Financial Statements Caterham School (a company limited by guarantee) (including Caterham School Endowment Fund and Caterham School Bursary Fund) For the year ended 31 August 2020 Company No. 5410420 Charity registration No. 1109508 C•t•rham School FI￿ancIal statements for the year ended 31 Augu¥t 2020 Legal and administrative information Trust••• The Trustees in office during the year or since the year end are set out below. Trustees served throughout the year, except vthere indicated. l R M Edwards- Chairman C Bouttle {appointed 20 April 2020) O Byrne (appointed 20 May 2020) S R Crilchley Mrs T F Eldridge-Hinmer5 (resigned 20 April 20201 Mrs A Fletcher Rev N J Furley-smith {resigned 29 May 2020) Ms D Grlmason (appointed 20 April 2020) M Mear Ms M Shah M Smith E Turney Mrs M Whenman Mrs S M Whrttle Mr A Wi180n Trustees are ten to fourteen in number. On recommendation from ils Nomination8 Committee, the Board of Trustees nominates potential Trustees to the Calerham School Foundation which appoints Trustees. One such Trustee must be nominated by or under the authority of the General Assembly of the Unrted Reformed Church. Olllc•r8 Headmaster Head of Prep School Bursar and Company Secretary C W Jones MA (Cantabl, MEd B Purkiss Bsc Mrs A D Higgs Bsc FCA Caterham School Finan¢i•l ¥taternents foT tht yeAr ended 31 Augus12020 Legal and administrative information Regl•t•r•d olllc Caterham School Hareston8 Valley Road Caterham Surrey CR3 6YA Prfnclpal *dvl••r•: Bank•rn: HSBC Bank plc London National Westmin8ter Bank Caterham Audlton Moore Kingston Smith LLP Devonshire House 60 Goswell Road London EC1M 7AD Soll¢ltor•: Trowers and HBmlins London Veale Wasborough Vizards Bristol Bird & Bird London DMH Stallard Cravley Inv••tm•nt advl••rni Brewin Dolphin London Company numb•r. 5410420 Ch•rlty r•gl•lr•tlon numbw: 1109508 W•b•lt•: www.cat8rhamschool.co.uk Catorham School Fin•n¢ial ¥tst•m•nt¥ for the yeaT ended 31 August 2020 Index PAGE R•port of th• Try•t••s 4-14 R•port ol th• Ind•p•nd•nt audltor 1&17 St¥t•m•nt of Ilnanclal •ctlvltl•• Incorporntlng Incom• and •xp•ndltur• 18 D•l•nc• •h••t 19 C••h flow •t•t•m•nt 20 Prfnelpal aceountlno poll¢l•• 21-23 Not•• to th• Ilnanclal stat•m•nt• 2441 CaQerfv4m School FiThancial statements lor the year ended 31 August 2020 Report of the Trustees The Trustees present their r8POrt together with financial statements for the year ended 31 August 2020. Structurni govornance and management Constltutloni obJ•ctlv•s and pollcl•• Caterham School is registered with the Charity Cofflmission (Charrty no., 11095081. The Caterham School Endowment Fund and the Calerham School Bursary Fund share the same charity number and are registered as "subsidiaries" with the Charity Commission. Caterham School is administered and managed in accordan￿ with the Caterham S¢hool Articles of Association, which have been approved by the Charity Commission, and the Caterham School Endowment Fund 18 administered in accordance with a Charity Commission Scheme dated 30 August 1995. The charitable company is established lo provide and maintain Calerham School for the provision of education for the children of Ministers and other children. Appolntm•nt of Tvust••• Trust888, appointed as shown on Page 1, hold office for three years. Trustees are eligible for re-appointment. subject to the conditions of the Articles of Association of Caterham School. Changes to the Trustee body during the course of the year are shown on Page 1. The training and induclion of Trustees is very much dependent upon their background and experience. Where necessary, induction provides training on charitable, 8ducational, legal and financial matters. All new Trustees have visited the School and have met staff and pupils. The School culture IB such that ad hoc vi5rts (bul See also Governance below) are encouraged with Trustees able lo walk into lessons without forrnalily and lo be involved by the teacher without disruption to the class in progress. They are provided with copies of policies, procedures, minutes, 8c¢ounts, budgets, plan5 and other documents that they will need to undertake their roles and, where required, specialist speakers. including members of slaff, are brought into meetings lo present changes and developments. Induction tends to be carried out informally, is tailored to the specific needs of the individual and includes seminars run by the various organisation5 that exist to support and develop Trustees and governing bodies. Safeguarding, Heallh & Safety, Regulatory and Charity Law issues normally feature prominently. Trustees indemnity insurance is provided as an integral part of the School's insurance policies. Oryanlsatlon and structure Oov•rnanc• of th• charltabl• company The Board held four ordinary meetings to review the charitable company's finanrial and operational performance and to approve the budget for the forthcoming year and an additional Iwo meetings to further review matter5 related lo the COVID-19 pandemic. The Finance & General Purposes Committee and other sub-committees met separately as required during Caterham School Fonanclal 8tatoment5 lor th• y•ar end•d 31 A¥9￿*t 2020 Report of the Trustees the year to recommend courses of action and make budgetary proposals to be pul to Trustees. The Annual Review of Investments with the School's stockbroker took place on 2 October 2020 to consider the period of this report. The Foundation mel in an Annual General Meeting on 26 January 2020 which was adjourned and reconvened on 14 March 2020 to receive the statutory financial slatemenls, note resignations, endorse appointments and hear the briefings of the Trustees, the Headmaster and the Head of the Prep School. Additional meetings were held on the 28 September 2019 and on 16 November 2019 al which approv81 was given to amend the Articles of Association. In pursuit of governance best practice, Trustees are asked to spend at least a full day per year in School, in 8ddition lo scheduled meetings. Guidance has been issued by the Headmaster as to the sort of activities to be conducted by Trustees during their visits. such as for example shadowing a pupil for a day. Trustees are asked to submit a short report after èach visit, draving the Headmaster's attention to any concerns they might have and opportunities they think worthy of further consideration. Whilst some trustees wère able to undertake these visits in the first part of the year, they were 8U8pended for Ihe Summer Term due to the pandemic. Trustee committees have been allocated agreed area8 of responsibilty and oversight of pollcies. The governance model, Introduced in 2009, whereby the Trustees of the Charity, the Director8 of the limited company and the Governors of the School are one and the same body (known collectively as 'the Trustee8'1 has continued to work effectively for the good of the School. Calerham School has three wholly owned or controlled subsidiaries, Caterham School Trading Limited, Caterham School Enterprises Limited and Caterham School Inlemational Limited. Strat•glc rnport R•vl•w of th• Y••r Caterham School continues to provide an outstanding educational offering to day 8nd boarding pupils from a growing catGhment area, both within the UK and overseas. The numbers of applicants to the school conlinues to grow and pupil numbers in the school remain stable at around 940 pupils in th8 Senior School and 280 in the Prep School. The school's success is underpinned by excellent resu118, robust finances, strong oovernance and an outstanding pupll experience. We were also the first independent school in the UK to be awarded the Wellbeing for Schools Award - a rigorous and in depth audit of our wellbeing programme and provision which runs from our pre-school lo the senior school and were recently recogni5ed as an EdTech 50 School. In addition we are an Apple Distinguished School and have recently become an Apple Regional Training Centre, supporting other schools and educational organisalion5 to enhance the use of technologies in the classroom. The boarding offer remains popular both internationally and domestiC8lly. Our overseas boarders come at year 9 and 12- geographically we have strong markets in the Far East and a growng and renewed interest from Russia. Our weekly boarding offer remains attractive to Caterham School Financial 8tat•m•nts lor tho y•av ond•d 31 Aug¥$t 2020 Report of the Trustees families from within an hour of the school and it is he8rtening to see so many families now coming to us from London Prep Schools that were not traditionally part of our catchment area. Partnership work continues to be a key strategic and operational aim of the school. Our founders believed strongly in the power of the community to transform the lives of those around them and that schools should operate meaningfully in the contexts in which they are rooted. This view is al th8 heart of our educational philosophy and we want our pupils to leave this school with a profound sense of the power of community and a strong sense of mission. Consequently, we continue to provide and develop opportunities for our young people to engage meaningfully with the world around them. For example, we continue to work with the London Academy of Excellence and Kingsford Community School both in the London borough of Newham and have developed a very effe¢live Ioc81 primary school ne￿ort( of support. Our Transformational Bursary Fund - a campalgn to treble the number of pupils in the school from disadvantaged backgrounds by 2024 - has already enabled 2 additional pupils to enter the school over the past year with plans lo double this number in the year ahead. This campaign is targeted al pupils from families with a household income on or around the national average and from families who may have no previous experi8ncÈ of Highèr Education. This is a key part of our mission lo wlden access lo our school and to create a diverse community. In addition to this, we continue to give fin8nci81 support lo pupils who are from families that for number of reasons find fees problematic- we c811 this 'assisted places,. Caterham staff remain totally commltted to ensuring that, as an organisation. we continue to play a meaningful role in the world around us. Catèrham teachers have delivered programmes of English and Maths lessons for pupils of St John's Primary. Different groups of pupils have come to C8terham School, and our teachers have travelled to St John's to offer sessions designed to augment the curriculum and inspire a love of investigation and learning. Many staff contribute their skills, lalenls and time to the active support of the community through teacher training, church work, being academic examiners and charity trustees and administralors. In addition to our involvement at the London Academy of Excellence, Matthew Godfrey is a governor al the Michaela Community School Brent. Sarah Griffiths at St John's Primary Calerham, Cath Diummond at Orchard Hill College and Academy Trust, Tony Fahey al Clrfton Hill School, Gemma Davies al Blenheim High School in Epsom, Ben Purkiss at Id8 Hill Church of England Primary School Sevenoaks. Lucie Funnell is a Trustee of the Tandridge Learnin9 Trust and Ceri Jones is also a governor at Banstead Prep. The purpose of the school remains focused on outstanding outcomes and experiences for all of our pupils based on 8 belief that pastoral care and wellbeing are fundamental building blocks for future 5ucGess. We are a school that promotes a strong Sense of community, connectedness and diversity, and a school thal believes education is about academic success, enjoyment and the growth and development of the whole person. In addition, we strongly promote the notion of innovation and creativity and encourage all of our pupils to be confident and agile problem solvers who see opportunity in uncertainty. Our sport academies (hockey, swimming and netball) continu8 to provide outstanding opportunities for our own pupils but also pupils from the local area to develop their sporting skills and have access to high quality coaching and pathways through lo elite representation, Our strong relalionship wrth and support for the Old Caterhamian Sports Club at Hill Fields enables hundreds of young people and adults to play rugby, cricket and lacrosse weekly. Caterharn school Financial 8tat•m8Trts for the year ended 31 Aygw$t 2020 Report of the Trustees These clubs are not re5trict8d to members of the school and so are of a genuine benefit to the wider Caterham Community. Response to Covld and Lockdown In March 2020 Caterham School, along with all other schools in the UK, was 'closed' due to the worsening impact of COVID-19. However our lonostanding investment in and commttment to digital education and innovation ovèr the previous seven years enabled the school lo make seamless transition lo a fully virtual school overnight. We were able to ensure that the education of our pupils continued uninterrupted, that co-curri¢ular breadth and engagement was maintained and that the structure and routine that enabled our families to navigate the disori8nting impact of lockdown was ever present. Our ability to do this was not ju81 based on the commonality of th8 Apple platforms that all pupils and teachers use, or the skill levels of pupils and staff in teaching and learnlng on digital platforms, but also on 8 shared culture and philosophy of educational innovation and risk taking that has $8en us thrive in the current uncertainty. All of our lessons from day one were delivered live to pupils in their homes from our staff in their homes, work was sel and marked electronically, end of year exams were sal and Ihe year 11 and year 13 pupils who had exams cancelled benefitted from bespoke courses written by our teachers lo support transition either to A level or to University. In addition, we conne¢led the wlder Caterham School community through a serie8 of virtual activities - quizzes, music recitals, group debates, webinars and virtual social events. We also ensured that we supported our local community and schools by both making significant amounts of PPE and receiving donations of PPE from our overseas families for the local Primary Care Network, support8d groups making scrubs for local hospitals, donated laptops to local pnmary schools to help bridge the digit81 divide and helped local schools and even a university deliver more effective virtual provision for their pupils. We also supported our local primary schools by hosting key worker children from their schools on our site during the holidays to help them save costs. As with many organisations and individuals, Covid-19 had a significant financial impact on the School. Parents were given a fee variation for the summer term and we set up a Covid-19 hardship fund into which many parents donated to help the school to 6UPPOrt familiés most affected by the financial consequences of pandemic. We have managed to retain alrnost all our families with the help of the philanthropy of our wider community. The costs of reopening the site have also been significant with the cost of both equipment and staff lo facilitate social distancing and enhanced hygiene measures. Like all organisations, we had to adjust our in- year spending plans including deferring capital projects and use strong financial cost control whilst maintaining essential preventative mainlenance of Ihe site. With the measures taken have weathered the financial impact effectively and our financial position as a school remains strong, our forecasts positive and our banking covenants vRre met. M•rk•tlng and Adml••lon• The School continues to build upon its already strong reputation for outstanding results in a highly ambitious and nurturing environment. We are attracting an increasing number of high achieving pupils in an environment vthich remains competitive, and where par8nt5 are 8terham School Flnanclal stat•meDt$ lor the year ended 31 Au9415t 2020 Report of the Trustees increasingly well informed. Once again we can report a record number of applications for day and boarding places with boarding only limited by capacity. The School roll in the Senior School is in excess of 940 pupils and the Prep School 15 very close to its Capacity of 300. Activity directed towards the Lorbdon day and boarding markets has begun lo bring active interest both directly from families and from prep school heads. Demand from the West Kent area remains strong and the School has successfully increased activity in other geographical areas, including London, to avoid over reliance on one Brèa. This demand is evident al every entry point where the number of pupils applying far exceeds the places available. Our ambition lo connect the wider school community into a more vibrant. purposeful and strategically focused body is developing quickly. The Calerham School Society has brought together the constituent parts of the school under one umbrella - pupils {current 8nd former), parents (current and former), members of the London Academy of Excellence and local residents are now connected in a way which provid8s a common sense of purpose with a focus on how the cornmunity can benefrt the educational outcomes and experiences of all our pupils. We have a regular series of events to which all elements of the Society are invited - most notably hugely successful Insight evenings that we hold in London. The Caterham School Society enables the wider Caterham family 10 8ccess work experience, shadowing and mentoring, and provides professional nelworking for parents. A programme of agent contact continues to support admissions from overseas boarding pupils with the school meeting with prospective families and exhibiting in mainland China. Hong Kong and Moscow. Trustees considered fee8 for 2019-2020 at their March 2019 meeting, announcing an average rise of 3.80k. The rise was considered the minimum necessary to achieve the required surplus to meet the current running costs of the School, provide for future development and satisfy 118 borrowing obligations. Termly fees for the 2019- 2020 academic year were.. Pre-Prep School.. £2,020- £3,505 Prep School.. £4,540- £5,200 Senior School IDay)-. £6,245- £6,540 Senior School (Boarding): £10,520 - £12.920 Educ*tlonal Attalnm•nl The last academic year witnessèd strong results at both GCSE and A level and places us a8 one of the top co-educational schools in the country. Crucially, these academic outcomes enabled all Sixth Form leavers to access the university courses and professional apprenticeships of their choosing. These results demonstrate a commitment to excellence and are, at A level, a pleasing improvement on the resums of the previous year. GCSE Results 40% 9-7.. 86% 960 C•t•rham School FIna￿ClaI stat•meht$ for the y•av *nd•d 31 August 2020 Report of the Trustees A Level Results A.: 36% A'_ A.. 70% A'_ B.. 910h Our value added score at GCSE was 0.80 (which is a statistically signrficant number indicating that the quality of outcomes for pupils is strong). At A level our value added score was 0.39. In addition to public examination resutts we have also had a number of Sixth Form pupils perform strongly in essay competitions al Cambridge Colleges, Cornrnunlty Outr•nch and PubllG B•n•fit Over 350 pupils benefit from financial support awarded in the form of scholarships and bursaries, amounting to over 6.5% of fee income12019.' 6.20h). The Headmaster continues lo examine ways in which to inC￿aSe the number of bursaries awarded to those pupils whose parents otherwise could not afford the fees. The Trustees confirm that they have referred lo the Charity Commlssion's guldance on Publlc Benefit when reviewing the charitable company's aims and objeclives and in plannin9 future activrties for the year. School Partnershlps and Support The School continues to provide general support, and the weekly delivery of MFL al the London Academy of Excellence (LAE), our MFL department ran in depth INSET for LAE Stratford and Tottenham. The move to virtual platforms has facilitated weekly le550ns and LAE participation in careers evènts and practice interviews. We held an online event with go L6 students from the Iwo schools, working together on equality issues following U8 presentations on BLM and LGBTQI. We are currently engaged in a consultation process with all of the LAE sponsor schools to push collaboration further in current conditions. The Headmaster sils on the governing body and Dan Gabriele on the Education Committee. Emma Collins now sits on the Development Committee. The United Access programme switched r8adily to an online fomiat with an Easter 'online' week of activities and speakers having high levels of engagement and attendance. The summer week involved some useful sessions with a focus on UCAS applications. however the attendance across the week was somewhat lower. In the autumn term we piloted an in depth programme for the highest achievers in Maths from local Primaries. 12 Year 6 pupils attended 10 sessions al Calerham developing higher ord8r skills. The Geography A level students delivered weekly lessons at Whyteleafe Primary. Following 'lo¢kdown' our established programme of collaboration with local primaries in sport, drama and IT had to be put on hold. Support of resources and classrooms were offered, but not needed in the event. Caterham provided activities and supervision for key workers childr8n from local schools in the summer term half term break. Our 'Laptops for Lockdown, proved successful, we were able to provide 30 local child￿n wth devices to access online learning, donated by the Caterham School Community. Caterham Sch901 Flnanclal 8tatemgnt• for the yoar •ndod 31 Augllst 2020 Report of the Trustees Fundraislng for charltable caus08 The Charity Committee consisted of 20 Slxth Formers chaired successfully by the Deputy Head Girl (Community). The Committee Is responsible for selecting charities to support at a school level. The Committ88 organises fund raising Èvents including mufti days, lower school discos and the Talent Show. Funds raised in 2019120 amounted to £15,000 in support of wide range of charities including the Brain Tumour Charity in memory of pupil from the U6 year group, Lerang'wa Lunches, St Catherine's Hospice and The Royal Marsden. The Committee is also responsible for delivering assemblies to raise the profile of the Gauses within the school. The CCF have raised monèy for the British Legion. Tha Lower School continue to hold a Christmas Fair annually lo raise funds for charity. All of year 7 and 8 take part. taking responsibility in small groups to design and manage fund raising stalls. The fair raises over £1,500. 50 6th foimers assisted the Rotary Club with their door-to-door Christmas collection in the Caterham arèa. In total over £6,000 was raised for local charilies. Caterham pupils have participated in this annual activity since 2014. Over £6,000 was raised in lockdown for Surrey NHS through the weekly onllne quiz run by the English department. A group of students who were in China organised 8 remarkable initiativè to raise money and procure PPE equipment for use in the Caterham area. Volunteering In our third annual survey audit of volunteering levels in 2020 79'h of respondents reported that they have engaged in a community volunteering activlty whilst at Caterham School. The Ouke of Edinburgh Award framework is used to promote volunteering and community involvement 91 pupils completed an award despile the obvious difficulties this year. Contlnulny Alm• The charitable Gompany provides day and boarding educats'on for male and female students between the ages of 3 and 18, aiming.. to raise the standard of edurAtional achievement of all students to ensure that every student enjoys the same high quality education in temis of resourcing. tuition and care to improve the effectiveness of the School by keeping the curriculum and organisational structure under continual review to provide value for rnoney for Ihe funds expended to comply with all appropriale statutory and curriculum requirements to maintain close links with further education institutions and the community to conduct ils business in accordance with the highest standards of integrity, probity and opennes5. The Charitable company aims to maximise the number of pupils that can bè educated at the School, consistent with current physical limits and the concept of containing numbers lo a total that both enables all pupils to be known by the staff and is consistent with the family atmosphere that is key lo the School's success. Slrategic plan5 will also consider judicious disposals and acquisitions and additional enterprises (such as the developmenl of educational 10 Caterham Scfrool Fln•Dcial ¥talement¥ lor the year wded 31 August 2020 Report of the Trustees lettingsl that will support this overall concept. Concurrently, we develop and equip our staff. both tutorial and support, with the tools and techniques that enable pupils to be given the best opportunities to reach their full potential. To this end, the rollout of tablet computers to every pupil in the Senior School is now complete. Again, this considerable investmènt h￿hlightS the School's determination lo harness technology lo best effect and thè use of tablets has become a regular and popular feature of the classroom experience. Tablet rollout now extends down to years 5 and 6 in the Prep School and digital and innovation opportunities are available throughout the School as part of our aim to deliver 21. century skills to all pupils. The charitable company will continue to strive to improve the perfomiance of its students at all levels and lo support the further educational and career d8¥elopment of ils students lo ensure optimum progress when they leave school. 8t*fflni The Trustees want to ensure that the School recruits and retsin8 the best leaching and support staff and sets salaries and other terms of remuneration in order to achieve this. Remuneration for key managernent is considered annually by the Honorary Treasurer and Chaimian. The School has an equal opportunities policy which encourages applications for 8mployment from people from all ethnic backgrounds and from those with disabilities and supports staff with both physical and mental health issues with ongoing employmenl and career development. In additional to weekly bfiefings and termly INSET, the School ha8 Staff consuSlation committee8 for both teaching 8nd support staff which meet on a t8mly ba8is. These commrtlee8 receive information on matters of concern to them as employees and reports on the school's performance and future plans. In addition, the Honorary Tre8surer gives an annual presentation to all staff on the School's financial performance, The wellbeing of staff is a high priority and is supported through the tralning of Mental Health First Aiders, access to the School Counsellors and through a free confidential couns811ing helpline and is monitored through wellbeing surveys completed by teaching and support Staff. envbronm•nl*l pollcy The School takes its environm8ntal responsibilities seriously and pursues a policy of minimising its carbon foolprinl. A strategic group of senior Staff, the Environmental Slralegy Group, has been established to ensure that the School is doing all it can to promote sustainability and raise awar8ness about environmental issues. The group has continued to consider the environmental impact of the School's activities and to deliver on short, medium and long term plans. In addition, the School ha5 a pupil-led Green Committee in the Senior School and an Eco-warriors Committee in the Prep School which feed into the strategic group. The School remains committed to doing all it can to reduce the impact it has on the environment. The woods continue to be an important asset and part of the environmental strategy is to create a sustainable woodland. The woodsman'5 role is both lo ensure that there is adequate management and regeneration of the ancient woodland but also to enable and encourage both pupils and the local community to better understand the value and importance of woodland areas and outdoor learning more generally. A significant focus this year has been on identifying plan to deal with the extensive spread of Ash Die Back within the woods in ¢onjunclion with Catoyham School FinaTrGial stalem•nt8 for the year ended 31 2020 Report of the Trustees the Forestry Commission. Works lo start the removal of the affected trees commenced shortly aft8f the year end. Fundral•lng During the year, Caterham School continued its fundraising campaign withln its community (parents. alumni, parents of alumni, staff and Foundation members) to raise funds for Transforfflational Bursaries with the aim of raising the number of major bursaries which can be awarded each year. The School is registered with the Fundraising Regulator and ensures that all staff involved in fundraising are appropriately trained. Flnanclal r•vl•w The results for the year continued to be satisfactory. The lolal surplus amounted to £1,444,000 (2019- £776,000). The surplus on unrestricted funds {aft8r transfers between funds) was £1,910,000 (2019 £2,849,000). The Endowment Fund increased in value by £7,00012019- £7.0001. Transfers amounting to £344,000 were made from restricted funds to the unrestricted fund repr8S8r)ting funds used in this year. A net surplus of £63,000 relating to the school's Parents. Association was also held In a restricted fund at the year-end {2019 - £61,000). The surplus carried forward on all funds amounted to £21,167,000 (2019 - £19,723,000). The assets are held In pursuance of the School's objectives and the net assets of unrestricted funds amountèd to £15,488,000 {2019 £13,776,000). Restricted funds amounted to £4,159,000 {2019 - £4.434,0001 and are held in investments and current assets, the income from which will be ulilised in future years for scholarships, bursaries and prizes. Endowment funds amounted to £1,520,00012019- £1,513,000). R••wv•s It is the policy of the charitable company to Use ils reserves to fund building and other development projects. Additionally, the charitable company maintains a cash balance from year to year to meet forthcoming expenditure. At 31 August 2020 the balance of cash al bank and in hand was £11,482,CN)0 (2018- £9,858,000). Oolng conc•rn On the basis of the School's perfomance, budgets and long term forecasts, the trustees consider il appropriate lo adopt the going concern basis for the financial statements. Futur• plan• The School's focus remains on enabling its pupils to achieve the best outcomes possible. To support this, the trustees have agreed a strategic plan which incorporates educational developments and the physical resources needed to deliver these. Caterham School Finavcial statement¥ for the year ended 31 A￿gUSt 2020 Report of the Trustees Inv••tm•nt pollcy The Tru51ees pursue an investment policy achieving reasonable relums and invested within ethical guidelines. The risk policies on which the School's portfolios are operated by the investment managers have been re-assessed to provlde future returns based on moderale risk investment. Pundlng The Trustees are satisfied that the charitable company's assets attributable to each of its individual funds are available and adequate to fulfil its obligations in relation to those funds. Conn•ct•d charltl•s There is a relationship be￿en Caterham School and other ch8rilies as set out in Note 25. Rl•k m•nag•rn•nt Trustees have formally idenlrfied and documented the major risk5 to which the charitabl8 company is exposed. Those risks have been reviewed, both by the su￿CoMMitteeS of the Board including the Finance & General Purposes Committ88 and by the Trustee Body and risk management strategies have been implemented. Risk management is embedded in the day to day practices of the charitable company procedures and syst8ms to minimise the risks are regularly reviewed and updated. Principal risk areas for the charitable company are the protection of pupi18 and employe88, inclutling from COVID-19, and compliance with the banking covenants. In order to facilitate the purchase of the school sile in December 2017 and repayment of the former loans with AIB, a £25 million loan, repayable over 25 years. was obtained from HSBC in 2017. Interest rate protection has been put in place to ensure that the School 18 not exposed to fluctuation8 in interest costs over the term of the loan. Trust•••l R••pon•lbllltl•• 8t•t•m•nt The Trustees (who are also directors of Caterham School for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applic8ble18w and regulations. Company law requires the Trustees to prepare financial statements for each financi81 year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounling Standards and applicable law) 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 stale of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. Cal•rham S¢ho•l Flnanclal slatgm•nt8 lor Qho yèar ohd•d 31 Augu¥t 2020 Report of the Trustees In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently: obSen￿ the mèthods and principles in the Charities SORP., make judgments and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards hav8 been followed, subject to any material departures disc105ed and explained in the financial statements., prepare the financial statements on the going concern basis unless rt is Inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy al any time the financial position of the company and enable them to ensure that the financial statemènts comply with the Companies Act 2006. They ar8 also responsible for safeguarding the assets of the charrtable company and hence for taking reasonab18 Steps for the prevention and detection of fraud and other irregularities. The Trustees eonflrm that in so far as each of the trusteeg 18 aware.. there 18 no relevanl audit information of which the charitable company's auditor is unaware., and the Trustee6 have laken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of thal information. The Trustees are responsible for th8 maintenance and integrity of the corporate and financial information included on the company's website. Leglslation in the United Kingdom governing the preparation and dissemination of financial 8talemenl8 may drff8r from legislation in other jurisdictions. The Trustees, Report, incorporatlng a Strategic Report. approved by the Board of Trustees, as the company directors. en 3 December 2020 and signed on the Board's bèhalf. ON BEHALF OF THE TRUSTEES l R M Edwards Chairman 14 C•t¢rham School Finan¢lal statem8llts lor tho year ended 31 August 2020 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CATERHAM SCHOOL Oplnlon We have audited the financial statemen15 of Calerham School for the year ended 31 August 2020 whieh comprise Group Slatemgnl of Financial Aclivrties, the Group and Parent Charitabl8 Company Balance Sheets, the Group Cash Flow Statement and notes to the financi81 st8lement8, including a summary of significant accounting policies. The financial reporting framework that h85 been applied in their preparation is applicable law and Unbted Kingdom Accounting Slanijerds. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally A¢cepled Accounting Praclicel. In our opinion the financial Slalement8'. give a Iruo and fair of the slate of the group'5 and the parent ch8rilable company's 8ffair8 a8 at 31 Augu812020 and of the group's incoming resour¢es and application of resources, including 118 income gnd expenditure, for the year then ended., have been properfy prepared in accordance wrth United Kingdom Generally Acc6Pted Accounting Practice., and have been prepared in acGord8n¢e with the requirements of Ihg Compani¢$ Act 20C6. 8a818 for oplnlon We condu¢l•d our audll Sn accordance wlh Internat￿￿81 Standard8 on Audrting IUKI IISA8IUKII and applicable law. Our responsibilities under those 8landard8 are further described in the Autjilor. Reyponsibilili88 for the audrt of the finan¢o1 slalemenls 8eclion of our report. We are independent of the ch8rilable company in accofdance with the elhical requiramenls that 8fe relevant lo our audit ol the financial 8181emenls in the UK, including the FRC'S Elhicol Standard, and we have lulfille(l our other elhi¢al re8pon8ibilitie8 in accordancg with these requirements We believe th81 the audit evidence we have obtained 18 Bufficienl and appropriate lo provide a basi8 for our opinion. Conclu8lon• relatlng to golng conc•rn We have nothing to report ￿n respect of the following matters in reLgtion to which the ISA5 IUKI requlre U8 to report lo you where.. the trusl8e8' use of the going concern basis of aG¢ounting in the preparation of tho financial Blalemen18 is not appropriate., or the Iruslees have not disclosed in the financial sla18menls any identif￿￿ materi81 uncert8inlles that may cast significant doubl pboul the group'8 and p8renl charitable company's ability lo continue lo adopt the going concern basis of accounting for 8 period of al lea81 twelve month8 from the date when the fin8ncial statements are authorised for i88ue. Other Infomiatlon The other information comprises the inlormalion inGluded in the annual report, other than the financial statements and our auditor's report Ihereon. The trustees are responsible for the other infomi81ion. Our opinion on the financial slalemenls does not cover the other information and, except lo the extent otherwise exp11Crtly stated in our report, we do not expres8 any fom of assurance conclusion Ihereon. In connection with Duraudil of the financial statements, our responsibility 15 to read the other information and. in doing so. consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in Ihg audit or otherwise appears lo be materially misstated. If we identify such material Inconsiglencies or apparent material misslatemenls, we ale required t determine whether there is a material misslalemenl in the financial 51alem8nts or 8 material Caterham School Flnanclal st4t•m•nt$ lor the year ended 31 2020 misststemenl of the other infornatK)n. If, based on the work we have ￿rf0m7ed, we conclude that there is a material misstatement of this other information, we 8re required to report that fact. We have nc4hing to report in thls regard. Oplnlons on other matters prescrfbgd by the Compan1•8 Act 2006 In our opinion, bas8d on the work uThJertaken in the cour¥e of the audit.. the inforrn8lion given in the Islrategi¢ report and thal tru81883' onnual report for the financlal year for wh￿h the flnanc181 slalemenls are prepared 1$ ¢onsi8lenl wlh the financial 81alemenls'. and Ilhe strategic report and thel Iruslee8' annu81 report have been prepared in accordance with applicable legal requir•menl8. Mattor8 on whlch wo ar• requlr•d to roport by exc&ptlon In the light of the knowledge and understanding of the group and parent charitable company and f(8 environment obtained in the COUT88 of the 8udil, we have not Identified material misstslemenls in the tru8te88' annual report. We havg nothing to report in respect of tha following matters where the Companle8 Act 2006 requlres s lo report to you if, in our opinion.. the parent charitable company h?$ not kept adequele and sufficient accounting record8, or returns adequate lor our 8udil have not been received from branches not visitgd by u$, or the parent charrt8ble company's fin8ncial 81alemen18 are not in ag￿ernent wilh the accounting record$ and returns.. or certain di8c105ures of trustees, remuner81ion spgcilied by law are not made.. or wo h8ve not received all the infomation and explanation8 we requiffj lor our aud+t. Rospon8lbllltleJ of trustg As explained morg fully in the truslee8' respon8ibilitie5 8t8lemenl set out on pag• 13, the trustee8 (who are 81$0 the director8 of the charitable eomp8ny for the purpo¥es of company lawl are responsible for the preparation of the fin8ncial slalements and for being salisfigj that they give a true and fair view, end for such inlemal control as the Iruslees determine 1$ necessary lo enable the preparation of financial slatemenl8 that are free from material mi$stalemenl, whether due lo fraud or error. In preparing the financial slalemenls, the Iruslees ore responsible for 888essing the group and p8renl harilable company'8 abilrty lo continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unles5 the Iruslees either intend lo liguid81e the group or parent ¢h8rltsble company or lo Gease operations. or have no realist￿ all¢malive bul to do so. Audllor'• I￿POnSibl11t1￿ for the audlt of tho fin•nclal Btatements Our objectives are to obtain reasonable assurance about whether the financial slal¢menls as a whole are free from material misstatement, whether due lo fraud or 9rror, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is nol a guarantee Ihal an audit conducted in 8ccordanc8 with ISAS IUKI will ahNays delecl a material misslalernenl when il exist8. Misslalemenls can arise from fraud or error and are considered material rf, individually or in aggregate. they could reasonably be expected lo influence the economic decisions of users taken on the ba8is of these financial slalemenl5. As part of an audit in accordance with ISAS IUKI we exercise professional judgement and maintain professional sceplicism throughout the audit. We also.. 16 Caterham School Flnancl•l Btatomgnts lor the y•ar end•d 31 Au#u¥t 2020 Idenlrfy and assess the risks of material misslalernent of the financi818tatemenls, whether due to froud or error, design and pgrfomi audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. The risk of not detecting a materi81 mi88lalemenl re¥ulling from fraud is higher than for oné resulting from error, as fraud may invO￿e eollusion, forgery, intentional omi88ion8, Mb￿pre¥e￿t8l￿n8, or the override of intern81 eonlrol. Obtain an und8rslanding of intemal control relevant to the 8udil in order lo design audit procedure8 that are appropriate in the circumstances, bul not for the purposes of expressing an opinKin on the effecliven688 of the group and parent charitable company's internal Gontrol. Evaluate the 8ppropri8lenes8 of accounting policie8 used and the reasonableness of accounting es1imale8 and ffjlaled di8cIo8ures made by the trustees. Conclude on the 8pproprialene8s of the IfLisle¢s' use of the going concern ba518 01 accounting and, based on the audit evidence obtained, whether a malgriol uncert8inly ex18t$ related to events or conditions that may cast significant doubl on the group and parent ch8ri(abl8 cvnpany'8 ability lo continue as 8 90ing concern. If we conclude that a material uncertainly exi818. we are required lo draw attention in our auditor's report lo the related disclosures in the financial slalemenls or, il 8uch di$closure8 are in8dequale, lo modify our opinion. Our con¢lu¥ions are ba8ed on the audit evidence obtained up to the dale of our auditor'8 report. However, future evanls or condrtion8 may cause the group or pargnl charitable company lo ce83e lo continue as a g￿ng con¢orn. Evaluate the over811 preyenlalion, structure and content of the financial slalemenls. including the disc108ures, and whelherlhe fin8nci81 st81emen18 rèpre88nt the underlying Iransaclion8 and &venl8 in a manner that achieves fair p￿Sentat￿n. Obtain suffiGienl appropriate audrt evidence regarding th• financial infom8lh?n of the entiti88 or business aclivili8s wf(hin the group to expre88 an opinion on the consdidaled financial 81alemenls. We are responsible lor the direct￿n, Supervision and performance of th• group audrt. We remain solely responsible for our audi( report. We Commun￿ale with IhoBe Charged with govomance regarding. among other mallers. the planned Scope and liming of the audit and signif￿an1 audit findings. in¢luding any significant deliciencie8 in internal conlfol that we identsfy dtsring our audit. U8• of our report This report 18 made solely lo the charitable company5 members. a$ a body, in accordanc6 with Chapter 3 of Part 16 01 the Companies Act 20C6. Our audit work has been undertaken so Ihat we might state lo the charrtable company'8 members those maiters which we 8re required to slalg lo them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law. we do not accept or assume responsibility lo any party other than the charileble company and charitable compan15 members a8 a beAJy, for our audit work, fDr this report, or for the opinions we have fomed. J.A Isignalurel IDalel 15 January 2021 Neil Finlayson (Senior Stalulory Audi(orl for and on behaw of m￿re Kingston Smith LLP, Statutory Auditor Devonshire House 60 Goswell Road London EC1M 7AD q7 Caterham School CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITES (incorporating the income and expenditure account) for the year ending 31 August 2020 stated Total Fund$ 2019 £'f))O Tot•1 Fund• 2020 rooo Unrestricted Re•tricted Endowmènt Fund• Funds Funds rooo £'ooo £'ooo Income and Endowm•nts Not• INCOME FROM: Ch&ritable A¢tl¥ltle• School fe88 Other educ9tional Income Oth•r trading activitSeB Oth8r trading income InvMtment• Investment incom¢ DOna￿On• and legaci Grants 8nd donalkin8 20,741 1.247 20,741 1,247 21,022 1.885 878 678 38 124 162 152 799 230 Total Incom• 23,391 23,627 24,050 EXPENDITURE ON,. R•l•lng lund• Trading expenditure Inve$tm8nt rngnag8m•nl COBts 193 193 22 28 Tot•1 non4duc•tlon•l ¢o•t• 193 22 210 192 Ch8rttsbl• •ctlvltl•8 Educat 21,802 23 21,6J5 21,325 Totsl •xp•ndltur• 21,795 52 23 21,870 21.517 N•t galn•llloM•Jl on ￿n￿lM•nt• 11 11151 {1151 104 N•t Incom￿(￿Xp0ndltur•) Transfer8 btheen fund8 1,596 69 344 1231 1,642 2.897 1e.1 Net incoming rèsources t*fore other recognl$ed gain$ and108888 1,910 12751 1,642 2.697 Chang• in value of hedging in8trumenl (198) 1198 11.9211 N•t m0￿mant In fund• lor the y•ar 1,712 {2751 1.444 776 Fund b818nce 811 Seplemb&r 2019 13,776 4,434 1.513 19.723 18,947 Fund balanc•• at 31 Augu•t 2020 15,488 4,159 1,520 21,167 19,723 The slalement of financial actNilies indudes all gains and h)s8e3 recegni8e(J in the yts8r. All ￿n￿MIr￿j resource8 Otyl re80urcg8 expended ¢Jorwo from conlinulng operatson$. The 8c¢omponying not¥s form part of Ihe financial slat8m8nls. Page 18 Caterham School CONSOLIDATED AND SCHOOL BALANCE SHEETS as at 31 August 2020 Group 2020 £'ooo School 2020 eooo 2019 £'oco 2019 FIXED ASSETS T8ngible 888ets Investment Property Investments 37.358 750 3.563 41,671 37,984 750 3.704 42.438 37,358 750 3,563 41.671 37,984 750 3.704 42.438 10 11 CURRENT ASSETS Stock Debtor$ Cash fjnd 8ttrJrt lenn dtpjsils 12 13 93 117 654 9.858 10,629 10 797 9.791 10,598 982 11,327 12.309 11,482 12,405 CURRENT LIABILITIES CredttcY$ due withln one y•gr 14 18.704) 18,4581 16,6821 18,429) NET CURRENT ASSETSILIAI8ILITIES 5,701 4.171 S,627 4,169 TOTAL ASSETS LESS CURRENT LIA8ILITIE8 47,372 47,J8 48,607 LONG TERM LIABILITIES Foa d&po8lt8 Loarvd Financial instrument derfvatlve- hedging In8lruments 15 15 12,4571 121.3331 12.3361 122,3331 12,4571 121,3331 12.3361 122.3331 15 12,4151 12,21 n 19,723 12,4151 21.093 {2,2171 NET ASSET8 21,187 19,721 C*pllal Fund• Endowm8nt8 18.3 1,520 1,613 1,520 1,513 Incom• Fund• Reslrtcted Fund Unre8trided luntJ8'. Cash hedge reserve Othw charileble Funds 18.1 10.2 4.IS9 4,434 4,169 4,434 12.2171 15,993 12,4151 17.829 12,21T) 15,991 17.903 TOTAL FUNDS 18 21,187 19,723 21.093 19,721 No $8pgr81e SOFA h89 been prosented for the charfty alone. a8 Pènllrtled by Seelion 408 of the Comp8nles Act 2006. The School'8 income for the year w9$ £23.081 m1201g.' £23.581ml and the surplus for the year wa8 £1.550m 12019.. £2 30gm). Approved by the Board ol Tru$lee8 of Caterham School on 3 December 2020 8nd authori8ed for issue and 8igned on it8 beh8Jl by.. {Chalfm8nl rust991 The accompanwng notes form part ofthe financial stalemenls. Company numb￿.. 5410420 Page 19 Caterharn School CONSOLIDATED CASHFLOW STATEMENT for the year ended 31 August 2020 Not•• 2020 £'ooo 2019 £'oco £wo NET CASH FLOWS FROM OPERATIONS Net caBh piovided by operating BCtNille$ 19 3.585 4,364 CASH FLOWS FROM INVESTING ACTIVITIES Purchase ol fixed assets Proceeds from diBPO8al of f￿ed as8et8 Purch969 of investments Proceeds from sale of inveslmenlB {3181 (4201 {4821 12311 268 134 18 RètLtm on investments 124 Inlerest received N&t cash provided byllu8ed inl irwe81ing ath'wl (2311 CASH FLOWS FROM FINANCING ACTIVITIES Drawdown of benk 108n Repayment of bank loan Interest on loans 11.0001 {8031 {1,0001 18371 Net cash provlded byllused in) flnanclng 8dvlile8 11.803) 11,837) Ch•ng• In ￿•h and ca•h •qulval•nts In th• rgportlng pfyrfod 1.624 2,298 C*8h and cJ•h •qulv•l•nt• •t th• b•glnnlng of th• r•portlng p•rlod 7,562 Ca•h and ¢￿h •qulvalent• •1 th• •nd of th• r•portlng pertod 11,482 9.858 Page 20 Caterham School NOTES TO THE FINANCIAL STATEMENTS for the year endod 31 August 2020 STATEMENTOF ACCOUNTING POLICIES Calerham School is B company lirniled by gu8rantoe with ￿gIstered number 5410420, incorporated and domi¢iled in En9land and Wales. Its registered office is H8reslone V811oy Road, Caterhgm. Surrey CR3 6YA. The financAal statements have be8n prapared in accordaTKe wth the Financial Reporting Standard applicable in the UK and Republic of Irdand IFRS 102}, the Comp8nles Act 2006 and the Statement of Recommended Praclice 8pplic8bb lo tharilie$ preparing Iheir ar￿UnIS in accordance with the Financial Rew)rting Stsndard applicable in the UK and Republic of Ireland IFRS 1021- affective 1 J8nuary 2015. The 8chool is a Public Benefit Enllly as iJ8fin&d by FRS 102. The fundlonal currency of the School is considered lo be GBP be¢8u8e th81 1$ the f)JrrgnGV ol tha primary ecor￿MiC environmènt in whlch the School op8rat8s. The accounts pr86ent th8 con801idaled stgtemenl of financial activhie8 ISOFAI. the con801idaled cash Ilow 8lalernenl and the conBolld8ted and thanty balance sheets comprising the consolidation ol the School 8nd Ils wholly owned subsidiaries Caterham School Trading Limited, Caterham School Enterprises Limited and Caterham School International Limited. The School has token advantage of the exemptlon avall8ble lo a qualifying enlty In FRS 102 from th8 requirement lo pre8enl a charity onty C98h Flow sl8lem8nt with the con8011d8led financial 8latemenl8. Golng concern Th8 Trustees have reviewed thè èxpècted ongoing d•m8ntJ lor p18ee8 at the schc4)l. in the knowledge that 8¢tual pupil numb8fS in Saplamber 202D and 8pplicalion8 for September 2021 are bDlh Ih&18rge81 they hove ever been, and the finanrAal forecasts for the next IB month8, taking the Impact of Covid-19 into con3ideralion, Having considered e$limale8 of pupil numbers. the abillty of paren18 to conllnue lo pay fee8. proJ8cled cosh flows and the funding faulilie8 8v8ilable lo the School, th8 Trusl868 have a reasonable expectslion th81 the School ha8 adequate resource8 to continue 118 activities lor the foreseeable fuluro and congid•r that there are no material uncertainties over the School'8 financial viabllity. Accordingly, they al80 conllnue to adopt the going con¢em basis In preparing the linanaal slalemenlB 86 outlined in tha Slalemenl of Accounlln9 and Raporiing Re8pon6ibililieB in the TrusleeB' report. crftlc•l •ccountSng ludgem?nt• and key •ourc•• of Mtlm•Uon unc•rtalnty In thè applieAts'on of the accounting policies. Trustees a￿ required lo mako judgements, o6lim8tes and assurnplions about the carr￿n9 v8lue of 088e18 gnd liobilities Ihat are not readity apparent from other 8ources. The esllmales gnd undedying Assumption8 ore based on historical experience 8nd othèr 18c¢or8 that are conBldered to be relevant. Actual reBuA8 may (Jiffer from the60 e$llmgte6. The e$lim8les and undtrrlying 818umptions are reviewed on an ongoing basis. Revislon8 10 8ccounling •slim8les are recognlsed in the per￿d in whith the eBlimale 18 rev18ed rf th¢ revlslon affoc18 only that perlod. or in the perMJd of the revl8lon and futur& p•riod8 If the rev181on affected currenl and future periods. In the oplnion of the Tfustees. the esllrnates and aBsumplions wh¢h have 8 w'gntficant rSsk ol causlng a material adjusimenl lo tho carrwng amount of as88ts and liabilrti¢$ are outlined below. Usefvl g￿nOmiC lives The annual depreciation charge for property, plgnl ¥nd equiplnent is sensltive to change5 in the eslirnaled useful economic lives 8nd r•sidual values of the assets. The useful economic lives rèsidual values are rn-assessed annually. They are amended when nece858ry lo reflect cur￿n1 estlmales, based on technologic41 advancement. lulure investments, economic Lrtilisation and the physical condilion ol ihe assets. See nole 9 for the carying omwnt of the property, plant and equipm8n¢ and not8 1.8 fcrf the useful economic lives for each cla8$ of asset. Recoverable value offee d&btors The company makes an estimate of th& r8covefgble value of trade and other debtors. Wh8n assessing impaimient of trade and other debtors, m8nagetnenl con8idèr8 factors IncludSng the ageing profile of debtors and hislorul experience. Seè note 13 for the net carrying amount of the debtor5 and a8soo8led impairment provision. Interest rnte hedge The School obtains 8 bank valu8tlon ofthe intarost rate swap and cap and assesses the effecifvene8s ofthe hedge for hedge accounting purposes. Page21 Caterharn School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2020 STATEMENT OF ACCOUNTING POLICIES Icorrtinuedl Criticpl accounting ludg•ments and key 8ourcM of ￿timatIon uncertainty (Continued} Inv8Stmenl propwty Th0 8¢hool use8 the valuation performed by 118 indepervjenl valuers 08 the fair valu8 of it8 inv88tmenl properties. The valuation 18 b888d upon the key assumptions ol eslimated rentsl vglues 8nd market based yielrjs. In determining fair value the valueT8 make reference lo market evidence and recent Ir8ns8Ltion priras for sirnilar proF4rties. The lolknwing 8e£ounting policies have been applied con8i8lenlly in deallng wth items Wh￿ are oJn8ldered material in relation to the Schcd'8 finanrABI 81atem&nts. 1.1 FO￿ •nd •lmll•r Sneome Fets8 re¢¢N8ble and charges for serv￿6 and u86 tsf prem18e8 81e accounted for in the period In which the 88Nice is provided. Fees receivBble are Slated after deducting allow8nce8. bur88ries. scholarships And other rernSs$ions gronled by the School, bul indude conlrlbullons rece￿•d from Restrlcied Funds for scholarships, bursaries and other grant8. Fees receiv8d in advance of education lo bg provid8d in fLrture year8 under a Fee8 In Advan￿ Scheme are held a81SabllllleB unlll gilher tsken lo income in the terrn wh•n 1.2 InveBtment Incoffle This is acKounted for when receN8￿e 8nd indud88 ￿lAted lax recoverable. 1.3 OonatlonB Donation8 recelv8ble for the general purp08e8 01 the School era cradl1￿ lo Unreslricted Fund$. Donations lor purp08es re8tricted by Ihe w18he8 of tha donor gre taken lo Restricted Fund8 where Iheso wishes are g811y binding, axcept that any amounts requlred lo be r&talned as capital in accordance with the donor'8 wlshes 8re accounted lor instead 88 Endowmon16 - pemianenl or expendable 8CCOfJ £80,001- £ 90,OQ) £90,001 - £100,000 £120,CQ1- £130,000 £150.CQ1 £180,000 £170,CQ1- £180,000 15 io During the ygor the folkjwing amounts were pgld In r•¥pect ol hlgher paid em￿0YeeS 98 ghown above.. 2020 rooo 2019 £'OLVJ Perrion conlributlco8 lo deffin•d contribution and leEKher8' pen8ion 8chem 374 223 During the yegr 18 12019., 141 h$her paid emp￿0￿•9 Participated in Ihe teacheT8' pension Scheme and 8 12019., 61 higher paid ernpbp•8 participaled in a defined Contribut￿)n p8nslon scheme. The following amount was pald lo key management perBonnel who are defin9d as being the schcol'B Senior Le￿lerShip Team, 13 $tsff12019'. 12 slaffj.. 2020 £'ooo 2019 £'otM) Total remuneratlon 1,534 1,225 There We￿ S 12019.. 5} membeTS of th& S6nior LeBd8rship Te8m who were provided with renl-free accommodatN)n in order lo enablg tham to undertake specific duties * thè Sch￿1. Pege 25 Caterham School NOTES TO THE FINANCIAL STATEMENTS lor the ygar gndod 31 Augu8t 2020 7 PAYMENTS TO TRUSTEES No Tw8188, Dr person wth 8 f8rn11y or b￿1￿88 conneclon wlh a Tru8tee, receNed r8mun8ration in yoar, dirtctly tsr Indi￿1￿, Irom tho School. No Twslo8812019". one Trusts81 receNgd gxF4n$g roimbummonts during year12019.' £1001. ANALYSIS OF TOTAL RESOURCES EXPENDEO D•prKl•tlon and co•t• •mortl••tlon rooo £'ooo lat•d 2019 Total ¢o•t• 61 pooo 2020 Total Costs ofgen6rallrtg funds Tradir4 oxpèns•8 Inve8tmgnt mona9￿￿￿1 r 1S3 193 22 210 28 175 Ch8rlteble acti￿1th.. EduGOtlon costs C8tsIno Premiaès ind Admlnl8lrallon m4rkots.ng Bonk Int¢r8St payab Oiher cosli Bad d•bl provi8ion 0gpred¥llon and •mortlioOon Governance co8ts 10,683 1.9M 1,318 1,967 32 423 803 12.667 1,319 3,180 1,988 11,948 1,657 2,990 1,992 927 1,203 1,336 803 837 1031 19 919 SchDc4B OF4raling eoit• 13,608 7,103 944 21,666 21,325 Tot•1 re•ourcei exF¢nd 13,648 7,271 21.870 21,517 Page 26 Caterham School NOTES TO THE FINANCIAL STATEMENTS for tho year and￿ 31 August 2020 ANALYSIS OF TOTAL RESOURCES EXPENDED {CONTINUEDI sta D8pfeciBtKn •nd r•slaled ¢oBts Other 2019 2018 (note 61 costs aMOr*'￿t￿lrt Tol81 £'ooo Total £'o Co81$ ofgener81ing fvnds TrAdlng •xpen•e8 InvgJlrn8nt m8nagementf 128 166 28 192 153 25 178 1S4 c1￿18b16 6ctivll*3.' Educatlon costs Celeriny Premlses an(J SeTr1￿* Min￿trA￿en Mjrkellng Bank Int•reit payab Other costl Bad debt prowlion Depreciallon and amor￿s4￿C GovtmAnc• eo8t8 9,707 2,241 1,654 1,873 537 537 837 11,948 1.857 2,990 1,992 11,109 1,610 3,028 2,083 1,455 637 632 671 39 1.129 35 19 19 919 919 36 Schooli operating costs 919 21,325 21.143 Total mourc•• •ypende•a 12,710 7,423 919 21,517 The notè abov• ha8 b••n ml•t•J to trlp expendllur• Ipr•vbu•ty Mtted off aggln81 InCc￿e). The piyrnènth mad• und•r operallro igB6e6 durfrfj the y88rwéro £NIL12019'. £NILI In reBp8cI of IAnd and trwlldlwl and £350,00012019. £351.OCK>I In rg•pecl ol plant 8nd 8quipment. Total rnsourc•8 •yp•nd&J Ind￿•.. Group 2020 Group 2019 School 2020 Sehool 2019 Audilofs remungr¥lion DÉpr•o8ts'on. - Tarolble frx8d aB88t8. trwnod Operating lease renta18 36 29 30 019 351 350 P8gè 27 Caterham School NOTES TO THE FINANCIAL STATEMENTS for the year endèd 31 August 2020 TANGIBLE FIXED ASSETS Tangible FIX￿ ￿•¢￿ . Group and School Fr••hold land and bulldlng8 rooo Flthrn• •nd Iltting8 rooo Computsr oqulpm•nt £'ooo hlcles £'ooo Total £'ooo C￿t As at 1 September 2019 Additions tn year DIspo8als 48,149 254 1,232 190 25 78 51.157 318 1,769 781 910 A• at 31 Auqu•t 2020 48.403 328 137 49.706 D•pr•cbatlon As al 1 Sepl&mb•r 2019 Charye lor year DIsP06818 10,311 882 1,495 35 781 1.205 29 910 162 18 78 13,173 1,769 A• •t 31 Augu•t 2020 11.173 324 102 12,348 N•t book amount A• •t 31 Augu•t 2020 89 315 Net book 8mounl A$ 4131 AuguBI 2019 37 838 91 27 28 37,984 I langSbl• fixed 988et8 were uS￿A f¢x charitable purposes. Poge 28 Caterham School NOTES TO THE FINANCIAL STATEMENTS for the year end8d 31 August 2020 10 INVESTMENT PROPERTY During the year ended 31 August 2010. the Tru$lee$ deodad to dispose of all the Endowment Fund investments and to use the rele888d amounts for the construction of a new blorth ol staff fiats on a freeh￿d $il• belonging to lh¢ Endowmènt Fund. Expendrture of £393,C￿0 was incurred on this Con81N¥#i￿, which w88 completed in October 2010. A professional valuation of the building was obtained in 2015, whlch Indicated an open market valuation of £750,(XJO. The property was revalued 8t Ihis arnounl In the School's books. prod￿ing a ￿valUatiOn surplus of £310,CAI0. Thi8 valuat*Jn will be taken I0￿9rd as deerned co81 In future ￿8[9. Tha investment property is held within th8 permanent EndowmBnt FuThd. 11 FIXED ASSET INVESTMENTS . Group and S¢hool 2020 2019 Investments comprise.. UK Fixed Intore81 Over8ea8 Fixod Inlorest Equili¢s and Unll Trust8 781 778 161 2,717 3,656 2,803 Short Temi Dop08ils Group Total InNMtrn•nt• 20 3,063 3,704 Common Inve¥Jtment Ll•t•d lund• and Irw••thi&nt• unlt tru•t• £'ooo 2020 rotal tOOD 2019 Totgl £'C4JO Ca•h £'ooo Mark81 Value.. Balanc& r￿ught fon¥ard Additions Di8PO8818 Other cash movemgn18 Unrealwd galtVllo881 Re8118ed g81n1{I￿) 967 191 3,704 3.569 231 12681 291 1480) 14801 1281 119} 196} 1281 144 1961 25 178 1141 8al•nc• carrled fomard 20 3,563 3.704 Llsted Inve8lment8 are 8181gd at their rnld-markel value 81 th8 balance sheet dale. If the Snveslments had not been rev81ued, Ihey would have been Includod on the higtorical COBI b8818 al the following amounl3', Cornmon Inve8tm•nt Ll8tod lund8 and InvMtm•nt• unSt trust8 rooo £'ooo Cost arnounl 8131 August 2020 1,849 1.074 Cost arnounl al 31 August 2019 1,840 Page 29 Caterham School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2020 11 FIXED ASSET INVESTMENTS (Continued) Group 2020 Group 2019 School 2020 Sd)¢)ol 2019 Intere81 in 8ub5idiary uTrJert8king& 102 102 Total 102 102 At 31 AL¢gusI 2020. tho School held more than 20% of the lollcwing undertakingB'. Cla•• of •hore ¢•plt•l h•ld Proporllon h•ld Nathr• ol bu•lne Coterham School Trading ￿'MIled Compony number- 0247e019 Ordlnary £1 1C(J% Sch￿1 8hop ProV￿￿1n9 8ducAtiong1 88N1￿& worldwldg Calerham Sthool Intemalional Lim(ted Company number- 11897124 Ordinary £1 1￿)% Llmiled by Guarantee C8lerh8m Scttool Enterpr18eB Llmil•d Company number- 0429£e87 Domiant The tru8lee8 con8ider that the market v8lue of thg Invgslmont in tho non charitable 8ubsidiary und8rt8klng8 1$ not S￿nifiCantlY diffe￿nI from th8 co81. Page 30 Caterham School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2020 11 FIXED ASSET INVESTMENTS (Continuod) BALANCE SHEET CATERHAM SCHOOL TRADING LIMITED AS AT 30 AUGUST 2020 2020 2019 CURRENT ASSETS Sl¢xk Debtors Cgsh at bank 92,90B 107, 77.875 58.478 170.783 188,384 CREDITORS.. Amounts falling due wtthln year 1181,9561 (152,6901 NET CURRENT ASSETS 18,827 13,694 TOTAL ASSET8 LESS CURRENT LIABILITIE8 18,027 13,694 CREDITORS: Amount• f•lllng due In morn than on• y••r NET LIABILITIES 18.827 13,894 CAPITAL AND RESERVES Share CBpiial Profit and1088 aco)unt 18.82S 13,692 gHAREHOLDERS' FUNDS 18,827 13,894 PROFIT& LOSS ACCOUNT 2020 2019 TOTAL INCOME 177,029 191,057 TOTAL EXPENDITURE 171,896 177,7C NET PROFIT 5,133 13,351 Page 31 Caterham School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2020 11 FIXED ASSET INVESTMENTS Icontlnuedl BALANCE SHEET CATERHAM SCH¢)OL INTERNATIONAL LIMITED AS AT 30 AUGUST 2020 2020 CURRENT ASSETS Debtors 3.196 69.040 Cash at bank 72.226 CREDITORS.. Amounts f¥lllng dug within one year NET CURRENT A88ET8 72,236 TOTAL ASSETS LESS CURRENT LIABIUTIES 72.236 CREDITORS.. Amount• f•lllng du• In more than one yfjar NET LIABILITIES 72,236 CAPITAL AND RESERVES Share c8Prtal Profrt and loss account 100 72.136 SHAREHOLDERS, FUNDS 72.236 PROFIT & LOSS ACCOUNT 2020 TOTAL INCOME 100,000 TOTAL EXPENDITURE 27,864 NET PROFIT 72,136 Al 31 August 2020 the agg￿gate capital and reserves of Calerham School Enterprises Limited w8$ £11,556 defici(12019.' £11,556 def￿rt} and the profrtAoss for the financial year ended on that dale was £NIL12019.' £NILI. Pagg 32 Caterham School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2020 12 STOCK Group 2020 £'ooo Group 2019 School 2020 £'ooo School 2019 £'ooo Goods for resale Other 81ock 93 107 10 10 93 10 13 DEBTORS Group 2020 £'ooo Group 2019 S¢hool 2020 £'ooo School 2019 Trade d8btor8 Amount due from 8ub8idlarl&s Other dèbtors Prep8yrnents and wued Income 118 76 118 152 144 568 76 143 119 459 144 119 459 830 882 797 14 CREDITORS: du• wlthln on• y••r re8tatod Group 2019 £'ooo re$laled S¢hDJl 2019 £'ooo Group 2020 £'ooo 8chool 2020 £'ooo Bank loan Fee depoBi18 Deferred Income Amount due to Sub￿dian¥S Trade credSlor8 ScKS816ecurily and othar taxation Other credllorB an¢J 8c£ruals I,ooo 484 3,721 1,000 3,758 3,715 3,758 570 312 617 528 054 312 614 878 871 8,458 8,429 15 CREDITORS: du• aftor ono y•ar rostatod Group 2019 £'ooo re81aled School 2019 £'ooo Group 2020 £'ooo School 2020 É'ooo Fee deposits Bank loan Financial instrument derivalNe- hedging Instwrnenls 2,457 21,333 2,457 21.333 22,333 22,333 2,415 2,217 2,415 2,217 26,205 26,866 28,205 26,886 The HSBC loan was fu £25.000.000 al the ￿rtset on 21 December 2017 and is repayablè Liver 25 ye8r8 In monthly inslalmentg of £83,333. An inlerest rate hedge h38 been pul in placè whth has the effeci of fixing the interest rate at 3.SYo for 12.5 ye8rs and then cap8 the interest rate at 3.5QA for the remainirvJ 12.5 yeaTS of the108n. The loan is secured by a legal ¢h8rge over the School's site, induding the woodland bul excludiNJ the endwmènt properts'es. Page 33 Caterharn School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2020 16 CREDITORS.. dup after one year IC¢ntlnuodl Loan8. Group and School 2020 rooo 1.000 3,000 17.333 2019 £,￿0 1.000 3,000 18,333 Amounts du• 1- 2 years.. Amounts due 2- 5 years. Amounts duo more than 5 yeafs.. 22,333 18 FEE DEPOSITS Al the end of the year, the deposrts held on occnunl were split as fdlow$'. 2020 £'ooo 484 1,689 768 2019 £'ocx) 501 1.431 Amoun18 due 1- 2 yo8r$'. Amoun18 2 - 5 ye8r8'. Amounls mor• Ihgn 5 Y￿r8.. 2.941 2,336 17 FINANCIAL INSTRUMENTS Group 2020 £'ooo Group 2019 £'oco 8¢hool 2020 £'ooo Sthe￿I 2019 £'coo Financial a8sel8 meawred at falr v8lu• through SOFA 3.583 3,704 3,704 Flnancial 888818 mgaBured al amortised C08l 10,053 Financlal 1labl1llh￿ measured al amorti89d ojst 24.¢J04 25,026 24,997 Flnancial liabilities measured al falr value through a hedging 8ervl 2,217 Financial 86sets meaBured al amort18ed cost comprise ca8h, trade and otheT receivab188. They exdude wepaymenls. Financial l￿bIlItieS measured at 8mrtised co81 ￿MPrisO trade And other payable8, acc￿81$ and dgfgrr8d Income. Th8y exdude Bocial 8ecurily and other taxes. P8ge 34 Caterham School NOTES TO THE FINANCIAL STATEMENTS for the yaar ended 31 August 2020 18 ANALYSIS OF NET ASSETS BETWEEN FUNDS RMtrlcted burn8ry Endowm•nt Con801idatlng funds fund adju•trnent £'ooo £'ooo £'ooo Unrestricted ReBtrict8d funds fund¥ £'ooo rooo 2020 Total rooo Tangible fixed assets Investment Property Investments Current a3sel8 currenl118blllll8S Credilors.. over one year 36,430 37.358 750 3.563 12.405 16.7041 750 2,672 891 127 11,￿7 {6,7041 1158) 126,2051 158 26.206 Total net gssets 15,488 1,018 1,520 21.187 Rostrlcted bursary En(lowmenl Consolidating lunds fvnd adju8tm&nl £'o r￿0 Unre8lricl8d Re8trfded fund8 funds £'ooo 2019 Total £'ooo TangitAe flxed a88et8 Inve8lrnenl Proporty Inve8lrnenl8 Curr8nl 86Bet8 Current liabililies Creditors.. over one year 37,033 37.984 750 3.704 10,829 18,7941 750 2.802 442 10.087 18,794) 11881 24.550 24,550 Total nel a88el8 13,776 3,244 1.513 19,723 Page 35 Caterham School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2020 18.1 RESTRICTED FUNDS Jq Augu•t 2020 £'ooo Soptembor In¢oming 2019 Resourc08 Expgndlturn £'ooo £'ooo £'ooo Gain•1 11088•81 rooo Trnn81wr £'ooo Unbversly stholarship Scftr)18rshlp and prize8 ma1￿ H Hall Morgan Arthur D Jones Industrial gifts and music scholarships Other schol8r8hSp fuThJ8 and donations Mr S Bonarje8 Legacy Eynon Beque81 372 364 248 228 (21 (21 121 IT) 1131 1121 {gi 181 361 11 234 216 110) 537 17 131 123) 118) 510 10} 15) 101 191 1411 (1101 253 1.176 37 16} 11n (91 1771 1,157 3.183 3,078 Caterham Schod Buf8ary Funds Parents A28￿8t10n 1,190 61 18} 27 12871 151 1,018 63 29 Total r9Btricted fund8 4,434 114 4,159 A11 S•ptembgr Incoming 2018 Re8(￿rceS Expenditure £'ooo £'o A131 August 2019 Galnsl 11088e81 £'ooo Transfer £'o University 8tholarship Scholgr8hlp and prizes Major H Hall Morgan Arthur D Jone8 Induslriel gift8 and mu8lC 8chol8r8hip8 Other 8chol8r8hip fuThJ8 and donation6 Mr S 8on8ryee Legacy Eynon Bequ681 1401 1351 1381 1611 372 388 277 280 121 121 121 228 577 131 1591 18 537 142 313 1.158 11421 1701 11n 14621 121 171 1191 253 1,178 33 3,530 100 3.183 C8lerham scho￿ Bursary Funds Parents A8sorAalic 153 171 16 1781 1,19) 61 Total restricted lun¢J8 4.593 1421 15401 4.434 Page 36 Caterham School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2020 18.1 RESTRICTED FUNDS Iconunuedl These funds h8va b8gn donated over 8 nurnbar of years, the caprtal sum has been invested and income 1$ utilis8d to gNe prizes and schol8r6hips and bur5arie8 lo pupils who attend Caterham Sch)ol. The university scholarships lurKI IB made up of 12 tequeBls #nd provide$ SUFVOrt to Caterham School pu￿.18 continuing thèir studies at university The scholarships and prizes fund comprises 35 donations and bequests. It provide8 8UPPOrt for prize8. rnusic and books, ministarial ￿holarshIpS and travel and language Study. The Major Hall Morg8n legacy is used lor sthobrÈhips and sports coaching. The industrfal gnd rnusic gifts fund 18 U8ed lo fund mu* ond gener81 Btudy 8cholarshlps. The 8onari88 lega￿ WA8 recelved in 2005 and funds general bur88rles. The Arthur O Jones award 18 U8od lo provide 6cholarBhip8 on merrt for Ihg 8on8 ol parent8 who could not othe￿i￿e afford 10 8eThJ them to the School. Pfeferenca 18 given lo th8 chlldlchlldran of Old Caterh&mi8n8. The general gifts donation8 fund ¢ompri8e8 a numbèr ol Indhldual donatlon8 for un8pecS1ied a￿￿e3. The Eynon t¢que81 fund8 8cholarBhip8 and bur89TKgS lor children of Old Caterhgmian8. Th• Old Cal•rham School bursary fund w83 established Io a8818t the children ol MSn1818rB. The Iren8fomialMJnal bursary fund w88 6el up In 2019120. The fund is lo provSd8 buf8orle8 10 8 number ol pu￿.18 who would not otherw169 be abl8 lo afford lo allend Ihg School. The con81ilulion of the Par8nt8' AsBorAation ch8nged during the 2017118 acad8mic y88r Jnd tho Pgren18 A880clallon funds are now a re3tricled fund within Ihp School. Ourlng Ihg y•ar a transfer amounllng lo £344.00012019.. £540,(￿0) w48 rn8d8 to unre8lrlcted fvnds. T Ir8nsler covers the 8mount expended in prfor year8 from unre8tricted fundB on activi1198 for whlch restricted lund8 were ¢y￿ated. 18.2 UNRESTRICTEO FUNDS 2020 £'ooo 2019 £'ooo Al I Sgptgmber 2019 13.n8 12,848 Incomlng Resource8 EX￿ndrtUré Reduction in faSr value of hedging in8trumenl Trgn¥fw Iromlllol reslricted fundB 23,391 23.325 121,79S1 120,9861 11981 11.9211 314 510 At 31 August 2020 15.488 13,776 Page 37 Caterham School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2020 18.3 ENDOWMENT FUND The erKlowm8nt fund is established to provide and maintain Calerham School for the provision of education for the children of Mini81ers. 8nd the other children, in yccordane£ with the objectives and prlnaples for which th6 8¢hLx)I was founded. 2020 rooo 2019 rooo Al 1 September 2019 1.513 1.506 Expenditure Transfer tollfroml unre81rlctad funds {231 1231 30 Al 31 August 2020 Following the salo oflgnd in Harestone Hill in 1973, il wa8 nec&ssary lo make an ts)v&stment which woul¢J replBce £82,OCQ ol capital over th• •nsulng 30 years. Accordingly, by arrangernenl wfth the Chority CornmiBsioners, m¢)nies havg been invested lo pur¢h88e a 5% Treasury Loan in 2009 and 8ubBequent incorne ari8ing Irom this PUTchaBe 18 belng Invèst8d in the same way 88 rt becom98 avail8￿￿. The Chgrily Commission have rDnllrmed that no further investments aro reqUI￿d under thi8 scheme. 1,S20 1,513 Followbng 8818 by th8 Endowment Fund of th8 fr88hold land and buildln98 In 1995, under a Scheme opproved by the Charity Commls8ion8rs il wa8 agreed lo make 8 9r9nl of £1,500,0￿ lequlvelant lo the sale proc8ed51 lo Calèrham School. The scheme requi￿$ Ihat the samè amount b• recKJuped Irorn Calerham School, over o period of 50 years. by the School maklng annu81 p8ym8nts of £30,OCK) lo lh• End¢)wmenl Fund. These yearly omounts aro to be invts81ed as pefman8nl endowrnenl8 ol the S¢hool. Under Ihese scherneg, th8 bng term investmenlB for the Endowment Fund would be expected to hav• minimum v81ua of £812.000 by 31 Augu81201912019'. £782,000). During the year end8d 31 Augu81 2010, the Trustee8 decided lo d18p0￿ of 811 the Endowment Fund nve8tments gnd to use the released amounts lor the con81ructs.on of 8 new bl¢xk of staff flat$ on o freehold $￿e belonglng lo th6 Endowmgnt Fund. Expendiluffj 01 £393,000 wa8 incurred on Ihls con$trLLtion, whi¢h was complelgd in October 2010. 19 RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH INFLOW FROM OPERATIONS 2020 £'ooo 2019 £'ooo Nel Incom& for Ihg yeor188 per Slalemenl ol FInar￿[gI Activltie81 Adju¥tment for-. Depredallon thafges Change in Igir value ol hedging Instrun￿￿t RevalualKJn IgainlAo$8 on investment property Revaluation and disposal Igainlllos8 Ofl Inve8tm•nt8 DivideNd3 r8e£ived Ilncrea5elldecJè888 in 6t￿k Ilncre8seyd•cr88se in debtors Incre85el{decreas81 in creditors Inlere61 r8ceiv&d Interest on loans 776 919 1,921 198 143 {1721 {1341 24 11761 367 1381 803 138 1181 837 Poge 38 Caterham School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2020 19 RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH INFLOW FROM OPEIIATIONS ICONTINUEDI ANALYSIS OF CHANGES IN NET DEBT Asa11 September 2019 Oth8r non- cash chanoe8 Cash flow8 ABat31 August 2020 Cash and cash equlvalents Cash Cash equivalent8 9,858 1.624 11.482 9,858 1,624 11,462 8orrowlng• Debt due wrthin one year Debt due aftor one ye8r 16,4581 24,6691 131.1271 12461 879 633 {6.704) 123.7901 130,4941 Totsl 121.2891 2,257 119,012 20 PENSION SCHEMES The School participates in the Te8chers' Pension Scheme I'the TPS I for 118 te8ching staff. The pen8ion charge for the year in¢lud88 contribulions payable lo the TPS of £1,493,00012019.. £989.0001, at the year- end £178,OCI) {2019 . £NILI was accrued in respect of Contribut￿)nS into the 8cheme. The TPS is an unfunded mulii-employer defined benefits pension scheme governed by The Teacher8. Pensions Regulation8 2010 las amended) and The Teachers, Pen8K)n Scheme Regulations 2014 la8 amendadl. Member8 contribute on o'pay as you go bas￿ with Gonlribulions from members and the employer being credited to the Exchequer. Retirement and other pension tenefitJ aro paid by public funds provided by Parliament. The employer contribution rale is 8et by the Secretary of State following scheme valuations undertaken by the Government Actuary's Department. The most Tecent 8cluarial valuation of the TPS wa8 prepared as al 31 March 2016 gn¢J the Valuation Report, which wa5 published in March 2019, confirmed that the employer onlfibuli¢)n rate lor the TPS would increa¥e from 16.4Qkn to 23.6% from 1 September 2019. Employers a al80 required lo pay a schgmo adminislralion levy of 0.08% giving a total employer contribution rale of The 31 March 2016 Valuation Report was prepared in accordance wllh the benefi15 sel oul in the seheme ulalions 8nd under the approach 8pecified in the DI￿¢t10n8, they applied al 5 March 2019. However, the assumplvJns were considered and set by the Department for Education prior lo the ruliThJ in the 'M¢CloudlSargeanl case.. This case has required the courts to consider cases regarding the implem8nlalion of the 2015 reforms lo Public Service Pensions Including the Teachers, PensK)n$. On 27 June 2019 the Supreme Court denied the Government permission 10 8ppeal the Court of Appeal's judgment that Iransilional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawtul age discrimination. The Government is respecting the Court's decision and has said it will engage fully with the Employrnenl Tribunal as well as employer and member represenlalives to agree how the discriminations will be remedied. A consuttalion was launched by the government on 16 Juty 2020, and closed to responses on 11 October 2020. Page 39 Caterham School NOTES TO THE FINANCIAL STATEMENTS for the year ènded 31 August 2020 20 PENSION SCHEMES (CONTINUED} The TPS i8 subject to a ccsl ¢8p ￿ch9n18M which was pul in placè lo wolect taxpayers against unforeseen ¢honges in scheme costs. The Chief Secretary to the Treasury. having, in 2018 announce