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2023-08-31-accounts

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Solihull School

(A Company Limited by Guarantee)

CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

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RSEV ERAS
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Company Number: 6337650 Registered Charity Number: 1120597

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SOLIHULL SCHOOL GOVERNORS AND GENERAL INFORMATION

GOVERNORS

Mr D J Kelly BA

Mr I Ralph BSc ACA Mr J A Adie Mr A J Burtenshaw MBChB MRCP FRCA Mr J A D Dalby BSc MRICS Mrs H Ellis BA PGCE Dr H M Gay BSc PhD Mr I Green MrsMts JS AJ HaslamHetherington BA (Hons) BCom PGCE(Acc) _ FCA Dr A S Houghton MB BS MRCS LRCP Mr N R Hurrell BA Mrs C D MeNidder BSc Mrs F E M de Minckwitz Mr P G Newby BSc FRICS MCI. Arb Prof S P Singh MBBS MD MRCPsych DM Mrs G E Tillman BSc

(Chairman) (Chair, Strategy, Finance & Premises Committee) (Vice Chairman) (Retired 13 April 2023)

(Appointed 5 December 2023) (Chair Education Committee)

(Appointed 1 December 2023)

(Appointed 1 December 2022)

(Chair HR Committee)

(Chair Pastoral & Safeguarding Committee)

BURSAR AND CLERK TO THE GOVERNORS

Mr R Bate MA ACMA

HEADMASTER

Mr DE J J Lloyd BSc Mr. C B Fillingham MA MSc (Oxon)

(Left 31 December 2022) (Appointed 1 January 2023)

COMPANY NUMBER

6337650

REGISTERED CHARITY NUMBER

1120597

REGISTERED OFFICE OF THE SCHOOL

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793 Warwick Road Solihull West Midlands B91 3DJ

Tel: 0121 705 0958

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SOLIHULL SCHOOL GOVERNORS AND GENERAL INFORMATION

AUDITORS

RSM UK Audit LLP Rivermead House 7 Lewis Court Grove Park Leicester LE19 1SD

BANKERS

Lloyds Bank ple Solihull Business Centre 355 Stratford Road Shirley Solihull West Midlands B90 3BW

INVESTMENT MANAGERS

RBC Brewin Dolphin Limited 9, Colmore Row Birmingham West Midlands B3 2BJ

SOLICITORS

Standley & Co Veale Wasbrough Vizards LLP 1612, High Street Narrow Quay House Knowle Narrow Quay Solihull Bristol West Midlands BS1 4QA B93 0JU

PROPERTY CONSULTANTS AND SURVEYORS

Pennycuick Collins Limited Carters Surveyors Limited 54 Hagley Road 4 Albany Road Birmingham Harborne West Midlands Birmingham, West Midlands B16 8PE B17 9JX

ACTUARIAL ADVISORS

Barnett Waddingham Actuaries and Consultants Limited 2 London Wall Place London EC2Y 5AU

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GOVERNORS’ REPORT — INCLUDING STRATEGIC REPORT

The Governors present their Report, including the Strategic Report, for the year ended 31 August 2023 under the Companies Act 2006 and the Charities Act 2011, together with the audited Financial Statements for the year and confirm that these comply with the requirements of the Companies Act 2006, the Company’s Memorandum and Articles of Association and the Charities SORP (FRS 102). The Report and Financial Statements cover the activities of Solihull School (‘the Company’), and its subsidiary Solihull School Enterprises Limited, together known as the Group.

REFERENCE AND ADMINISTRATIVE INFORMATION

The Company was incorporated on 8 August 2007 and is registered in England and Wales under company number 6337650. It is also a Charity, registered with the Charity Commission under charity number 1120597. The Governors, who are also directors of the Company, are listed on page 1. Officers, principal addresses and professional advisers are listed on pages 1 and 2.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Memorandum and Articles of Association as approved on 16 December 2019.

Governing Body

The Governing Body consists of not less than 5 and not more than 20 individuals comprising:

Governors are appointed for a term of 3 years.

Organisational Management

All members of the Governing Body are directors and trustees of the Charity. Meetings of the Governing Body are held four times per year and at least once each term. A Strategy, Finance and Premises Committee consisting of up to six governors is empowered to take decisions as necessary. The day to day management of the School is vested in the Headmaster and the school leadership team. Decisions made by the Strategy, Finance and Premises Committee are reported to, and ratified by, the Main Board who are responsible for the strategic direction of the School’s affairs. A Human Resources Committee, an Education Committee, a Pastoral and Safeguarding Committee and a Building Sub-Committee (convened only during the currency of major in-house building projects) report directly to the Main: Board. The Board has also set up. Property and Investment Sub-Committees, reporting through the Strategy, Finance and Premises Committee;. to ensure the safe and effective management of the Charity’s investment properties and financial investments respectively.

Whilst all members ofthe Governing Body have collective responsibility for all the matters reserved to them, the Board considers it appropriate to designate individual governors to specifically oversee matters concerning Safeguarding & Child Protection, Special Educational Needs and Disabilities (SEND): and Health & Safety. All members of the Governing Body receive reports, presentations and appropriate training in order to understand and fulfil their obligations in these areas, whilst the designated governors meet more regularly with the relevant senior executives at the School, receive more advanced training and report back to the Governing Body as a whole.

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GOVERNORS’ REPORT — INCLUDING STRATEGIC REPORT

Governor Recruitment, Induction and Training

A Nominations Committee, comprising the Chairman of the Board and members of the Strategy, Finance and Premises Committee co-ordinate the search for prospective governors. The principal function. of the Committee is to identify the skills requirement and likely succession requirements. Before any elections all prospective governors are interviewed in order to establish eligibility, all necessary regulatory and similar compliance requirements are satisfied, the likely commitment is understood and could be discharged, and their background is such that they are likely to bring a positive contribution to the deliberations of the Board.

All new governors receive a copy of the Solihull School Governors’ Handbook, which is a guide to the structure and management of the School and the key responsibilities of the trustees. New members also receive:

The core induction programme is supplemented by further tailored induction reflecting the particular knowledge, skills and experience of each individual.

Governors are encouraged to attend training courses and seminars organised by AGBIS and other organisations held regionally and nationally throughout the country. External experts on relevant topics are also invited to speak at meetings of the Board from time to time whilst relevant publications and articles on topical matters appearing in the educational media are circulated to all Governors.

Pay policy for senior staff

The Governors consider that the school leadership team comprise the key management personnel of the charity and that they are in charge of directing and controlling, running and operating the School on a day to day basis. All governors give their time freely and no governor received remuneration in the year. Details of governors’ expenses and related party transactions are disclosed in note 4 to the financial statements.

The pay of the senior staff is reviewed annually and normally benchmarked against relevant comparators and performance considerations. In view of the nature of the charity, the Governors benchmark against pay levels in other independent schools of a similar size. The Governors set the level of pay for the Headmaster, Bursar, Head of the Senior School and Head of the Preparatory School and the Headmaster and the Bursar sets the pay for the rest of the school leadership team within the overall pay settlement parameters approved by the Board.

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GOVERNORS’ REPORT — INCLUDING STRATEGIC REPORT

STRATEGIC REPORT

OBJECTS, OBJECTIVES AND BUSINESS REVIEW

Charitable Objects

The objects of the Charity are set out in the Memorandum of Association and are to advance education by maintaining an independent day school for boys and girls in Solihull which shall have a religious character in accordance with the tenets of the Church of England and provide a liberal education. Within the objects, the Charity promotes the advancement of education and religion by making donations and offering other support to local maintained primary schools. and parish churches.

Aims & Objectives

The aims and values of Solihull School are summarised under three themes: Ambition, Opportunity and Community.

Ambition

Staff and pupils are ambitious and seek to maximise potential in one another. We aim to engender an enduring thirst for learning and a sense of well-being, and all members of the school community are encouraged to extend themselves beyond their immediate interests and perceived capabilities. Doing one’s best is uppermost and perseverance is very important in achieving our goals. Reflection is ongoing and the genuine belief that we can all be better drives us on.

Opportunity

We aim to provide breadth of opportunity and inspire depth of achievement. Learning takes place in and out of the classroom, at home and abroad, and staff and pupils are encouraged to balance over 450 years. of tradition with innovation and creativity. New opportunities are welcomed and embraced and all are encouraged to take risks and learn from failure. The curriculum and co-curriculum are of equal importance and learning for learning’s sake is a priority. Intelligence takes many forms and the acquisition of experience, knowledge and skills, whether academic or not and whether tested or not, is very important. Education is holistic and independent thought, exploration and fun are essential.

Community

Christian in our Foundation, we welcome pupils of all faiths and none into a supportive and. caring environment. We aim to prepare them for adult life as happy, charitable, confident.and intelligent people and all come to understand the value of .a strong moral compass and global perspective. Pupils learn. the importance of winning with humility and losing with dignity, and individuality and inclusivity permeate all areas of school life. Leadership skills are uncovered and developed and pupils lead with pride, compassion and integrity. Happiness and success are recognised as inextricably linked and all members of the school community are jointly responsible for pastoral care. Looking beyond the school gates, all former pupils belong to a life-long community regardless of distance or the passage of time and are actively encouraged to remain engaged with the school forever.

Our Values

The aims and values of Solihull School are shared across our two campuses for pupils aged 3 to 18 years. Whilst we sometimes tailor the language to suit the age group, the values are unchanging and they are embraced by all.

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GOVERNORS’ REPORT — INCLUDING STRATEGIC REPORT

OBJECTS, OBJECTIVES AND BUSINESS REVIEW (continued)

Key Performance Indicators

A summary of key performance indicators is provided below.

Pupil Numbers. At the end of the Summer Term 2023 there were 1,534 pupils (2022: 1,521) at the School, which was very slightly ahead of the target figure.

Public Examination Results Summer 2023. Once again, the school’s results were very strong. At A Level, 77% of grades were at A/A or B, of which 52% were at A/A. 44 of the 139 candidates were awarded at least 3 A*/A grades.

Of those leaving the Upper Sixth in 2023, 92% of pupils secured places at their chosen university in a wide range of subjects, one taking a place in the USA. Three pupils took up degree apprenticeships. All six candidates with conditional offers for Oxbridge entrance achieved the required grades and have taken up their places.

At GCSE, 100% of all grades were at 9-5, with 67% at 9-7. 76 of the 151 candidates achieved 8 grades of 9-7, with 45 of these achieving 8 or more grades of 9-8.

Other Academic Achievements. Pupils participated in a wide range of other academic activities.

In the Lower Fifth Form Biology Challenge covering over 43,000 students, pupils were awarded 14 gold, 14 silver and 31 bronze medals with a further 22 highly commended and 4 commended results whilst in the Lower Sixth Form Intermediate Biology Olympiad, pupils were awarded 1 gold, 5 silver and 5 bronze medals with a further 7 highly commended and 4 commended results, In the Upper Sixth Biology Olympiad, pupils were awarded 1 gold, 4 silver and 5 bronze medals with a further 7 highly commended and 6 commended.

In the annual Chemistry Olympiad, pupils were awarded 6 gold, 5 silver and 1 bronze medals. In the Physics Challenge, pupils in the Upper Sixth were awarded 1 gold and 4 bronze medals. Pupils also took part in online and written Physics Challenges, achieving 16 gold, 37 silver and 28 bronze awards.

In the Junior Maths Challenge, a record number of 208 pupils were awarded gold, silver or bronze certificates. Eleven pupils successfully sat the Junior Maths Olympiad. In the Intermediate Maths Challenge, 113 pupils were awarded gold, silver or bronze certificates. In the follow-on round, the Intermediate Maths Olympiad, three pupils were awarded merits.

In the Senior Maths Challenge 119 pupils were awarded gold, silver or bronze certificates whilst in the British Maths Olympiad Round 1, 1 pupil was awarded a distinction with 3 pupils awarded merits. Maths Enrichment Clubs including Pi Club and Olympiad Club, continue to thrive and are well attended.

The Lower Sixth Engineering (Industrial Cadets) students spent six months working with two different industry companies (Siemens and Dennis Eagle) and supported by external mentors, prepared high level projects both looking at environmentally focussed aspects of their mentor company’s products (electric refuse vehicles and improved streamlining of trains and associated design recommendations). Based on industry assessor judgement, all 12 students were successful in achieving the Industrial Cadets Gold Level Award.

In English, the two Poet Laureates were commissioned throughout the year to write poems to mark key moments in the school's calendar as well as respond to contemporary events on the national and world stage. Under the department's lead, LAMDA public speaking has continued to flourish with the school receiving its most. distinguished results to date. 9 pupils were entered for the Gold Award, achieving 5 Distinctions and 4 Merits whilst 19 pupils entered for the Bronze Award achieved a Distinction. Preparations are well underway for a Shakespeare Festival to be held in 2024.

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SOLIHULL SCHOOL GOVERNORS’ REPORT — INCLUDING STRATEGIC REPORT

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OBJECTS, OBJECTIVES AND BUSINESS REVIEW (continued)

In Languages, trips returned with something approaching a full suite of excursions and residential visits with contacts made for new exchange visits to France, Spain and Argentina. In the Routes into Languages Spanish Spelling Bee competitions, 1 pupil reached the National Final in French with 2 reaching the National final in German, having come first and second in the Regional Final. In Spanish, several pupils reached the final of the Primary Spanish Bee held at Cambridge University. In addition, one Lower School pupil came second in the National Final of the Year 7 Spanish Spelling Bee, also held at Cambridge.

In Politics, a group of Sixth Form pupils participated in the European Youth Parliament, an inter-school competition in which teams debate motions on the big issues of the day. They also contributed to numerous issues of “Marginal Gains”, a pupil produced politics publication. Pupils studying Economics and Business entered a number of national essay competitions.

At 11+, 14 Prep School pupils were offered academic scholarships to the Senior School. Co-curricular scholarships were offered to Prep School pupils in Art (2), Music (2) and Sport (2).

Co-Curricular Activities. All of our pupils are provided with a wide range of opportunities. and challenges through the co-curricular programme. These include academic enrichment including debating, as well as music, drama, dance, sport, outdoor activities, visiting other countries and community service. We aim to provide as varied a life beyond lessons as we can, so that our pupils. not only have the pleasure of activity when they are young, but also find and develop skills and interests which will form part of their adult lives.

A number of trips and residential visits were organised: for pupils of all ages to support both the curriculum and co-curricular activities. The School also uses the mountain cottage in Snowdonia, providing a venue for outdoor education activities and academic study retreats. The School also hosts overseas visitors from various countries in Europe and South America.

In debating, the school entered multiple teams for a good number of competitions. In the English Speaking Union (ESU) competition, school teams successfully moved through the regional rounds, reaching the National Finals, placing Solihull in the top 8 teams out of 400 nationally. In the Nottingham University Debating competition, school teams won both the novice and open competitions, the School’s best performance at a National Competition to date. The School is looking forward to the return of the Big Debate in 2024 to be chaired by former pupil, Michael Buerk.

Participation in the well-established Duke of Edinburgh award scheme remains popular. 32 Gold, 53 Silver and 99 Bronze medals were awarded during the year with a number of further awards ongoing and nearing completion at the’start of the new school year. Four Gold groups went kayaking in Scotland, one group walked the Llynn Peninsula to the heart of Snowdon. Three staff gained their Mountain Leadership qualification. The school also launched its big overseas expedition to the Atlas: Mountains in 2024; the first since the pandemic. Throughout the year pupils from the Third Form to the Upper Sixth continued to take on the challenge of co-curricular acting lessons and to take both RADA Shakespeare and Trinity solo and pair exams. 38 awards were made from RADA, including 2 at gold level and 2 at the highest Platinum level. 35 Trinity acting awards were received during the year.

Drama performances were plentiful. The year started with the Middle School and Upper School performing Skellig, producing a powerful piece of ensemble theatre. In February, a cast, crew and band, totalling over 100 pupils, performed the musical, The Addams Family the Musical to four sell out audiences. Other performances included Our Day Out and Arabian Nights, produced, directed and designed by Upper and Middle School: pupils and performed by pupils in the Lower School whilst the Prep School production, Madagascar, was performed to two sell out audiences.

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GOVERNORS’ REPORT — INCLUDING STRATEGIC REPORT

OBJECTS, OBJECTIVES AND BUSINESS REVIEW (continued)

In the summer term, the school were privileged to perform the European Premier ofMy Brother's Gift, based on the writings and memories of Holocaust Survivor, Eva Geiringer Schloss. Mrs. Schloss attended the performances alongside pupils, parents, alumni, pupils from local schools and dignitaries from charitable and religious associations.

Over the summer term, the school commenced rehearsals for the world premiere of 9 Teens, a bespoke piece of musical theatre commissioned by the School and written about members of the school community and was performed to much acclaim in October 2023.

The newly formed Solihull School Dance Company gave its first performances during the year, a piece called Miriam based upon the tragic death in the 2005 London Bombings of a young, talented women called Miriam Hyman. The beautiful performance was made particularly sincere with Miriam’s mother, Esther being the company’s guest ofhonour. The annual Dance Showcase in 2023 had over 100 hundred students, celebrating the community of dance at the school. The school also celebrated the International Day ofDance with a live link to schools in Nepal and India, allowing sharing of performances.

In music, there were many major concert events as well as many smaller scale informal recitals across all age groups. The Senior School’s St Cecilia and Summer concerts were performed to full audiences whilst the Summer Concert for the Prep School featured a full choir of all pupils in J3 and J4.

Music in the Chapel also continues to thrive, with confidence and numbers slowly returning to pre-covid numbers. Visits to Hereford and Lichfield Cathedrals and the first live festival of Nine Lessons and Carols for three years were notable highlights.

Some 13,500 instrumental lessons were given over the year with instrumental exam results also remaining strong, with by far the majority of pupils achieving Merits or Distinctions. A number of pupils have also done extremely well in higher level Diploma exams. In addition, 4 pupils gained places in the CBSO Youth Orchestra, ] in the English Schools’ Orchestra, and 1 in the National Youth Orchestra. Vocally, 1 pupil sang with the National Youth Choir and 2 took a singing role in the RSC’s production of Richard IIT in Stratford.

A number of off-site events took place over the year, including singers in J3 and J4 performing with thousands of other primary age children at the Resorts World Arena as part of the Young Voices concerts. 12 music award holders have a concert at St. Alphege Church as part of their Lunchtime Concert series while members of Chamber Choir joined the Worcestershire Symphony and Chorus in an outstanding performance of Mahler’s 2”¢ Symphony.

The programme of musical masterclasses in which professional musicians come in to work with pupils and share their wisdom and musical insights continued with events for Piano, Saxophone and Drum Kit.

Boys and girls participate in many different sports with a full fixture and tournament schedule in all sports. The overall purpose of provision is for Sport, Health and Fitness to be fun and enjoyable for every pupil. Every pupil in the Third and Shell forms represented the School in at least one sport, with significant participation rates in other year groups.

The U16 and U18 netball teams reached Regional Finals with the U16 squad progressing to the National Finals, where they were placed 9". The U15 team were Quarter finalists in the Sisters in Sport National Championships. Many girls represented Super League Academy Teams (Loughborough Lightning, Severn Stars and Wasps).

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GOVERNORS’ REPORT — INCLUDING STRATEGIC REPORT

OBJECTS, OBJECTIVES AND BUSINESS REVIEW (continued)

The boy’s hockey first team played in the National Tier 1 Championships for the first time, playing against the best hockey school in the country and performing creditably. The second team had an unbeaten season. The boy’s U15 XI were crowned National Plate Champions with the U14 team were the Midlands Regional champions. The girl’s first team were quarter finalists in the National Tier 2 Championships while the U15 team reached the same stage in the England Hockey Cup. 2 girls were included in national squads.

In rugby, the.school fielded twenty-two teams with a wide range offixtures. The senior sevens team reached the Quarter Finals of the Rosslyn Park Sevens with the U14’s team also reaching the knockout phase. Many pupils played representative rugby for county teams or Premiership academies. One pupil was selected to play for England U18’s.

In cricket, the boy’s first and U15 teams were crowned County Champions with the boys U13 team runners up. The boy’s first team also reached the national quarter finals whilst the girl’s U17 team were crowned National Plate Winners. The boy’s U15 team were national semi-finalists. The school hosted successful:6a-side competitions again with the boy’s U13 team winning their tournament and the boy’s.U15 team being runners up.

8 girls and 10 boys were selected for Warwickshire County age group squads. One pupil, having amassed 1,178 runs for the school, captained the boy’s Midlands XI at the prestigious Bunbury Regional festival.

In athletics the girl’s U16 team reached the Midlands Regional A Finals and came second. with the girl’s U14 and boy’s U15 teams reaching the B finals and coming fourth and fifth respectively. Both Senior.and Prep School Sports days were a huge success with all pupils having the opportunity to win points for their house, be this in tug of war, tennis, football or on the track/field.

Other sports with school teams included skiing, sailing, climbing, golf, rounders and tennis.

Facilities. The School is committed to providing outstanding facilities in all areas of school life. The new playing fields at the Prep School were welcomed and widely used by all Prep School pupils through the year. The most significant project launched during the year was the commencement of a project to replace and upgrade the grounds accommodation at the Senior School. This is scheduled to be completed in December 2023. There were also further investments made in the ICT infrastructure.

Staff. The pupil/teacher ratio in the School last year was 10.6, which compares favourably with benchmark levels for independent day schools. In January 2023, the new Executive Headmaster, Charles Fillingham joined the school from Frances Holland School, Regents Park, London, taking over from David Lloyd, who left the school after 12 years of distinguished service. There were a number of internal promotions in both teaching and non-teaching organisational structures. The School continues to acknowledge the professional and dedicated contribution of all staff, both in the classroom and elsewhere.

The School is an equal opportunities employer and complies with the Equality Act 2010. The School is committed to providing equal opportunities in its employment practices and policies and seeks to avoid discrimination in all aspects of employment including recruitment, promotion, opportunities for training, pay and benefits, discipline and selection for redundancy.

The School is also focused on supporting the continued professional development of all staff, both teaching and non-teaching. This is provided via a mixture of internal and external courses and workshops.

In addition to regular sharing of information with staff both in person and electronically, the Staff Engagement Forum meets twice a year, with representatives from the governing body, senior management, human resources and elected members of both the teaching and non-teaching staff. The Forum receives updates from governors and senior management on the School’s operational and financial performance and discusses issues raised by the staff representatives to ensure staff views can be taken into account. Meeting minutes are disseminated to all staff.

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GOVERNORS” REPORT — INCLUDING STRATEGIC REPORT

OBJECTS, OBJECTIVES AND BUSINESS REVIEW (continued)

Mental Health/Wellbeing. The School continues to offer a wide range of counselling and mental health support services to pupils and the wider school community. Over 80 staff are trained in Youth Mental Health First Aid with a further 23 trained in Adult Mental Health First Aid. Wellbeing and personal development education is fully integrated into the curriculum and delivered by several members of the teaching staff.

Staff wellbeing is continually reviewed by both senior management and Governors with a number of initiatives evidenced throughout the year, including languages, yoga and dance classes as well as specific support for menopause and staff with young children. An Employee Assistance Programme is available to all staff.

Trading Subsidiaries. The Company has a trading subsidiary, Solihull School Enterprises Ltd. The principal activity of this subsidiary is the provision and hiring of facilities to third parties.

The Company also has a 50% shareholding in Day Care at Saint Martins Ltd., which is located on the Saint Martin’s campus providing childcare for pre-school aged children (0-5) over 51 weeks of the year.

Financial Report

Net expenditure for the year amounted to £293,889 (2022: net expenditure £408,937).

Operationally, an increase in pupil numbers at higher fee levels resulted in an increase in fee income for the year. This was aided by further increases in non-fee income but offset by lower levels of donations. Overall income totalled £22,710,191, an increase of £1,429,045 in the year (2022: total income £21,281,146, an increase of £769,452).

The School’s cost base is kept under close control. Staff costs increased following increases in salary levels and increases to National Living Wage requirements. The School incurred termination payments of £49,697 (2022: £44,538) during the year (see note 4). Operational cost increases were incurred in a range of cost centres, reflecting the impact of significant inflationary pressures during the second half of the year.

Realised gains on the disposal of investment properties amounted to £Nil (2022: £9,250), During the year the governors re-valued the portfolio of investment properties resulting in an unrealised loss. of £240,000 (2022: a net unrealised gain of £139,250).

Realised gains on the disposal of listed and other investments amounted to £43,782 (2022: losses of £66,766). Unrealised losses on listed and other investments amounted to £163,807 (2022: losses of £357,068).

Expenditure from the restricted and endowment funds during the year amounted to £25,354 (2022: £63,238).

Detailed analysis of the income and expenditure between the various fund accounts is given in note 12 to the financial statements while details of the movement in tangible fixed assets of the School are given in note 7.

Internal Financial Controls. A policy is in place to record the internal controls employed to ensure the good management of the Company’s financial affairs. The Policy conforms to guidelines issued by the Charity Commission in leaflet CC8- ‘Internal Financial Controls for Charities’.

Investment Policy. The Trustees formally reviewed the Financial Investment Policy during the year and made no changes. The overall investment strategy remains under regular review. The Trustees retain investment advisers and regularly review the portfolio via the Property and Investment Sub-Committees.

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GOVERNORS’ REPORT — INCLUDING STRATEGIC REPORT

FUTURE PLANS

Strategic Plan

The school’s strategic plan has been reviewed and the intent of the Governors is to build upon three key strategic elements underpinned by the school aims and motto - Ambition, Opportunity, Community and Perseverantia. The three key strategic elements are:

Specific aspects of this plan include:

School Development

During the year, the School reviewed the school improvement plan and. established a revised Whole School Development Plan for 2023/24 containing over 100 targets. Significant items include:

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GOVERNORS’ REPORT — INCLUDING STRATEGIC REPORT

Risk Management

The Board of Governors is responsible for the management of the risks faced by the Group. Risks are identified, assessed and controls established.

The key controls used by the Group include:

The major risks are considered to be:

The Governors are satisfied that the major risks identified have been adequately managed. However, it is recognised that no system can give absolute assurance against risk.

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GOVERNORS’ REPORT — INCLUDING STRATEGIC REPORT

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THE PUBLIC BENEFIT DELIVERED BY SOLIHULL SCHOOL

The Governors attach great importance to providing financial assistance to individuals of ability who cannot afford the fees and also to the School’s relationship and involvement with the local community. Our wider charitable obligations are well recognised. Beside financial benefits, our facilities are used for public benefit by outside organisations, local maintained schools and the local community.

The School values.and promotes the. ethos of service and staff and pupils alike are active members of the local community. Any consideration of the public benefit is related to our stated. objectives.

The Governors have complied with the duty in Section 17 of the Charities Act 2011, to have due regard to public benefit guidance published by the Charity Commission. Some of the detailed activities that contribute to the public benefit are shown below:

Grant Making Policy

This year (2022/23), the value of bursaries and scholarships made out of unrestricted funds totalled £1,520,919 (2022: £1,233,312). A further £128,963 was made out of restricted funds (2022: £147,434). Such financial assistance helps the School maintain its ethos, academic performance and achievements. The Governors’ policy, in line with that of other independent schools, is to make scholarship awards.on a wide variety of abilities including academic, art and design, sport, music and performing arts. Bursaries are advertised and are made to applicants on the basis of their financial circumstances. Such awards are means tested and reviewed annually. Bursary awards totalled £1,143,139 (2022: £998,410) and were allocated to 121 pupils (2022: 119 pupils), which equates to 73.5 full fees or 5.4% of net fee income (2022: 68 full fees or 5.3% of net fee income). In addition, full fee support for 10 Ukrainian refugees, one of whom left the School at the end of the first term, totalling £140,762 was awarded from unrestricted funds.

Assistance to the Local Education Authority (LEA) and Local Maintained Schools

University & Academic Links

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GOVERNORS’ REPORT — INCLUDING STRATEGIC REPORT

The Local Community

Economic Impact

Using the methodology of the model commissioned by the Independent Schools Council from Oxford Economics, the school has measured its wider economic impact. Key figures include:

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||||||||| |---|---|---|---|---|---|---|---| |Year|to August|2023|Year|to August|2022| |Total|contribution|to UK|GDP|£35.26m|£35.68m| |Total|number of|UK jobs|supported|618|639| |Total|amount|of|UK|tax|supported|£10.69m|£11.06m| |Savings|to|the UK|taxpayer|£10.95m|£10.83m|

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GOVERNORS” REPORT — INCLUDING STRATEGIC REPORT

Reserves Policy

The School maintains substantial reserves in unrestricted funds. Excluding fixed assets used for school purposes these were valued as at 31 August 2023 at £15,124,635 (2022: £15,097,468). They aré almost entirely investments in property, fixed interest bonds, cash and equities. In the year to 31 August 2023 these investments generated an income of £1,252,738 (2022: £1,172,376) a significant proportion of which was used to fund scholarships arid bursaries.

The Governors regularly monitor the level of reserves and the income generated. They take into account economic factors, variability of income generation and the resultant impact on the levels of school expenditure. The Governors have decided that reserves should be sustained at current levels to ensure that scholarships and bursaries are sustainable and adequately funded both in the short and long term.

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GOVERNORS’ REPORT — INCLUDING STRATEGIC REPORT

PROMOTION OF THE SUCCESS OF THE ORGANISATION TO BENEFIT ITS MEMBERS

The. Governors confirm that in accordance with Section 172 (1) of the Companies Act 2006, they act ina way they consider would be most likely to achieve the charitable objects of the Company. In making this assessment the Governors have considered the following:

General Oversight and Acting Fairly

The long-term sustainability of the Charity’s operating model is considered by the Governors as set out in the going concern section of the Governors’ Report. Specifically, the Governors consider both short- and longer-term financial projections and the key risks that could negatively impact the School’s sustainability. Risk management is embedded at all levels and the most significant risks are discussed at each Board meeting. See page 12 for further details.

All Governors make an annual declaration of business interests and declare if there is any conflict of interest relating to any item on the agenda at each meeting.

Pupils

All pupils benefit from the School’s outstanding academic, pastoral, and co-curricular provision. Pupils are actively encouraged to offer suggestions on developing their school experience, for example through School Council or other committees including, but not limited to, Food Council and the Equity Group. The Headmaster also reserves time for pupil “drop-ins”.

Employees

The School recognises the qualities, skills and commitment of all its employees, both teaching and nonteaching. They play a major role in the success of the School. More information as to how the School ensures the interests of employees are considered is outlined in the staff and wellbeing reports on pages 9 and 10.

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

Parents

The School embraces engagement with parents, through both formal and informal means. There are formal feedback events on pupil progress, Headmaster drop-in sessions and Parents Association events and activities. In addition, there are less formal opportunities for discussion at co-curricular events such as fixtures, concerts and other performances. Parental information seminars are also popular.

Suppliers

The School is committed to ensuring that its objectives and values are reflected in its approach to buying goods and services and is transparent with information and prides itself on building mutually beneficial relationships.

Procurement processes demonstrate fairness and integrity, comply with relevant laws and regulations, keep information confidential and secure and ensure best practice is followed. The School seeks to promote and apply the highest standards of business conduct and adheres to all applicable laws and regulations relating to fraud, bribery and corruption (including the UK Fraud Act 2006 and Bribery Act 2010).

Community

The School is proud of its place in the local community and more information about the engagement and partnership activities that have taken place are outlined within the section entitled “The Public Benefit Delivered by Solihull School” on pages 13-14. The School’s report is available on the school website.

Page 16

GOVERNORS’ REPORT — INCLUDING STRATEGIC REPORT STREAMLINED ENERGY & CARBON REPORTING (SECR)

| |

Under SECR guidelines, the School is reporting for the second time its gross emissions. They have been calculated using an evidence-based methodology in accordance with BS EN ISO 14064-3:2019, Section 4.3 and validated by an external specialist.

The School has calculated its greenhouse gas The School has calculated its greenhouse gas (GHG) emissions and energy use for the period 1 September
2022 to 31 August 2023.
Baseline ReportingYear CurrentReportingYear
2021-2022
r
UK GHG Emission and
a
sme
gy Data
Energy consumption used
to
calculate
emissions (kWh);
all mandatory energy
 7,360,995
seesa
Scope. 1: Emissionsfromthecombustionof
NaturalGas tCOze
768
/Scope 1:Emissions
from combustion of
+
Fuel for transportand /orheatingtCOze 321 303
see evidence pack forbreakdown) _ _
Scope
1: Emissions of Biomass Pellets
tCO2e		 0 0
Scope 3: Emissions from business travel in
employee-owned
vehicles,
where
the
company
repaid
mileage
claims tCOve		 3 7
average vehicle / fuel source unknown
Scope
2:
Emissions
from
purchased
ElectricitytCO2e		 345 334
Total grossCOzebasedon above(tCOvze) 1,437
Intensity Ratio 1: kg COze gross based on
mandatory fieldsaboveperpupil:		 o47 ke COne per
(1,521pupils)		 :
pupil		 .

Note: A conversion error in relation to Heating Oil has been spotted in the 2021/22 data previously reported and has been amended in the above table. Total consumption now shown as 7,360,995 kWh as opposed to 6,324,513 kWh previously reported.

The School is pleased to report a reduction in Intensity ratio 1 (COvze per pupil) of 6.2% over the year.

The School is undertaking the following energy conservation actions:

Page 17

GOVERNORS’ REPORT — INCLUDING STRATEGIC REPORT STREAMLINED ENERGY & CARBON REPORTING (SECR) (continued)

Other sustainability initiatives include:

Page 18

| | | i

GOVERNORS’ REPORT — INCLUDING STRATEGIC REPORT

STREAMLINED ENERGY & CARBON REPORTING

(SECR) (continued)

AUDITORS

The Board has decided to recommend RSM UK Audit LLP for re-appointment as auditors to the Company. RSM UK Audit LLP has indicated its willingness to continue in office. A resolution re-appointing them will be submitted to the forthcoming Annual General Meeting.

PROVISION OF INFORMATION TO AUDITORS

The Governors who were in office on the date of approval of these financial statements have confirmed, as far they are aware, that there is no relevant audit information of which the auditors are unaware. Each of the Governors have confirmed that they have taken all the steps that they ought to have taken as Governors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor,

The Governors’ Report, including the Strategic Report, was approved by the Board on 11 December 2023 and signed on their behalf by:

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DJ Kelly B
\ Chairman oard
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Page 19

GOVERNORS’ RESPONSIBILITIES IN THE PREPARATION OF FINANCIAL STATEMENTS

.

The Governors (who are also trustees and the directors of Solihull School for the purposes of company law) are responsible for preparing the Governors’ Report including the Strategic Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the governors are required to:

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ,

In so far as the Governors are aware:

Page 20

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF SOLIHULL SCHOOL

Opinion

We have audited the financial statements of Solihull School (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 August 2023 which comprise the Consolidated Statement of Financial Activities (including income and expenditure account), the Consolidated and Charity Balance Sheets, the Consolidated Statement.of Cash Flows:and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

Conclusions relating to going concern

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

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

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

Other information

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

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Page 21

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF SOLIHULL SCHOOL (CONTINUED)

Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report or the Strategic Report included within the Trustees’ Report.

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 20, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

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

The extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, itis the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

Page 22

8 January 2024

Solihull School

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) for the year ended 31 August 2023

Notes Unrestricted
funds		 Restricted
funds		 Endowment
funds		 Total
2023		 Total
2022
£ £ £ £ £
Income and endowments from:
Donations and legacies 40,686 260,326 - 301,012 477,976
Charitable activities:
School fees 20,172,568 - ~ 20,172,568 18,777,500
Other educational income 63,204 - - 63,204 55,562
Other ancillary tradingincome 858,126 - - 858,126 745,616
Investments 2 1,252,738 62,543 - 1,315,281 1,224,492
Total Income 22,387,322 322,869 - 22,710,191 21,281,146
Expenditureon:
Raising funds (218,560) (9,110) - (227,670) (233,887)
Charitable activities:
School operating costs (22,400,141) (16,244) - (22,416,385) (21,171,612)
Total Expenditure 3 (22,618,701) (25,354) - (22,644,055) (21,405,499)
Net (Josses)/gains on investments:
Net (losses)/gains on investment
properties
Net (losses)/gains on otherinvestments		 (240,000)
(139,733)		 -
29,620		 -
(9,912)		 (240,000)
(420,025)		 139,250
(423,834)
Total net (losses)/gains on
investments (379,733) 29,620 (9,912) (360,025) (284,584)
Transfer between funds 12 128,963 (128,963) - = -
Net (expenditure)/ income and
netmovement in funds		 (482,149) 198,172 (9,912) (293,889) (408,937)
Reconciliation offunds:
Total. fundsbrought forward 56,002,254 1,509,775 585,942 58,097,971 58,506,908
Totalfundscarriedforward 55,520,105 1,707,947 576,030 57,804,082 58,097,971

The Statement of Financial Activities also complies with the requirement for an Income and Expenditure Account under the Companies Act 2006.

Page 24

Solihull School CONSOLIDATED BALANCE SHEET 31 August 2023

Company Registration No. 6337650

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Notes|2023|2022| |£|£| |Fixed|assets| |Tangible|assets|7|40,395,470|40,904,786| |Investments|8|20,082,337|20,317,597| |60,477,807|61,222,383| |Current|assets| |Debtors|9|605,139|524,896| |Short term|deposits|511,017|388,946| |Cash|at|bank|and|in|hand|2,275,135|1,592,749| |3,391,291|2,506,591| |Creditors:|Amounts|falling|due|within|one|year|10|(5,648,612)|(4,943,389)| |Net|current|liabilities|(2,257,321)|(2,436,798)| |Total|assets|less|current|liabilities|58,220,486|58,785,585| |Creditors:|Amounts|falling|due|after|more|than|one|year|11|(416,404)|(687,614)| |Total|net|assets|57,804,082|58,097,971| |The|funds|of the|Group:| |Endowment|12|576,030|585,942| |Restricted|12.|1,707,947|1,509,775| |Unrestricted|12|55,520,105|56,002,254| |Total Group|funds|57,804,082|58,097,971|

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Approved by the Board of Governors and authorised for issue on 11 December 2023.

----- Start of picture text -----
MrD J Ketly— airma
(ea Vee
Mr R Bate Bursar and Company Secretary
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Page 25

Solihull School CHARITY BALANCE SHEET 31 August 2023

Company Registration No. 6337650

Notes 2023 2022
£ £
Fixed assets
Tangible assets 7 40,395,470 40,904,786
Investments 8 20,082,338 20,317,598
60,477,808 61,222,384
Current assets
Debtors 9 598,876 485,457
Shortterm deposits $11,017 388,946
Cash at bank and in hand 2,134,386 1,528,404
3,244,279 2,402,807
Creditors: Amounts falling due within one year 10 (5,639,833) (4,936,315)
Net current liabilities (2,395,554) — (2,533,508)
Total assets less current liabilities 58,082,254 58,688,876
Creditors: Amounts falling due aftermore thanone year 11 (416,404) (687,614)
Total net assets 57,665,850 58,001,262
The funds ofthe charity:
Endowment 12 576,030 585,942
Restricted 12. 1,707,947 1,509,775
Unrestricted 12 55,381,873 55,905,545
Totalcharityfunds 57,665,850 58,001,262

Net movement in funds for the parent charity was a decrease in funds of £335,412 (2022: a decrease of £470,737). Net expenditure for the parent charity was £335,412 (2022: net expenditure of £470,737).

Approved by the Board of Governors and authorised for issue on 11 December 2023.

----- Start of picture text -----
MrDJK Chairm.
al ales \ ele
Mr R Bate Bursar and Company Secretary
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Page 26

Solihull School CONSOLIDATED STATEMENT OF CASH FLOWS forthe00yearended 31 August 2023

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2023|2022| |£|£| |Cash|flows|from|operating|activities:| |Net|cash provided|by/(used|in)|operating|activities|451,957|477,561| |Cash|flows|from|investing|activities:| |Dividends,|interest|and|other|income|from|investments|1,315,281|1,224,492| |Purchase|of investments|(2,248,648)|(1,070,551)| |Proceeds|from|sales|of investments|2,032,027|1,027,457| |Proceeds|from|sales|of investment|properties|-|9,250| |Purchase|of tangible|fixed|assets|(838,015)|(2,797,886)| |Net|cash|provided|by/(used|in)|investing|activities|260,645|(1,607,238)| |Cash|flows|from|financing|activities| |Receipts/(payments)|of endowment|-|-| |Change|in|cash|and|cash|equivalents|in|the|reporting|period|712,602|(1,129,677)| |Cash|and|cash|equivalents|at|the|beginning|of the| |reporting|period|2,144,841|3,274,518| |Cash|and|cash|equivalents|at the|end|of the|reporting| |period|2,857,443|2,144,841| |Reconciliation|of net|(expenditure)/income|to|net|cash| |flow from|operating|activities| |Net|expenditure|for the|reporting|period|(293,889)|(408,937)| |Adjustments|for:| |Depreciation|charges|1,347,332|1,292,107| |Net|outgoing|endowment|resource|9,912|4,421| |Net|losses|on|investments|350,113|280,163| |Dividends,|interest|and|other income|from|investments|(1,315,281)|(1,224,492)| |Increase|in|debtors|(80,243)|(57,262)| |Increase|in|creditors|434,013|591,561| |Net|cash|provided|by/(used|in)|operating|activities|451,957|477,561| |Analysis|of changes|in|cash|and|cash|equivalents|b/f|Movements|c/f| |£|£|£| |Cash|at|bank|1,592,749|682,386|2,275,135| |Cash|awaiting|reinvestment|163,146|(91,855)|71,291| |Short term|deposits|388,946|122,071|$11,017| |Total|cash and|cash|equivalents|2,144,841|712,602|2,857,443|

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Page 27

Solihull School ACCOUNTING POLICIES (continued)

GENERAL INFORMATION

Solihull School is a charitable company incorporated in England and does not have share capital. The group consists of the charity and its subsidiary and Solihull School Enterprises Limited. The nature of the group's operations is set out in the Governors' Report. The address of the Charity's registered office is 793 Warwick Road, Solihull, West Midlands B91 3DJ.

BASIS OF ACCOUNTING

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Solihull School meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. In accordance with FRS 102 the parent charity has taken advantage of the exemption from the disclosure requirements of Section 7 'statement of cashflows' - Presentation of a Statement of Cashflows.

The financial statements are presented in sterling which is also the functional currency of the charity. Amounts in these financial statements are rounded to the nearest £, except where otherwise stated.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are set out below:

BASIS OF CONSOLIDATION

The group accounts consolidate the financial statements of Solihull School ('the Charity') and its subsidiary. All financial statements have been drawn up to 31 August. The financial statements consolidate the results of the Charity and its subsidiary on a line by line basis with all intra-group transactions and balances being eliminated on consolidation. Surpluses and deficits of organisations entering or leaving the group are included from the date of acquisition or up to the date of disposal. The charity has taken advantage of the exemption available under section 408 of the Companies Act 2006, to omit its profit and loss account from the statutory group accounts.

The joint venture is not material to the group therefore the joint venture is not included in the consolidation. The investment in the joint venture is stated at cost. Details are shown in note 17.

SCHOOL FEES AND OTHER INCOME

School fees and other operating income comprise amounts receivable in respect of the school year.

Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the School. Fees received in advance of education to be provided in future years are treated as deferred income and included within creditors.

GOVERNMENT GRANTS

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Page 28

Solihull School ACCOUNTING POLICIES (continued)

INCOME FROM INVESTMENTS

Income from investment properties comprises amounts receivable in respect of the school year.

Income from investments, deposits and loans are credited to the statement of financial activities on a receivable basis.

DONATIONS, GIFTS AND LEGACIES

Donations, gifts and legacies are accounted for on a receivable basis. Where assets have been donated, a cash equivalent is included.

EXPENDITURE

Expenditure is accounted for on an accruals basis. Overhead and other support costs not directly attributable to functional activity categories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the year, either by reference to staff time or space occupied, as appropriate. The irrecoverable element of VAT is included with the item of expense to which it relates.

Investment management costs comprise the amounts incurred in managing the investment property and listed investments.

School operating costs comprise amounts incurred, other than investment management, in respect of the current school year. Expenditure incurred in advance of the following school year is carried forward in prepayments.

Governance costs comprise the costs of running the Group, including strategic planning, external audit, any legal advice for the Governors, professional indemnity insurance for Governors and officers, and all the costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability.

LEASED ASSETS

Rentals under operating leases are recognised on a straight-line basis over the lease term.

FUND ACCOUNTING

Funds held by the Group are:

Unrestricted general funds

These are funds which can be used in accordance with the charitable objects at the discretion of the Governors. In addition, the Governors have designated certain funds for particular purposes.

Restricted funds

These are funds that can only be used for particular restricted purposes within the objects of the Group. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Endowment funds

These are funds held permanently by the Group, principally investments. Income ansmg on these investments can be used in accordance with the terms of the endowments and is unrestricted.

Page 29

Solihull School ACCOUNTING POLICIES (continued)

TANGIBLE FIXED ASSETS AND DEPRECIATION

No depreciation is provided in respect of freehold land or assets under the course of construction.

Depreciation is provided on a straight line bases to write off the cost less estimated residual value of fixed assets by equal instalments over their estimated useful economic lives. These rates are currently as follows:

Freehold buildings (standard construction) - 100.years Freehold buildings (other construction) - 20 to 50 years Car park facilities and similar surfaces (included in freehold land and buildings) - 20 years Artificial turf pitches (included in freehold land and buildings) - 10 years Long leasehold - 50 years Chapel organ (included in furniture and equipment) - 20 years Furniture and equipment - 3 to 15 years Computer equipment - 4years

Fixed assets with a zero net book value at the beginning of an accounting year are treated as if they are no longer in use and written off the fixed asset records during the year.

REFURBISHMENT COSTS

All costs in respect of refurbishment of the school are charged to the statement of financial activities in the period incurred. Additionally, accruals are made for all expenditure that the school has incurred at the year end.

INVESTMENTS

Investments are carried at fair value at the year end. For listed investments, this is the market value, as advised by the investment manager. For investment properties, this is the fair value as determined by the Governors, advised by external professionals. All movements in value arising from a change in the fair value of an investment are shown in the statement of financial activities as an unrealised gain or. loss. Realised gains and losses on investments are calculated as the difference between the disposal proceeds and the amount at which the investment was valued at the beginning of the year, or cost if purchased during the year.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any impairment. An assessment for impairment is made at each reporting date.

DEBTORS

Trade and other debtors which are receivable within one year are initially recognised at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

SHORT TERM DEPOSITS

Short term deposits represent amounts on deposit for greater than three months but less than one year.

CASH AND BANK BALANCES

Cash and bank balances includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition.

TRADE CREDITORS AND LIABILITIES

Trade creditors payable within one year are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Refundable parental deposits are shown as due within one year to reflect that deposits are repayable once any individual pupil has left the school and that parents need only give the school one term’s notice of an intention to leave.

Page 30

| |

Solihull School ACCOUNTING POLICIES (continued)

FINANCIAL INSTRUMENTS

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlernent value.

TAXATION

The charity is exempt from taxation on all of its charitable activities. Profits made by the subsidiary trading company are distributed to the parent charity under gift aid.

RETIREMENT BENEFITS

Retirement benefits to employees of the school are provided by the Teachers’ Pension Scheme (‘TPS’), a Standard Life Group Personal Pension scheme (‘Standard Life’) and an Aviva Pension Trust for Independent Schools (‘APTIS’). The TPS is a defined benefit scheme, contracted out of the State Second Pension, and the assets are held separately from those of the school. All non-teaching staff are members of the Standard Life scheme which is a defined contribution scheme, in accordance with pension auto-enrolment legislation. Teaching staff have the option to opt out of the TPS and join the APTIS scheme, which is a multi-employer defined contribution scheme.

The Government TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees’ working lives with the school in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quinquennial valuations using a prospective benefit method. As stated in Note 14, the TPS is a multi-employer scheme and the school is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. The TPS is therefore treated as a defined contribution scheme and the contributions recognised as they are paid each year.

The Standard Life and APTIS schemes are defined contribution schemes. Pension contributions are charged to the Statement ofFinancial Activities as they become payable in accordance with the rules of each scheme. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments,

LIQUID RESOURCES

Liquid resources detailed in the statement of cash flows comprise short term investments which can be readily converted into cash.

GOING CONCERN

At the time of approving the financial statements, the governors have a reasonable expectation that the group and charitable company have adequate resources to continue in operational existence for the foreseeable future. Thus, the governors continue to adopt the going concern basis of accounting in preparing the financial statements.

Management has assessed the going concern assumption and despite increased economic uncertainty, confirms that it remains appropriate based on the strong cash and net asset position which enables it to sustain its business and meet its liabilities as they fall due.

The Governors make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the group and charitable company have adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the group's and charitable company’s ability to continue as a going concern. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 31

Solihull School ACCOUNTING POLICIES (continued)

CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

The policy of the Governors is to maintain buildings and integral fixtures and fittings in good condition through regular preventative, proactive and reactive maintenance. Rates of depreciation are set based on this policy.

Investment properties are included at fair value taking into account items such as current and expected market yields, local market conditions, length of leases and covenant strength.

Page 32

Solihull School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

1 COMPARATIVEINFORMATION—STATEMENTOF COMPARATIVEINFORMATION—STATEMENTOF OFFINANCIAL ACTIVITIES OFFINANCIAL ACTIVITIES
Unrestricted Restricted Endowment Total
funds funds funds 2022
£ £ £ £
Income and endowments from:
Donations and légacies 51,814 426,162 - 477,976
Charitable activities:
School fees 18,777,500 - - 18,777,500
Other educational income $5,562 - - 55,562
Other ancillary trading income 745,616 ~ - 745,616
Investments 1,172,376 52,116 - 1,224,492
Total Income 20,802,868 478,278 - 21,281,146
Expenditure on:
Raising funds (225,054) (8,833) - (233,887)
Charitable activities:
School operating costs (21,117,207) (54,405) - (21,171,612)
Total Expenditure (21,342,261) (63,238) - (21,405,499)
Net gains/(losses) on
investments:
Net gains on investment
properties 139,250 - - 139,250
Net losses on otherinvestments (350,327) (69,086) (4,421) (423,834)
Total net losses on investments (211,077) (69,086) (4,421) (284,584)
Transfer between funds 388,769 (388,769)
Net expenditure and net
movement in funds (361,701) (42,815) (4,421) (408,937)
Reconciliation offunds:
Total funds broughtforward 56,363,955 1,552,590 590,363 58,506,908
Totalfundscarriedforward 56,002,254 1,509,775 585,942 58,097,971

Page 33

Solihull School

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

2 INVESTMENTINCOME Unrestricted Restricted Total Total
Funds Funds 2023 2022
£ £ £ £
Investment income comprises:
Income from investments listed on a 249,905 62,543 312,448 322,911
recognised stock exchange
Income from investment properties 971,542 - 971,542 900,966
Bank and other interest 31,291 - 31,291 615
1,252,738 62,543 1,315,281 1,224,492
3 EXPENDITURE
Staff Other Total Total
costs Depreciation costs 2023 2022
£ £ £ £ £
Raising funds:
Investmentmanagement - - 227,670 227,670 233,887
Charitable activities:
School operating costs 14,186,674 1,347,332 6,767,772 22,301,778 21,042,254
Governance costs 45,307 - 69,300 114,607 129,358
14,231,981 1,347,332 7,064,742 22,644,055 21,405,499
2023 2022
£ £
Totalsupportcostsincludedin expenditureare 1,911,846 1,808,104

The support costs represent the management and administrative costs of the School charged directly to the School operating costs category of the Statement of Financial Activities.

Page 34

Solihull School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

: |

| |

4 STAFFCOSTS 2023 2022
Number Number
The average monthlynumber ofpersons employed by theGroup
during the yearwas:
Academic 177 178
Non-academic 85 83
262 261
Staffcosts forabove persons:
Wages and salaries 11,065,352 10,487,486
Social security costs 1,145,908 1,106,836
Otherpension costs 2,020,721 1,817,638
14,231,981 13,411,960

Pension costs are allocated to expenditure in line with staff costs and are wholly charged to unrestricted funds.

During the year, termination payments of £49,697 (2022: £44,538) were made and are included in the expenditure shown above. Of these, £49,697 (2022: £Nil) were outstanding at the year end.

The Governors received no remuneration during the year (2022: £Nil). During the year, no (2022: 2) Governors received reimbursement of travel and training expenses of £Nil (2022: £468).

The Group has purchased trustee indemnity insurance. The cost is disclosed in note 5.

The number ofemployeeswho received emoluments inthe following 2023 2022
bandswere: Number Number
£60,001 - £70,000 7 4
£70,001 - £80,000 2 2
£80,001 - £90,000 2 -
£90,000 - £100,000 1 1
£100,001 - £110,000 1 1
£110,001 - £120,000 1 1
£130,001 - £140,000 1 -
£240,001-£250,000 - 1

At 31 August 2023, 14 higher paid employees were members of a defined benefit pension scheme (2022: 9) whilst 1 (2022: 1) was a member of a defined contribution pension scheme. Pension contributions paid in respect of these individuals amounted to £261,187 (2022: £187,799).

During the year the total compensation including employer national insurance and pension contributions payable to key management personnel of the group was £1,331,139 (2022: £1,267,410).

In accordance with the charities SORP (FRS 102) the benefit to the charity provided by general volunteers is not reflected in the Statement of Financial Activities.

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6 TAX PAYABLE

Solihull School

NOTES TO THE FINANCIAL STATEMENTS for20230the year ended 31 August

5 MOVEMENTINFUNDS FORTHEYEAR 2023 2022
£ £
Themovement in funds forthe financialyear is after charging:
Auditors’ remuneration
For audit services 42,360 42,300
Other services 700 7,040
Depreciation oftangible fixed assets
Owned assets 1,347,332 1,292,107
Operating lease rentals 134,694 76,805
Bad debt charge 37,364 100,126
Trusteeindemnityinsurance 1,063 1,038

The School received a grant of £Nil during the year (2022: £196) in relation to claims made under the Coronavirus Job Retention Scheme.

The School is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the School is potentially exempt from taxation in respect of income or capital gains received within categories covered by part 11, chapter 3 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

The charitable company owns the entire issued share capital of Solihull School Enterprises Limited and taxable profits arising in that company are donated to its parent under a gift aid arrangement.

Page 36

Solihull School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

7 TANGIBLE FIXED ASSETS (group and charity)

Freehold Long Furniture Assets in
landand Leasehold and Computer course of
buildings equipment equipment construction Total
£ £ £ £ £
Cost or valuation
1 September2022
Additions		 40,190,701
279,021		 1,111,413
-		 5,755,947
43,090		 1,062,626
216,678		 11,218
299,226		 48,131,905
838,015
31 August2023 40,469,722 1,111,413 5,799,037 1,279,304 310,444 48,969,920
Depreciation
1 September2022 2,482,758 479,201 3,535,215 729,944 - 7,227,118
Charged intheyear 533,284 22,228 559,043 232,777 - 1,347,332
31 August2023 3,016,042 501,429 4,094,258 962,721 - 8,574,450
Net book value
31 August2023 37,453,680 609,984 1,704,779 316,583 310,444 40,395,470
31August2022 37,707,943 632,212 2,220,732 332,681 11,218 40,904,786

The cost/value of freehold land included in the above, which is not depreciated, is £5,454,521 (2022: £5,454,521)

Freehold properties were revalued in January 1958 and are shown at that valuation together with additions at cost since that date and the gift of freehold property from Saint Martin’s (Solihull) Ltd in January 2020. All tangible fixed assets are used for direct charitable purposes.

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Solihull School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

8 INVESTMENTS Group Charity
2023 2022 2023 2022
£ £ £ £
Investment properties at fairvalue 10,851,000 11,091,000 10,851,000 11,091,000
Listed and other investments at fair
value 9,230,837 9,226,097 9,230,837 9,226,097
Investment in subsidiaries andjoint
ventures at.cost 500 500 501 501
20,082,337 20,317,597 20,082,338 20,317,598
Analysed as follows: 2023 2022
£ £
Investment properties at fairvalue:
Broughtforward 11,091,000 = 10,961,000
Disposal proceeds - (9,250)
Net (loss)/gain on investment properties (240,000) 139,250
At31August 10,851,000 11,091,000

Investment properties were revalued at fair value by the Governors on both 31 August 2022 and 31 August 2023. The annual valuation of investment properties is reviewed in detail by the Property Sub Committee in accordance with guidelines set out by the Royal Institute of Chartered Surveyors. Individual properties are examined in detail and the proposed valuation reviewed and discussed with professional advisors. The Governors recognise that conditions in the property investment market remain challenging with the retail and hospitality sectors remaining under particular pressure.The diversity of the portfolio provides some protection against this pressure with valuations taking into account items such as current and expected market yields, local market conditions, length of leases and individual covenant strengths.

The cost of investment properties at 31 August 2023 was £6,842,256 (2022: £6,842,256).

2023 2022
£ £
Listed and other investments at fair value:
Brought forward 9,226,097 9,693,550
Additions at cost 2,248,648 1,070,551
Disposal proceeds (2,032,027) (1,027,457)
Net loss on investments (120,025) (423,834)
Reduction in cash awaiting reinvestment (91,856) (86,713)
At31August 9,230,837 9,226,097

The cost of listed and other investments at 31 August 2023 was £8,370,645 (2022: £7,925,363).

Page 38

Solihull School | NOTES TO THE FINANCIAL STATEMENTS for0 the year ended 31 August 2023

8INVESTMENTS (continued)

2023 2022
£ £
Listed and other investments at fairvalue comprise:
Listed investments 9,159,546 9,062,951
Cash awaiting reinvestment 71,291 163,146
9,230,837 9,226,097
9 DEBTORS Group Charity
2023 2022 2023 2022
£ £ £ £
Trade debtors 48,448 62,392 3,000 19,549
Other debtors 10,011 2,060 10,011 2,060
Amountdue from Group undertakings - - 39,185 3,404
Prepayments and accrued income 546,680 460,444 546,680 460,444
' 605,139 524,896 598,876 485,457
10 CREDITORS: Amounts falling due within one Group Charity
year
2023 2022 2023 2022
£ £ £ £
Trade creditors 710,411 572,984 710,411 572,984
Other creditors 368,141 453,105 368,141 453,105
Refundable parent deposits 582,396 559,646 582,396 559,646
Othertax and social security creditors 290,759 289,928 287,980 288,434
Deferred income 2,840,608 2,216,399 2,840,608 2,216,399
Accruals 550,582 596,056 544,582 590,476
Pension scheme cessation creditor (LGPS) 256,260 250,306 256,260 250,306
Pension scheme cessation creditor (TPT) 49,455 4,965 49,455 4,965
5,648,612 4,943,389 5,639,833 4,936,315

The School has provided security in respect of the LGPS pension scheme cessation creditor included above from the investment property portfolio described in Note 8.

Page 39

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

Solihull School

11 CREDITORS: Amounts falling due aftermore Group Charity
than one year
2023 2022 2023 2022
£ £ £ £
Deferred income - 19,090 - 19,090
Pension scheme cessation creditor(LGPS) 404,281 660,541 404,281 660,541
Pension scheme cessation creditor (TPT) 12,123 7,983 12,123 7,983
416,404 687,614 416,404 687,614

The School has provided security in respect of the LGPS pension scheme cessation creditor included above from the investment property portfolio described in Note 8. Full repayment is due to be completed within 2 years.

Deferred income included in notes 10 and 11 represents fees/charges received in advance.

2023 2022
£ £
At 1 September 2,235,489 1,837,075
Funds received inyear 2,822,138 2,216,570
Amounts released (2,217,019) (1,818,156)
At31August 2,840,608 2,235,489

Page 40

Solihull School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

12 MOVEMENT ON FUNDS (group)

Funds Transfer Funds
balance at Net gains/ between balance at
31 August (losses) on Funds 31 August
2022 Income Expenditure investments £ 2023
£ £ £ £ £
Unrestricted Funds 56,002,254 22,387,322 (22,618,701) (379,733) 128,963 55,520,105
Restricted Funds:
SilhillianFund 1,356,630 243,077 (6,250) 29,620 (107,195) 1,515,882
EG WilcoxFund 103,841 34,000 (12,232) - (21,768) 103,841
Other 49,304 45,792 (6,872) - - 88,224
Total Restricted 1,509,775 322,869 (25,354) 29,620 (128,963) 1,707,947
Endowment Fund 585,942 - - (9,912) - 576,030
Total 58,097,971 22,710,191 (22,644,055) (360,025) - 57,804,082
12
MOVEMENTON		 ONFUNDS (charity)
Funds Transfer Funds
balance at Netgains/ between balance at
31 August (losses) on Funds 31 August
2022 Income Expenditure investments £ 2023
£ £ £ £ £
UnrestrictedFunds 55,905,545 =22,297,590 (22,570,492) (379,733) 128,963 55,381,873
Restricted Funds:
SilhillianFund 1,356,630 243,077 (6,250) 29,620 (107,195) 1,515,882
EG WilcoxFund 103,841 34,000 (12,232) - (21,768) 103,841
Other 49,304 45,792 (6,872) - - 88,224
Total Restricted 1,509,775 322,869 (25,354) 29,620 (128,963) 1,707,947
EndowmentFund 585,942 - - (9,912) - 576,030
Total 58,001,262 22,620,459 (22,595,846) (360,025) - _57,665,850

Restricted Funds notes

The Silhillian Fund provides funds for bursaries.

The E G Wilcox Fund provides funds for Sixth Form scholarships (£21,768) and sports facilities (£12,232).

Other Restricted Funds represent donations where the donor has specified that they should be used for a specific purpose.

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Solihull School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

Endowment (Restricted) Funds notes

Major endowments within the portfolio include:

Unrestricted Restricted Endowment
funds funds funds Total
£ £ £ £
Funds balances at 31 August2023
were:
Tangible fixed assets 40,395,470 - - 40,395,470
Investments 18,174,425 1,334,743 573,169 20,082,337
Net current (liabilities)/assets (2,633,386) 373,204 2,861 (2,257,321)
Liabilities: amounts fallingdue
aftermore than one year		 (416,404) 7 _ (416,404)
55,520,105 1,707,947 576,030 57,804,082
Unrestricted Restricted Endowment
funds funds funds Total
£ £ £ £
Funds balances at31 August2022
were:
Tangible fixed assets 40,904,786 - - 40,904,786
Investments 18,589,396 1,142,259 585,942 20,317,597
Net current (liabilities)/assets (2,804,314) 367,516 - (2,436,798)
Liabilities: amounts fallingdue
aftermore than oneyear		 (687,614) _ (687,614)
56,002,254 1,509,775 585,942 58,097,971

Page 42

Solihull School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

13. ANALYSIS OF NET ASSETS BETWEEN FUNDS (charity)

Unrestricted Restricted Endowment
funds funds funds Total
£ £ £ £
Funds balances at 31 August2023
were:
Tangible fixed assets 40,395,470 - = 40,395,470
Investments 18,174,426 1,334,743 573,169 20,082,338
Net current (liabilities)/assets (2,771,619) 373,204 2,861 (2,395,554)
Liabilities: amounts fallingdue after
more than one year		 (416,404) . - (416,404)
55,381,873 1,707,947 576,030 57,665,850
Unrestricted Restricted Endowment
funds funds funds Total
£ £ £ £
Funds balances at 31 August 2022
were:
Tangible fixed assets 40,904,786 - - 40,904,786
Investments 18,589,397 1,142,259 585,942 20,317,598
Net current (liabilities)/assets (2,901,024) 367,516 - (2,533,508)
Liabilities: amounts fallingdueafter
more than one. year		 (687,614) - - (687,614)
55,905,545 1,509,775 585,942 58,001,262

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Page 43

Solihull School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

14 TEACHERS’ PENSION SCHEME

Solihull School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members. contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the “greater value” benefits for groups of relevant members.

The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

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|||||||| |---|---|---|---|---|---|---| |2023|2022| |£|£| |Teacher’s|Pension|Scheme|contribution|cost|1,692,720|1,569,163|

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There were £199,627 accrued contributions, relating to the final month of the year, included within other creditors as at 31 August 2023 (2022: £181,442).

15 STANDARD LIFE/AVIVA PENSION TRUST (APTIS)

The School operates two defined contribution schemes. One with Standard Life for non-teaching staff; the other, with Aviva, is for teaching staff.

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|||||| |---|---|---|---|---| |2023|2022| |£|£| |Standard Life /APTIS|contribution|cost|321,436|288,627|

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There were outstanding contributions of £42,510 relating to the final month of the year included within other creditors as at 31 August 2023 (2022: £25,194). £42,510 was due to Standard Life and ENil to Aviva (APTIS).

Page 44

4 u

Solihull School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023

| i

16 COMMITMENTS

Capital commitments at the end. of the financial year for which no provision has been made, are as follows:

follows:
2023 2022
°
£		 £
Contracted 909,973 -
At 31 Augustthe Schoolhad total future commitments undernon-cancellable operating leases as
follows:
2023 2022
£ £
Amounts payable within 1 year 97,094 54,403
Amounts payable within 2—5 years 219,820 6,069
316,914 60,472

17 SUBSIDIARY COMPANIES & JOINT VENTURE

The Charity owns the entire issued share capital of Solihull School Enterprises Limited (company number 11150476). The principal activity of Solihull School Enterprises Limited is that of providing facilities for external use. The results of Solihull School Enterprises Limited are consolidated into these accounts. For the year ended 31 August 2023, Solihull School Enterprises Limited recorded turnover of £186,442 (2022: £140,476), cost of sales and expenses of £48,210 (2022: £43,767) and corporation tax of £Nil (2022: ENil) giving rise to a retained profit of £138,232 (2022: £96,709). The taxable profits arising in Solihull School Enterprises Limited are donated to the charitable company under.a gift aid arrangement.

Net assets at 31 August 2023 were £138,233 (2022: £96,710).

The Charity also owns a 50% shareholding in a joint venture company, Day Care at Saint Martins Limited (company number 07558046). During the year, the Charity received dividend income of £136,256 (2022: £132,587) and also rental/other recharge income of £79,476 (2022: £77,720). For the year ended 31 August 2023, the joint venture recorded. turnover of £1,357,533 (2022: £1,331,764), cost of sales and expenses of £1,049,597 (2022: £979,287) and corporation tax of £74,339 (2022: £73,733) giving rise to a profit for the year of £235,694 (2022: £278,744) of which £117,847 (2022: £139,372) is attributable to the Group.

Net assets at 31 August 2023 were £149,207 (2022: £186,025), £74,604 (2022: £93,013) of which _ were attributable to the Group.

18 RELATED PARTY TRANSACTIONS

During the year, the Charity charged Solihull School Enterprises Limited £39,185 (2022: £37,156) in respect of staff and facilities costs. At the year end, the Charity was owed £39,185 (2022: £3,404) by Solihull School Enterprises Limited. °

Details of Governors’ expenses are disclosed in note 4 to the accounts.

Page 45