Charlty number: IIIS098 Companv number: 15846105 CHIGMILL SCHOOL IA ¢ompallv llmlted by garantee) RF,PORT AND FINANCIAL sTATEIENTs Fot the year eDded 31 July 202.1
cH[CILL SCHOOL C0NTbTs Page Strnte8ic Report Report of thc TnJst¢cs Consolidated Slemeni of Finartcial Aciiviiie8 Baignce Shcerg io con80lida1 Cash Flow Statemellt AOllA118 Policies 12- 14 Note5 to the Consolidaied Financial Ssalements 15-29 Dir¢¢tors and o£f1ccrs 30 R¢f¢r¢n¢e attd Adm1ntstrt1on Report ot'the Authtor 32-33
Page I CHIGW'ELL SCHOOL STRATEGIC REPORT (CO)TtNITD} For the year ¢ttded 31 July 2023 Achievements and perform2th¢e Al th¢ start of the academic yLar, IheTC w¢r¢ 1080 pupils on roll, an increas¢ on the previous y¢ai and the lar8csI pupil population that rhe School has had. Appli¢atiotts for placcs ID 2023 at TllQSt eniry points were ar least Bs liigh 89 in ilie previous yeaT Strate Th¢ school wrDtc tt 6 yeAr stratcsy In 2023. looknng towardsthe 400th anniversary of the school foundotion in 2029. 'fhe looked lo f(Kus oj) 3 malts artas.. Wellbeing,. looking to develop th¥ $rbool's alrcady exeollenl p8%lor81 prokision by addujg a IV¢llb¢iDg C¢tttre 10 the schooL alld a Heod of Wellbein8- This prokisiorl will ensure thai the school is able lo provide ihe Btedtesi i[npt lo itnptovc thr lives of thc pupils, alumni. te¢[5 #ftd pattrtt%. IÉ algo look to link cmotional, physical alld spintuaL he1 of all th0e coDsiiiuelllS. Excellellce. our ainl ig to njake Sure ihai ihe provision and ibe teacbing both in and out.%ide the classroom is exctll¢nl. To that ¢nd we arL dtveloping a tegch¢r training piovision at the school. Service: w¢ dre looking to enuFage more '1th Ihc Ivu#l community tlirough volunlccrin8, providing bursary opportunities and cthical StNardShIp of th¢ 5ohwl 5it¢ and our environtll¢nl. Thcr¢ havc b¢¢n many slcps taken on Ihepaih to 2029. W¢hav¢ built a n¢w Sport and Wellness C¢ntre (Swrts C¢ntr¢) cotnplet in 2023. We bave refuibisbed the Medical Centre and expanded il lo include a IIealth and WellbeiD8 CeDlre. We bou8bi two el¢¢tric schwl ttLiDibu5C5 to ptts)ide a shutilc $¢rvi¢¢ to Buckhur5t Hill SiauoD lo providc a sustaillablc way to travel to Ibc h0o1., we have three teachers Irainin¥ tv ieÈLh wilh ub Chis year,. we have d¢v¢lop¢d our admissions syst¢m5 $0 that we ar¢ able io b¢tt¢r
gs¢ss poieDiial fn)m bursary applicant5,' wc hai'e eDg#Eed 1th & company 10 81rntegise how we might de¢gTbonise the site 8nd
in¢reas¢ owbiodiversity. There is Slill much to come in th¢ corning y¢3rs. Siudctsis pcrforned very well in public examinatitslls. Narionally this year's results werc dograde w bring th¢m back Ln litsc th 2019 grade distributions after years of inflated gradcs du¢ to th¢ pgnd¢tnir. Al A l¢vel 48Q/fj of all gradcs aw'ardoj wcrc at A or A attd 260/ts of slJdcnts aChIeed ai least three A grades. TS enabled close tts three QLl8rters of thole takill¥ up plate al unii'crsity to move oll 10 Russell Group insiitutions. The destLDauoLs ofmost Cbigwell studenis this year were Lougbborough, BirtllinBham and WaTrYiik. The rnost popular de8ree courses were Economics. Psychology and Busin¢s5. Al GCSQ 72V/o tsf all grades were at grad¢ 7 orabove 8nd 50Vkn of 8]18rades were 8s and 9$. Curriciilar and Co-¢u Our aim bas bee]L10 Ptolide a full curricular and co4umcularprogramme. Cbigvcll UL5s look pats in the ISFA Shield final its April, ai Bumham FC. Bpsom College were the othet futhlis1$. both trveniy poised based OD previous result5. Chigwell got otTto a flying ¥tart bul at the halfway stage the game was still open and with both 8ide$ tiTing, miske8 were inevirable. Two momeDWy lapses ID ¢onceJJtyauoll allowed bpsom back into the game and ibis w2S quickly folloii'¢d w'iih a pcnalry dcci5itsn which dispawhed and turned th¢ garn¢ ¢ompleiely on its head. Ep50m COTnplclcd their comebtsck scoring with two minutes remaining. OutdrPUr$uIts geller211y, and pafticiilarly the Duke of Edinburgb Scheme. ContU to be very pOP¥T and su¢cessfDI. Jn the year to March 2023, through Ihe s¢h¢m¢ ov¢r 1700 hours of volunl¢¢rittg were carried out", bton£e, silver and gold ¢8no¢in8 and walknttts traitiing ano qualifylljg ¢xp¢diiioDS took place in th¢ ¢owitryside across the UK Hith 127 pupils taking part. Th¢ largest conc¢rt was held at Cadogan Hall, Ken51n¥ton Sn March willi ov¢r two hundred 8nd fiftypupil participarjls. in addiljon a fvrtheT 100 pupils from local feederschools joined rhe Choral Society. The Chapel ChoiT led evensongat Canterbury Cath¢dTal. attended by hundreds in the congrcgation, and watched by over 3600 worldwide on YouTube. Tbere were furth¢r 5u¢¢esse$ iti tnusic ex8rnin3liollS IABRShOTiinity Cullege} '1th 74/0 of results ai merit or distit)ction. Ovcr 100 pupils in Years 7. 8 and 9 participated ID the rnu$i¢al Mary Ptppins. and tht whole of our Year 8 collalx>raled together in a production of Bug$y Malone. The anniial Musici2D of the Yeat Con)Wition w95 fiertely tomled as w85 the House Music C¢MpeuuoD. ikne lartsr of wbich featured over 400 pupils. Tbere wa5 a bost of other opporDJnities forthe pupils beyond the curriculunl. A Tr'¢ar I I pupil achieved a'¢leJn sweep. w'in with the under 18 England golf team at the HoTne Inlernationais Seotland. The same pupil went ort to Wlll thc U18 National Chatnpionship. Ch8mpiott of Champions at Woodhall Sp#. MoTe Tecenily he won the Essex Golfer gf the YeÉr- th¢ youn8est persots itt the bistory of Essex Golf Uniott to witt the award. A Year 13 stud¢nl 01¢ an essay for the Homerton Coll¢g¢ anknidge, sustainability ¢ssay prograll7rn¢ alld w&$ awud¢d highly ¢omm¢nd¢d., h¢r ts5ay abo won th¢ top priz¢ for achi¢ving Ihe highesi score. Tw¢nty Y¢ar 8 studtnis successfully hlVrd Iheir bronz¢ CREST awards for their science invesiigaiion inio the effect of the height of 8 roll¢rcoaster on the motion of aball b&Ing ¢omplcting a loop the loop On¢ of our I"eaT 13 gills was awarded the Essex Cricket Women's U18 Player of Ihr Yrar award. This fvlluwed a season wh¢r¢ ¥h¢ was p wickec tsker atjd third liighest run 5cor¢r. She w&s also ini'tted ro join the regional Sunristrs ETnerging Player% Progrgmmc. th¢ n¢XE Slep on thc W0C'S protessional playerspathw&y. A Yc8r8 pupil wa5 sele¢t¢d (or both the U13 Essex netball and Lkey.qU2d%. in dddilion to a150 pla>il8 cticket forEs8ex. ThTee boys are representlDg foolbl g¢ad¢tnics alld J large 8toup of U13s wer¢ pui forward for ttidls wilb Ihe ISFA Ulj iepres¢utatLV¢ 5id¢. Four pupils w'ere selected for the Es*x 8winTrtnillg squad and they haN"e achi¢v¢d SOtDe excellellt PBS. KS2 pupils or¥an15rd B bak¢ sale and along with other donations and sponsored acnviri¢s, th¢v raised a total of oveT £1.0 for Childrcn in Nccd. A group of soJJiorpupils organised a celcbrationof Black and Caribbcan gnists, culiur¢ Ihtough rnusic and food, and the evenl raised £800 (QT two ¢barities. Sari and Black Mitsdb Mailer. Apupil Year 12 competed in thc L2th (Ivorld Ulliott of Kar&t¢-Do Federations) cb0mpio ¢aro¢ tbird uj KUI. 19 Kullllio Tctsm. 'I'ty-3]n 3tudontS troni Y¢ar L2 IJ look pall in Ibc Roytl So¢icl> ol Cbemistry 01)typiad 2023. A stllall group of Year 9 pupils took part in the Top of the Bench wbiGh i&nbY ibrRoyal Sorirryofcilcji]i5 andtheYd¥ it Lhivugts LO 1¢ tbidjs wbiih isa f. iia51icachievetlleoL A Y¢ar 13 boy took p8rt in th¢ London R¢kional Heat ofthe ARTiculation Prizt and receive41 grvi praiac for his perforniance from the adjudicator.
Page 2
CHIGII'FI.I, SCHOOL
STIL4TEGIC REPORT ICO)UhlTD)
For the year etsded 31 July 2023
Achievements and perlorllvdnce Icolltillucd)
A bproup of eight debaters w'enl alon¥ to th¢ Oxford Schoo15 round of a competition xt South Hampstcad Hi&h S¢hool and did very
well. Twenty-five pupils from Ycars 7 and 8 ivere Èeltrt¢d to r¢prcscni the school in the Essex Schools Cr05S-CQlllllry
Championsbips al Wiilll¢ Universiry Cull¢8E, Twellty pupi]s fro YeaT5 5-8 tocik part in the IAPS SWimmiDg eveni 21 Culford
Sch(H)l. Smdents fry)m Years 12 and 13 competed in the l.in8UlStics Olympiad,. three achi¢v¢d a gold award, four achi¢ved silver,
and four ackni¢¥cd bronze. A pupil in lear 8 was part of the National Tablc Tenllis England Itaillillg squad. He has represellted
England over Ihc past year and is now in Ilie top 50 in th¢ wvrld ranking for his age ¥roup. H¢ plays for the Essex U19 and U15
tegms, and he won the Lolldon School's Jack Petcbey Toumathent LgBin tbts year. Ather YeaT 8 boy rcpre%ettted Essex county
and %'on the Ho¢k¢y Cup Competition Finals 8t H8rlc%ion Magpies. Ile eaptained his team which won every mat¢h oDd thcy wer¢
&'8[ded the Cup. A Year 7 gill perforn)¢d in Maiild at th¢ Harlow Playhouse andthe shows were all a 8r¢at Success. DurinB the
holiday, she went to LA whcre she pcrformed in the'Turn it ATound' performin¥ arts cotllpeliiion. HerLAMDA molloJvgLLe won
the judge's ¢hoi¢e-Rising Star- aw'ard. A pupil in YeaT 8 was awarded the Achievement Aivord by the Jack Petchey Fow)daLiOD
having bLL'n notninal¢d by her pe£rs in the 151 Chigw¢ll Guides Division an outstanding achiever. Two Year 13 boys W¢T¢
aw'Rrded bronz¢ mrdals in the Dritish Biolo&Tr Olympiad.
Sia(taiid studellts worked Cumbeilalld School 10 help theiT Year 10 and I l tud¢nts with A level 2nd university cboices. A
group from ForesE Gat6Acad¢my attcjidcd a ses$ioD on the same topic and Several Oxbridge pi
Page 3 CHIGWELL SCHOOL STRATEGIC REPORT (CONTtNULD) For the yt#r ¢udtd 31 July 2023 Publtc benefLt Itollti]Ju¢d} Hostin events Chigwell is able to use irs fa¢iliti¢s and siaff to host evenrs rh21 b¢n¢fil pupils from Schools acr055 the local ¢ommunity. Chigwell School is an incoo)orated charity, no 1115098. Annually, Chi8w¢ll hosts tournaments for local primary Schools for netball and football. Vc TcceDily welcOed oier 120 pupils lo our Foiir Schools. Music Fesukal. KS2 musicians attd singers joined our0 pupils for a fabulvus day of Tmjsic mgking and fon. Pupi18 were wven the opportuttiry to sing In a larg¢ ¢hoiT, GTperienc¢ a Iriimbone Slctclass, for those who play an instriitk]eni, take part in an or¢h¢slra. In jiist a lew hours ibe OTLhestra3nd choir look to the staBe for a packed final concert in New Hall. The orchestra produced # ¢olourful rcndiiiott of SaD]ba Grooi'e and the Nutcra¢k¢r, and the choTf gave a touching pcrfomiance of Pasek and Paul's 'You Will Be Fuund,. Chigwell is one of elei en 18FA fo¢u% scboois and a hub for junior girls. footblL. In tlus capa¢i¢y, the S¢hwl has host¢d Essex r¢pr¢stntstivL itaTn garne5 for girls and boys., ISFA ¢amps,' tnulti skt115 ¢venis." Ul I regional loumamcnts; junior dev¢lopmenE lournainents,. IsfA siaff traitiitig coutses: Ellglish Schools Football Association trials &t U18 and U15 boys and girls, 2nd acted as a verLue for local sthoois. fLXtures. The School 15 very fortuoai¢ In I¢Tms of the facilitl& ILh3s. Th¢sc are made aN"ailableto organisaEiOllS which bcrlefityouug people.. Easi 15 Acting School u%¢d the Dtatna Centie lo i¢h¢ws¢ and pcrfortn a producrion. F.aa IS filtn stydmts also used th¢ 30 pitch for a ndraisIn¥ football lollmarnt 4181 Epping FoTesr fuh Scouis and 40ih EppiLg Scout GTOUP ed the %cbool's $wittllnin8 pool Middlesex CCC hcld a Cricket match the Schi)ol's 1st XI pii¢b EFDSSA held apritnary s¢hwl's foorball rally th¢ 3G pitch Colcbnxlk Royals and Chi¥well BO} Club play foothall fixturES h¢re Essex Crickci uses the Scliools crick¢i pitches Facilities )r¢ #Iso Shed witb local charitable or tomTnunity organisation%'. The School PTovidcs gr87ing lad for use by the Chigwell Riding Tru81 The BAPS Skn s?larayan knéir used the School SiAih Fom Centrc forthetra]mual scripturgl exattunalions Beehive Prep School held their alUa[ speech day ill New Hall Opportunities art proi'ided for Chigwell pupils to volunlett. both l(Kally and fvnjier afield. Wc hi>pe that this WO is of benefit lo the recipients ofihE iolunleeriDg, but also to the pupils themselves who leaL aboul th¢ work ot the orgaDtsiioDs and the need$ of those who Ihry h¢lping. As ouilined above, the Duk¢ of fdinburgh sche]De continues to be very popularand in the ye2rto Mar¢h2023, through Ihe schem¢ over 1700 knurs of volu2Jtseritig WaE catried out. Just as puptls rak¢ opportunitie5 to U5¢ their time and experti to h¢lp oth5 in the cornmunity. staff ar¢ ¢n¢ourdged tc¥ do so roo. Staff examiners By &clin¥ as GCSE or A level examiners, Chigwell te2¢heTS help lo eDsur¢ that candid81¢s oSS the cowilry have their pap¢r$ arked accuraicly ai a tllne when the publi¢ exominalioll syglem is ar8u3bly und¢r sirai]L act Althougb Cth"gwell Sthool exists to provide th¢ ksi Mell-balan¢ed education for its pupil& as an %Wlli5atiots recogne that we have an IpaCI on th¢ luLal and llational ¢¢onomy soroe families who have avcry low in¢otnE. ID recent y¢ars, Chigwell contributed upwards of £20m atYLually to th¢ GDP of the UK. more than half ot wbich was to the GDP of the local area. Hundrcds of jobs tre supported by the Sthool and the School and irs $upply cbaitt co]Ltiibulc sigDifitant SIItD5 I UK lox. Mcanwhile. IhcTC arc savings to th¢ UK taxpayer throu8kn pupils attending Ckngwell School rather than tskin8 UP inainlained sector school place elsewhere.
Page 4 CHIGII'ELI. SCHOOI. STIL4l'LGIC KEPORT (COYTINbLD) For the year ended 31 July 2D23 Publlc benefit {¢OlltiDuedl AcLc55 and Bursa thc School was fouttded 1629 by salle1 Har5n¢tt, it was stipula¢cd thai some POOT local scholars b¢ offered plaics at chig.el1. Nearly 4(M) years latcrthc Governors mailltsiD a Bursary policy and a conllwtmcnt to sharing the Sch(M>l's knowledbT4 skills and facilities whicb togethercoDtributo to a widening of #ctress to the opportunities st offers. A growing number of pupils in I'esr i and above receiR"e means tested.fin3ncial suptx)ff (bursari¢sl to ¢ttablL ih¢m io UttLnd ChigYY¢ll 8chool. BursariL% hclp bttgbt cbildren wbo would reDlly benefit from a Clug.C1l cducatjOD, but whose parenL%lguardI8ns of children would otherwise be unable 10 afford t¢e5. to attend the School. Bursaries are advertised widely, inuluding through rhe LoDdoll fee AssislatLce CoD80rtium, and th¢ HEadmaslet Vl5its those faD]ilies who are undercoDsideratlOD foran award. Currently 8% of children in Year7 and above re¢cive a bursary ajd of tbesc. more than half rtt¢ive a IOO¢h award. In Iht year ended 31 luly 2023 th¢ valu¢ of means-iested bursaries lOta]led£l,067,07819022." £1.Oi2,9551 andprovided assistance 10 io pupils l?022.. 55), of which 301?0?2.. 311 benefited from a full remission of fees. Scho12tsbi Chigwell scholarships are aivarded each yeaT,PTimwily at ages I l and 16, in recogDitioll ofac8lemicmerii. irre5pecuve of finaucig1 means. Mwic, Art and Drama scholarships are dso availabl¢. Scholarships are rrentlY awardcd a fixed rerni5si0n of f¢¢s of between I/tr and SOYO. Ill Ibe ye2r etsded 31 July 2023 the ScbooL awarded sebolar8bip8 to 142 pupils (2022.. 1371, toL311in8 £474 J2412022.. £445,4121- s¢v¢ral of the$¢ pupils #150 qualifi fgr m¢ans-t¢st¢d bllrsary SUPPC*rt and 4T¢ inrlud¢d in Ihc figures relating to bursary awards. The School is cotwyutted to attractlDB nd retaining the h}est calibre teachers as part of this Comtnilment discounts aTe available lo those staff members who ¢hoos¢ to ¢du¢8¢ th¢ir ¢hildr¢n at the Sihwl. ID total biirsaries, scbolarthips a[ other Temis8ions amounied lo £2,064,963 12022.. £1,930.9851. equivatent to 15°h12022.. 150/01 ofeli¥ible fee$, or Iirh12022.. 10.knl of total gloss fees. Financial review The Statement of Fin8ts¢ial A¢tiN'ilies shows all increase iti iotsl fvttds beforc Tr¢St[Dent gains 8Dd tya05fers of £2,245.806120?2.. £2.240.2381. Net fee con)e all]OUllted to £18,641.53012Ck22.. £17.092,0051 afr¢i' bursaries, grattis and allowallces of£2,064,963 11022.. £1,930,9851. I"eachittg tosis tolalled £9,138.779 12022.. £8,379,254) out ot"rotal cational expettditUTe of £17276.799 12022.. £15,3I9,2991. The Goveniors are coniinuing th¢irstraieBY ofdepleyittg allnei iiito]ne in investsneni i]L Ibe educaiionalpurpoges #ud fabric of tbe SLhool, as Evidenced in the significant capital outlay on the new Spojts Centre olier facilities Tn the current ye3T 2nd comtnilmellls Iu]lliUi8 iDto the nexi year and beyood. The Governots. ¢ommiunent to the substantiaI facility improvemcni projects fortns 8 wr¢ part of ih¢ir 10 y¢ar D¢v¢lopmeni Plan (see Plans for futUT¢pcriods on page 51. Rtsen'es pollf). As shoivn in note 21 to Ihe accounss, the School's total of£3 Im at the year Cnd included £84.943 un5pcnl restricted in¢orn¢ dnd £3.7tn endowment capital. Afteraddingb$¢k theaciuarially uulculllted bui ITll115ienlp¢nsion thndingdeficil, unr¢5rri¢ie41 fvnds stood at £27.2m al tbe year end, elTe¢tively all of which bas beell utilised ill the partial funding of 8¢hoolpremisc8 and equipmcnt; additionally, £10.9rn has been loaned lo fund improvements IL) pertnanenL endowmeni land and buil¢bng& Bnd Ih¢s¢ loans Could only be T¢l¢ased by dispo%ing ofihose assets. A fuEther£l.7rn reprebellis fuDds iJ)IeJed 10 be used for futuremeatts-lested support for PO4)r¢rpupils and invr51mcnl in the school, but curr¢nily show) as r¢lained to aL80 cov¢r day-to4lay working capital needs in the absrncc of frce ieserves, $uppl¢ment¢d by £1 Im of exiemal financing in th¢ fomi ora secured loan. Tbe School a FK)licy of desigDaiillg funds ottly foi Tevenue and operating putptsses gnd accordilY ha$ desigDatcd funds for the ideniificaiion of sulUse$ from l¢ttin¥ lis assets alldresourc, forbursaries and forth¢ r¢pairand mainlcnance of 115 building P2fticu12rly its older buildiDgs. All ofthe ba12nee$ in de$iw]atcd fundg 2t the year elld gre intend¢d to be #pplied to Tevenu¢ operatitjg putPV5C5 within the next three years, Eknu_Lh thw may also be replellished in the mealltime. Some projects the S¢hool's jlli'estsDentprogr&mme ar¢¢quivaleDt ill scale to the Surpluses added to reservesaftd restti¢tsd tbnds over manyyears. and it 1$ Tll¢vitsbl¢ th¢Tefore thAt reserves ana rcstri¢i¢d ndS will br 5ubj¢ct tg siwifi¢ant mo%'¢m¥nt ov¢r tirn< as su4>luses are, ai fJtsL ac¢umulaÉed towards ini'estD)¢nt attd then applied 10 Li. Govemors moniior the level ofttserves against the poli¢y its ¢overup to two monibs, operating costs atsd, they are below the policy level, seekto buildup re5etves until that level is reacbed, subject 10 thepriordcmajkds of furtheT capital ¢KpcndiDJre to equip the Schoolwiih th¢ up-to-date fa¢iliti¢s needed to maintain the standard of edu¢ational services provid<(L
Page 5 cHtGMELL SCHOOL STRATEGIC REPORT (CONTID) For tht ytgr eDded 31 July 21123 lllvestment powers All invcsunenis Jtlaie 10 the Chigwcll School Gejjerdl Prize Fund, a lil)k- ¢boriry, and tbe tru$te£s' policy is 10 invest through specialist Chty sector investmetti ULqnagers in 2ccordance wiib the various trnst deeds. Cash sutpluses and Advances are held hy the School's bankers in separate interest-beariDg accounts wh¢r¢ &pplicable. Rlsk ttLaha8eTueut The Risk and CurnplTance Comrnitte¢ Is¢¢ Guvcrnance and internal control on page 61 15 resn8]I)It for a(Ivising the Goveming Body on the maDagcment of ii5k. The GOernIng Ilody has approv¢d its risk mallogement poli¢y ad a process tor th¢ irgulaT revicw and improvctTrcnl of risk managemenl, InV()Ivin8 a risk regis*r. The oversighi of Ihe managem¢nt of particular Tisk$ is J¢volved to the appropriate Conulli¢t¢¢s wbi¢h ¢beck tbar poliLies and procedures coDtrolling risks are implemented and r¢gularly rei¢ed by 'ri5k 0e[s, 14.1lhin.¢nIor managemcni. The Risk and Compli1¢¢ Cotijtnillee has r¢5ponsibility for the oi'erSit ofthe managcffjent of the ]najor risks for th¢ School and reports Ots Ehos¢ to th¢ School'$ Gtsv¢rng Body. The math tisks thai the Governors h8V2 ideJJtified the plans to lljllnagc thoge risks e.. Reputation. The School's succ¢5s is built on ils teputation for tht education and well-being of ourpupil%. We rnAT)age Ihi8 risk through safrguardillg policies, staff recruitment policies. pastoral support for both pupils gnd staff and a¢ttve ideniif1¢ariun and resolution of health and safety Yelated igsues. Rcvcnue. The S¢hool'5 abiliry to continut 10 thriv¢ is reliant on fee income 9Dd the ability ro psy bills as they fall due. The risk is managed b> focusitig ott the sChI,s rcputatioll for aCadnIC exc¢llen¢e, actii'e mageMent of working capital and ¢ompTehensive budgeting 2nd llwjagemeni accounlingprocedures. Cuniculum. Ac&de]nir cxccllcnce requires thc $£ ablet¢athersw21h slate olth¢art faciliiies deliveriDg tbt cTruri¢ulu It able sliidents. Governors manage this risk by 4onibining airraciivt 5alari¢s with on-going inveslmcnl our L%lale, an 2pproacb to enrolmeot that worki supportive pAr¢nis whose childTrn have appetite tor learning and. for tbosc faTnilies wbo are unable iopay full fees, a bursary scheme that reLu¥IseS pupil achievetnent aud aptitkjde. Througb the yisknJattagetll¢nl ptocesses csMblisbed for the School, rhc Governots are satisfied tbat Ihe rnajor risks idcntifjed have been ad¢quat¢ly mitigated here neces53ry. 11 1£ recognised Ihal sysierns call only prOlde TedsoD?blc bul not absolut¢ assurance thai majoitisks bave b¢¢n adequaTrly manage Plans for future periods The G?v¢rJtor9hav¢ agreed A building d¢Y¢lopment plan to eDsure the continued dcvcloprnent of facilitics forthe highest possible cducalional provision. Subslanlial wurk has be¢ll compl¢ied on the iefLTthishtnenr IhL Chapel and Significant progress has becn niad¢ in rebuilding the SporL4 C¢ntre'. both projects will coniinu¢ inro thc ¢xt finan¢ial year. As stsied ab¢>i'e, the Ciovernors ar¢ looki ahead and continue w review their Io_year Development Plan. The key elcm¢nts of the future stTalcgi ivill continu¢ to b¢." sitstained Ac&demic exc¢ll¢n¢t wthin an holistic education. the geneTation of a tnodest surplu5 lo enable the educgtion ajjd welfgre of the pupil$ to be developed llnd improved by PToviding additional facilities and offering butsaries wh¢n appropriate. the PTQV15i0n of public beJJefit by sharing ourfatilities with thc local community and finditig opponunities forstaff and pupils frotn Chigw¢ll and oilicr schools lo work log¢iher for tnulwdl benefit. the Qllgoing devel0pn]eDtofpr0ral¢arClo eDcourag¢pupiis to th¢maximumbenefil fromtheedueatlonprovided regardless ofthe sir¢55¢s and Slrains in oih¢rel¢rnenis of Iheii lives. and iohelp th¢m dcvelop into resilicntyoung adults readj to lead wortbwhile itidependent liv¢% as well as ttttouraging their involvemcnt in extra-curricular activities wil] a focus oJLpwidin¥pUbli¢ belletil wliere possible," and the vn¥oing developm¢ni of rhe spinn1 tharaci¢r of Ihc School. celrbrating the many faiths that make up th¢ pupil and partnt body, within the ChTlStian toundation of th¢ School. Th¢ Strgt¢¥ik knport Wll5 approv7 by the Board o£TtU51c¢5 (in th¢ir ¢apa¢iiy fptnpally dIreCr$I oll 9 Decemb¢r 2023 si.mtrd oll its behalf by.. AKMSI1'()RTH Comp#DI" Seerotary Clerk to the &)vernors
Page 6
CHIGII'ELL SCHOOL
REPORT OF THE TRUSTEES
For the year eDded 31 July 2023
Th¢ trustCC5 present th¢ir annual report together with the finan¢ial staitmcnis ofthe charikbl¢ wrnpany for the yeaT end¢d 31 July
2023.
Tbe fjnancial S[ateentS cotllply the cbaritable co]npally'S goverDing docurnent, the Charities 2011 and Accounung and
R¢porting b) LhariLlCS.' Statement of Rwomm¢nd¢d Pr&ttioe ISORP 2015) IS¢rond Edition ¢ffwtiv¢ l January 20191 applicablc
ioehariti¢spTwaritg Ibeiraccounis in accordance wiibthe FiDaDcialReportitig Standard applicable UJ the UK IFRS IG21 leffectiTr¢
l January 20151. and includr thc sal¢S1¢ and Dircrtvts, Rrportb withrthc c01npalli Act 2006.
Dire¢tors and trustees
Tbe Governors ofthe School are thedirectorsof IbecharktablecompaDylthe School) and also ils trustees ftsTthe purposes of rharity
law. and throughout this report are collectively refeed to as the trustees.
A li51 of members of th¢ Gov¢rning Body can be found on pag¢ 30.
Structure
Tbe S¢bool ,89 founded tn 1629 by SaDiuel H9nett who wag at the Archb2shop of York.
The¢harilable¢ompanyivas Incorporaied on 14 June 2006, and commenced opcrations Dn l August 2006,atwhich lirn¢ itr¢ttiv
by transfer the whole of the ulldertaking and a5$ets, oitker pern]alleDt endowmejjt 8JJd rcsthctcd ass¢t$ of the Chigwell School
Trtl and ihc Chi¥wrll School &¢n¢ral Pri7.¢ fuNI. A unitin¥ dir¢ciion ofihc Chariry Corntllib5ion 8IVCs Ihc cliarilable cotnpany
powe[5 to deal with the permanently endowed and restricted aet5 and lo tecord these 8ssets in its own acoounts.
Tbe incorporated cbarity is a cornpBDy lituiled by guaTantee' each tllerybeT'S liability is regtricted to £10.
On l .4ugusl 2014, the School qUIredibeOIe ofthei55u¢d sha capital andundertaking ofchigwcll Miire Enterprises L1rnit.
Chigwell Mitre Enietpris&s Limited is a company wbieh, by agreemetst with the SLhool, makes the School's gssets and facilities
avftitsble for tommer¢ial 8nd tharitable use.
Objectives
The objecE of the charity is to adN'allce educaiionby the provision ld conduct of a day anOrboardJg school iti or near Cbi8welE
r by such other means as the govetnors shall detertnine.
Tbe sch1 is primarily a d&yschool for boys girls aged trom 4 to 18, wilh btsllrditsg prtsirjsion forsixth formers. The aim is to
develop bigh academic slaiidards and w¢ll-balallced gnd seoe1)ly0ull$ men and women.
Covernance and internal control
Tbe School 1$ gO¢[nEd by a Gov¢rning Body of up to sevElltLYll deCtorS aJ)d trustees, usually knowll a5 Cioi'ernors. Two are ex-
officio members ofthe local clergy. Up 10 fifteen 3re 3PP)ITited by the Gov¢rning Body alld be re
PaBe 7 CHICM'KLL SCHOOL REPORT OF TFIE TRUSTKES ICONT1Tr4UED) For tb¢y¢#r¢th0¢d 31 Juty 2023 The strnctury attd m¢ThbErthp oftheconullinees ofth¢ Board dat¢ of approvalof the R¢p)rt 8fjdFlDr1al Statements wcte follow5.' COVERNthCBODY .CdyJD J¢wDr6Th OMtNAllONS rzEFTrARDOF pIRECtORSOF CHIGWELLMITrE EF4TERPRISTrSL7 EDUeATJON ¢0mIlyE Fif4AlifÉA.Ytr PROPEkTYCOMMI PEOPLEIF(JRMEXLY EMUF4EPATION> roBIMrrtEE RISKdComFLACE SWL[mMTr[E MwrR¥Rh Prrtk jth[U JE[ olP< BU1E5 The tnTStee$ havedevolvedthe day.to4tyTesEx>nsibLlity forc(bJ¢atiOt tnatter3to theHeth&¢erand fJnaDciai slld¢sta*niait¢rs to the Bursar and they in turn aresupwrtedby their Senior M8na8ementT¢an The rernuneration ofkey tllaw¢m¢DI p¢rsonnd is 8e¢by th¢Pwp]¢ Committre, wthth the p)licy objettive ofprovidingappropriate incetttiTres to encourage eDh2nted performallce of rewardiD8 fsirly snd resp15]Y for their individual contributiots$ to th¢ School's SU¢L. The 3PPTowiat¢ll¢ss 8ndT¢l¢v8tt(tof T¢mwi¢ratiott policy * T¢v]¢dllUally. itlcluding fercetO comparisoJs with oth¢r dcpettlkntsthoolsto cllsureth8tthe SChLN)1rettItis sellsittvetothe broaderissuesofp8y and emplo)Trent conditionselsewth¢re. llie SchoDI to subjwE io cxpFriw. at th¢ loww w rn¢diwn PDiDt a balld, pVId78 scope for rewarthn8 txcellell D¢live of th¢ S¢hiK)I's ¢hariiabl¢ vision ad puypos¢ is plalY dEa¢t oll ourkey tnallagemeDt personn¢l gnd staff cost5 the lar8t51 single ¢lezDCllt of OUT ¢11[able cxpellditllTe. The BoaFd of DiT¢¢tots of Cbigwell MitsE Ellterprises Limited reports to tbe Gov¢rniD8 Bo4fy. Th¢ Fio¥Ace alld Pmperty Couunitiee is Tespollsible to the GoverniDg Body forreviewmgthe efflIVenesS of the emtrol ¢hviniment arjd yeeks sUreS from m8ma8emeniott the effeiveneSS of illtemal controls.
Page 8 CHIGII.'ELL SCHOOL REPORT OF TE TRLSI'EES (COTENUED) For the year ended 31 Jul!. 2023 8n2ployment and remunÈrarfon poll¢y Cbigwell Scbool is ao equal opportunities employ¢r and therefore there is llo discritnination between aDd womell 01 between fuIl at parttimc woik¢t5 ill decidjg their temuDeTation. Thc Tcmuneration of all siaff, Including k¢y tnallasemenr p¢rsonn¢l, is reviewed ¢ach year by the Governors, Peopl¢ Cott]mill¢¢ wbi¢h [llak rOllE8tlOlls to tbe Govemitig By. Basic tctllulleralion foi meu)bers ofibeieachiJJ¥ siatTis bas<d oll natiollgl teaching seales. Basic re[UrI71IOn for mtmbcrs of the Leadersjllp Team is based Oll national leadership scales. Ill adthiioo to basic pay ieachers tnay receiwe Regpon%ibility Allowances for si¥iiificanl addiiioDal respoosibililits. such a5 for 8 Head of Depanmeui, and Chi¥well Willls for additionlll duti¢s of a 1¢$5 siqDifi¢aDt naiure. F¢¢ discounTS are ajs'o availabl¢ to ¢ligibl¢ 518ff members wbo chose 10 educAte their childr¢n at the S¢11 i acroidance with its. commitment ro attracting and TetsioiDg tbe higb¢st calibr¢ staff. Overtime is notpaid. Remun¢ration for suppon sTi$ ad ai the titlle of appoilluu¢lll and is also reviewed HnDuaily. Llolluses for teaching and suppon suff aTe itcasionally pwd at the discretiott of the GoVerllg B(xiy. Withill agreed parameters. the Headnusicr has diretIOn 10 mak.e smaller gestures of ihanks. Ail StTare encouraged belong 10 2n Appropriate peD810n scheirle and may opi out onIy by giving notice In writing. ststeMet of Accounting and Reporting RE5pon51bilitie5 Tbe tru51ees (who are al diTe¢tors of Cbigwell School fortbepurposesof company lawl ateresponible forpreparin8the.%tr#tcgic eport, lh¢ T¢s, Annual Report and Ihe financial 5talement5 in accordance with Hpplicablc law and United Kingdorn Accounting Stsndards (United Killgdom Generally Accepted A¢¢ouDillJg Practieel. Company lai¥ requires the iNSleets lo prepare financial sleMents for eAch financial ycar wltich give a tre 2nd fair vi¢w of the state of affai15 of ihe charithble company and group and rhe incoming resources 8nd &pplication of r¢sourc¢s, including Ihc incom¢ and expettdilure, of the chatlbIe group for that period. Ill prepaTitig thesE financial ststemell18. th¢ tru5t¢es are requirtd to.. select suitable a¢¢ounlillB policies alld thell PIY th¢m con5lsttly. obseDe the methods and PliDciples in the Charitieg SORP., make sound judsemenLS and ¢stimates thai artr reasonable and pn]deni,' stat¢ wbeth¢r applicablt United Killgdom AccountiL)g SiaodaTds h2vc b¢¢n followed, subjcrt to any material d¢parttJreg di5tlosed and exiJlain¢d in thc financial stsiementS'- 3nd prepare the finantyal slatem¢nt$ 00 the 801tsg concern bgsis ullless it is tijappropriale to pre8Utne that th¢ cbaritsble comparty wiu continue iu operation. Th¢ trustees are responsible for 1laInIng proper atcoullllljg Teoord¥' wbich disclose with reasoTthable accura¢y At ¥ny time the f1nancial position of Ihe charitable eonipany and Ilit group and which enable Ihern lo ensure Ihnt the financial statements tomply with th¢ Companies Act 2006. The trusle¢s ate also reswnsible foy safeguarding the assets of the chaii12ble company and the gmup andhen¢¢ for iaking [conable steps for the prcveniion and deiection of fraud and oihei irregularities. ststement a$ ts di$cknsure of informatloll to Audito ]n $0 fgr 88 the trustees 8Te oware.. lal there is no r¢1t audit information of which th¢ charitable companls auditor isunaw&re, and Ibl thc tnJstec8 have tsken all sleps thai they oiight to bave taken lo make themselves aware of atty Telciant audit ittfortnation aLd to establish that the auditor is tbai iDfonDalto Auditor5 A resolution xryll be propLtsed at the Annual General thai Haystnacintyte LLP be-appOint¢d as audiiot$ 10 the charitable company for the ulg year iti a¢cordaDce with section 485 of Ebe Compmie8 Aet 20(h5. The Trn$tees' Annuat ReporL was pproTred by the 14oard of Trustees (in their ¢apacity as company direttors) OD 9 December 2023 and sigr)cd on its behalf by.. ' HARMSII"ORTH Comp#DI" Sceretan. Clerk to th¢ CL*vernors
cHtCWTLL SCFtOOL CONSOLID,ITED ST,ITEMENT OF FL¥ANCLiL ACTtNryTIES Ilncludlng an ffiDCOLlJt aDd expendlture account) For the veir ended 31 Juli. 2023 Page 9 Ullrestri¢ttd Funds Re5tricÈed Funds £'ooo EtydDWN2eJJt ds £'ooo Tot#1 2023 £'i>oo Total 2022 otes £'Doo INCOME AND FNDOIV.ME.ITS Inroffje from charitable acliTrities'. Schoul rtyovublr Other educational in¢ome An¢i11ory tradillg incott 18,641 448 36 t8,641 17.092 36 33 InoDrne from otber soureeB'. Tradittg subsidiary tutLove 317 23 55 317 Z3 55 294 29 MisccllanLX>US illcotnc Inve$tment$: ljjvesimetst in¢ome 109 25 Voluntary sources- Gtani4 donation5 aThl legacies 71 53 Total Income 19.6J2 69 19,704 17.741 ExPEDITuRE Expcllditllre OD ralslng funds: Ancillary trading expelldiiure TT¥diDg subsidiary ¢xpcndiiurc 31 151 31 151 22 142 Tfjtal ekpenditure on raising fuThdJ 182 182 164 Expendityre OD ¢harltable a¢tivitie4.' Education and grdnt-making 17,273 17.277 15.336 Trltal txpeoditure 17.455 17.459 15.500 ¢t from operAtlons before llls'esttrlent g2lD$ and transfers 2.177 2,245 2241 Unrcalis¢d loss¢s on 1nvcstllllts 14 TrAn8fer5 between 23 128) 'et itycomt for the year 2,200 37 2.243 2240 ove]nellt in pension s¢h¢J funding d¢ficit 12 12 132 Net ]JJoveweDt ID funds for theyear 2,212 37 2,372 Ftuyj b&l*nccs brougbt foNard ai i August 2022 24977 48 3,718 28,743 26,371 Fund balanees earrl¢d lorvavd t31 Julv 2023 20 27,189 85 J,724 30.998 2%.743 All aeiimlies deriye froTn continuingoperation5. AII yiu5 alld losses recwused ill th¢ year aT¢ ill¢ltsded illtbe St8tem¢nt of Financial Aetiviiies. Detai15 of tbe comparative figur by £Ld type cats b¢ found note 24. The &ccompanJqnE notes fonn parf of these fJnatteiAI statemen
CHYGWELL SCHOOL BALAI%CE SHEETS as at 31 Jui> 2023 Page 10 Crtsu Chari Flott5 2023 £'ooo 2022 £'(M)O 2023 £'oo 2022 FixEd as$els School buildings and equipment Inv¢stments 46,089 107 31,903 109 4fi089 108 31,903 14 46,196 32.012 46.197 32.013 CurrcDt a53fts Sro¢ks Debtors Cash and d¢posits 25 Z83 176 25 164 2,914 21 363 73 21 241 2.818 16 484 3,103 457 3,080 Creditors pa>able wihin one JTaT 14WOI 13,2841 I404) (J,2621 Net cvrrent liabilities 14J40 14J471 Total $$tts IE¥5 ¢uireot iiabllitles 4150 41,8511 LoDE-term libi]ities Creditors payable after OD¢ year Pension s¢b¢me futtding deficit 19 (100341 (18 ,0581 (301 110,834) {L8) 13.0581 1301 Netgssets 30.998 28.743 30.998 28.743 Represented by- Unrejtricted fuDd D¢S1ted fjjnds Generdl Scbwl fil[S Pei0 reseTh'e 2U 20 20 1,703 25504 {18 1,568 23,439 1301 1,703 2&504 {L8) 1.568 23,439 1301 27,189 24.977 27,189 24,977 Rp5trict¢d funds 20 85 48 85 48 Endowmtnt fllnd$ 20 3,724 3,724 3,718 Tot#l funds 28,743 3Q,998 28,743 St4temettt of Chirl et IDe0e. Net of thecharity for Ibe year 2.257 2.370 These fLnallcial sraiemenis 'ere approved bythe Governin8 Bodyott 9 D¢¥¥xnb¥ 2023 andwere sibinedon theiT behalf by.. Ms R Serre Direet•r Chair of the Governi]Jg Body Co]llPRlly registration UUTDber- 05846105 (England & Wale$) The accornpani4llJs nQtes formpart of finullGTrl btai¢menlS.
CGWELL SCHOOL CONSOLIDA]ED CASH FLOM" STtlTEMEiYr For the vear ended31 Jul). 2023 Noie$ 2023 £'ofjo 2023 £'DDO 2022 £00 2022 £'OCY) Nel locoming fund5 from operations 2.245 2241 Depreciatiott ehArgeg IncSe in stocks Increase in debtors Illcrease iD Cr110[5 Mov¢mellTS OJJ advallce fees Movements on aths$ioD d¢posits 141 I05 1681 1.603 1441 17&19 18 17& 19 375 243 Not eash I]0. fr&ro OptratI1)S 2,890 Cash now from Investlng acllvllles School buildillgs and equipment 114J27) Cash ourfIow before fiAtie[8 {14.327} CR>h flo" fro fiDauri]Eg actiiities Longtetm Ic*D Utilisatiolls 8A74 2,526 8A74 2.526 Decreasc Lll ¢Ash ill theyeAr 12,96Jl Aoalysis of th#n¥es ID net fllnd5'. Cash ai bank and in hand 4131 July 2023 Cash aE bank and in handal l August2022 1491 12,9141 2,914 (4,6651 Net cash outflow 12,9631 Reetsntutstion of n¢t CNsb Ilow ts moiwDent In n¢t funds: DecE¢as¢ in cash in Ihe ye Cash inflow from increase in debi (2.9631 (8A741 125261 Movement in net funds in the ye¥r 111AJ71 14,277) Net 5wplus aT l August 2022 4,665 Net {debtllsurplws At 31 Julv 2023 388 dcbr)1s Iu& 15 rc Ch A¢ bank and Bank overdtaft Bk loan payablc thin One ycar Bank loan payabl¢ afterone Iwr 176 {2251 (5501 110,4501 2,914 12,5261 111,0491 388 The aceompan>in¥ fonll p8rtof thege fitsh¢i&l 8tsiements.
cinGweLL SCHOOL NOTES TO THE FLIXNCI.4L STATEfvIEYTS For the vtar eJLdtd 31 Jui). I25 Pag¢ 12 Accountl)t¥ pobcie5 The folloHin¥ 2ccouniing politie$ knar b¢¢n applied ¢oD5iStcntiy in d¢aliLg wiib items wknch are coDsider¢d nmteritl ill relatiQD io the bool's fiDallciai sthiements. i) Blsis of preparition The finallcial stateThents have been prepared under Ehe Companies Act 2006 2nd in accordaneo with Ilie Sraiem¢nt of R¢¢oTnTnendcd Praciice for Chariiies ISORP 20151 (Second Edition effective l January 20191 and FanCial R¢porting Standard 102. Chiw¢ll School meets ihe dBfinilion of a public ner]I ¢nlityunderFRS 102. The financial SLqiernents are dra up on ihe hisiuri¢l ew basis of aecountino LIlfied b}, the iev¥luation of iDvestll]eDt5 b¢ld as red asse which ore irrcluded at market value. #lld tho5c land ar buildings which wcr¥ r¢valu¢a in 1939 {nDt¢ 13). bl Preparation of the accounts OD a golng concern b&sl8 HaviDg reie.& the fLd facIliiies ai'ailable tbc School togcthcr with tk ¢xp¢¢t¢d ott]ng dcTnand for places and the School's fuNte projecied cash flows, Ihe Governors ha a reasoiiable exwtation that th¢ S¢hool h5 adequa OU[ca4 to continu¢ its ac11lities for the foreseeable re. A¢¢ordingly, the Governors ¢thiiDue to adopt Cl corKern basis in preparing the finan¢ial state[[¢5 a5 outlined in the Statrment of Account and ReportingRespotsgibilities on page 8. cl Group nrLanclAI statsmtLts The fiDancial statenwnt5 present th¢ CA>(}11#1¢d StsiLitnt of Fitian¢ial Activities l&)FAI, the consolidaied and ¢htity BAlattce Sheets alld th¢ Consolidated Cash Floiy StstcllTrenl cot]wrising die con%olidauon ol th¢ ¢hatily with its wliolly owned $uhqiJiary Chi8.¢11 Mitrc EntCTrTiSCS Limitcd. The rcsults of the subsidiary are con$olidai¢d on a Imc by llljc basis. No scpar?t¢ SOFA has bccn preseiiied for ihe ¢harity alone a5 permiiied by seciion 408 of rhe Cornpanies Aci ?006. The net income of the chBrity dis¢lo$ed in note 2. dl Crlttcal AteountlE estim#tss and jvdgements GeMer*l In preparing the cottsolidttt¢d financial statCTnents, rn&nagcmcnt has mad¢ judgunLyils, e5riTllaies aiid assuinptions ihi affe¢1 the pplieAlii)tt ufihe Schwl's acrounTili¥ licleS and ihe reported 8ssei& liabiliTies, in¢oTne and expenditurc and Eh¢ di5cIosuiES madc i the Lonsolidar fiTrancial blaicments. F.s11mates and jud8eMentS orr ronlinually eyalualed and are based on hisiorical experien¢e aThl oth¢ifarrors. itÈc1udi8 expectations of fvtur¢¢verLlS thal ale believcd to be re&sonabl¢under Ih#iitLuJnstaDces. Managtmcnl CstialeS Ihe useful liles of plant aDd ¢qMiPmCLt based on judgeDlt and CApIence. Wbere managemeoi identifies that actual u>¢ful livts dtffcr materially ttOTn ihe eslitnates u%d to ¢21culaic deprecialioii. that charge 1$ ddju¥ied PTOspecliv¢ly, Du¢ to the siwTrifi¢an¢e of plani and equipTnent investm¢nl 10 thc ¢ompany, Tr7riatlQlls b¢twn a¢thal and esti[tted uscfvl ttonomi¢ liv¥5 could impact Qll OpeIlD8 JEsulis both positivelyand nr¥alively, althou8b historiclY no ¢banges bavebeell requitt BAd debippovlslo ie School ¢valu3fL% the Deed for ¥ bad debt provision at each reporting date. The Schwl's a¢¢outtttDg policy i$ to provid¢ a][Lt Specthc debis at the year end. el Illcome f¢¢% ri¢¢ivablc cbargcs for scrblccs gr¢ a6Lwuntcd foi ttsc in W¢ the SCr%rycG 15 piovjdcd. Focs receivAbl¢ slaa &fteT dtthTcting alloanCeS, bursarie$. s¢hDlarships and other remission$ srniiied by ihe S¢hool,. these are retognis¢4 in full in rhe year in whi¢h iheyare receivable. Donaiiolls subjr¢l to 5pccific wishes ofthe donors are ¢atried to th¢ relevani r¢S¢j fuTK Inrorn¢ from ancillary trading ¥iiiryties is rtto¥nised as earn. Ancillary ittdtn¥ turnover includes the value of fa¢ilititS PTuiryded free of charge or at a Icduced rate to var&ous charitabl¢ a3 local Corllrrtuty Or8ani541iollS during Ebe year. ¢aJcul8r¢d ott thc basis of the fore8ooe gtstsdard tharÈ¢s. G0vcrneTht r¢veny¢ are reeogtiised On a sysiettTratic basis overthe p¢tiiwts ill Thknch the Sehool iecogui3es th¢r¢ialed costs for wbich th¢ rnt IS illtcndcd to ¢omp¢aJsaic. Inv¢Smli income is re¢ogllised OD areceiNable b8SLS.
CHtCThTLL SCHOOL
liOTES TO THE FI.NNcL4L STATEMETs ICONTITrI IJEDI
For the year ellded 31 Jlll) 2023
Poge 13
Atcfjijntillg polldes IconUnu¢dl
DoDafed servlte$ aDd equlp]Dent
Wbere seThi¢es and equipmetu thar would norjDall be pChSed from the Sc01 s suppliers are pro&]dJ 10 the chatity as È dollalion,
Ihis ¢xpenth'ture is included th¢ findn¢ial sthi¢mtnts ai the e51imatediYlue of the c(Trniribuiion w Ih¥ch&riiy.
gl EXpedI1Ure
Expenditure is rOsnICd as 500n as a liability. is Considered probable, di8rouDted lo pre5cnt value for longer term liabiliues where
applicable. ExpeDditure is classified the follo.in8 activity beadill8S'.
C.osi8 tJfrdi£ing funds are thosecosis incutred in attracting volumary incott)e. and those incurred in trading aciivitl¢s that rJis¢ funds.
rh¥riiabl¢ a¢El%iti¢s includc cxpenditurc ass(KL4tcd with tcachillg. wclfaTC and School builthng% and Cquipmcnt un
CHlCWI.J.l. SCItOOL NOTES TO THE FIYLNCLIL STATEMENTS ICONI TIN[DI Forthe vear elldcd 31 Jul) 2023 Page 14 A£ULng policles (eDntlrJredl l) Stock strk is included ai th¢ lower ofeosi or netreajisable vaI DJI Debtors F¢¢ artd oih¢r drblots aT¢ fEcobpnised aE ihe setElenKnl arnount due after arty ¢on¢es510llS OT irade discounts offettd. Prepayments a valued th¢ &rJouJJi prepaidn¢r of aDytrade disc4)uDts due. n) Cash and dcposlts Cash in band and dcposits hcld with b&J&s ClUd¢ 8ndh[Y liquid th0rtt¢D illVCSWKnts. pl Creditors 2nd proviSlODS cr¢dir0 and provision5 ate recoglli5ed where thc Sch<1 has a pic4enl obligation resuliing from a past event thai will Probably Tesulr in the tratisf (Trf fund5 10 a thitd patry, and the amount due to settle th¢ obligatlQD can be mtAqured OF C5tiTnaicd Teliably. Credltori pro%rysivns aTe Normally iecogllisl at their sdtleD)¢llt nOUn1 &ft¢ralj01llg for arLy Erad¢ discoullts due. q) Fund &¢¢ountln8 Geoer21 School thnd$ ale ulltestricted fuDds .hiC11 are availabl¢ for us¢ at thr disctction of the tnJste¢s in fvrtherallce of the 8eneral objectives of the ch?tiiable cotDpany aDd whichhave not b4¢518A for specific puw¢$. Thc trustccs rctain pan ofLhc uJJr¢stri¢icd fund5.' il to help pareDis in Cases of ftsthncial hardship and lo ellable pupils from the rxx)test of ba¢kgrouLds to #ttend the Sckool, sel up a desi¥Trl4 ted BuTsary' Fund to taciliiaic thits: and ii) to proTrryd¢ foT sile develq)menl proj¢cts aM¢w to iTnproving Schwl farililirs. The School has a nurnbeT of resiricted illcome fulS account for Situations wheTe a donor rwuiTes thai a donation is SWE on a particular putpose 01 'hce funds have beert raised for a sErrific purpose. The Endow]nent FuDd Tepresentg txpcodable biwsw prize endOwjIt, to8ethei with efjdowmellt Q5sets held itt truyi. The funds heid in th of Ihesc ratcgorics ate disclos¢ in no¢¢ 20. rl EmploJ'eÈ beDellts Shortfterth beAefits Short i¢rni b¢nefI including holiday pay where matsrial, #re reco8nised as in the peri ID whi¢h the benefit is receid. Employee lermiN&ftDnpxYyNAehts Telallopayrnentr are 4¢LouJJr¢d foron an accruals Lwis attd withFRS 102_ P¢pJsltsRs The S¢hool panicipates in the T¢4¢h¢rs' Fctsion Schetne (England and Wales) for its teacb208 Staff. Thi5 is a t)Mdti4Trploy¢r defined benefits peDSiOll s¢h¢m¢ under wlijch the pension liabiliry is Ibe responsibility of Trdcbers, P¢nsiolls. As a iesult it is TJOI possible lo idelltify the asseis and liabiliiies of lkn¢ Scbemc thar are 4ttribuiable 10 tlle sch1. In aceordaDGc with FRS 102, the Schem¢ is account¢d for as if il weTe a defill¢d conrribuiions Sche. The School ilso conthbutes topeT50nal pension 8ehEttw for -teaChing staff ai IhcTase of I ofannuul basic pay. The pensiun rosts charges in the cotsolidaiEd financial Stalents rwe5ent the conrribuiions P&ble dwing the yEaT. Full d¢tails of the nyo schemes are Ven in HOEe 9.
CHtGWELL SCHOOL OTES TO THE F]N.¥NCL4L STATEMESTS ICONTINUEDI For tht vear erLded 31 Jui} 2023 Page 15 20Z3 £'ooo 2022 £'ooo Resulrs tslthe cbArlt)' The ftn8n¢ial Actiirylics sho1 in th¢ SOFA represent tha£¢ ol the chariti. and irs ivholly wned subsidiary ¢onwany, Chigwell Mitre EnietPri5e5 Limit¢d. A summary of ih¢ finanrial 117¢S und¢rtak¢n b). Ihr Charity &on¢ is 5¢t uul btloiv". Total income Total expendimreon charitable acriiiries Expertdiiure on lai$iDg funds IDvesrrnent losses MoTremenl inp¢nsiott s¢hE¢ hndirng defjcit 19.536 117.2S8) (311 1231 12 Netllneo]Je 2,257 2,370 Total fa$ brought foTw&rd 28,741 26,371 TotAI fndS rarried fonvard 30.998 28,741 Reprtytntcd bv.. Unr¢stric¢ed ill¢ome f[uS Re5tticled illCOe fvnds Endowmettt fulld& 27,189 85 3,724 24.976 47 3,718 30,998 28,741 Illcome froDJ charltAble &etIlI¢S a) School feej rereii'able Gross Schwl fee5 tkss.. Bursaries, s¢holar$hTPS and oihcr reTlli55ions anddiscwn15 20,706 12,0651 19.023 N¢t fcr5 18.IAI 17.092 Its loial, bursaries, scholarships aj othei retllissious were awatded to 231 pupils12022.. 2301. The value of nieans-leslcd bursaries toialled £1,067,078 Q022.. £1.032.955) and provided assistan¢r 10 50 pupils12022.. 551. of w]llch 3012022-. 311 beDefited from a full remission of fees. £31.808 12022.. £42.867) of JllCaDS-Icstcd bursarics ¢[0 through rostti¢T¢d by way Df a transf¢r to gcncral Scbool fwid5 bl Other educatlon*l iMtom¢ Sch1 trips and Dtherpiipil 8diviti¢s EnTtAncc #Tra r¢gi3trariott fees 315 133 53 44¥ Th¢ income OD Schix)I trips oth¢r extra-CUtricu12r ¥Uvities is fully expentsl, ortd this Cost 1$ inclwled und¢T oth¢r ieoching colts (ttots n.
CHTGNITLL SCHOOL OTES TO THE FINkNCL4L STATEMEJTS (COINTIDI For the vear ended 31 Jul). 2D23 Page 16 2023 £'ooD 2022 £'ooo In¢omt Irom ebaritable actlvities l¢ontinuedl } Ancillar) trading ijtcome Ancillary tradin8 inCQtne comprise8 ihe cofft¢ shop dnd byfted or red¢ v5¢ of fa¢iliti¢5. Profils ?IT generat¢d as follow$.' TurnoNEr 36 33 Cost of sales.. Purchases. iDcluding llpair¢t losses Gifted or teducedr&te of facilities 1231 The i?lu¢ of fa¢iliti¢s pru%oded fret of eharge or 81 a reduced rasc to ous chamiy and local ¢oD)muniiy orgaoi9AtioJg. estimated ai £8,069 {2_2.. £5,4291, has been included In turnoveT c8l¢ulat¢d on the basis of lh¢ [rg0c standard charges. The related costs and Charges of£8.06212022.. £5,429) hsve been expend¢d as abovt. ID¢ome (rtsm otheT ¥ource& ) TtradlJL% $vbsidi•rY The wholly owncd ¥ubsiaiyry? CIu8well Miire Fntttprises Limited, hirts otsi the SLbwl'¥ ¥pots and oihtr facilities. A SUllllD&ry ofthctr&d1DgrU5 foi thc ycari5 Show h¢1th.. Tumoyer . external 317 294 Cost of soles -exiernal (29) GroFsprofil 288 280 AdmiDistralion costs - Chigw¢ll S¢bool - extern81 18n 11221 1841 11281 Ornting profit 79 68 JLicre8t recei&b]C aLd sijnilar lljcomt Profit for the y 79 68 Donation under Gift Aid io Chigwell School (791 1681 Net Profit bl Relltgl lJt¢ome from tbe ]e of lttd buttdiw Siaff accommodation Music p¢rip&i¢u¢$ & Drama ¢ovrs¢ prokid¢rs. room hir¢ 16 19 io 23 29 cl P411seellaneDu$ ineDmt Inierest ort laie and unpaid f¢ts Extra-Crieialelbs Sutsdry io 33 55
CHIGWEI.L SCHOOL I OTES TO THE FL)C1AL STATEMLNTS ICO.NnwEDI For the vear ended 31 Jul). 2023 P&ge 17 UDr¢strl¢itd Funds £'DOO Re%trlcted Funds £'ooo BrLdowmeLt Total 2023 £'wo Total 2022 £'OOD InveStellt income DiTrYd¢nds from Iistcd inv¢sttn6nls Bank deposit illteresrreeeivdble IQ9 22 109 113 25 Gr&nt4 dothatlons and Iegaele$ SKholarship andprize futsds BuFSary Fund Sports C¢nwe frund Chttrity fimdr&isintr events io 57 io 57 30 68 71 53 The Schixil elveS an anDual ¢ottiributioll from Ibe OC Lodge towaids the Priz¢Fund lllole 201. A resiricied Butsary Futtd has trell tablished io compliment the SclM)ol's est1 Bursarv fulld Inotc 201. A numb¢r or pai¢nts. including staff ttembctS Witb children at thc S¢hool. bavc GODtri71ed towyrd¥ fun¢Jtaising efforts by ivay of foregi)lle fee di5GQUllts as well as ID cash. The Spotts C¢ntr¢ Fund 13 established in thr prior ye4T io receive donati(AL% iowards the constDmion of a ttcw SpoTts Ccntre, cutrently neariti8 ¢OtDpletio Charity. fundrnising evenis abo1¢ Yepr¢5¢nt tnonies raised by the School's pupils, par¢n15 aiid staff durin¥ the year, which were dtstribuied co TrTrrious charitable ¢austs. ThEge distributions ar¢ in¢luitsJ under o¢h¢rweifare ¢o&t5 Inot¢ 71. Analy$Lg of expetyditure Staff Costs ID•te 81 £'o D¢preclAtlon Inotc 131 £'oo Otber Total 2023 Totsl 2022 £'O(KJ eosts Costs of rai5irJg funds Ancillary ty&ding ¢xpellditurc Trading subsithary exptlldiiuTe 31 isi 31 151 22 142 Total cost¥ of r•1$1 lulld5 182 182 164 Cbariilble exptMditur¢ Teachiti8 Welfarc Ptenuses repairatsd Thailltenance Fuwice costs Grants, awardg and prizes Support costs 8overntDce 7.832 475 498 1.29 1,999 2.164 AOJ 9,139 1486 2.738 8,379 2296 2,018 56 12 76 J.834 45 930 2J78 Total ¢lMritible expenditu 10,639 141 497 17,277 15,336 Total ¢ip¢nditure 10.639 141 6.679 17.459 15,500 GOVern#Ce costs amouttttng to £59,06* 12022.. £56,895) represertt ¢xp¢nditure i¢red in the gov¢nianc¢ ofThc chariry aiid its a$sets nd are PriTnorily associated with constitutinttal and statutory re4uiremL'nls. The eharily iTusie¢5 were neilhcr paid nor rec¢ived any beDefits from tbe SLhool or its subsidiary in thc yeai12022.. Loil). nor were Ihty 1mbUr8ed expen5¢s duriDg tht year12022.. £ttill. No charity tsvst¢c rc¢ciNrdpaym¢nt forpiofesslon orother services supplied to th¢ ¢harity'12022.. £nill. Auditors. i¢mtslleralioD of £23,640 12022.. £20,640), iududed ill sovernan¢¢ ¢OSls above, related solely to th¢ audit. Further remutteJxtiOn for Cowrdiion Tax filiDgs and gddiu(rtwl atIOn servi¢¢s ID relau¢m to rhe subsidiary company amounted 10 £2,7(KJ 1?022.. £4,3S81.
cItVGWELL SCHOOL OTES TO THL lILIcIAL STATEMENT.8 ICONfIL¥UED} For the year ¢lldtd 31 Jul) 2023 P4ge 18 2023 £'QOD 2022 £'ooo Allal)sis of $12ff costs Wageb and ¥alanes So¢ial Sll'¢Osts 8,256 870 1.48 33 7.774 790 p$10 COntribuTions Redundancy costs 36 10,639 Agb)re¥5ate emplo>Ee benefits of key managenntpÈTsQllel 3S8 386 The average llUTnber of employ¢¢s in Ib¢y¢8r was 20312022., 2021. rePreSeDl3S follows.. 2023 Number 2022 Number Teoching Welfar¢ Pmrllses Supp)rt and athillisttation 49 203 202 Th¢ numb¢r of ¢mployecs whosc emolurneTLrs excee&d £60.(M)O were.. £60.000- £70,000 £70,000. £sO.o £80,000. £90.000 £90,0(N)- £IOO,000 £I10.O(K). £l?O.000 £120,0(. £130,0) £130,000 £140,000 £180,000. £190,000 14 All bar one of the abo¥t were thetllbers of the Teachers. Pension defiDed benefit pension s¢ben.' tbat one employ¢e a mether of the'l"PT ReriTement Solutioms dcfined benefitp¢nsioii scheme. Pensions al Ttrhing stsff The School Participates in thc Teach. Pension Scheme (England Il'alesl I'the TPS'I foF Its ieacbing staff. Thc pell5ion char8e foi Ibc yrdr includes coDiribuiion% p#yablL Iv lh¢ TPS of £L,208,1171202•: £1,193,3661- Ai th¢ YCEI end £149,g)312022-. £141,814) W¥ Accrucd in resperf of collttibutiolls to this $rh¢me. Thc TPS is an unfundcd multi4mploycT dcfincd bcnefitg pcnsioo s¢h¢mt govcrncd by Thc T¢aeh¢rs' Pcnstons R¢suJations 2010 las arnendedl 811d The Tea¢hers' Pension SKhcmc R¢guIAtithts 2014 la5 AmW¢d). Members contribuie on a'pay as yoll go" basi$ with tribulions Irom rnembeis #nd th¢ emplvyer beinbr aTdited to the Ex¢hequeT. Retir¢iticrtl and other p¢nsion brnefits Ere Fdid by public funds provided by ParliaTncnl. The employer contribution rdle 1$ Sei by the Sccretary of Stste for fJwafion folloivin8 s¢hem¢ valuations undertaken by the GOverlet A¢wary'% D¢partnt. The DU)St recettt ?111&fi&l luatIOn of the TPS was prep&r¢d 48 ar 31 March 202() aDd the ValuAtiotsRep)rt was published in (ktobeT 2023. The previous V21uatioll Reporr, wilh aL effrtIVe dait of 31 March 2016, wa8 prepared prior lo the rulin8 in the (lOUS3rc2lltr case, hleh Tequired the Courts lo ¢oll5idvr c35e5 regarding The itrplernelltation of lae 2015 r¢£0$ ro Public Strvi¢c Pell4ions, ID¢ludiLYthC IFS. Followingth¢ Mccloud judgement. th¢ remdy prop05cd ihal whett bellefils become payable, eligible rn¢mbets can selttt to re¢eiTre them from either the re[omd or Icga¢y schemes for the period l April 1015 lo 31 Mar¢h 2012. The a¢tUArie$ hav¢ asswned that tneTnbers are likely tv ¢hoose the option that prowde$ then) the grEut(T benefits. and in Preparin the 2020 valuation have applied th¢ 8rcalcr valu¥, b¢nefiLs for groups of reltvxnl ¢rnbers. The pdlu8tion ¢onfirtned that the ernployer eontribution rdle for TPS would incr¢ase from 23.60/& to 28.60/0 from l April 2024. Employers art alhoT4uir¢d to pay a scheme a41[51[ar1Oll le of O.QS% giDS a lotsl eoJpl(Tryer¢onltibutioD rate of 28.68'h.
CHIGIITLL SCHOOL OIES TO THE FIlith'CL4L STATEMEiYtS ICONI'INUED} For the vcar cndcd 31 July 2D23 Page 19 Pen51oDs {eolltirLuedl bl ,Yon-teacbiLg Support sthff The School also pallicipfjte5 ID a 5che¢ aibmSter¢d by TPT Reiiretnenl Soluliolls lor IES DOIi-ieaching support siaff."IlJig is o mulli- emplo}'eT defined bcncfits wh¢rn¢ and il is again not possible or approprialt lo idlIty. the 4ss¢ts dnd liabilities of the Scheme whi¢h areattribulable lo the S¢hcol. The S¢huol a150 therefore acroynls for this scheme as if il were a d¢fined colliribuiiobs gchetn¢. Th¢ pcn¥ion chaTbTe for the year includes ordiary FimknbuThon5 payable to Tpf Rettrem¢ni SoluliDn5 of £237,840 12022". £222,162) plus Drfirit Contribution payments of £12,5211202.. £3 3,8261, SEparaEely ithniifi¢d s¢htm¢ Lxpenses of £14,135 {2022.. £4,665) and Life Assurance Premiu of £7,187 12Q22.. £6,657). Al the year end £36.67612022.. £34,826) 4S a¢¢rnLwJ in Tespect of contributions to th$ $ch¢rne. Tbr T[tte ¢0mllll5510nS an actuarid valualioo of the Plun ¢vrry thr¥¢ yeats. The purp05¢ of the a¢Tuarial valuaiiott is to deteLTrill¢ the funding posill0D of the Plan by compariDg tbe assets Ivllh th¢ pasi SerCe liabiliti al at Ibc valuation date. Th¢ lal¢bl full iElu2tion a5 carried out at 30 S¢pttmber 2020. The Jwkel value of the Plan's assets at rhe v&lu&tion dat¢ £800.3 millIoD and th¢ Plats's Teckni¢al Pr$]05 li.e. past s¢rvic¢ liabiliti¢sl were £A31.9 11110. The valuation Iberefoze retal¢d a sbonfall of compared wth Ehe value of liabilili¢s of £31.6 million. eouivalail lo a fundili l¢vel of 96¥0' the School's share ofthis shortfall was last eslitnaled a130 Sepiernber 2021 as £294,865. The full shortfall falls du¢ in the event of thc crnplow ¢easinbT lo TtICipate irt the Plan or the Plan iF]udiDg wp, ncithcr of iTrhich is ellvisa8ed at the prenl lim¢. From l April 20ti? the dtfi¢ii fibwre no includes the capitalised valu¢ Urexpe$es panei5 due 10 the Plan, as thc5¢ are now b¢Ig a¢counled for sep#ratcly. No anTmal increase will be applid io wniribuiions and the proposed re¢overy plan, which aims 10 eliminate tbe defi¢ir via a ¢othbillètion of additional contributions from enwloycts and ittvesttrent [rtu5 over a period from l April 2016 to 30 Scptetllber 2025. Ivill remain unchanged. The gddiiional ¢ontsibuiiolls payable by the Schwl amouDled to £26,516 for the ytty to 31 MaTch 2023.. allowillg for nJembers]llp chAnges. toinbined contribuiions ond $chemc cxpcn5G% of £26,936 will be payahlt forthe year to 31 Marth 20U. Lnder FRS 102, Organisaiions participating iii a defincd bcnefits pensithj herne with 8n agreed deficit fi]nding arrnngcment in place ar¢ Twuircd to identify. a liability for rhi$ vbligpxlivn iii IheTr accouiils, on the basis of the ner PiEsenl value u( Ihe (kficil trduction ¢Lmtribuiions payable. The pr¢sent value is caleulaied Ihe discount rdte, which is reco8nis¢d as a fIrnLy Cfj. d¢tailcd In the followin8 Disclv$ure Report.. 31 July 2023 31 JUIV 2022 £'ofj 31 Jul). 2021 £'DOO Pre5ellt valu¢ of p[Q}sion 18 30 162 Assumptions.. Rate of discount Yper antsum 5.98 3.15 057 The di5CQUDi rntes $bowA above are the equivalent $inglc dis¢¢unL wbich. h¢ll ed to discount ihe furure r0Very p18n ¢OnlribulioELS due. would giv¢ the satne T¢sult5 BS Using a full AA EorpoT&re bond )ryeld curve ro disctsunt the SaTNe recovery plan ¢tributions. JI July 2023 £'Doo 31 July 2022 £'ODO RcconciliaiioL of opcning aDd ¢losingproision5.' Pro%l%loD t£tri ofyegp 162 Unwindingof th¢ discount factor linteregt cxpvCI Re-meaguremenls impacts of anychang¢ in assumptions Re*mSurCtnCntr- amcndm¢nts iv Lhe wntribution schedule 1981 IDeom¢ aJMI ¢xPedltUre impaetof FRS 102 1981 Deficit contribtslion paid {341 Net ity¢OZllQgnd exptur W2PaCt (1321 Proifj$loD gtelld obf y¢Ar 18 30
CHtGWkLL SCHOOL NOTES TO THE FI)NCLL STAI'LMENTS ICOIYTINUEDI For the Year end¢d 31 Jul} 2023 Pag¢ 20 2023 £'OOD 2022 £'ooo 10 hloveDJtnt lkn totRllullds for the ptrlod This is slated after ¢haTbing'. Operatinb le&s¢ rentals- hire gf 4uipm¢nt Depre¢iaiign of equipmenl- owiied gsseis Au{tito, rcmuneration foraudit 42 105 21 24 11 Transfers bttweeD fuDds Scbwl Fulld £'oDo D¢slgDated Funds ResirS¢ted FuDds £'oo Endowment Funds £'ooo £'ooo CMF. Disbwsernent Fund.. Gift Aid CME Disburs¢meiil Fund.. Building impTovement projects M¢ans-Eesred bursaries Fund replenishmeni Regtticled Bursuv Fun ExpcLdabl¢eDdoWllllt released Notiollal irntereston tmooies hel<J School baDk accoullt 69 1.067 1691 (1,0671 1,192 31 13) 135 1281 Funher inforllkqiiOL regardiD¥trtsnsfers betweets fund% 1$ ¢olltained ill not¢ 20. 12 T&xtio The partlli compally, Chigwell S¢hool. is a registCT¢d chArity and is exempt fr¢)m tsx or) income and gains fallittg wiihin section 505 of the Taxes A¢t 1988 or se¢iion 252 of th¢ Taxativn of chL¢able GaTns A¢t 1992. to the exrcni that these aT¢ applied Io 115 chaTitsble objttls. 13 TgDglble ftsed assets Crou and Chari Fr¢ehold Freehold endowmtni other 12Trd opÈr4iiDg14Dd & buildings & buildin8S £'DOO £'ooo Projects tn tht tDur$e of deielDpm¢Dt PIArJt & maeknitiery tal £'ooo £'ooo Cosi AI l Aubvst 2022 Additions Compleied projects DisposAIs 14,631 8068 9,083 14J27 11.4941 747 33.IM9 14.327 1,494 illii Ai 31 July 2023 J4,65A 9.94J 21,916 747 47,255 Depr¢tladD At l August2022 Cbarge for theyear 425 180 $41 78 1,146 Al 31 July2023 425 122 619 1,166 Ntt book i'alue Ai 31 July 2023 14.226 9019 21,916 128 46,1189 At 31 July 2022 14,226 8.388 9,083 206 31,903
CHIGWT.I.L SCHOOL NOTES TO THE FIIXNCI.4L ST.4TEMENTS ICONTINUEDI Forthe vtar ¢llded 31 Juij 2Tr23 Page 21 13 Tllllgible red a55ets {COlltlDuedl al Included iti frecholdland alldbuildillgs above orc dcprcciableasscty 8$ follows.. SixLh Form Cenlre fi¥rLW. fiiiings and equipfftenL net book vaIue £nil1022.. £nill. deprcciRiion £4?5.44412022.. £425,444). Slhel1¢ all weaihelsp0 surface, nei book illue £198.4081202?: £nill', d¢plati £33,071 (2022.. £121.0071. Synthetic 3G sports surface, net book Nilue £177,378 1202?: £147,815). dcpnxiation £88.688 12022.. £59.1251. bl The freehold PTOFrtie5 of Chigwell ScFH)E)l knoivn as Hayl3nd5 HDu5È Hayland5 Cottage and the tand lo ihe Ilack of 119-121 High Roa Chiwrll, T07 6QQ ar< all charged iv the COTnpanls bankers as seiurity for bank fa¢iliti¢s. The Swrts Cenlre Const(110 and acces5 road were additioDall}' charged in Aplll 2022 85 so£uriry for aD extension of those facilities. c} freehold land and buildin8S Includes endoived prOrI1¢S hLld by Chigwcll School Tru61, whos¢ tte¢S ha 8iV¢n thy Eumpany power to bold 2nd admiDisrer those pioperttes; their Inclilon in the tyorllp¥y.3 balan¢c sbeet is sallctioned by a uniting direction issued by th¢ Cbarity Conllrission. Ii is Doi pos¥ibl¢, givett lh¢ IMbTVry of thc k.hool, lo allalyse fully ihe c05t be¢w¢en tjw¢d and ty)L<ndoM¢d prop¢rri¢s. Th¢ ¢0Jllbi¢d total 15 adC up of a valuation 1939 of £68.885 plus additions $in¢¢ 1¢$5, Ptior to Ihcir transfei io ihe comp2ny, Ihe applicati1 of monies received as sp¢cifi¢ OT ger1 donaiions. The book glue is sub$tAniially l¢s$ thgn the pr¢srni %Trlue for in5urancrputP05Cs. FollowiD&J a TCliCW, no iTnpairmenthas been idaitifial. dl Projerts in the course of d•Ylopmenl at 31 July 2023 represenl thc construGlion of n¢w spuns faciliiie% fitling out of a new Welfare Medi¢al CentT¢ and TerbIshtlleE of the Chapel, £158J75 (2027: £141,777) of which r¢laced to improvcmBnts to endowed land alld buildiDgs. el IDcluded in freehold endo.nMf la1 and buil(bngs above &re ptr)pertiLs piirrh?Kd frorti School illcOll funds aOitIng to £10,948,L59 P022.. £10.948.1591.. thesc assets arc wholly used for charitahlt puTp¢S and fonn the basIs of the I( fr() gtneral School fundg to pemiantnt end(swment lftote 21). n The trading subsidiary does not oivn any fix¢dass¢ts. Grou Lharll 1023 £'ooo 2022 £Doo 2023 £ioDo 2022 £'(K)O 14 InY¢stmtnts mark valueat l August 2022 Unrealised Ilossesygains ID9 12} iio 109 Marker value ai 31 JULY 2023 1117 107 109 Hiori¢al cost at 31 July2023 37 37 37 37 Thc School holds income shares irt the CCLA Charit1¢3 Official Invc51mBnl Fund (COIF) Ihi M&0 GrDUP Charities Narrower RJJw¢ ColltttLon Illveslrnenl Fuud (Cbartbottdl. bl UDqUOted IDVt$tmeLts lTrTholly own¢d Subsidiary Tb¢ S¢hool the Jx)le of the issued share ¢apitsl Alld UDdortskiDg of Chigwell Mitre Ellt¢rpns¢s a¢ompaDy itwrporai¢d in th* L.nited Kin¥doTn. 2023 £'ooo 2022 £'ooo The a55cL3 and li4biliriw of ihe sub5tdiarywcr¢'. Current assets CurTCllt liabilities 118 Total 4SS¢ts Aggregat¢ share capital gDd reserves
CH¥GWLLL SCHOOL NOTES TO I"HE F]YLNCIAL s'fA'IEmETS ICOYTINUEDI For the vtsr ended 31 Jut) 2023 Page 22 Grou Charil 2023 £'ooo 2022 £'ooo 2023 £'ooo 2022 £'IKJO IS Stock Caterin8 suppIi¢s Old Chigw¢llian Cjub Bar 21 21 25 2) 21 16 DebtS Fee debto Svlldry dcbtOTS AJnounts due from suèsidiaTh' coJJJp8tsy Prepayrnthis and accrued incoTne 61 6S 61 65 92 167 179 95 283 164 363 241 17 Credltors filling dut iyithin one yellr Bank loan laote 191 BBDk overdrgft A13sOn deposits Supplitrci¢JirotS T2xation and knial Security 0tbcrcaltOiS A¢¢ruals alPrePadIc0m¢ A(fvat fees (note 181 55 225 18 244 223 199 2,085 1386 550 225 18 2¥ 223 199 2,059 1.286 17 252 215 2.52 196 1,390 4,830 3,284 4,R04 3262 18 ,Idv&nee fee p&yJllettt$ Parents 2n4y pav the Sch1 rnition fees ID advance. eirheT iDSt3JnThts undcr the S¢lKx>l'5 forynal loan s¢b¢ll, or in a lump sum. tn respcci of Iurnp Sum advanc, th¢ Iott¥cT-lerrn 0eS are r¢tumabl¢ 00 receipt of one ffins ttotice. Assutxllllg th¢ pupils ¢(>llcerned remaitt tbe Scknol. &dvance fees will be applied a5 follow8.' Withia onc ycar B¢tw¢ets voe and five years 1,286 219 1.192 70 1286 219 70 IJOS 1,26? 1262 19 Creditor5 falling due After morÈ *h#n olle yeA BaDk loan Advance fees lllole 181 Admission dcposils Othercrediiors ID85D 219 2,526 70 10,450 219 165 2.526 70 161 301 301 ID,834 3,058 10.834 3,058 Anal>sig of bank loan RetYay&ble one lear Repay2bl¢ b¢iwEen one and y¢ar8 Repayable between N4io znd fivE years Rtpavable after mot¢ than fiveyears 55• 733 1,21H 7,517 550 733 2,20 7517 550 1976 550 1,976 2.526 11,000 2,526 locluded w liabilities fauittg due one year l]LOte 57) (550) (.150) lQ.451J 2,526 10.45 2.526
CHTGWLI.L SCHOOL NOTES TO THE F]I%ANCIAL SI'ATEMEYTS ICONTII¥UEDI For the ye&r ¢nded 31 Juli 2023 PJg¢ 23 19 CredStors faltthg due after Mre th2ll O]te)ear leoDtiDurd) AllxlJ'$ts of babk loin ItDtitltsuÈd) The Schotsl etsiered illto El Im facility a8reemcllt wilh irs banker5. daEed 29 April 2022. 8raniinE a legal mortgage in respect of the Sports Centre dei'¢lopmeDI PTOEW. Details of Ih¢chars&s r¢8isicrcd as s¢rurity forih¢ tacility arc disclos¢d in not¢13 Ibl. The l<)an has recently been exiended Jnd fifftheT urilisation requests wll k 5ubmittcd during th¢ n¢xl financial year. The loan farility is d¢ lo be repaid in cqual quarlerl). 1nskilrynlS over IS year% beginnin8 on pracilcal completioft ofthe dev¢lopmen¢ expcctcd to be the e]vJ of October 2023. 'Ibe rnte of iul¢r¢st is tb¢ perceLtÈ8erate pcrannutn wbiclj is the awe8Al¢ of the margin th¢ bas¢ rat¢. 20 ADalTr's1$ ofcharltablt futtd5 Grou Charlty
) Anal)sis of unreslricled futtd thoverneut¥
FJipenditure & movemeni in funding donclt £IODD BolAtt Bt l August 2D22 Balance At 31 Joly 2023 £'DOO Tran8ferJ i lllot¢ El} £iooo Tran$f¢ry £'ooo £'ofjo Designated BU[rY Fund cl Disburseont Fund BuildiDg MaioitD8n¢¢ Fund 1,085 174 309 I,A92 79 11,067) 1691 ijio 184 39 1,568 1,271 {1,136) 1,703 G¢noral funds School Fund Pension res¢rv¢ 23,439 1301 19,6J2 117,455} 12 1,167 11,2791 25JIM 24,977 19,632 117,443 2A38 12,4l5} 27.189 RULBQ, Lund.. io help parenis in of rtnancial bardship to enable pupils from th¢ pooresi of batkwds io attend Chigw¢ll hwl. Bursari are tDeaDs-le$tel and available 10 pupils fri)rn age I I UWkard$. £ME Fund.. to receive the attnu81 donation from Chigwell Mitr¢ EnieEprises Lllnited lttoie 231 ble is desigL&ied for eKpenditLJre Ollll12ittt8uJittg atsd WOViDg the ScJK)oI's spottiti8 and other faciliti¢s. In Ihc rUent year, the Fund mei the depre¢iaiion har¥es for.. - Trdcior for th¢ ¥rvuDds deparimenl, annual depreciation £6,468 (cost £32,340 over S yeErsl,' - Sjmihetic 3G sports $urlace. annual depreciation £39,562 Icusi £206,940 ober 7 years). - SyntheriG all NveaEher sNns surfa¢e. aDtnJal depreciatton £33.071 Ic415t£231,479 0[ 7 years). Buildi Fu d. to r¢ceiv¢ fvllds from tbe &hool surplus, illeludillg non-adeMiC iocome. earmazked for fut¢ <>1 site devcloptnelli armj ]ll&jor nLtenan¢¢ projccts. During the euttcnl YW, no funher funds wett eanDarked from the general Scb(ol Fulld (022". £uill alld llo fullds w¢re ttan5fcrtcd itLrespeci of d¢vtlopm¢DI &Dd mllinieDanc¢ ptuiccts12022.. £nill. UDrcstrici¢d School Futtd.. tCPTC5¢llts thc actu1&I¢d Tcsourc¢s of Ihc Sthool, rcraincd to covcr wwknng eapital r4uircnKnis attd to fiiiance impT0Veets.
CHtGWELL SCHOOL LIOTES TO THE FIN,INCL4L sT.4TLhNTs ICONTINITEDI or the vtlr cllded 31 Julv Z023 Page 24 20 An21)'sis Of ¢barli*ble fulld5 {collfinuedl bl ADalysts of re$irf¢tsd hElld Moveellts Bgl#llte at l August 2022 £'oDo BalaD¢¢ at 31Julv 2023 £'ooo Transferg in (no¢e 111 Transfers out Income £'ooo Expendliure £'oo £'ooo Scholarship ond prize fund$ Generdl Pnze Fvnd Tim Pruss Memorial bulld BurgaryFuttd 32 io 1311 li 43 {31} 22 Property development fund$ Sports Ceotre Fund 58 63 48 69 85 Sthol#r5hip prii.e funds Pri7e Fund Tim PrE]ss M¢morial Fnd Burs)o, Fiind DÉ%erlpil0. 4pJdp¥ppos¢s ofihefund To provide aLademic and otherprizes fvr achieveTnent To provide a suitable [eorIal in remembrdn¢¢ of a fonmpupil To conwliment the S¢hool'$ ¢xistuw desiwtEd Bursary FuDd (note 20 a} Prize Fund.. ths represettts a separntcly re$t¢[Cd ¢haritrJ': its inclu3ion ID the company's balan¢c s1cl 15 sancuoncd by a UDilill8 direclion issued by the Cbarity CA)t)miissioL. DuJiLg the y¥ar. prizes iotalling £2,32b (2022.. £3,472) were awd&d frotllthe Fund. Memorial FIiDd.. Prizes are rLor0]IY aMArded 2IJttu2lly as cortlnbutiog towards sru¢knis' siudy tt2vèl LP4 abroad. No sucb pTizes V¥ere lo pupils in the currttlt year 12022., £hill in Triew of the knoGk-on effects of tbe corottaviTUS pandeTnTc on iLternational tra¥EI. Bursa Fund.. Tra$f¢r5 ¥in¢rnl S¢h(l ndS repTebeni dddi1ioi] bursaries totslling £31,808 12022." £42.8671 award¢d lo 412022.. 31 pupils afttr the start ol. Ihc academiG y¢ar to allow Ilicm lo ¢onliTrur lo allEnd the School aft¢r a change in the economic ii¢um5tsD¢¢5 of th¢irpartnts. Furtber awards from this Fwld arc anticipat in ibc C718 academir y¢ar. Propettr dev¢lopmettT futsds Spons C¢ntyr bund D<scriprfo. tsAdwrposes To reieivedon81i(ms towards" the consttUCliOD of a ll¢w Spolls Certtre £$ll£ Eua)d'. DotsatlOllS fDtallillg £28,202 12022.. £4.7061 w¢r¢ teceived into the FUJMI in th¢ curretsT year. Monies will bt te1c0d pcriodically as cotttrtbutiOJS tty'ards owing c0jjstrlI0Tr eosls over th¢tt¢xt trvo ycars. ¢1 An41)si4 of endowment (und m•vtm¢rttJ Balance Ai l AUg5t 2022 Balonte at 31 July 2023 £'DOO Net traMsf¢rs (note 11) £TOOO JDv¢Jtment gfiiTr$ £'ooo In¢ome Expenditurt £I¢NbD £'ioo EipondAbl¢ ¢Thdowu]¢llts General Prize Fuod 109 131 121 107 PenTh4nelltcndoiFments Fr¢¢hold land and buildijw 3.619 3.617 Totat erLd•wments 3.718 (21 J,724 Capital gifts associated with pti?s and bursaries are claysTfied as expendable endowrents. P¢rnwJeni elldo.Nil funds r¢preseni lajd 3lld bUildiS wthich wete dcwt¢d lo the Scbool, include improveDnts to endwed 18nd and building5 financed from the sal¢ of dtsnaled property assets.
CHIGWELL SCHOOL LYOTES TO IHb bll%AI%CL4L SIA'EEMEINTS ICONfiNwEDI For the vear ended 31 Julv 2023 Pag¢ 25 21 Att%li$l$ of uet asset5 hens'ten funds The nct 8SSCts arc bcld forthcvariou5 funds As follows.. Ftxed Inter-fnd Net Cllrront As5elsl Long'ferm xs$ets £'ooo InYuttrJent5 Total £'oDo £'ooo £'oo £'oDo 'ooo Lnrestrict¢d fud5'. Desibinaced fun& General fuThd Pi0 ie5etV¢ 1,703 16,3141 1,703 255Tr4 31,704 10,948 110&441 1181 31,704 10,948 14,0111 27,l¥Y Restricted funds- SCholarsP 8nd p172c fu8 Prop¢Try developtD¢ni funds 22 22 85 85 Endowment fund$'. Exp¢ndable elid0entS Perniwent endowments 107 107 3,617 14.385 {1D,9481 180 lth,Y48} IO7 180 3.724 Tolal net gssety 40,089 107 14J461 IIOA521 3Dg98 The loall frorn general Sclkool fuDds to permanent ¢ndowm¢nts Te7 th¢ fvnding of ¢ertain prnwety assets wholly or PArtially purcliased utili5ing ilie SLbool'5 iD¢OllK funds. lllty a55¢ts. 411 of whicli 5jtualed Oll peellI endoivjllent land OE are impro¢M¢ntS to propcrtics. includc unidcntIficd propcry 8dditions ptior to in¢oTpmiion, iogcthcr Mith id¢niifiabl¢ PmP¢Tty iiions stn¢c in¢orpor81ioii and attribuiablc sinC1¢d fund nw)nics Thc loan is interest free Thiih no sei repayneni d&ie as it rtpr¢sEDls internal adju51Tn¥nls nere55ary lo reflY¢i th# rcldllW¥ bUUtt¢5 vf endollent propETly cosls funding. 22 Contta¢ts artd eommitments AI 3L July2023. the School hadibe follo7g financial #lld capital coJDuuttn¢llls.' al Financial cOmllents u]Jder Don-cancellBble operating leases.. Equlpment 2023 £'ooo 37 86 Equipment 2022 £'ooo 37 Duc uttder onc ycAr DuebetweellTh'o and five years 123 bl C2Plt&l eommitmenrs. authwsed ¢Nf ¢onTracled, in respect of construcliim of & llew Sports Centr¢ ynd the r¢furbishmcnt of the cha1. The SL'hool received planiiing perrnissioii for Ihe Sporls Certlre in Jutte 2021, ionlTa¢iors were appoiiiled and enabling work begaN Ihe follow¥ month. Sonie £21.Sm hRs now been £pcnt in Ii)tsl up io the bilatKc sheet date on professional fee4 prepatatory work a]yJ eQDSItUCTiOll costs. and Ibis appears as the major part of proj¢rf$ ill Ibe course of develOpnnt in a55¢ts (not¢ 131.. 1he School i5 con)n)itted to a further £0.5m in ionsltucliort woik costs in accordaDce with & Desi8n and Build Contrnei dated 18 March 2012, M Ith aLexpe¢ted completion dale ofO¢tober 2023. Substsntive work on Tefurbi$hing the Chèpel begBn in Jull¢ 2019, with £158,575 of the esrimatel £200,(K)O costs expended ai balance sheet dats", theTerrkainin¥ costs r¢pr¢sent T¢srorntion vfth¢ or¥an and will becorne due towards the end ofthis Calendarar. 23 Relatèd party transÈdiOrty al During tb¢ yoar. the School received £79.305 (2022.. £68.2691 by Way of donations and £70.097 12022.. £67,727) by way of rejlt from its Subsidiary, Cbi¥*'ell Mitre EDrerprises LiD)ited, a comp8Ly formed io exploit tbe SchLM)I's faciliue5 COMMtlY. That ¢omp8ny donate$ thc wholc of ils profit to tbe School. bl Trre are two linked charities, the Chigwell School Gcner41 Prize Fund and The ehi8well School TrSty which are separ&trly iegistered wlsh tb¢ Cjwlry ColluDlssloL thetr ttt¢1$l0D the cb2Titsblo ¢omp8Dy5 tSnan¢ial Staten[S ig sÉn¢iioned by a uniting dircction isSUbY th¢ Coininission.
CHIGWELL SCHOOL NOTES TO THE FII%thCIAL STATEMEINTS ICONTINiiEDI Fvr tht Vtar ettdtd 31 July 2023 Pagc 26 23 R¢loted party trgnsactlon$ lcontlnuedl ¢} In rh¢ ¢utrc]rt ycar, £13,409 paid lo thc wifc of a go%rmor .bD Isa5 Colltwicd io prode forci lawagc tuition 12022.. £16,709). dl .No th1ty mLStett were paid or iellllbSed expemes during the ytar l?022.. £tii]I, st llo charity [¢¢ received any enoluments r pa}TL[ fur PTufgsyiunal ur utbeT %¢fviL¥S (2022-. £nill- Exp¥nditwe in ihe >Tar iothllinb £2.278 12022.. £22,685) Wds in6u¢d fur safeguarding cour4c$. rncmbctship fec$ and Visitaliort day costs_ 24 CompAratlve figures by IuDd t)Tre-I]hcome and expenditure a) Consotidated Statem¢Dt of Financixl Activttie5 U4r¢str£¢t¢d Fllnd5 £'ooo Restrlcled Fund$ £'oIM) Totsl 2022 E4ts1ès Funds £'ooo INcOlE AhD ETrtK)W'MENTS In¢ome from ¢hArit#ble Activitie5'. Schuul f¢rS rrL¢ivdbl Oih¢r edu¢aiional i¢9M¢ Allcillary trading COMe 17,092 17,092 171 33 33 Income frbJ)J othèr trAdlng a¢tlvlt5e$'. Trnding sub5idiaryiurllover Rellial incorne Misccllancou5 illcome 294 29 294 29 44 ltsve5tmÈnts'. Invesiment in¢ome 24 Ib) 22 25 Voltstti4" sour¢es- Donaiiorts and lega¢ies 24 Icl 36 53 Total kn¢ome 17,702 36 17,741 EED1TURE EendItUre on r&Sslna fvlld$'. Ancillary trading expeodiiure Tr&ding subsithary ¢KpcDdiiurc 24 Idl 24 Idl 22 142 22 J42 Total expenditure on rai$iog fund$ 164 ExpeThdlture on ¢h¥rliable a¢tlfjdes'. Educaiion #lld 8rJntmak5ll 24 Id) IS,332 15J36 Totsl expedItre 15.496 Is,soo tl Ill¢TrClIe5PendtUr¢I from operaUDll¥ bet[¢ ltyweslmeDtgal]Js and transfers 2206 32 2,241 Unreabsed gains on invcstsneDts Transfers bettyeen fithds 24 Icl 42 1401 12> et Income 2nd ¢¥plt41 2,248 2,24 ovement in pension sch¢m¢ fundiDgd¢fL¢Jt 132 132 tt mov¢ttttllt Ill funds for tbe yeAr 2,380 18) 2,372 Fnd balarLces brov%bt forwd at l AUÈ 2021 25 22.597 26J7J balance5 cArrled forw•rd #131 Jul 20ZZ 24,977 48 3.718 28,743
CHIGIITLL SCItOOL .OTES TO THE FPILNCLIL sTATEMETs ICOiYtI)Dl FDr the Year euded 31 Jul). 2023 Page 27 24 Compwradve fltllre5 by fund type- IJJcDme alld eIptnditure 1c0lltined) Uknr¢stri¢tod Futtd Rtytrtcted FUd5 ElldoM'men¢ Fulld5 Totsi 2021 £'ooo £'ooo £'ooo £'oDo bl Ini-¢$tment 1come Dil'Td¢nds from ITsled investments Bank deposit inieresi r(teivable 22 22 22 23 ¢) CTfaDts, dDDatiottS attd legxtle* S¢holarsblp attdwize fw Bursar), Fund Sports Centre Fund Charity fundraising events 17 17 36 dl An&l}sls ofexpendltu Other eO8ts Total 2022 £'ooo Stsff costs £'INID Depreclatton 4,000 Costs of tsIttE fj11$ kncillary tradinLT expenéiture Trading subsidiarycxp¢ndiiur¢ 22 142 22 142 Tot#1 ¢o¥ts of ralsing fund8 164 Charitllble expenditvrp TcaLhing Welfar¢ Pr¢mts¢s repairaDd lltenance FiDaDce cosig ants. awards and pri7.¢ SLtppott eost$ and goi'¢rnancc 7,442 475 5111 9Z9 1010 IA77 $6 8J79 2,296 2,018 $6 40 1,643 45 891J 1578 Tfjt ebarltgblt expejhdilure 10,061 104 5.171 15.336 Total cIpenditure 10.061 104 5.33S 15,500 e) Tra]JsfÈrg b¢nvtets fuuds School Fund £'ofj Dc5igllated Fund$ £'DDO Re&lri£ted FUdS £'ooo FndoiYmÈllt Fund5 £'oDo CME Disbur5emenl Fund. Gift Aid CNfE Di5burserneni Fund.. Building improYem¢niprojc¢is hfjeaDs-tesi¢d bursaries BuryEl1nd rrpltni5hnient Restricted Bursary Fund Expettdable elldowment rele2scd Noitonal ini¢re5t on held ID School battk tOUt 168 36 1,028 1,077) 43 1361 11,0281 1,077 1431 {3) 1391 81
CHtGITrTLLSCRI)OL OTES TO THE FIN.4NCIAL STATEMblTS (CONTINDI For the vtar ellded31 JutTr 2023 Page 28 2$ CoDJpar#iive figures bv fulld tYpe-An&lv4LI Df ¢h4ri¢able funds
l Allal}5L5 of unrestrleted fund mtrve]Dent5
ExpeJJdltur¢ & moi"ement Balante al l Au8u$l 2021 £'ooo BAlance al 31 July 2fr22 £'ODO Transfer4 in £'ooo £'ooo £'DOO I'ooo Desigted fund$ BursRr>'Fund Cl. DbUrseICnt Fund Buildillg Fund 1,036 142 309 1,077 68 {1,02ti 1,085 174 309 IA17 1.145 11,0641 1.568 General funds School fund Plon Tescn'e 21,272 {162) 17,702 115,49fj1 132 1,107 11,1461 23,439 22,597 2,2.$2 24,977 bl Analvsis of re$trl¢ted futtd 0Ve¢t5 Balllllce at I AuEu5t 2021 Bal8rLte at 31,July 2022 Income ExpendltliTe Tr4n5fers th TrAkn5fer5 Ut Scholarship prize funds General Prize Funa Tirn Pruss memoi1 fuKd ursar). Fund 14) 45 30 1431 32 56 31 {43) 43 Propeth developmellt fullds Spon5 C¢lltr¢ FuDd 56 30 14) 1431 48 cl An#lysts Df tndowtllettt fund 0Verellts lJkctsm¢ & tx¢eptrongl surplus Blante at 31 July 21J22 £'ooo l August 2021 £'ooo IVestMent gatnilllo&e$l £'OOD ExpeDditure Net Érnn$ftr¥ £.0 £'ooo erydable endowments Gencrdl Prize Fuud iio 13) (i) 109 Per#ent elldvwtuellts Ass¢tsheM illtrnst 3.608 3,6119 3.71¥ 3,718
CHtGWELL SCHOOL )OTES m TH£ MANCIAL STATEIE1¥[s ICONTINJJEDI For the vear ejtded 31 Julv 2Q23 Pdge 29 26 Co]Dpllr2tive figure$ bv fund tvpe-ADalvsls of llet asseis between tuJJd$ NÈt Current Fixed 1ot¢r-fuDd 104ri LoogT¢n InvesrmerttS Totxl £'ooo £'Doo £'ooo £'ofj £'ooo £'oo Drestri¢ltd fumdj.. tksignaied ndS General fund Pension r¢s¢Tve 1.568 (1,9861 1,568 23,439 1301 17.535 10,948 {3,058) 130} J7,535 10.948 {4181 13,0881 24,977 Re5tr1cted funds.. Sehol4r5hip a1 prizc fijnds 43 43 48 48 Endowment funds.. Lxpcndal)l¢ ¢ndowmcnls Pennancnrertth),Ments 109 14,368 110,9481 189 3.609 14008 {10,9481 ID9 189 3,718 Totil neÉ ll5$ets 31,903 109 13,0881 28,743
CHIGITr'FLL SCHOOL DIRECTORS AND OFFICERS Page 30 DIIiECTORS Thc mreesh0 selved irt office during the year and sin¢¢ thE y¢ar ¢ndwere as follows.. Ms R SeTrelli ICba2rl D Morriss bsc CBng FIET FBCS CITP (Vice Chair) Mrs S L Aliker BA MBA ACMA RwJHow8fvL J F Cullis MBE BA MSC (ELonl Garnish BS¢ (Honsl MBA Cmgr FCMT MCSI Nf J Hig8illS Mrs F. Brctt ACA Nfys J M Gwinn Bsc CrrtEd Mrs I Peek BA Rev C Davies EA Ms M Jones IIA (Hots51 Mrs P Sen BA IE£o Holll MA (Eco Honl MBA Mrs M Ra¥ha MA Icanlabl LLB Nfr % A BI BSC Fctt Rev C Kosla MA (resigned l July 20231 (lS£d 25 Au8USt 20231 lappvinied 10 Nov¢mb¢r 20221 SECRETARY Mr KN Harnworth MRICS HEADMAS'I'LR D A P King BA (Hon51 MA PGCE with QTS BEAR J Rea NIA FCA CTA Chigwcll school Cbigwell Essex IG7 6QF
Page 31 CHIGMILL SCHOOI. REFERENCE AND ADMINISTK4TION CHARITY NUIMBER COMPANY NUNTBFR 05846105 PRTNCtPAL ADDRESS Chigwell School Chigell Essex IG7 6QF AUDITORS Has'smacinW¢ LLP 10 Quccn gtrc¢l Pla¢e London EC4R IAG BAYKF.RS HSBC Bank PIC
Page 32 L%WEPEI¥DENT AUDI"IOR'S REPORT TO THE IEmBERs AND TRUSTEES OF CHIGWELL SCUOOL Iconilnu¢dl For the year ¢nd¢d 31 Jub. 2023 Oplnlon Wc hai'¢ 8udited the ¢oDsolidated fioanciol stèitm¢nts of Cbigwcu f(K the ye4r cnd¢d 31 July 2023 whi£b ¢omwis¢ th¢ LtsDsohdai¢d Staiemelli of Fittancial Activiiies. th¢ ConSob"dai and Charib Cornpany Ba13nc¢ Sh¢cts. the Consolidated Cash Flow Ststemcni and nok$ to the fjnaneial sthicments, inclu(lin8 4 summary of $18nificanl actvuniin8 poli¢i¢s. The fuJaDci81 reportittg frarnewoTk thai ba5 bethj amjlied itt their preparathon is 8pplicable Law and unit Kin8dom A¢¢ourJlin8 Siandatds, including Financial Rwtung Standard 102 The Financial R¢wrtlnK Sian&rduppli¢oble the UK alRePUblIC01rÉIUd IUnit¢d kng¢&)m Ge4JttaUy Accepted Accounting Pra¢tixl. In our op10 the f[la] stat¢llts.. gii'e a true 2nd fair view ofthe slate orth¢ wup's and of th¢p8rellt ch8ritable winp4ny's affaS as ai 31 July 2023 and of the gtOUP'5 and parent chorilable company's net movement irt fijnds. tn¢ludin¥ thc Income and expendiiurL. foTthe yeatthen ended: ha%¢ b¢en properly prepared in ac¢ordan¢e with Unit¢d Kingdom Cjmerally Accepted Accounlillg Prnciice., and have been prepared kn a¢¢ord8nce with the r¢quitements of the Co]np8rties Acr 2006. Big1$ for opinion W¥ ionducicd our audit in accordan¢e with Ini¢rnational Standards OA Auditins IUKI IISAS IUKII and applicable law. Our re5ponsibililits wJd¢r those SidardS Are furthtt drs¢tibrd in th¢ Al110r.9 r¢sponsibilsti¢s for the allthi of the fiDan¢ial staE¢ments section of ouirepoll. W¢ ar¢ i•d¢p¢ndenL of ihe group in accordance wirh thL'ethil rryuirvments thaLare tElevoni to QUT Audirofthe fUclaI thtements LD the UK, incluthjtgtbe PRC'5 Ethical Standfird, 8ndwe hai'e fvifilled outrthererhical r¢sponsibiljties iu accordance with these r¢quir¢m¢nts. We be]ieve that the audil evide we have obtaiDed is Su1clea1 4 4pptOPri8t¢ w ptovid¢ a basi¥ forour¢pirtiokL Con¢lusloEs relattD8 to goln8 conce In guditing the financial SratellDts. we have CODcIL>Jed that the twstees. usc ofih¢ 80ing conc¢m basi5 of Coun11ft8 in the PTeparauotL of th¢ faDrIals¢¥t¢Jlli8 is oppfopTiate. B4s¢d OD thc wutk hatr¢ p¢rfonn¢d, we h4v¢ not id¢ntified any material uncertoinlics rcléLlsnB evcllts or condition$ thL4 indii'idually or collectikely, mdy cast si¥nifiLanl doubi on th¢ wup's abiliiy 10 continue as a going concem for a ofat le¢ rw¢lv¢ months from whcn th¢ finunciul 5talcments ar¢ authoris¢d for L5SUC. OurTC5wnsibiliti¢S 8nd th¢ r¢swnsibiliik$ of th¢ tnLthes with re5Cl to goLttg¢on¢ern arc &scn'W in the televani se¢tioLs of this T¢Wn. Other InfoThallon The ¢tUSittS alr rcsponmblc for th¢ other infornwuoJL Th¢ other infortna¢ion Mpr¢S th¢ ujfonnaiion included in th¢ TnLslccs' Annual RqrU Ouropinion on th¢ financial slat¢Mth th)rs rK>twverth¢othcr informdion an4 excepttothc ryi¢ni oth¢rMise ¢xpÈicitiy 5rated UJ we do express 8Tty fornj of asyJrnJJce ¢oo¢lusioll th¢r¢on. In Conn1 wilh our audii of th¢ finan¢Èal 5thtcrncn, our T¢sExinsibiliiy is 10 Tead th¢ oiher infomiaiion an4 in doing 50, c¢)n5idtr h¢ther the otheF iDfom)AtioD i5 mwially innsistsl with the fjnBn¢ial statcmcncs OT our kwwlcdg¢ obtained in the audit or othernise appears to bc maierially misstaied. Ir we idettiify such mdteriol In¢onsientIeS or apparent rnalerial misbTatemeniS, we ar¢ Tequired io dctennjnc wheiher Ihere is a tnataial mi%%lalcmcnt in Ihe financial siaicmcnis or a malcTial misstatee1 of the other infonnalion. If, baL oll Ihe work wt bave peTformed. wc Lonclude that thtr¢ is a material mi%siarement ofthis oiher illform81ion. wc orc requircd rtpotT that f&ci. We hllvc nothing EO report in this Te8ard. Oplnlons on oth¢r matt¢r5 prcs¢rlbed by the Companies Art 2006 In our opirjion, based on the work und¢rtgkea in rtse £OUTse of the audit.. the inforjnatioll the fyuskes. Anrtual RepDrt (which incorpornles th¢ r¢port and the directors. r¢portl for the f1¢]8] ye¥r for whicb th¢ fJTwicial staiemeDL$ 8t¢ pyepared t8 Cl$t¢llt wilb thc financial statrmenis,. attd th¢ TnLSkeS' Annual Report Ivthi¢h ittcoryY)rn th¢ s¢tawc rrport thc director5. r¢rt) hLsl)¢¢n in rdantr applicabl¢ 1¢8al requirmcnls. Matters on which we ire required to report bj. txtepfioii In the lightof rh¢ trnowled8e and undeIndIn$ nf the tkn pren ts ettvironmcntobtsin in th¢ ¢OUTS¢ of the audiL we have not ideniil]ed material tr)isststenMts in the Tnjslees. Annu41 Report Iwbicb Incoorat¢8 thc strawc r¢wi alld the dtrcctot5' reptrfti. Wc bavc noihin8ts report ID rc5Ct pfthE (ollowiu¥ ttwttrs ID lutIOn io which th¢ CumJMw¢$A¢i2(I16 rquiresuslo TelX>rt lo y)u if, in our op10.. adequate a¢¢ountin¥ record¥ have not kEpl by ihe p9mil chlble wmpAtty. or the parent ebaritable ¢otllPally fn¢11 8Utetllents 8Te not in agTecrtwnl th¢ a¢¢outtttD8 Trcords alld returni. or ¢ertoin disclosures of mjsiees. remun¢raiion specified by law not made. or we have llot rtceivcd all th¢ infoma¢ion and cxplanaiions we rt4Uit¢ forow iwjil.
Page 35
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS A.ND TRUSTEES OF CHIGWELL SCHOOL (Continued) For the year ended 31 July 2021
Responsibilities of trustees for the financial statements
As explained more fully in the trustees' responsibilities statement set out on page 8, 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 offinancial 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's and the parent 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 or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the independent school regulations, safeguarding regulations, health and safety requirements, GDPR, employment law and charity law and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and Companies Act 2006 and consider other factors such as payroll tax.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the improper recognition of revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
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inspecting correspondence with regulators and tax authorities;
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discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
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evaluating management's controls designed to prevent and detect irregularities;
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identifying and testing journals, in particular journal entries posted at the year end; and
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challenging assumptions and judgements made by management in their critical accounting estimates.
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/auditorresponsibilities. This description forms part of our auditor's report.
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.
Lee Stokes (Senior Statutory Auditor)
For and on behalf ofHaysmacintyre LLP, Statutory Auditor 10 Queen Street Place London
EC4R !AG
Date:
Qea.,mhe,r 'Ldl