WOLDINGHAM
SCHOOL
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **CONTENTS**
_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
- 9-10 KEY OBJECTIVES 2021 – 2022
- 10-15 ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR 2021/2022
- 15-16 FINANCIAL REVIEW FOR YEAR ENDED 31 JULY 2022
- 16-17 STATEMENT OF GOVERNORS’ RESPONSIBILITIES
- 18-21 INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF WOLDINGHAM SCHOOL
- 22 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
- 23 CONSOLIDATED BALANCE SHEET
- 24 CONSOLIDATED CASH FLOW STATEMENT
- 25 NOTES TO CONSOLIDATED CASH FLOW STATEMENT
- 26-41 NOTES TO THE FINANCIAL STATEMENTS
Pages 4 – 17 constitute the Directors’ and Strategic Annual Report
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WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **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
## _Contact_
Website: www.woldinghamschool.co.uk Email: info@woldinghamschool.co.uk
A Company Limited by Guarantee No: 6636665 Registered as a Charity No: 1125376
## **PROFESSIONAL ADVISERS**
**Bankers** Barclays Bank plc Caterham Branch, PO Box 95 1 North End, Croydon CR9 1RN **Solicitors** 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
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WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **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 and 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.
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WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **BOARD MEMBERS**
Mr R Parkinson MA (Oxon)
Chair of Governors
Mr J Wright MA (Cantab), FCA
Vice Chair
Mr I Baker BA (Kent), ACA
Miss C Berwick BSc (Southampton)
Deputy Designated Safeguarding Governor
Mr J Cons BA (Brighton) Dip Arch, MBA
Mrs V Donegan MA (Oxon)
Mrs H Hanbury MA (Edinburgh), MSc (Cantab)
Mrs C McNamara BA (Mod) (LegSc) (Dublin), MEconSc (NUI) Judge I Munonyedi BA, Dip. Law, BL Designated Safeguarding Governor
Dr Y Pinto BSc (Reading), PhD, MSc (Imperial)
Mr M Redman Resigned 16/6/2022
Mr C Scattergood
Mr T Woffenden MA (Oxon) Resigned 16/6/2022 Prof. Francis Davis BA (Dunelm) MSc (SOAS), MPA, PhD, FRSM Appointed 29/4/22
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WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **MEMBERSHIP OF COMMITTEES**
The Chair of Governors and the Head attend all committee meetings. Four committees meet at appropriate times during the school year and report to each meeting of the Board of Governors. Membership at the date of this report were:
## **Finance Committee**
Mr J Wright (Chair) Mr I Baker Mr J Cons Mrs V Donegan Mr M Redman (resigned 16/6/22) Mr C Scattergood
## **Estates Committee**
Mr M Redman (Chair) (resigned 16/6/22) Mr I Baker Mr J Cons (Chair from 17/6/22) Mrs V Donegan Mr C Scattergood Mr J Wright
## **Education and Welfare Committee**
Mr T Woffenden (Chair) (resigned 16/6/22) Miss C Berwick Mrs H Hanbury (Chair from 17/6/22) Mrs C McNamara Mrs S Norville (resigned 17/5/21) Dr Y Pinto Mr C Scattergood Mrs I Summers Prof. F Davies (appointed 29/4/22)
## **Governance Committee**
Mr I Baker (Chair) Miss C Berwick Mrs C McNamara Mrs S Norville (resigned 17/5/21) Dr Y Pinto Mrs I Summers Prof. F Davies (appointed 29/4/22)
**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;
**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.
**The Governance Committee** to which the Governors have delegated all matters related to the School’s governance and compliance.
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## **SCHOOL LEADERSHIP TEAM (SLT)**
**Head** Dr J Whitehead MA (Oxon), MPhil (Stirling), PhD (Manchester) **Director of Finance & Operations** Mrs J Wood JP BA (Exeter), DipFM (resigned 27/5/22) Mr Darren M Davies BA, MSc (Liverpool), ACMA, CGMA (Interim – commenced 15[th] June 2022) **Senior Deputy Head** Ms K Fox MA (Cantab) **Deputy Head Academic** Ms N Weatherston BSc (Newcastle) **Deputy Head Operations** Mrs S Woolaway BSc (Open) **Head of Years 7 and 8** Ms C Owen BA (London) **Head of Sixth Form** Mr P Abbott BSc (Cardiff) **Director of Communications** Ms J Rawlinson BA (Hull), MA (Florida) **Foundation Director** Mrs C Mair BA (London)
## **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 Dr J Whitehead Mrs J Wood (resigned 27/5/22)
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## **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 girls aged 11 – 18 years 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.
- Current economic factors, particularly high inflation, affecting parents’ ability to pay fees and causing unsustainable increases in the school’s cost base.
The Trustees have been encouraged as the number of students on roll is the highest in the School’s history for September 2022.
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-today operations. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
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## **KEY OBJECTIVES 2021/2022**
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 2027 and refreshed in 2020, 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. In January 2022, AGBIS was appointed by the Board to undertake a review of its governance and this has led to a number of recommendations being implemented; these primarily concerned a review of the committee structure and the implementation of a governor/staff visit plan.
## _**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. 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
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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 2021/2022**
## _**Staff Development**_
New coaching and leadership programmes for staff were launched successfully this academic year, with strong take-up amongst staff. All teaching and residential staff had at least one hour of training; 50 staff approx. (including some key support staff) had 16, 32, or in a couple of cases 48 hours of training/coaching with Graydin, a specialist provider
We are now capable of delivering Graydin coaching training within school and prefects (Ribbons) have had coaching training. Coaching best practice is now being integrated into various school systems: exam feedback, tutoring, Heads of Year training, “brain breakfasts” for students and other staff development approaches.
Leadership: 10 staff last year were involved in the new Leadership Course and 3 additionally this year. Discussions are underway with a higher education provider about accreditation for staff and girls’ courses. Upper Sixth students follow a leadership course at lunchtimes.
In addition, a FEiT management course (Fostering Excellence in Teams) is well-subscribed: 53 staff have been trained or are currently in training over the last 3.5 years. New content on emotional competence was introduced this year.
A new Personal Growth Journal is now being used to underpin coaching, leadership and personal growth generally in all school year groups.
## _**Marketing and Admissions**_
The average school roll for the year 2021-22 was 605 with 210 full or weekly boarders and 395 day girls. An active marketing and admissions programme resulted in increased numbers of enquiries and offers and a school roll of 625 at the start of 2022-23 academic year. Flexi-boarding remained popular with 113 day girls staying 1 or 2 nights each week in 2022 spring term.
RS Academics undertook a comprehensive audit of marketing and admissions in Spring 2022. In Oct 2022, the school won the Independent School of the Year award for brand communication for work undertaken in the academic year 2021-22.
## _**Academic Achievement**_
## **A Level**
- 55% of grades awarded at A*- A and 24% of all grades at A*.
- 83% of all grades were A* - B
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- 8 students achieved straight A* grades
- Nearly 70% of all students were placed at their top choice university
- One student has a place at St John’s College, Cambridge to study English. She will be joined at Cambridge by a 2021 Upper Sixth leaver who starts at Magdalene College this September reading Human, Social and Political Sciences. Another student has a place at St Peter’s College at Oxford University where she will study Spanish and French
- This year Exeter was the most popular university of choice for our girls, with nine students attending. This is followed by three students each attending UCL, Durham, Bristol, and Lancaster.
- The number of students heading to Russell group universities has decreased, with students looking for more variety. We have 69% of our students heading to Russell group and top universities which include Bath, Lancaster, and St Andrews.
- We also have some students attending elite universities overseas, such as NYU, University of Toronto, and Parsons School of Design in New York with one student studying Medicine at Flinders University, Australia.
- It is important to note that students continue to study a wide breath of different courses.
## **GCSE**
- 33% were at the highest grade 9.
- 57% of grades were at 9 – 8.
- 78% 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 Cambridge at both GCSE and A Level.
## _**Co-Curricular Programme**_
## _Drama_
The summer term was packed full of drama and performing arts activities and performances with nearly 200 students involved across the term. Year 7 to 9 took to the stage, in what, for many, was their first public performance and their first at Woldingham School, since before the pandemic had begun. Bugsy Malone, albeit a ‘good old classic youth musical’, was performed and technically supported by approximately 90 students, with professionalism, fresh energy and creativity, to bring to the stage a production with big impact, as well as a lot of splurge!
In the penultimate week of school, we held our first ‘Wold Fringe Festival’ – a week of one-off evening performances accompanied by lunchtime performances and workshops. Evening performances included: The Speech & Drama and Scholars Showcase - which provided a platform for monologue and duologue work performed by students from all year groups; Face the Music 2022 – our musical review show packed full of songs and dances, and accompanied by a live orchestra; Live Screening of the 6[th] Form Musical of Grease – giving the community to rewatch the production in the comfort of their own homes. During lunchtimes, students participated in improvisation workshops in the drama studio, and outdoor dance performances on the lawn outside Marden. The finale to the Fringe Festival week was a visit from the circus on the Pergola lawn where the whole school enjoyed Circus Sensible perform their comic show, followed by circus skill workshops for all throughout the day.
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WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## _Music_
The summer term included two collaborations with Drama: Bugsy Malone and Face the Music. Both celebrated the musical talents of our girls, both on stage and in the orchestra (alongside professional musicians). Anything Goes, our summer concert, was again another opportunity for the talents of our girls to shine, in ensemble (formal and student run) to individual. Director of Music, John Hargeaves, completed his outreach at St Francis with a performance of the student band he set up. The outreach included teaching G&T students, and then working on developing an ensemble for instrumentalists in the school. The piece was a jazz waltz, with St Francis students learning how to improvise as part of the project.
## _Sport_
The last academic year saw just under 300 students representing the school in sports teams across netball, hockey, swimming, tennis, cross country, cricket, rounders, athletics. An additional 250 students took part in physical activity clubs.
The summer term saw Woldingham compete in athletics, tennis and cricket. Having missed out on many fixtures in the previous summer term it was wonderful to see the return of a normal fixture programme. Our Athletics Teams had impressive seasons with both the U14 and U15 teams finishing runners up in their District Championships and which saw one Year 10 pupil and three Year 9 pupils go on to represent the District at the Surrey Finals.
Our cricket programme continues to grow and strengthen. The standard of our cricket is improving with girls having tasters into Hard Ball and making the most of the newly installed cricket nets and bowling machines. There are some very promising cricketers in the lower school and we’re very excited for the future of cricket at school. The U13’s finished 6[th] at their Surrey Champs with the U15’s finishing 7[th] . The tennis teams had a successful season with the U13’s making it to the semi-finals at the Surrey Finals Day.
The scholars and Athlete Development Programme (ADP) have been successful, and we’ve seen 5 girls transition from ADP to scholars.
Sports Day was a huge success despite being rained off initially. The team spirit amongst the girls was wonderful and quality of the performances on the day were impressive.
One of our greatest highlights from the Summer Term was the return of the Sports Dinner to its prepandemic format. We hosted over 180 girls and their parents to celebrate the years success in Sport with guest speaker Jazz Carlin.
Individual success stories saw Lara Stone and Maddie Ladell excel in the pool whilst Emilia and Gracie House and Hope Kramer had success in horse riding.
## _**Safeguarding Training**_
The Senior Deputy Head (who is Designated Safeguarding Lead) and Deputy DSLs training is all up to date. The DSL attends termly safeguarding update training run by Surrey Safeguarding Children’s Board. Safeguarding update training is delivered termly to all staff.
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## _Governor Safeguarding Meetings_
Safeguarding Governors meet with the DSL and a Deputy DSL for termly safeguarding meetings. Items discussed include ongoing training, specific safeguarding concerns, new initiatives and current issues, especially pupil wellbeing.
## _**Boarding**_
Flexi boarding continues to grow in popularity. The School has responded to demand and the wish to provide flexible alternatives to parents and introduced a weekly boarding fee in September 2021.
## **Religious Ethos of the School**
Our School is infused with the charisma 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.
## _Chaplaincy and Faith Activity 2021- 2022_
Throughout the academic year the members of our school community took part in a planned programme of prayer and worship, creating and encouraging an environment conducive to reflection and spiritual growth where we all felt welcomed, valued and able to participate.
Everything we do at Woldingham is encompassed in our Five Goals of Sacred Heart Education. We are conscious that building a sense of community is essential for society and is a priority for our school community, which is rooted in living out the values of the Gospel, where each individual has a unique role to play in making Woldingham school community special and engaging.
Our Days of Reflection for all year groups have taken place at the Wintershall Estate near Bramley and they have been a huge success. The theme is our Sacred Heart Goal of Building Community and the students take part in biblical drama which leads to group discussion. They also walk together in smaller groups in the Way of the Cross, focussing on the artwork and reflecting on our journey today and the responsibility we have to care for, and engage with saving our planet, which is threatened by climate change.
We have continued to celebrate House Masses as we take time to learn more about the House Patrons, their life, work and contribution to the Society of the Sacred Heart Sisters and education. The Year Masses promote the Sacred Heart Goal and we reflect on the words of St Paul that we should “be united in our convictions and in our love for one another with a common purpose and mind, everybody is to be self-effacing and think of others.”
On Remembrance Sunday we remembered those who have died in armed conflict and those who sadly were injured mentally and physically as a consequence of war. In the words of the Gospel of Matthew, we are challenged to be “Peacemakers” (Mt 5:1-12).
Our school community is always so generous and every Sunday the money we collect is given to the Cardinal Hume Centre to help homeless people and families in need. When we celebrated our Harvest Festival, we thanked deeply Purley Food Hub as we have worked closely with them for a number of
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years. During that time, the Hub has provided over 270,000 meals to over 30,000 clients. The Hub encourages us all to make a difference by helping others; as they often say, ”no act of kindness, however small, is ever wasted.”
We continue to meet with the Sacred Heart Reps each week and we are focussing on Pope Francis’s encyclical Laudato Si and how we make a difference in preserving our planet for future generations. We also meet with staff, students and parents as we operate an open-door policy and our Chaplain is always available to walk alongside and offer prayerful support and guidance.
It has been encouraging to see life in the Valley returning to “normal” after a hard couple of years; there is a real positive attitude and we can all feel privileged that we are part of this wonderful school community as we look towards our 180[th] anniversary. Going forward, we will all work hard at living out our Sacred Heart Goal and be encouraged by the words of our founding sister, St Madeleine Sophie, “kindness and gentleness everywhere and always: make this your rule.”
## _**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 2022 was £735,248 for 54 pupils (2021: £618,703, 52 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.
Two pupils joined the school in the Summer Term from Ukraine on full bursaries. It is anticipated that three further pupils, also on full bursaries, will start in September 2022.
During the year with matched government funding we raised £19,088 for the Cardinal Hume Centre in London.
In addition to bursaries, the school usually engages in a community outreach programme. We have also supported local groups and local schools with access to the school’s facilities. The School continues to support staff who engage in wider community activities such as being governors in local schools and members of local action groups.
## _**Fundraising**_
The Development Office is now resourced to better manage the increased need for philanthropic support for bursaries and capital projects. In addition to the Foundation Director, a full time Development Manager has been employed from September 2021. A year after the move to the Quad, the Development Office was refurbished over the summer holidays in 2022.
To support the 5-year School Strategic Development Plan, the work of the Development Office continued 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 it has been possible to award a fully funded transformational bursary for the seventh
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WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
consecutive year to a girl starting Year 7 in September 2022. We now have a student in every year group benefitting from a fully funded place via the Jayne Triffitt Bursary Fund. In addition, in 2021/2022, fundraising for our first capital project, the Outdoor Adventure and Education Centre, took place successfully raising over £95,000 for the principal stage of the project.
To comply with the good practice recommended by the regulator, the School confirms that no fundraising activities were exclusively outsourced in this financial year 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. Highlights of our fundraising were a virtual telephone campaign (September 2021) £25,000, the 75[th] Anniversary Dinner (November 2021) in support of the Outdoor Adventure and Education Centre £30,000, a new major donor who donated £100,000 in the year (£75,000 to Outdoor Centre + £25,000 to the bursary programme). Other scheduled major gifts continued. Development team staff maintain membership of both the Institute of Fundraising (IoF) and the Institute of Development Professionals in Education (IDPE). The school is also a member of the Fundraising Regulator.
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 has decreased by £9,430 to £908,453 (2021: £917,883). 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 2021/22 totalled £715,427.
## **FINANCIAL REVIEW FOR THE YEAR ENDED 31 JULY 2022**
The consolidated statement of financial activities for the period is set out on page 22 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.
## _Income_
The School’s gross income amounted to £18,038,781 (2021: £15,415,840) of which £16,522,908 (2021: £14,385,567) was derived from School fees, an increase in school fee income of 14.8% compared with the prior year. This rise was due to an increase in pupil numbers but also because fee discounts offered to parents in 2021 during the COVID lockdown were not repeated. Bursaries and scholarships amounted to £1,119,387 (2021: £991,847).
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WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## _Expenditure_
The total resources expended increased by 12% to £16,774,578 (2021: £14,985,581). This was due to a number of factors including staffing and maintenance costs. However, a significant increase of £383,286 for heating and lighting was also incurred.
## _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 £22,981,460 at the year end included £789,264 restricted funds, £201,339 endowment funds and £21,990,857 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.
## _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.
## **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
16
WOLDINGHAM SCHOOL
ANNUAL REPORT AND FINANCIAL sfATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
incoming resources and application of resources, including the income hndexpenditu, of the charitable
group for that period. In preparing these financial statements, theGovernor5 are required to-
selert suitable accounting policies an(1 then apply them consistently,.
ob5eThe the methods and principles in the Charities SORP-
make judgments and estimates that are reasonable and prudent,.
state whether applicable UK accounting standards have been followed. subject to any material
departures disc105ed and explained in the financial statements,. and
prepare the financial statements on the going concern basis unless it 15 inappropriate to presume
that the charitable company will continue in busine5S.
The Governor5 are responsible for keeping adequate accounting records that are sufficient to show and
explain the charitable companls 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 Aet 2006 and the provisions of the charity'5 constitution. They are also
responsible for safeguarding the assets of the charity and the groupand 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
relevanl 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/5he 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 audltor Is aware of that Information.
Approved by the Governors on 24 November 2022 including. in their capacity as company directors,
approving the Director5, and Strategic Reports contained therein. and signed on its behalf by..
Robert Parkinson. Chair of Governors
17
WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF WOLDINGHAM SCHOOL**
## **Opinion**
We have audited the financial statements of Woldingham School (‘the charitable company’) and its subsidiaries (‘the group’) for the year ended 31 July 2022 which comprise the Consolidated Statement of Financial Activities, the Group and Charity Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the group’s and the charitable company’s affairs as at 31 July 2022 and of the group’s 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**
In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's or the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other
18
WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion based on the work undertaken in the course of our audit 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 charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate and proper accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the 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.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on pages 16-17, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
19
WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Extent to which the audit was considered capable of detecting irregularities, including fraud**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, Charities Act 2011 and taxation legislation together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, health & safety legislation, employment legislation and General Data Protection Regulation (GDPR).
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Finance Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate and Ofsted, and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by
20
WOLDINGHAM SCHOOL ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
auditing standards would identify it. In addition, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.
## **Use of our report**
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Tim Redwood Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London, UK
Dated: 10 January 2023
21
## **WOLDINGHAM SCHOOL**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **Consolidated Income and expenditure account**
|||**Unrestricted**|**Restricted**|**Endowment**|**2022**|**_2021_**|
|---|---|---|---|---|---|---|
|||**funds**|**funds**|**funds**|**Total**|**_Total_**|
||**Notes**|**£**|**£**|**£**|**£**|**_£_**|
|**Income from:**|||||||
|**Charitable activities**|||||||
|School fees receivable|**2**|16,522,908|-|-|16,522,908|_14,385,567_|
|Ancillary trading income|**3**|514,486|-|-|514,486|_229,151_|
|**Other trading activities**|||||||
|Non-ancillary trading income|**4**|149,817|-|-|149,817|_88,714_|
|Other activities|**4**|527,308|-|-|527,308|_298,342_|
|**Investments**|||||||
|Investment income|**5**|37,643|4,624||42,267|_37,684_|
|Bank and other interest|**6**|5,751|-|-|5,751|_544_|
|**Voluntary sources**|||||||
|Grants and donations|**7**|19,491|256,753|-|276,244|_375,838_|
|||_________|_________|_________|_________|___________|
|**Total income**||17,777,404|261,377|-|18,038,781|_15,415,840_|
|||_________|_________|_________|_________|___________|
|**Expenditure on:**|||||||
|**Raising funds**|**8**||||||
|Non-ancillary trading||90,801|-|-|90,801|63,768|
|Financing costs|**9**|76,935|-|-|76,935|82,059|
|Fundraising and development||71,089|-|-|71,089|10,416|
|||_________|_________|_________|_________|___________|
|**Total deductible costs**||238,825|-|-|238,825|_156,243_|
|**Charitable activities**|||||||
|Education and grant making|**8**|16,525,618|10,135|-|16,535,753|_14,829,338_|
|||_________|_________|_________|_________|___________|
|**Total expenditure**||16,764,443|10,135|-|16,774,578|_14,985,581_|
|||_________|_________|_________|_________|___________|
|Gains/(Losses) on investments||(7,809)|640|(2,261)|(9,430)|131,516|
|||_________|_________|_________|_________|___________|
|**Net income**||1,005,152|251,882|(2,261)|1,254,773|_561,775_|
|Transfers between funds|||-|-|-|_-_|
|||_________|_________|_________|_________|___________|
|**Net movement in funds for the year**||1,005,152|251,882|(2,261)|1,254,773|_561,775_|
|Fund balances brought forward at|||||||
|1 August 2021||20,985,705|537,382|203,600|21,726,687|_21,164,912_|
|||_________|_________|_________|_________|___________|
|**Fund balances carried forward at**|||||||
|**31 July 2022**||**£21,990,857**|**£789,264**|**£201,339**|**£22,981,460**|**_£21,726,687_**|
|||**_________**|**_________**|**_________**|**_________**|**___________**|
The notes on pages 26 to 41 form part of these financial statements.
22
WOLDINGHAM SCHOOL
CONSOLIDATEO BALANCE SHEET
A5 AT31 JULY 2022
2022
GROUP
2022
CHARITY
2021
GROUP
2021
CHARITY
Notes
FIXED ASSETS
Tansible 35sets
Investments
li
12
23,185,737
908,453
23,184.669
908,455
23,461.786
917,883
23,461,458
917.885
24,094,190
24,093,124
24,379,669
24.379,343
CURRENT ASSETS
Stock
Debtors
Cash at bank and in hand
13
14
3,210
719,776
5.829.789
9,387
463,535
4,324,972
971.181
5,593.664
604.684
4,153,258
6.552.775
6,564,845
4,797,894
4,757,942
CURRENT UABIUTIES
Creilitors payable within one year
15
15.922,8171
15.873.655)
15.570.511J
{5,505,899}
NÉT CURRENT LIABILITIES
629.958
691.190
(772,617)
f747,957j
TOTALASSETS LESS CURRENT
LIABILITIES
LONG TERM LIABILITIES
Creditors payable after one year
24.724,148
24,784,314
23,607.052
23,631.386
16
11,742.6881
11,742,688)
11,880,365)
(1,880,3651
NET ASSETS
£22,981,460
£23,041,626
£21,726,687
£21.751.021
REPRESENTED BY:
FUNDS
Unrestricted
Gerieral
Designated
Restricted
Endowrnent
20
20
20
20
21.148,139
842.718
789.264
201,339
21,208,305
842,718
789,264
201,339
20,103,630
882,075
537,382
203.600
20,127,964
882,075
537,382
203,600
£22,981,460
£23.041,626
£21,726,687
£21.751.021
The surplus for the financial year dealt within the financial statements of the parent charitable company was
£1.271,63512021.. £605,593).
These financial statements were approved by the Board of Governors on 24 November 2022 and were signed on its
behalf by..
. Governor
Robert Parkin50n
. Governor
James Wright
The notes on pages 26 to 41 form part of these financial statements.
23
**WOLDINGHAM SCHOOL**
## **CONSOLIDATED CASH FLOW STATEMENT**
## **FOR THE YEAR ENDED 31 JULY 2022**
|**Note**
**£**
**Net cash flow from operating**
**activities**
Net cash provided by operating
activities
(i)
**Cash flows from investing activities**
Payments for tangible fixed assets
(716,365)
Proceeds from sale of fixed assets
-
Investment income receipts
25,523
_________
**Net cash used in investing activities**
**Cash flows from financing activities**
Bank loan repayments
(88,125)
Finance costs paid
(76,935)
Fees in advance scheme:
- New fees in advance money
412,270
- Amounts utilised
(383,359)
- Debt financing cost
9,601
_________
**Net cash used in/(provided by)**
**financing activities**
**Change in cash and cash equivalents**
**in the reporting period**
(ii)
Cash and cash equivalents at the
beginning of the reporting period
**Cash and cash equivalents at the end**
**of the reporting period**
**2022**
**GROUP**|**£**
**_£_**
2,322,207
_(919,463)_
_20,112_
___________
(690,842)
_-_
_(82,059)_
_458,866_
_(211,394)_
_8,257_
___________
(126,548)
_________
£1,504,817
**_________**
£4,324,972
_________
£5,829,789
**_________**
**_2021_**
**_GROUP_**|**_£_**
_2,539,229_
_(899,351)_
_173,670_
___________
£1,813,548
**_________**|
|---|---|---|
|||_£2,511,424_
_________
_£4,324,972_
**_________**|
The notes on page 25 form part of this cash flow statement.
24
**WOLDINGHAM SCHOOL**
## **NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT**
## **FOR THE YEAR ENDED 31 JULY 2022**
|||**2022**||**_2021_**||
|---|---|---|---|---|---|
|||**GROUP**||**_GROUP_**||
|||**£**|**£**|**_£_**|**_£_**|
|(i)|**Reconciliation of net incoming resources**|||||
||**to net cash flow from operating activities**|||||
||**Net income for the reporting period**||1,254,773||_561,775_|
||Elimination of non operating cashflows|||||
||- Investment income|(25,523)||_(20,112)_||
||- FInancing costs|76,935||_82,059_||
||- (Gains)/Losses on investments|9,430||_(131,516)_||
||Depreciation charge|992,414||_1,084,713_||
||(Profit)/Loss on sale of assets|-||_160,425_||
||Decrease in stock|6,177||_12,004_||
||Decrease/(Increase) in debtors|(256,241)||_190,186_||
||Increase/(Decrease) in creditors|(55,288)||_476,191_||
||Increase in parents' deposits|319,530||_123,504_||
|||_________||___________||
||||1,067,434||_1,977,454_|
||||_________||___________|
||**Net cash provided by operating activities**||£2,322,207||_£2,539,229_|
||||**_________**||**_________**|
|(ii)|**Analysis of cash and cash equivalents**|||||
||||**At 1 Aug 21**|**Cash flows**|**At 31 Jul 22**|
||||**£**|**£**|**£**|
||Cash at bank||4,324,972|1,504,817|5,829,789|
||||**_________**|**_________**|**_________**|
|(iii)|**Analysis of changes in net debt**|||||
|||||**Other non-**||
|||**At 1 Aug 21**|**Cashflows**|**cash changes**|**At 31 Jul 22**|
|||**_£_**|**£**|**_£_**|**£**|
||Cash|4,324,972
|1,504,817||5,829,789|
||**Total cash and cash equivalents**|4,324,972
|1,504,817|-
|5,829,789|
||Loans Failling due within one year|(88,125)|88,125|(88,125)|(88,125)|
||Loans falling due after more than one year|(1,527,454)|-|88,125|(1,439,329)|
||Finance lease obligations|(109,482)|46,204|1,326|(61,952)|
||**Total**|2,599,911
|1,639,146|1,326
|4,240,383|
25
**WOLDINGHAM SCHOOL**
**NOTES TO THE FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 JULY 2022**
## **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 23.
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.
## **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.
## **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.
26
**WOLDINGHAM SCHOOL**
**NOTES TO THE FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 JULY 2022**
## **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.
27
**WOLDINGHAM SCHOOL**
**NOTES TO THE ACCOUNTS (continued)**
**FOR THE YEAR ENDED 31 JULY 2022**
## **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.
28
**WOLDINGHAM SCHOOL**
**NOTES TO THE ACCOUNTS (continued)**
**FOR THE YEAR ENDED 31 JULY 2022**
## **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 £6,121,990 (2021: £4,488,491), financial assets at fair value through income or expenditure of £898,384 (2021: £917,884) and financial liabilities at amortised cost of £7,665,505 (2021: £7,450,876).
## **2. SCHOOL FEES**
|**SCHOOL FEES**|||
|---|---|---|
||**2022**|**_2021_**|
||**£**|**_£_**|
|**The School's fee income comprised:**|||
|School fees|17,745,339|_15,476,729_|
|Less: Total bursaries, grants and allowances|1,222,431|_1,091,162_|
||__________|____________|
||£16,522,908|_£14,385,567_|
||**_________**|**___________**|
Scholarships and bursaries were awarded to 171 pupils (2021: 158). Within this, means tested bursaries totalling £735,248 were awarded to 54 pupils (2021: £618,708 to 52 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**
Miscellaneous
Flexi boarding and overnight stays|**2022**
**£**
390,450
85,038
38,746
252
_________
___
£514,486
**_________**
**2022**
**£**
£149,817
**_________**
339,482
187,826
__________
£527,308
**_________**|**_2021_**
**_£_**
_140,176_
_70,700_
_13,898_
_4,377_
___________
_£229,151_
**___________**|
|---|---|---|
|||**_2021_**
**_£_**
£88,714
**___________**|
|||_150,434_
_147,908_
____________
_£298,342_
**___________**|
## **4. OTHER TRADING ACTIVITIES**
29
**WOLDINGHAM SCHOOL**
## **NOTES TO THE ACCOUNTS (continued)**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **5. INVESTMENT INCOME**
|**5. **|**INVESTMENT INCOME**||||||
|---|---|---|---|---|---|---|
|||**Unrestricted**|**Restricted**|**Endowment**|**Total**|**_Total_**|
||||||**2022**|**_2021_**|
|||**£**|**£**|**£**|**£**|**_£_**|
||**Securities investment income**||||||
||Equities|19,339|4,624|-|23,963|_24,660_|
||**Property investment income**||||||
||Rents receivable|18,304|-|-|18,304|_13,024_|
|||__________|__________|__________|__________|____________|
|||£37,643|£4,624|-|£42,267|_£37,684_|
|||**_________**|**_________**|**_________**|**_________**|**___________**|
|**6. **|**BANK AND OTHER INTEREST**||||||
|||**Unrestricted**|**Restricted**|**Endowment**|**Total**|**_Total_**|
||||||**2022**|**_2021_**|
|||**£**|**£**|**£**|**£**|**_£_**|
||Bank interest|£5,751|-|
-|£5,751|_£544_|
|||**_________**|**_________**|**_________**|**_________**|**___________**|
|**7. **|**GRANTS AND DONATIONS RECEIVABLE**||||||
|||**Unrestricted**|**Restricted**|**Endowment**|**Total**|**_Total_**|
||||||**2022**|**_2021_**|
|||**£**|**£**|**£**|**£**|**_£_**|
||**Donations**||||||
||Jayne Triffitt bursary fund|-|41,876|-|41,876|_48,537_|
||Bursary Fund Donations|-|91,255|-|91,255|_37,407_|
||Miscellaneous donations|19,491|-|-|19,491|_6,884_|
||WSHA Bursary donations|-|5,046|-|5,046|_7,314_|
||Chapel Fund|-|1,407|-|1,407|_1,645_|
||Arkwright Scholarships|-||-|-|_100_|
||Outdoor Education|-|95,862|-|95,862|_-_|
||Ukrain Bursary|-|21,307|-|21,307|_-_|
||**Government grant**||||||
||CJRS grant|-|-|-|-|_273,951_|
|||__________|__________|__________|__________|____________|
|||£19,491|£256,753|-|£276,244|_£375,838_|
|||**_________**|**_________**|**_________**|**_________**|**___________**|
30
**WOLDINGHAM SCHOOL**
## **NOTES TO THE ACCOUNTS (continued)**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **8. ANALYSIS OF EXPENDITURE**
|**(a) Total expenditure**
**Staff costs**
**Depreciation**
(Note 10)
(Note 11)
**£**
**£**
**Costs of generating funds**
Trading costs
-
198
Financing costs (Note 9)
-
-
Development costs
-
-
__________
__________
**Total costs of generating funds**
-
198
__________
__________
**Charitable expenditure**
**_Education and grant making_**
Teaching
5,830,083
-
Welfare
732,429
-
Premises repair & maintenance
1,033,585
643,800
Support costs & governance
1,719,804
348,410
Grants, awards & prizes
(Note
8(b))
-
-
__________
__________
**Total charitable expenditure**
9,315,901
992,210
__________
__________
**Total expended**
£9,315,901
£992,408
**_________**
**_________**
**(b) Grants, awards & prizes**
**From unrestricted funds:**
Bursaries, other grants & awards
Prizes & leaving awards
**From restricted funds:**
Prizes & leaving awards
**Total charitable expenditure**
**(c) Governance included in support costs:**
Remuneration paid to auditor for audit services
Remuneration paid to auditor for other services|**Other**
**Total**
**_Total_**
**2022**
**_2021_**
**£**
**£**
**_£_**
90,603
90,801
_63,768_
76,935
76,935
_82,059_
71,089
71,089
_10,416_
__________
__________
____________
238,627
238,825
_156,243_
__________
__________
____________
731,616
6,561,699
_6,150,436_
1,964,550
2,696,979
_2,146,759_
2,177,050
3,854,435
_3,317,750_
1,273,053
3,341,267
_3,196,103_
81,373
81,373
_18,290_
__________
__________
____________
6,227,642
16,535,753
_14,829,338_
__________
__________
____________
£6,466,269
£16,774,578
_£14,985,581_
**_________**
**___________**
**___________**
**2022**
**_2021_**
**£**
**_£_**
1,212,830
_1,082,905_
-
_100_
5,236
_7,504_
__________
____________
£1,218,066
_£1,090,509_
**___________**
**___________**
**2022**
**_2021_**
**£**
**_£_**
25,125
_21,542_
850
_950_
__________
____________
£25,975
_£22,492_
**___________**
**___________**|**Other**
**Total**
**_Total_**
**2022**
**_2021_**
**£**
**£**
**_£_**
90,603
90,801
_63,768_
76,935
76,935
_82,059_
71,089
71,089
_10,416_
__________
__________
____________
238,627
238,825
_156,243_
__________
__________
____________
731,616
6,561,699
_6,150,436_
1,964,550
2,696,979
_2,146,759_
2,177,050
3,854,435
_3,317,750_
1,273,053
3,341,267
_3,196,103_
81,373
81,373
_18,290_
__________
__________
____________
6,227,642
16,535,753
_14,829,338_
__________
__________
____________
£6,466,269
£16,774,578
_£14,985,581_
**_________**
**___________**
**___________**
**2022**
**_2021_**
**£**
**_£_**
1,212,830
_1,082,905_
-
_100_
5,236
_7,504_
__________
____________
£1,218,066
_£1,090,509_
**___________**
**___________**
**2022**
**_2021_**
**£**
**_£_**
25,125
_21,542_
850
_950_
__________
____________
£25,975
_£22,492_
**___________**
**___________**|
|---|---|---|
|||**_2021_**
**_£_**
_1,082,905_
_100_
_7,504_
____________
_£1,090,509_
**___________**|
|||**_2021_**
**_£_**
_21,542_
_950_
____________
_£22,492_
**___________**|
31
**WOLDINGHAM SCHOOL**
## **NOTES TO THE ACCOUNTS (continued)**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **9. FINANCE AND OTHER COSTS INCLUDED IN SUPPORT COSTS**
|**9.**|**FINANCE AND OTHER COSTS INCLUDED IN SUPPORT COSTS**|||
|---|---|---|---|
|||**2022**|**_2021_**|
|||**£**|**_£_**|
||Finance lease charges|-|_967_|
||Bank charges|34,741|_42,248_|
||Bank interest|42,194|_38,844_|
||Operating lease payments|97,567|97,567|
|||_________|_________|
|||£174,502|_£179,626_|
|||**_________**|**_________**|
|**10. **|**STAFF COSTS**|||
|||**£**|**_£_**|
||The aggregate payroll costs for the year were as follows:|||
||Wages and salaries|7,429,465|_7,195,840_|
||Social security costs|794,145|_740,565_|
||Pension costs|1,114,591|_1,079,686_|
|||_________|_________|
|||£9,338,201|_£9,016,091_|
|||**_________**|**_________**|
||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|£991,897|_£906,038_|
|||**_________**|**_________**|
||Number of higher paid employees in bands of:|||
||£60,001 - £70,000|4|_5_|
||£70,001 - £80,000|3|_2_|
||£90,001 - £100,000|1|_1_|
||£100,001 - £110,000|-|_1_|
||£140,001 - £150,000|-|_1_|
||£150,001 - £160,000|1|_-_|
||£160,001 - £170,000|1|_-_|
|||**_________**|**_________**|
||The number with retirement benefits accruing in:|||
||- Money Purchase schemes was|2|_2_|
||of which the contributions amounted to|£8,011|_£6,502_|
||- Defined benefit schemes|6|_6_|
||The average number of employees during the year was:|||
|||No|_No_|
||Teachers and support staff|98|_94_|
||Non teaching staff|117|_116_|
|||_________|_________|
|||215|_210_|
|||**_________**|**_________**|
During the year settlement agreement payments totalling £9,530 (2021: £61,487l) were paid.
32
## **WOLDINGHAM SCHOOL**
## **NOTES TO THE ACCOUNTS (continued)**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **11. TANGIBLE FIXED ASSETS**
|**Group and charity**
**Freehold**
**land &**
**buildings**
**Furniture &**
**equipment**
**£**
**£**
**COST**
At 1 August 2021
33,802,679
3,907,032
Additions in period
592,465
111,148
Disposals in period
-
-
Written off in period
-
-
_________
_________
At 31 July 2022
34,395,144
4,018,180
_________
_________
**DEPRECIATION**
At 1 August 2021
11,357,791
2,922,506
Charge for the period
661,015
310,813
Disposals in period
-
-
Written off in period
-
-
_________
_________
At 31 July 2022
12,018,806
3,233,319
_________
_________
**NET BOOK VALUE**
At 31 July 2022
£22,376,338
£784,861
**_________**
**_________**
At 31 July 2021
£22,444,888
£984,526
**_________**
**_________**|**Motor**
**vehicles**
**Charity**
**Total**
**Subsidiary**
**Furniture &**
**equipment**
**Group**
**Total**
**£**
**£**
**£**
**£**
145,911
37,855,622
2,317
37,857,939
11,814
715,427
938
716,365
-
-
-
-
-
-
-
-
_________
_________
_________
_________
157,725
38,571,049
3,255
38,574,304
_________
_________
_________
_________
113,867
14,394,164
1,989
14,396,153
20,388
992,216
198
992,414
-
-
-
-
-
-
_________
_________
_________
_________
134,255
15,386,380
2,187
15,388,567
_________
_________
_________
_________
£23,470
£23,184,669
£1,068
£23,185,737
**_________**
**_________**
**_________**
**_________**
£32,044
£23,461,458
£328
£23,461,786
**_________**
**_________**
**_________**
**_________**|
|---|---|
## **WOLDINGHAM SCHOOL**
## **NOTES TO THE ACCOUNTS (continued)**
## **FOR THE YEAR ENDED 31 JULY 2022**
|||**2022**|**2022**|**_2021_**|**_2021_**|
|---|---|---|---|---|---|
|**12. **|**INVESTMENTS**|**Group**|**Charity**|**_Group_**|**_Charity_**|
|||**£**|**£**|**_£_**|**_£_**|
||Market value at 1 August 2021|917,883|917,885|_786,367_|_786,369_|
||Additions at cost|-|-|_-_|_-_|
||Disposals|-|-|-|-|
||Unrealised (loss)/gain in year|(9,430)|(9,430)|_131,516_|_131,516_|
|||_________|_________|___________|___________|
||Market value at 31 July 2022|£908,453|£908,455|_£917,883_|_£917,885_|
|||**_________**|**_________**|**___________**|**___________**|
||Cost transferred and at 31 July 2022|£685,901|£685,901|_£685,901_|_£685,901_|
|||**_________**|**_________**|**___________**|**___________**|
||Comprising:|||||
||Cash and cash equivalents|-|-|_-_|_-_|
||Equities|896,808|896,808|_906,878_|_906,878_|
|||_________|_________|___________|___________|
||Market value at 31 July 2022|£896,808|£896,808|_£906,878_|_£906,878_|
|||**_________**|**_________**|**___________**|**___________**|
||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|896,808|896,808|_906,878_|_906,878_|
|||**_________**|**_________**|**_________**|**_________**|
||Charity investments also include the £2 investment in its subsidiary Marden Enterprises Ltd.|||||
|**13. **|**STOCK**|||||
||Stock of goods for resale|£3,210|-|
_£9,387_|_-_|
|||**_________**|**_________**|**_________**|**_________**|
|**14. **|**DEBTORS**|||||
|||**£**|**£**|**_£_**|**_£_**|
||School fees|197,554|197,554|_126,811_|_126,811_|
||Amount due from subsidiary undertaking|-|254,532|_-_|_164,639_|
||Other debtors and prepayments|522,222|519,095|_336,724_|_313,234_|
|||_________|_________|_________|_________|
|||£719,776|£971,181|_£463,535_|_£604,684_|
|||**_________**|**_________**|**_________**|**_________**|
34
## **WOLDINGHAM SCHOOL**
## **NOTES TO THE ACCOUNTS (continued)**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **15. CREDITORS: Amounts falling due within one year**
|**CREDITORS: Amounts falling due within one year**||||
|---|---|---|---|
|**2022**
**Group**
**£**
Bank loans
88,125
Fees in advance
(Note 17)
253,301
Taxation and social security
203,974
Other creditors and accruals
2,732,184
Fee deposits
2,645,233
_________
£5,922,817
**_________**
**CREDITORS: Amounts falling due after more than one year**
**£**
Fees in advance
(Note 17)
198,948
Other creditors and accruals
16,286
Bank loans
Amounts falling due within 1 to 2 years
88,125
Amounts falling due within 2 to 5 years
1,439,329
_________
£1,742,688
**_________**|**2022**
**Charity**
**£**
88,125
253,301
203,974
2,683,022
2,645,233
_________
£5,873,655
**_________**
**£**
198,948
16,286
88,125
1,439,329
_________
£1,742,688
**_________**|**_2021_**
**_Group_**
**_£_**
_88,125_
_211,438_
_190,414_
_2,754,831_
_2,325,703_
_________
_£5,570,511_
**_________**
**_£_**
_202,296_
_62,490_
_88,125_
_1,527,454_
___________
£1,880,365
**_________**|**_2021_**
**_Charity_**
**_£_**
_88,125_
_211,438_
_190,414_
_2,690,219_
_2,325,703_
_________
_£5,505,899_
**_________**|
||||**_£_**
_202,296_
_62,490_
_88,125_
_1,527,454_
___________
£1,880,365
**_________**|
## **16. CREDITORS: Amounts falling due after more than one year**
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.
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 2022 have been included within current liabilities. The prior year Pupil fee deposits balance has been similarly represented.
35
## **WOLDINGHAM SCHOOL**
## **NOTES TO THE ACCOUNTS (continued)**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **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|**2022**
**Group**
**£**
109,766
89,182
_________
198,948
253,298
_________
£452,246
_________|**2022**
**Charity**
**£**
109,766
89,182
_________
198,948
253,298
_________
£452,246
_________|**2021**
**2021**
**Group**
**Charity**
**_£_**
**_£_**
_51,771_
_51,771_
_150,525_
_150,525_
___________
___________
_202,296_
_202,296_
_211,438_
_211,438_
___________
___________
_£413,734_
_£413,734_
_________
_________|
|---|---|---|---|
|**Summary of movements in liability**
Balance at 1 August 2021
New contracts
Amounts used to pay fees
Amounts repaid
Amounts accrued to contract as debt financing cost
**Balance at 31 July 2022**|**£**
413,734
412,270
(383,359)
-
9,601
_________
£452,246
_________|
|---|---|
## **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 Outdoor Education o Donated funds to support the build of the Outdoor education centre
## **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.
36
**WOLDINGHAM SCHOOL**
## **NOTES TO THE ACCOUNTS (continued)**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **19. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|||**Unrestricted**|**Designated**|**Restricted**|**Endowment**||
|---|---|---|---|---|---|---|
|||**funds**|**funds**|**funds**|**funds**|**Total**|
|||**£**|**£**|**£**|**£**|**£**|
|Tangible fixed assets||23,185,737|-|-|-|23,185,737|
|Fixed asset investments||-|695,468|11,646|201,339|908,453|
|Net current (liabilities)/assets||(294,910)|147,250|777,618|-|629,958|
|Long term liabilities||(1,742,688)|-|-|-|(1,742,688)|
|||_________|_________|_________|_________|_________|
|Group funds||£21,148,139|£842,718|£789,264|£201,339|£22,981,460|
|||_________|_________|_________|_________|_________|
|**SUMMARY OF MOVEMENTS ON**|**MAJOR FUNDS**||||||
|||||**Transfers**|||
||**Balance 1**|||**between**|**Gains/**|**Balance 31**|
||**Aug 2021**|**Income**|**Expended**|**funds**|**(Losses)**|**July 2022**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|**Group**|||||||
|**General funds**|||||||
|Unrestricted funds|20,103,630|17,737,863|(16,693,354)|-|-|21,148,139|
|**Designated funds**|||-||||
|Roof fund|528,669|377|-|-|-|529,046|
|School Foundation Funds|353,406|39,164|(71,089)|-|(7,809)|313,672|
|**Restricted funds**|||||||
|Arkwright Scholarships|-|-||-|-|-|
|Chapel Fund|3,000|1,407|(1,645)|-|-|2,762|
|Community use project|14,348|-|(3,254)|-|-|11,094|
|Corbishley Fund|4,923|122|(20)|-|181|5,206|
|Deborah Ogle Fund|7,935|201|(100)|-|296|8,332|
|Jayne Triffitt bursary funds|488,758|133,130|-|-|-|621,888|
|McGowan prize day awards|3,194|111|(20)|-|163|3,448|
|V Feng prize day award|655|-|(50)||-|605|
|WSHA donations|-|5,046|(5,046)|-|-|-|
|WSHA Endowment income|14,569|4,191|-|-|-|18,760|
|Outdoor Education centre|-|95,862|-|-|-|95,862|
|Ukraine Bursary fund|-|21,307|-|-|-|21,307|
|**Endowment funds**|||||||
|WSHA Endowment|203,600|-|-|-|(2,261)|201,339|
||_________|_________|_________|_________|_________|_________|
||£21,726,687|£18,038,781|£(16,774,578)|-|£(9,430)|£22,981,460|
||_________|_________|_________|_________|_________|_________|
## **20. SUMMARY OF MOVEMENTS ON MAJOR FUNDS**
## **21. GOVERNORS REMUNERATION AND RELATED PARTY TRANSACTIONS**
Governors are not remunerated. Expenses totalling £553 (2021: £1,033) were reimbursed to Governors during the 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 £964,404 (2021: £935,154) was accrued in respect to this scheme
The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament
37
**WOLDINGHAM SCHOOL**
**NOTES TO THE ACCOUNTS (continued)**
**FOR THE YEAR ENDED 31 JULY 2022**
## **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. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable.
The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched in June 2021 on proposed changes to the cost control mechanism following a review by the Government Actuary. Following the public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for the 2020 valuations.
The 2016 cost control valuations have since been completed in January 2022, and the results indicated that there would be no changes to benefits or member contributions required. The results of the cost cap valuation are not used to set the employer contribution rate, and HM Treasury has confirmed that any changes to the employer contribution rate resulting from the 2020 valuations will take effect in April 2024.
Until the 2020 valuation is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements.
## **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 nonteaching 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.
38
**WOLDINGHAM SCHOOL**
**NOTES TO THE ACCOUNTS (continued)**
**FOR THE YEAR ENDED 31 JULY 2022**
## **23. SCHOOL RESULTS**
The School's own results for the year included in the consolidated Statement of Financial Activities were:
||**2022**|**_2021_**|
|---|---|---|
||**£**|**_£_**|
|**Income from:**|||
|Charitable activities|16,522,908|_14,385,567_|
|Other trading activities|514,486|_229,151_|
|Other activities|527,308|_298,342_|
|**Investments**|||
|o Investment income|42,267|_37,684_|
|o Interest receivable|5,626|_544_|
|**Voluntary sources**|||
|o Grants and donations/gift aid receivable|352,352|_444,602_|
||___________|___________|
|**Total income**|17,964,947|_15,395,890_|
||___________|___________|
|**Expenditure on:**|||
|Other activities to raise funds|76,935|_82,059_|
|Charitable activities:|||
|Education and grant making|16,606,947|_14,839,754_|
||___________|___________|
|**Total expenditure**|16,683,882|_14,921,813_|
||___________|___________|
|**Net income and capital outflow for year before gains/losses**|1,281,065|_474,077_|
|Investment gains/(losses)|(9,430)|_131,516_|
||___________|___________|
|Net movement in funds for year|1,271,635|_605,593_|
|Corporate reserves and trust funds brought forward|21,769,893|_21,164,300_|
||___________|___________|
|**Corporate reserves and trust funds carried forward**|£23,041,528|_£21,769,893_|
||___________|___________|
## **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 2022, Marden Enterprises Ltd had a turnover of £149,817 (2021: £88,714), gross profit of £76,900 (2021: £40,461) and a loss for the year of £16,862 (2021: £43,819). At 31 July 2022, Marden Enterprises Ltd had net current liabilities of £61,136 (2021: £43,533) and total assets less current net (liabiliities) of £60,067 (2021: Net assets £43,205).
In the year ended 31 July 2022, the School charged £76,900 (2021: £68,766) 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 2022 was £254,532 (2021:£164,640)
39
## **WOLDINGHAM SCHOOL**
## **NOTES TO THE ACCOUNTS (continued)**
**FOR THE YEAR ENDED 31 JULY 2022**
## **25. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE FIGURES BY FUND TYPE**
||**Unrestricted**|**Designated**|**Restricted**|**2021**|
|---|---|---|---|---|
||**funds**|**funds**|**funds**|**Total**|
||**£**|**£**|**£**|**£**|
|**Income from:**|||||
|**Charitable activities**|||||
|School fees receivable|13,383,360|-|-|13,383,360|
|Ancillary trading income|337,804|-|-|337,804|
|**Other trading activities**|||||
|Non-ancillary trading income|286,328|-|-|286,328|
|Other activities|369,528|-|-|369,528|
|**Investments**|||||
|Investment income|34,650|5,348|-|39,998|
|Bank and other interest|11,991|-|-|11,991|
|**Voluntary sources**|||||
|Grants and donations|481,708|171,040|-|652,748|
||_________|_________|_________|_________|
|**Total income**|14,905,369|176,388|-|15,081,757|
||_________|_________|_________|_________|
|**Expenditure on:**|||||
|**Raising funds**|||||
|Non-ancillary trading|170,410|-|-|170,410|
|Financing costs|89,670|-|-|89,670|
|Fundraising and development|113,993|33,572|-|147,565|
||_________|_________|_________|_________|
|**Total deductible costs**|374,073|33,572|-|407,645|
|**Charitable activities**|||||
|Education and grant making|14,415,543|91,148|-|14,506,691|
||_________|_________|_________|_________|
|**Total expenditure**|14,789,616|124,720|-|14,914,336|
||_________|_________|_________|_________|
|Gains/(Losses) on investments|1,342|(3,261)|388|(1,531)|
||_________|_________|_________|_________|
|**Net income**|117,095|48,407|388|165,890|
|Transfers between funds|-|-|-|-|
||_________|_________|_________|_________|
|**Net movement in funds for the year**|117,095|48,407|388|165,890|
|Fund balances brought forward at|||||
|1 August 2020|20,425,826|395,072|178,124|20,999,022|
||_________|_________|_________|_________|
|**Fund balances carried forward**|||||
|**31 July 2021**|**£20,542,921**|**£443,479**|**£178,512**|**£21,164,912**|
||**_________**|**_________**|**_________**|**_________**|
40
**WOLDINGHAM SCHOOL**
## **NOTES TO THE ACCOUNTS (continued)**
## **FOR THE YEAR ENDED 31 JULY 2022**
## **26. ANALYSIS OF NET ASSETS BETWEEN FUNDS - COMPARATIVE FIGURES**
||||**Unrestricted**|**Designated**|**Restricted**|**Endowment**||
|---|---|---|---|---|---|---|---|
||||**funds**|**funds**|**funds**|**funds**|**Total**|
||||**£**|**£**|**£**|**£**|**£**|
|Tangible fixed assets|||23,787,464|-|-|-|23,787,464|
|Securities investments|||-|603,610|8,011|174,746|786,367|
|Net current liabilities|||(3,933,412)|170,706|435,467|3,766|(3,323,473)|
|Long term liabilities|||(85,446)|-|-|-|(85,446)|
||||_________|_________|_________|_________|_________|
|Charity funds at 31 July 2021|||£19,768,606|£774,316|£443,478|£178,512|£21,164,912|
||||_________|_________|_________|_________|_________|
|**SUMMARY OF MOVEMENTS ON**|**MAJOR FUNDS - COMPARATIVE FUNDS**|||||||
||||||**Transfers**|||
||**Balance**|**1 Aug**|||**between**|**Gains/**|**Balance 31**|
||**2020**||**Income**|**Expended**|**funds**|**(Losses)**|**July 2021**|
||**£**||**£**|**£**|**£**|**£**|**£**|
|**Group**||||||||
|**General funds**||||||||
|Unrestricted funds|19,559,764||14,884,466|(14,675,623)|-|-|19,768,607|
|**Designated funds**||||||||
|Roof fund|527,375||1,241|-|-|-|528,616|
|School Foundation Funds|338,687||19,148|(113,993)|-|1,342|245,184|
|**Restricted funds**||||||||
|Community use project|17,041||-|(1,328)|-|-|15,713|
|Corbishley Fund||4,810|145|(40)|-|(921)|3,994|
|Deborah Ogle Fund||7,852|238|(100)|-|(1,508)|6,482|
|Jayne Triffitt bursary award|351,466||167,440|(122,612)|-|-|396,294|
|Donation - Piano purchase|10,000||-|-|-|-|10,000|
|McGowan prize day awards||3,098|131|(40)|-|(832)|2,357|
|V Feng prize day award||805|-|-|-|-|805|
|Chapel Fund||-|3,000|-|-|-|3,000|
|Arkwright Scholarships||-|600|(600)|-|-|-|
|WSHA Endowment income|18,357||5,348|-|-|-|23,705|
|**Endowment funds**||||||||
|WSHA Endowment|159,767||-|-|-|388|160,155|
||_________||_________|_________|_________|_________|_________|
||£20,999,022||£15,081,757|£(14,914,336)|-|£(1,531)|£21,164,912|
||_________||_________|_________|_________|_________|_________|
## **27. SUMMARY OF MOVEMENTS ON MAJOR FUNDS - COMPARATIVE FUNDS**
## **28. CAPITAL COMMITMENTS**
At 31 July 2022 there were capital commitments authorised and contracted for of £160,057 (2021: £79,769).
## **29. OPERATING LEASES**
At 31 July 2022 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
_|**2022**
**Group**
**£**
33,029
29,487
14,478
_________
_
£76,994
**_________**|**2022**
**Charity**
**£**
33,029
29,487
14,478
_________
___
£76,994
**_________**|**_2021_**
**_Group_**
**_£_**
_908_
_37,666_
_43,965_
___________
___
_£82,539_
**___________**|**_2021_**
**_Charity_**
**_£_**
_908_
_37,666_
_43,965_
___________
_£82,539_
**___________**|
|---|---|---|---|---|
41