Charity llumber: III%VJ8 Company nllmber: 05846105 CHtGWELL SCHOOL (A COTDpany limited by guarantee) REPORT FtNANCIAL STATEMENTS For the yeY4r ended 31 July 2024 CEItGWELL SCHOOL copirENrs Page Strdtegic Report Rcport of thc TTusÈees Consolidated Statement of FinaD¢ial Activities Balattce Sheets 10 Consolidated Cash Flow Statement Accounting Polici¢s 12- 14 Not¢5 to th¢ Consolidated FAnaDcial Statcm¢nts 15-29 Directors and oificers 30 Reftrence and AdtninistratioD R¢port ofthe Auditor 32-33 Page I CHIGII ELL SCHOOL STILKTEGIC REPORT {c.nYfTNlJT.D) For the )'ear ellded 31 Juli 2024 A¢hievemcnts and perform411¢e Atthc of the academic yeaF, there were 1080pupils OD roll 2n IT￿ge frE)llithe previous year and the iargestpupkl pepulats"fJP that the school has had. Applications for pknc¢s in 2023 at most CDty points wcre t4t least as high as iti the previous years. Strate The school ￿0te a six-year gtraiegy ID 2023, lookxng wwards the 400th aDniversary of the school's foundation in 2029. The Strategy looked to focus on three rnain areas.. Wellbeing" looking to develop the school's a]rcady excelleni pastoral PTOVi.%ion by adding a Wellness C.entre to the School and a He8d of Wellbeing_ This pmvision will ¢nsure that the school is able to provide the greatest iTnPaCt to improv¢ the lives of the pupils, alumni, teachers and parents It wll aim to link the emotional, physical and spiritual health of dl those cottstituellts. Excellence: our is to make sure tho¢ the provision and the te￿h]ng both in and outside the Classroo￿ is excellent. To that end, we are developing a teacher Irainin¥ ptovision at the school. Service: we are looking to engage morc with the local community through volunteering. providing bursary opportunittes and ethicai stewardship of the school site and our ellvirnnment. There have been many steps taken on the path to 2029. We have built a new Sport and Wel]ness Centre (Sports Centre) which was completed in 2023. We refurbished the Mtyjical Centre and expandcd it to include a Health alld Wellbeing Centre 2023. We haie bought two electric school minibuses offering a shuttle seryice to Buckhurst Hill Station to provide a sustainablc way to travel to tbc school. w¢ bavc cight t¢tt¢her trainees with us tbis year. we h2ve developed our admtggions gystems sn thAt we Are ahle t( better asscss potential from bursary applicants" we have engaged with a company to strntegise how we tnigbt deLaJbonise the site and inctease our biodiveEsity. There is stÈllrnuch to come ill the comingyea￿. Academic Perforniance Students perfonned very well in public examinations. At A level 57•/o of all grades awarded were al A* or A and 290/0 of students hieved at least three A grdd¢s. This enablcd closc to three quarter5 of those taking up places at university to move on to Russell Group institutions. The destinations ofmosi Chigwell students thisyear were UCL. QMUL and Duthatn. The most popular dcgrce Coul.￿eS were Economic5, Business and Medicine. At GCSE, 7P/o of all grad&s were at grade 7 or above and 54Q/o of all grade5 were 8s alld 95. Curricular and Co-curri¢ulaT Activities Outdoor PUTSUifS generally and p2nicularly the l)uke of EdiDburgh schcme. conlinued ts> bc very p)pular and succcssful. Fn the ycar to March 2024, throuJ the schene over 1989 hours of voluEtteeting were carried out. brollze, silver and gold canoeillg and walkin& training and qualifying CAp￿lti1)n5 i￿k plac¢ in the countryside across the UK with 163 pupils taking parL Th¢ studellt Equality Ambassadors led a vari¢ty of&ssemblies ￿lating to diversity alld the importance of treatillg all those with protecied charactcristics well. Themcd weeks wetE hrld uicluding Divet5ity Wttk. Ktndness Week. Respect Week, Black History Month. Thete were a variety of new student-led S4Kieties including International Relations and Feminist There was a hosi of other opporttmities for the pupils beyond the curriculum with our Prep School pupils havc dernonstrdÉed some irnpressive achicv¢m¢nts across a divcrsc range of disciplines. Nothblv, two pupils havc ￿preSen￿d Essex Tennis. while fow puptls parr of the Essex Couw Cricket Club's deveRopmeEtt Pathway. hy footbaH, three pwyils bave been accepted into th¢ pruf¢bssonal academies of Tottexham and Crystal Palare. Additionally. two pupils have excelled at a regional level in County Cross Country. and we are proud to have one pupil repr¢scnting Essex Golf and another represeniing England Golf. Jn swimmin two pupils have perfottucd at both regional alld llotional levels. sccuring places in thc top th￿¢ positious in their age group at th¢ IAPS national swin]ming gala. (knr commitment has ￿e8￿r that during this perio￿ 265 pupils from Year 3 to 13 took LAMDA examinations, with an impressive 82•/ts achicving distinction and 18Yty mertt gtades. One Prep School pupil had algo appeared in a feature-len.uth film and debaring provision within the Prep bas been cxpw]dtxl significantly. Ac4d¢mically, I I pupils have earned scholarships to the Scnior School, with ttvo additional Pllpils receiving musi¢ scholarships. In the Primary Malhs Challenge. one- thtrd of our pupils advanced to the bonus rounQ plAcing in the top 6•/0 nationally. with five pupils eatning bronze, five silver, and oDe acbieying golÉi placing them, indivtdually, In the lop 201.. Our Ec(FCouncil has made Si￿lficati1 strtdes tow2rds the Brottze Eco Award, and our Ul l Boys. footb211 team l]as excellcd, the E%seA Cup 8Jd secutin8 5ecoDd place tn the Dational IAPS football f￿al5 at St. George's Park. Similarly in the Senior School. much bas taken place. In Art & Desigo a pupil p2rt1'cipated in the ARTiculation Prize. prcscntillg ou Je8n-Michel Basquiat's 'Truals Pi," showcasing a mature UTKler5f2nding of the artist's WO￿ The Art & Design Competitton Club created itnpr¢ssive amvorks. enteiiDg th¢ Global Callvd& LUm￿lI110￿ ￿la the Royal Academy of Arts Young Artists, Summer Show. Thc High Achievers programmc produced self-p)rtraits inspir¢d by Holbein's AmbassadoTS." In kliology. six Year 12 pupils competed in the Intertnediate Biology olympia￿ earning broT￿e and gold certificates. Year 10 pupils excelld in the Biology Challenge, with 31P/o achieving certRfi(xt&S, inLludittg fottr Golds. The YeAT 12 fram won theBHF Car(Itovascular Priz¢, and the Chromosome Chronicle magazine was a notable success. The Che￿1$￿ department saw Year 12 and 13 pupils achieve silvcr and bronze medals In thc Chetllistry 01)Thpiad. Pupils a]so participated in the Chemistry Analyst competition, perforniin8 practical tasks like analysing chetuicals in sweets and vitatnin tablets. In Classics, pupits visitcd Naples, Pompeii, Her¢ulaneum, and Pacstum. The M￿108 club remained popular, and GCSE pupils vtstted tbe British Museum. Sixib Forni pupils attended productions of Ari¥opbanes' FTogs and Euripides. Bacchae. Computer Science achievements included the first "Al Dly," particTPation the C.nmputing LiN'e conference in Paris. and a iour of all Amazon Di5tribuli()n C.entte. Year 13 pupils completed industy-level progrdttulling PTojKts. with unc pupil developÈog a Str¢ct FighteT£sque game and anothcr ctcating a slatl5tical analysis app. Page 2 CHIGIITLL SCHOOL ST114TEGIC REPORT (cowfiNUED) For the l'ear ended 31 Juli 2024 Aehievement5 and performaD¢e (continuedl Design and TechnoloLry pupils engaged in projects like constructin£ an electric kitcar in the (ircenpower club and designing rockets for tht UK ROC Youth Rockety Challenge. A trip lo NASA'S John50ll Space Center provided bands-on learning expcriences. Drdma pupils participated in perfortnancc5 like-Wast¢laDd,-='She Kills Mon5ters,- and "Madc in Dagenham," shoiTr'casing their acling, singing, and dancing skills. In EnglislL pupils wenton atiip io New Yotk aDd hew Englanl cnhancing thcir undcr5tandins of literature. They also participated in theatre trips. author visits, and public speaking cornpetitioll5. Taising £2000 for Celltre Point. Geography pupils elljoyed field trips to Icc18n(t Walion•On-thc-Ni￿, and Canary Wharf. Goiernmcnt & Politics pupils participated in an election for the Epping Forest District Youth Council and the Model UN at the I￿ndon School of E¢onomic8. pupil was awarded bc5t judg¢ forw0￿ on a simulat¢dvcrsion of the International CriuLinal Court. High Achievers participated in a portryditure proje¢ the UK Rockety competitto￿ artd a new disseaion club. The PtEot magaztnc Ittmched, edited by Lower Sixth High Achievers. Historypupils engaged in a f8mily historyunil and visited First World battlefields. Mathematics pupils achieved success in tbe Hans Woyda cotttpgiÈt1v￿ UKMT luth.￿dUal chall¢nges, end the BebTas computer programming challenge. A team came sixth in the UKNff Team maths challcnge. Modern Foreign Languages pupils participatd in spelling bees. plays, alld trips to Madtid 4md Berliu. A Year 9 pupil won the Anthea Bell TraDsIAtion Prftze for young translators in French. Music department bigbb'gbts iD¢luded the KS3 Winter theattical of "P¢w Panl ￿ the Spring Choral Concert at Che]msford Cathcdral, and various musical showe￿. Two pupils recelved Music Scholatships to the Royal Collese of Music aEJd Cambndgp. Untvetsiiy. Physics pupils participated ill the (iold Industrial Cadets. Physics for Girls tournamenL and achÈeved Brollze CREST awards. They attended 2EE eEtgitieering lectureby PsofessorTony P￿￿ell andvisitedthe GreeFTrWitb observatory. Sixth Formpupils r¢¢eived offets from top universxties and degree apprenticeships. In sport, the U15B boys. fooiball team had an unbeaten 5casoTt. The Ul l Erfiys. football team fjnishcd nmncrs-up in the ISFA Natiollal Finals and national finalists in the IAPS. The Ul I iKlyS' cricket tcam were crowned Essex Champions and qualified for the Hardball Nd(iunal Fillals. Six pupils qualifJ¢d for the tAPS SwimmÈllg National Finals, with one pupil finishing n2nncr-up in the U10 boys. 50m breaststroke. A pupil was part of the Essex Cross County that won the National Finals, another won the U13 Jack Petchey Eng12nd sch(￿ls Tablc Tcnnis Competition, another qualified for the Prep School National Athletic Finals in loom and shotput. We have a nuThber of pupils Pla￿ng for professional footba]I clubs and one of our girls was selected for the Old Loughtonian's Tal¢nt Academy- the next stage of the EnglaDd Hockey Pathway. Our U14 boy5. b(*key t&8m won the E Hockey Tournament and olle of our tKJys competed ill the South E&st RegioDal Cross County Championships. Specch Day at which the success of the yearwas cclebrnted took place in July 2024 followed by The Ball for Icavcpo vf 2024. The Gu¢st of Honour was Professor Geoff Thompson MBF.. Publle benefit In setting the School's objective5 plantiing its activiti&s the Governors have given careful consideration to the Charity Conunission's general guidance on public bcncfit ILS suppl¢￿¢lltary guidance on advancing ¢ducatiou aud on fee c]Larging. Working with tho wtder COMM￿lty has &Fw8ys been of Chigwell'5 DNA. We klicve Ét is imtx>rt&Dt that Ive ate neighbours to those arouttd us and indeed am(Trngst the Sch(M)1'5 publishal aims is 'Community of Kuth&Ys.' we stwporl and collaboraie HYÈh eoch other. maknng UFu3ilive contribution to (he a)mmMnity'. We want pupils to go on lo moke their postrive mark around the world ￿ld prqiaration for thi5 begills when they arc at school. They are encouraged to work wilh the local and wider community and the School itself sets an example by sharing facilitics and ollaboTating with other5 for rnulual benefit. As an orgdnisation, we enjoy wrting with paTtskers and n)any of tbe activities listed in what follows have been running for many years. However. we ar¢ op¢n to suggestions for fiwther collaF￿ratio￿ within thc lÉm7ts of the School's resources. Sharin rtise ex Teachers from different schoo15 gain a great deal from working in partnership and this ultimalely b¢nefits pupits in all the associaied schools. The AsstgtantHead of Sixth Fom> pioneered a relationship ouroxbridge and medicinejveterinary scieMceldenti%lry applicants, preparation with Barking Abbey Higb Scbool. Oaks Park, and Woodford County High for Girls (thrcc local state schools). We hosted an Oxbridge preparniion morning which they t(Kpk part I￿ for instsnce. The Aggistant Head of Sixth Form has a150 estahli.qhed wnrking relatioDsbÉps with a number of local sch(M)Is that we have not had sixth form applicants apply from before. We vksited alld they have co￿¢ to aim is to encourage and facilitate bursary applications, alld to ¢n¢ourage high aspirdtions amongst thcir ￿dettts. The school has b￿n work5ng to build relatiollsbips with loca] State Schools and developing partn¢rship work. The arm has been for b()th teachers and pupils to sharc idea5 and praLIiLCS that erkable both to PTovidc a better educattonal experiencc. Thcrc is an annual get together of pupils gnd trach¢rs in order to slwe best pra¢tice. Page 3 CHIGI3ILL SCHOOL STIUTF.CIC. RF.PORT (CONfiNUED) For the year ended 31 Jul). 2024 Public benefit {fontiniied) Sharin expertise (continued Pupils from Bobby Moore Academy and Copleston Academy were invited ts) the first High Achievers Sullllnci SLhool that took place in July al the school. Some pupils were accommodated in the boarding houses. Pupils spent a weck being tog¢th¢r and visiting local universities. The school is starting to work with local primgry schix>ls to help inform both pupils and parents puthwitys to apply to indq>endent schools including the exatninatiOD pro¢ess attd how ￿ apply for bursary supporL We are also involved in a local ¢ollalK>rntion with Chigwell Parish to provide a Community Carol S¢rvice. Hostin ¢v¢n Chigwell is able to use lis facilities and staff t() host events thai bellefit pupils from scbools across th¢ local community. Chigwell School ÉS an In¢orpordÈed Chariry No_ 1115098. A[￿uallY> Chigw¢ll hosts ioutDaD]ents foi local primary 5cIEool$ for netball and football. W¢ rcecntly welcomed over 120 pupils to our Four Schools. Music Festival. KS2 rnus1ci￿S and singers jnÈned nur own pupils for a fabulous day of music Jnakin¥ and fun. Pupils were gÉvcTÈ the opportunity to sing in a large choir, experience a trombone mastciclass. and tor tknos¢ who play an ]nstnunenL Éake part in an orchesrn In just a few houTS thc vtLli¥slrd dud ￿liVi1 tL50k to die stag¢ for a packed fjnal CQEtcert in New Hall. Th¢ orchestra produc¢d a colourful r¢ndition of Santha Groove and the Nutcracker. and thc choÈr gave a touching performance of P&￿tk atld Paul's 'You Will Be Fouod.. Chigwell is a focus sch(￿1 for ISFA and a hub for junior girls. football. tn this capacity. the school has hosted the National Ul 8 Six¢s Compeiition; Essex represeniallve team ga￿￿￿ fLpr yrls and knys" Ul I regtonal tournaments; jwjior dcvclopment tournaments. ISFA staff trdining eourses. and aded as a venue for local schoo15' f)xturt%. Sharin facilities The School is very fortunate in tern)s of the facilities It ha5. Thcse ote mad¢ availableto organisatiODS which benefit young peiyle.. East 15 Acting School used the Drama Centre lo rehcarse and p¢rform a PToduction 41st EppiRg Forest Cub Scouts and 40th I'pping Scout Group u5cd the Sch(rt>l's swimming pool Colebrook Royals aud Chigwell Boys Club play f£￿tball fixllues her¢ Essex CriLket lls￿ the Schools cricket pitchcs Facilities are also shared with IuL411 cbaritablc 01 community organisalions: bch￿l pi'ovides grdziDg land for use by the Chigwcll Rtding Trust Thc BAPS Shri Swamtnardyan Malldir used thc S¢hool Sixth FOTM C¢ntre for their annua] sCrip￿ra1 exatninations a2)d used our astro for football trnining Bcchive Prep Scbool held their annual speech day in New Hail The Loughion branch of NSPCC held a chariry bridg¥ (Idy & the sthi>ol ISFA used our 3G for a lootball toumamcTht The Epping Forest District Schools Sports Association held a football tournament at the schi)ol The Fclicitss Choir held their rcbcaTsals in our Misic Sch(￿1 The Children's Society hod a ¢harAty afteEDoon event in our Dining Hall The Rotary Club of Roding held their annual concert in New Hall The neiv Sport and Wellness Centre has afforded a chance to share more of our facilities to the local comTnunity. We invited Alice Robert5 to spcak to our pupils &iso those from lo￿1 state 5ehooIs in the large sports hall. We hosted a concert for a local chartty calledRevi￿l1S¢ in the salne space and SiJohn's SEN Sch￿1 and ChigwellPrin)aryAcadeElly haveboth used the swimming pool in the new facility. Our recently dei'eloped Weltbeing Garden has becn made available to loca] schools in OTdcr to givr the opportunity for gardcning and lcssons in sustainability- VoluDteerin Opporrunities are provided for Chigwell pupils ￿ voluntrcr. both locally and liffitier atield. We hopc tt]ai Ukis WQtk 15 of b¢t]efit to the recipients of the voluDteering. but also to the pupi15 themselves wbo learn about the Work of the OTEanisatinn8 and ihe needs of those who they are helping. Outdix)r pUrS￿lts genernlly and particularly the D￿k¢ of EdiJJburgh bLheme. LOlltAllue to be very p)pulat and suCC¢ss￿l. In the yeaT to Mareh 2024. through the scheme oveT1989 hours ot'volunleering wete caEried out- bronze. silver and gold canoeing andwalking. trainill2 and qiialifying expEdilions took place in the countrysidc across the UK with 163 pupils tak￿g part. The school has ehanged the Sixth Fontl eutriculum io include Service Time. This Iw aftorded us the oppottunity for pupils to volunteer at local eb2Tities thmugbout the year. Th¢ school has a link with the Sa¢¢idananda Ashram in Tamil Nadw India and every other Y&￿PupilS visit and offer their s¢rvice5 which hai'e included teaching the local childreD. decorating and bringing stationery and books to the loca] children. Page 4 CHtGIIILL SCHOOL STIUTEGIC REPORT (CONTINUED) For the l'ear ended 31 Jul!. 2024 Public benefit Icontinuedj Staff ex3minp.r Th¢r¢ are Staff that aT¢ ¢xan]iners. By acting as GCSE orA levcl cxaminers. Chigwell teacbers help lo ensure that cttndidates across the county have their papers marked accurdlrly at a t1￿C when the public examination system is arguably undcr strain. Chigwell le2ehers not only mark the papers. bul we al.£n haie exam MTiters on the staff body along with senior examincrs. There are four staff who are governors of local primary schools. A stafl"memb¢r is a trustee of the Age UK and the Health Watch Redbridge. Access licies IlThetL the S¢hool was foilMd￿ in 1629 by Samuel H￿SnelL it was stipulated that some p(M)T local scholars be offered places at Chigwell. Ncarly 400 yvats lat¢r th¢ Govetnots maintsin a Buw policy and a coMmit￿ent to sharing the School's knowledge, skills and facilities which together contribufr to a widenillg of access ttTr the opportunits.es it offer5. A growiDg EEumber of pupils in Year 7 and abovc rrfeiye mcarÈs t¢51￿-fiI￿lc1aI support {burs￿les} to aLabl¢ th¢m to attend Chiwell School. Bursarie5 help bright children wbo would really benefii from a Cbigwell educaiion. but whiTrse parent&lguatdians of children WfTruld otherwise be unable to afford f¢es: to attend thc School. Bursaries are advertised widely, including through the London Tr"ee Assistall¢C Lonsorn"￿ and the Headmasier visits those families who undrt Lunsidriuiivll fvi &iwai"d. CutlGlltly 8 % of children in Year 7 and above Teceive a bursary and of these. more than half r￿1ve a LO￿/0 award. In ih¢ year ended 31 July 2024 thc value of mffdns-testcd bu¥saries totalled £1,226,489 (2U23.' £1,067,078) 8Ad provided assistan¢¢ to 56 pupils (2023.. 50), of which 3? (2023= 30) bellefii¢d from a full remission of fees. Scholarshi olic Chigwell scholarships ar¢ aTh'arded each ycar. prITn￿lY at agts I l 16, in recognition of academic merit, irrcspcctive of financial means. m￿*1¢, Art and Drama scholarsh]"ps arc also available. Scholarships are currelldy awarded with a fixed remission ot" tees ofbetweeD 50/0 and 50ts/*. tn the year CDded 31 July 2024 thc Schuol awardoj scholarship5 to 142 pupils (2023= 142), totalltng £468,545 {2023: £474.524)' several of these pupils also qualified for means-tested bursary support and are included in the figures relating to bursary awards. The School is comtllitted to attracting and rethining the highest calibte teachers and 18 part of this commitm¢nt discounts are available to those staff n]¢mber5 WILO choose to cducat¢ tlkeir Childr￿ at th¢ Sehool. Discounts on School fees paid in advance aniounted to £29,878 in the year (2023: £nil). In total bursaries. s¢holarships and other remi&sions amounted to £2.283295 (2023.. £2,064.963), equivalent to 14/0 (2023: 15 /0) of cligible fe£8, or IOO/. (2023= 100/*) of totsl gross fee& Fill#DLi#I revleiv The Stsiement of Finan¢ial Activiiies shows an incrrasE ID lo1￿ funds befo￿ investment gains and transfers of £1,534,700 (2023.. £2245.806). Net fee income amounted to £20.601 J75 {2023: £18,641.530} after bursarie& grJDts and allowanees of £2,283.29) (2023: £2.046.963}. Tcaching costs tots]l&J £10.192,858 (2023: £9.138,779) out of totsl educational expettditure of £20,595,532 (2023= £17,276.7791. The Governors are continuing thetr 5trniegy of deploying all net income in tnvestment in the educational pu￿ose$ and fabric of the School, ￿ cvidcnccd in the $S￿lfICant capital outlay on the new Sports C¢ntr¢ and other facilities in the current year and comtnitmcnts njnning into the next year and beyoniL The (iovernors. commitment to these substantial facility itnprovement projects forn]s a core part of their 10 year Developll)¢nt Plall (see Plans for thtur¢ ￿riodS on page 5). Reseryes policy As shown sn note 21 to the accounrs, the Sclkool's totsl fundb. uf£33in at the yfar end illcluded £54,086 unspent restricted income and £3.7m endowm¢Dt ¢apital. After adding back the actyanally taieulated but trangientpeng?oD ￿ndIn8 dÈfiti¢ llnrethcted stc>od at £28.8m ai the vear end, effectively all of which has been urilised in the partial fvndTng of Schi)r>l preTlliW and equtpment. addiiionally. £1 I m has been loaned to ￿nd improvemcT]ts to endowmettt land alld buildings, and ih¢s¢ loans could only be released by disposing of those assers. A furtheT £2.2m represents fimds intended to be used for means_tested suprrf)rt for poorer pupils and investmcnt in thc school, but currently shown as retained to also cover day-to4ay w0￿1ng Capital needs in the absettce of free reserves, supplemcntcd by £12.5m ol'external financing in th¢ forni of a secured loan. The School has a policy of designating fitn&s only for revcnue and operating PUTtM)ses and accordillgly has designated fimds for the identificatioD of surpluscs letting its asscts and te50urce4 for bursaTi¢S and for the repair alld maintenance of its buildings, Darticularly its oldeE buildings. All of thc balances iti designated funds at tb¢ Y￿ end ate intended to be applied to rcvenue and operating purposts witbiti the next three years, though they may also be replenished in the rneantime. Page 5 CHIGII"F.LL SCHOOL STIL4TEGIC REPORT (CONTIIYUED) For the vear ended 31 Julv 2024 Rg$9.rve.4 pnliey (enntinued) Some projects in the Sehool's investment pmErxmme are equivalent in qcale to the surpluses added io reserves and restricted funds over many year8, and it is inevitable therefore that reserve5 2nd restricted funds will be subject to significant movement over time a5 suryluses are, al first, accumulaied towards investment and then applied to IL Governors tnonitor the level of reserves against the policy to cover up lo months, operating costs an¢ when they are below the p)licy lei'el, se¢k 10 build up ￿5￿r¢S illltil Ihat l¢v¢l is rcached, subject to tbe prior demands of further capital expenditure to equip the School with the up-torflate fticilities needed to maintaiu the stallda￿ of cthicatioDal services provided. JDvestnJent powers All investtnents relate ￿ the Chigwell School General Prize FuniL a lÈnked cbarity, and the m]siccs' Poli￿ is io invesi through specialigt cbar*ry sector investment marbagers in accordance with the various tntst deeds. Cash surpluses and advances are held by tli¢ School's bankers in s¢parate inierest-bearing aceoullts where applicable. Risk management The Risk and Compliance Committee {5ee Governance and inlcrnal contn)l on pag¢ 6) is responsiblc for advising the Govcrning Bodv on the m2na(Fement of risk. The Governing Body ha5 approved its risk D]anagement policy and a process for the regular review and improvement of risk managemen¢ involving a risk register. The oversight of the managemenl of p2rtEcular risks is dei"olvtd to the appropFiat¢ Committee5 which check that policies and procedures controlling risks are implemented and regularly F¢viewed by -risk owD¢rs' within senior management. The Risk and CoD]plianc¢ Committee has responsibility for the oversigbt of th¢ snana?ement of thc major risks for the S¢hool and rep)rts on those to the School's Gov¢rning B￿ly. 'I'he maill risks that the Goven)ors have identified and the plaus to ￿88¢ those risks arc: Reputatioii. The School's SUL¢￿ is built on its reputation for th¢ ¢ducation and wcll-bcing of our pupils. We manage this risk through safeguarding poli¢i¢& thff recruitment policie4 pastt)ral supp)rt for both pupils and staff and activc identification and ￿OlUtion of health and safety rclated issues. Rev¢nlle. The School's ability to ¢onttnue to thriv¢ is reliant on fee income and the ability to pay bills as they fall due. The risk is managed by focusing on the Schix)1'5 rcputdtiuit for academic ¢xrKllence, active managcm¢nt of working ¢apitsl and Cou￿r¢benSive budgeting gnd management accounting procedurei. CLuri¢ulum. Academic excellence requires the most able te4Jchu5 with stste ofthe art facilities deliver￿ the curriculum to able students. Governors manage this tisk by combining attrdctive salaries with on-going investynent in our estate, an approach to ¢DroltnenÈ ihai works with supprtive parents whose children hdve dn (tppttit¢ for leaming and, foT thos¢ families who atc uu&bl¢ to pay full fcc5, a bursary scheme that rccoguises pupil acFtievan¢ni and apti￿de. Through the tisk managcm¢nt pro¢esses establishcd for the School, the Governors are satisfied that thc Tnajor risks identified have been adequately mitigated where nece&wy. It is recogDised that systems can only provide reasonable but not absolute assurnnce that major risks havc bccn ad¢quAtely managed. Plxns for future perif>d5 The Govcrnors have a￿eed a building development plan lo ensure the continued development of facilities for tbe highest possible edllcational provision. Substantith projects will continue into the next financial year. As stated abov¢, the Governors are looking abead and coDtinutt Éo review thcit 10-ycaT Development Plan. Thc kcy ¢l¢m¢nts of the future strategy wll continue to be.. sustained academic excellence ivithin an holistic education: the generation of a Tnodest surplus to cnablc th¢ education and welfarr of the pupils to be developed and improved by providing additional fa¢ilities and offerÉDg butS0ries when appropriaie; the provision of public bcncfit by shartng our facilitics with the local community and finding oppommities for staff and pupils from Chigwell and other schoo]s to work together for mubjal benefi4 the ongoinu developtllcntofposioral care to encourdgc pupi15 to obtain the m￿lMu￿ benefit from th¢cducation provid regardl¢&8 of the stresscs and 5tr8illS in otherelements of th¢ir lives, and to help them develop into resili¢nt young adults, ady to lead worthwhile Tndependent live8 as well as encouraging their involvclncnt in extra-curricular activities. with a focus on providiELg publir b¢n¢fii where WAble" and th¢ i)llgoing developRll¢llt of th¢ Spiritual charnctcr of thc SclK>oL cekbrdting the tnany faiths that makc up th¢ pupil aDd parent body, within the c1￿1St&an foundation of the sch￿1. The Str&tegic RetM)rt wa5 approvcd by the Board of Truslees (in their (wcity as company directors) on 7 Dccember 2024 and signed on its behalf by.. Company Secretary Clerk to the c￿vernorS Pag¢ 6 LHItsW'ELL SCHOOL RF.PnRT OF THE TRISTEES For the )ear ended 31 Juli 2024 The trustees present theÉr anni121 rppnrt thgether with the finallc1￿ statements of the charitsble company for the year ended 31 July 2024. The f]nancial statements comply with th¢ Charitable company's gov¢Tning documenL the Charities A¢1 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice (SORP 2015) (Second Edition effective l January 2019) applicabl¢ to cbarities preparing their account5 in accordance w]th the Financia] Reporting Standard app]kcable in the UK {TrRli 102) (effective l January 2015), and includ¢ the Strdtgic and Directo￿. Repons under the Companies Act 2006. Directors and trustee5 The Governors of the School ate the d1￿CtOrS of the clwilable company (the School) and also its trustee5 for the purposes of charity law, and throughout this TCPOrt are collectively r¢ferred to as thc tn￿ees. A list of tnembers of the Governing Jlody ean be found on page 30. Structure Thc School was foundcd in 1629 by Samuel Harsnett wbo wL8 at the tune Ar¢bbishop of yo￿. The ¢baritable compauy was incorpoThted nn 14 lune 2(Ki6. and commenccd operdtions oll l August 2006. at which time it￿e1ved by transfcF the whole of thc Wldertaking and 8ssets, other than pernjanent endowm¢nt and restricted &ssets of the Chigwell School 'rtust and the Chigwell School General Prize Fund. A uniiing dirccÉiun ofthe Chatity Commi55ion gives thc charitable company powers to deal wiib thc peEEnallently endowal and restricted and to record these assets in its own accounts. The incorporated charity is a ¢ompany litniicd by guarantee. each m¢mber's liability is iestricied to £10. On l Auxust 2014, th¢ School acquiredthe whole ofthe i&8u¢d share capitsl and undertaking ofchigwell Mitre Enterpris&8 Limited. C.higwell Mitre Enierprises Limit¢d is a company whi¢h, by agrccm¢nt with the School, makes the School's asset$ 2nd facilities available for cornrnetcial and charitable use. Objectives Thc obj¢ct of the charity is to adwdnce education by the provisffton aDd conduct of a day andlor ly)arding school tn or near Chigwell or by such other means ag the governors shall deteTffjillC. The school is primarily a day school for EK)ys and girls a¥¢Q fwtn 4 to 18, wilh boarding pmvision for sixth form¢rs. The aim is to dei'elop high acade￿iC standards 2nd w¢ll-baLanced and s¢lf-confident young m¢n and women. Governance and internal contro The School is governcd by a Governing Body of up to seventeen directors atEd trustees. usually known as Governors. Two a￿ ex- officio member8 of the local clcrgy. Up to fifteen arc appoiDtd by the Governing B(Kly and may be re-elected. N¢w tru8t¢es are usually elected for a ienn gf four y&lTS. New trn5Éees undergo orielltation to brief them on their legal obligations under chaTity and ojiipaiiy law, the Gontent of the Trust deed, the Committ¢c strncture and decision-making processes, the developmentplan and the re¢eni f￿anCiaL pcrforni2nc¢ of the charity. Trustees are encouraged to attcnd approptiaie external tTrlillillg cv¢nts wh¢E¢ these will facilitate the understanding of their role. The Governing Body meets formally three times a year, once in ¢ach Sch￿1 iern). with an additional strategy meeting. lo which the Senior Managetnent Team is also invile(L Once a year the School hnliLs an infomial Visitation Day at which many Govemors obs¢rvc th¢ School in operation aDd tneet with staff and stud¢nts to discuss issues without the pressure of deciston-making, most of which takcs place in the ¢veDings and at weekends. Each y¢ar the Governing Boty reviews the busin￿5 of its Commillees a￿d considcTr the estdblishJn¢nl, lerms of refei'¢nce, constitution and m¢tnbership of its Committ¢¢s and sub-Commit*es. Th¢ principal Conunittccs arc the Finance and Property cOll￿nittee, the Educatioll Co￿￿Eti1tee, the Risk. Wellbeing and Compliance Committcc (fotmcrly th¢ Risk and Compliance COn￿ltr¢¢), th¢ Trust Conynittee. the People CommTttee and the Urgency and Nominations Committee. Most of the Committees hak'e very limiied delegated powrTr l￿d th¢ musl uiiportwit outcomes fn)rn the￿ ate typI&￿lY Tn th¢ fonn of r¢commendations to the Governing Body. The 1.rust Committce bas total delegated ￿werS in relation to the fi￿dS and assets of the Chigwcll School Trust and the Chigwell School GeR¢ral Prize Fund. The Urgen¢y and Nominations Commillee has very wide delegated powers on matters which the Chairof the Governing Body has agrecd bereferred to it&s being 5ufficicntlyuncontenlious and insufficiently iniponant to rcquÉtc atL Un5GhedEded meeting of th¢ Govcrnillg B(Kly. Thc Urgcnry snd Nomin&tions Committee meets as aud when required. The Committees generally meet once a term, however the Risk. Wellbeing and ComplianLe C4)mmittee holds additional meetings as appropriate to considcr th¢ mitters delegat￿ to it. The new sthkcture also includes three gub-conlltiittees. The Burs8ries CollLTnittee rep)rL$ to the Finance and Property Conjnllttee. The Capitsl Projccts sub-CoEnEDittee reports lo the Urgency and Nominations Committee on rnajor building projects and the Revenue Projects sub£oTDThittee reports to the Urgency and Nominaiions Corntnittcc ou thr divu5ifiL¢ilivn vfdi¥ SLliool's incom¢. Page 7 CHIGM"ELL SCHOOL REPORT OF THE TRUSTEES (COry'I"IIYULD) For the >'ear ended 31 Juh- 2024 Governancc and Ittternal control {eontinued) Th¢ stru¢turc and memb¢rship of tht Committees of the Board at the date of approval of the Re.￿rt and Financial Stxtements were as follows: GOIT.RjING BODY Jthi URGE￿Cl.￿ND -ryVMJTrAIIUryS rHE BOARD OF DIREcroL% o t￿G￿￿.LL MFfRE LvfERPRESES LII) )irbola5G*rt￿￿ JaoMlt¢a Cwirth" FDLC.4TION COM%flTtEE Purnim45en FIN.&NCE.4%D PROPERn'CO4 PEOPLE coilMrrrEE CApfrALPROJF.C15 S1"'WIMhlITfEE M*ro4 RF'.VEYiTE PROJF.CTS SLrI￿0￿m[rJEE IwbEiPeck s￿￿￿&bA]ik￿r .4Tr4DCOM-PLL4liCE COMhIl￿bE Me¢rt R*2ts* b5G3tni* evLtrtriophEtD4vb¥' rJp3l JauKsRca" IPcck Serrtli Bold-Ckntotcotr￿utt 'Tte£hairofcomrnit 3. rtsethfor 12 Th¢ mistees have dcvolved the day-to-day rcsponsibiliLy for edu¢attonal matters to the H¢admaster and financial and estatc m8tters to (he Bursar and they iti turn are supported by their Senior Management Teams. The rununeration of key management personnel is sct by the People CommÈttee, with the ￿)liCY objcctiTr¢ of providing appropriat¢ incentives to encourage enhanced perfornwice and of rewarding them faiFly and Ksponsibly for their individual ¢ontributions to thc School'5 511fff5S. The appropriateness alld rel¢vance of thc rcD]un¢ration policy is rcviewed awiually. IThclud￿g rcfcrence to comparisons ivith other independent schools to enswe that the Scbool remain5 sensitive to the broader i&8ue8 of pay and employmcntconditions ¢ls¢where. Th¢ School aims to reorllii subject ro experience. At the lower to mcdiurn poini within a band proTridiug scope for rewarding excellellce. Delivery of the School's charitable vision and purpose is primarily d¢pendent on our key management personnel and stsff costs are the largest single element of our charifable expenditutr. Thc Board of DirectOTS of Chigwell Mitre Enterprises Limited reports io the Governing Body. FiTidiiLtt and Property Con)mittee is respollsible w the Governing Body for reviewiTrg the effe¢tivene&8 of thc control ¢Dvironment and sccks assuran￿$ Fiom manogcmcDt on thr efyectiyeness of int¢Tnal ¢ontrols. Page 8 CHIGITr"ELL SCHOOL REPORT OF THE TRUSTEES (cowfThiiED) For the }'ear ended 31 Juh, 2024 Employment and remuneration policv Cliiuw¢lt School is on cqual oppothTniti¢s ullployer and therefore there is no dIÈerAmin￿Oll between men and women or betweeD full and part titne workers ill deciding their r¢Mune￿I0ll. The remuneration of all staff, including key management petsonnel. 15 revi¢wed each year by the Governors, P¢opl¢ Committe¢ which ￿￿k¢S recommendations to the Governing Body. Basic remuneration for members of the teaching staff is based on national teachiDg scales. B￿lC r¢munetation for members of th Leadership Team is based on llational leadership sca]e8. In addition to basic pay teachers may rcceive Responsibility Allowances for significani addiiional rcsponsibilities. such as for a Head of Department, and Cht2well points for additional duties of a less significant natur¢. Fee discounLS are also available to eligbl¢ staff metnbers who chose to ¢du¢atr their children at the School in accoidance with it5 cornmitmcnt to attrnctkng and retsining the higbtst calibre staff. Overtime is not paid. Remuneration for support staff is agt¥ed at the titne of a￿l￿triCt￿ amd is also reviewed annually. Bonuses for t¢achJng and support staff are occasionally paid at the discretion ufthe Govetlltn8 Body. Within awd paramctcrs. the Headtnaster bas discretioll to make smaller gestures of thanks. All staff ate encouragcd to belong to an appTopriate pensio scheme and may opi uul ultly by Iioticc itl Wtiting. Statement of AeeountiDg and Reporting Respon5ibilitie5 The trnstees (who aTe also directors ofchigwell S'ch(M)I forthe pur￿ of company law) are r¢sponsibl¢ fur prtparing the Sttategic R¢port, the Truste¢s' Annual RepoTt and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {Unl￿d Kingdom Generally ACcep￿d Accounting Practic¢). Company law rcquires the t￿SteeS to prepare financial statements for each financial year which gtve a trne and fail vi¥w of the statc of affairs of the charitable cornpany and group and the incorning resources and application of resources, tncluding the illcome and expenditu￿. of the cballlable group for that period. In prwing these finJnci411 stal￿nents, th¢ t￿￿tteS ate required to: seleci suiiable accounting policies and then apply them Gonsistrntly. observe the methods and priuciples in the Chatities SORP. make sound judgements and tt*tiJn¢Lies thai are rca50Dable and prudenL state whether applicable United Kingdom Accounting StandaTds hav¢ been foUowe¢L Subje￿ to any material departures disclosed xnd explained in the financial 5tatements- and prepare the financial statements on the going con1￿1 basis unless it is in4)propriate to presume that the charitable ompany will continue in operation. The ttusiees are responsible for mainlaiDing ptoper accounting rccoi(ts which disclosc with Teasonablc accura¢y at any time the fina￿¢131 position of the charitable company and the group and wkn'cb enable them to ensure that the financial slateillents con]ply with the CompaDi¢& ALt 2006. Th¢ trustees are aTrso rcswDsible for safcgu2rding the assets of the charitable company and tbe group and hence for taking reasonable steps for the prevention and detection of fraud alld other irregulaTities. Ststement as to diselosllre Df informxtii>n to auditors In so far a5 the trustee8 are aware: (a) there is llo relevant audit iDforllMtion of whicb the charitsble compan￿8 auditor is unawa￿. and Ib) the tYus￿¢S have taken all steps thai th¢y ought to have tak(x to rnake thenL8elves awa￿ of any Trleyant audxt Inforn￿tion and io establish thai the auditor is aware of that informaiio Auditor On 18 November 2024 the charitable company's auditor changed its narne fr(Jm Haysmacintyre LLP to Haysmac LLP. A iesolution will be proposed at thc Annual Genernl Meeting that Haysmae LLP be re-appointed as auditor to the charitable company for th¢ ensuing year in accordance with 5e¢tion 485 of the Companies Act 2006. ie Tn2stees' Annual Report was approved by tht Board of Trustees (ill thcir ¢apacity as company director5) on 7 December 2024 and signed on its behaif'by: K N tL4RTrISII'ORTH CompdD)' SeLrelay' Clerk tn the Governors CH[GlI￿LL SCHOOT CONSOLtDATED STATEf*lEJT OF FIN￿NIcIAL ACmTfIES (inr.liidÈn2 income and expeDditsre *ecount) Foi the Y¢ar ellded 31 Juiv 2024 P&igr 9 Ufftrestriaed Funds Restrtcted Funds £'o ElldoTrment Funds £IIM)O Tvial 2024 £'ooo Total 2023 £'ooo Nntes INCOME AND ENDOWMENTS Income from charitable actiirytles: School fees receivable OthtF rduLational illcotne Atjcillary trdding iu¢ome 20.601 712 20.601 712 48 18.641 448 36 Income from other source5: Trading subsidiary wrnover Rental incoEne Miscellaneous income 559 40 559 317 23 55 72 IttvestllEent$: vcstment illcome 140 145 113 VoluntarTr sources: fjranis, donaiions and I¢￿￿1t5 71 76 147 71 Total Rn£ome 22243 78 22J24 19,7(H EXPENDITURE Expenditure on rai5illg funds: Ancillary trading cxpettdintre TradiDg subsidiary expelldiiure 49 145 49 145 31 151 Total expenditure on raising funds 194 194 182 Expelld]￿re OM charitable #ctlvities: Educaiioft and gTant-making 2(1592 20396 17,277 Totsl expendith)Te 211,786 20,790 17,459 Piet Income from operations before investment galns and traD5fer5 1,457 74 I￿34 2.245 Unrealistd ￿l￿5/00S$¢$) o inv¢stm¢nts 14 (2) Tr•nsf¢rs bctwccll futlds {104) Net Incomel(ex￿ndfj￿re) and capltal 1557 {30) 15 2.243 move￿ertt ill pension 5che]lle ftJDding deficit 12 12 12 het movement in fuDds for the year 1569 (311) 15 1,554 2,255 FutLd balances brought fotwatd at l Augusi 2023 27,189 85 3,724 30.998 28.743 Fund balauces £#rried forward t 31 July 2024 20 28.758 55 3,739 32,552 All activities d£nve from continuing operati¢)nS. All gains and II>sses re¢ognised in the year are iDclud¢d in the Sthtcrn￿t of Financial Activtti¢& Details of the comparative figures by fund type call bc I0￿d in note 24. ClllCl4QLL sfHnni. BALANCE SHEETS as ai 31 Jvl). 2024 Page 10 Grou Cbari .iot 2024 2023 2024 £'oo 2023 Fixed #ssets School buildings and equipment ]nvestmenls 13 14 47,986 115 46.089 107 47.986 116 46,089 108 48,101 46,196 48,102 46.197 CurretEt assets Siocks Debtors Cash and deposits 15 16 33 335 6J47 25 283 176 27 688 5P77 21 363 73 715 692 457 Current li8bilities Cr¢th"iors payable M'itbiti one year 17 (5 (4.2RO) (5.784) (4254) et current A5set510i*bilitie5) 3.796 908 (3,797) Total assets le55 current liabilities 49.1110 42,41MJ 49,010 42.400 Long-term liabillties CreditrJr% payable after one year Pcnsion scheme fimding deficit 19 {16,452) (6) (11,384) (18) (16,452) 16) (11,384} (18) r4et asset5 32.552 30.998 32,552 30,998 RepreS¢￿trd by: Unrestricted funds Designaied fi￿dS General School fi￿d% Pension reserve 20 20 20 28 2A536 16) 1.703 25,504 (18) 2228 26,536 (6) 1.703 25,504 (18) 28,758 27,189 28.758 27.189 Restrlcte(E fund5 20 85 55 85 Endowment fvnds 20 3.739 3.724 3.739 3.724 Total funds 31552 30,998 32.552 30.998 Stat¢rnellt of Charity Det ittcome: Net illCOElle of the ciwiry for the y¢or lJ54 2.255 These finalleial statements were approved by the Governing on 7 December 2024 aThJ wer¢ si￿1 on their behalf by.. Ms R Serrelli Director Cbair of the Goverlling Body Compally re2tstrarfDn number.- 115846105 (England & Wales) Th¢ accornpanyiD8 notes foFrn part of thesc financial stsxternED CHICIVELT %C.H(K)I. CO)SOLtDATED CASH FLOIV STATEMENT For the Trear ended 31 Julw 2024 11 2024 2024 2023 £'ooo 2023 Net iDcoming funds from operations 1534 2,245 Depreeiatioll charges tncrease in stocks Increase in debtor5 IDeLtedselIlncr￿e in credttors Movements on advaTrce fees Mov¢m¢nts on admissi¢)n dq)05its 294 {8) (52) (1223) 6J35 141 15 16 17&19 18 17&19 (119) 375 243 l%et cash iDflow from operatioD5 7.D87 2,890 c.asb tlow frnm iDTr'estiDg activities Scliool buildings attd equip￿c￿t 13 (L191) (14.327) Cash oufflow before finanelng {2.191) (14.327) Cash flow from tinancing 4etivities Long terni loan utilisatiofjs 19 8,474 1,51)0 8.474 IDcrea5el(Decre85e) ill cash fill the year 6J96 2,9631 Analysis of changes net fvnd5- Cash at bank and in hand at 31 July 2024 Bank over¢]raft at 31 Ju]y 2024 Cash at bank and in hand at l August 2023 Bank ov¢rdraft at l Augu512023 6J47 176 (225) (2,914) (176) 225 Net cash inflowl(oufflow) 6J96 {2.963) R¢¢unLiIAation of Dct C#5h flow to moi'¢mcDt in Innds: In¢ffascl{Dccrease) in ¢ash in thc ycar Cash illfiow from inrrease in debt 6J96 (Iw) {2.963) 18,474} Movement in net fullds in the year 4.896 (15,437) Net swjlus at l August 2023 (11,049) 388 r*et debt at 31 July 2024 (6,153) 111.0491 Net dcbt is rc resellted b . Cash at bank and in hand Bank overdraft Bank loan payable ￿￿thI"ll one year Bank loan payabl¢ after one year 176 (225) (417) {12.0831 111.000) (6.153) ILI,0491 CHICIITLL SCHnni. NOTES TO TItE ￿.￿NCIAL STATEMENrs For the year ended 31 Julv 2024 Ac¢olllltlns poliuc3 The follo￿l￿g aeconnting pnlTrci£8 have heen Applied c(yn%igtently in dealing with itellLS which are considered n￿terIal in relation io the School's finJDLial statements. a) Bas15 of preparation The [￿ancial staterncnts have been prepared under the Comp20ies Act 2006 and in accord3nce with the Ststement of RecOrn￿ellded Practice for Charities (SORP 2015) (Second Edition eff¢LL1￿¢ l Jalluary 2019) and FitWL¢ial Reporting Siand2rd 102. Chigwell Sch￿1 ￿tS th¢ def5Dition ola pubkÉc benefit ¢ntiry ÈuJd¢r FRS 102. The f￿anCial stst¢ll￿15 are drdwn up on the historical cost basis of accounting, as modified by th¢ revaluation of invcstsnents h¢ld as fExed assets, which are Èncludcd al value. and those land and buildings which ivere revalued in 1939 (note 13)- bl PreparAtlon of the ac¢Oh￿ts OD a goiDg concern basis H£iving r¢vi¢wed the fiu￿l￿g facilities avail&ble to the together the eXp￿ted ongoing demand for pla￿$ and the School'8 tuEur¢ projected casJL flows, thc tsovernors have a reasoDablc that SilK￿l l]a5 adcguatr Ittsourcro to wntilluc its activilies for the foreseeable future. Accordingly. the Governors Continue to adopi the going C(￿ern b0Si5 ill preparing the finaneial sthtements as outlined ill the Strdtement of Accounting and Reporting Responsibilities on page 8. c) Group fillancial statements The tinanrial statements present tbe Consolidated State]nent of Financial ActivEties (SOFA), the consolidated and charity Balance Sheets and the Consolidated Cash Flow StateineDt comprising the consobdation of the charity with its M,holly ouYed sub8idiarv Chigwell Mitre Ent¢rprises Limited Th¢ results of the subsidiary are coLsolidated on a lille by lime ￿$18. No separate SOFA has been Presenied for the cbarity alone as permitt￿ by seLtion 408 of the CoEtwies Act 21M)6. The net incom¢ of the clwity is disclosed in note 2. d) Critical aeeoutttittg estitllates Judgements General In prcparing the consolidatcd ftnallcial sthtemcnts, njanagemem ha5 esiinwics and &ssuD]ptiO￿s that aff¢¢t the application of th¢ Scbool's accounting policies alld the rcportd assets. b"abih"tios. income and expenditur¢ and the disclosures made ill thc consolidated fittancial statellltnts. Estimates aDd judgements are continually evaluat￿{ 3Dd are based on historical eiperience other factors. including expeciatioJ]s of ￿tllre events that dTf b¢lievLal to be ￿onable under the circumstance5. Plllnt and equipmenl Management estitnatss tbe lives of plant aJMI wipn*nt based on judgement and experi¢n¢¢. Where management idenhfies that actual usefid lives differ Tllaterially from the estiIwi#tes usd to ealculate depTr¢iatioo that charge is adjiisied ])roipectively. Due to the significance of plant and ¢quÉpment inv&8ttnellt li? ￿n4)ally. VdtiatioLs b¢twettt actual and e5tillMted useful e¢oll¢)mie liycs could impact oa opernting results both positively and negatively, although hists)rically no changes have beeD required Bad rlebiprovision The School ¢valu2tes tbe need for * bad d¢bt provision at eacb reporting date. The School's accouDts"ng policy is to provide against sp¢tific debts at the year eDd_ e) ID¢ome Fees reeeivable and ¢harges for 5ervicts are accOunt￿j for in the pcri(Ml in which the service is providuL Fces ￿CeIvable arE 5tatcd after dedu¢titig 2llow'anccs. bursaries, s¢hol8rsbips and othcr rcmissÉotss wted by the Sch(x>l. tbtsc arc recogDised in full in the year in V¢hich they are receivable. Dondtiuns subjeLt 10 speiifÈc wish¢5 of the donoT5 aT¢ ¢a¥ried to the Televant restricted funds. Income from ancillary ttading activities is r¢cognised as eame41 Ancill4ry trading turnover includes the value of faciliiies provid¢d free of cbarge or at a reduced rate to vatiOU5 Charitable and I￿￿1 couttDullTty Otganisations dllring the year, calculated on the basis of th¥ foT¥¥on¢ stsndard cba¥8es. Governrnent revellue grdnts are recogniscd on A systematic basis ovcr th¢ penrf8 iti wkn.ch tbe Schwl re￿g￿l￿$ thc related costs for which the grdnt is intended ￿ compensate. Iv￿[￿ent incom¢ is Fe£0￿￿5td on a receivdblc basis. CHIGIVELL srHnni. LYO'fES TO THE FL).LNCIAL STATEItETrtrs (CONTINUED) For the >ear ended 31 Julv 2024 P41b¥ 13 Donated serrices xfjd eqllipment Wbere services and equipment rt￿t would norntsllv be purchased from the SchiK>I's swypll￿S are provided to the charity as a donatt"on, this ¢xpenditur¢ is included in tbe Flllanciai statem¢Dts al the estittiated value of th¢ conttibution to thc cl]arity. g) Expenditure Expen(h"ture is recoguised as S(￿￿ as a liability is CODsideffd probable. discounted to present value for longer tcno liabilities wh¢r¢ dpplicable. ExpeELditur¢ is cla55ifi¢d under the following artivity heading5'. . Costs of raising fi]nds are those costs incurred in altra¢tillg voluntary incom< and those incurred in trading activities thai rdise funds. Choritable acti￿11￿5 includ¢ oxpcndittwe 0ss0ciated with teachiD& welfare and Sch￿1 buildmgs and equipment undertaken io fllrther the purposes of the charitable companv. kr¢coverabl¢ VAT is cbarged as a cosl 8gaillst the aCtI￿ty for which the expenth.tute was incurre b) LeA5es 8nd hire purchase CODtracts Tangible fLxed assets acquired under fJnan¢¢ leases and hire purchase ¢ontrdcts are ¢4)italised at an dsiimated fair valuc LIL the dat¢ of ioc¢piion of ¢a¢h lease or tontract. The total fknallce charges are allocated over the pert(Ml of the lease in sllcb a way as to give a reasonablv consismi Lh￿￿￿e 01] th¢ outstand]ng liability. Rcnta15 paid under operating leases are as incur i) T#Lgible fixed assets Freehold land and buildings, iD¢ludmg projects u]Mkr dcyclopment. are all fill￿tIonal asscts and att thtttfor¢ shown at C05t, ¢x¢ept a5 disclosed in note 13 c). Their N'alue is maintained by a full progratllu￿ of ¥¢pair and rcnovaiion and thc book value is substantially less than th¢ preseiit value for insurdnce purpos¢s. Therefore. no provision for depreciation of the lattd and buildings is n￿de, with the excq)tion of certain sporting faciliti¢s and fixtures. fittings and equipment which arc swafd*ly identifiable and are decmfd to have a fillite life. An irnpaiTment review is conducted annuallTr. F.quiprnent is shown at cost and includes ￿￿Vable it¢ms purclthsed for iTJStallation in n¢w builth"Dg& mech2tllcal equipmcDI and nJinibu5es. Indxvidual iierns of 4uipment over £2,000 are ¢apitalised UDltss they are replacement Ltems which are includcd in the levattt depart[￿¢,$ expenditure bu(Igei for the yeat. In which case they cxpcnse(L All equIp￿ent purchases below £2.000 are also expensed. Depreciaiion on equipment is provided on cosL 1¢55 estimated r¢sidual value base41 otk current market prices, to write off the asset in equal insta]ment5 over Its useful life, as follows= Sports surfaces COmpu￿r equip]nent Other equipm¢nt - ovct 7 yrdrs - ovcr 4 yeaTS - over 5 years j) FiDgDcisI instruments The S¢hool Only has titjancial assets and fit￿la1 liabilities of a kind that q￿lIfy as basic fJn2uKial instrumtnts. Basic Fi￿an¢1a1 DstrutueDts, including trade and othu debtor5 aDd cr¢dit¢)r5. atr initially Te¢ogllised at transa¢tioD value 8lld subsequently measured at their %ttleJnent value. kl Investments Listed investments are a form of basi¢ financial itistru￿1 aryl are initially in the consolidated fitJan¢tal stslements at market value at the balance sh¢ct date. The Stst¢¥twrt of Financial Activtti&% includes th¢ net gains and losses arising on revaluations throughout th¢ year. Profits and losses on the realjsqtion of InVestED￿ are shovm as realis•l gains and lossts io the StaterneJLt of Financial Activttie& ￿￿tt￿ed g&iTLq snd l()gges OD invest¥rEnL% are calculated between sale5 Dr(Keeds and their opening caTrying values or their purchase value if acquired subsequent to tbe first day of the financial year. unreali￿ gains and losses arc calcu121ed as the differcllce between the fair value at the year End and their carrying Tr2lue. R￿lISed alld unrealised inve#tment Eains and losses are Combined in the Statement of Finallcial A¢tivtti&%. Investment in the subsidiary 15 walued at attnTr¥utable cost less provision for impairnm￿. CHICIVF.I.I. SC.Hnni. OTES TO THE FINANCIAL sfATENIEFUS (CONrtNUED) For tbe vear ended JI Jvlv 2024 P(1¥¥ 14 AccovDting polities (continu¢d) l) Stock Stock is iucluded at the lower of cosi or Det realisable valu ) Debtors ¢¢ and other dcbtots are recognis￿l at the s¢ttl¢rD¢ni all￿U￿1 thie aftet any concessions or tszdc discotujts offered. PrepaNrynents are valued at the aruount prepaid nei of any tradc discounrs duc. n) C85h and deposits Casb in hand and deposits held with b8Dks ]￿lUde c&sh al￿ bighly liquid short term investments. p) Creditors and proviSRODS Credilors and pro&isions are recognised where Ihe Sch(xil has a prwnt obli¥aiioT] fiutu il wdsl evejit tbat will probably rc5uIt In the transfer of ￿ndS to a third party. and the amount due to settle the obligation can be measllraI or e5nmated reliably. Creditors and promsions arc nornMlly rw0￿15ed at their s¢ttlement amount after allowiDg for any trade discounts due. q) Fund accounting General School funds aEe umtricted fi]nts wbAch are 8Wdilable for use #i the discretion of the tsustees in fUrth¢T￿Ce of the general objeetives of th¢ cltstitable cornpally and wbicb have not beett designated ffjr specific puryK)ses. The tsi]stees retaill part of the UDre5trict¢d fllt￿'. i) to help par¢nts ITh case5 of fi￿ncial hardskn"p and to ellable pwils fr[￿ll the of background5 to attend the qchool, having set up a designated Bursary Fund to factlitate this. aTMI li) to provide for future site dcvelopMentproj￿ts with a view to improvillg Sch￿1 facilities. The School has a uumber ot restrict¢d Incon￿ fimd5 lo a¢¢ount for siwaiioDS where a doJM)r ryuire5 that a is sptot on a particular purpose or where fullds have beeD rais￿ for a spttific purpos¢. The Endowment Fund represents expendkble bwsary and prize endow￿. ￿gether with p￿￿allent endowment assets held ill tru5L Th¢ fi2nds held ill tach of th&se categorics aTe dis¢loscd tn note 20. r) EmpIoyee beRtfits Short term benefits Short term benefits, including holiday pay whw ￿￿terIal. arc ftcogniwl as an expcDse ill the ￿lod in w*ti¢h the Ixncfit Rs received. Employee termInationp￿ments Terniination pa￿lertts are aceoynted for OD an accDJals basis and in line with FRS 102. Pensions The School pattiLipal¢s in the Teachers. Pension SChell￿ (England and Wales) for its teaching staff_ Thi$ is a multiI fees Less: Bursarie5, scholarships and other remissioT]s aDd discounts 22.884 {2383) 20,706 12,065) Net fee& 20.601 18.641 In totsl, bursaEies, scholarships and other remis5iODS were awarded to 239 pupils (2023.. 2311. The valuc of m￿￿)S-le$led bursarics totalled £1,226.489 (2023: £1.067.0781 aDd pmvided LO 56 pupils (2023: 50). of which 3212023.. 301 benefited fro￿ a full remission of fees. £7,922 (2023.. £31,808) of m¢ans-tested bursar5¢s were Tllet restricted fun05 by way of a tran5frE to geTfftal School fijnds lllote 111. b) Other eduegtioD%l income School trips and other pupil act[￿tieS Enirance and regtstration ftt5 565 147 315 133 712 448 The income on Schwl trip8 and other extra-curricular activities t5 fully ¢xpended under other teaching costs {note 7). e) An¢iUary trading inC0￿e Ancillary trading income comprises the coffee slM)p and gifted or reduced rate use of facilities. ul)&￿)/PrOfil8 are Eenerated as followb- Turnover 48 36 Cost of sales . Purchases, illclllding impaitmcnt los - Gifted or r&Juc¢d rat¢ usc of frdcilities (32) (17> (23) (8) (i) The value of facilitie$ prO￿ded free of charge or at a redure(I rd(¥ to various d)arity and lll￿￿ tkni¥uuliil Butwy fuod (notc 20). A ouojbcr of parents. including staff me]nbers with children ai the School. have contributed tow￿￿$ fitll¢Jraisillg etTorts by way of foregone f¢¢ th"scounts and admissson deposit refvnds as well as in cash. The Sports C.entre Fund was estsblished in 2022-23 to Teceive donations toward5 the Constsuction of a new Sports Centre, completed at the be&nniT]g of the current academic yedr. Friends of Cbigwell PAid a contrihutKon towards the Constr￿tion of the Climbing Wall in the ncw Sports C¢ntre. Charity fiJlldr3ising events above represent monia4 rdised by the Sch￿I,s pwJiK parents and staff during the year, which wer¢ dxstributed tt> variolls tlmitsble c2u5ts. These distributt"(ms are included utth otherwelfare costs (rtote 7). Courtland nTrde a doTJation towards the puwhase of four ind(K>T tsble tennis tsbles for the pupil Houses. Anall'sls of expenditsre StAff Cl￿ Depreci#titsn {note 81 (note 13) Other Total 2024 £'o Total 2023 £'ooo Costs of r3ising funds Ancillarv trading expendittwe Trading subsidiary expenditLire 49 145 49 145 31 Total costs of raislng fund5 194 J94 182 ChArÉtablt expenditure Eductytion andgrant rnaking." Teaching Welfare Premists repair n]aillienanc¢ Finance costs Grants, awards and Prizes Support costs and govemance ¥.622 692 520 10,193 2.823 3,076 770 9.139 2.486 2,738 103 24 218 2J32 7711 2.438 45 1247 3,730 2,809 Total ebaritable expenditure 12J78 294 8.024 20.596 17,277 otal expenditure 12278 294 18 20,790 17,459 Governance costs allloutiting to £58,907 12023: £59.062) rqTrrwi expendiÈLwe incU￿¢d the gov¢llwLre of the ¢hzrity and its assets and are primarily a￿)ciated with constitutional and statutory requirements. The ¢lwity tnLStees were neither paid nor r￿c]Ved any other benefits froEn the School or its subsidiary in the yeAr (2023: £nil). were they reiTnbuTSed e%peJJses during the year (2023.. £nil). No ¢htitity tnL8tee receivcd payment for prulr&siollal or other servic&$ Supplied to the charity12023: £nil). Auditors, remunerdtion of £25260 (2023: £23.640). T￿luded in governance costs abtsv< ￿lated solely to the 8udit. Further remuneration for Corporntion Tax filw. VAT advice a]Nl adthtional taxaiion seIviccs iti relats.on to Ihc subsidiary con7pany amountcd to £5.3 10 (2023: £2,700). fFnf.IVF.i.Y. SC.H(K)I. 'OTES TO THE FLNA.NCIAL sfATEMEpifs (CONfINUED) For the year ended 31 July 21124 Page lis 2024 2023 L'OOO AnAlvsi% nf stxff cnsts Wages and salaries Social S¢curity Costs Pension cOntrib￿lon5 Redundancv costs 9.488 1,008 1.782 8.256 870 1.480 12,278 10,639 Aggregate employee benefits of key nwia8eIDeIit persot)nel 372 358 The aTrerage number of employees in the year was 228 (2023.. 203). ¥epttsen*d as follows: 2024 Number 123 24 13 68 2023 Nurnb¢r 121 20 13 49 Teaching Wclfarc Premises Sllppnrt and administrdtiim 228 203 The number of ewloyees Who￿ UELvluments exceeded £60.(M)O wcte: £60,000- £70.0(MI £70,000- £80.0(MJ £80.000- £90.0 £90,000- £100,000 £120,UOV- £13U,000 £130.000- £140.000 £150.000 - £160,000 23 14 All bar otte of the above were Tx*mbers of the Teackn. PeDsion defilled benefit t*nsinn scheme. that one employee w&s a rnember of Eht TPT R¥iiremcnt SolutioDs defilled colltsibutiolls pe￿10n scb¢m¢. Pensions a) Teaching staff The School panicipates in the Teachets" Pension Scheme (England and WalGs} ("the TPry foT its. teaching staff. The peTtbivn ihar¥¥ for the year illcludcs ¢ontributiODS payable to the TPS of £1.441.988 (2023- £1208,117). AÈ the year end £183,551 {2023.. £142,903) was accrued in respect of contributions to this scbeme. The IPS is an unfunded multi-elnployer defiT]ed t￿efits I￿nsIOn scheme governed by The Te#chers' Pensions Regulations 2010 (as amended} and The Teachers. Pension S¢hem¢ Rcguiations 2014 (as amended). Me￿bth5 contribute on a 'tray as you go" basis with contributions from meTnb¢rs and the en4)loyer be￿g cr￿lited to thc EKchrqu¢r. RetiTement and other pension benefits are paid by public ftJJllts provided by ParliatDeDI. The employer Contrib￿lon r&te t5 Srt by the Secretw of State for Education following scheme valuations undertaken by the Govemment Aciuary's Department The EtxTrst recert acti]arial valuation of the TPS was PTepated &8 al 31 March 2020 and the Valuation lieport was published Èn October 2023. Tbe PTevious Valuation Repor( with an effective date of 31 March 2016, w#5 prepared prior to the nding in the 'McCloudSarEean case. which required thr courts to roLsider ¢ases regarding the implezDentation of the 2015 reforms to Public SeTrice Pensions, includiDg the TPS. Following the Mccloud judgemenL the remedy proposed tbai when benefits become payable. ell￿ble members can select to reeeive them from either the refonned or legacy schelnes for thc period l April 2015 to 31 March 2022. The actllarieg have assutned that members are likely io choose the optÈon that providt5 them with the water benefits, and in prepating the 2020 valuation havc applicd thc'grcat¢r valu¢. Lxncfifs for groups of relevdnt mcmbu5. The ernploycr colltribution rdlc for thc TPS is 28.6V/o and aDployers are also to pay a SCI￿ne adM￿"stratiOn leNy ot" O.08/0 Si￿1￿g a total employer contribution rate of 28.68O/.. CHIGIVFI.l. 8f.HOOL OTES TO THE FKNAYCL41. STATEMETrrfs (CONfiNUED) For the lear ended 31 Juli 2024 P&ig¥ 19 P¢usion$ (continucd) bl Non-teaching SUPPOrt staff The School also participaitt% in a scheme administered by TPT Retirement Solutiolls for Tts non-teaching support staff. This is a multi- employer definrd benelits 5chcrne attd il is again not P055ibl¢ or appropriat¢ to idcDtify the a&sds and liabilities of the Scherne which are attributable io the SCI￿1. The S¢hwl also the￿fOre accounts for thi.s scheme as if it were a defined contributions sclLeme. The p¢nsion char￿e for the year Inc]L￿eS ordinary cotMnTr*utions payable to TPT RetirEmthi Solution5 of £296,929 12023: £237,840) plus Deficit Contribution pa)TnctllS gf £12.521 (2023.. £12.521). s¢pardtely identified scheme expenses of £14.559 {2023.. £14.135} alld Life Assuranc¢ premiums of £9,398 (2023: £7.187). At the ye2r end £51.224 (2023: £36.676) was accrued in respect of contrtbRttions to thi5 schern The Stheme Tn￿tcC comn)issions all actiJ8rial valuation of the Pl8D every three yeaTS. The purpose of the actuarial valuation is to dct¢rmine the fimding position of thc Plall b). compartng a55¥15 with the past ser￿Ce liabilities as at thc valuation dat¢. The latest fidl valuatioll was catried out at 30 Sepiemb¢r 2020. The n]ark¢t value of thc Pknll's assets at th¢ valuation date was £800.3 million and the Pl8n's Technical Provisions (i.e. past service l￿bilIties) wete £831.9 million. The valu2ti0n therefore revealed a shortfall of assets ¢ornpamJ with the value of liabilities of £31.6 million. equivalent to a ftmding level of 96%. the Sch(x)I's shar¢ of thi5 5bortfall is estirnated at 30 September 2023 as £1 10,007. The full shortfall falls due in the event of th¢ employer ceasing to participa￿ in the Pl*t or the Plan wiDdiDg up, n¢itl*r of which is eJivi5aged at thc present tirne. From l April 2022. the deficit figure no longer includes thr Lyitsltsed value of expenses pa)rynents due to thc Plan. as these are now being accounted for scpardtely. No annua] increase wll be applied to contributions and the proposed recovery plan. whith aims to ¢liminate tbe deficit a cornbinatioll of additional coutribulions from ernployers and investment retLm15 0￿r a perÉod from l April 2010 10 30 Septcmbet 2025, will remain ll￿chang¢￿ The additiona] contributions payable by the School atnowited to £26.936 for the year to 31 March 2024" allowing for tn¢mbership changG5, combined contributions a]MJ schem¢ ¢Kpenses of £27,369 wÈll b¢ payable for the yvdr to 31 March 2025. Under FRS 102, organisations participating in a defined bellefits pension scheme with an agred defieit arrangement in place arc required to identify a liability for this obligation in their accounts. on ihe basts of ihe ￿et pr2Rent value of the deficit reduetion contributions payable. The present value is calculated ustng the di5COUDt Ta￿ which is r￿1$&1 as a flljance cosL detailed in the following Disclosu Report.. 31 July 21124 31 July 2023 £'oDo 31 July 2022 £'ooo Present vaille of provisio 18 30 A&sumption%: Rate of (liscount OA per aDDum 5.23 5.98 3.15 The discount rdtes Sh0Th￿ above aT¢ the equivalellt single diSc￿J￿l rates Whic￿ when us&J to discount th¢ fuwre recovery plan contributions due, would give the saTDe r￿lIts as using a thll AA cotw)rate trrf)nd yield curv¢ lo discount the same recovery plan coDtributions. 31 July 21)24 31 July 2Q23 £'o( Reconciliation of opening and closing provisions.- Prosrysion at st4rt of y¢ar 18 30 Unwinding of the discount factor (intetesi expense) Re-mea5urements- i￿paCts of any change in assumptions Re-￿taS￿re￿t￿t￿- ￿n￿￿￿￿tIllS io the contribution schedul¢ {1) (i) Incorne and expeu(SitLtre itnpact of FRS 102 Deficit contribution paid (12) (12) Nyl inLum¢ and expe1￿ltUr¢ itt¥)act (12) (121 Pro￿s1on at ejtd of vvAr 18 C.HIC.IVF.I.I. SCHOOL YOTES TO THE FIYAYCIAL STATEIIENTS {coTrrtlNUED) For the vear ended 31 Jlllv 2024 Pdgf 20 21124 £'oo 2023 £'ooo 10 .MovenJent in total fnr the period This is %tated after charg]￿-. Operating lease rentals- hire of eqUip￿￿nt Depreciation of equtpmellt- OWE￿1 assets Auditors, reMUD￿￿tiOtt for audit 80 294 25 141 24 11 Tran$fers bettveen fvnds Sehool FuDd DesigD¥4ted Fullds Restricted Funds Ettdowtnent Funds £'ooo CME Disbursement Fund". Gift Aid CME Disbursement Fund.. Building improvement projects Means-ttsicd butSdlifS Bursary Fund replcnishmenl Rcstrsct¢d Bursary Fund Restricted Sports CthEtre Fund Expendable endowrnellt Teleascd Notional ITJt¢rcst on tnonies held in School bank account (44) (63) (1,226) 1,770 1,226 (1,770) (8) (ioo) (3) (8) 1425) 525 (104) Further infornjation regardutg transfers betwe¢D fullts is contaiud in llo* 20. 12 Taxatio Th¢ par¢nt ¢ompany, Chiw¢ll sch￿1. is a regÈst¢red charity and is exernpt frott) tax on iDCI)Trte and gatns fatling v4ithin section 505 of the Taxes Act 1988 or section 252 of the Taxation ofcbarg¢able Gaius Act 1992, to the Lxtcnt that th¢sc arc applied to its charitable objects. 13 Tangible fixed a5Stts Grou attd Ch Freehold Freehold •rth¢r lattd operating lattd & buildings & bllildiDgs Projects in the Course Df Plant & maehinerv development Total £'ooo £'ooo Cost Ai l August 2023 Athlitions Completed projecLs 14,651 9,941 21,9J6 1.879 ($82) 747 312 47,2SS 1.191 275 307 At 31 July 2024 14.926 10348 23313 1.059 49,446 Depreciation At l August ?023 Charge for the year 4Z5 122 177 619 1,166 294 At 31 July 2024 425 299 736 1,460 bvuk Value At il July 2024 9,949 23,213 32J 47,986 At 31 July 2023 14.226 9.819 21,916 128 46.089 CUIGIVFI.I. SCH(K)I. NOTES TO THE FPiA)CL4L STATEMEwfs (COYllNUEDI For tbe s'ear ended 31 Juli, 21124 Pa￿￿21 13 Tangible fixed aJJ¢ts (continued) ) tncluded in freehold land and buildillg5 above are dep￿.1￿hle ￿&￿et& LS follows: - Sixth Forni Centre fixwres, fittings and equipmenL net book value £nil (2023: £nil); deprffiation £425,444 {2023: £425,444). Syiithctic all weather sport5 surface, nct bwk Yalue £165,340 (2023= £198.408)' depr¢ciaEitsD £66,139 {2023.. £31,071). S￿t￿etit 3G sports surfate. n¢t b(K)k value £88,65Y {2U2i". £l18.252)- dewwiation £118,25? (2023= £88.6881. - Sports and Welluess Centre equipll*nt. net b(K)k value £455.829 (2023: £nil): dwEciation £113.157 (2023.. £nil). bl The freehold properties of Chigwell Sch¢xTrl known as Haylands House. Haylands Cottage. the to the Back of 119-121 High Rtsa(L ChigwelL EG7 6QQ and the freehold propcrty knowo as 129-131 High Roa¢ Chigwell. IG7 6QF gre all charged to tb¢ ¢ompallys bankers as Security for bank facilities. The Sporrs CeDtsr L()Dstr￿0& alld ac¢¢ss road were adth"tionally charged sn April 2Q22 as security for an ¢xteDsion of those facilities. c) Freehold land alld buildings includes endow￿ propet¢ies held by Chigwell School 'l"rus4 whose tn]stees have gii'ett the company power to hold and Èdtninisier those propeni&&" their inclusion ID the cowanls balaDce shect is san￿10￿¢d by a unitillg direcrion Isbutd by the Charity Commi55ion. It is not t￿5]ble. ￿Ven the long history of the Srhwl, to analyse fvllv the cosi between endowed and non-enilowed propcrties. The combined tozal is tnade Ipfa yaluitlivu 1939 of £08.885 plu5 additions 8Jncc Ici51 prior to the transfer to the company. the application of UK)nies received as wific or general donations. The book value is substantially 1¢sS than the present value for insurnnee purposes. Following a reNiew. no 1n)palrn￿t has been identified. d) Projecis in the course of devel()prnent at 31 July 2024 wholly rcpresent the construction of the new sports facility for vknich the retention Femins outstanding. Of thc total odditioT]S to projects in th¢ course of dev¢lopmenL £IOO,O(K) {2023.. £nil) was satJ.4fied by contributions trom rcstricied fi￿dS (note 20). tl Included in freehold endowment land and buildings above are pToperttes purchased from sch￿)] tncome fvnd5 amoi]nting to 11,031.043 12023: £10,948,159): these assets ar¢ wholly used lor ¢]Jaritable pury)os¢s and fo￿ the basis of the loan fro￿ general School funds to pertJLanent end0Fffj￿ (Mote 21). D The trading subsidiary does t￿t any fixed assets. Gro Chari 2024 2023 2024 £'oo 2023 £'ooo 14 Investments a) Quoted investments Market value at l August 2023 Unrezli5ed Oosses)Igains 1117 109 (2) 107 109 (2) Market value at 31 July 2024 107 115 107 Historical cosi at 31 Ju]y 2Q24 37 37 37 37 The School holds incolne shdtes in the CCLA Cbatitie5 Official Inv¢stme￿ Fund (COtF) and th¢ M&G Group Cknities Narrower Range Common Jnvestmeni Fimd Ichariknnd). b) Unquoted IDvestmellts Wbolly owned subskdiary The School the whole of the ISSU￿ slmre capital andwidertxking of Chigwell Mitre Enterprises Limiied. a company incorporat¢d in the United K￿gdO￿[L 2024 2023 £'ooo The assets and liabilities of the subsidiary were.. Current assets Current liabtslities 437 (436) 118 {117} Total net assets CHIC.IVELL SCHOOL r40TES TO THE FP4ANCIAL STATElfEYrs IcoTrrrINUED) For the year ended 31 Juiv 2U24 Pa￿ 22 GTI)U Lharitr" 2024 2023 2024 £'ooo £'OCN) 15 Stock Cat¢ring supplics Old Chi¥welltan Club Bar Sports amd Wellness C.elltre ¢2fe 27 21 27 21 33 25 27 16 Debtors Fee debtors Swidry debtois Amounts due from subsidiary collyny Prepayncnts and a¢erned incotDe 117 31 61 43 117 31 395 145 61 43 92 167 187 179 335 283 688 363 17 Credltors falling due ￿1th1￿ one year Bank loan {note 19) Bank overthaft Admission deposits Supplier creditors laxation And Social Security ()ther creditors A¢cruals and prepaid in¢omc Advance fees (note 11$) 417 417 225 18 244 223 199 2,085 1286 225 18 244 223 199 2,059 1,280 20 292 237 734 265 3041 20 292 237 734 243 3,841 5306 4,280 .5.784 4,254 18 Advante fee payments Parcnts may pay the School tuition fcL3 in advancE crthcr in iD#almenL% undcr thc Scbool's fornki loan scheme. or in a lump sum. In respect of lump sum advauces, Ibe longer-terni mnnies are re(urnable on reccipt of on¢ lernl's notice. Assuming th¢ pupils concerned relljain in th¢ School, advance ftts will be applied as follows: Within orte vear Betwttn one and five y¢ar5 3,841 4,199 1286 219 3,841 4,199 1.2116 219 8,1140 1.505 8,¢HO 1.50S 19 Creditors falling due *fttr more tbaD one year Bank I Advance fees (note 18) Adn)ission éep05its 12,1fr83 4.199 170 11.0 219 165 12.083 4,199 170 11,0 219 165 16.452 11.384 16.452 11.384 Analvsis of bank loan Repayable within one year Repayable bctsvc£n one and two ye￿5 Repayable between two and fjve years Repayable after more than five years 417 833 417 833 2.$110 8.750 417 2.500 8.083 417 2.500 8.083 &750 12 I I,o($0 12,$110 11.000 Included in liabilities falling due within on¢ year (note 17) (417) (417) 12.083 I I.IKM) I2.1￿5 11,000 CHIGIVELL SCHOOL OTES TO THE FI)ANCL*L STATEMENTS (CONfINuED) For the ￿ear ended 31 Julv 2024 Page 23 19 Cr¢ditor5 falliDg due after mvrc than ODC year (coDtinu¢d) Anolvsis of bank lo#n {CODtiDued) The School entered into an £1 Im fa¢ility agreement wvih its bankers, dated 29 April 2022, granting a legal rnortgage in respect of the Sports Centre devclopment property- Details of the chargcs rcgslered as 5tcurity for th¢ facility are di5tlosed in note 13 Ib). Further loon utilisation requests wcrc subnutted ITJ the current y¢aT, ittereasing the loan faeility to £12,500_000. The fiill In&n i.s due to be iepaid in equal quarterly instalnlellts over 15 ycars b¢gintiing on the third auDiYftsarv of the date of th¢ a2r¢emeBt in 2025. The rate of interest is the percentage ratr per annum wbicb is th¢ agwate of the margin alld th¢ base rate. 20 Analvsls of ¢la8ritable Grou and Charity al Aoalysis of UDrestri¢ted fund movements E￿ndItsTe & wfjvejllellt iti fuDding deficit Balance at Balancc #t l August 2023 £'ooo Transfers ID (note 11) Tr&D5fers tsut (oote 11) 31 July 2024 £'oo De5igD4ted funds Bursary Fund CME Disbutsement Fund Building Maintenance Futtd 1210 1,77 {1.226) (63) 1.754 165 309 3119 1,7113 (1,289) 2328 General funds School Fund Pension reserye 25.%J4 (18) 22243 (2￿786) 12 lJ97 (1,822) 26536 (6) 27,189 22243 (2Q774) 3,211 (3,111) 2&758 Fund.. to help parents cases ol financkal ha¥dship to CDable pupils fr(w the [￿M)E&st of backgrounds to Chigwell School. BuTsaries are means-teslaL and avdilable to pupi]s fro￿ age I l upwards. CME DÈsbursement Fund: to T￿tIVe tbe annual donation from Chigwell Mitr¢ Enteryirises Limit￿1 (note 23) whi¢h is desRglla￿d for expenditure 012 Tn#intsit)in2 and illjproving the SchMI'.4 y)rting I￿1 other tscilities. In the current year. the Fund met the depreciaiion chai8es foi". - Tractor foT th¢ grouEN]s departn￿L annual depteciation £6.468 (￿St £32:340 over 5 yeaTs)', - Syntheti¢ 3G sports 5urfa¢e. annual dcprcciation £39.562 (cost £206.94(J ovcr 7 yeats); - Synthetic all weather sports ¥uttdC¢. dTJnual depr¢ciation £33,071 (cost £231,479 ov¢r 7 years). Buildin Fund.. to receive fthlds from the School surplus, including income, earnwked for future School site development and FDajor maintenance pmjects. DurÈng the current year. no further fi]TMLs were Car￿arked fro￿ the genetxl Sch￿1 Fut 12023.. £nil) aud no fiEnds were tranSf¢r[￿ in r¢5PECt of developm¢nt and mail￿e PTOj#ts (2023: £nil). UnFestTiCted School Fund.. represents the accumula￿] rcsources of the Scbwl. TYlain>J io cover working capital wuitenKnts and to fJll2nce impu)vements. CHIGllfLL SCHOOL OTES TO THE FIl￿NCL4L STATF.IIEpifs (CONTINUED) For tbe vear ended 31 Julv 21124 Pag¢ 24 20 Anttlvsis of ¢haritsble f￿1￿ (continued} b) An*lvsas of restricted futtd movement5 Balance at I August 2023 Balance Rt 31 July 2024 £'ooo Transfers in (note 11) Transfers out {note 11) Intome Expenditure £'ooo Seholarshap and prize funds Gen¢ral Prize Fulld Tim Pniss Memorial Fund Bursary Fulld (4) li (8) 13 22 (4) (¥) 25 Properts. development funds Sports Centre Fund 63 67 (100) 30 78 {4) {1118) 55 Scholarship and prize funds Prize Fund Tim Pnjss Memorial Fund Rursary Fund Descriplion. oftkefvnd To provide academic and other prizes foi achievement To provide a suitable menmirial in rett￿nbranC¢ of a foTrn¢r pupil To Co￿pIlMent the Sch¢J)I's exisling dc5i#nated Bursary Fund (note 20 a> Prize Fund: this FepEe5ents a sepatately rewst¢rcd cljarity. its incl(Lsion in the company's balancc sheet 15 SaTlCtioned by a uniting dI￿tiOn issued by the Cbarity CommissioJL lkning the year. priy£s tokll]ng £3.461 (2023.. £2,326) wcr¢ award￿ from the Futtd. TiTn pr￿$8 Memorial Fund: Prizes are nomjally awarded ￿nn￿allY as coDtribuiions thwards students, study trdvel trips abroad. No slleh prizes ￿'ere awarded to pupils in the Current year (2023: £llil) iti view of the k￿￿-On effects of the corollavirus palldemic on international travel. Fund: Transfers to gencral Sch(Kbl fitnds represent addttionai bursaries totslliTJg £7.922 (2023.. £31.808) awarded to 3 (2023.. 4) pupils aftcr tht start uf ihe acade￿iC yw to allow them lo continue to att¢nd th¢ School aft¢r a change tn the ecoTrollLiC circutnstances of their parents. Further awar(Ls from this Ful￿ arc allti¢iPated in tb¢ coming academic year. Property developnient funds Sports Centre Fund Ducriplion, andpurpo¥e￿ ufthef*nd To receive donatio￿ towards the mtru¢tioo of 8 new Sports C¢ntre S orts Lentre Ful￿.. Donations totslling £67,568 (2023: £28202) wue Teceived into the Fund in the cwrent year. £IOO,01)O was released the ciirreDt year a cOntn￿ti0tj towards constn]ction cosrs attd rana]￿Illg f(mds are due to be released in the coming year on full completion of th¢ projtci. c) Analysis of endnwment fulld ￿0VeThe￿ts Balance at l August 21123 £'ooo Balancc at 31 July 2024 £'ooo l¥et transfers (note 11) Investment £'ooD Expendable eDdowments General Prize Fund ID7 (3) 115 Per￿allent cndowmcllts Frxhold land alld buildill85 3,017 3,624 TotAI endoThThents 3,724 3.739 Capitsl gifts associated with prizes and bU￿1¢S are cl&ssified as eX￿dable end(ThvmeT]ts. Pernmnent endowme￿ funds rw¢scnt laryl and buildin¥s which wuc dunatsxl t(Tr tbe Sd]otTrl. tflld include iTnprovert]ents to endow¢d land and buiidiDg5 fiDanccd frorn th¢ sal¢ of donated propenv assets. CHIGWELL SCH()ni. NOTES TO THE Fri.￿}cIAL STATEIIENTS {CONflNUED) For the yesr ended 31 Julv 2024 Pag¢ 25 21 AttAlvsts of D¢t llssets bthveen fumds The net assets are beld for the varioiig fi1n￿8 Ls folli)Tr's= ixed Inter-fllnd loa Net Current Assetsl (Li*bilsties) £'ooo Long Term Liabilifles £'ooo assets Investments Total £'ooo £'ooo Unrestricted funds: Designated fimds G¢nernl fulld Pension reseEve 2.22% (1.528) 2.228 26,536 {6) 33.485 11.031 (16,452) {6) 33,485 11,031 71HI (16,458) 28,7S8 Restrieted funds: Scholarship altd prize fimds ProperEy development funds 25 30 25 30 LndoFment tunds: Expendable endowments Peiinanent endoThinerÉts 115 115 3,624 14,501 (i i,oJi) 14501 (11.031) lis J54 3,739 Total net assets 47,986 115 909 (16.458) 32052 The loan from general S¢hty)l fill)ds to pertnanent endown￿￿ refieds the fimding of certaiD propty &8sets wholly or partially purchased utilising th¢ School's incom¢ fwjds. These a&sets, all of which are situated on Pen￿lI￿At endownent laud or are Improvements to gifted properti￿ illclude uT]identified property athlitiow prior to incoryoration. logether with identifiable property athlitions since incotpordtion and attributable T¥stsi£ted fwjd rnollies. The loan is interest free no s¢t r¢payrnent date tss Jt represents intetnal adjustments lltcessary to Teflect the rel&tive sources of endowment property costs and fvnding. 22 Contracts #lld commitments At 31 July 2024, the S¢hool had the followillg fj])ancial and capityl ¢0￿mil￿en￿. a) Financial co]nmitrients undcr Don-¢ancellable operating l¢ases: Equipment 2024 £'ooo 68 136 Equipment 2023 Diie under one year Due between Éwo and five years 37 86 204 123 b} Capitsl comrnitments, authotised and contra¢te(L in rGspect of coLstiv¢tion of a D¢w Sports Centre. Althougb the new Soprts Centre has been in operdtion since Ocwber 2023. th¢ School h&5 a LVtt]Tni(m¢nl ￿￿OuntIng 10 £460,285 respect of a retention relating lo ￿1] and final completion of wnstrllction of the project. The cost to dLt¢ app¢ATS as projects in the course of development in fjxed &ssets {note 13). 23 Relat£d partv transaftioDs a) During the ycar, the School rttelved £43,760 (2023: £79J05) by way of ¢k)Dati()ll5 £74,110 (2023.. £70.097) by way of rent from its subsidiary. Chigwell Mitre Enterprises Lirntt￿ a cowwwny fornnl to exploit the Sch(MJl's facilities COEnmer¢ia]ly. That company donates the whole of its profit to the Sch(x)L b) There are two linked charities, th¢ Chigwell School Ge]]ern] Priz¢ Fund and The thigwell Sch(M)l Trusl wbich 5eparalely registered with the Charity Commissi¢)n: their inclusion ill the charitable compAnYs fiT￿￿1￿1 #xtemerts 18 $anctiond by a uniting dir¢ction issued by the CoEDtUi5SiOll. I In the current year, £10.751 was paid to Èbe Mfe of an ex-governor who contractyl Éo provide foreigTr language tuition (2023: £13.409). d) No charity trustees were paid or rein)bursed expenses durhng the year (2023: £llil), and no charity m]siee r￿e5ved any etnolumenls or payFnent for proftssional or othv services (2023.. £nil). EA￿￿ltUr¢ in ￿ year totaliing £3,757 (2023.. £2278) w45 incU￿¢d ftsT subscriptions and Tne¢ting costs. CHtC%VELI SCH()ni. r4oTES TO THE FDI￿%,C1AL STATE.ItEwfs {CONTLNtiED) For the year ended 31 Juli, 2024 Page 20 24 Co]nparativ¢ fIguTCS by fund t￿e- Ineomc alld esp¢Dditure A) Consolidated Ststemeut of Activtties Unrestricted Fullds Restricted Funds Endowmellt Funds Total 2023 £'ooo IJCONIE AND EN￿o￿,￿EliTS lllcome from charitable a£tiTrities: S¢hool fees receivable Other educational Ancillary tradmg income 18,641 448 14641 448 36 llleome from other trading a£tiTrrytie5: Trading subsidsary turnover Rell￿1 incornc M55ccllaneous illeotlle 317 23 55 317 23 55 Investments: Inirstment incorne 24 Ib) 109 113 Tr'olunt#r)' source4: DonatRons and legacies 24 Ic) 68 71 Total illeome 19.632 69 19,704 EXPEINIDITURE Expenditure om raising funds: Ancillarv trading expenditure Trading subsidiary ¢xpenditure 24 (d) 24 Id) 31 151 31 Isi Total eipendlture on raisillg lunds 182 182 Expenditure ott ehoritable activities.. Education and grant making 24 (d) 17273 17,277 Totsl expendlthre 17,455 17,459 Net tneomel(expenditure) from opergtioDS before invtsttnettt gains and transf¢rs 2.177 65 2,245 Unrv&lised gaills OD ]llVeSt￿cnts (2) (2) Tr2nsfers between funds 24 (e) 23 (28) et illco￿e capitstl 2200 37 2243 Movement in pension scherne funding deficit 12 Net Thovement ill fllnds for the year 2212 37 2,255 FutLd t>alancc5 brought forward at l August 2022 25 24,977 3,718 28,743 F￿lld baEan¢¢5 carried forward at 31 Julv 2023 27.189 85 3,724 30998 c￿rI￿.1.[. SCHOOL r*OTES TO THE FP*ANCI.4L STATEIIENTS {CONfiNUED} For the Trear ended 31 Julv 2024 Pa￿￿ 2- 24 CollLpgr*tive fjgures by fund type- Incorne gnd expendithre (eoTrtinHpA} Ullrestricted Fund £'ouo Restrieted Funds £'ooo EndDwment Funds 'I'otal 2023 £'ooo £'oo b) Inv¢$tm¢nt Income Dividends from listed itiN'estments Bank deposit intttesi receivable iio 113 £) Grants. doDations and legacie5 SchOla￿hlp and prizc funds Bursary Fund Sport5 Centre Futtd ChaTity fwJdrdiSillX ¢vuiI io 57 57 71 d) Anal>5É5 of expendithEre Otber costs Total 2023 £'ooo S¢Aff costs Depreciation Costs of raising funds Ancillary trading expenditure 'I'rading subsidiary expenditllr¢ 31 151 31 151 Total costs of raising fullds 182 182 ChariÉ#ble expendithre Educalion undgromt ￿￿kIng." Teaching Welfare 7.832 475 498 1299 1.999 2.164 103 9.139 2.486 2,738 103 12 76 tHJair attd n￿l￿tenance Finance costs Grallts, awards and prizes Support costs and goverEwice 4S 930 2,8119 Totsl chAritable expenditure 111.639 141 6,497 17,277 Total expenditure 10.639 141 6,679 17,459 e) Trall%fers between funds Sebool Fund Designated Funds RestrReted FuDd5 £'oo Endowmellt Fund5 £'ooo CME Disbursernent Fund. Gift Aid CME Disbut5eTntnt Fund. Building Improvem￿ projects M¢an5-tested bursaries Bursary Fund replenisknLent Rcstricted Bursary Fund Expendable endowEneut released Notional intcrcst on n]on2ts held in SCIN￿1 bank account (79) 69 1,067 {1.192) 31 79 {69) (1,067) 1,192 {31) 13) {8) (112) 135 (28) CHIC.IVELL SCH(K)L OTES TO THE FPYANCIAL STATENIEP(rs (coNrIiNuED) For the iegr ended 31 Julv 21124 Page 28 25 Comparativc rIg￿r¢S by fund type- Analysis of ¢h*ritsble fwids A) AnAlvsis nf llnr&stricted fund moverneDts E￿endIture & moi'ement in hndiDg deficit Balance at l August 2022 Balance at 31 July 2UZ3 £'ooo Ille0￿e £iw Transfers ID Transfers Out £'oo Desigllated fllDd5 Bursary Fund CME Disbursement Fund Buildin¥ Fuad 1.085 174 3119 1.192 79 (1,067) (69) 1.21 184 309 1.271 (1.136) 1.703 General funds School Fund Penslon reserve 23,439 (30) 19.632 {17AS5) 12 1,167 {1279) (18) 24,977 19,632 (17.4431 2,438 (2,415) 27,189 b) AnAIvsi$ of restrieted fund movetDents Balance at l August 2022 31 July 2023 Income pendfilure Transfer5 Transfers out Scholxrship and prize fulld5 Gen￿￿tI Prizt Fund Tim Pn￿ Memorial Fund Burs8ry Fund (4) 32 io (31) li li (4) {31) 22 Propertv develOp￿ent funds Spons Centre Fund 63 48 69 (4) {311 85 ) An8lvsis of ettdowment fund movements BaSaDce at l Augus¢ 21122 £'ooo In¢onhe exceptional Balance at InvtitmÈnt g8iRsI(1055es} £'ooo Ewndithr¢ Net transfers 2023 £'ooo Eipendable eDdoJvmeDts General Prize Fund 109 (3) (2) 1117 Perlnanent endnwrnent Assets held in trust 3,61 3.617 3,718 (2) 3,724 cHIC1￿￿LL SCHOOL OTES TO THE FI.)A.ryCIAL STATE.TrILIYTS (coKfiNUED) For the ended JI Jlliv 2024 Pa￿e 29 26 Cowporthtivt figures bv fond type- AA￿v$1$ of Det assets betweett fvnds Net Current As5etsl (Li¥bilitie5) £'ooo Fixed nter-fulld loan gTer Liabilities £'ooo assets Ini"estments Total £'ooo Unrestricted funds- Designated fi]ELds Ge￿ra1 fund Pension resawe 1.703 25.504 (181 31,71M 111,948 (6?14) (10,8341 (18) 31.71J4 10,948 (4.611) (10,852) 27,189 Rcstri¢ted funds: SchDla15hip and prize funds Properry developTnent fi]nd5 22 22 85 Endowment thnds: Expendable endowments Perniaoent endo￿T[￿)ts 107 107 3.617 14J85 (10,948) 14J85 110.948) 1117 J80 3,724 Tot41 net assets 46.089 107 (4J46) (10.852) 30,998 Page 30 CHIGII'ELL SCHOOL DIRECtORS MI) OFFICERS DIRECTORS The trustees who served in office dwittg the year and Since the year end were as follow& Ms R Setrelli MA (Chair) D Morris5 Bsc CEng FIET FBCS CITP (VI￿ Chair) .lfrs S L Al]ker BA MBA ACMA J F cul￿.5 MBE BA Msc (Econ) N Garnish Bsc (HODS) MBA Cmgr FCMI MCSI M J Higgins Mrs I Peck BA Rev C Davies BA Ms M Jones BA (Hons) Mrs P Sen BA (Eco Hon) MA (Eco Hon) MBA M Ragba MA (Cantab) LLB Mr S A Bird BScFCIt Rev C K051a MA Mt5 0 R Btown D F Kenmir (resigned 5 November 2024) (resign￿1 25 August 2023) (¢tPP4Trl￿l¢d 31 Mav 2024) (appointed 31 May 2024) SECRETARY Mr K N Harnisworth MRICS HEADMASTER D A P King BA (Hons) MA PGCE with QTS BURSAR J Re2 MA FCA cfA Chigwell S¢bool Chiowell E5seA IG7 OQF P&ge31 CHIGII:ELL SCHOOL REFERENCE Af4D AD￿11,%1￿TRA7.1oIY CHARITY NUMBF.R COMPANY NUMBER 05846105 PRtP*CIPAL ADDRESS Chigwell School Chigwell Egsex IG7 6QF AUDrroRS HaysMaL LLP io (been Street Place London EC4R IAG BLNKERS HSBC BaDk PIC Page 32 INDEPEM)EIYf AUDrroR'S REPORT TO THE MEMBEKS AIID I'KUb l UP. CHIGWELL SCHOOL (Conttnued) For th¢ y¢ar ¢Dded 31 Julv 2024 Upinion We have audited the Consolidat￿ financial statements of Chigwell School for the year ended 31 July 2024 which comprise the Consolidated Ststemenl of Financial Activities the Consolidated and Charitsblc Company Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statemellts. includittg a summary of signtficant accounting polÈckes. The fllkancial teportkng fraznework that has been applied in their preparation is applicable law alld United Kingdom Accounting Stsndards, including Financial Reporting Sthndard 102 The FEnan¢ial Reporting Stundtzrd applicable in ihe UK and Reptlblic oflreland (United Kingdom fjenerdlty Accepted Accounting Prnctice). In our opÈDion. the fmancial sthtements.. givc a trllc dlld fair view of(he state of the group's and of th¢ parcDt charitable company's affairs as at 31 July 2024 and of the group's and parent charitsble ¢ompany's net movemenl ID fimd& irtcluding the income 2nd expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Acceptd Accounting Practice. a7Jd have been prepated in accotdance with th¢ r¢quiremettts of the Cowatlles AGt 2006. Basis for opinion We conducted our audit in accoFd2nce with In(ernational Stsndards on Auditing (UK) OSAS (UK)) and applicable Ixw. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial state￿ents section of our repoTt. We are independent ofthe group ill accordattce with the ethical requirements thal are relevant to our audit of the fillancial 5taÈernents in the UK. In¢luding thc FRC'S Ethical stalldar￿ alld we have fulfilled our other ethical responsil)ilities in accordance with these r¢quiTements. We believe the audii evidence we have obtaTn¢d is sufficicnt and appropriate to providc a basis foT our opinio Conclusions relating to going concern In auditing the financial statements. we have concluded that the I￿￿t(¢s. use of the going wn¢¢rn b&sis of ac¢ounting in the preparation of thc financial staternellls is appropriate. Based on th¢ work we have Perform￿ we have not Identifi￿ any material uncertatnties r¢latin8 to ev¢nts or conditions tha( individually or coll¢Ltively, may cast significant doubt on thc group's ability to continue as a going ¢OT]CCrn tor a pcriod of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the resp)osibilities of the trustees with respxt to goittg concern are described in the relevant sertions of this report. Other information The tr￿￿ee% are responsible for the other inforn￿ti0￿ The other iDforD]ation comprises the inf0m￿tron included in the Ttustees, Annual ReporL Ouropinion on the financial slatements does not cov¢rthe other information all￿ exwtto the extent otherwise explicitly stated ill out teporL iv¢ do not upr¢ss any fotm olassutaTrce coTrclu5ion thetwn. ID Conncction with our audit of th¢ financial statetn¢nts, our res￿nsIbIlity is to read the oth¢1 information an(L in doing so. nsider whether the other infOrn￿tIOn is materially inconsistcnt with the financial statements or our knowledge obtained in thc audit or otherwise appears to be materially misstrie¢l If we identify such material inconsistencies 01 appatent material misstatements, we are required to deterniine whether there is a malerial mi&statement in the financial statements or a mat¢rial isstatCTnent of thc other infuTm&tiun_ If, bascd un work w¥ huv¢ pcrfuttn¢iL w¢ LvllLludc that thcre is a material isstatement of this other intOTMati0￿ we are requwed to reEK)rt that fact. We have nothing to rcFrf)rt in this regard. Opinions on other matters prescribed by the Companies Act 21x16 In our opinion. based on th¢ WOTk undertaken in the course of th¢ audit: the informatioll given in the Trnstees, Annual Report {which incortKifdtes the strdtegic report and the directors. report) for the financial year for which the f￿ancial statement5 are prepared is consistent with the financial ststcmcnts; and the Trnslees, Annual Report (which incoryK*rates the strnte￿¢ rerM)rt and the diTectors' report) has been prepared in accordance with applicable legal requirements. Matters on which we are requtred to report by ¢xceplion In the light of the knowledge and understanding of the group and the pareni charirable company and Its enviTollmeDt obtained in the course of the audit, we have not idcntificd matcrial mi&statemcnts in the Tn￿ttts. Annual Report (which incoq)ordtes the strategi¢ report and the directors, repon). We have llothiTrg to report ill r¢sp¢ct of the following matters inxe￿I0￿ ￿ which th¢ CumpaDie4 Act2006 requires us to report to you if, in our opinion: adequate accounting recor(b have not been kept by the parent charitabl¢ company: or th¢ par¢nt oharitablc company financial staiements are ttot in agreement with the a¢¢ounting rccord5 and returns,. or ccrtain disclosurcs of trnstees, remuneration specified by law are noi made. or we have not received all the inforn￿tiOn and expl￿￿￿tiOnS we require for our #WJIL Page 33 4DEPEIYDENt AUDttOR'S REPORT TO THE MEMBERS ATID TRUSTEES OF CEllGWELL SCHOOL (Continued) For the year ended 31 Juty 2024 Responsibilities of trustees for the finallcial statements Ag explained more ￿llY in the trugteeg. regpongibilities statement fEt ￿]t n7t page R. the tmqiees (wh() are also the directors of the charitable company for thc putposcs of company law) are rcsN>nsible for the preparation of the financial statements and for being satistied thai they give a trne and fair view. and for such internal control as the trustees detennine is necessary to ¢T)abl¢ th¢ prepardtion of finan¢ial statements that are f￿e from malerial misstatemenl whether due to fraud or error. In preparing the fmancial statements, the trustees ase responsible for assessing tbegroup's and theparent charitable company's ability to coRtinue as a going concern, disclosing, as appli¢able. mattcrs rclaied to going concern And ustng the going concern basis of accounting unless the trustccs ¢itheT intettd to liquidatc the group or the pareni charitsble Lompally or to ctas¢ operations, 01 have no r¢alistic alternative but to do so. Auditor's responsibilities for the audAt of the finsDciai ststements Our objectiv¢s are to obtain reasonabl¢ assurdnc¢ about whether thc financial siatements as a wholc are free from material mlsstateme￿t, whether due to fraud or error, to i55ue an audttor's rcport that includes our opinion. Reasonabl¢ assurance is & high level of assurance. but Is not a guardntee that an audit conducted in accordance with ISAS (UK) will always detect a material misstaiement when li exisis. Missraiements call UTiS¥ ftom fraud or ertor and ate COll5idctcd mat¢ria] if, Individually or iti the a￿(1 gate. thcy could reasonably be expected to influence the economic d￿lSIonS of llsc￿ taken on the basis of these financial statements. Irregularities. including frau( are instances of Don-compliance with laws and tegulations. We design procedures in line with our 1¢sponsibiliLi¥b, outlined aboi'¢. to detect Enatetial misstat¢ments in respect of irregularitics, including fraud. The eXt￿t to which our procedures arc capabl¢ of detecting irregularitics, inrluditig traud is detatled below. Based on our und¢TStanding of tbe group and th¢ ¢nviFonment in which it op¢rdtes, we identified that the PTincipal risks of non-cornpliance with laws and regulaÉiims Tela￿1 to the independent schiK)l Tegulotions. safeguarding reg￿latIo[l5, health and SiiFtrly twuir¢Inents, ODPR, eniployment law and chariry law and we considered the Cxtcnt w which non-compliance tnight have a material effect on th¢ fingncial statements. We also consideted those saws and regulations that hav¢ a dirc¢t impact on the preparation of the f￿anCIal slatemenls sii¢h as the Charities Act 2011 and Compat]ies Act 2(K16 and Consider other f&ctors such as paytoll tsx. We evaluated managemcnt's inccntivcs and optN)ttunities for frauthilcllt manipulation of the financial ststements (including the risk of override of controls). and detem)ined that the principal risks were related io th¢ imprnper recognition ot revenue and management bias tn accounting estimat&s. Audit procedu￿£ perfonned by tbe eDgageweDt team included: inspecting cotTespondcnc¢ with regulators artd t&K authorities; discussions with managem¢nt including considernÈion of known orsusp￿tEd instanees ofnthh-compli8nce witb laws and regulation and fiaud. evaluating managcment's colltrols designed to preva]t and detect irregularÈties; identifying and tcsting journals, in p8nicular journal entries t￿led at the end. and challenqing &%%umptions and judgements made by uthnagemellt in their criti￿1 accounting estimates. Because of the iKtherent limitations of an audit, there 15 a risk that we will nni detecl all irregularities, including those leading to a inaterial mis5tat¢ment in the financial statcrncnts or llon-CQtnplÉance with regulation. This risk increascs the morc that compliance with a law or regulation is removed froln the evenrs ond transaciions reflected in the financial statements, &s we will be l¢ss likely to become aware of instaDces of non-complianc£. The risk is also greater regarding irregulariti occurring du¢ to fraud tather Lban error, as fraud illvolvcs int¢ntiotEal conCeal￿ent, fO￿ery, collusioty omission or misiepresentstion. A further description of our responsibilities for the audit of the fmancial statements is located on the Financial Reporting Council's websitc at.. www.fr.o .uklawlito nsil)iliries. This description forn]s part of our auditor's TeporL Use of our report This FCPOrt is sul¢ly to the cbaritsble c(mipattYs m¢mlKrs. as a b(xJy? in accotdancc with Chaptci 3 of Part 16 of thc Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable c4)mpany's membets those matters we are required to stalc to them in an Auditofs report and for no other putpose. To the ￿lIest extent pern]itted by law. we do not 2c¢ept or asSu￿e resw>ngibiEity to anyone otherthart the cbsritsble Company aThd the charit&ble company's members as a body. for our audit worK forthis rcporL or for thc opinion5 we havc fornied. L¢¢ Stokes (Sentor Statutory Audilor) For And on behalf of Haysmac LLP. Statutory Auth"tor 10 Queen Strcct Place LoJLdon EC4R IAG Date: 1411212024