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2021-08-31-accounts

Registered Company Number: 05458883 Registered Charity Number: 1110703

BOLTON SCHOOL (Company Limited by Guarantee)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

BOLTON SCHOOL

CONTENTS

Contents Page
Governors, Officers and Advisors 1 - 2
Annual Report of the Governors and Strategic Report 3 - 16
Independent Auditors’ Report 17 - 20
Consolidated Statement of Financial Activities 21
Balance Sheets 22 - 23
Consolidated Cash Flow Statement 24 - 25
Notes to the Financial Statements 26 - 59

BOLTON SCHOOL

GOVERNORS, OFFICERS AND ADVISORS

FOR THE YEAR ENDED 31 AUGUST 2021

GOVERNORS AND CHARITY TRUSTEES

All Governors and Trustees are directors of the School. They have all served in office throughout the year except where indicated.

Mr I Riley ** (Chair) Mr G R N Apsion Mrs S J Bailey Mr J Chadwick * (appointed 1 October 2021) Mrs K H Clinton * (appointed 1 October 2021) Mr C A Cowling * ** Mrs H C Critchlow (resigned 26 March 2021) Ms K Diggle Mr E J Fairweather Mrs S E Fisher (resigned 3 December 2021) Mr S McGuffie * (appointed 1 October 2021) Mrs S Huang (resigned 7 September 2021) Mrs M K Hundle (resigned 26 March 2021) Mr R S Ogilvie Mr D N Mohyuddin (resigned 4 December 2020) Mr A R Palmer * Mrs L Relph Mr T P Taylor Miss A J Valentine * Mr J Craven (appointed 3 December 2021)

COMPANY SECRETARY:

Mrs C L Fox

OFFICERS:

Head of Foundation Mr P Britton MBE (from 1 September 2021) Head of Primary Division Mrs S Faulkner (from 1 October 2021) Interim Head of Boys’ Division Mr N Ford (from 1 October 2021) Interim Head of Girls’ Division Mrs L Kyle (from 1 October 2021) Headmaster of Boys’ Division Mr P Britton MBE (became Head of Foundation) Headmistress of Girls’ Division Miss S Hincks (resigned 31 August 2021) Clerk & Treasurer to the Governors Mrs C L Fox

Address Website

Chorley New Road Bolton BL1 4PA

www.boltonschool.org

Notes

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BOLTON SCHOOL

GOVERNORS, OFFICERS AND ADVISORS

FOR THE YEAR ENDED 31 AUGUST 2021

ADVISORS:

Bankers: Barclays Bank
PO Box 229
Navigation Way
Preston
Lancashire PR2 2XY
Solicitors: Berrymans Lace Mawer
Kings House
42 King Street West
Manchester M3 2NU
Auditors: Crowe U.K. LLP
The Lexicon
Mount Street
Manchester M2 5NT
Investment Advisers: Partners Capital LLP
5th Floor
5 Young Street
London W8 5EH
CCLA
Senator House
85 Queen Victoria Street
London EC4V 4ET
Cazenove Capital
1 London Wall Place
London EC2Y 5AU
HarbourVest Partners (U.K.) Limited
3rd Floor
33 Jermyn Street
London
SW1Y 6DN
Insurance Broker: Marsh Ltd
Capital House
1-5 Perrymount Road
Haywards Heath
West Sussex
RH16 3SY
Actuaries: Scottish Life
19 St Andrews Square
Edinburgh
EH2 1YE

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BOLTON SCHOOL

ANNUAL REPORT OF THE GOVERNORS AND STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

The Governors have pleasure in presenting their annual report for the year ended 31 August 2021, under the Charities Act 2011 and the Companies Act 2006, together with the audited financial statements for the year, and confirm that the latter comply with the requirements of the Act, the Governing Document and the Charities SORP 2015.

REFERENCE AND ADMINISTRATIVE INFORMATION

Bolton School was created under a Scheme of Administration dated 1 April 1915, which joined together the Bolton Grammar School, originally founded ante 1516, with the Bolton High School for Girls, founded in 1877. The School is constituted as a charitable company, which is also sole corporate trustee of The Bolton School Foundation (the Foundation) regulated by a Scheme of the Charity Commissioners dated 20 December 2006. The Company itself is registered under Charity number 1110703, and as a company limited by guarantee (under Company Number 05458883) and is regulated by its Memorandum and Articles of Association dated 20 May 2005. A Uniting Direction, to expedite the administration and to combine the financial statements of the two entities and sixty-one other associated charities was granted by the Charity Commission and this formed part of the Scheme. The financial statements have been prepared on the basis of the Uniting Direction dated 3 November 2009.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Governing Body determines the strategic direction and general policy of Bolton School. The Governors co-ordinate their responsibilities through the following committees; Appointments, Consultative, Estates, Executive, Finance, Investment, Remuneration and a Limited Trading Company. The Executive Committee, comprising a Governor and the Senior Officers provides the essential link between day to day management and long-term Governance issues. When a Governor vacancy arises the position is advertised and candidates selected according to specific criteria required, and their talent, expertise and experience. New Governors are inducted into the workings of the Charity and its Schools, including policy and procedures, through a series of meetings with other Governors, the Clerk and Treasurer, the Head of Foundation and the Divisional Heads. The full Governing Body normally meets six times a year, alternating an operational report meeting with a discussion covering strategic topics. These strategic meetings also provide useful Governor training on whole school issues.

The day to day management of Bolton School is delegated to the Head of Foundation, the Head of Primary Division, the Head of Girls’ Division, the Head of Boys’ Division and the Clerk and Treasurer, who together are the five Senior Officers of the Foundation, this new structure having been implemented in October 2021. They all attend the full Governing Body meetings, the Executive and the Consultative committees and may also attend other governor meetings on an ad hoc basis. The Governors of the School who served during the year are shown on page 1. Particulars of the Charity’s professional advisors are also given on page 2. Please see note 20 of this document for details regarding other charities connected to Bolton School. The Charity has a wholly owned non-charitable subsidiary, Bolton School Services Limited, whose activities and trading performance are detailed in this report.

Bolton School actively supports the attainment of the highest standards in the Independent Schools’ sector, partly through networking with other major schools and partly through peer group studies for the evaluation of quality and performance improvement methods. We also co-operate with many local charities in our ongoing endeavours to widen public access to the schooling we provide, to optimise the use of our cultural and sporting facilities and to awaken in our pupils an awareness of the social context of the all-round education they receive at Bolton School. The School also benefits from the generosity of a thriving network of alumni whose close support we greatly appreciate and gladly acknowledge.

EMPLOYEE INFORMATION

The Foundation operates as one employer and takes a responsible view in the affairs concerning all of its employees. Professional and robust policies and procedures exist, that adhere to current employment law, for all matters, before, during and after a member of staff’s relationship with the organisation. A thorough process of Continuous Professional Development is managed across all five Schools, the Nursery and the service departments.

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BOLTON SCHOOL

ANNUAL REPORT OF THE GOVERNORS AND STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

The Foundation has a Consultative Committee involving Governors, Senior Executive Officers and employees represented from all areas. This meets twice a year to discuss and debate current issues and obtain feedback on a variety of topics. Throughout the academic year, the Executive Committee reviews and develops a wide portfolio of whole School policies and procedures for employment and safety aspects. All employees also have the opportunity to meet within their respective departments on a regular basis and are provided with updates regarding the factors affecting the Foundation’s performance. The Foundation operates a recruitment and application policy that complies with the latest employment legislation to ensure a fair selection procedure is applied for all external and internal applicants. During the year, the Foundation consulted with all members of staff concerning many varied matters and policies.

The five Senior Officers are the key management personnel of the charity. The Head of Foundation’s remuneration is set by the Remuneration Committee (which meets annually). The Head of Foundation sets the remuneration of the other Senior Officers. Remuneration is set by reference to relevant benchmarks and reports in the sector for comparable roles. Last year there was no Head of Foundation, and the Remuneration Committee set the salaries of all Senior Officers.

INVESTMENT POLICY AND OBJECTIVES

The Investment Policy and Objectives may be achieved by investment in equities (both quoted and private), fixed income (including government, corporate and unquoted debt), cash and other assets to include commodities, infrastructure and property. Investment may also be made in derivatives, both quoted and unquoted.

The goal is to maintain the real value of the portfolio by achieving an annualised total return of UK RPI + 4% pa over the economic cycle. This will enable regular transfers to the School to fund bursaries, whilst maintaining the real value of the fund in line with school fee inflation.

This is to be achieved by holding an investment portfolio with a moderate / high risk profile and viewed with a long term time horizon.

During the year Bolton School has utilised the services of CCLA, Cazenove Capital, HarbourVest Partners and Partners Capital LLP who, between them, manage the portfolio on a discretionary basis. They report termly to the Governing Body via the Investment Committee. The committee meets with investment managers regularly throughout the year to review investment performance, risk, asset allocation and objectives. Performance is reported against suitable benchmarks over a variety of periods.

OBJECTS, AIMS, OBJECTIVES AND PUBLIC BENEFIT, ACTIVITIES

Objects

The Objects of the Charity shall be the provision and conduct in or near Bolton of a day School for boys and girls and the similar provision and conduct in or near Bolton of a day Nursery for boys and girls.

Bolton School educates some 2,300 pupils from 0 to 18 years old, and we are confident we will continue to operate around this capacity for the foreseeable future. This is a result of our continued resolve to give equal emphasis to a very high standard of academic achievement and to the full range of cultural, sporting and social activities which ensure a fully rounded education. An open access policy is in place to encourage bright pupils who are awarded a bursary to attend, even if their parents are not able to afford the fees. The resulting wide and inclusive social mix within School is an important part of our ethos. In 2020/21, 20% of the Senior Schools’ pupils received some form of financial assistance. Many of these pupils received a full fee bursary. The School draws many of its students from beyond the immediate Bolton postcodes.

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BOLTON SCHOOL

ANNUAL REPORT OF THE GOVERNORS AND STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

Aims

Bolton School aims to maintain its heritage endowment. The buildings are Grade II listed. The School also has various other permanent endowments requiring it to preserve for posterity various works of art, artefacts, books and historical documents relating to the School’s history, as well as a number of unendowed trust funds held for special purposes in connection with the development of the Schools’ facilities as well as for bursaries, prizes and other educational purposes.

Focus continues to be on the achievement of strong academic performance, further widening of access to the education provided by the Schools, improving the Schools’ facilities and increasing the involvement of pupils in extra-curricular activities and enrichment.

Objectives and Public Benefit

Our objectives are set to reflect our educational aims and the ethos of Bolton School. It is important to us that we maintain and enhance the academic success of the School.

In setting our objectives and planning our activities the Governors have given careful consideration to the Charity Commission’s general guidance on public benefit, advancing education and on fee-charging.

Bolton School welcomes pupils from all backgrounds. To admit a prospective pupil, we need to be satisfied that our School will be able to educate and develop them to the best of their potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken to satisfy ourselves and parents that the pupil will be able to cope with the pace of learning and benefit from the education we provide. Economic status, gender, ethnicity, race, religion or disability do not form part of our assessment process.

We are an equal opportunity organisation and are committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, sex, sexual orientation or disability. We will make reasonable adjustments to meet the needs of staff or pupils who are or become disabled.

It is important to us that access to the education we offer is not restricted to those who can afford our fees. We believe our pupils benefit from learning within a diverse community. A great deal of learning occurs through social interaction, conversation and shared experience, which helps our pupils develop an understanding of the perspectives of other people that will be vital in their adult lives.

The Governors view our bursary awards as important in helping to ensure that children from families who would otherwise not be able to afford the fees can access the education we offer. Our bursary awards are available to all who meet our general entry requirements and are made on the basis of academic achievement and calculated by reference to parental means, or to relieve hardship where a pupil’s education and future prospects would otherwise be at risk, for example in the case of redundancy. In assessing means we take a number of factors into consideration including family income, net assets, savings and family circumstances, such as dependant relatives and the number of siblings.

The bursary awards range from 10% to 100% remission of fees. There is also a hardship fund that can supplement bursary awards to pay for extra-curricular activities, equipment and school trips. Information about fee assistance through bursaries is provided to all applying to the School. Further details of our bursaries and how to apply are available on our website and are widely publicised.

In addition to all of the above, the five Schools and the Nursery have continued to extend their community and outreach activities. These activities include mentoring vulnerable children, enabling bright children to enjoy our facilities and teaching and income generation for local, regional and national Charities. The School has an extensive public benefit portfolio.

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BOLTON SCHOOL

ANNUAL REPORT OF THE GOVERNORS AND STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

At Bolton School we fully recognise the DfE / ISC joint understanding in relation to independent / state school partnership working and we promote cross sector partnerships as we feel strongly that the School has an important role to play in the success and aspirations of the town. The Senior School Heads are full members of the Bolton Learning Partnership, which draws together all the local secondary school leaders to share expertise and discuss issues. Examples of current projects include:

We strongly believe that this planned engagement across a range of schools provides better support for all the young people in the community we live in rather than sponsorship of one local academy.

Our bursary funding is targeted significantly at children from lower income households to support social mobility. This year we spent £3.1m on these bursaries, supporting 1 in 5 pupils who attend the senior school, many of whom receive 100% bursaries.

Bolton School organises a number of evening lectures of intellectual interest and a series of community concerts to which the public, including local state school pupils and teachers, are invited. In addition, the School hosts Bolton’s Historical Association monthly meetings free of charge.

Two posts are funded across the Foundation to promote voluntary work by students and significant numbers of pupils become involved in projects in the community, for example in a local care home for the elderly, the local hospice and in several local Primary and High Schools. The provision of a monthly ‘afternoon tea’ at school for older members of our local community has been well received and adds to social cohesion. Many of these activities were curtailed by restrictions imposed during the coronavirus pandemic, but students have continued to find innovative ways to interact with the local community on a remote basis.

There is much more value to a Bolton School education than academic education. The Charity is continuing to develop wider community links and to deepen existing relationships. These community links continue to thrive with many thousands of hours of voluntary service completed by the Sixth Form, including through the Duke of Edinburgh award scheme which has involved many thousands of hours of voluntary work completed by our students.

Bolton School was an extremely proud recipient of the Queen’s Award for Voluntary Service (QAVS) in 2017. This unique UK national honour was created by The Queen in 2002 to mark the occasion of her Golden Jubilee, recognising excellence in voluntary activities carried out by groups in the community. It is the highest accolade given to local volunteer groups and is the equivalent of an MBE for an individual. The award represents a tremendous achievement for Bolton School and we were delighted to have won this recognition for the wide range of community activities and thousands of hours of voluntary service that our pupils continue to be involved with.

In 2018 Bolton School won the TES Independent Schools’ Award for ‘Whole School Community initiative of the year’. TES described Bolton School as having a sterling record for being absolute leaders in the sector in community work. In 2019, Bolton School won the TES Independent Schools’ Award for ‘Best Senior School’ and ‘Best Independent School’ and the judges’ citation praised the School’s voluntary work and bursary provision.

There are regular meetings with senior officers from the Local Authority and from local interest groups to discuss how the School can continue to develop support for local provision. Aside from the extensive charitable collections made in school we have developed a programme of widening community access to facilities, at fee rates below commercial levels and sometimes free of charge.

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BOLTON SCHOOL

ANNUAL REPORT OF THE GOVERNORS AND STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

The School’s Scout Group, sports facilities, and many summer school programmes are all operated extensively in the public benefit.

Bolton School operates partnership activities with local state schools and the local community through its trading company BSSL. Children and adults from all backgrounds and from the wider community take part in these activities, which are accessible by all members of the public, not just Bolton School pupils. For example, the Bolton Splash Swim Club has in excess of 700 children enrolled, giving them access to a direct path into competitive swimming. Children from local community state schools have also utilised the School’s pool for their school swimming lessons.

BSSL Multisport and Activity Camps take place in our school holidays. We usually have over 1,700 children taking part in our activities, which include Multi-Sports Camps, Stage Camps, Football Camps, Outdoor Adventure Camps, Netball Camps and the Freddie Flintoff Cricket Camp.

Children’s themed parties continue to be popular and various sports clubs regularly hold events, games and competitions at Bolton School using our extensive grounds and enabling members of the local community to enjoy our facilities.

Efforts to build sporting partnerships and to deliver swimming lessons when permitted have continued with several local primary and senior schools. The School’s sports hall, all weather pitch and swimming pool are usually fully booked out for public access and partnership events during the times when School does not require them. The School works in partnership with Bolton Hockey Club, allowing the club to use the all-weather pitch as its base, training ground, and so enabling open access to the sport of hockey at a competitive level.

Kidzone, Bolton School’s childcare setting, provides before and after school care for Bolton School pupils and provides Holiday Clubs for children from any school in the area.

The School’s outdoor learning and education centre, Patterdale Hall located in the Lake District, participates widely with local and national initiatives that engage with the community and groups of underprivileged and disadvantaged youth, providing further public benefit. Our staff at the Hall liaise widely with local land owners and with the local National Trust land manager to ensure that use of the wider area is both sustainable and harmonious, and all parties can achieve their objectives of access, environment, adventure and sustainable business. They work with the local Patterdale CofE primary school in providing activities to this small community school, helping to engage the students with their environment which they might otherwise find to be inaccessible. The Hall offers highly subsidised Scout weekends for Scouts to achieve their “nights away” badges and visit the beautiful Lake District National Park. The Hall works closely with Search and Rescue Dogs England, Wales and the Lake District providing a suitable training venue for them. Staff at the Hall also work with the Institute for Outdoor Learning and the Association of Heads of Outdoor Education Centres to help evaluate and promote the long lasting valuable public, community and personal benefits of learning away and outdoor adventure. Ultimately, all profits raised from Patterdale Hall activities are directed into the charitable bursary fund of Bolton School.

Aside from strong academic performances, Bolton School has enjoyed a highly successful year in terms of developing its pupils through extra-curricular activities and engagement with the local community. With over 100 extra-curricular clubs in each Division, every pupil can pursue their talents beyond the classroom, be they a beginner or an expert in their field. Our pupils have had notable successes in sport, including pupils representing their county in rugby, football, cricket, water polo, lacrosse, dressage, and participating regionally at badminton, swimming, netball and lacrosse.

Both Divisions received Certificates from the Incorporated Society of Musicians and many pupils enjoyed taking part in national music competitions and in Duke of Edinburgh activities towards their gold, silver and bronze awards. The Boys’ Division is a Platinum Arts Mark School and an Apple distinguished School.

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BOLTON SCHOOL

ANNUAL REPORT OF THE GOVERNORS AND STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

The pupils from across the Foundation have been increasingly engaged in discussion and action related to the environment. Eco societies have planted trees, analysed the school waste streams, energy use and carbon footprint data, participated in national school conferences on the environment and begun to formulate plans for the future engagement of the School in this important global issue.

During the year substantial activity has taken place across the Foundation to draw together and focus our existing approach to equality, diversity and inclusion. We have placed pupils at the heart of these discussions and have surveyed them and also colleagues about the reality of life at school. We will develop this work from this baseline of understanding during the year.

Work in school has been focused on the ‘recovery’ from Covid, although the impact of this remains with us. Our response to the lockdowns in terms of learning is regarded by pupils and parents as highly effective, but as well as some intervention for particular pupils, we are more generally focused on staff and pupil wellbeing.

At the end of the academic year, it was felt that matters at the School were moving forward in a very positive and pro-active way, with the Foundation structure operating efficiently and effectively and with all parts of the Foundation in good heart.

Activities

Bolton School aims in all its parts to provide an all-round academic education for each individual, with wide spread participation in extra-curricular activities, supportive pastoral care, and a focus on developing leadership and outreach in an appropriate way in the local, national and international community.

This focus begins in the Nursery. The Nursery has developed and grown over the years and we now offer parents a choice of the traditional nursery setting which operates year round or the Pre-School setting, which has a teacher-led focus and operates during term time only. The pastoral care, sense of community and focus on learning is also prevalent at Kidzone, our wrap-around care service and holiday club which also offers a long list of popular activities. The co-educational Infant School, Beech House, is located in magnificent modern spacious accommodation that allows the engaging and innovative curriculum taught there to flourish. The boys and girls are encouraged to engage in creative learning through a topic approach as well as building the firm foundations in reading, writing, expressing themselves and listening that will support them through their future academic success.

The Boys’ Junior School at Park Road and the Girls’ Junior School at Hesketh House each continue to thrive, offering a unique and caring environment with high academic standards and a broad range of extra-curricular activities.

The Senior Schools enjoyed excellent public examination results again this year. It was pleasing to see our pupils’ continued success in gaining places at highly competitive Universities of their choice.

Pupils at Bolton School have the opportunity to participate in a wide range of educational and enriching trips, whether locally, nationally or internationally and these all serve to broaden their horizons.

Pupils are encouraged to challenge themselves intellectually by working with the most able from other schools, as well as competing in a range of academically challenging regional, national and international competitions.

Bolton School takes very seriously the need to develop in its pupils the skills which they will require in their future lives. It offers a comprehensive Careers service, supported by regular talks from former pupils who have earned prominence in their field. It also promotes among pupils an awareness of the need to contribute to the wider community and pupils give their time and skills to organisations such as the local hospice, hospital, youth centre and care home, as well as to a wide variety of charities.

Music and drama are an important part of Bolton School life. There is a wide range of extra-curricular musical activities, many of which are run as joint ensembles with the Boys’ and Girls' Division. They include Percussion Ensembles, Guitar Groups, String Quartets, Concert Bands, Orchestras, Choirs, Jazz Band, Brass Group, Saxophone, Clarinet and Flute groups, Rock Group and String Ensemble. All of these ensembles perform regularly throughout a very busy musical year across the Schools.

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BOLTON SCHOOL

ANNUAL REPORT OF THE GOVERNORS AND STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

Sports and outdoor activities continue to be an important part of a Bolton School education with extensive use being made of the School’s own outdoor learning and adventure centre at Patterdale Hall.

The Old Boltonians and Old Girls’ Associations continue to have close links with the Schools. They have regular lunches and regional dinners around the country which are also very well supported and the Foundation is extremely grateful for their loyalty and support. The Parents’ Associations are working increasingly closely together and along with the Old Boys and Old Girls give much to the Schools in financial support for the Bursary Scheme and other projects as well as practical help with careers and interview skills for our current pupils and mentoring of University and early career Old Boys and Old Girls. The web based Bolton Alumni Network is a secure and reliable way for Alumni to keep in touch with old friends as well as establishing contacts and networks useful in their working lives.

STRATEGIC REPORT

REVIEW OF ACHIEVEMENTS AND PERFORMANCE IN THE YEAR

As far as public examinations are concerned we are delighted that the pupils in Years 11 and 13 have enjoyed considerable success at both GCSE and A Level as well as, of course, achieving remarkable results in the extra-curricular sphere.

This year in the Boys’ Division at A level, the percentage of grades at A to C was 95%, A to B was 85% and A* to A was 63%. There was an overall pass rate of 100%.

In the Girls’ Division at A level, the percentage of grades at A to C was 99%, A to B was 94%, and A* to A was 78%. There was an overall pass rate of 100%.

Once again, we are very pleased with the number of pupils who have been accepted on to highly competitive University courses as a result of their grades this summer and we wish them well in their future careers. The GCSE results of both Divisions were equally pleasing.

In the 2016 ISI Inspection reports, all Schools in the Foundation were rated excellent in the quality of pupils’ academic and other achievements and also excellent in the quality of pupils’ personal development. It was heartening to hear the Inspectors express tremendously positive views about what they saw and experienced here at Bolton School during their inspection visits.

In February 2019 the Girls’ Division and in October 2019 the Boys’ Division underwent a compliance inspection where all areas of the School were found to be compliant and the Early Years section of the School was again rated at ‘outstanding’.

A vast number of current and former pupils and parents, as well as staff, continued to help with School fundraising and cultural activities during the year, and the Governing Body would like to take this opportunity to say how much this help is appreciated.

FINANCIAL REVIEW

The School and its associated charities, collectively known as the Foundation, enjoyed a positive financial outcome this year, despite the continued setbacks of the coronavirus pandemic and the forced closure of the school’s buildings to most pupils during much of the year. Fortunately, we were well positioned to provide an excellent remote learning service to those pupils during that time, primarily due to our extensive prior investment in providing most pupils and all teachers with their own iPad. Fee rebates were given to reflect the reduced services provided and use of the government’s furlough scheme was made where possible and appropriate to counter this.

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BOLTON SCHOOL

ANNUAL REPORT OF THE GOVERNORS AND STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

The School’s trading company, Bolton School Services Limited (BSSL), has experienced a difficult year, with most of its activities severely curtailed due to the coronavirus lockdown restrictions. The company took on a CIBL loan of £250k under the government’s coronavirus support scheme, which it had fully repaid prior to the year end.

As an educational Charity we enjoy tax exemption on our educational activities and on our investment income and gains provided these are applied for our charitable aims. We are also entitled to an 80% reduction on our business rates on the property we occupy for our charitable purposes. The financial benefits we receive from these tax exemptions are all applied for educational purposes and help us to maintain our bursary funds.

However, we are unable to reclaim VAT input tax on the School’s costs as School fees are exempt for VAT purposes. We also pay tax through payroll generated national insurance contributions.

In addition to the very substantial benefits our School brings to our pupils, the local community and society through the education we offer, our bursary programme and our ‘community benefits’ programme create a social asset without cost to the Exchequer, aside from the coronavirus related grants received in this exceptional year of pandemic.

Fundraising Performance

The School’s Bursary Fund continues to flourish as fundraising efforts and initiatives continue to bring in funds to support bursaries and to relieve hardship for parents where the pupil’s education and future prospects would otherwise be at risk. We have made good progress with plans to expand our fundraising efforts to be able to increase the number of means-tested bursaries and to support further capital developments.

This year a superb £1.1m was raised during the year. We are extremely grateful to all who have shown their generosity by donating.

We were able to award grants and bursaries from our bursary funds of £3.1 million in total, resulting in 346 pupils receiving a means tested bursary, representing 20% of our senior school pupils. Grants and bursaries are awarded on the basis of educational ability and financial circumstances, subject to the restrictions imposed by the donor of the funds.

The charity uses an in house team for the purpose of fund-raising and is fully registered with the Fundraising Regulator to which it pays the statutory fundraising levy and abides by their Fundraising Code of Practice.

There have been no failures to comply with the scheme or standards and no complaints received by the charity about its fundraising activities. The charity has taken all reasonable precautions to protect vulnerable people and other members of the public from unreasonably intrusive or persistent fundraising.

Investment Performance

At the end of the year, the Foundation’s managed investments were valued at £41.6m (2020: £33.9m). The overall total investment return was 19%. Over the medium to long term cycle (defined as exceeding 10 years), the investment objective rate of return is UK RPI + 4%. Over the last 10 years, the Foundation’s overall average investment return has been 8.5%, which is 5.5% above the average UK RPI of 3% in the same period.

Operating Performance

The group’s net income for the year amounted to £8m (2020: £0.4m), with fund balances carried forward at the end of the year of £65.5m (2020: £57.4m).

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BOLTON SCHOOL

ANNUAL REPORT OF THE GOVERNORS AND STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

Reserves Level and Policy

The Governors have examined the needs, risks and challenges faced by the Schools in both the short and medium terms, along with the relevant financial plans and forecasts and have formulated a policy to meet those needs. The Governors are satisfied with this position given the bank facilities that are provided and the flexibility and strength of future cash forecast flows. This policy is reviewed by the Governing Body on a regular basis and monitored in line with strategic plans. Bolton School’s free reserves are £4.1m (2020: £2.3m).

Since ‘free reserves’ are defined as unrestricted funds less tangible fixed assets the level of free reserves is effectively determined through the annual budget process. Each year the fee increase is set at such a level as to ensure there is sufficient operating cash generated to provide an agreed fixed percentage of income to transfer to the restricted bursary fund and also to provide an agreed fixed percentage of income to spend on tangible fixed assets, whilst gradually reducing any bank debt to nil.

The Governors expect the present level of activities to be sustained for the current year and the financial position of each of the funds to remain at the current satisfactory position or improve. The performance of the trading subsidiary is expected to revert to a strong position once trading can resume in full, following the coronavirus lockdown restrictions. They anticipate no difficulty in meeting Bolton School’s financial obligations.

The defined benefit pension liability is included in the unrestricted funds as required by FRS 102. The scheme is in deficit by (£3m) at 31 August 2021 (2020: £2.7m). The corresponding liability does not result in an immediate cash flow impact on the School. Contributions into the pension plan are met through planned income. Further information can be found in note 23 to these financial statements

RISK MANAGEMENT

During the year the Executive Committee members on behalf of the Governors have examined the principal areas of Bolton School’s operations and considered the major risks in each of these. In the opinion of the Governors the School has established systems which, under normal circumstances, should allow these risks to be managed to an acceptable level in its day to day operations. A risk register is held and updated on a regular basis.

The Governors continue to keep Bolton School’s activities under review, particularly with regard to any major risks that may arise from time to time, and to monitor the effectiveness of the system of internal controls and other viable means, including insurance cover where appropriate, by which those risks identified by the Governors can best be managed.

The key controls used by Bolton School include:

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BOLTON SCHOOL

ANNUAL REPORT OF THE GOVERNORS AND STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

PRINCIPAL RISKS AND UNCERTAINTIES

Governors consider rising costs due to legislative changes, economic turbulence and a consequential recessionary impact on the affordability of school fees to be the most significant risk and cause for prudent future planning. For this reason, School fee increases have been kept to the minimum required to fund the School’s operations. We plan to maintain a balanced and sustainable budget each year, controlling costs without compromising the quality of provision delivered to our pupils.

Health, Safety and Welfare risks range from fire and infrastructure to personal risks (most notably when away from School on trips and expeditions). The level and breadth of activity at Bolton School is impressive and the risks associated with these activities are managed by thorough planning and active risk management.

The risk of not receiving an excellent ISI inspection result is actively managed by having excellent and clear policies, procedures and educational standards in place and by ensuring they are strictly adhered to across Bolton School and the Nursery. Staff operate in an ‘inspection ready’ mode at all times of the inspection cycle.

Similarly, the risk of poor examination results or value added performance leading to a devaluation of the perceived value of a Bolton School education is closely managed and monitored. Exam results, value added performance results and specific key performance indicators are monitored and reported annually to the Governing Body. Within the Schools, monitoring of achievement takes place on an individual pupil basis and a high level of investment in educational resources is maintained and innovatively and progressively developed.

Recruitment and retention policies exist to attract and retain the best teachers, ensuring safe recruitment and policies and procedures are in place to attract the highest possible calibre of student at all levels, both in terms of ability and motivation. Scholarship and Bursary provision is made available at Senior School to further mitigate the risk of not attracting the best calibre pupils.

The Governors consider the sustainability of the School’s ethos to be dependent upon retaining the charitable status of the Foundation, and if this were to be negatively impacted by external political forces, this would present a significant risk to Bolton School.

Should legislation be changed to the effect that school fees were to attract VAT, this would represent a significant issue to Bolton School and could render school fees largely unaffordable to a great number of our pupils and potential pupils whose families’ would struggle to fund an independent education at a consequently higher price.

The School’s Bursary Fund is heavily reliant upon global stock market performance alongside the continued support of our generous benefactors. A catastrophic decline in either of these factors would present a significant risk to the School’s ability to continue to fund bursaries at the current generous level. This in turn would have a negative impact on Bolton School’s ethos, to which our bursary policies heavily contribute.

12

BOLTON SCHOOL

ANNUAL REPORT OF THE GOVERNORS AND STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

FUTURE PLANS

We intend Bolton School to stand out as a thriving academically selective independent day school in the north of England - a national leader in promoting social mobility through providing access to the broadest range of pupils, using the benefits from the Boys’ and Girls’ divisional structure to offer a first class modern academic education with effective and focused pastoral care. It will encourage participation and excellence in wide ranging activities, promote strong community values, and thereby equip young women and men with the resilience to go out to make a difference in their world.

Strategic intents in the forthcoming years to 2030 include:

  1. To be the first choice independent school North of Manchester for Nursery, Infant, Junior, Senior and Sixth Form, providing an academic all round education adding value in all senses for some 2,300 students from 0-18; to be an academic school, taking advantage, where there are benefits, of a single sex education on a co-educational campus, in preparing the leaders and citizens of the 21st century.

  2. To be acknowledged as a centre of excellence for teaching and learning, focusing on modern educational developments and technology in and outside the classroom and through pedagogical developments aimed at shaping the agenda within subjects, professional development, examining and influencing national educational debate; develop, recruit and retain staff through a Continuing Professional Development programme for teachers, support staff and central services.

  3. To ensure that fee rises are kept as low as possible we will control costs by making savings where opportunities arise and prioritise enhancing other sources of income, to develop existing areas of business for BSSL; to identify, plan, implement and develop new areas of business; and to enhance profitability through further selling the Bolton School brand.

  4. We will build a bursary fund that is large enough to enable bursary awards to be made available to all children from families who would otherwise not be able to afford the fees but who qualify to access the education we offer. We wish to be acknowledged nationally as a school with thriving alumni contacts, fund raising achievements and endowed bursary funds. Using alumni mentoring activity and networks to further support the social mobility agenda.

  5. To manage a robust financial model aimed at ensuring financial independence and keeping fee rises as low as possible, with the purpose of promoting social diversity in the school, within the constraints of having the resources to fund a high quality education and to produce a surplus to enhance both bursary spending and support capital investment, including both restoration work and new projects.

  6. To be acknowledged as a national leader in terms of the variety of our extra-curricular and activities programme, the depth and breadth of participation, partnership working and innovation, adding value and providing leadership opportunities through a programme of outreach activities.

  7. To be acknowledged as expert role models in the provision of pastoral care for our students within single sex schools, introducing them to the wider world through the opportunities and encouragement provided and promoting community cohesion, charity work, mental health, resilience and character.

  8. Taking an active role in our local, national and international community, playing a leading role in the local community, serving the local and regional area as an important partner in the Bolton community, promoting social cohesion and partnership outreach activities contributing to the development and success of the town of Bolton and within the North West.

These aims underpin development plans which have been developed for each area of the School and enable the School to enhance its ability to provide a first-class education to its pupils.

13

BOLTON SCHOOL

ANNUAL REPORT OF THE GOVERNORS AND STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

S172 STATEMENT

In compliance with section 172(1) of the Companies Act 2006, the Governors acknowledge their duty to promote the success of the Foundation and to act in the way they consider, in good faith, would be most likely to promote the success of the Foundation for the benefit of its members as a whole, and in doing so have regard, amongst other matters, to:

The primary formal method of direct engagement between the Governors and employees is through the Consultative Committee which meets regularly throughout the year and includes representatives from all areas of the Foundation. Employee interests are the primary concern of this forum, where the principal decisions taken by the company during the year are shared, discussed and questions invited. Further, the Foundation subscribes to an Employee Assistance Programme which offers support on health, welfare, legal, financial and a multitude of other support areas where employees may require engagement. Informally, members of the Governing Body regularly meet employees at various School events with such gatherings often arranged specifically to facilitate employee engagement.

The Governors have regard to the need to foster the Foundation’s business relationships with suppliers, customers and parents and fulfil this through full engagement with the Foundation’s activities and communications and through regular engagement with the Senior Officers of the Foundation in this regard. Maintaining excellent business relationships are considered a key success criteria of the Foundation.

SECR - Statement of Carbon Intentions

Bolton School operates as an Independent School educating some 2,300 pupils from 0 to 18 years old across a number of buildings. Bolton School continues to focus on the achievement of strong academic performance and improving the schools’ facilities.

The Foundation has committed to a long term plan of restoration which includes the replacement of aged plant and equipment at appropriate times in the years ahead.

Air conditioning and Heating systems have full maintenance contracts in place and will continue to be monitored to ensure that they are operating as efficiently as possible.

Where possible both gas and electricity supplies are procured from suppliers of green energy.

Energy usage will continue to be monitored through our half hourly meters to identify where energy use could be reduced and ensure that buildings are performing as sustainably and efficiently as possible, and not wasting energy.

Bolton School is working towards retrofitting LED lighting across the Foundation when maintenance defines, looking to improve carbon emission levels.

Bolton School will aim to lower its level of carbon emissions through the implementation of cost effective energy reduction measures.

Bolton School is complying by declaring within scope 1 and 2 and set a base year for the figures declared in the report year ended 31st August 2020, 2021 is the second year of such reporting.

The intensity ratio to be used will be based on carbon emissions to pupil years.

14

BOLTON SCHOOL

ANNUAL REPORT OF THE GOVERNORS AND STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

Base Year 2019-2020

Intensity Ratio 1 1,592 tonnes of CO2 to 2257 Pupil years Ratio 0.705 tonnes of CO2 per Pupil year

Current year 2020-2021

Intensity Ratio 1 1,499 tonnes of CO2 to 2356 Pupil years Ratio 0.636 tonnes of CO2 per Pupil year

COMPANY ENERGY DATA COMPANY ENERGY DATA 2020-21 2019-20
Total existing Electric Consumption (AQ) 1,768,767 1,883,032
Carbon Tonnage 353.76 438.75
Cost per kWh 15.0 14.3
Cost per kWh (other) 10.0 N /A
Gas Existing (AQ) 6,235,291 5,463,256
Carbon Tonnage 1,141.06 999.78
Gas Cost (if applicable) 2.12 1.68
Lpg/Kerosine/Gas oil AQ N/A N/A
Other Fuel Source Cost (eg LPG) N/A N/A
Road Fuel Diesel Litres 765 56,835
Road Fuel Unleaded Litres 802 1,176
Transportation Summary 2020-21 2019-20
Road Fuel Diesel kWh 7,803 563,855
Carbon Tonnage Road Diesel 2.09 151.11
Road Fuel unleaded kWh 7,298 10,705
Carbon Tonnage unleaded Petrol 1.85 2.72
Road fuel LPG kWh 0 0
Carbon Tonnage LPG 0 0
Electric Road Fuel kWh 0 0
Carbon Tonnage Electric Road Fuel
TOTAL kWh 15,101 574,560
GHG figures
Gas Name Formula 2020-21 2019-20
Carbon dioxide CO₂ 1,498.76 tonnes 1,592.35 tonnes
Methane CH₄ 64,153.34 Kg 73,822.30 Kg
Nitro Oxide N₂O 4,924.52 Kg 4,864.14 Kg
Ozone HFC 108,110.25 Kg 106,784.77 Kg
Chlorflourcarbons HFC/PFC 11,068.41 Kg 10,718.33 Kg
Sulpher Hexaflouride SF₆ 2.81 Kg 3.24 Kg

During the year the school coach service was outsourced, which has led to a reduction in the above figures.

15

BOLTON SCHOOL

ANNUAL REPORT OF THE GOVERNORS AND STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2021

STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES

The members of the Governing Body (who are also the directors of Bolton School for the purposes of company law) are responsible for preparing the Annual Report and the financial statements with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

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

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

Insofar as each of the Directors, as members of the Governing Body at the date of approval of this report, is aware there is no relevant audit information (information needed by the Company’s auditor in connection with preparing the audit report) of which the Company’s auditor is unaware. Each member of the Governing Body has taken all the steps that he or she should have taken as a member of the Governing Body in order to make himself or herself aware of the relevant audit information and to establish that the Company’s auditor is aware of that information.

Approved by the Governing Body of Bolton School including, in their capacity as directors, the Strategic Report contained therein, and signed on its behalf by:

Mr I Riley Chair of Governors

Date: 10 December 2021

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BOLTON SCHOOL

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BOLTON SCHOOL

Opinion

We have audited the financial statements of Bolton School for the year ended 31 August 2021 which comprise the Consolidated Statement of Financial Activities, the Consolidated and School Balance Sheets and the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

17

BOLTON SCHOOL

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BOLTON SCHOOL

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 16, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

18

BOLTON SCHOOL

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BOLTON SCHOOL

Auditor’s responsibilities for the audit of the financial statements

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

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the group and charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the group and charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the group and charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, Employment legislation and Health and Safety legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of other income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

19

BOLTON SCHOOL

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BOLTON SCHOOL

Use of our report

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

Vicky Szulist Senior Statutory Auditor

For and on behalf of Crowe U.K. LLP

Statutory Auditor The Lexicon Mount Street Manchester M2 5NT

Date: 7[th] February 2022

20

BOLTON SCHOOL

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(Incorporating the Consolidated Income and Expenditure Account) FOR THE YEAR ENDED 31 AUGUST 2021

Unrestricted Restricted Endowed Total Total
Funds Funds Funds Funds 2020
Notes £’000 £’000 £’000 £’000 £’000
INCOME AND ENDOWMENTS FROM:
Charitable Activities
-
School fees		 2
27,960		 - - 27,960 25,532
Ancillary trading income 5 615 - - 615 38
Other trading activities
Non ancillary trading income 5 7 - - 7 1
Activities for generating funds:
- Bolton School Services Limited 4 506 - - 506 1,353
Dividends, bank and other interest 3 80 150 - 230 264
Government Grants 6 659 - - 659 1,190
Grants & Donations Receivable 7 - 1,317 - 1,317 1,282
Total Incoming Resources 29,827 1,467 - 31,294 29,660
EXPENDITURE ON:
Raising funds
- Bolton School Services Limited 4 439 - - 439 1,876
Non-ancillary Trading costs - - - -
Financing costs 215 6 - 221 213
Fundraising & Publicity Costs 433 - - 433 471
Total costs of raising funds 1,087 6 - 1,093
2,560
Charitable activities
Education and grant making 25,254 3,210 129 28,593 26,942
Total Resources Expended 9 26,341 3,216 129 29,686 29,502
Net incoming/(outgoing) resources from
operations before transfers and
investment gains 3,486 (1,749) (129) 1,608 158
Gains on investments 1,380 5,139 - 6,519 183
Gains/(loss) on investment property 164 - - 164 (69)
Transfers between funds (2,960) 2,960 - - -
NET INCOME 2,070 6,350 (129) 8,291 272
Pension scheme actuarial (losses)/gains (259) - - (259) 92
NET MOVEMENT IN FUNDS 1,811 6,350 (129) 8,032 364
Fund balances brought forward 18 25,330 29,400 2,685 57,415 57,051
FUND BALANCES CARRIED 18 (A,B
FORWARD & C) 27,141 35,750 2,556 65,447 57,415

The notes on pages 26 to 59 form part of these financial statements.

21

BOLTON SCHOOL

REGISTERED COMPANY NUMBER: 05458883

CONSOLIDATED AND SCHOOL BALANCE SHEETS

AS AT 31 AUGUST 2021

Notes
FIXED ASSETS
Tangible assets
10
Investment property
11
Investment assets
12
CURRENT ASSETS
Stocks
Debtors
13
Cash
CREDITORS:due within one year
14
NET CURRENT ASSETS/
(LIABILITIES)
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS:due after more than one year 15
NET ASSETS EXCLUDING PENSION
LIABILITY
DEFINED BENEFIT PENSION
LIABILITY
23
NET ASSETS INCLUDING PENSION
LIABILITY
ENDOWED FUNDS
18
RESTRICTED FUNDS
18
UNRESTRICTED FUNDS
- General funds
- Designated fund
- Revaluation reserve
- Pension reserve
18
TOTAL FUNDS
18		 Consolidated
School
2021
2020
2021
£’000
£’000
£’000
25,227
26,417
25,204
1,184
1,020
1,184
41,580
33,857
41,006
67,991
61,294
67,394
18
19
8
1,095
1,230
1,117
3,711
1,789
3,439
4,824
3,038
4,564
(4,005)
(3,767)
(3,781)
819
(729)
783
68,810
60,565
68,177
(411)
(456)
(411)
68,399
60,109
67,766
(2,952)
(2,694)
(2,952)
65,447
57,415
64,814
2,556
2,685
2,396
35,750
29,400
35,248
24,562
23,487
24,591
5,311
4,481
5,311
220
56
220
(2,952)
(2,694)
(2,952)
27,141
25,330
27,170
65,447
57,415
64,814		 2020
£’000
26,327
1,020
33,375
60,722
10
1,204
1,546
2,760
(3,364)
(604)
60,118
(456)
59,662
(2,694)
56,968
2,526
28,989
23,610
4,481
56
(2,694)
25,453
56,968

22

BOLTON SCHOOL

REGISTERED COMPANY NUMBER: 05458883

CONSOLIDATED AND SCHOOL BALANCE SHEETS

AS AT 31 AUGUST 2021

The net result for the financial year dealt with in the financial statements of the parent charity was a surplus of £7.8m (2020: £1.1m).

The financial statements were approved and authorised for issue by the Governing Body of Bolton School on 10 December 2021 and signed on its behalf by:

Mr I Riley Chair of Governors

The notes on pages 26 to 59 form part of these financial statements.

23

BOLTON SCHOOL

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2021

2021
2021
Notes
£’000
£’000
NET CASH INFLOW FROM
OPERATIONS
Net cash provided by operating
activities
(i)
2,955
CASH FLOWS FROM INVESTING
ACTIVITIES
Investment income receipts
230
Payment for tangible fixed assets
(331)
Proceeds from sale of fixed assets
52
Payment for investments
(26,035)
Proceeds from sale of investments
24,919
NET CASH USED IN INVESTING
ACTIVITIES
(1,165)
CASH FLOWS FROM FINANCING
ACTIVITIES
Finance costs paid
(221)
NET CASH USED IN FINANCING
ACTIVITIES
(221)
CHANGE IN CASH AND CASH
EQUIVALENTS IN THE YEAR
1,569
CASH AND CASH EQUIVALENTS
AT START OF THE YEAR
2,232
CASH AND CASH EQUIVALENTS
AT END OF THE YEAR
(ii)
3,801		 2020
2020
£’000
£’000
(496)
264
(329)
-
(26,112)
26,203
26
(213)
(213)
(683)
2,915
2,232		 2020
2020
£’000
£’000
(496)
264
(329)
-
(26,112)
26,203
26
(213)
(213)
(683)
2,915
2,232
26
(213)
(683)
2,915
2,232

24

BOLTON SCHOOL

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 AUGUST 2021

(i) Reconciliation of net income to net cash inflow from group operations

2021 2020
£’000 £’000
Net incoming resources 1,608 158
Non-operating cashflows eliminated:
Investment income (230) (264)
Financing costs 221 213
Depreciation charges added back 1,465 1,583
Profit on sale of assets 4 28
Decrease in stocks 1 10
(Increase)/decrease in debtors 135 (470)
(Decrease)/increase in creditors 193 (1,751)
Management fees (41) -
Currency loss (396) -
Pension scheme adjustment (5) (3)
Net cash inflow from consolidated operating activities 2,955 (496)
ii) Analysis of cash and cash equivalents
2021 2020
£’000 £’000
Cash at bank 3,711 1,789
Deposits 90 443
3,801 2,232

The notes on pages 26 to 59 form part of these financial statements.

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BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

1. ACCOUNTING POLICIES

(a) Basis of Accounting

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) - effective 1 January 2015.

The functional currency of the School is considered to be GBP because that is the currency of the primary economic environment in which the School operates.

The accounts are drawn up on the historical cost basis of accounting, as modified by the revaluation of investment properties and other investments.

The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 20 May 2005 (company number: 05458883) and registered as a charity on 3 August 2005 (charity number: 1110703). The registered office is Chorley New Road, Bolton BL1 4PA.

The School continues to attract pupils and has strong pupil numbers even in the current coronavirus pandemic climate. Educational services very successfully continued, albeit remotely, during the Spring term when the School buildings were closed to all but children of key workers. Even if more temporary closures are required in the future, it is not anticipated there would be a significant impact on the future viability of the School. The School manages operational cash flow to make best use of available resources. Investments held as fixed assets are liquidated if necessary. Overall the governors are confident that the School has sufficient resources to continue as a going concern and consider that there were no material uncertainties over the School’s financial viability.

(b) Basis of Consolidation

The group financial statements consolidate the financial statements of the School and its subsidiary undertaking Bolton School Services Limited (company number: 02783995), and other connected funds being Sally Hodgkiss Trust, The Popplewell Scholarship and The Christine Margaret Rawlinson Memorial Trust. All inter group transactions and profits are eliminated fully on consolidation. As permitted by section 408 of the Companies Act 2006, the parent Charity’s income and expenditure account has not been included in these financial statements. The accounts of Bolton School as a single entity include the results of the School as a limited company and the historical charity under the revised Uniting Direction dated 3 November 2009.

The School has taken advantage of the exemption available to a qualifying entity in FRS 102 from the requirement to present a charity only cash flow statement with the consolidated financial statements.

(c) Fees and Similar Income

Fees receivable in respect of the provision of education to pupils are stated after deducting allowances, bursaries and other remissions granted. Fees receivable, charges for services and use of premises are accounted for in the period in which the service is provided.

Fees for education to be provided in future years are carried forward as deferred income in the balance sheet.

26

BOLTON SCHOOL

FOR THE YEAR ENDED 31 AUGUST 2021

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES (continued)

(d) Fee Extras

The School collects monies in respect of trips and pays these monies out in full to third parties. As these funds do not represent income for the School, they are not accounted for in the Statement of Financial Activities.

(e) Donations and Legacies

Donations received for the general purposes of the Charity are credited to the general unrestricted fund. Donations for purposes restricted by the wishes of the donor are taken to restricted funds, where these wishes are legally binding on the Governors. Donations required to be retained as capital in accordance with the donor’s wishes are accounted for as endowments – permanent or expendable according to the nature of the restriction.

Voluntary incoming resources are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable.

(f) Grants

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of meeting any performancerelated conditions there is not unconditional entitlement to the income and its recognition is deferred and included in creditors as deferred income until the performance-related conditions are met. Where entitlement occurs before income is received, the income is accrued.

(g)

Resources Expended

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities including the irrecoverable VAT.

Expenditure is allocated to expense headings on a direct cost basis, with staff costs being allocated according to the estimated time spent by staff working in relevant departments.

Costs of generating funds include all financing support costs.

Charitable activities include expenditure associated with the objects of the School and include both the direct costs and support costs of the activity.

Governance costs include those costs associated with constitutional and statutory requirements of running the School.

(h) Termination benefits

Termination benefits are payable when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The charity recognises termination benefits when it is demonstrably committed to either (i) terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or (ii) providing termination benefits as a result of an offer made to encourage voluntary redundancy. Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities including the irrecoverable VAT.

27

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

1. ACCOUNTING POLICIES (Continued)

(i) Tangible Fixed Assets and Depreciation

The School land and buildings are stated at costs incurred since 1953. Prior to this date such information is not readily available and has not been included in the financial statements. However, due to the heritage nature of earlier buildings expenditure and the fact that the book life is only 50 years, this treatment has no significant effect on the historical cost net book value of the School property in the financial statements.

Depreciation is provided on the original cost of School buildings and additions thereto since 1953 and no freehold land is depreciated. Depreciation of other fixed assets is provided at rates calculated to write off the cost of each asset evenly over its estimated useful life, as follows:

Assets under construction Nil Freehold buildings since 1953 50 years Buildings improvements 25 years Grounds expenditure 10 – 25 years Fixtures and fittings 10 – 20 years Furniture and equipment 5 – 10 years Motor coaches 8 years Other vehicles 5 years

Capital items costing less than £1,000 are written off as expenses when acquired and put in use.

(j) Investments

Listed investments are valued at their market value on the last day of the accounting period.

Changes in the valuation of investments during the year are shown as unrealised gains or losses. Gains and losses arising from the disposal of assets are disclosed as realised, being the difference between the sale proceeds and cost or the market value at the beginning of the year.

Investments in subsidiaries are valued at cost less provision for impairment.

(k) Investment Properties

Investment properties are included in the balance sheet at their open market value and are not depreciated.

(l) Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks.

(m) Advance fee scheme creditors

Amounts received under the school’s Advance Fee Scheme contracts for education not yet utilised to settle school fees are recorded as deferred income and allocated as current liabilities where the education will be provided within 12 months from the reporting date and as long-term liabilities where the education will be provided in subsequent years.

28

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

1. ACCOUNTING POLICIES (Continued)

(n) Finance Leases and Hire Purchases

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease and hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Financial Activities.

(o) Operating Leases

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

(p) Taxation

The School is a registered charity, and as such is entitled to tax exemptions on all its income and gains, properly applied for its charitable purposes.

(q) Recognition of Liabilities

Liabilities are recognised once there is a legal or constructive obligation that commits the School to the obligation.

(r) Funds

Unrestricted funds are expendable at the discretion of the Governors in furtherance of the objects or administration of the School.

Designated funds comprise unrestricted funds that have been set aside by the Governors for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowed funds comprise of individual trust funds set up by specific donors, the capital of which may not be expended. The purposes and uses of the endowed funds are set out in the notes to the financial statements.

(s) Pension Schemes

Teaching Staff

The Scheme contributes to the Teachers’ Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Governors by the Scheme Administrator. The Scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the Scheme which are attributable to the School. In accordance with FRS 102 therefore, the Scheme is accounted for as a defined contribution scheme.

29

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

1. ACCOUNTING POLICIES (Continued)

(t) Pension Schemes (Continued)

Support Staff

The School operates two pension schemes for its support staff, a final salary scheme, which is now closed to new entrants, and to further benefit accruals, and two defined contribution schemes.

Bolton School Retirement Benefit Scheme is the final salary pension scheme.

The final salary scheme is valued every three years by a professionally qualified actuary, the rates of contribution payable being determined by the actuary. Pension costs are charged to the Statement of Financial Activities over the average working lives of employees, in accordance with the recommendation of a qualified independent actuary. Further details are shown in note 22.

This Scheme is being accounted for under FRS 102, with the annually calculated notional surplus or deficit on the funding of the Scheme shown in the financial statements as a designated fund entitled “Pensions Reserve”, which is deducted from Unrestricted Funds in the balance sheet.

Contributions payable to the School's defined contribution scheme are charged to the Statement of Financial Activities so as to spread the cost of pensions over the service lives of employees in the schemes.

(u) Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.

(v) Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, Governors are required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

The pension value of the defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions which include the discount rate. Any changes in these assumptions which are disclosed in note 22 will impact the carrying amount of the pension liability.

30

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

2. FEE INCOME ANALYSIS

School Fees

The School’s fee income comprised:

2021 2020
£’000
 £’000
Gross Fees 28,376 25,989
Less: Total Bursaries and fee assistance (3,069) (2,888)
Less: Staff Discount (344) (371)
Less: Non-foundation grants and scholarships (72) (86)
24,891 22,644
Add back: Bursaries and fee assistance paid for by
Restricted Funds 3,069 2,888
Total School fees 27,960 25,532

The above includes bursaries and other financial support including scholarships, awarded to 447 (2020: 436 ) individuals.

3. INVESTMENT INCOME

Unrestricted Restricted Total
2021 2021 2021
£’000 £’000 £’000
Listed investments – UK 38 150 188
Bank interest received - - -
38 150 188
Property investment income
Rents receivable 42 - 42
80 150 230
Unrestricted Restricted Total
2020 2020 2020
£’000 £’000 £’000
Listed investments – UK 27 192 219
Bank interest received 2 1 3
29 193 222
Property investment income
Rents receivable 42 - 42
71 193 264

31

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2021

4. INCOME FROM SUBSIDIARY TRADING ACTIVITIES

The School has a 100% interest in its trading subsidiary Bolton School Services Limited.

Bolton School Services Limited’s principal activity continues to be that of promoting commercial activities which use the School’s assets to generate income from lettings and other activities. Its trading results for the year, as extracted from the audited financial statements, are summarised below :

Turnover
Government grants
Cost of sales
Gross profit/(loss)
Administration expenses
Operating profit/(loss)
Interest receivable
Profit/(loss) for the year
Gift aid payment to Bolton School
Shareholders’ Funds
5. OTHER INCOME
Unrestricted
2021

Ancillary trading income
£’000

Retained deposits
7
Entrance exams
28
Coach Fares from Parents
580
615
Non-ancillary trading income
Miscellaneous
7
Total
2021
£’000
7
28
580
615
7		 2021
£’000
506
26
(387)
145
(52)
93
-
93
-
93
(28)
Unrestricted
2020
£’000
12
26
-
38
1		 2020
£’000
1,353
190
(1,687)
(144)
(189)
(333)
1
(332)
(456)
(788)
(121)
Total
2020
£’000
12
26
-
38
1

32

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

6. GOVERNMENT GRANTS

Unrestricted
2021
Total
2021
Unrestricted
2020
£’000
£’000
£’000

School
584
584
919
Nursery
49
49
81
Bolton School Services Limited
26
26
190
659
659
1,190		 Total
2020
£’000
919
81
190
1,190
7.
GRANTS AND DONATIONS RECEIVABLE
Restricted
2021
£’000

Funding for Future
2
School Bursary fund
885
Lever bursaries
200
Clifford Ingham Fund
1
Philip & Enid Hargreaves
Memorial Fund
2
Prize fund
13
Professor Stevens
7
Headmaster’s fund
9
Headmistress’s fund
4
Essen Fund
8
R Kirk Fund
50
George Lancashire Fund
136

1,317
 Total
2021
Restricted
2020
£’000
£’000

2
3
885
942
200
195
1
-
2
2
13
1
7
3
9
6
4
5
8
-
50
-
136
125
1,317
1,282		 Total
2020
£’000
3
942
195
-
2
1
3
6
5
-
-
125
1,282

Note that there are currently several significant legacies which Bolton School has been notified that they are a beneficiary of. These legacies will only be recognised as income when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable.

33

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

8. STAFF COSTS AND NUMBERS

The aggregate payroll costs for the year were as follows:

Wages and salaries
Social security costs
Pension contribution
Aggregate employee benefits of key management personnel		 2021
£’000
14,937
1,441
2,790
19,168
528		 2020
£’000
15,308
1,466
2,824
19,598
512

During the year, the School entered into 5 settlement agreements with members of staff at a cost of £87,534.

Since September 2021 the five Senior Officers of the Foundation are the Head of Foundation, the Head of Boys’ Division, the Head of Girls’ Division, the Head of Primary Division and the Clerk to the Governors who constitute the key management personnel. Prior to this the three Senior Officers were the Headmaster, the Headmistress and the Clerk to the Governors.

No Governors or persons connected with them received any remuneration or other benefits during the year (2020: £Nil).

During the year one Governor received reimbursement of out of pocket travel expenses of £Nil (2020: £517).

The average monthly number of employees during the year was as follows:

2021 2020
No. No.
Teaching staff 323 349
Support staff 54 60
Premises staff 65 64
Welfare staff 53 67
Transport and other BSSL staff 20 53
515 593

The average monthly number of full time equivalent employees during the year was as follows:

2021 2020
No. No.
Teaching staff 276 285
Support staff 47 50
Premises staff 48 44
Welfare staff 39 38
Transport and other BSSL staff 8 23
418 440

34

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

8. STAFF COSTS AND NUMBERS (continued)

The remuneration package of the higher paid employees was:

2021 2020
No. No.
£60,001 - £70,000 14 13
£70,001 - £80,000 3 2
£90,001 - £100,000 0 1
£110,001 - £120,000 1 -
£130,001 - £140,000 - 1
£140,001 - £150,000 2 1

Included in the above higher paid employees were 19 (2020: 16 ) accruing benefits under defined benefit pension schemes and 1 (2020: 2) under defined contribution schemes. The amount paid to defined benefit schemes on behalf of the above higher paid employees was £329,062 (2020: £280,713) . The amount paid to defined contribution schemes on behalf of the above higher paid employees was £11,276 (2020: £23,993).

35

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

9. ANALYSIS OF EXPENDITURE a) Total expenditure

Staff costs
Other
Depreciation

£’000
£’000
£’000

Costs of generating funds
Trading expenditure
307
120
12
Fundraising
162
46
-
Publicity
95
130
-
Financing costs
-
221
-
Total costs of generating
funds
564
517
12
Charitable Activities – Education
Academic
15,487
2,336
657
Welfare
766
771
66
Premises
1,251
1,890
495
Support
costs
and
Governance
1,100
391
235
Grants, prizes and awards
-
3,148
-
Total charitable expenditure
18,604
8,536
1,453
Total Resources Expended
19,168
9,053
1,465
b) Grants, awards and prizes
From Restricted Funds:
Bursaries and other grants and awards
Pupil Support
Prizes and leaving awards
From Unrestricted Funds:
Prizes and leaving awards
c) Governance included in support costs
Remuneration paid to the auditors for audit services
Reimbursement of personal expenses to governors - travel
Other governance costs		 Total
2021
£’000
439
208
225
221
1,093
18,480
1,603
3,636
1,726
3,148
28,593
29,686
2021
£’000
3,059
83
1
5
3,148
2021
£’000
36
-
-
36		 Total
2020
£’000
1,876
234
237
213
2,560

17,545
1,326
3,539
1,551
2,981
26,942
29,502
2020
£’000
2,888
90
-
3
2,981
2020
£’000
31
1
12
44		 Total
2020
£’000
1,876
234
237
213
2,560

17,545
1,326
3,539
1,551
2,981
26,942
29,502

Please refer to note 8 for details of personal expenses reimbursed to governors.

In addition to the above audit remuneration the auditor received fees for corporate taxation services totalling £1,020 (2020: £1,020) and for accounts preparation services totalling £1,200 (2020: £1,200).

36

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

10. TANGIBLE FIXED ASSETS - CONSOLIDATED

Freehold
land and
buildings
Furniture and
equipment
Fixtures and
fittings
Motor
Vehicles

£’000
£’000
£’000
£’000

Cost
At 1 September 2020
29,310
2,985
11,089
651

Additions
17
257
57
-
Transfers
-
-
-
-
Disposals
-
(227)
-
(580)
At 31 August 2021
29,327
3,015
11,146
71
Depreciation
At 1 September 2020
8,592
2,395
6,041
590
Charge for the year
631
293
535
6
Disposals
-
(226)
-
(525)
At 31 August 2021
9,223
2,462
6,576
71
Net book values
At 31 August 2021
20,104
553
4,570
-
At 31 August 2020
20,718
590
5,048
61		 Total
£’000
44,035
331
-
(807)
43,559

17,618
1,465
(751)

18,332
25,227

26,417

Assets held as security

The Defined Benefit Pension liability of £2,952,000 is secured on the following freehold properties:

68, 74, 76 and 78 Dobson Road Bolton School Nursery Leverhulme Pavilion 72 Dobson Road 191 Park Road Patterdale Hall

37

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

10. TANGIBLE FIXED ASSETS - SCHOOL

Freehold land
and
buildings
Furniture and
equipment
Fixtures and
fittings
£’000
£’000
£’000

Cost
At 1 September 2020
29,310
2,899
11,033
Additions
17
257
56
Transfers
-
-
-
Disposals
-
(225)
-
At 31 August 2021
29,327
2,931
11,089
Depreciation
At 1 September 2020
8,592
2,311
6,012
Charge for the year
631
292
530
Disposals
-
(225)
-
At 31 August 2021
9,223
2,378
6,542
Net book values
At 31 August 2021
20,104
553
4,547
At 31 August 2020
20,718
588
5,021		 Total
£’000
43,242
330
-
(225)

43,347

16,915
1,453
(225)
18,143

25,204

26,327

Assets held as security

The Defined Benefit Pension liability of £2,952,000 is secured on the following freehold properties:

68, 74, 76 and 78 Dobson Road Bolton School Nursery Leverhulme Pavilion 72 Dobson Road 191 Park Road Patterdale Hall

38

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

11. INVESTMENT PROPERTY – CONSOLIDATED AND SCHOOL

Freehold
Investment
property
£’000
Valuation
At 1 September 2020 1,020
Revaluation in the year 164
At 31 August 2021 1,184

Investment property consists of the Schools’ land and buildings that are held for investment purposes and which are not used in the School’s own activities.

As of 31 August 2021 the investment properties have been revalued by the governors on an open market value for existing use basis.

12. INVESTMENTS - CONSOLIDATED

Listed
investments
£’000
At 1 September 2020
23,155

Additions
23,644
Disposals
(24,641)
Management fees
-
Exchange loss
-
Unrealised gains
4,237
At 31 August 2021
26,395		 Private
Equity
£’000
475
891
(278)
(25)
(57)
426
1,432		 COIF
Shares
£’000

9,784
1,500
-
-
-
2,379
13,663		 Cash
£’000
443
3,387
(3,740)
-
-
-
90		 Total
2021
£’000
33,857
29,422
(28,659)
(25)
(57)
7,042
41,580

During the year Bolton School has utilised the services of CCLA, Cazenove Capital, Harbourvest Partners and Partners Capital LLP who, between them, manage the investment portfolio on a discretionary basis. All listed investments are managed and held in the UK.

During the year US$1.2m was invested in a private equity fund. There is a commitment to invest a further US$4.2m to a total private equity investment commitment of US$6m. It is anticipated that the further cash investment required will be less than this amount due to the distributions from existing investments which can be offset against future cash calls.

Investments with a market value of over 5% of the total market value of investments are as follows:


The Master Portfolio Ltd
Vanguard S&P 500 UCITS ETF
Partners Capital Phoenix Fund II Ltd
Partners Capital Greyhawk Fund
Vanguard FTSEUK All Share Index GBP		 2021
£’000

-
3,064
7,862
4,909
2,407		 2020
£’000
6,299
3,254
2,363
1,983
1,861

39

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

12 . INVESTMENTS - SCHOOL

Listed
investments
Private
Equity
COIF
Shares
£’000
£’000
£’000

At 1 September 2020
22,931
475
9,526
Additions
23,644
891
1,500
Disposals
(24,641)
(278)
-
Management fees
-
(25)
-
Exchange loss
-
(57)
-
Unrealised gains
4,141
426
2,384
At 31 August 2021
26,075
1,432
13,410		 Cash
Total
2021
£’000
£’000
443
33,375
3,387
29,422
(3,740)
(28,659)
-
(25)
-
(57)
(1)
6,950
89
41,006

Investments with a market value of over 5% of the total market value of investments are as follows:


The Master Portfolio Ltd
Vanguard S&P 500 UCITS ETF
Partners Capital Greyhawk Feeder Fund Ltd
Partners Capital Phoenix Fund II Ltd
Vanguard FTSEUK All Share Index GBP		 2021
£’000

-
3,064
7,862
4,909
2,407		 2020
£’000
6,299
3,254
2,363
1,983
1,861

13. DEBTORS

Consolidated Consolidated School
2021 2020 2021 2020
£’000 £’000 £’000 £’000
Due within one year
Fee debtors 106 141 106 141
Trade debtors 44 21 27 13
Other debtors 462 644 444 622
Prepayments 483 424 475 415
Amount due from subsidiary undertaking - - 65 13
1,095 1,230 1,117 1,204

Included within prepayments above are amounts due to be released > 1 year of £78k (2020: £112k).

Included within other debtors above are amounts due to be received > 1 year of £203k (2020: £Nil).

40

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

14. CREDITORS: Amounts falling due within one year

Consolidated Consolidated School School
2021 2020 2021 2020
£’000 £’000 £’000 £’000
Bank loan/overdraft - 250 - -
Fees received in advance 374 374 374 374
Trade creditors 528 467 526 467
Social security and other taxes 351 368 347 368
Other creditors & accruals 1,555 1,165 1,338 1,012
Pensions 319 316 319 316
Pupil deposits 690 662 689 662
Deferred income - advance fee scheme (note 15) 188 165 188 165
4,005 3,767 3,781 3,364

The school has an overdraft facility in place to the value of £5,000,000 at 31 August 2021, and nil of this has been used (2020: £Nil).

The bank overdraft facility is secured by an unlimited inter-company composite guarantee by and between Bolton School and Bolton School Services Limited.

The £250,000 loan from Barclays Bank plc to BSSL is supported by the Coronavirus Business Interruption Loan Scheme managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy

Under the Coronavirus Business Interruption Loan Scheme, the Secretary of State has agreed to provide the Bank with a Partial Guarantee. The Partial Guarantee is given to the Bank and not BSSL and BSSL remains liable for all sums payable under the agreement in the event of a default.

Under the Coronavirus Business Interruption Loan Scheme, interest due during the first 12 months will be payable by the UK Government under the terms of the scheme, and is in effect 0%.

The Loan Amount of £250,000 was drawn down on the 19 August 2020. BSSL repaid the loan in full within 12 months.

The loan was secured with a debenture over the assets of the company.

15. CREDITORS: Amounts falling due after more than one year

Consolidated Consolidated School
2021 2020 2021 2020
£’000 £’000 £’000
 £’000
Deferred income - advance fee scheme (note 16) 411 456 411 456

41

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

16. ADVANCE FEE PAYMENTS

Advance fee income is received from parents under arrangements entered into with the School under its Fees in Advance Scheme. This income is applied to meet payments of tuition fees at Bolton School as they fall due.

Parents may enter into a contract to pay to the School up to the equivalent of seven years’ tuition fees in advance. The money may be returned subject to specific conditions on the receipt of one term’s notice.


After 5 years
Within 2 to 5 years
Within 1 to 2 years
Within 1 year
The movement during the year on advanced fees were as follows:

Balance at 1 September 2020
New advanced fees received in the year
Discount given
Amounts utilised in payment of fees
Balance at 31 August 2021		 2021
£’000
37
228
146
411
188
599
2021
£’000
621
126
6
(154)
599		 2020
£’000
91
236
129
456
165
621
2020
£’000
865
-
6
(250)

621

42

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

17. FINANCIAL INSTRUMENTS

2021 2020
£000 £000
Financial assets measured at amortised cost (a) 4,323 2,602
Financial assets measured at fair value (b) 41,580 33,857
Financial liabilities measured at amortised cost (c) 3,442 2,979
Financial liabilities measured at fair value (d) 2,952 2,694

(a) Financial assets include cash, trade and fee debtors and other debtors

(b) Financial assets held at fair value include assets held as investments

(c) Financial liabilities include deposits, trade creditors and other creditors

(d) Financial liabilities held at fair value include Bolton School pension scheme deficit

Impairment losses charged to financial assets measured at amortised cost in the year amounted to £Nil (2020: £18,833).

43

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2021

18. NET ASSETS OF THE FUNDS OF THE CHARITY AND GROUP

The Charity’s and Group net assets belong to the various funds as follows:


Charity Unrestricted Funds
General Funds
Revaluation reserve
Pension Reserve
Leigh-Bramwell Designated
Fund
Other Designated Funds
Total Unrestricted School
Funds
Charity Restricted Funds
Lever Scholarship (Assisted
Places) Fund
School Open Door Bursary
Fund
Fees in Advance Fund
Other Restricted Funds
Total Restricted School
Funds
Charity Endowed Funds
Other Endowed Funds
Endowed Land and Buildings
Total Endowed School
Funds
Total School Funds
Group Endowed Funds
The Christine Margaret
Rawlinson Memorial Trust
The Popplewell Award
Endowed Fund
Group Restricted Funds
Sally Hodgkiss Trust
The Christine Margaret
Rawlinson Memorial Trust
The Popplewell Award
Non-charitable trading
funds
Total Consolidated Funds		 44
Fixed
Assets
Investments
and
investment
property
Net Current
Assets/
(Liabilities)
Long Term
Liabilities

£’000
£’000
£’000
£’000
20,496
4,691
(596)
-
-
-
220
-
-
-
-
-
-
5,019
1
-
337
-
(46)
-
20,833
9,710
(421)
-
-
13,997
133
-
-
13,096
892
-
-
1,190
(40)
(411)
2,875
2,227
1,289
-

2,875
30,510
2,274
(411)
-
1,970
(836)
-
1,496
-
(234)
-

1,496
1,970
(1,070)
-

25,204
42,190
783
(411)
-
30
-
-
-
130
-
-
-
186
50
-
35
9
-
-
193
29
-
23
-
(52)
-
25,227
42,764
819
(411)		 Pension
Liability
Fund
Balances
2021
£’000
£’000
-
24,591
-
220
(2,952)
(2,952)
-
5,020
-
291
(2,952)
27,170
-
14,130
-
13,988
-
739
-
6,391
-
35,248
-
1,134
-
1,262
-
2,396
(2,952)
64,814
-
30
-
130
236
-
44
-
222
-
(29)
(2,952)
65,447

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

18. NET ASSETS OF THE FUNDS OF THE CHARITY AND GROUP (CONTINUED)

Fixed Investments Investments Net Long Pension Fund
Assets and Current Term Liability Balances
investment Assets/ Liabilities 2020
property (Liabilities)
£’000 £’000 £’000 £’000 £’000 £’000
Charity Unrestricted
Funds
General Funds 21,403 3,989 (1,690) - - 23,702
Revaluation reserve - - 56 - - 56
Pension Reserve - - (95) - (2,694) (2,789)
Leigh-Bramwell
Designated Fund - 4,189 1 - - 4,190
Other Designated Funds 356 - (65) - - 291
Total Unrestricted
School Funds 21,759 8,178 (1,793) - (2,694) 25,450
Charity Restricted Funds
Lever Scholarship
(Assisted Places) Fund - 11,682 138 - - 11,820
School Open Door
Bursary Fund - 10,037 980 - - 11,017
Fees in Advance Fund - 1,119 (139) (456) - 524
Other Restricted Funds 2,944 1,733 951 - - 5,628
Total Restricted School
Funds 2,944 24,571 1,930 (456) - 28,989
Charity Endowed Funds
Other Endowed Funds - 1,645 (510) - - 1,135
Endowed Land and
Buildings 1,625 - (234) - - 1,391
Total Endowed School
Funds 1,625 1,645 (744) - - 2,526
Total School Funds 26,328 34,394 (607) (456) (2,694) 56,965
Group Endowed Funds
The Christine Margaret
Rawlinson Memorial Trust - 29 - - - 29
The Popplewell Award
Endowed Fund - 130 - - - 130
Group Restricted Funds
Sally Hodgkiss Trust - 155 49 - - 204
The Christine Margaret
Rawlinson Memorial Trust - 24 9 - - 33
The Popplewell Award - 144 29 - - 173
Non-charitable trading
funds 90 - (211) - - (121)
Total Consolidated
Funds 26,418 34,876 (731) (456) (2,694) 57,413
45

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

18A. ENDOWED FUNDS: MOVEMENTS IN THE YEAR

Balance at 1 Balance at
September 2020 Resources 31 August
Expended 2021
£’000 £’000 £’000
Prize funds 15 - 15
B Crossley 4 - 4
M Mitchell 2 - 2
Middle School Awards 10 - 10
W F Tillotson Award 180 - 180
Derrick and Monica Brooke -
Jameson Trust 796 796
Professor Stevens 94 - 94
Headmaster’s Fund 13 - 13
Headmistress’s Fund 22 - 22
Land and Buildings 1,390 (129) 1,261
School Endowed Funds 2,526 (129) 2,397
The Christine Margaret Rawlinson
Memorial Trust 29 - 29
The Popplewell
Award 130 - 130
Consolidated Endowed Funds
2,685 (129) 2,556
Balance at 1 Balance at
September 2019 Resources 31 August
Expended 2020
£’000 £’000 £’000
Prize funds 15 - 15
B Crossley 4 - 4
M Mitchell 2 - 2
Middle School Awards 10 - 10
W F Tillotson Award 180 - 180
Derrick and Monica Brooke -
Jameson Trust 796 796
Professor Stevens 94 - 94
Headmaster’s Fund 13 - 13
Headmistress’s Fund 22 - 22
Land and Buildings 1,520 (130) 1,390
School Endowed Funds 2,656 (130) 2,526
The Christine Margaret Rawlinson
Memorial Trust 29 - 29
The Popplewell
Award 130 - 130
Consolidated Endowed Funds
2,815 (130) 2,685

46

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

18A. ENDOWED FUNDS: MOVEMENTS IN THE YEAR (Continued)

Prize and B Crossley funds

These funds are endowed funds to provide for prizes and awards for pupils at the School.

M Mitchell

This fund exists to support needy girls, preferably those going to University.

Middle School Award

This award exists to support boys only.

The Popplewell Award

This fund exists to provide University funding for former pupils of the Boys’ Division.

W F Tillotson fund

The W F Tillotson fund provides bursaries for pupils at the School.

The Christine Margaret Rawlinson Memorial Trust

The Trust was established to provide travel awards for pupils of Bolton School which will offer them the opportunity for self-development through exposure to cultural experiences.

Land and Buildings

Certain parts of the School’s land and buildings form part of this endowment.

Professor Stevens Fund

The fund exists to provide bursary support for Chemistry students.

Headmaster’s Fund

This fund is used for the benefit of the School.

Headmistress’s Fund

This fund is used for the benefit of the School.

Derrick and Monica Brooke Jameson Trust

The fund exists to provide bursaries for pupils at the School.

47

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

18B. RESTRICTED FUNDS: MOVEMENTS IN THE YEAR

Bequest – Nette
Fees in Advance Fund
Funding the Future
Open Door Bursary Fund
Lever Scholarship
(Assisted Places) Fund
Leigh-Bramwell
Fund (Sutcliffe Bequest)
B Crossley
M Mitchell
Middle School Awards
W F Tillotson Award
Clifford Ingham Fund
Bradshaw Smith
Prize Funds
Jameson Trust
Professor Stevens Fund
Headmaster’s Fund
Headmistress’s Fund
Hargreaves
Raspin Fund
Higginson Fund
George Lancashire fund
Dr Forsyth
Roberts Extra curricular
R Kirk
Essen
School Restricted Funds
Sally Hodgkiss Trust
The Popplewell Award
The Christine Margaret
Rawlinson Memorial Trust
Consolidated Restricted
Funds		 Balance at 1
September
2020
Incoming
Resources
Expended
Resources
Transfers and
Investment
Gains/(Losses)
Balance at
31 August
2021
£’000
£’000
£’000
£’000
£’000
78
-
-
-
78
524
6
(6)
215
739
2,948
2
(68)
-
2882
11,017
939
(2,871)
4,892
13,977
11,821
263
(205)
2,252
14,131
425
2
11
82
520
1
-
-
-
1
1
-
-
-
1
5
-
-
-
5
36
1
-
36
73
4
1
-
-
5
6
-
-
-
6
12
13
(1)
-
24
280
6
-
207
493
235
9
(12)
65
297
39
9
(5)
3
46
85
4
(5)
5
89
14
2
-
-
16
217
1
-
37
255
264
1
(21)
52
296
947
141
(26)
164
1,226
1
-
(1)
-
-
28
-
-
-
28
-
50
-
-
50
1
8
1
-
10
28,989
1,458
(3,209)
8,010
35,248
206
1
-
30
237
172
8
(7)
49
222
33
-
-
10
43		 Balance at 1
September
2020
Incoming
Resources
Expended
Resources
Transfers and
Investment
Gains/(Losses)
Balance at
31 August
2021
£’000
£’000
£’000
£’000
£’000
78
-
-
-
78
524
6
(6)
215
739
2,948
2
(68)
-
2882
11,017
939
(2,871)
4,892
13,977
11,821
263
(205)
2,252
14,131
425
2
11
82
520
1
-
-
-
1
1
-
-
-
1
5
-
-
-
5
36
1
-
36
73
4
1
-
-
5
6
-
-
-
6
12
13
(1)
-
24
280
6
-
207
493
235
9
(12)
65
297
39
9
(5)
3
46
85
4
(5)
5
89
14
2
-
-
16
217
1
-
37
255
264
1
(21)
52
296
947
141
(26)
164
1,226
1
-
(1)
-
-
28
-
-
-
28
-
50
-
-
50
1
8
1
-
10
28,989
1,458
(3,209)
8,010
35,248
206
1
-
30
237
172
8
(7)
49
222
33
-
-
10
43		 Balance at 1
September
2020
Incoming
Resources
Expended
Resources
Transfers and
Investment
Gains/(Losses)
Balance at
31 August
2021
£’000
£’000
£’000
£’000
£’000
78
-
-
-
78
524
6
(6)
215
739
2,948
2
(68)
-
2882
11,017
939
(2,871)
4,892
13,977
11,821
263
(205)
2,252
14,131
425
2
11
82
520
1
-
-
-
1
1
-
-
-
1
5
-
-
-
5
36
1
-
36
73
4
1
-
-
5
6
-
-
-
6
12
13
(1)
-
24
280
6
-
207
493
235
9
(12)
65
297
39
9
(5)
3
46
85
4
(5)
5
89
14
2
-
-
16
217
1
-
37
255
264
1
(21)
52
296
947
141
(26)
164
1,226
1
-
(1)
-
-
28
-
-
-
28
-
50
-
-
50
1
8
1
-
10
28,989
1,458
(3,209)
8,010
35,248
206
1
-
30
237
172
8
(7)
49
222
33
-
-
10
43		 Balance at 1
September
2020
Incoming
Resources
Expended
Resources
Transfers and
Investment
Gains/(Losses)
Balance at
31 August
2021
£’000
£’000
£’000
£’000
£’000
78
-
-
-
78
524
6
(6)
215
739
2,948
2
(68)
-
2882
11,017
939
(2,871)
4,892
13,977
11,821
263
(205)
2,252
14,131
425
2
11
82
520
1
-
-
-
1
1
-
-
-
1
5
-
-
-
5
36
1
-
36
73
4
1
-
-
5
6
-
-
-
6
12
13
(1)
-
24
280
6
-
207
493
235
9
(12)
65
297
39
9
(5)
3
46
85
4
(5)
5
89
14
2
-
-
16
217
1
-
37
255
264
1
(21)
52
296
947
141
(26)
164
1,226
1
-
(1)
-
-
28
-
-
-
28
-
50
-
-
50
1
8
1
-
10
28,989
1,458
(3,209)
8,010
35,248
206
1
-
30
237
172
8
(7)
49
222
33
-
-
10
43		 Balance at 1
September
2020
Incoming
Resources
Expended
Resources
Transfers and
Investment
Gains/(Losses)
Balance at
31 August
2021
£’000
£’000
£’000
£’000
£’000
78
-
-
-
78
524
6
(6)
215
739
2,948
2
(68)
-
2882
11,017
939
(2,871)
4,892
13,977
11,821
263
(205)
2,252
14,131
425
2
11
82
520
1
-
-
-
1
1
-
-
-
1
5
-
-
-
5
36
1
-
36
73
4
1
-
-
5
6
-
-
-
6
12
13
(1)
-
24
280
6
-
207
493
235
9
(12)
65
297
39
9
(5)
3
46
85
4
(5)
5
89
14
2
-
-
16
217
1
-
37
255
264
1
(21)
52
296
947
141
(26)
164
1,226
1
-
(1)
-
-
28
-
-
-
28
-
50
-
-
50
1
8
1
-
10
28,989
1,458
(3,209)
8,010
35,248
206
1
-
30
237
172
8
(7)
49
222
33
-
-
10
43		 Balance at 1
September
2020
Incoming
Resources
Expended
Resources
Transfers and
Investment
Gains/(Losses)
Balance at
31 August
2021
£’000
£’000
£’000
£’000
£’000
78
-
-
-
78
524
6
(6)
215
739
2,948
2
(68)
-
2882
11,017
939
(2,871)
4,892
13,977
11,821
263
(205)
2,252
14,131
425
2
11
82
520
1
-
-
-
1
1
-
-
-
1
5
-
-
-
5
36
1
-
36
73
4
1
-
-
5
6
-
-
-
6
12
13
(1)
-
24
280
6
-
207
493
235
9
(12)
65
297
39
9
(5)
3
46
85
4
(5)
5
89
14
2
-
-
16
217
1
-
37
255
264
1
(21)
52
296
947
141
(26)
164
1,226
1
-
(1)
-
-
28
-
-
-
28
-
50
-
-
50
1
8
1
-
10
28,989
1,458
(3,209)
8,010
35,248
206
1
-
30
237
172
8
(7)
49
222
33
-
-
10
43
29,400 1,467 (3,216) 8,099 35,750

Transfers relate to the School’s contribution to the Bursary fund of £2,960k.

48

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

18B. RESTRICTED FUNDS: MOVEMENTS IN THE YEAR (CONTINUED)

Balance at Transfers and Balance at
1 Incoming Expended Investment 31 August
September Resources Resources Gains/(Losses) 2020
2019
£’000 £’000 £’000 £’000 £’000
Bequest – Nette 78 - - - 78
Fees in Advance Fund 514 9 (6) 7 524
The Funding the Future 3,013
Campaign 3 (68) - 2,948
School Open Door Bursary 10,944
Fund 1,018 (2,731) 1,786 11,017
Lever Scholarship (Assisted
Places) Fund 11,674 272 (179)
54		 11,821
Leigh-Bramwell
Fund (Sutcliffe Bequest) 421 3 -
1		 425
B Crossley 1 - -
-		 1
M Mitchell 1 - -
-		 1
Middle School Awards 5 - -
-		 5
W F Tillotson Award 34 1 -
1		 36
Clifford Ingham Fund 4 - -
-		 4
Bradshaw Smith 6 - -
-		 6
Prize Funds 11 1 -
-		 12
Jameson Trust 268 7 - 5 280
Professor Stevens Fund 240 5 (12) 2 235
Headmaster’s Fund 35 6 (2) - 39
Headmistress’s Fund 86 5 (6) - 85
Hargreaves 15 2 (3) - 14
Raspin Fund 216 1 (1) 1 217
Higginson Fund 271 2 (10) 1 264
George Lancashire fund 829 131 (17) 4 947
Dr Forsyth 16 - (15)
-		 1
Roberts Extra curricular 26 - 2 - 28
Essen 2 - (1) - 1
School Restricted Funds 28,710 1,466 (3,049) 1,862 28,989
Sally Hodgkiss Trust 204 1 -
1		 206
The Popplewell Award 168 8 (9) 5 172
The Christine Margaret
Rawlinson Memorial Trust 32 1 -
-		 33
Consolidated Restricted
Funds 29,114 1,476 (3,058) 1,868 29,400

49

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

Leigh-Bramwell Fund (Sutcliffe Bequest) and Bequest – Nette

These funds exists for the purpose of pupil support, girls only.

Fees in Advance Fund

This is the capital prepayment scheme of which School fees payers can enter into.

The Funding the Future Campaign

This was set up for the purpose of financing the building of the Arts Centre and other capital projects.

Dr Edith Forsyth Scholarship Award

This fund relates to the restricted income and expenditure of the Dr Edith Forsyth Scholarship Award setup to provide financial support for five years of university medical training for Girls’ Division pupils.

School Open Door Bursary Fund

In 1997 this fund was set up to generate monies to replace the Government Assisted Places Scheme and it also contains funding in respect of the 1997 Bursary Appeal.

Sally Hodgkiss Trust and Lever Scholarship (Assisted Places) Fund

These funds exist for the purpose of pupil support.

Clifford Ingham Fund

This fund supports pupils on an adventurous activity.

Bradshaw Smith

This fund exists for maintenance of buildings extant prior to 1939.

B Crossley

This fund relates to the restricted income and expenditure on the B Crossley endowment fund.

Middle School Awards

This fund relates to the restricted income and expenditure on the Middle School Awards endowment fund.

W F Tillotson Award

This fund relates to the restricted income and expenditure on the W F Tillotson Scholarship endowment fund.

M Mitchell

This fund relates to the restricted income and expenditure on the M Mitchell endowment fund.

Professor Stevens Fund

The income from this fund is used to provide bursaries for Chemistry students.

Headmaster’s Fund

This fund is used for the benefit of the School.

Headmistress’s Fund

This fund is used for the benefit of the School.

Prize Fund

This fund relates to the restricted income and expenditure on the Prize Fund endowment fund.

Derrick and Monica Brooke Jameson Trust

The income from this fund is used to provide bursaries for pupils at the School.

50

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 AUGUST 2021

18B. RESTRICTED FUNDS: MOVEMENTS IN THE YEAR (Continued)

Philip and Enid Hargreaves Memorial Fund

This fund supports pupils on School trips.

The Raspin Fund

This fund supports extra-curricular trips and activities for less affluent girls, which are relevant to their academic studies.

The Essen Fund

This fund supports cross cultural understanding and learning in Western Europe and also the study of modern European languages by providing support for financially disadvantaged pupils to participate in cross-cultural study and language exchanges in Western Europe.

The Higginson Fund

This fund is to provide bursary support to girls, with a preference for children of the clergy.

George Lancashire fund

This fund is to provide bursary support to pupils from the Eccles area.

Roberts Extra Curricular Fund

This fund is available for Boys on a Roberts Bursary to join in extra-curricular trips that they may otherwise not be able to afford.

R Kirk Fund

This fund is to provide for needy pupils and / or members of the Bolton School Scouts Group to attend camps and expeditions.

18C. UNRESTRICTED FUNDS: MOVEMENTS IN THE YEAR

Balance at Transfers,
1 Investment and Balance at
September Incoming Expended Actuarial 31 August
2020 Resources Resources Gains/(Losses) 2021
£’000 £’000 £’000 £’000 £’000
Designated Funds:
Nursery School Fund 291 1,142 (974) (168) 291
Leigh-Bramwell 4,190 23 - 807 5,020
4,481 1,165 (974) 639 5,311
Revaluation reserve 56 - - 164 220
Pension reserve (2,694) - (2) (256) (2,952)
General Funds 23,610 28,130 (24,927) (2,222) 24,591
School Unrestricted 25,453 29,295 (25,903) (1,675) 27,170
Funds
Non-charitable trading
funds (123) 532 (438) - (29)
Consolidated
Unrestricted Fund 25,330 29,827 (26,341) (1,675) 27,141

Transfers comprise a contribution to the Bursary Fund of the surplus made by the Nursery in the year.

51

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

18C. UNRESTRICTED FUNDS: MOVEMENTS IN THE YEAR (CONTINUED)

Balance at Transfers,
1 Investment and Balance at
September Incoming Expended Actuarial 31 August
2019 Resources Resources Gains/(Losses) 2020
£’000 £’000 £’000 £’000 £’000
Designated Funds:
Nursery School Fund 291 1,052 (921) (131) 291
Leigh-Bramwell 4,144 27 - 19 4,190
4,435 1,079 (921) (112) 4,481
Revaluation reserve 125 - - (69) 56
Pension reserve (2,789) - 3 92 (2,694)
General Funds
22,684 25,563 (23,520) (1,117) 23,610
School Unrestricted
Funds
Non-charitable trading
funds 24,455 26,642 (24,438) (1,206) 25,454
667 1,543 (1,877) (456) (123)
Consolidated
Unrestricted Funds 25,122 28,185 (26,315) (1,662) 25,330

Nursery School Fund

All available funds/surpluses from 2018/19 will be transferred to the Foundation’s Bursary Fund on an ongoing basis.

Leigh-Bramwell

All derived income is spent on awarding means tested bursaries on an ongoing basis and the capital for future developmental projects.

52

BOLTON SCHOOL NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

19. RELATED PARTY TRANSACTIONS

The school owns all of the issued share capital of Bolton School Services Limited. Its results are shown in Note 4. There are no other related party transactions which need to be disclosed.

A number of the governors at the School who held office for at least part of the year had children enrolled at the School during the year. The children attend the School on the same terms as the other pupils.

20. CONNECTED CHARITIES

The Scott Bolton Trust is a separate trust with separate trustees. It was established to manage funds provided by the Scott Family for the benefit of pupils and former pupils at Bolton School.

21. FINANCIAL COMMITMENTS

At 31 August 2021 the group had future minimum lease payments under non-cancellable operating leases as follows:

ollows:
Land and buildings Other
2021 2020 2021 2020
£’000 £’000 £’000 £’000
Within one year - 16 34 34
Between two and five years - 67 58 58
After five years - 34 - -
- 117 92 92

22. CAPITAL COMMITMENTS

There are no capital commitments contracted but not provided for in the financial statements (2020: £Nil).

53

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

23. PENSION SCHEMES

Teaching Staff

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £2,163k ( 2020: £2,209k ) and at the year-end £259k ( 2020 - £255k ) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following the public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for the 2020 valuations.

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

Until the cost cap mechanism revision is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

54

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

23. PENSION SCHEMES (Continued)

Support Staff Defined Contribution Scheme

The total contribution payable to the School’s defined contribution schemes during the year was £587k (2020 : £ 254,594).

Support Staff Defined Benefit Bolton School Pension Scheme

The School operates a defined benefit pension scheme in the UK. This is a separate trustee administered fund holding the pension scheme assets to meet long term pension liabilities. Since 31 January 2009 it has been closed to the accrual of new benefits. A full actuarial valuation was carried out at 1 September 2020 by a qualified independent actuary, and updated on an approximate basis to 31 August 2021.

The most recent actuarial valuation showed a deficit of £2,241,000. The School agreed with the trustees that it will aim to eliminate the deficit over a period of 40 years from 31 August 2019 by the payment of an annual contribution of £66,200 increasing at 3% per annum. In addition and in accordance with the schedule of contributions, the School has agreed with the trustees to meet the levies to the Pension Protection Fund.

On 26 October 2018 the High Court ruled that equalisation for the effect of unequal Guaranteed Minimum Pensions (GMPs) is required. The ruling confirmed that trustees have a duty “to equalise benefits for men and women so as to after the result which is at present produced in relation to GMPs”. According to HM Treasury, any impact of GMPs is unlikely to be material to the pension valuation and therefore no allowance for GMP equalisation has been made in the FRS102 pension liability for this year. Full GMP indexation will be applied to the Bolton School Pension Scheme pension liability once changes to the Bolton School Pension Scheme have been formally announced.

55

NOTES TO THE FINANCIAL STATEMENTS (Continued)

BOLTON SCHOOL

FOR THE YEAR ENDED 31 AUGUST 2021

23. PENSION SCHEMES (Continued)

a) The amounts recognised in the balance sheet are as follows:

Present value of funded obligations
Fair value of plan assets
Net liability
b) Changes in the present value of the defined benefit obligation
Opening defined benefit obligation
Service cost
Interest cost
Employee contributions
Actuarial losses/(gains)
Benefits paid
Defined benefit obligation at end of year
c) Changes in the fair value of the scheme assets
Opening fair value of scheme assets
Interest income
Actuarial gains
Employer contributions
Employee contributions
Expenses paid
Benefits paid
Fair value of the scheme assets		 2021
£’000
(2,999)
47
(2,952)
2021
£’000
2,725
-
54
-
262
(42)
2,999
2021
£’000
31
-
3
59
-
(4)
(42)
47		 2020
£’000
(2,725)
31		 2020
£’000
(2,725)
31
(2,694)

2020
£’000
2,813
-
49
-
(92)
(45)
2,725

2020
£’000
24
-
-
56
-
(4)
(45)
31

56

NOTES TO THE FINANCIAL STATEMENTS (Continued)

BOLTON SCHOOL

FOR THE YEAR ENDED 31 AUGUST 2021

23. PENSION SCHEMES (continued)

d) The amounts included within the Statement of Financial Activities are as follows:

Expected return on scheme assets
Expenses
Interest on pension liabilities
Total amount charged to the Statement of Financial
Activities:
Net actuarial gains/(losses) recognised in the year
Net cumulative actuarial losses		 2021
£’000
-
(4)
(54)
(58)
(259)
2,868		 2020
£’000
-
(4)
(49)
(53)
92
2,609

Bolton School expects to contribute £68,186 to its defined benefit pension scheme in 2021/22.

e) Reconciliation of movements in present value of plan liabilities and assets:

Net liability at beginning of the year
Movements in the year:
Net liability at end of the year
f) The major categories of scheme assets as a percentage of
follows:
Equities
Bonds
The actual return on the scheme assets in the year was:
Assets		 2021
2020
£’000
£’000
(2,694)
(2,789)
(258)
95
(2,952)
(2,694)
total Scheme assets are as
2021
2020
8.5%
13%
91.5%
87%
2021
2020
£’000
£’000
-
-

57

BOLTON SCHOOL

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 31 AUGUST 2021

23. PENSION SCHEMES (continued)

g) The Principal actuarial assumptions at the balance sheet date:

2021 2020
Discount rate 1.7% 1.8%
Retail price inflation 3.5% 3.0%
Consumer price inflation 2.5% 2.0%
Rate of increase in salaries n/a n/a
Expected return on scheme assets 3.5% 3.5%
Assumed life expectancy in years at age 65:
Retiring in 20 years – males 22.1 22.0
Retiring in 20 years – females 24.4 24.3
Assumed life expectancy in years at age 65:
Retiring today – males 19.9 19.8
Retiring today – females 22.2 22.1

h) History of experience gains and losses:

2021 2020 2019 2018 2017
£’000 £’000 £’000 £’000 £’000
Difference between expected
and actual return on assets - - 4 2 59
Experience gains and losses
arising on the scheme - - - - 440
liabilities
Scheme liabilities 2,999 2,725 2,813 2,564 2,748
Scheme assets 47 31 24 53 268
Deficit in the scheme 2,952 2,694 2,789 2,511 2,480

24. ANLYSIS OF CHANGES IN NET DEBT

At 1 September
2020
Cash
£’000
Cash
1,789
Cash equivalents
Overdraft facility repayable on
demand
443
-
2,232		 flows
At 31 August
2021
£’000
£’000
1,922
3,711
(353)
90
-
-
1,569
3,801

58

NOTES TO THE FINANCIAL STATEMENTS (Continued)

BOLTON SCHOOL

FOR THE YEAR ENDED 31 AUGUST 2021

25. Consolidated Statement of Financial Activities – Comparative figures by fund type Year Ended 31 August 2020

INCOME AND ENDOWMENTS FROM:
Charitable Activities
-
School fees
Ancillary trading income
Other trading activities
Non ancillary trading income
Activities for generating funds:
- Bolton School Services Limited
Dividends, bank and other interest
Government Grants
Grants & Donations Receivable
Total Incoming Resources
EXPENDITURE ON:
Raising funds
- Bolton School Services Limited
Financing costs
Fundraising & Publicity Costs
Total costs of raising funds
Charitable activities
Education and grant making
Total Resources Expended
Net incoming/(outgoing) resources from
operations before transfers and
investment gains
Gains on investments
(Loss) on investment property
Transfers between funds
NET INCOME
Pension scheme actuarial (losses)/gains
NET MOVEMENT IN FUNDS
**
Fund balances brought forward
FUND BALANCES CARRIED
FORWARD**		 Unrestricted
Restricted
Endowed
Total
Funds
Funds
Funds
Funds
£’000
£’000
£’000
£’000
25,532
-
-
25,532
38
-
-
38
1
-
-
1
1,353
-
-
1,353
71
193
-
264
1,190
-
-
1,190
-
1,282
-
1,282
28,185
1,475
-
29,660
1,876
-
-
1,876
207
6
-
213
471
-
-
471
2,554
6
-
2,560
23,761
3,051
130
26,942
26,315
3,057
130
29,502
1,870
(1,582)
(130)
158
52
131
-
183
(69)
-
-
(69)
(1,737)
1,737
-
-
116
286
(130)
272
92
-
-
92
208
286
(130)
364
25,122
29,114
2,815
57,051
25,330
29,400
2,685
57,415

59