CHARITY NUMBER: 1131425 COMPANY NUMBER: 06924216 OAKHAM SCHOOL TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023
OAKHAM SCHOOL TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023 CONTENTS ADDRESS, TRUSTEES, OFFICERS AND PRINCIPAL ADVISORS TRUSTEES, REPORT INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF OAKHAM SCHOOL 22 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 25 CONSOLIDATED AND CHARITY BALANCE SHEETS 27 CONSOLIDATED CASH FLOW STATEMENT 28 NOTES TO THE FINANCIAL STATEMENTS 29
OAKHAM SCHOOL TRUSTEES, REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 AUGUST 2023 REGISTERED ADDRESS Chapel Close Market Place Oakham, Rut1and LE15 6DT WEBSITE w.oakham.rultand.sch.uk TRUSTEES AND APPOINTMENT OF TRUSTEES The Trustees of the School, who a also the Directors of the charltable Company, fomi its governing body and those Trustees who served during year were- COMMITTEE MEMBERSHIP Appolnt6d foguard Poll¢y Nomln atlons Bulldlngs & Estates Sub- Commltt8 Awards Sub- ommlttee TvustBes ¢ornpllarb¢è Th8 Rt R8vd. Th6 Lorcl Bishop of Peterb0r0h 2. Dean of Petèrbarough 3. HM Lord Lieutenant of the County of Rutland Mi D Allsop Prof P Baker 6. Mr P Boddy Mi M Dorsett 8. Prof N T Gorman 9. Afjr S Hydè 10. Mr S Jone5 11. Mrsmmiles 12. Mrs R Palel 13. Mr R SumtnertDn 14. Mr S H Woolfe 15. Mr D Crean 16. Mrs N Marshall 17. MTS O Jegede 18. OrJ Palmer-Phillip$ Vacant Jun 2018 Jun 2018 Jun 2019 Jun 2016 Jul 2020 Nov 2017 Jun 2(i13 O¢t 2021 Oct 2021 CHAIR Mar 2020 Nov 2017 Juty 2020 Jun 2014 Jun 2023 Jun 2023 Jun 2023 Ocl 2023 CHAIR Mr$ J P Lucas and Prof S P8tetson rghred as Trustees on 15 June 2023 and Mrs J H Grundy tIred as a Trustee on 5 July 2023. Mr D Crean, Mrs N Marshall and Mrs O J8ged8 were appointed as Trust8es on 15 June 2tr23. Under the School's conststutK)n, the numbgr of Trustees should not be less than bmelve or more than nty-0. Thi8 numb&r will includè thre8 ex-offic40 Tru8180s being The Lord Bishcp of P8tèrborcyJgh. The Lord Lieulgnant of th6 County of Rulland, and The Dean of Pelerboiough. Not fewer than ning or MO than eighteen co-optslive Tiustees to be appointed by fvsolulion of the Trustees lor the tim8 being In offi. Up to hvo petsons nominated by Iha Tiusteès of Archdeacon John80n's Alrn5house Charity ICharÈty Numt*r 2141621 or any suc¢wor Charity may be appointed by resolution ol the T¥uslees a5 CO-Dptstive Truslees.
OAKHAM SCHOOL TRUSTEES, REPORT YEAR ENDED 31 AUGUST 2023 OFFICERS Headmaster MrHWFPri¢eMA Chief Operating Officer and Clerk lo the Trustees Mrw S B Hawkes MA Sènior Deputy H6ad hllr A Mayhew MS¢ Deputy {Paslorall Mrs S J Gomm Bsc Deputy Head (Academic) Dr L F Dudin Msc Phd MEd Deputy Head ICo-Curriculum} Mr James Robinson BA (Hons) AUDITORS Haysmacinlyre LLP 10 Queen Street Place London, EC4R 1AG BANKERS Barclays Bank PLC 10 High Street Oakham Rutland LE15 6AN SOLICITORS Greenwoods Solicitors LLP Monkslone House City Road Pelerborough PE1 1JE Veale Wasbrough Vizards Narrow Quay House Nairow Quay Br¢slol BS14QAA INSURANCE BROKERS AON Limited Mercury Place 11 Sl George's Street Leister LE11DR
OAKHAM SCHOOL TRUSTEES, REPORT YEAR ENDED 31 AUGUST 2023 The Trustees (who are also the Directors of the Charity for the purposes of the Companies Acll presenl their annual report and the audited financial statements of Oakham School forthe year ended 31 August 2023. The Trustees confirm that the annual report and financial slalemenl8 of the School comply with currenl slalutory requirements, the requirements of the School's governing document and the Charilios SORP.. Accounting an Reporting by Chaiilies- Slalement of Recommended Pracltce epplicable lo charities preparing their account in accordance with the Financial Reporting Standard applicable in th8 UK and Republic of Ireland IFRS 102) Isecond edition, eflèclive 1 January 20191, REFERENCE AND ADMINISTRATIVE INFORMATION Oakham School is a Registered Charity, number 1131425 and a Company Limited by Guarantee Registered in England and Vvales, number 06924216. The registered namo of the Charity and the Company is Oakham School. The School was founded by Robert Johnson AFchdeacon of Leicesler, in 1584. The principal dresS of the Charity and the registered office of the Company, as well as the School Trustees are as listed on page 1. The execulwe offer8 and particulars of the Charity's professional advisers are given on page 2. STRUCTURE, GOVERNANCE AND MANAGEMENT Under the Charity Commlssion Scheme of 1 September 2009. the running of the School. together with all the unincoiporaled enlily's unendowed assets and all ils liabilities, were transferred lo a ftew charitable Company. Oakham School {charity number. 11314251, as w8re its corporate and trust funds. The permanently @ndowed school premises and other school land remained with the unincorporated charity known as Truslges of Oakham School (original charity number.. 527825, new charity num 113142511}. which operates as a subsidiary of the main charily. Governing Document The School is governed by ils Memorandum ofAssociation and Articles of Association as ggrèed on 29 May 2009. Governing Body As at 31 August 2023, the structure of the Charity consists of a governing body of School Trustees, the delalls of which are explained on page 2, together with information on how the members of the governing body are appointed to office. The Trustees review their composition and skills mix on a regular basis, in particular in advance of the appointment of newtru8tees. As part of this. the School updated the job description and person specification for new trustees in March 2023. Four new appoFnlments were SLrbsequenlly made. Recrultment and Tralnlng New co-oplative School Tru81ees are proposed by the Nominations Commiltee and are then consideied and appointed al full General Meetings of Trustees. following interviews, and supported by rÈcemmendalions and personal references. Appoinlmenls are designed lo ensure the Trustee Body contains a breadth of specialist skills to support the full range ot Trustee duties and responsibilities. New Twslees are inducted into the wotkings of the Charity. including Board Policy and Procedures, by means of a compr8hensive induction pack and inlroduclory meetings with the Headmaster and Chiel Operating Officer. Trusl88s are offered update Iraining courses and topical Seminars run by AGBIS and professional advisers to the independent school stsclorfrom lime lo lime as required, and training records are maintained. The procèss for both induction and ongoing training is undèr constant reviow lo ensure that Trustees continue to be fulty supported in tlischarging their corporato governance responsibilit18S.
OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2023 Organlsatlonal Manag&ment The Charity Trustees and Directors of the Company, who are responsible for the ovar811 management and control ofthe School, meet four limes a year, with two meetings in the Winter term. The work of implementing most of their policies is carried out by th8 members of the Policy & Compliance Committee. which meets twice per year, and the Finance Commillee, which meets three limes per year. The other principal Committees are the Education Committee and th& Nominations Coff4nlllee. A new Pastoral and Safeguarding Committee was established al the end of 2022 and meets three times a year. Th? Award8 Sub-commillee and the Buildings Sub-committee are both sub-committe8s of the Finance Commilleo. Vvilh the exception of the Nominations Committee, which meets as and when required. and the Awards Sub- commlIee which meets once per year, each of these c1mIlleeS and sub-Bommillees rneels at least once per term. The day-to-day running ol the School is delegated to Ihe Headmaster, the Chief Operating Officer and the Senior Leadership Team. The Headmaster and Chief Operating Officer aitend Ihts meetings of the above Committees, and other membeTS of the Senior Leadership T&8m, notably the Senior D6puly Head and the other Depuly Heads, may also allend meetings il appropriate. The salaries of the Head and Chief Operating Officer are benchmarked against the annual AGBIS salary su¥vey. Sector benchmarking data is used to assess the level of remuneration of olhw members of th& Senior Lead8rship Team. Group StrLE¢turg and Relatlonships There aTe two unincorporated charities that operate as subsidiaries of th& main charity and, as such, are not required to publish separate independent accounts. The first is The Trustees of Oakham School, which. as previously s&toul, holds the permanently endowed school premi8e8 and other land. The second is the Oakham Schotsl Foundation. The Oakham School Foundation was formed al a me81ing of the founding Trustees un 30 AtAgust 2000 and was registered with the Charity Commission on 17 July 2002, registered number 527825115. The Foundation's objectives are lo advance or assist IrTr the advancement of the chorilable aims and obje¢lives of Oakham School. The principal aim of the Foundation is to r8ise funds lo support the lrfe<hanging bursaries and development of the School, and the objects of the Foundation Trusle8s are limited to achieving these alms. As required by the Trust Deed. all Foundation Trustees are appginled by the Trustees of Oakham School. At least three of those Foundation Trustees should also be themselves Tiustees of Oakham School I'representalive Truslees'l. The Foundation Trustees who seNed during tht yearwere.. Representative Trustees: Foundation Trustee: Prof P Baker Mr N Jones Prof N Gorman Mr P O Lawson Mr S Woolfe Mrs K Mehra Mr D Port8r Following the Incorporation of the parent ¢harity on 1 Sep16mber 2009, the Foundation's ¢harily number changed lo 113142512. The School has a wholly owned non-charitable subsidiary company. Oakham School Enlerprisas Limited {OSELI, which actively Irdded throughout the year. The Elizabethan Trust is a separate charitable entity that exists lo support the aims of Oakham School. Wi'th one exception, a lormer Iruslee of the School who resigned in July 2020. The Elyzabglhan Trust has common Iruslees with those of the School and effectively has control over the activities of the TTusl. On this basis, the activities of the Trust have been consolidated into the financlal slalements of the School.
OAKHAM SCHOOL TRUSTEES, REPORT {CONTINUEDI YEAR ENDED 31 AUGUST 2023 Employment Pollcy The School is an equa1 opportunities employei. Full and fair consideration is given lo job applications from disabled persons and duo consideration is given to all employees training and employment needs. A number of reasonable adjuslmenls aro made for employees with heah or disability issues. Communlcatlons wlth Employees Consullaliori with @mployees or their represenlalives has conlinued al all levels with the aim of taking the views of employees into account when decigiong ar8 made that are likely lo affect their inleresls. Communication with employeès continues through standard managemgnt channels in 8 variety of forms, notably through a Salary Committee for Teaching Staff, a Support Staff Consullalive Committee, and also Ihrough exceptional channels lo apprise staff of current issues. In the past few years, examples where formal consullalion was required have included the School's departure from the Tea¢hers' P&nsion Scheme, removal of prrale medical insurance, changes to the support staff pension scheme and the restructuring of cleaning conlracls. Employees are made aware of the educational, co-curricular and financial performance of the School as well as future plans and strategie8 in briefings al the start of each term by the Headmaster and the Chiel Operating Officer. Finalty. stsff can book confidential appointments with the Trustee responsible for 81aff liaison for any Issues they may wish to disGtJss. OBJECTS, AIMS. OBJECTIVES AND ACTIVITIES Charitable Obj8cts The Objects of the Charity are for the advancement of education for the public beneff( of boy5 and girts and in partular (but not limited tol.. 1. The ¢Jperalion of Oakham School as a 808rding and Day School lo bg conducted in accordance with the principles and practices of the chUh ol England. 2. The eslablishmenl and operation of any other Boarding andlor Day Schools associated with Oakham S¢hool', 3. Ancillary or incidental educatnal LiVi11es', and 4. Other associated aclivrtios for the ben8frt of the community. Our Purpos Our purwse is to tea¢h our pupils knowledge, skills and values to thrive and confidently cotilribule al Oakham School 8nd beyond. We will provide exceptional, contemporary ¢o-education with a global outlook, offering experience to18arn Sn a caring and inspiring boarding and day communty. Our Values We encourage all pupils and staff to articulate and embody our core values.. care lie8 at the heart of everything we do. Courag& and Contribution are behaviours we wish lo inspire. We want pupils lo seek and tind Connectlon in a11 aspecls of their education anil future lives. Our Strateglc Objectives Educatlonal Excellence To deliver an innovalivo, ambitious and challenging education fit for the 21sI Century by fostering a love of learning through a broad, balanced and connected curriculum underpinned by our core values.
OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2023 Exceptional Care To place outstanding pastoral care al th@ heart ol all we do, ensuring that Oakham School is a carlng artd courageous Community and a great plac& lo live, learn and work. Partnershlp and Phllanthropy To Contribute 8nd bring benefit lo our wider communily by sharing our ideas, experience and facililles. To increase our bursary provision so that more children can enjoy and benefit from an Oakham education. Collaborative Communlcation To communicate internally and èxternally in an opèn, authentic 8nd dynamic manner that seeks to make meaningful and long-lasling connedions. Flnanclal Sustalnabillty To secure our ability lo invest in the development of our staff, thè lolal curriculum and campus lo the benefit of our pupils and the wid&r community and ensure that we deliver our strategi¢ objectives and exceptional education. Educational Alms 1. The School aims lo provide the hhe81 Standards of teaching and1&8ming. so that all pupils can fulfil their academic polenlial. In providing a broad and engaging academic currieulum there is an abiding aim for academic excellence and intellectual curiosity which will cullivale a lifelong love of learning. 2. The School aims lo give all Oakhamians the values and life skills lo be prepared for the many ChaINge5 ol lrfe after school. 3. The School aims lo provid? pupils with a range of oppgrtunilies lo develop and pursue interests of a physical, cultural or creative nature within the scope of the Total Curriculum. Particular attention is paid lo creating opportunities for pupils lo exercisu innovation, teamwork leadershlp. The School offers an environment where ea¢h pupil can build Self-confiden and aims to inculcate a lifelong desiro lo conlribul8 to the wider community. 4. Th& School aims lo offer all pupils compassional& and Consistent pastoral support through Houses and Tutor groups. Each boy and girl is valued and respected for their individuality within a v8ry SUPPOrtive community, based on 8n ethos in which mutual respe¢t takes the highest priority. 5. The School is a Chris118n foundation which aims lo encourage pupils lo investigate and experience Christian faith and worship. while providing opportunities for children of diverse religious backgrounds to expbre moral questions and the spiritual dimension of their lives. Operatlonal Aims 1. The S¢hool aims lo provide and maintain high standards of governance and management among Trustees, Senior Leadership Team and am0 the other senior members of the Teaching and Support Staff. The School aims lo manage Its financial resources and facilities effectively, in order lo maintain and Improve the educational provision available lo ils pupils. 2. The School aims lo fulfil its charitable purpose through participation in mutually benefi'cial partnerships (both formal and Informall with other organisalions, e.g. maintained schools. and through bursarlal funding lo widen access. The School aims lo ensure its social responsibility through contributions lo the local community and greater environmental suslainabilily. 3. The School aims to be a good employer, providing conditions of employment and environment that supports ils employees in the fulfilmenl of their Te8ponsibililies and professional development. 4. The School aims to $3feguard the health and safety of all who live and worff within it, and lo promote the well-being of Sts pupils. 5. Th8 School aims lo maintain the tyally and Sltpport of Ils pupils, parents and alumni through ggod communication, gnd lo secure the recruitment of suitable pupils through the effective work of the Admissions and Marketing departments. 6. The School aims to maintain and develop ils facillties.
OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2023 Publlc Benefit Aims and Intended Impact The Trustees have given due consideratlDn to thè Charity Commission's guidance on publ benefit. The School Cooperates with local schools and other organisations in ils ongoing endeavours lo widen public access to the schooling available. lo oplimise the use of ils cultural. sporting and other physical facilities for cal public benefit, and lo awaken in pupils an awareness of the social context of the all-round education they receive at the School. The School continues lo provide bursaries to pupils who might not othetwise be bale to benefit fr an education al Oakham School. Following the lifting of restiictions placed on community inleraclion by Covid- 19 control measures. the School has actively r&èngaged with our long standing commitment to SUPPDrting the community. The Senior Deputy Head has overall responsibility for the development and coordination of community links, thu5 ensuring leadership in this artsa al Senior Leadership Team level. Community initiatives focus on the lollowing areas: community service by both pupils and staff, both locally and further afield.. provision ol facilities on a charitable basis for community use., and provision of Staff expertise to other educational establishments. The key elements of Oakh8m Schi)ol's activities which demonstrate ils firm commitment to public benefrt comprise.. 1. Support of Harlngton School Haringlon School is a 61h Form Academy in the town of Oakham set up in September 2015. Oakham School was instrumental in helping set up the school, and Oakham's Headmaster Continues lo be a governor of the school. Oakham School.. a. Enabled Year 13 Haringlon students land two other slate schools) do their A-level French Oral Examillalions al Oakham using our Examinar b. Shared the AQA examiner for German A4evel orals and an Oakham School L?nguage Assislant spenl an afternoon helping pupils at Harrington. Thè Language Assistsnl also visited Harrington several limes building up lo Iheir May exam. c. Harrington students wtsre invited lo a French cultural evoning al Oakham School. d. Provided a Sixth Form conference for Clinal Courses Provided weekly support for pupils applying for eompelilive clinical couises Provided pra¢li¢e interview opportunities with Msiting dtOrS The awarding of means-testod bursaries: In the year, 48 pupils {2021122.. 611 benefilled from means-lesled bursaiies tolalling £807,56412021122." £889,535), iepresenling an average award of£16.82412021122.' £14,583). 'thin this 8mount, the School funded two12021122'. two) 110'/0 Springboard bursaries. Partngrship and outreach progrnmme Free concerts {c 80 perfomances per year) for the community b. Many Drama porformantes are opèn lo the I81 community ¢. Support in kind for Oakham ChDral Sociely, Rulland Concert Band and RuUan¢J Big Band d. The annual Combined Cadgt Force (CCFI Duke of Edinburgh Gold Award expedition always involves some formal community work e. Annual inslruclional support lo the RAF'S Air Cadet L@adership Course at RAF Cranwell f. Mentoring of Poslgraduale Certificate of Education IPGCE} students g. Design Technology, Mustc and Spotts coaching days offered lo local primary schools h. Suveral members of teaching staff are governors al local slate school8 and academies
OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2023 The School gifted subscription of Teen Tlps Wellbeing Hub to Catmos& COlle Oakham School is the dèlivery partner for Rulland Music, the Arts Council funded County Music Hub supporting music makiny in local stale schools., AdVand musicians from Calmose College are invited to play in the Symphony Orchestra k. The School has developed an partnership with the Design and Technology Association lo share videos which illustrate correct use of machinery and processes in DT Head of Clinic Careers hs provided practice medicine and Oxbridge interviews for Hendon School, as well as hosting a workshop and lecture for other local senior s¢hools. m. Th8 Director of IT offered free first aid training to local Community members and provided aceess lo schoDI first aid training equipment for Scout Leader lirst aid training courses n. Multiple departments from Oakham School have worked closely with the Rulland Learning Trust IRLTI: Loan of DT equipment, staff workshops for Art, PSHE and Languages over the year, use of leaching resourees from Classics, MFL and History departments. Sports department have helped lo coach ciickel and include RLT in the L1 fixtures list. Used Oakham minibuses, OSEL sports facllilie¥, science department, Library and QET. Opportunity to develop a Chrislmas chc>ir by Director of Musi¢, loan of samba drums, Oversoa$ Educatlonal Partnershlp programmes: Ken Every year, we take between 3040 Form 6 pupils lo Kenya. Our aim is to help refurbish local primary Schools by providing equipment, refurbishing classrooms and adding lo the infraslruclure of the School as a whole. This involves replacing windows and doors, plastering Tooms, buying and Installing water tanks, r@placing roofin9. and creating fun and interactive areas in which local children can learn. Whilst there, we also arrange a sports afternoon for the Iixal children, and our pupils prepare antj leach lessons lo Iwo-year groups. In order lo achieve all this, our pupils arrange variOL fund-raising events, which have included cake sales, speech day activities and their big event,. an aucliDn dinner. The whole trip is organised by the pupils. and they are in charge of deciding the work that is to bo done in Kenya, with some gUIdae from staff. This programme resumed fulty in the 2022123 ac2demic year. Oakham School is sponsoring two Nepalese teachers for the next fNe years. Form 6 students have be8n working with a Nepalese High School near Pokara. Students continue lo raise awarene5s11undraise to help Annapuma Junior High School with projects. Ukraing 15 children from the local Ukrainian community joined Oakham School pupils for a pupil athletics sessron as part of the Form 2 Communlly Acllon Day. Community Service The School stresses the importance of commL¢nily service lo ils pupils who participate in a wide range of activities. a. Pupils in Forms 1-3, as part of their MYP community project, liller picked around Rulland Walei, hogted a group of Ukrainian children refugees for an afternoon and completed a community project on suslainabilily in the local community. b. Uppèr School pupils hosted activity days for PHAB and pupils in the Lower School hosted an afternoon lea and pefftbrmat)ce of Arouncl the World in 80 Days for children in the lo¢al community w51h physical disabiltties and their families
OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2023 Vtslunlary Action pupils volut)teered in three nurseries. The Ark IBuTley Road and Princess Avenue sitel and Scallywags, as well as helping out at two local primary schools. Calmose Primary and English Martyrs CVA. Brooke Priory, Oakham CofE, Brke Hill, Calmose Primary and English Martyrs pupils were invited lo the Library for a visit with author Tom Palmer. The library also donated 66 boxes of books and audio books lo Oxfam and the Vista shop. Voluntary Action pupils gol slud( in tidying Rulland Farm paik, clearing paths and cr6ating database of local flora and fauna for the Oakham Canal project, gardening and painting al English Martyrs Piimary School, litter picking al Rulland Water, and collecting and sorting foodbank donations Lower School pupils all donated items for the Rulland FIdbank for their Harvest Festival Challenge Pupils and Staff fundraising aclivilies across Ihe whole school, raised upwards of £26,000 for the following charities.. Young Minds, Brain Tumour Charity, Rainbows. Children in Need. Loros, Rulland Foodbank, Royal British Legion, Movember, UNICEF for Ukraine, Liv Village South Africa, Schools in Kenya, Lei¢e8ter City of Sancluary. Red Cross, Cancer Research, Children with Cancer UK, LGBTQ+ Foundation. Peterborough Downs Syndrome Assoclation Teaching staff contributlons to Educational bodSes a. The Director of Mu8ic is Trustee and Vice-chair for Arts for Rutland. Trustee for Northamptonshire Music and Performing Arts TTUSI, and ts 8 member of the Incorporated Society of MusiGians' Educators, Speclal Interest Group which advise the ISM on education mallers b. The Head of Design & Technology is 8 member of the IB Curriculum Reviow Panel, an 8ulhorlconlributor lo IB Revi@w magazine, a principal moderator for IB DT and also a DATA secondary working gTOUP member . A physics teacher is the organiser of the Rulland Astronomical Society d. A teacher of DT is the safeguarding officer at Oakham Cricket Club e. A teacher of Maths 15 3 Trustee Mèmber al Brooke Hill Academy Trust. f. A teacher of Gwgraphy is Trustee Member of Manor Leas Infant School. g. The Languages Department are part of the SCITT Initial Teacher Training Programme in MFL in partnership with Sheffield Hallam University h. A member of the German department Is Ihtr IBSGA and IB World Schools Diploma Programm& UK Lead and also a member of Ihe18SCA Sle¢ring Committee The Headmaster serves as a governor of Harington School. St John's College School and as a member of the Boarding Schools Association executive committe8. Trustee, Margaret Miles, is also a Govemor al Harrington School. The Chief Operating OffIr is a governor of Christ Church Cathedral School in Oxford, The MYP Coaordinalor is a governor al Highfields Prep School, a science teacher is governor al Exton Primary School, th¢ Head of Middle SchoDI served as governor al Brooke Weston Academy, and two members of leaching staff ale governors al English Martyrs. Director of External Relations is a Governor al Wilham Hall. Hlringllendlng out school facllllles During the 2022-23 academic year. the School was able to provide swimming facilities to local schools. including Oakham C of E Primary School, English Martyrs CVA. Langham Primary School and Brooke Priory School. We also run a swim scheme for the local community with 450 children aged between 3-16. we offer weekly badminton and foolball clas8es for children in the community as well as holiday camps for kids18-151 during the holidays. We also run family swim s&ssions duiing the week all year iound and offer fitness classes and membership lo our leisure facilities lo the community. The DT department loaned the school laser cutler to Sl Hugh's Woodhall Spa, School mlnibuses were provided for the Rulland Learning Trust, plus two drivers, every week for a couple of hours. An area at Ihe lop of Doncaster Close was provided lo the local community allolmenl group to use as allolmenls. The 10
OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2023 Bowes room was provided as a meeting facility for the Royal British Legion, Rulland Historic Churches PreseNation Trust, and Arts for Rutland. Rulland Rotary Family Support Centre usèd the Wilson Pavilion and playing fields In September and May. The Rotaracl also have weekly swim lessons here on a Friday night during lerm lime. Hosted the Leicestershire County Cricket Club 4-day match in July al cost price. Prlnclpal AGtlvlty The ChaTily principally proMdes education in Oakham to boys and gills from the ages of 10 10 18. Many of these pupils come from the immediate vicinity of the county of Rulland, and others come frorn elsewhere in the UK and overseas. Pupils represent some 35 different nalionalilies in the School, and 200k of the pupil body are international students. 11 remains an objective that the overall school syze should not exceed an optimal I,Q60, including 500h boarding of some form. snd retaining 8 genuine co-educational ethos acioss all age groups. Oakham School welcomes pupils from all backgrounds. To admit a prospective pupil, we need to be salisfted that Oakham School will be able lo educate and develop that pupil to tho best of their potential and in line with the general standards achieved by thgir peers. Entrance interviews and assessments are undertaken lo satisfy ourselves and parents that potential pupils Can Cow with the pace of learning and benefit from the education we provide. An individual's economic slalus. gender, tsthnicily. ra, religion or disability do not form part of our assessment processes. Wo are an 4ual opportunity organisalion and are committed lo a woiking 8nvironmenl that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex. sexual orienlalion or disability. W8 will make reasonable adjustments lo meèt the needs of staff or pupils who ara or becDm8 disabled. Oakham Sch¢)ol is commit18d lo safeguarding and promoting the welfare of otjr pupils and expects all staff and volunteers to share in this commitment. Parents are given Tegular informalton about their children's social and academic progress. both in formal parent meetings and willen communications. as well as other. more informal communications. The School's facilities are pul lo good educational use during holiday periods, with activities including residential language schools and football academies, accommodation of Ihe Bird Fair al Rulland Water, various sporting events and other courses. Th9 School actively pursues the attainment of the highest standards, partly through netwoiklng with other major schools and partly through peer gTQUP studies lo evaluate quality and perfomance improvement methods. In addition, the School benefits from the loyalty, commitment and generosity of 8 thriving nelwork of Old Oakhamians whose close support Is greatly appreciated and gladly acknowledged. Medlum Term StrategiG Ohlectlves TTuslees and Senior Leadership Team members mel regularly throughout tho year lo progress work on the School's medium-leTm Strategic Plan. As a result of these sessions, Strategic Objectives were developed lo enable the School lo continue to fulfil ils aims in line with ils slated Strategic Vision. Trustees expect the objectives lo shape the work of the School to 2026 and will review them as appropriate throughout that period. Trustees and Senior Leadership Team members met regul8rFy throughout the year lo progress work on the School's medium-lerm And long-lerm priorpties. As a result of these sessions, Strategic Objectives were developed to enable th8 School lo continue lo fulfil ils aims in lino with ils slal8d Strategic Vision. 11
OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2023 The Senlor Leadership Team h88 complèted and coritinues to develop a range of areas devised in line with the revised strategic objectives. including.. Improvement of manag6m&nt structures Development ofTeaching and Learning Development of the curriculum in the Lower, Middle and Upper School- Ihe Connected Curriculum Development of the Co-curriculum Emb6dding of a new Pastoral Structure and revised Pastoral Lèarning Development of the busingss model lo increase surplus Development DfAdmissions and Marketing, including a revtsed Admissions Team, a new website and accompanying materials strategies to Achleve Objectlves The School has undertaken alull curllculum review and launched the Connected Curriculum. This inteeaveS the knowledge, skills and values we believe will help Oakhamians thrNe al school and beyond. We have identified five k8y ski118 domains- communicalion. social, $&lf-management, research and thinking- that are being emb&dded and interwoven into the School's academic. co-cijrricular and pastoral programmes.. this common focus across all three aspects of pupils, education will enable them to learn these skills inside and outside the classroom. The impact on pastoral learning will be profound, as a new éepartment of 30 specially trained members of staff has been ¢r8aled lo oversee all aspects of PSHE training and support. Pastoral curriculum lessons are laughl as part of th& weekly limelable, not as an afterthought or last period on a Friday afternoon. The pastoral learning programme follows a Spiral curriculum, so concepts like physical and ment81 health are revisited regularly lo ensure understanding can be deepened. Likewise, academic teams have designed approaches to skill-acquisilion through their Middle and Upper School programmes, lo seamlessly incorporate learning opportunities as part of their routine classrLy)m experiences, rather than as boSt-on COL5rses of lower impact. Ctrcurriculum developments will follow this year. The launoh has been carefully communicated wf(h pupils and parents over the last 12 months, and new approaches 10 Subject selection by Fomi 5 and Form 3 were introduced lo smooth the path. A key deliverable for the Connected Curriculum has been a move lo 3 A-levels for the majority of Form 6 A- level starters, rather than 4, and a shift lo 3 9 +1- 1 model for GCSES. The Upper School change allows pupils and teachèrs to focus on delving detsper into each course. as sets remain more stable and pupils commit earlier lo their sludi8s, aided by an extra period a week made possible by the formal ohange. The Middle School change will allow pupils greater opportunity to study a curriculum Ih2t suits their slrenglhs, interests and aspirations, while creating the lime for learning opportunities oulside of the classroom. Both changes in offering bring many positives, including greater scope for improved grades in Summer 2025 and beyond. Departments havè work8d hard lo support pupils who faced external exams that had been brought back in line with 2019 exams, both in terms of style and grade distributions. as the adjustments due lo Covid were largely removed. Both cohorfs had fad considerable disruptions. however, with our Form 7 pupils silting high-stakes external exams forthe firsttime in their school careers, having received TeacherAssess8d Grades (TAGS) in 2021, while our Form 5 pupils had their Form 2 and 3 exptsriences significantly impacted by lockdowns. Building on the research and development of our five-step revision cycle last year. we d8ployed this through tutorials and 2ss&mbli@s lo aid Form 7 pupils revise. For Form 5 pupils we extended our approach further. creating an 8-week revision WOTkshop programme for all departments. Online sign-up by pupils encouraged centrally and supported by tutors. and sessions explicitly focused on how to use the revision wcle in each 12
OAKHAM SCHOOL TRUSTEES. REPORT {CONTINUED) YEAR ENDED 31 AUGUST 2023 subject when revising a particular topic. This helped encouraye many pupils into revision activities they would olhewise have not allended, alhough there is scope for further improvemenls thi8 year. Pupil tracking has taken 8 slep forward this year, with the introduction of arTr improved a88essmenl data platform, OSTIA, which increases the visibility of data and pupil progress lo teachers and pupils. Transparency of appropri81e academic data is increasingly shaping professional dialogue in departments, and discussion8 of tutors with their lulees. To formalise these discussions furth8r, two new largel grades have beèn introduced Teacher Indicative Grades ITIGS) and Aspiralional Grades {AG$l. The former is used by l&achers and tutors to monito¥ and respond lo individual and collective trends in Fomi 4 and 6., the latter aims lo in¢rease pupil agency and intrinsic motivation in their slijdies, as they sel their own targets which they can monitor through a new phone-accessible platfoim. With the initial roll-oul lo Form 6. to be followed across more year groups this academic year, we anlicipale starting lo see a positive impact Summer 2024, and then greater impact in following years as these dala~informed discussions embed and culture ovolves. Leadership capacity ¢ot)linues lo be 8 focus. aided by effective manag8menl slruetures and Irainlng. The four Assistant Heads Academic IAHAS) appointed in January 2021 to lead four newly established Cross Facully Teams (CFTS) continue lo reinforc& two-way communication channels. piomole the sharing of best pra¢lice and collaboration across departments, while ensuring contact wtlh line managers. One AHA left the SchoDI due lo a promotion and has been replaced, and the CFTS have evolved with the introduction of new HODS this year, so they continue lo develop a8 hoped. The creation of a new D1clOr of Learning position an amalgamation of several r@laled roles into one more formal position - has been a positive change, ar we look forward lo an increased focus on leaching and learning by teachers and, crucially, pupils, in engaging and effective ways. REVIEW OF ACHIEVEMENTS AND PERFORMAhlCE FOR THE YEAR In a year wher6 Covid allowances were removed, the School's pupils Continu to deliver in and out of the classroom. maintaining high levels of achievement in the academic and co-curricular spheres. Results Overall, 420/0 of all exarns taken lal A-level, BTEC, Pre-u or in the IB Diploma} were awarded A, or A grades or equivalent. This represents a p0811ive oul¢ome, with boundaries set al 2019 levels. In the IB Diploma, the School's average point score was 34.4, Comparing well again8t the worldwide average of 30.2 points, representing an increase relative lo the global average when compared lo previous years. 56% of Higher Level grades were Glade 7 or 6 {equivalenl to A. A al A-levell. Thuro were rmany individual su¢¢esses.' 7 students achi8ved 40 or more points. equivalent lo 4A"s at A-level, wlh another 5 achieving 39 points,. on8 pupil achieved 43 points, another 44 and another an impressive 45 out of 8 maximum of 45 points, which is almost èqiiiv8lenl lo 5A's al A.level, pulling him in the lop O.SOk of IB pupi58 in the country. Al A-level, Pre-u and BTEC. over two thirds of grades award8d were A. grades. This compares favourably lo national results, although the gap between our results and others is narrowing. IndNidual su¢¢esses were more modest than some years. many pupils still performed very well. 18 pupils achieved only A" or A grades, reprgsenling consislenl high achievemenl across their studies. BTEC courses r8main an excellent option for some of our pupils. In BTEC Business, 800A of pupils achieved 0i81inction" or Distinction grades, while in BTEC Sports Scienc? the percentage was 770A'. outcomes that enabled these pupils to access university courses as hoped. In GCSES, results were a little lower than hoped for, and while in.depth analysis of value-add8d trends is ongoing lo identify where lessons can be leained, there were still many individual successes lo celebrate. 49Q of pupils gained 9-7 grades, 3 pupils achieved the equivalent of eleven Grade gs, which is an outstanding achEevement. 13 pupils achieved only 9 or 8 grades, displaying high levels of ability acros$ all their subjects. 13
OAKHAM SCHOOL TRUSTEES, REPORT {CONTINUED) YEAR ENDED 31 AUGUST 2023 Unlversity Destlnatlons As expected, pupils, succ8ss in their IB Diploma, A-level and BTEC exams see 860A of applicants into a university of their choice, with the remainder taking a gap year. These include 10 students going lo what has bewme krwn as the 'goldan triangle'lG5fLoxbridge' universities {Oxford, Cambridge, LSE, Imperial and UCLI. The most popular UK unNersily destinations in 2023 include Exeter, Newcastle, Oxlord Brookes, Birmingham, NTU, Durham, UCL, Reading, York, and Sl Andrews, with Business and Finance, History, Politics and International Relations amongst the mst popular courses of further study. Of particular note, our Head ofcareers and Progression and her specialist team of careers advis8rs have al80 helped 20 pupils to secure places at inlernalional universitie8, including IE Madrid, Maaslrichl. Erasmus, Rollerdam. University of Toronto, King University, Tennessee. and ESADE Law and Business School in Spain. One pupil is embarking on a prestigious Appienticeship study programme in Hamburg, Germany. In addition, the H8ad ol Careers and Progression became a THE (Timès Hlgher Education) Accred((ed Counsellor- only one of four in UK schools- in recognition of her exlonsive careers knoWedge and expertise. Six students are studying specialist clinical ¢ourses, including Medicine and Veterinary Science. One student has secured a place on a specialist Dram8 course at the Oxford School of Drama. 10 Students are studying specialist Art and Design courses, including Art Foundalion. Product and Industrial Design, Fashion Marketing, and Animation. Five students scored 1000/0 in IheirArtA-level, and two 8ludenls gol 1000/0 in their CCS {Crilical and Contexlual Studie8} A-level. Muslc.. Around half of our pupils play in 20 different mustcal ensembl8s, choirs, bands, and orchestras. 300A of our pupils learn an instrument and 9°h learn more than one. They develop their skills and passion for music by performing locally, UK-wide and overseas. Oakham School has 40 full-lime and visiting musicians who teach over 500 music lessons each woek. We also have around 80 music concerts each year. One~l(kone individual music lessons continued online throughout the pandemic and resumed face-lo-face after restrictions were lifted. In the past 12 months we have run a ChambeT Choir tour to Paris, taking 20 musicians for a 4-day tour. The Chamber Choir performed at the Brandenburg Festival in London at Sl Stephen's Walbrook Church in January, and the Chapel Choir and Orchestra performed al the Royal Albert Hall, Nollingham in March. We ran over 32 lunchtime Concerts OP8n lo the public al Oakham Parish Church. and over 40 formal and informal concerts over the year. This year the Big Band will be perfoming al our annual Big Band concert in the marquee at the end of the summer lem, as well as giving concerts in two local village churches. The annual Singing competition has around 60 singers competing, and over 100 pianists will be performing in the annual Piano Duet Compelilion in March Art.. We offer an extensive range of art courses.. Sculpture. T&xliles, Critical and Contextual Studies, as well as Paihling and Mixed Media in our srA specialist art studios. Our Wheelhouse Gallery provides space to showcase the best of sludenl Art and DeSn work. The Department ran the ever-popular annual Visbt lo Meet British Fashion Design&r. Sir Paul Smith. in his London Head Offi'ce. We have recently introdud exam Gourses in Three-Dimensional design at GCSE and al 16+ that exploro archileclural design. interior design, environmental design and sculpture and students will study how form and spacè inleracl in the manmade environment. We have recently laken all Year 12 Art pupils for a residential visit lo Cambiidge. which was hugely valuable for Iheir portfolio work. Drama.. In November 2022. pupils performed in the Main School Production, Into the Woods, one of the most technically challenging musicals wè have perfomied in recent history. This l&rm, pupils are cuffently rehearsing what Promises to be a spectacular Production of Les Misérables in December. All pupils in Lower School (Years 6 - 8) will perform in a Lower School Dance and Drama Showcase. In the Summer Term, we look forward lo a Middle School Production, a Scho5ars Production as w811 as th& Lower School Production in the Summertorm, Our proud legacy of developing acting talent in pupils. who go on to thrive In the theatre when 14
OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2023 they leave Oakham continues with three Old Oakhamians being ac¢epled al RADA., two for the prestigious Ihree-year a¢ling COUTse and one for the stage management course. Drama Award Holders {scholarshipsl receiv8d extra workshops and support - including woikshops by Otd Oakhamian and much-lauded aclor. Richard Hcye. Sport: In sportwe enjoyed a full year of fixtures. Our Under 19 and U16 netball team8 mad@ il through lo the Reglonal linals and the U1Ss to the National Finals for the second year in a row. The 1 SI XV made il lo the final of the Schools Cup, which was played al Twickenham in March 2023.11 was a fant8slic oc¢asion, and we look 850 pupils and 100 staff to watch the game. Following a tough match Oakham beal Trinity XV and lifted the Cup to be National Champions. The U15A team made it through lo the a late stage in the competition of th8 U15 Schools Cup, bul wer8 knocked out by WanNick School. Girls, hockey have m2de excellent progress in the Winlor leim with there regularly being 1 S teams from Middle and UppeT School playing al weekends. The I st Xl continue lo play in the Tier 1 league, which is the top 24 schools in the country. La51 year the U16A reached the last 16 of the National Cup. The U14A progressed lo Midlands Finals (lop 6 Regionally) and made excellent progress in their first term of 11-a-sicle hockey. In indoor hockey the boys Ufjss reached Midlands Finals (lop 8 regionally), whilst the girls U16 and U18 teams both reached the semi-finals of Midlands Finals Ilop 41. loslng out narrowly after playing some excellent hockey throughout the lournamenl. We look foTward lo a full ciicket season this summer, and the opportunity lo use the new 14-lane alleather nels. We continue lo hav& excellent succèss in Athletics with particular success in meets against Harrow, Broms9rove and Rugby. The Squash team continue to have an unbeaten season for the second year in a TOW. Sailing and Shooting coiilinue lo be vory popular with gleal success in regulat fixtures as well as reginal and national Gompelilions. Football Lacrosse, Badminton, Fives. Basketball all continue to flourish with large numbers of pupils playing anri competing each w88k. Hlghlight$: In 2023, Oakham School officially launched ils Connected Curriculum, aiming lo give all pupils the ski118, values and moral compass lo thrive in life and achieve excellent examination results. To achieve this, the Academic. Pastoral and Co-curricular Leadership Teams have identified key skills that have been embedded and interwoven into the School's academic, co-curricular and pastoral programmes that are relevant F)oth inside and outside the classroom. The 2022-2023 academic year saw the launeh of Oakham School's new pupil-led literary magazine. Each issu8 of Spoken is designed and edited by a student editorial team and contains poems and stories written by Oakhamians of 211 ages throughout the School. Sixth Fom) students received high praise for Iheir debating skills at three MUN conferènces. Form 7 (Year 131 sludenl Bgn won the Oulslanding Delegation Prize al the Wycomb8 Abbey Conference. Two talented Form 3 IYeaT 9) linguists a¢hieved first prize and a commendation in the Anthea Bell Prize for Young Translator8, a prestigious national competition run by The Queen's College. Oxford University. The Form 6 business-led activity, the Frecldie Gioome Enterprise Challenge. re1v a Highly Comrnended award in the Empowering Young Enlreprenours category of the Muddy Slilellos School Awards 2023. A team of Sixlh Fomi students won the prestigious 'lnnovation Award, in the Industrial Cadets Gold Project for their work with local company CBS Products. In the UKMT Maths Challènge, pupils won Sn impressive 11 Gold certificates in the Senior Maths Challenge. In the Junior Maths Challenge. 44 pupils achieved awards, including seven Gold, 13 Silver and 24 Bronze. In Science, Form 4 (Year 101 pupils achieved two Gold. six Silver and seven Bronze awards, and 22 Highly Commended and Commended certificates in the annual UKBC Biology Challenge. Six Form 6 (Year 12151udenls competèd in the Cambridg8 Chemistry Challonge wllh two Copper, two Silver, and two Gold Awards. Rugby- U18 Rugby 1st XV wero winners oflhe National Schools Cup beating Trinity at Twickenham. This is the first lime Oakham has won the cup since 2003. We have established a partnership with 8 Rulland Learning Trust, a group of12 local Primary Schools. This has included support with transport to trips and Sporting events, we have set up an Ul 1 RLT cricket team, which will be trained through the winter and will play three fixtures over the summer. We 15
OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2023 are currently exploring further opportunities lo partner. including looking al curriculum development, co-curricular support, sharing good piactice and research on lea¢her training. CPD and Perfomance Review and Devèlopment. Fundralslng Performance The School's fundraising efforts have been delegated since 200010 the Oakham School FoundalKJn. Wilh Ihe Jerwood School of Design, the Mehra Faculty of Science and the BAF Smlth Pavilion among the key achievements of the first len years, work is underway to build upon that SUCC&SS and secure gifts for funding further School development. The emphasis remains on raising money for bursaries lo give more children, whatever their circumstances. an opportunity lo benefit from all that Oakham Sch¢y)l offèrs. Once there is greater clarity on the Building and Facilities Masleiplan, we will shape our fkjndraising efforts lo support the ambitions of the School. Success in this campaign will require higher awareness and support from OOS, parents, and external parties than has previously been achieved. Donations raised in 2022123 lolaSled £275,52412021122 £135,000). Engaging potential supporters with the School on a long-term basis is a key priority, along with having a donor- cèntric approach lo fundraising. Oakham School is deeply committed lo all its donors and rèmains dédicated lo l¥ealing ils supporters with the highest care and respecl. A Donor Charter is in place to assure donors and potential donors of the integrity and accountability of the School'8 fundraising efforts. The School will respond within 30 days to a complaint by a donor or prospective donor about any malleT relating to the School's alumni or fundraising activities. A Sehool's Leadership Team member will atlempl to satisfy the complainant's concerns in the first instance. A complainant who remains dissatisfied will have the chance lo appeal in writing to the School Trustees who will respond wrthin a further 30 days. No complaints were received in Ihe year lo 31 August 2023. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The resuSts for the year are s&1 out on pages 25 10 27, In the year lo 31 August 2023, there was net income from operations of £1,898,00012022'. net income of £1,854,000}. The net income forthe year reflects a gross fee increase of 4.70A on thè previous year {2022.' 3.75¢/ l. The depreciation charge for the year increased by £119,000 to £1,624,000. The School invested capital funds amounting to £1,160,000 in the year (2022., £908,000). There were unrealised gains on investments arising in The Elizabethan Trust of £91,00012022.' an unrealised loss of £279,000). and an actuarial gain on the revaluation of the defined benefit pension scheme of £31,000 12022: actuarial loss of £134,000} The School's trading company, Oakham School Enterprises Limited {OSELI. contributed £1E6,904 (2022.. £136,509) in recognition of ils use of School facilities. After allowing forlhis conlribulion, OSEL made a residual profil of £159,13812022'. profil of £115,739). A Gift Aid payment was made in 2023 in r85pect of OSEL profil for the 2021-22 year.12022.. £0) The Seniot Lee¥shIp Team and Trustee5 monitor the performance of the School through a series of Key Performance Indicators tracked over many years and b8nchmarked against the independent school sector and specific comparable peergroupswilhin the sector through Baines Cutler Solutions benchmarking 8Utveys. Pupil numbers are vital in terms of income and Sufpluses and likely future numbers are tracked carefully through the Admissions Department and through lead indicalgrs {8nquiry levels, parent visits, numbers al Open Days, numbers registered for entrance examinations elcl. 750A of the School's opeialing expenditure is represénted by the overall wage bill. 5011k of operating expenditure 18 represented by the wag6 bill of the 16
OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2023 loaching eslablishmenl. The School participates in the triennial Baines Cutler Solutions Teacher Pay, Beneftis and Workload Survey to benchmark against ils poers. Staff costs as well as the pupil.. teacher ratio, teacher cost per pupil and teacher cost as a percentage of Net Fee Income are tracked ¢arefully. One of the most important indicalor818 investment surplus (surplus before depreciation, profil or loss on disposal of red assets and unrealised investment gains or losses). After taking into a¢Unt unrealised gains on investments and the defined benefit pension scheme of £122.000, the nel movement in funds for the year was £2,020,000 {2022.. £1.441.IX)01 Assvt Cover for Funds Note 1810 the accounts sets out an analysis of the assots allributablg to the varTOUS funds and a description of the Irusls. Theso assets are sufficiènt to meet the Charity's obligations on a fund by fund basis. The School's tangible assets are all held for us8 by the Sch¢x)l. ReseNes Policy Tha Trustees regularfy revi8w the level and nature of thè total funds of the School. Tha Trustees anticipate that the School will continue lo accumula16 sufficient reseNes by means of annual operating surpluses lo generate resources for the continued development of the School. Due lo th& heavy investment in ftx&d assets, notably buildings, at the School, there are currently no free reserves defined as nel assets less tangible fixed assets as designated funds In the School {2022'. £nill. However, the Tiuslees are satisfied that external flnance facilities provide an additional and adequate safely net if il should be required. Furthermore, the consolidated School position includes The Elizabethan Trust which had lolal funds of £5.757m as al 31 August 2022 (2021.. £5.749m}. Of the total funds, £3.019m12021= £3.036ml were unrestricted, The funds are prtmarily held in common investm&nt funds which are managed by regulated UK based fund managers. Going Concern We have prepared a number of scenarios th81 consider our cash position, sources of income and planned expenditure for the 2023124 and 2024125 ypar. These scenarios consider reduced pupil numbers, delayed fee payments. reduced fees and potential bad debts and loan repayments, and impact on costs from the cost- saving measures introduced so far. Sensitivity around these assumptions has also been considered in our forecasting. Results of this cash flow and sensitivity analysis indicate that the cash reserves of the School are adequate lo meet the S¢htsol's obligations as they fall due. The School has positive working capital, net assels minus net liabilities, of £1.123m. £4.1m of the current liabililies relate lo amounts received prioi lo August 31, 2023 in resped of this billing. Having regard lo the above, the Trustees believe il appropriate to continue using the going concern ba8is of accounting in preparing the finan¢ial slalem&nls. 17
OAKHAM SCHOOL TRUSTEES, REPORT {CONTINUED) YEAR ENDED 31 AUGUST 2023 Energy and Emission5 report Oakham School continues lo review energy saving measures al least lermly and maintains an accLJrale record of improvements that have been made lo reduce energy, emissions, and cost. Over the past twelve months the following physical changes have been implemented along with the introduction of behaviour81 change measures for stsff and pupils alike lo inform energy users on how lo cut costs have also been released. Rolling LED improvements whereverwe are refurbishing to include- all of s¢ience facility b. Merton c. Old School d. Sports Hall Swimming Pool f. Partial A and D 2. New solar array al grounds including ballery storage for overnight equipment charging. 3. Grounds healing upgrades lo heat pump solution. 4. Upgrades lo 5 x BMS systems including software upgrades across the sile. Domestic and industrial boiler upgrades. Energy Uses & Consumption for Oakham School 1¥t September 2022 to 31st August 2023 {2021-20221 Energy Equlvalent Ikwhl Ener8yI Activlty Consumptlon Iorlglnal unltl tC02e %of total Unlt Lssed for Lighting, equipment, cooling, caterln8 etc. 1,951,531 11,938,760) 1,951.531 11.938,761)) 404.10 74.35% kwh 1374.921 17.12%) 2.61% NIA Electrlclty-T&D kwh 1,951.531 1,951,531 34.97 Heating, hot water, catering Natural Gas kwh 1.430.08 11,764.661 50.25 7A17.659 18,724,920) 209,582 7,817,659 18,724,920] 198,131 21.01% 180.56%) 1.82% Company Vehicle5 Mlles Business travel Hire Vehicles Miles Buslness travel 15.496 120,4201 17,118 15.0481 9,984,441 4.16 0.22% IS.611 1,923.57 (0.26%) Jo0% Totsl 18
OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2023 Oakham School Emissions {tC02el 1,6(X).00 1,4(YJ.00 1.21K).00 I.0.0() 8W.00 61K).00 400.00 2W.00 D.00 Fler.trlclly T&f) Hire VehlclÈs Voliicles Metric Ratio The emissions intensity metric ratio has been based on the {GHGI emissions produced by the school measured in lonnes of carbon dioxide equivalent IIC02el against the numberof pupils and staff during the academic year. This approach is in line with similar edu¢alion eslablishmenls. A lolal of 1,923,57 IIC02e) 11,014 pupils and 619 staff {1,6331 = 1.18 IC02e per person. Oakham School is dedated lo reducing the amount of GHG prodUd each year and reducing its carbon footprint and continues lo look al other schools to benchmark ourselves against them., indeed, our external partners will. as noted, be undertaking a benchmarking exercise for us. Further improvements lo tracking energy usage are being discussed and where possible implemented over the Coming period. Objectives lor 202312024 1) Reduce our baseline eleclricily consumption by 2°A. 21 Lighting.. Continue lo evolve and inst811 low energy lighting across our building portfolio. 31 Continual review of existing office equipment and school policies. 41 Finalise our ESOS phase 3 compliance process. FUTURE PLANS In September 2023, the School has launched its Connected Curriculum. This sees a clear curriculum pathway linking the Lower, hlliddle and Upper School, with Knowledge, Skills and Values Inten0ven through the Academic, Pastoral and Co-curricular elem&nts of school life. Just as our Values of Care. Courage, Contribution and Connection are clearly articulated in all we do, so also we have identified five Skills, which run though our education, aimed al helping pupils flourish al Oakham School and beyond. Communication. Social, Self-managemenl, Research and Thinking. Oakham School continues lo offer the Inlernalponal Baccalaureate Diploma Programme, as well as BTEC and A Level qualifications in the Upper School, bul as part of the 2023 review, we have reduced the typical number of A Levels studied from four lo three, with a Similar approach al GCSE where pupils will typically study nine rather than len GCSES. We continue to offer a breadth and depth of study, bul with a lill1& more lime on fewer subjects, we aim lo raise allainmenl. and build in lime foi our Pastoral Learning Programme. This carefully researched and crafted curriculum sils al the heart of the Conneded CUrrulum, delivered on 19
OAKHAM SCHOOL TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 AUGUST 2023 timetable by over 30 trained spra11Sts, ensuring that Pastoral Learning, as well a8 Pastoral Care, run5 Ihrough an Oakham Education. As we look ahead into the well-underslocd Political and Economic headwinds, thè School is currentty devising a new strategy lo reshape our slrucluré lo ensure the we remain a leading co-educational day and boarding school. This will see greater integration of day and boarding, with a clear focus on 21 st Century boarding and a careful eye lo the future of co-educalion. Trustees and Senior Leadership are working together lo deliver an exciting and suslalnable model to provide the best possible environment for pupils and staff to live, 18am and flourish. RISK MANAGEMENT The Board of Trusl¢es is responsible for th8 strategic management of the risks faced by the School. Identificat)n Df risk and appropriate control and mitig81ion procedures Is deleg?led lo the Policy and Compliance Committee, with the numerous and more technical flnanclal risks being delegaltsd lo the Finance Committee, assisted al a detailed operational level by the Senior Leadership Téam. Assessment of risks occurs throughout the year. and the formal Risk Regislor is reviewed and Updat by Trustees at the Policy Committee in October. The summary document identifies risks. assesses their impact and likelihood and, where necessary, recommends controls lo milale and monitor risks. Key risks which have been id&ntilied Ihrotjgh the risk management process {wllh actions and miliganls Shown in brackelsl during the year include.. The level of financial surplus may limit the School'8 ability lo invest as il would wish {control of headcounl and staffing costs.. activ& engag&ment with pupil rocruilmenl and retention} Pupil numbers and pupil mix (continue lo monitor the impact of the new boarding and Ilexi-boarding model, more detailed mid and long leim pupil modelling,. improvements to data collection and analysis in the AdmissiDns Department) Cybersecurity {review and monitoring of the School's arrangements for cyb8Y security lo ensure best practice, awareness and resilien¢e.I The key controls used by the Charity include.. Formal agendas lor all Committee and Board activity Comprehensive slr3tegic planning, budgeting and management accounting Eslablished organisalional structure and lines of rewrting Formal wrillen policies Clear authori5alion and approval levels Use of expert extemal professional advite Investment Powors, Pollcy and Performance The governing dtxumenl impos&s no speciftc reslriclions on Trustees, investment powers. Dur6Ng 2018119 endowed and reslricled funLls iepresenled by long-lerm investments were transferred to The EIiz8bathan Trust. a related charity, whose core aim is lo support the objectives of Oakham School. The PUTpose of the transfer was to enable the investments to be managed together with other long-term holdings of The Elizab8than Trust for the benefit of the School. 20
OAKHAM SCHOOL TRUSTEES, REPORT (CONTINUED YEAR ENDED 31 AUGUST 2023 STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The Trustees (who are also directors of Oakham School forthe purposes of company18wl are responsible for preparing the Trustees, Annual Report (including the Strategic Report} and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pr11¢81. Company law requires the Iruslees lo prepar@ financial slalements for each financl81 year. which give a true and fair view of the slate of affairs of the chari18ble company and of the incoming resources and application of resources, including the income and expenditure, of the charitable Company for that period. In preparillg these financial 81atem8nls, the trltslees are required to.. select suitable accounting policies and then appty them consist&ntly', observe the methods and principles in th6 Charities SORP 2019 IFRS 102)- make judgements and eslimales that are reasonable and prudent". slate whelh8r applicable UK AOUntIng Standards have been followed. subject lo any material departures disclosed and explained in the financial slalemenls.. prepare the financial slalements on the going concern basis unless il Is Inappropriate lo presume that the charilable company will continue in operation. TheTrustees are responsible for kegping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that th? financial statements comply with the Companles Act 2006. They are also responsible for Safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. RELEVANT AUDIT INFORMATION Insofar as the Trustees are aware.. there is no relevant audit information of which the charitable company's auditor is unaware,. and the Trustees have taken all steps that they ought ID hav& lakell to make Ihems&lves aware of any relevant audf( information and to establish that the auditor is aware of that infomialion. The Tru81ee8 are responsible for the maintènance and integrity of the coiporale and financial infomialK)n includèd on the charitable company's wgbsile, Legislation in the United Kingdom governing the prepaTalion and dissemination of financial 8lalemenls may differ frotn legislation in olherjurisdiclions. In approving this Trustees, Report. th6 Trustees are also approving the Strategic Report in their capacity as company directors. Signed on bèhalf of the Tru$tees'. NJ.L/LL.4 Professor N Gorman, Chairnian of Trustees 6 December 2023 21
OAKHAM SCHOOL INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF OAKHAM SCHOOL YEAR ENDED 31 AUGUST 2023 Oplnlon We have audited th@ consolidated financial statements of Oakham School fo¥ the year ended 31 August 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charitable Company Balance Sheets, the Consolidated Slalemenl of Cash Flows and notes to the financi81 sla18ments, including a summary of significant accounting policies. The financial reporting framewofft Ihal has been applied in their preparation 18 applicablè law and United Kingdom Accounting Standards. including Financial Reporting standard 102 The Fin&ncial Reporting Slandard8ppIKable in the UK and Republic of Ir8l&nd Iuniled Kingdom Generally Acceptèd Accounting Praclicel. In our opinion, the financial statements., give a true and fair view of the slate of the group's and of the parent charit8ble company's affairs as at 31 August 2023 and of the group's and parent charitable company's nel mov8menl in funds. including the income and expenditure, for the y&ar then gnded., have been properly prepared in accordance with United Kingdom Generally Accepted Acwunting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in aordanCe with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those slanéards are further described in the Auditor'8 responsibilities for the audit of the financial statements section of our report. We are independent of the group in ac¢ordance with the ethical requirements that are relevant lo our audit of th¢ financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfillad our other ethical responsibilities in accordan with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide basis for our opinion. Concluslons relatlng to going concern In auditing the financi31 statements, we have ¢oncluded that the Iruslees, us6 of the going concern basis of accounting in the preparation of the financial statements is appropriate. Bas8d on the work we have performed, w8 have not identified any material unGertainlies relating lo events or conditions that, individually or collectively. may cast significant doubt on the group's ability to continue as a going conrn for a period of al least twelv& months from when th8 financial staltsmenls are aulhorised for issue. Our Tesponsibililies and the Tesponsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Information The Iruslees are responsible for the other informalion. The other information comprises the information included in the Trustees, Report. Our opinion on the financial statements does not cover the othèr information and, exp1 lo the extent otherwise explic((ly slated in our report, we do not expiess any form of assurance conclusion thereon. In connection with our audit of the financkgl stalemenls, our re>y)nslbilbty is to read the other information and, in doing so, ctsnsider whether the other information Is materially inconsistent with th8 financial slalemenls or our knowledge obtained in the audit or otheise appears to bg materially misslaled. If we idèntify su¢h material inconsistencies or apparent material misslalemenls. we are required lo determine whelheT there is a material misslalement in the financial slalem8nts or a material misslalemenl of the other informalion.11, based on the work w8 have performed, we conclude th81 there is a material misstatement of thi5 other information, we are requir8d lo report that fact. We have nothing to report in this regard. Oplnlons on other matters pr85cribed by tho Companles Act 2006 In our opinion, based on the work undertaken in the Course of the audit., the information given in th8 Trustees, Annual Report {which Includes the strategic report and the direcloT8' report prepared forthè purposes of company lawl forthefinancial yearfOrWhh thefinancial slalements are prepared is consistent with the financial slatemenls., and the ytr81egic report and the directors, report included within the Trustees, Annual Report have been prepared in attordance with applicable legal requirements. 22
OAKHAM SCHOOL INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF OAKHAM SCHOOL YEAR ENDED 31 AUGUST 2023 Matters on whlch we are required to report by exception In the light of the knowledge and understanding of the group and the parent charilable company and ils environment obtained in the course of th8 audit. we have not identified material misslalemenls in the Tiuslees, Report {which incorporates the strategic report and the directors, reporti. We have nothillg to report in respect of the following maltgrs in relation tQ Nvhich Ihe Companies Act 2006 requires us to report lo you if. in our opinK)n'. adequate accounting records have not been kept by the parent charitable company., or the parent charitable company financial slalem8nls are not in agreement with the accounting records and returns., or certain disclosures of trustees, remungralion specified by law ar8 not made., or we have not received all Ihfr information and explanations we require for our audit. Responsibilities of trustees for the financial statamènis As explained more fully in the Iruslees, responsibilities statement sel on pagè 21, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements anrl for being sslisfied that they give a true and fair view, and for such internal control as the Iruslees determine is necessary lo enable the preparation of financial slalemenls that are free frcxn material misslatevnenl, wholher due to fraud or error. In preparing the financial slalements, the trustees are respor)sible for 888essing th8 group's and the parent charitsble company's ability lo continue as a golng concern, dis¢lo$ing, as applicable, matters related lo going concern and using the going concern basis of a¢untIng unless the trustees eilh8r intend lo liquidate th& group or the parent charitable Company or lo cease operations, or have no realistic allornative bul lo do 80. Audltor's responslbilities for the audlt of the financlal statements Our objectives a lo oblaln reasDnable assuranc8 about wh&lher the financial stslemenls as a whole are free from material misstatement, whether due lo fraud or error. and lo issue an auditor's report that includes our opinion. Reasonable assurance is a highlgvel of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will ahKays detect a material misslatemenl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggrogale, they could reasonably be expected lo influence the economic decisions of usgrs taken on the basis of these financial slalemenls. Irregularities. including fraud, are inslan¢es of non~complianco with laws and regulations. We d&sn procedures in line with our responsibilities. outlined above, lo delect material misstatements in respect of irregularities, including fraud. The extent to which our prrLedures are capable of detecting irr&guLarilies, including fraud is detailed below.. Based on our understanding ol the group and the environment in which il operates. we identified Ihal the principal risks of non-complian wfih laws and regulatn$ related lo the independent school regulations, safeguarding regulations, health and safety requirements, GDPR. employment law and charity law and we considered the exlenl lo which non-compliance might have a rnalerial effect on the financial slalements. We also considered those laws and règulations that have a direct impact on the preparation of the financial slalements such as the Charities Act 2011 and Companies Act 2006 and consider other factors such as payroll tsx, We evaluated management's incentives and opportunilles for fraudul&nt manipulation of the financial statements lincluding the risk of override of conlrolsl, and determined that the principal iisks were related lo the improper recognition of revenue and management bias in accounting eslimales. Audit procedures performed by the engagem¥nt team includ@d'. Inspecting correspondènce with regulators and lax authorities- DiscuSSlDns with management including consideration of known or suspected instances of non- compliance wilh18ws and regulation and fraud., Evaluating management's controls designed lo prevént and detect irfftgularili8S', Identifying and testing journals., and Challenging as5uniptions and judgemenls made by management in their critical accounting estimates. 23
OAKHAM SCHOOL INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF OAKHAM SCHOOL YEAR ENDED 31 AUGUST 2023 Because of the inherent limitations of an audit, there is a risk that we will not delect all irregularities, including those leading lo a material misslalemenl in the financial statements or non-compliance with regulation. This risk increases the more that complian with a law or regulation is removed from the events and transaction reflected in the financial slalements, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error as fraud involves intentional concealments, forgery, collusion, omission or misrepresenlation. A further description of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Council's website at.. ¥Nw.frc.or .uklaudilorsies ies. This description forms part of our audilorfs report. Use of our report This report is made solely lo 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 slate lo the charitable company's members those matters we are required lo slate lo them in an Auditor's report and for no other purpose. To the fullest extent permilled by law. we do not accept or assume responsibility lo anyone other than the charitable company and the charitable company's members, as a body, for our audit work, lor this report. or for the opinions we have formèd. Lee Stokes (Senior Slalulory Auditor} For and on behalf of Haysmacinlyre LLP. Slalutory Auditor 10 Queen Street Place London EC4R 1AG Date.. 20 December 2023 24
OAKHAM SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 Unrestrict•d Funds £tyJo Restricted Endowed Funds Fund$ £000 £000 Notes 2023 £000 2022 £000 Income and Endowmènts from.. Charitablo activilles School fees receivable Ancillary trading income 29,148 2,580 29,148 2,580 27,603 2.062 Othèr Tradlng Actlvities Non ancillary trading income 1,493 1.493 858 Investments Investment Income 103 40 143 122 Voluntary Sourcgs Donations and legacies Government Grants 276 276 135 Other income Profil on sale of assets Sundry income 34 34 TOTAL INCOME 33,358 316 33,674 30.794 Expenditure on. Raislng funds Non-ancillary trading Finance costs Fundraising & Development 1.025 295 192 1,025 295 192 564 261 187 1,512 1.512 1,012 Charitable activltles Education and grant making 30,031 232 30.263 27,928 Total expendllure 31,543 232 31,775 Net Income from operations before transfers and Investment gains carrled forward 1,815 84 1,899 1.854 25
OAKHAM SCHOOL CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Unrgstricted Restricted Endowed Fund5 Funds Funds £000 £OCw) £000 Notes 2023 £000 2022 £000 Net income from opgratlons before transfers and Investmènt galns brought for¥vard 1,815 84 1,899 1,854 Unrealised gainslllosse8} on investments 11 103 13) {10} 12791 Net Incomellexpendlture) 1,918 81 110) 1,98 1,575 Other ro¢ogni$ed gaSns and losses Actuari81 gainsl{Ioss85) on defined benefit schetmes 19 31 31 1134) Net movament in lund$ 1.949 81 {10) 2.020 1,441 Transfers Fund balances brought forward at 1 Sgptomber 2022 18 24,750 1,204 2.172 28,126 26,585 Fund balances carriod foMard at 31 August 2023 18 26,699 1,285 2,162 30,146 28,126 All operations ollhe Company continued throughout both years and no operations were acqulred or discontinued in either year. The company had no rècognised gains or losses in the year other than those above. The accompanying notes on pages 28 10 49 aru an integral part of this slalement of financial activities, The slalemenl of financial activities includes the income and expenditure account. Details of Comparative figures by fund can be found in nolg 21 26
OAKHAM SCHOOL (COMPANY NUMBER 06924216) CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31 AUGUST 2023 Group 2023 £000 Charity 2023 £000 Notes 2022 2022 FIXED ASSETS Tangible fixed assets Inveslmenls 10 11 27,268 5.511 32.779 27.732 5,506 33,238 27,268 27,732 27,268 27,732 CURRENT ASSETS Stock Debtors Bank and eash 12 13 21 896 9.707 180 650 7,239 21 1,486 8,565 20 1,080 6,562 10,624 8,089 10.072 7,662 CREDITORS- due withln one year 14 19,5011 18,8041 19.358) {8,6981 NET CURRENT ASSETSIILIABILITIES} 1,123 17351 714 11,036} TOTAL ASSETS LESS CURRENT LIABILITIES 33,902 32,503 27,982 26,6S6 CREDITORS: due after more than onè year Advance fees scheme Deposits 15 16 11.4321 12,1 $71 11,4321 12,1571 11.885) 11,7001 (1,8851 11.7001 Not Assets Excluding Pension Llabilltles 30,585 28,646 24,665 22,839 Defined benefit pension scheme liability 2D 439} 15201 439} 1520} Total Net Assets 30,146 28,126 24,226 22.319 Endowment funds 18 2,162 2,172 Rèstricted funds 18 1,285 1.204 709 663 Unrestrl¢ted fund$ 18 26,699 24.750 23.S17 21,656 TOTAL FUNDS 17 30,146 28,126 24,226 22,319 Th@ net movement in funds of the Charity for the yèar was an increase of £1,908,000 (2022- increase of £1,701,000). The financial slalemenls were approved and aulhorised for issue by the board ol Directors on 6 December 2023 arKI signed on ils behalf by Chairman Chairman of Finance Commillee The notes on pages 29 10 49 form part of these financlal statements. 27
OAKHAM SCHOOL CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 £000 Reconciliation of net lexpendilurel l income lo nel cash flow frtsm operating aclivili&s-. Nel income for the reporting period {as per the Slalemenl of Financial Activiliesl Elimination Df non-opeTating cash flows.. Investment income and bank interest receivable Bank intere81 paid Endowmenl donations Depreciation Surplus on sale of fixed assets Decreasellincrease) in stocks Increase in debtors Increase in creditors (Deoreasellincrease in Fees in Advance scheme Increase in deposits Nel cash provided by operating actlvltles 1098 1.854 (143} 23 12761 1,624 1341 1S9 {1221 35 {1351 191 {171 18} 20 561 144 3,827 {246 734 17911 164 3,112 Cash flows from investing aclivilies.. Purchase of fixed asset8 Sale of fixed assets Purchase of investments Sale of invoslmenls Investmgnl income and bank inloresl receivable- excludes rental income Net cash ustrd In Inve$ting activlties 11.1601 34 16641 750 143 {8971 {908) (731 375 122 14481 Cash flows from financing adivilies,. Repayment of CBIL loan New endowments Bank interest pald Net cash provldod by linancing actlvltias 11,500) 135 1351 (1,400) 276 {231 253 Change in cash and cash equivalents in the reporting period. Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period 2,468 7,239 9,707 1,979 5.260 7,239 Analysis of cash and cash equlvalents: Cash al bank 9,707 7,239 28
OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 1. ACCOUNTING POLICIES The financial statements have been prepar@d in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021, the Companies Act 2006 and the Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Charities SORP.. Accounting and Reporting by Charities.. Slal&menl of Recommended Practice applicable to charities prepaiing their account in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (secDnd edition. effective 1 January 20191. The functional currency of the Sehool is considered to be GBP because that is the currency of the primary economic environment. The accounts are drawn up on the historical cost basis of accounting, as modified by the revaluation gf investment properties and other investments. The accounts present the consolidated statement of financial activities ISOFAI, tho consolidated cash flow slatemonl and the consolidated and Charity balance sheets comprising the consolidation of the School and with tis wholly owned subsidiary Oakham School Enterprises Limited and the Elizabethan Trust. No separate SOFA has been presented for the Charity alone. as permilled by Secllon 408 of the Companies Act 2006. The School is a Public Benefit Enlily. On 1 September 2009. the Charity w8s incorporated into a new Charity Number 1131425, and a Company Limrted by Guarantoe Registered in England and Walos, number 06S24216. Prtor to September 2009 the School's Charity Number was 527825. Golng Concern Having reviewed the fundlng facililtes available to the School together with the expected ongoing demand for places and Ihe Schotrl's future projected cash flows, the Trustees have a reasonable expectation that the School has adequate resources lo continue ils 2clivilies for the foreseèable future and consider that there were no Material uncertainlies over the SchoDI's financial viabilrty. Accordingly. they also continue lo adopt the going concern basis in preparing the financial slaloments as outlined in the Statement of Accounllftg and Reporting Responsibilities on page 21. Crltical accounting Sudgements and key sources of estlmation uncertalnty In the application of th8 a¢¢ounting policies, Trustees are required to make judgement estimates and assumptions about the carrying value of assets and liabilities that are not adIlY apparent from other sources. The eslimales and underlying assumptions are based on historical experience and other facloTS that are considered to be relevant. Actual results may differ from these eslimales. Judgements made by the Trustees. In the application of these accounting policies that have STgnificanl effect on the fin&ncial slalem@nls and eslimales with a significant risk of mal&rial adjustment in the next year are deemed lo be in relation to the depre¢ialion rates of langlble fixed assets, the element of staff costs which are capilalised In relation lo capital projects and the provision for bad and doubtful debts which are discussed below. The foll¢Jwing accounting policies have been applied consislenlly in dealing with items which are consider&d material in relaltons to the School's financial stalem6nls, Fees and slmllar incomp Fees receivable are accounlod for in the period in which the seFvice is provided. Fees receivable are staled after deducting allowances. schtslatships and other remissions granted by the School. Investment Incoma Investment income is accounted for on a receivable basis. 29
OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Trading Income Trading income, includlng income from the school shop, is included when reGeiv8ble. Donations Donations subject lo specific wishes of the donors are carried lo relevant restricted or endowed funds. Realised gains and losses All gains and losses ale tsken lo the Statement of Financial Activities as they arise. Realised gains and losses on investments calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to th@ first day of the financial year. Penslon costs Retirement benefits lo employees of the School are provided through two pension schemes, one defined benefit and one defined conlribulion. The pension ¢0sts chargeé In the Slalemenl of Financial Activities are determined as follows.. lal Defined Contribution schen for Support Staff -Employerf$ pensions costs are charged in the period in which th8 salaries to which they relate are payable. Expendlture and basls of allo¢atlon of costs Expondilure is allocated to expense headin9S on a direct cost basis or apportioned according lo time spent. The irrecoverable element of VAT is included with the item of expense to which il rèlates. Support costs are those costs incurred directly in support èxpenditure on the objects of the Charity. Governance costs include external audit, any legal advice for the Trustees and all costs of complying with constitutional and slalulory requirements such as the costs of Trustee meetings and prep8ring slalulory accounts. Operating Leas8S Rentals uniJeT operaling leases are charged on a slraight-line basis over the le8S&term, even ifthe payments are not made on such a basis, Benefits received and re1vable as an incenlivg to sign an operating lease are similarly spread on a straighl-line basis over the leas8 term. Flnancial Instruments Basic financial instruments are initially recognised al transaction value and subsequently measured al amortised cost with the exception of investments which are hold al fair value. Financial assets held al amortised cost compri88 cash al bank and in hand, together with trade and other debtors. A specific provision is made for debts for whtch recovurabilily is in doubl. Cash 81 bank and in hand is defined as all Cash held in instant access bank accounts and used as working ¢8pilal. Financk41 liabilities held al amortised ¢ost comprise all credilors expect social security and other taxes and provisions. Assels and liabilities held in foreign currency aro translated to GBP al the balance sheet date al an appropriate year end 8xchange rate. Tanglblo Ilxed assets Expenditure on the acquisition, construction or enhancement of land and buildings together with vehicles. furniture, machinery and other equipment costing more than £10,000 is capitalised and caffied in the balance sheet al historical eost. ICT equipment costs are wrillen off as incurred. 30
OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Other expendture on equipment Incijrred in the normal day-to-day running of the School and ils subsidiaries is charged lo the Slalement of Financial Activities as incurred. The cost of land and buildings includes interest which 8rose in previous years when borrowings were used to finan the building programme. Depreclatlon Depreciation 18 provided lo write off the tost of all relevant tangible fixed assets less eslimaled Tesidual value based on current market prices, in equal annual inslalmenls over their expected useful economic lives as follows.. Freehold buildings Improvements and oxlension$ Fittings and equipment Motor vehicles 50 or 75 years 20 years 7 years and 10 years 5 years Stocks Stock is rrIed al the lower of cost and net realisable value. Fixed asset Investments Investments are a form of basic financial instrument and are initially recognised at their IransacliDn value and subsequently measured al their fair value as al the balance sheet dale using closing quoted market prices. The Slalemenl of Financial Aclwilies includes the net gains and losses arÈsing on revaluation and disposals throughout the year. The School does not direcdy acquire put options. derivatives or other comp18x financkgl instruments. The main foim of financi81 risk faced by the charity is th81 of volalilily in equity markets and investment markets due to wicler economic conditions, the altitude of investors to investment rlsk and changes in sentiment concerning equities and within particular seclors or sub-sectors. Investment in subsidiaries are valued al cost less provision for Impairment. Fund accountinu The Oakham School funds are split into three cal&gorie8'. unreslrioled funds, reslricled funds and permanent endowment funds. A brief outline of the nature ot the86 funds is as follows.. Unreslricled Funds Unreslricled funds may be expended al the diseretion of the Trustees in lurtherance of the objects of the School. Restricted Funds Restricted funds ar@ funds subject lo Specif trusts as de¢lared by the original donorls) bul which are Still within th6 objects of the School. The income of the restricted funds may onw be expendèd in accordance with the terms of the 8pecific trusts and the capital may or may nDI be expended dependent upon the leim of the specific Irusls. Permanent Endowment Permanent endowment funds are capital funds where there is no power lo convert the capital into income and which musl generally be held indefinitely. Certain assets Can exchanged and may be subject to d&precialion or loss. 31
OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 2. CHARITABLE ACTIVITIES FEES RECEIVABLE 2023 £000 2022 £000 Fees receivable con515t of: Gross fees Less.. lolal schol8rships bursaries. grants and allowanee8 paid for f(om unrestricted funds 32.040 30,594 12,8921 {2,9911 29,148 27.603 3. ANCILLARY TRADING INCOME 2023 £000 2Q22 Charges for trips and other exira4urricular activities Additional tuition fees Registration fees Deposil fees forfeited Charges for overdue fees Sundry Incom 1,962 333 70 1,481 340 64 19 213 158 2.580 2,062 Charges for trips and other extra-curricular aclivtties represent parental contributions to the cost ol such tivilies which are reflected in support costs in the analysis ol the total expenditure in note 8. 4. NON-ANCILL4RY TRADING INCOME 2023 £000 340 1,153 2022 £000 205 651 School OSEL 1,493 856 32
OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 S. INVESTMENT INCOME AND BANK AND OTHER INTEREST RECEIVED 2023 £000 2022 Income from Comrnon Investment FLsnds 143 122 143 122 6, EXPENDITURE 2023 £000 2022 £000 Other expendilure in¢ludes'. Operating lease relllals (plant & machinery) Auditors. remuneration.. For audit School For audit- OSEL For audit- Elizabethan Trust Non-audil fees - School Non-audil fees- OSEL 150 81 26 22 7. STAFF COSTS 2023 £000 2022 £000 Total Staff costs Wages and salaries Social security costs Pens contributions 15.489 1,516 2,437 14,546 1,413 2,265 19,442 18,224 Total staff costs include £15,17812022-. £6,364) of school labour used to complete capital proj6cts and th8refore includèd in the add¢tion to tangible fixed assets in the year. The average number of employees during the year was 580 {2022.' 5561 of which 25812022.. 252) were leaching or leaching support staff. Tho School employs 8 significant number of part-lime staff many of whom are only employed for 8 few hours each week during term lime, The average number of employees during the year calculated on a full lime equivalent basis was 431 12022.. 4231 of which 22012022.. 2241 were leaching or leachinu support staff. Neither the Trustees nor persons connected with them received any remuneration or other benefits from the School or any connected organisation. Trustees, travel and other expenses of £1.737 were reimbursed in the year12022.' £8371.
OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 2023 £000 2022 £000 Aggregate employee benefits of key management personnel 687 694 The number of employees whose emoluments exceeded £60,000 was.. 2023 2D22 £60,001 £70,001 £80,001 £90,001 £110,001 £140,001 £70,000 £80,000 £90,000 £110,000 £140.000 £170.000 27 32 Pension contributions were made into a Defined Contribution S¢h&m8 for all higher paid employees as the School left the TPS scheme in August 2021. During the y8ar there were redundancy or termination payments made which amounted lo £65,71712022'. £15,889).
OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 8. ANALYSIS OF TOTAL EXPENDITURE 2023 Staff cosls £000 Olh&r £000 Depr&clatlon £000 Total £000 Raising and managlng funds- Non-ancillary trading Financing costs under Advance Fee Contrac18 Bank inlerosl and othèr finance costs Bad Debt Charge Fundraising for voluntary sources 1.025 1.025 152 23 120 42 152 23 120 192 150 Total cost of gènerat5ng and managlng funds 1,175 337 1,512 Charitable aclivilies.. Teaching costs Grants from reslricled funds Welfare costs Premises costs Support costs Governance costs 12,708 1,418 375 1,240 2,986 3.573 41 14,126 375 3.864 6,008 5,850 41 2,623 1,398 2.277 1,624 Total cost of charltable actlvltles 19,006 9,633 1,624 30,263 2022 Raising and managlng funds.. Ntsn-ancillary liading Financing ¢051s undarAdvance fee Contracts Bank inl6resl & other finance costs Bad debt charge Fundraising for voluntary sources £000 £000 £000 564 564 94 35 132 35 132 187 121 Total cost of gèneratlng and managlng fund$ 685 327 1,012 CharStable a¢tivltles: Teaching costs Grants from restricted funds Welfare cos18 Premises ¢osls Support costs Governance costs 12,331 1,263 77 1,150 2,615 3,265 29 13,594 77 3,596 6,305 5,327 2,446 1,185 2.062 1,505 Total cost of charltable activlt198 18,024 8,399 1.505 27,928 Support costs includ8 the Cost of trips and other extia-curricular activities lo the exlenl that parental contributions have been roceived lo cover such cosl. The parental contributions are included within Ancillary Trading in note 3. 35
OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 TAXATION The School and Elizabglhan TTUSt havè charitable slalus and are thus exempl from corporation lax. There is no UK corporation lax charge, in respect of the Current or prior years, incurred by the trading subsidiary, Oakham School Enterprises Limited. 10. TANGIBLE FIXEDASSETS-GROUPAND CHARITY Improvemenls and extensions to buildings £OOD Freehold land and buildings £000 Motor Vehicles £000 Fillings and IT Equipment £000 £ODO Total £000 Cost {or frozen. valuation) 1 Septernber 2022 Additions Disposals 35.173 7,569 442 289 {86} 826 43 5.882 49,892 828 1,160 18771 {1,7921 18291 31 August 2023 35.173 6.740 645 869 5,833 49,260 Depreciation I September 2022 Charge lor year 13,508 680 4.262 313 324 68 93 185 3.973 378 22,160 1,624 Disposa 1829) (861 1877) 11,7921 31 August 2023 14,188 3,74 306 278 3A74 21,992 Net book values 31 August 2023 20,985 2.994 339 591 2,359 27,268 31 August 2022 21,665 3.307 118 733 1.909 27,732 'The School has elected. in accordance with Section 35,1 Old) of FRS102, to use the carrying value on 1 September 2014, the date of transition lo FRS102, of any of the above freehold land and buildings previously carried al a valuation. as their deémed cost. The value of freehold land included in freehold land and buildings as at 31 sl August 2023 was £608,000 12022.. £608,000). No d@preciation is charged on Ihls land asset. Included within fre8hold land and buildings is overdraft interest which arose in previous years when borrowings were used to finance the building prcgramme. The lolal interest capilalised is £130,00012022: £130,000). 36
OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 11. INVESTN1Ers 2023 2Q22 Market value as al 1 Seplemb6r 2022 Acquisitions al cost Disposals at carrying costs Unrealised Iloss}Igain on revaluation M8¥ket value as al 31 August 2023 5.506 664 {7501 91 6.087 73 13751 279 5,506 Historical cost as al 31 August 2023 3,671 3,757 All investments are held in common investment funds which are managed by regulalod UK based fund managers. The charity had an investment in ils trading subsid*ary of £2 as at 31 August 2023 {31 August 2022., £2). 12. STOCK Group 2022 £000 160 20 Charlty 2023 £000 2023 £000 2022 £000 School Shop School- Catering School- Sundry 19 19 20 21 180 21 20 During the 2022-23 academlc year the School Shop aSed trading and School Blazer are now the supplier of the Oakham School uniform and sports kil. The last trading day was 30 June 2023. At this lime tha remaining stock was Iransfgrred to the School at cost. 13. DEBTORS Group 2023 £000 112 97 Charlty 2023 £000 112 2022 £000 47 68 2022 £000 47 Fees Trade Debtors Loan to subsidiary undertaking Sundry debtors Prepayments 128 709 537 210 591 232 150 537 303 232 896 650 1,486 1.080 Inleresl is chargeable al 2.5% per annum abov& the base rate as varled trom tim6 lo time of Barclays Bank PLC on the loan lo the subsidiary. 37
OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 14. CREDITORS: DUE WITHIN ONE YEAR Group 2023 2022 £000 £000 4,117 3,316 901 831 743 660 62 52 742 922 Charity 2022 £000 3,316 802 557 52 948 2023 £000 4,117 B82 618 62 743 Fe85 re1Ve before the year end Trade Credttors Taxes and Social Security Defined Benefit P8nsion Scheme Liability Other credilors 6.665 2,441 5.781 2.507 516 6,422 2,441 495 5,675 2.507 516 Advance Fees Scheme {see note 15} Deposits (see note 161 9,501 8,804 9.358 8,698 Fees received beft)re the year end relate to amounts paid prior to the commencement of the following Winter Term. These amounts are in addition to the contractual amounts paid under the AdvanGe Fees Scheme sat out under note 15. 15. ADVANCE FEES SCHEME-GROUP AND CHARITY Parents may ènter into a contract to pay fees to the School lo cover future pèriods. The money may be returned subject to 8pecilic conditions. Assuming pupils will remain in the School. advance fees will be applied as follows.. 2023 £000 2022 £000 After 5 years Vvithin 2 to 5 years Within 1 to 2 years 29 638 76S 149 1,030 978 1.432 2.441 2,157 2.507 Wlhin l year 3.873 4,664 The balancè repres8nls the accrued liabilily under the conlracls. The movements during the year were.. £ot)o £000 Balance at 1 September 2022 New contracts Amounts accrued lo contract as debl-financing c051s 4,664 2,039 73 6.776 {2,9031 Amounts ulllised in payment of fe88 to the School Balance at 31 August 2023 3.873 38
OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 16. DEPOSITS- GROUP AND CHARITY Deposits represent money held against future costs incurred by the school on behalf of pupils. These are returned when pupils leave. 2023 £000 2022 After 5 years Wilhin 2 10 5 years Within 110 2 years 1,266 619 1.266 434 Within 1 year 1,885 495 1,700 516 2,380 2.216 17. ALLOCATION OF THE NET ASSETS The nel assets are held for the various funds and advance fees as follows.. Fixed Assets Nel CuNent A8selsl Long Term Liabil((ies Balance 31 August 2023 £000 £000 £000 £000 Charlty Reslricled funds Inole 18b) Unrestricted funds Inole 18c} Total chaiily fLJnds 709 709 23,517 24,226 27,267 27,267 13,7561 13,7581 715 Consolidated Endowment fu$ (note 18al Reslricled funds Inole 18b) Unrestricted funds {note 18cl Trading subsidiary reserves Inole 18c} Total group funds 2.162 538 2,812 2,162 576 3.020 162 30,146 38 208 162 1,123 32,779 {3,7561 Fixgd Nel Current Assets Assetsl Long Term Balance Liabilities 31 August 2022 £000 £000 £000 £000 Charlty Reslricled funds Unrestricted funds Total charity funds 663 11,6991 11,036} 663 21.656 22,319 27,732 27,732 (4.3771 14,3771 Consolldated Endowment fun(is Reslricled funds Unrestricted funds Trading Subsidiary Resenjes Total group funds 2,172 $05 2,829 2,172 641 3,036 SB 28,126 36 207 58 1735 33.238 {4,377) 39
OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 18a. ENDOWMENT FUNDS Movement in rosources Balance f September 2022 Balancè 3q August 2023 Income Expenditure Inveslmenl gainsllloss) £000 £000 £000 £000 £000 Consolidated Odell Bequest Fund Anderson Prize Duesbury-Bowes Fund Lt. Col John Wilson Scholarship Fund Dewar Memo¥ial Fund BAF Smith Sports Scholarship Fund Anna Haèfeli Scholarship Fund Endowment Fund Mehra Scholarship Scholarship Funds Prize Funds 10 11 26 10 26 470 (101 33 195 238 747 249 32 202 233 754 {5} 15) 13) 244 171 22 2,172 168 22 11D) 2.162 Movement in resources B&l&nce I Seplemb8r 2021 Balance Inveslmenl 31 August GainllLoss) 2022 Income Expendtiure £000 £000 £000 £000 Consolldated Odell Bequest Fund Anderson Prize Duasbury-Bowes Fund Lt. Col John Wilson Scholarship Fund Dewar Memorial Fund BAF Smith Sports S¢holarship Fund Anna HBefeli Scholarship Fund Endowment Fund Mehra Scholarship Scholarship Funds Pr&ze Funds 11 12 27 10 11 26 493 (231 470 33 207 249 762 261 {121 {111 1151 1121 18) 195 238 747 249 179 171 22 2,172 23 2,258 1861 40
OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Endowed funds are definod 8s those that are to be Irealed as Capital and may not be spent as income. The donors of the above funds have slipulaled that the investment income arislng may onty be used for the purpose of funding scholarships and prizes for Oakham School. The Ll. Col. John Wilson Scholarship Fund represents a legacy from a fom)er pupil of Oakham School. The income from the investmentls lo be applied specifically to assist boys who would othgrwise have beèn forced lo leave Oakham School through lack offund5. The Anna Haefeli Scholarship Fund provid&s funding for an Arts Scholar lo join Oakham School lor thè duration of the sixth form. The Mehra Scholarship provides funding for a pupil with outstanding talent moving into the Sixth Form. 18b. RESTRICTED FUNDS Balance 1 Soplember 2022 £000 Balance 31 August 2023 £000 Income Expenditure Investment Trdnsfers GainsllLossesl £000 £000 £000 £000 Charlty Oakham School Foundation Fund Other Donations Scholarship Fund 626 27 10 278 11921 140) 672 27 663 278 {1921 1401 709 Consolidated Odell BeqUt Fund derson Prize Duesbury-Bowes Fund Lt. Col John Wilson Scholarship Fund Dewar Memorial Fund io 178 12 190 12 73 BAF Smith Sports Scholarship Fund Anna Haefeli Scholarship Fund Endowment Fund 32 38 Mehra Scholarship Scholarship Funds Prlze Funds 52 58 239 {31 245 1,204 316 1192} 131 {401 1,285 41
OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 18b. RESTRICTED FUNDS ICONfiNUED) Balanc8 I Sgplember 2021 Income Expenditurè Investment Gainsl{Lossl £000 Transfers Balance 31 August 2022 £000 £000 £000 £ODO Chority Oakham School Foundation Fund Other Donations Scholarship Fund 838 27 10 1121 626 27 10 675 112} 663 Consolldated Odell Bequest Fund Anderson Prize Duesbury-Bowes Fund Lt. Col John Wilson Scholarship Fund DewaT Memorial Fund 165 13 178 11 12 BAF Smith Sports Scholarship Fund Anna Haefeli Scholarship Fund Endowment Fund 25 32 Mehra Scholarship Scholarship Funds Prize Funds 45 52 237 10 181 239 1.185 39 {121 181 1,204 The Oakham School Foundation Fund reprèsents donations received less fund raising costs atliibutable lo The Oakham School Foundation. The principal aim of the Foundation is lo raise funds lo support the ongoing development of the School, and the objects of the Foundation Trustees are limited lo achieving these aims The ReStrle Funds arising on consolidation represent inccthe earned on Endowed Funds. 42
OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 18¢. UNRESTRICTED FUNDS Balanc* I S•ptember 2022 Invostment Incom8 Expendlturè Galnslllosse Balance 31 August 2023 Tran¥feT$ £000 £ODO tooo £OLX) £000 Parent Charity General fund Fixed assal fund 32,629 (30,7681 11,861) 1,861 21,656 23,517 Total Gharity funds 21,656 32,629 {30,768) 23.517 Consolldated Trading subsidiary reserves 58 1,364 11,260) 162 Mandy Barnell M&morial Fund 176 188 Foseco Award 136 146 289 Rulland Scholarship Humphrey Wanslall Bequest Fund Quatercenlenary Scholarship Fund Foreman Scholarship Discretionary Fund 338 13 174) 12 555 21 20 596 1,403 161 53 11491 50 1,357 173 267 271 24,750 34,097 (32,251} 103 26,699 43
OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 18.c Unrestrlcted Fund$ (CONTINUED) Bal8Trce I September 2021 IncL)me Expenditure Investment Loss Transfers Balance 31 AugLtst 2022 £000 £oc)o £000 £000 £OOD £000 Parent Charlty General fund Fixed asset fund 30,231 (28,5201 {1,711} 1,711 19,945 21,656 Total charity funds 19.945 30,231 {28.5201 21.656 Consolidatèd Trading subsidiary reserves Mandy Bamett Memorial Fund {581 800 16841 58 196 1131 {121 191 1251 176 136 Foseco Award 141 Rulland Scholarship Humphrey Wanslall B8quesl Fund Quatercenlenary Scholarship Fund Foreman Scholarship Discretionary Fund 414 11 1621 338 574 16 135) 555 1,452 166 41 121 1881 (101 {81 1,403 161 412 {1371 267 23,242 31,113 129,4181 11871 24,750 19 CAPITAL COMMITMENTS Capital expenditure authorised and contracted for al the balance Sheet dale amounted lo £nll12022.' £nil) for building projects 8nd £nil12022.. £nill in iespecl of equipment. 20 PENSION SCHEMES Deflned contributlon schem8 The School oflers the Independent Schools, Pension Scheme to members of Support Staff. The prowsion is based on double-matching of an employee's contribution up to a maximum of 10% of gr08s sa18ry. The cost for th@ year represents tho School's contributions lo the scheme of £447,60912022.' £452,279). 44
OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Dafined benefit schemes The Inde endenl School ion Scheme From Mah 2012 until the end of January 2018, the Schc)ol participated in Thè Independ@nl Schools, Pension Scheme I'lhe Scheme'l. which is a funded multi-employer defined bunefil scheme ft)r members of Support Slaff. The Scheme provides a pension of one-etghlieth of the momber'8 career average revalued earnings for each year land months propDrtionalely} of pensionable se¢vice. and is thus a Defined Benefit Scheme. The Schem& is conlracted-oul of the Slate Scheme. 11 is not possible in the normal course of events lo idenllfy on a Consistent and reasonable basis the share of underlylng assets and liabilities belonging lo individual participating employers. This is because the Scheme is a mulli-employer scheme, where the Scheme assets are co-mingled for investment purposes and benéfits are paid from the total Scheme assets. Accordingly, the annual accounting chaige repSentS the employer contributions payable. Contributions of £0 were paid in 2021 {In the five months to January 2J19 £158.77D were paid based on a long~leTm conlribulion rale of 14.1 D/o.I The company participate5 in th8 scheme, a multi-employer scheme which provid6s benelils lo some 66 non- associated employers. The scheme is a defined benefit scheme in the UK, 11 is not possible for th& company to obtain sufficient Information lo enable il to account for the scheme as a defined benefrt scheme, Therefore it accounts for the scheme as a defined contribution scheme. The sch6me is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 DecembeT2005. This, logelherwilh documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council. sel out the framework for funding defined benefit occupational pension heM&S in the UK. The scheme is classifd as a 'la8t-man Standi 8rrangemÈnV. Therefore the company is potentially liable for other participating employers, obligations il those employers are unable lo meèt their share of the 8cheme deficit following withdrawal from the scheme. Participating employers are legalw required to meet their 5har8 of th6 scherne deficit on an annuity purchase basis on withdrawal flom the scheme. A full actuarial valuation for the scheme was carried out with an effective dale of 30 September 2020. This actuaiial valuation was certifi.ed Dn 22 December 2021 and showtsd assets of £201.1, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the Iruslees and the participating èmployers have agreed that additional contributsons will be pard. in combination from all employers. to the scheme as follows: Deficit contrlbutlons Frorn 1 September 2022 to 30 June 2032-. £2,687,000 per annum Ipayabk monthly and increasing by 3% on 6ach fftsl SeptNber) Note that the scheme's previou8 valuation was carri6d out with an effective dale of 30 September 2014. This valuation showed ?ssels of £149.4m, liabilities of £187.6m and a deficit of £38.2m. To eliminate this funding shortfall, the Trustee has asked the participaling employers lo pay additional contributions to the scheme as follows..
OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Deflcit contributions From 1 Septernber 2019 to 30 April 2030.. £2,387,357 per annum Ipgyable monthly and increaslng by 3% on each 1$1 September) The recovery plan contributions are allocated lo each participating employèr in line with their eslimaled share of the scheme IE8bililies. Whère the scheme Is in deflcll and where the company has agieed to a deficit fvnding arrangement the company rewgni5es a liability for this obligation. The amount recognised 18 the n81 pr@senl value of the deficit reduction contributions payable under the agreement that relates to the defi¢il. The pr@senl value is calculated using the disoounl rate detailed in these disclosures. The unwinding of the discount rale is recognised as a finance cost. PRESENT VALUES OF PROVISION 31 A¢Jgust 2023 l£sl 31 August 2022 Pre8onl valuo of provision 501,505 571,861 RECONCIUATION OF OPENING AND CLOSING PROVISIONS Porlod Endlng 31 August 2023 l£sl 571,861 Perlod Endlng 31 August 2022 (£81 485,373 Provision al start of period Unwinding of the discount factor (interest expense) 23,195 5.006 Deficit contribulK)n paid 162,e381 152,3081 R8tne8surements- Fmpacl ol any changè In assumptions 130,9131 194,9321 Retneasurements- amendrnents to the contribution schèdule 228.722 Provision at and of pèriod 501.505 571,861 INCOME AND EXPENDITURE IMPACT Pèrlod Endlng 31 August 2023 l£sl 23,195 Perlod Endlng 31 August 2022 l£sl 5,006 Interest expen$8 Rem8a8ur8ments- imp8Ct ol any chavJe in assumptions 130,9131 194.9321 Rem&asurements- amendments lo the ¢ontribulion 9¢hèdul6 228,722 Contribul'ons paid in respect of futur$ 8•rvic&' Costs recognisad in incom6 and axpanditu account 'includes defined contribution schemes and fijlure service contributions li.È. excluding any defic51 reduction payments) to defined benefit schem8s which are treated as defined contribution schemes. To be completed by the company. 46
OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 ASSUMPTIONS 31 Avgusl 2023 31 August 2022 Yts per annum °k perannum 5.79 4.31 Ralo of discount The discount rates shown above ar8 the equivalent single discount rates which, when use(J lo discount Ihe future recovery plan Contributions duo. would give the same results as using a full AA corporate borKI yield curve lo discount the same reery plan conliibutions. FRS 102- SECTION 28 ADDITIONAL INFORMATION FOR THE PERIOD ENDING 31 ALtgusl 2023 SCHEME. TPT Retir&ment Solutions- Independent Schools. Pension Scheme The following schedule detai18 the dèficit conlribvlions agre between the company and the scheme at each year end period.. DEFICIT CONTRIBUTIONS SCHEDULE Yèar endlng 31 August 2023 31 August 2022 l£sl (£81 Yèar 1 64.517 68,453 68,446 70,500 72,615 74,793 77,037 79,348 68,107 62,638 64,517 66,453 68.446 70.500 72,615 74,793 77,037 79,348 68,107 Ye8r 2 Y&ar 3 Yèar 4 Year 5 Year 6 Year 7 Year 8 Year g Year 10 Year11 Year 12 Year13 Year14 Year15 Year16 Yo8r17 Y8ai18 Year19 Yeaf 20 The company must recognise a liability measured as th8 present value of the contributions payable that acise from the deficit recoveryagreemenl and the resulting expense in the income and expendilureaccoLJnl l.e. the unwlnding of the discount rate as a finance cost in the period in which il arises. It Is these contributions that have been used to derive the companys balance sheet liability. 47
OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 21 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE FIGURES BY FUND TYPE Year ended 31 August 2022 Unrestrlcted Restrlcted Endowed Funds Funds Funds £000 £000 £000 Total Funds £000 Income and endowments from- Charltable activities School fees receivable Ancillary trading income 27,603 2,062 27,603 2,062 Other Trading Actlvltles Non-ancillary trading income 856 856 Investments Investment income Bank and other interest 83 39 122 Voluntary Sources Donations and legacies 135 135 Governmenl Grants other Income Profil on sale of assets Sundry income TOTAL INCOME 3D,620 174 30.794 Expendlture on Costs of generating funds Non-ancillary trading Financing costs Fundraising & d8v8lopment 504 261 187 261 187 Charltable activities Schools and grant making 27,851 77 27.928 Total expendlture 77 28,940 Net Incomè from operatlons beforè transfers and Investment gains carrled forward 1,757 97 1,854 48
OAKHAM SCHOOL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 21. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES - COMPARATIVE FIGURES BY FUND TYPE {CONTINUEDJ Unrèstricted R¢strScted Endowed Funds Funds Funds Total Funds £000 £000 £000 Net income from operatlons before translers and Investment gains brought forward 1,757 97 1.854 Transfers Unrealised Ilossesl on inve8lmenls 11851 18} {86) {2791 Net Incomel{expenditurel 1,572 89 1861 1,675 Actuarial Ilosses) on defined benèlil schemes 11341 11341 Net movement In funds 1,438 89 861 1.441 Transfers 70 {70} Fund balances brought forward at 1 September 2021 23,242 1.185 2.258 26,6B5 Fund balances carried foThvard at 31 August 2022 24,750 1,204 2,172 28,126 22. CONTROL In the opinion of the Trustees the School has no controlling party. 23. RELATED PARTY TRANSACTIONS During the year the School received donations from current Trustees tolalling £nil12022.' £nill. There were no other related party transactions in the current or precedlng year. 49