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2024-08-31-accounts

REGISTERED COMPANY NUMBER: 08331303 (England and Wales) REGISTERED CHARITY NUMBER:1151444

Report of the Trustees and

Financial Statements

for the Year Ended 31 August 2024

for

EXETER CATHEDRAL SCHOOL

Gravita Audit Western Limited Chartered Accountants and Statutory Auditors 3 Southernhay West Exeter Devon EX1 1JG

EXETER CATHEDRAL SCHOOL

Contents of the Financial Statements FOR THE YEAR ENDED 31 AUGUST 2024

Page
Report of the Trustees 1 to 17
Report of the Independent Auditors 18 to 21
Statement of Financial Activities 22
Statement of Financial Position 23
Statement of Cash Flows 24
Notes to the Statement of Cash Flows 25
Notes to the Financial Statements 26 to 39

EXETER CATHEDRAL SCHOOL (REGISTERED NUMBER: 08331303)

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2024

The Trustees (Governors) who are also directors of the charitable company for the purposes of the Companies Act 2006, present their annual report and audited accounts, with the financial statements, for the year ended 31 August 2024.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

08331303 (England and Wales)

Registered Charity number

1151444

Registered office

The Chantry Palace Gate Exeter Devon EX1 1HX

Website

www.exetercathedralschool.co.uk

Trustees

Trustees
C E Beer (Chair) Director
Very Revd J Greener Director
N R Pockett Director
Canon J Mustard Director
Canon J Ellis Director
Prof M Totterdell Director
N Mitchell Director
C Kislingbury Director
A Fisher Director
J M Beale Director (Appointed 21stMarch 2024)
T R Cannell Director (Appointed 21stMarch 2024)
J Rawlings Director (Appointed 21stMarch 2024)

Headmaster

J M Featherstone

Company Secretary (Director of Finance & Operations and Clerk to the Governors)

S J A M Webber

Auditors

Gravita Audit Western Limited, Statutory Auditors 3 Southernhay West Exeter EX1 1JG

STRUCTURE, GOVERNANCE AND MANAGEMENT Charitable constitution

The School operates under the terms of the Company's Memorandum and Articles of Association, dated 13 December 2012 and the Statement of Activities and Public Benefit sealed by the Charity Commissioners for England and Wales on 28 March 2013.

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EXETER CATHEDRAL SCHOOL (REGISTERED NUMBER: 08331303)

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2024

Recruitment and Appointment of Board Members

The Governing body understands the need for the Board to have members whose skills and experience are aligned to those required to running a School.

Where possible the Governors consider that the skills and experience of the Board should comprise the following:

All nominations for the Board are approved by the Board, following which such persons shall also be appointed as Trustees (Governors); appointments take effect from the date the Board confirms its approval in writing.

Board Members Appointed during the period 01 September 2023 to 31 August 2024

Three board members, Jimmy Beale, Timothy Cannell and Jeremy Rawlings, were appointed this financial year.

Directors’ Induction and Training

All Governors have received information regarding their responsibilities as Trustees of the Charity.

All new Board Members receive induction training and information regarding their role as a director of a charitable company and a governor of an independent school.

During the period 01 September 2023 to 31 August 2024 all Governors have received updates regarding Safeguarding Children and Keeping Children Safe in Education (KCSIE) including subjects linked to possible cyber threats such as sexting and Preventing Radicalisation (The Prevent Duty).

Risk Management

The Governors have a duty to identify and review the risks to which the School is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. Comprehensive considerations of risk are delegated to the Head and Senior Leadership staff of the School. Risks are identified, assessed and controls established throughout the year. Risk is managed under the headings of finance, health and safety, environment, student welfare, employment and school trips and events.

The main risks the Governors and the Head have identified are:

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EXETER CATHEDRAL SCHOOL (REGISTERED NUMBER: 08331303)

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2024

Through the risk management processes established within the School, the Governors are satisfied that any major risks identified are adequately mitigated. The Governors recognise that systems and processes can only provide reasonable but not absolute assurance that any major risks can be adequately managed.

Organisational Structure

The Governors, who are also directors of the company and charity trustees, are responsible for the overall management and control of Exeter Cathedral School and meet as a full board at least three times a year. All Governors give their time freely and with the exception of expenses being paid, no remuneration was paid during the year. No Governor or person connected with a Governor received any benefit from means tested bursaries or scholarships awarded to pupils. The Director of Finance & Operations (DFO) of Exeter Cathedral School also holds the post of Clerk to the Governors and Company Secretary and is responsible for co-ordinating the work of the Governors and their committees. The Governors delegate authority for the day to day running of the School to the Head, supported by senior staff.

Key Management Personnel

The Headmaster undertakes the key leadership role overseeing educational, pastoral and administrative functions of the School with the support of the School’s Senior Leadership Team (SLT); which consists of the Senior Deputy Head, Deputy Head Pupils (also the Designated Safeguarding Lead (DSL)), the Head of Pre-Prep, the Head of Co-Curricular, and the Director of Finance & Operations (DFO).

Headmaster (HM) James Featherstone Senior Deputy Head Andrew Bartlett Deputy Head (Pupils) and DSL Emma Ross (Appointed 1[st] September 2023)

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EXETER CATHEDRAL SCHOOL (REGISTERED NUMBER: 08331303)

Report of the Trustees

FOR THE YEAR ENDED 31 AUGUST 2024

Head of Pre-Prep Heidi Lawford James Kelly Head of Co-Curricular Director of Finance & Operations Steven Webber

The day-to-day administration of the School is undertaken within the policies and procedures approved by the Governors. The Head oversees the recruitment of all educational staff, whilst under delegated authority the DFO oversees the recruitment of administrative and non-teaching support staff. The Head, the DFO and the DSL are invited to attend Governors’ meetings. Other members of the management team are invited to identified Committee meetings.

Memberships

The School is a member of IAPS (the Independent Association of Preparatory Schools), the CSA (Choir Schools’ Association), the BSA (Boarding Schools’ Association), the AGBIS (Association of Governing Bodies of Independent Schools) and ISBA (the Independent Schools’ Bursars Association). Membership of these organisations provides many opportunities for the Head and the SLT to share expertise, knowledge and experience across the independent school sector.

FINANCIAL REVIEW

Principal Funding Sources

The primary source of income is generated through the payment of fees. Income is expended in the furtherance of the School’s aims and objectives. All net incoming resources are either deployed for educational purposes or invested for future development projects to enhance the fabric of the School.

Financial Assistance Schemes

Bursary awards are made purely on the basis of parental means or to relieve hardship where a pupil’s education and future prospects would otherwise be at risk, for example in the case of ill health rendering a parent temporarily unable to work or redundancy. In assessing means for support several factors are considered including family income, investments and savings and property ownership. Other circumstances such as dependent relatives and the number of siblings are also taken into consideration. The School employs Bursary Administration Limited to conduct objective assessments of all applications for bursary awards. Exeter Cathedral School does not have a large endowment from which to provide bursary support and in making such awards it needs to be mindful of the balance between fee-paying parents, many of whom make considerable sacrifices to fund their child’s education, and those who might benefit from bursary assistance.

Where more than one child in a family attends the School, a sibling discount of 10% is offered for the second and any subsequent child.

As part of our recruitment and retention package for attracting high calibre staff, the School offers a discount scheme for staff members who choose to educate their children at the School.

The Governors regularly review the finances, budgets and spend against budgets; they are satisfied that they have sufficient liquid reserves to cover the company’s current liabilities as they fall due.

Current Performance

The Governors recognize that the level of deficit in the year has to be reduced in future years to ensure the School remains sustainable. In common with most independent schools, the School faces a number of challenges in the current environment. The application of VAT to school fees from January 2025, together with the wider economic environment, has led to caution among many parents in committing to an independent education, which in turn has led to a decline in pupil numbers. The School will also incur increased costs in 2025 from the application of business rates and increased National Insurance Contributions. The School has therefore taken action to reduce costs in 2024 and to implement a new structure in 2025/26 to match the pupil numbers anticipated in the School.

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EXETER CATHEDRAL SCHOOL (REGISTERED NUMBER: 08331303)

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2024

The Governors are convinced that the School offers a range of educational benefits not otherwise available in the area and are anxious to preserve this. They continue to look at all strategic options to ensure that the School can continue to offer the benefits of this education to a wide range of children, and in particular to the Exeter Cathedral choristers.

The financial statements have been prepared on a going concern basis. The Governors have reviewed and considered relevant information, including annual budgets, pupil number and cash flow forecasts, in reaching this position. They continue to keep the position under close review, given the risks identified above.

Investment Policy and Objectives

Investment activities are managed in line with the requirements of the Trustee Act 2000. The Governors have engaged Hawksmoor Investment Management Limited to manage their investment portfolio. The objective of the investment is to provide income which can be re-invested to further the objectives of the company.

Pension Liability

The School participates in the Aviva Pensions Trust for Independent Schools (APTIS) for academic and related staff.

The School also operates a defined contribution scheme, operated by the Pensions Trust, in respect of staff not eligible to join the APTIS.

FINANCIAL CONTROLS

The internal financial control of the School’s accounting processes is based on a framework of regular management information and administrative procedures including the separation of duties and a system of delegation and accountability. In particular it includes:

Going Concern

The financial statements have been prepared on a going concern basis. The Governors have reviewed and considered relevant information, including the annual budget, forecast pupil numbers and future cash flows in making their assessment. Based on these assessments, the current resources available, and the measures which have been or are being taken to manage costs, the Governors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

OBJECTIVES AND ACTIVITIES

Objects

The charitable objects of the company are to promote and provide residential and non-residential schools for the advancement of education and the advancement of religion in accordance with the practices of the Church of England for the benefit of the public and of the choristers of Exeter Cathedral by providing facilities for their education.

The School educates the choristers for Exeter Cathedral and their role features in the public life of the city of Exeter and the County of Devon; the Cathedral is the main place of celebration/commemoration/ gathering for the City. The choristers play a part in an important public service in the building of the community in the city and making the heritage of which the Cathedral is steward available to more people. The girl and boy choristers (40 in total) are both the fundamental reason for the School and their most unique feature.

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EXETER CATHEDRAL SCHOOL (REGISTERED NUMBER: 08331303)

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2024

The School’s Vision and the Statement of Aims

The Headmaster and the Board have published a revised Vision and a revised Statement of Aims for the School to help shape the future direction and strategic development of the School. These are reproduced below:

Vision

To be the School of choice for families in the Exeter area who want a first-class all-round education for their children aged 3 to 13.

To be recognised locally and nationally as a beacon of musical excellence

Exeter Cathedral School is an Ancient foundation with Traditional values and a Modern approach. The School seeks to:

• Offer a first-rate all-round educational experience where the focus is on developing the whole child. Our job is to work with families to help our pupils acquire the right habits for life.

• Foster a supportive, purposeful, stimulating and gently Christian environment, in which the following provision to pupils is recognised as being paramount and held in high regard:

Our Values, Habits and Skills

The endorsing and upholding of core values; the modelling and promoting of the right habits; and the acquiring and practising of key skills: this is at the heart of our curriculum (both implicit and explicit), our interactions, our decision-making and our expectations.

The following Habits are explicitly promoted and modelled to, and expected of, our pupils and staff:

Pre-Prep Golden Rules Prep School Habits
We are kind and helpful
We are gentle
We listen
We look after property
We are honest
We work hard		 The habit of hard work
The habit of honouring your commitments
The habit of having a go and keeping going
The habit of taking part
The habit of listening
The habit of being honest, modest and kind
The habit of looking after other people
The habit of looking after your surroundings
The habit of looking after yourself

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EXETER CATHEDRAL SCHOOL (REGISTERED NUMBER: 08331303)

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2024

Objectives

The objectives of Exeter Cathedral School are set to reflect its aims and ethos. It is important that the School maintains and enhances its academic success within the security of a nurturing environment.

The main objectives and activities for the School and its pupils are set within the wider context of the community, having consideration to the Charity Commission’s public benefit guidance.

The main objectives for the year included:

ACHIEVEMENT AND PERFORMANCE

Charitable Activities

The School introduced in 2018-19 a funded places scheme, through the Devon Award. The Award is available to two Year 7 joiners from any Devon LEA state primary school. In 2023-24 the School had one fully funded Devon Award holder (awarded in 2021-22).

The School also awarded substantial bursaries to enable four children from two Ukrainian refugee families to attend the School.

The School continues to be pleased to support the cathedral’s outreach work through free use of its premises for the rehearsals of the Devon County Junior Choir and through provision of choristers, transport and administrative support for visits to Devon primary schools to provide singing opportunities.

The School’s staff are actively engaged in supporting the work of the wider community, including schools in the maintained sector. This year:

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EXETER CATHEDRAL SCHOOL (REGISTERED NUMBER: 08331303)

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2024

Fees and Bursary Provision

The School has continued to support parents through means tested bursaries worth £132,569, discounts worth £157,516 and scholarships worth £26,681.

Plant

Site Development/Refurbishment

The School’s programme of refurbishment and site improvement continues. The following have been projects for 2023-24:

Inspection

In April 2023 the School received an unannounced Short Visit from the Independent Schools Inspectorate, following a matter of procedure that was incorrectly handled by a governor. The inspectors consequently concluded that the School did not meet all of the regulatory standards. The School moved quickly to rectify these failures in governance, and a subsequent progress monitoring inspection after the year end has confirmed that these standards are all fully met.

Staffing

Appointments

The School’s strategy to continuously improve the quality of pupils’ achievements and the quality of pupils’ personal development, along with the operational capacity and efficiency of the School, has been further assisted by the appointment of some high-calibre teaching and non-teaching staff.

Appointments made for 2023-24 included:

PA to the Head & SLT, KS2 teacher, Boarding House Assistant, Head of Boarding, Visiting Drama Teacher, Fees Manager, Receptionist, 1-2-1 TA, Gap Tutors, Head of Pupil Voice, Head od EDI.

Staff Training and CPD

The School’s AEP - Achieving Excellence Programme - forms the basis of staff CPD and is designed to empower staff to take control of their own professional development whilst facilitating input and direction from the School. AEP is a year-long (Jan to Jan) programme which allows teaching staff and line-managers to identify training needs, complete a professional development review, and set targets (one relating to professional standards - set by the School, one relating to learning and teaching, and one to any chosen area - both set by the member of staff). Observations (of peers and by line managers) are included, and training and visits are researched and encouraged. A performance review meeting is held, and a performance review statement agreed between the line-manager and the member of staff.

New Staff Induction

New Staff Induction Day takes place just before or as part of September whole staff inset. The day welcomed all new colleagues (teaching and non-teaching) and involved training led by the Senior Deputy Head, the Deputy Head (Pupils) the DFO and the Head. Areas covered included safeguarding, behaviour management, systems and procedures, tour of the school, email/ICT logins, fire procedures, vision and values.

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EXETER CATHEDRAL SCHOOL (REGISTERED NUMBER: 08331303)

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2024

Pastoral Care and Wellbeing

Wellbeing has been a focus again this academic year with a number of initiatives rolled out for the benefit of staff and pupils.

Staff

The School again ran its Wellbeing Day scheme: each member of staff was welcome to take a Wellbeing Day at any stage during the year – no reason asked for.

Staff wellbeing opportunities included start-of-term breakfasts, lunches; end-of-term drinks and teas; staff socials; staff running club; staff discount at a local coffee shop; Hi-5 programme (recognition).

Staff wellbeing and workload continues to be a standing item at weekly SLT meetings and at Pastoral Board.

Pupils

Pupil wellbeing continues to be a focus for the School, overseen by the Deputy Head Pupils and facilitated through the Heads of Section and the form tutor system. Alongside assemblies and PSHE lessons, form time is a key opportunity each day for pupils to socialize and ‘be’ rather than ‘do’. Head’s assemblies take place in the cathedral quire and begin with a period of stillness and reflection, encouraging pupils to develop an appreciation for stillness, silence, meditative contemplation, and spirituality. Where the cathedral has not been available (major project works), school spaces have been used.

The School continued to employ two qualified (RCN-registered) School Nurses to help lead and manage the physical and mental health of the School community.

Pastoral Structure

Sections within the School – Nursery, Pre-Prep, Lower Years, Upper Years – continue to assist the School in ensuring the delivery of first-rate and age-specific pastoral care (and support for pupils, parents/guardians and staff). Heads of Section ensure effective line-management of the School’s form teachers/tutors, age-appropriate and tailor-made pastoral care, and are an additional port of call for parents and families.

A Chorister Tutor has overseen the wellbeing and workload of the School’s Choristers. The Head of Boarding did the same for the School’s boarders, along with the Boarding House Assistant.

The School Nurses are an additional point of contact for pupils (and staff) wishing to talk about their mental and emotional health.

An Independent Listener is appointed by the School. She holds a school mobile phone which number is shared with pupils, in particular the boarders.

Assembly/Form Time Programme

Following the introduction of a 2-week timetable last year,. pupils now have dedicated pastoral contact time each day, extended Form Times 3 days a week, a sectional assembly and/or hymn practice each week, a Chaplain’s assembly each week, and a whole-School Head’s Assembly once a fortnight.

Choristers

Choristers have seen the Chorister Tutor each day and join their form for Form Time each week.

The Chorister Tutor has ensured a close eye on the welfare, pastoral care, communication, workload and logistics pertaining to Choristers.

Weekly meetings continue to take place between the Department of Liturgy and Music and the School. These are attended by the Cathedral’s Director of Music, Assistant Director of Music, Precentor, Deputy Head (pupils) and Chorister Tutor. Safeguarding, welfare/wellbeing, logistics and communication are discussed each week.

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EXETER CATHEDRAL SCHOOL (REGISTERED NUMBER: 08331303)

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2024

Academic Life

Curriculum Development

Reflecting the School’s commitment to a broad, balanced and forward-thinking exciting academic provision, we continue to develop our curriculum. Initiatives this year have included the appointment of a Visiting Drama Teacher to offer bespoke Drama lessons, and the introduction of a new scheme of learning for EYFS to KS3 Maths (White Rose).

Small group learning opportunities for Maths, English and Science continues to be prioritised through classes (Rec to Year 5) being taught separately for these core subjects; whilst coming together as a year-group of c24 in the afternoons allows for greater collaboration and creativity opportunities for other curriculum subects .

PSHE & RSE

PSHE & RSE is embedded in the timetable as a stan-alone curriculum subject. The Head of PSHE & RSE oversees a spiral curriculum.

Syllabus

Having moved away from the Common Entrance all-or-nothing 13+ exam last year, the School is redefining its schemes of work, incorporating the best parts of the Common Entrance syllabus. Academic rigour and quality content is retained through high-quality teaching and a robust curriculum. A final public examination is no longer relevant for our pupils: all pupils sat entrance tests or scholarship applications to their chosen senior schools.

Exam Success

The School has enjoyed another year of academic success.

Year 8 pupils sat end-of-year exams, and all papers were marked in line with Common Entrance requirements and grade boundaries.

13+ exam results in 2023-24 were positive and reflect excellent value added for the cohort:

36% of all papers were graded A-A 79 of all papers were graded A-B 97% of all papers were graded A-C 100% of papers were graded A-D

Scholarship Results

The School enjoyed notable 13+ scholarship success. 35 Scholarships/Exhibitions were awarded by senior schools to our Year 8 cohort of 25 pupils. A highly impressive 72% of all leavers received a scholarship/ exhibition/award.

Scholarships/exhibitions/awards were offered in Music/Choral/Organ, Academic, Sport, Drama/Performing Arts, Art, Foundation/Head’s/All-Rounder.

Destination Schools

The School has continued its promotion of a broad and appropriate range of senior schools and has continued to focus on finding the right school for each child. 100% of 13+ leavers transitioned to an independent school.

All pupils achieved their first-choice senior school destination: Blundell’s, Charterhouse, Downside School, Exeter School, Purcell School, Sherborne, Wellington School.

Academic Data

The School continues to make use of GL Assessment, including CAT4 testing and PiE and PiM. CAT4 scores continue to be obtained through assessments in Year 2, 5, 7, and yearly PiM and PiE data is collected across the School. Data is used to continue to improve the School’s tracking of pupil performance, its understanding of pupil ability, its monitoring of staff performance, and to assist with its commitment to an individualised

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EXETER CATHEDRAL SCHOOL (REGISTERED NUMBER: 08331303)

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2024

approach to learning. The data is also useful for senior school choices and reference writing. In both Maths and English, the School’s scores were considerably above the national average.

Senior Enrichment Programme

The Senior Enrichment Programme continues to provide our oldest pupils with dedicated time to undertake enriching non-curricula courses delivered by subject specialists. Pupils in Year 7 and 8 choose to follow either the Creative Arts strand (Music, Drama, Art) or the Sport and Fitness strand (Sport and Performance, Sports Psychology, Personal Fitness) and receive expert tuition in small groups each week during dedicated curriculum time. The impact on the creative and sporting life of the School - as well as on the levels of scholarship success (see above) - is marked.

Parents Evening and Seminars

The School offered a number of online seminars and meetings for parents/guardians as well as face-to-face meetings. This included some parents’ evenings, numeracy evenings, phonics evenings, revision seminars, exam preparation, online safety seminars.

Extra-curricular and Enrichment

Learning beyond the classroom is a valued part of the ECS education, and the School recognises the central importance of the learning opportunities provided by extra-curricular activities.

Music and The Arts play an important part, as does our extensive Sports programme, and we offer a wide choice of clubs each term. It matters to us that pupils have the chance to explore new territories and develop new skills, and that their talents and interests can be nurtured and enthused by specialist staff.

A full and varied range of extracurricular clubs were offered throughout the year.

The Head of Extra-Curricular Activities oversees the provision of a large range of clubs, which included Boom Whackers, Forest, Drama, Football, Athletics, Board Games, Construction, Squash, Book Club, Music Theory, Chess, Comic Club, Alphabet Club, Lego, Art, School of Rock, Jazz Singers, Wellbeing Club, Judo, Prep Support, Coding, Red Hot Chilli Preppers, Country Club, Craft, Fitness, Tag Rugby, , Cricket, Tennis, Orchestra 1, Orchestra 2, String Group, Guitarmadillos, Flutopia, Rhythm Stix, Jazz Band, Big Band, Theory Club, British Sign Language Club.

Leavers’ Programme

The School’s ECS Futures Programme moved into its fourth year. At the end of Exam Week, a series of themed weeks was offered to Year 8 pupils, with pupils taking part in a range of enriching and creative activities and challenges. The traditional Leavers’ Camp took place on Dartmoor, and the Leavers’ Play was an adaptation of Toad of Toad Hall. A Yearbook was produced by the pupils and staff, and a Leavers’ Prom was held at Haine – complete with Ceilidh and pizza van. In addition, as part of ECS Futures, our annual ‘Live Lecture’ series was offered to pupils to broaden horizons, enrich and inspire.

Recruitment and Retention

11+ Entry Awards

The School continues to offer an Awards scheme for pupils moving into or joining the School into Year 7. Awards (which take the form of fee remission) are offered for those able to make a significant contribution to the School in the following areas: Music, Academic, Visual/Performing Arts, Sport.

11 Awards were offered for September 2024: 2 x Academic, 2 x Art, 3 x Drama, 2 x Sport, 2 x School Award.

The School has also continued to offer the Devon Award: a fully funded (100%) place at the School throughout Years 7 and 8 for (up to 2) children joining the School into Year 7 from a Devon LEA state primary school, and who are able to contribute significantly in the above categories. These awards are means-tested.

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EXETER CATHEDRAL SCHOOL (REGISTERED NUMBER: 08331303)

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2024

Choristerships

Voice Trials took place in the cathedral and were supported by the School. All places in both the boys’ and the girls’ choirs were successfully filled (both external and internal pupils).

Sport and Wellbeing

The School prides itself on its sport and physical wellbeing provision. Despite being a city-centre school with no on-site sports facilities, we are able to offer first-rate provision thanks to excellent relationships with the city’s internationally recognised sports facilities and superb leadership of the department.

Ethos

The Director of Sport is Mr James Kelly and our sporting philosophy is ‘sport for all’: the focus is on participation, development and enjoyment whilst still catering for our elite athletes. We provide an outstanding Sport and Wellbeing education, and we want to nurture a passion in all of our pupils so that when they leave at the end of Year 8 they do so with a love for a healthy and active lifestyle.

Provision

Our major team sports are hockey, cross-country, netball, cricket and athletics (girls); rugby, cross-country, hockey, cricket and athletics (boys), and we offer a range of sporting clubs and activities (both recreational and competitive) after school.

Lessons and coaching offered to our pupils includes: Reception and Year 1: a PE lesson each week delivered by a specialist member of the sports department; Year 2: a PE lesson each week and a Games afternoon each week; Years 3 to 5: a PE lesson each week and two Games afternoons each week; Years 6 to 8: two Games afternoons each week, and our Senior Enrichment Sports Programme each week.

The School is proud to be continuing with its Girls’ Cricket programme. Four years after its inception, full colours for cricket are now routinely awarded to girls and boys.

The 2-week timetable allows pupils to get a taste of new sports, including badminton, football, lacrosse, basketball, ultimate frisbee. Every pupil from Year 2 to Year 8 represented the School at the major team sports (cricket, hockey, rugby, netball).

The School held 3 Sports Days in 2023-24.

Senior Enrichment Programme

Our Year 7 and 8 pupils can also follow the Sports strand of our Senior Enrichment Programme: dedicated curriculum time to focus on Sport and Performance, Sports Psychology, Personal Fitness and, where appropriate, scholarship preparation.

Facilities

We are proud of our long-standing association with some of the region’s top sporting clubs and venues. We train and play at the world-class Exeter University Sports Hub, including the Astroturf pitches and the Indoor Sports Hall; Exeter Cricket Club and County Ground; Exeter Athletics Arena; and Victoria Park Tennis Club. All of these first-rate venues are a few moments away in one of our minibuses, allowing our pupils and staff to make the most of the best sporting facilities in the city.

Sporting Success 2023-24

ECS pupils earned representative honours at county level in Cricket and Waterpolo, and a remarkable eight pupils were selected for the National Prep Schools Athletics Finals in Birmingham.

Music, Drama and the Arts

Music is central to the life of ECS.

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EXETER CATHEDRAL SCHOOL (REGISTERED NUMBER: 08331303)

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2024

Founded as a choir school in the 12th century, and as one of today’s 42 Cathedral Schools in the UK, ECS has music and music-making at its heart: it is in the walls and in the blood. To this day we are known for the breadth of musical opportunity that we provide, and for being a school which promotes ‘music for all’ whilst all the while providing high-calibre training and opportunities for our most gifted elite musicians. Music at ECS is elite but not elitist.

The hub for our music-making is Kalendar Hall, a studio space, classroom and practice rooms for rehearsals, ensembles, productions and performances. We are also proud to make use of the Cathedral Nave as a regular (and spectacular) performance space for our large-scale recitals and concerts, as well as tapping into the city’s leading professional performance venues for our major productions and performances. Our annual Prep School House Music Competition takes place in our neighbouring local church; and more intimate recitals, soloists’ evenings, chamber concerts and our Performers’ Platform Series take place in the Chapter House, Kalendar Hall and the Cathedral Quire.

Some of our most gifted pupil musicians are Choristers but by no means all: we are proud that music scholarships and awards to some of the country’s leading senior/public schools are won by Choristers and Non-Choristers alike.

Children across the School are encouraged to create, to pretend, to imagine, and to have the confidence to act out and perform. Our Nursery and Pre-Prep children all take part in one of our Nativity Plays, and opportunities for storytelling, role-playing and imaginative play feature heavily in our EYFS and Key Stage 1 curriculum.

In the Prep School, all pupils receive Drama tuition through our Performance Curriculum, and Drama and Poetry Clubs are on offer after-school to those whose appetites have been whetted. In addition, our weekly Senior Enrichment Programme allows our oldest pupils to delve into an extended Drama course: those with scholarship aspirations receive specialist tuition to help them prepare for Drama or Performing Arts Scholarships to their senior school of choice.

Ensembles and Performances

24 Music ensembles in 2023-24, including:

Hall House Singers, Year 3-4 Choir, Year 5-6 Choir, Year 7-8 Choir, Recorders, Arco Ensemble, Orchestra 1, Orchestra 2, Flutopia, Guitarmadillos, Jazz Singers, Jazz Band, Big Band, School of Rock, Boom Whackers, Bash Street Kids, Red Hot Chili Preppers, Rhythm Stix.

Music & Drama Performance Opportunities in 2023-24:

Performers’ Platforms x 12 Cathedral services Autumn Concert (cathedral) 33[rd] Annual Charity Concert (cathedral) Jazz & Rock Night (Exeter Phoenix) Orchestral and Chamber Concert (St David’s Church) Battle of the Bands (termly) – new for this year All choirs performed at Speech Day (cathedral) Whole-School Carol Service Pre-Prep nativities Year 3 production: School Days Year 4 production: James and the Giant Peach Year 5 production: The Minotaur Year 6 production: Macbeth Year 7 production: School’s Out Year 8 production: Toad of Toad Hall

Page 13

EXETER CATHEDRAL SCHOOL (REGISTERED NUMBER: 08331303)

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2024

Class music lessons are delivered to every pupil across the School, from Reception to Year 8, by one of the School’s music specialists. Each pupil in the School from Reception to Year 8 receives weekly Class Music lessons.

Instrumental Tuition

Instrumental lessons are very popular among the pupils: in 2023-24 c195 music lessons have taken place each week.

The School benefits from the expertise and experience of a number of Visiting Music Teachers, and offers pupils 1-2-1 tuition in the following instruments:

Violin, Viola, Cello, Clarinet, Saxophone, Flute, Oboe, Bassoon, Percussion, Brass, Guitar, Voice, Recorder, Harp, Piano, Double Bass (new for this year).

Musical Honours

The School is proud to have a number of pupils playing/singing in local, county and national ensembles (including the Devon county Junior Orchestra and Devon Youth Symphony Orchestra and lots of participation in the Devon Performing Arts Competition), as well as to educate the Choristers of Exeter Cathedral.

ABRSM/Trinity Examination results

During the 2023-24 year, Associated Board exams and Trinity College exams took place. We were delighted to return another successful set of results: 100% pass rate, with over two thirds being graded Merit or Distinction.

Choristers

The Chorister continue to play a significant role in the life of the School, the Cathedral, and the wider community. They sing the daily sung services in the Cathedral as well as Eucharist on a Sunday morning (in total, 7 services). Duties are split routinely and fall to either Girls or Boys.

Weekly welfare meetings continued between the School and the Cathedral to discuss Chorister wellbeing, safeguarding, logistics and communication. Attending the meetings are the Chorister Tutor, the Deputy Head (pupils), the Cathedral Director of Music, the Assistant Director of Music, the Canon Precentor, the Lead Chaperone.

Pupil Voice and Diversity

The School has appointed this year a Head of Pupil Voice and a Head of EDI.

Great lengths are gone to ensure pupils know how they can make their voice heard if they think something is wrong, and our school culture of kindness, awareness, acceptance and tolerance (‘we are a place where people matter’) underpins our expectations and our interactions. A ‘You said, we did’ display is now visible in the heart of the school, as is a Black Lives Matter display, to which pupils contribute. Pupils know how to use their voice to make themselves heard, and that they will always be listened to.

There are now 4 pupil councils, each chaired by pupils with the support of the Head of Pupil Voice & Diversity (or Head of Boarding):

Pupil representatives were elected to these committees each form/class, including Year 2 pupils (ensuring that pupil voice in the Pre-Prep is heard. A Pupil Leadership post – Pupil Voice Prefects – was held jointly by two Year 8 pupils.

Page 14

EXETER CATHEDRAL SCHOOL (REGISTERED NUMBER: 08331303)

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2024

In addition, pupil panels played a part in many staff appointments.

Celebrating and championing diversity has been an important focus for the School this year. Form time activities have taken place as well as assemblies and talks, including from Proud 2 Be.

Pupil Leadership

Two Heads of School were chosen by the Head following applications from pupils and consultation with all Prep staff. Two Deputy Heads of School were also appointed following the same process, along with a team of prefects.

In a new move for the School, all Year 8 pupils who applied were appointed to a position of responsibility. This underpins the School’s commitment to learning and to offering leadership opportunities to all.

Wrap-Around Care

The School has continued its enhanced Wrap-Around Care provision.

All provision between 08h00 and 17h00, in both the Pre-Prep and the Prep, is included in the tuition fee. Save in the rare cases where specialist facilities are hired or specialist coaches brought in, there is no longer any charge for supervision/activities between the end of lessons (15h15 Pre-Prep, 15h45 Prep) and 17h00. This underlines our firm commitment to offering a fully-rounded educational experience for all ECS pupils, and reflects the importance we attach to extracurricular opportunity and involvement.

Spiritual Life

The School has its origins in Christian worship. The School is situated in the lee of the Cathedral, and to this day the Cathedral continues to play a central role in the lives of the pupils and staff at ECS. We seek to foster a gently Christian environment in which the values of love, tolerance, acceptance, gentleness and compassion are endorsed and modelled through our daily interactions and in our decision-making.

We welcome children of all faiths and none: whatever one’s religious leanings, there is a spirituality to be found in collective stillness; in gathering together in quiet; in being mindful together. We want our pupils to be mindful of, and grateful for, those around them; to be aware of themselves and of their impact on others; and, through Faith or a more general appreciation of spirituality, to have a sense of wonder and awe at the thought that they are part of something greater and more timeless than themselves.

Head’s assemblies take place in the cathedral quire (where possible). Each session begins with a period of quiet reflection, encouraging pupils to develop an appreciation for stillness, silence, meditative contemplation, and spirituality.

A greater focus was also placed on Form Times at the start of the day. These extended sessions in small groups allowed children to spend time together ‘being’ rather than ‘doing’, and to practise conversation and listening. It also allowed form tutors the chance to work alongside particular individuals who required some additional support.

School services in the cathedral included the Carol Service, Lent Service, Harvest Festival and Valedictory Eucharist. Chorister Valediction took place at the end of the academic year, and our out-going senior choristers were presented with their leavers’ books and prayed for.

A rotating team of servers (crucifer and acolytes) assisted the (new) Chaplain with School services, and reading and prayers were led by pupils from across the year-groups.

Page 15

EXETER CATHEDRAL SCHOOL (REGISTERED NUMBER: 08331303)

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2024

Charity Fund-raising

The School was pleased to support a number of local and national charities throughout the year. The chosen charity of the year (voted for by pupils) was The Wave Project – an organisation that provides surf therapy to children. Some £3,000 was raised through a range of activities, most significantly the 33[rd] Annual Charity Concert and its sponsored programme. The School was also pleased to raise money for Children In Need, Red Nose Day and the Poppy Appeal, and to support Surfers Against Sewage by carrying out a beach clean, and Exeter Food Bank by harvest donations.

Wellbeing, Engagement and Enrichment

The School takes its social and community responsibilities seriously, and this extends to providing opportunities for pupils and parents/guardians to engage in School and community talks and events, as well as fund-raising activities for local and national charities. The School continues to value and promote engagement with and from parents/guardians and the wider community.

In 2023-24, engagement opportunities to parents/guardians and pupils, included in-person parents’ evenings; parent/guardian seminars; curriculum engagement evenings; phonics evenings; Head’s coffee mornings; The ECS Journey events; themed curriculum/dress-up days; world book day; 3 sports days; social media; concerts; plays; open classroom events; on-line safety seminars.

Speech Day & Prize-Giving

The whole School came together for Speech Day & Prize-Giving in the cathedral nave. Speeches were given by the Heads of School, the Head and the Guest of Honour Canon Deborah Parsons. The School’s massed choirs (including staff) performed True Colours, with pupil BSL signers throughout the nave.

Prizes were awarded for academic achievement, effort and progress, sport and the arts, contribution to or excellence in the wider life of the School, and for good citizenship, kindness, discipleship and fortitude.

Summary

The School has been pleased to achieve notable success over the 2023-24 academic year, with encouraging academic results, significant scholarship success, a clean bill of health from the Independent Schools Inspectorate, and a growing and well established reputation locally and more widely. This is thanks to a lively and positive pupil cohort, an engaged and supportive parent body, a terrifically-hard-working staff team, a visionary and purposeful executive management team, and the energy and expertise of its Governing Body.

The School hopes that throughout the 2023-24 academic year it has continued to build a strong, kind, purposeful, loving and resilient community which is future-ready. Above all else, the School is committed to being a place where people matter, and to working with families to help pupils acquire the right habits for life.

Page 16

EXETER CATHEDRAL SCHOOL (REGISTERED NUMBER: 08331303)

Report of the Trustees FOR THE YEAR ENDED 31 AUGUST 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Exeter Cathedral School 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 Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the trustees are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each trustee has taken all the steps that he ought to have taken as a trustee in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Gravita Audit Western Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 15 April 2025 and signed on its behalf by:

C E Beer - Trustee

Page 17

Report of the Independent Auditors to the Members of Exeter Cathedral School (Registered number: 08331303)

Opinion

We have audited the financial statements of Exeter Cathedral School (the 'charitable company') for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

We refer to note 1 Going concern of the financial statements for further information.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Page 18

Report of the Independent Auditors to the Members of Exeter Cathedral School (Registered number: 08331303)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

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

Responsibilities of trustees

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

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

Page 19

Report of the Independent Auditors to the Members of Exeter Cathedral School (Registered number: 08331303)

Our 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 a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Misstatements can arise from fraud or error and are considered material if, individually, or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

In identifying and assessing risks of material misstatement in respect of irregular, including fraud and non-compliance with laws and regulations, our procedures included the following:

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 Report of the Independent Auditors.

Page 20

Report of the Independent Auditors to the Members of Exeter Cathedral School (Registered number: 08331303)

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 auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Benjamin de Cruz (Senior Statutory Auditor) for and on behalf of Gravita Audit Western Limited Chartered Accountants and Statutory Auditors 3 Southernhay West Exeter Devon EX1 1JG

Date: 20 May 2025

Page 21

EXETER CATHEDRAL SCHOOL

Statement of Financial Activities FOR THE YEAR ENDED 31 AUGUST 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
3
Charitable activities
6
Gross charitable activity income
Other trading activities
4
Investment income
5
Total
EXPENDITURE ON
Raising funds
7
Charitable activities
8
Gross charitable activity costs
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
10,112
2,637,507
16,154
10,755
2,674,528
-
3,029,150
3,029,150
46,019
(308,603)
488,991
180,388		 Restricted
fund
£
-
-
-
-
-
-
7,033
7,033
-
(7,033)
78,095
71,062		 2024
Total
funds
£
10,112
2,637,507
16,154
10,755
2,674,528
-
3,036,183
3,036,183
46,019
(315,636)
567,086
251,450		 2023
Total
funds
£
13,733
2,989,528
11,116
11,670
3,026,047
-
3,180,441
3,180,441
(22,097)
(176,492)
743,578
567,086

The notes form part of these financial statements

Page 22

EXETER CATHEDRAL SCHOOL (REGISTERED NUMBER: 08331303)

Statement of Financial Position 31 AUGUST 2024

Notes
FIXED ASSETS
Tangible assets
14
Investments
15
CURRENT ASSETS
Stocks
16
Debtors
17
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
18
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
19
NET ASSETS
FUNDS
25
Unrestricted funds
Restricted funds
TOTAL FUNDS		 2024
£
573,507
453,699
1,027,206
8,836
544,773
212,284
765,893
(1,237,912)
(472,019)
555,187
(303,737)
251,450
180,388
71,062
251,450		 2023
£
623,610
400,088
1,023,698
12,759
589,525
131,023
733,307
(1,080,021)
(346,714)
676,984
(109,898)
567,086
488,991
78,095
567,086

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 18 April 2025and were signed on its behalf by:

C E Beer - Trustee

The notes form part of these financial statements

Page 23

EXETER CATHEDRAL SCHOOL

Statement of Cash Flows FOR THE YEAR ENDED 31 AUGUST 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Finance costs paid
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Investments Revaluation
Cash movement with investments
Interest received
Dividends received
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Loan repayments in year
Net cash (used in)/provided by financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2024
£
80,782
(4,491)
76,291
(31,998)
(14,438)
5,716
42,806
-
299
10,456
12,841
(7,871)
(7,871)
81,261
131,023
**212,284 **		 2023
£
(204,447
(2,693)
(207,140)
(48,455)
(26,228)
32,905
-
(12,102)
-
11,266
(42,614)
-
-
(249,755)
380,778
131,023

The notes form part of these financial statements

Page 24

EXETER CATHEDRAL SCHOOL

Notes to the Statement of Cash Flows FOR THE YEAR ENDED 31 AUGUST 2024

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
2024 2023
£ £
Net expenditure for the reporting period (as per the Statement of
Financial Activities) (315,636) (176,492)
Adjustments for:
Depreciation charges 82,101 76,612
(Gain)/losses on investments (46,019) 22,097
Interest received (299) (404)
Finance costs 4,491 2,693
Dividends received (10,456) (11,266)
Amortisation charges - 950
(Profit)/Loss on disposal of investments (2,083) -
Decrease/(increase) in stocks 3,923 (497)
Decrease/(increase) in debtors 44,752 (42,628)
Increase/(decrease) in creditors 320,008 (75,515)
Net cash provided by/(used in) operations **80,782 ** (204,447)
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1.9.23 Cash flow At 31.8.24
£ £ £
Net cash
Cash at bank and in hand 131,023 81,261 212,284
131,023 **81,261 ** **212,284 **
Debt
Debts falling due within 1 year (8,718) (972) (9,690)
Debts falling due after 1 year (40,731) 7,677 **(33,054) **
(49,449) 6,705 **(42,744) **
Total 81,574 87,966 169,540

The notes form part of these financial statements

Page 25

EXETER CATHEDRAL SCHOOL

Notes to the Financial Statements FOR THE YEAR ENDED 31 AUGUST 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The presentation currency of the financial statements is the Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis. The Trustees have prepared projections on a worse case and better case scenarios and have taken professional advice as to the financial stability of the school. The board are following this professional advice and have come to the conclusion that they school is a going concern for the forthcoming academic year. The board are constantly reviewing the financial situation and will continue to take professional advice.

The Trustees have therefore concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Incoming resources

Income is recognised on a receivable basis, when the charity has entitlement to the funds, there is certainty of receipt and the amount can be measured with sufficient reliability.

Incoming resources from charitable activities

Fees received are included in the Statement of Financial Activities on a receivable basis. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Voluntary income

Donations are recognised on a receivable basis where there is certainty of receipt and the amount can be reliably measured.

Activities for generating funds

Shop, lettings and sundry event income is recognised in the period it is receivable on the completion of the service.

Investment income

Income from investments is recognised on a receivable basis.

Resources expended

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Costs of generating funds comprise the costs associated with attracting voluntary income and investment management fees.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

All resources expended are inclusive of irrecoverable VAT.

Page 26

continued...

EXETER CATHEDRAL SCHOOL

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2024

1. ACCOUNTING POLICIES - continued

Resources expended

Governance costs

Governance costs include costs of the preparation of the statutory accounts, the costs of trustee meetings and the costs of any legal advice to trustees on governance or constitutional matters.

Intangible fixed assets

Capitalised website development costs are being amortised evenly over the website's expected useful life of 5 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold - 10% on cost and 2% on reducing balance Plant and machinery - 25% on cost Fixtures and fittings - 20% - 33% straight line and 25% on reducing balance Motor vehicles - 25% on reducing balance Computer equipment - 33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

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

Investment income, gains and losses are allocated to the appropriate fund.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme for some employees. Contributions are recognised in the Statement of Financial Activities in the period in which they become payable in accordance with the rules of the scheme.

Fixed Asset Investments

Fixed asset investments are stated at market value.

Gains and losses between historical cost and market value, whether realised or unrealised, are recognised in the Statement of Financial Activities in the period in which they arise.

Operating lease commitments

Rentals payable under operating leases are charged in the Statement of Financial Activities on a straight line basis over the lease term.

continued...

Page 27

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2024

EXETER CATHEDRAL SCHOOL

1. ACCOUNTING POLICIES - continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Key estimates included in the financial statements are as follows: Depreciation - This is disclosed under the accounting policy 'Tangible fixed assets'.

Accruals and prepayments - These balances are based on information available at the date of approval of the financial statements.

3. DONATIONS AND LEGACIES

Donations
4.
OTHER TRADING ACTIVITIES
Kalendar Hall lettings
5.
INVESTMENT INCOME
Income from listed investments
Deposit account interest		 Unrestricted
funds
£
10,112
10,112		 Restricted
funds
£
-
-		 Year
ended
31.8.24
Total
funds
£
10,112
10,112
2024
£
16,154
2024
£
10,456
299
10,755		 Year
ended
31.8.23
Total
funds
£
13,733
13,733
2023
£
11,116
2023
£
11,266
404
11,670

continued...

Page 28

EXETER CATHEDRAL SCHOOL

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2024

6. INCOME FROM CHARITABLE ACTIVITIES

Gross fees
Discounts
Bursaries
Boarding
Breakfast club
After school care
Registration fees
Income from extra activities		 Unrestricted
funds
£
2,406,286
(209,867)
(113,280)
65,012
1,086
19,941
1,050
4,837
2,637,507		 Restricted
funds
£
-
-
-
-
-
-
-
-
-		 Year
ended
31.8.24
Total
funds
£
2,406,286
(209,867)
(113,280)
65,012
1,086
19,941
1,050
4,837
2,637,507		 Year
ended
31.8.23
Total
funds
£
3,283,093
(310,071)
(143,623)
126,368
3,397
24,414
3,075
2,875
2,989,528

7. RAISING FUNDS

Other trading activities

Opening stock
Purchases
Closing stock		 2024
£
12,759
(3,923)
(8,836)		 2023
£
12,262
497
(12,759)

continued...

Page 29

EXETER CATHEDRAL SCHOOL

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2024

8. CHARITABLE ACTIVITIES COSTS

Educational
Boarding
After school care
Domestic and catering
Maintenance
One off project costs
Administration
Governance costs
Finance costs		 Unrestricted
funds
£
1,633,724
27,587
20,455
702,127
47,399
7,962
567,721
14,819
7,356
3,029,150		 Restricted
funds
£
-
-
-
-
-
-
7,033
-
-
7,033		 Year
ended
31.8.24
Total
funds
£
1,633,724
27,587
20,455
702,127
47,399
7,962
574,754
14,819
7,356
3,036,183		 Year
ended
31.8.23
Total
funds
£
2,187,954
-
16,661
634,921
56,078
37,258
224,979
15,634
6,956
3,180,441

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Depreciation - owned assets
Computer software amortisation
Auditors remuneration
Auditors remuneration - non-audit services		 2024
£
82,101
-
6,465
9,169		 2023
£
76,612
950
6,158
9,476

continued...

Page 30

EXETER CATHEDRAL SCHOOL

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2024

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023.

Trustees' expenses

M S Totterdell was paid £403 (2023 - £246) for reimbursement of travel and other expenses on behalf of the company.

11. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2024
£
1,482,194
147,960
181,231
1,811,385		 2023
£
1,629,605
161,619
192,487
1,983,711

The average monthly number of employees during the year was as follows:

2024 2023
All departments 50 55
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000
2024 2023
£60,001 - £70,000 3 1
£80,001 - £90,000 - 1
£90,001- £100,000 1 -
4 2

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Total employee benefits received by key management personnel, excluding those disclosed under higher paid employees) during the year was £104,346 (2023: £164,634)

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Gross charitable activity income
Other trading activities
Investment income
Total		 Unrestricted
funds
£
13,733
2,989,528
11,116
5,803
3,020,180		 Restricted
fund
£
-
-
-
5,867
5,867		 Total
funds
£
13,733
2,989,528
11,116
11,670
3,026,047

continued...

Page 31

EXETER CATHEDRAL SCHOOL

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2024

12.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Restricted
funds
fund
£
£
EXPENDITURE ON
Raising funds
-
-
Charitable activities
Gross charitable activity costs
3,170,958
9,483
Total
3,170,958
9,483
Net gains/(losses) on investments
(12,388)
(9,709)
NET INCOME/(EXPENDITURE)
(163,167)
(13,325)
Transfers between funds
205,389
(205,389)
Net movement in funds
42,222
(218,714)
RECONCILIATION OF FUNDS
Total funds brought forward
446,769
296,809
TOTAL FUNDS CARRIED FORWARD
488,991
78,095
13.
INTANGIBLE FIXED ASSETS
COST
At 1 September 2023 and 31 August 2024
AMORTISATION
At 1 September 2023 and 31 August 2024
NET BOOK VALUE
At 31 August 2024
At 31 August 2023		 Total
funds
£
-
3,180,441
3,180,441
(22,097)
(176,492)
-
(176,492)
743,578
567,086
Computer
software
£
14,274
14,274
-
-

continued...

Page 32

EXETER CATHEDRAL SCHOOL

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2024

14. TANGIBLE FIXED ASSETS

COST
At 1 September 2023
Additions
At 31 August 2024
DEPRECIATION
At 1 September 2023
Charge for year
At 31 August 2024
NET BOOK VALUE
At 31 August 2024
At 31 August 2023
COST
At 1 September 2023
Additions
At 31 August 2024
DEPRECIATION
At 1 September 2023
Charge for year
At 31 August 2024
NET BOOK VALUE
At 31 August 2024
At 31 August 2023		 Short
leasehold
£
742,320
-
742,320
261,415
32,155
293,570
448,750
480,905
Motor
vehicles
£
28,183
-
28,183
20,360
1,956
22,316
5,867
7,823		 Fixtures
Plant and
and
machinery
fittings
£
£
66,175
232,538
7,634
6,594
73,809
239,132
41,894
154,137
12,149
14,983
54,043
169,120
19,766
70,012
24,281
78,401
Computer
equipment
Totals
£
£
138,851
1,208,067
17,770
31,998
156,621
1,240,065
106,651
584,457
20,858
82,101
127,509
666,558
29,112
573,507
32,200
623,610

continued...

Page 33

EXETER CATHEDRAL SCHOOL

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2024

15. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1 September 2023 400,088
Additions 14,438
Disposals (3,633)
Revaluations 42,806
At 31 August 2024 453,699
NET BOOK VALUE
At 31 August 2024 453,699
At 31 August 2023 400,088

There were no fixed asset investments outside of the UK.

The revaluation disclosed in the notes of these financial statements does not agree to the realised gain on fixed asset investments shown on the face of the SoFA because of the nature of the items that form the overall change in value. A reconciliation of these figures is as follows:

Realised gains/(losses) on fixed asset investments per SoFA
Capital introduced
Income from listed investments
Investment management fees
Cash cost of additions
Cash proceeds of disposals
Profit on disposal
Change in investment value arising from cash drawings
Actual change in value of fixed asset investments		 46,019
-
10,569
(2,864)
(14,438)
6,963
2,085
(5,528)
42,806

continued...

Page 34

EXETER CATHEDRAL SCHOOL

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2024

16.
STOCKS
Stocks
17.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments
18.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 21)
Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income
Accrued expenses		 2024
£
8,836
2024
£
468,249
300
76,224
544,773
2024
£
9,690
54,372
33,163
10,711
1,000,964
129,012
1,237,912

Deferred income relates to fees and donations received before the service is performed or expenditure incurred. Amounts within one year £1,000,964 (2023 - £882,460) and amounts over one year £223,732 (2023 - £11,217).

Page 35

continued...

EXETER CATHEDRAL SCHOOL

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2024

19. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
£
Bank loans (see note 21)
33,054
Other creditors
46,950
Accruals and deferred income
223,733
303,737
20.
LOANS
An analysis of the maturity of loans is given below:
2024
£
Amounts falling due within one year on demand:
Bank loans
9,690
Amounts falling between one and two years:
Bank loans - 1-2 years
9,935
Amounts falling due between two and five years:
Bank loans - 2-5 years
23,119
21.
LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:		 2023
£
40,731
57,950
11,217		 2023
£
40,731
57,950
11,217
109,898
2023
£
8,718
9,741
30,990
Within one year
Between one and five years
In more than five years		 2024
£
87,479
319,800
800,112
**1,207,391 **		 2023
£
70,347
236,941
614,378
921,666

Property commitments amounts to £1,199,862 (2023: £969,850) of the above total.

Page 36

continued...

EXETER CATHEDRAL SCHOOL

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2024

22. SECURED DEBTS

The following secured debts are included within creditors:

Bank loans 2024
£
42,744		 2023
£
49,449

The bank loan is secured by a charge over the investments of the charity.

23. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed assets
Investments
Current assets
Current liabilities
Long term liabilities		 Unrestricted
funds
£
545,615
453,699
722,723
(1,237,912)
(303,737)
180,388		 Restricted
fund
£
27,892
-
43,170
-
-
**71,062 **		 2024
Total
funds
£
573,507
453,699
765,893
(1,237,912)
(303,737)
251,450		 2023
Total
funds
£
623,610
400,088
733,307
(1,080,021)
(109,898)
567,086

continued...

Page 37

EXETER CATHEDRAL SCHOOL

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2024

25. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Restricted other income
TOTAL FUNDS
Net movement in funds included in
Unrestricted funds
General fund
Restricted funds
Kalendar Hall donations fund
Hall House playground fund
Thomas Franks Kitchen fund
TOTAL FUNDS
Comparative:
Unrestricted funds
General fund
Restricted funds
Restricted other income
TOTAL FUNDS		 Net movement
At 1.9.23
in funds
£
£
488,991
(308,603)
78,095
(7,033)
743,578
(315,636)
the above are as follows:
Incoming
Resources
resources
expended
£
£
2,674,528
(3,029,150)
-
(1,369)
-
(3,075)
-
(2,589)
-
(7,033)
3,026,047
(3,036,183)
Net movement
At 1.9.22
in funds
£
£
446,769
(163,167)
296,809
(13,325)
743,578
(176,492)		 Transfers
between funds
£
-
-
-
Gains and
losses
£
46,019
-
-
-
(-)
46,019
Transfers
between funds
£
3.000
(3.000)
-		 At 31.8.24
£
140,388
71,062
251,450
Movements
in funds
£
(308,603)
(1,369)
(3,075)
(2,589)
(7,033)
(315,636)
At 31.8.23
£
286,602
280,484
567,086

continued...

Page 38

EXETER CATHEDRAL SCHOOL

Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 AUGUST 2024

25. MOVEMENT IN FUNDS - continued

Net movement in funds included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Kalendar Hall donations fund
Hall House playground fund
Thomas Franks Kitchen fund
S.F.I.A Educational Trust
fund
TOTAL FUNDS		 Incoming
resources
£
3,020,180
-
-
-
5,867
5,867
3,026,047		 Resources
expended
£
(3,170,959)
(1,826)
(3,075)
(3,138)
(1,444)
(9,483)
(3,180,442)		 Gains and
losses
£
(12,388)
-
-
-
(9,709)
(9,709)
(22,097)		 Movements
in funds
£
(163,167)
(1,826)
(3,075)
(3.138)
(5,286)
(13,325)
(176,492)

Restricted funds;

The Kalendar Hall donations fund accounts for money received for the improvement of Kalendar Hall.

The Hall House playground donations fund accounts for money received by the school from Exeter Cathedral School Armstrong Trust for the installation of a new playground at Hall House.

The Thomas Franks Kitchen fund accounts for items donated by the caterers for use within catering.

The Hockey fund represents a one off donation for the purposes of purchasing hockey equipment for the school.

The S.F.I.A Educational Trust fund accounts for money received by the school to provide bursaries for choristers.

26. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 August 2024.

27. MEMBERS' LIABILITY

The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

Page 39