2020-07-31-accounts

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WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

A Company Limited by Guarantee No: 6636665 Registered as a Charity No: 1125376

Pages

3 ADMINISTRATIVE INFORMATION AND PROFESSIONAL ADVISORS

DIRECTORS’ REPORT

4 GOVERNANCE OF THE SCHOOL
5 BOARD MEMBERS
6 MEMBERSHIP OF COMMITTEES
7 SCHOOL LEADERSHIP TEAM
7 SUBSIDIARY BUSINESS

STRATEGIC REPORT

8 WOLDINGHAM SCHOOL VISION, MISSION & RISK MANAGEMENT
9 KEY OBJECTIVES 2019 - 2020
10-18 ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR 2019 - 2020
19 FINANCIAL REVIEW FOR YEAR ENDED 31 JULY 2020
20 STATEMENT OF GOVERNORS’ RESPONSIBILITIES
21-23 INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WOLDINGHAM SCHOOL
24 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
25 CONSOLIDATED BALANCE SHEET
26 CONSOLIDATED CASH FLOW STATEMENT
27 NOTES TO CONSOLIDATED CASH FLOW STATEMENT
28-43 NOTES TO THE FINANCIAL STATEMENTS
Pages 4 – 20 constitute the Directors’ and Strategic Annual report

WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

ADMINISTRATIVE INFORMATION

Legal Status

Woldingham School is an independent Catholic boarding and day school which welcomes students from all Christian denominations and other world faiths. The School’s Instruments of Governance are the Memorandum and Articles of Association of Woldingham School dated 2 July 2008. The School, formerly a Charitable Trust, incorporated as a Company Limited by Guarantee Capital [Company No: 6636665; Charity No: 1125376] on 1 December 2009.

Principal Address and registered Office

Woldingham School Marden Park Woldingham Surrey CR3 7YA

Website: www.woldinghamschool.co.uk

Email: info@woldinghamschool.co.uk

PROFESSIONAL ADVISERS Bankers Barclays Bank plc Caterham Branch PO Box 95 1 North End Croydon CR9 1RN Solicitors Pothecary Witham Weld 70 St George's Square London SWIV 3RD Veale Wasborough Vizards 24 King William Street London EC4R 9AT Auditors Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Insurers Hettle Andrews 2 Brunswick Square Birmingham B1 2LP

WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

DIRECTORS’ REPORT

GOVERNANCE OF THE SCHOOL

The School is governed by an established Board of Governors, each of whom is appointed as a Director of the Company and as a Trustee of the Charity. The Governing Body consists of at least three and not more than fifteen individuals. The Governors, as Trustees, have control of the Charity, its property and funds and are responsible for the overall direction and control of the School.

Governors are made aware of their responsibilities through appropriate induction and training and are involved in educational development, financial planning and School strategies. The Chair of Governors is responsible for ensuring that the Board’s range of skills and competences are appropriate to Governors’ roles.

Governors regularly visit the School and thereby obtain a good insight into its workings and provide necessary advice and support to the Head and the School Leadership Team.

The Governors meet twice per term, once in Committees and once as a Board of Governors and twice during the year for strategic planning. Additional meetings are held as required. The Head Director of Finance and Operations attend all meetings of the Board.

The day-to-day running of the School’s administration, financial and estate management is delegated to the Head and Director of Finance and Operations. They are supported by the School Leadership Team and together this group are the key management personnel.

WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

BOARD MEMBERS

Mr R Parkinson MA (Oxon) Mr J Wright MA (Cantab), FCA Mr I Baker BA (Kent), ACA Miss C Berwick BSc (Southampton) Mrs V Donegan MA (Oxon) Mrs H Hanbury MA(Edinburgh), MSc (Cantab) Mrs A Maule, LLB

Mrs C McNamara BA(Mod) (LegSc) (Dublin) MEconSc (NUI) Mrs S Norville BA QTS, NPQH Mr M Redman Mr C Scattergood Dr S Slattery MB, MRCGP, DCH, DFP, Dobs Judge I Summers BA, Dip. Law, BL Mr T Woffenden MA (Oxon)

Chair of Governors Vice Chair

Deputy Designated Safeguarding Governor Resigned November 2019 Appointed August 2019 Designated Safeguarding Governor Resigned March 2020 Appointed September 2019

Independent Board Members

Mr J Cons

WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

MEMBERSHIP OF COMMITTEES

The Chair of Governors and the Headmistress attend all Committee Meetings. Committees have been reviewed by Governors and a new structure has been in place from September 2018. Committees and membership at the date of this report were:

Finance Committee Mr J Wright (Chair) Mr I Baker Mr J Cons (Independent) Mrs V Donegan Mr M Redman Mr C Scattergood

Estates Committee

Mr M Redman (Chair) Mr I Baker Mr J Cons (Independent) Mrs V Donegan Mr C Scattergood Mr J Wright

Four Committees meet at appropriate times during the School year and report to each meeting of the Board of Governors. The Committees are:

The Finance Committee to which the Governors have delegated the oversight of the day to day financial management of the School;

The Estates Committee to which the Governors have delegated the oversight of the day to day buildings, infrastructure and maintenance of the School and its grounds;

Education and Welfare Committee

Mr T Woffenden (Chair) Miss C Berwick Mrs H Hanbury Mrs C McNamara Mrs S Norville Mr C Scattergood Mrs I Summers

The Education and Welfare Committee to which the Governors have delegated all matters related to the development of education provision within the School including matters of pastoral care, staff performance and appraisal.

Governance Committee

Mr I Baker (Chair) Miss C Berwick Mrs C McNamara Mrs S Norville Mrs I Summers

The Governance Committee to which the Governors have delegated all matters related to the School’s governance and compliance.

WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

SCHOOL LEADERSHIP TEAM (SLT)

Headmistress Mrs A Hutchinson, MA (Oxon) (Resigned August 2020) Head Dr J Whitehead MA (Oxon), MPhil (Stirling), PhD (Manchester) (Appointed September 2020) Director of Finance & Operations Mr D Neely, FCCA (Interim) (Resigned June 2020) Director of Finance & Operations Mrs J Wood, JP BA (Exeter), DipFM (Appointed June 2020) Deputy Head People Mrs M Giblin BA (Maynooth) Deputy Head Academic Ms N Weatherston BSc (Newcastle) Deputy Head Operations Ms B Ward BEd (Exeter) (Appointed September 2019) Head of Years 7 and 8 Ms C Owen BA (London) Head of Sixth Form Mr P Abbott BSc (Cardiff)

SUBSIDIARY BUSINESS

Woldingham School has one wholly owned subsidiary, namely:

Marden Enterprises Limited Company No: 02873104 Registered address: Woldingham School, Marden Park, CR3 7YA.

Marden Enterprises Limited serves as the School’s commercial trading arm to ensure positive use of School assets for business purposes when the School is not in session.

The Directors of the subsidiary during the year were:

Mr J Wright (Chair) Mr R Parkinson Mrs A Hutchinson (Resigned August 2020) Dr J Whitehead (Appointed September 2020) Mr D Neely (Resigned June 2020) Mrs J Wood (Appointed June 2020)

WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

STRATEGIC REPORT

WOLDINGHAM SCHOOL VISION & MISSION

The School’s vision and mission encapsulate the School ethos and concerns the School’s output, its type and quality.

Our vision is to provide an outstanding education that empowers women to change the world.

Our mission is to ensure Woldingham is a happy and successful school developing confident, compassionate and courageous young women.

In living out this mission, we seek to provide a first class independent education for 11 – 18 year old girls in a boarding and day school, fostered within a caring and supportive Catholic community.

In furtherance of this vision, the Governors, as charity trustees, have complied with the duty set out in Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

RISK MANAGEMENT

The Governors continue to monitor and manage the major strategic and operational risks which could impact on the success of the School and its subsidiary company. The Governors are assisted in this by the SLT. In turn, these groups are supported by specialist advisers including external Human Resources, Health and Safety and Fire Safety Advisors.

The Governors have examined the principal areas of the School's operations and have considered the major risks faced in each of these areas as outlined in the School’s Risk Management Strategy. Risks are identified, assessed, monitored and controls established, as required, throughout the year. The Governors see the principal risks to the School as:

Failure to achieve continued success in recruitment and retention of students that are essential to the income and financial viability of the School;
Failure to comply with prevailing legislation or other relevant regulation;
Potentially significant changes to the legal status and taxation of independent schools;
Failure to ensure the health, safety, security and welfare of students whilst within the care of the School;
Failure to recruit and maintain a cadre of sufficiently high quality well motivated staff to deliver required educational expectations.

The government’s decision to close school buildings to control Covid-19 has affected the principle risks in that parents’ incomes have been reduced during the lockdown period and subsequently. Woldingham has managed this by establishing financial provision to offer short term hardship bursaries to existing parents and giving them time to pay fees. To achieve this, the school has managed its expenditure carefully and delayed or stopped non-essential spending. The introduction of remote learning provision allowed international students to access schooling and continue with their studies at Woldingham. The Trustees have been encouraged as the number of students on roll have been maintained into September 2020.

WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

In the opinion of the Governors, the School has established resources and reviewed systems which, under normal conditions, should allow these risks to be mitigated to an acceptable level in its day to day operations. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

KEY OBJECTIVES 2019-2020

The key objectives were to:

Ensure high calibre School governance and leadership, including the recruitment of first class, committed academic, pastoral and support staff;
Continue to develop improved and well-structured marketing and admissions departments with a focussed, effective marketing, promotion and PR strategy, to ensure clear market positioning and thereby achievement of a full and well-balanced School of boarding and day pupils;
Achieve excellent academic results for all our pupils and in our value-added score which measures achievement relative to ability identified on entry to the School;
Continue to develop our extra-curricular programme to provide a varied, exciting and challenging programme of activities through which both excellence and breadth of activity can be achieved;
Provide first class pastoral support to both boarders and day girls across all year groups;
Develop and maintain the best possible communication and links with our current parents, our past pupils and the wider community through use of appropriate media;
Ensure best practice for School information, communication and financial support systems to ensure delivery of accurate and detailed information to all stakeholders including governors, staff, parents and pupils;
Ensure tight financial control with the capacity to invest where required; to continue to improve the infrastructure, assets and facilities of the School through a well-structured refurbishment and development plan;
Ensure that the School continues to provide an appropriate level of public benefit.

Governance and Management

Strategic governance and management continues to be provided by the Board of Governors and the SLT. The Governors have remained engaged in overseeing the School Renewal and Refurbishment programme .

The Governors are aware of the Charity Governance Code published in 2017 which sets out the principles and recommended practice for good governance within the sector. The School regularly reviews its governance arrangements against the principles within the code, thereby ensuring continuous improvement. The Governors intended to commission external consultants to review the school’s performance against the code but this was not possible during the school closure due to Covid. It is intended to review this for 2020/21, if possible.

Diversity and Inclusion

Woldingham will strive to put inclusion at the heart of our various activities to create a culture where all parts of the school community feel valued and included. Our next step will be to create

WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

a focused timeline for implementation of plans. We look forward to working with all members of our community, students, alumnae, parents, staff and governors, to make meaningful change.

Remuneration Policy

The remuneration of key management personnel is overseen by the Board of Governors, with the objective of providing appropriate incentives to encourage enhanced performance and of rewarding them fairly and responsibly for their individual contributions to the School’s success.

The appropriateness and relevance of remuneration is regularly reviewed to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere. Delivery of the School’s charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the single largest element of our charitable expenditure.

ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR 2019-2020

Marketing and Admissions

School roll for the year was 584 with 232 full or weekly boarders and 352 day girls. Applications and interest in the School increased with all our open mornings, information mornings and taster events being fully booked. Flexi-boarding remains very popular with 70 of the day girls staying 1 or 2 nights each week.

Covid-19

The achievements and performance at the school has, as with many other organisations, been impacted by the effects of the global pandemic of Covid-19. The government made the decision to close schools in March 2020 and the school moved quickly to establish remote schooling via Teams.

The online learning provision was warmly welcomed by parents and students with the production of Gardeners Wold becoming a popular weekly feature. We were pleased to achieve a very high level of attendance and engagement during the lockdown and the school’s DT department rose to the challenge by producing face shields for the NHS locally.

The School took the decision to welcome back the girls in Years 10 and 12 in the last two weeks of June so they could meet with their subject teachers and tutors and prepare them for the next academic year in which they would be sitting public examinations. Many, but not all girls, attended the days when the school reopened for these groups; in doing so the School risk assessed the site, making careful plans for the numbers in classrooms, how they would come in and leave the site etc. The risk assessment was reviewed by the Governors and subsequently communicated to parents.

Academic Achievement

This year, results reflect the Centre Assessed Grades in all subjects.

WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

A Level

71% of grades awarded at A- A and 35% of all grades at A.
91% of all grades were A* - B.
4 students going to Cambridge.

Upper Sixth students studied a wide range of subjects across the academic spectrum. Business and management courses proved the most popular choice this year, with biomedical science related courses very close behind.

Nearly three quarters of students achieved their first-choice university destination.

Students are taking up places at 36 different institutions in the UK and overseas from LSE to Cambridge University, from the Paris School of Art to Central St Martins. The most popular university destinations this year were Exeter, Bristol and Warwick.

GCSE

Nearly 40% were at the highest grade 9.
62% of grades were at 9 – 8.
80% of the year group achieved seven or more 9-7 grades.

Value Added

We continue to add considerable value in relation to baseline data provided by the CEM Centre at the University of Durham at both GCSE and A Level. MFL subjects achieved particularly impressive value added scores; French and German at GCSE added more than 2 grades. GCSE STEM subjects were impressive with Design Technology and Computer Science also adding over 2 grades to the baseline predictions.

Co-Curricular Provision - Drama

Workshops

Year 7-9 Drama Workshops continue to be extremely popular and are now extending into KS4 and KS5. We offer new workshop initiatives and new workshop identities, at the request of the students across all year groups wanting more variety and in line with the department DDP. Each member of the department delivers workshops and extended performance opportunities, together with the Drama Ribbon and her Sixth Form Drama Ambassadors. The new variety of performance disciplines will aim to reach more students. Workshops are taken regularly as lunchtime and after school classes and provide an opportunity for all levels of ability to progress and enjoy.

Speech and Drama / Public Speaking Exams (Trinity College London)

We continue to offer lessons in Speech and Drama / Public Speaking leading to graded Trinity College examinations in both the Spring and the Summer. These continue to be very popular with excellent results in Grades 5 to Grade 8 with many achieving marks of 80% or more.

WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

Productions

Jesus Christ Super Star

In December, the Sixth Form students performed in the Senior Production directed by Stacey Williams, with musical direction by John Hargreaves. The musical was a real success with the audiences.

Face the Music 2020

In January, over 60 students in years 7 to 13 rehearsed and were ready for their public audience in under three weeks.

A Streetcar Named Desire

The Upper Sixth students performed extracts from this play by Tennessee Williams. The performances were both intelligent and moving, and perfectly captured the subtle nuances, hidden behind the exteriors of the characters, that is indicative to work of Williams.

Since lockdown and the move to remote learning, the department has taken to opportunity to strengthen all drama students’ appreciation of theatre, through a focus on Live Theatre Review. This has been made more accessible with many of the large theatres releasing their professional productions online – The National Theatre to name one

The department is also using this time as inspiration for creative work with the introduction of the ‘Playwriting’ extra-curricular club, members refined their playwriting skills and used lockdown as the stimulus for new short plays entitled “Inter-Locked Down”, with an aim to release them to the school community in the form of an e-book once complete.

Music

Autumn term is a busy term for the music department. It builds slowly with lunchtime concerts, an evening of music from our Music Scholars, and the annual Junior Choir Festival which we have hosted for several years. There’s a short lull just after half term, then a great acceleration: in the space of three weeks we stage a major concert, a joint production with Drama, and the Carol Service.

At our annual whole School Carol Service at Cathedral at Westminster, over 150 girls led the singing – on the altar and in the apse. Regular and popular carols were interspersed with music from Britten and James MacMillan.

The Spring term opened with an A Level music recital, and we were soon into the heats for our Young Musician of the Year Finals, the culmination of the House Music festival. Our Jazz Night followed on and was another great success in our Live Lounge. In response to the themed concert of the Autumn term.

Co-Curricular Programme

Our co-curricular programme continues to thrive, with a wide range of new and exciting activities offered to the girls.

WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

At our Star Wars club, girls watch parts of the movies, discuss the issues raised and explore what they can learn. Our Saturday programme for boarders offers a range of activities such as Pilates, badminton, photoshop, drama and cake decorating. During the week, evening activities include ballet, trampolining, taekwondo, fencing and gymnastics.

Our programme with the local Orpheus Centre, an independent specialist college that increases the confidence and skills of young disabled adults through performing arts, allows up to ten girls to attend a Musical Theatre Club working with a similar number of Orpheus students. Each term they learn and perform a medley of musical numbers. The group has performed at the Year 7 Grandparents’ Tea and in the Barn Theatre at The Orpheus Centre to both Woldingham and Orpheus parents and staff. This club allows for not only participation in singing and dancing but also the chance to work with those who are less able, both physically and intellectually. Our girls show gentleness, kindness and patience and make friendships without barriers.

Sport

During the 2019/20 season over 250 girls represented the school in competitive fixtures in netball, hockey, swimming, cross country; regrettably this year we were not able to hold fixtures for athletics, cricket, rounders and tennis.

Our fifth annual Sports Dinner was adapted for our current remote world to become an on-line Sports Awards event on 11 June. We were delighted to celebrate all this year’s sporting successes and give students the recognition they deserve. The evening began with a video montage of this year’s sporting highlights, put together by outgoing Sports Ribbon, Jade Taylor. Vicky Gosling, CEO for GB Snow Sport, who would have been our guest speaker at the dinner, kindly sent us a short video where she talked about elite sport and the current pandemic.

Sophie Foster had another outstanding ski season and the pinnacle was representing Team GB at the 2020 Winter Youth Olympic Games in Lausanne, Switzerland, in January. Charlotte Alexander achieved Bronze at the England Schools National Cross Country; she leaves Woldingham this year and has a place on the England Athletics Youth Talent Programme.

The U12A VII had a superb year with an unbeaten season in fixtures, as well as qualifying for the Surrey Schools Netball Finals.

Pastoral Care - Wellbeing

Staff and student wellbeing remains a priority. At staff conference, we had a presentation from The Wellbeing Project on Personal Resilience with an emphasis on Resilience for Change.

We provide all staff with access to an Employee Assistance Programme and three members of staff have been trained in First Aid for mental health. The employee assistance service is valued by staff who use it and is a very tangible indicator of our commitment to staff welfare.

WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

Safeguarding

Safeguarding Training

The Deputy Head Pastoral (DSL) and deputy DSLs training is all up to date. The DSL attended termly Safeguarding update training run by Surrey Safeguarding Children’s Board and whilst these have been suspended due to COVID-19, the regular emails from SSCB have been read and

disseminated. It is intended that the DSL and Deputy DSL will attend the upcoming meeting midNovember. In addition, the Safeguarding Team underwent training from Denise Mills who works as a consultant trainer for Surrey Safeguarding on ‘The Importance of Safeguarding and Making a Referral’. Three members of the team have completed the NSPCC Online Safety and Young People Training.

Safeguarding update training is delivered termly to all staff.

Autumn Term. The update training focused on key reminders (such as Golden Rules, visitors signing in and out, no videos or photographs on personal devices), changes to KCSIE (Sept 2019). Focused training was given on Peer and Peer abuse and on Sexual Violence and Sexual Harassment as these were mentioned explicitly in KCSIE.

Spring Term. In addition to update training, there was focussed training on three areas:

Understanding what contextual safeguarding is
Radicalisation and Prevent
Neglect - including risk factors identified by SSCP

The AUP was reinforced and a reminder that emails etc are monitored. A new safeguarding email has been created and means that the DSL and DDSLs are all informed of any concerns.

Summer Term. The update training reinforced safeguarding in the remote learning environment coupled with an emphasis on maintaining the mental and emotional wellbeing of staff and students at this time. Staff were reminded how to make a referral if they have any concerns.

Governor Safeguarding Meetings

Safeguarding Governors meet with the DSL and a Deputy for termly Safeguarding meetings. Items discussed include ongoing training, specific safeguarding concerns, new initiatives and current issues e.g. new remote learning policy and safeguarding during Covid-19.

Boarding

Flexi boarding continues to grow in popularity. Taster weeks continue to be offered, allowing flexi boarders to ‘top up’ and try a full week or for day girls to consider life as a boarder

A working party is actively reviewing weekend provision for boarders to ensure our girls are supported to make the most out of their time here at Woldingham. The aim is to facilitate any future change to provision in conjunction with a boarders’ survey conducted in the latter part of the academic year.

WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

Thrive

The Thrive programme continues to facilitate our delivery of PSHEE. It is an evolving programme that seeks to meet the needs of the students in all aspects of development.

The Sixth Form Community Outreach Programme continues to grow as does the programme for girls to work on a dance project alongside disabled students at the Orpheus Centre, Godstone.

Religious Ethos of the School

Our School is infused with the charism of St Madeleine Sophie Barat, the founder of the Sacred Heart Order who once remarked, “for the sake of one child I would have founded the society”. The mission of St Madeleine Sophie permeates all aspects of school life and the foundations laid by the Sacred Heart Sisters are lived daily within our inspirational and inclusive community.

Faith in Action talk

In September 2019, the school community listened to a thought provoking talk from Stephen Currid from the Cardinal Hume Centre who reminded us about the plight of children living in poverty in London and the effect of their background on their opportunities and health in later life.

Ministries of Service

Students are choosing to serve our school community as Eucharistic Ministers, Readers, Ushers, Altar Servers, Sacristans, Musicians, choir members and taking part in our outreach programme.

Days of Reflection

During the academic year Days of Reflection for all students in Years 7 to 11 took place at Aylesford Priory, Kent when the focus of the day was based on the Sacred Heart Goal of Personal Growth.

Harvest Festival

Generous donations from staff and students were given to the Purley Food Hub in September 2019, which has provided over 130,000 meals to local people in need over seven years.

Outreach programme

Lower Sixth Form students are timetabled to participate in a voluntary placement each week for one academic term and they embrace the community projects organised by the Chaplaincy in local schools, nursing homes, charity shops and local parishes. Outreach activity is rooted in the Sacred Heart tradition and the words of St Madeleine Sophie when she said,” your actions, even more than your words will be an eloquent lesson to the world”.

WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

Inter Faith Week November 2019

Inter Faith week provides an opportunity to strengthen good working relationships at all levels and during the week we aim to increase awareness of the different faith groups who are part of our school and build on the contribution which staff and students make with our school community and beyond.

Community Carols

In December 2019, we welcomed elderly residents and staff from local nursing homes and students from Years 7-10 led the singing of Christmas Carols and served mince pies and hot drinks to our guests.

Sacred Heart Parish New Year Lunch

In January 2020, our Sixth Form students went to the Sacred Heart Parish Caterham, to help organise the New Year lunch for the elderly parishioners. They served them at their table, worked in the kitchen, organised the raffle and tidied up the hall at the end, their hard work was appreciated by all.

Confirmation

In March Bishop Richard Moth Confirmed twenty students in our School Chapel and he reminded the students of their responsibility of service and using their gifts and talents wisely and effectively.

Leavers’ Mass

In May we celebrated the Leavers’ Mass in the School Chapel but on this occasion did so via online streaming of the service. We listened to student reflections of how they enjoyed their time at Woldingham, had grown together as a group who care for and love one another and, how the close bonds they have established will stay with them in the future.

Public Benefit and the Wider Community

The School remains committed to the aim of providing public benefit in accordance with its founding principles. The Governors support the Charity Commission guidance and legislations in respect of general provision of public benefit. We have developed such provision to enable girls to come to the School whose parents would not otherwise be able to afford the fees. The total value of bursarial support in 2019 was £497,169 for 44 pupils (2018: £540,734, 40 pupils). Entrance interviews and assessments are undertaken to satisfy ourselves that potential students can cope with the School environment and with the required pace of learning in order to benefit from the education provided. The School welcomes students from all backgrounds. Governors set a financial ceiling on the quantum of fee income that may be used to provide bursaries.

In addition to bursaries, the school has engaged in our community outreach programme, (reported above) which continues to expand and runs alongside the regular charitable fund raising organised within School. This includes a varied programme of outreach activity, such as

WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

close working relationship where we support a local Catholic state school, through to participation in the United Access Learning programme, where we hosted 18 students with a view to enhancing their progression to university.

Fundraising

The 10 year (2017 – 2027) ‘Woldingham 175’ development plan continues to focus on securing philanthropic support for the School’s successful bursary programme through the Woldingham School Foundation. Through the generosity of parents and alumnae during the year 2019/2020 and the Jayne Triffitt Award, it has been possible to award a fully funded 100% transformational bursary for the fifth consecutive year to a girl starting Year 7 in September 2020.

To comply with the good practice recommended by the regulator, the School confirms that no fundraising activities are outsourced and there have been no complaints during the reporting period.

Support continues from gifts made by individuals who support the ethos of our bursary programme as well as relevant fundraising events. Although the School buildings were closed for four months within the period, the majority of the fundraising activity occurred September - March. The highlight of our fundraising this year was the Valentine’s Ball in February which attracted over £30,000 in donations. Overall, fundraising generated £153,635 in the financial year. Development team staff maintain membership of both the Institute of Fundraising (IoF) and the Institute of Development Professionals in Education (IDPE).

The Woldingham School Foundation maintains clear policies on both privacy and stewardship which govern the nature and style of our fundraising activities.

Investments

Under the Memorandum and Articles of Association the Governors have authority to invest any monies in an appropriate manner. The investment portfolio is managed on a discretionary basis by CCLA and there is a small fund with Schroeder. During the year, the total value of investments decreased by £1,531 to £786,367 (2019: £787,898). Dividends from investments are allocated to the School Foundation Fund which is designated for the funding of bursaries.

Assets and Facilities

The School continues to significantly improve and upgrade its assets and facilities. Requirements for both capital and resources are formally reviewed and approved by the School Leadership Team and the Board of Governors. Capital improvements for the year 2019/20 totalled £853,543.

FINANCIAL REVIEW FOR THE YEAR ENDED 31 JULY 2020

The consolidated statement of financial activities for the period is set out on page 24 of the financial statements and records the total activities of Woldingham School and its trading subsidiary, Marden Enterprises Ltd, the financial activities of which are set out in Note 24.

WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

The School has been impacted by the lockdown imposed on schools in the UK, essentially for the Summer Term 2020. The Trustees took the decision not to charge the boarding fee to students as they were prevented from attending school; additionally the Trustees provided a discount to all fees as students were unable to fully access the school and its facilities and by

way of an acknowledgement to parents that although the online offering was good it was not the same as attending the school and enjoying the excellent facilities and beautiful grounds.

As the School buildings were closed and much of the day to day operations of the School were affected, the School took the decision to furlough several staff. As the School’s income had been impacted by Covid-19 measures, the contribution of the CJRS was vital in getting the school through these difficult times without having to resort to a redundancy program. However, most of the teaching staff and essential administrative staff worked from home and key estates and caretaking staff came into the school to maintain the campus safety and security. The School wishes to pay tribute and recognise those who continued to provide a high level of service to the school community in such unprecedented times.

Income

The School’s gross income amounted to £15,081,757 (2019: £15,782,026) of which £13,383,360 (2019: £13,872,190) was derived from School fees, a decrease in school fee income of 3.5% compared with the prior year. It should be noted that the decrease can be accounted for by the fee discount provided in the Summer Term, as detailed above. Bursaries and scholarships amounted to £955,879 (2019: £848,605), this increase in part reflects the school’s response to Covid-19 by providing additional support to existing student families experiencing financial hardship.

Expenditure

The total resources expended decreased by 3.8% to £14,914,336 (2019: £15,512,382). Costs continued to be tightly controlled throughout the year.

Reserves level and policy

The level of reserves is kept under review by the Governors when setting the annual budget. This review takes account of projected income and expenditure, as far as this can be ascertained.

Reserves are required to provide sufficient working capital to maintain the day to day running of the School and to meet unforeseen expenditure, such as maintenance of School buildings and to provide sufficient funds to meet any shortfall in funding in future years.

The School’s total reserves of £21,164,912 at the year end included £443,479 restricted funds, £178,512 endowment funds and £20,542,921 unrestricted funds. The School has no free reserves at the Balance Sheet date due to the investment of funds in tangible fixed assets, mainly in buildings for use within the School. The Governors regularly examine the School cash flows alongside development plans and are satisfied that they are adequate for the purpose of meeting its working capital requirements and that they will also cover the strategic capital expenditure when complemented with an appropriate amount of loan finance. The reduced income in the reporting period has meant that the school does not have the anticipated reserves

WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

to commit to planned capital expenditure. The Governors will be reviewing the timing of any plans with the new Head.

Going Concern

The Governors of Woldingham School consider that it is appropriate that the accounts be prepared on a going concern basis. They have considered carefully the facts and circumstances of the School and confirm that there are no material uncertainties relating to events or conditions that may cast significant doubt on the ability of the School to continue as a going concern. In coming to their decision, the Governors have:

Reviewed the forward budget for the School for the next five years, including undertaking necessary sensitivity analyses in respect of operational and financial risks;
Reviewed committed financing arrangements including the continued availability of bank borrowing and the School’s ability to continue to comply with required covenants;
Reviewed the cash flow forecast and liquidity risk for the School having regard to the timing of cash flows; matching cash inflows with projected cash outflows related to all liabilities and commitments;
Reviewed any potential exposure to contingent liabilities that may emerge.

Covid-19 is not expected to have a significant impact on the future of the entity. The Trustees have determined that there is no material uncertainty that casts doubt on the entity’s ability to continue as a going concern. Due to the fee discounts that it was appropriate to provide to parents during the time of the nationwide lockdown and closure of the School buildings, we expect that Covid-19 might have some impact, though not significant, for example, in relation to current year performance, or the timing of future capital projects. The Trustees have been given confidence that the pupil numbers in the School are stable for September 2020 and that the school’s financial provision in terms of its facilities with the bank and forecast cash flow is healthy.

STATEMENT OF GOVERNORS’ RESPONSIBILITIES

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

Company law requires the Governors to prepare financial statements for each financial year. Under company law the Governors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the 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:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;

WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

make judgments and estimates that are reasonable and prudent;
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

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

Insofar as each of the Governors of the charity at the date of approval of this report is aware there is no relevant audit information (information needed by the charity’s auditor in connection with preparing the audit report) of which the charity’s auditor is unaware. Each Governor has taken all of the steps that he/she should have taken as a Governor in order to make himself/herself aware of any relevant audit information and to establish that the charity’s auditor is aware of that information.

Approved by the Governors on 26 November 2020

Robert Parkinson, Chair of Governors

WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WOLDINGHAM SCHOOL

Opinion

We have audited the financial statements of Woldingham School for the year ended 31 July 2020 which comprise Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheet, the Consolidated Cash Flow and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group’s and the charitable company’s affairs as at 31 July 2020 and of the group’s incoming resources and application of resources, including its income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group’s or the charitable company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

Other information

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

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

the information given in the trustees’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

the parent company has not kept adequate accounting records; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2020

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement 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 or the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

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

Tina Allison

Senior Statutory Auditor

For and on behalf of

Crowe U.K. LLP

Statutory Auditor

London

1 December 2020

WOLDINGHAM SCHOOL

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 JULY 2020

Consolidated Income and expenditure account

		Unrestricted	Restricted	Endowment	2020	*2019*
		funds	funds	funds	Total	*Total*
	Notes	£	£	£	£	£
Income from:
Charitable activities
School fees receivable	2	13,383,360	-	-	13,383,360	13,872,190
Ancillary trading income	3	337,804	-	-	337,804	878,375
Other trading activities
Non-ancillary trading income	4	286,328	-	-	286,328	494,574
Other activities	4	369,528	-	-	369,528	343,782
Investments
Investment income	5	34,650	5,348		39,998	39,511
Bank and other interest	6	11,991	-	-	11,991	11,758
Voluntary sources
Grants and donations	7	481,708	171,040	-	652,748	141,836
		___	___	___	___	_____
Total income		14,905,369	176,388	-	15,081,757	15,782,026
		___	___	___	___	_____
Expenditure on:
Raising funds	8
Non-ancillary trading		170,410	-	-	170,410	212,992
Financing costs	9	89,670	-	-	89,670	99,922
Fundraising and development		113,993	33,572	-	147,565	129,051
		___	___	___	___	_____
Total deductible costs		374,073	33,572	-	407,645	441,965
Charitable activities
Education and grant making	8	14,415,543	91,148	-	14,506,691	15,070,417
		___	___	___	___	_____
Total expenditure		14,789,616	124,720	-	14,914,336	15,512,382
		___	___	___	___	_____
Gains/(Losses) on investments		1,342	(3,261)	388	(1,531)	63,860
		___	___	___	___	_____
Net income		117,095	48,407	388	165,890	333,504
Transfers between funds		-	-	-	-	-
		___	___	___	___	_____
Net movement in funds for the year		117,095	48,407	388	165,890	333,504
Fund balances brought forward at
1 August 2019		20,425,826	395,072	178,124	20,999,022	20,665,518
		___	___	___	___	_____
Fund balances carried forward at
31 July 2020		£20,542,921	£443,479	£178,512	£21,164,912	*£20,999,022*
		___	___	___	___	_____

The notes on pages 28 to 43 form part of these financial statements.

WOLDINGHAM SCHOOL

CONSOLIDATED BALANCE SHEET

AT 31 JULY 2020

		2020	2020	*2019*	*2019*
	Notes	GROUP	CHARITY	*GROUP*	*CHARITY*
		£	£	£	£
FIXED ASSETS
Tangible assets	11	23,787,464	23,786,838	23,964,575	23,963,601
Investments	12	786,367	786,369	787,898	787,900
		___	___	___	___
		24,573,831	24,573,207	24,752,473	24,751,501
		___	___	___	___
CURRENT ASSETS
Stock	13	21,391	-	75,924	-
Debtors	14	653,721	747,614	649,158	999,019
Cash at bank and in hand		2,511,424	2,389,934	2,650,760	2,255,435
		___	___	___	___
		3,186,536	3,137,548	3,375,842	3,254,454
CURRENT LIABILITIES
Creditors payable within one year	15	(6,510,009)	(6,461,009)	(5,265,738)	(5,143,990)
		___	___	___	___
NET CURRENT LIABILITIES		(3,323,473)	(3,323,461)	(1,889,896)	(1,889,536)
		___	___	___	___
TOTAL ASSETS LESS CURRENT
LIABILITIES		21,250,358	21,249,746	22,862,577	22,861,965
LONG TERM LIABILITIES
Creditors payable after one year	16	(85,446)	(85,446)	(1,863,555)	(1,863,555)
		___	___	___	___
NET ASSETS		£21,164,912	£21,164,300	£20,999,022	£20,998,410
		___	___	___	___
REPRESENTED BY:
FUNDS
Unrestricted
- General	20	19,768,606	19,767,994	19,541,656	19,541,044
- Designated	20	774,315	774,315	884,170	884,170
Restricted	20	443,479	443,479	395,072	395,072
Endowment	20	178,512	178,512	178,124	178,124
		___	___	___	___
		£21,164,912	£21,164,300	£20,999,022	£20,998,410
		___	___	___	___

The surplus for the financial year dealt with in the financial statements of the parent charitable company was £165,890 (2019: £333,504).

These financial statements were approved by the Board of Governors on 26 November 2020 and were signed on its behalf by:

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Governor
Governor
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Robert Parkinson

James Wright

The notes on pages 28 to 43 form part of these financial statements.

WOLDINGHAM SCHOOL

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JULY 2020

Note £ Net cash inflow from operations Net cash provided by operating activities (i) Cash flows from investing activities Payments for tangible fixed assets (853,543) Proceeds from sale of fixed assets 710 Investment income receipts 31,492 _ Financing Bank loan repayments (111,111) Finance costs paid (89,670) _ Fees in advance scheme New fees in advance money 220,878 Amounts utilised (398,109) Amounts repaid - Debt financing cost 7,952 ___ (Decrease)/increase in cash in year (ii) Reconciliation of net cash flow to movement in net funds (Decrease)/Increase in cash Net funds at 1 August 2019 Net funds at 31 July 2020 2020 GROUP Net cash inflow before financing	£ £ 1,052,065 (527,975) 500 30,363 __ (821,341) (287,576) (99,922)_ _ (200,781) _________ 29,943 275,006_ (512,562) - 11,448 __ (169,279) _ £(139,336) ___ (139,336) 2,650,760 _ £2,511,424 ___ *2019* *GROUP*	£ 1,705,353 (497,112) (387,498) __ 820,743_ (226,108) ___ £594,635 ___
		594,635 2,056,125 ___ £2,650,760 ___

The notes on page 27 form part of this cash flow statement.

WOLDINGHAM SCHOOL

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JULY 2020

		2020		*2019*
		GROUP		*GROUP*
		£	£	£	£
(i)	Reconciliation of net incoming resources
	to net cash flow from operations
	Net incoming resources		165,890		333,504
	Elimination of non operating cashflows
	- Investment income	(31,492)		(30,363)
	- FInancing costs	89,670		99,922
	- Losses/(Gains) on investments	1,531		(63,860)
	Depreciation charge	1,030,654		982,651
	(Profit) on sale of assets	(710)		(500)
	Decrease in stock	54,533		18,374
	(Increase) in debtors	(4,563)		(31,937)
	(Decrease)/Increase in creditors	(96,829)		191,667
	(Decrease)/Increase in parents' deposits	(156,619)		205,895
		___		_____
			886,175		1,371,849
			___		_____
	Net cash inflow from operations		£1,052,065		£1,705,353
			___		___
(ii)	Analysis of changes in net funds
		At	1 Aug 19	Cash flows	At 31 Jul 20
			£	£	£
	Cash at bank		2,650,760	(139,336)	2,511,424
	Cash held as fixed asset investments		-	-	-
			___	___	___
			£2,650,760	£(139,336)	£2,511,424
			___	___	___

WOLDINGHAM SCHOOL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

1. ACCOUNTING POLICIES

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the 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 (FRS102) - effective 1 January 2015.

The functional currency of the School is considered to be GBP since that is the currency of primary economic environment in which the School operates.

The accounts are drawn up on the historical cost basis of accounting, as modified by the revaluation of investments.

The accounts present the consolidated statement of financial actitivies (SOFA), the consolidated cash flow statement and the consolidated and charity balance sheets comprising the consolidation of the School and its wholly owned subsidiary Marden Enterprises Ltd. No separate SOFA has been presented for the Charity alone, as permitted by Section 408 of the Companies Act 2006. The net incoming resources of the Charity are disclosed in note 24.

Reviewed the forward budget for the School for the next five years, including undertaking necessary
sensitivity analyses in respect of operational and financial risks;
Reviewed committed financing arrangements including the continued availability of bank borrowing and
the School’s ability to continue to comply with required covenants;
Reviewed the cash flow forecast and liquidity risk for the School having regard to the timing of cash flows;
Reviewed any potential exposure to contingent liabilities that may emerge.

The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 2 July 2008 (company number: 06636665) and registered as a charity on 6 August 2008 (charity number: 1125376). The registered office is Woldingham School, Marden Park, Woldingham, Surrey CR3 7YA.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, Governors are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

WOLDINGHAM SCHOOL

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

1. ACCOUNTING POLICIES (continued)

In the view of the Governors, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Charity's financial statements.

1.1 Fees and similar earned income

Fees receivable and charges for services and use of the premises, less any allowances, scholarships, bursaries granted by the School against those fees, but including contributions received from restricted funds, are accounted for in the period in which the service is provided.

1.2 Investment income

Investment income from dividends, bank balances and fixed interest securities is accounted for on an accruals basis.

1.3 Donations, legacies, grants and other voluntary incoming resources

Voluntary incoming resources are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic benefit to the School is considered probable.

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

Voluntary income for the School's general purposes is accounted for as unrestricted and is credited to the general reserve fund. Where the donor or appeal has imposed trust law restrictions, voluntary income is credited to the relevant restricted fund and incoming endowments are accounted for as permanent trust capital or expendable trust capital, according to whether the donor intends retention is to be permanent or not. Gifts in kind are valued at estimated open market value at the date of the gift, in the case of assets for retention or consumption, or at the value to the School in the case of donated services or facilities.

1.4 Expenditure

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities. Expenditure attributable to more than one cost category in the SOFA is apportioned to them on the basis of the estimated amount attributable to each activity in the year, either by reference to staff time or the use made of the underlying assets, as appropriate. The direct costs incurred in preserving the School's buildings and their contents are shown as a charitable activity distinct from that of the education and grant making. Irrecoverable VAT is included with the item of expenditure to which it relates.

Grants awarded are expensed as soon as they become legal or operational commitments. Governance costs comprise the costs of complying with constitutional and statutory requirements. Intra-group sales and charges between the School and its subsidiary are excluded from trading income and expenditure.

1.5 Tangible fixed assets

Expenditure on the acquisition, construction or enhancement of land and buildings, costing more than £20,000 together with vehicles, furniture, machinery, ICT infrastructure and other equipment costing more than £3,000 are capitalised and carried in the balance sheet at historical cost. ICT equipment costs are written off as incurred.

Other expenditure on equipment incurred in the normal day-to-day running of the School and its subsidiary are charged to the Statement of Financial Activities as incurred.

WOLDINGHAM SCHOOL

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 JULY 2020

1. ACCOUNTING POLICIES (continued)

1.6 Depreciation

Depreciation is provided to write off the cost of all relevant tangible fixed assets less estimated residual value based on current market prices, in equal annual instalments over their expected useful lives as follows:

Freehold buildings 50 years Furniture and equipment 6 - 15 years Motor vehicles 4 years ICT equipment 3 years

1.7 Investments

Listed investments are valued at market value as at the balance sheet date. Unrealised gains and losses arising on the revaluation of investments are credited or charged to the Statement of Financial Activities and are allocated to the appropriate Fund according to the "ownership" of the underlying assets.

1.8 Stock

Stock represents goods for resale and is valued at the lower of cost and net realisable value.

1.9 Fund accounting

The charitable funds of the School and its subsidiary are accounted for as unrestricted or restricted income, in accordance with the terms of trust imposed by the donors or any appeal to which they may have responded.

Unrestricted income belongs to the School's corporate reserves, spendable at the discretion of the Governors either to further the School's objects or to benefit the School itself. Where the Governors decide to set aside any part of these funds to be used in future for some specific purpose, this is accounted for by transfer to the appropriate designated fund.

Restricted income comprises gifts, legacies and grants where there is no capital retention obligation or power but only a trust law resriction to some specific purpose intended by the donor.

1.10 Pension costs

Retirement benefits to employees of the School are provided through two pension schemes, one defined benefit and one defined contribution. The pension costs charged in the Statement of Financial Activities are determined as follows:

(a) The Teachers' Pension Scheme - This scheme is a multi-employer pension scheme. It is not possible to identify the School's share of the underlying assets and liabilities of the Teachers' Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS102, accounts for the scheme as if it were a defined contribution scheme. The School's contributions, which are in accordance with the recommendations of the Government Actuary, are charged in the period in which the salaries to which they relate are payable.

(b) Woldingham School Group Personal Pension Plan - This is a defined contribution group personal pension plan with Standard Life. Employer's pension costs are charged in the period in which the salaries to which they relate are payable.

1.11 Operating leases

Rentals under operating leases are charged on a straight line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight line basis over the lease term.

WOLDINGHAM SCHOOL

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 JULY 2020

1. ACCOUNTING POLICIES (continued)

1.12 Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised value with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions. Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year end exchange rate.

At the balance sheet date the school held financial assets at amortised cost of £2,734,161 (2019: £2,892,445), financial assets at fair value through income or expenditure of £786,368 (2019: £76,261) and financial liabilities at amortised cost of £6,595,455 (2019: £7,129,293).

2. SCHOOL FEES

SCHOOL FEES
	2020	*2019*
	£	£
The School's fee income comprised:
School fees	14,366,631	14,782,535
Less: Total bursaries, grants and allowances	983,271	910,345
	____	______
	£13,383,360	£13,872,190
	___	_____

Scholarships and bursaries were awarded to 164 pupils (2019: 143). Within this, means tested bursaries totalling £552,310 were awarded to 53 pupils (2019: £497,169 to 44 pupils).

3. CHARITABLE ACTIVITIES - OTHER INCOME

School trips and other income Entrance and registration fees Lettings income Commissions and other income OTHER TRADING ACTIVITIES Trading income Marden Enterprises Limited Other activities Interest on overdue fees Miscellaneous Profit on disposal of fixed assets Flexi boarding and overnight stays	2020 £ 233,176 55,678 43,696 5,254 _ £337,804 ___ 2020 £ £286,328 ___ 2,448 188,231 178,139 710 _ £369,528 ___	*2019* £ 699,788 70,368 96,147 12,072 ______ £878,375 _____
		*2019* £ £494,574 _____
		3,900 203,612 135,770 500 ______ £343,782 _____

4. OTHER TRADING ACTIVITIES

WOLDINGHAM SCHOOL

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 JULY 2020

5. INVESTMENT INCOME

5.	INVESTMENT INCOME
		Unrestricted	Restricted	Endowment	Total	*Total*
					2020	*2019*
		£	£	£	£	£
	Securities investment income
	Equities	18,986	5,348	-	24,334	23,847
	Property investment income
	Rents receivable	15,664	-	-	15,664	15,664
		____	____	____	____	______
		£34,650	£5,348	£	£39,998	£39,511
		___	___	___	___	_____
6.	BANK AND OTHER INTEREST
		Unrestricted	Restricted	Endowment	Total	*Total*
					2020	*2019*
		£	£	£	£	£
	Bank interest	£11,991	£-	£-	£11,991	£11,758
		___	___	___	___	_____
7.	GRANTS AND DONATIONS RECEIVABLE
		Unrestricted	Restricted	Endowment	Total	*Total*
					2020	*2019*
		£	£	£	£	£
	Donations
	Jayne Triffitt bursary fund	-	56,720	-	56,720	73,138
	Bursary Fund Donations	-	95,926	-	95,926	17,604
	Miscellaneous donations	-	14,794	-	14,794	35,847
	V Feng prize day award	-	-	-	-	50
	Woldingham Parent Staff
	Association	-	-	-	-	7,792
	WSHA Bursary donations	-	-	-	-	7,405
	Chapel Fund		3,000		3,000	-
	Arkwright Scholarships		600		600	-
	Government grant
	JRS grant	481,708	-	-	481,708	-
		____	____	____	____	______
		£481,708	£171,040	£-	£652,748	£141,836
		___	___	___	___	_____

OLDINGHAM SCHOOL

TES TO THE ACCOUNTS (continued)

R THE YEAR ENDED 31 JULY 2020

ANALYSIS OF EXPENDITURE Total expenditure Staff costs Depreciation (Note 10) (Note 11) £ £ Costs of generating funds Trading costs - 348 Financing costs (Note 9) - - Development costs - - _ _ Total costs of generating funds - 348 _ _ Charitable expenditure *Education and grant making* Teaching 5,659,495 - Welfare 788,995 - Premises repair & maintenance 1,057,440 659,436 Support costs & governance 1,480,909 370,871 Grants, awards & prizes (Note 8(b)) - - _ _ Total charitable expenditure 8,986,839 1,030,307 _ _ Total expended £8,986,839 £1,030,655 ___ ___ Grants, awards & prizes From unrestricted funds: Bursaries & other grants & awards Prizes & leaving awards From restricted funds: Prizes & leaving awards Total charitable expenditure Governance included in support costs: Remuneration paid to auditor for audit services Remuneration paid to auditor for other services	Other Total *Total* 2020 *2019* £ £ £ 170,062 170,410 212,992 89,670 89,670 99,922 147,565 147,565 129,051 _ _ __ 407,297 407,645 441,965 _ __________ ____________ 523,751 6,183,246 _6,314,477 1,211,740 2,000,735 2,484,123 1,614,565 3,331,441 3,374,168 1,134,303 2,986,083 2,878,902 5,186 5,186 18,747 _ _ __ 4,489,545 14,506,691 15,070,417 _ __________ ____________ £4,896,842 £14,914,336 £15,512,382_ ___ _____ _____ 2020 *2019* £ £ 975,319 898,897 100 100 89,220 71,195 _ _ £1,064,639 £970,192_ _____ _____ 2020 *2019* £ £ 23,167 25,092 1,950 900 _ ______ £25,117 £25,992 _____ _____	Other Total *Total* 2020 *2019* £ £ £ 170,062 170,410 212,992 89,670 89,670 99,922 147,565 147,565 129,051 _ _ __ 407,297 407,645 441,965 _ __________ ____________ 523,751 6,183,246 _6,314,477 1,211,740 2,000,735 2,484,123 1,614,565 3,331,441 3,374,168 1,134,303 2,986,083 2,878,902 5,186 5,186 18,747 _ _ __ 4,489,545 14,506,691 15,070,417 _ __________ ____________ £4,896,842 £14,914,336 £15,512,382_ ___ _____ _____ 2020 *2019* £ £ 975,319 898,897 100 100 89,220 71,195 _ _ £1,064,639 £970,192_ _____ _____ 2020 *2019* £ £ 23,167 25,092 1,950 900 _ ______ £25,117 £25,992 _____ _____
		*2019* £ 898,897 100 71,195 ______ £970,192 _____
		*2019* £ 25,092 900 ______ £25,992 _____

WOLDINGHAM SCHOOL

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 JULY 2020

9. FINANCE AND OTHER COSTS INCLUDED IN SUPPORT COSTS

9. FINANCE AND OTHER COSTS INCLUDED IN SUPPORT COSTS
Finance lease charges Bank charges Bank interest Operating lease payments 10. STAFF COSTS The aggregate payroll costs for the year were as follows: Wages and salaries Social security costs Pension costs	2020 £ 1,451 35,284 52,935 97,567 _ £187,237 ___ £ 7,178,857 740,934 1,067,048 _ £8,986,839 ___	*2019* £ 1,623 35,505 62,794 97,567 ___ £197,489 ___
		£ 7,183,191 742,902 781,536 ___ £8,707,629 ___

None of the Governors received any remuneration or other benefits from Woldingham School or from any	None of the Governors received any remuneration or other benefits from Woldingham School or from any	None of the Governors received any remuneration or other benefits from Woldingham School or from any
connected body.
Aggregate employee benefits of key management personnel	£738,643	£852,784
	___	___
Number of higher paid employees in bands of:
£60,001 - £70,000	5	2
£70,001 - £80,000	4	5
£90,001 - £100,000	-	1
£170,000 - £180,000	1	-
£180,001 - £190,000	-	1
	___	___
The number with retirement benefits accruing in:
- Money Purchase schemes was	2	2
of which the contributions amounted to	£4,008	£9,929
- Defined benefit schemes	5	5
The average number of employees during the year was:
	No	No
Teachers and support staff	96	89
Non teaching staff	114	120
	___	___
	210	209
	___	___

During the year settlement agreement payments totalling £Nil (2019: £19,255) were paid.

WOLDINGHAM SCHOOL

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 JULY 2020

11. TANGIBLE FIXED ASSETS

Group and charity
Freehold
land &
buildings
Furniture &
equipment
£
£
COST
At 1 August 2019
33,114,645
5,799,139
Additions in period
401,254
436,063
Disposals in period
-
-
_
_
At 31 July 2020
33,515,899
6,235,202
_
_
DEPRECIATION
At 1 August 2019
10,113,202
4,880,526
Charge for the period
659,435
350,362
Disposals in period
-
-
_
_
At 31 July 2020
10,772,637
5,230,888
_
_
NET BOOK VALUE
At 31 July 2020
£22,743,262
£1,004,314
___
___
At 31 July 2019
£23,001,443
£918,613
___
___

Motor
vehicles
Charity
Total
Subsidiary
Furniture &
equipment
Group
Total
£
£
£
£
136,485
39,050,269
2,317
39,052,586
16,226
853,543
-
853,543
(15,728)
(15,728)
-
(15,728)
_
_
_
_
136,983
39,888,084
2,317
39,890,401
_
_
_
_
92,940
15,086,668
1,343
15,088,011
20,509
1,030,306
348
1,030,654
(15,728)
(15,728)
-
(15,728)
_
_
_
_
97,721
16,101,246
1,691
16,102,937
_
_
_
_
£39,262
£23,786,838
£626
£23,787,464
___
___
___
___
£43,545
£23,963,601
£974
£23,964,575
___
___
___
___

WOLDINGHAM SCHOOL

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 JULY 2020

		2020	2020	*2019*	*2019*
12.	INVESTMENTS	Group	Charity	*Group*	*Charity*
		£	£	£	£
	Market value at 1 August 2019	787,898	787,900	724,038	724,040
	Additions at cost	-	-	-	-
	Disposals	-	-	-	-
	Unrealised (loss)/gain in year	(1,531)	(1,531)	63,860	63,860
		___	___	_____	_____
	Market value at 31 July 2020	£786,367	£786,369	£787,898	£787,900
		___	___	_____	_____
	Cost transferred and at 31 July 2020	£685,901	£685,901	£685,901	£685,901
		___	___	_____	_____
	Comprising:
	Cash and cash equivalents	-	-	-	-
	Equities	778,357	778,357	776,627	776,627
		___	___	_____	_____
	Market value at 31 July 2020	£778,357	£778,357	£776,627	£776,627
		___	___	_____	_____
	All investments relate to restricted or designated funds and are held in the UK. Investments comprising 5% or
	more of the portfolio are as follows:
		£	£	£	£
	CCLA Charities Investment Fund	778,357	778,357	776,627	776,627
		___	___	___	___
	Charity investments also include the £2 investment in its subsidiary Marden Enterprises Ltd.
13.	STOCK
	Stock of goods for resale	£21,391	£-	£75,924	£-
		___	___	___	___
14.	DEBTORS
		£	£	£	£
	School fees	99,702	99,702	176,310	176,310
	Amount due from subsidiary undertaking	-	115,436	-	390,174
	Other debtors and prepayments	554,019	532,476	472,848	432,535
		___	___	___	___
		£653,721	£747,614	£649,158	£999,019
		___	___	___	___

WOLDINGHAM SCHOOL

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 JULY 2020

15. CREDITORS: Amounts falling due within one year

Bank loans Fees in advance (Note 17) Taxation and social security Other creditors and accruals Fee deposits	2020 Group £ 1,703,704 73,741 178,103 2,352,262 2,202,199 ___ £6,510,009 ___	2020 Charity £ 1,703,704 73,741 178,103 2,303,262 2,202,199 ___ £6,461,009 ___	*2019* *Group* £ 111,111 203,326 188,209 2,404,274 2,358,818 ___ £5,265,738 ___	*2019* *Charity* £ 111,111 203,326 188,209 2,282,526 2,358,818 ___ £5,143,990 ___

16. CREDITORS: Amounts falling due after more than one year

Fees in advance (Note 17) Other creditors and accruals Bank loans Amounts falling due within 1 to 2 years	£ 84,264 1,182 - ___ £85,446 ___	£ 84,264 1,182 - ___ £85,446 ___	£ 123,958 35,893 1,703,704 _____ £1,863,555 ___	£ 123,958 35,893 1,703,704 _____ £1,863,555 ___

The bank loans and overdrafts are secured on the freehold property of the school. Interest on the bank loan is charged at 2.25% over base rate.

In November 2020 the School entered into a new loan agreement with Barclays to refinance the existing loan. The term of the new loan is 5 years.

The Governors have reviewed the contract terms under which Pupil fee deposits are held by the school. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the school, pupils can leave at earlier dates. The school does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at 31 July 2020 have been included within current liabilities. The prior year Pupil fee deposits balance has been similarly represented.

Under normal circumstances, we would expect £268,785 (2019: £412,541) to be repaid in less than 1 year, and £1,899,078 (2019: £1,866,255) in more than 1 year.

WOLDINGHAM SCHOOL

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 JULY 2020

17. ADVANCE FEE PAYMENTS

Parents may enter into a contract to pay to the School up to the equivalent of seven years' School fees in advance. The money may be returned to parents or another School, subject to specific conditions upon the receipt of one terms's notice. Assuming pupils will remain in the School, advance fees will be applied as follows:

Within 2 - 5 years Within 1 - 2 years Within 1 year	2020 Group £ 42,960 41,304 _ 84,264 73,741 _ £158,005 ___	2020 Charity £ 42,960 41,304 _ 84,264 73,741 _ £158,005 ___	2019 Group £ 84,264 39,694 __ 123,958_ 203,326 _ £327,284_ ______	2019 Charity £ 84,264 39,694 __ 123,958_ 203,326 _ £327,284_ ______

Summary of movements in liability Balance at 1 August 2019 New contracts Amounts used to pay fees Amounts repaid Amounts accrued to contract as debt financing cost Balance at 31 July 2020	£ 327,284 220,878 (398,109) - 7,952 _ £158,005 _

18. FUNDS

The School's funds are analysed under the following headings:

Restricted funds

Community use project o For expenditure to benefit the local community Corbishley Fund o To fund a prize day award in memory of an Old Girl Deborah Ogle Fund o To fund a prize day award in memory of an Old Girl Jayne Triffitt bursary fund o To fund a full bursary award for pupils Donation - Piano purchase o To fund purchase of piano in memory of an Old Girl McGowan prize day awards o To fund two annual prize day awards V Feng prize day award o To fund a prize day award in memory of an Old Girl WPSA donations o Donated funds to enable the purchase of auditorium equipment

Designated funds

Roof fund o Funds set aside for maintenance of Main house roof School Foundation o Donations made to School Foundation

Unrestricted funds

Unrestricted funds represent accumulated income from the School's activities and other sources that are available for the general purpose of the School.

WOLDINGHAM SCHOOL

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 JULY 2020

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

	Unrestricted	Designated	Restricted	Endowment
	funds	funds	funds	funds	Total
	£	£	£	£	£
Tangible fixed assets	23,787,464	-	-	-	23,787,464
Fixed asset investments	-	603,610	8,011	174,746	786,367
Net current (liabilities)/assets	(3,933,412)	170,706	435,467	3,766	(3,323,473)
Long term liabilities	(85,446)	-	-	-	(85,446)
	___	___	___	___	___
Group funds	£19,768,606	£774,316	£443,478	£178,512	£21,164,912
	___	___	___	___	___

20. SUMMARY OF MOVEMENTS ON MAJOR FUNDS

Balance 1
Aug 2019
Income
Expended
Transfers
between
funds
£
£
£
£
Group
General funds
Unrestricted funds
19,559,764
14,884,466
(14,675,623)
-
Designated funds
Roof fund
527,375
1,241
-
-
School Foundation Funds
338,687
19,148
(113,993)
-
Restricted funds
Community use project
17,041
-
(1,328)
-
Corbishley Fund
4,810
145
(40)
-
Deborah Ogle Fund
7,852
238
(100)
-
Jayne Triffitt bursary funds
351,466
167,440
(122,612)
Donation - Piano purchase
10,000
-
-
McGowan prize day awards
3,098
131
(40)
-
V Feng prize day award
805
-
-
-
Chapel Fund
-
3,000
-
Arkwright Scholarships
-
600
(600)
-
Endowment funds
WSHA Endowment
178,124
5,348
-
-
_
_
_
_
£20,999,022
£15,081,757
£(14,914,336)
£-
_
_
_
_

Gains/
(Losses)
Balance 31
July 2020
£
£
-
19,768,607
-
528,616
1,342
245,184
-
15,713
(921)
3,994
(1,508)
6,482
-
396,294
-
10,000
(832)
2,357
-
805
-
3,000
-
-
388
183,860
_
_
£(1,531)
£21,164,912
_
_

21. GOVERNORS REMUNERATION AND RELATED PARTY TRANSACTIONS

Governors are not remunerated. No expenses were reimbursed to Governors during the year or the previous year.

There are no disclosable related party transactions, other than those disclosed in Note 24.

22. PENSION SCHEMES

Retirement benefits to employees of the School are provided through a defined benefit scheme and a defined contribution scheme.

Defined benefit scheme Teachers' Pension Scheme

The School participates in the Teachers’ Pension Scheme (England and Wales) (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £933,871 (2019: £650,199).

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.

WOLDINGHAM SCHOOL

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 JULY 2020

22. PENSION SCHEMES (Continued)

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

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

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. A consultation was launched by the government on 16 July 2020, and closed to responses on 11 October 2020.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020 and the government is preparing to complete the cost control element of the 2016 valuations, which is expected to be completed in 2021.

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

Until the consultation and the cost cap mechanism review are completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.

Defined contribution scheme

The School instituted a new support staff stakeholder pension scheme with Standard Life in 2008. The School as the Employer provides a maximum contribution of 6% to Standard life plans. Employee contributions vary depending upon employee choice.

In addition, the School as the Employer contributes to a very small number of additional non-teaching staff personal pension arrangements operating on a defined contribution basis.

There were no amounts unpaid or prepaid to any scheme at the year end. The assets of all schemes are held separately from those of the School.

WOLDINGHAM SCHOOL

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 JULY 2020

23. SCHOOL RESULTS

The School's own results for the year included in the consolidated Statement of Financial Activities were:

	2020	*2019*
	£	£
Income from:
Charitable activities	13,383,360	13,872,190
Other trading activities	337,804	878,375
Other activities	369,528	343,782
Investments
o Investment income	39,998	39,511
o Interest receivable	11,991	11,758
Voluntary sources
o Grants and donations/gift aid receivable	768,664	423,418
	_____	_____
Total income	14,911,345	15,569,034
	_____	_____
Expenditure on:
Other activities to raise funds	89,670	99,922
Charitable activities:
Education and grant making	14,654,256	15,199,468
	_____	_____
Total expenditure	14,743,926	15,299,390
	_____	_____
Net income and capital outflow for year before gains/losses	167,419	269,644
Investment (losses)/gains	(1,531)	63,860
	_____	_____
Net movement in funds for year	165,888	333,504
Corporate reserves and trust funds brought forward	20,999,022	20,665,518
	_____	_____
Corporate reserves and trust funds carried forward	£21,164,910	£20,999,022
	_____	_____

24. SUBSIDIARY

The School owns all of the issued share capital of Marden Enterprises Limited, a company incorporated in England and Wales (Company number 02873104), whose registered office is Marden Park, Woldingham, Surrey, CR3 7YA. This company carries out trading activities on behalf of the School, it runs the school shops and the School's wedding and events business.

In the year ended 31 July 2020, Marden Enterprises Ltd had a turnover of £286,328 (2019: £494,574), gross profit of £133,461 (2019: £296,874) and a profit before gift aid of £34,666 (2019: £182,804).

In the year ended 31 July 2020, the School charged £81,252 (2019: £98,778) to Marden Enterprises Ltd for the provision of staff and administration charges. The balance owed to the School by Marden Enterprises Ltd at 31 July 2020 was £115,436, including the gift aid payment of £34,666.

WOLDINGHAM SCHOOL

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 JULY 2020

25. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE FIGURES BY FUND TYPE

	Unrestricted	Designated	Restricted	2020
	funds	funds	funds	Total
	£	£	£	£
Income from:
Charitable activities
School fees receivable	13,872,190	-	-	13,872,190
Ancillary trading income	878,375	-	-	878,375
Other trading activities
Non-ancillary trading income	494,574	-	-	494,574
Other activities	343,782	-	-	343,782
Investments
Investment income	33,772	5,739	-	39,511
Bank and other interest	11,758	-	-	11,758
Voluntary sources
Grants and donations	900	140,936	-	141,836
	___	___	___	___
Total income	15,635,351	146,675	-	15,782,026
	___	___	___	___
Expenditure on:
Raising funds
Non-ancillary trading	212,992	-	-	212,992
Financing costs	99,922	-	-	99,922
Fundraising and development	129,051	-	-	129,051
	___	___	___	___
Total deductible costs	441,965	-	-	441,965
Charitable activities
Education and grant making	14,991,430	78,987	-	15,070,417
	___	___	___	___
Total expenditure	15,433,395	78,987	-	15,512,382
	___	___	___	___
Gains/(Losses) on investments	50,398	(1,129)	14,591	63,860
	___	___	___	___
Net income	252,354	66,559	14,591	333,504
Transfers between funds	-	-	-	-
	___	___	___	___
Net movement in funds for the year	252,354	66,559	14,591	333,504
Fund balances brought forward at
1 August 2018	20,173,472	328,513	163,533	20,665,518
	___	___	___	___
Fund balances carried forward
31 July 2019	£20,425,826	£395,072	£178,124	£20,999,022
	___	___	___	___

WOLDINGHAM SCHOOL

NOTES TO THE ACCOUNTS (continued)

FOR THE YEAR ENDED 31 JULY 2020

26. ANALYSIS OF NET ASSETS BETWEEN FUNDS - COMPARATIVE FIGURES

			Unrestricted	Designated	Restricted	Endowment
			funds	funds	funds	funds	Total
			£	£	£	£	£
Tangible fixed assets			23,964,575	-	-	-	23,964,575
Securities investments			-	602,268	11,272	174,358	787,898
Net current liabilities			(2,559,364)	281,903	383,799	3,766	(1,889,896)
Long term liabilities			(1,863,555)	-	-	-	(1,863,555)
			___	___	___	___	___
Charity funds at 31 July 2019			£19,541,656	£884,171	£395,071	£178,124	£20,999,022
			___	___	___	___	___
SUMMARY OF MOVEMENTS ON	MAJOR FUNDS - COMPARATIVE FUNDS
					Transfers
	Balance	1 Aug			between	Gains/	Balance 31
	2018		Income	Expended	funds	(Losses)	July 2019
	£		£	£	£	£	£
Group
General funds
Unrestricted funds	19,230,921		15,633,187	(15,304,344)	-	-	19,559,764
Designated funds
Roof fund	525,900		1,475	-	-	-	527,375
School Foundation Funds	416,651		689	(129,051)	-	50,398	338,687
Restricted funds
Community use project	17,041		-	-	-	-	17,041
Corbishley Fund		4,989	140	-	-	(319)	4,810
Deborah Ogle Fund		8,244	230	(100)	-	(522)	7,852
Jayne Triffitt bursary award	294,135		120,931	(63,600)	-	-	351,466
Donation - Piano purchase		-	10,000	-	-	-	10,000
McGowan prize day awards		3,299	127	(40)	-	(288)	3,098
V Feng prize day award		805	50	(50)	-	-	805
WSHA donations		-	7,405	(7,405)	-	-	-
WPSA donations		-	7,792	(7,792)	-	-	-
Endowment funds
WSHA Endowment	163,533		-	-	-	14,591	178,124
	___		___	___	___	___	___
	£20,665,518		£15,782,026	£(15,512,382)	£-	£63,860	£20,999,022
	___		___	___	___	___	___

27. SUMMARY OF MOVEMENTS ON MAJOR FUNDS - COMPARATIVE FUNDS

28. CAPITAL COMMITMENTS

At 31 July 2020 there were capital commitments authorised and contracted for of £238,053 (2019: £650,103).

29. OPERATING LEASES

At 31 July 2020 the School had annual commitments under non-cancellable operating leases in respect of equipment expiring as follows:

Operating leases which expire: Within one year Within one to two years Within two to five years _	2020 Group £ 11,578 - 67,153 ___ _ £78,731 ___	2020 Charity £ 11,578 - 67,153 ___ ___ £78,731 ___	*2019* *Group* £ 55,706 - 45,106 __ £100,812 _____	*2019* *Charity* £ 55,706 - 45,106 _____ £100,812 _____

WOLDINGHAM SCHOOL

DETAILED INCOME ANALYSIS (Including Woldingham School Foundation)

FOR THE YEAR ENDED 31 JULY 2020

For the information of the directors only

	2020		*2019*
	£	£	£	£
Fees receivable
Boarding fees	8,424,005		7,856,852
Day fees	7,920,823		6,925,683
	___		___
		16,344,828		14,782,535
Donation from Marden Enterprises Ltd		34,665		182,805
Other donations		171,040		141,836
Bank and other interest		36,325		35,605
Rental income		123,437		162,142
Other income
Management charge	81,252		98,778
Government JRS grant	481,708		-
Discounts received	5,254		12,072
Surcharge on late fees	2,448		3,900
Registration fees	55,678		70,368
School trips and other income	233,176		699,788
Miscellaneous	302,293		289,051
Profit on disposal of fixed assets	710		500
	___		___
		1,162,519		1,174,457
		___		___
Total incoming resources		£17,872,814		£16,479,380
		___		___

The average number of pupils at the school during the year was 583 (2019: 539), of whom 355 (2019: 317) were day pupils.

WOLDINGHAM SCHOOL

DETAILED EXPENDITURE ANALYSIS

FOR THE YEAR ENDED 31 JULY 2020

For the information of the directors only

	2020		*2019*
	£	£	£	£
Teaching costs
Teaching staff costs	4,053,209		3,966,208
Teaching support staff costs	208,261		230,787
Employers National Insurance	468,335		456,014
Pension costs	929,690		653,656
Chapel	5,782		9,119
Teaching expenses
- Departmental and in service training	175,897		199,354
- Extra curricular and other teaching costs	108,896		99,551
- School trips and other expenditure	233,176		699,788
	___		_____
		6,183,246		6,314,477
Welfare
Housemistress' and Nurses' salaries	460,135		517,986
Employers NIC and pension costs	84,004		82,814
Domestic Service salaries	222,160		252,204
Employers NIC and pension costs	22,696		25,868
Laundry, linen and housekeeping	47,820		49,153
Catering costs	1,053,051		1,435,254
Medical expenses and equipment	22,842		31,739
Sundry welfare costs	88,027		89,105
	___		_____
		2,000,735		2,484,123
Premises
Repairs and maintenance	788,530		727,718
Maintenance of grounds	56,059		76,401
Furniture and equipment	24,022		40,920
Heating and lighting	480,424		569,490
Insurance	106,865		116,178
Rates and water	158,665		159,396
Salary
- Domestic services	222,160		249,418
- Gardeners	182,071		170,205
- Security and Maintenance	530,356		496,119
Employers NIC and pension costs	122,853		118,474
Depreciation	659,436		649,849
	___		_____
		3,331,441		3,374,168
		___		_____
Balance carried forward		11,515,422		12,172,768

WOLDINGHAM SCHOOL

DETAILED EXPENDITURE ANALYSIS (continued)

FOR THE YEAR ENDED 31 JULY 2020

For the information of the directors only

£ Balance brought forward Support costs Office equipment - Printing and stationery 18,612 Postage and telephones 43,581 Advertising and promotion 132,359 Leasing and maintenance 205,624 Legal and professional 239,546 Travel and motoring 134,106 Administration staff - salaries 659,056 Other staff - salaries 620,826 Employers NIC and pension costs 180,404 Apprenticeship levy 20,623 Bad and doubtful debts 24,285 Sundry expenses 202,767 Foundation/development costs 147,565 Recruitment of staff 107,393 Depreciation 370,871 _ Grants Awards and Prizes Prizes and prize day expenses 5,186 Bursaries, scholarships and discounts 2,961,468 _ Charitable expenditure Governance costs Costs of generating funds Bank interest, charges and provisions Total resources expended Total incoming resources (page 44) Net incoming resources 2020	£ £ 11,515,422 818 24,605 59,418 202,389 261,393 55,397 136,058 661,605 617,866 187,612 20,793 26,979 210,332 129,051 54,042 332,454 __ 3,107,618 18,747_ 910,345 _ 2,966,654 _ 17,589,694 26,030 89,670 _ 17,705,394 17,872,814 _ £167,420 ___ *2019*	£ 12,172,768 2,980,812 929,092 __ 16,082,672_ 27,140 99,922 _ 16,209,734_ 16,479,380 __ £269,646 _____

A Company Limited by Guarantee No: 6636665 Registered as a Charity No: 1125376

CONTENTS

Pages

DIRECTORS’ REPORT

STRATEGIC REPORT

ADMINISTRATIVE INFORMATION

Legal Status

Principal Address and registered Office

DIRECTORS’ REPORT

GOVERNANCE OF THE SCHOOL

BOARD MEMBERS

Independent Board Members

MEMBERSHIP OF COMMITTEES

Estates Committee

Governance Committee

SCHOOL LEADERSHIP TEAM (SLT)

SUBSIDIARY BUSINESS

STRATEGIC REPORT

WOLDINGHAM SCHOOL VISION & MISSION

RISK MANAGEMENT

KEY OBJECTIVES 2019-2020

Governance and Management

Diversity and Inclusion

Remuneration Policy

ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR 2019-2020

Marketing and Admissions

Covid-19

Academic Achievement

A Level

GCSE

Value Added

Co-Curricular Provision - Drama

Workshops

Speech and Drama / Public Speaking Exams (Trinity College London)

Productions

Jesus Christ Super Star

Face the Music 2020

A Streetcar Named Desire

Music

Co-Curricular Programme

Sport

Pastoral Care - Wellbeing

Safeguarding

Safeguarding Training

Governor Safeguarding Meetings

Boarding

Thrive

Religious Ethos of the School

Faith in Action talk

Ministries of Service

Days of Reflection

Harvest Festival

Outreach programme

Inter Faith Week November 2019

Community Carols

Sacred Heart Parish New Year Lunch

Confirmation

Leavers’ Mass

Public Benefit and the Wider Community

Fundraising

Investments

Assets and Facilities

FINANCIAL REVIEW FOR THE YEAR ENDED 31 JULY 2020

Income

Expenditure

Reserves level and policy

Going Concern

STATEMENT OF GOVERNORS’ RESPONSIBILITIES

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WOLDINGHAM SCHOOL

Opinion

Basis for opinion

Conclusions relating to going concern

Other information

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

Responsibilities of trustees

Auditor’s responsibilities for the audit of the financial statements

Use of our report

Crowe U.K. LLP