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2022-07-31-accounts

THE NORTH LONDON COLLEGIATE SCHOOL (Charity Number 1115843) (Company Number 02818422)

ANNUAL REPORT & ACCOUNTS

YEAR ENDED 31 JULY 2022

THE NORTH LONDON COLLEGIATE SCHOOL ANNUAL REPORT & ACCOUNTS FOR THE YEAR ENDED 31 JULY 2022

CONTENTS PAGE

REPORT OF THE TRUSTEES 3
(INCORPORATING GOVERNORS REPORT AND THE STRATEGIC REPORT)
Including:
GOVERNORS 5
SENIOR MANAGEMENT TEAM 6
ADVISORS 7
PUBLIC BENEFIT
 9
STRATEGIC REPORT
 11
STATEMENT OF GOVERNORS RESPONSIBILITIES 20
INDEPENDENT AUDITOR’S REPORT 21
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 24
BALANCE SHEETS 25
CASH FLOW STATEMENT 26
NOTES TO THE FINANCIAL STATEMENTS 27 - 44

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THE NORTH LONDON COLLEGIATE SCHOOL REPORT OF THE CHARITY TRUSTEES (INCORPORATING THE GOVERNORS’ REPORT AND THE STRATEGIC REPORT)

The Governors submit their report and the audited financial statements for the year ended 31 July 2022.

STRUCTURE, GOVERNANCE AND MANAGEMENT

THE CHARITY AND ITS STRUCTURE

The School is vested in a company limited by guarantee, incorporated in England (The North London Collegiate School company number 02818422) (“the Company”), which is a registered charity (charity number 1115843). The Company is constituted by its Memorandum and Articles of Association. The Memorandum sets out the objects and powers of the Company and its constitution and the Articles regulate the governance of the Company and its internal procedures.

The objects (“the objects”) for which the Charity is established are to advance the education of pupils by the provision of a day and/or boarding school (“the School”) in or near the London Borough of Harrow and by ancillary or incidental educational activities and other associated activities for the benefit of the community.

GOVERNORS

Recruitment and succession planning

The School’s Constitution provides for between 11 and 21 Governors who are eligible to serve for a maximum of ten years. There are currently 15 Governors. The Governors are the trustees of the charity and Directors of the company.

The Nominations Committee of Governors considers impending retirements, identifies the skills needed on the Governing Body, seeks suggestions for new candidates, conducts interviews, and makes recommendations to the Governing Body for the election of new Governors.

Elected Governors serve for 5 years before standing for re-election. There is normally a limit of 10 years’ service for all Governors except officers (Chairman, Vice-Chairman, Treasurer and Chairman of Finance & Estates). Officers are elected for terms of 5 years.

Induction

An induction programme is followed for newly appointed Governors during which they will be invited to visit the school and be provided with key information.

The induction will include sufficient information so they can make a reasonable contribution to the school from the start. It should reduce the time spent in the initial learning curve and informs new Governors on what they need to know about in general and also specifically. This includes:

A Governors’ handbook is issued to each new Governor documenting the above.

Training

The ISC produces an excellent guide outlining the good practice for the Governors of Independent Schools, ‘Guidelines for Governors’, which is issued to each new Governor as part of the induction process. Training on Safeguarding and Safer Recruitment is made available to all Governors.

Further support and training is encouraged by:

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REPORT OF THE CHARITY TRUSTEES (INCORPORATING THE GOVERNORS’ REPORT AND THE STRATEGIC REPORT)

THE NORTH LONDON COLLEGIATE SCHOOL

Governance

NLCS is governed by its Articles of Association. The strategic objectives of the School are reviewed annually with the Executive team, and there is an annual full day Governors’ Conference which reviews in depth specific elements of the strategy. The performance of the School against its annual objectives is reviewed at termly Governing Body meetings and Governors’ sub-committees. Additionally, our subsidiary companies also have strong Boards with clear objectives, and clear reporting frameworks into the Governing Body. The School keeps its mix of Governors under constant review to ensure that we have the right skill sets to contribute to the Charity’s identified goals, to provide challenge to the Executive team and to hold them to account.

The Chairman of Governors commissioned a strategic review of Governance in February 2021. A revised committee structure was implemented, with effect from September 2021, and all Committees have reviewed and updated their terms of reference, with a view to ensuring that the School fully adheres to governance best practice in the light of recommended practice as set out in the Charity Commissioners Governance Code dated 13 July 2017.

SUBSIDIARIES

The School has a number of wholly owned trading subsidiaries which are incorporated in the UK. The companies donate their taxable profits to the School. Summaries of the results of the trading companies are shown in Note 13

Canons Enterprises Limited operates the Sports Centre and Swimming Pool, and generates external income from gym memberships and swimming lessons.

Canons Transport Limited operates the School minibuses on behalf of the School, and was set up to improve the recovery of VAT incurred in the operation of the minibuses.

NLCS Enterprises Limited operates the franchise relationship with the company that operates the NLCS franchise in Jeju, Korea.

NLCS International Limited was set up to act as a holding company for the franchise companies. It owns the shares of NLCSE Dubai, NLCSE Singapore, NLCSE Thailand, NLCS Pearl, NLCS Gold, NLCS Jade and Canons Park Consulting.

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GOVERNORS

Chairman Mr R C A Hingley (1) (4) (6) (8) (9) (10)
Vice Chairman Mrs S Carter (1) (4) (9) (10)
Chairman Finance
Audit & Risk & Vice Mr P D Needleman (1) (4) (5) (9)
Chairman
Mrs S Dar (2)
Ms E Davis (2) (7)
Ms V Godfrey (2) (4) (5) (6) (8) (10)
Mrs G Gower (Appointed 6thDecember 2022)
Ms R Herdman-Smith (2) (10)
Councillor A Jogia (Appointed 6thDecember 2022)
Mrs N Kingsmill Moore (3) (7) (Appointed 6thDecember 2022)
Ms C Marten (2) (3) (4)
Dr T Maruthappu (2)
Miss V Harding (2) (3) (7) (10) (Now married and known as Mrs V Harding)
Dr T Thomas (3) (Appointed 6thDecember 2022)
Dr D Toh (1) (3) (5) (7)
Mrs L Tyler (3) (Resigned 11thApril 2022)
Mr A Utermann (8) (Appointed 11thOctober 2022)
Mrs E Watford (1) (8) (9) (10)
Dr A Weller (3) (7)
Professor B Young (2) (3)

The Governors, who were also Trustees of the Charity and Directors of the Company, who served during the year 2021 - 2022, and up to the date the accounts were signed, are shown above.

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SENIOR TEAM

(Key management personnel currently and throughout the year, except where shown)

Headmistress

Mrs E S Clark (resigned 20[th] April 2022)

Interim Headmistress

Dr H Bagworth-Mann (appointed 21[st] April 2022)

Chief Operating Officer

Mr I A Callender

Mrs C A Hitchen

Deputy Head (Academic) Mrs C A Hitchen Deputy Head (Pastoral) Dr H Bagworth-Mann (became Interim Headmistress from 21[st] April 2022) Interim Deputy Head (Pastoral) Miss D Gibbs (appointed 21[st] April 2022)

Interim Deputy Head (Pastoral)

Head of Junior School Mrs J M Newman

Director of Studies and Administration Mr M Burke Director of Human Resources

Mrs H Kuczerska

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THE NORTH LONDON COLLEGIATE SCHOOL REPORT OF THE CHARITY TRUSTEES (INCORPORATING THE GOVERNORS’ REPORT AND THE STRATEGIC REPORT)

Registered Office and Principal Office: Canons, Canons Drive, Edgware, Middlesex HA8 7RJ

ADVISORS
Bankers: Barclays Bank Plc
Barnet & Hampstead Business Banking
PO Box 12820
1250 High Road
Whetstone
London
N20 0WE
Solicitors: Farrer & Co
66 Lincoln’s Inn Fields
London
WC2A 3LH
Veale Wasborough
Orchard Court
Orchard Lane
Bristol
BS1 5DS
Auditor: Crowe U.K. LLP
55 Ludgate Hill
London
EC4M 7JW
Investment Advisers: BlackRock
Drapers’ Gardens
12 Throgmorton Avenue
London
EC2N 2DL
CCLA Investment Management Ltd
Senator House
85 Queen Victoria Street
London
EC4V 4ET

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OBJECTIVES AND ACTIVITIES

AIMS AND VALUES OF THE SCHOOL

North London Collegiate School has an extraordinary and pioneering history in women’s education. The first academic girls’ day school in the country to offer the same educational opportunities as those offered to boys, welcoming students from all religions and backgrounds. For over 170 years, NLCS has produced generation after generation of positive, articulate, confident and inspirational leaders in the arts, sciences, politics and business; with many alumnae making an important mark on the world.

NLCS has an outward looking, internationalist perspective that is unique in comparison to many other schools; indeed, we were the first leading girls’ day school in the UK to establish an international sister school. Our global family of schools includes branches in Jeju, Dubai and Singapore, (providing outstanding opportunities for staff and students to share ideas and make connections).

Students from NLCS achieve remarkable academic results. We are consistently ranked among the top schools in the country in the UK league tables, and we are among the world’s most successful International Baccalaureate Diploma schools, with an average score of 41 points over the last 7 years. Our students gain entry to many of the world’s top universities, with a growing number choosing to continue their studies at Ivy League and equivalent institutions in the USA.

Our strategic mission is to ‘maintain our proud heritage as the first academic girls’ school in the country by being the top girls’ school nationally’.

The NLCS Vision is ‘to provide an unashamedly academic education which unleashes the potential in every girl, through:

The fundamental aims and values of the School inform and guide everything the School does. They are made explicit for parents in the prospectus and are elaborated in the staff handbook. Reviews of the School in 1997, 2002, 2008, 2013, 2017 and 2019 inspections, as well as parent and pupil surveys, have confirmed that these values are widely appreciated and shared by all sections of the School community. Strategies to deliver our aims and values are included in the School’s 5 Year Strategic Plan and Annual Priorities which are updated annually and approved by the Governors. Our values are timeless and enduring, and they define well the broad and balanced approach to education that is the hallmark of North London Collegiate School. They are as follows:

Our values reflect the principles with which we approach our work:

PRINCIPAL ACTIVITY

The principal activity of the Charity is the provision of an academic education to pupils between the ages of 4 and 18, who come from a range of social backgrounds and for whom entry at the age of 4, 7, 11 and 16 is by competitive examination.

The largest proportion of the fee income is expended on the salaries of well-qualified staff; allocation is also made for the upkeep of premises and the provision of the equipment to maintain an environment that promotes good teaching and learning. The Governing Body is responsible for determining the aims and overall conduct of the School. Governors approve strategic plans, set overall objectives (including financial), review their implementation, and are kept informed of other associated planning issues.

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The Headmistress, with the support of her Senior Team (ST), is responsible for the implementation of the strategic plan and the operational management of the School.

PUBLIC BENEFIT

The Governors, in the course of administering the Charity, have paid due regard to the published Charity Commission guidance on the operation of the Public Benefit requirement. “The School is a Public Benefit Entity as defined by FRS102” This is demonstrated by the following activities of the Charity.

Bursaries

The total value of bursaries in the year was £1,491,281 (2021: £1,448,770), representing a total of 9% (2021: 9%) of the Senior School’s tuition fees, and 6.6% (2021: 6.7%) of the School’s total tuition fee income. 76 pupils (2021: 78) in the Senior School received assistance with fees through means-tested bursaries. 65 of these pupils (2021: 64) benefitted from a full remission of fees. The level of awards from the Bursary Fund was assessed on the basis of the parents' financial circumstances. These numbers exclude awards made via our COVID Hardship fund, noted below.

Our medium-term target is to award bursaries equivalent to 10% of Senior School tuition fees. A key challenge for us is to attract more bursary applicants from the wider community. To raise awareness of our bursaries available, we have joined the London Fee Assistance Consortium.

COVID19 Funds

The pandemic placed an additional burden on the School as a result of both the need to support parents who ran into financial difficulties and unbudgeted costs incurred as a result of COVID19.

The Governors approved two COVID funds. The first was a hardship fund of £750,000, to ensure that no student had to leave the School due to their parents running into financial difficulty as a result of the pandemic. Since the fund’s inception, the School has approved 37 awards, with a value of £312,000.

The second fund was a COVID support fund of £1.5 million. The purpose of this fund was to provide general support to parents more broadly in the form of tuition fee rebates as well as to cover unbudgeted costs the school incurs due to COVID – e.g., costs as a result of Government social distancing measures; testing & vaccination programmes; increased teaching cover; and unforeseen transportation costs. Since its inception, £826,000 has been incurred in additional pandemicrelated costs.

As the pandemic has run its course and the school is now back to normal running, there is no longer a need for these funds. The Governors have approved for the redesignation of the remaining balance of these funds back to the General Fund.

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Partnership Activities

NLCS is involved in a wide range of partnership activities with schools in the maintained sector and with organisations in other sectors. The key areas for such activity are outlined below. Whilst the constraints of the pandemic have eased, we have retained some elements of virtual events to encourage participation.

Events during 2021/22 included

Partner Activity
BentleyWood Swimming
Whitgift Whitgift Symposium
HBS,LAET Careers Conference
Bentley Wood Mock Interviews
QE Boys' QE Boys'Symposium
Eton Eton Symposium
QE Boys' Y11QE Boys'Symposium
BentleyWood,LAE, QE Boys Philosophy Conference
LAET Russian Teaching
LAET Economics Resources
Sacred Heart Y8 Sacred Heart
LAET, LAE, Highgate, QE English Unseen
Perse,Westminster,Eton HistoryMedievalConference
QE Boys' Y7QE Boys'
Abbot'sHillandPalmer's Green Y10Abbot'sHillandPalmers Green
Coppetts Wood Primary School DofE Tents
Sacred Heart Y9 Sacred Heart
Sacred Heart Y7 Sacred Heart
QE Boys' Y10 QE Boys'

Prince’s Teaching Institute, Chartered College of Teaching and other activities

The Prince’s Teaching Institute (PTI) is an independent educational charity created by the Prince of Wales and founded by the late Mrs McCabe (the School’s Headmistress 1997-2017). It believes that all children, irrespective of background or ability, deserve a rich, subject-based experience at school - both within and beyond the examination curriculum.

Over the last few years, we have seen an increase in opportunities for staff involvement in a national education policy debate through contributions to the Government’s National Curriculum Review and in discussion of the development and progress of the Chartered College of Teaching (with a number of NLCS staff now members and fellows). Members of NLCS staff, working with counterparts from schools in the maintained sector, were involved in the planning and design of subject leadership courses for the PTI, in Maths and Engineering Technology; our outgoing Head of Junior School at NLCS was a course designer of the Primary Leadership course and retained this position in her final year with us. Colleagues across both Junior and Senior Schools also have connected with colleagues in the maintained sector via continuing Zoom meetings and through partnership and outreach events hosted in school. These courses re-emphasise best practice nationally and the importance of subject enrichment for teachers, and the involvement of NLCS staff has a direct impact on teaching nationally. In addition, NLCS’s Assistant Head, Professional Development is also an Ofqual external expert (in Geography), which further underlines NLCS’s position at the forefront of national education.

In response to the government’s recent changes to initial teacher training and early career teaching, NLCS has linked up with a number of local independent schools to create a cluster group, offering support and additional training for our respective early career teachers (ECTs). NLCS hosted a cluster meeting for the group’s ECTs in June 2022, and has delivered sessions at all other cluster group events. The ECT cluster group is now in its second year of running, and has grown to a group of at least 6 schools in regular attendance; we continue to be proud of spearheading such important initiatives in the South East.

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STRATEGIC REPORT: Review of 2021-2022 Academic Year

2021-2022 has proved to be a successful year even though the School has experienced a number of significant changes. The School has been able to re-focus on the delivery of its long-term strategic objectives as the disruption to learning from lockdowns has receded. In the Summer Term, the overarching vision for NLCS was rearticulated to all staff, providing a clear sense of purpose for moving forward. The broader marketing strategy will be taken forward in 2022-23 which will see a new website and the repositioning of the School externally.

In December 2019, just prior to the pandemic, the School passed a full ISI inspection and was rated ‘Excellent’.

Academic Excellence

After two years online, summer 2022 saw the return of normal public examinations, the first time that many of our Year 11 and Year 13 had ever experienced these. Despite this, our IB and GCSE results were comparable to pre-COVID, whilst our A level/Pre U results were well above those of pre-COVID years.

Our students taking the IB scored an average 40.7 points, placing us amongst the most successful IB schools in the world. Two students gained a maximum 45 points score, something only 200 pupils out of 160,000 worldwide achieve. At Pre-U and A level, our students achieved an excellent 87% A or A. 63% of entries were graded at A (or equivalent).

These results enabled students to gain places at leading universities. Recent studies have found North London to be one of the most successful schools in the UK at placing students at highly selective institutions; this year, this included 21 students gaining places at Oxford & Cambridge. 18 students applied successfully to US universities.

At GCSE, there was an outstanding set of results. 79% of entries were at Grade 9, 92% achieved grades 8/9, and 96% were graded 7-9.

Since September 2017, all subjects in the Sixth Form are studied in a linear fashion, culminating in final exams for students after two years. The lack of external exams in Year 12 allows for a renewed focus on the development of scholarship that will serve students well at university.

In the Lower School, teaching by subject specialists has increased in order to encourage the girls to develop a passion for, and deeper understanding of, their subjects, and to prepare them well for the Senior School. Techniques to develop selfassurance as well as perseverance in their learning have been well received by girls across the Junior School. In addition, the Junior School has successfully rolled out iPads to all students as part of its digital learning strategy.

Inspiring a love of academic subjects

The School is guided by the desire to inspire pupils with a love of academic subjects in a strong culture of scholarship and high expectations of the potential of every individual. A scholarly and vibrant atmosphere has been created, so that pupils and staff can give their best and flourish, through subject teaching that inspires and stretches, as well as a rich programme of activities outside the classroom to encourage pupils to try themselves out in a variety of ways and, in doing so, develop a belief in themselves and their ability to achieve their dreams.

The School has a strong commitment to building each girl’s confidence so she feels happy, self-confident and valued as a person. One of the strengths of the environment at North London Collegiate is that it empowers young women to take charge of their destiny and, in the words of a recent educational inspection report, to “run their own race”.

The range of subjects offered within the curriculum is broad and challenging, and students have the opportunity to study International Baccalaureate Diploma as an alternative to A levels in the sixth form. All our students are expected to develop independent research skills during their school career, as well as to engage with confidence in academic debate and scholarly discussions among each other and with students from a range of partner schools.

The Engineering & Technology department has seen a huge increase in interest by pupils wanting to take DT at GCSE, allowing us to continue to build the curriculum in this area. We have continued with initiatives to develop cross-curricula STEAM courses to prepare students for careers that need individuals who are excellent at problem solving and confident in operating in a multi-disciplinary world.

A particular emphasis has been placed on effective pupil tracking and monitoring to raise attainment and improve outcomes for students. This has been backed up by training for middle leaders in assessment and reporting.

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THE NORTH LONDON COLLEGIATE SCHOOL

Outstanding Pastoral Care and Well-being

We have invested in ensuring that we are at the forefront of the well-being and mental health agenda, as well as continuing to maintain a diverse community, reflective of the London population. Our focus has been on ensuring that every student is well known and cared for, that ‘everyone matters’; promoting a sense of community where kindness and consideration for others is central to our ethos; and nurturing our students, so they develop resilience and self-confidence and are ready to take on challenges and take risks with assurance and maturity.

We have placed a particular emphasis during the year on embedding the CPOMS system to track wellbeing/areas of pupil concern; on improving the representation of black/BAME role models in forums such as assemblies and by introducing activities that enable students to discuss issues of race and bias; on the importance of physical activity; and, lastly, on providing a wide variety of parental engagement programmes.

A dedicated Well-being Centre will be opened during the academic year 2022-23, recognizing the need to provide excellence in care for our pupils notably as a result of the pandemic.

Extracurricular, Enrichment and Student Experience

Developing students’ oral confidence and critical reasoning skills remains an important focus: girls are encouraged to learn to speak succinctly with the minimum of notes and to use technical vocabulary without embarrassment. Our enrichment programme has a scholarly focus, encouraging students to challenge received thinking, explore concepts and theories beyond the formal curriculum, and to develop skills and attributes that will enhance their understanding or interpretation of intellectual ideas.

In addition, our students benefit from an individualised careers programme, offering advice and support in a range of areas; from preparation for UK and US university entrance, to careers fairs and advice on other, more specialised, career pathways. A particular emphasis has been placed on promoting entrepreneurialism and a self-starting mentality.

Attracting and retaining the best teachers

The School is committed to attracting and retaining the most able teachers. The School aims for teaching that inspires a scholarly approach in students and develops their academic confidence and resilience. Teachers have been working to ensure girls are stretched and inspired to excel in knowledge, analysis and argument, offering an education that extends far beyond the functionality inherent in any system of public examinations.

Our teachers utilise their passionate commitment to subject knowledge and academic scholarship to inspire and engage our students and to help them in turn to develop their own interests and curiosity. Students are encouraged to challenge preconceived ideas, confront assumptions and fallacious arguments and to test orthodox reasoning in order to develop fresh ideas and new perspectives.

Preparing for a changing world

The School has weathered the pandemic well, which is a testament to the to the support we have received from our community. The School’s investment in IT architecture also enabled us to continue to providing a full educational experience for our students despite periodic lockdowns. Demand for places at all entry points has remained strong. We have also seen no adverse trends in debtors.

We are continuing to develop our international franchising business, which provides vital income covering the majority of our bursary provision, which would otherwise have to be funded from donations and school operating income. A considerable amount of effort has gone into developing a comprehensive fundraising strategy during the year in order to ensure that the School has the resources to meet our bursary targets and our capital campaign in support of the development of our new IDEAS Hub opening in 2024. The Hub will provide a new dedicated home for Art, Engineering, Design and Technology as well as enabling cross-curricula STEAM programmes.

The School continues to take a prudent approach to managing our finances given the pressures from inflation and supply chain disruption, coming on the back of BREXIT and the pandemic. We are continuing to invest in sustainability measures in order to reduce the potential impact of energy cost inflation.

2021-2022 Priorities

1. Academic Excellence

Objectives: To instill academic excellence at the heart of our educational provision. Inspiring and imbuing our students with the spirit of scholarship and intellectual enquiry. Planning and delivering a programme of challenging, vibrant, scholarly, diverse and dynamic extracurricular and enrichment activities alongside the School’s curriculum.

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Actions

Our academic provision has been enhanced by the implementation of a new reporting and tracking structure, which has ensured a point of contact with parents each term. These changes have enabled early identification of pupils who require further support in order to achieve their potential and improved tracking of individual departments. In the Junior School, greater use of data and tracking has been used to identify pupils who need further opportunities to boost their academic progress, with bespoke plans having been put in place.

Identifying and promoting subject excellence has been a key priority this year. We have continued working with the Prince’s Teaching Institute with staff taking advantage of courses and opportunities which promote subject excellence. We have also taken advantage of opportunities offered by examination boards.

A key priority as we came out of lockdown was the relaunch of our rich and varied programme of extracurricular enrichment. This year we have seen 179 extra-curricular clubs and societies running at NLCS. This has provided many opportunities for students to explore and develop their interests outside of the classroom, as well as leadership key opportunities. It has been wonderful to see many examples of scholarship and subject passion within the student body, the many subject weeks and student journals, have clearly demonstrated this. In the Junior School some 60 clubs are available each week, helping to develop wide interests and new skills with the students

2. Outstanding Pastoral Care and Well-Being

Objectives: To provide an environment in which our students will flourish, by supporting student mental health and wellbeing

Actions

Developing our excellent pastoral provision across the School has continued to be a key priority. Promoting wellbeing and positive mental health has remained at the heart of the pastoral team’s work as, for the first time in almost two years, we were able to bring our school community back together. The appointment of a Pastoral Liaison Manager at the start of the Summer Term has allowed the Pastoral Team to develop more proactive strategies to support students’ mental health. Working closely with the Deputy Head (Pastoral), Heads of Section and Medical Team, she has undertaken work with identified individuals and groups of students.

We have celebrated three themed weeks which have promoted positive mental health, kindness and consideration for others. Pupils advocating kindness to peers has helped to build a strong sense of community and engagement with students.

The use of CPOMs to closely monitor students has allowed for early intervention work to be developed and strategies be put in place for individual students or a cohort. The introduction of AS Steer in Years 6, 7, 10 and 12 has also helped in this work. AS Steer is enabling tutors to have a greater understanding of the biases and needs of their tutees, to ensure they are well known by the tutor team, and we are helping those in need of support before situations become urgent.

The whole school PSHE programme has been fully reviewed in line with the new government guidelines and the focus on RSE, and schemes of work have been thoroughly reviewed. There has been a particular focus in lessons on equality, diversity and inclusivity which have been updated and integrated into the programme. The launch and promotion of the Tooled-Up Education website to support parents and teachers with the pastoral care of pupils has been very successful, with much positive feedback received from parents. Throughout the year, parents and staff were sent information about talks that may be of interest on a whole range of topics.

3. Staff Development

Objectives: To recruit and retain the best staff, by promoting a culture which puts people at its heart, along with enhancing job satisfaction. Getting the best out of all our staff.

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Actions

A key focus during the year has been to improve our recruitment processes in order to attract outstanding candidates, working closely with our marketing and International departments. A new Applicant Tracking System was implemented.

Our middle leaders’ training programme has been reviewed and revised for greater clarity and impact, and now has a much greater focus on leadership and accountability. Staff now have two main external development opportunities through ISQAM qualifications or via the PTI. An increasing number of our staff are enrolling in this programme every year. In addition, Assistant Heads may enroll in the NPQSL programme. Members of the School community continue their leadership of aspects of the Prince’s Teaching Institute provision. We have improved our Early Career Teaching programme, overseen by ISTIP. This provides ECF mentors, who provide generic oversight, and by subject specialist mentors (usually Heads of Departments).

4. Key future developments

Objectives: Creating facilities and resources that embody our pioneering spirit and ambition and enable us to put into practice our educational ambitions. Making a meaningful difference to communities within and beyond our estate. Developing strong partnerships to widen and strengthen our impact globally, nationally and locally.

Actions

Construction work started this year on our new IDEAS Hub, which will enable us to provide world class STEAM, Art, Engineering and Design curricula when it is opened in 2024. Despite disruptions to supply chains and the increase in inflation, the building is currently on schedule and cost.

The Junior School rolled out iPads for all students during the year, building on the development of its Learning hub project, which includes improved IT suites, library and science spaces. Preparations for the roll-out of mobile devices in the Senior School started this year, in anticipation of implementation in 2022/23. This will enable digital learning to complement our overall approach to education.

Applications for places at all levels of the School remain excellent, and our independent testing arrangements at 11+ continue to be successful in attracting high numbers of able applicants. Nevertheless, the School is not complacent about attracting the brightest pupils – we are reviewing our marketing and admissions strategies and placing a greater focus on social media and developing new geographical markets.

We continue to work with students from QE Boys’ School, The Michaela School, London Academy of Excellence in Tottenham and The Sacred Heart School, in addition to our partner schools in the independent sector.

NLCS International continues to provide invaluable benefits to the London school financially, culturally and pedagogically. It is an important cornerstone of our strategy to increase the number of bursaries available at NLCS. Our objective is to ensure that NLCS is renowned for providing a consistent brand product anywhere we operate, so that parents and students can be assured of a high-quality educational experience. All three schools, NLCS Jeju, Singapore and Dubai, grew strongly despite the pandemic. NLCS Jeju students achieved an average 38 points in IBDP and the school was voted Best British International School of the Year at the Independent Schools of the Year 2021 Awards. NLCS Dubai students achieved a 37-point IBDP average, placing them as one of the top schools in the UAE.

The pandemic slowed down the progress on developing new school opportunities given the uncertain business environment it created. In addition, some major markets, such as China, have closed their borders. We have, as a result, re-focused our efforts on countries where we believe the long-term opportunities for international education are more secure.

The investment in “branch” schools overseas, the culture of fundraising through the School’s development team, and a strong focus on cost competitiveness underpin the School’s strategy to ensure it can generate the income to sustain its academic strength and the quality of facilities, whilst maintaining the social mix and ensuring accessibility for parents who cannot pay the full fees.

5. Review of priorities

The School’s vision and strategy, priorities and action plan are regularly reviewed at Governing Body meetings. A Governors’ Conference is held annually to review specific areas of the long-term School strategy. The Headmistress provides an evaluation report at the end of each academic year, which assesses progress against our priorities and KPI’s and which is reviewed by Governors. A broader evaluation report celebrating students academic and extracurricular

14

THE NORTH LONDON COLLEGIATE SCHOOL

REPORT OF THE CHARITY TRUSTEES (INCORPORATING THE GOVERNORS’ REPORT AND THE STRATEGIC REPORT) success and progress is circulated to parents.

FINANCIAL REVIEW OF THE YEAR

Operating Results

The total income for the year was £27.8m (2021: £25.2m) and expenditure £25.1m (2021: £23.3m) resulting in an operating surplus of £2.7m (2021: £1.9m).

Pupils

There were 318 pupils in the Junior School (2021: 317) and 791 in the Senior School (2021: 779), which included a Sixth Form of 217 (2021: 227). Entry to the School is by competitive examination at ages 4, 7, 11 and 16, and demand for places at all these ages remained high.

Fees

The fees for the year were £17,866 (2021: £17,262) in the Junior School and £21,145 (2021: £20,430) in the Senior School. Information on Bursaries is shown in the section above on Public Benefit.

Scholarships

Academic scholarships are held by 17 pupils (2021: 23) totalling £140,614 (2021: £172,794 ) representing 0.8% (2021: 0.81%) of the School's tuition fees. Of these, 3(2021:7) also qualified for bursary support. Additionally, music scholarships are held by 25 (2021:18) pupils.

RESERVES POLICY

Unrestricted Group Reserves total £42.8m, including the Designated Funds of £7.6m. After deducting group tangible fixed assets with a value of £24.6m, free reserves have been calculated at £10.6m. The School’s target is to maintain at all times positive free reserves.

The School’s investments and cash total £40.3m. This includes £13.6m ring-fenced to fund the ongoing construction of the Idea Hub. The remaining £29.6m cash and investments are held to cover the longer-term liabilities of the Bursary Fund (£6.8m) and Fees in Advance Scheme (£1.2m). The remaining balance is held to cover any future risks and to support future capital plans. The School aims at all times to hold minimum cash of £3m, the equivalent of 1.5 months’ operating expenditure.

The School’s Designated Bursary Fund of £7.1m is maintained at a level equivalent to the cost of supporting 10% of senior pupils on 100% bursaries over the rest of their time at the School.

The Governors review policies on the levels of reserves and realisable assets at least annually, with the Finance & Estates Committee reporting to the main Governing Body.

INVESTMENTS

The School’s funds are currently invested by BlackRock and CCLA in companies or collective funds which satisfy the investment manager’s suitability and ethical screening criteria, with no restrictions imposed by the School.

The investment policy remains to provide long-term growth. In particular, the aim is to invest the School’s assets prudently to ensure adequate returns are generated to contribute to the funding of bursaries and at least to maintain the capital value of the investment portfolio in real terms. The portfolio continues to hold more equities than bonds and generated a net loss of 2.1 % during the year (2020-21: 18.2%).

The performance of the funds is monitored by the Investment Committee.

SUBSIDIARIES

Full details of the trading performance of the subsidiaries is shown in Note 13.

REMUNERATION POLICY

The School conducts pay surveys on a rolling three-year basis for staff, including key management personnel (Page 6). Our desired market pay position, salary structures and annual salary awards are agreed by the Governing Body. Our benchmark group is Greater London independent schools, with a pupil roll in excess of 600 but less than 20% boarders.

FUNDRAISING

Fundraising at NLCS makes an important contribution to the operation of the school, comprising up to 5% of the total budget in a normal year. There is a continuing campaign to raise funds for bursaries, as well as a specific capital campaign to support the construction of the IDEAS Hub . The costs of the fundraising department are met by the School rather than taken from the money donated. There are no professional fundraising organisations used and thus no monitoring processes are required. The School has subscribed to the Fundraising Regulator and adheres to the Code of Fundraising Practice when undertaking fundraising activity. Each year, parents whose daughters are leaving are invited to donate their deposits to the Bursary Fund.

15

THE NORTH LONDON COLLEGIATE SCHOOL REPORT OF THE CHARITY TRUSTEES (INCORPORATING THE GOVERNORS’ REPORT AND THE STRATEGIC REPORT)

There were no complaints received by the School in relation to fundraising activity. The School takes its responsibility to anyone who might be vulnerable very seriously and this will continue to be taken fully into account in the School’s approach to fundraising activity.

GOING CONCERN

The Governors are of the opinion that the charity has adequate resources to continue to operate for the foreseeable future, being not less than one year from the date of approval of these financial statements. For this reason, the Governors believe it is appropriate to prepare the financial statements on a going concern basis.

The School maintained a strong financial position throughout the COVID19 pandemic and the need for additional funds to cover any unplanned costs is no longer there. As a result the Governors have redesignated the remaining COVID funds back to the General Fund.

The biggest risk to our income is pupil numbers. To date our pupil role has held up well; indeed we have seen increased demand for places for the latest academic year 2022/23. We have also seen no adverse trends in debtors.

In addition to the Group’s cash holdings, the School’s investments total £21m, sufficient to meet the obligations of the Bursary Fund, Fees in Advance totalling £7.9 million, with the balance available to contribute to future contingencies and capital needs, if required.

The International Schools have all grown their rolls throughout the pandemic, which is a testament to their academic results and the work being put into grow admissions. This has enabled us to maintain income for bursaries.

PRINCIPAL RISKS AND UNCERTAINTIES: RISK ASSESSMENT FOR THE CHARITY AND ITS SUBSIDIARIES

The Board of Governors is responsible for the management of the risks faced by the School. Detailed consideration of risks is delegated to appropriate Governing Body committees and reviewed by the Finance, Audit and Risk Committee. A formal review of the charity’s risk management processes is undertaken on an annual basis.

The Headmistress and her Senior Team are responsible to the Governors for the running of the School and provide regular reports to the Governing Body and Committees. This ensures that Governors are well informed on all financial, operational and strategic matters appertaining to the School. This also enables Committees to evaluate the areas of risk for which they are responsible.

The key controls used by the charity include:

The principal risks facing the School are noted in the table below.

Through the risk management processes established for the School, the Governing Body is satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable, but not absolute, assurance that major risks are being adequately managed.

16

THE NORTH LONDON COLLEGIATE SCHOOL

REPORT OF THE CHARITY TRUSTEES (INCORPORATING THE GOVERNORS’ REPORT AND THE STRATEGIC REPORT)

Specific Risk Consequence In-place controls and actions
Change of Head / COO or key
deputy and or loss of other
key members of staff, and
failure to recruit quality
replacements		 •
Loss of confidence in future direction of School		 •
Plan for temporary loss of key members of
staff
•
Plan recruitment - use search agencies.
•
Consider temporary Bursar through ISBA
•
Document procedures and contingency
plan
•
Loss of expertise and leadership with
consequent impact on activities
•
Loss of corporate knowledge
•
Time lost in covering for loss
Inflation or a recession
causes unaffordable levels of
fee escalation		 •
Reduced demand for places
•
Reduced surpluses available to fund new
projects
•
Increase in Debtors, and / or Insufficient monies
to provide salary rises
•
Loss of morale
•
Confusion over spending priorities		 •
Can draw on cash and investment balances
•
Long Term fees strategy in place
•
Franchising income
•
Restrain fee rises through effective cost
controls
•
High demand for places
Difficulties in recruiting and
retaining staff		 •
School unable to deliver curriculum to
expected standard
•
Poor results in public examinations
•
Not enough teachers to cover all necessary
classes
•
Student:teacher ratios may increase;
•
loss of reputation		 •
Terms and conditions, C&B packages are
regularly reviewed.
•
Some staff accommodation available.
•
Wider career opportunities in NLCS group
University access
requirements change, or our
students are unsuccessful in
gaining places at top
institutions		 •
More resources needed to support students in
re-applying and assessing application support
processes
•
Loss of reputation		 •
Strong contacts with admissions tutors are
maintained both to discuss offers and
respond to planned changes.
Deteriorating performance in
academic league and Value
Added tables		 •
Fewer applications at 11+ and 16+.
•
Loss of reputation		 •
High-quality teaching and support staff
•
Rigorous pupil tracking, monitoring and
support procedures in place
•
Prospective
students
interviewed
and
examined to ensure offers match their
needs
Withdrawal of TPS
membership impacts
teacher attraction and
retention		 •
Educational quality compromised
•
Parental dissatisfaction
•
Reputational damage		 •
Stress testing of finances
•
Tight budget controls
•
Review of TPS options
Marketing/admissions
strategies ineffective		 •
Failure to retain market share
•
Pupil numbers falling/ waiting lists diminishing
•
Reduced certainty of numbers		 •
Market research study & Parental surveys
conducted. New catchment areas under
review
•
Maintain high educational standards and
value for money.
•
Enhancements to coach service to
maintain transport times to school
•
New marketingstrategyimplemented
VAT exemption and business
rate relief are abolished		 •
Increase in costs of up to 20% with potentially
significant impact on required fee levels
•
Impact on admissions and accessibility of the
School		 •
Manage costs effectively to minimize impact
•
Build endowment fund
Working environment and
organisation structure
results in high turnover, poor
staff morale, absence and
injuryclaims amongst staff		 •
Poor staff morale
•
Illness/injury of staff.
•
Burnout of key personnel and inabilty to deal
with crises effectively
•
Insufficient staffing,		 •
Appraisal process and line manager
meetings are used to identify staff
concerns quickly.
•
Turnover and absence levels monitored.
•
Staff communicationsprocess.
Inadequate
safeguarding
resulting
in
reputational
damage		 •
Harm to pupils
•
Reputational damage		 •
All staff DBS vetted
•
Annual safeguarding etc training
•
Mental health training
•
Clearpolicies andprocedures
Failure of key IT systems or
hardware; ransomware or
other equivalent attacks		 •
Disruption to school activities
•
Inability to respond to disaster quickly
•
Legal action
•
Loss of sensitive data
•
Parents withdrawpupils		 •
Investment in architecture
•
Network firewalls and filters kept up to date
•
Emergency backup systems in place
•
Estates risk plans for essential service in
place

17

THE NORTH LONDON COLLEGIATE SCHOOL REPORT OF THE CHARITY TRUSTEES (INCORPORATING THE GOVERNORS’ REPORT AND THE STRATEGIC REPORT)

SECTION 172 STATEMENT

The Directors confirm that in accordance with Section 172 (1) of the Companies Act they act in a way they consider would be most likely to achieve the purposes of the School. In making this assessment the Directors have considered the following:

(a) The likely consequences of any decision in the long term

The long-term sustainability of the operating model is considered by the Directors as set out in the going concern section of the Directors’ Report. Specifically, the Directors consider both short- and longer-term financial projections and the key risks that could negatively impact the sustainability of NLCS. The Directors review management information, budgets, forecasts and cashflow projections on a termly basis.

(b) The interests of the School's employees

The Governors receive regular reports on staff matters through the Headmistress’ termly report and personnel committee. All Governors conduct visits to school where opportunity is made for direct staff engagement.

The School has a Support Staff and Teaching Staff Committee where employee issues are discussed. This committee makes recommendations to the senior leadership team and is charged with communicating to employees at large to canvas opinion. A staff survey in 2021 reported high levels of satisfaction. A diverse programme of well-being activities is available to all staff.

The School has complied with the UK’s Equality Act 2010 Regulations 2017 that require the publication of information on the gender pay gap for UK employees annually. The 2022 report is available on the website.

The charity’s beneficiaries (students and parents) are the focus of all the School’s operations.

A robust and consistent selection policy ensures a diverse and thriving student body that is fully supported throughout their education from reception to external examinations results, enabling admission to all universities and preparing pupils for later life beyond NLCS.

Recruitment of the best teachers and valuing of staff supports the stability and high standard of education.

A clear bursary policy consistently applied to support families who may not otherwise be able to access education at the school. Further details can be found on page 9.

The parent contract forms the basis of the relationship with fee payers. This is reviewed regularly to ensure best practice and then applied fairly and consistently. Parental engagement is maintained through weekly correspondence and termly publications.

All suppliers are treated fairly and promptly with business terms adhered to.

(d) The impact of the School's operations on the community and the environment

Full details are found in pages 9 -10.

The School has completed the Energy Savings Opportunity Scheme (ESOS) reporting requirements and has reported under the Streamlined Energy and Carbon Reporting (SECR), details on page 19.

(e) The desirability of the School maintaining a reputation for high standards of business conduct

The School’s Bribery Policy, which has been approved by the Governing Body, sets out the responsibilities of staff to report any incidents or suspicion of fraud, bribery or corruption arising in the course of their work and to cooperate fully with related investigations. The School takes a zero tolerance approach towards fraud, bribery and corruption. The Whistleblowing policy supports staff in this approach.

(f) The need to act fairly as between members of the company

All governors and senior staff complete an annual Conflict of Interest declaration. There have been no reported incidents

18

THE NORTH LONDON COLLEGIATE SCHOOL

REPORT OF THE CHARITY TRUSTEES (INCORPORATING THE GOVERNORS’ REPORT AND THE STRATEGIC REPORT) of unacceptable relationships.

STREAMLINED ENERGY AND CARBON REPORT

NLCS has made a commitment to become carbon neutral by 2030 and in 2019 undertook a baseline assessment to quantify the School’s carbon footprint, and is registered with the UN’s Carbon Neutral Now accreditation scheme.

The total energy use by the School during FY 2021-22 for Scope 1 - Direct emissions and Scope 2 – Indirect emissions was 4,408,340 kWh - equivalent to 837 tonnes of CO2e. This represents a 4.8% reduction against the 2019 baseline.

The School’s principal activities to reduce its energy consumption during the period were to replace the main school boilers (£101k), reconfigure heating zones to match supply of heating to building properties (to come into effect from Autumn 2022) and to continue the transition to LED lighting (£17k).

TOTAL UK ENERGY USE 2022 2021 2020 2019
(Baseline)		 Latest Year
Varience to		 % Varience
UK Energy Use (1)(2)
kWh		 4,408,340 4,201,964 4,240,229 4,632,948 -224,608 -5%
Associated Greeenhouse gas
emissions (3)
Tonnes CO2e		 837 801 839 945 -108 -11%
Intensity Ratio (4)
Emissions per pupil		 0.761 0.728 0.762 0.859 -0.10 -11%

(1) Energy use covers the School's use of Natural Gas, Electricity and the Diesel Fuel consumed by the School's minibuses.

(2) The fall in energy consumption in 2020 reflects the partial closure of the school due to the pandemic

(3) Associated greenhouse gases have been calculated using the UK Government GHG Conversion Factors for Company Reporting.

(4) Based on an average of 1,100 pupils - note no allowance has been made for the School's closure during lockdown.

19

THE NORTH LONDON COLLEGIATE SCHOOL

REPORT OF THE CHARITY TRUSTEES (INCORPORATING THE GOVERNORS’ REPORT AND THE STRATEGIC REPORT)

STATEMENT OF GOVERNORS’ RESPONSIBILITIES

The Governors are responsible for preparing the Strategic Report, the Report of the Charity Governors and the financial statements in accordance with applicable law and regulations.

Company law requires the Governors to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and charity and of the incoming resources and application of resources, including the income and expenditure, of the group for that year.

In preparing these financial statements, the Governors are required to:

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

GOVERNORS’ STATEMENT

Each of the Governors has confirmed that so far as they are aware, there is no relevant audit information of which the charitable company’s auditor is unaware, and that they have taken all the steps that they ought to have taken as a Governor in order to make themselves aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information.

AUDITOR

A resolution for the reappointment of Crowe U.K. LLP will be proposed at the annual meeting for the ensuing year.

The report of the Governors incorporating the Strategic Report is approved by the Board of Governors and signed on behalf of the Governors

.............……………….................................. R C A Hingley 5 January 2023

20

THE NORTH LONDON COLLEGIATE SCHOOL

INDEPENDENT AUDITOR’S REORT TO THE MEMBERS OF THE NORTH LONDON COLLEGIATE SCHOOL Opinion

We have audited the financial statements of North London Collegiate School ‘the charitable company’ and its subsidiary ‘the group’ for the year ended 31 July 2022 which comprise the Consolidated Statement of Financial Activities, Consolidated and Charity Balance Sheets, Consolidated Statement of Cash Flow and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

21

THE NORTH LONDON COLLEGIATE SCHOOL

INDEPENDENT AUDITOR’S REORT TO THE MEMBERS OF THE NORTH LONDON COLLEGIATE SCHOOL

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

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

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

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

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

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011, taxation legislation, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

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

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

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

22

THE NORTH LONDON COLLEGIATE SCHOOL INDEPENDENT AUDITOR’S REORT TO THE MEMBERS OF THE NORTH LONDON COLLEGIATE SCHOOL

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

Use of our report

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

Nicola May Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor

London

6 January 2023

23

THE NORTH LONDON COLLEGIATE SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2022

2021
Note General
Funds
Designated
Funds
Restricted
Funds
Restricted
Building
Funds
Endowment
Funds
Total Funds
Prior Year
Total Funds
£
£
£
£
£
£
£
Income from:
Charitable activities
School Fee Income
22,459,068
-
-
-
-
22,459,068
21,485,631
Scholarships
(166,483)
-
(41,000)
-
-
(207,483)
(238,535)
COVID Support
-
-
-
-
-
-
-
COVID Hardship
-
(158,290)
-
-
-
(158,290)
(178,670)
Bursaries
-
(1,178,833)
(312,449)
-
-
(1,491,282)
(1,448,770)
Net Fee Income
22,292,585
(1,337,123)
(353,449)
-
-
20,602,013
19,619,656
Ancillary Trading Income (catering and coaches)
1,977,762
-
-
-
-
1,977,762
1,434,878
Other Income from operation of School
535,376
-
-
-
-
535,376
463,971
24,805,723
(1,337,123)
(353,449)
-
-
23,115,151
21,518,505
Other activities
-
-
-
-
-
-
Trading Income from Subsidiaries
13
3,362,182
-
-
-
-
3,362,182
2,563,796
Donations and Grants: Bursaries and Scholarships
9
-
-
303,679
-
-
303,679
313,249
Donations and Grants: Other
9
2,883
-
275,733
94,833
-
373,449
231,326
Investment Income
357,592
233,066
-
15,193
19,553
625,404
541,296
-
-
-
-
-
-
Total Income
28,528,380
(1,104,057)
225,963
110,026
19,553
27,779,865
25,168,172
-
-
-
-
-
-
Expenditure on:
-
-
-
-
-
-
Charitable activities
22,824,730
35,996
126,708
-
-
22,987,434
21,575,579
Trading by Subsidiaries
1,604,760
-
-
-
-
1,604,760
1,355,732
Raising funds
262,595
-
-
-
-
262,595
261,090
Financing Costs
239,700
-
-
-
-
239,700
59,121
Total Expenditure
3
24,931,785
35,996
126,708
-
-
25,094,489
23,251,522
Operating Surplus
3,596,595
(1,140,053)
99,255
110,026
19,553
2,685,376
1,916,650
Net gains on investments
6
(471,703)
-
-
-
-
(471,703)
2,773,003
Net income
3,124,892
(1,140,053)
99,255
110,026
19,553
2,213,673
4,689,653
Transfers between funds:
(278,071)
727,402
19,553
(449,331)
(19,553)
-
-
-
-
-
-
-
-
Net movement after transfers
2,846,821
(412,651)
118,808
(339,305)
-
2,213,673
4,689,653
-
-
-
-
-
-
Actuarial gains/(losses) on defined benefit pension schemes
10
5,067,000
-
-
-
-
5,067,000
468,000
-
-
-
-
-
-
Net movement in funds
7,913,821
(412,651)
118,808
(339,305)
-
7,280,673
5,157,653
-
-
-
-
-
-
-
Reconciliation of funds:
-
-
-
-
-
-
-
Total funds brought forward
27,366,421
7,965,395
192,683
443,078
588,665
36,556,242
31,398,589
-
-
-
-
-
-
-
Total funds carried forward
35,280,242
7,552,744
311,491
103,773
588,665
43,836,915
36,556,242
2022		 2022 2021
General
Funds
Designated
Funds
Restricted
Funds
Restricted
Building
Funds
Endowment
Funds
Total Funds
Prior Year
Total Funds
£
£
£
£
£
£
£
22,459,068
-
-
-
-
22,459,068
21,485,631
(166,483)
-
(41,000)
-
-
(207,483)
(238,535)
-
-
-
-
-
-
-
-
(158,290)
-
-
-
(158,290)
(178,670)
-
(1,178,833)
(312,449)
-
-
(1,491,282)
(1,448,770)
22,292,585
(1,337,123)
(353,449)
-
-
20,602,013
19,619,656
1,977,762
-
-
-
-
1,977,762
1,434,878
535,376
-
-
-
-
535,376
463,971
7,913,821
(412,651)
118,808
(339,305)
-
7,280,673
5,157,653
-
-
-
-
-
-
-
-
-
-
-
-
-
-
27,366,421
7,965,395
192,683
443,078
588,665
36,556,242
31,398,589
-
-
-
-
-
-
-
35,280,242
7,552,744
311,491
103,773
588,665
43,836,915
36,556,242

All amounts relate to continuing operations, and all gains and losses recognised in the year are included above. The notes on pages 27 to 44 form part of these financial statements.

24

THE NORTH LONDON COLLEGIATE SCHOOL CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2022

Note Group 2022 Charity 2022 Group 2021 Charity 2021
£ £ £
FIXED ASSETS
Fixed Assets 5 24,597,039 24,564,026 21,541,286 21,487,327
Investments 6 20,570,928 20,571,134 21,023,544 21,023,747
45,167,967 45,135,160 42,564,830 42,511,074
CURRENT ASSETS
Debtors 7 2,003,628 4,310,275 822,126 2,553,461
Cash at Bank and in hand 22,866,807 19,752,471 5,906,352 4,184,758
Current Assets 24,870,435 24,062,746 6,728,478 6,738,219
Creditors
Creditors: Amounts falling due within one year 8 (8,659,933) (7,813,641) (7,254,603) (7,211,388)
NET CURRENT ASSETS 16,210,502 16,249,105 (526,125) 473,169
Total Assets less current liabilities 61,378,469 61,384,265 42,038,705 42,037,905
Creditors
Amounts falling due after more than one year 8 (17,541,554) (17,541,554) (571,463) (571,463)
NET ASSETS excluding Pension Liability 43,836,915 43,842,711 41,467,243 41,466,442
Defined Benefit Pension Scheme liability 10 - - (4,911,000) (4,911,000)
NET ASSETS 43,836,915 43,842,711 36,556,242 36,555,442
FUNDS 9
Unrestricted General Funds 35,280,242 35,286,038 32,277,421 32,276,621
Unrestricted Pension Funds - - (4,911,000) (4,911,000)
Unrestricted Designated Funds 7,552,744 7,552,744 7,965,395 7,965,395
42,832,986 42,838,782 35,331,816 35,331,016
Endowment Funds 588,665 588,665 588,665 588,665
Restricted Building Funds 103,773 103,773 443,078 443,078
Other Restricted Funds 311,491 311,491 192,683 192,683
TOTAL FUNDS 43,836,915 43,842,711 36,556,242 36,555,442

The notes on pages 27 to 44 form part of these financial statements. The parent charity result for the year ended 31 July 2022 was a surplus of £2,691,972 (2021: £1,916,652) (before gains on investments and actuarial gain/loss).

Approved by the Governors and authorised for issue on 5 January 2023 and signed on their behalf

Director Director P Needleman R Hingley

25

THE NORTH LONDON COLLEGIATE SCHOOL STATEMENT OF CASH FLOWS FOR YEAR ENDED 31 JULY 2022

Cash flows from operating activities:
Adjustments for:
Depreciation charges
(Gains)/losses on fixed assets
Income from investments
Loss on disposal of plant and equipment
Movement in Defined Benefit Pension Liability
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
Cash flows from investing activities:
Income from investments
Purchase of property, plant and equipment
Proceeds from sale of investments
Purchase of investments
Net cash provided by (used in) investing activities
Cash flows from financing activities:
Movement in Fees in Advance
Cash inflows from new borrowing
Net cash provided by (used in) financing activities
Cash and cash equivalents
Cash in hand at the start of the reporting period
Cash in hand at the end of the reporting period
Change in cash and cash equivalents in the reporting period
Change in cash and cash equivalents in the reporting period
Net income for the reporting period (as per the Statement
of Financial Activities)		 2022
2021
£
£
2,213,673
4,689,653
1,196,736
1,324,613
471,705
(2,773,003)
(625,404)
(541,293)
85,182
-
156,000
73,000
(1,181,502)
599,087
1,405,330
296,833
3,721,720
3,668,890
625,404
541,293
(4,337,670)
(2,883,111)
-
-
(19,089)
(17,069)
(3,731,355)
(2,358,887)
(29,910)
(316,223)
17,000,000
-
16,970,090
(316,223)
16,960,455
993,780
5,906,352
4,912,572
22,866,807
5,906,352

16,960,455
993,780

26

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2022

The School is vested in a company limited by guarantee (The North London Collegiate School company number 2818422), which is a registered charity (charity number 1115843). The company is constituted by its Memorandum and Articles of Association. The Memorandum sets out the objects and powers of the Company and its constitution and the Articles regulate the governance of the Company and its internal procedures.

1 ACCOUNTING POLICIES

The following accounting policies have been used consistently in dealing with items which are considered material to the Group’s affairs.

(a) Basis of preparation

The financial statements have been prepared under the historical cost convention, as modified by the inclusion of listed investments at market value, and in accordance with applicable accounting standards. The School meets the definition of a public benefit entity under the guidance issued by the Charity Commission. The financial statements have been prepared to comply with FRS102 and conform with the requirements of the Statement of Recommended Practice, “Accounting and Reporting by Charities” issued by the Charity Commissioners for England and Wales in 2015 (Charities SORP – FRS102) and the Companies Act 2006.

The consolidated financial statements include the results of the School and all its subsidiaries. All activities are consolidated on a line by line basis in the Statement of Financial Activities and the Balance Sheet. Accordingly, the Consolidated Statement of Financial Activities reflects the incoming resources and resources expended of the Group and not the School as an individual entity. The results of the subsidiaries are shown in Note 13.

(b) Going concern

The Governors review actual financial results on a termly basis and compare the performance against budgets and forecasts. Forecasts are regularly reviewed and the impact of any internal or external changes are assessed and incorporated as appropriate.

The largest risk to our income is pupil roll numbers, the role has not been impacted by the pandemic and we continue to maintain our income levels. In addition the International Schools have all maintained or grown their rolls throughout the pandemic.

Long range forecasts have been prepared for the School and all its subsidiaries and the impact of a drop in roll has been modelled. To mitigate this risk we have a £1m overdraft facility in place.

The company has adequate resources to continue its future activities through its cash and investment holdings.

Accordingly the Governors have continued to prepare the financial statement on the going concern basis.

(c) Income

All income is included on an accruals basis with the exception of donations and gifts which are included when received. Grants are recognised in the year of the agreement to the extent that there is a contractual commitment from the donor, there is evidence of entitlement, receipt is probable and the amount can be measured reliably. Donations which are provided in kind are not recognised in the accounts unless they are material.

Legacies are included within the Statement of Financial Activities when the School has been notified of its entitlements to income and the value and timing of receipt of the probable legacy can be measured with sufficient reliability.

School fees are credited to income in the period for which they are receivable. Net fees receivable are stated after deducting bursaries and scholarships. Fees that are receivable in advance of the academic year to which they relate are treated as creditors and released in the year to which they relate.

Government grants are recognised on the performance model, when the School has complied with any conditions attaching to the grant and the grant will be received. The grant in connection to the job retention scheme has been recognised in the period to which the underlying furloughed staff costs relate to.

Income received in respect of set-up costs from franchising partners is recognised in line with activity of work completed. Income from royalties and charges for additional services to our franchising partners is recognised in respect of fee income for the academic year.

27

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2022

Expenditure is recognised when there is a legal and constructive obligation. In accordance with the Charities SORP expenditure has been analysed between charitable activities, financing costs and the cost of raising funds. The principal activity of the organisation is the operation of the North London Collegiate School. Governance costs reflect the costs of administration and other costs necessary for the operation of the charity. Support costs comprise general management, governance, accounting and financing.

In accordance with FRS 102 the amounts charged in resources expended are the costs of providing pension benefits earned by employees in the period. The expected return on pension scheme assets less the interest on pension scheme liabilities is included as part of this charge. Actuarial gains and losses arising in the period from the difference between actual and expected returns on pension scheme assets, experience gains and losses on pension scheme liabilities and the effects of changes in demographics and actuarial assumptions are included in the statement of financial activities within other recognised gains and losses. The accumulated pension scheme deficit is recognised in full and included within the balance sheet.

Costs in respect of the Teachers Superannuation Scheme, which is a multi-employer scheme where the assets and liabilities attributable to the School cannot be identified, are charged to the Statement of Financial Activities based on the employers’ contributions payable.

The School is registered for Value Added Tax. Expenditure shown in the Statement of Financial Activities is inclusive of irrecoverable Value Added Tax as the School is unable to reclaim VAT on the majority of its expenses.

(g) Taxation

The company is a charity within the meaning of Para 1 Schedule 6 Finance Act 2010. Accordingly the company is potentially exempt from taxation in respect of income or capital gains tax within categories covered by Chapter 3 of Part 11 of the Corporation Tax 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. No tax charge arose in the period.

The subsidiary companies make qualifying donations of all taxable profit to The North London Collegiate School. No corporation tax liability on the subsidiaries arises in the accounts.

(h) Fixed Assets

Land and buildings existing at the date of the scheme setting up the charity as a separate entity in 1993 are included at their original cost less accumulated depreciation. Additions to land and buildings since that date and fixed plant are capitalised in the balance sheet. All furniture items are treated as expense items. Items bought individually which are less than £5,000 are not capitalised.

(i) Investments

Investments are included at market value at bid-price. Realised gains or losses on disposals of investments and unrealised gains and losses on revaluation of investments at the year end are reflected in the Statement of Financial Activities. The investment in the subsidiaries, which is included in the Charity’s balance sheet, is included at cost.

Instalments under operating lease agreements are charged to the Statement of Financial Activities in the year in which they are incurred.

28

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2022

Designated Funds comprise funds which have been set aside at the discretion of the Governors for specific purposes.

Restricted Funds may only be spent on the charitable purpose specified by the donor and fall into three categories:

  1. Endowment Funds, where only the income from the fund may be spent on the charitable

purpose.

  1. Building Funds comprise donations which are intended for the purchase of capital assets. A

release is made to the General Fund when the expenditure is incurred where there is no ongoing restriction on the asset, or, if the expenditure has already been incurred, in the year that the donation is received.

  1. Other Restricted Funds, where the whole fund is available for expenditure on the charitable

purpose.

Further details are shown in Note 9.

The provision for bad debts is based on a case-by-case review of amounts outstanding in respect of pupils. All other judgements or estimates which materially affect the amounts recognised in the accounts have been disclosed in these accounts. These include the treatment and calculation of depreciation, multi-year grants, the allocation of support costs, and the calculation of pension liabilities. The Charity recognises its liability to its defined benefit scheme which involves a number of estimations as disclosed in Note 10.

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial Assets held at amortised cost comprise cash at bank and in hand, together with debtors except prepayments. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in bank accounts (with less than six months notice) and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, provisions and deferred income. Investments are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure. Investments in subsidiary undertakings are held at cost less impairment.

29

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2022

2 COMPARATIVE SOFA

School Fee Income is shown on the Statement of Financial Activities. Details of Scholarships and Bursaries are shown in the Trustees Report. Other income includes Registration fees, trip income and rental income from staff accommodation.

accommodation.
Note
Income from:
Charitable activities
School Fee Income
Scholarships
COVID Support
COVID Hardship
Bursaries
Net Fee Income
Ancillary Trading Income
(catering and coaches)
Other Income from
operation of School
Other activities
Trading Income from
Subsidiaries
Donations and Grants:
Bursaries and
Scholarships
Donations and Grants:
Other
Investment Income
Total Income
Expenditure on:
Charitable activities
Trading by Subsidiaries
Raising funds
Financing Costs
Total Expenditure
Operating Surplus
Net gains on
investments
Net income
Transfers between funds:
Net movement after
transfers
Actuarial gains/(losses)
on defined benefit
pension schemes
Net movement in
funds
Reconciliation of funds:
Total funds brought
forward
Total funds carried
forward
2021 2020
General Funds
Designated
Funds
Restricted
Funds
Restricted
Building
Funds
Endowment
Funds
Total Funds
Prior Year Total
Funds
£
£
£
£
£
£
£
21,485,631
21,485,631
20,984,276
(197,535)
(41,000)
(238,535)
(263,204)
0
(329,891)
(178,670)
(178,670)
(49,994)
-
(1,140,877)
(307,893)
(1,448,770)
(1,328,531)
21,288,096
(1,319,547)
(348,893)
19,619,656
19,012,656
1,434,878
1,434,878
1,424,087
463,971
463,971
879,498
23,186,945
(1,319,547)
(348,893)
21,518,505
21,316,241
2,563,796
2,563,796
2,905,301
-
313,249
313,249
401,281
16,459
155,499
59,368
231,326
212,819
269,320
239,445
12,978
19,553
541,296
574,585
26,036,520
(1,080,102)
119,855
72,346
19,553
25,168,172
25,410,227
21,047,109
359,756
168,654
60
21,575,579
21,325,123
1,355,732
1,355,732
1,603,560
261,090
261,090
234,886
59,121
59,121
48,387
22,723,052
359,756
168,654
60
-
23,251,522
23,211,956
3,313,468
(1,439,858)
(48,799)
72,286
19,553
1,916,650
2,198,271
2,773,003
2,773,003
4,775
6,086,471
(1,439,858)
(48,799)
72,286
19,553
4,689,653
2,203,046
(732,964)
732,795
19,722
-
(19,553)
-
5,353,507
(707,063)
(29,077)
72,286
0
4,689,653
2,203,046
468,000
468,000
(2,097,000)
5,821,507
(707,063)
(29,077)
72,286
0
5,157,653
106,046
21,544,914
8,672,458
221,760
370,792
588,665
31,398,589
31,292,543
27,366,421
7,965,395
192,683
443,078
588,665
36,556,242
31,398,589

30

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2022

3 ANALYSIS OF TOTAL EXPENDITURE

Teaching
Catering & Coaches
Premises
Governance Costs
Other Support Costs
Total Charitable Activities
Raising Funds
Financing Costs
Investment Management
Cost of Subsidiaries
Total Other Activities
Total Expenditure		 Staff Costs
Other Costs Depreciation
Group 2022
Total
Group 2021
Total
12,502,514
695,648
-
13,198,162
12,680,901
25,269
2,294,608
-
2,319,877
2,076,909
475,491
2,377,450
1,175,791
4,028,732
3,427,107
156,754
97,949
-
254,703
199,362
2,254,181
931,779
-
3,185,960
3,191,297
15,414,209
6,397,434
1,175,791
22,987,434
21,575,576
146,557
116,038
-
262,595
261,090
-
239,700
-
239,700
59,121
-
-
-
-
-
805,642
778,173
20,945
1,604,760
1,355,732
952,199
1,133,911
20,945
2,107,055
1,675,943
16,366,408
7,531,345
1,196,736
25,094,489
23,251,519

31

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2022

4a EXPENDITURE

Staff costs charged to General Fund were
Wages and salaries
Social security costs
Other pension costs
Other costs of employing staff		 2022
£
11,939,653
1,370,161
2,793,047
263,547
16,366,408		 2021
£
11,526,711
1,271,624
2,753,848
213,416
15,765,599

Termination payments, including redundancy, and ex gratia payments totalled £203,303 in the year (2021: 100,208). These are included in the total for staff costs above. Termination benefits are payable when employment is terminated by the School or whenever an employee accepts voluntary redundancy in exchange for these benefits. The School recognises termination benefits when a fully signed settlement agreement is in place, or when the cost has otherwise been confirmed and committed to. There were no amounts outstanding at 31st July 2022 or 2021 for any termination payments.

Remuneration and benefits for key management personnel (consisting of the Senior Team, as set out above on page 6) totalled £1,305,344 in the year (2021: £1,062,939).

The number of staff who received remuneration (including taxable benefits in kind but excluding employer pension costs) in excess of £60,000 were as follows:

£60,000 - £69,999
£70,000 - £79,999
£80,000 - £89,999
£90,000 - £99,999
£100,000 - £109,999
£110,000 - £119,999
£120,000 - £129,999
£150,000 - £159,999
£160,000 - £169,999
£270,000 - £279,999		 2022
32
19
2
2
2
2
-
2
-
1
62		 2021
31
17
1
2
1
1
1
2
1
-
57

All except two of the higher paid staff shown above were accumulating benefits under the various pension schemes. This amounted to £939,860 (2021: 893k).

The average number of staff employed by the group during the year was as follows. The calculation of Full-time equivalent staff for Support Staff is based on the staffing complement, calculated on 40 hours per week and 52 weeks per year.

2022
Full-time
equivalent
2022
Average
Headcount
Teaching
126.4
157.3
School Support Staff
75.6
115
Employed by Subsidiaries (Canons Enterprises)
6.5
30.5
Total
208.5
302.8
4b Auditors’ remuneration
- for audit services
- for subsidiary audit services
- for tax advisory services		 2021
Full-time
equivalent
2021
Average
Headcount
127
150.6
69
122
5.5
23.7
201.5
296.3
2022
2021
£
£
27,120
25,830
29,100
22,800
9,555
7,000

32

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2022

5 TANGIBLE FIXED ASSETS

Group
Cost
As at 1 August 2021
Disposals
Additions
As at 31 July 2022
Depreciation
As at 1 August 2021
Disposals
Charge for the period
As at 31 July 2022
Net book values
As at 31 July 2022
At 31 July 2021
Charity
Cost
As at 1 August 2021
Disposals
Additions
As at 31 July 2022
Depreciation
As at 1 August 2021
Disposals
Charge for the period
As at 31 July 2022
Net book values
As at 31 July 2022
At 31 July 2021		 Freehold
Land and
buildings
£
26,060,034
(129,849)
104,181		 Assets
Under
Construction
£
2,818,980
-
3,747,521		 Fixed plant
£
1,690,933
(649,406)
281,085		 Equipment
£
2,022,019
(603,906)
204,883		 Vehicles
Total
£
£
282,782
32,874,749
-
(1,383,161)
-
4,337,670
26,034,366 6,566,501 1,322,612 1,622,996 282,782
35,829,258
8,498,627
(44,682)
689,647		 -
-
-		 1,039,261
(649,406)
113,126		 1,584,761
(603,891)
368,130		 210,813
11,333,462
-
(1,297,979)
25,833
1,196,736
9,143,592 - 502,981 1,349,000 236,648
11,232,219
16,890,774
17,561,407
Freehold
Land and
buildings
£
26,060,034
(129,849)
104,181		 6,566,501
2,818,980
Assets
Under
Construction
2,818,980
-
3,747,521		 819,631
651,672
Fixed plant
£
1,690,933
(649,406)
281,085		 273,996
437,258
Equipment
£
1,953,528
(603,906)
204,883		 46,134 24,597,039
71,969
21,541,287
Vehicles
Total
£
£
34,229
32,557,704
-
(1,383,161)
-
4,337,670
26,034,366 6,566,501 1,322,612 1,554,505 34,229
35,512,213
8,498,627
(44,682)
689,647		 -
-
-		 1,039,261
(649,406)
113,126		 1,516,270
(603,891)
368,130		 16,219
11,070,377
-
(1,297,979)
4,886
1,175,789
9,143,592 - 502,981 1,280,509 21,109
10,948,187
16,890,774
17,561,407		 6,566,501
2,818,980		 819,631
651,672		 273,996
437,258		 13,120 24,564,026
18,010
21,487,327

At 31 July 2022 the Group had capital commitments of £8.6m (2021: £10.6M Site Masterplan) relating to the Site Masterplan. Assets under construction relate to the Ideas Hub, Phase 1 of the Site Masterplan.

33

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2022

6 INVESTMENTS

Investment in Canons Enterprises Limited, at cost
Investment in Canons Transport Limited, at cost
Investment in NLCS Enterprises Limited at cost
Investment in NLCS International Limited at cost
Investment in NLCS Pearl Limited at cost
Investment in NLCS Jade Limited at cost
Investment in NLCS Golf Limited at cost		 2022
2021
2
2
1
1
100
100
100
1
1
1
100
1

Further details of the subsidiaries are shown in Note 14.

Other investments, all of which
market value
At 1 August 2021
Additions (CCLA)
Additions (Black Rock)
Investment gains/(losses)
At 31 July 2022
Cost of other investments
At 31 July 2022
7
DEBTORS
Fee debtors
Amounts owing by Franchise Partners
Amounts due from Subsidiaries
Prepayments and accrued income		 are listed, at
Group
2022
£
46,942
622,564
-
1,334,122		 Group & Charity
£
£
2022
2021
21,023,544
18,233,472
19,089
17,069
-
-
(471,703)
2,773,003
20,570,928
21,023,544
15,574,482
15,555,397
Charity
Group
Charity
2022
2021
2021
£
£
£
46,942
29,683
29,683
-
508,183
-
3,811,100
-
2,239,518
452,233
284,260
284,260
4,310,275
822,126
2,553,461		 Group & Charity
£
£
2022
2021
21,023,544
18,233,472
19,089
17,069
-
-
(471,703)
2,773,003
20,570,928
21,023,544
15,574,482
15,555,397
Charity
Group
Charity
2022
2021
2021
£
£
£
46,942
29,683
29,683
-
508,183
-
3,811,100
-
2,239,518
452,233
284,260
284,260
4,310,275
822,126
2,553,461		 Group & Charity
£
£
2022
2021
21,023,544
18,233,472
19,089
17,069
-
-
(471,703)
2,773,003
20,570,928
21,023,544
15,574,482
15,555,397
Charity
Group
Charity
2022
2021
2021
£
£
£
46,942
29,683
29,683
-
508,183
-
3,811,100
-
2,239,518
452,233
284,260
284,260
4,310,275
822,126
2,553,461
Charity
2022
£
46,942
-
3,811,100
452,233
4,310,275		 Group
2021
£
29,683
508,183
-
284,260
822,126
2,003,628 2,553,461

34

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2022

8
CREDITORS
Group
Charity
2022
2022
£
£
Amounts falling due within one year:
Fee deposits
3,323,631
3,323,631
Trade creditors
1,137,546
1,133,128
Tax and social security
340,865
338,367
Accrued Holiday Pay
1,065,153
1,065,153
Accruals and deferred income
2,086,513
1,247,137
Receipts in respect of Autumn Fees
263,466
263,466
Deferred Income: Fees in advance
scheme
442,759
442,759
8,659,933
7,813,641
Amounts falling due after more than one year:
Group & Charity
2022
Fees in Advance
541,553
Private Placement
17,000,000
17,541,553
Maturity of debt:
Between 2 and 5 years
541,553
Over 5 years
17,000,000
17,541,553
Movements in Fees in Advance Scheme
At start of year
1,155,092
New Contracts
563,515
Repayments
-
Amounts used to pay fees
(746,307)
Debt Financing Cost
12,014
Balance at end of year
984,312		 Group
Charity
2021
2021
£
£
3,291,132
3,291,132
1,181,413
1,175,101
372,855
372,333
908,716
908,716
640,795
604,415
276,062
276,062
583,629
583,629
7,254,603
7,211,388
Group & Charity
2021
571,463
-
571,463
550,415
21,048
571,463
1,586,559
413,404
(77,379)
(784,744)
17,252
1,155,092		 Charity
2021
£
3,291,132
1,175,101
372,333
908,716
604,415
276,062
583,629
7,211,388

On the 17 December 2021 a private placement for £17,000,000 was completed. The loan is over 30 years and is repayable on 17 December 2051. Interest at 2.82% per annum is payable semi-annually on the 17 June and 17 December.

9 FUNDS - GROUP

Tangible Fixed Assets
Investments
Net Current assets
Long Term Creditors
Pension Deficit
At 31st July 2022
Tangible Fixed Assets
Investments
Net Current assets
Long Term Creditors
Pension Deficit
At 31st July 2021		 General Funds Designated
Funds
Restricted
Funds
Restricted
Building Funds
Endowment
Funds
Total Funds
24,567,039
30,000
24,597,039
12,325,746
7,552,744
103,773
588,665
20,570,928
15,929,011
311,491
(30,000)
16,210,502
(17,541,554)
(17,541,554)
-
-
35,280,242
7,552,744
311,491
103,773
588,665
43,836,915
21,511,286
30,000
21,541,286
12,026,406
7,965,395
443,078
588,665
21,023,544
(688,808)
192,683
(30,000)
(526,125)
(571,463)
(571,463)
(4,911,000)
(4,911,000)
27,366,421
7,965,395
192,683
443,078
588,665
36,556,242

35

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2022

9 2022 Movements in Designated and Restricted Funds

Restricted Endowment Funds
Endowment Fund: Land owned by the School
Prize/Exhibitions & Scholarship Fund
Eleanor Lyndon Trust Fund
Sharland Sixth Form Bursary
Sharland Sixth Form Prize Fund
Restricted Building Funds
Masterplan Capital Fund
Performing Arts Centre
Capital Building Appeal (2016)
Other Restricted Funds
Prize/Exhibitions & Scholarship Fund Income
Eleanor Lyndon Trust Fund Income
Bernice McCabe Bursary Appeal Fund
Sharland Prizes
The Doris Gregory Trust
Frank Levett Memorial Prize
Parents Guild
Frances Mary Buss Scholarship Trust
Kay Nicholson Physics Prize
Kay Nicholson Economics Prize
Ennis Brandenburger
Library Fund
Annual Fund
Emerald Ball
Foxton Fund - History Speakers
Tomsett - STEM
STEM - Revenue Donations
Suzy Sharland Travel Bursary
Junior School Annual Fund
Lacrosse Fund
Designated Funds
Bernice McCabe Bursary Fund
COVID Hardship Fund
COVID Support Fund
Masterplan Fund
Grand Total		 Balance at
1st August
2021
Donations
Investment
income
Charitable
Expenditure
Transfers of
Net Income
Transfer
from
Designated
Fund
Transfers
to/from
General
Funds
Balance at
31st July
2022
30,000
-
-
-
-
-
-
30,000
284,369
-
9,953
-
(9,953)
-
-
284,369
14,296
-
500
-
(500)
-
-
14,296
250,000
-
8,750
-
(8,750)
-
-
250,000
10,000
-
350
-
(350)
-
-
10,000
588,665
-
19,553
-
(19,553)
-
-
588,665
9,000
94,773
-
-
-
-
-
103,773
-
60
-
-
-
-
(60)
-
434,078
-
15,193
-
-
-
(449,271)
-
443,078
94,833
15,193
-
-
-
(449,331)
103,773
39,404
-
-
(5,285)
9,953
-
-
44,072
2,148
-
-
(35)
500
-
-
2,613
-
303,699
-
(312,449)
8,750
-
-
-
1,445
-
-
(70)
350
-
-
1,725
-
71,284
-
(71,284)
-
-
-
-
10,241
-
-
-
-
-
-
10,241
-
-
-
-
-
-
-
-
15,310
-
-
-
-
-
-
15,310
330
-
-
(25)
-
-
-
305
470
-
-
-
-
-
-
470
1,972
-
-
(100)
-
-
-
1,872
-
2,000
-
(400)
-
-
-
1,600
16,250
25,588
-
-
-
-
-
41,838
8,361
-
-
-
-
-
-
8,361
326
-
-
-
-
-
-
326
45,856
-
-
(3,020)
-
-
-
42,836
44,220
151,341
-
(86,989)
-
-
-
108,572
-
500
-
(500)
-
-
-
-
6,350
-
-
-
-
-
-
6,350
-
25,000
-
-
-
-
-
25,000
192,683
579,412
-
(480,157)
19,553
-
-
311,491
6,659,038
-
233,066
(1,178,833)
-
-
1,449,473
7,162,744
597,007
-
-
(158,290)
-
-
(438,717)
0
709,350
-
-
(35,996)
-
-
(673,354)
0
-
-
-
-
-
-
390,000
390,000
9,189,821
674,245
267,812
(1,853,276)
-
-
278,071
8,556,673

Investment income is credited at a notional rate on the opening balance to Endowment Funds, the 2016 Capital Campaign and to the Designated Bursary Fund For 2021/22 this rate is 3.5%

36

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2022

9 2021 Movements in Designated and Restricted Funds

37

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2022

9 Details of Restricted & Designated Funds:

Endowment Funds where only the net income is available to the School. The original capital sum is shown here and any income, expense and charitable expenditure are shown in the respective restricted fund.

Building Funds comprise donations which are intended for the purchase of capital assets. A release is made to the General Fund when the expenditure is incurred, or, if the expenditure has already been incurred, in the year that the donation is received.

Other Restricted Funds

Designated Funds

38

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2022

10 PENSION COSTS

London Borough of Harrow Superannuation Fund

The School contributes to the London Borough of Harrow Superannuation Fund which is a multi-employer defined benefit scheme, the assets and liabilities of which can be disaggregated. This scheme is now closed to new entrants. The pension cost for the London Borough of Harrow Superannuation Fund is assessed in accordance with the advice of a qualified actuary on the basis of triennial valuations. The pension charge for the scheme was £726,000 (2021: £683,000) which were the contributions due for the year. A formal valuation of the Scheme was carried out as at 31 March 2013 by a qualified independent actuary. This statement has been updated to 31 July 2022 by the actuary for the purpose of the disclosures required by Financial Reporting Standard 102 based on that valuation, using the following major assumptions:

31 July 31 July 31 July 31 July 31 July
2022 2021 2020 2019 2018
Pension increase rate 2.75% 2.85% 2.2% 2.4% 2.4%
Salary increases 3.45% 3.55% 2.9% 2.7% 2.7%
Expected return on assets 1.5% 1.60% 1.4% 2.1% 2.8%
Discount rate 3.5% 1.6% 1.6% 2.1% 2.8%

The mortality assumptions adopted at 31 July 2022 imply the following life expectancies at age 65:


Current pensioners
22.0
Future pensioners
23.3		 Male
Female
years
24.4 years
years
26.7 years		 Female

The major categories of School’s share of the plan assets are as follows:

Equities
Bonds
Property
Cash
Total		 % at 31stJuly 2022
% at 31st July 2021
69
73
23
15
7
8
1
4
100
100

The approximate fair values of assets and liabilities, and the net pension liability attributable to the School at 31 July 2022 was:

Fair value of assets
Present value of liabilities		 31July
2022
14,020
(13,216)
804		 31July
2021
£000’s
14,066
(18,977)
(4,911)		 31 July
31July
2020
2019
£000’s
£000’s
11,394
11,563
(16,700)
(14,778)
(5,306)
(3,215)

39

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2022

10 PENSION COSTS (continued)

Changes in the Defined Benefit Obligation
Opening defined benefit obligation
Current service cost
Past service cost
Interest cost on defined benefit obligation
Contributions by members
Changes in
Changes in financial assumptions
Losses on Curtailments
Other experience
Benefits Paid
Closing Defined Benefit Obligation
Changes in fair value of plan assets
Opening fair value of plan assets
Return on assets
Contributions by members
Contributions by the employer
Interest income
Estimated benefits paid
Closing fair value of employer assets		 2022
£000’s
18,977
726
-
307
85
(57)
(6,561)
-
38
(299)
13,216
2022
£000’s
14,066
(709)
85
649
228
(299)
14,020		 2021
£000’s
16,700
678
5
237
90
206
1,583
-
(227)
(295)
18,977
2021
£000’s
11,394
(2,030)
90
684
163
(295)
14,066

The total cost for this Scheme recognised in the Statement of Financial Activities is £805k (2021: £757k).

Amounts for the current and
previous accounting periods		 2022 2021 2020 2019
£000’s £000’s £000’s £000’s
Fair value of employers assets 14,020 14,066 11,394 11,563
Present value of defined benefit
obligation		 (13,216) (18,977) (16,700) (14,778)
Surplus/(Deficit) 804 (4,911) (5,306) (3,215)
Scheme surplus restriction (804) - - -
Surplus/(Deficit) recognised on
balance sheet		 - (4,911) (5,306) (3,215)
Experience gains/ (losses) on
assets		 - - - -
Experience gains/ (losses) on
liabilities		 - - - -

Contributions for the year to 31 July 2023 will be approximately £648,000 (2021: £674,000 ).

The FRS102 calculation by the actuary calculates a scheme surplus of £804K (2021: deficit (£4,911K)). However in accordance with paragraph 28.22 of FRS102 the net pension asset has been restricted to the value of the scheme's future pension cost less future employee contributions. The net pension asset therefore becomes £nil.

40

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2022

10 PENSION COSTS (Continued)

Teachers’ Superannuation Scheme

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,840,384 (2021: £1,852,693) and at the year-end £231,901 (2021: £ nil) was accrued in respect of contributions to this scheme.

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

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

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

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

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched in June 2021 on proposed changes to the cost control mechanism following a review by the Government Actuary. Following the public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for the 2020 valuations.

The 2016 cost control valuations have since been completed in January 2022, and the results indicated that there would be no changes to benefits or member contributions required. The results of the cost cap valuation are not used to set the employer contribution rate, and HM Treasury has confirmed that any changes to the employer contribution rate resulting from the 2020 valuations will take effect in April 2024.

Until the 2020 valuation is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

41

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2022

Defined Contribution Scheme

The School has offered a Defined Contribution Scheme with Standard Life for Non-Teaching Staff who joined after 1[st] August 2016. The total costs in the year of £126,148 (2021: £113,226.91) have been allocated to activities in unrestricted funds, on the same basis as the respective employees salaries.

11 RELATED PARTY TRANSACTIONS

None of the Governors received remuneration or had any interest in transactions during the period other than as disclosed in this note. The School has purchased indemnity insurance for the Governors, which cost £1,557 (2021: £1,512).

Governors were reimbursed £179 (2021:£nil) for travel and other expenses in the period.

Ms R Herdman-Smith is a Governor of NLCS, is a partner of Mishcon De Reya LLP. During the year ended 31 July 2022, the School paid a sum of £219,082 (2021:£nil) for legal advice.

Mr J Herlihy is a director and chair of NLCS Enterprises and a Governor of NLCS-Jeju School. He received £59,895 (2021:£nil) in remuneration for his role as Chair of Enterprises.

Mr R Hingley is Chair of Governors for NLCS and a director of NLCS Enterprises, NLCS International, NLCS Pearl, NLCS Jade and NLCS Gold.

Ms H Stone is Chair of Governors for NLCS Jeju. she received an honorarium of £16,815 (2021:£nil) for serving as Chair of Governors.

Trustees made donations totalling £1,210 in the year (2021: £13,972).

Details of the School’s transactions with its subsidiaries are shown in Note 14.

12 FINANCIAL INSTRUMENTS

Group 2022 Charity 2022 Group 2021 Charity 2021
Financial
Assets
measured at
fair value		 20,571,548 20,570,926 21,023,544 21,023,747

Financial assets held at fair value comprise assets held as investments.

42

2022 2021
Canons Canons NLCS NLCS NLCS NLCS NLCS NLCS NLCS NLCS Canons Canons Canons NLCS NLCS NLCS NLCS NLCS NLCS Canons
Enterprises
Transport		 Internation Enterprises
Enterprises
Enterprises
Enterprises		 (Pearl) (Gold) (Jade) Park Enterprises
Transport		 Internation Enterprises
Enterprises
Enterprises
Enterprises		 (Pearl) Park
Limited Limited al Limited Limited (Dubai) (Thailand) (Singapore) Limited Limited Limited Consulting Limited Limited al Limited Limited (Dubai) (Thailand) (Singapore) Limited Consulting
Limited Limited Limited Limited Limited Limited Limited Limited
Company Reg Numbers 2713749 10868243 09921328 6832562 09506840 11187640 9982315 13173822 14042197 14042302 11187224 2713749 10868243 09921328 6832562 09506840 11187640 9982315 13173822 11187224
-
Turnover 401,694 375,169 - 1,331,152 600,436 - 554,258 83,056 - - 16,417 3,362,182 147,189 285,831 - 1,232,878 494,805 - 233,207 - 145,710
Operating expenses (315,562) (319,971) - (799,190) (60,274) - (60,440) (36,864) (6,596) - (5,863) (1,604,760) (240,704) (262,606) - (697,226) (61,104) (820) (87,493) - (5,374)
Operating profit 86,133 55,198 - 531,961 540,162 - 493,818 46,192 (6,596) - 10,554 1,757,423 (93,515) 23,225 - 535,652 433,701 (820) 145,714 - 140,336
Interest receivable - - - - - - - - - - - - - - 19,787 - 4,388 - -
Profit for the year 86,133 55,198 - 531,961 540,162 - 493,818 46,192 (6,596) - 10,554 1,757,423 (93,515) 23,225 - 535,652 453,488 (820) 150,102 - 140,336
Group Tax relief - - - - - - - - - 93,515 (23,225) - (70,290) (820) 820 - - -
Gift aid (86,133) (55,198) (531,961) (540,162) - (493,818) (46,192) - - (10,554) (1,764,018) - - - (465,362) (452,668) - (150,102) - (140,336)
Brought Forward 800 - - - - - - - - 800 800 - - - - - - - -
Retained in subsidiary 800 - - - - - - - (6,596) - - (5,796) 800 - - - - - - - -
Fixed Assets - 33,013 202 - - - - - - - - 33,215 - 53,958 202 - - - - - -
Cash at Bank 330,270 135,713 550,676 1,807,112 290,565 - - - - - - 3,114,336 42,935 42,418 748,572 836,169 50,646 - - - 852
Other Assets 7,517 12,577 - 483,272 612,230 - 371,631 17,227 - - - 1,504,454 6,857 5,910 - 476,138 8,673 - 12,134 - -
Gift Aid Liability - - - - - - - - - - - - - - - (465,362) (452,669) - (150,102) - (140,336)
Due to Parent (333,755) (182,215) (440,499) (2,178,733) (113,423) - (493,820) (58,103) - - (10,554) (3,811,101) (117,160) (103,863) (467,660) (739,105) 396,738 - - - -
Due from Intercompany 80,658 19,776 800,674 - 7,881 7,882 127,039 562,571 198,155 1 15,305 1,819,942 93,515 32,632 - (98,757) (6,599) 9,702 142,593 - 144,010
Due to Intercompany
Tax and Social Security
Trade Creditors
Accruals & Deferred Income
Net Assets
Share Capital
Retained Funds
Shareholders Funds		 -
(2,498)
(633)
(80,758)
801
2
800
802		 (10,368)
-
(3,785)
(4,710)
1
1
-
1		 (910,953)
-
-
-
100
100
-
100		 (99,202)
-
-
(12,349)
100
100
-
100		 (791,538)
-
-
(5,615)
100
100
-
100		 (7,881)
-
-
-
1
1
-
1		 -
-
-
(4,750)
100
100
-
100		 -
-
-
(521,694)
1
1
-
1		 -
-
-
(204,750)
(6,595)
1
(6,596)
(6,595)		 -
-
-
-
1
1
-
1		 -
-
-
(4,750)
1
1
-
1		 (1,819,942)
(2,498)
(4,419)
(839,376)
(5,388)
408
(5,796)
(5,388)		 (12,856)
(522)
(4,535)
(7,432)
802
2
800
802		 (23,224)
-
(3,305)
(4,525)
1
1
-
1		 (281,014)
-
-
-
100
100
-
100		 -
-
-
(8,983)
100
100
-
100		 8,701
-
-
(5,390)
100
100
-
100		 (8,701)
-
-
(1,000)
1
1
-
1		 -
-
-
(4,525)
100
100
-
100		 1
-
-
-
1
1
-
1		 -
-
-
(4,525)
1
1
-
1

THE NORTH LONDON COLLEGIATE SCHOOL NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2022

14 RELATED PARTY TRANSACTIONS BETWEEN SCHOOL AND SUBSIDIARIES

Canons Enterprises Ltd (CEL)

The School shares the running costs of the Sports Centre with CEL, which is used by the School for School purposes and used by CEL to generate revenue from third parties when it is not used by the School. In addition, the School makes a charge for accounting functions performed by School Staff. As the number of COVID cases increased during the financial year 2021the Government announced further closures only 4 months were charged in 2021. The centre resumed normal operations for in August 2021 and a full year has been charged in 2022.

2022 2021
£
£
Recharges of running costs paid by the School 115,000 38,333
Accounting functions 5,000 5,000

International Franchising Subsidiaries

The School maintains the payroll for all staff who work for the International Franchising subsidiaries, the costs of which are fully reflected in the subsidiaries' accounts. In addition, the School makes a charge for accounting functions performed by School Staff, and for the office space occupied by these companies. As part of the service provided to overseas franchise schools, the School also charges the subsidiaries for teaching staff provided to assist with monitoring and inspection visits, the cost of which is recovered from the franchise schools.

NLCSE Dubai Thailand Singapore CPC Jade Gold Gold
2022 2022 2022 2022 2022 2022 2022
£ £ £ £ £
Salaries paid by the School 184,628 118,431 - 104,855 - 67,716 4,437
Office facilities and insurance 26,848 - - - - - -
Support functions 37,540 - - - - - -
Teaching Staff reimbursed by overseas franchise 1,455 6,222 - 11,867 - 3,077 -
2021 2021 2021 2021 2021 2021 2021
£ £ £ £ £ £ £
Salaries paid by the School 373,798 52,751 - 67,335 212 - -
Office facilities and insurance 25,748 - - - - - -
Support functions 21,000 - - - - - -
Teaching Staff reimbursed by overseas franchise 3,166 634 - 11,582 - - -

Canons Transport Ltd (CTL)

Canons Transport Ltd operates minibuses on behalf of the School to provide passenger transport services for the School's pupils. Charges are made by the School for accounting services and for interest on a loan to CTL.

to CTL.
2022 2021
£ £
Charges made by CTL to the School 375,169 285,831
Charges made by the School to CTL
Accounting functions 5,000 5,000
Interest on loan 3,000 3,000

All related party transactions have been carried out at arm’s length.

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