Financial Statements Caterham School (a company limited by guarantee) For the yoar onded 31 August 2021 Company No. 5410420 Charity registration No. 1109508 Cate¥ham School Flnanclal stat•ment¥ for the y•ar onded 31 August 2021 Legal and administrative information Trustees The Trustees in office duting the year or since the year end are 58t out below. Trustees served throughout the year, except whore indicat8d. l R M Edwards - Chairman Rev B Banks {appointed 17 December 20201 C Bouttle O Byme S R Crilchley Mrs A Fletcher Ms D Grima8on M Mear Ms M Shah M Smith E Tum8y Irèslgned 31 March 2021) Mrs M Whènman Mrs S M Whittle {re81gned 23 January 20211 A Wilson {resigned 31 August 20211 Trust888 are ten to fourteen In number. On r8commendatlon from Its Nomlnations Cornmittoe, the Board of Trustees nomSnate8 Potentlal TTUStee8 to the Caterham Sch¢)ol Foundallon which 8ppoSnts Trustees. One such Trustee must be nomlnated by or under the authorily of the General Assembly of Ihe United Ref0m￿d Church. Offlc•r• Headmaster Head of Prep School Bur58r and Company Secretary C W Jones MA (Cant8b), MEd B Purklss Bsc Mrs A D Higgs Bsc FCA Pago 1 C•tgrham School Flnanclwl $tat•ments for thg year •nd?d 31 AUg￿t 2021 Legal and administrative information R•gl¥t•r•d ofll¢•: Caterham School Harestone Valley Road Caletham Surrey CR3 6YA PYln¢lp•l advl••r•z Bank•r•: HSBC Bank plc London National Westrninster Bank Calerham Audlton Moore Kingston Smlth LLP Devonshlre House 60 Goswell Road London EC1 M 7AD Soll¢ltor•i Trowers and Hamlins London Vealg Wasborough Vlzards Bristol Bird & Blrd London DMH Stallard Crawley Inv••tm•nt •dvl••r•: Brewln Dolphin London Comp•Thy numb•r. 5410420 Ch•rlty r•gl•tr*tlon numb•r. 1109508 Website: w.caleThamschool.co.uk Page 2 C•torham School Iritt•n¢l•l *t•t•m•nts lor th• yoar •nd•d 31 AugU•t 2021 Index PAGE R•p•rt of Ih• Tn•BI••• 4-16 R•port ol th• Ind•p•nd•nt •udltor 17-20 8t•t•m•nl ￿ flnanclal •¢tl¥lll•• Inco￿o￿lIft• Incom• •nd •xp•ndllur• •¢¢•unl 21 B•l•nc• •h••t 22 Ca•h Ilow •t•l•m•nt 23 Prln¢lp•l •¢¢•unl&ry pollcl•• 24-26 Nolm to th• fifi*n¢l•l •t•t•m•nts 2745 Page 3 C•terham School Flnv4n¢lg18tattrment8 for Ihg y•ar 31 Atsgkn¥t 2021 Report of the Trustees The Trustees presènt th81r report together with financial statements for the y8ar ended 31 August 2021. stYu¢tur•i gov•rnanc• and manag•ment Con•titutlon, obJ•¢tiv•• a•hd pollcl•s Caterham School Is registered with th6 Charty Commission Icharfty no.. 11095081. The Calerham •ochool Endowment Fund, the CAterham School BuwkTary Fund and tho Calorham School Prize Fund share the same charity number and are registe￿d as'linked charities" with the Charity Commission. Cat8rham School is administered and managed in accordance with the Caterham School Artlcles of Association, whlGh have been approved by the Charity Commission, and the Caletham School Endowmenl Fund Is admlnlstered in accordance with a Charity Commi$$ion Scheme dated 30 August 1995. The charllable company Is established to provkje and malntsin C8terh8m School for the provision of education for the children of Ministers and other Chiklren. AppolThtmffit of Tru•t••• Trustees, appointed as shown on Page 1, hold office for three years. Trustees are eligible for re-appolntment, subject to the conditions of Ihe Articles of Association of Caterham School. Changes to the Trusloo body duTing thc courso of the year ar8 8hown on Page 1. The training and inductlon of Truslees Is very much dependent upon thelr background and experience. Where necessary, induction provides tralning on Charitable, educatlonal, legal and financial matters. All new Trustees have vislted the School and have met staff and pupS1$. The School culture Is such that ad hoG visits Ibut see also Governance below) are encouraged with Trustees able to Walk into lessons without fomality and to be Snvolved by the teacher without dlsruption to th8 class in progress. They are provided with copies of policies, procedures, minutes, accounts, budgets, p18ns and othor documenls that they will need to undert8ke their roles and, where required, speclalist speakers, including memb8rs of staff, are brought into meetlngs to present changes and developments. Induction tends to be carrled out informally, is tailored to the specific needs of the individual and Includes s8minars run by the various organlsallon8 that exist to support and develop Trustees and governing bodies. Safeguardlng, Health & Safety, R8gulalory and Charity Law issues nomially feature prominently. Trustees indemnity insurance is provided as an integral part of the School's insurance pollcies. Oryanlsatlon and structure Gov•rn•n¢• of th• charltabl• comp•ny The Board held four ordlnary meetings to revlew the charitable company's financial and operational perfomiance and to approve the budget for the forthcoming year and an additional meetings due to the COMD-19 pandemic. The Finance & General Purposes Committee and olher sub-committee5 met separately as requiied durlng the year to recommend courses of action and make budgetary proposals to be pul to Trustees. The Annual Review of Page 4 Cat•rham School Flnanclal 5tat•m•nt8 lor th• ￿ar end•4131 Augu¥t 2021 Report of the Trustees Investments with the School's stockbroker took place on 28 September 2021 to consider the peiiod of this report. The Foundation mel in an Annual General Meeting on 23 January 2021 to re￿1ve Ihe statutory financial statements. note resignatlons, endorse appointments and hear the briefings of the Trustees. An additional meeting was held on 9 October 2020 al which the Headmaster and Prep Headmaster provided a full briefing on the School's performance in the prevlous year and on the impact ofthe pandemk. In pursuit of governan￿ best practlce, Trustees are 88k8d to SP8nd al least 8 full day per year In School, in addition to scheduled meetings. Guidance has been issued by the Headmaster as lo tho sort of activities lo be conducted by Trustees durlng th8ir visits. such as for example shadowing a pupll for a day. Trustees are asked to submlt a short report after each visit. drawing the Headmaster'5 attention to any concerns they might have and opportunities th8y think worthy of further conslderallon. Whilst some trustees were able to undertake thes8 vlsltS in the year, this wa8 re8lricled due to the pandemic. Trustee commhtees have been allocated agreed areas of responsibility and overslght of policies and all subcommittee tams of reference were revlewed during the year. The govemanc6 rnodel. Introduced in 2009, whereby the Trust88s of the Charity. the Dlrectors of the limited company and the Governors of the School are one and the same body (known collectively as 'the Trust88s'I has continued to work effectively for the good ol the School. Catarham School ha8 four wholly owned or wntrolled subsldlarie8, Calerham School Tradlng Llmlted, Calerham School Enterprises Llmlled, Calerham School Mrtual Limited and C81erham School International Llmited, Ourlng the year. the trustees of the WN Maddock Sc18nce Scho18rship Fund Ifomerly charity regislrallon number 1087246) agreed to donate the asset8 of the fund amounting lo £522,000, to be held 88 a r88trict&d fund within the school. Strateglc r•port R•vhw ol th• Y•ar Catorham School continues to provide an outstanding eduCat￿nal offering to day and boarding pupils from a growing catchment area, both wtthin the UK and oversea8. The number of appllcants to the SGhool continues lo grow and pupil numbers In the school have grown over recent years lo 968 pupils in th6 Senior School and 300 In the P￿p School. Demand for place$ continues to be extremely strong wlh significant competition for places at every entry stage. We are an increaslngly dNerse school allracting pupils of all backgrounds from independent and maintained primary schools. The school's success is underpinned by excellenl ￿SUIts, robust finances, Strong govemance and an outstandlng pupil exp8rience. We were also the only independenl school in the UK to be awarded the Wellbeing for Schools Award following a rigorous and Sn depth audit of our wellbeing programme and provlslon which runs from our pre-school to the senlor school. Wè continue to lead Ihe way in Digital and Innovation and were recentty once again awarded Apple Distinguished School slalus and remain an Apple Regional Training Cenlre supporting other schools and educational organisations to enhance the use of technologies in the classroom. In addition, we are increasingly recognised for our partnership work with the maintained sector- our sponsorship and support for the London Academy of Excellence remalns central to our mission 8TrJ we Pag6 5 C•tarham School VinattcSal #tat8ments for the year *ndad 31 August 2021 Report of the Trustees have also r￿entlY established the East Surrey Learning Partnership- a collaboration of local prim8ry and Secondary schools through which we support pupils, colleagues and parents. Another key strategic direction and development for the school th15 year has been the introduction of a Shadow Board - we are the only school in the UK lo have done thi5. The Shadow Board is a group of 10 alumni aged be￿een 18-30 of diverse backgrounds who help Inform and challenge board and management Ihlnking about school strategy and direction. The Shadow Board places diverse and relevant voices in the room when decSsion8 about pupil experienGe and fulure dirertion are taking place. The boardlng offer remains popular both Intemallonally and domestlcally. Our overseas boarders come at year 9 and 12 - geogr8phically we have strong markets in the Far East and a growing and ￿neWed interest from Russia. Our weekly trfjarding offer remains 8ttr8Ctlve lo families from wllhin an houi of the ￿h0o1 and it is he8rtening to see so many families now coming lo us from London Prep Schools that were not tradlUonally part of our calchm8nt area. Partnershlp work remains a key strateglc and op9rational alm ol the school. Our founders believed strongly In th8 power of the community lo Iransfom the lives of those around them and that Schools should operate meanlngfully in the contexts In which they are rooted. This view Is at the heart of our educational philosophy and we want our pupils to leave Ihls school with a profound sense of the power of communty and a strong sense of misslon. Our work in this area has grown significantly over the past year and through the pandemic. In addltlon to th8 fom)al partnerships we are part of {the London Academy of Excellence and King8ford Communlty School both in the London borough of Newharn, and the East Surrey Learnlng Partnershlpl through whlch colleague8 and puplls are able to engage meaningfully and purposefully with the world around them. we havo also worked hard to mitigate some of the Impacts of the pandemlc on the lrfe Chances of pupils in local schools. For example, we ran 'Laptops for Lockdown, scheme which helped bridge the dlgital dlvld8 In mainlalned prlmary schools and also provided free places on our Summer activty camps lo disadvantaged pupi18 from local prSmary schools. Our Transformational Bursary Fund- a campaign lo trèble the number of pupils in the school from disadvantaged backgrounds by 2024 - has already enabled 5 additional pupils to enter the school over the past year and we hav8 joined force8 Wlth Sprlngboard - a national charlly committed to placing children from the care system In Independent schools.. Our campaign is targeted al puplls from families wtth a household income on or around Ihe nallonal average and from families who may have no prevSous experience of Higher Education. This is a key part of our mission to wden access lo our 8chool and to create a diverse community. In addrtlon lo this, we continue to glve financlal support lo pupils who are from families that for a number of reasons find fees problematic- we call this 'assisled places,. Caterham staff remaln fully commttted to ensuTing Ihat, as an organisation, we conllnue to p18y a meaningful role in the world around us. Caterham teachers and pupils have delivered programmes of English, Maths and science lessons for pupi15 in the East Surrey Learnlng P8rtnership. These sessions tske place in local prfmary schools and here at Caterham- opening up our facilities to local schools r8mains a key objective. At the end of the summer. we hosted the East Surrey Learning Partnershlp primary schoo18 here at Caterham for activity days- many of the primary schools had been unable to do their nomal end of year OU￿ard bound trips so we hosted them here. Colleagues have also delivered staff training on the use of IT and Digital, wellbeing and leaming strategies to teachers wthin the Leaming Partnership and we have also hosted evenings for parents from within l¢)cal primary schools Page 6 Cat•rham School Financial stat8m&nt• for the year eD¢l¢d 31 Augu¥t 2021 Report of the Trustees focused on wellbeing and learning strategies. Many staff ¢ontribute Ihelr skllls, talents and time lo the active support of the Gommunity through teacher training, church work, b8ing academic examiners and ¢harity trustees and administrators. The purpose of the school remains focu88d on outstanding outcomes and experiences for all of our pupils based on a belief that pastoral care and wellbeing are fundamental building blocks for future success. We a￿ a school that promotes a strong sense of community, connectedness and diversity. and a school that believes education is about academic suGc8SS, anjoyment and the growih and development of the whole person. In addllion. we strongly promote the notion of innovation and creativity and encourage all of our puplls to be Gonfidenl and agile problem solvers who see opportunity in uncertainty. Our sport academies (hockey. swimming and netball) continue to provide outstandlng opportunitles for our own pupils bul also pupils from the local area lo develop their sportlng skllls and have access to high quality coaching and pathways through lo elile represenlallon. Our strong relallonship wllh and support for the Old Caterhamlan Sports Club at Hill Fields enables hundreds of young people and adults lo play rugby, cricket and lacrosse w88kty. These clubs are not restricted lo members of th& school and so are of a genuine benefit to the wider Caterham Community. Rosponse to Cov1￿19 and Lockdown Our bngstanding investment in and commltmenl to dlgital educatlon and innovatlon over the pr8vious seven years enabled the school to make a seamless transition to a fully virtual school overnlghl when required in January 2021. We were able to ensure that the educatlon of our pupils continue(l uninterrupted, that co-curricular breadth and engagemenl was malntalned and that the Structure and routine that enabled our familles to navlgate the di8orientlng Imp8Ct of lockdown was ever pre8ent. Our abllSty lo do this was not just based on the commonality of the Apple plafforms that all puplls and teachers use, or the skill levels of puplls and stsff in leaching and learning on digltal platfomis, but also on a shared culture and philosophy of educatlonal innovatlon and risk taking that has seen us thrlve in the current uncertainty. Throughout last year, our lesgons We￿ dellvered in a hybrid fashion to pupils physically in classrooms and to those who were self-lsolaling here In the UK or who remained abroad due to the pandemic. All work was set and marked electronically, end of year exams were sat and the year 11 and year 13 pupils who had exams cancelled benefitted from bespoke courses written by our teachers lo support transition either lo A level or to Unlversty. In addition. we contlnued lo connect the wlder Caterham School community through a series of virtual activities- quizzes, music recitals, group debates, webinars and virtual social events. We also ensured that we supported our local communfty and schools by donating laptops to local primary schools to help bridge the digital divide and training Stsft in those schools how to make best use of the lechnology. We also supported our local primary schools by h05ting key worker children from their gchools on our site during the holidays to help them save costs. As wlth many organisations and individuals. COVIC￿l9 had a $Sgnkficant financial impact on the School. However, through significant financial assistance from the School to those families most affected financially by the p8ndemic, we have managed to retain almost all our families. We are grateful for the generous donations to our COVID-19 hardship fund from our wider Page 7 Catèrham School Plnanclal statements for thè year •Nled 31 August 2021 Report of the Trustees community, which assisted us to provide this level of support. The costs of reopening the site have also been significant with the cost of both equipment and staff to facilitate soual distancing arKI enhanGed hygiene measures. Like all organisations, we had to adjust our in- year spending plans Including deferring capltal proJe¢ls and use strong financial cost control whllst mainlaining essential prevenlatlve maintenance of the sile. With the mgasures taken, we have weathered the financial impact 8ffectively and our finanGig1 position as a school remains strong, our forec8818 positive and our bankSng covenants were met. Mark•tlng And Admbsslon¥ The School continues to build upon its already strong reputation for outstanding results in hlghly ambitious and nurturlng environment. We are attracting an increasing number of hlgh achieving pupils In an environment whlch remains competitlve, and where parents are increasingly w811 Informed. Once again, we can report a record number of applications for day and boardlng places with boarding only limited by capacity. The School roll in the Senior School Is 968 pupils and th6 Prep School is at capacity of 300. Activity directed towards the London day and boarding markets has begun to bring aclive interest both directly from families and from prep school heads. Demand from the West Kent area remains strong and the School has successfully increased activlty In other geographical areas, includlng London, to avoid over rellance on one area. Thls demand 1$ evld8nt at ev8ry enty point, where the number of pupils applyin9 far exceeds the places avallable. Our ambrf(ion lo connect the wider school communty into a moTe vibrant, purposeful and strategically focu88d body 18 developing quickly. Catorhom Connccted has brought together the conslltuenl parts of the school under one umbrella - pupils {currenl and forn￿rI, parents Icurrenl and formerl. members of the London Academy of Excellen¢e and local residents are now connected in a way which provid8s a common sense of purpose with a focus on how the community can benefit th& educational outcomes and experiences of all our pupils. We have regular series of events lo which all elements of the Society are Invlled- most notably hugely successful Inslght evenings that we hold In London. Caterham Connected enables the wld8r Calerham famity lo access work experience, shadowing and mentoring, arKI provid88 professional n8￿rkIng for parents. A programme of agent Contact contlnues to support admlsslons from overseas boardlng pupi18 with the school meeting with prospective families and exhibltbng In mainland Chlna, Hong Kong and Moscow. Trustees Considered fees for 202￿2021 at their March 2020 meeting, and given the efflerglng Impact of the pandemlc agreed to keep fees al th8 2019-2020 level for the Autumn 2020 temi. An increase of 2.5010 was Implemented from January 2021. Given the ongoing uncertainty being faced by the School, the rise was considered the mlnimum necessary lo achieve the required surplus to meet the running costs of the School which haé been increased by the pandemic, provlde for future development and satisfy its bo￿oWIng obligations. Ongoing support was provided to parents most affected financially by the pandemi¢ through Cov1￿19 Hardshlp Awards provided by the School, wth the support of phllanthropic donation5. Termly fees from January 2021 were.. Pre-Prep School- Prep School.. £2,020 - £3,590 £4,655 - £5,330 P8ge 8 Cat•rham school Flnanel#l &t•teffl¢nts for lh• y•Ar ended 31 August 2021 Report of the Trustees Senior School (Dayl.. Senior School (Boarding).. £6,400- £6,705 £10,785- £13,245 edyc¥llonal Attalnm•nt The last academlc y8ar wltnessed strong results at both GCSE 8nd A level and places us as one of the top co-educallonal schools in the country. Crucially, these academlc outcomes enabled all Sixth Form leavers to access the unlversity courses and professional apprenticeships of thelr choosing wthoul the pandemic impedSng their progress. These results demonslrate a commitment to excellence and are, at A level, a pleasing improvement on the results of the previous year. GCSE Result$ 49% 92% 6.. 98% A Level Resutts A. _ A.. 83% In addltlon to public examlnatlon results, we have also had a number of Sixth Fonn puplls perform strongly in essay comp81itions al Cambridge Colleges. Communlty Outr•a£h *nd Pybll¢ 8•n•flt Over 400 puplls benefit from financial support awarded In the form of scholarships, bursarles and other awards, amountlng lo over 9.00/1 of fee Income12020'. 9.6 /01. The H8admast8r continues to examine ways In whlch to Increase the number of bursgries awarded to those puplls whose parents Othe￿Ase could not afft)rd th8 f88S. The Trustees confim that they have referred to the Charity Commission's guidance on Public Benefft wh8n reviewing the charitable company's aims and objectives and In planning fvlure aclivtties for the year. SclM>oI Partnershlps and Support The SchcK*l contlnues to provide support for the London Academy of ExGellence {LAEI stratford. This includes weekly delivery of MFL18sson5 with Mr Parker, largely online, building on th8 development of virtual links established during COVID-19 restrictions. These Ilnks have also allowed us to collaborate in preparing students for applications to Oxbridge and medicine. The Itfting of reslrfctSons allowed our first physical visit ft)r Some time. with the new L6 student8 of Caterham House LAE visiting for a day, 'buddying' with our L6, as part of their Induction programm6. The Headm8Ster sil8 on the governlng body of the LAE and Dan Gabrlele on the Education Committee. Emma Collings sits on the Development Committee. The United Access programme switched back to'physical, fomiat following a number of online events through the year. We held a 'graduation' for students. parents and guardians in Year Page 9 Caterh•m $ch•ol Flnan¢ial statÈmonts for the year end¢d 31 Augugt 2021 Report of the Trustees 13 at Caterham School in July. This was well attended following somewhat dwindllng attendance to online events. 13 of the original 18 ar8 progressing to University, including physics, MFL and a sports scholarship In the US. The remaind8r have also given us positIV8 feedback and have plans ranging from the Marines to the pollc8', we lost touch with only one of the original cohort from 4 years ago. During the JanuarylFebruary lockdown last year, we Successfully formed the Easl Surrey Learning Partnership IESLPI. This involves our four nearest prIma￿eS.. Sl John's, Furzefield, Audley and Hillcroft. We are looking to 8Xtend it to include the Seven schools of the Tandridge Lèarnlng Tru8t and wo have included Wadingham Secondary School in OLir nartnAr8hip aclivtties. Wrth the Itftlng of lockdown, we have been able to extend thè scope of activities, whilst retsining the advanlages of online Provision. Regular meetings wlth partner schools hav8 unlocked many opportunities. The fomallon of a Steering group.. we hold regular meetlngs to inform and coordinate partnership activities. Teacher CPD.. Last teThn we held an INSET event on 'Memory and Feedback, for primary partners onllne (Lead by Dr Averyl, attended by over 30 teachèrs. We held a thr88 pari codlng INSET, the basic tsvo levels were attended by 30+, thinnlng out as we progressed to the more advanced levels Imr Lang and Mr Lewis). These all regulled from conversations wllh our partners regarding need and usefulness, hence the high attendance. Dr Avery delivered a multl sesgion, whole school INSET for Wadingham School on 'Cognilive Load,. This was well received and the lessons have been Incorporated In their planning and 1986on observations. This triggered some coll8boratlon wSlh Mr Wells on 'coaching across school5'. We held four 'Ouldoor Days, in the summer for primary pupils lo make up for the outward bound type expèrionces Ihal had been ml888d due to COVID-19. We ho8t& 252 Year 68. 32 Year 11s and 128 volunteered for one or two weeks at schools in the summer. Thls Scheme included our local primary partners and 12 went lo Kingsford Communlty School In Newham. In the summer, we hosted a three day programme for 'First Gen, L6 students fr￿n Warlingham. based on 18ssons from our United Access programm8 around UCAS, graduate careers and inspirational leaming. This was a pilot with 12 students. and is project we will look to èxtend next year. This tern we have reformed the weekly drama group run by our L6 and Mrs Fahey, attended by pupils from St John's. Ms Rowllng has been running weekly MFL 8es8Dns at Audley Prlmary. For the first time we have run weekly Sessions In the school day with a class coming to Caterham for science (lead by Mr Tyldesley}, whilst concUr￿ntIY a leam of U6 have b8en leading a class in reading and discussing text at a Primary School Iled by Ms Hookway and Ms Hurton). This operates on a 4 week cycle with different classe5 in rotatlon starting with dasses from Furzefield. Both the science and English programmes have been devised in dlscussion with partners, rneeting natlonal urriculum and OFSTED targets. The U6 English providors underw8nt a tralnlng programme in our own Prep School organi$ed by Ms Stone. We continue to offer resource packs for higher order thinking and high maths attainers at prfmaries: we will be holding an event with Mrs Griffilhs at Caterham for these pupils before Christmas. 100 local primary pupils use our pool every week, we are looking to increase that number. Page 10 C•tèrham $Ghool Flnancl•l otatanwnt8 fo* th• y¢•r •ndod 31 Auyu8t 2021 Report of the Trustees Support has also been glven to Oxted and Warflngham Schools and ADA College in preparing students for applications to Oxbridge and medicine. Mrs Parker and Mrs Wallace give strategic support in Maths and Science to Sunnydown School, a special school for boys with communication and interaction difficulties. Clrfion Hill ISLD) pupils visit the 5choJl weekly for activities organised by our L6. 90 L6 have volunt8er8d for this programme. As the economic Impact of the lockdown btt. we found th8t local schools were uniquely pla to identify local famllles who w6re 8xperiencing difficulties. We worked wth thes8 schools to distribute £1,905 worth of supermarket vouchers and 72 recycled laptops and tablets donated by the Calerham School community. We offered free places at our summer activity camps for local familles In need. Caterham students volunte8red to phoné Oclogenarlan Old Cats Sn lockdown, thls proved very popular with everyone, and 80 we have kept the proJ8Ct runnlng this year. Fundralslng for charftable eauses Fundralslng within the student body was challenging In the last academlc year, but th8 U6 charity committee did their best. Online mufti days involving hgts, a video based Talent Show. and a socially distanced Ma¢Millan Coff88 morning provided levity and a sense of comrnunity In difficult times. Fundraising activhles were complemented with vldeo as88mblles supportlng the chosen charltles.. Young Minds and Lerang, wa Lunches. £6,500 was raised for these Mo causes. Volunteerlng We were unable to run our annual volunteerlng survey In February this year. Instead. we invited our puplls to join in us in celebrating thelr volunleerlng and fundraislng efforts durlng the year. 215 of our pupils reported that they were 9ngaged wth the community through the school or their ¢)wn initl8llve up to July. Members of staff act as governors or commlttee members for a variety of schools shown below." Jo Cole- Sl Peter5 C of E School, Henfield Emma Collings- LAE Development Committee Gemma Davies- Blenheim Hlgh. Epsom Dan Gabriole - LAE Education Commlttee Sarah Grlffiths- St John's Caterham Tony Fahey- Cllfton Hill (Vice Chalrl Lucie Funnell- Trust Board of th8 Tandridge Leaming Trust Ceri Jones- LAE. Banslead and Sevenoaks Preps Ben Purknss- Ide Hill Primary, Dunston House Prep Contlnulng Alms The charltable company provides day and boardlng education for male and female student8 btheen the ages of 3 and 18, aiming: to raise the stsndard of educational achievement of all students to ensure that every student enjoy5 the same high quality education In tems of re50ufGing, tuition and care Page11 C#t¢rhw School Flnancial $tatem•nts lor th• y•¥r ondgd 31 Aiigust 2021 Report of the Trustees to improve the effectiveness of the School by keeping th8 curriculum an(i organisational structure under conts'nual review to provide value for money for the funds expended to comply wSth all appropriate statutory and curriculum requirements to maintaln close links with further education institutions and the communtiy to conduct its business In accordance wlth the highe$l standards of integrty, probity and openness. The charitable company aims to maxlmSse Ihe numb8r of pupils that can be educated at the sch￿1, consl$lenl with r.IirrAnl phy8ir.Hl limit8 and the Goncept of containlng numbers to a total that both enables all puplls to be known by the staff and is consistent with the famlly atmosphere Ihat Is key to the School's success. Strategic plans will also consider judicious disposals and acqulsltions and additional enlerprfses (such as the development of educational lettingsl that will support this overall concept. Concurrently, we develop and equlp our staff, both tutorlal and support, with the tools and teChn￿UeS that enable pupils to be given Ihe best opportunities lo reach their full potential. To Ihis end. the rollout of tablet computers to every pupil in the Senior School is now complele. Again, this considerable Investment hSghlighls the School's delerminalion to harness technology lo best effecl and the use of tablets h8$ become a regular and popular feature of the classroom experlence. 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 alm lo deliver 21￿ century 8kills to all pupils. The charftable company wlll continue to 81rive to Improve the pèrfomiance of It8 Students al all levels and to SLlPPOrt thp fiirthAr pdur.ational and car88r development of Its studènts to &nsur8 optimum progress when Ihoy leave school. 8t•lllng The Trustees want to ensure that th8 School recrults and retalns the best teachlng and support staff 8nd sets salarles and other terms of ￿MUneration In order to 8chieve thls. Remuneration for key management is considered annually by the Honorary Treasurer and Chalrman. The School has an equal opwrtunities pollcy which encourages appllcatlons for employment from people from all ethnic backgrounds and from those wlth disabilitles and supports staff wlth both physical and mental health issues with ongoing employment and career development. In addillonal to weekly briefings and termly INSET, the School has staff consuftation committees for both leaching and support slaff which meet on a lemily basis. These committees receive informatlon on matters of concern to thern as employees and reports on the school's P8rfomian¢e and future plans. The wellbeing of staff is a high priority and is supported through the training of Mental Heallh Flrst Aiders, access to the School Counsellors and through a free confidential counselling helpline and 15 monRored through wellbelng suNeys Gompleled by teaching and support staff. Envlronm•nt The School tskes its environmental responsibilities seriousty and pursues a policy of minimislng Ils carbon footprint. A strategic group of senior staff. the Environmental Strategy Group, was established three years ago to ensure Ihat the School is doing all it can to promote sustainabilty and raise awareness about environmental issues. The group has continued to consider the environmental impact of the School's activf(ies and to deliver on short, medium and long temi plans. In addition, the School has a pupil-led Green Committee in the Senior School and an Eco-warriors Committee in the Prep School which feed into the stratsgic group. Pagg 12 Cat*rham School Fln#n¢ial statements for the yeur on(lod 31 August 2021 Report of the Trustees The School remains committed to doing all it can to reduce the impact it has on the environment. Our latest Environmentsl Report 'lmpacl' was issued in October 2021. Key projects undertaken overthe last year to support ourenvironmental strdtegy have Included ongoing programmes to replace light bulbs wth energy efficient LED bulbs within our buildings, replace old sin9le-glazed windows with double-glazed unlts and to install themiostatic radiator vafves for localised control. In addition, this year we have upgraded som8 of our floodlights to LED. installed a dewatering system within the catering facilities, installed water-saving toilets in the Prep School and installed a heat-retalnlng swimming pool cover.. thi8 cover Is anlicipaled to 5av8 120,(KJOkWFVyear. We have replaced a number of sile vehicl&s wilh electr￿ or hybdd models, Installed 8le¢tsic charglng polnts lor visltors and 51te vehicles and extended our transport 8ervlce to minimise the number of single Joumeys undertaken by parents. The School actNely promotes recycling across the site wth facllltles In place for recycllng pawr, cardboard, glass, plaslSc, cans, tlns. fluorescent Ilghl lubes and batteries. Food wa8te goe8 to a heat rewvery slation lo produce energy. Prep Sthool Chlldren also use thelr hol CoMF￿t bln dally for fruit peels and cores. Led by our Parents, Association, clothing has been reused or recycled through our Nearly New Unifomi shops, through Bags to School collections or through donations to charltles. The woods wntlnue to be an Important asset and part ofthe environmental strategy Is to creat8 a sustainable woodland. The woodsman's role is both to ensure that there is adequate management and regeneration ofthe anclenl woodland but also to enable and encourage both pupils and the local community lo better understand the value and importance of wood18nd areas and outdoor188rnSng more 9ener8lly. A slgnlficanl focus thls year has been the works needed to deal wth the exlen51ve spread of Ash Die Back within the woods In conlunction with the Forestry Commlsslon. The felllng work has created a significant amount of limber, Some of which is seasoned onsite and sold on as logs or as charcoal produced onsite, whilst further timber has been chipped and sent to the K8nl Renewable Power Energy Biomass Plant to generdle electricity. Whilst Ihls work Is undeNay, new Ilf8 has been brought to the woods through th8 intrOd￿tIon of threè ￿9h1Ve6 which are tended by 8taff and pupils. Under the SECR {Streamlined Energy and Carbon Reporting) guidelines, the School's energy usage and emlsslons for Ihe year ended 31 August 2021 were as shown below. 80th of the years covered have been affected by Ihe COVID-19 pandemic, with a reduction in use during lockdown periods where fewer pupils and staff were on site, and an increase in the u6e of healing lo keep classrooms temperatures comfortable whilst windows remain open for ventSaltion. The tab18 below shows the energy usage and emissions from gas and el8Ctrlcity. 2021 5,460.178 1,074 2020 5.352.794 1,052 Ene use In kwh Emissions in tonnes C02e The Emissions Intensity Ratio is calculated based on the popul8tion of the School including average staff numbers calculaled monthly across the year and average pupil numbers calculated temily. The total population of the school on this basis was 1,581 in 2021 (2020.. 1,553) resulting in an EIR of 691 kgC02elperson (2020.. 665 kgC02elpersonl. Page 13 Catafhthm School Flnanclal stat•m8nt8 lor thg ye¥r ￿￿#d 31 AugLlSt 2021 Report of the Trustees The figures above do not tske into account the impact of our managed woodland which would have absorbed an estimated 285 metric tonnes of carbon during the year. Envlronmental projects forthe 2021122 academlc year include the next phase of works on LED installations, both insSde buildings and on floodlights, and wndow replacements. In addltion, plans are underway to upgrade Ihe heatlng management System and to extend the area of photovoltsic solar panels on our Sports Cent￿ to increase the volume of green energy produced by the school. Iryndral•lng Durlng the year, Caterham School continued its fundraislng campalgn vlthln Its community (parents, alumni, par&nts of alumnl, staff and Foundation members) to raise fund8 for Tran8formalional Bursarias wlth the aim of raising the number ol major bursaries which can be awarded each year. The School Is registered with the Fundraising Regulator and ensures that all staff Involved in fundralslng are appropriately Iralned. Flnancl•l r•vl•w The results for the year continued lo be satisfactory. The lolal surplus amounted lo £4,677,000 {2020- £1,444,O¢JOI. The surplus on unregtricted funds (after Irangfers be￿a&n fLtndsl was P3,387,000 (?O?o £1.910,000}. The Endowmènt Fund increased in value by £277,0￿ {2020- £7,000). Transfers amounting to £204,000 were made from reSt￿cled funds to the unrestricted fund representing funds used in the year. A nel surplu5 of £68,000 relating to th8 school's Parents, Association was also held in 8 restricted lund at the year4nd12020 - £63,000). The surplus carried forward on all funds amounted lo £25,844,000 (2020- £21,167,000). The assots are held In pursuance of the Schoofs objectlves and the nel assets of unrestricted funds anv)unted to £18,798,000 12020 - £15,488,000). Restricted funds amounted to £5,172,00012020 - £4,159.0001 and a￿ held In investments and current assets, the income from whith will be utilised in future years for scholarships, bursaries and prizes. Endowmenl funds amounted to £1,797,00012020 - £1,520,000). R•••rv•• It is the policy of the tharitable company to use ils reserves to fund building and other development prolects. Additionally, the charitable wmpany maintains a cash balan￿ from year lo year to meet forthwming exponditure. Al 31 August 2021, the balanGe of cash at bank and in hand was £13,370.00012020- £11,482,000). Oolng conc•m On the ba515 of the School's performance, budgets and long tern forecasts. the trustees consider it appropriate to adopt the going concem basis for the financial statements. Page 14 Caterham School Financial statements for the year ended 31 August 2021 ## Report of the Trustees ## Future plans 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. ## Investment policy The Trustees pursue an investment policy achieving reasonable returns 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 provide future returns based on moderate risk investment. ## Funding 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. ## Connected charities There is a relationship between Caterham School and other charities as set out in Note 25. ## Risk management Trustees have formally identified and documented the major risks to which the charitable company is exposed. Those risks have been reviewed, both by the sub-committees of the Board including the Finance & General Purposes Committee 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 systems to minimise the risks are regularly reviewed and updated. Principal risk areas for the charitable company are the protection of pupils and employees, including from COVID-19, and compliance with the banking covenants. In order to facilitate the purchase of the school site 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 is not exposed to fluctuations in interest costs over the term of the loan. ## Trustees’ Responsibilities Statement The Trustees (who are also directors of Caterham School for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations. Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting 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 state 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. Page 15 C•t•rham School Vlnanclal •tatOlll¥nt¥ lor the yeaw •Ml8d 31 Au9U•t 2021 Report of the Trustees In preparing these flnancial statements, th8 trust8es are required lo.. select suitable accountlng policies and then apply them conslslently- observe the methods and principles in the Charities SORP., make judgments and accounting estlmates that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed, subjed to any material departures disclosed and explained in the financial statements. prepare the financlal statements on the going concem basls unless it is inappropriate to presume that th8 charitabl8 cnmDgbny wlll rnntiniifi in hiiRinft8A. The Tw$lee8 are re8ponslble for keeping gdgquate accountlng r8cords that are sufflcSent to show and explain the charitable company's transactions and disclose with reasonable accurdcy at any time the financial pos11ion of the o)mpany and enable them to ensure that the financial ststements comply wlth the Companies Act 2006. Th6y are also responsible for safeguardlng the assels of the ¢harilable cJ)mpany and hence for laklng reasonable steps for the prevenlSon and detection of fraud and other irregularitie8. The Tru8tee8 conflrm that in 80 far a8 each of the Iruslee8 Is aware., there is no relevant audlt information of which Ihe charitable Company'3 audltOT 13 unaware; and thft TniNIAes h54vfi taken all steps that they ought to have laken lo mako Ihomselvos aware of any relevant audll inform8tlon and to establlsh Ihat the 8udltor18 aware of that Infomialion. The Trustees are responslble for the malnlenance and Integrlty of the corporate and financial infomation included on the company's website. Leglslation in Ihe United Kingdom goveming thg preparation and dissemination of financial statements may dlffer from legislation in other lurlsdicllons. The Tru$lees' Report, incorporatlng a Strateglc R6POrt, was approved by the Board of Trustees, as the company dlrectors. on 9 December 2021 and signed on the Board's behalf. ON BEHALF OF THE TRUSTEES l R M Edwards Chairman Paga 16 C#terham Scl¥>ol Financial ¥tatements for th• yoar endeil 31 Augusl 2021 114DEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CATERHAM SCHOOL Oplnlon We have audited the financial statements of Caterham School (the'pa￿nl charitable company'l and ils subsidbaries Ithe 'group'l frjr the year ended 31 August 2021 vthieh comprise the Group Statement of Financial Activities, the Group Summary Incomfj and ExpendSlur8 Account, tho Group and Pargnl Charitablè Company B8lance Sheels, the Group Cash Flow Statem8nll and notes to the financial sl8temenls, including slgnlficant accounting policies. The finoncial reporting framework that has been applied In Ihelr prepar81ion is applicable law and United Kingdom Accounllng Standards, includlng Financial Rep(￿n9 Standard 102 The Financlal R8POrting Slandafd appli¢ablo In Iha UK and Republlc of Iraland (Unitèd Klngdom Generally Accepted Accounllng Practic81. In our oplnlon the flnanclal statements.. give a true and l¥lr vlew of the Stale of the group's and the parent chartt4ble company'8 affairs 88 at 31 August 2021 and of the group's incoming resources and application of resources. ncludlng ils income and axpenditurè. for the yeor then ended., have b88n prop8rfy prepared In ac¢ordance whh Unlled Klnodom Genorally AcceplwJ Accountlng Pr8cllce', and have been pr8parad In accord8n¢o ¥￿th the requlremenls of the Companle8 Act 2006. Ba•1• for oplnk•n We conduolgd our audit In accordance wblh Inlemalional Standards on Auditing IUKI IISASIUKII and applicable law. Our responsibilitieg under those 81andards 8re further described in the Audil0rf8 Responslbillllos for tho audll ol the financlal slalemen18 secllon of our report. We are Ind8p8nd8nl of the charitable company in accordanca with the elhic81 requirements that are relevant to our audil ol Ihg ffinancial s18lemenls In the UK. including the FRC'$ Elhical Slandard, gnd we have fulfilled our other ethlcal re8pon8lblllli88 In accordance wllh these requlrem8nls. We belleve that the aud51 evldence wè have oblalned is sufficlenl and approprfale to piovlde a basls lor our oplnlon. Concluslon• r•l•tlng t¢ going conc•rn In audlllng Ihg flnanclal stslemenls. we have concluded that the trusteeB' use of the going conc•m b8818 of accounting In the praparatlon of Ihe flnandal slalements is 8ppropri818. 885ed on the work we h8v8 parfomgd, we have not Idenllfied any material uncertainties rglating lo events or condltions that. Sndlvidually or cdlectlvely, may cast ￿gnIficant doubl on the group's and P8renl charitable company's ability lo contlnua as a golng Gon¢gm fc¢ a porlod of al18881 Iwelve month$ from when the financial slatemenls are authorfsad for issue. Our responslbllitles and the respon&blllll8s of th8 Irust88s wlth r•spect to golng concern are de8cribed In the relevant secllons of Ihls report. oth￿ Informatl¢n Th8 oth8r Inlom)allrm comprfses the Infomi8llon Includ8d in the annual report, other than the flnanc181 Ststemenls and our auditor's report thereon. The IrusteeB are responsible for the other information contained in Ihe annual report. Our oplnlon on Ihg fin8nci81 st81ements does not cover the other information and, 8xc8pl to lh& 8xlenl olhemise explicitly slated in our report, wo do r￿1 gxprgss any form of assurance concluslon thereon. Our rgsponsibility is lo Tead the other information and, in dolng so. consltjer whether the other informatlon is materially inconsi5tenl with the financial slatemants or our knowledge obtained in the course of the audll or olherwlse appears lo be materially misstated. If we identify such material Inconslslancl8s or apparent malerlal ml8Stalemenls, we are requirèd lo determi￿ whether there Is 8 Page 17 Cat•tham School Fimnclal stattsmonts lor tha year en(l¢d 31 Augwst 2021 materi81 ni$st8lemént in the financial stslemenls themselves. If. based on the work we have performed. we conclude that there is a material misslalgmenl of Ihis other informalbon, we are required to report that fact. W8 have nothing to report in th18 regard. Oplnlons on oth•r matt•rs pr•s¢rlb•d by tho Compan1•• Aet 2006 In our opinion, based on the work undertaken In the course of lh8 audit.. the information given In the strateglc report and the trustees. annual report for the flnancial year for whSch tha financlal statements are pr8par8d is consislenl with th& financial statamenls., and tho *lralogic roport and th8 truBt006' annual raport havo be•n pr•p•r•d in •¢cordance wth applicable legal iequiremenls. Matt•r• on whlGh w• ar• r•qulr•d to r•port by •xc•ptlon In the light ol the knowled98 and Llndorslanding of the group and p8r8nl charrtabla company and their anvironmenl oblaln8(I In the Coufse ol the audlt. we have not idenliflgd material mlsstal8m8nls In the Jlraleglc report or the Iru$tees' annu81 report. We have nolhlng lo rgport In r8$pecl of th8 followlng mallars where the Companies Act 2C4)6 requlre¥ IJ8 to report lo you il. In our opinlon.. the pargnl charitable company has nol k8Pt adequate and sufflclenl 8ccounUng records, or rolurns adequate for our audll havg nol been receivèd from branches not visited by us,. or the parent charflable company's finanaal slalemenls are not in 8gr8em8nt wtth the accounting records and r8lurns'. or certain disclosures of tru8tee8' rernuner4lion specffled by law are not made., or wo have not received all the Informatlon and explanations we requlre for our audlt. R••ponBlbllltle8 of trust• As explained more fulty In the trustees, responsibl1￿leS statement. thè Iru#tees (who are also the directors of the ch8d18ble company for the purposes of company lawl are responsible l¢x the preparation of the flnanclal stalemenls and for belng sallsnad (hal they give a true and lair view, 8nd lor such Internal conlrol as Iha trustees determine is necèssary lo enable the preparation of flnanclal stalem8nls that are freg from material mi88lalemenl, whether du8 lo fraud or error. In prep8ring th8 Ilnanc181 slalemenls. the Iruslees ar8 responsible for assessing the group and par8nl charitable company's ability lo continue as a going concern, disclosing, ag applicable, matter¥ related lo going conc8rn and using the going concern basls of accounting unless the Iruslees either Int8nd lo IigL+idale the group or paranl charitable company or to cease operat￿nS, or have no reall8tSc allemallve bul lo do so. Audbtor'• rn•pon•lbllltlo¥ for the *udlt of th• fin•n¢lal stst•m•nts Our obje¢lives ar8 to oblaln rea50nabl8 assurance about whether th8 financlal 8lalemenls as 8 whole are free from material misslalemenl, whether due to fraud or error, and to Issue an auditorfs report that Includes our opinlon. Reasonable assurance is a high18vel of assurance, bul is not a guarantee that an audil ¢onduct8d in accordance WTth ISAS IUKI will always delecl a m8t8rial mlsstat&menl when il exists. Mlsstat8ments can arise frorn fraud or error and are considered materlal if, Indlvidually or In aggregate, they could reasonably ba expected lo Influence Ihg economic decisions of usors lakgn on the basis of these financial slatemenls. As part of an a￿111 in 8c¢ordance wth ISAS (UK) we exercise prof8ssional ludgem8nl and maintsln professional scepllclsm throughout the audlt. We 81s0'. Page 18 Cateyham School Flnanelal st•t¢m¢nts for the year endod 31 August 2021 Identity and assess the risks of mBt8rial misststemenl ofthe financial slat&menls, whether due lo fraud or error, design and perform audit procodures ffjsponsive to those risks, and obtBin audll evidence that is sufficient and approprlale lo provlde a basis for our opinlon. The rlsk of nol d818Cting a malerial misslalemenl resulting from frau¢J is higher than for one resulting from error, as fraud may involve Collu￿on. forgery. intentional omisslons, misrepresenlalions, or tha override of internal control. Ob¢aSn an underslandlng of Intemal control relevant to th8 Budrt In order to design audit pr￿edUleS that arè appropriate In the circurnslances, bul not lor th8 purposes of expresslng an opinion on the eff¢¢liv¢ness ol the group and parent charitable company'8 internal control. Evaluate the appropriat8ness of accounting policies used and the reason8blen88s of 8ccounllno esllmates and relalod dI￿lOsure5 made by the trusleeB. Conclude on the appropTlatene$s of the twslees, u8è of the golng concem basls of accounllng and, based on the audit evidence obtained, whglh&r a mat8rlal uncertainly exSsls relatad to events or conéillons that may cast significant doubl on the group and parent charltable company's abillly lo continue as a golng concgm. If we Conclude that 8 malertal uncertainty exists, we are roqulred lo draw attentlon in our auditor'$ report lo the related dlsclosure8 in the flnancial slatemanls or, 11 such discl¢sur8s arè inadequate, lo m(xJify oui oplnion. Our concluslon$ are based on Ihe audit evidence obtained up to the dale of our auditor'8 report. owever, future events or condlllons may cause the group or parent Charltable company lo cease lo contlnug as a golng concern. Evalu8le th8 ovarall pr9S9ntallcn, structure and conlenl of the flnanclal slalemenls. Includlng the dlsclosuras, and whether the financial statèmanls repres8nl the underlyin9 transactions and event8 In a mannar th81 achSoves falr presgnlatlon. Obt8in suificienl approprS8te audlt evldence regardln9 the flnanclal Informallon of tho enlSlles or buslness 8clivilies wilhln the group lo expr9ss an oplnion on thè Consolidoled flnanclal $18lomgnls. We are responsibl8 for the direction, sup8rvlslon and performance ol the group audll. Wg remaln solely resp(￿S1b1e for our audit rgport. We commUn￿al8 wlih thos8 charged with gov8mancè regardin9. among olhor matters, the planned scope and liming of the autJS1 and signincanl aud¢t findings, including any signlficanl deficiencies In Internal control that w8 id8ntty dudng our audll, Explanatlon a• to what •xt•nt th• audlt w•s Gon•ld•r•d capabl• of detoctlng Irr•gularltl••, Including fraud Irregularllles, induding fraud, are Inslonces of non-compllance wSlh law8 and regulallons. We d8slgn procedures in line v4ilh our reSpc￿55b1lIllQs. outlln8d above. lo delecl material misstatements in respgct of irragularities, Including fraud. The exlenl lo which our procgdurgs are capablo of del￿ting Ifrogularflles. Includlng fraud is detailed bdow. The objectiV8s of our 8udll in respect of fraud, are., lo Idént￿ and assess the risks of materiBI misslalemenl of the flnan¢ial $lalemenls due lo fraud., lo obtaln suffl¢ient appropri818 audit evidence regarding the assessed rlsks of mat8rlal misstslemenl due lo fraud. through designing and implementing 8PPTopriate responses to those assessed rlsks: and to respond appropriat8ly to Instances of fraud or suspected fraud identified during the audit. However, the primary responslbillly for the prevention and detection of fraud rests with both management and those charged wilh governance of the charitable company. Our approach was as follows.. Page 19 Catorham S¢hotsl Flnancial ¥tatemÈnts lor the yoar ended 31 A¥gU¥t 2021 Wo obtained an und8rslanding of the legal and r8gulatory requirements applbcable lo the charitable ¢omp8ny and considered that the most slgnificanl are th8 Companles Act 200fj, the Charities Act 2011, the Charity SORP. and UK financial reporting standards as issued by the Flnancial Reporb'ng Council We obtained an understanding of how thè charftable Gompany complles ￿th these r8quiraments by discussSons w￿h management and those charggd wlth governance. We ossessed the risk of malerlal mlsslal8menl of the flnancial stalemenls, Includlng the rlsk of molerial misslalemant due to fraud and how It might occur, by holdino dlscusslons with management and those charged bwth govemance. We inqulred of manag•mant ond tho88 ch8rged wllh govornonco QG lo any known InGtance6 of non-complianc8 or susp￿1&d non-compllance wlth laws and regulallons. Based on Ihls und8rslandlng, we d8slgn8d $peclfic 8pproprlale audll procedures to identify instances of non-compliance wllh laws and regulations, Thls included m8klng enquirles of management and Ih¢)8e charged whh govgrnanc8 and oblalnlng addltlonal corrobora16ve evld¢nG& as rèquired. There oro Inhgrenl IlmStallons In thg oudlt procedures descrlbed above. We are le88 Ilkely lo become aworo of ins18nce8 of non-complSance with laws and rogulallons that ar8 nol closely related lo evgnts and transactlons renecled In the financi81 stalemenls. Also, the rfsk ol not delectlng 8 malerlal misslatemenl due to fraud is hlgher than the risk of not deteclino one resulllng from arror, as fraud may involve deliberate conoealmant by, for example. forgary of Inlenllonal misreprosontallons, or Ihr%)Joh coIIu8I0n. U•• of our r•pprt Thls report 1$ mode solaly lo the charitable company's membors. 8$ a body, in accordance wllh Chaplgr 3 of Part 16 ofthe Companl8s Act 2006. Our audll work has baan undertaken 80 that we mlght stale to the charitablo comp8nls membgrs those matter3 which we are requlred to slala lo them In an audllor's r$porl and for no other purpos8. To the lullesl exlenl pefmllted by law, we do not accept or assum f8sponslbillty lo any party olh8r than the chari18ble company and charitable company's members as a body, for our audll work, for thls report, or lor Ihg opinlons we hav8 formed. Ndl Flnlayson Isenlor Statutory Audilorl for and on behalf ol Moore Kingston Smlth LLP, Statutory Audrtor Dovonshlre House 60 Goswell Road London EC1M TAD Page 20 Caterham School for the year ended 31 August 2021 STATEMENT OF FINANCIAL ACTIVITES (incorporatlng the income and ex enditure account Total Funds 2021 rooo Totsl Funds 2020 £'ooo Unmirlcted R￿trIcted Endowm•nt Fund8 Funds Fund• £'ooo £'ooo rooo Income Ind Endowments Not• INCOME FROM: Chirttable Actmti School fees Other educational Incom• Other tradlng •¢tlvltle• Other Iradln9 Income Invostment• Investment income Don•llons and le9a¢l•• Gran1$ fjnd donptlDn8 22,588 1,071 22,688 1,071 20.741 1.247 591 591 678 119 121 182 321 677 998 TO1￿ Incom• 24.S73 796 26.389 23,827 EXPENDITURE ON., Rol¥lng lundi Tradlng expenditure Investment managem¢nl ¢08ts 158 188 193 22 25 Tol•l non4du¢4tlonil co•t• 158 25 183 215 Ch•rltsbl• •etlvltl•• Education 22,184 36 23 22.223 21,855 Totsl expandltyr• 22,322 61 23 22.406 21,870 N•t Incom• 2,2SI 735 123 2,983 1,757 Nol gaIn￿lI0•s••I on Inv••lm8nt• 11 S12 270 782 Tr8n8farA between fund8 234 30 Net incomlng resources befow olher recogni8ed gains and108S•8 2,455 1,013 277 3,745 1,842 Change In Value ol hedglng Instrument 932 11981 Not mov•m•nt In fund• for the y•ar 3,387 1,013 277 4.677 Fund balance at 1 September 2020 15,468 4,159 1,520 21,167 19.723 Fund balancm •t 31 August 2021 18 18,875 5,172 1,797 25,B44 21.167 The statement of fin•ncial activities indude8 all galns 8nd los¥e¥ recognised In ihe year. All Incwiing re80UTces And resources expended derive frcffj conlinuing operation5. No separate SOFA has been presented for the cha￿ty 8kJne, as pemiltted by Sectbrm 408 ofthe Companies Act 2006. The School's income for th¢ ygarwas £24.3e6rn12020.' £23.081ml and the su￿lUS for the year w8$ £2.228 12020: £1.550ml. Page 21 Caterham School for the year ended 31 August 2021 BALANCE SHEET Group 2021 £'ooo School 2021 £'ooo 2020 £'coo 2020 Not• £'ooo FIXED ASSETS Tangible assets Investment property Investment¥ 37,401 1,020 4,512 42,933 37,358 750 3,563 41,871 37,401 1,020 4,512 42,933 37,358 750 3.583 41,871 10 11 CURRENT ASSETS Stsck Debtors Cagh and ghort temi depo8Ttg 12 13 93 830 11,482 12,405 591 1a,370 14,056 771 13,245 14.016 982 11,327 12,309 CURREprf LIABILlnES CretJitors due wlthln one year 14 16,8611 16,7041 18,8981 16,8621 NET CURRENT AS8ETSILIAIBIUTIES 7.195 5,701 7,118 5,827 TOTAL ASSETS LE88 CURRENT LIABILITIES 50,128 47,372 00,001 47,298 LONG TERM LIABILITIES Fee deposlts Loans Fln8ncial instrumenl del￿atIVe- hedging Instrument8 12,468) 120,3331 12,4571 121,3331 12,4881 120,3331 12.4571 121.3331 16 11,4831 25,844 12,4151 11A83 12,4151 NET ASSETS 21,187 26,767 21,093 Capltil Fund¥ Endowments 18.3 1,797 1.520 1,797 1,520 Incorn• Fundjj ReBlri¢led lund Unrtitrtcted lunda,. Cash flow hedge reserve Olher ch8ritable funds 5.172 4.159 6,172 4.159 1&2 11,4831 20.368 12,41 $1 17,903 11,4831 20,281 12,4151 17,829 TOTAL FUNDS 25.844 21,167 26.767 21.093 Approved by the Board of TTU8lee8 of Calerham School on $ December 2021 and author18ed for is8ue and signed on bts behalf by.. Ichalrmanl l R M Edwards ITfu3teel The #ccompanwng note8 fom part of lh& fl￿an￿81 stslements. C Bouttie Comp8ny number.. S410420 Page 22 Caterham School for the year endlng 31 August 2021 CASH FLOW STATEMENT Notes 2021 £'ooo 2￿20 £'ooo NET CASH FLOWS FROM OPERATIONS Nel cash provided by operating activrties 4.486 3.585 CASH FLOWS FROM INVESTINQ ACTIVITIES Purchase of ffixed 85sets Proceeds from dispos￿ ol flxed a88ets Purchase of InveBlrnentB Proceedg Irom Sale of investments Return on Inve$lment$ Interest recelved 11,0581 13181 1657) 14821 480 124 38 Net cg8h used In Invesllng acti¥illes 271 {1581 CASH FLOWS FROM FINANCING AcnvmES Maddock inlegr8tlon R8p8yment ol bank loan Interest on loan$ I1,0￿> 17701 (1,0￿) 18031 Net Caih used In finandng acJv111è9 {1.6711 11,8031 Ch•nq• In ci¥h and ca•h equlv•l•nt• In th• f•portlnq p•rlod 1,888 1,624 C*#h 4nd ¢p•h equfvllents at th• b•glnnlng of th• r•portlng p•rlod 11,482 9,858 C•sh •nd c••h ¢qulv•l•nts at th• end olth• T•portlng p•rlod 13,370 11,482 Page 23 Caterham School for the year ended 31 August 2021 PRINCIPLE ACCOUNTING POLICIES STATEMENT OF ACCOUNnNG POUCIES Calerham School is a eompany lirnrted by gu8r8ntee with registered nUrT￿eT 5410420, Incorporated and domiciled in Encl8nd and Wales. Its regis18red office 1$ Hareslone Valley Rood, Catetham. Surrey CR3 6YA. The financfjal statements have been prepared in accord8n¢e wtth the Finanaal Reportlng Sland8rd ppIic8ble in the UK and Republic of Ireland IFRS 1021. the CcMnp8nies A¢t 2006 and the St8lemenl of Recommended Practice applicable lo th8rth$ prepafing thelr accounts In accordance wth the FInar￿al Reporting Slandord applicable h the UK and Republic of Ireland IFRS 1021- effective 1 January 2015. The 8chocl is a Publlc B¢n¥ffil Enlty as defined by FRS 102. The lunctional currency of the School is conshlered to be 08P becau68 that Is the currency of the primary •conomic environrnenl in which the School operates, The accounts present th8 consolhlated slalernent of finanaal 8cb'vilie$ ISOFAI, the consolidated cash statemenl and th8 consdldgted and charity balanu sheets cornpri6ing Ihe rx>n8olld&th'on of the School and s wholly owned Subsidiaries Caterharn School Trading Limited. Caterham S¢hool Enterprfses Llmited, Catetham School Inlernallonal Llmlted and Caterham School MrtU81 Umlled. The School has tsken adv8ntsge ol the exempts'on avallable to 8 qualifying enlty in FRS 102 frc*m the raqulremert to present a charfty only Cash Flow Stalernenl wilh the consolidated financi818181ements. Golng ¢onc•rn The Trust8es have rewewed Ihe expected ongoing demand lor places at the school, In Ihe kno￿8￿98 Ihol actual pupil nurnbers in September 20218nd 8ppllcatlons for SeplernbeT 2022 ar¥ both the largest they h?v• ever been. and th• flnanclal lorecB515 for the next 18 months, taking th8 Impact of Covi1*19 Into conslderalon. Having ¢onsldered e6bm8les of pupil numbers, the ability of paronts to continue to pay feeB, proleded cash flows an¢J th8 funding ladlilies 8vallable to the School, the Tru$lee$ have 8 reasonable •Kpectation that the School hBs adequate resources to ¢ontlnue Il8 activlUe8 for th• for•see8ble fulure and consider that there are no m8lerf81 uncertalnlle8 over the School's flnand81 viablllty. AEcordlnaty, they a180 continue to 8dopt the gThng concem basls In preparing the financlal Blatenwnts 88 outlined in th• St8temenl ol kcounllno and Reportlng Re$pon$lblI￿•3 In the TnJslee8' report. CrltSe81 accountlng ludg•rnents and key sourc•• of p¥tlm•tlon unc•rt•lnty In thè appllcatton ol the accounting pollcle8. Trustees are rtqulrad to maka ludgernenlts, èitlmat•8 ond a8sury)Uon6 8boul tha car￿ng value of assels and Ilabilities Ihat aTe not readily apparent from other sources. The èstim8t88 and underlying 8B8unwtions are based on hi8t¢rl¢g1 experience and other f8ctor8 that are considered lo be relevanl. Actual ffj$uK$ may dlffer from thtssè eslimal•8. The eBtimate8 and undérfwng assumptions are revl*wed on an ongoing ba81s. Re¥A8ions to accounting frstlmates are recognised in the perlod in which the eslimoltr Is rewsed rf the revision 8lled3 onty that parlod, or in the perlod of the revi￿0￿ and future perlod8 il the revision affected current and future perlod8. In the opinion of the Trustee$. th• 8Stlmate5 and as511rnPtlons which have a slanificant rfsk 01 ¢gU8lng material adjustmenl to the catyng amount o188sels 8nd liabilllles are ouuined below. Useful econcmrric liws The annual dapredollon charge for propeity, plant and equipment 1$ $ènsrtNe to changes in the estimated 5eful eccffl¢ynic liv89 and residual v8lue$ of th¢ 05sels. The uselul economic lives and residual value5 are r assessed annually. Th¢y aro amended when nece8sary lo reflect current estimates, bBsed on lechnological advancemenl, future investrnents, economic ulilisation and the physical condition of the assets. See note 9 fur the Carr￿￿9 amount of Ihe pr¢4)ety, plant Bnd equipment 8nd note 1.8 for the useful economlc Ilves for each d88$ ol a88el. Recoveroble Value olfee debtts The comp8ny makes an estimate of Ihe recoverable v8KJe of trade and other debtors. When Assesslng IrnP8irment of trade and olher debtors. managemem consid8rs factors including the ageing profile of debtors and historf￿1 experienc£. See note 13 for the net carying arrK)unt of th9 debtors and associated irnpaitrnenl provislon. Int￿Est r8le hedg8 The School obtains 8 bank valuation ol the inleTe81 rate swAp and cap and as8es$e8 thè effec￿VenesS of the hedge for hedge a￿auntIng purposes. Page 24 Caterham School for the year ended 31 August 2021 PRINCIPLE ACCOUNTING POLICIES STATEMENT OF ACCOUNTING POLICIES (Continued) Critical accountlng Judgem•nt• •nd k•y iour¢e• of ejtimation uncertalnty IContlnu•dl Inv85trn8nl property The school uses the valuallon perfomed by Its independent valuers as the lair value of Its investrn•nt properb"e$. The V81V8￿￿n 18 based upon the key assumptions of estimated fenlal values 8nd mathet based Y￿1￿S. In d8temilnlng f8ir value the valuers make reference to market ewdence and recent transaction priceB for Bimilar properbes. The lolhjwing accounting poliaes have been applied con8i8tentty in dealing wth items which are con51dored material in relation to the S¢hool's financial ¥lalements. 1.1 F••• and •lmllar Income FeeB weivgble and ch8Tge8 for BervlceB and use of PTemi8e8 Ore 8¢counted ￿ In the period In which the 8eNl¢* Is provlded. Fees receivable are slated after deductsng 8llowgnce8. bur$arieg, 8tholarshlps and other mi55lon8 granted by the School, but include conlrfbutions r8celved Irom Restrlcted Funds lor 5cholarshlps, bur8aries and other grants. Fees recdved In advanc6 of education lo be provlded In future years undw Fees in Advance Scheme are held 88 Ilabilti•s unb"I dlher taken lo income in the lerni wh8n u￿d or •1 1.2 Inveltment In¢omo Thi8 is accounted lor when rocelvablt and IncludeB related tax recoverable. 1.3 Donitlon• Donotion$ rece￿9￿18 lor the general purposes of Ihe School are credrted to Unr•st￿¢t8d Fund8. DonalionB for purp0888 réalrkled by the wl8hes of the donor are taken to Re8lricled Funds where these v15hes are llgally blndlng, except that any amounts requlred to be retAlnad 08 ¢Apltal In 8ccordance wllh the donorfs $he$ are accounted lor Instead as Endowments - pennanenl or expendable according to lh8 nature of the reslriclion. Voluntary Incoming resources are account•d lor as and %then enllllemenl arises, the amount can be rellabty quantlfied and the ¢¢onomk btrnefil lo th? Schoolls consldered probable. 1A Gov•mm?nt 9rant• Income from govemmenl or oth¢r grgnls 58 recognised when the charity has enkn'uement to the lunds, any performance condI￿On8 attached to thè grant havè beèn met. ￿ Is probable Ihal the incom• ￿11 be ￿CeIved and thg orTh)unt cgn ￿ relbably rneasured. 1.6 Re•ourc•• •xpended Expendlture is accounted for on an 8c¢ru815 b8518 85 $oon as a liabilty is considered probable, d16￿Unted lo present value for longer-lerm liabiltles. Overhead8 and other costs not direclw attvlbut8ble lo particular functSonal 8¢tfvNy c3tegorle8 are apportloned over the relevant ¢9tg9orlo8 on thè bas18 of management estlmales ol the amount altributable to that actsvlty In the yèar, •ilhèr by ralerence to staff time or space occupied, a8 appropriate. The Irrecovergblg el¢ment of VAT ij included wlh the item of expense to whlch It relate8. Governance cosis comprfse the costs of running the School, Induding strategic plannlng for 1¢8 futur& developmenl. a180 Internal and ¢xtern818udh •nd all Ihe costs of comptying with conslitutlonal and 8talutory requirements, such as the cos18 of Board and Committee meelings ond of preparing statutory a¢￿u￿15 and galistying publt accounlabilily. Inlra-group $al¢s ¥nd chargeB befv4een the School and Ns Bub$4dlarf¢$ gre ¢x¢ludÉd trading inconw and expenditure. 1.6 Pen8lon •chemes The School contributes to ihe Teachers, Pension Scheme 8t rates Set ty the Stheme Aduary and advtsed to Ihe Board by the Scheme Adminlslralor. The s¢heme is a mUlt￿eMploYer pension scheme 8nd rt 18 nat possible lo identify the assets 8nd liabiliti88 of the scherne which are attributable to the Sthool. In accordance whh FRS 102 Ih?ief¢xe. the scheme 18 accounted for as a defined contrlbutlon stheme. The Charily also contributes to a group personal pension scheme for non-teathing staff at a minimum of 5% 01 Annual b8$1¢ pay. Ccmtn'butions to both schemes are charged in the SOFA a5 they become payable in Accordance wth the rules ofthe scheme6. Page 25 Caterham School for the year ended 31 August 2021 PRINCIPLE ACCOUNTING POLICIES .7 Oper¥ting l•a••i Rentals payable under operallng leases are charged In th8 SOFA on 8 Btraight line basls over the leg$8 tarni. 1.8 Employ•• beneflts The co¥1$ of short-term employee benellts are recognised as a liabilty and an expense. Terminatlon payments are recogni80d Immadlalely as an expens8 when Ihe school is demon51rab cormiitted lo lem)Inate the employment of an 8mployee or provide leThninats"on benefit$. 1.9 School land •nd bulldlng8 and oqulwnent Capitalis81ion and repl8¢ement Tangible fixed assets costing in excess of £1,500 are carAtalised and cwried In the balance Bheel 8t h1s1o￿Cal ¢ost less impaimienl. Depreciation The freehold18nd 1$ not dep￿ciated. Deprets8tson ot other asset8 Is provlded at rates calcJJlaled 10 Wrtte off the exce88 of c051 over 89timaled re51dual 8mount over the esllmated usefvl èconornlc I￿$ ol each class ol asset, subject lo annu81 review. These rate6 are curffjntty 88 fdlows.. Frèehold building8 Computer ¢qulpm•ni Flxlure and ffttlng Motor vehlde8 Property Improvements SO year8 3 years 5- 10yeBrs 4 years Over expected u8efvl Konomlc Ilfe 1.10 stock stock li v8lL48d * the lower of c081 Bnd nel ragli88ble value, 1.11 Fund •¢¢ountlng The thaTllable trust fund8 of the Schoc4 ond It8 wbsldlarie$ are accounted for •$ ￿n￿stricted or reBtrlcted income in JccordAnce w￿h the (emis of Iru81 Imposed ty thp dnnrKA nr Any appaAI ta vthl¢h th*y may hAvg responded. Vnr¢$trl¢ted lunds are donallon8 and other Inconlng re80urces r•celved ar 98nernted lor expendllure on tho genèral oblecilves ol the School. R￿trIcted Incomg comprises gifts, legoci?$ •nd gr8nt8 where there Is no capital ret8nth)n obllgallon or power bul onty a tw$1 Iw r•8triction lo some $poclfic purpose intended by the don￿. Endowrnent8 fund5 are funds whlch ar8 held a8 cawl81. They represent inve51rnents. together ￿th the Income art￿ng iherefrom. These In￿stMentS have been rnadt In a¢¢ordance wth scheme5 approved by th& Charity Commissloners lor the rec¢Jvpmenl ol Capital following the $•le of c•rt8in land and bulldlngs in 1973 and 1995 by o predecfrs8or c*arty. 1.12 Hedge ¥ccountlng The S¢hool has entered into varlable lo flxed Interest 8waps and an Inler•Ét rate cap to manage fts exp08uro to inlere5t rale cash flow risk on varlable rale debt. These derlvatives are mea8ur8d at 18lr value at each reports'ng dale. The extent the hedge 16 eff8¢tive. movèments in fair value arp reco9nised In th¢ Stslement of FknancAal Activles and pr8s•nted In a seperate cash flow hedge reserve. Any ineffeclwe portlons ol tlv)se n￿￿Ments gre Tecognised in In￿Me or •xp8nditure lor the period. 1.13 Flnanclal Instrurnents Basic financial inslrun*nts are inilialty recogni8ed at transaction value and $￿SeqUentlY meA8ured Bt am¢Jrtised cost with the exception of investments whi¢h are held at fair value. Financial a88els held 8t amortised cost comprise cash al b8nk and in hand, together with d8btors, exdudlng prepayments. A spe¢lfi¢ pr￿S￿on Is made for debts for which recoverabllty is in d¢yJbl. Flnanaal liabililies held at arnort15ed co¥1 compri88 all ¢redltors except sorial Security and other tsxes an¢J provisions. 1.14 Cash And cash equlvalent8 CAsh Bnd cash equivalents indude ￿$h in hand. deposits held gt cam wlth banks and other short-term liquid investments wth original maturitie5 of thiee monlhs or le5S. Page 26 Caterham School lor the year ended 31 August 2021 NOTES TO THE FINANCIAL STATEMENTS 2 INCOME FROM CHARITABLE AcnvinES 2021 Totsl £'ooo 2020 Total £'ooo The School'* fee Income comprt4•d'. Gr06s fees Le85.' Total bursaries, assisted places and aMowanc•s 24,814 I2,2￿) 22,952 12,2111 22.588 20,741 Oth•r •ducatlon*l Income: Olher fees and income 1,071 1,247 Totsl 23.659 21,988 3 OTHER INCOME 2021 Total £'ooo 2020 Total £'cK)o Other tradlng actlvltl Rental 8nd other cowrnerclal Income 878 4 INVESTMENT INCOME 2021 Totsl £'ooo 2020 Total £.￿0 124 38 L181ed Investments Interest received on bank deposits 121 182 Induded withln Ihe above 18 an amount of £119,OLX)12020'. £124,000> whl¢h relale8 to re8trided Incom8. GRANTS AND DONATIONS Unr••trlct•d Total rooo R••trlct•d 2021 Tot•1 rooo 2020 Tot•1 £'ooo Total £'ooo D￿)?160n$ Gront$ 107 214 677 784 214 224 S75 Totsl 321 677 998 799 Induded within the gbov818 8n omounl of £677,OCQ12020'. £112,000) whlch r8late$ lo reslrfcted income. £522,OlJO was transf&rred In from Ihe Maddod( Science Scholarship Fund. as a restrfcted fund, on 3181 March 2021. Grant Income was rece￿ed under the Coronowrus Job RetenlN)n Scheme and the Contain Outbwk Management Fund grants ID 8¢hoo18 scheme. Page 27 Caterham School for the year ended 31 August 2021 NOTES TO THE FINANCIAL STATEMENTS STAFF COSTS 2021 £'ooo 2020 £'C4)0 Totsl staff costs comprl•ed'. Wages and salaries Soaal 8ecuiity cos18 Penslon ￿ntrIbutIonS 11.067 1,134 1.923 10.726 1.093 1.829 14,124 13,648 The average number of am ￿0yeeS during the year Wtw as lolltr*s.' 2021 2020 Te8cher8 Educptbn 8UPPCrt Premlses and 8ervice¥ Admlnistratic Markellng and adm166lon8 Shcp 137 ¥3 135 87 53 10 335 342 The average number ol employ•e8 durlng the year ha$ r•duced due lo the Ilmitauons on •CtI￿lIeS vthlth could take pla￿ whM8t Covld-19 r86tri¢ti¢)n$ were In pLqce. The en￿91￿m￿￿8 of high8r*aid ernployee¥ lell wrthin the fc41owlng ranqe8.' 2021 No 2020 No Toxable emc4umenl8 band.. £60,001- £ 70,000 £70.001- £ 80,000 £80,001- £ 90,000 £90.001 . £100,000 £120,001 £130,000 £170,OJ1- £180,000 £180,CAJ1- £190,CIJO 17 15 During the ye•r, th• following amounts pald In respect of hbgher paid emF4oyoU 88 shown above.. 2021 2020 £'coo £'ooo Penslon contrlbullons lo delkned ¢ontrlbutlon and tead*r8' p8n8lon scheme8 374 During the yeBr 1912020.. 181 hhaher pald employe08 partlrjpated In the leath8r8' pension scheme and 812020.. 61 hlgher paid employee8 partldp8tad In a defined contribution penslon scheme. The following amount was paid to key m8nagemenl personnel who are deflned as bdng the school's Senlor Leadership Team, 13 staff12020.' 13 slaffj.. 2021 rooo 2020 £'ooo Total remuneraiion 1,569 1,534 Th8re were 5 12020: 51 mwnbers of Ihe Senior L*8dorship T•am who were provided wbth rent-free 3￿mModa110n in order lo enable them lo undertake specific duties at the school. Page 28 Caterham School for the year ended 31 August 2021 NOTES TO THE FINANCIAL STATEMENTS 7 PAYMENTS TO TRUSTEES No Trustees, or person with a famity or bu3ine8s connection wilh a Trusleo.12020.' NIL) received remenerallon in the year. diredty or Indirectty, from Ihe School. ANALYSIS OF TOTAL RESOURCES EXPENOED Staff Deprnelatlon Oth•r and co•ts amortl•atlon rooo eooo 2021 Total £'ooo 2020 Total £,￿0 (not• 61 £'ooo Costs olgen8rnling lunds Tr8dlng expense8 Invesiment management feel 41 117 193 22 215 41 142 183 Ch8ri18ble 8clivifie$.' Educatlon cost8 Calerfng Pr8mlJeJ and 8ery*e8 Admlnl$lrallon Markellng Bank Interest P8yAb Bad debt provision Depreclatlon and amortl$gllon Governance c08ts 10,967 1,745 1,441 2,145 12.712 1,443 3,403 12,857 1,319 3,160 1,968 828 803 1531 1,280 1,460 398 894 770 1,015 1.016 30 29 Schools op8ratlng cost$ 14.083 7,125 1.016 21223 21,655 Tot81 resourc88 expended 14.124 7,267 1,016 22,406 21,670 Page 29 Caterham School for the year ended 31 August 2021 NOTES TO THE FINANCIAL STATEMENTS ANALYSIS QF TOTAL RESOURCES EXPENDED ICONnNUEDI Staff Depre￿￿0￿ and restated Other 2020 2019 (note 81 rooo Costs amortisation £'ooo Total Total £'ooo £'ooo Costs ofgenerfjhng lund8 Tradlng •xp8nse8 Inveiiment management f•&8 153 22 175 193 22 215 26 192 Charitable ac￿118$." Education o)$18 10.863 1,994 1.318 1,957 832 423 803 153} 12,857 1,319 3,180 1,968 828 803 1531 11,948 1,657 2,990 1.992 927 637 19 919 Premlses 9nd 88rvlce8 Admlnlsiratknn a￿etIng Bank Intere81 payaWe Bad debt provijlon Oepredallon #nd amortisatlon Governance ¢0818 1.203 1,336 40S 29 29 Sthools operatlng co818 13,608 7,103 21.655 21,325 Tolol r¢8ourceB expended 13,648 7,278 21,870 21,517 The note above has b••n r•8tated to 8how Iw6p exp¢ndrture IprevlouBty netted off ag81n81 Income). The p8yment8 made under operating ￿8585 durlng the wer• £NIL12020.. £NILI In r•8pect ol land and buildings and £380,CQO12020'. £350.0001 In rasped of planl and •qulpment. Total resour￿$ expended Indud8'. Group 2021 Group 2020 School 2021 Schocl 2020 Aud11￿6 r•nwneration DpprecWon'. T•ngiblv flxed assets, owned Oper¥ts"ng k8se renia18 Jo 29 29 1,016 380 1.01S 350 350 Page 30 Caterham School for the year ended 31 August 2021 NOTES TO THE FINANCIAL STATEMENTS 9 TANG18LE FIXED ASSETS T•nglbl• Flx•d thetB- Group and School Fr••hold land and bulldlngg rooo Flxtu and ompuier •qulpm•nt rooo Motor hlel•8 £'ooo flttlng• rooo Tot•1 £'oo Cost AB at 1 September 2020 Addltions in year Disposals 48,403 711 838 328 55 137 49,7C6 1,058 As It 31 Auqu¥t 2021 49,114 1,122 383 145 50,764 D•pr•clatlon AB at 1 September 2020 Charge for year D18PO8als 11,173 749 90 324 21 102 le 12.348 1.015 A• at 31 Augu•1 2021 12,059 120 13.363 N•t book amount Al It 31 Augu•t 2021 37.08B 37,401 Net book amount AB at 31 Augu8t 2020 37,230 35 37,358 JI tsnylbL* tIKed a$8éts were u8ed tharflable purp08e8. Page 31 Caterham School for the year ended 31 August 2021 NOTES TO THE FINANCIAL STATEMENTS 10 INVESThIENT PROPERTY During the year ended 31 August 2010, the Trustees decided io dispose of all the Endowment Fund investments and lo use the ieleased amounts for the conslruction of 8 now block of staff flats on a freehold sile bdonging to the Endowmenl Fund. Expenditure of £393.000 wa8 incurréd an this construction, which was C￿n￿leted in October 2010. A professional valua*'on of the buildin9 was obtained in 2015, which indicated an open market valuatlon of £750,000. The property was Tevalued al Ihls amount in the School's book3, produring & rev8lu8llon Surplus of £310,000. This valuation wa8 taken fo￿ard as deemed cost In future years. A Ik¥ther vahjatlon w8s undertaken In September 2021 ty Peter Jon•i MNAEA of PA Jones Property Solutions. The valuaticfi of £1,020.000 has be￿ r¢fiected In these account8. The Inv881menl property Is held wlhin th8 p8mianent Endowment Fund. 11 FIXED ASSET INVESTMENTS- Group •nd School 20 £'ooo 2020 £'ooo In￿stmentS comprise.. UK Fixed Interest Oversea5 Fixed Int•re$l UK Equlfje8 Overso0$ Equlties Global InvestmentB Prop¢ty P￿Vate Equty Olher Inv88trnent$ 725 345 1,674 939 487 103 781 158 1,24S 787 393 100 118 4,489 23 4,512 3,543 20 3,563 Short Term Deposlts Group Totsl InvMtsn•nt• 2021 Total rooo 2020 Tolal £'ooo Inv••tment• Ca•h tooo Market va￿8.. Balance broughl frThard Transfer in Addltions Dlsposals Other cash movement8 Total gainlllos81 3,543 20 3.863 463 667 166n 161 512 3,704 657 16671 14801 1281 {61 S12 B•lanee eathed fonvard 4,489 23 4,512 3,563 Page 32 Caterham School for the year ended 31 August 2021 NOTES TO THE FINANCIAL STATEMENTS 11 FIXED ASSET INVESTMENTS wa3 made lo unrestricted fund8. The transfer covers the amount •xp•nd*d Irom unroslrlcted l¢Jnd6 on acU'vlUe8 for whlch r881rtct8d funds ￿re donated. 10.2 UNRESTRICTED FUNDS 2021 £'ooo 2020 £'ooo Al 1 Septomber 2020 15A88 13,778 Inmmlng r¢wur Expenditure Increaselldecseasel in fair value of hedging instrumenl Transfer from restrlcted funds 24,573 23,391 122,322) 121,7951 932 11981 204 314 At 31 August 2021 18,875 15,488 Page 41 Caterham School for the year ended 31 August 2021 NOTES TO THE FINANCIAL STATEMENTS 18.3 ENDOWMENT FUND The endowment fund 15 estsblished lo provlde and maintain Calerham Sthool the provlsion ol education for the children ol Ministers, and the other ¢hlk4ren, In accordance wth the obj'ective8 and PTlnrJples for vthid) the school was founded. 2021 rooo 2020 £'ooo At 1 September 2020 Expenditure Revaluallon goln Transfer from unrestrlcted funds 1,820 {231 270 30 1,513 1231 30 AI 31 Augu$1 2021 Followlng the sale oflond In Harestone HSI in 1973, It wa8 necessary lo make an inv•stmctnt which would pl8¢¢ £62,000 ol capital over the ensuing 30 pars. Accordingly, by arrangernent with the Ch8rity Commisiloners, monie8 have been invested to purtha¥e • 5% Treasury Loan In 2009 and Bubsequenl Income arS¥lng from Ihi$ purchase Is belng inve51ed in the 88me wgy 89 rt becomas ovalLqble. The Charity Cornnw¥slon h8ve ¢onfim8d that no further inve6tmentB Bre requlred under thls $¢home. Following the sale by Ihe Endowment Fund ol the freehold land and bullding• In 1995, und•r a ￿ham0 approve(J by the Charlty Cofflmi8$ioners rt WA$ ogreed to make a grant 01 £1,500,OCQ (equ￿alent lo th8 681• proceeds) to Calerham School. The $ch•me requlres th81 the 88me amount be recoupod from Cal¢rt)om School, over a period of 50 years, by the S¢hool maklng annual payments of £30,000 1¢ the Endowm•nt Fund. Th•$• ye8rfy Ar￿Unt6 are lo be Invested as p•rman&nt •ndowments of the School. Under the3e 5theme3, the long l¢m Investrnent6 for the EndowTnenl Fund would be •xpect•d to ha mlnlmurn VBlue of £842,000 by 31 August 202112020.. £812,000). Durlng the year ended 31 Augu$l 2010, the Trustees declded to d18poe• of 811 th8 Endowm8nt Fund nvestmenlo and to use the released amounts for the construction of a new block of staff flats Dn 8 f￿hold slle belonging to the Endowment Fund. Exptndllure of £393,OCK) was irKurred on thi8 con81ruction, whl¢h was ¢ompieled in October 2010. 1,7•7 1,520 RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH INFLOW FROM OPEIIATIOP48 2021 rooo 2020 £'ooo Net Income for the year las per Slalemenl of Fln8n¢l•l A¢tfvRI881 4.677 1.444 Adlu*bn•nt for- Depreaation charges Change In fair valuB ol hedging Instrument Revaluation Ig8inlllo85 on inves1ment propety Maddock tran6ter Revaluation and dispDs81 Igainlnoss on investments Dfvldends rec*iv8d Ilncre?selld¢¢r?05e in stOL* Iln¢re8$elld¢uease in debt￿8 Inmselldecreasel in c￿dItors Interest received Interest on loans 1,015 {9321 {2701 16521 16061 11191 121 239 143 1124 24 11761 387 121 1381 803 4A86 3,585 Page 42 Caterham School lor the year ended 31 August 2021 NOTES TO THE FINANCIAL STATEMENTS 19 RECONCILIATION OF NET INCOMING RESOURCES TO NET CASH INFLOW FROM OPERATIONS ICONTINUEOI ANALYSIS OF CHANGES IN NET DEBT Asat1 September 2020 £'o Oth•r non. cash ehano•i £'oDo Cash Ilows Aoat31 Augu•t 2021 rooo rooo C•8h and ca•h equlv•l•nts Cash 11,482 11,482 1,888 1,888 13.370 13,370 Borrowlnq• Debt due wllhln one year Debt due aftor one year 18,7041 23,790 130,4941 11571 989 832 18.8611 22,8011 {29,6821 16,292 Tot•1 19,012 2,720 A8a11 September 2019 £'ooo Other non- cash chang88 £'tyJo Cash flow8 As8t31 Augu612020 £'ooo Ca•h Ind ￿*h •qulval•nts Ca8h 9,858 9,858 1,624 1,624 11,482 11.482 8om)wlng• 08bt due vthhln one year Debt du• aftar on8 year 18.4581 24,6e9 131,1271 12461 879 633 16,7041 23,790 130,4941 19,012 Totsl 121,269 2,257 20 PENSION SCHEMES The School participate5 In the Teachers, Penslon Schemellhè TPS'I for tt8 leaching Biaff. The penslon chorg• for the year includes conlribulions payablo to the TPS 01 £1,597,000 12020., £1,493,000), at the year-end £NIL 12020.. £178,000) wo5 accrued in respe(a ol crffitribullons into the scheme. The TPS is an unfunded muRi-ernployer define¢ beneffts penslon 8theme governed by The Teachers, Pensiw Regula￿On5 2010 18s afflend8dl and The Teachers, Pension Scheme RegulatSoffls 2014 188 8mendedl. Members contribute on a "p8y 98 you yo bJs15 wlh contributsons Irom members and thè ern￿Oyer being credrted lo the Exthequer. Retirement and other pension benefils are p8id by public funds provided by Parfiament. The ernployer contrtjulion rate Is set by the Secretsry of Statè following 8cI)eme valuations undertaken by the Govemmenl Actuary's Department. The mo$1 recent a¢lvari81 valuation of the TPS was prepa￿d as At 31 March 2016 and the Valuabon R8port, whKh w85 published n March 2019. confirmad that Ihe empkjyer contribution rate for the TPS would increa8e from 16.4% to 23.6% from 1 September 2019. Employer5 are 0150 requi￿d to poy 8 schem& admlnistratlon bvy o10.08Vo 95ving a total employer contribution rale of 23.68Vll. Page 43 Caterham School for the year ended 31 August 2021 NOTES TO THE FINANCIAL STATEMENTS PENSION SCHEMES (co￿nNUED) The 31 Marth 2016 Valuation Report waÈ p￿pared In accordance ¥￿th thè b8n8frts set out in the scheme regulatson8 and undef the approach Bpecified In Ihe Directions, they applied al 5 Marth 2019. However, the assumptions were considered and sel by the Department for Educalion prior to the ruling in the 'McCl¢yJdlS8rgeanl cgse,. This case has Tequwed the courts to consider cases regarding the implementation of the 2015 re1C￿￿8 to Publlc Service Pensions including the Teachers, Pension8. On 27 June 2019 the Supremts CrAJrt danied the Governrnenl pemil$lon lo appeal the Court of Appe81'$ ludgrnent that transitional provi81on8 Inlrodu¢ed to the reformed penslon schemes in 2015 gave rise to unlawful age di8crimknatlon. The Govemmenl Is re5￿cts￿g the Court's deLysion and h05 said it ￿11 engage fulty with the Employment Tribunal as well as em￿0yer and member representatives to agree how the disuiminations will be remedied. Th8 Government announced on 4 Febru8ry 2021 that it intends to proixed wtth g deferred choice underpin under whlch members will be able to ch0080 w￿her legacy or reformed Bc*eme bèn•fltB In respect of their service during Ihe perK)d bets¥een 1 Aprll 2015 and 31 March 10118t Ihe p04nl they become payable. The TPS Is sublact to a cost cap mech8nisrn which was Wt in place to yoled 18xpayer8 ag8in8t unforeseen changes in schernè cc$l$. The Chief Secretary to the TreASUry, having, in 2018 announced that there would be a review of thi8 cost cap m8ch8nism. In January 2019 Ihgy announced 8 pau8e to Iht cost cap mech8nlsm folk)wng the Court of Appe81'$ rullng in the Mccloudlsargeant case and unill there 18 certalnty about the v8lue of pension8 to ernployee8 fr1)m Aprll 2015 onward8. The pause was lrfted in July 2020, and a consultallon was launched on 24 June on proposed changes lo the cos1 ¢onliol mathanism followirvJ a revlew by the G¢)veffjmenl Actuary. The consuNalbn ¢losed to ￿spOnse on 19 August 2021 and the Govemment 18 rjjrrenlty noly$ing tha responses. In view ol the above rulingB and derisions the a$$umpllons used In the 31 IA8rch 2016 Actuorfal Valuatlon may become Inapproprlole. In Ihis scenarlo. a valuallon pr•pared In accordance wlh r•vl$ed ben&fll$ and sultstty revlBed aB8umpllon8 would yleld different resullB than Iho$e contalned In the Actuarial valUa￿Dn. Until the ￿n#￿￿10n and the c06t cap mechanism revlaw are completed 11 1$ not PO8ilble to conclude on any fln8ndal impact or future changes to the conlrfbutlon rates of the TPS. Accordlngty no wovision for any addttlonal p8st bentfll penglon costs Is Included in these finpncial 8tatemenl8. The School 8160 operate8 a d8flned contrfbU￿0n penslon schon￿ for bursarlal slaff. Thtr total penslonabl& ¢051 lo tho charltable company durln9 tha yaar ended 31 Auguol 2021 was £326,00012020'. £336,000) and there wai no acuued balance at Ihe year end In respect ol contributions lo thi$ scheme. 21 ANALYSIS OF CASH AND CASH EQUIVALENTS 2021 £'ooo 2020 £'wo C88h at bank and in h•nd Mon•y mathel depo8it 5,370 8,000 3.482 8,000 13,370 11,482 ri OPERATING LEASE COMhlTMENTS - Group and School The scho￿ had the followin9 commlmonts under non-cyncell8ble oper8￿.ng leases for plant and methinery.. 2021 2020 £'ooo £0 Operating lease commrfm¢nts'. Wrthin 1 year Wlthin 2- 5 years 381 695 409 1,076 693 Page 44 Caterham School for the year end 31 August 2021 NOTES TO THE FINANCIAL STATEMENTS 23 RELATED PARfi TRANSAcnoNS Calerham School Enterprises Limbted and Catorhapn Sthod Tradiny Limited are both 100% subsldlar￿S Lrf Calerham School. The Iransact*)ns with these subiidlaries during the year were.. 2021 2020 £'ooo £'ooo Gfft receivable from Calerham School Enterpris88 Llmited Grft Ad receivable frnm Calerham Schoc4 Trading Llrnfted 21 Bal8nc• owed by Cal•th8m School Ente￿riseS Limited 17 17 Balance owed by C•terham School Tradng LlThlled 24 W N PIADDOCK SCIENCE SCHOLIASHIP FUND On 31 M8r¢h 2021, the nel ass*ts ol the W N MBddock Sclence Schol8r8hip Fund Ipr•vlou8ly a ￿p8r#I* charity numbar 10872461 ￿re dongl¥d lo Catertwm School. The followthg Is gn extract of th• flnanclgl $tatemenl¥ lor the new restrdled fund for th¢ yejr ended 31 August 2020. 2021 rooo 2020 £'OLbJ Income 12 Exp•nditure Investrnent galn81lb88•8} 18 1201 Net movement In lunds 22 2021 rooo 2020 £'ooo Flxed 868et inveslmenl8 435 Current •88eti Liabilitle8 Net 8B8ets Vnre6trdled fvnds S(KJ Page 45