2022-07-31-accounts - Chigwell School

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				Page
				1-6
Strategic Report
				7-9
Report ofthe Trustees
Consolidated	Statement ofFinancial		Activities	10
Balance Sheets
				12
Consolidated	Cash Flow	Statement
				13—15
Accounting	Policies
Notes to the	Consolidated	Financial	Statements	16-31
				32
Directors and Officers
				33
Reference and Administration
				34 —35
Report of the Auditor

Statf Just ~	voioateere as pupils take opportunities to use their time and expertise to help others in the community, staff are encouraged to do so too. The Chaplain conducted services in local churches, attended area Deanery meetings, and spoke at a number oflocal church and community groups. He provided holiday and inter-regnum service cover for local parishes. He visited training camps for the Army Reserve, conducting services and providing Adventure Training instruction. He also led the community
	Remembrance service in Chigwell.
~	One teacher volunteers at Chigwell Riding Trust each week.
~ ~ ~	One teacher is avolunteer translator for Prisoners Abroad. One teacher is part ofthe Education Group ofthe Royal Society ofChemistry. One teacher acts as avolunteer marshal at the Harlow Junior Park Run each Sunday.
~	One teacher supports prospective foster parents.
~ ~ ~	One member ofstaff is involved in girl-guiding. A Chigwell teacher is Chair ofthe Woodford Wells Open Tournament Committee which attracts five hundred tennis players aged eighteen or below &om across the South East. Amember ofstaffhelps atthe London Titans Wheelchair Basketball Club and atthe Get Active Sports Day for cancer patients
~	&om Great Ormond Street. One teacher is a Governor at Staffordshire University acting as Deputy Chair on the Risk and Audit Committee and member
~ ~ ~	oftheir Strategy and Performance Committee. A member ofstaff coaches Loughton Lynxes Women's Cricket team who participate in the Essex Women's Premier League. One teacher delivers training for teachers from schools involved in the Greenpower Trust charity's 'Goblin' project, where students design, build and race their own electric car. The goal ofthe project isto inspire young people to excel in STEM. One teacher chaperones for the Illusions Dance Academy annual show.
~	One stafT'member acts as Treasurer at alocal cricket club.

		(including	an income and expenditure	an income and expenditure	account)	account)
		For the year ended		31July 2022
	Notes Unrestricted Funds K'000			Restricted Funds K'000		Endowment Funds K'000		Total 2022 K'000	Total 2021 F000
INCOME AND ENDOWMENTS
Income from charitable activities: School fees receivable Other educational income Ancillary trading income			179092 171 33					17,092 171 33	15,342 114 19
Income from other sources: Trading subsidiary turnover Rental income Miscellaneous income			294 29 44					294 29 44	186 26 125
Investments:			22					25	13
Investment income
Voluntary sources: Grants, donations and legacies			17		36			53	237
Total income			17,702		36			17,741	16,062
EXPENDITURE
Expenditure on raising funds: Ancillary trading expenditure Trading subsidiary expenditure			22 142					22 142	14 69
Total expenditure on raising funds			164					164	83
Expenditure on charitable activities: Education and grant-making			15,332					15/36	14,231
Total expenditure			15,496					15,500	14,314
Net income/(expenditure) from operations before investment gains and transfers			2,206		32			2,241	1,748
									16
Unrealised gains on investments		14
Transfers between funds		Il	42		(40)		(2)
Net income/(expenditure) for the	year		2/48			(8)		2,240	1,764
Movement in pension scheme funding deficit			132					132	42
Net movement in funds for the year			2,380			(8)		2472	1,806
Fund balances brought forward at I August 2021			22,597			56	3,718	26,371	24,565
Fund balances carried forward at31July 2022		20	24,977			48	3,718	28,743	26,371
All activities derive &om continuing		operations.

				Grou		Chari
Fixed assets			Notes	2022 8'000	2021 5'000	2022 F000	2021 5'000
School buildings Investments	and equipment		13 14	31,903 109	23,893 110	31+03 110	23,893 111
				32,012	24,003	32,013	24,004
Current assets
Stocks Debtors Cash and deposits			15 16	25 164 2,914	21 96 4,665	21 241 2,818	20 153 4,592
Current liabilities				3,103	4,782	3,080	4,765
Creditors payable within one year			17	(3,284)	(2,017)	(3,262)	(2,001)
Net current assets				(181)	2,765	(182)	2,764
Total assets less current liabilities				31,831	26,768	31,831	26,768
Lou~-term liabiTities
Creditors payable afier one year Pension scheme funding deficit			19 9	(3,058) (30)	(235) (162)	(3,058) (30)	(235) (162)
Net assets				28,743	26,371	28,743	26,371
Represented by:
Unrestricted funds
Designated funds General School funds Pension reserve			20 2Q 2Q	1+68 23,439 (30)	1,487 21,272 (162)	1+68 23,439 (30)	1,487 21,272 (162)
				24,977	22,597	24,977	22,597
Restricted funds			20	48	56	48	56
Endowment funds			20	3,718	3,718	3,718	3,718
Total funds				28,743	26,371	28,743	26,371
Statement ofChari		net income
Net income ofthe charity for the year						2+70	1,806

	Notes	2022 K'000	2022 g'000	2021 f.'000	2021 f000
Net incoming funds from operations			2,241		1,748
Depreciation charges Increase in stocks (Increase)/Decrease in debtors Increase/(Decrease) in creditors Movements on advance fees Movements on admission deposits	13 15 16 17&19 18 17&19		105 (4) (68) 1,603 (44) 5		198 189 (226) 219 4
Net cash inflow from operations			3,838		2,132
Cash flow from investing activities School buildings and equipment	13	(8,115)		(2,036)
Cash outflow before financing			(8,115)		(2,036)
Cash flow from financing activities Long term loan utilisations	19	2,526
			2,526
(Decrease)/Increase in cash in the year			(1,751)		96
Analysis ofchanges in net funds:
Cash at bank and in hand at 31July 2022 Cash at bank and in hand at 1August 2021			2,914 (4,665)		4,665 (4,569)
			(1,751)		96
Net cash inflow
ReconciTiation ofnet cash flow to movement	in net funds:
(Decrease)/Increase in cash in the year Cash inflow from increase in debt			(1,751) (2,526)
Movement in net funds in the year			(4/77)		96
Net surplus at 1August 2021			4,665		4,569
			388		4,665
Net surplus at31July 2022
Net s lus is re resented b
			2,914		4,665
Cash atbank and in hand			(2,526)
Bank loan
			388		4,665

							2022		2021
							K'000		5'000
Results ofthe charity
The financial activities shown in the SoFA represent those of the charity and its wholly Enterprises Limited. A summary ofthe financial activities undertaken by the charity alone						owned subsidiary is set out below:	company,	Chigwell	Mitre
							17,582		15,973
Total income Total expenditure on	charitable		activities				(15,319) (23)	(14,211) (14)
Expenditure on raising funds							(I)		16
Investment (losses)/gains							131		42
Movement in pension	scheme		funding	deficit
							2/70		1,806
Net income
							26/71		24,565
Total funds brought forward
							28,741		26,371
Total funds carried	forward
Represented by:							24,976		22,597
Unrestricted income	funds						47		56
Restricted income funds							3,718		3,718
Endowment funds
							28,741		26,371
Income from charitable		activities
a) School fees receivable
							19,023		17,180
Gross School fees Less: Bursaries, scholarships			snd other remissions		and discounts		(1,931)		(1,838)
							17,092		15,342
Net fees

b) Other educational	income
		53
School trips and other	pupil activities	118	114
Entrance and registration fees
		171	114

					2022 '		2021
Income from charitable			activities (continued)		g000		8000
c) Ancillary	trading	income
Ancillary trading income			comprises	the coffee shop and gifted orreduced rate use offacilities.	Profits are generated	as follows:
TUIIlover
					33		19
Costofsales:
Purchases,	including	impairment		losses
Gifted orreduced rate use offaciTities					(17)		(10)
					(5)		(4)

The wholly owned trading subsidiary, Chigwell summary ofthe trading results forthe year is shown	The wholly owned trading subsidiary, Chigwell summary ofthe trading results forthe year is shown	The wholly owned trading subsidiary, Chigwell summary ofthe trading results forthe year is shown	The wholly owned trading subsidiary, Chigwell summary ofthe trading results forthe year is shown	The wholly owned trading subsidiary, Chigwell summary ofthe trading results forthe year is shown	The wholly owned trading subsidiary, Chigwell summary ofthe trading results forthe year is shown	The wholly owned trading subsidiary, Chigwell summary ofthe trading results forthe year is shown	The wholly owned trading subsidiary, Chigwell summary ofthe trading results forthe year is shown	and	facilities. A
Turnover						-external
								294	186
Cost ofsales						-external
								(14)	(8)
Gross profit
								280	178
Administration		costs				-Chigwell -external	School	(84)	(63)
								(128)	(6o)
Operating	profit
								68	55
Interest receivable			and		similar	income
Profit for	the year
								68	55
Donation	under Gift			Aid to Chigwell School
								(68)	(55)
Net profit
b) Rental	income		from the hire ofland				and buildings
Staffaccommodation
Music peripatetics			-room hire					19	25
								10	1
								29	26
c) bfiscellaneous			income
Business Interruption				Insurance
Interest on	late	and	unpaid fees						100
Extra-curricular		clubs						8	6
Sundry								33	18
								3	1
									125

	Unrestricted Funds t'000 Restrrcted Funds K'000	Unrestricted Funds t'000 Restrrcted Funds K'000	Unrestricted Funds t'000 Restrrcted Funds K'000	Unrestricted Funds t'000 Restrrcted Funds K'000		Total 2022 K'000	Total 2021 f'000
5	Investment income
						3	3
	Dividends &om listed investments					22	10
	Bank deposit interest receivable	22
						25	13
			22
6	Grants, donations and legacies
	Government grants						221
	Job Retention Scheme (JRS)grant income
							221
	Total government grants
	Donations and legacies				1	1
	Scholarship and prize funds			30		30
	Bursary Fund				5	5
	Sports Centre Fund
	Friends-ef&rigweQ Charity fundraising events		17			17
	Total donations and legacies		17	36		53		16
	Total grants, donations and legacies		17		36	53	237
	Government grants Certain members ofSchool staff were furloughed last year between September 2020 and February 2021 under the Government's Job Retention Scheme (JRS). Claims under the JRS in the year ended 31 July 2021 amounted to f220,859 and were limited to 8086 of payroll costs in accordance with the conditions ofthe scheme, although all furloughed staff received full pay and benefits during this
	period.

Analysis ofexpenditure
Costs ofraising funds	Staffcosts (note 8) f'000	Depreciation (uote 13) f'000	Other costs f'000	Total 2022 f'000	Total 2021 f'000
Ancillary trading expenditure Trading subsidiary expenditure			22 142	22 142	14 69
Total costs ofraising funds				164	83
Charitable expenditure
Education and mani nlkingr
Teaching Welfare Premises repair and maintenance Finance costs	7,442 475 501	8 11 40	929 1,810 1,477	8/79 2/96 2,018	7,690 1,958 2,079
Grants, awards and prizes Support costs and governance	1,643	45	56 9 890	56 9 2,578	41 2 2,461
Total charitable expenditure	10,061	104	5,171	15+36	14,231
Total expenditure	10,061	104	5,335	15,500	14,314

Wages and salaries
Social Security costs Pension contributions						7,774 790	7,352 753
Redundancy costs						1,461 36	1,397
						10,061	9,502
Aggregate employee benefits ofkey management				personnel		386	374
The average number ofemployees		in the year	was	202 (2021:195),represented	as follows:
						2022	2021
Teaching						Number	Number
Welfare						121	118
Premises						2	2
Support and administration						31	31
						48	44
						202	195
The number ofemployees	whose emoluments		exceeded f60,000were:
f60,000 - f70,000
f70,000 - f80,000
f80,000 - f90,000
f100,000 - f110,000
f110,000 - f120,000
f170,000 -f180,000
f180,000 - f190,000

The present value is calculated using the discount Report	The present value is calculated using the discount Report	rate, which	rate, which	is recognised	a finance cost, detailed	a finance cost, detailed	in the following	in the following	in the following	Disclosure	Disclosure
						31July		31July		31July
						2022		2021			2020
						g'000		5'000			g'000
Present value ofprovision						30		162			204
Assumptions:
Rate ofdiscount% per annum						3.15		0'			0.60
The discount rates shown contributions due, would contril&utions.	above are the equivalent give the same results as	single using a	discount full AA	rates which, when corporate bond yield		used to discount curve to discount		the future the same	recovery recovery		plan plan
				g'000	31July	2022 8000		f.'000	31	July 2021 8000
Reconciliation ofopening and closing provisions:
Provision atstart ofyear						162					204
Unwinding ofthe discount	factor (interest expense)			1
Re-measurements -impacts ofany change in assumptions Re-measurements -amendments tothe contribution schedule				(I) (98)
Income and expenditure impact ofPRS 102				(90)
Deficit contribution paid				(34)				(44)
Net income and expenditure	impact					(132)					(42)
Provision at end ofyear						30					162
							2022			2021
Movement in total funds for the period							K'000			f.'000
This is stated after charging:
Operating lease rentals -hire ofequipment Depreciation ofequipment -owned assets Auditors' remuneration for audit								42 105 21		33 198 20

Transfers between funds							School	Designated	Designated	Restricted	Endowment
							Fund f'000		Funds f'000	Funds f'000	Funds f'000
CME Disbursement Fund: Gift Aid CME Disbursement Fund: Building improvement Means-tested bursaries Bursary Fund replenishment Restricted Bursary Fund			projects				(68) 36 1,028 (19077) 43		68 (36) (19028) 1,077	(43) 3	(3)
Expendable endowment released Notional interest on monies held		in School bank	account			~39)			91	1 ~49)~(2
Further information regarding	transfers between		funds	is	contained		in note 20.
Taxation
The parent company, Chigwell the Taxes Act 1988or section		School, is a registered charity and 252 ofthe Taxation ofChargeable					is exempt fiom tax on income and Gains Act 1992,to the extent that			gains falling within section 505 of these are applied to its charitable
objects.
Tangible fixed assets								Grou	and Chari
			Freehold				Freehold
			endowment land &buildings f'000			other operating land &buildings f'000		Projects in the course of development f'000		Plant & machinery f'000	Total f'000
Cost At I August 2021				14,651			8,54$		1,188 7,915	762 200	25,149 8,115
Additions							20		(20)
Completed projects										(215)	(215)
Disposals
At 31July 2022				14,651			8,568		9,083	747	33,049
Depreciation At 1 August 2021					425		150 30			681 75	1,256 105
Charge for the year										(215)	(215)
On dispossls
At 31July 2022					425		180			541	1,146
Net book value At 31July 2022					14,226		$/88		9,083		31,903
At 31July 2021					14,226		8,398		1,188	81	23,893

	Grou		Chari
Investments	2022 f'000	2021 I'000	2022 F000	2021 f.'000
a) Quoted investments
Market value at 1 August 2021 Unrealised (losses)/gains	110 (I)	94 16	110 (I)	94 16
Market value at31July 2022	109	110	109	110
Historical cost at31July 2022	37	37	37	37

Wholly owned subsidiary
The School owns the whole ofthe issued in the United Kingdom	share capital and undertaking	ofChigwell Mitre Enterprises	Limited, a company	incorporated
			2022	2021
The assets and liabilities ofthe subsidiary	were:		F000	g'000
Current assets
Current liabilities			114	91
			(113)	(90)
Total net assets
Aggregate share capital and reserves

				Grou		Chari
			2022 t'000		2021 f.'000	2022 8'000	2021 8000
15	Stock
				21	20	21	20
	Catering supplies Old Chigwellian Club Bar			4	I
				25	21	21	20
16	Debtors
				65	47	65	47
	Fee debtors			4	5	19	25
	Sundry debtors Prepayments and accrued income			95	44	157	81
				164	96	241	153
17		Creditors falling due within one year
				17	15	17	15
		Admission deposits		252	187	252	187
		Supplier creditors Taxation and Social Security		215 196	197 201	215 196	197 201
		Other creditors Accruals and prepaid income		1,412	188	1@90	172
				2,092	788	2,070	772
		Advance fees (note 18)		1,192	1,229	1,192	1,229
				3,284	2,017	3,262	2,001
18		Advance fee payments
		Parents may pay the School tuition fees in advance, either in instalments under the School's formal loan scheme, or in a lump surrL In respect oflump sum advances, the longer-term monies are returnable on receipt ofone term's notice. Assuming the pupils concerned remain in the School, advance fees will be applied as follows:
		Within one year Between one and five years		1,192 70	1,229 77	1,192 70	1,229 77
				I/62	1,306	1/62	1,306
	19	Creditors falling due after more than one year
		Bank loan Advance fees (note 18)		2,526 70 161	77 158	2,526 70 161	77 158
		Admission deposits		301		301
		Other creditors
				3,058	235	3,058	235
		Analysis ofbank loan Repayable between one and two years Repayable between two and five years		550 1,976		550 1,976
				2,526		2,526

Analysis ofcharitable fund ~Gd Ch	s
a) Analysis ofunrestricted	fund movements
			Expenditure
Designated funds	Balance at 1August 2021 f'000	Income f'000	dk movement in funding deficit f.'000	Transfers in (note 11) f'000	Transfers out (note 11) f'000	Balance at 31July 2022 f'000
Bursary Fund CME Disbursement Fund Building Maintenance Fund	1,036 142 309			1,077 68	(1,028) (36)	1,085 174
						309
	1,487			1,145	(1,064)	1,568
General funds
School Fund Pension reserve	21,272 (162)	17,702	(15,496) 132	1,107	(1,146)	23,439 (30)
	22,597	17,702	(15364)	2,252	(2310)	24g77

Analysis of charitable funds (continued)	Analysis of charitable funds (continued)
b) Analysis ofrestricted fund	movements							Balance at
	Balance at 1August 2021 5'000	Income K'000		Expenditure K'000 Transfers in (note 11) K'000		Transfers out (note 11) K'000		31July 2022 K'000
Scholarship and prize funds General Prize Fund	5			(4)				5 6
Tim Pruss Memorial Fund Bursary Fund	6 45		30				(43)	32
	56		31	(4)			(43)	43
Property development funds
Sports Centre Fund
	56		36	(4)	3		(43)	48
Scholarship and prize funds Prize Fund Tim Pruss Memorial Fund Bursary Fund		Description, nature and purposes ofthefund To provide academic and other prizes for achievement Toprovide a suitable memorial in remembrance ofaformer pupil To compliment the School's existing designated Bursary Fund (note 20 a)

c) Analysis ofendowment	fund movements					Balance at
	Balance at 1August 2021 L'000	Income R'000	Expenditure 5'000	Net transfers (note 11) K'000	Investment gains K'000	31July 2022 K'000
Expendable endowments General Prize Fund	110			(3)		109
Permanent endowments
Freehold land and buildings	3,608
Total endowments	3,718					3,718

At 31July 2021,the charity had the	At 31July 2021,the charity had the	following financial and capital commitments:	following financial and capital commitments:	following financial and capital commitments:
a) Financial commitments	under non-cancellable		operating leases:			Equipment		Equipment
							2022		2021
Due under one year Due between two and five	years						f'000 37 123		f'000 29 25
							160		54
b) Capital commitments, Chapel.	authorised	and contracted,		in respect ofconstruction	ofa new Sports Centre and the refurbishment				ofthe

a) Consolidated Statement of Financial	Activities
			Unrestricted	Restricted		Endowment		Total
		Notes	Funds L'000	Funds K'000		Funds g'000		2021 K'000
INCOME AND ENDOWMENTS
Income from charitable activities: School fees receivable Other educational income Ancillary trading income			15,342 114 19					15,342 114 19
Income from other trading activities:			186					186
Trading subsidiary turnover			26					26
Rental income			125					125
Miscellaneous income
Investments: Investment income		24 (b)	10					13
Voluntary sources: Donations and legacies		24(c)	228					237
Total income			16,050					16,062
EXPENDITURE
Expenditure on raising funds: Ancillary trading expenditure Trading subsidiary expenditure		24 (d) 24 (d)	14 69					14 69
Total expenditure on raising funds			83					83
Expenditure on charitable activities: Education and grant making		24 (d)	14,143				85	14,231
Total expenditure			14,226				85	14,314
Net htcome/(expenditure) from operations before investment gains and transfers			1,824			(82)		1,748
							16	16
Unrealised gains on investments
Transfers between funds		24 (e)					(2)
Net income and capital			1,823				(68)	1,764
Movement in pension scheme funding	deficit		42					42
Net movement in funds for the year			1,865				(68)	1,$06
Fund balances brought forward at I Aug 2020		25	20,732		47	3,786		24,565
Fund balances carried forward at31Jul 2021			22,597		56	3,718		26/71

		Unrestricted	Restricted	Endowment	Total
b)Investment income		Fund f'000	Funds f'000	Funds f'000	2021 f'000
Dividends &om listed investments
Bank deposit interest receivable		10			3 10
		10			13
c)Grants, donations and legacies
Government grants
Job Retention Scheme (JRS)grant income		221			221
Total government grants		221			221
Donations and legacies
Scholarship and prize funds
Bursary Fund
Friends ofChigwell
Charity fundraising events
Total donations and legacies					16
Total ants, donations and legacies		228			237
d) Analysis ofexpenditure				Other	Total
		Staffcosts	Depreciation	costs	2021
Costs ofraising funds		f'000	f'000	6000	f'000
Ancillary trading expenditure Trading subsidiary expenditure				14 69	14 69
Total costs ofraising funds				83
Charitable expenditure
Education and grant making:
Teaching Welfare Premises repair and maintenance Finance costs		7,070 474 466	8 11 125	612 1,473 1,488	7,690 1@58 2,079
Grants, awards and prizes Support costs and governance		1,492	54	41 2 915	41 2 2,461
Total charitable expenditure		9,502	198	4,531	14+31
Total expenditure		9,502	198	4,614	14+14
e)Transfers between funds
		School	Designated	Restricted	Endowment
		Fund f'000	Funds f'000	Funds f'000	Funds f'000
CME Disbursement Fund: Gift Aid CME Disbursement Fund: Building improvement Means-tested bursaries Bursary Fund replenishment Building Fund reimbursement Expendable endowment released	projects	(55) 158 969 11 9	55 (158) (969) (II) (9)
Notional interest on monies held in School bank	account				(3) 1
		1,091	(1,092)	3	(2)

a) Analysis of	unrestricted		fund movements		Expenditure					Balance at
			Balance at 1August 2020 8'000	Income f.'000	4h movement in funding deficit 8'000		Transfers in f'000		Transfers out R'000	31July 2021 t'000
Designated funds Bursary Fund CME Disbursement Fund Building Fund			2,016 245 318					(11) 55	(969) (158) (9)	1,036 142 309
			2,579					44	(19136)	1,487
General funds School Fund Pension reserve			18,357 (204)	16,050	(14,226) 42		1,136		(45)	21472 (162)
			20,732	16,050	(14,184)		1,180		(1,181)	22,597
b) Analysis ofrestricted		fund movements
										Balance at
			Balance at							31July
			1August 2020	Income	Expenditure		Transfersin		Transfers out	2021
			f
Scholarship General Prize	and prize funds Fund 4				(3)					5 6
Tim Pruss Memorial Fund			6							45
Bursary Fund			37
			47			(3)				56
c) Analysis	ofendowment		fund movements
			Balance at 1August 2020 l'000	Income & exceptional surplus 8'000	Expenditure 8'000		Net transfers 8'000		Investment gains/(losses) 8'000	Balance at 31July 2021 8'000
Expendable endowments General Prize Fund			94					(3) 16		110
Permanent Assets held	endowments in trust		3,692		(85)					3i608
			3,786			(85)		(2) 16		3,718

				Net Current
Unrestricted funds:	Fixed assets g'000	Inter-fund loan g'000	Investments g'000	Assets/ (LiabiTities) f'000	Long Term Liablhities K'000	Total f'000
Designated funds General fund Pension reserve	9,546	10,948		1,487 1,013	(235)	1,487 21,272
					(162)	(162)
Restricted funds:	9,546	10,948		2,500	(397)	22,597
Scholarship and prize funds				56		56
Endowment funds:				56		56
Expendable endowments Permanent endowments	14447	(10,948)	110	209		110 3,608
	14+47	(10,948)	110	209		3,718
Total net assets	23,893		110	2,765	(397)	26371

		CHIGWELL SCHOOL
		REFERENCE AND ADMINISTRATION
CHARITY	NUMBER	1115098
COMPANY	NUMBER	05846105
PRINCIPAL	ADDRESS	Chigwell School
		Chigwell
		Essex IG7 6QF
AUDITORS		Haysmacintyre LLP
		10Queen Street Place
		London EC4R 1AG
BANKERS		HSBC Bank Plc