**ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 2021** CHR15fs HOSPITAL YEAR ENOED al AUGUST 2021 CONTENTS Page Report of the Trustees 2-22 Auditor's Report 23-25 Consolidated Statement of Financial Acts'vilies Consolidated and Charity Balance Sheets 27 Consolidaled Cash Flow 28 Terminology 29 Note5 to the Financial Statements 3(k59 THE MISSION OF CHRIST'S HOSPITAL It Is and shall b• th• ml••lon ol Chrlit's H￿pItal. to offer to boys and girls of suitsble age an education ol such breadth and excellence as will fit them pre-eminently for work and seNice in society in their generation,, and in particular lo enable Ihern lo Gompele compelenlly with their peers for opportunities in further education and careers. In so doing, to develop first the skills, learning habits, independence of mind and spiritual awareness that will enable and motivate them lo continue lo educate themselves throughout their lives,. and second, a high sense of responsibility towards themselves, their families, their associates and 10 society at large, su¢h as lo form a perynanent foundation of their training and ¢hara¢ter", in the choice of pupils, to have regard especially lo children of families in soaal, financial or other specific need., lo provide our pupi15 with opportunities lo explore, reflect upon, and grow in their understanding of, the Christian faith., and lo maintain and further the close connection with the City of London so successfvlly nurtured since 1552. CHRISTS HOSPITAL YEAR ENDED 31 AUGUST2021 REPORT OF THE TRUSTEES KEY INFORMATION Ygar ended 31 Year ended 31 August 2011 August 2020 Flnantial R•sult¥ Investment income Investment gains £7.8m £70.3m £8.Sm £9.8m Total retuin (nel of fees and intere811 18.9% 4.7% School fee income Fundraising income Net trading income I110ssl £10.Om £8.8m £O.Om £9.6m £2.8m 1£0.2ml Closing value of Endowment Funds £442.5m £379.9m Closing value of Total Funds £506.4m £440.3m Staff IFTEI 385 376 112 39 T¢•¢hlng T•8chlny 3UPPOrt W•M vmla•J, Adnthlr•lion 6 olh•r 116 40 109 105 Total pupils (al Èeginning ol Academic Yearl 896 878 CHRIST'S HOSPITAL YEAR ENDED 31AUGUST 2021 REPORT OF THE TRUSTEES The Council of Christ's Hospital (Council) presents (t5 report and audited financial slatem•nts for the year ended 31 August 2021 under the Charities Act 2011 and the Companies Act 2006, thus including the Directors, Report and Strategic Report under the 2008 Act, together wlh the audited financial statements for Ihe year. CONSTITUTION AND 08JECTS Christ's Hospital is a charitable company limited by guarantee (company number 062325561 and registered in England. It is registefed wth the ch￿ltY Commi85ion in England and Wales under chanly number 1120090. ChT151'8 Ho9￿.1a1 wa8 Incorpor8led on 1 May 2007. On 1 August 2007 the governance struclure changed wlh Christ's H05pilal and Christ's Hospital Foundation Ilhe Foundalionl operating as separate legal entities, each ils own governing body. Arrangemen15 lor the governance of Christ's Hospital were laid down in its Memorandum and Articles of Asseualion approved by the Ch8rity Commisslon on 1 May 2007. After extensive consullalion and due diligence undertaken dunng 2015 and 2016, the Counal of Almoners Ilhe former corpor81e trustee of the Foundallonl and the Board ol School Govemor6 of Christ's Hospital agreed on 14 June 2017 to adopt a unllary governance and management structure, effective 1 Seplernber 2017. Revised Memorandum and Artidas of Association were approved by the Council of Almoners, In rts role as the solo member, on 16 August 2017. Under a Scheme approved by the Charity CommisBion in August 2017, Christ's Hospital replaced the Council of Almoners as corporate trustee of the Foundation and a number of linked charities, including the Chrlsl's Hospital Common Investment Fund Ich8rlly number 11115071 ￿ 1 September 2017. The consdidaled Financial Slalements indude the activities of Christ's Hosplt81, Chri81'8 H08pilal Foundation, a charitable trust Icharily number 3069751, together with Christ's Hospital's trading 8vbsidiary, Christ'5 Hospital Enterprises Llmiled Icgmpany number 023268831. its controlled charity Bluecoal Sports la ch8ri18ble company limited by guarantee, charity number 1096244, company numbgr 043847651 and Christal House Contracts Limited (company number 042852591. The relalionships of these companies to Chri$l'$ Hospital are deSCTibed on page 18. Their finanaal perform¥nce 18 shovm in Note 4lcl on page8 35 and 36. Chri81'8 Hospital's objects and wlncipal activities, as sel out In the Memofandum of A$So￿al￿on, are.. the advancement of educatson of childfen, principally for the benefit of those families In social. fi'nancial or olher specific need, by provision of o school for boys and gids., and the undertaking of ancillary education81 and other associated a¢livilies fer the benefit of the communf(y. TERMINOLOGY To a5$151 in understanding the Report and Financial Slatemenls, a brief explanallon of some of the lem15 that are used is shown on page 29. CHRIST'S HOSPITAL YEAR ENDED 31 AUGUST 2021 REPORT OF THE TRUSTEES STRATEGIC REPORT OBJECTIVES, ACHIEVEMENTS AND PERFORMANCE FOR 2020121 The objeth'ves established for the year and our achievements against these ale set out below.. Adapt the School acros8 all arna$ to face the ongolng challenges ol COVID-19 and provlde sale and wel¢omlng envlronment for the puplls ovèr thls p•rlod. This was an enomious challenge lor ￿lSChOOlS over the last year. but for a full b¢ardSng school il was particularly irnportanl lo provide a welcoming pastoral environment for pupils while introducing 8ppropriate measures to protect 811 member5 of the School communlly frorn COVID-19. The Re opening Group. later renamed the COVIO Response Group, met Iwice weekly throughout the academic year to prepare the School for sale r opening and then made adjustments to reftect changing official guidance and Our own expenence. Dvllver a "recovery currlculum" whlch locug•s on pupll wollbelng whll• allowlng for consolidatlon of thè ramotg learnlng dellvered over th• lockdown pfjrfod. Dunng Mlchaelmas term In particular, flexibililywas induded in the lirnelable lo providè addition81 le660ns lo pupils in the exarn yoar gfOUPS to consolidate teaching provided over the first lockdown. Al the same lime, the maintenance ol year group "bubbles notwlh51anding, every effort was made lo ensure the delivery of an engaging broadèr currieulum and ensure that Ihe r&de5ign of boarding houBes was able to support pupil wellbelng. Implement the flr8t phaJ• of th• ICT strategy. whlch Involves tho purch•s& of new tabl•t devl¢g5 for teachlng staff to l)¢llltatè 'blended leaching" and th8 pllot use ol Sch{￿l-pUrChasOd devlc•s by year 11 puplls. The pandemic accelerated implemenl8lion of thè ICT strategy, once il became clear h¢)w critical it was likely to be lo be able lo deliver blended leaehing lo pupils who were unable lo attend lessons. Microsoft Surface Pro devices were pur¢hased for all teachers and all year 11 pupils received a Surfac• Go laptop lor their GCSE year. FlnallJ• the 'Shape of the Day" Inltiativo for rollnout In Mlchaelmas term 2021, wlth a sorles of pllots In th• Interfm perlod to all¢)w for further reflnemenL Preparation for the Introduction of a new'shape of the Dal, was completed a5 planned in 2020-21 and the new limelable was launched at the sl8rt of the 2021-22 academic year. An updated curnculum was introduced al the same time. ¥Mlh a central role for a new 'Learning for Life. component, vthich wlll span the variou5 year groups and 5upplemenl the exbsling PHSE offering. A parallel 'Activity for Life. programme is also being implemented to develop physical Iileracy and enhance the engagement and enjoyment of physical aclivily, particularly In the junior year5 al School, CHRIST'S HOSPITAL YEAR ENDED 31 AUGUST2021 REPORT OF THE TRUWEES D•v•lop and Implement Inltlatlve8 on equallty. dlverslty and Inclu51on In School, and at a governance levèl, to provide a strong foundatlon lor Chrlst Hospltal's stanc• on antl-raclsm. The Council of Chrisl'g Hospllal has established an Equity, Diversity and Indusion IEDII Committee to ensure that there is an appropri81e level of focus on and attenllon to these crth'cal issues at govemanc level. Pukw'ls look Ihtr inili81ive lo create an EDI Committee in the School lo ensure that there is an appropfiale forum lo raise and discuss EDI Issues and questions thich impact the School community. Thi¥ Committee was closely involved in updating the School's EDI policies in the course of the year. Svcces5fully compl•t• the Brlght Futures campalgn by gxceedlng th• larg•ted fundrnl•lng. The Bright Futures c￿Paign has been completed, with £1.6 million raised lor bursaries v8rsus I original £1.5 fnillion tsrget. Ac•deml¢ achl•v•ments 2021 As a￿aYs, many of the pupils 8t Christ's Hospllal have a number of personal challenges lo ovèrcome, this year more 50 than most. As such. the grades achieved by some individuals often have far more meaning and are lo be celebrated to 8 greater extent than the value ol the very highest grades. January 2021 s8w the cancellalion of all public examinallons for the second year in a row. To differenliale from the previous years. results, this year's were denoted a5 Teacher Assessed Grades (TAGS) and were pivolally different from the previous year's Centre Assessed Grades ICAG$l in th81 they were lo be evidence based in order lo detemiine 8tt8inmenl, not ranked or 8ublect lo an algorithm and nol prediction of the most Ilkely outcome. The International 8aecal8ureale1'18'1 followed a broadly similar process to award grades with final grade5 tieing determined from TAGS combined vAth external 8ssessmenl of all internal 8sses8ment Icourseworkl. Glven the unique way in which TAGS were assessed and generated, eomparisons with previous year5, whether public examina￿on3 or CAG8, Should be Irealed extreme caulion. In the absencè ol any other meaningful measurement, direct comparison lo the 2020 resulis have been made. A2 r￿Ul￿ Al A-LevellPre-U, 83.6% of the grades thi$ year were al A" to 8 12020.. 80.6%), 81.19h of the A- LevellPre-U grades gained wera equivalent to A. or A12020.' 53.2%) and 29.8% of the grades were al A"12020. 18.7%). The average UCAS points per A Level c8ndidale wa8 14312020.. 135) and the overall A2 poss rale W85 99.5Qh12020.' 100DAI. At the lop end of thi5 year's A2 cohort there were some very strong resu115, a huge yoportion of 40% 151 pupils out of the cohort of 1181, achieved a minimum of one A. grade and SO of the 118 pupils, 42% {2020. 39%) achieved overall grades equivalent lo AAA or higher. CHRisfs HOSPITAL YEAR ENDED 31AUGUST 2021 REPORT OF THE TRUSTEES IB T8suIts This was tho best sel of result5 In the history of the IB al Christ's Hospital, 96% 12020.. 93%) of the grades gained were equivalent lo A. to B al A Level and 84%12020'. 72%) were equivalent to A. or A at A Level. The average UCAS points per IB ￿ndidate this year was 24612020.. 2231. Out of lh8 small cohort of 13 pupils, 12 achieved a pas8, with seven {2020.' eight) achieving 40 points or more and an overall av8rago of 40.5 points {2020'. 37.51. This year's result5 also saw the first ever CH pupil lo achieve the maximum 45 points. Unlv•r¥lty places Despite the rather uncertain university climate al the moment, the sixth team prepared pupils well.. 75°h12020.' 80%) of those pupils who applied lor further study were placed in their first cholce course 81 university and 8 further 60h12020.' 15Vol took up their insurance place. Places included Oxbridge 161, WaTr¥i¢k171, University of Brislol161, Univeryity of Manche81er161, Exeter University lfjl, University College London171 and Klng, College London141.The number ol offer acceptances from higher18riff' universities was 80%12020." 70%). Courses in econornics and fln8nce remain the most popular areas for pupils. IIIGCSE Re¥ults This year's IIIGCSE re8ulls were Strong. wllh 80me excellent individual perfomance¥ gnd an overall pass rale of 98.80k12020 98.7Vol. Out ol Ih05e, 21.6%12020.' 19.70hl were al Level 9. 46,0%12020', 41.8%) were awarded at level 8 and above. equivalent lo an A,, and 69.7%12020'. 67.0%) were al Level 7-9. Highligh18 indude.. o total of 39 pupils132%1 achievlng len or more grades at Level 7 IA grade) OT above out of a cohort of 12212020: 44130%) out of 1461, three pupils achieving len or more grades at level 912020., six pupils) FUTURE PLANS Objecllve$ for the coming year.. Complete the integration of the 'ShJpo of the Day. initiative and the introduction of the new curriculum. Develop an expeditionary education. curriculum in preparation for launch in Michaelmas term 2022. Undertake prep8ralory work for the smooth changeover lo a new management inforF7Talion system for the School, with an anticipated go-lwe in the 2022-23 academic year. Complete the next phase ol the School's pfogramme on Equity, Diversity and Inclusion, through partnership with Inclusion Labs designed to help the senior1eadership team identify and priorilise areas on which lo focus lo improve inclusivity at Christ's Hospital. Restart work on the financing and phasing of the expansion of Bluecoals Sports following receipt of planning permission in September 2021. Develop and launch a new fundrgising campaign, following the successful completion of Bright Futures. CHRIST'S HOSPITAL YEAR ENDED 31 AUGUST 2021 REPORT OF THETRUSTEES NON RECENT CASES OF ABUSE During the year, the School continued lo face this challenge. A fomier teacher, who was already serving 8 CUStodi81 sentence for offences against fomer pupi16. was convicted of further offences in September 2020. The School conlinued to keep it5 stakeholders informed of any developments and lo provide rea55uranco and support lo anybody that has been affected by these issues. An independent mediator has been engaged lo work with survivors of abuse lo identify ways in which the School can best en9ure th8tlhese past evenl$ are aCkn￿edged and remembered. The School remains confidant that nothing has emerged from these cases that presents any risk lo the safety and wellbeing of pupils today. PU8LIC BENEFIT In considering the aims of Christ's Hospital, Council has, in accordance with the Charities Act 2011. givan due regard to the public benefit guidance issued by the Charity Commission. Throughout Sls history. Chri81'8 Hospital has relied upon the generoslty ol ils benefactors. Their donations and ltsgacies have built up the Endowment, such ihal financial support is provided to around thre&quarters of the pupils, Ihereby making available a high standard of education Ic children trom l0￿1n¢0me larnilies Including Ihoge who, because of d￿fICult home circumstances, would most benellt from the stability of a boarding environment. Children applying lo Christ's Hospital are assessed for Ihgir academic polen1￿31, their ability lo benefit from the opportunities thal are made available, their lèvel ol need and their suitability for a boarding education. The fi'nancial resources of families applying for financial a5Y151ancè are then a$sesged and contributions Iow8rd the co81 of their educalion are sel In aecordance with a graduated scale. This ensures that access lo the benefits of an education al Ghri$l'B H08pilal is available to 8Uit8ble thildren irrespective of ¢he lin8nci81 circumstance¥ ol their families. Christ's Ho8pilal contlnue8 to attr8Ct applicanty through a programme of publiclty including regular onlact wlh the head teachers ol primgry schools, particularly those in disadvantaged areas. Levels of interest remain high, wth around five applI￿nIS fof every bursary place availabl• at the School during the year. From the lolal of 896 puplls Sn the School al the beginning of the year, e95178%1 received financial support towards the costs of their educalion with 101 111%) of these pupils being entirely funded by the Foundation. These figures also include $tsff discounts ￿leh were recelved by the families of 28 pupils13Qhl. COVIO-19 continues to have a 61gniflcanl impact on the household income ol the families of many of our pupils. With the sile being closed lo most pupils for the majority of the Lent term, families were balancing a number of challenges including remote learning, access lo IT and the addrtion81 expense of a child being at home. To respond lo these Issues, Christ's Hospital conllnued lo sel aside funds lor those f8milies experiencing signrfic8nl hardship due lo the virus. In addition lo reducing the Lent term fees by 400h for all boarding pupils and 15(th for day pupils the period of c105ure, hardship funds continued lo be made available lo those familie5 m051 affected. We are grateful for donations received during th15 lime from parents 8nd from other bodies. These were allocated via increased bursaries or fee debt waiver, support towards IT for remote learning and supermarket vouchers lin lieu ol school meals) for pupils on full bursaries. Christ'5 Hospital iegularty opens up ils site lo local organlsalions including schools, sports dubs and choirs. A programme of special e¥ents for primary schools In particular enables us lo share our tsalilies and expertise wth the local community and the School hosts a number of regional sports events each year. Clearly this programrne has been impaGled due to COVIO-19 bul we continue to maintain these relationships with a view lo restarting our activities as soon as conditions allow. Christ's CHRIST'S HOSPITAL YEAR ENDED 31AUGUST 2021 REPORT OF THE TRUSTEES Hospitsl is proud to have supported the COVID-19 vacclnalion programme wlh the hiring of the gymnasium sport hall al Bluecoal Sports to the NHS as a vaccinallon hub throughout 2021. For more information about the work ol Christ's Hospt81. please read the Impact Report 2020121 or visit th8 website al wvM.chrisls-hospital.org.uk. PROMOTION OF THE SUCCESS OF THE ORGANISATION TO BENEFIT ITS MEMBERS Council confirms that in accordance wth Sects'on 172 111 of the Companies Acl Il acts in a way il considers most likely lo achievè the purposes ol Christ's Hospital. In makin9 this 3s$es$menl, Council ha5 considered the lollowing.. a. The likely consequ•nc•s of any decijion In th• long t•mi The lon*lerm 8uslainability of the operating model is consldered by Council 88 get out in th8 financial su51ainabilily section of the Report of the Trustees. Specifically, Council considers both short and longer temi lin8nci81 projects'ons and key risks that could negatively impact the 8u8lainabilrty of Chris¢'8 Hospital, Councll and ils commrtte85 review management information, budgets, ¢ashflow proleclions, for8ca818 and progress against the fin8nclal plan On a regular basls. The respon￿bIlItIeS ol Council in relation lo Inveglmenl strategy are sel out in th8 Slalement of Investment Principles and are exercised Ihrou9h the Investment Committee. Risk management is embedded al 811 leve15 across Christ's Hospilal with the kay risks being considered al each Council meeting, See paga 14 for further details. b. The Intèrests ot Chrf¥t'• Hogplt•l's employees Councll and it5 commillees receive regular reports from management on staff mallers including turnover and staff morale. Pre-pandemic, selected 51aff were inviled to ￿l¢8-yearlY social events th Council Members and these wll be rtreslabllshed a5 500n as this is feasible. Council eelings usually begin with 8 presentation by 8 departmental head, giving staff the opportunity to engage with governance and respond lo feedback and questions on their particular are88 of expertise. Council Members wlh specrfic areas of responsibility such as safeguarding. boarding and health and 59foly ore invited lo the School on a regular basis and 811&nd executive meetings such 03 the Safeguarding Monitoring Group and the Health and Safety Committee. Christ's Hospital is an equal opportunities émployer and welcomes and encourages applications by candidates from diverse b8ckgrounds. Follomng the wdespread demonslrats'ons In sUPPOrt of the Black Lives Matter movement in June 2020, Christ's Hospital made acting on ils commitment lo challenge inequ81ily a prborily. The Equity, Diversity and Inclusion Committee was established by Council in September 2020 and has received reports on staff and pupil diversity and the admission proce55. Staff involved in recruitment have had training in unconscious bias. The Senior Strategy Team, made up of senior manager5 in bvlh academlc and support departments, ¢￿￿'nUeS to address ways in whith Christ's Hospital can be a More inclusive employer. EmployThenl, staff welfare and other policles are reviewed and updated regularfy,. staff are alerted by email to 5pecrfic updates and amended policies are highlighled on the hc*ne page ol the staff inlranel. Teaching staff and matrons are ￿presented by a Joint Negolialing Commrtlee, which acts as consultative body on their behalf and meets regularly with senior management. Other staff are consulted on issues specific to their interests through their line managers who are encouraged lo take their views into account in making changes or developing policy. CHRisfs HOSPITAL YEAR ENDED 31 AUGUST2021 REPORT OF THE TRUSTEES During the pandemic and in partKular during the l¢)ckdown period, communScalion ￿￿th staff was rnainly. of necessity, online. The Head Teacher and Senior Leadership Team maintained the weekly staff meetings lor leaching and pastoral staff via MS Teams, supplemented wilh specific briefings by the Chief Operating Officer and Finance Oirector on the fin8nci81 and operational impact ol the virus, Support manager5 continued to meet regularly online and the Chief Operating Offlcer provided l)olh online and email briefings for staff lo en5UTe that all were up to dale with developments and safety informabon. Staff who were furloughed 8150 had the apportunily lo meet online for briefings lo ensure that they remalned up lo dale with developments at Christ's Hospital. G. The need to lojter the charItab￿ company's bu8lng53 rolatlon¥hlpB wlth 8uppller•. C415tomers and stakeholde Christ's Hospital works with a range of donors in 5UPPOrt of furthering its aims and objectives, Christ's Hospital's fundraising is bound by an ethical policy wlh ongoing fundralsing activibes monitored by the Campaign Board. Communicallon wlh parents and guardians became by necessity more Irequenl in the COVID environment bul also developed In lemis of delivery and eontenl, wlh well-allended webinars which are likely lo rem8in a critical element ol communication going foNard. In accordance wrth the ChrlBt'8 HoBpilal'8 standard payment lems, supplier payment is due vAlhin 30 days after the invoice is rgcoived from th8 supplier. Hlgh value contracts require a lender process wth a minimum of three tendering Parties and are 8ubjecl lo scrvliny at committee and, in certain ceses, Coundl level. d. Th• Impact of th• ch8rltable company'• op•ratlon• on the Gommunlty and th• envlronm•nt Councll has commissioned an independent revi8w of eneTgy use and has provid8d 8 review of greenhouse g8s emissions later in the report in compliance with the Slre8mlined Eneryy and Carbon Reporting ISECRI Report. The sharing of Christ's Hospllal's laeililies and expertise wlh the local community 18 set out eadier in the Public Benefll section. e. The dMlrablllty of Ihg charltabl• company malntsSnlng a rnputatlon for hlgh standard• of buslnegs conduct Christ's Hospital lakes a zero Iderance appro3eh towards fraud, bribery and corruption. 11 is commilled to complying wlh all applicable laws and regulations rel81ing lo Iraud, bribery and corruption. Expectations of employees are dearly sel out in the Anli-Bribery Slalemenl and Policy and the Staff Code of Conducl. f. The need to act falrly 89 betrween m•mb•rs of th¥ ¢horltabl8 c4)mpany. Council Members understand the need lo avoid and manage potential conflicts of Interest. The register of interest5 is reviewed annually and declarations of interest Is a standing item on every Council and committee meetsng agenda. CHRisfs HOSPITAL YEAR ENDED 31 AUGUST2021 REPORT OF THE TRUSTEES ENERGY AND EMISSIONS REPORT In the year we look the following energy 8fficiency actions". Continued lo use the onsite solar farm for a significant portion of electricty requirements. This reduced the headline SECR emissions reported by 209 tC02 Electricity exported from the Solar fam had a national benefit of 48 IC02 Signed up lo a new electricity contract wlh 100% renewable energy. While thi5 doe5 not affect he8dline SECR emissions, it reduces the markel-based emissions figure by 697 IC02 Continued the rolling replacement of light bulbs with energy efficient LEDS. Held various committee and Council meetings by virtual conference reducing need for travel. The COO and Property Director attended the pupil-organised EcoRangers meets"ngs. 2021 2020 UK onoigy u•e Imwhl 19,343 15,727 A••oclated greenhouse gas emls%lon• Tonnes CO, equlvalent Itco'el 3,711 3,796 Int•nsFty ratlo Emlgsions por FTE staff m•mbar 9.84 10.10 FINANCIAL REVIEW AND RESULTS FOR THE YEAR ENDED 31 AUGUST 2021 Income and oxpondltur• The details of income and expgnditure are 8hown in the Consolidated Statement of Finana'al Activlties on page 26. Financi81 results were Impacied by COVID.19 for a second year. Followng the closure of the School le and the move lo remote learning for the malorrty of pupils during th8 period January lo March 2021. the Lent lem fees were reduced for Ihose pupils accessing remote learning., by 400A lor boarders and 15trh for day pupi15. No surpluses were received from the group's commercial activities for a second year running, with the cancellalion ol both the Easter and summer let programmes. These losses in income were signrficantly miligaled by a very strong investment and fundraising performance in the year. Further information relating lo those areas 1$ Sel on page 11. However, this was a very unusual year. The high level of fundraising income was principally due lo Iwo very large legacies and investment markets continue to be volatile wlh much of the performance In the CU￿ent year reflecting a rebound from the falls experienced al the Start ol the pandemic. Wrth the exiensive boarding housè refurbishment programme commencing within the next len years, Il wll be e$s¥nlial lo build on the strong investment performance in 202012110 sel 8side funds for this substantial project. Further detail on the financi81 performance of 5ub8idiary and related enlrties is set out on pages 12 and 13. UK en2rgy u3e covers the School, Sports Centre and trading adivilie5 acr05S the group. 2 Assocjaled greenhouse gases have been calculated under'ETn15sions calculation ladors. the UK Government GHG Conversion Factors for Company Reportlng 2020.. -i( CHAisfs HospfTAL YEAR ENDED 31 AUGUST 2021 REPORT OF THE TRUSTEES Investment performance The total retum on the Investments was £78.1 million 12020. £18.3 million) which w88 made up of dividend, interest and rent81 Income of £7.8 million12020'. £8.5 million) and Investment gains of £70.3 million12020'. £9.8 million). 2021 2020 £m Total Relum Total Retum Securities and other a5S8ts Investment properties including land Totsl Investod a•geti 318.9 156.3 476.2 23.3.1 10.0°A 18.g•h 258.1 157.5 415.6 5.9DA 2.7% 4.70A The eonlinued rebound in global eqully markets, driven by the successful roll out of vaccines in developed 8conomies combined wth continued governmenl-bathed stimulus, saw the yecuri1189 portlollo return 23.3Dkn net ol all lees in Ihis flnanu81 year. Th18 return compargs favourably lo the 17.9% return of the IA Mixed Investment 140-85% shares) Index, a peer group index rgpresenling the performance of mulli-assel class portfolios Similar in eemposilion lo the 8ecurilies portfolio. 11 also compares favourably lo the target return, being the return on the Retail Price Index plug 3.75%. which was 8.6% for the period. Over the longer term, the securits'es portfolio has returned 10.0gA p.a. over the last five ye8r8, a8 comp8red lo 7.3￿￿ p.a. for the IA Mlxed Investsnenl140-e50h $hare$l Index and 6.9% for the target return. Looking ahead, the nsks associated wlh higher inflation, driven by supply chain disrupbons and labour shortages, the wlhdrawal of COVID-related stimulus, and ongoing geopolitical tensions are expected lo drive volatility in global investment marke18. However, the diversification inherent wlhin the securitiey portfolio's mulli-as8el class inveslrnent slTalegy should see il well- P0811ioned lo weather that uncertalnly. The Christ's Hospital property portfollo return of 1 Ooh, although 3ignilicanUy higher than 2020, was slightly bthind the commerci81 benchmark return of 11.8%. This result was a combination of negative returns from the office and retail seclors, 81rong performance frc¢n industrial properties and incre8ses In the valuation of the Hertford land which was sold for development in Septernber 2021. FundrJl$lng hrist's Hospblal undertook a range of fundraislng activllies In the year, led by ils Development team and supported by the Carnpaign Board, a committee of Council, Fundraising activitie5 induded appeal mailings and the engagement of individuals and organisalions in person and through a range of digital hannels. Income from donatlons and legacies of £8.8 million12020.' £2.8 million) exceeded the £3.1 milllon target for the year. This strong performance was due to higher Income in all areas, especially from legaaes. Income from philanthropic partnerships continued to play a central role as did the support of many individual Old Blues, parents 8nd other supporters. A total of 1,544 Old Blues and parenl5 made don81ion in the year, a 25% incre8se on the previous year. The Bright Futures campaign. launched in September 2019, exceeded its £1.5 million taryet wth £1.6 mimion raised. Particular highlights of the campaign includeil the Giving Tuesday initiative in December and a mailing and telephone appeal in JunelJuly, which together saw over £500,000 in donations and pledges. -li- CHRisfs HOSPITAL YEAR ENDED 31 AUGUST2021 REPORT OF THE TRUSTEES Thank5 are recorded lo 16 Donation Governors who completed their pledges during the year an(J 353 Old 81ue$ and other friends have ￿ntributed lo the Blue Fund, vthich provides Ihe full seven year cost of a place al Christ's Hospital, Christs Hospital IS registered urilh the Fundraislng Regulator and adheres to the Code of Fundraising Pracliee. As well as providing individu81s with opportunities lo be excluded from fundraising communications, the School has taken measures in ils fundraising activities lo protect vulner8ble people. We have a published Fundraising Complaints Policy and in the year ended 31 August 2021 received no12020'. none) complaints relating to fundr8i&ng aclivily. Penslon Christ's Hospital participates in the Teacher5, Pension Scheme lor Ils teaching staff. This is a mulli. employer defined benefit pension scheme and il is not possible lo idelllify the as5els and liabilili8s of the scheme which 8re allribulable to Christ's Hospital. Christ'5 Hospit81 Pension Stherne, a defi'ned benefil 8cheme for non-teaching staff, was ¢l¢yJed lo new members with effect Irom 31 March 2005. The liability lor the Scheme continue8 lo be accounted for in the individual charity financial slalemen15 of Christ's Hospital Foundation a8 Christ's H06pilal has ccepled the liabilrties ol the Scherne solely in its role as the Trustee of Christ's Hospital F¢Jundalion. Contributions to th18 scheme Are made by both employees and Chri81'8 HogF41al. Valuation of the Scheme al 31 Augug12021 in accordance wlh FRS 102 Showed the deficit lo be £8.3 million12020." £10.4 millionl. The value of the Scheme investments increased by a nel £2.0 million durlng the year whllsl the presènt value of future pension liabilities was consiglenl with prior year. The main conlribuling factor being the Strong retum on inv•51menl$ during the year. Following the detailed actuarial valuation which look place as al March 2020. employer conlributlon levels were revised as part of the funding plan agreed wlh the Scheme Iru5tee5. The deficit rfjduction payments agreed during this process have the objective ol diminaling the scheme defiut by 31 March 2035. Further details of the scheme ond conlribullon levels are shown In Note 20. Council 18 aware ol the volatile nature of thè deficit calculated in accordance wlh FRS 102 and that the deficit rnay vary greatly depending on Ihe assumptions made and market conditlons at each ygar end. For employees not In these defined benelrt schemes, a sl8keholder pension 3cheme 1$ available. This is a unit-llnked defi'ned contrlbution Stheme under which the employer conlribules up lo 8 maximum of 100A of ￿nSiOnable pay. depending upon the employee's own level of contribution5. Those employees who are not members of either ofthe above schgme8 are now automatically enrolled Into a workplace pension scheme. Employer contributions to Ihls scheme are currently al 3% of salary. Subsldlary and Rfjlated Companleg Christ's HivJpltal Foundatlon (tho Foundationl The Foundation reporleL1 nel Income and capitsl inflow for the ye8r of £65,146,00012020'. nel incorne and capital outflow of £430.0001 and actuarial gain5 on the defined benefit pension scheme of £1,864,000 12020". 1055es of £1.138,000). See investment performance secfjon on page 11 for commentary on key movements. Bluecoat Sports Income for the year vms £1,305.00012020". £1,572,000) and the charitable company reported a net loss for the year of £82,00012020 loss. £237,000). Whilst the pandemic had a significant impact on Income across both the current and prior finanaal years, the loss was mitsgaled by the Coronavirus -12- CHRisfs HOSPITAL YEAR ENDED 31AUGUST 2021 REPORT OF THE TRUSTEES Job RetenUon Scl)emè funding and, in the curfent year, the use of the gymnasium 5POrt hall as vaccination hub by the NHS. Whilst membership numbers started to recover following reopening in April 2021, over￿1 inceme was affected lor the remainder ol the year. The experience of operating Bluecoals during the pandemic has underlined that the operation is well- placed lo recover ovei the medium t8rm. provided that indoor fitness acbvitse5 are able lo function at normal capacity levels. The Board of Bluecoal Sports will continue lo monltor operations closely while uncertainty about the operating environment per51sl3. The financial impact of COVID-19. with the complete d05ure of the facility for 8 8igniftc3nl period of 202012021, has prompted a re-evaluation of the future direction ol the centre and how il serves ils stakeholders. Whilst this may delay some plans in the short term. Bluecoals wll continue to enh8nce the services which il offers to Chrisl's Hospital and il¥ rnembers. In September 2021, Bluecoals received planning pernii¥$ion for a proposed expansion of the centre designed to 8ddres5 the fitness aspirations of the School and the local cornrnunily. Chrlst's Hospltal Enterprises Llmlted ICHELI Tumover fof the year was £106.000 12020.. £117,000). The results lor Ihe year were signifi¢anUy imp8Ct8d by COVID-19 with the cancellation ol Ihe summ&r and Easter lelling programmes for the second lime. The company continues lo makg payments lo Christ's Hospital under the leTms ol a lease for the us8 of the nursery premises and a master agreement for the use of the premises for hdiday lets and olher events. The charges were £12,000 for the nursery lease and £37,000 for the licence fee, with the laller reduced from prior year. Due to the deficits In the year, no payrnenl under Gift Aid was made in 2021 12020.. no payment and Chri51's Hospital repaid £130,000 of payment under Gift d in 20191. Council has conlirrned that should yorne level of nomal trading not resume that it wculd not demand payment ol inlercompany balances unlll al le89112 months frc4r the dale of signlng of Iheaa linancial 51alements. Chrlgtal Houge Contracts Llmltfjd The company's 3.5 acre Solar fami. and the solar panels al Westons Farm, generated 8 lolal of 1,112Mwh of electricity in the year lo 31 August 2021 12020.. 1,272Mwhl. Sales of electricity generatgd and feed-iTrtariff grants earned amounted lo £172,00012020'. E173,0001. POUCIES Flnanclal pollcy Christ's Hospltal's finandal strategy is based on Tol81 Return togelherwilh gn accompanyin9 Spendlng Rule. Total Relum enables Gouncil and ils inve91rnenl m8n8gers to focus efforts on maximising return subject to a given level of risk and liquidity, rather Ihan investing for maximum income possibly at the expense of growih. The application ef the Spènding Rule en5ureg that the respective needs of current and future generations of pupils are Irealed laidy and equitably, while enabling Council lo acce¥s capital gains on the inveslment5. The Spending Rule restrict5 annual expenditure reliant on the Endowment to a maximum of 3.75% of the nel value ofthe Endowment Ime8sured on a fftlve Iraillng quarter average ba¥isl. The Spending Rule has two main objectives. lo provide a5 much certainty a5 possible of the fvlure level of funding that Tnay be received from the Foundation," and lo maintain the value of the Endowment in real temis. -13- CHRIST'S HOSPITAL YEAR ENDED 31 AUGUST 2021 REPORT OF THE TRUSTEES Res•rva$ pollcy Council's policy is to maintain or enhancè in real terms the value of the Endowment. Under the Total Return policy, £Tnoun15 approved by Council for the operational and capital budget requirements each year are transferred from the Unapplied Total Return lo unrestricted funds. Total funds at 31 August 2021 were £506.4m 12020.. £440.3m}. Thi$ total comprised £442.5m of endowed funds12020.' £379.9ml, restricted funds of £2.7m12020.' £3.2ml and unresth'cted funds Inel of Penslon Reserve) of £61.2m12020' £57.2ml. The level of FTee Reserves has less signiflcance than In an unendowed charlty because the bulk of Christ's Hospital's a$$el$ are in endowed Inveslmenls, with a significant level of Unapplied Total Return. Council is cornfortable wth the level ol Free Reserves which stood al £4.2m al 31 August 2021 12020.. £2.Oml. The ability of Chrisl's Hospital lo meet future operational requirements depends critically on the long.lerm investment returns achieved from the Endowment, Several designated fundg have been established for specific purposes, These includo tha Fixed Asset Capital Fund of £62.4rn which repre8enl8 the nel book value of fi'xed assets usecl for operational purposes. The Premises Fund of £2.Om covers planned maintenance and other estate works indu¢Yed in the budget for the year bul not yet complèted. 11 is 8ntlClP8led that these funds will be ulilised over the course of the next three years. Inv•8tm8nt pollcy The endowed assets of Chrlg1'$ Hospital are invested on a Tot81 Return basis across a rang• of diversified asset clagse8 in order lo maintain a balance between spendlng and preserving the real linllglion adjusledl value of the End¢)wmenl. Ccuncil recognises the long-lerrn reliance of the School upon the Endowment and has accepted a medium level of risk. Given the portfolio'$ strategic as3et allocation and investment strategy it is underslocd that polenllal short lerrn10sses are possible. Council also recogni5es that there are several other forms of risk beythid short term volalilily that need lo be monaged, These Include liquidity, the level Df exposure lo non-glerling denominated assgts. credit risk nd the level of over811 leverage In the portfolio. Council delegates the implemenlotion and oversight of the Investment Policy lo the Inve8tmenl Commrtlee. Day-lo.day management of the 8ecurilies nveslmenls is delegated to Partners Capital LLP and property Inve8tmenls to rhe Property Director. Christ's Hospital doe8 not knowingly invest in companie5 tho¥e adivilies are considered lo be deldmenlal lo ehildren, although it accepts that its investment in managed funds does not necessarily exdude companies in which it would not invesl dbrectly. OUR PRINCIPAL RISKS AND UNCERTAINTIES The major risks lo which Chri81'8 Hospital and rt5 related entities might be expesed are reviewed by th¢ Audit an(1 Risk Committee with regular reports lo Council. The Audit and Risk Cemmillee receive8 reports relating to risk management, including detailed review ol specific risk areas, in order lo monitor the process. The executive continue5 to develop Ihe required policies and lo ensure that idonlilied risks are appropriately covered and regulaAy reviewed. The Compliance OffiTrr ensures that all poliues are reviewed and updated as necessary and that 8peeific 8rea8 of cornpliance are adhered lo. Councll considers that neces88ry steps have been taken and continue to taken lo identify and mftigale major risk5 and to ensure that appropriate s￿leMS and procedures are in place. Risk management is embedded in the committee process by which Christ's Hospital is rnanaged. 11 is recognised however that systems can provide only reasonable, but not absolute, assurance that major risks are being managgd. .14- CHRisfs HOSPITAL YEAR ENOED 31 AUGUST 2021 REPORT OF THE TRUSTEES Health, safety and welfare of our puplls Council and appropnale committees receive regular reports and updates on safeguarding. health and safely issues. Safeguarding and welfare issues are considered by a Safeguardin9 MonitOTing Group, chaired by a Deputy Head, which reports lo Council and the Education C¢Jnmittee. Long4•rn7 Investment returns Christ's H05pilal Is highly unusu81 among educauonal eslablishmenly in its heavy reliance upon the Endowment lor ils funding. This ieliance, and the limited scope lor short term cosl-culling, moans that is not possible lo make rapid reductions in the level ol funding made from the Endowment wlhoul severely impacting the education of pupils. Council recognises that, as a consequence, there is a risk that the Endowrnenl will be depleted during a prolonged f811 in investment retuins and therefore be unable lo recover once markets rise again which would be lo the delrlmenl of lutuie generations, Accordingly, Council has placed a cap on the amount ofwilhdrawal that may be mado and has 8dopted strategy that will maintain wthdrawals at a sustainable level. For the longer term, the allowable rale of annual wthdrawal from the Endowment has been set al 3.75% of the net V8Sue of the Endowment, aj Sel OLrt In the Financ181 Policy above. Inveslm8nls are mana9ed in order lo rnaximise the Total Rtlurn, Including both income and capital appreciation Funds ar8 invasted acros5 a broad range ol a58et cl88ses which Council believes provides the diversification nece3$ary lo reduce volatility lo acceptabl8 levels, 85 Set out in the Investment Pollcy above. Slgnlflcant Illness outbrnak In tho School stafl or pupll communlty Thi8 risk continues to hove particular relevance In the current year wlth the continued impact of COVID- 19. Prior lo the reopening of the School for the Michaelmas 2020 term, this Tisk was managed via the Reopening Group IROGI which was established on 1 June 2020. ROG reported to SLT and Council and was chaired by the COO with members including the Compliance Officer, the Oepuly Heads and two Assistant Head5. A comprehensive Reopening Plan, which covered the period to 24 August 2020, was developed by ROG. Post 24 August 2020 the group became the COVID Response Group which meets as frequanlly as necessary. The risk is covered through the COVID-19 Managoment Risk Assessrnent which is regularly updated lo respond lo 18lesl government guidance. This group man8ged the risk of the closure of the School sile In the Lent tem and oulbre8ks in the School community at the start of the Michaelmas term 2021. Council receives regular reports and update5 81 ils meetings, with additional meetings being held a6 appropriate during the year in response lo the rus. Flnancl41 *u*talnablllty A financial plan covering the five year perlod from 1 September 2017 was approved in June 2017. Key ement5 01 the plan include managing income, operational costs and capitsl expenditure lincluding the new catering facililyl $0 Ihal, over the period ol the ￿an, the cumulative wrthdrawal Irfjn the Endowment is within the Spending Rule. Updates to that Flan are prepared and regulady reported to Council and appropriate Committees and reflecl both external and inlemal lactors. External factors that are eonsidered indude the impact of substantial political change, induding gevernment leaders and government policy. Christ's Hosprt81 is currently developing ils next five year plan wth the aim of Ihal bging launched al the start of the Michaelmag term 2022. Factors remain that may have an impact on the charity, in common with other businesses, over a number ol years. Those factors include the ongoing pandemic and rising inflation. lfvhilsl the impact Is unknown, Council has reviewed the position carefully with a view to ensuring the ongoin9 provision of the grant lo the School for education of the pupils, support of bursaries as well as employment of staff. A significant portion of the securities portfolio is in liquid inveslmenls whose drawdown is managed -1s- CHRIST'S HOSPITAL YEAR ENDED 31AUGUST 2021 REPORT OF THE TRUSTEES carefully lo mèet day lo day operational requiremen15. These are available. if needed, to SUPF4ement the significant cash balances that the charity currently holds. Demand for school places remains strong, vthh 888 pupils enrolled for the academic year 2021122. Conservative cash flow modelling with sensitivity analysis indicates that the cash reserves of the chaiity are adequate lo meet the charty's obligations as they fall due. Accordingly, Council believes Christ's Hospllal's financial resources are sufficient lo ensure the chanty ¥MII continue as a going concern for the foreseeable future, being at least 12 months froffl the date of approval ol the financial statement5 and have Iherelore prepared the fi'nancial slalemenls on a golng concern basi3. P•nslon Sch•m8 Cc*uncil keeps under review the financial lrnplicalions of the deficrt in tha Chrlsl's H05pilal Pension Schemè. The shorttall on the c108ed scheme requires a subsl8nli81. but affordable. annual payment. Management has a clear slralagy lo eliminate the deficit and wll continue lo work closely wlh the Scheme Iru5tees and actuarial adviser5 to monitor the financial performance of the Scheme. STRUCTURE, GOVERNANCE AND MANAGEMENT The Councll of Chrlsl's Hogpltal Members ol the Board of Directors, known from 1 September 2017 ay'The Council of Christ's Hospital, Icounall are listed on page 20. There are fifteen membèrs of Council. The Court ol Governors Iseo elowl may nominate up to lour members, the Lord Mayor and Aldermen ol the City of London may nominate up lo four mèmbers and up lo a further nine members may be co.opted by Council. Council 18 responslble for thè overall management and control of Christ's Hospital. including the formulation and approval of strategy and for monitoring performance in pursuit ol that strategy. To this end, Counell has oversight of the delivery ol the charitable mission,. through m8nagemenl reporting and ils commillees il ensures that Christ's Hospital'8 investments are properly man8ge¢J and also works to build the Endownenl through fundraislng. It approves expenditure priorities, encourages and monltor5 the raising of funds by means of trading. controls spending and ensures that the processes for the 8dmi8sion of pupils are oppropriate lo the charilable eth05 of Christ's Hospital. The Treasurer is the Choir of Council. The Memorandum and Artide8 ol As8oclalion for Chnst's Hospital, the Charity Comrnission Scheme dated 29 August 2017 for Ihe Foundation and linked charities, and the Council Terms of Reference regulate the conduct of business ol Council. Councll lakes ils governance responsibillties seriously and. as a large charity, aims lo have governance framework that is fil for purpose, compllani and efficient. The Audil and Risk Committee has reviewed governance Structures and processes against Ihe Charty Governance Code and Is 5alislied that Council is operating in line with recommended best practice. The review had identified some areas for improvement vthich are currently under consideratson, Management and committefr5 Council carries ujl ils re5ponsibilitigs through a number of committee¥ and from tsrne lo lime may appoint temporary working parties to examine and make recomrnendalions on speafic matters. The Chair of each committee 15 appointed by Council. The commlttees are.. the Audlt and Rlsk Commlttee, which oversees the accounting and Internal control systems. including systems lo ensure the effectsve management ol business risk., the Campalgn Board, which Provide5 guidance on the vision and strategic priorities for the Campaign for Christ's Hospital and monitors ongoing fundraising aGtivilies". -16- CHRT5f5 HOSPITAL YEAR ENDED 31AUGUST2021 REPORT OF THE TRUSTEES the EducAtlon Commlttee, which considers acadernic. pastoral and c(>curricular matter5,' the Equlty, Dlverslty and Incluslon Commlttee, established In October 2020, which ensures that Christ's Hospital is able lo demonstrate and deliver on the commrtmenl implicit in 115 mission to challenge inequality, the Flnan¢• and G•n•ral Purposes Committee, which Is responsible for financial management. the supetvision and monitoring of capital projecls, the management of the e8latè and health and salely rnallers.. the Heritag• Commlttee, %thich advises on and implements strategy and policy in relation lo the heritage of Christ's Hospital., the Investment Commltteo, which is responsible for investment policy, Ilsk parameters and slmlegy relating lo the investments of Christ's Hospital,. and the Nomlnatlon¥ ind Rèmun•ratlon Commltt•e, which m8kes recommendations on the appointrnenl ol Councyl Members, on the composition and membership of commillees and on pay and conditions for senlor management. Key managfrm•nt p•r•onn•l IS•nlor Leadgr¥hip T•aml Council delegates day-lo-day running of Christ's Hospital lo the Head Teacher as the Chief Executive, assisted by other members of the Senior Leadershlp T88m las shown on pago 211. Remuneration for key managernenl personnel 18 set by Council, wth the objective of providing appropriale incentives lo encourage high levels of performgnce, recruilmenl and retention of experienced staff and ol rewarding fairty and responsibly individual contributions lo Chrfsl's H06pilal' success. In considering this, Council has access lo external benchmarking repor15 lo whith Chil81' Hosprtal conlribules. Inductlon and tralnlng of CounGII Membfyrl When Council Members are appointed they arè required lo attend a briefing on the governance structure of Christ's Hospital and receive an outline ol their responsibilities in compliance with the Charity Commission's publication CC3. 'The Es5enllal Trustee They are briefed on the organisational structure and the key issues facin9 Christ's Hospital. They are iBsued wth a "Trustees, Pack. ￿1¢h includes a copy of the Scheme, the Memorandum and Articles of Association of Christ's Hospital, School Prospectus. the Annual Financial Slalernenls and lrnpael Report, recent minutes and CC3. rangemenls are made lor Ihern lo attend approprlale training courges and further training and developwnent Is offered individually or lo Council as a ￿ole as required. Thi5 Indudes annual child protection training. The Court ofGovernors The Court ol Governor5 Ithe Courtl Is an historic l)ody compose(l of the President and Vice President. 36 nominated represenlallves ef the Cbty ol London, a maximum of len Speaal Vole Governors and an unlimited number of Donation GOvern￿S are elecled to the Court in recognltion ofthe support they have given to Christ's H05pilal. Donation Govemors each have the right to Present for adrnission a candidale ￿Ose needs accord wth the ethos of Christ's Hospital. Dunng the year one Donation Governor renewed their presentation rights and len new Donation Govefnors were elected. At the end ol the year there were 520 Donalien Governer8. The Court also elects the Presidgnt and nominates, through an elecliw if necessary, up lo I￿Jr member5 of Counal. -17- CHRisfs HOSPITAL YEAR ENDED 31 AUGUST 2021 REPORTOFTHE TRUSTEES Volunteers Volunteers play an essential role In the operations of Christ's Hospital. In addition lo those who Serve on Council and cornmrtlees, development volunteers and appeal leaders help wth fundraising and cultural events during the year. In 8ddilion volunteers help with operating 8nd developing the museum. Council lakes this opportunity to expr855 its appreciation far this valuable suppo Group Slructurfj and Relatlonshl Chrlst's Ho8pltal is a charitable company limited by guarantee (company number 06232556 and reglslered chartty number 11200901. The charity provides boarding and day pupil educalion to children. principally for the benefit ol those whose families are In sodal, financial or other 8pecific need. Christ's Hospital is the 501e corporate trustee lor Chrlst'j Hospltal Foundatlon Iregislered chanty number 30697518nd administers th? a$5ets of the charity in accordance with the Charity Cornmission Scheme dated 29 August 2017 Bluecoat Sport8 Is a charitable company limlted by gu8ranlee (Company number 0438476518nd is controlled charity Icharily number 109e2441 insofar as Christ'5 Hospital contro15 the appolnlmenl of the majority ol the Tru51ee5. The objects of 81uecoal Sports are lo provide lacililies for Christ's Hosp'lal for physical education and training, lo promote physical health and fitness lo pupils of Chrisl's Hospital and the wider Ccmnmunlty and lo provide facilllies for physical education and training lor person81 and teamwork development to local schools, Ioc818ulhority organisalions and charities, Chrlyl'¥ Hospitsl awns the whole of the15sued share capital, comprising 100 8har8s of £1 a8eh, of Chrlst's Hospltal Enterprlses Llmlted. Christ's Hospital Enterprises Limited Icornpany number 023268831 is engaged In commercial trading in order lo produce additional Income f¢y the benefit of Christ's Hospital. Chrlstal House Contract8 Llmll•d Icompany number 042852591 18 vtholty owned by Christ's Hospital Foundation. The prlncip81 current actlvity ol th• company is lo operate 8 solar f8rm on land owned by th8 Foundation. STATEMENT OF COUNCIL'S RESPONSIBIUTIES IN RELATION TO THE FINANCIAL STATEMENTS The Council Members Ivtho gre olso Trustees ol the charitable company for the purposes of charity law and Directors ol Christ's Hospital for the purpose5 of company lawl are ie5pon51ble lor preparing the Report of the Trustees and the financial slalemenls in accoréance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Slandardsl. Company law require3 the Council Members lo prepare financial slalements for each financial year. Under company law the Council Members must not approve the financial 51alemenls unles$ they are S81isfied that they give a Inje and fair view Df the Stale of affairs of the charitable company and the group and of the incoming resources and 8pplicalion of resourees, including the income and expenditure, of the charitable company and the group for that period. In preparirig these financial ststemenls, the Council Members are required lo.. select sur(able accounting policies and then apply them consistently., observe the rnelhcwas and principles in the Char￿.eS SORP., make judgements and estimates that are reasonable and prudent-, -18- CHR15T'5 HOSPITAL YEAR ENDEO 31 AUGUST 2021 REPORT OF THE TRUSTEES stste thether applicable UK accounting standards have been follovRd, subject lo any malgrial departures disclosed and gKplaineil in the financlal ¥talemenl6,' 8nd prepare the financial statements on the going concern basis unless il 1$ inappropriate lo presume that the charitable company will continue in business. The Council meM￿r$ are responsible for keeF4ng adequate woper accounting records that are sufficient to show and explain the charitable company'5 transactions, disclose with reasonable accuracy al any time the financial position of the charitable company and enable them lo ensure that the finanual statements comply with the Companie5 Act 2006 8nd the provisions of the charitable company's conslitulion. They are also responsible lor safeguarding the assets ol the charitable company and the group and hencè for taking reasonable 51ep5 for Ihe prevenlKJn and detection of fraud and other irregularf(ies. So far as the Council Members are aware, thera 18 no relevant audit informollon of sthich the charitable company'8 audllor is unaware and we have taken all the steps Ihal we ought lo hove 18ken as directors in order to make ourselves aware of any relevant audit infomalion and lo e$l4blish that th• charitable company'8 auditiy Is aware of that inlomalion AUOITOR Crowe U.K. LLP werè roappoinled a8 the charitable company's auditor durlng thé financial y&ar. CrLwe U.K. LLP h85 expressed ils wllingness lo continue as auditor for the next financial year. -19- tHRisfs HOSPITAL YEAR ENDED 31 AUGUST2021 REPORT OF THE TRUSTEES REFERENCE AND ADMINISTRATIVE INFORMATION Structure. Goveman¢• and M•n•gement Patron Her Majesty the Queen Pre8ldent HRH The Duke of Gloucester, KG, GCVO Vlce Presldent {ex officiol The Rl. Hon. The Lord Mayor ofthe City of London Councll of Chrl¥t's Hospltal The members of the Council of Christ's Hospital a￿ charity trustee5 under charity law and the directors of the charitable company. Council Members who served in office during the year or subsequently are detailed below.. Constltuencyl Commltte8 Membershlp Christopher Sleane, MA, LLB, Treasurer and Chair Nick Atkinson. MA, FCCA Nick Bensled-smilh, 8Sc, JP, CC Jan de Walden. HND, Mlnslm Ilo 31 August 20211 Judy Evans, MA, M8BS, FRCSIEdl Plast Marianne Fredericks Diana Garnham BA, MA. LLO. Dsc Thomas Garnier, Bsc Prem Goyal Robert Judson, FRAeS, FCMI, MIOD, RAFIReldl Neil Maidment, MA, FCII (from 1 October 20211 Miriam McK8y, 8A James Maclean, BSclHonsl Robert Muir, LLB Ito 31 Augvsl 20211 Pamela Roberts, FRSA, FRHistS, JP (from 1 October 2021 } Delva Patman, FRICS, ACIArb. FRSA Ilo 31 August 20211 Jenny Williams, BSclHonsl, PGCE (from 1 October 20211 John Yeomans. MA, FIET, CEng (c) 2.4,6 (c) (b) (a) {8) (b) (c) (c) (b) ICJ (a) fa) 1.4,6 (a) 4,5,7,8 (c) (CJ (8) (c) Consfltuencles by whlch Members are nomlnated (8) The Court of Govemors (b) The Co￿OratIon of London (c) Co-opted Commltts• M•mb•rshlp l Fin8nce and Gener81 Purposes Committee 2 Nominations and Romuneralion Cornm￿$88 3 Education Committee 4 Investment Commilleg 5 Authl 8nd Risk Committee 6 C8mp8ign 8oard 7 H8ntage Commillee 8 Equily. Divgrsily and Incluslon Comnri1188 -20- CHRIST'S HOSPITAL YEAR ENDED 31 AUGUST2021 REPORT OF THE TRUSTEES KEY MANAGEMENT PERSONNEL (SENIOR LEADERSHIP TEAMI The key management personnel of the group during the year or subsequently were.. Head Teacher Chief Operating Officer and Clerk Deputy Head Oepuly Head Assistant Head, Academic Assistant Head, Admis&ons Assistant Head, Co-curricular Assistant Head Pa51oral Oesignated Safeguarding Lead Simon Reid, BA Nick Tesseyman, BA Ruth Brading, BA, MA, PhD Luke Walters, BA, MA Marcus Medley, PhD, Msci Andrewwines, PhD, MA Sean O'Boyle, Bse, ARCS Simon Young, Msc, MEd Deborah Stamp, BEd -21- CHRIST'S HOSPITAL YEAR ENDED 31 AUGUST2021 REPORT OF THE TRUSTEES The address of Christ's Hospital's principal office and particulars of ils profesS￿Onal advisers are as follows". PrlnGlp•l Offic• The Avenue Christ's Hospit Horsham West Sussex RH13 OLJ Treasury Managers CCLA Investment Management Ltd Senalor House 85 Queen Victoria Street London EC4V 4ET Property Advi8•r Gerald Eve LLP 72 Welbeck Street London W1GOAY 8ank8r Barclays Bank plc 2 Carfax Horsham We51 Sussex RH12 1 DN Invo•tment Advl8or Partners Capital LLP 5 Young Street London W8 5EH Property V•lu•r Cushman and Wakefield LLP 43145 Portm8n Square London W1A 3BG Land Agonl Savills IUKI Llmited Exchange House Pefvlorth GU28 08F Sollcltorn Forslers LLP 31 Hill Street London W1J 5LS Audltor Mills and Reeve LLP Botanic House 100 Hills Road Cambridge CB2 1 PH Crowe U.K. LLP 55 Ludgale Hill London EC4M 7JW Penslon Schemè Advlser afid Admlnl8trator Broadslone Ltd Canard Court 2>25 Sl George's Road Bristol BS1 5UU Thi5 Report of the Trustees, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Council of Christ's Hospital on 2 December 2021, including in ils capacity as Company Directors approvin9 the Strategic Report contsined therein, and signed on ils behalf by.. Chrl8to Treasu er Steane r and Chair of the Council of Chrfst's H05Pital 2 Oecember 2021 -22- CHRIST'S HOSPITAL YEAR ENDEO 31 AUGUST2021 AUDITOR'S REPORT Independent AudIt0￿5 Report to the Mernbers of the Councll of Chrlst's Ho¥pltal Opinion We have audited Ihe finanrAal ststerllen15 01 Christ's Hospital I'the charilable cornpany'l and ils subsidiaries I'the group'l lor the year ended 31 August 2021 which comprise the Consolidated Statement of Financial Activities, Consolidated and Company only Balance Shee15, Consolidaled Cashflow and notes to the financial slatemenls, including significant accounting policies. The financial reporting framework thal has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finanryal Reporting Standard applicable in the UK and Republic ol Iraland (United Kingdom Generally Accepted Accounting Practieel. In our opinion the financAal slalemenls.. give a tru& and fair view of the state ollhe group's and thè charitable company'5 affairs as al 31 August 2021 and of the group'5 income and exp¢ndrture, for the year then ended., have been propèrly prep8red in accordance with United Kingdorn Generally A￿epted Accounting Practice, and have been yepared in 8ceordanee with the requirements ol the Companies Act 2C4J6. Basi• for oplnlon We conducted our audit in accordan￿ vllh Interna￿Onal Standards on Auditing IUKI (ISAS IUKII and applicable law. Our responsibilities under those 518nd8rd$ are further described in the Audrtor's responsibilitiès for thè audit of the financial statements section of Qui report. We are independent of the group in a¢¢ordanc wlh the ethical requirements that are relevant to our audit of Ihè financial slaternents in the UK, Including Ihe FRC'5 Ethical Standard, and we have fuffilled our other ethical rèsponsibilities in accordance with these requirements. We believe Ihal th¢ audit evidence we have obtained Is sufficient and appropriale lo provide a b85is lor our opinion. Concluslong r•latlng to golng ¢on¢•m In auditing Ihe financaal slalemenls, we h8ve eon¢luded Ihal the Tru8188's use of the going concern basis of accounting in the preparatson of the financial 618lemenls is appropriate. Based on the work w8 have performed, we have not identified any rllalerial unceriainties relaling to events or condilK)ns that. individually or call8c￿'ve$y, may cast signilicanl doubl on the charitable wrnpanws or the group's ability lo continue as a golng concern for a period of at least twelve m￿1￿8 from when th• linan¢i81 51elemen¢s are authori5ed for issue. Our r&sponsibilities and the respon5ibllMies of the Tiuslegs with respect lo going concern are descrlbed in the relevant 6ections of this report. Other Infomi•tlon The Trusiees are responsible for th8 Othér information contained within the annual report. The other information comprise5 the Inlormation induded in the annual report, other than the financl81 slalements and our audilor's report Ihereon. Our opinion on Ihe financi81 stat8m8nts does not cover the other inforrnation 8nd, except Its the exlgnl otherwise explicitly slated ¢)ur report, we do not express any form of assurance conclu5Ion Ihereon. Our responsibility is lo read the other information and, in doing so. consider whether the other inforrnation 15 materially inconsi5tenl ￿th the financial 8lalements or our knowledge obtained in Ihe audit or othetwise appears lo be materially mi551aled. If we identify $uch material inconsistencAes or apparent rnalerial misstslernents. we are required to determine whelhei this givès rise lo a material misstaternent in the financial slalements IhemsèlvÈs. If, based on the work we have perfomed, we conclude that Ihere 15 a material misstaternenl of thi5 other infotrnation, we are required lo reporl that fact. We have nothing to report in Ihis regard. -23- CHRIST'S HOSPITAL YEAR ENDED 31 AUGUST 2021 AUDITOR'S REPORT Oplnions on other matt•Ys pr•*cribed by th• Companle5 Act 2006 In our opinion based on the work undertaken in the Course of our audit the information given in tha r8POrt olthe Tru51ees, which includes the dlreclors, report and the strategic report prepared for the purposes of company law, for the financial year for which the financial slalemenls are prepared is consislenl with the financial slalements.. and the strategic report and the directors, ￿pOrt Included within the report ol the TNslee8 have been prepared in accordance with applirable legal requirèments. Mattera on whleh we arn r•qulr•d to report by •xc•ptlon In lighl ol the knovAedge and understanding of the group and charitable company and Iheir environment obt81ned In the course ol the audit, we havo not identified material misslatemenls in the strategic report or the (11￿Ctors, report included within the report of the Trustees. We have nothing lo report in rèspect of the following matlers in relation lo which the Companie$ AGI 2006 requlres L15 to report lo you If, In our opinion.. adequate and proper accounling r&cord8 have not been kepl.. or the financial statèments are hot in agfeemenl with the accounting records and returns.. or certain disclosures ol Tru3lees' rernunaration specified by law ar8 not made.. or we have not re￿Ived all the infomialbon and explanations we require for our au(l( R••pon¥lbllltl•• of Truste As explained more fully in the Slaternenl ol Council'3 responsibilities set out on page 18, the Tru51ees (who a￿ a160 the directors of the charitable company lor the purpos8s of company lawl are ￿Sponsible for the p￿paratiOn ol the financial statements and for being sa115fied that they give a true and fair view, and lor such internal control as the Trusteès delem)Ine 15 necessary to enable the preparation ol Iinancial slalemanls th81 are fre8 from material misslalemtnl. whether due lo fraud or erTor. In preparing Ihe financial 81alernent5. the Trusloes 8fe re$pon5ible for a55essing the ¢hari18ble company's ability lo continue as a going concern, disdoslng. a5 applicable, matlers r8lat8d to going c¢n¢ern and u5in9 the golng concern basis ol accounting unle55 the Trustees eilh•r intend lo liguidale the CharIta￿e company or lo Gease operations, or have no realisllc alternative but lo do so. Audltor'l re8ponsiblllt5e# forthe •udit of tho flnanclal •Lit•m•nts Our objectwes are lo obtain reasonable assurance about whether the linancial statements as A whole gre free frorn material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinlon. Reasonable assurance is 8 high level of a55urance, bul ig not 8 guarantee thal an audit conducted accordance with ISAS IUKI will 8￿￿YS dèlecl a rnaterial mi8slalemenl when il exists. Misstatements can rise from fraud or error gnd are considered material if, individually or In the aggregale, Ihey could reasonably be expecled lo influence the economic decIs￿nS of u5er5 taken on the basis ol thèse financi31 slalements. Details of the exlenl lo which the audit wa$ considered capable of detecting irregularlties, Including fraud and non-con7pllance with laws and ￿gUlatIonS are set oul below. A lurther description of our responsibilities for the audit of the finBncial statements is located on the Flnana81 Reporting Council's web511e al.. ww4.f kl res s. This description forws part ol our auditor's report. Extent to whlch the audlt was consld•red ¢•pable of detecting irr•gularltleJ, in¢lyding frnud Irregularities, including fraud, ar¥ instances of non-compliance wrth laws and regulations. We idenb'fi8d and assessed the risks of rnalenal misslalernenl ol the financial statements from irregularities, whgthei due lo fraud or error, and dlscusse¢J these between our Budf(team members. We then deswned and perfofmed audit procedurÈ5 responsive lo those risks, inclu¢Jing obtaining audrt ewdence sufficient and appropriate lo provide a basi5 for our opinion. -24- CHRisfs HOSPITAL YEAR ENDED 31 AUGUST 2021 AUDITOR'S REPORT We ubtain8d an understanding of Ihe legal and regulatory frameworks wrthin which the charil8ble ¢omp8ny and group operates, I(￿￿sIng on those law5 and iegulations that have a direct eflecl on the determinallon of material amounts and disclosures in the financial stslernen15. Th8 laws and regulations we considered In this Context were the Companies Act 2006. taxation legislalion. together with the Charities SORP IFRS 1021. We as5es5ed the required compliance with these law5 and regulation5 as part ol our audit Procedures on the related financial Statement Items. In addition, we considefed provislons of olh8r laws and regulations that do not have a diT8cI •ffect on the financial stalernent5 bul Gornplian¢e with which mi9ht be lundamental to the charitable cornpany's and the group's ability to operate OT to avoid a rn8lerial penalty. We also considered the opportunilles and incentives that may exist within the charrtable cornpany and the group lor fraud. The laws and regulations we considered In this contèxt lor Ihe UK operatlons were The Education Ilndependenl School Slandardsl Regulations 2014. General Data Protection Regulation IGDPRI, Health and safety legislation and Employment legislakn'on Audillng 318ndafds limit the required oudil procedure5 10 identify non-compli8nc& wtth these law5 and regulatiOTlS lo enquiry ol th& Trusiees and other management and inspecllon of regulatcyy and legal correspondence, if any. We identified the greate81 risk of malerlal impad on the finanrial stalernents from irrègularities, including fraud, to bè within the timing ol recognilion ol incorne, valuation of inveslments and the override ol controls by man8gem9nt. Ouraudit procedures to respond lo th888 risks included enqu￿leS of management and the Audil & Risk Committee about Ih8ir own Idenlrficalion and 8sses8menl ol the risks of irregularrtie5, sample testing on the ptssling ol journals, analytical review and sample leslin9 01 incom8, vouching year end valu8lion5 10 third party data, rewewing accounting estimates lor blases In particular in relation to investment valuations, reviewing regulatory correspondence with the Charity Cornmission, Independent Schools Inspeclorale, Ofsled and reading mlnules of méètings ol those Charged wlth govemance. Owing to the inherent Iirnilalions DI an 8udil. there is an unavo¢dable risk that we may not have detected some material misslalement5 in the financial 8lalem8nls, even fftough we have propefly planned and performgd our audit in accordance with auditing standards. For •xample, the further removed non-cornpliance with laws and regulations (l￿egularitIesI is from the events and Iran88CtiOn5 reflected in the financial slalernen15, the le86 likely the inherently limited proceduT8S required by auditing stand8r¢s would identify it. In addrtion. as with any audit, there remained a higher risk ol non-delection ol irregu18rilies. as thèse may involve collusion, lorgery, intentional omis510ns. rnisrepresenlalions. or the override of inlernal controls. We ara not responsible lor preventing non-cornpliance and cannot be expected to delect non.compliance with all laws and wulallons. Us• of our report This rpp¢)rt18 made solely lo the charitable cornpanls members, as A body, in accordance wfth Ch3pler 3 of Pwt 16 of the Companios Act 2006. Our audit work has been undèrtakèn so Ihal we might slate lo the charitable company's mèmbers those matters we are required lo slate lo them in an audilor's report and for no other purpose. To the fullest exlènt permitted by law, we do not accept OT assume respon8ibilily lo anyone other than the charitable company and the charitable companws members as a body, IN our audit work, for this report. or lor th¢ opinions we have forrned. Nlcola May Senior Slalulory Auditor For and on behalf of Crowe U.K. LLP Stalulory Auditor London Dale 10th December 2021 -25- CHR15fs HOSPITAL YEAR ENDED 31 AUGUST 2021 CONSOUDATED STATEMENT OF FINANCIAL ACTIVITIES £00 endo*Trnnt R•gtrfct•d Unw•tViEted Fund Fund• Fund• Tot Tol81 2020 21 IPICOAIE ANIJ ENDOMIENTS FROM.. Charitable Pdfjvlllè• Schcd feej recqlv8ty18 Sports centfe Income Andllarylradlry Inccffl• 109 1,025 ia8 727 Inv••trn•nt• ncome 7,803 7,016 8,470 Fundr•lJlng DonalkNM & logxleo Oth•r •ourc•• Non•)cll*y Ir•dlr¥ Incorne Olh8r InGome 194 8,499 1,7S1 2.8IT 4b 228 1.359 261 458 729 EXPENDITURE OM= R•hlrffj Fuhd• Fundr&slng eTrJ dev8k)wnert 14371 12281 1437> 12281 12,7401 12.277 4b 14051 (2.4211 .2791 *81rneni man•g8rn•nt FInH￿ryj 12.n¥ 12,277J Ch•rlt•bh kilvltl•¥ Co¥1& of wo%4dlF¥J ethK8tic Swrti centre 8xp6r￿liUre 1531 1202) I27.8￿ 12B,13n (Z6,2981 11,210) 11,64 TOT￿ expENDrruRE NeT INCOMINGI IOUTGOINGI FUND$ FROM OPERATIONS 8EFOftE TRX4SFERS *•4D INVESTMENT G*INS 2,608 1157) 18.7031 110121 19,4181 G•ln• on Inv••tn•nt• Tr•n•ler• b•1￿•n lund• 12 23 89.996 110.176) 70,JOt 9,761 10,791 14ET INGOME C￿lT￿ INFLOW IOuTFLoIM7Z52￿IW Trir tuorhl gBln• I IloM•¥l on d•lln•d 2L b•n•lll ponilDn schen NET MOVEMENT IN FUNDS 1,864 3.952 Wllj 794 Total Imth brouqhllDwJ•rd I Set4emt•r 375.801 3.182 57,Z37 0,280 441,074 TOT￿ FUNOS CARRIED FORW 442.4B 2,716 61,189 44Q,280 The notes on pages 30 to 59 form part of these financial statements. -26- CHRIST'S HOSPITAL YEAft ENDED 31AUGUST2021 CONSOLIDATED AND CHARITY BALANCE SHE￿$ Con•olldated Charlty 2021 £ OOOI 2021 2020 2020 Note5 FIXED ASSETS Tangible assets Investments 67,894 12 475,206 69,698 415,617 2,809 4,325 543,10 485,315 2,809 4,325 CURRENT ASSETS stock Debtors du• wthin one year Cash al bank and in hJnd 13 223 220 194 193 14 4,181 20,558 4, 184 16.195 4,425 4,992 6,595 2,219 24,962 20,599 9,811 9,007 CREDITORS Due ￿thIn one year 15 18,2031 f9,4431 16.7671 (5.234) 14ET CURRENT ASSETS 16,759 11,156 3,844 3. 773 TOTAL ASSETS LESS CURRENT UABILinES 559,869 496,471 6,653 8,098 CREOITORS Due after more Ih8n one year 16 145,0661 f45,038) Pension sch8ma liabl1￿Y 20 18,3251 f10,JT8) PTOViSions lor liabilities and charg&8 21 1751 (775) 1241 (38) 1751 (7751 NET ASSETS- INCLUDING PENSION SCHEME UABIUTY 506,393 44ts,280 6,554 7,285 REPRESENTED BY: Endowment Funds Restricted Funds lthrastricied Fund5 Pension Re8erve 23 442,488 379,861 23 2.716 3, 182 23 69.314 67,615 23 18.3251 110,378J 335 6,219 570 6,715 TOTPL FUNDS 506.393 440,280 6,554 7,285 Th•n•lrnaverrAnlinfund$ luthe finwcK?l Ye8rd9￿1￿ In thq chtyonty siaiem8ffl$was£731.000 ￿￿￿r*I29?0 £1,127.COJ Infi￿). The notes on pages 30 to 59 form part of these financial stalemenls. Approved by the Council of Christ's Hospital on 2 December 2021 and signed on its behalf by.. Christopher Steane Treasurer and Chair of the Council of Christ's Hospital 2 Decem1￿r 2021 -27- CHRIST'S HOSPITAL YEAR ENDED 31AUGUST 2021 CON50LIDATED CASH FLOW £ OOOS 2021 2020 Notes NETCASH IOUTFLOWI FROM GROUP OPERATING ACTIVITIES 17 110,5601 (21,544) CASH FLOWS FROM INVESTING ACTIVITIES Inve$lmenl income Purchase of tangible fixed assets Proceed5 from the sale ol tangibl& f￿ed asselB Proceeds from the sale of Inve5trnent securitles Proceeds frorn the sale of Investrnenl property Purchasè of investment securities Purch8se of inv&slmenl property 7,815 11,3861 8,470 12,585) io 16.871 6,242 (1.044J {1, 130) 11 1,384 20,772 11,5141 {9.9301 NEf CASH INFLOW FROM ifrirfesTING ACTIVITIEJ 26,834 FINANCING Financing cosls N•w8ndO￿*nts 90 12.2771 58 (2,279) 135 NET CASH (OUTFLOW) FROM FINANCINO ACTIMnE8 CHANGE IN CASH AND CASH EQUIVALENTS IN THE YE*Ji 4,363 3, 146 Gash and cash equNalenls al 1 September 16,196 13,049 CASH AND CASH EQUIVALENTS AT 31 AUGUST 16, 195 Cash And cash equivalents solely comprise of c8sh al bank in the current and prior year. The notes on pages 30 to 59 foryn part of these financial ststements -28- CHRIST'S HOSPITAL TERMINOLOGY Endowment. The Endovrnenl comprises those assets that have been donated lo the charity wlh the express Intention that they be held in perpetuity lo provide investment returns for Council to use in achieving the 0￿.0cl$. Ccuncil has an 0￿19a(10n to be even-handed when spending money from the Endowment so that future generab'ons of beneficiaries are not di8advanlaged in comparison wlh the current generation, Free ReserYo¥. The Free Reserves of a charity are those assets and invèstrnenls that can readily be disposed of in order to meet the short-temi commitments of the charity. Objects. When a charity registers wth the Charty Commis6ion. il mu8t describe ihe purposes for vknich the charity has been sel up. These purposes are referred lo as the charlty's Objects. Old 81u•8. The term used lo describe f¢Ther pupils ol Chri81'B Ho8pilal. Prn•er4•d Endowmont. I￿9n 8ulhcfising the adoption of a policy of Tol81 Return, th? Charity Commission specrfied the minimum level of the Endowment which is to be used lo produc8 th8 income for the charity and which cannot ttself be spent. This is referred lo as the Preserved Endowment. representing the value ol the origlnal gifts that created th8 Endowment. Spondlng Rul•. In order lo ensure that il 18 being even-handed, Council delemiines the amount Ihol can rouknnely be withdrawn from the Endowment without depleting the value in reo1 term8. This d8lemiination is raferred to as the Spending Rule. Total Retum. HistOriC8lly, thè only Inveslm8nl retums that could be Spent by Council wore the income, i.e. dividends, interest, rents elc. 8y adopting 8 policy of Tol81 Return, Counol Is able lo access capltal gains as wall as the Income, selecting those Inve81ments that offer the best return, Irrespective of vthelher this artses from in¢oTne or capllal grovrth. UnapplSed Total Return. This is the cumulative value of Ihe Total Returns (income and capital) eamed by the Endowment since 2dopling a Total Return policy, le6s the amounts th81 have been applied for the purposes of the charlty. It is ¥voilable to be spent, sutyecl to the duty of Council lo be even-handed Isèe Endowm&nl above}. -29- CHRlSfs HOSPITAL YEAR ENDED 31AUGUST 2021 NOTES TO THE FINANCIAL STATEMENTS NATURE OF ENTITY Christ's Hospital is a charitable company limited by gu8ranlee Icompany number 0623255SI and registered in England. 11 15 a Public Benefit Entity registered wlh the Charity Comrnission under Charity nurnber 1120090. Christ's Hospital operates from its re9islered office al the Principal Office address listed on page 22. By a Charity Commission Scheme dated 29 August 2017 and effective from 1 September 2017. Christ's Hospital became the Trustee ol Christ'5 Hosprtal Foundation Icharity number 3069751 and a number of linked charitie8, including the Christ'y Hospital Common Investment Fund Icharily number 11115071. Th& Financial Slalemenls consolidate, on a line by line basis, all the endowment funds and accumulated reslricled and unre51ricted lunds ol Christ's Hospital wlh its related entities.. Christ's H05pil81 Foundation Icharity number 3069751, Bluecoal Sports (company number 04384765 and charity number 10962441, Christ'5 HOs￿la1 Enterprises Limited Icornpany number 023258831 and Chri$lal House Contracts Limrted Icompany nurnber 042852591. Wlh the exception of Christ's Hospital, whose iegislered office Is al the Principal Office address Iisled on page 22 and Christ's Hospital Foundation which is fegislered al the same 8ddr&8s, all other enlilies have Ihelr registered offlce al The Counllng Hou8e, Chri81'8 Hospital. H￿ShaM. West Su8sex RH13 OYP. The charity has taken advantage ol the exemption available lo a qualifying enlily in FRS 102 from the requirement lo present a charity only Cash Flow Slalemenl and Financial In8trumenls note with the consolid81ed flnaneial stalernents. I. ACCOUNTING POLICIES The financial slalgmenls have b&on prep8r8d in accardance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021, the Companies Act 2006 and the S181emenl of Recomrnended Practice applicable lo charities preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Iro18nd IFRS 1021 . gffective 1 Janijary 2019. The fundional currency of the charity is considered lo be pounds slèrfing because that is the currency of the primary economic environment in which Il and ils related enlilies operate. At the lime of approval of the Annual Report, faciors remain that may have an impact on the charity, in common wlh other businesses, over a number of year$, Those factors include the ongoing pandemic and rising inflation. Whilst the impact is unknown. Council has reviewed the position carefully with a view lo ensuring the ongoing provision of schooling for the pupils, support of bursaries as well as employ7nenl of slam. A significant pa￿.0n of the securitie8 Portfolio is in Ilquid inv¢$tmonls vthose drawdown is managed carefully lo meet day lo day operational requirements. These 8re available, rf needed, lo supplement the Signifi￿nI cash balances that the charity currently holds. Demand for school places remains strong, wth 888 puwls enrolled for the academic year 2021122. Conservative cash flow modelling wlh sen511ivily analysis indicates Ihal the cash reserves ol the charity are adequate to rneet the charity's obligations as they fall due. Accoraingly, Council believe5 Christ's Hospital's financial resources are sufficient to ensure the charity wll continue as a going concern for the foreseeable future, being al least 12 months from the dale of approval of the financial slalements and have therefore prepared the finanaal statements on a going concem basis. The8e financial 51alernents have been drawn up on the hi81orical c0818ccounling basls. -30- CHRIST'S HOSPITAL YEAR ENDED 31 AUGUST 2021 WOTES TO THE FINANCIAL STATEMENTS Crltlcal accountlng judgements and key sourcos ol ejtlmatlon uncertalnty In the application of the accountlng pdicies, Counell 18 required to make judgements, estimate5, nd assumptions about the carrying value of assets and liabilities that are ncl readily apparent frorn other sources. This includes the basis for valuation of the property investments and securities investments for which there is no readily quoted market and the liabilities in relation lo the Christ's Hospital Pension Scheme. The eslimales and underlying assumptions are based on hi81orical experience and other factors that are considered lo be relevant, including market compar81ors where available. Actual results may differ from these eslimales. The eslimales and undedying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the periotj in ￿1¢h the estimate 1$ revised If the revision affects only that period, or in the period of the revision and fvlure periods il the Tevision affects current and future periods, This indude8 private markel investmen15 where the year-end valuation is based on the lalesl quartefly v81u8lion, usually at 30 June. It is Council's judgment that there has been no Imp8imienl in the valu8 ol these investments wilh market indices appr¢cialin9 frr*n the last quartèrly valuation to 31 Augus12021. In the view of Counryl, no assurnplions concerning the future estimaliM or uncertainly affecting assets or liabilities al the balance sheet dale ère likely lo re8Urt in a material adjuslmenl lo their carwng amounls in the next finon¢io1 year, The following accounting policie8 hav6 been applied conslslenlly in dealing with items which are considered malerial In relation lo the financial statements Incom• Incorne from inveslmenls is accounted Icf vthen receivable. Inc(xne Irom legacies and donations 15 accounted for as and when enlillemenl arises, the amount can be reliably quantsfied and th• econom￿ benefit lo the tharity Is considered probable. Parental conlribulion5 les8 any bursarieg, scholafshlps and allowanc88, bul including onlribulions received from reslrlcled funds, are accounted fcr in the period in which the servic8 1$ provided, Investment income and gain511os$es on the securllies portfolio are credlterj lo the individual lund in proportion lo the holding In the linked charity, the Comrnon Investrnenl Fund (charity number 11115071. L8g8cies and donations receivable for the general purpose5 of Christ's Hospital are credited lo unrestricted funds. Donation5 for purposes reslricled by the wshes of thè donor are taken lo reslricled funds where these wishes are legally binding on Chri51'5 Hospital, except th81 any amounts required lo be ￿taInEd as capital, in accordance wlh the donor's wishes. are accounted for Instead a5 Endowment Funds pemianenl or expendable accordin9 to the nature of the reslrictson. Gifts in kind 8re valued al estimated open market value al the dale of gift, In the case ol assets for retention or consumption. Chiist's Hospi(81 benefit5 from its occupation of the sile al Horsham, ￿1¢h is made available by Christ's Hospital Found81ion for minimum consideration. The value of this gift in kind is Included In Chrfsl's Hospitsl's individual charity financial statements on the basis of a directors, valuation. All other Inccffte Is accounted for ￿en receivable. -31- CHRisfs HOSPITAL YEAR ENOED 31 AUGUST 2021 NOTES TO THE FINANCIAL STATEMENTS Expendlturo Expenditure is accrued as soon as a liability is considered probable, discounted le present value for longer term liabilities. Expenditure is apportioned to cost categories based on the eslimaled amounl allribulable to that category in the finanual year. Value added tax IVATI that cannot be recovered Is included the item of expense lo which il relates. The small recovefable element of VAT 16 credited to SUFVOrt costs. Overhead and other costs not directly attributable to particular activities are apportioned on the basis of management eslimales of the amount allribulable lo that activity in the 8cattemic year by reference lo staff bme. Governance costs comprise the costs of running Ihe charili86, induding strategic planning for future development, external audll, and legal advice for Council and all the costs ol complying with conslilution81 and slalulory requirements. such as the costs of committee meetings, preparing slalulory accounts, and satI8fylng public accounlabilily. Inlra-group transactions arè excluded from income and expenditure a5 appropriate, Where appropnale, Investment management costs are allocate¢* to the funds in proportion to Ihelr hddlng in the C¢3mmon Inve8lmenl Fund 8s set out In Nole 12. Op•r•tlng L•a• Renta18 under operatlng leases are charged on a straight-line b85is over the le88e lem, even rf the payments are not made on such a basis. Ben8fi15 received and receivable as an incentive lo sign an operatin9 lease are similarly spread on a straighl-line basis over the le8se term. Flxed A••etJ Expenditure cffj indlvldual item5 cosllng more than £5,000 is caplla118ed and depreclalion 1$ ch8rged in equal annual inslalmentg over their eccnomic lives a6 follows.. Operational propertiès 2Qh lo 10% on cost Office and IT eq¢Jipmenl 25% on cost Plant and equipment 20% on co81 Motor vehido¥ 250h on cost Depreciation is not charged on work in progre88. Where a project improv&s an existing a88et, the co81 of the improvement is depreoaled over the residual life of the parent asset, The Balance Sheet values of higloric a5se15, including paintings, silver and other artefacts are based upon valuation al 31 August 2000 together wlh subsequent additions al cost. No d8precialion has been provided on these assets as Council does not believe that there has been any impairment in value from the valuatson shown In Ihe Balance Sheet. Investments Investment properties are valued at their market values a8 a88e88ed by an Indepèndent valuer at the Balance Sheet dale. -32- CHRisfs HOSPITAL YEAR ENDED 31 AUGUST 2021 NOTES TO THE FINANCIAL STATEMENTS Investments for ￿1¢h there is a quoted market are valued al the mid-markel-piice ruling al the Balance Sheet dale. Investments such as hedge funds and private equity funds, which have no readily idenlifiable market value, are Induded at the Most recent valuation5 from their respective managers. Gains and10sses arlsing on the revalu81ion of Investment8 are credited or charged lo the Slalemenl of Flnandal Aclivllies and are allocated lo the appropriate fund in proportion lo their Share ofthe underlylng assets. Where Iransaction-based, investment m8nagement costs are accounted for as incidental costs of the acquisition or disposal. General investrnenl management ccsls, including perfomiance fees, are charged to the relèvant funds. Fln•nclal In•tNmènts 888ic financial instruments are initially re￿￿nised al transaction vglue and subsèquently measured at arnortised cost with the exception of Inveslm8nls which ore valued as described above. Financi81 assets held al amortised cost comprise cash at bank and in hand. together wlh short lemi deposits, trade and other debtors. A specific provision Is rnade for debts for which recoverabilty is in doubl. Cash al bank and in hand is defined as all cash held in instant access bonk current and deposit accounts and used as worklng capital. Financial liabiliUe8 held 81 amortlged cost comprise 811 creditors excepl social secunly and other laxes and provisions. Assets an(J liabilities held in forei9n currency are iranslaled lo pounds sterling at the balance sheet dale al an appropriate ye8r end exchange rate. Stock• Stocks 8re valued At the lower of Gosl and nel realisable value. L•gJl claSmJ Where the school has claim5 made against It. whlch can covèr a variety of areas 8uch as health and safety, employment and other damages, these are disclosed in aggregate wrthin prOVi￿On8. These are not disclosed separately as this is considered preludldal. Taxatlon Christ's Hospital. Christ's Hospitsl Foundation and Bluecoat Sporty are able lo take advantage of tax exemptions 8vail8blo lo charities lor Income an(J Corporallon Tax bul are registered lor VAT. The majority of their activities are classified as exempt or non-business artivities for VAT purposes and consequently il is not possible lo reclaim the majority of the VAT incurred on purchases. Chri81'8 Hospital Enterprises Limited and Chrislal House Contracts Limited are registered for VAT and are subjeci lo Corporation Tax. Grnnts Payable Grants are awarded an an annual basis and the costs accrued upon the award being notified to the reapient. -33- CHRIST'S HOSPITAL YEAR ENDED 31 AUGUST2021 NOTES TO THE FINANCIAL STATEMENTS Total Return Accountlng The Charity Commission pemiitted Chri3fs Hospi181 to 8dopt the use ofTolal Relum in relation lo Its Permanent Endowments on 26 April 2005. The power pemii15 Council lo Invest Permanent Endowments to maximise Total Relum and to make available an appropriate porticffj of the Total Return lo fund expenditure each year. Coundl ha8 uyed the value of the pemianenl General Endowrnenl 8131 July 1993 to represent the Preserved Value of the original gifts. For all other specbfied endowrnenl funds, values 8131 July 1998 or18ter where appropriate, hav• been used to represent the Preserved Value. Funds Endowment Funds eomprfse those assets that have been donated lo the ch8rity with the èxpress Intention that they be held in perpeluilyto provide inveylmenl relum5for Council lo use in achieving the Objects. The Presarved Endowment represen18 the value of the origlnal gifts and Is the minimum level of Ihg Endowment which is to be used lo produce the income for the Gh¥rily Bnd which cannot itself be spent. G•n•ral Funds gre fund8 avallable for u8e atth8 discrellon of Council In furtherance of the general objectives of Ihe Foundation and whlch have not been d8slgnaled for any other purposè. Deslgnatod Fund• compri8e Unrestricted Funds that have been Bet aside by Council for particular purpo898. There is no legal reslriclion on the way in %thlch the funds may be applied. Restrlcted Funds are accounted lor in accordance with the particular lemi$ of the trust 8rising from the expressed or implied wishes of donors insofar as these are Intended to be binding. P•n8lon Sch•meJ Christ'8 H05pilal conlribules lo thè Teachers. Pension Scheme Ilhe TPSI al rale8 sel by the TPS actuary and advised by the TPS admlnislralor. 11 1$ a mulli-employer pension scheme and il is not possible lo identify the 8ssels and liabilities of the TPS which are allributable lo the School. In accordance ¥￿th FRS 102, the Sch¢xsl accounts for thi8 scheme as rf il were a defined contribution 8cheme. The charity has fijlly adopted the provisions of FRS 102 lty the Christ's Hospital Pension Seheme. Further informallon on this 8cheme is sel out in Note 20. -34- CHRisf5 HOSPITAL YEAR ENDED 31 AUGUST2021 NOTES TO THE FINA14CIAL STATEMENTS J. DONATIQNJ •WV LE¢XIES EndovThnt Unrn•lrtct•d T(411 2021 Toi 2020 Funé* DOnat￿n Fur 1,473 4Y70 22 174 312 Tlg 840 78 903 20 22 1&2 $.840 oonal￿n5 lor cqp1￿￿o1￿ 0th￿rd￿lIk7n Gr•n￿ trom 774 58 4. INCOME AND EXPENDITURE 141 Charlty The charity had total Income of£30,212.000 {2020.. £29,202,000) Hnd total expendlture of£30,943,000 12020.. £28,075,000) in the financial year, Ibl Con•olldat•d tradln9 actl¥Stl R••trki•d Unr•#rkt•d Fund Fund• Tot 1021 rot 2020 In¢w¥from othv trldlng JGllv*kn Chrlsf$ Hol￿111 8bJecoal Sprffts HEL lYl8td PbJ8a Cortracts Lknlt• 107 107 96 loq 220 Tr•tMng EAp•ndttur• CkEL crffistal HWBO Corthaclu LI￿ted 102 103 102 220 Icl Subsldl*ry R•sults and 8alance Sheets The results 4nd bplance sheet of the subsldlarbes of Chrlgt's Hosplt8185 shown In thelr financial slaternenls are presented overteaf. The numbers include Inlercompany trading. Further infomialion on the subsidiarie5 is provided on pages 12 and 13 of the Report of the Trustees. -35- CHRisfs HOSPITAL YEAR ENDED 31 AUGUST 2021 NOTES TO THE FINANCIAL STATEMENTS Th• Foundlllion •co Sport• CHEL Hou•• Contracts Lknl¢•d toma & g8ir• 90,S81 122 172 EyndiDJe 123,578 11,3471 Incorneloo￿l BrO￿￿t lorvo￿ ai I Septsrnber Compd fDW•TrTd al J1 67,0111 432.174 499 804 21 J•J 116 168 66•,284 512 67 Tot41 Il•bllYei 12251 11 Th• CHEL Chthlll port• Crdnlr•¢t• LIMlt•d t OODB R•¥utt Irtom•& g•i 20,443 I.JTZ 280 173 EyJnLqlur• R2.009) [7.8091 13551 (190) Nellosjl Browhtl¢wrd411 s￿￿rnbBr c￿¢4 knryrd lll 31 (1.566) 434 440 432 8T4 2371 20 (951 1231 143 166 e•lin¢• ih••t Tot410410 49T,4flP 517 58 Towi l•bllboi (64.S451 (163) fl.620) FLrKJi I Idoh•t) 132 874 loo . INVESTMENT WCOI E OOOB Endowm•nt Fundi R••trkt•d Fundts Utyvttiwl¢ied Fundl Totsl ZO21 Total 2020 Propety 6.285 1,506 7.369 1.044 1,S14 18 4470 -36- CHRisfs HOSPITAL YEAR ENDED 31 AUGUST 2021 NOTES TO THE FINANCIAL STATEMENTS . V4C¢XIE FROM CHARrriBLE ACTNITIES F••* v•¢•P4•b É OOOS Unr•iiilci•d Funth To¢•1 2021 2020 GrDJS parontsl CQrtnbL￿01its Le8B Total b￿ane1.9￿rd*W￿ 30.911 21.271 9.640 30.911 20,811 9M40 9.297 Add b•d( Byrn•no$4nd Othr¥￿rd1 paid Sji 312 31? 289 9,gS2 9.566 An¢11￿ry hdlng £ DOD• R••trk Fund• LlnrHtrlEt•d Fund• Totsl 2021 Tol•l 2020 ￿￿1C lees EyAm f••1 50 furd8 Sundry PAtenlalthAry•4 Ewnt•nd gwwor¥hip Adm￿sSion1￿e& 252 13 252 1J 240 13 54 210 ao 406 50 48 25 1Tr7 727 B1J 7. IN¢OVE FAOMOTHER SOURCES £ODOts Endowm• Fundi Il••trf¢t•d UnMtrlrt•d Fund Fund• Totsl 2021 Toi81 2020 RonUqlinwm•- 8Lqff V*sts' Profil DndiAp0551 olfixed H55ets Grairtftom Job Rekmon SC￿Me 224 2S 224 25 25 io 2BI 205 Cxlpr m1w￿Or00LH Irthmt 10 10 261 458 729 t.J59 . INvesTMeNT fyiANAGEMENT COSTS tQOOi Endowrnenl FundB Rg•trlct•d Unr•Btrkt•d Fund¥ Total ZV21 Tol81 2020 PTDpetyr￿g SerArriloA ar¢J rsshmanagernertfees 2,278 455 2,278 462 1.361 1.060 2,733 2,421 -37- CHRisfs HOSPITAL YEAR ENOEO 31 AUGUST2021 NOTES TO THE FINANCIAL STATEMENTS I￿￿Ly9￿￿oFEXPE￿￿ITuftE 141 TotAI •ythdltur* £00 Other Co¥1¥ Total Co•t• 2D¥O Co¥t•d r4iuhB fund• 319 4>7 449 Tradlw exP￿￿lUr0 75 2.740 2.277 3.421 2.279 Coktx 1277 Trrtll ro•tolrw¥lng 75 43¢5 EduC4tlon and 8,493 2,J65 2,374 2,1eo 0,02T 440) Pr￿DISe# cost& slyp￿ coili GraDts. 4w4idi Irth glbll 5,a61 1,820 448 4eti 4.224 372 Tolal co*•of pro¥ldlsw •dUt￿l￿ 15.J92 1¢54 2IlJ7 26,Z90 8p¢Yt• ¢•nty• •xP•ndlt￿rn ?Zl 1.210 l.N7 18.720 1512 Totil•xp•thdttur• Support CO8t8 indude govern8nee cost# of £183,00012020.' £182,000>. Total 2021 Tot•1 2020 Ibl ar•nts. •w•rd¥ •nd pl￿•• £ OODB From Bndow•d lundi.. Bws&nes and aknorda Fmm re•thcigd lundi.. BL￿￿￿3 and 0t￿rgr8rts￿r￿ From unr•blrf¢tod fund•'. Buwnes 8ThY ol￿rgrar￿ar￿J awaTda 28 344 3T2 These granlg wer& made lo current and fomier pupi15 at Christ's Hospital. -38- CHRisfs HOSPITAL YEAR ENDED 31AUGU5T2021 NOTES TO THE FINANCIAL STATEMENTS Itl. STAFF COSTS 2021 20 H￿rnber Colt £ DDOI ost £OOOi IFTEI IFTEI T•a¢N TeBGhry &wport 7,131 1.181 1.938 2.J74 2,160 319 121 112 3P 00 75 39 7,033 1.221 1.958 f.947 2.t65 342 938 138 io 94 Prernisel otr*rawl•ry FurdroisirG 8IL*coal Spo CHEL 40 JBS 7Lk) 339 Ctrrtrn¢ta•curtly & co• 10,781 Compiliirq saljne8a￿J ¥￿ge5 Souil &eCLvtycobli Pewonw411 Apprentice5hp Lehy 12,e•2 12.461 2,279 41 2,076 1.040 la.781 Aggregit• Impb￿• ofKey 1,038 The average head count (being number of staff émployed not adiusled for FTEI was 53512020.. 5661. The full time equivalent number of employees by category Is disdosed in the table above. Salaries and wages include £64,00012020'. £101,000) in relatlon lo redundancy and compens81ion for loss of office $ott18menls and payments in lieu of notice. The nurnber ol Key Management personnel averaged 912020.. 91 as 8el OLrt on page 21. The number of employees whose 10181 emoluments for the period exceeded £eo,000 w8s 23 12020.. 221 in thè following bands.. 1021 2020 £60,001 to £70.llOQ £70,OQ1 to £8o.000 £80,001 to £90.000 £90,001 to £l00.000 £110,001 to £120,OOU £120,001 to £130,000 £150,001 to £160,ooa £160,001 to £170.000 14 13 Infomiation on volunteers 1$ shown on page 18. -39- CHRIST'S HOSPITAL YEAR ENOEO 31AUGUST2021 NOTES TO THE FINANCIAL STATEMENTS 11. TAIISIBLE FIXÉD AJaErs t OOOI L•nd & 8uMdlng• Ylork In OAk• Pknnt& Proyr••4 eq￿1pmant E9￿1￿m•h• Motor V•hl¢l tor Tot41 flllfjioup ¢o•¢orv•lu•Uo At 1 S•ptèmber2020 81.346 1.825 2,418 9,403 237 534 140 5.339 100,271 1,301 1.073 12.4071 At31 Augu•t2112t 141 ￿1• 1•1 t171 D•pr•cl•Uon •nd imoMkn&tknA At I S4pwmber2020 Ch•rqo fortho penod AcCum￿e0 on 23,0è5 1.906 5,460 JQ,$TJ 3,11ty (Hi) 19 At 31 Aug￿111041 114 N•1 J1 IP21 266 403 27 Nalbook v•lu• •lJl A¥gu¥I 2020 5tr.24f f.025 512 3.143 32 6,J3 69,198 Lind & In Progie• Of￿* Plint4 Equlprn•nt Equlpm•nt Mutor V•hlcl•¥ Totsl Ibl Ch•rr Co#tor v•lu•tlDn Al 1 September2030 1,624 1,075 2.241 88 4,470 202 140 14 1.3711 Tr8nsferiD Found41on TransleF5 Disposals alcolt 534 At 31 Augll•t2021 264 D•pr•¢l•tlon Ind •mort*itlon Al 1 S8pI?fflbEr ?a?O hBrDe lorlhe perw)d AccurnL4ated on OIIpo8Q 1,732 196 12581 2.JlQ 769 10 4.180 914 Iso•> At J1 AuguBt 2021 114 Nrt bDr* w•￿ It 31 2S4 4D1 27 N81 book volu¢ 4131 August 2020 1,624 J09 2.160 32 4,J25 The Iransler lo the Found81ion from work in progress of £1.911.000 Fxincipally relates lo the building portion of the Theatre improvernenl works, with the plant and equipment portion of the same prq'ect being the major part of the other transfers from work in progress of £534,000. -40- CHRIST'S HOSPITAL YEAR ENDED 31 AUGUST 2021 NOTES TO THE Fll+lANCIAL STATEMENTS 12. FIXED ASSET IIWESTMEMf5 E OOO¥ PrDpqrty 8￿UrN•1 Totsl 2021 Total 2020 Atmartet v*lu• Mafrfetv￿u8 811 $8Ptember I Idisin¥eslmentl from portFoh'o Fees and charge8 ¢olleci8é Diwdends inlere¥l ￿1n￿*stè￿ 157.456 110,8421 258,161 416,817 111,7731 14531 426, T94 (20,9531 If.0291 1.044 9.761 1.514 80.62 9,873 70,101 MHrkel 1131 ALyu%I 156.287 318,919 475,2lJl 415.6f 7 Total 2021 Tol81 2Q20 8•cur￿•• cor1yr￿*.. Ca&h & loreign •xchary• l%d9111 ebl In&tiumtnt8 Equ￿10$ Hodgo fundi Pnvai• equlty 11,589 41, 100 133.042 27.786 44.644 46.36J 118.298 7Z,110 76,462 318 919 258.161 Prop•ty comprli•i'. 3.800 42,260 87,400 32,211 10,826 4.SQO 6T.550 50,315 24.558 10,OTJ Ollices Indu8M AgrfcuNural and olherland Re•idenU•l rfrni41 propeibes 287 157.456 The Charity Commission permitt•d Christ's Hospital to adopt the use of Total Retum in relation to Ils endowment on 26 April 2005. Thère is a quoted market (including listed marke151 lor appr0￿MatelY 22% 12020.. 34%) of the investments within the funds held in securities. A further 444kn12020" 39%) of investments are held in fijnds which themselves invest in publicly quoted sècurf(ies. The remainder, representing private markets funds, are valued in accordance wth the information provided by the fund managers which are based on quarterly and audited annual reports. Approximately 53% 12020.. 65•hl of the portfolio is COn￿dered liquld, meaning that the funds are capable of being traded on 8t least a quarterly basis. FoTward currency contracts are used lo miligale the risk assoaaled wlh investment 8ssets denominalgd in foreign currencies. At 31 August 2021, the gross notional value of open forward conlr8Cts amounted to £142.1 milllon12020.. £130.9 million). These contracts have been revalued al the applicable year-end rates and the resulting unrealised gains or1055es have been Included wlhin the overall value of the Inveslmenls above. At 31 August 2021 there were oulslandlng commitments lo fund a fijrther £45.5 rnillion12020.. £47.3 million) in capital co11s from private equity funds. These calls wll be funded from the Sale of liquid assets wlhin the investment portfolio. -41- CHRIST'S HOSPITAL YEAR ENDED 31AUGUST 2021 NOTES TO THE FINANCIAL STATEMENrs Common Investment Fund Security assets lolalling £311.397,000 are held wlhin the Christ's Hospital Common Investment Fund. which was established on 2 August 2005 and is a pooling scheme fijnd wthin the meaning of the Financial SeNices & Markets Acl 2000 (Exemplionl Order 2001 ISI 1201120011. The scheme became active on 31 March 2006. At 31 Augusl 2021, units wilhln the Christ's Hospital Common Investrnenl Fun¢J were held as follows.. 8•curltl•s £QOO& 277,428 27,214 3.328 3.225 1.318 1.97a General Fund Thè W¢$t$' Grft for Chlldren Fund The Dan￿1 Lett Fund The Homby Steer Fund Birkèr Mulic Fund The RAF FoundatiDnern' Fffid 86.99 8.53 1.04 0.41 0.62 ¥ Tl MIS8 We81 Scholar Fund AddrtionBI Cost8 Fund Chtl$l'¥ Hoipilal AJsory•tion House Fund The Rgginald W¢¢d Fund Th• Found•lion Olhar Fund• 1,007 681 578 499 295 141 1,258 318,919 0.32 0.21 0.18 0.16 0.09 0.04 0.4D Other fund8 repre8enl the combined 8s8el8 of 17 indivldual trusts none olwhlch ha8 assets in ex￿88 of £200,000. Property Valuatlons Formal valuations of the commerclal Inv8slm8nl propertl98 were prèpared by Mr D Mllls, MRICS of Cushman & Wakefield LLP and rural and residential properties by Mr P Kirk, MRICS ol Savi11s (UIO Limited as at 31 August 2021. Futurn Income from Proparty Invgstmont• The future minimum le8se Income under non-cancellable oper8llng leases receivable in less than one year is £4.6m12020.' £5.6ml. Amounts receivable between 1 and S years are £12,9m12020.' £10.8m nd after 5 years are £35.4m12020.' £42.2ml. 1J. STOCK Grwp 2021 ChDFtty 2021 Ch8n"ly 2020 2020 St(Kk sth c￿mIb*S 18 207 194 2Q3 193 223 220 193 -42- CHAisfs HOSPITAL YEAR ENDED 31AUGUST 2021 NOTES TO THE FINANCIAL STATEMENTS 14. DEBTORS DLIE v￿THIN ONe ￿￿rI £ QOD$ Gftsup ChArlty 2021 Gmup 2020 Chanty 2020 2021 T18d•deblO Rth5 recoi*k)le P8r•ntsl C￿￿b￿0￿• 74 8J7 ?18 io 186 2.043 206 CHEL 152 3,$37 3,040 1,#60 1.104 250 1,520 Otherdebtoia prep￿￿￿￿ 470 1,258 4,184 6,595 IS. CREDtroRS OUE WTMIM ONE YEAR £OOO• Ch•rfty 20 Ch•rffy 2021 2020 TrAdo ueditOT• nk k)an1988 Delowl Deferred IrctsTrJ P8rerthlcorriW￿O￿￿ld In EnruknEnl dvpoilt• 8lwco•tSwrf¥ Cth51al LitThl8d Tayalon8rd N•tio￿l Ir•war v&k*A4d￿ Tax Rerrtin8dwr¢q OtrArcrnditorn and Bc￿￿18 859 678 141 1,373 1.024 13 1,373 I,S24 214 11 202 io 108 535 1,577 88 535 1,577 108 302 246 1.913 3.gf2 1,079 2,100 1.613 1.956 9,443 5,234 11, CREDITOR8 DUE￿TEft MOftÉTH*II O•IQ YE £CffjO• Orollp Ch•rfty 2021 Chw 2020 1021 2020 2&042 zo.o 24000 l¢￿ rni•il*uE l*e&be Pw&iWcCrtrltyrtc￿l *JV*IC• JB 4& 30 RepDyabh Blnk lo￿) Ib¢e Wowl PAT•nta1c￿￿th￿n1 In adv 10 Due￿n2-s￿Or¥ Bunk thlsee BBrth kn 1¥e2bE￿I LoBn rnie15s￿ l¥e8bekp4) 2&¢XTr7 4&030 43- CHRIST'S HOSPITAL YEAR ENDED 31 AUGUST 2021 NOTES TO THE FINANCIAL STATEMENTS In October 2003, the Foundation entered into a £25 million bank loan lacilily for 8 lem of 25 years for the purpose of acquiring new commercial property investments. Repaymenl is by a single payment at termination in October 2028 with Interest payable quarterly in arr8ars al a fixed rale of 5.55'h. This loan Is secured against investment properties wlh a minimum valuation of £35.0 million and as a131 August 2021 the properties against ￿lch the loan is secured have been valued al £37.8 million, In April 2014, the Foundation completed on a £20 million private ￿acement of loan note5 as part of ils inve51rnenl strategy. The notes, vthich are due for Tepayrnenl in 2034, are secured on assets held within the securities portfolio. Interest on the loan notes is al a fixed rale of 4.4S%, with Interest payable semi-annually. In September 2020, 81uec081 Swts entered into an unsecureil £50,000 bounce back loan with Barclays Bank lor a term of 6 years. During the first twelve months. the UK Governrnenl will pay interest due under this loan. known as the Buslness Inlerruplicn Paymenl. No repayment of capltal is required during the first 12 monih5 of Ihg loan. Repayments of £833.33 wll be made monthly commencing in October 2021. wrth Interest payable In arreBrs 01 a fixed rale of 2.5%. SUMMA9Y OF ￿0￿mENTs IN P*RENT*L CONTW8UTIONY IN IDVM4CE Group •nd Chorlty 2021 21ance 811 Seplember2020 N2w conlrlcls Olher8rnounl8 ￿ Jdvance Amounts used lo pay f¥es knovnts 8¢crued lo coTrtr8cI as debl finBncirq coat 573 1,270 15131 8dance al 31 Ajgusl 2021 -44- CHRisfs HOSPITAL YEAR ENDED 31 AUGUST 2021 NOTES TO THE FINANCIAL STATEMENTS 17. RECONCILIATION OFGROUP NETIOUTGOINGI FUNDS FROM OPERATIONSTO NET CASH (OUTFLOW) FROM GROUP OPERATING ACTIVITIES £000 2021 2020 Net IoLrtgoingl fvnds from operations Nonryoperab'ng cashflow8 elimkn&tsd.' hveslment In¢om• Financing costs Endowment legades and donation8 Profft on disp)891 of fix8d asseis Pension gcheme net flnance Bo¥ts p￿s1On •chema curmnt 8aNce c08ts Pension Scheme contrSbutlon Dewecialion and amortisalion (Dec￿￿5e) in crediltys Ilncreasel in debtor8 Ilncreajel in Jtocks 16,0621 (9,419J 17,81SI 2,277 1581 (8,470) 2,279 f135) (10) 163 165 197 {6511 3,190 11,9121 (404) 3,073 (6.802) f2.t%￿) (17) Net cayh Iolrtfiowl from woup OPBrats"ng act1￿￿0• 110.5601 (21,544J 18. CAPITAL AND LEASE comm￿MENTs Capbtal Commltm•nts Al 31 August 2021 there wer• e8pthI coMM￿mentS of £nil12020'. £0.8miNion). See Note 12 for infomiation on prlvale equity fund commitmenlg. Le••e CommSlm•nt• The charity has entered into non-c8nc8llabl• lèas8s In respect of certain rn0tr￿ vehlcles and office ouip¥n8nl, the payTnenls for whith extend over a period of up lo 5 years. Total future minknum lease pawnents under non-cancellable operating leases.. GrDUP ZOZ1 Charfty 2021 GtDUP 2020 Chanty 2020 £OOO¥ thn0￿ ye4r 104 214 153 153 214 253 Z53 318 318 -45- CHRisfs HOSPITAL YEAR ENDEO 31 AUGUST2021 NOTES TO THE FINANCIAL STATEMENTS 19. AUDITORS REMUNERATION È OOOJs 2021 202 A￿lt lees Consultsncy and accoLrtancy sarvices 62 62 85 20. PEN510N SCHEMES Teachern, Penslon Scheme Christ's Hospllal partiapales in the Teachers, Pension Scheme Ilhe TPSI for 115 teachlng staff. The pension charge for the year includes contributions payable to the TPS of £1,470,000 12020.. £1.451,0001 and al the year-end £121,00012020. £118.0001 was acuued in respect ef eonlributions lo this scheme. The TPS is an unfunded mulli-employer delined ben8fil$ pension scheme governed by the Teachers, Pensions Regulation5 2010 las amended) and the Teachers. Pension Seheme Regulations 2014 las amended). Members contribute on a 'pay 88 you go" basis with contributions from member5 and ihe employer being credited lo the Exchequer. Retirement and other pen&on bÈneff(s are paid by public funds provided by Parliament. The employer contribution mle ig get by the Secretary of Slate following 8cheme valuations undertaken by the Govgrnmonl Acluary'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, conflmed that the 8mployer contribution rale for Ihe TPS would increase from 16.4% lo 23.60h Irom 1 September 2019. Em￿0yerS are also requlred 19 pay a scheme admin151ralion levy of 0.08% giving lolal employer contribution rale of 23.68°fi. The 31 March 2016 Valuallon Report was prepared in accordance ￿th the benefits sel out in the scheme regulations and under the approach specified in the Direction5, as Ihoy applied 81 S March 2019. However, the assumptions were considered and sel by the Department for Education prior lo the ruling in the 'McCloudlSargeanl case.. This case has required the courts lo consider cases r8gaTding the implementation of the 2015 reformB lo Public Servlce Pensions including the Teachers, Ponsions, On 27 June 2019 the Supreme Court denied the govemmenl pemii$sion lo appeal the Court of Appeal's judgment thal Iransilional provisions introduced to the reformet1 pension schemes in 2015 gave rise lo unlawful age discrimination. The governmènt Is respecting the Court's decision and has said il will engage fully wlh Ihe Employm2nt Tribunal as well as employer and member represenlalNe8 lo agTee how the discriminations will be remedied. The government announced on 4 February 2021 that il intend$ lo proceed with a deferred ch¢Jce underpin under which members will be able lo choose either legacy or reformed scheme benelrts in respect ol their service durbng the penod between 1 April 2015 and 31 March 2022 81 the point they become payable. -46- CHRIST'S HOSPITAL YEAR ENDEO 31AUGUST 2021 NOTES TO THE FINANCIAL STATEMENTS The TPS is subject to a cost cap mechanism vthich was put in place to prolecl taxpayers against unforeseen changes in scheme costs. The Chief Secretary lo the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 8nnounced a pause lo the cost cap mechanism following the Court of Appeal's ruling in the Mccloudlsargeant case and untll there is certainty about the value of pension8 lo employees frtjn April 2015 onwards. The pause was lifted in July 2020, and a consultation was launche(J on 24 June r)n proposed thanges to the cost control mechanism following a review by the Gov8mmenl Actuary. The consullalion closed lo response on 19 August 2021 and the Govemmenl is currently analysing the responses. In view of Ihe above rulings and decisions th8 assumptions used in the 31 March 201 S Actuanal V81u81ion may becorne inappropriat&. In this scenario, a valu81ion prepared in accordance with revised benefits and suitably rgvised assumptlons would yield different results than those contained In the Aciuarial Valuation. Until Ihe cost cap methanism revièw Is completed rt is not possible lo conclude on any financial imp8Ct or future changgs lo the conlrlbulion rates of the TPS. Accordingly no provision tor any additional pa81 benefit pension cosls Is included In these financi81 slalemenls. Chrl•t'• Hospltal Pon¥lon Sch•me Prior lo 2005, non-leathing staff ￿re enlilled lo joln the Chrl81'8 Hospital P8n8ion Scheme (the Schemel, a defined benelil scheme. le vthlch contributions are made by both employees and the employers. The Scheme was closed lo new members wlh offecl from 31 March 2005. Member conlr1bulions arg 6.5% for those members who have an accrual rate ol 1180th of final salary for each year of service, and 40A for those vkno have an accrual rale of 111001h Contributions payable by employers are 24.3% of s81ary, plus an annual deficil-reducllon contribution, curr&nlly 01 £331,500, and a £2.2 rnillion lump sum payment by 31 March 2035. The d¢ficil-reducllon payments are in ac￿ld￿nCe wth an agreed schedule. allo¥Mng the delicil lo be eliminated by 31 March 2035. The bass ol contribution to the Scheme is specified in a schedule of contribulions certified by the actuary and agreed with the Stheme Iruslees on 30 March 2021. The ctrsl ol providing such penwons 18 charged lo the accounts In accordance wlh the provisions of FRS 102. Thg liability for th8 Scheme contlnues lo be accounted for in the individual charity flnancial slalernenls of Christ's Hospital Foundation as Christ's Hospital has accepted the liabilities ol the Scheme solely in f(8 rolg 03 Ihe Trustee Of Chri81'8 Hospital Foundation. The last full acluorial valuation of the Scheme was carried out wlh an effective date of 31 Marctt 2020. For the purpose of FRS 102, the Scheme v8luation has been updated as al 31 August 2021 by 8 qualilie(l actuary, The valuation method adopted for the Scheme was the Projected Unil Method and it is assum•d, in relation to security of both accrued and protected rlght5, the Stheme will continue. Employer contributions fr% the year ended 31 August 2021 were £551,00012020'. £404,000). These included back-dated deficit reduction conlribulion5 of £145,000. 47- CHRisfs HOSPITAL YEAR ENDED 31 AUGUST 2021 NOTES TO THE FINANCIAL STATEMENTS The Scheme's 88sels and Ilabilities, analysis of pension cost and detsils of the valuation ￿re as follows.. •IAmount• McognlBBd In thA baknnc• •h••l• £OOO• 2020 Ptystrt￿uo of1￿￿ed r*Jigatyor Fair￿kn ufp￿￿&￿Uetr 124.238 15,910 124.2571 13.879 N•t lknbllty 10,3781 Ibl Ch•ng•i In th•pr•••ntv•lu• olth• thfin•d b•n•llt obllg•tlon £ OOO• 2021 2020 CpeThrg defimd b•n￿lo￿l90ts. 24,2S7 197 J•z 110 21,235 204 430 f30 Inlfrm*l co¥1 B•nefil* p•id trorn Jch•rnq al￿tI Srherne pBFbcip•nt•' cQrtnbL￿0 Ji D•lln•d b•n•IkobUg•￿on •1•nd olp•dod 24.257 ¢ICh•ngM In th• l•lr¥alu• olth• 8eh•m• ats••l• •r••• loNm'. ¢ OOO• 1021 2020 OpBr•rq tsirwlw olK￿me a8•8t4 11079 14,957 266 li,L)yJi 404 ACDj•n￿g&1mI1￿￿￿él) ErnpbyermrtritrtJUo S&*me parbDparti' cNth1x￿ry¥l AL*nlnitya￿oThoNPèr4ts poid BwEfit•palLI 2,014 551 17171 IT821 F•lrv•lu• of Sch•fft•8•Ml•bt•t)d of ￿*￿tsd On the currently agreed basis, the projected amount ch8rg•d to the Stslemenl of Finanaal Activllie8 is as follows.. J1 AuqLtyt 2022 Pmjoctéd uJrtfilMr4ic4 coil Proigctèd Intere￿I￿orn• onaBMt8 ProJeGted Intereslcosl¢n Dofjnvd Bu￿fi10bTh9ab¢ 169 306 CHRIST'S HOSPITAL YEARENDEO 31 AUGUST 1021 NOTES TO THE FINANCIAL STATEMENT5 Idl Amounts In¢lud•d th• 5t•l•rn•ntofFln•ncknlAclV￿4* £0 2021 2020 CLYrent coil tr*ereJl Incom? Dna05B15 AdmiThslralione¥ense$paid kler•stonp¥￿ionl11b1lIlk1S P04) 266 221 13821 14301 Toiil imount¢havll•d wlthln r••t IncomlnAlloutgolng1 fund¥ IFom0p•y•￿0￿1 J621 366 (•) FIKOnElllo￿un of mov•ment In pr•8•ntv4￿o olpL•n Ilablttl•i ••••t• £ OOO• 20 2020 Neiii8bility•ltr• oltr• EmpbyercLrrertaeNc? cost Empby&¥ GartrlbL•C*IS teleel Ir¢crn onai•e 110.J711 rg.2781 12Q41 551 121 12821 266 14301 mi￿EtratiOna￿￿WI p•ld AcbAqdgl￿l￿lllOs0eOI 11,1381 N•tlhb4ty alqnd of th• y••r 33$ 1D.374 Inm￿Ore11•9OrI￿ olS¢h•m• •J••t• •• a p•rr•nthg9 oltotyl Sch•m•a•i• 2021 2020 Equles $9% 40% 11% J% 38% 43% 20% Pffjporty Co 100% loo% The overall expected return on the Scheme assets in Ihe year is detwmined as a weighled average of the expected return$ on each g¥sel dass. The retums en equities are delemiined by the Christ'8 Hosprtal Pension Fund Iruslees having reference lo the expected Tetum from an Investment in the SE-Acluaries AJI Share Index. The glll return Is derived frcm the prevailing redemption yields on long-daled fixed interest gills at the valuation dale. 191 Pri*cipal•••umptlon• •tth* bolant• •heotd•te 2021 2Q20 Discowl rale Rate of Inuease in 5akne Rate ol I￿rease of P2T6iWS inpatr￿*￿- PrtrApdl 1997 Rate ol Irtrea88 Ofp$rA￿ InpAtrfft*M- PosiApnl 1897 ste of IrtyvJ8e ofpewom in4&Thrert Price Irtsbon 1.7% 2.9% 2.3% 3.3% Z.9% 3A% 1.6% 2.6% 2.2% 3.1% 2.6% 3.1% The 2021 valualiDn has a55umEd average mortality in accordance with S3PxA M tsbles for 2020, wth the CMI120201 model together wlh long-lerm improvements of 1.5% p.a. for future improvements in longevity. 49- CHRIST'S HOSPITAL YEAR ENDED31AUGUST2021 NOTES TO THE FINANCIAL STATEMENTS IhlProl•cted l*hortl*ll*t 31 Augu&t2Q11 2021 F)pected EmplO>EfscothbL￿L 489 Ch•nye In defin•d b•n•fftoblBitkn 2021 rease Idecreas8 dlscoL4ilrale byO.S% p.8. ro8se I decrease asuumed rate Inn8Oon 0.5% p. re•8• 1l8crea8e k)w-lem 5aL9ryl￿￿￿*es byO.SDA p.•. -6% 1+10% +6%14% +1%1-1% D•fln•d Contrlbullon Sch•me A slakeholdor pen81C￿ schemé 18 availabla lor staff who are not in a defined benelll gcheme. Thi$ 1$ unil linked defined contribution Seheme from Standard Life, under which the employer contribute5 SD more than the employee conlribulion5 up lo a maximum of 10% 01 pensienable pay. From 1 Augu51 2014, new and existing staff who had not previously opted lo join a pension 9cheme, and are eligible to do so, have bèen auto enrolled into a workplace penslon scheme, curyenlly wlh Legal and Gener81. Employer conlrikxjlions are currently Bet al the slalulory minimum of 3%. Employer contributions lolalling £239,000 12020.. £235,0001 were paid In respect ol these pension schemes for the ygar. At the year-end £20,00012020". £19,000) was accrued in respect of contribulion8 lo these 5Gheme5. 21. PRCWk8K)N8 FOR LL4BILITES AND CHAAGES GroL¥4 30 Chwlty 2021 Chsrily 2020 At 1 Septsrt•r Prousion uthlod Ch¥g8d lo the ststenThrynt ol acllthb"a8 T71 11,2291 529 77S 11,2281 S28 iio (2191 878 1219) 878 76 77J 175 The provision reloles to legal daims. The openlng and closing provision above have been restated In these accounts to recognise the probable cost ol defending and concludlng those matters. grosg of ny related recoverable amounts from insuranc? held by the school. 22. RELATED PARTY TRANSACTIONS No Councll Member has received any remuneration work done in perfomance of their duties. Travel, ITaining and subsistence expenses lotalling £8412020.. £7951 have been refunded lo two12020.' threel Counal Members In connection wlh their dulie5. Donations lotalling £68,188 12020.. £1,850) have been received from 5even12020'. three) Counal Members. £140,521 12020.. £nill was paid by Christ's Hosplal Foundation on an arms-lenglh basis le Land & Water Services Limited, a busines9 whose ultimate parent Ljndertaking is partly owned by James Madean, a Council Member, for dredging works. £nil 12020.. £11,246) was paid on ￿ ams-lèngth basis to Hill House Fami Partnerships, a bJwne5s owned by James Maclean lor drainage and landscaping works. Trustees, liability insurance is included within the group professional indemnity and public liability policy and ils cost cannol be separately identified. -50- CHRIST'S HOSPITAL YEAR ENDED 31 AUGUST 2021 NOTES TO THE FINANCIAL STATEMENTS During the year. funding lotalling £16.0 million 12020.. £14.8 million) was granted lo Christ's Hospital from the Foundation in support of current pupils. this Included £0.5m from the Sivewri￿1 fund towards the theatre bettemienl project. A further £2.9 million12020.. £2.9 million) was gifted by Ihe Foundation, being the value of the donated facili1185. The grant also funded certain expenditure incurred by Christ's Hospital on behalf of Ihe Foundation. Those cost5 included the audit fee, other governance costs, the payroll and administration costs of the property director and the developmenl department. The Foundatlon charged £65,000 12020." £65.0001 in rent to Christ'8 Hosptlal for certain resldèntlal properties. Oihgr expenses totalling £5,00012020". £4,000) were recharged by Christ's Hospital to the Foundation. Christ's Hospital hlred the sports centre and Ihe18undry frcffl Bluecoal Sport8 for a fee of £323.000 12020.. £289,000> and £10,00012020". £10,000> respectively. Other expenses lotalllng £79.00012020.' £68,0001 were recharged by Christ's Hospital lo Bluècoal Sports. CHEL contbnues to make payThEnts to Chrlst's Hospital under the terms of 8 lease for the use of the nursery premises and a master agreement lor the use of the School's premises for holiday lets and other events. The charges were £12.30012020. £10,800) for the nursery lease and £37.40012020', £41,000) for the licence leè. In addition, Christ's Hospital r8charged a lolal of £9,00012020' £85,000) lo CHEL relating lo other expenses including sal8rie8, finance and catering. No service chaTge12020'. nlll was passed on in the currenl year following the cancellallon ol th& holiday lets due lo COVID-19. In addllion, the impact of the c8nc8llalion of the majority Df CHEL'S business rneanl that no payment under gift aid was made lo the School12020', £nil for th8 year bul with £130,000 ol tha grtt aid received by the School in relation 2019 being rep8idl. Chrlsl's Hospital perfems adminislr81ive sorvices for Chr151al House Conlracl8 Llmlled for which il received a rnan8gemenl lee of £5,00012020'. £5.0001. In addition, Christal House Contract8 charged Christ's Hospital £78.00012020'. £77.0001 for electricity during the year. ChT15t'3 Hospital perfonns 8dminislralive Services for the Charlbes of John and Fr8nees We81 for Pensioners. for which il received a management fge during Ihg year of £25,00012020 £25.0001. 22, MOVEMENT OF FUNDS Sp•clfl•d Endowment Fund The lolal Endowmeftl Funds represenl the prese￿9d Value plu$ the accumulated Unapplied Total Return IUTRI. Di5tribullons out of UTR can be made al any lime al Council's discretion. The purposes of the major remaining funds are as lollow8'. The We$t$' Glft for Children Fund provides funding for descendants oflhe Wesl family children frun the boroughs of Richmond, Twickenham, Reading, Newbury and other families in financlal need. The Hwnby Steer Fund supports children from a family either connected with the legal profession, living in Greater London, connected ￿Yth the Order of Sl John of Jerusalem or vknere a p8renl is blind. The Danlel Lett Fund supports current and former pupi18 in developing an interest in and pursuing a career in law. particularly al the Bar. -51- CHRIST'S HOSPITAL YEAR ENDED 31 AUGUST 2021 NOTES TO THE FINANCIAL STATEMEl+lTS Tho RAF Foundatloners. Trust Fund provldes funds lo support the children of RAF personnd, The Mlss W￿t Scholar Fund provides a 6th form Scholarship for a female pupil in memory of Miss Wesl, HeadmislTe85 at Hertrord. Christ's Hospltal Assoclatlon supports the costs of publicity and alumni relations. AddStlonal Costg Fund Ilormerly The Necessitous Children's Fund) provides 8cldilional SUPPCsrt, particulady for Ir8vel and clothing costs for children from families in exceptional financial need. House Fund supports the b08rding houses. The Reglnald Wood Fund provldey addi11gn81 fund8 10 8UPPOrt musically talented pupils. Th• Am)y Foundatlon supports children whose parents have served or are currently Serving in the Amiy, Rfjslrlctod Funds Restricted Funds are accounted for In accordance with the particular temis of the trust arising from the expressed or implied wshes of donors insofar as these are Intended lo be binding. Where any such wishes are not intended to be binding. they are taken into account and recogni8ed in an apprcpnate Designated or Unreslrlcled Fund. Th• Slvewrlght Mèmorlal Fund is raslrietad lo the provision ol capttal projects that will enhance the pupils, appreeialion ol the Arts. Th• 8arbter Muslc Fund 18 feBlrict•d lo support Ihg edu&ition of children gifted in music. The 81uecoat Sports Fund is reslriclgd to support the objects of 81uecoat Sport8. D•slgnated Fund8 These ar8 Funds created for spedfic purposey. There 15 no legal restriction on the way in whlch the funds may be applied. The Prem18es Fund was established lor planned maintenance and other eBtale works included in the budget for the year bul not yet completed. The Fixed Asset Capltal Fund represents the nel book value of the fixed assets used for operat￿nal wrposes. -52- CHRIST'5 HOSPITAL YEARENDED 31 AUGUST 2021 NOTES TO THE FINANCIAL STATEMENTS 31 PXIVEIENTCf FUNDS BthnE• 8Alrm• 31 Au#L R14wo• Eyvr￿•d Pf•wr¥qd Endo¥wpwnt (I*EIBI c¥41￿ ACC￿*71 ThB Gin fu chi￿[￿ Fthj F*Y￿ SteBr Fund The Daniel Lell Fund PAF bldm YVMI Schdllr Fund ChrwV• IKn41 CDJl8 Fund Lty• Fu The Wood F￿d 10?.810 7,6Jl 1.670 910 J?J 484 47 &31 Iso 435 67 UMpF4hiO TclilR•tuvn Erwjrym GernrHI FL•1 ￿￿￿A(coUrt Thowth, f*ft ch￿￿n Fund Thv St•w FLnd Tha D￿1•1 Lott Fthd F￿ndI￿r￿￿' TruwFw Wq* Scnob¥ Fwd Chrisf• Pidilional Co811 Fund UWFL Thll Rtyinibj W4r•J Fwd Cthy Fundi 7M21 62,454 5,14J 610 {9,4251 X•,7T4 001 110) Isn 1,7 70¢ 70 {J41 120) 1241 Ila) iJi 121 74 1)5 149 p￿￿￿1+ Endu¥hT*ntB Th&Arry Fourth￿0￿ 17Q 171 -53- CHRIST'S HOSPITAL YEAR ENDEO 31 AUGUST 2021 NOTES TO ThE FINANCIAL STATEMENTS O• VJ4tsnc••t JI ￿￿￿*t I SVP￿￿tsE￿ 2020 Inromknq R••ouf¢o• Roiourc Evwndod G•lD•I Trnn•f•r4 485 382 14851 hJ•coIISwni FUT 972 37 141 Geoff Ste•mMuthcd Middle￿nA FLMd T4zatrJ 334 131 ioj Fundi 8ITk4rMu￿cFW0 diliDnAI Colts Fund OLnirFundl 247 29 TOTAL HEITHICTEDFUNO8 Dulqnat•d FuTrd• LlqLld Prenyiel FLwd 300 1Jg1 73 112 10¢ loo Pbnthon FuDd Sc Fw 3TJ 1.•32 Flx•d hM•lC4pI&I Fund ,0731 24 12.JBI 109 G•Tr•rnlFund (29.0391 8.782 TOTAL UNRESTR￿TeD FUNDS $7.237 TOTAL FUND¥ During the year, £10.1 million hjs been tf￿$1•rred into Unrestrlcted Funds frorn the Unapplied Tot81 Retum Endowment Fund¥. -54- CHRisfs HOSPITAL YEAR ENDED 31 AUGUST 2021 NOTES TO THE FINANCIAL sfATEMENTS 24.PA￿lIVeA￿movI￿eNT CP IUNOS •*••t •t G*1 Tr￿Al•r* Fur￿ CApi￿ ￿c￿rt ThèWe#J' Gftlc¢ Ch*rèn Fur The kkmby Stsgr Fu Thè DAnW Lètt F￿ll Th• F￿d W•iiSchLlar Furd 102.500 IlJ2,6llJ 7,lJl 1,17Q 1,$J¥ 1,539 800 320 458 280 Boo on¥1 Coslll Fund HWM Fund Thp Wood Fund Cth•r Fu 432 TDt•l R•twn 243.520 8.306 .oo& 3MQZi Thg ￿11￿ Fund Thq trtrnby S*•T Fu Thq L•tt Fund Th• W F?￿dI0￿￿￿*, TNrtFur liiYVo•t Scww FU￿ Chri￿1 A••oci41r ¢1110741 ¢oJii Fund ieoBI 1.052 1241 t3• 700 70 61 140 16 4J 1121 74 The Reginth WCDJ OhwFL￿j 13 40 364 The FtyJnd*Offl ToT￿END￿lIA*￿rFuM￿$ -55- CHRIST'S HOSPITAL YEAR ENDED 31 AUGUST2021 NOTES TO THE FINANCIAL STATEMENTS £OOO• •l*hE• 31 AUDU I soptern￿r Trnn•f R•Blrktrd 11,1031 1J4 &￿£￿tspoNF￿ Do¥lo Fthj 820 1,275 11.0471 13J F￿￿ F￿Jr￿￿jQ￿Fur HDUU Fundi (251 289 JJ4 1?73 Illon* Colts Fund rFyr*i 1501 11291 TOT￿ RfSTRKTED FUNDI 0••19ll•t•d Fufid• Llqdd •sMIi P￿￿1•￿¥FUr 1551 232 43 109 F￿d ui•Fw 11 1.2B 2S7 l￿D FIyAdA¥MIci￿knIF￿￿ 61J70 2.102 (9,27?) TOMI D••*Tr•t•d 56.597 12,6301 2,405 G•Tr•rnlFund 1,?JB 124.3411 11,302 TOTIL UNRESTA￿ve0 FUNDI JT 1J711 ￿¥7 TOTAL FUND8 JJ -5fv CHRisfs HOSPITAI YEAR ENOE031 AUGUST 2021 NOTES TO THE FINANCIAL STATEMENTS 3& 8TATe4ENT OFTOT*L RETURN O•n•t*l Endowrnènt Olh•r Fund• 2021 Tot•1 Omt Ta￿ ffjtLYnfortha pertod 7,621 82,454 70,D7S 12.27n 2,821 6S,177 19.4251 244,022 299.774 102.610 7,813 5.143 5.274 2,387 2,429 Gro¥i tothl reyjin 77,777 180 5.194 185 2.343 Neitcill rolurn for Ibe￿1 rthuffl durlnq the penod rthum broullhtfor4¥aTd 1 s￿￿￿?020 Umppladtrjld r•luin ￿Tr￿lO￿lI[￿ 31 *JllLW12021 Pre*0￿1v￿￿•It 31 ANuit2021 Expend4t4• End￿mart 72,714 3.771 5.9Sa .sso 170 19.7ag 7,531 32S,821 118.7P7 170 402 364 27 20 26.ALL(XATION OF THE 14ET AS8ET8 BETIYEEN FUNDS £QQO• N•t ¢urnint Cf•d*or• du• •ft4r fflor• th¥n y••r 30ZI Totsl 47B.950 8.53J 145,0091 442,411 1.765 1421 1,711 Q•rw8IFL￿I 4.288 1991 4,197 D•ilgMt•d F￿dI.. 82.985 t.991 441 500 1,991 441 000 18,325 ryr Fundi C*i$nFL•id P•niion Li•bMity 53 500 J•J -57- CHRisfs HOSPITAL YEAR ENDED 31AUfjUST 2021 NOTES TO THE FINANCIAL STATEMENTS PR1&9 YEAR ALLOCAT￿￿ Cf THE NET ASSETS ￿eT￿EN FUNDS £OOOs Flxfrd N•1 ¢uvr•rrt Creditor* •ftor orn th•n othoy•zr 2020 Total E￿01*m￿rt Fwd 419.567 145,0001 Rathct•d Fur 1.614 1.588 4112 Gw*ral FLrt• 2,794 1.991 CApIW Fu Prerniwy Fur 84,134 84,lJ4 1,322 178 110.3781 1,322 17a Per•on Li•t4hty 110,J751 440,2qO 17. FIP4ANCIAL INSTRUMENTS £ DOO* Tot•1 Toi•l 2920 24.J83 111MOJI 19.244 164,2121 FinIn￿lI liibihl•i rnwiw•d •l•morO••d costlbl lal Financial assets Include Ga5h. llade and Ige debtors, other debtors, 8cuuad income and amounts due Irom Members of the Christ's Hospital Foundallon group. Ibl Finan￿81 liabllltles include depos115. leo$ in advance, rent in advance, trade and other credltors. Additional information on finan￿91 insliumenls hdd al 18ir value as Invastment& is set oul in Note 12. -58- CHRIST'S HOSPITAL YEAR ENDED 31 AUGUST 2021 NOTES TO THE FINANCIAL STATEMENTS IL PRIORVÉAA CONSOIIDATEO STATEMENTOF HIIANCIALAcrivrriES-CompI￿IIW•fyUll5byf￿￿d-lY￿• ETrdDWmihl di REStYl¢ted Funds Lknr•b1ri￿QI Fbhd* *ICOME ANOt1400WMtWTS Ff¢OM'. thirltablE Attlvltlti Y,566 9,56 1.025 5th5 ccntrE Incarnp Pffjclllirytiadni l.U25 71 534 lTr¥tstm•nts nvo5trnpni InC￿e 8,421 29 4470 Fu•dr•Wni ènd IEiacies 135 1,302 1117 oihw•vur{ N￿-4￿clI1*rytTIdln8 Inccp Othei incornt 210 Z32 TOTAi INCOMI AIIO EWDOWMEIITS EXPENDifL*E ON.. ri41￿￿1 Fufidb Fuhdfèiilni anddevelcprenl 14401 140) IrI￿$t￿P￿t manaRernont 12,4001 12379 th*rlt•bl• Attmtl CoJt5 01 prvAdlr* tdu¢•tlon urt vjntie exp￿￿￿1¢￿￿ 11,6471 TOTAL EXPE14DThURI 4.707 971 NETINCOMINGI IOLifGOlf461 FUND5 FROM OPERATK>NS ieFORe TRANSFERS AND IP4VE5TMÉNIGAINS Gains ￿ In¥e%tments •.761 IItT INCOMEANO CAPITAL INFLOW IIOIIIFLOWS 1,505 li.E801 517 btnefft pen￿￿￿ Kh•M• NETMOVEMENTIII FUNOS 619 Tot41 lund5 broyiht I0￿rd I September 378.356 4,862 57,856 441,D74 TOIAI RJNOS 379 61 -59- Christ’s Hospital a company limited by guarantee and registered in England and Wales Company No. 06232556 Registered Charity No. 1120090 VAT Registered No. 777313705 Trustee of Christ’s Hospital Foundation – Registered Charity No. 306975 Enquiries: Christ’s Hospital, Horsham, West Sussex RH13 0LJ t: +44 (0) 1403 211293 e: enquiries@christs-hospital.org.uk www.christs-hospital.org.uk