022, further items of equipment for the Chemistry department were purchased and a small amount now remains.

Astronomy Donation — Prep Schoal In 2016, the Prep School received a £10,000 donation towards the furtherance of Astronomy at the school. During the year, some of the money was spent on astronomical graphics for a wall within the Prep School and a trip to an immersive dome where the prep pupils were able to view the universe. The remainder of the money wiil be spent in the next financial year.

George Stephenson Pavilion In the prior year, the School received donations totalling £32,004 towards the refurbishment of the old sports pavilion in memory of alumnus George Stephenson. £28,831 of this was spent on the refurbishment to date, alongside additional funds from the School. During the year ended 3} August 2022, the School received permission from the donors to use the remainder to set up a coffee shop in the Pavilion and following the launch in 2021. some of this money was used to purchase branded coffee cups. The balance is being kept in reserve and will be used when the coffee shop equipment will need to be replaced.

Margaret Driver Fund

This was provided by an ex-pupil ofSt Dunstan's Abbey as a contribution towards speech day prizes at the Prep School.

Appeal Funds

The appeal funds were provided to Plymouth College Trust to purchase fixed assets.

Mortimer’s Jewellers During the year, the School spent a further £1,602 on Senior Sports equipment from the original donation of £10,000 from Mortimer’s Jewellers.

Bursary Fund Following the launch of the Development Office in 2022, whose function is to engender a lifeiong interest in the future and heaith of the schoo! through participation in events, access to work opportunities for present and former pupils, and to secure financial donations and legacies where appropriate. As part of this, the parents of Upper Sixth pupils are given the opportunity to donate part or all of their child's deposit to the Bursary Fund, which wilt focus on supporting local children whose parents would not normally be able to finance school fees, As at 3} August 2023, a further £170 was donated to the Fund.

CCFA Grant During the year ended 31 August 2022. the School received a £10.000 Combined Cadet Force grant from the CCEA’s Contingent Growth Fund towards maintenance projects such as replacing the current boiler and for upgrading doors, windows andschoolotherof £4,596.facilities in the CCF Department. This work was completed during the year and included match funding from the

St Dunstan's Abbey School Old Girls During the year. the St Dunstan‘s Abbey School Old Girls donated £7,460 to cover the costs for the restoration of the stained glass window in our Library which was carried out during the year, Delgany Appeal Duringplaying thefields year,in thethe memory school launched ofa formerthe teacher,Delgany MrAppeal Collinson.to raise Asfundsat 31 forAugust the 2023,re-development we have raisedofthe £4.356,pavilionwhichat our Delganyincludes

34

  1. Operating Leases — Group and Charity

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY (CONTINUED)NOTES TO THE CONSOLIDATED FENANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

an amount of £556 of[Gift][Aid,]

Leszek Rapata As stated previously. parents of pupils who leave the school are given the opportunity to donate part or all of their child's depositbenefit ofto Sixththe BursaryForm EconomicsFund or toandtheSwimming. school generally and Mr Rapala has kindly donated £1,000 to be split equally for the

Drum Kit Appeal raised £867, Our music department did a fundraising appeal to raise money for a new Drum Kit for their department and during the year, Michael Hession forDuring use bythetheirvear,pupils.Michael Hession donated £400 to the Prep Schoo! to cover the cost for the purchase ofa number of scooters

19,

Endowed Funds — Movement in the Year Group

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2023| |Balance|at 3]|Income/|Investment|Balance|at 31| |August 2022|Expenditure|losses/transfer|August 2023| |Plymouth|College|Education|Prize and|£|£|£|£| |Scholarship|Fund|:|°|°| |Endowed|Funds|- Group|rs:|=|E|:| |2022| |BalanceAugust£|at202]202 31|Expenditure<pendiincome/|losses/transferpart|tyNhe20228s| |Plymouth|£|£|£| |ScholarshipCollegeFund|Education|Prize and|395.657|7|(395,657)|.| |Endowed Funds|- Group|CLL395,657|-|(395,657)8|Oe|.| |The Expendable|Endowment was paid across as a donation|to Plymouth|College and St Dunstan’s Abbey Schools Charity as a| |contribution towards|the|relocation|costs|of the|Prep|School|to|the|Ford Park|site.|

----- End of picture text -----

Atleases, 31 Augustwhich 2023,fall due thereas follows: were outstanding commitments for future minimum lease payments under non-cancellable operating

21.

----- Start of picture text -----
2623 2022
£ £
Within one year 75,212 68,952
OverBetween twofive years and five years 152,640 182,045
- -
227,852 250,997
----- End of picture text -----

Contingent Liabilities

(a) The music/hospitality suite was completed and brought into use during 2004. An agreement between Plymouth College Trust and the OPM Club was reached whereby the OPM Club paid a lease premium of £439,303 for the granting of a 999-year landord-repairing lease of the hospitality suite, for a peppercom rent. The Plymouth College and St Dunstan’s Abbey Schools Charity pays the OPM Club for the use of the faci lities during school hours. Under the terms of the agreement, should the OPM Club have to vacate the premises for various reasons (the likelihood of which is considered remote) then the Trust will have to repay to the OPM Club an amount equal to the lease premium, together with interest compounded annually in line with the RPI. During the year 2016-2017, the OPM Club resolved to freeze this RPI escalator for ten years effective from | September 2016.

35

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY NOTES TO THE CONSOLIDATED FINANCLAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

(CONTINUED) The Trust believes the possibility of repayment is remote and so has recognised the income and has not incorporated the contingent liability into the accounts. The annual value accruing will be presented annually by way of a note to the accounts. The liability at 31 August 2023 was £610,765 (2022: £610,765) The OPM Club has taken a charge over the freehold properties which wil} duly be discharged if clause 7 of the Legal, Mortgage and Deed of Easement Agreement is tn ggered whereby Plymouth College and St Dunstan’s Abbey Schools Charity repays all sums of money liabilities and interest. {b) Since August 2006, the assets of Plymouth College Trust have been used to secure the bank borrowing of Plymouth College and St Dunstan's Abbey Schools Charity by guarantee to Lloyds Bank Plc. Assets at the Ford Park site owned by Plymouth College Trust were subject to this charge. During 3018-19, the guarantee was extended so that the freehold property assets of the Group are used fo secure bank borrowing of the Charity. The level of borrowings currently secured under this charge is £356,228 (2022: £1,613,853). The trust betieves the possibility of the bank exercising this charge is remote and so no provision has been included in the accounts. (c) Under the terms of the settlement agreement with the former head. Mrs J Hayward, should certain conditions be met a payment in liew of a fourth term's notice will become payable in September 2024. This will only become payable with the provision ofa signed and dated letter in the format set out in Schedule 6 on or within 7 days of 1 September 1024, The liability at 31 August 2023 was £39,167 (2022: £nil) but it is currently considered unlikely that the conditions for payment will be met.

22. Notes to the Statement of Cash Flows

Notes to the Statement of Cashthe Statement of CashStatement of Cashof CashCash Flows Notes to the Statement of Cashthe Statement of CashStatement of Cashof CashCash Flows
Reconciliationofnetincometonetcash inflowfromoperatingactivities: 2023 2022
£ £
Net(expenditure)/income (400,969) 329,517
Non-operating cash flows eliminated:
Interest received andinvestment income
Interest payable
Depreciation charges
Amortisationcharges
(Profit) ondisposal offixed assets
Increaseinstock
(Decrease) /increase indebtors
Increase in creditors
(Gain) on investments		 (24,804)
35,752
245,367
15,000
(28,454)
(16,662)
(53,669)
555,345
-		 (12)
83,138
147,459
15,000
(786)
-
239,119
469,22
Netcash inflowfromoperating activities 326,966 1,279.515
2023 2022
£ £ £ £
CASHANDCASHEQUIVALENTS ATENDOF THEYEAR 2,124,477 (961,719)
ANALYSIS OFCASH ANDCASH EQUIVALENTS
Cash atbankand inhand
Bankoverdraft		 2,124,477
-		 195,315
(1,157,034)
TOTALCASHANDCASHEQUIVALENTS 2,124,477 (961.719)
Analysisof netdebt Atl
September
2022
£		 Cashflows flows
£		 bo
Non-cash
flows
£		 At 31
August
2023
£
Cashbalances
Overdraft
Bankjoansdue inunderoneyear
Bankloansdue in morethanoneyear		 195,315
},929,162
(1,157,034)
1,157,034
(310,591)
110,59)
(383,728)
-
yp pea
em		 -
2,124,477
-
-
(142,286)
(112,286}
112.286
(271,442)
ee
36

PLYMOUTH COLLEGE AND ST DUNSTAN’S ABBEY SCHOOLS CHARITY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 29023 (CONTINUED)

  1. Pension Schemes

During the year. the School participated in a multi-employer defined contribution pension scheme for its teaching staff administered by Aviva (APTIS}. The standard contributions are 15% employer and 5% employee although staff can opt to increase their contributions or reduce their employer contributions and receive as additional salary.

The School also contributes to a defined contribution scheme for non-teaching staff with employer contributions at 7% of basic pay, and now has an auto-enrolment scheme where it contributes 3% of pay. £74,025 was payable for the year ended 31 August 2023 (2022: £63,227). Of[this,][£6.689][was][ outstanding][at][year-end.]

Contributions are charged in the statement of financial activities as they accrue.

The pension cost for these schemes is recognised as it becomes payable.

  1. Related Parties Certain Trustees may have children at the school who receive bursaries or scholarships; these are assessed and awarded on the same terms available to al) parents.

No Trustees provided professional services to the school during the year, (2022 £nil). The legal authority for payments to Trustees is a power in the charity's governing documents.

As at 3! August 2023, Plymouth College Trust owes £1.545.504 (2022: £1,545,504) to Plymouth College and St Dumstan’s Abbey Schools Charity.

At year-end £161.491 (2022: £161,491) was owed by Plymouth College Trust to Plymouth College and St Dunstan’s Abbey Schools Charity. This relates to the net amount due from the following:

As at 31 August 2023, Plymouth College and St Dunstan’s Abbey Schools Charity owes to St Dunstan’s Abbey School Trust £3,345 ,099 (2022: £471,403). This relates to the net amount due from the following:

As at 31 August 2023, Plymouth College and St Dunstan's Abbey Schools Charity owes £0 (2022: £7,038) to Plymouth College Enterprises Limited who in turn owes Plymouth College and St Dunstan's Abbey Schools Charity £53,088 (2022: £15,180) as at year-end. Other group entities were recharged costs totalling £59,642 (2022: £48.707) by Plymouth Coljege and St Dunstan's Abhey Schools Charity, and invoiced the same entity £0 (2022: £79,315) for services provided. Plymouth College Enterprises donates any taxable profits. if any. made each year to Plymouth College and St Dunstan’s Abbey Schools Charity in the following financial year.

During the year, a sum of £1,098 was paid to the spouse of the Head, Mrs J Hayward, as the interim Health and Safety Officer for the school.

There are no other related party transactions or balances to disclose.

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