Uppingham School Consolidated Financial Statements for the year ended 31 August 2023 

Charity number: 1147280 Company number: 8013826 www.uppinghamschool.co.uk 



## Index 

|Trustees and Ofcers|3|
|---|---|
|Advisors|3|
|Report of the Trustees||
|Directors’ Report|4-9|
|Strategic Report|10-17|
|Streamlined Energy and Carbon reporting|18-19|
|Report of the Auditor|20-23|
|Consolidated Statement of Financial Activities|24|
|Charity and Consolidated Balance Sheets|25|
|Consolidated Cash Flow Statement|26-27|
|Accounting Policies|28-33|
|Notes to the Financial Statements|34-52|



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Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



Trustees and Officers 

Chair of Trustees B M Matthews MBE BSc *[◊ ][●] 

Vice-Chairs R J S Tice BSc * K J Budge MA (Oxon) PGCE[◊ ][●] Trustees The Very Revd The Dean of Peterborough (Ex officio) The Lord Lieutenant of Rutland (Ex officio)[◊] R N J S Price Esq * S A Humphrey LLB (Hons) * K J Gaine MA (Oxon)[◊] Professor J J A Scott BSc PhD[◊] D L C Wallis BA (Hons) (Oxon) * D R Fothergill MA (Oxon) MBA * (resigned 17/06/2023) C P M King MA[◊ ][●] L J Womack BA (Hons)[◊ ][●] A E Timpson CBE MP[◊] C E V Colacicchi MA (Oxon) * M Fairfax * Dr N R Kotecha OBE DL * (resigned 23/11/2022) J Z Jaggs[◊ ][●] (appointed 03/02/2023) D G Jones * MA (Oxon) * (appointed 20/05/2023) A W Y To BSc MHKIS (Associate International Trustee) 

Headmaster Dr R J Maloney MTheol MA PhD 

Bursar and Clerk to Trustees S C Taylor Esq MA (Cantab) ACA 

Registered Office Uppingham School, Uppingham, Rutland LE15 9QD Company Number 8013826 Charity Number 1147280 

## Advisors 

Bankers NatWest Bank Plc, 7 High Street, Melton Mowbray, Leicestershire LE13 0TT 

Solicitors Farrer & Co LLP, 66 Lincoln’s Inn Fields, Holborn, London WC2A 3LH 

Auditor Crowe U.K. LLP, 4th Floor, St James House, St James Square, Cheltenham GL50 3PR 

Investment Managers Cazenove Capital Management Ltd, 1 London Wall Place, London Wall, Barbican, London EC2Y 5AU 

Insurance Brokers Berkeley lnsurance Group, 2 Colton Square, Regent Street, Leicester LE1 1QH 

*  Member of the Finance and General Purposes Committee ◊  Member of the Education Committee 

> ● Member of the Maidwell Hall Committee 

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## Report of the Trustees Year ended 31 August 2023 Directors’ Report 

The Trustees, who are also directors, present their Annual Report for the year ended 31 August 2023 under the Charities Act 2011 and under the Companies Act 2006, including the Directors’ and Strategic Reports and the audited financial statements for the year. 

## Objects, aims, objectives and activities 

## Charìtable Objects 

The objects of the Charity, as outlined in its Articles of Association, are “to advance the education of boys and girls by the provision of a boarding and/or day school or schools in or near Uppingham and by the provision of ancillary or incidental educational activities or other associated activities for the benefit of the community”. 

## Public Benefit Aims and Intended Impact 

Within this object, it is our aim to benefit the public by promoting a truly holistic education, pioneered at Uppingham in the 19th Century, where young people attain the highest academic levels balanced with an extensive co-curricular programme, which aims to develop life-long interests, promote pupils’ well-being, and cultivate a desire to contribute to their communities. Uppingham is a full boarding school in which pupils are engaged in a broad educational programme seven days a week, and, accordingly, has an unequivocal commitment to excellence and innovation in the pastoral care of pupils. 

Uppingham School is committed to benefitting the public, both through its charitable object, and in a broader context as a good neighbour and as a thriving economic entity. In the furtherance of these aims the Trustees have approved a Public Benefit policy and complied with the duty under s.17 of the Charities Act 2011 to have due regard to the Charity Commission’s published general and relevant sector-specific guidance concerning the operation of the Public Benefit requirement under that Act. 

Uppingham currently has 843 pupils, who come from all over the country and abroad, together with 147 pupils at Maidwell Hall School following a merger between the two schools in September 2022. Founded in 1584 by Archdeacon Robert Johnson and raised to its present eminence in the 19th Century by the great educationalist Edward Thring, Uppingham continues to flourish today. Originally a boys’ school, girls were first accepted into the Sixth Form in 1975 and the School has been fully co-educational since 2001. High academic standards are a priority to the School and in addition there is a strong commitment to music, drama, art, design, technology, and sports. The all-round education, for which Thring made Uppingham famous, is further enhanced by pupil involvement in the ‘Upp & Out’ community service programme, the Duke of Edinburgh Award Scheme, expeditions, and many other activities. 

## Educational outreach and community involvement 

The School sits at the heart of a small market town and is committed to working closely both with local schools and the local community.  In addition to providing means-tested bursaries for local children to attend the School, the public benefit through educational outreach which includes pupil-led tuition in Latin and Maths, providing classroom assistance, joint pedagogical projects with subject leaders in state maintained schools, leading community music programmes in primary schools, helping run extra-curricular school clubs, practice for university interviews, staging musical concerts, and supporting mental health programmes for schoolchildren in Rutland. 

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The School has a relationship of mutually beneficial co-operation with several state-maintained schools, including the David Ross Educational Trust (DRET), with which the School has signed a Memorandum of Understanding supported by annually agreed plans of action. Uppingham continues to support individual DRET schools by engaging in areas such as music, community service, CCF, arts, sports, pastoral care, higher education and careers advice, residential experiences, curriculum development, as well as providing subjectspecialist masterclasses. 

Uppingham engaged with the Mead Educational Trust (TMET), a group of five secondary schools in city centre Leicester. Outreach is focused on four main areas:  Music, Sport, D&T and Life Skills. This year TMET students have enjoyed Music Tech sessions and Room to Record workshops, in which TMET school bands create and cut their own singles in Uppingham’s production studios, with tuition from Uppingham staff. In Sport, the School welcomed Castle and Brooke Mead scholars for Basketball, Netball and Sport Development workshops, with cross-participation between Uppingham and TMET pupils at each session. Debating Outreach is added in October 2023, with Brooke and Castle Mead students engaging Uppingham in STEM focused debates. TMET have also engaged in pre-existing events, including Uppingham’s Sports Conference, Lunchtime Concerts and School Orchestra Day. Outreach is developed alongside TMET’s Leadership Teams, to improve cultural capital within TMET through broad access to the Uppingham community. The partnership creates a pathway for bright students to engage with Uppingham and apply for a Bursary Award – a TMET Careers Group has been formed to support 2023 applications and develop links with Uppingham’s own Careers offer. 

Uppingham has partnered with Beauchamp City Sixth Form (BCSF) in Leicester to support the aspiration of BCSF pupils to elite universities and has organised a programme of exchange visits, peer-to-peer mentoring, and Oxbridge mock interview experiences for BCSF students. 

Uppingham pupils engage in a range of outreach programmes, the majority of which occur during a Friday afternoon through the School’s Upp & Out programme. Pupils support elderly residents in their homes, and work with two residential care homes, Hallaton Manor and Manton Hall, and support primary school students in a range of settings, including Red Kite and Brightways, which are special needs settings. Pupils deliver a range of programmes which they have developed, support five primary schools where pupils deliver maths and reading support as well as on site through the primary science programme. Pupils also support local charities such as LOROS and the local food bank in Rutland where they have assisted in the creation and delivery of food parcels and providing clothes and bedding to those in need. Finally, pupils are engaged in environmental initiatives where they work closely with _Uppingham in Bloom_ as part of the community gardening programme and assist in improving waterways and land use through our partnership with the countryside conservation programme. 

The School’s sporting facilities are made available to schools, clubs and teams in the area and the public enjoy access to the School’s 59 acres of playing fields. Other School facilities are made available to local societies, schools and clubs for educational purposes and performances and shows, and the Estates department 

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gives assistance to the town of Uppingham on technical and horticultural matters. Pupils and staff from the School perform weekly lunchtime concerts in the town’s church. 

## Structure, Governance and Management 

## Governing documents 

Uppingham School is a registered charity (number 1147280) and is incorporated as a company limited by guarantee (company number 08013826). The company is governed by Articles of Association. The company’s charitable objects are “to advance the education of boys and girls by the provision of a boarding and/or day school or schools in or near Uppingham and by the provision of ancillary or incidental educational activities or other associated activities for the benefit of the community”. 

All the undertakings of the School were transferred across to the company upon incorporation on 1 September 2012, with the exception of endowed properties (‘specie’ land) and assets, which continue to be held in the Archdeacon Robert Johnson Trust. A ‘Uniting Order’ from the Charity Commission removes the need to prepare separate accounts for both company and trust. 

## Appointment and induction of Trustees 

The Trustees who served during the year and since the year-end are shown on page 3. Under the Articles of Association, Trustees must not number fewer than seven nor more than twenty-one persons:  two ex-officio, two appointed, and between five and seventeen co-optative Trustees. Appointed Trustees are appointed by the Hospital of St John and St Anne in Oakham, and by the Headmaster and teaching staff of the School. Co-optative Trustees are appointed by fellow Trustees exercising a majority opinion. 

Trustees are recruited as much as possible to represent a cross-section of skills and experience considered most useful in addressing the issues facing the School. The Chair’s Committee, acting as nominations committee, maintains a shortlist of potential Trustees. The Chair interviews all proposed Trustees and presents their credentials to the Trustee board, whose approval is required before they are invited to join it.  In addition to key documents, including the AGBIS Guidelines for Governors, Trustee induction includes child protection training, a pupil tour of the School, lesson observation, meetings with Headmaster and Bursar, and usually a lunch with pupils in a boarding house. Ongoing training of Trustees on topical subjects is made available on a regular basis, and a programme of annual Trustee day-long observations of the workings of the School is in place. 

Trustees carry out a governance self-evaluation exercise every two years. The seven principles in The Charity Governance Code published in July 2017 and refreshed in 2020 are reflected in that exercise. 

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Organisational management 

The Trustees of the Charity are responsible for the overall management and control of the School and meet three times a year. 

There are three principal Trustee sub-committees. The Finance and General Purposes Committee (F&GP) meets two weeks before each meeting of the full Trustees, and addresses matters relating to finance, operations, estate, and investments. The F&GP Committee works under the chairmanship of Mr Richard Tice, and the other members are indicated on page 3. The Education Committee, chaired by Mr Keith Budge, addresses matters relating to the educational, academic, and pastoral agenda. This committee meets once a term, and its members are indicated on page 3. The Maidwell Committee, also chaired by Keith Budge, addresses matters relating to the quality of educational provision and pupil welfare and safety at Maidwell Hall. This Committee also meets once a term, and its members are indicated on page 3. 

A sub-committee of F&GP, the Investment Sub-committee, monitors the performance of the School’s investments, whose management is delegated to Cazenove Capital Management Ltd, a firm of professional investment managers. It meets immediately before each F&GP meeting and reports to that meeting. 

The Audit Committee, which is chaired by a Trustee not chairing F&GP, and whose membership excludes the Chair of Trustees, meets once a year. It is responsible for reviewing the financial statements, internal control, risk management, and the external audit, and reports directly to the Trustees. 

The International Schools Committee, chaired by the Chair of Trustees, monitors progress towards the establishment of Uppingham-branded schools overseas with partnering investors. 

The Estates sub-committee monitors the development of the School’s Infrastructure Strategy. 

The work of implementing most of the Trustees’ policies and the day to day running of the School is delegated to the Headmaster and Bursar. The Headmaster and Bursar attend the meetings of the above committees and are supported by the School’s executive leadership teams and together this group are the key management personnel. 

Remuneration is set by the Headmaster and Bursar and overseen by the Trustees, with the policy objective of providing appropriate incentives to encourage enhanced performance and of rewarding fairly and responsibly individual contributions to the School’s success. 

The appropriateness and relevance of the remuneration policy is reviewed annually and ensures that the School remains sensitive to the broader issues of pay and employment conditions elsewhere. Delivery of the School’s charitable vision and purpose is primarily dependent on its personnel, and staff costs are the largest single element of its charitable expenditure. 

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## Group structure and relationships 

The School has wholly owned non-charitable subsidiaries, whose activities and trading performance are discussed below: Uppingham School Enterprises Ltd; Uppingham School (Construction) Limited; Uppingham School International Ltd (dormant); Uppingham School (Asia) Ltd; Uppingham School (Selwyn) Ltd; and Uppingham School (Reddall) Ltd. 

Uppingham School belongs to several representative bodies in the independent school sector, whose goal is the enhancement of the highest standards of education.  We also cooperate with local schools and organisations to widen public access to the schooling we can provide, to optimise the educational use of our cultural and sporting facilities, and to awaken in our pupils, in the public interest, an awareness of the social context of the all-round education they receive at Uppingham School. 

## Equality Act 

Uppingham School complies with the Equality Act 2010 and is committed to providing equal opportunities in employment.  The School’s policies seek to avoid unlawful discrimination in all aspects of employment including recruitment, promotion, opportunities for training, pay and benefits, discipline, and selection for redundancy. Uppingham is a registered member of Investors in Diversity (IiD), an award run by the National Centre for Diversity, acknowledging a business or organisation’s adherence to the Centre’s FREDIE values (Fairness, Respect, Equality, Diversity, Inclusion and Engagement). 

## Statement of Trustees’ Responsibilities 

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

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period.  In preparing these financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgments and estimates that are reasonable and prudent; 

- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

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## Report of the Trustees Directors’ Report 

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

The Trustees confirm that: 

- so far as they are aware, there is no relevant audit information of which the company’s auditors are unaware, and 

- they have taken all the steps that he/she ought to have taken as Trustees to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information. 

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006. 

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## Report of the Trustees Strategic Report 

## Objectives and Strategies 

## Objectives for the year 

The objectives for the year ended 31 August 2023 reflected the School’s values of Future Facing and Fearless, Intellectually Inquisitive and Inventive, Collaborative and Connected, and Responsible and Compassionate. The objectives included: 

- Delivery of the second-year targets in the 2021-26 Educational Strategic 

   - Plan, under the headings of academic and curriculum, pastoral, co-curricular, teacher development, and Sixth Form; 

- Delivery of the School’s ‘2021 Forward’ Strategic Plan including Educational Plan (as above), addressing the ‘fee affordability’ gap, widening the socioeconomic diversity of the pupil body, and ensuring the School’s infrastructure is market leading. 

- Revision of the School’s 2015 Estate Masterplan. 

- Following the merger with Maidwell Hall School on 30 September 2022, working with Maidwell colleagues to meet the requirements of an ISI monitoring inspection, transform safeguarding and health & safety culture in the School, increase pupil numbers and invest in a major refurbishment of the School’s fabric. 

## Strategies to achieve the year’s objectives 

The 2021-26 Educational Strategic Plan will be achieved by delivering a number of initiatives: 

- Academic and curriculum: academic outcomes; the 13-16 curriculum; staffing strategy; assessment and tracking; pupil and staff data; and academic enrichment. 

- Pastoral: health and wellbeing; training and development; safeguarding; pastoral structures; and diversity and inclusion. 

- Co-curricular: culture and values; experimental and outdoor learning 

   - programme; scholarship and further learning programme; creative and physical literacy; pupil enrichment; structures and systems; and co-curricular infrastructure. 

- Teacher development: teacher development programme; evidence-based practice; effective collaboration; digital strategy; professional development review system; and teacher development hub. 

- Sixth Form: future choices; Sixth Form centre; and post-qualification applications. 

Delivery of the ‘2021 Forward’ School Strategic Plan will be achieved by creating an endowment fund, bridging the 11-13 educational gap, generating additional income streams, recruiting a higher proportion of pupils from less advantaged backgrounds, and delivering a far-sighted infrastructure plan. In particular, the School’s work on a merger with Maidwell Hall School achieved completion on 30 September 2022. 

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## Review of achievements and performance for the year 

## Pupil roll 

In the year under review, Uppingham School had 847 (2022: 830) senior pupils, of whom 794 (2022: 793) were senior boarders and 53 (2022: 37) were senior day pupils.  There were also 135 junior pupils (2022: Nil) at Maidwell Hall. 

## Operational performance 

Following the successful application of the School’s strategies, the School started the academic year in September 2023 with a strong pupil roll of 843 pupils. The Trustees are, however, aware of headwinds from high inflation, a flatlining UK economy, the gradual and long-term decline in the UK boarding market, and, most significantly, the Labour Party’s policy of imposing VAT on independent schools, and withdrawing business rates relief, should the party win the forthcoming general election. 

Examination results in 2023 were very strong, marked by a return to normal pre-Covid examination conditions. The A level pass rate was 99.8% (with just one failed entry due to a serious medical condition), with 22% graded A*, 51% graded A* or A, and 82% of subjects graded A*, A or B.  These were the strongest results compared with pre-Covid outcomes.  The GCSE pass rate was 97% with 22% of subjects graded 9, 47% graded 9 or 8 and 68% graded 9 to 7.  This year 94% of leavers went on to higher education. Of this group, 16% gained places at institutions ranked in the global top 50, and 25% ranked in the global top 100.  Of these places, 72% were at Russell Group universities. 

These academic achievements were accompanied by a full programme of sporting activities and fixtures across a wide range of sports including rugby, hockey, cricket, athletics, lacrosse, tennis, netball, swimming, badminton, basketball, sailing, fencing, football, fives, and squash. Uppingham’s distinguished reputation for music was maintained by a very busy programme of weekly recitals, and house and School choral and instrumental concerts. As well as music, theatre, drama, art, and design technology all flourish at Uppingham. The fully equipped 300-seat theatre and Williams studio theatre regularly stage School productions as well as playing host to visiting professional companies. 

## Developments 

Construction began on the refurbishment of the School’s Grade 2-listed 1st XI cricket pavilion on The Upper, due to be completed in December 2023, and including the re-instatement of the players’ gallery. The strategy of integrating new Day pupil spaces within boarding houses has continued, enabling 52 Dayboarder places in September 2022 and 71 in September 2023. Design on a new boarding house wing began during the year, with a view to submitting a planning application in the Autumn of 2023. A new Estate Masterplan, with investment framework, investment programme and sustainability charter, was approved by the Trustees in June 2023, setting out plans for the estate under four investment pillars: ‘Pupils first’; ‘Future focused’; ‘History and identity’; and ‘Sustainability’. 

## Fundraising performance 

The Foundation raised funds for infrastructure projects as well as means-tested bursaries enabling more pupils to benefit from the School’s education who otherwise could not afford the fees. Donations and legacies totalled £2,156,899 (2022: £376,555) including the net donation of £993,399 from Maidwell Hall. 

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Fundraising during the year was carried out solely by the Development team with support from alumni and parents. No external fundraising individuals or companies were employed. The School is signed up to the Fundraising Regulator which oversees the Code of Fundraising Practice and there were no incidences of failures to comply with fundraising standards, nor any complaints received. The School adheres to the new GDPR regulations and contacts only those for whom our communications will be relevant and of interest. 

## School merger 

On 30 September 2022, the assets and liabilities of Maidwell Hall School were transferred to the School by way of a charitable merger. As a Prep school, Maidwell Hall retained a separate DfE registration. The two schools share an educational ethos of holistic education, broad curriculum, boarding and day provision, and co-education. The merger will enable the group of schools to broaden access to its education through philanthropic support for bursaries from Year 7, as well as Maidwell Hall continuing to provide a reliable stream of boarders to Uppingham. 

## Section 172(1) statement 

The Trustees have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the School for the benefit of its members as a whole, having regard to the beneficiaries and matters set out in section 172(1) of the Companies Act 2006. 

In discharging their duties above, the Trustees carefully consider, amongst other matters, the impact on and interest of other stakeholders in the School and factor these into their decision-making process. 

## Pupils 

Boarding and day pupils alike benefit from the School’s excellent pastoral provision with staff placing as much importance on pupils’ all-round personal development as they do on academic progress. Pupils are actively encouraged to offer suggestions on the operation of the School through committees, houses or tutor meetings, and this pupil voice is actively considered in decisions made by the Uppingham Leadership Team and Trustees. 

## Employees 

The School recognises that the qualities, skills and commitment of its employees play a major role in the School’s success. Regular briefings keep staff informed of School-wide developments, and wide-ranging employee benefits enhance their quality of life. Staff wellbeing and engagement have continued to be areas of attention, along with equality, diversity and inclusion, and Uppingham working towards accreditation under Investors in Diversity (IiD). 

## Parents 

The School recognises the many benefits of engaging with parents.  An historic reliance on written communication has given way to digital innovations such as Headmaster’s filmed ‘letters’, regular Zoom-based interactive forums, online parent teacher meetings, as well as streaming live and recorded audio-visual 

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events and podcasts.  Although written communications continue, they are disseminated via a platform which offers greater interactivity and clarity of communication. 

## Community 

The School is proud of its place in the local community and conscious that, as the largest employer in the town of Uppingham, it has a significantly beneficial impact on the local economy and on local cultural life and maintains close relations with Uppingham Town Council. 

The School endeavours wherever possible to enable local schools and sports clubs to benefit from its academic and co-curricular facilities. The pupil ‘Upp & Out’ programme works with local charities and social organisations to channel pupils’ support and assistance to the elderly and disabled. 

## Financial review and results for the year 

A summary of the results of the year’s operations is given in the statement of financial activities on page 24. 

School fee income was 14.0% ahead of the previous year due to a small fee increase, higher pupil numbers and the merger with Maidwell Hall. 

The Charity’s principal funding sources were School fees (86% of incoming resources), trading turnover (5%), donations (5%), other activities (1%), investment income (2%), and rents, lettings and other income (1%). 

Awards totalling £2,949,774 (2022: £2,168,832) were made to pupils for scholarships, bursaries and other grants from unrestricted funds, and further awards from restricted funds amounted to £501,973 (2022: £405,815). 

Net incoming resources of £999,614 (2022: £239,883) included a surplus of £1,016,894 on restricted income (2022: deficit £149,510), due mainly to the merger with Maidwell Hall. 

The net movement of funds shows an overall increase of £1,752,922 reflecting the above net incoming resources, an actuarial gain on the pension scheme of £257,000 and a net investment gain of £496,308. 

The School’s five-year cash projection is updated termly, and considers cash position, sources of income and planned expenditure.  Scenarios considered include reduced pupil numbers, reduced fees as well as the impact on costs of inflation and other economic factors.  The results of this cash flow and sensitivity analysis indicate that cash reserves of the Charity are adequate to meet the Charity’s obligations as they fall due. 

Having regard to the above, the Trustees believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements. 

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## Report of the Trustees Strategic Report 

## Fee remissions 

The School awarded 3,451,747 (2022: 2,574,647) in means-tested bursaries, scholarships and other fee discounts. Means-tested bursaries are designed to widen public access to an Uppingham or Maidwell Hall education to those who otherwise could not afford the fees, and to relieve hardship where the pupil’s education and prospects would otherwise be at risk. Means-tested bursaries cover a wide range of remission from 10% up to 100%+ of the fees (in the latter case including support for uniform and additional charges) and accounted for 2,027,713 or 59% of total discounts (2022:  1,794,341 or 70% of total discounts). The average means-tested bursary was worth 23,042 (2022: 23,303) and 25 pupils were awarded bursaries in excess of 75% of the fee (2022: 22). Philanthropic donations contributed 429,363 towards these larger means-tested awards (2022: 345,874). 

Scholarships are awarded for academic, musical, drama, artistic, sporting, and all-round excellence; the accompanying financial discount is a small proportion of the fee. Scholarships worth 491,930 or 14% of the total were awarded (2022: 453,965 or 18%). Other fee remissions include staff discounts, and sibling, forces and other discounts at Maidwell Hall. 

The merger with Maidwell Hall in September 2022 had a significant impact on the relative proportions of means-tested bursaries and scholarships, and Maidwell Hall’s fee discounts policy has now been brought into line with Uppingham’s. 

## UK trading subsidiaries 

The School carries out its UK trading operations through two wholly owned subsidiary companies, Uppingham School Enterprises Limited and Uppingham School (Construction) Limited. 

## Uppingham School Enterprises Ltd 

Uppingham School Enterprises Ltd, which runs a programme of summer lettings, the School Shop, and the commercial activities of Uppingham School Sports Centre, had a good year.  Sales rose to £2,017,854 (2022:  £1,956,161) and a profit of £302,198 was made before gift-aid (2022: £404,758).  This result included lost income in the Sports Centre due to repairs to the pool hall.   The gift-aid amount to Uppingham School is £275,949. 

The Directors are confident that business will remain strong in the year-ended 31 August 2024. 

Uppingham School Enterprises Ltd ended the year with net assets of £33,637 (2022: £7,388).  The Directors have reviewed the trading and cash flow forecasts for the year ending 31 August 2024 and believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements. 

## Uppingham School (Construction) Ltd 

Uppingham School (Construction) Limited, which designs and builds new boarding houses, had sales of £26,251 (2022: £234,506) and a net surplus of £765 (2022: £6,830) in the year, which was gift aided to Uppingham School. 

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## Report of the Trustees Strategic Report 

## International trading operations 

The School’s international trading operations are carried out through a wholly owned, dormant subsidiary, Uppingham School International Limited, and its three wholly owned subsidiaries, Uppingham School (Asia) Limited, Uppingham School (Selwyn) Limited and Uppingham School (Reddall) Limited. 

## Uppingham School (Asia) Ltd 

The company had turnover of £Nil (2022: NIL) and made a loss of £1,089 (2022: £4,986).  The School has provided against the inter-company balance of £2,277 (2022: £4,091). 

## Uppingham School (Selwyn) Ltd 

The company had turnover of £100,000 and made a profit of £59,534 (2022: loss of £10,804).  The School therefore wrote back the prior year provision of £57,482. 

## Uppingham School (Reddall) Ltd 

The company had turnover of £Nil (2022: £200,000) and made a loss of £5,151 (2022: profit of £56,113).  The School has provided against the inter-company balance of £3,062. 

## Appropriation of resources 

The Trustees recommend that any unrestricted surplus at the end of the year be carried forward. 

## Fixed assets 

The valuation of the land and buildings of the Charity depends largely on their continued use as a boarding and day school or similar activity. The Trustees are satisfied that, assuming that they continue to be used for their current purposes, any significant difference between the current market value of the land and buildings and the value at which they are shown in these Financial Statements would have no material impact on the School’s operations or financial viability. Changes in fixed assets during the year are set out in Note 9 to the financial statements. 

## Reserves policy 

Disregarding the notional pension-funding deficit calculated under FRS102 (see below), at 31 August 2023, the total funds of the School were £73,813,518.  Of these, £9,172,032 were permanent endowment funds and £2,879,004 were restricted funds. This leaves unrestricted funds of £61,762,482 of which £430,902 has been designated by the Trustees and £76,820,231 are represented by fixed assets. Therefore, the School currently has a surplus on free reserves of £8,551,349 (after taking account of capital borrowings of £24,040,000) which primarily represents funds due to be expended on fixed assets. 

Total unrestricted funds as shown in the accounts include a notional funding deficit of £431,000 (2022: deficit £758,000) calculated under FRS102 in respect of the Charity’s defined benefit pension scheme for support staff. The Trustees believe that this notional funding calculation, which can vary considerably between surplus and deficit according to the assumptions made at each year end, has no material effect on the Charity’s cash flows in the short term, and that in the longer term its effects are capable of mitigation out of future income. For this reason, the Trustees consider that it should be disregarded for reserves policy purposes. 

15 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



## Report of the Trustees Strategic Report 

The surplus on free reserves is consistent with the Five-year Cash Projection, which is updated and considered by the Trustees on a regular basis.  The Trustees are committed to providing an excellent environment for pupils at the School by improving its academic, pastoral, and extra-curricular facilities.  This programme is reviewed and updated on a regular basis, along with its impact on cash flows.  In addition to the improvements programme the School has undertaken a buildings condition survey to ensure that an adequate maintenance programme is in place to protect the School’s fabric and plant for the long term.  The School’s policy is to operate with a deficit on free reserves and, over the foreseeable future, to continue to finance these two programmes through surpluses.  This policy is managed prudently by ensuring that cash ‘headroom’ (defined as cash balances plus available bank overdraft) never falls below £3 million. 

The School’s management of reserves will be reviewed on an annual basis by the Trustees. 

## Investment policy and performance 

The Trustees’ investment powers are governed by the Articles of Association and by the Trustee Act 2000. The Trustees’ policy is to maintain income while building the real value of endowed investments over the long term, and to maximise income on temporarily invested restricted funds. 

The School’s investments have continued to be managed in conformity with the policy and the Articles of Association. Their performance is measured regularly against a composite benchmark representing a weighting to market indices in line with the long-term strategic asset allocation. The long-term benchmark since the appointment of Cazenove Capital as fund managers in September 2013 was amended from an RPI-related target to CPI + 4.0% in March 2020. 

The Scholarship & Prizes portfolio and the General Endowment portfolio are consolidated into one portfolio called the ‘Endowed and Restricted’ Fund. The consolidated assets returned +5.4%, ahead of the composite benchmark return of +2.0% but, due to very high inflation, behind the one-year CPI +4.0% target return of +10.9%. Markets continue to be driven by interest rate moves and inflation data. Although the global economy has been more resilient than expected, inflation may take some time to fall back to target levels. In such a scenario, interest rates are expected to remain elevated for some time. 

## Principal risks and uncertainties 

The most significant risks identified by the Trustees are declining fee income (whether through recession, declining popularity of boarding or fee affordability, or political and economic uncertainty); changes in market conditions; government policy towards independent schools and visas for overseas pupils; pension costs and pension commitments; inadequate strategic planning; insufficient range of skills on the Trustee body; inadequate academic performance; inadequate boarding and teaching facilities; an underfunded bursaries strategy; the affordability of fees; changes in tax legislation (such as the possible imposition of VAT on school fees); pupil safeguarding issues; increasing energy costs; significant health and safety risks such as a boarding house fire or offsite accident; site security risks; poor catering standards; cyber-security threats and failure of key software or hardware. 

16 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



Report of the Trustees Strategic Report 

The Trustees are responsible for the management of the risks faced by the School. Detailed considerations of risk are delegated to the Finance & General Purposes Committee, which is assisted by the Uppingham Leadership Team.  Risks are identified and assessed, and controls established throughout the year. A formal review of the Charity’s risk management processes is undertaken on an annual basis. 

The key controls used by the Charity include: 

- formal agendas for all Committee and Board activity; 

- detailed terms of reference for all Committees; 

- comprehensive strategic planning, budgeting, management accounting, 

   - and cash flow forecasting; 

- established organisational structure and lines of reporting; 

- formal written policies, including child protection, safeguarding, health and 

   - safety, crisis management, and compliance with all relevant legislation applicable to schools; 

- clear authorisation and approval levels; and 

- vetting procedures as required by law for the protection of children. 

Through the risk management processes established for the School, the Trustees are satisfied that the major risks to which the School is exposed have been reviewed and systems or procedures have been established to manage those risks. It is recognised that systems can provide reasonable but not absolute assurance that major risks have been adequately managed. 

The Trustees regularly review the effectiveness of current plans and strategies for managing all identified major risks for both the School and its subsidiaries. 

## Future Plans 

Objectives for the forthcoming year 

The objectives for the forthcoming year are as follows: 

- Delivery of the annual targets in the new 2021-26 educational strategy, under five sections headed Academic and curriculum, Pastoral care & safeguarding, Co-curriculum, Teacher development, and Sixth Form; 

- Delivery of the School’s strategic plan entitled ‘2021 Forward: Thriving in an Uncertain World’ including the educational strategic plan (above), addressing the affordability gap, widening socio-economic diversity, and ensuring that Uppingham’s infrastructure presents the School to good advantage compared with its peers. 

- Ensuring that Maidwell Hall School provides an excellent, safe, and financially secure education for its pupils. 

17 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



## Report of the Trustees Streamlined energy and carbon reporting 

## Energy and emissions report 

The academic year 2022-23 saw Uppingham School’s carbon emissions and pupil numbers increase slightly as the School’s portfolio expanded to include Maidwell Hall School. Overall, the net tonnes of CO2e per pupil fell from 3.24 to 3.03 tCO2e. 

The School has continued to replace lighting with high efficiency LED lamps throughout the boarding houses as part of a phased programme. 

The School’s combined heat and power (CHP) unit has been restored after a period of dormancy, generating onsite electricity and heat for the Sports Centre. The Centre’s Building Management System settings were also reviewed to allow for improved automated control of plant and equipment. 

The School’s phased programme of window upgrades has continued with the installation of heritage double glazing across Lorne House and West Deyne boarding houses to replace the single glazed panes previously installed. 

In addition to the mandatory ESOS Phase 3 energy assessment conducted within the 2022-23 academic year, Uppingham School commissioned an enhanced energy audit to identify further energy savings opportunities across the Sports Centre, Memorial Hall, boarding houses and Maidwell Hall. The recommendations within the report will be incorporated into the School’s ongoing planning activities. 

The School has appointed a full time ‘Head of Energy & Environmental Sustainability’ role since June 2023 to give dedicated attention to energy and carbon reduction. 

Uppingham School has measured Scope 1 and Scope 2 emissions and included Scope 3 business travel (grey fleet). The intensity ratio provided is tCO2e per pupil in line with previous years’ reporting. 

Energy units were converted to tCO2e using the UK Greenhouse Gas Reporting: Conversion Factors 2022. 

18 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



## Report of the Trustees Streamlined energy and carbon reporting 

|||2022/23|2022/23|2022/23|2021/22|2021/22|2021/22|
|---|---|---|---|---|---|---|---|
|Type of<br>emission|Activity|kWh|tCO2e|% of<br>total|kWh|tCO2e|% of<br>total|
|Scope 1|Natural gas|12,025,852|2,195.2|73.7%|10,845,235|1,979.0|77.5%|
||Burning oil<br>(Kerosene)|17,397|4.5|0.1%||||
||Transport<br>(vehicles)|342,680|83.0|2.8%|156,633|38.0|1.1%|
||Sub-total|12,385,929|2,282.7|76.6%|11,001,868|2,017.0|78.6%|
|Scope 2|Purchased<br>Electricity|3,558,569|688.2|21.3%|3,441,724|666.0|21.3%|
||Sub-total|3,558,569|688.2|23.1%|3,441,724|666.0|21.3%|
|Scope 3|Grey car fleet|36,289|8.9|0.3%|27,794|7.0|0.1%|
||Sub-total|36,289|8.9|0.3%|27,794|7.0|0.1%|
|Total gross emissions||15,980,787|2,979.9|100%|14,471,386|2,690|100%|
|Intensity metric:||||||||
|Number of pupils|||982|||830||
|Tonnes of CO2e per pupil|||3.03|||3.24||



## Auditors 

Crowe U.K. LLP has indicated its willingness to be reappointed as statutory auditors. 

This report, including the Directors’ Report and the Strategic Report, was approved by the Board and signed on behalf of the Trustees: 


Barbara Matthews Chair of Trustees 2 December 2023 

19 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



## Independent Auditor’s Report to the Members of Uppingham School 

## Opinion 

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

In our opinion the financial statements: 

- give a true and fair view of the state of the group’s and the charitable company’s affairs as at 31 August 2023 and of the group’s income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## Basis for opinion 

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

## Conclusions relating to going concern 

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

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

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

20 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



Independent Auditor’s Report to the Members of Uppingham School (continued) 

## Other information 

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

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

We have nothing to report in this regard. 

Opinions on other matters prescribed by the Companies Act 2006 

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

- the information given in the Trustees’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the strategic report and the directors’ report included within the Trustees’ report have been prepared in accordance with applicable legal requirements. 

## Matters on which we are required to report by exception 

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

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

- adequate and proper accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of Trustees’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

## Responsibilities of Trustees 

As explained more fully in the Trustees’ responsibilities statement set out on page 8, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such 

21 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



Independent Auditor’s Report to the Members of Uppingham School (continued) 

internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

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

Auditor’s responsibilities for the audit of the financial statements 

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

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

Extent to which the audit was considered capable of detecting irregularities, including fraud 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. 

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and 

22 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



## Independent Auditor’s Report to the Members of Uppingham School (continued) 

regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, General Data Protection Regulation (GDPR), Health and Safety legislation, and Employment legislation. 

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any. 

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be with the accuracy of bursaries, scholarships and allowances, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, designing audit procedures over bursaries, scholarships and allowances, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance. 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. 

## Use of our report 

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


Guy Biggin Senior Statutory Auditor 

For and on behalf of 

Crowe U.K. LLP, Statutory Auditor 4th Floor, St James House, St James Square, Cheltenham GL50 3PR 

Date: 15 January 2024 

23 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



## Consolidated  statement of financial activities (including the income and expenditure account) for the year ended 31 August 2023 

|Notes<br>2<br>4<br>3<br>4<br>5<br>5<br>5<br>9<br>18<br>21<br>**INCOMING RESOURCES**<br>Charitable Activities<br>School fees<br>Lettings<br>Donations<br>Other activities<br>Activities for generating<br>funds:<br>Subsidiary turnover<br>Rents and lettings receivable<br>Investment income<br>Other income<br>Total incoming resources<br>**RESOURCES EXPENDED**<br>Cost of generating funds:<br>Fundraising costs<br>Subsidiary costs<br>Finance costs<br>Charitable activities<br>School and grant-making<br>Total resources expended<br>Net incoming resources<br>before fair value movements<br>on fnancial instruments<br>Investment gains and losses<br>Transfers<br>Net income<br>Pension scheme<br>actuarial gain<br>Net movement of funds<br>Fund balance carried<br>forward at 31 August 2022<br>Fund balance carried<br>forward at 31 August 2023|Unrestricted<br>£<br>34,808,122<br>-<br>383,221<br>570,056<br>1,817,536<br>111,606<br>656,401<br>573,043<br>38,919,985<br>307,458<br>1,442,227<br>879,540<br>2,629,225<br>36,302,641<br>38,931,866<br>(11,881)<br>259,876<br>54,376<br>302,371<br>257,000<br>559,371<br>60,772,111<br>61,331,482|Restricted<br>£<br>-<br>-<br>1,537,038<br>-<br>-<br>-<br>50,655<br>-<br>1,587,693<br>-<br>-<br>–<br>-<br>570,799<br>570,799<br>1,016,894<br>(1,755)<br>(54,376)<br>960,763<br>-<br>960,763<br>1,918,241<br>2,879,004|Permanent<br>Endowment<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>–<br>-<br>-<br>–<br>-<br>5,399<br>5,399<br>(5,399)<br>238,187<br>-<br>232,788<br>-<br>232,788<br>8,939,244<br>9,172,032|Total<br>2023<br>£<br>34,808,122<br>-<br>1,920,259<br>570,056<br>1,817,536<br>111,606<br>707,056<br>573,043<br>40,507,678<br>307,458<br>1,442,227<br>879,540<br>2,629,225<br>36,878,839<br>39,508,064<br>999,614<br>496,308<br>-<br>1,495,922<br>257,000<br>1,752,922<br>71,629,596<br>73,382,518|_Total_<br>_2022_<br>_£_|
|---|---|---|---|---|---|
||||||_30,534,488_<br>_-_<br>_376,555_<br>_204,765_<br>_1,749,087_<br>_85,548_<br>_363,403_<br>_232,327_|
||||||_33,546,173_|
||||||_264,257_<br>_1,220,449_<br>_994,330_|
||||||_2,479,036_<br>_30,827,254_|
||||||_33,306,290_|
||||||_239,883_|
||||||_(2,622,929)_<br>_-_<br>_(2,383,046)_<br>_4,048,000_|
||||||_1,664,954_<br>_69,964,642_|
||||||_71,629,596_|



The notes on pages 28 to 52 form part of these financial statements 

24 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



## Charity and Consolidated Balance Sheets as at 31 August 2023 

|Notes<br>8<br>9<br>10<br>11<br>13<br>12<br>13<br>21<br>17<br>18<br>16<br>16<br>21<br>**FIXED ASSETS**<br>Tangible assets<br>Investments<br>**CURRENT ASSETS**<br>Stock<br>Debtors and prepayments<br>Cash at bank and in hand<br>**CREDITORS**due within one year<br>Fees in advance scheme<br>Net Current Assets<br>Total assets less Current Liabilities<br>**CREDITORS**due after more than<br>one year<br>Fees in advance scheme<br>Net assets before pension surplus/defcit<br>Pension scheme defcit<br>Net assets after pension defcit<br>**FUNDS**<br>Permanant endowment<br>Restricted<br>Unrestricted<br>General<br>Designated<br>Less – Pension defcit<br>Net Unrestricted<br>Total Funds|Group<br>2023<br>£<br>80,198,291<br>32,415,958<br>112,614,249<br>200,202<br>1,818,025<br>6,166,929<br>8,185,156<br>(11,817,859)<br>(4,177,371)<br>(7,810,074)<br>104,804,175<br>(28,055,181)<br>(2,935,476)<br>73,813,518<br>(431,000)<br>73,382,518<br>9,172,032<br>2,879,004<br>61,331,580<br>430,902<br>61,762,482<br>(431,000)<br>61,331,482<br>73,382,518|_Group_<br>_2022_<br>_£_<br>_77,016,143_<br>_30,436,022_<br>_107,452,165_<br>_200,379_<br>_1,478,717_<br>_8,287,917_<br>_9,967,013_<br>_(7,858,974)_<br>_(5,144,308)_<br>_(3,036,269)_<br>_104,415,896_<br>_(27,954,392)_<br>_(4,073,908)_<br>_72,387,596_<br>_(758,000)_<br>_71,629,596_<br>_8,939,244_<br>_1,918,241_<br>_60,843,005_<br>_687,106_<br>_61,530,111_<br>_(758,000)_<br>_60,772,111_<br>_71,629,596_|Charity<br>2023<br>£<br>80,177,890<br>32,445,522<br>112,623,412<br>69,820<br>2,117,978<br>5,824,162<br>8,011,960<br>(11,652,697)<br>(4,177,371)<br>(7,818,108)<br>104,805,304<br>(28,055,181)<br>(2,935,476)<br>73,814,647<br>(431,000)<br>73,383,647<br>9,172,032<br>2,879,004<br>61,332,709<br>430,902<br>61,763,611<br>(431,000)<br>61,332,611<br>73,383,647|_Charity_<br>_2022_<br>_£_|
|---|---|---|---|---|
|||||_76,983,732_<br>_30,465,586_|
|||||_107,449,318_<br>_63,412_<br>_1,689,242_<br>_7,952,913_|
|||||_9,705,567_<br>_(7,566,151)_<br>_(5,144,308)_|
|||||_(3,004,892)_<br>_104,444,426_|
|||||_(27,954,392)_<br>_(4,073,908)_<br>_72,416,126_|
|||||_(758,000)_|
|||||_71,658,126_|
|||||_8,939,244_<br>_1,918,241_<br>_60,871,535_<br>_687,106_|
|||||_61,558,641_<br>_(758,000)_|
|||||_60,800,641_|
|||||_71,658,126_|



The surplus for the financial year dealt with in the financial statements of the parent charity is £1,725,521 (2022: surplus £1,503,345). 

Approved by the Trustees and signed on their behalf: 


Barbara Matthews: Trustee 


Richard Tice: Trustee 

## 2 December 2023 

Company registered number: 8013826. The notes on pages 24 to 46 form part of these financial statements. 

25 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



## Consolidated cash flow statement for the year ended 31 August 2023 

|Notes<br>(i)<br>(ii)<br>Net cash flow from operating activities<br>Returns on investments and servicing of<br>fnance<br>Interest paid<br>Dividends and interest received<br>Capital expenditure and fnancial<br>investment<br>Purchase of tangible fxed assets<br>Merged fxed assets<br>Proceeds from sale of tangible fxed assets<br>Repayment of Endowment Loan<br>Investment of Cash Funds<br>Purchase of investments<br>Proceeds from sales of investments<br>Maidwell Hall<br>Net cash inflow/(outflow) before fnancing<br>Financing<br>Net transfers to acceptance deposits<br>(Decrease) / increase in long term loan<br>Fees in advance schemes:<br>New fees in advance money<br>Amounts accrued to contracts<br>Amounts utilised<br>Amounts repaid<br>(Decrease) in cash<br>Reconciliation of net cash flow to<br>movement in net debt<br>Increase in cash<br>Acceptance deposits – net (increase)<br>Fees in advance schemes – net paid<br>Decrease in endowment loan<br>Decrease / (increase) in long term loan<br>Change in net debt from cash flows<br>Net debt at 1 September 2022<br>Net debt at 31 August 2023|£<br>(742,920)<br>710,434<br>(4,567,684)<br>46,417<br>(24,100)<br>(456,038)<br>(14,578,084)<br>14,578,084<br>3,406,491<br>88,807<br>(5,480,417)<br>(120,250)|2023<br>£<br>7,287,928<br>(32,486)<br>(5,001,405)<br>(2,501,405)<br>(247,226)<br>711,607<br>(480,000)<br>(2,105,369)<br>(2,120,988)<br>(2,120,988)<br>(711,607)<br>2,105,369<br>24,100<br>480,000<br>(223,127)<br>(30,297,071)<br>(30,520,198)|_£_<br>_(757,680)_<br>_371,094_<br>_(2,124,291)_<br>_1,500_<br>_(24,100)_<br>_2,092_<br>_(14,350,793)_<br>_14,160,553_<br>_3,492,934_<br>_60,007_<br>_(4,816,350)_<br>_(12,963)_|_2022_<br>_£_|
|---|---|---|---|---|
|||||_4,043,432_<br>_(386,586)_<br>_(2,335,039)_|
|||||_1,321,807_<br>_211,501_<br>_(480,000)_<br>_(1,276,372)_|
|||||_(223,064)_|
|||||_(223,064)_<br>_(211,501)_<br>_1,276,372_<br>_24,100_<br>_480,000_|
|||||_1,345,907_<br>_(31,642,978)_|
|||||_(30,297,071)_|



The notes on pages 24 to 46 form part of these financial statements. 

26 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



## Consolidated cash flow statement for the year ended 31 August 2023 

|(i)  Reconciliation of net incoming resources to net cash<br>flow from operation<br>Net incoming resources<br>Depreciation/Impairment<br>Net FRS102 costs<br>(Proft) on disposal of fxed assets<br>Interest paid<br>Dividends and interest receivable<br>Decrease /(increase) in stock<br>Increase / (decrease) in debtors<br>Increase in creditors<br>Net cash inflow from operations<br>(ii)  Analysis of net debt<br>Cash and bank balances<br>Long term loan<br>Endowment loan<br>Acceptance deposits<br>Fees in advance scheme|_At 31 August_<br>_2022_<br>_£_<br>_8,287,917_<br>_(24,520,000)_<br>_(261,083)_<br>_(4,585,689)_<br>_(9,218,216)_<br>_(30,297,071)_|2023<br>£<br>999,614<br>2,875,184<br>(70,000)<br>(46,417)<br>742,920<br>(710,434)<br>177<br>(363,408)<br>3,860,292<br>7,287,928<br>Cash Flows<br>£<br>(2,120,988)<br>480,000<br>24,100<br>(711,608)<br>2,105,369<br>(223,127)|_2022_<br>_£_|
|---|---|---|---|
||||_239,883_<br>_3,105,922_<br>_(16,000)_<br>_(1,500)_<br>_757,680_<br>_(371,094)_<br>_76,905_<br>_143,138_<br>_108,498_|
||||_4,043,432_|
||||At 31 August<br>2023<br>£|
||||6,166,929<br>(24,040,000)<br>(236,983)<br>(5,297,297)<br>(7,112,847)|
||||(30,520,198)|



27 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



## Accounting Policies for the year ended 31 August 2023 

## 1. Accounting Policies 

## Company information 

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006, and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) – effective 1 January 2015 and updated in 2019. The accounts are drawn up on the historical cost basis of accounting, as modified by the revaluation of investment properties and other investments. 

The functional currency of the School is £ sterling because that is the currency of the primary economic environment in which the School operates. 

Having reviewed the funding facilities available to the School together with the expected ongoing demand for places and the School’s future projected cash flows, the Trustees have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future and consider that there were no material uncertainties over the School’s financial viability. Accordingly, they also continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustee Responsibilities on page 8. 

The School is a Public Benefit Entity registered as a charity in England and Wales and a company limited by guarantee. The charity was incorporated as a company limited by guarantee on 1 September 2012, named ‘Uppingham School’ and registered as a Company and a charity. 

The accounts present the consolidated statement of financial activities (SOFA), the consolidated cash flow statement and the consolidated and Charity balance sheets, comprising the consolidation of the School and its wholly owned subsidiaries, Uppingham School Enterprises Limited (USE Ltd - registered company number 01130851), Uppingham School (Asia) Limited (US(A) Ltd – registered company number 11334333), Uppingham School (Selwyn) Limited (US(S) Ltd – registered company number 12141906), Uppingham School (Reddall) Limited (US(R) Ltd – registered company number 13682206) and Uppingham School (Construction) Limited (US(C) Ltd – registered company number 12373636).  All of the subsidiaries have the registered office as Uppingham School, Uppingham, Rutland, LE15 9QD. Uppingham School International Limited (company number 09895518) has not been consolidated into these accounts as it has remained dormant during the year. 

No separate Statement of Financial Activities of the Company has been presented, as permitted by s408 of the Companies Act 2006. 

All the undertakings of the School were transferred across to the company on 1 September 2012, with the exception of endowed properties (‘specie’ land) and assets. These continued to be held in the Trust, which was renamed the Archdeacon Robert Johnson Trust. A ‘Uniting Order’ was obtained from the Charity Commission, removing the need to prepare separate accounts for both company and trust. 

28 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



Accounting Policies for the year ended 31 August 2023 (continued) 

Critical accounting judgements and key sources of estimation uncertainty In the application of the accounting policies, Trustees are required to make judgement, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources.  The estimates and underlying assumptions are reviewed on an ongoing basis and are based on the historical experience and other relevant factors. 

## Defined Benefit Pension Scheme liability 

The School engages an actuary to provide expert advice about the assumptions made relating to the discount rate used, changes in retirement ages and mortality rates and the effect on the pension liability of changes in these assumptions. 

## Useful economic leaves of tangible assets 

The annual depreciation charges for tangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See page 30 for the useful lives for each. 

## Impairment of debtors 

The School makes an estimate of the recoverable value of fee debtors. When assessing impairment of fee debtors, management considers factors including the ageing profile of debtors and historical experiences. See note 10 for the net carrying value of fee debtors. 

## Investment land valuation 

The School engages a firm of chartered surveyors to provide advice on the assumptions relating to the valuation. 

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. A summary of the principal accounting policies, all of which have been applied consistently throughout the year and the preceding year, is set out below: 

## a) Fees Receivable 

Fees receivable are accounted for in the year in which the service is provided after deducting bursaries, scholarships and other remissions granted by the school, but include contributions received from Restricted Funds for scholarships, bursaries and other grants. 

- b) Rents Receivable, Lettings Income and Investment Income 

   - Rents receivable, Lettings income and investment income are accounted for on an accruals basis. 

- c) Donations Donations are accounted for as and when entitlement arises, the amount can be reliably quantified, and the economic benefit to the School is considered probable. 

29 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



Accounting Policies for the year ended 31 August 2023 (continued) 

Donations received for the general purposes of the Charity are credited to unrestricted funds. Donations subject to specific wishes of the donors are carried to relevant restricted funds, or to endowed funds where the amount is required to be held as permanent capital. 

Gifts in kind are valued at estimated open market value at the date of the gift, in the case of assets for retention or consumption, or at the value to the School in the case of donated services or facilities. 

The assets and liabilities of Maidwell Hall School as at 30 September 2022 were transferred to the School by way of a charitable merger deed dated 19 August 2022. Given the nature of the transaction, the transfer has been reflected in the School’s accounts as a donation. The results of the School reflect the assets and liabilities as transferred and the operations carried out by Maidwell Hall since 30 September 2022. 

|Assets and liabilities transferred at 30 September 2022<br> £|Assets and liabilities transferred at 30 September 2022<br> £|
|---|---|
|Fixed assets|1,501,263|
|Investment land|1,000,000|
|Current assets|187,688|
|Current liabilities|(1,695,552)|
|Net donation|993,399|



## d) Legacies 

Legacies are recognised and credited directly to the statement of financial activities based on the earlier of estate accounts and receipt of payment. 

## e) Trading income 

Trading income is income arising from the non-academic enterprises of Uppingham School including the School Shop and Sports Centre and the letting of school buildings. 

## f) Resources Expended 

Resources expended are accounted for on an accruals basis as soon as a liability is considered probable, discounted to present value for longer-term liabilities. Expenditure is allocated to expense headings on direct cost basis except for central costs, which are apportioned on the basis of the Trustees’ estimate of time spent on the relevant function. Support costs include expenses which enable charitable activities and fund generating to be undertaken. Governance costs include expenditure on management, and compliance with constitutional and statutory requirements. The irrecoverable element of VAT is included with the item of expense to which it relates. Termination payments are accounted for as soon as the School is aware of the obligations to make payments. 

30 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



Accounting Policies for the year ended 31 August 2023 (continued) 

## g) Tangible Fixed Assets 

The School land, together with original School buildings (some of which are Grade I and Grade II listed properties) were purchased beginning with the inception of the School in 1584. These assets, both land and buildings, were revalued on 31 August 1992 at £31,486,000 and disposals have subsequently been removed. With effect from 1 September 2014, the freehold building element of the valuation is depreciated at the rates indicated below. The Charity is responsible for keeping the original buildings in fit and useable condition, and these costs are written off as incurred. 

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

Freehold buildings -   1-10% on cost or valuation Fittings, furniture and equipment -   2-33% on cost Motor vehicles -   10-20% on cost Computers and IT infrastructure -   4-33% on cost 

Assets under construction are not depreciated until the assets are brought into use. 

Assets over a value of £3,000 are capitalised individually. New IT additions with a value of less than £3,000 are capitalised as a “bulk” asset, depreciated over 4 years and disposed of after 5 years. 

## h) Investments 

Investments are carried at market value. Any change in market value between financial years (or from the date of purchase if purchased during the year) is shown as unrealised gains or losses. 

Realised gains or losses on disposals are calculated as the difference between the opening market value of the disposed item and disposal proceeds received during the year. Realised and unrealised gains and losses are included in the Statement of Financial Activities. Investments in subsidiaries are valued at cost less provision for impairment. 

## i) Fees in Advance Schemes 

## Standard 

The School has accepted composition sums in respect of certain pupils and in return has undertaken to discharge defined amounts of the fees chargeable in respect of those pupils subsequent to 31 August 2022. In the event of a pupil’s withdrawal from the School before all the agreed amounts have been credited, the School has agreed to return a proportionate part of the composition sum, or to transfer the defined fixed amounts to another School. The School’s liability in respect of advance fees which it has accepted has been brought into these accounts as the liability which would arise if all the pupils covered by such arrangements completed the full term period of the contract entered into. 

31 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



## Accounting Policies for the year ended 31 August 2023 (continued) 

## Inflation free 

The School has also accepted deposits that guarantee fees payable up to the amount deposited, which are fixed at the 2020-21 fee rate over 5 years from 2021-22. In the event of a pupil’s withdrawal from the School before all the amounts have been credited, the balance remaining will be returned. The liability recognised in respect of this Scheme is considered to be a non-basic financial instrument and has therefore been classified as a financial liability measured at fair value through profit or loss. 

## j) Pensions 

The School contributes to the Teachers’ Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the School. In accordance with FRS102 therefore, the scheme is accounted for as a defined contribution scheme. 

The School contributes to a Defined Benefits pension scheme for support staff, although this is closed to new members and future accrual. Rates are set by the Scheme Actuary and advised to the School by the Scheme Administrator. This scheme is being accounted for under FRS102, with the annually calculated notional surplus or deficit on the funding of the Scheme shown in the accounts as a designated fund entitled ‘Pensions Reserve’, which is deducted from Unrestricted Funds in the balance sheet. 

The School also contributes to a defined contribution Group Pension Scheme for Uppingham support staff, which was set up shortly after the defined benefits scheme was closed to new members. Since September 2022, the School has contributed to two other defined contribution pensions schemes, one for Maidwell teaching staff and one for Maidwell support staff. For all three schemes, contributions are invested by its members, and therefore do not appear on the School’s balance sheet. 

## k) Finance and Operating Leases 

Where assets are financed by leasing arrangements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright and the corresponding liability to the leasing company is included as an obligation under finance leases. Depreciation on leased assets is charged to the Statement of Financial Activities on the same basis as above. Leasing payments are treated as consisting of capital and interest elements and the interest is charged to the expenditure over the period of the lease. 

All other leases are operating leases and the annual rentals payable are charged to expenditure on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straightline basis over the lease term. 

- l)      Stock 

Stocks are valued at the lower of cost and net realisable value. 

32 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



Accounting Policies for the year ended 31 August 2023 (continued) 

## m) Financial instruments 

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other Debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. 

Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions. 

- n) Going concern 

The Charity currently holds significant cash balances, supplemented, if needed, by an overdraft facility. Demand for school places remains strong, and the School has announced the addition of a new house for Day pupils in September 2024. Conservative cashflow modelling with sensitivity analysis indicates that the cash reserves of the Charity are adequate to meet the Charity’s obligations as they fall due. Accordingly, the Trustees believe the School’s financial resources are sufficient to ensure the School will continue as a going concern for the foreseeable future, being at least 12 months from the date of approval of the financial statements, and have therefore prepared the financial statements on a going concern basis. 

33 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



## Notes to the financial statements for the year ended 31 August 2023 

|**2. SCHOOL FEES**<br>The School’s fee income comprised:<br>Gross fees<br>Less: total bursaries, grants and allowances<br>Net fees receivable<br>Add back: Scholarships, Grants etc paid for by Restricted Funds<br>**3. OTHER INCOME**<br>Interest due on overdue fees<br>Forfeited deposits<br>Registration fees<br>Theatre/Music event income<br>Proft on disposal of fxed assets<br>Legacy<br>Other|2023<br>£<br>37,757,896<br> (3,451,747)<br>34,306,149<br>501,973<br>34,808,122<br>2023<br>£<br>20,422<br>80,819<br>157,308<br>25,482<br>46,418<br>236,640<br>5,954<br>573,043|_2022_<br>_£_|
|---|---|---|
|||_32,703,320_<br>_(2,574,647)_|
|||_30,128,673_|
|||_405,815_|
|||_30,534,488_|
|||_2022_<br>_£_|
|||_26,924_<br>_33,815_<br>_142,919_<br>_25,569_<br>_1,500_<br>_-_<br>_1,600_|
|||_232,327_|



The legacy income is the net proceeds due from the sale of a property in France. 

34 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



Notes to the financial statements for the year ended 31 August 2023 

## **4. INCOME FROM THE SUBSIDIARIES’ TRADING ACTIVITIES** 

The Charity owns the whole of the share capital of Uppingham School Enterprises Limited (USE Ltd), Company Number 01130851, which carried out the business of retailing and non-academic ventures for Uppingham School. Its trading results for the year, as extracted from the audited accounts, are summarised below, together with the School’s own results for the year to distinguish them from the group results in the consolidated Statement of Financial Activities: 

The results of material entities in the group are as follows: 

|Turnover, grants and fee income<br>Cost of sales: subsidiary<br>Gross proft: subsidiary<br>Administration: subsidiary<br>Other income<br>Investment income receivable<br>Net income for year<br>Gift Aid donation<br>Gross incoming resources: Charity<br>Costs of Charitable Activities<br>Costs of Generating Funds: Charity<br>Net income before fair value<br>movements on fnancial instruments|USE Ltd<br>2023<br>£<br>2,017,854<br>(755,377)<br>1,262,477<br>(960,279)<br>-<br>-<br>302,198<br>(275,949)<br>-<br>-<br>26,249|_2022_<br>_£_<br>_1,956,161_<br>_(707,395)_<br>_1,248,766_<br>_(844,008)_<br>_-_<br>_-_<br>_404,758_<br>_(288,931)_<br>_-_<br>_-_<br>_115,827_|Charity<br>2023<br>£<br>37,298,438<br>-<br>37,298,438<br>-<br>752,461<br>710,436<br>38,761,335<br>276,713<br>39,038,048<br>(36,878,839)<br>(1,186,997)<br>972,212|_2022_<br>_£_|
|---|---|---|---|---|
|||||_31,115,808_<br>_-_|
|||||_31,115,808_<br>_-_<br>_449,854_<br>_371,096_|
|||||_31,936,758_<br>_288,931_|
|||||_32,225,689_<br>_(30,827,254)_<br>_(1,320,161)_|
|||||_78,274_|



The net assets of USE Ltd at 31 August 2023 were £33,637, made up of profit of £4,077 and by funds of £29,560 (2022: net assets £7,388 made up of losses of (£22,172) offset by funds of £29,560). 

Other income and administration include £71,193 (2022: £76,729) in respect of rent and interest from USE Ltd. Sales from USE Ltd to the School amount to £61,393 (2022: £270,017) and within the subsidiary departments £70 (2022: £109). 

The Charity owns the whole of the share capital of Uppingham School (Construction) Limited, company number 12373636, a design and build company set up to build new Boarding Houses. Other income includes £785 (2022: £6,830) in respect of its gift-aided profit to the School. 

The Charity also owns the whole of the share capital of Uppingham School International Limited, company number 09895518, which is dormant. In turn, Uppingham School International Limited owns the whole of the share capital of Uppingham School (Asia) Limited, company number 11334333, Uppingham School (Selwyn) Limited, company number 12141906 and Uppingham School (Reddall) Limited, company number 13682206. 

Uppingham School (Asia) Ltd had a turnover of £NIL (2022: £NIL) and made a loss of £1,089. (2022: £4,986). 

35 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



Notes to the financial statements for the year ended 31 August 2023 

## **4. INCOME FROM THE SUBSIDIARIES’ TRADING ACTIVITIES (continued)** 

The School has provided against the intercompany balance arising in the year of £2,277 (2022: provided £4,091) resulting in net liabilities of £1,862 (2022: £3,050). 

Uppingham School (Selwyn) Ltd had income of £100,000 (2022: NIL) and made a profit of £59,534 (2022: loss of £10,804). The School has written back the prior year provision of £57,482 resulting in net liabilities of £1,254 (2022: £3,306). 

Uppingham School (Reddall) Ltd had income of £NIL (2022: £200,000) and made a loss of £5,151 (2022: profit of £56,113). The School has provided against the intercompany balance arising in the year of £3,063 (2022: NIL). 

|Staf costs<br>£<br>244,883<br>-<br>244,883<br>932,677<br>1,177,560<br>12,248,705<br>2,476,527<br>2,261,060<br>2,171,018<br>-<br>19,157,310<br>-<br>19,157,310<br>20,334,870<br>19,402,193<br>**5. ANALYSIS OF TOTAL RESOURCES**<br>**EXPENDED**<br>Cost of generating funds:<br>Fundraising costs<br>Finance costs (see below)<br>Total for Charity<br>Trading costs of subsidiaries<br>Total for Group<br>Charitable activities:<br>Teaching<br>Welfare of pupils<br>Premises<br>Support<br>Grants, awards & prizes<br>Governance costs<br>Total<br>Total expended: Group<br>Charity<br>Finance costs<br>Interest on loan from BAE Systems Pension Fund<br>Fees in advance<br>Pension Scheme fnancing cost (FRS102)<br>Bad Debt Provision<br>Other costs|Other<br>£<br>62,575<br>879,540<br>942,115<br>500,821<br>1,442,936<br>2,637,958<br>4,377,145<br>4,945,126<br>2,161,394<br>501,973<br>14,623,596<br>231,477<br>14,855,073<br>16,298,009<br>15,797,187|Depreciation<br>£<br>-<br>-<br>-<br>8,729<br>8,729<br>1,213,054<br>-<br>1,653,402<br>-<br>-<br>2,866,456<br>-<br>2,866,456<br>2,875,185<br>2,866,456|Total<br>2023<br>£<br>307,458<br>879,540<br>1,186,998<br>1,442,227<br>2,629,225<br>16,099,717<br>6,853,672<br>8,859,588<br>4,332,412<br>501,973<br>36,647,362<br>231,477<br>36,878,839<br>39,508,064<br>38,065,837<br>2023<br>£<br>742,920<br>128,320<br>30,000<br>(50,167)<br>28,467<br>879,540|_Total_<br>_2022_<br>_£_|
|---|---|---|---|---|
|||||_264,257_<br>_994,330_|
|||||_1,258,587_<br>_1,220,449_|
|||||_2,479,036_<br>_13,833,898_<br>_5,818,894_<br>_6,967,831_<br>_3,584,276_<br>_405,815_|
|||||_30,610,714_<br>_216,540_|
|||||_30,827,254_<br>_33,306,290_|
|||||_32,085,841_|
|||||_2022_<br>_£_|
|||||_757,680_<br>_101,994_<br>_81,000_<br>_26,758_<br>_26,898_|
|||||_994,330_|



36 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



## Notes to the financial statements for the year ended 31 August 2023 

|**6. STAFF COSTS**<br>The average headcount and full-time equivalent numbers<br>employed within each category of persons was:<br>Teaching<br>Welfare of pupils<br>Others<br>The costs incurred in respect of these employees were:<br>Wages and salaries<br>Social Security costs<br>Pension costs<br>Aggregate employee benefts of key management<br>personnel<br>Number of employees earning over £60,000 during the<br>year were as follows:<br>£60,001 - £70,000<br>£70,001 - £80,000<br>£80,001 - £90,000<br>£90,001 - £100,000<br>£100,001 - £110,000<br>£200,001 - £210,000<br>£210,001 - £220,000<br>£220,001 - £230,000<br>£240,001 - £250,000|Avg<br>273<br>132<br>177<br>582|2023<br>No.<br>FTE<br>187<br>81<br>119<br>387<br>2023<br>£<br>16,398,283<br>1,582,275<br>2,354,312<br>20,334,870<br>2,413,911<br>2023<br>No.<br>30<br>22<br>4<br>3<br>4<br>-<br>1<br>1<br>-|_Avg_<br>_239_<br>_130_<br>_172_<br>_541_|_2022_<br>_No._<br>_FTE_|
|---|---|---|---|---|
|||||_166_<br>_78_<br>_117_|
|||||_361_|
|||||_2022_<br>_£._|
|||||_13,967,887_<br>_1,353,272_<br>_2,049,945_|
|||||_17,371,104_|
|||||_2,031,111_<br>_2022_<br>_No._|
|||||_27_<br>_12_<br>_6_<br>_2_<br>_1_<br>_1_<br>_-_<br>_-_<br>_1_|



During the year there were termination payments which amounted to £225,990 (2022: £33,221).  There was £NIL (2022: NIL) outstanding at the year-end. 

Uppingham School is committed to providing job security for its staff but if, following all reasonable efforts to avoid them, redundancy or termination payments are necessary, these are negotiated with regard both to legal guidelines and the particular circumstances of each case. 

|**8. FEES PAID TO AUDITORS**<br>Expenditure includes (exclusive of VAT):<br>Audit fee<br>Auditor other services|2023<br>£<br>41,115<br>9,990|_2022_<br>_£._|
|---|---|---|
|||_36,065_<br>_18,934_|



37 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



## Notes to the financial statements for the year ended 31 August 2023 

|**8. FIXED ASSETS GROUP**<br>Cost<br>1 September 2022<br>Merged Assets<br>Additions in year<br>Transfer<br>Disposals<br>Depreciation/Impairment<br>1 September 2022<br>Charge for year<br>Impairment (see below)<br>Disposals<br>Net book value 31 Aug 2023<br>_31 August 2022_<br>**FIXED ASSETS CHARITY**<br>Cost<br>1 September 2022<br>Merged Assets<br>Additions in year<br>Transfer<br>Disposals<br>Depreciation/Impairment<br>1 September 2022<br>Charge for year<br>Impairment (see below)<br>Disposals<br>Net book value 31 Aug 2023<br>_31 August 2022_|Freehold<br>Property<br>£<br>89,082,357<br>1,326,594<br>1,874,039<br>4,430<br>-<br>92,287,420<br>18,129,894<br>1,572,705<br>-<br>-<br>19,702,599<br>72,584,821<br>_70,952,463_<br>89,082,357<br>1,326,594<br>1,874,039<br>4,430<br>-<br>92,287,420<br>18,129,894<br>1,572,705<br>-<br>-<br>19,702,599<br>72,584,821<br>_70,952,463_|Assets<br>under<br>construction<br>£<br>364,187<br>-<br>1,181,354<br>(22,834)<br>(407,899)<br>1,115,438<br>-<br>-<br>407,899<br>(407,899)<br>-<br>1,115,438<br>_364,817_<br>364,817<br>-<br>1,181,354<br>(22,834)<br>(407,899)<br>1,115,438<br>-<br>-<br>407,899<br>(407,899)<br>-<br>1,115,438<br>_364,817_|Fittings<br>Furniture &<br>Equipment<br>£<br>10,227,646<br>161,048<br>1,090,011<br>9,226<br>(170,034)<br>11,317,897<br>5,555,713<br>610,811<br>-<br>(161,701)<br>6,004,823<br>5,313,074<br>_4,671,933_<br>10,220,347<br>161,048<br>1,090,011<br>9,226<br>(170,034)<br>11,310,598<br>5,549,099<br>610,127<br>-<br>(161,701)<br>5,997,525<br>5,313,073<br>_4,671,248_|Motor<br>Vehicles<br>£<br>832,392<br>6,568<br>172,575<br>-<br>(101,337)<br>910,198<br>667,348<br>88,748<br>-<br>(101,337)<br>654,759<br>255,439<br>_165,044_<br>832,392<br>6,568<br>172,575<br>-<br>(101,337)<br>910,198<br>667,348<br>88,748<br>-<br>(101,337)<br>654,759<br>255,439<br>_165,044_|Computers<br>& Ofce<br>Equipment<br>£<br>1,406,843<br>7,053<br>249,705<br>9,178<br>(210,151)<br>1,462,628<br>544,957<br>195,021<br>-<br>(206,869)<br>533,109<br>929,519<br>_861,886_<br>1,338,389<br>7,053<br>249,705<br>9,178<br>(184,891)<br>1,419,432<br>508,229<br>186,977<br>-<br>(184,891)<br>510,315<br>909,119<br>_830,160_|Total<br>£|
|---|---|---|---|---|---|---|
|||||||101,914,055<br>1,501,263<br>4,567,684<br>-<br>(889,421)|
|||||||107,093,581|
|||||||24,897,912<br>2,467,285<br>407,899<br>(877,806)|
|||||||26,895,290|
|||||||80,198,291|
|||||||_77,016,143_|
|||||||101,838,302<br>1,501,263<br>4,567,684<br>-<br>(864,161)|
|||||||107,043,088|
|||||||24,854,570<br>2,458,557<br>407,899<br>(855,828)|
|||||||26,865,198|
|||||||80,177,890|
|||||||_76,983,732_|



All fixed assets are used for direct charitable use. The impairment during the year was due to a change in infrastructure strategy requiring the write off of design fees of discontinued projects. 

## Inalienable and historic assets 

In addition to the capitalised fixed assets held for its own use since its inception in 1584, the School has also been bequeathed artefacts whose intrinsic value is bound up with the School’s history.  The Trustees consider that these assets are held in accordance with the School’s charitable objects as 

a vital part of its history and heritage and, occasionally, as a resource for the advancement of education. 

As they are not held principally for their contribution to knowledge and culture, they do not meet the definition of Heritage Assets in SORP FRS 102 “Heritage Assets” and hence are considered as assets in use under Tangible Fixed Assets.  The majority of these historic assets have been held for many years and accurate historic cost information is not available for these assets. However, the Trustees consider that their historical cost less depreciation would not be material. 

38 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



## Notes to the financial statements for the year ended 31 August 2023 

|**9. INVESTMENTS GROUP**<br>At Market Value<br>1 September 2022<br>Purchases at cost<br>Disposal proceeds<br>Cash transfer to investments<br>Loan repayments<br>Gain/(loss) on investments:<br>Realised<br>Unrealised<br>31 August 2023<br>Listed on UK Stock Exchanges<br>Cash deposits<br>At historical cost:<br> 31 August 2023<br> _31 August 2022_<br>Investment land at fair value<br>GROUP<br>Investment in subsidiary companies<br>CHARITY|Permanent<br>Endowment<br>£<br>5,892,853<br>-<br>-<br>-<br>24,100<br>-<br>238,187<br>6,155,140<br>6,096,938<br>58,202<br>5,467,956<br>5,443,855|Restricted<br>Fund<br>£<br>83,485<br>73,767<br>(73,767)<br>(3,347)<br>-<br>1,735<br>-<br>81,873<br>-<br>81,873<br>-<br>-|Unrestricted<br>Fund<br>£<br>24,459,684<br>14,504,317<br>(14,504,317)<br>459,385<br>-<br>(413,806)<br>673,682<br>25,178,945<br>24,449,142<br>729,803<br>23,696,663<br>24,939,981|Total<br>£|
|---|---|---|---|---|
|||||30,436,022<br>14,578,084<br>(14,578,084)<br>456,038<br>24,100<br>(412,071)<br>911,869|
|||||31,415,958|
|||||30,546,080<br>869,878<br>29,164,619|
|||||30,383,836|
|||||1,000,000<br>32,415,958<br>29,564|
|||||32,445,522|



All investments (other than cash and land) are quoted on a recognised UK Stock Exchange or are valued by reference to investments listed on a recognised Stock Exchange. The land was valued at £1m in 2014 on the advice of a surveyor, and the Trustees are not aware of any reason to alter this. 

|**10. DEBTORS**<br>Fee debtors<br>Other debtors<br>Loans<br>Endowment Loan<br>Prepayments and Accrued income<br>Uppingham School Subsidiaries<br>Uppingham School Enterprises Ltd<br>Balance Sheet|Group<br>2023<br>£<br>308,677<br>589,861<br>24,492<br>236,983<br>658,012<br>-<br>-<br>1,818,025|_2022_<br>_£_<br>_213,309_<br>_498,757_<br>_20,190_<br>_261,083_<br>_485,378_<br>_-_<br>-<br>_1,478,717_|Charity<br>2023<br>£<br>308,677<br>416,556<br>24,492<br>236,983<br>663,493<br>9,307<br>458,470<br>2,117,978|_2022_<br>_£_|
|---|---|---|---|---|
|||||_213,309_<br>_242,501_<br>_20,190_<br>_261,083_<br>_469,512_<br>_81,184_<br>_401,463_|
|||||_1,689,242_|



The loans are made to Houseparents to assist them perform their duties and are interest-free. 

The School borrowed £482,000 from the Endowed Funds with the permission of the Charity Commission. This is repayable through a Recoupment Order, which began in July 2013, over a 20-year period. The amount receivable after more than one year is £212,883 (2022: £236,983). 

39 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



## Notes to the financial statements for the year ended 31 August 2023 

|**11. CREDITORS:**<br>Amounts falling due within one year<br>Trade creditors<br>Fees received in respect of Autumn Term<br>Acceptance deposits held<br>Social Security and Other Taxes<br>Loan repayments<br>Other creditors<br>Accruals<br>Uppingham School (Construction) Ltd<br>Balance Sheet|Group<br>2023<br>£<br>1,997,692<br>3,928,049<br>1,014,998<br>471,856<br>504,100<br>1,129,076<br>2,772,088<br>-<br>11,817,859|_2022_<br>_£_<br>_917,242_<br>_3,015,628_<br>_908,280_<br>_464,771_<br>_504,100_<br>_974,920_<br>_1,074,033_<br>_-_<br>_7,858,974_|Charity<br>2023<br>£<br>1,974,964<br>3,928,049<br>1,014,998<br>406,151<br>504,100<br>1,083,580<br>2,740,855<br>-<br>11,652,697|_2022_<br>_£_|
|---|---|---|---|---|
|||||_854,334_<br>_3,015,628_<br>_908,280_<br>_350,998_<br>_504,100_<br>_894,814_<br>_1,037,997_<br>_-_|
|||||_7,566,151_|



Fees received in respect of Autumn Term vary considerably depending on whether the start of term falls in August or September. Fees in Advance Scheme deposits have been split between amounts falling due within one year and amounts falling due after more than one year. 

## Borrowing Facilities 

On 3 November 2017 the School agreed a £25m 31-year fixed interest unsecured private placement with BAE Systems Pension Fund for a blended rate of 3.075%, and the Note Purchase Agreement was signed by the parties on 10 November 2017.  The loan is repayable from November 2021 over the life of the loan, except for a £12 million bullet payment in 2048. 

As at 31 August 2023, a total of £25.0m (2022: £25.0m) of the loan facility had been drawn down.  The bank finance was secured to provide the balance of funding for the Boarding House Modernisation programme and other infrastructure strategy projects. 

## **12. CREDITORS:** 

|**12. CREDITORS:**|||
|---|---|---|
|Amounts falling due after more than one year<br>Long term loan (see note 12)<br>Loan from Endowment Fund<br>Acceptance deposits<br>Balance Sheet|2023<br>£<br>23,560,000<br>212,883<br>4,282,298<br>28,055,181|_2022_<br>_£_|
|||_24,040,000_<br>_236,983_<br>_3,677,409_|
|||_27,954,392_|



40 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



Notes to the financial statements for the year ended 31 August 2023 

|**13. CREDITORS:**<br>Fees in Advance Schemes<br>Standard<br>Inflation Free<br>Assuming pupils will remain in the School, fees in advance will be applied<br>as follows:<br>Within one year:<br>Standard<br>Inflation Free<br>Balance Sheet<br>After more than one year:<br>Standard<br>Inflation Free<br>Balance sheet<br>Standard<br>Balance 1 September 2022<br>New deposits<br>Discounts given on new deposits<br>Fee payments<br>Discount written of during the year<br>Refunds|2023<br>£<br>4,623,878<br>2,488,969<br>7,112,847<br>2,929,176<br>1,248,195<br>4,177,371<br>1,694,702<br>1,240,774<br>2,935,476<br>2023<br>£<br>5,000,992<br>3,406,491<br>88,807<br>(3,753,590)<br>(76,008)<br>(42,814)<br>4,623,878|_2022_<br>_£_|
|---|---|---|
|||_5,000,992_<br>_4,217,224_|
|||_9,218,216_|
|||_3,441,176_<br>_1,703,132_|
|||_5,144,308_|
|||_1,559,815_<br>_2,514,093_|
|||_4,073,908_|
|||_2022_<br>_£_|
|||_4,611,108_<br>_3,492,934_<br>_60,007_<br>_(3,084,976)_<br>_(65,118)_<br>_(12,963)_|
|||_5,000,992_|



The Standard fees in advance scheme represents cash received in advance for fees which will be applied against fees chargeable in the future. The scheme offers a discount on fees charged, included in the amount due shown above, which for future years amounts to £89,415 (2022: £77,287). 

|Inflation Free<br>Balance 1 September 2022<br>New Deposits<br>Fee payments<br>Refunds to parents<br>Fair value movement on liability recognized in fnance costs|2023<br>£<br>4,217,224<br>-<br>(1,703,131)<br>(77,436)<br>52,312<br>2,488,969|_2022_<br>_£_|
|---|---|---|
|||_5,883,480_<br>_-_<br>_(1,703,132)_<br>_-_<br>_36,876_|
|||_4,217,224_|



Places in the Inflation Free Fees in Advance Scheme were offered to parents in September 2020, based on fees frozen at 2020-21 rates, and attracted total funds of £5,883,480 which will be released over 5 years from September 2021 to August 2026. 

41 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



Notes to the financial statements for the year ended 31 August 2023 

## **13. CREDITORS:** 

Fees in Advance Schemes (continued) 

In the event of a pupil withdrawing from the School and a period of one term’s notice being given, all remaining deposit amounts will be refunded to the parents or guardians. 

The fair value of the scheme liability reflects the present value of the future expected fee income, where the discount rate used represents the financial effect of the expected fee increases foregone, spread over the term of the arrangement.  This fair value has been estimated by allocating the expected future fee increases over the arrangement term on a straight-line basis.  These estimated future fee increases are reviewed and revised where appropriate on an annual basis.  At the year-end the annualised expected future fee increase over the next 5 years was 3%.  In the view of the Trustees this approach results in a carrying value which is materially consistent with that which would be generated by a more detailed fair value calculation. The maximum cash refundable, assuming all pupils gave notice to leave the scheme at the year-end, would have been £7,023,432 (2022: £9,140,929). 

|**14. FINANCIAL INSTRUMENTS**<br>Financial asset measured at fair value through proft or loss (a)<br>Financial liabilities measured at fair value through proft or loss (b)<br>Financial assets measured at amortised cost (c)<br>Financial liabilities measured at amortised cost (d)|2023<br>£<br>32,415,958<br>(7,786,265)<br>7,089,959<br>(36,067,094)|_2022_<br>_£_|
|---|---|---|
|||_30,436,022_<br>_(8,802,913)_<br>_9,020,173_<br>_(34,689,865)_|



- a) Financial assets include assets held as investments 

- b) Financial liabilities include Inflation Free Fees in Advance and acceptance deposits 

- c) Financial assets include cash, trade debtors, other debtors and staff loans 

- d) Financial liabilities include a loan, trade creditors, other creditors, loan 

   - repayments, Standard Fees in Advance 

42 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



## Notes to the financial statements for the year ended 31 August 2023 

|**15. ANALYSIS OF NET ASSETS OF**|Unrestricted|Restricted|Permanent|2023|
|---|---|---|---|---|
|**CHARITY AND GROUP BETWEEN**|Funds<br>||Endowment|Total|
|**FUNDS**|£|£|£|£|
|Fund balances at 31 August 2023 are|||||
|represented by:|||||
|Tangible Fixed Assets*|76,820,231|577,750|2,779,909|80,177,890|
|Investments|26,208,509|81,873|6,155,140|32,445,522|
|Current Assets|5,555,596|2,219,381|236,983|8,011,960|
|Current Liabilities|(15,830,069)|-|-|(15,830,069)|
|Long Term Liabilities|(30,990,657)|-|-|(30,990,657)|
|Charity (see below)|61,763,610|2,879,004|9,172,032|73,814,646|
|Subsidiary’s reserves|(1,128)|-|-|(1,128)|
|Group (see below)|61,762,482|2,879,004|9,172,032|73,813,518|
|Pension surplus/(defcit)|(431,000)|-|-|(431,000)|
|Group (see below)|61,331,482|2,879,004|9,172,032|73,382,518|
|* Unrestricted fxed assets include £51,377 (2022:|£3,078) of assets purchased during the year from restricted||funds (see note 18), which have|fulflled the restriction|
|and been released to unrestricted.|||||
|Unrestricted funds|Charity:||Group:||
||General|61,332,709|General|61,331,580|
||Designated|430,902|Designated|430,902|
||Pension defcit|(431,000)|Pension defcit|(431,000)|
|||61,332,611||61,331,482|
|Fund balances at 31 August 2022 are|Unrestricted|Restricted|Permanent|2022|
|represented by:|Funds||Endowment|Total|
||£|£|£|£|
|Tangible Fixed Assets|74,184,537|13,887|2,785,308|76,983,732|
|Investments|24,489,249|83,484|5,892,853|30,645,586|
|Current Assets|7,623,614|1,820,870|261,083|9,705,567|
|Current Liabilities|(12,710,459)|-|-|(12,710,459)|
|Long Term Liabilities|(32,028,300)|-|-|(32,028,300)|
|Charity (see below)|61,558,641|1,918,241|8,939,244|72,416,126|
|Subsidiary’s reserves|(28,530)|-|-|(28,530)|
|Group (see below)|61,530,111|1,918,241|8,939,244|72,387,596|
|Pension surplus/(defcit)|(758,000)|-|-|(758,000)|
|Group (see below)|60,772,111|1,918,241|8,939,244|71,629,596|
|Unrestricted funds|Charity:||Group:||
||General|60,871,535|General|60,843,005|
||Designated|687,106|Designated|687,106|
||Pension defcit|(758,000)|Pension defcit|(758,000)|
|||60,800,641||60,772,111|



43 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



Notes to the financial statements for the year ended 31 August 2023 

## **16. UNRESTRICTED FUNDS** 

Unrestricted funds include an asset valuation of £24,791,500 (2022: £24,791,500) for all assets held without restriction regarding use or disposal. Details of the valuation are held in Note 1(f). 

With the exception of the Boarding House Improvement Fund (see below), the Trustees do not maintain designated funds as all unrestricted funds are held at the discretion of the Trustees year by year as regards capital and income. 

The Boarding House Improvement Fund represents the Gift Aid paid to the School by the trading subsidiary USE Ltd and the profit of the Summer School. This is allocated by the Trustees for the purpose of improving the School’s boarding houses on an annual rolling programme. 

|Boarding House Improvement Fund<br>Boarding House Improvement Fund|1 September<br>2022<br>£<br>687,106<br>1 September<br>2021<br>£<br>398,175|Designated<br>Funds<br>£<br>275,949<br>Designated<br>Funds<br>£<br>288,931|Expenditure<br>£<br>(532,153)<br>Expenditure<br>£<br>-|31 August<br>2023<br>£<br>430,902|
|---|---|---|---|---|
|||||31 August<br>2022<br>£<br>687,106|



44 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



Notes to the financial statements for the year ended 31 August 2023 

## **17. PERMANENT ENDOWMENT FUND** 

## Fixed Assets 

The following assets are permanently endowed: 

|Fixed Assets<br>The following assets are permanently<br>endowed:||||||
|---|---|---|---|---|---|
|Building<br>Chapel<br>Old School Room<br>Pine House|Land 1992<br>Value<br>£<br>1,764,300<br>449,700<br>74,600<br>2,288,600|Building<br>1992 Value<br>£<br>311,400<br>79,400<br>149,100<br>539,900|Accumulated<br>Depreciation<br>£<br>28,026<br>7,146<br>13,419<br>48,591|Building Net<br>Book Value<br>£<br>283,374<br>72,254<br>135,681<br>491,309|Total Asset<br>Value<br>£|
||||||2,047,674<br>521,954<br>210,281|
||||||2,779,909|



## Endowment Fund 

The Trustees are restricted to using only the income earned from the investment of endowed donations for the general purposes of the School. 

## Scholarship and Prize Fund 

The Trustees are restricted to using the fund for the purposes of financing scholarships and prizes awarded. 

|The movements for the year are as follows:<br>Balance at 1 September 2022<br>Depreciation in the year<br>Realised surplus from sale of investments<br>Unrealised gain on investments for year<br>31 August 2023<br>Balance at 1 September 2020<br>Depreciation in the year<br>Realised surplus from sale of investments<br>Realised gain on Investments for year<br>31 August 2021|Endowe &<br>Restricted<br>£<br>8,939,244<br>(5,399)<br>-<br>238,187<br>9,172,032<br>6,322,048<br>(5,399)<br>2,864,972<br>(323,989)<br>81,612<br>8,939,244|Scholarship &<br>Prize Fund<br>£<br>-<br>-<br>-<br>-<br>-<br>2,864,972<br>-<br>(2,864,972)<br>-<br>-<br>-|Total<br>£|
|---|---|---|---|
||||8,939,244<br>(5,399)<br>-<br>238,187|
||||9,172,032|
||||9,187,020<br>(5,399)<br>-<br>(323,989)<br>81,612|
||||8,939,244|



|Funds at 31 August 2023 are represented by:<br>Investments at market value including cash with brokers<br>Property<br>Owed to Funds through Recoupment Order (note 11)<br>Investments at book value including cash with brokers|Endowed &<br>Resticted Total<br>£|
|---|---|
||6,155,140<br>2,779,909<br>236,983|
||9,172,032|
||5,467,956|



45 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



Notes to the financial statements for the year ended 31 August 2023 

## **18. RESTRICTED FUNDS** 

## Bursary Funds 

The Trustees are restricted to using the funds to help provide an Uppingham education to children who would not otherwise be able to afford one.  The total amount is made up of a number of named funds, including Reeves Trust, Chetwode Foundation, Peter Mason Bequest, Richard Harman Foundation Award, 1584 Fund and the Stephen Pearson Fund. 

## Maidwell Hall 

The Trustees are restricted to using the funds for the development of Maidwell Hall buildings including Pre-Prep, classrooms and a performance hall. 

## Gaffikin Fund 

The Trustees are restricted to using the funds to promote education at Uppingham School by providing training opportunities for teachers. 

## Upper Pavilion 

The Trustees are restricted to using the funds for the upgrading of the Upper Pavilion. 

## Other Restricted Funds 

These consist of covenants and donations received for specific projects.  As projects are completed and the particular assets are brought into use (and the restrictions fulfilled), the funds representing those assets are transferred from restricted to unrestricted. 

The transfer relates to capital items that have met their restriction. 

|Investment<br>Income<br>£<br>47,111<br>-<br>3,545<br>-<br>-<br>-<br>50,656<br>Investment<br>Income<br>£<br>35,341<br>-<br>3,346<br>-<br>-<br>-<br>38,687<br>1 Sept<br>2022<br>£<br>1,601,464<br>-<br>92,323<br>31,250<br>13,887<br>179,317<br>1,918,241<br>1 Sept<br>2021<br>£<br>1,801,800<br>-<br>102,649<br>31,250<br>-<br>144,152<br>2,079,851<br>Movements for the year<br>are as follows:<br>Bursary Funds<br>Maidwell Hall<br>Gafkin<br>Upper Pavilion<br>Golf Simulator<br>Other<br>Bursary Funds<br>Western Quad<br>Gafkin<br>Upper Pavilion<br>Golf Simulator<br>Other<br>Restricted Funds at 31 August 2023 represented by:<br>Cash with School<br>Assets under construction|Total 2023<br>£<br>2,301,254<br>577,750<br>Donations<br>£<br>227,032<br>665,782<br>-<br>541,500<br>37,489<br>65,235<br>1,537,038<br>Donations<br>£<br>170,138<br>3,078<br>-<br>-<br>13,887<br>81,483<br>268,586<br>Investment<br>Gains<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>Investment<br>Gains<br>£<br>-<br>-<br>(9,022)<br>-<br>-<br>-<br>9,022|Total 2023<br>£<br>2,301,254<br>577,750<br>Donations<br>£<br>227,032<br>665,782<br>-<br>541,500<br>37,489<br>65,235<br>1,537,038<br>Donations<br>£<br>170,138<br>3,078<br>-<br>-<br>13,887<br>81,483<br>268,586<br>Investment<br>Gains<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>Investment<br>Gains<br>£<br>-<br>-<br>(9,022)<br>-<br>-<br>-<br>9,022|Total 2022<br>£<br>1,918,241<br>Awards<br>£<br>(501,973)<br>-<br>(8,188)<br>-<br>-<br>(62,394)<br>(572,555)<br>Awards<br>£<br>(405,815)<br>-<br>(4,650)<br>-<br>-<br>(46,318)<br>(456,783)<br>Transfer<br>£<br>-<br>(3,000)<br>-<br>5,000<br>(51,376)<br>(5,000)<br>(54,376)<br>Transfer<br>£<br>-<br>(3,078)<br>-<br>-<br>-<br>-<br>(3,078)|31 Aug<br>2023<br>£|
|---|---|---|---|---|
|||||1,373,634<br>662,782<br>87,680<br>577,750<br>-<br>177,158|
|||||2,879,004|
|||||31 Aug<br>2022<br>£|
|||||1,601,464<br>-<br>92,323<br>31,250<br>13,887<br>179,317|
|||||1,918,241|
||||||
||||||



46 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



## Notes to the financial statements for the year ended 31 August 2023 

|**19. FINANCIAL COMMITMENTS**<br>a)<br>Future Capital Expenditure<br>Contracted for but not provided for<br>b)<br>OperatingLeases<br>At 31 August 2023 the School had commitments under non-cancellable<br>operating leases as set out below:<br>Buildings and Equipment operating leases that expire:<br>Within one year<br>In the second to ffth years<br>After ffth year|2023<br>£<br>2,295,668<br>2023<br>£<br>70,501<br>518,577<br>732,631<br>1,321,709|_2022_<br>_£_|
|---|---|---|
|||_349,617_|
|||_2022_<br>_£_|
|||_13,540_<br>_339,808_<br>_1,061,762_|
|||_1,415,110_|



## **20. RELATED PARTIES** 

No Trustee received any remuneration for services as a Trustee. The Charity Commission has confirmed that Trustees who undertake professional services for the School may be paid the normal charges associated with such services. 

Ms S Humphrey, Mr R Price, Ms C Colacicchi and Mrs M Fairfax are Trustees of both Uppingham School and the Uppingham School Retirement Benefit Scheme, in keeping with the scheme’s Trust Deed and Rules. 

The School paid Pickering Lifts Ltd £26,224 (2022: £13,465) in respect of maintenance of the School lifts, under an armslength agreement. Pickering Lifts Ltd is owned by one of the Trustees, who had no involvement in the award of the contract. £5,384 was outstanding at the year end. 

The School paid £3,439 to the Curve Theatre for theatre tickets under an arms-length agreement. One of the Trustees is also a trustee of Leicester Theatre Trust, as is one of the School’s key management personnel who does not manage the contractual relationship. 

The School paid £1,897 to Saffron Hall Trust for concert hall hire under an arms-length agreement. One of the Trustees is also a trustee of Saffron Hall Trust. 

The School paid F A N Grounds £3,565 (2022: £4,669)  in respect of floral displays, under an arms-length agreement. F A N Grounds is the husband of one of the School’s key management personnel, who does not manage the contractual relationship. 

During the year 5 (2022: 3) Trustees received reimbursement of meeting expenses of £1,175 (2022: £1,210) in total, of which £381 was outstanding at 31 August 2023. 

47 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



Notes to the financial statements for the year ended 31 August 2023 

## **21. PENSION SCHEMES** 

## Teaching Staff 

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its Uppingham School teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,660,988 (2022: £1,555,175) and at the year-end £202,497 (2022: £180,043) was accrued in respect of contributions to this scheme. 

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

The School runs a defined contribution scheme for Maidwell teaching staff.  Contributions paid over to the Scheme in the year amounted to £162,530. 

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. 

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2923. 

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

## Support Staff 

The School contributed to two defined contribution schemes for support staff. The Uppingham School Group Pension Plan (USSGPP) is open to Uppingham staff above the age of 16 who have completed the necessary probation period. Employer contributions paid over to the Scheme in the year amounted to £488,675 (2022: £494,770). 

The second scheme is the Nest scheme for Maidwell staff. Employer contributions paid over to the Scheme in the year amounted to £16,342. 

The School ran a Scheme for support staff which was a defined benefits scheme. This scheme is now closed to future accrual. The charge for the year, including employer contributions paid over to the Scheme Trustees in the year amounting to £99,725 (2022: £96,820), together with the actuarial gains and losses on the Scheme for the year, is recognised in the Statement of Financial Activities in accordance with FRS102. 

A full actuarial valuation of the scheme was last carried out as at 1 September 2022 and updated to 31 August 2023 by a qualified independent actuary. The major assumptions adopted by the actuary as at 31 August 2023 were: 

|Discount rate<br>Retail price inflation<br>Consumer price inflation<br>Salary increase rate<br>Pension increases – LPI maximum 5%<br>Pension increases – PLI maximum 2.5%<br>Assumed life expectations on retirement age 65:<br>Retiring today – males<br>Retiring in 20 years – males<br>Retiring today – females<br>Retiring in 20 years – females|31 August 2023<br>5.25%<br>3.45%<br>3.10%<br>3.50%<br>2.05%<br>3.00%<br>21.4<br>22.7<br>23.9<br>25.3|31 August 2022|
|---|---|---|
|||4.20%<br>3.70%<br>3.20%<br>4.90%<br>3.10%<br>2.20%<br>21.3<br>23.0<br>23.3<br>25.1|



The School is committed to paying ex gratia pensions each year which are internally funded. The amount paid for the year to 31 August 2023 was £3,707 (2022: £4,649). 

48 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



Notes to the financial statements for the year ended 31 August 2023 

## **22. PENSION SCHEMES (continued)** 

|The amounts recognised in the balance sheet are as follows:<br>Fair value of plan assets<br>Value of money purchase liabilities<br>Value of fnal salary liabilities<br>Defcit<br>Amounts in the balance sheet<br>Liabilities<br>Assets<br>Net liability<br>Changes in thepresent value of the defned beneft obligation are as follows:<br>Opening defned beneft obligation<br>Interest cost<br>Experience (gain) / loss<br>Actuarial (gains) / losses<br>Benefts paid<br>Closing defned beneft obligation<br>Changes in the fair values of the scheme assets are as follows:<br>Opening fair value of scheme assets<br>Interest income<br>Actuarial (losses) / gains<br>Contributions<br>Benefts paid<br>Closing fair value of plan assets|Year to 31<br>August 2023<br>£<br>11,002,000<br>(100,000)<br>(11,333,000)<br>(431,000)<br>(431,000)<br>-<br>(431,000)<br>Year to 31<br>August 2023<br>£<br>13,782,000<br>570,000<br>(185,000)<br>(2,290,000)<br>(444,000)<br>11,433,000<br>Year to 31<br>August 2023<br>£<br>13,024,000<br>540,000<br>(2,218,000)<br>100,000<br>(444,000)<br>11,002,000|_Year to 31_<br>_August 2022_<br>_£_|
|---|---|---|
|||_13,024,000_<br>_(100,000)_<br>_(13,682,000)_|
|||_(758,000)_|
|||_(758,000)_<br>_-_|
|||_(758,000)_|
|||_Year to 31_<br>_August 2022_<br>_£_|
|||_22,329,000_<br>_377,000_<br>_-_<br>_(8,627,000)_<br>_(297,000)_|
|||_13,782,000_|
|||_Year to 31_<br>_August 2022_<br>_£_|
|||_17,507,000_<br>_296,000_<br>_(4,579,000)_<br>_97,000_<br>_(297,000)_|
|||_13,024,000_|



The employer expects to contribute £113,000 to this defined benefit pension plan in the year to 31 August 2024. 

49 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



Notes to the financial statements for the year ended 31 August 2023 

## **22. PENSION SCHEMES (continued)** 

|The amounts included within the Statement of Financial Activities are as follows:<br>Net interest expense<br>Total operating charge<br>Employee contribution to be set of<br>The major categories of scheme assets as apercentage of total scheme assets are<br>as follows:<br>Diversifed funds<br>Equities<br>Bonds<br>Insured pensions<br>Cash<br>Gilts<br>Alternatives<br>LDI<br>Analysis of the amount recognised in statement of total<br>recognisedgains and losses(SOFA):<br>Actual return less interest income recognised in SOFA<br>Experience gains on beneft obligation<br>Efect of assumption changes on beneft obligation<br>Actuarial gain recognised in SOFA<br>History of experience gains and losses<br>Diferences between the asset return and the interest<br>income recognised in the SOFA<br>- as % of scheme assets<br>Experience gains/losses on obligation<br>- as % of liabilities<br>Total amount recognised in SOFA<br>- as % of liabilities|Year to 31<br>August 2023<br>%<br>30,000<br>30,000<br>-<br>Year to 31<br>August 2023<br>%<br>30<br>39<br>3<br>5<br>(1)<br>7<br>-<br>17<br>100<br>Year to 31<br>August 2023<br>£<br>(2,218,000)<br>185,000<br>2,290,000<br>257,000<br>Year to<br>31 August 2023<br>(2,218,000)<br>20%<br>185,000<br>-<br>(257,000)<br>2%|_Year to 31_<br>_August 2022_<br>_£_|
|---|---|---|
|||_81,000_|
|||_81,000_|
|||_-_<br>_Year to 31_<br>_August 2022_<br>_%_|
|||_52_<br>_23_<br>_1_<br>_4_<br>_1_<br>_-_<br>_1_<br>_18_|
|||_100_|
|||_Year to 31_<br>_August 2022_<br>_£_|
|||_(4,579,000)_<br>_-_<br>_8,627,000_|
|||_4,048,000_|
|||_Year to_<br>_31 August 2022_<br>_(4,579,000)_<br>_35%_<br>_-_<br>_-_<br>_(4,048,000)_<br>_29%_|



50 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



## Notes to the financial statements for the year ended 31 August 2023 

|The amounts for the current and<br>previous years are as follows:<br>Value of funded obligations<br>Fair value of plan assets<br>(Defcit) / surplus<br>Experience gains on obligation<br>Diference between the asset return<br>and the interest income recognised in<br>the SOFA|2023<br>£<br>11,433,000<br>11,002,000<br>(431,000)<br>185,000<br>(2,218,000)|_2022_<br>_£_<br>_13,782,000_<br>_13,024,000_<br>_(758,000)_<br>_-_<br>_(4,579,000)_|_2021_<br>_£_<br>_22,329,000_<br>_17,507,000_<br>_(4,822,000)_<br>_332,000_<br>_2,150,000_|_2020_<br>_£_<br>_22,092,000_<br>_15,912,000_<br>_(6,180,000)_<br>_(1,431,000)_<br>_507,000_|_2019_<br>_£_|
|---|---|---|---|---|---|
||||||_19,806,000_<br>_15,152,000_<br>_(4,654,000)_<br>_53,000_<br>_59,000_|



51 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



Notes to the financial statements for the year ended 31 August 2023 

|**23. CONSOLIDATED STATEMENT**<br>**OF FINANCIAL ACTIVITIES –**<br>**COMPARATIVE FIGURES BY**<br>**FUND TYPE.**<br>**Year ended 31 August 2022**<br>Incoming Resources<br>Charitable activities<br>School fees<br>Lettings<br>Donations<br>Other activities<br>Activities forgeneratingfunds:<br>Subsidiary turnover<br>Rents and lettings receivable<br>Investment income<br>Other income<br>Total incoming resources<br>Resources Expended<br>Cost ofgeneratingfunds:<br>Fundraising costs<br>Subsidiary costs<br>Finance costs<br>Charitable activities<br>School and grant-making<br>Total resources expended<br>Net outgoingresources before fair<br>value movements on fnancial<br>instruments<br>Investment gains and losses<br>Transfers<br>Net income<br>Pension scheme actuarial<br>gain/(loss)<br>Net movement of funds<br>Fund balance carried forward at<br>31 August 2020<br>Fund balance carried forward at<br>31 August 2021|Unrestricted<br>£<br>30,534,488<br>-<br>107,969<br>204,765<br>1,749,087<br>85,548<br>324,716<br>232,327<br>33,238,900<br>264,257<br>1,220,449<br>994,330<br>2,479,036<br>30,365,072<br>32,844,108<br>394,792<br>(2,371,530)<br>3,078<br>(1,973,660)<br>4,048,000<br>2,074,340<br>58,697,771<br>60,772,111|Restricted<br>£<br>-<br>-<br>268,586<br>-<br>-<br>-<br>38,687<br>-<br>307,273<br>-<br>-<br>-<br>-<br>456,783<br>456,783<br>(149,510)<br>(9,022)<br>(3,078)<br>(161,610)<br>-<br>(161,610)<br>2,079,851<br>1,918,241|Permanent<br>Endowment<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>5,399<br>5,399<br>(5,399)<br>(242,377)<br>-<br>(247,776)<br>-<br>(247,776)<br>9,187,020<br>8,939,244|Total<br>2022<br>£|
|---|---|---|---|---|
|||||30,534,488<br>-<br>376,555<br>204,765<br>1,749,087<br>85,548<br>363,403<br>232,327|
|||||33,546,173|
|||||264,257<br>1,220,449<br>994,330|
|||||2,479,036<br>30,827,254|
|||||33,306,290|
|||||239,883|
|||||(2,622,929)<br>-|
|||||(2,383,046)<br>4,048,000|
|||||1,664,954<br>69,964,642<br>71,629,596|



52 

Uppingham School Consolidated Financial Statements for year ended 31 August 2023 



## Uppingham School 

Uppingham, Rutland LE15 9QE United Kingdom 

Switchboard: +44 (0)1572 822216 www.uppingham.co.uk 

Uppingham School is a charitable company limited by guarantee registered in England and Wales. Company number 8013826. Registered Charity number 1147280. Registered Office: High Street West, Uppingham, Rutland LE15 9QD 

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