Charlty number: IIIS098 Companv number: 15846105 CHIGMILL SCHOOL IA ¢ompallv llmlted by g￿arantee) RF,PORT AND FINANCIAL sTATE￿IENTs Fot the year eDded 31 July 202.1 cH[C￿ILL SCHOOL C0NTb￿Ts Page Strnte8ic Report Report of thc TnJst¢cs Consolidated S￿lemeni of Finartcial Aciiviiie8 Baignce Shcerg io con80lida1￿ Cash Flow Statemellt A￿OllA11￿8 Policies 12- 14 Note5 to the Consolidaied Financial Ssalements 15-29 Dir¢¢tors and o£f1ccrs 30 R¢f¢r¢n¢e attd Adm1ntstr￿t1on 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[np￿t lo itnptovc thr lives of thc pupils, alumni. te￿￿¢[5 #ftd pattrtt%. IÉ algo look to link cmotional, physical alld spintuaL he￿1￿ of all th0￿e 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 St￿NardShIp 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 $0 that we ar¢ able io b¢tt¢r #gs¢ss poieDiial fn)m bursary applicant5,' wc hai'e eDg#Eed ￿1th & company 10 81rntegise how we might de¢gTbonise the site 8nd in¢reas¢ owbiodiversity. There is Slill much to come in th¢ corning y¢3rs. Siudctsis pcrforned very well in public examinatitslls. Narionally this year's results werc do￿￿grade￿ w bring th¢m back Ln litsc th 2019 grade distributions after years of inflated gradcs du¢ to th¢ pgnd¢tnir. Al A l¢vel 48Q/fj of all gradcs aw'ardoj wcrc at A* or A attd 260/ts of slJdcnts aChIe￿ed ai least three A grades. T￿S enabled close tts three QLl8rters of thole takill¥ up plate* al unii'crsity to move oll 10 Russell Group insiitutions. The destLDauoLs ofmost Cbigwell studenis this year were Lougbborough, BirtllinBham and WaTrYiik. The rnost popular de8ree courses were Economics. Psychology and Busin¢s5. Al GCSQ 72V/o tsf all grades were at grad¢ 7 orabove 8nd 50Vkn of 8]18rades were 8s and 9$. 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, mis￿ke8 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. Outd￿rPUr$uIts geller211y, and pafticiilarly the Duke of Edinburgb Scheme. Cont￿U￿ to be very pOP￿¥T and su¢cessfDI. Jn the year to March 2023, through Ihe s¢h¢m¢ ov¢r 1700 hours of volunl¢¢rittg were carried out", bton£e, silver and gold ¢8no¢in8 and walknttts traitiing ano qualifylljg ¢xp¢diiioDS took place in th¢ ¢owitryside across the UK Hith 127 pupils taking part. Th¢ largest conc¢rt was held at Cadogan Hall, Ken51n¥ton Sn March willi ov¢r two hundred 8nd fiftypupil participarjls. in addiljon a fvrtheT 100 pupils from local feederschools joined rhe Choral Society. The Chapel ChoiT led evensongat Canterbury Cath¢dTal. attended by hundreds in the congrcgation, and watched by over 3600 worldwide on YouTube. Tbere were furth¢r 5u¢¢esse$ 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 tom￿led 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 ￿hl￿Vrd 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 W0￿C￿'S protessional playerspathw&y. A Yc8r8 pupil wa5 sele¢t¢d (or both the U13 Essex netball and ￿L￿key.￿qU2d%. in dddilion to a150 pla>￿il8 cticket forEs8ex. ThTee boys are representlDg foolb￿l 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&n￿bY ibrRoyal Sorirryofcilcji]i5￿ andtheY￿￿d¥ 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. A￿ther 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$ioD on the same topic and Several Oxbridge piutaged io work with Ihe local a[￿ ￿}der cornElluDily and tbe S¢hool itseLf sets an exBmple by sharirtg facilities and collabordting wilh oihet5 for tnutual b¢nefit. A5 a) argani$atio]4 we enjoy Morkll￿ with partllers 3Dd many of the activities listed ID what followg have been rLuJJing for many years. How¢v¢r, we aTe open lo sugg¢siions for fvrthcT collaboralitin. wiihin the limiis of the School's r¢8ources. Sharin enise ex TeocheTS fromdifferentsdM)ols 8ain agreatdeal from worklng inpartnershipgndthisultimately knefirs pupilsin ailth¢ associated school$. The Asgisianl H¥dd of Sixth Fonxpiooeered arelaiionghipwith ourOxbIidgegnd medi¢illelveterinary Scie]￿e/dentisty applicants, prepar#tioll Mtb Barkillg Abbey Fligh Sch(N)l and Woodford County High for Girls Iiw¢ local state schools). We bosied all Oxbrid¥¢ prcparalion day on 24th F¥b￿￿ry which they took pari in, for instan¢e. SLDff and studcnts frotn Chigwcll atLcnd¢d Voodford's Petsonal St&tetll¢niMorDittg on 91b Jun¢. Chigwell 1$ supporting lh¢ establishment of th¢ EPQ progrRm aE BarkinB Abbey Hish School invitin8 iheir Head of Aspiration 10 Ihe'marketplace, eveni at the elld of the project- O¢iober 2022. The AssisTallL Heail of Sixth Fonn has tstablished working relationships wih five local s¢hools that we have not had sixth form applicants apply from l￿fOre, W'c visited and ih¢y have cume lo us. Our aim is to ¢ncourag¢ and fa¢ll1ra￿ buTsary applicatiotts. and io encourage high ￿PiratIOnS amongst their 5wd¢n Tbe music departtlleni delii'ers musi¢ 5e6$ioDsattwtr local primary scboo15 assiStin8With theird¢livery and ptovasion of the music CU￿1c￿l￿m. Ibe Director of Music works with the Jnu$ic departments Attwo local sttottdary $¢hools to share strat¢gies for Stret¢huw tbe most abl¢ pupils, team-mdrking GCSE and A-lev¢l wmposiiion 2nd performances. 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 welcO￿ed 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. footb*lL. 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 lollmarn￿t 4181 Epping FoTesr fuh Scouis and 40ih EppiLg Scout GTOUP ￿￿ed the %cbool's $wittllnin8 pool Middlesex CCC hcld a Cricket match the Schi)ol's 1st XI pii¢b EFDSSA held apritnary s¢hwl's foorball rally th¢ 3G pitch Colcbnxlk Royals and Chi¥well BO}￿ Club play foothall fixturES h¢re Essex Crickci uses the Scliools crick¢i pitches Facilities )r¢ #Iso Sh￿ed witb local charitable or tomTnunity organisation%'. The School PTovidcs gr87ing la￿d for use by the Chigwell Riding Tru81 The BAPS Skn s￿?￿l￿arayan knéir used the School SiAih Fom Centrc forthetra]mual scripturgl exattunalions Beehive Prep School held their a￿lUa[ speech day ill New Hall Opportunities art proi'ided for Chigwell pupils to volunlett. both l(Kally and fvnjier afield. Wc hi>pe that this WO￿ is of benefit lo the recipients ofihE iolunleeriDg, but also to the pupils themselves who lea￿L aboul th¢ work ot the orgaDts*iioDs and the need$ 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 oth￿5 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 recogn￿e that we have an I￿paCI 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 $upply cbaitt co]Ltiibulc sigDifitant SIItD5 I￿ UK lox. Mcanwhile. IhcTC arc savings to th¢ UK taxpayer throu8kn pupils attending Ckngwell School rather than tskin8 UP inainlained sector school place elsewhere. Page 4 CHIGII'ELI. SCHOOI. STIL4l'LGIC KEPORT (COYTINbLD) For the year ended 31 July 2D23 Publlc benefit {¢OlltiDuedl AcLc55 and Bursa thc School was fouttded ￿ 1629 by sa￿lle1 Har5n¢tt, it was stipula¢cd thai some POOT local scholars b¢ offered plaics at chig￿.el1. Nearly 4(M) years latcrthc Governors mailltsiD a Bursary policy and a conllwtmcnt to sharing the Sch(M>l's knowledbT4 skills and facilities whicb togethercoDtributo to a widening of #ctress to the opportunities st offers. A growing number of pupils in I'esr i and above receiR"e means tested.fin3ncial suptx)ff (bursari¢sl to ¢ttablL ih¢m io UttLnd ChigYY¢ll 8chool. BursariL% hclp bttgbt cbildren wbo would reDlly benefit from a Clug￿.C1l cducatjOD, but whose parenL%lguardI8ns of children would otherwise be unable 10 afford t¢e5. to attend the School. Bursaries are advertised widely, inuluding through rhe LoDdoll fee AssislatLce CoD80rtium, and th¢ HEadmaslet Vl5its those faD]ilies who are undercoDsideratlOD foran award. Currently 8% of children in Year7 and above re¢cive a bursary ajd of tbesc. more than half rtt¢ive a IOO¢h award. In Iht year ended 31 luly 2023 th¢ valu¢ of means-iested bursaries lOta]led£l,067,07819022." £1.Oi2,9551 andprovided assistance 10 io pupils l?022.. 55), of which 301?0?2.. 311 benefited from a full remission of fees. Scho12tsbi Chigwell scholarships are aivarded each yeaT,PTimwily at ages I l and 16, in recogDitioll ofac8lemicmerii. irre5pecuve of finaucig1 means. Mwic, Art and Drama scholarships are dso availabl¢. Scholarships are ￿rrentlY awardcd a fixed rerni5si0n of f¢¢s of between I￿/tr and SOYO. Ill Ibe ye2r etsded 31 July 2023 the ScbooL awarded sebolar8bip8 to 142 pupils (2022.. 1371, toL311in8 £474 J2412022.. £445,4121- s¢v¢ral of the$¢ 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$, or Iirh12022.. 10.knl of total gloss fees. Financial review The Statement of Fin8ts¢ial A¢tiN'ilies shows all increase iti iotsl fvttds beforc ￿Tr¢St[Dent gains 8Dd tya05fers of £2,245.806120?2.. £2.240.2381. Net fee ￿con)e all]OUllted to £18,641.53012Ck22.. £17.092,0051 afr¢i' bursaries, grattis and allowallces of£2,064,963 11022.. £1,930,9851. I"eachittg tosis tolalled £9,138.779 12022.. £8,379,254) out ot"rotal ￿￿cational expettditUTe of £17276.799 12022.. £15,3I9,2991. The Goveniors are coniinuing th¢irstraieBY ofdepleyittg allnei iiito]ne in investsneni i]L Ibe educaiionalpurpoges #ud fabric of tbe SLhool, as Evidenced in the significant capital outlay on the new Spojts Centre olier facilities Tn the current ye3T 2nd comtnilmellls Iu]lliUi8 iDto the nexi year and beyood. The Governots. ¢ommiunent to th￿e substantiaI facility improvemcni projects fortns 8 wr¢ part of ih¢ir 10 y¢ar D¢v¢lopmeni Plan (see Plans for futUT¢pcriods on page 51. Rtsen'es pollf). As shoivn in note 21 to Ihe accounss, the School's total of£3 Im at the year Cnd included £84.943 un5pcnl restricted in¢orn¢ dnd £3.7tn endowment capital. Afteraddingb$¢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)IeJ￿ed 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, $uppl¢ment¢d by £1 Im of exiemal financing in th¢ fomi ora secured loan. Tbe School a FK)licy of desigDaiillg funds ottly foi Tevenue and operating putptsses gnd accordi￿￿lY ha$ desigDatcd funds for the ideniificaiion of su￿lUse$ 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 (CONTI￿D) 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$te£s' policy is 10 invest through specialist Ch￿￿ty sector investmetti ULqnagers in 2ccordance wiib the various trnst deeds. Cash sutpluses and Advances are held hy the School's bankers in separate interest-beariDg accounts wh¢r¢ &pplicable. Rlsk ttLaha8eTueut The Risk and CurnplTance Comrnitte¢ Is¢¢ Guvcrnance and internal control on page 61 15 res￿n8]I)It for a(Ivising the Goveming Body on the maDagcment of ii5k. The GO￿ernIng Ilody has approv¢d its risk mallogement poli¢y a￿d a process tor th¢ irgulaT revicw and improvctTrcnl of risk managemenl, InV()Ivin8 a risk regis*r. The oversighi of Ihe managem¢nt of particular Tisk$ is J¢volved to the appropriate Conulli¢t¢¢s wbi¢h ¢beck tbar poliLies and procedures coDtrolling risks are implemented and r¢gularly re￿i¢￿ed by 'ri5k 0￿￿e[s, 14.1lhin.￿¢nIor managemcni. The Risk and Compli￿1¢¢ Cotijtnillee has r¢5ponsibility for the oi'erSi￿t ofthe managcffjent of the ]najor risks for th¢ School and reports Ots Ehos¢ to th¢ School'$ Gtsv¢rn￿g 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 sCh￿I,s rcputatioll for aCad￿nIC exc¢llen¢e, actii'e m￿ageMent of working capital and ¢ompTehensive budgeting 2nd llwjagemeni accounlingprocedures. Cuniculum. Ac&de]nir cxccllcnce requires thc ￿$£ ablet¢athersw21h slate olth¢art faciliiies deliveriDg tbt cTruri¢ulu It able sliidents. Governors manage this risk by 4onibining airraciivt 5alari¢s with on-going inveslmcnl our L%lale, an 2pproacb to enrolmeot that worki supportive pAr¢nis whose childTrn have appetite tor learning and. for tbosc faTnilies wbo are unable iopay full fees, a bursary scheme that reLu¥￿IseS pupil achievetnent aud aptitkjde. Througb the yisknJattagetll¢nl ptocesses csMblisbed for the School, rhc Governots are satisfied tbat Ihe rnajor risks idcntifjed have been ad¢quat¢ly mitigated ￿here neces53ry. 11 1£ recognised Ihal sysierns call only prO￿lde TedsoD?blc bul not absolut¢ assurance thai majoitisks bave b¢¢n adequaTrly manage Plans for future periods The G?v¢rJtor9hav¢ agreed A building d¢Y¢lopment plan to eDsure the continued dcvcloprnent of facilitics forthe highest possible cducalional provision. Subslanlial wurk has be¢ll compl¢ied on the iefLTthishtnenr IhL Chapel and Significant progress has becn niad¢ in rebuilding the SporL4 C¢ntre'. both projects will coniinu¢ inro thc ￿¢xt finan¢ial year. As stsied ab¢>i'e, the Ciovernors ar¢ looki￿ ahead and continue w review their Io_year Development Plan. The key elcm¢nts of the future stTalcgi ivill continu¢ to b¢." sitstained Ac&demic exc¢ll¢n¢t wthin an holistic education. the geneTation of a tnodest surplu5 lo enable the educgtion ajjd welfgre of the pupil$ 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]eDtofp￿r0ral¢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 oJLpw￿idin¥pUbli¢ belletil wliere possible," and the vn¥oing developm¢ni of rhe spinn￿1 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 approv￿7 by the Board o£TtU51c¢5 (in th¢ir ¢apa¢iiy fptnpally dIreC￿r$I oll 9 Decemb¢r 2023 si.mtrd oll its behalf by.. AKMSI1'()RTH Comp#DI" Seerotary Clerk to the &)vernors Page 6 CHIGII'ELL SCHOOL REPORT OF THE TRUSTEES For the year eDded 31 July 2023 Th¢ trustCC5 present th¢ir annual report together with the finan¢ial staitmcnis ofthe charikbl¢ wrnpany for the yeaT end¢d 31 July 2023. Tbe fjnancial S[ate￿entS cotllply the cbaritable co]npally'S goverDing docurnent, the Charities 2011 and Accounung and R¢porting b) LhariLlCS.' Statement of Rwomm¢nd¢d Pr&ttioe ISORP 2015) IS¢rond Edition ¢ffwtiv¢ l January 20191 applicablc ioehariti¢spTwaritg Ibeiraccounis in accordance wiibthe FiDaDcialReportitig Standard applicable UJ the UK IFRS IG21 leffectiTr¢ l January 20151. and includr thc s￿al¢S1¢ and Dircrtvts, Rrportb withrthc c01npalli￿ Act 2006. Dire¢tors and trustees Tbe Governors ofthe School are thedirectorsof IbecharktablecompaDylthe School) and also ils trustees ftsTthe purposes of rharity law. and throughout this report are collectively refe￿ed to as the trustees. A li51 of members of th¢ Gov¢rning Body can be found on pag¢ 30. Structure Tbe S¢bool ￿,89 founded tn 1629 by SaDiuel H9￿nett who wag at the Archb2shop of York. The¢harilable¢ompanyivas Incorporaied on 14 June 2006, and commenced opcrations Dn l August 2006,atwhich lirn¢ itr¢ttiv by transfer the whole of the ulldertaking and a5$ets, oitker pern]alleDt endowmejjt 8JJd rcsthctcd ass¢t$ of the Chigwell School Trt￿l 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 a￿￿et5 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 ￿qUIredibe￿OIe 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 l￿d conduct of a day an￿Orboard￿Jg school iti or near Cbi8welE r by such other means as the govetnors shall detertnine. Tbe sch￿1 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 se￿￿o￿￿e1)ly0ull$ men and women. Covernance and internal control Tbe School 1$ gO￿¢[nEd by a Gov¢rning Body of up to sevElltLYll d￿eCtorS 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 oDbideE Ehe ￿allerS dclegated to it. The llew SlNCDJre also includes three sub-CommJttet$. The Bursan¢s Commill¢B reports lo th¢ Financ¢ and Propcrty Commiiiee. Thc Capitsl Projects 5ub-Commiit¢t tcpotts to th¢ L'rgency andNomitlltiun5 Cornmittee on Jnajor building PToj¢cts and th¢ Revettue Projects sub-ConuDitt¢¢ r¢ports to the Urgency and NomIllations Conjmittee on the iv¢rsifTcation of the School's in(x)me. PaBe 7 CHICM'KLL SCHOOL REPORT OF TFIE TRUSTKES ICONT1Tr4UED) For tb¢y¢#r¢th0¢d 31 Juty 2023 The strnctury attd m¢ThbErthp oftheconullinees ofth¢ Board dat¢ of approvalof the R¢p)rt 8fjdFlD￿r1al Statements wcte follow5.' COVERNthCBODY .￿C￿dyJD J¢wD*r6Th OMtNAllONS rzEFTrARDOF pIRECtORSOF CHIGWELLMITrE EF4TERPRISTrSL7 EDUeATJON ¢0￿mIly￿E Fif4AlifÉA.Ytr PROPEkTYCOMMI PEOPLEIF(JRMEXLY EMUF4EPATION> roBIMrrtEE RISK￿dComFL￿A￿CE SW￿L[￿mMTr[E Mwr*R¥Rh Prrtk jth[U￿ JE￿￿[￿￿ o￿lP< BU￿￿1E5 The tnTStee$ 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 resp￿15]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]¢￿d￿￿llUally. itlcluding ￿fer￿cetO comparisoJs with oth¢r dcpettlkntsthoolsto cllsureth8tthe SChLN)1rett￿Itis sellsittvetothe broaderissuesofp8y and emplo)Trent conditionselsewth¢re. llie SchoDI to subjwE io cxpFriw￿. at th¢ loww w rn¢diwn PDiDt a balld, p￿VId7￿8 scope for rewarthn8 txcellell￿ D¢live￿ of th¢ S¢hiK)I's ¢hariiabl¢ vision a￿d puypos¢ is pl￿a￿lY dE￿a¢￿t oll ourkey tnallagemeDt personn¢l gnd staff cost5 the lar8t51 single ¢lezDCllt of OUT ¢1￿1[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 eff￿lIVenesS of the emtrol ¢hviniment arjd yeeks ￿sU￿reS from m8ma8emeniott the effe￿iveneSS of illtemal controls. Page 8 CHIGII.'ELL SCHOOL REPORT OF TE￿ TRLSI'EES (CO￿TENUED) 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 decid￿jg 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￿ r￿O￿llE￿￿8tlOlls to tbe Govemitig B￿y. Basic tctllulleralion foi meu)bers ofibeieachiJJ¥ siatTis basoo 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 ExPE￿DITuRE 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 1nvcstll￿llts 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 £L￿d 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 I4￿04) (J,2621 Net cvrrent liabilities 14J40 14J471 Total *$$tts IE¥5 ¢uireot iiabllitles 41￿50 41,8511 LoDE-term li*bi]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¢S1￿￿ted fjjnds Generdl Scbwl fil[￿S Pe￿i0￿ 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 IDe0￿e. 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$) The accornpani4llJs nQtes formpart of finullGTr￿l btai¢menlS. C￿GWELL SCHOOL CONSOLIDA]ED CASH FLOM" STtlTEMEiYr For the vear ended31 Jul). 2023 Noie$ 2023 £'ofjo 2023 £'DDO 2022 £￿00 2022 £'OCY) Nel locoming fund5 from operations 2.245 2241 Depreciatiott ehArgeg Inc￿￿Se in stocks Increase in debtors Illcrease iD Cr￿110[5 Mov¢mellTS OJJ advallce fees Movements on aths$ioD d¢posits 141 I05 1681 1.603 1441 17&19 18 17& 19 375 243 Not eash I]￿0￿. fr&ro OptratI￿1)S 2,890 Cash now from Investlng acllvllles School buildillgs and equipment 114J27) Cash ourfIow before fi￿Atie[￿8 {14.327} CR>h flo￿" fro￿ fiDauri]Eg actiiities Longtetm Ic*D Utilisatiolls 8A74 2,526 8A74 2.526 Decreasc Lll ¢Ash ill theyeAr 12,96Jl Aoalysis of th#n¥es ID net fllnd5'. Cash ai bank and in hand 4131 July 2023 Cash aE bank and in handal l August2022 1491 12,9141 2,914 (4,6651 Net cash outflow 12,9631 Reetsntutstion of n¢t CNsb Ilow ts moiwDent In n¢t funds: DecE¢as¢ in cash in Ihe ye Cash inflow from increase in debi (2.9631 (8A741 125261 Movement in net funds in the ye¥r 111AJ71 14,277) Net 5wplus aT l August 2022 4,665 Net {debtllsurplws At 31 Julv 2023 388 dcbr)1s Iu& 15 rc C￿h A¢ bank and Bank overdtaft B￿k loan payablc ￿thin One ycar Bank loan payabl¢ afterone Iwr 176 {2251 (5501 110,4501 2,914 12,5261 111,0491 388 The aceompan>in¥ fonll p8rtof thege fitsh¢i&l 8tsiements. cinGweLL SCHOOL NOTES TO THE FLIXNCI.4L STATEfvIEYTS For the vtar eJLdtd 31 Jui). I￿25 Pag¢ 12 Accountl)t¥ pobcie5 The folloHin¥ 2ccouniing politie$ kna￿r 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 F￿anCial 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 ￿ LI￿lfied b}, the iev¥luation of iDvestll]eDt5 b¢ld as r￿ed 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 re￿ie￿.& the fL￿d￿ 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 h*5 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 StsiL*itnt of Fitian¢ial Activities l&)FAI, the consolidaied and ¢h*tity 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$ed in note 2. dl Crlttcal Ateountl*E estim#tss and jvdgements GeMer*l In preparing the cottsolidttt¢d financial statCTnents, rn&nagcmcnt has mad¢ judgunLyils, e5riTllaies aiid assuinptions ihi affe¢1 the pplieAlii)tt ufihe Schwl's acrounTili¥ ￿licleS and ihe reported 8ssei& liabiliTies, in¢oTne and expenditurc and Eh¢ di5cIosuiES madc i the Lonsolidar￿ fiTrancial blaicments. F.s11mates and jud8eMentS orr ronlinually eyalualed and are based on hisiorical experien¢e aThl oth¢ifarrors. itÈc1udi￿8 expectations of fvtur¢¢verLlS thal ale believcd to be re&sonabl¢under Ih#iitLuJnstaDces. Managtmcnl Csti￿aleS Ihe useful liles of plant aDd ¢qMiPmCLt based on judgeD￿lt and CAp￿Ience. Wbere managemeoi identifies that actual u>¢ful livts dtffcr materially ttOTn ihe eslitnates u%d to ¢21culaic deprecialioii. that charge 1$ ddju¥ied PTOspecliv¢ly, Du¢ to the siwTrifi¢an¢e of plani and equipTnent investm¢nl 10 thc ¢ompany, Tr7riatlQlls b¢tw￿n a¢thal and esti[t￿ted uscfvl ttonomi¢ liv¥5 could impact Qll Ope￿IlD8 JEsulis both positivelyand nr¥alively, althou8b historic￿lY 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￿][L￿t 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¢ sla￿a &fteT dtthTcting allo￿anCeS, 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¢ a￿3 local Corllrrtu￿ty Or8ani541iollS during Ebe year. ¢aJcul8r¢d ott thc basis of the fore8ooe gtstsdard tharÈ¢s. G0vcrn￿eTht 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¢Sm￿li income is re¢ogllised OD areceiNable b8SLS. CHtCThTLL SCHOOL liOTES TO THE FI.N￿NcL4L STATEME￿Ts 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 p￿Ch￿Sed from the Sc￿01 s suppliers are pro&]d￿J 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 EXpe￿dI1Ure Expenditure is r￿OsnI￿Cd 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 unll tqUiPmCDt is provided on cosr, Icss csiimaiixl residu81 i'&lw based on eurrcnt ll￿k(* pricc$. to WriE¢ off th¢ asset ill ual in5talTnenis IweT its useful life, as foll¢M4'S'. Sports surfa¢e$ Cowut¢T equipniellt Other eqUipn￿￿t - over 7 years - over4 years - over 5 years j) Trillallcialillstrumenls lthe School only ha$ linan¢iBI 8S5¢L5 and financial liabiliiies of a kind Ihat qualify a5 b￿1¢ fin￿¢11￿ instrumcnts. Basic financial instruments, ¢ncludi08 tr2d¢ arnd oihvi debrots alld creililuts, are irdlially reL'Q8nis¢d at tra￿a¢ll0￿ v￿u¢ and substyuettily MeaSu￿d al th¢ir sertl¢mellE value. kl Jnv¢$tm¢nts Listed inveslrnents ar¢ a forni of hyir financial TnstruTnent and are Iniiially slated ill the consolidated financial ¥tstements at market value at the balance sheei date. The Sta*tll¢nl of Fingncial AetilitiC$ includ¢s thc net bains and 1Tr53r¥ arisinb> on revalualiyil$ throughout theye4r. Profits and I0&￿S ￿ the r¢81isation of invesim¢n15 are shown as reali.£ed Bains and loRses in the Sraremcnt uf Finantial Acliyitie Realiged gains attd I0￿eS ots iDvesttnents are calculated betweerl sale8 proceeds and tbeir op¢nillg earryitig Vdlu¢$ OT their purchas¢ vllluc if &cquircd to Tht fLtsL éay of Tb¢ lThL￿￿¢1tj y¢ar. U1￿￿&￿I￿ra and 1055¢5 Lalclll￿I¥d as the dltr¢t¢ll¢C bLLwceil the fa￿ vaiut at the ye>r end alld their Ca￿lD8 ￿8]Uc. Re￿Ised and Luwealjsed irLvesÈ￿ejrt gAin$ losses Rre combined ill th¢ sts*meni ofFinaocJal ActiTritie Investnmmi in th¢ wbsidiary 18 ￿]u¢d atattributable cast lesF Provision for iTnp￿rrnC￿t. CHlCWI.J.l. SCItOOL NOTES TO THE FIYLNCLIL STATEMENTS ICONI TIN[￿DI Forthe vear elldcd 31 Jul) 2023 Page 14 A£￿UL￿ng policles (eDntlrJredl l) Stock str￿k 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 iecogllis￿l at their sdtleD)¢llt ￿nOUn1 &ft¢ralj0￿1llg 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 b￿4¢518￿*￿A 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 fu￿lS ￿ account for Situations wheTe a donor rwuiTes thai a donation is SWE on a particular putpose 01 ￿'hc￿e funds have beert raised for a sErrific purpose. The Endow]nent FuDd Tepresentg txpcodable biwsw prize endOwj￿It*, to8ethei with efjdowmellt Q5sets held itt truyi. The funds heid in t￿h 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 recei￿d. Employee lermiN&ftDnpxYyNAehts Te￿￿l￿allo￿payrnentr 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 sch￿1. 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 Stalen￿￿ts 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 sho￿1 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 f￿a$ brought foTw&rd 28,741 26,371 TotAI f￿ndS rarried fonvard 30.998 28,741 Reprtytntcd bv.. Unr¢stric¢ed ill¢ome f[u￿S Re5tticled illCO￿e fvnds Endowmettt fulld& 27,189 85 3,724 24.976 47 3,718 30,998 28,741 Illcome froDJ charltAble &etI￿lI¢S a) School feej rereii'able Gross Schwl fee5 tkss.. Bursaries, s¢holar$hTPS and oihcr reTlli55ions anddiscwn15 20,706 12,0651 19.023 N¢t fcr5 18.IAI 17.092 Its loial, bursaries, scholarships aj￿ othei retllissious were awatded to 231 pupils12022.. 2301. The value of nieans-leslcd bursaries toialled £1,067,078 Q022.. £1.032.955) and provided assistan¢r 10 50 pupils12022.. 551. of w]llch 3012022-. 311 beDefited from a full remission of fees. £31.808 12022.. £42.867) of JllCaDS-Icstcd bursarics ￿¢[0 through rostti¢T¢d by way Df a transf¢r to gcncral Scbool fwid5 bl Other educatlon*l iMtom¢ Sch￿1 trips and Dtherpiipil 8diviti¢s EnTtAncc #Tra r¢gi3trariott fees 315 133 53 44¥ Th¢ income OD Schix)I trips oth¢r extra-CUtricu12r ¥Uvities is fully expentsl, ortd this Cost 1$ inclwled und¢T oth¢r ieoching colts (ttots n. CHTGNITLL SCHOOL OTES TO THE FINkNCL4L STATEMEJTS (COINTI￿DI 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¢ [￿rg0￿c standard charges. The related costs and Charges of£8.06212022.. £5,429) hsve been expend¢d as abovt. ID¢ome (rtsm otheT ¥ource& *) TtradlJL% $vbsidi•rY The wholly owncd ¥ubsiaiyry? CIu8well Miire Fntttprises Limited, hirts otsi the SLbwl'¥ ¥pots and oihtr facilities. A SUllllD&ry ofthctr&d1Dgr￿U￿5 foi thc ycari5 Show￿ h¢1th￿.. Tumoyer . external 317 294 Cost of soles -exiernal (29) GroFsprofil 288 280 AdmiDistralion costs - Chigw¢ll S¢bool - extern81 18n 11221 1841 11281 Ornting profit 79 68 JLicre8t recei￿&b]C aLd sijnilar lljcomt Profit for the y 79 68 Donation under Gift Aid io Chigwell School (791 1681 Net Profit bl Relltgl lJt¢ome from tbe ]￿e of l*ttd buttdiw Siaff accommodation Music p¢rip&i¢u¢$ & Drama ¢ovrs¢ prokid¢rs. room hir¢ 16 19 io 23 29 cl P411seellaneDu$ ineDmt Inierest ort laie and unpaid f¢ts Extra-C￿rie￿ialel￿bs 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 InveSt￿ellt 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 e￿st1￿ Bursarv fulld Inotc 201. A numb¢r or pai¢nts. including staff ttembctS Witb children at thc S¢hool. bavc GODtri￿71ed 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 ￿lI￿LIcIAL 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 S￿ll￿￿'¢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 managen￿ntpÈTsQll￿el 3S8 386 The average llUTnber of employ¢¢s in Ib¢y¢8r was 20312022., 2021. rePreSeDl￿3S 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 Tt*rhing 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 GOverl￿￿e￿t A¢wary'% D¢partn￿￿t. 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 effr￿tIVe dait of 31 March 2016, wa8 prepared prior lo the rulin8 in the ￿￿(lOU￿S3r￿c2lltr case, ￿hleh Tequired the Courts lo ¢oll5idvr c35e5 regarding The itrplernelltation of lae 2015 r¢£0￿$ ro Public Strvi¢c Pell4ions, ID¢ludi￿LYthC 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[om￿d 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 a4￿1[￿51[ar1Oll le￿ of O.QS% gi￿DS 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￿¢ aibm￿Ster¢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 id￿lIty. 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 ordi￿ary FimknbuThon5 payable to Tpf Rettrem¢ni SoluliDn5 of £237,840 12022". £222,162) plus Drfirit Contribution payments of £12,521120*2.. £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$ $ch¢rne. Tbr T[￿tte ¢0mllll5510nS an actuarid valualioo of the Plun ¢vrry thr¥¢ yeats. The purp05¢ of the a¢Tuarial valuaiiott is to deteLTrill¢ the funding posill0D of the Plan by compariDg tbe assets Ivllh th¢ pasi Ser￿Ce liabiliti￿ al at Ibc valuation date. Th¢ lal¢bl full iElu2tion ￿a5 carried out at 30 S¢pttmber 2020. The Jwkel value of the Plan's assets at rhe v&lu&tion dat¢ £800.3 millIoD and th¢ Plats's Teckni¢al Pr￿￿$]0￿5 li.e. past s¢rvic¢ liabiliti¢sl were £A31.9 ￿11110￿. The valuation Iberefoze re￿tal¢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 pre*nl lim¢. From l April 20ti? the dtfi¢ii fibwre no includes the capitalised valu¢ Urexpe￿$es pa￿ne￿i5 due 10 the Plan, as thc5¢ are now b¢I￿g 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 [rtu￿5 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 fIr￿nLy 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 Y*per antsum 5.98 3.15 057 The di5CQUDi rntes $bowA above are the equivalent $inglc dis¢¢unL wbich. ￿h¢ll ￿ed to discount ihe furure r￿0Very p18n ¢OnlribulioELS due. would giv¢ the satne T¢sult5 BS Using a full AA EorpoT&re bond )ryeld curve ro disctsunt the SaTNe recovery plan ¢￿tributions. JI July 2023 £'Doo 31 July 2022 £'ODO RcconciliaiioL of opcning aDd ¢losingpro*ision5.' Pro%l%loD *t£t*ri ofyegp 162 Unwindingof th¢ discount factor linteregt cxpv￿CI Re-meaguremenls impacts of anychang¢ in assumptions Re*m￿SurCtnCntr- amcndm¢nts iv Lhe wntribution schedule 1981 IDeom¢ aJMI ¢xPe￿dltUre impaetof FRS 102 1981 Deficit contribtslion paid {341 Net ity¢OZllQgnd exp￿tur￿ W2PaCt (1321 Proifj$loD gtelld obf y¢Ar 18 30 CHtGWkLL SCHOOL NOTES TO THE FI)￿NCL*L 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¢eDdoWll￿llt released Notiollal irntereston tmooies hell'5 forynal loan s¢b¢ll￿, or in a lump sum. tn respcci of Iurnp Sum advanc￿, th¢ Iott¥cT-lerrn ￿0￿eS 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 M￿re th2ll O]te)ear leoDtiDurd) AllxlJ'$ts of babk loin ItDtitltsuÈd) The Schotsl etsiered illto El Im facility a8reemcllt wilh irs banker5. daEed 29 April 2022. 8raniinE a legal mortgage in respect of the Sports Centre dei'¢lopmeDI PTOEW. Details of Ih¢chars&s r¢8isicrcd as s¢rurity forih¢ tacility arc disclos¢d in not¢13 Ibl. The l<)an has recently been exiended Jnd fifftheT urilisation requests wll k 5ubmittcd during th¢ n¢xl financial year. The loan farility is d￿¢ lo be repaid in cqual quarlerl). 1nskilry￿nlS over IS year% beginnin8 on pracilcal completioft ofthe dev¢lopmen¢ expcctcd to be the e]vJ of October 2023. 'Ibe rnte of iul¢r¢st is tb¢ perceLtÈ8erate pcrannutn wbiclj is the awe8Al¢ of the margin th¢ bas¢ rat¢. 20 ADalTr's1$ ofcharltablt futtd5 Grou Charlty #) Anal)sis of unreslricled futtd thoverneut¥ FJipenditure & movemeni in funding donclt £IODD BolA*tt Bt l August 2D22 Balance At 31 Joly 2023 £'DOO Tran8ferJ i lllot¢ El} £iooo Tran$f¢ry £'ooo £'ofjo Designated BU[￿rY Fund cl￿ Disburseo￿nt Fund BuildiDg MaioitD8n¢¢ Fund 1,085 174 309 I,A92 79 11,067) 1691 ijio 184 3￿9 1,568 1,271 {1,136) 1,703 G¢noral funds School Fund Pension res¢rv¢ 23,439 1301 19,6J2 117,455} 12 1,167 11,2791 25JIM 24,977 19,632 117,443 2A38 12,4l5} 27.189 RULBQ, Lund.. io help parenis in of rtnancial bardship to enable pupils from th¢ pooresi of batkwds io attend Chigw¢ll hwl. Bursari￿ are tDeaDs-le$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 rU￿ent 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 $urlace. annual depreciation £39,562 Icusi £206,940 ober 7 years). - SyntheriG all NveaEher sNns surfa¢e. aDtnJal depreciatton £33.071 Ic415t£231,479 0￿[ 7 years). Buildi Fu d. to r¢ceiv¢ fvllds from tbe &hool surplus, illeludillg non-￿adeMiC iocome. earmazked for fut￿¢ ￿￿<￿>1 site devcloptnelli armj ]ll&jor n￿L￿tenan¢¢ projccts. During the euttcnl YW, no funher funds wett eanDarked from the general Scb(ol Fulld (*022". £uill alld llo fullds w¢re ttan5fcrtcd itLrespeci of d¢vtlopm¢DI &Dd mllinieDanc¢ ptuiccts12022.. £nill. UDrcstrici¢d School Futtd.. tCPTC5¢llts thc actu￿￿1&I¢d Tcsourc¢s of Ihc Sthool, rcraincd to covcr wwknng eapital r4uircnKnis attd to fiiiance impT0Ve￿e￿ts. CHtGWELL SCHOOL LIOTES TO THE FIN,INCL4L sT.4TLh￿NTs ICONTINITEDI or the vtlr cllded 31 Julv Z023 Page 24 20 An21)'sis Of ¢barli*ble fulld5 {collfinuedl bl ADalysts of re$irf¢tsd hElld Move￿ellts 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 F￿nd Burs)o, Fiind DÉ%erlpil0￿. 4pJdp¥ppos¢s ofihefund To provide aLademic and otherprizes fvr achieveTnent To provide a suitable [￿e￿orIal in remembrdn¢¢ of a fonmpupil To conwliment the S¢hool'$ ¢xistuw desiwtEd Bursary FuDd (note 20 a} Prize Fund.. ths represettts a separntcly re￿$t¢[Cd ¢haritrJ': its inclu3ion ID the company's balan¢c s1￿cl 15 sancuoncd by a UDilill8 direclion issued by the Cbarity CA)t)miissioL. DuJiLg the y¥ar. prizes iotalling £2,32b (2022.. £3,472) were awd&d frotllthe Fund. Memorial FIiDd.. Prizes are rLor0￿]IY aMArded 2IJttu2lly as cortlnbutio￿g towards sru¢knis' siudy tt2vèl ￿LP4 abroad. No sucb pTizes V¥ere lo pupils in the currttlt year 12022., £hill in Triew of the knoGk-on effects of tbe corottaviTUS pandeTnTc on iLternational tra¥EI. Bursa Fund.. Tra￿$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 C￿71￿8 academir y¢ar. Propettr dev¢lopmettT futsds Spons C¢ntyr bund DTar 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 INcO￿lE 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$'. Trnding sub5idiaryiurllover Rellial incorne Misccllancou5 illcome 294 29 294 29 44 ltsve5tmÈnts'. Invesiment in¢ome 24 Ib) 22 25 Voltstti*4" sour¢es- Donaiiorts and lega¢ies 24 Icl 36 53 Total kn¢ome 17,702 36 17,741 E￿E￿D1TURE E￿endItUre on r&Sslna fvlld$'. 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¢tl*fjdes'. Educaiion #lld 8rJntmak5ll 24 Id) IS,332 15J36 Totsl expe￿dIt￿re 15.496 Is,soo tl Ill¢Tr￿ClIe5Pend￿tUr¢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 F￿nd 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 sTATEME￿Ts ICOiYtI)￿Dl FDr the Year euded 31 Jul). 2023 Page 27 24 Compwradve fltllre5 by fund type- IJJcDme alld eIptnditure 1c0lltin￿ed) Uknr¢stri¢tod Futtd Rtytrtcted FU￿d5 ElldoM'men¢ Fulld5 Totsi 2021 £'ooo £'ooo £'ooo £'oDo bl Ini-¢$tment 1￿come Dil'Td¢nds from ITsled investments Bank deposit inieresi r(teivable 22 22 22 23 ¢) CTfaDts, dDDatiottS attd legxtle* S¢holarsblp attdwize fw Bursar), Fund Sports Centre Fund Charity fundraising events 17 17 36 dl An&l}sls ofexpendltu Other eO8ts Total 2022 £'ooo Stsff costs £'INID Depreclatton 4,000 Costs of ￿tsIttE f￿j11$ 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 ll￿￿tenance 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 FU￿dS £'ooo FndoiYmÈllt Fund5 £'oDo CME Disbur5emenl Fund. Gift Aid CNfE Di5burserneni Fund.. Building improYem¢niprojc¢is hfjeaDs-tesi¢d bursaries Bu￿￿ryEl1nd rrpltni5hnient Restricted Bursary Fund Expettdable elldowment rele2scd Noitonal ini¢re5t on held ID School battk ￿tOU￿t 168 36 1,028 1,077) 43 1361 11,0281 1,077 1431 {3) 1391 81 CHtGITrTLLSCRI)OL OTES TO THE FIN.4NCIAL STATEMblTS (CONTIN￿DI 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$l 2021 £'ooo BAlance al 31 July 2fr22 £'ODO Transfer4 in £'ooo £'ooo £'DOO I'ooo Desig￿￿ted fund$ BursRr>'Fund Cl￿. D￿bUrse￿ICnt 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 P￿lon 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 ￿0Ver￿ellts lJkctsm¢ & tx¢eptrongl surplus B*lante at 31 July 21J22 £'ooo l August 2021 £'ooo I￿VestMent 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 STATE￿IE1¥[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 a￿1 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$ets 31,903 109 13,0881 28,743 CHIGITr'FLL SCHOOL DIRECTORS AND OFFICERS Page 30 DIIiECTORS Thc m￿rees￿h0 selved irt office during the year and sin¢¢ thE y¢ar ¢ndwere as follows.. Ms R SeTrelli ICba2rl D Morriss bsc CBng FIET FBCS CITP (Vice Chair) Mrs S L Aliker BA MBA ACMA RwJHow8￿fvL J F Cullis MBE BA MSC (ELonl Garnish BS¢ (Honsl MBA Cmgr FCMT MCSI Nf J Hig8illS Mrs F. Brctt ACA Nfys J M Gwinn Bsc CrrtEd Mrs I Peek BA Rev C Davies EA Ms M Jones IIA (Hots51 Mrs P Sen BA IE£o Holll MA (Eco Honl MBA Mrs M Ra¥ha MA Icanlabl LLB Nfr % A BI￿ BSC Fctt Rev C Kosla MA (resigned l July 20231 (￿lS￿£d 25 Au8USt 20231 lappvinied 10 Nov¢mb¢r 20221 SECRETARY Mr KN Harn￿worth MRICS HEADMAS'I'LR D A P King BA (Hon51 MA PGCE with QTS BE￿AR J Rea NIA FCA CTA Chigwcll school Cbigwell Essex IG7 6QF Page 31 CHIGMILL SCHOOI. REFERENCE AND ADMINISTK4TION CHARITY NUIMBER COMPANY NUNTBFR 05846105 PRTNCtPAL ADDRESS Chigwell School Chig￿ell Essex IG7 6QF AUDITORS Has'smacinW¢ LLP 10 Quccn gtrc¢l Pla¢e London EC4R IAG BAYKF.RS HSBC Bank PIC Page 32 L%WEPEI¥DENT AUDI"IOR'S REPORT TO THE I￿￿EmBERs AND TRUSTEES OF CHIGWELL SCUOOL Iconilnu¢dl For the year ¢nd¢d 31 Jub. 2023 Oplnlon Wc hai'¢ 8udited the ¢oDsolidated fioanciol stèitm¢nts of Cbigwcu f(K the ye4r cnd¢d 31 July 2023 whi£b ¢omwis¢ th¢ LtsDsohdai¢d Staiemelli of Fittancial Activiiies. th¢ ConSob"dai￿ and Chari￿b￿ Cornpany Ba13nc¢ Sh¢cts. the Consolidated Cash Flow Ststemcni and nok$ to the fjnaneial sthicments, inclu(lin8 4 summary of $18nificanl actvuniin8 poli¢i¢s. The fuJaDci81 reportittg frarnewoTk thai ba5 bethj amjlied itt their preparathon is 8pplicable Law and unit￿ Kin8dom A¢¢ourJlin8 Siandatds, including Financial Rwtung Standard 102 The Financial R¢wrtlnK Sian&rduppli¢oble ￿ the UK al￿RePUblIC0￿1rÉIU￿d IUnit¢d kng¢&)m Ge4JttaUy Accepted Accounting Pra¢tixl. In our op￿10￿ the f￿[￿la] stat¢ll￿￿ts.. gii'e a true 2nd fair view ofthe slate orth¢ wup's and of th¢p8rellt ch8ritable winp4ny's affa￿S as ai 31 July 2023 and of the gtOUP'5 and parent chorilable company's net movement irt fijnds. tn¢ludin¥ thc Income and expendiiurL. foTthe yeatthen ended: ha%¢ b¢en properly prepared in ac¢ordan¢e with Unit¢d Kingdom Cjmerally Accepted Accounlillg Prnciice., and have been prepared kn a¢¢ord8nce with the r¢quitements of the Co]np8rties Acr 2006. Big1$ 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 S￿idardS Are furthtt drs¢tibrd in th¢ Al￿110r.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'ethi￿l rryuirvments thaLare tElevoni to QUT Audirofthe fU￿￿claI 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 Su￿1clea1 4 4pptOPri8t¢ w ptovid¢ a basi¥ forour¢pirtiokL Con¢lusloEs relattD8 to goln8 conce In guditing the financial Sratell￿Dts. we have CODcIL>Jed that the twstees. usc ofih¢ 80ing conc¢m basi5 of ￿Coun11ft8 in the PTeparauotL of th¢ f￿aDrIals¢¥t¢Jll￿i8 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 re5￿Cl 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 Rq￿rU 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 Conn￿1￿ 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 in￿nsists￿l 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¢onsi￿entIeS or apparent rnalerial misbTatemeniS, we ar¢ Tequired io dctennjnc wheiher Ihere is a tnataial mi%%lalcmcnt in Ihe financial siaicmcnis or a malcTial misstate￿e￿1 of the other infonnalion. If, ba￿L￿ 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 f￿1￿¢]8] ye¥r for whicb th¢ fJTwicial staiemeDL$ 8t¢ pyepared t8 C￿l$t¢llt wilb thc financial statrmenis,. attd th¢ TnLSkeS' Annual Report Ivthi¢h ittcoryY)rn￿ th¢ s¢ta*wc rrport thc director5. r¢r￿t) hLsl)¢¢n in rdantr applicabl¢ 1¢8al requirmcnls. Matters on which we ire required to report bj. txtepfioii In the lightof rh¢ trnowled8e and unde￿I￿ndIn$ 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 Inco￿orat¢8 thc stra*wc r¢wi alld the dtrcctot5' reptrfti. Wc bavc noihin8ts report ID rc5￿Ct pfthE (ollowiu¥ ttwttrs ID ￿lutIOn io which th¢ CumJMw¢$A¢i2(I16 rquiresuslo TelX>rt lo y)u if, in our op￿10￿.. adequate a¢¢ountin¥ record¥ have not kEpl by ihe p9mil ch￿l￿ble wmpAtty. or the parent ebaritable ¢otllPally f￿￿n¢1￿1 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: - inspecting correspondence with regulators and tax authorities; - discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; - evaluating management's controls designed to prevent and detect irregularities; - identifying and testing journals, in particular journal entries posted at the year end; and - 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**