Company No. 13396877 Registered in England Charity No. 1194790 St John's College School, Cambridge ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE ANNUAL REPORT AND FINANCIAL STATEMENTS Contents Page Governors, Officers and Advisers Annual Report of the Governors Statement of Accounting and Reportlng Responsibilities Independent Auditor's Report Statement of Financlal Activities Balance Sheet Statement of Cash Flows Notes to the Financial Statements 3-10 11 12-14 15-16 17 18 19-33
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE GOVERNORS. OFFICERS AND ADVISERS PERIOD ENDED 30 June 2022 GOVERNORS, DIRECTORS AND CHARITY TRUSTEES The Governors of Si John's College School l-the School'l are the School's charity Iruslees under charily13w and the directors of the charilable company. The members of the Governing Body who served in office as Governors during the period and subseouenlly are detailed below.. Lindsay D¢)dsworth IChair} {8ppointed 13 September 20211 Dr. Dean While 18ppoinled 14 May 2021 } Susan Wessels , lappoinled 14 May 20211 Paul Taylor Ivice-Ch8ir} lappoinled 14 May 2021, acting chair 13 July 10 13 September 20211 Richard Murray 13ppointed 14 May 2021) Professor Deborah Howard (appointed 14 May 20211 Professor Ann Louise Kinmonlh lappoinled 14 May 2021, Chair lo 13 July 2021, resigned 13 July 20221 lappoinled 14 May 20211 lappoinled 16 Augu5120221 {3ppoTrnled 16 Augusl 20221 | lappoinled 16 Augusl 20221 lappoinled 16 August 20221 Patrick Blakesley Gordon Cameron Jonathan Cumming | Darren Jordan l Dipika Shah Faisal 8abar, (Company Secielary} lappoinle(114 May 2021. reSned 1 August 20221 Agnes Chiano (Company Secretary lappoinled 1 August 20221 Finance and General Purposes Subcommiilee 121 Educalion & Welfare Subcommittee 131 Nomination Subcommillee The work of the Governing Body is SUPKMYted by Ihe above sub-commillees_ Each ol Ihe sub-commillees, which are not decision making bodies, have wrillen term5 01 reference which delail their aulhorily and duties. Pageli
ST JOHN'S COLLEGE SCHOOL. CAMBRIDGE GOVERNORS, OFFICERS AND ADVISERS (continued) PERIOD ENDED 30 JUNE 2022 Senior management team Neil Chippinglon Agnes Chiano Faisal Babar H88dmasler Bursar and Company Secrelary appointed l August 2022 Bursar and Company Secretary reswned l August 2022 Deputy Head and Head of Byron House Director of Operations DffeCt ol Studies Allhea Pipe Alex Loria Tristan Igglesden Jude Worthinglon Lisa Bedford Deputy Head (Byron House) Assislanl Head Paslcwal (sen House) Housemasler Steven Glilherow Princlpal address and Registered Office Sl. John's College School 73 Grange Road Cambridge CB3 9AB Sollcltors Ashtons Legal Solicitors Chequers House 77-81 Newmarket Rd Cambridge C85 8EU Audltors Crowe U.K. LLP 55 Ludgale Hill London, EC4M 7JW Bankers Barclays Bank plc Benel Street Branch P.0. Box 2 Cambridge. CB2 3PZ Website WWW.5jcs.co.uk Page12
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE ANNUAL REPORT OF THE GOVERNORS PERIOD ENDED 30 JUNE 2022 The members of the Sl John's College Schod CambrKlge's Governing Body present for the perh)d ended 30 June 2022 their Annual Report under the Charities Act 2011 commencing from incorporation on 14 May 2021, incorporating their Directors, and Strategic Reports under the Companies Act 2006, together with the audiled financial statements ol Ihe School. The Company wa5 dormanl then until il started operatin9 when the assets and liabililies was transferred from Sl John's College from 10 Seplember 2021. REFERENCE AND ADMINISTRATIVE INFORMATION Sl John's College School traces Ils roots lo Ihe Sevenleenlh Century when Il was founded by Sl John's College for the education of the Choristeis ol the College Choir. The Chor151ers conlinue lo be educated in a school which now numbers 460 boys and girls aged 4-13. Si John's College School Cambridge moved lo ils present loealion in one of the most allraclive parts of Cambridge in 1955, and doubled in size upon amalgamation wilh the former 8yTon House School in 1973. 11 Is consliluled as a company limited by 9uaianlee regislere(S In England. No. 13396877 and is regislered with the Charity Commission Under Charily No. 119479) on 14 June 2021. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng documents The Schts)l is 9overned by ils MernorarKlum of Association and Ariicles of Association last amended on 14 May 2021. Governlng Body The Governing Body is self-appoinling, and Should comprise no fewer Ihan five and nol more than twelve members. Governors hold office for 3 years, although any reliring governor who remains quaIrfd may be fe-appoinled, provided that they do not serve lor more than three consecutive terms of ctffice. New members ol the Goveming Body are elecled on the basis of nominalions from the Governors and the executive officers based on the candidates, prOfesS)nal qualits. experience, personal competence and local availability. Recrultment and tralning of Governors Governors are recruileé through an independent process led by the Nominations Commillee with Ihe objective of creating a Board with diversity of knOedge and expernCe among the Governors. New Governors are inducted into the workings of the School, including Goveining Body policy and Pfocedvres, by the Headmaster and Bursar. The new Governofs undertake training on the role and responsibililies of charity Iruslees. Members of the Governing Body allend exlernal iruslee Iraining and infofmalion courses designed lo keep them inlormed and updated on current Issues in Ihe seclor and regulatory requirements. Organlsatlonal management The members of the Governing Body, 85 Ihe charity Irustees, are legally responsible for the overall management and control of the School. They meet three times a year. The governing body has established three Subcommillees. Ihe Education & Welfare Subcommillee, the Finance & General Purposes Subcommillee and the Nominatiorb Subcommillee. The Education and Finance Subcommittees have wrillen terms ol reference which detail their aulhofily and dulles. The Finance and General Purt>Oses Subcommittee lakes delegaled fesponsibilily on behalf of Ihe Governing Body lo provide overview and scrutiny of Ihe work of the Execulive in the areas ol Finance and Health and Safely. This includes a¢ling as a sounding board for new initiatives an(J the on-going monitoring and review of policies and practice In these areas, and making recommelldalion5 as appropriate lo the Governors. This Subcommittee also supervises and finalises Page13
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE ANNUAL REPORT OF THE GOVERNORS PERIOD ENDED 30 JUNE 2022 the audited financial slalemenls arKI annual report for approval by the Governing Body. The Finance and General Purposes Subcommittee is chaired by Dr Dean While. The Education & Welfare Subcommittee lakes delegated responsibility on behalf of the Governing Body lo provide overview and scrutiny of the work of the Executive in the areas of Education (academic. co-curricular and paslorall and Welfare lincluding Safeguardingi. This Subcommittee is chaired by Paul TaO0r. The d8y-lo-day runnin9 of the School is delegated lo the He8dmasler. He is supported by the Senior Managefflenl Team and together Ihis group are the key management personnel Isee page 21. The Headmaster allends all meetings of the Governing Body's Commiltees, as does the Chair of Governors," the Headmaster and the Bursar attend all meetings of Finance and General Purposes Subcommittee. Remuneration is sel by the Governing Body. with the policy objective of providing appfopriale incenlives lo encourage enhanced performance and of rewarding laidy and responsibly individual contributions to the School's success. The approprialeness and relevance of Ihe remuneration lIcY is reviewed annually, including reference lo comparisons with other independent schools lo ensufe that the School femains sensitive lo the broader issues of pay and employment conditions elsewhere. Delivery of the Scttool's charitable vision and purpose is primarily dependent on our key management personnel and staff cosls are the largesl 51ngle element of our charitable expenditure. Group structure and relallonshlps SJCS International Lirniled, is a subsidiary and is controlled by the S¢h¢)ol. 11 was sel up by Sl John's Cdlege in 2017 as a company limiled by shares and transferred lo Si John's College School in 2021. The primary purpose of the company is lo licence the Intellectual property ol the School lo a partner in China In return for a fee with the aim ol selling up nurseries overseas in the School's name. The annual taxable profits of the subsidiary are donated lo the School under the Gill Aid scheme. The results ol the subsidiary are not consolidaled into these financi31 slalemenls as Ihe School is iisell a subsidiary ol a laiger group, Sl John's College. The resulis of the subsidiary are therefore consolidated in the results of Si John'$ College as ultimate parent of the Group. St John's College On 10 September 2021, the activities of Ihe School were transferred from St John's College inlo a company Ilmiled by guarantee, Sl John's College School, Cambridge whieh is a separately registered charily. The College is the sole member of the company and the School Governors are the difeclors and the charity Ifuslees. The nel assets of the School, including reslricled and endowmenl funds with reslTicled purposes lor the School, were also transferreé lo the School on 10 September 2021. The fair value ol the assets Iransferred was £5,416k and this was recorded as expenditure in the College Statement ol Comprehensive Income. OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES Charitable Objects The School's Object, as sel oul in the Articles of AsscKiation, is to Pfomole and provide for the advancement of educallon of pupils of any age. In lurtherance of this Object for the benefrf the School has established and administers bursaries. Aims and Ethos St John's College School is a caring community that aims lo provide an oulsianding education lo boys and girls aged 4 -13. We aim lo foster Ihe apliludes and nurture the growth of each child io enable them lo become their best selves in the fullest sense. Respect for children, faith in children and an ability lo see the world through their eyes informs our leaching and our caie. Page14
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE ANNUAL REPORT OF THE GOVERNORS PERIOD ENDED 30 JUNE 2022 Pastoral Care and Wellbelng We believe that emotional and social wellbeing, self-awareness and conlKlence are inexlrlcaY linked with academic progress. Creatlvlty We encourage children lo become independent, creative arnerS and critical thinkers. equipped wilh the skills lo collaborate, problem-solve, self-reflecl and adapt. Academic Excellence We aim lo offer an oulslanding education through a rich and broad Cufriculum which enables children lo leach the highesl levels of altainmenl supported by the very besl quality of leaching, premises and resources. Communlty We encourage children lo have a generosity ol spiril an(i compassion in a global society and lo embody the values of love, honesty, kin(Jness, respect, service and Irusl in their community and beyond. Intended Impact Within Ils charitable Objeels, the School's inlenlion is lo provide a lirsl<lass holistic education through a focus on nurturing children and their wellbeing alongside strong academic luilion. This include5 developing broader skills Ihal enable every pupil lo realise his or her potenlial to the full. This involves emphasis on the co-CUTriculum through cerebral, sporting, artistic. team building and 50cial skills. This policy builds sell-confidence and life skills in our pupils and inculcates a desire lo learn and a willingness lo contribute lo Ihe wider community whilst al school and in later life. Strateglc Report The School's principal object. as speerf1 In the Artieles of Association. is the advancement ol education and, in Ihls. the School has again had a successful year. The School averaged 463 pupils of whom 444 were day pupils. Interest in the school and applications remain healthy, thus giving cOnfider Ihal the School can continue lo operate al close lo full capacity lor the foreseeable future. This success is a result of the resolve to maintain the high standards of pastoral care and academic luilion for which Ihe School is known. Alms The School's aims fof the public benefil are.. lo establish the prep school as a predominantly day school. working lo routines based on some boaréing principles. in which there are strong and active parlnerships belween paren15. Ihe local community and Si John's College. whose choristers the School educates". lo offer all pupils a range of opportunities so that they can achieve lo the best of their ability wilhin a framework of $hared values an(J siandards.. and to value and nurture pupils as indivKJuals. givin9 them a sense of their own self-worth ar of the value ol service lo others, thus preparing them for lrfe beyond schry)l. Primary objectives The primafy objectives of the School lo fu11 these aims are.. lo provide a happy. secure and nurturing environment in which pupils can learn lo be their best selves and lo live together and thus losler a sense of community, co-educalion, respect for one olher and good citizen5hip'. lo provide a slimulaling learning environmenl in whtch pupils can develop their academic tM)lenlial lo the full.. lo provi(Je pupils with the opportunity lo tske advanlage of a breadth of co-cU1CU18r activities in order to develop positively all aspects of their characler., PagelS
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE ANNUAL REPORT OF THE GOVERNORS PERIOD ENDED 30 JUNE 2022 to proVe pupils with the opportunity lo lake deci5K)ns based on their own judgment and lo communicate those decisions appropriately and effectively., lo provide financial support to enable children whose parents are unable lo afford the full fees lo benefit from the School's education., to provide a cleaf, simple and effective management slnJcture capatje of making timely decisions and allocating necessary resources appropfialely.. and to provide the necessary adminislralive and logistic framework lo meet Ihe needs of members of staff and pupils alike. The aims and objeclives set for the School's subSlary are lo facilitate Ihe achbevemenl of the School'5 aims and obiecllves as above. Strategies to achieve the primary objectives The Governing Body agreed Ihal any major Inilialives would be considered over the four-year period 2022 10 2026, subject lo available funding. In addition lo eonlinuin9 lo slrenglhen the School's pastoral care and leaching and learning, the Governing Body have identified seven main areas lo meet Iheir primary objedives". Markotlng: a focus on marketing in Ihe medium term is required to give the School greater control over pupil numbers by reducing as much uncertainly as possible in the admissions proce55 and increasing enquiries. Bur$ario5. Governors are commilled lo improving accessibilily Ihrough building an endowment lo finance bursaries in Ihe future. This endowmenl is lo be built Ihrough fundraising. DIvorsSty. Incluslon and Equity." The School is commilled lo being as diverse, inclusive and equitable as possible in all il undertakes. Environmental sustalnablllty.. The School is committed lo being as environmentally sustainable as possibl8 and will work lo build a stralegy lo meet this aim in the short term. Partner8hip and outreach.. The School is already committed lo partnership and outreach work which il wishes to exparid, particular5y In the local community. Facllitie¥.' The Governors wish lo ensure that the facilities remain as good as possible lo hdp deliver a high slandard of education There is a pressing need lo rebuild or refurbish the swimming pool and the cost will be mel Ihrough fundraising. Relationship with St John's Collè9t". the good relationship with Si John'$ College is fundamental lo the School succeeding and achieving ils aims and objeclives. Publlc benefit Si John's College School remains commitled lo the aim of providing public benefit in accordance with ils founding principles. Charity legislation includes a requirement lo demonslrale that public benefil for any charitable purpose where il had hilherlo been presumed in the absence of evidence lo the conlrary. This calls in lurn for cornmensuiale disclosure of our public benefit aims. The awarding of bursaries for the needy is a measurable means of provmjing public benefit. The Governors 13ke the view that bursaries awarded lo Ih05e who would not olhers*ise be able to afford the fees are important, bul nol lo the exclusion of the much wider benefit that the School provides wlhin Ihe community. Those pupils who allend our 5chool$ and who receive financial support conlribule lo the school community in a variety of ways, and so the benefit is nol purely lo these pupils bul lo the whole School and. in some cases. lo the wider community. This year the School awarded bursaries and scholarships lolalling £576k lo 36 pupils Wilhin this means-lesled awards based on financial circumslances lolalling £231 k were awafded to 18 pupils including 11 for full fees. In addition lo bursar, tho School has engaged in many other activities that provide benefit lo the public within the School's objectives. although these were inevitably affected by the pandemic during the 2021 2022 academic year. Page16
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE ANNUAL REPORT OF THE GOVERNORS PERIOD ENDED 30 JUNE 2022 St Luke's Primary School, Cambridge Work this year has Included. Providing Dram8 SUPPOrt. including our Head of Drama leaching a Year 5 play, which was performod in June 2022. Sl Luke's children came lo see (yJr Year 7 pr(MJuclK)n of Bugsy Malone. Our librarian has helped wlh work in Iheir library. Si Luke's have used our m*nibuses for a school trip. Our Head of Computing has worked with the sch1 lo oblain micro-bils and linked them lo ARM and CAS. We planned a joint STEM roadshow with the sehool which is being run by Imperial College and Oundle School. Emotions for Learning IE4L) Outreach Training workshops and lessons have been written lo complete a Nursery lo Year 6 programme lo lake into Primary schools along with 8 workshops lo delivw over the space of a year. We are in talks with Barringlon Primary School lo pilot this approach next year. Computing Outreach As a Computing al School Masler leacher, our Head of Computing has been supportirKJ UK maintained primary schools lo deliver the National Curriculum programmes of study for computing. He has also been running a Computing Projecl in The Gambia lo train leaehers and lo develop a scheme of work appropriale lo their selling lo Introduce compuling lo Ihe curri¢ulum. Drama Outreach Our Head of Drama has been working in Gi$lingham Primary School producing a Shakespeare play. taking them lo the Shakespeare Schools. Festival. Their producIn of The Tempest was performed al the Apex Theatre in Bury Si Edmunds. Senlor Citizens We continue our links with local care homes and Ihe residents join us for lea and entertainment every Christmas and summer term, Governorships Four members of slaff, in¢luding the Headmasler, are governors of local slate primary schools. The School supports actively the allainmenl of the highest standards of education through rigorous and continuous evaluation of quality and perfomiance, the application of best practice and a widespread desire lo improve standards. We cooperate wlh local charities and educational bodies in our ongoing endeavours to widen public access lo the schooling we provide, lo oplimise the use of our cultural and sporting facilit$ and lo awaken in our pupils an awareness of the social conlexl of the all-round educalion Ihey receive al the School. The Governors are mindful ol the long-standin9 need lo provKle public benefit and of the requiremenls of the Charities Act 2011 and, in selling the School aims and objectives and planning the School's aclivilies. the Governors have given careful consKleralion lo the Charrty Commis5K>n's guidance on public benefil. Page17
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE ANNUAL REPORT OF THE GOVERNORS PERIOD ENDED 30 JUNE 2022 ACHIEVEMENTS AND PERFORMANCE School performance Our Year 8 leavers achieved excellent academic slandards and passed competitive exams lo enter senior schools of Iheir ehoice. 61 pupils achieved places at the following schools, some with awards.. 13 to The Perse Upper 11 lo Stephen Perse Foundalion {one aCadeffi scholarship.. one sport seholarshipl 10 to The Leys Itwo drama scholarships", one music scholarship., one sport scholarshlp) 9 to King's Ely Ilwo music scholarships." one joint academie and drama scholarship} 6 to Oundle {one academic schcAarship,' Iwo Oundle scholarships,. one sport award) 2 to Elon Ilwo music exhibitn$} 2 lo Si Mary's lone creative writing scholarship) 1 each to.. Bedford.. Culford.. HarTQW lone mussc scholarship)-. Royal Hospiial School. 1p5Ch., Sanclon Wood,. Stoke College,. Uppingham., local secondary school. Other school academi¢ highli9hls included.. Year 7 Junior Maths Challenge certifThles." 20 Bronze, 3 Silver, 7 Golds. Year 8 Junior Maths Challenge certificates.. 10 Bronze. 13 Silver, 13 Gold. Year 516 teams qualified lor the Nalional Prep-school Science Quiz final. Yeaf 516 teams qualified for the National Prep.School Malhs Quiz final. Four Year 8 children ¢ame in the lop 250 01 Townsend-warner History Prize lone was placed 45th nallonallyl. Year 8 won the Latin play competition al the Per5e School. A Year 7 pupil was the winner in the Easl region for the Anlhea Bell Prize for Young Translators in French Sport The School was eventually able to return to a full programme of swting activities and fixtures during the year. Many teams enter local and national compelilion Of note was Ihe success of the U13 boys hockey side finishing 31¢ in a re9ional compelilion. They also finished runners up in the County and 3nY in the East Region in the annual England Annual Hockey U13 lournamenl. A Year 6 and Year 8 pupil also had consideiable success al the East Area Prep School Athlet5 competition in the summer lemi. Muslc The School and the boy and girf choristers of Sl John's College Choir have been able lo return lo a more normal schedule musically. In Ihe School, 50 concerls have taken place over the course ol Ihe year as well as carol services and class concerts. Three pupils achieved dislinclions in ABRSM Grade 8 exams. As well as the 20 choristers of St John's College who Ihe School educate. 2 pupils sing in the Jesus College Choir, 3 in the Sl Calharine's College Girls. Choir and 3 pupils are members of the Nalional Youth Choirs of Greal Britain. Drama Every year group in Ihe School perfomis a play each year. Highlights include Receplion and Year 1 Nativily plays, Year 7's production of 'Bugsy Malone, and Year 8's performance of our annual 'Pa5sion Play.. Art and Design and Technology continue to produce high standards as curriculum and CO4Ufricular opportunities within the life of the School. Pupils enjoyed using Art lessons lo produce work for the School's celebralion ol the Queen's Platinum Jubilee. The School's subsidiary has contributed lo the above achievemen15 by generating a trading Sufplus for donation lo the School as reFxJrted below. Page18
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE ANNUAL REPORT OF THE GOVERNORS PERIOD ENDED 30 JUNE 2022 FINANCIAL REVIEW Results for the year The nel movement in funds in the peiiod was £6.7m. induding the transfer of nel assets from the College of £5.4m and nel income from charitable activities of £1.6m. The school does not have comparative figures from previous year and this is ils first Irading year as a separate legal enlily from Sl John's College. On the dale of transfer from the College the School entered into a 30-year lease on the buildings and grounds. The lease has a 12 monlhs. notice peiiod. A loan of £3.4m w25 also transferred lo the school., the loan is repayable over the nexl 15 years. Endowed funds The school's endowment consists of nLtmerous individual grfis, legacies atKI grants given lo the school over many years for specrfic purposes. A distinguishing feature of all these funds is the donor's express requiremenl or implicit intention that the funds shall not be spent immediately bul should be relained fof the medium or long term. Where the retention of capital is explicitly indicated and Ihere is no power lo expend capital as income. the capital is shown as permanent endowmenl. otherwise as expendable endowment In both cases income arising is shown as re$lricted funds. These funds are invested in Ihe Si John's College consolidaled Trust Fund. which is a pooled portfolio of stocks and Shares, and cash. These funds are controlled by the College and the College does not share details of Ihe investment performance with the School The School doe5 not have delails of Ihe performance against expeclalion. Reserves policy and financial viability The Governors recognise Ihe need for wudenl financial management of the School's borrowings and lo build reserves over lime. The School's policy is lo build reserves lo a prudent level, considering the need lo maintain Ihe School sile and fund future capital expenditure, all the while retaining sufficient UnreStrted income reserves lo enable the School lo continue lo meet ils shorl.lerm financial obligations in Ihe event of an unexpected revenue shortfall. As al the end ol the wriod lo June 2022, the lolal funds were £6.7m which comprises, Endowment funds of £1.4m, Reslricled funds of £70k and Unreslricled funds of £5 3m. Wilhin unreslricled funds were designaled funds including the net book value of fixed assets of £7.8m The ffee reserves of the School are currenlly in defi¢il of £2.5m lunreslricled funds less designated funds and NBV of fixed asselsl. PRINCIPAL RISKS AND UNCERTAINTIES The major risks lo whh the School m¢ghl be exposed are regularly considered by Ihe Senior Management Team and the Governing Body through review of the risk regisler. Where appropriate. sleps are taken lo miligale identified risks and, if appropriate, lo insure againsl the polenlial financial Impacl of the residual risks. The Governors consider that Ihe necessary steps have been taken and conlinue lo be taken lo Klenirfy and miligate major risks. The principal risks that the School faces are.. The impact of the economy on parents ability lo pay fees. and other pre55ures on cash flow leading lo a reduction of pupil numbers. Careful review and Selling ol fees and remuneralion annually lakes inlo consideration Ihe wider economic picture. The impact of pOSsbIe future changes lo existing charitable exemplions (VAT, corpofalion lax. loss of mar¢dalory business rale relief. The Governing Body considers fulure changes in its regulaf review of the finances and models worst case scenarios. Retention ar¢d recnjitmenl of quality staff in Ihe context of a national shortage of teachers. The School unijertakes regular reviews of Ils staff, including their well-being. and maintains an undeislanding of teachers, views through regular professional development meetings. The impact of a loss of inlraslruclure. whelher that be access to buFngs {e.g. fifel or a loss of IT systems, including by a Cyber-attack. The School undertakes regular lours of inspecliori of its sile Including seeking advice from external professnal5 and reviews its IT systems including ils vulnerability to cyber-attacks. Page19
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE ANNUAL REPORT OF THE GOVERNORS PERIOD ENDED 30 JUNE 2022 Detailed consideration of risk is delegated to the Finance and General Purposes Subcommillee. lch reports formally lo the Governing Body each autumn. The siruclure of the Subcommiltee comprises al least three members of the Governing Body. assisted by Senior Management. The risk management process and the resulting Report identifies risks, assesses their impact 2nd Likelihood and. where necessary. recommend5 controls lo miligale and monitor those risks Ihal are assessed as hHJh. The generic conlrols used by the School lo minimise risk include.. detailed lerms of reference logelher with formal agendas for Subcommittee and Governing Body aclivily, strategic developmenl planning, reviewed by the Goveming Body." comprehensive budgeting and management accounting". established organisalional structures and lines ol reporting.. fofmal wrillen policies in¢luding dear aulhofisation and approval levels., velling procedure3 as required by law for Ihe proleclion of Ihe vulnerable. The Governors reg¢Jlafly review the effecliveness of curyenl plan5 and stralegies for man8glng all identified major risk$ for tK)Ih the School and ils subsidiary. FUTURE PLANS The School's current Development Plan was agreed by the Governors in June 2022 and is subject lo an annLtal review by the Govefnors. The primary future plans for the School are sel oul in Ihe core elements of the Development Plan. These are outlined in the strategies lo aChve the primary objectives on page 6 above. As slated. the Governing Body agreed that any major inilialives would be considered over the four-year period 2022 10 2026. subjecl lo available funding In addition lo continuin9 to slrenglhen the School's pasloral care and leaching and learning, the Governing Body have identified seven main areas lo meet their primary obieclives.. Marketing: a focus on marketing In the medium lerm i% required lo give the School grealer conlrol over pupil numbers by reducing as much uncertainly as possible in the admissions proces5 and increasing enquiries. Bursarles.. Governors are commilled lo Improving accessibiSily through building an endowment lo finance bursaries in the future. This endowment is lo be buill thrimjgh fundraising. Dlvorsltyl Incluslon and Equlty.. The School is commilled lo bein9 as diverse, indusive and equrtable as possible in all il undertakes. Envlronmgntal sustalnablllty. The School is commilled lo being as environmentally sustainable as possible and will work lo build a slralegy lo meet this aim in the short term. Partnership and outreach.. The School is aladY commilled lo partnership and outreach work which il wishes lo expand, particularly in the local community. Facilltles. The Govefnors wish lo ensure that the facilities remain as good as possible lo help deliver a high standard ol education. Thefe is a pressing need to rebuild or refurbish the swimming pool and the cost will be mel Ihrough fundraising. R•latlonship with St John's College." this good relationship wilh Sl John's College is fundamental lo the School succeeding and achieving ils aims and objeclives. Fundraising As al the period ending 30 June 2022, the schod has no disclosures lo make surrounding the Fundraising requirements brought in by the Charities (Proleclion and Social Inveslmenll Act 2016. STATEMENT OF ACCOUNTING AND REPORTING RESPONSIBILITIES The members ol the Governing Body (who are also the director5 01 Sl John'5 College School, Cambridge for the purposes of company lawl are responsible for preparing the Annual Report and the financial slalemenls with applicable law and United Kingdom Generally Accepted Accounting Praclice {Uniled Kingdom Accounting Slandardsl. Company law requires the Governing Body lo prepaTe financial slatements for each financial year. Under that law the Governing Body are required lo prepare the financial statements In accordance with United Kingdom Generally Accepted Accounting Practice and applicable law. Page | 10
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE ANNUAL REPORT OF THE GOVERNORS PERIOD ENDED 30 JUNE 2022 Company law reqLtires the members of the Governing Body lo prepare financial statements foi each financial year. Under company law the Governing Body members must nol approve the financial statements unless they are satisfied that they give a true and lair view of the stale of affairs of the Gharitable company and the group and of the incoming resources and application of resources, including Ihe income and expenditure. of the charitable group for that period. In preparing these financial slatemenls, the Goveming Body members are required to-. select the most appropriale accounting policies and then apply them consislenlly." observe the methods and prinuples in Ihe Chaiilies SORP.. make judgments and accounting estimates that are reasonable and prudent.. slate whether applicable Accounting Standards have been followed. subject lo any material departures disclosed and explained in Ihe financial slalemenls", and prepare Ihe financial slalements on the going concern basis unless it is inappropriate lo presume that the charitable company will continue in business. The members ol the Governing Bo¢Yy are responsible for keeping adeqLtale accounting records that are sufficient lo show and explain the Charitable company's Iransaclions, disclose with reasonable accuracy al 8ny lime the financial position ol the Charitable company and enable them lo ensure that the financial statements comply with the Compan5 Act 2006 and Ihe provisions of the charily's conslilulion. They are also responsible for safeguarding Ihe assets of the charity and the group and hence for taking reasonable steps lor Ihe prevention and delection ol Iraud and other Srregularilies. Relevant audlt Informatlon Insofar as each of the Governors, as directors of the charilable company, al the dale of approval of this report is aware there is no relevant audil inlormalion linlormalion needed by Ihe company's auditor In connection with preparing the audit report) of which the company's auditor is unaware. Each member of the Goveming Body has taken all the steps that he or she should have taken as a member of Ihe Governing Body in order lo make himself or herself aware of the relevant audit information and lo establish that the company s au(Silor is aware ol that information. This Annual Report. including the Strategic Report. was approved by the Goveming 80(5y of the School on 22 November 2022 including, in their capacity as company directors. approving the Directors, and signed on ils behalf by.. Llndsay Do Chair ol Governing Body rth Pagel 11
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF STJOHN'S COLLEGE SCHOOL, CAMBRIDGE Opinion We have audited the financial ststements of Sl John's Cdlege School, Cambridge I'lhe charitable company'l for the period ended 30 June 2022 which comprise the Slalemenl of Financial Aclivilies, Charity Balance Sheet, Slalemenl of Cash Flows and notes lo the financial slalemenls. induding signrficanl accounting policies. The financial reportin9 framework that has been applied in their preparation Is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland Iuniled Kingdom Generally Accepted Accounting Practice). In our opinion the financial stalemenls.. give a true and fair vW of the slate of the charItae company's affairs as al 30 June 2022 and of the charitable company s income and receipts of erKlowmenls and expendilufe. for the period Ihen ended.. ave been properly prepared in accor(Jance with United Kingdom Generally Accepted Accounling Practice.. and have been prepared in accordance with the requirements of ihe Companies Acl 2LN)6. Basis for oplnlon We conducled our audit in accordance wlh Inlernalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities undef those starardS are further described in Ihe Auditor's responsibilities for the audit ol the linancial slalemenls seelion of our report. We are independent of the charilable company in accordance with the ethical requirements that are relevanl lo our audil of the financial slalemenls in the UK. including the FRC'S Ethical Standard. and we have fullilled our other ethical responsibililies in accordance wilh Ihese requiremenls. We believe that the audit evidence we have oblained is sufficient and appropriate lo proVe a basis for our opinion. Concluslons relating to golng concern In auditing the flnancial slalemenls, we have conduded that the Iruslee's use of the going concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed. we have rsol idenljfied any material uncertainties relating lo events or conditions that, individually or colleclively, may east significant doubl on the charitable company's ability lo continue as a going concern for a period ol al least twelve months from when the financial stslemenls are aulhorised for issue. Our responsibilitie5 and the responsibilities of the Iruslees with respect to going ¢oncem are described in the relevant sections of this report. Other Infom)atlon The Iruslees are responsible for the olhef information contained within the annual feptsrt. The other information comprises the information included In (he annual report, olher than the linancial sialements and our auditor's report Ihereon. Our opinion on the finanei81 slalemenls does not covei Ihe other Information and, excepl lo the exlenl otherwise explicitly slated in our report. we do not expfess any lorm of assurance conclusion thereon. Our responsibility is lo read the other Informaln and. in doing so. COnseT whether the other information is materially inconsislenl with the financial slatemenls or our kTr0edge obtained in the audit or otherwise appears lo be materially misslaled If we identify such material inconsislencies or apparent material misstalemenls. we are required lo determine whether this gives rise lo a material misslalemenl in the linancial slalements themselves. If, based on the work we have performed, we conclude that Ihere is a material misstalemenl of this other information, we ale required lo report that fact. We have nolhing lo report in this regard. Opinions on other matters prestrlbed by the Companles Act 2006 In our opinion based on Ihe work undertaken in the course of our audtt the information given in the Iruslees. report, which indude5 the directors. rep)rt Prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consislenl with the financial slalemenls.. and the direclofs. report included within Ihe Irvslees, report have been prepared in accordance wtth applicable legal requirements. Page | 12
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE (continued) Matters on which we are required to report by exception In light of the knoedge and understanding of the charrt8ble Company and their environmenl obtained in the course of the audit, we have not idenlrfied material misstatements in the (Jireclors, report included within the Iruslees. report. We have nothing lo report in respect of the following matters in raln lo whtch the Companies Acl 2006 requires us lo report lo you rf, in our opinion.. adequate and proper accounting records have not been kepl., or the financial slalemen15 are not in agreement wlh the accounting records and returns,. or certain disclosures of Iruslees. remuneration specified by law are not made.. or we have nol received 811 the inforfflalion and eXanationS we require for our audsl. Responsibilitles of trustees As explained more fully in the Iruslees. responsibilities slalemenl, the Iruslees (who are also the directors of the charitable company lor the purposes of company lawl are responsible for the preparation of the financial slalemenl$ and for being satisfied Ihal they give a Irue and fair vw, and for such Internal conlrol as the Iruslees determine is necessary lo enable the preparation ol financial slalements Ihal are free from material misstalemenl, whether due lo fraud or error. In preparing the financial slalemenls, the Iwslees are responsible for assessing the charilable company's ability lo continue as a going concern, disclosing. as applble, matters related lo going concern and using the going concern basis of accounling 4Jnless the Iruslees either intend to liquidate the charilable company or lo cease operation5. or have no realistic allernalive bul lo do so. Audltor's rosponslbllltlg8 for tho audli of thg flnanclal statement• Our objeclives are lo obtain reasonable assufance about whelher the linancial slalernenls as a whole are free from material misslalemenl. whether due lo fraud or error. and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an au(Jil con(5ucled in accordanee with ISAS IUKI will always delecl a material misslalemenl when il exists. Missl8lemenls can arise from IraL*d or error and are considered material If. individually or in the aggregale, they could reasonably be expected lo influence the economic decisions of users taken on the basi5 01 these financial slalemenls. Details of the exlenl lo which Ihe audit was considered capatAe of detecting irregularities, including fraud and non- compliance with laws and regulations are sel out below. A further description of our responsibilities for the audit of Ihe financial slalemenls is Ioc81ed on the Financial Reporting Council's website al.. www.frc.or .uklaudiloTsres onsibililies. This description forms part ol our auditor's report. Extent to whlch the audlt was considered Capable of detecting Irregularities. including fraud Irregularities. including fraud, are instances of non<ompliance wlh laws and regulalions We Klenlified and assessed the risks of material misstalemenl ol the financial slalements from irTegularilies, whether due lo fraud or error, and discussed these between our audit team members. We then de51gned and performed atjdil procedures responsive lo Ihose risks, including oblaining audit evidence sufficnt and appropriate to provide a basis for our opinion. We obtained an understanding of Ihe le931 and regulatory Irameworks within which Ihe charitable company operates, focusing on those laws and regulations that have a direct effect on the delerminalion of malerial amounts and disc105ures in the financial slalemenls. The laws and regulations we considered in this context were the Companies Act 2006, legislation, together with the Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulations as part of our audil procedures on the related financial 5talemenl items. In addition, we considered provisions of other laws and regu5atKJns that do nol have a direct effect on the financial slalemenls bul compliance with which might be fundamental lo the charitable company's ability lo operate or lo avoid a material penalty. We also considered the opportunities and Incenlives that may exist wilhin the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The EdLtcalion IlndepeTrdenl School Slandardsl Regulations 2014. Page | 13
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE (continued) Auditing standards limit the required audit procedures lo idenlrfy non-c0mp1iare wth these laws and regulations lo enquiry of the Trustees and olher management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, induding fraud. lo be within the timing and recognition of non-fee income. procurement processes for significant capital projects and the override of controls by management. Our audit procedures lo respond lo these risks included enquiries of management and the Finance and General Purposes Subcommittee aboul Iheir own identification and assessment of the risks of irregularities, sample lesling on the posting ol journals. reviewing aOUntIng eslimales for biases, reviewing regulatory correspondence with the Charity Commission. Independent Sch(x)Is Inspeclorale, Of51ed and reading minules of meetings of those charged with goveinance. Owing lo the inherent limitations ol an audil. there is an unavoidable risk that we may not have detected some material misslalemenls in Ihe financial slalemenls. 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 regulalions lirregulariliesl is from the events and transactions reflecled in Ihe linancial slalemenls, the less likaly the inherently limited procedures required by auditing standards would idenirfy il. In addition. as wilh any audit, there remained a higher risk of non-deleclion of irregulafilies, as these may involve collusion, forgery. intentional omissions, misrepresenlalions, or Ihe override ol internal controls. We are not responsible for prevenling non-compliance and cannot be expected lo delecl non-compliance with all laws and regulations. Us• of our roport Thi5 report is made solely lo the charitable company s members, as a body. in accordance with Chapter 3 of Parl 16 of the Companies Act 2006. Our audit work has been undertaken so thal we might stale lo the charilable company's members those mallers we are required lo slate lo Ihem in an auditor's report and for no other purpose. To the fullesl exlenl permitted by13w. we do not accept or assume re5ponsibilily lo anyone olher than the charitable company and the charitable company's members a5 a body. for our audit work. lor this report. or lor the opinions we have formed. Nicola May Senior SlaluloTy Avdilor For and on behalf of Crowe U.K LLP Sialulory Auditor London Date,. 24th November 2022 Page | 14
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 30 JUNE 2022 Unre5tricled Reslricted Endowed Funds Funds funds £'ooo £'ooo 2022 Total £'ooo Notes Income and endowments from: Charltable actlvltles School fees receivable Ancillary trading income Olher trading activities Non-ancillary trading income Investments Investment income Voluntary sources Transfer ol nel assets from College Donations and legacies 7.633 539 7.633 539 34 10 18 3.798 42 89 1,530 5,417 42 Total Income and endowment8 12.047 89 1.539 13,675 Expendlture on: Ralslng funds Non-ancillary Irading Other income.generaling aclivilies Financing costs Inveslmenl management Fundraising and development 10 136 10 136 Total Expendlture on ralsing Funds 151 156 Charltabl• actlvltS•s Education and grant making 6.573 231 6,804 Total expendlturn 6.724 231 6,960 Net Income I Ideficlt) from operatlons 5,323 1421 1,534 6,715 Gains on investment 10 58 Net Sncomg I Ideflclii for the year 5,323 1142} 1,592 6,773 Transfers between funds 15 212 12121 Net movgment in funds in the year 5.323 70 1.380 6,773 Page | 15
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 30 JUNE 2022 (continued) Unrestricted Restricted Endowed Funds Funds funds £'ooo £'ooo 2022 Total £'ooo Notes Net movement In funds in the year (brought lorwardl 5.323 70 1,380 6.773 Fund balances brought forward as al 1 July 16 Fund balances Carrled forward as at 30 Juno 16 5.323 70 1.380 6.773 Page | 16
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE BALANCE SHEET AS AT 30 JUNE 2022 Notes 2022 £'ooo FIXED ASSETS Tangible assets Investments 7.763 1.407 10 9,170 CURRENT ASSETS Stock Debtors Cash and deposits 272 1.504 1.776 CURRENT LIABILITIES Creditors payable within one year 12 897 NET CURRENT ASSETS 879 TOTAL ASSETS LESS CURRENT LIA81LITIES 10.049 LONG-TERM LIABILITIES Creditor5 payable afier one year 13 3,276 NET ASSETS 6,773 REPRESENTED BY.. ENDOWED FUNDS RESTRICTED FUNDS UNRESTRICTED FUNDS Designated Reserve General Reserve 15 15 1,380 70 15 15 7,802 12,479} 6,773 These financial statements were approved and aulhorised for issue by the Governing Body on 22 November 2022 and were signed on ils behalf by.. Lindsay DIKlsworth Ichairman of the Governing Body) The notes on pages 19 10 33 form part of Ihese financial statements Page | 17
ST JOHN'S COLLEGE SCHOOL. CAMBRIDGE STATEMENT OF CASH FLOW FOR THE PERIOD ENDED 30 JUNE 2022 Notes 2022 £'ooo Net cash outhow Irom opèratlons Net cash provided by l {used inl operating aelivilies 9,668 Cash flows from Investing activltS0$- Transfer ol net assets from College Payments for tangible fixed assets Proceeds on sale of langible fixed assets Transfer Irom College Paymenl for acquisition of investments Withdrawals from securities investments portfollo Acquisition and improvements lo eslales Pfoperties Proceeds from sales of eslale properlS Investment income and bank intere51 received 17.876) {216) {1,5301 {41 181 10 Net cash luse<l inl I provSd•d by Investlng actlvltl•$ (9,435) Cash flow¥ from flnancln9 actlvltlos: New endowmenl Repayment of borrowng Finance costs paid 1.s30 11231 1361 Net cash provldod by financlng actlvitles 1,271 Change in cash and cash equivalents in Ihe reporiing period 1,504 Cash and ¢a$h equlvalents at the bgglnning of p•rlod Cash and ca$h ¢qulvalents at tho end of the reportlng porlod 1.504 Page | 18
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022 Reconciliation of nat income to net Cash flow from operating activitles 2022 £'ooo Income from op•ratlons 6.715 Elimination of nonperatIng cash flows.. Investment income Endowment donations Finance costs Inveslmenl management chaiges Defined benefit pension scheme adjuslmenls Depreciation charge Profil on Sale of assets {Increaselldecrease in debtors Increase in eredilors lexcluding deposill Increase in parents, deposils (101 {1,5301 137 329 1272) 4,015 280 Net cash inflowlloutflow) from operotions 9,668 Analys18 of cash and cash equlvalents 2022 £'ooo Pelly Cash Cash al bank Deposils 1.191 305 1.504 Analys58 of net debt 14 May 2021 Cashflows 2022 30 June 2022 £'ooo £'ooo Cash al bank Loans 1.504 13,4511 1.504 13,4511 Nel debt 11,9471 11,9471 Page | 79
ST JOHN'S COLLEGE SCHOOL. CAMBRIDGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022 (continued) CHARITY INFORMATION The School is a charitable company limrted by guarantee (charity number 1194790, company number 133968771 and was incorporated in England on 14 May 2021 to facilitate the transfer of School assets from Sl John's College lullimale parent) lo a separate legal enlily. 11 is a Public Benelil Elllity operating from ils regi51efed offe 75 Grange Road, Cambridge CB3 9AA. ACCOUNTING POLICIES Financial statements and nSo11dat50n The financial statements Cover Ihe period Irom 14 May 2021 10 30 June 2022 and are the firsl finaneial slalemenls of the charitable company The chaiilable company was dormant from incofS)oralion until il commenced operations on receipt of nel assets from Sl. John's College on 10th September 2021. The financial slalemenls have been prepared on the historical cost basis of accounting, as modified by the revaluation of inveslmenl properties and other investments, and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102I. the Companies Act 2006." the Charities SORP IFRS 102) and the a¢counlin9 polic sel out below. Having reviewed the funding facililies available lo the School together with the expected ongoing demand for places and the School's fulure projected cash flows. the Governors have a ieasonable expectation that the School has adequate resource$ lo continue ils activities for the foreseeable fulure and consider that Ihere were no malerlal uncertainlie5 ovef the School's financial viability. Aecordingly, they also continue lo adopt the going concern basis in preparing the financial sialemenls as oullined in Ihe Sialemenl of Accounting ané Reporting Responsibilities on page 11. Critl¢al accountlng judgemonls and kèy sources of estlmatSon uncertalnty In the application of the accounting policies, the Trustees are requifed lo make iudgemenls. eslimales, and assumptions about the Carrying value ol assets and Iiabililies that are not readily apparent from other source$. The eslimales and underlying assumptions are based on historical experience and other factors Ihal afe considered lo be relevant. Actual results may differ from these eslimale5. The estimates and underlying assumptions are reviewed on an ongoing basis. Revislons lo accounting eslimales are recognised in the period in which the eslimate is revised if the revision affects only that period, or in Ihe period of the revision an(J future periods if the revision affected current and fulure periods. In the view ol the governors, no assumplions concerning the future or eslimalion uncertainly affecting assets or liabilities al the balance sheet dale are likely lo result In a material adjuslmenl lo their carrying amounls in the nexl financial year. The following accounting policies have been applied consislenlly in dealing with items which aro considered material in relation lo the School's financial slalemenls. School fggs and similar earned income Fees receivable and charges for services and use of Ihe premises. less any allowances, scholarships, bursaries granted by Ihe School against those fees. bul Inclyding contributions feceived from reslficled funds. are accounted for in the period in whKh the serv$ are provided. Investment incom• Dividend income is accounted for al the dale on which the School has enlillemenl lo the dividends Interest on bank balances and fixed inleresl securities is accounted for in the period in which the inleresl is earned. Donatlons, legacigs, grants and other voluntary income Voluntary income is accoLtnled for as and when enlillemenl arise5. the amount can be feliably quantified and the economic benefit to the School 15 considered probatje. Page | 20
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022 (continued) Voluntary income for the College's 9eneral purposes is accounted for as unreslricled aF)d is credited lo the General Reserve. Where Ihrough the lerms of an appeal or from the donor there is a trust law reslriclion on the use of any voluntary income, Ihe income is credited lo the Televanl restricted funds or endowment. Gifts in kirKI are valued al eslimaled open market value at Ihe dale of gift. in Ihe case of assets for relenlion or consumption, or al the value lo the College in the case of donaled seryices or facililies. Expenditur9 Expenditure is accrued as soon a5 a liability is considered probable. Expen(Jilure attributable lo more than one cost category in the SOFA is apportione(J lo them on the basis of the eslimaled amount allribulable lo each activity in the year, either by reference lo sff lime or the use made of Ihe uDderlyin9 asseis, as appropriate. Irrecoverable VAT is included with Ihe ilem of expenditure lo which Il relates. Investments Listed and allernalive investments are reported al the value reported by Sl John's College al the balance sheel dale. For all listed and other investments where Ihere is an active markel the investments are valued al their quoted market prices. Allernalive investmen15 where there is no aclive market are valued based on the nel assel valuos of the undedying assets published by the fund managers al the balance sheet dale or, where necessary, al Ihe nearest available valuation dale. Gains and losses arising on the revalualion of investments are credited or Charged lo the Slalement of Financial Activities and are allocated lo the appropriate Fund according lo the -ownership" of the underlying assets. Investments in $ubsidpries are valued al cosl less provision for impairment. Tanglbl• flxed assèts Expenditure on the a¢quisilion. construction or enhancement ol land and buildings costing more than £5,000 together wilh expenditure on vehicles, furnilure. machinery, ICT Infrastructure and other eouipmenl costing more than £5,000 is capilaliseé and carried in the balance sheet al hislorieal cosl. Other expenditure on equipment incurre(I In the normal day-lo-day running ol the College and ils Subsidiaries is ¢harged lo the Sialemenl of Financial Activities a$ incurred. Depreclatlon Depreciation Is provKJed lo write off Ihe cost of all relevant langible fixed assels less Iheir eslimaled residual values based on current markel prices in eoual annual inslalmenls over Iheir expecled useful econornic lives as lollows.. Leasehold building improvements Computer equipmenl Other eqvipmenl years years years 2.10 Fund accounting The charitable trust funds of the School are accounted for as unreslrkled or reslricled income, or as endowment capital, in accordance with the terrns of Irusl imposed by Ihe donors or any appeal lo which they may have responded. Endowment funds are further sub-divided into pem)anenl and expendable. Unrestricted Income belongs lo Ihe School's corpofale reserves, spendable al the discrelion of the Governors either lo further the School's Objecis or lo benefit the School ilsew. Where (he Governors decide lo sel asiije any part of these funds lo be used in future lor some specrfic purpose, this is accounted for by transfer lo the appropriate designated fund. Rèstrictèd Income comprises gifts, legacies, grants or income from certain endowments as below where there is no capital relenlion obli9alion or power bul only a trust law restriction lo some specrfic purpose intended by the donor. Permanent endowment represenls specrfic grfts and donations Ihal have been received over lime and musl be rnaintained as parl of the endowment ol the School. The income afising on all capital funds has been recorded in the Consolidated Slalemenl of Finartial Activit3. Page | 21
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022 (continued Expendable endowment arises where a donor inlends the grft to be retained bul with the addilional condition that all capital can be converted into income for spending erther al the Governors. own discretion or else upon the happening of some event eonlemplaled by the donor. 2.11 Oporating lèases Rentals under operating leases afe charged on a straohl-line basis over the lease term. even if the p8ymenls are not made on such a basis. Benefils Teceived and receivable as an incentive to sigr) an operating lease are similarly spread on a slraighl-line basis over the lease term. 2.12 FlnancSal Instrum•nts Basic financial inslrumenls are inilially recognised al Iransaclion value arKJ subsequently measured at amortised cost Financial assets held al amortised c051 compfise cash al bank and in hand. together wlh trade and other debtors. A speeffic provision is made for debts for which recoverability is in doubl. Cash al bank and in hand is defined as all cash held in inslanl access bank accounts and used as workir¥J capital. Financial liabilitie5 held al afnortised cost comprise all creditors excepl social security and other taxes and deferred incorlle and provisions. Assets and liabilities held in foreign cuNency are translated lo GBP al the balance sheet dale al an ppropriale yeaf-end exchange rate. 2.13 Transfer of nat assets from tho Collo9• On 10 Seplember 2021, the School and Si John's Colle9e finalised an agreement lo Iransfer Ihe nel assets and activities of the School, which were historically held by the College, lo the newly incorporated company, ISI John's College School. C8mbrsdgel. The nel a55els were transferred lo Ihe School and initially recognised as Income within the Slalemenl of financial aclivilies. 2.14 P•nslon Costs The School makes payThenls lo defined conlribvlion pensK*n schemes for the benefit of employees. Contributions payable are charged lo Ihe Slalemenl of financial activities in Ihe year to which they relate. Page | 22
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022 (continued) CHARITABLE ACTIVITIES - FEES RECEIVABLE 2022 £'ooo Fèes recèivabl• conslst of: School fees Less.. lolal scholarship and bursaries 7.978 576 7,402 231 Add back.. Bursaries and other award Pa by reslricled funds 7.633 Scholarships and bursaries of £576k was rewarded. £345k vras paid as scholarships lo 36 choristers and £231k was paid lo 18 pupils as means-lested bursar$. CHARITABLE ACTIVITIES- OTHER INCOME 2022 £'ooo Day Boarding and Temporary 8oar(Jing Leavers. Programme Sports Coaching Late Wailin9 charge School Bus Pupils trip Funds Slringmoves, Mustc lessons and instrument charges Other Registration Fees 32 59 20 70 25 20S 84 40 539 OTHER TRADING ACTIVITIES 2022 £'ooo Trading income Letlings 34 Page | 23
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022 (continued) INVESTMENT INCOME Total 2022 £'ooo Securities Investment incorn¢'. Income from investmen15 in Sl John's College Consolidated Trust Fund Interest on overdue lees Bank and other inleresl 10 ANALYSIS OF EXPENDITURE {a} Total expendituro Slaff cosls Depreciation Inole 81 Inole 91 £'oc(J Other Total 2022 £'ooo £'ooo Expondituro on ra5slng funds Trading costs Cost of other aclivilies Financing costs Investment and eslales management Development cosls 10 136 10 136 Total Expendlturo on raSslng funds 153 156 Charitable expèndlture Education and granl making Teaching Welfare Premises repair and maintenance Support costs and governance Granls, awards and prize5 Inole 7{bll 3.210 97 147 730 69 3.665 148 817 593 1.112 1,432 Total charltablo èxpondlture 4,184 328 2,292 6,804 Total expendgd 4,186 329 2,445 6.960 Page | 24
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022 (Continued) {b} Grants, award$ and prizes 2022 £'ooo From Rgstrld9d Funds: Bursaries and other grants and awards From Unrestrlcted Funds.. Bursaries 231 286 (cl Governance Included In support costs: RemLtner81ion paid to audilor for audit services Reimbursement ol personal expenses lo Governors - travel costs Other governance costs 21 21 Travel expenses of £338 were reelaimed by 1 member of the Governing Body, No other remuneration was paid lo members ol the governing body in Ihe per¢od. In addition lo the above audil remuneration the auditor received lees for the audil of SJCS Inlernalional Lirniled lolalling £2,430 STAFF COSTS 2022 £'ooo The 89greg8le payroll costs for the year were as follow5.. Wages and salaries Social security costs Pension cosls 3.437 309 440 4,166 Aggregate employee-benefils of key management personnel 582 None of the Governors received any remvneralion or other benefrts from St John's College School or from any connected body. 2022 Number of higher paid employees in bands of". £60,001 to £70,OLK) £70.001 10 £80,OC £80,001 10 t),000 £90,001 10 £100,000 £110,001 to £120,000 £120,001 10 £130,000 P8ge | 25
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022 (continued) The number with retirement benefits accruing.. In Define¢Y Contribution schemes was ol which the contributions amounted lo 141 £440 The average nLEmber of the School's employees during the year was 115 full lime equivalent. 2022 Teaching Welfare Premises Support Other aclivilie3 84 13 11 115 During the year there were redundancy or lermination payments made which amounted lo £22.475. There was £0 oulslanding al the year end. TANGIBLE FIXED ASSETS Group and Colleg• Leasehold Compuler Other improvements Eqvipmenl Equipment Total £'o £'ooo Cost Al 14 May 2021 Transferred from College 10 Seplember 2021 Additions Disposals 7,476 246 155 7,877 41 215 7.481 415 8.092 At 30 June 2022 Depreclatlon Al 14 May 2021 Charge for the year Disposals 179 107 43 329 At 30 June 2022 179 107 43 329 Net book values AI 30 June 2022 7,302 308 153 7,763 At 14 May 2021 P8ge126
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022 (continued) INVESTIAENTS 2022 £'ooo Investments Al 14 May 2021 Transferred from College 10 September 2021 Additions Disposals Investment costs increase irn value of investments Investment¥ at 30 June 2022 1,530 (1811 (41 1,407 Inveslmenl in subsidiaries Scht)ol Investments at 30 Jun• 2022 1.407 Invo$tmonts comprlse.. Units in Si John's College Consolidated Trust Fund Investment in subsidiaries School Inv•stm•nts 1,407 1.407 The Units in Si John's College Consolidated Trust Fund are held as nominee and managed for Ihe School by Sl John's College. The School is the beneficial owner of Ihe funds. 11. DEBTORS 2022 £'ooo Fees and exlras Trade Other deblors Prepayments Tax recoverable Amounts éue from subsidiary companies 87 25 98 272 Page | 27
ST JOHN'S COLLEGE SCHOOL. CAMBRIDGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022 (continued) 12. CREDITORS.. AMOUNTS FALLING DUE wifHIN ONE YEAR 2022 £'ooo Deposits from parents Loans Trade creditors T8xalion and social security Other creditors Accruals Deferred income - fees received in advance of term 280 175 135 101 66 87 53 897 13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2022 £'ooo Loans 3,276 The School has an oulslanding loan with Ihe College. repayable over 3 15 year term with fixed inlere5t of 5.16%. AI 30 June 2022 the remaining comffliimenls were as follows.. 2022 £'ooo After five years Within two lo five years Within one lo two years Within one year 2.490 605 181 175 3,451 Page | 28
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022 (continued) 14. FUNDS OF THE SCHOOL The School's funds are analysed under the fdlowing headings. 14.11 Endowed Funds 14.1al Special Trust endowments These consist of numerous indiv)dual gifts. legacies and grants given lo the school over many years for specrfic purposes. A distinguishing feature of all these special trusts is the donor's express requirement or implicit intention that the funds shall not be spent immedialely bul sl)ould be retained for the medium or long term. Where the retention of capital is explicitly Indicaled and there is no power lo expend capilal as income. the ¢apilal Is shown as permanent endowment. otherwise as expendable endowment. In bolh cases income arising is shown as reslrieled funds. These funds are invesled in the Sl John's College consolidated Trust Fund, which is pooled portfolio of stocks and shares. and cash. The endowment lunds are.. 14.1b) Perman8nt gndowments Cherry & King Funds EduCatn & musul training of choristers in need of financial assistance Solely lof the benefil of Choristers al the school. For Ihe benefit of Choristers in need of financial assistance For the benefit of Chorislers in need of financial assislance Parents or guardians not able lo pay school fees. Clock to Young choristers Numerous Individual gills lo establish prizes for pupils. Educalion & musical Iraining of pupils in need of linancial assistance. Goodchild Fund Hackwood & Cope Funds Earl Fun Lulon Fund Sirasburger Fun¢J Pupils Gifts funds Ince Fund 14.1¢1 Expendable gndowments Bursary Fund Davies Fund Fuller Fund For parents in need of financial assistance For mus¢c and wider community. not excluding pupils of Ihe school Solely lor Ihe benefil ol Choristers 14.21 RtrICted Funds 14.2al Speclal Trust Funds These represent grfls, donations, legacie5 elc. received (rom exlernal donors for specific purposes bul where Ihere is no requifemenl lo preserve capital together wilh unspenl income from certain endowments. Expenditure directly financed by such gifts is shown under restricted lurKls. Al 30 June 2022 Ihe individual Special In addition. LTrnspenl balances accumulaled on certain endowment funds are held as re51ricled funds. School Bursary Fund For parents in need of financial assi8lance Children's PSHE Fund For the benefit of Aclion Aid UK Pupils gifts funds Cheiry & King Funds Numerous individual grfts lo establish prizes for pupils Educalion & Mus1 training of chofisters in need of financ1 assistance Solely for the benefil of CIKJrislers Solely for the benefit of Choristefs al the school. Education & musical training of pupils in need of financial assistance For the benefit of Chorislers in need of financial assistance Fuller Fund Goodchild Fund Ince Fund Hackwood & Cope Funds Page | 29
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022 (continued) 14.31 Dg¥ignatèd Funds Inslrumenl Fund For music instrument for Ihe benefit of the pupils in the school and the wider community Numerous individual grfts lo establish prizes for pupils. For music and wider community, not excluding pupils of the school Pupils trip funds Stringmoves Fund 15. MOVEMENTS ON mlOR FUNDS Al I 74 May At30 June Gainsl (losses} 2021 Transfer from College £000 In¢ome Expendilure Transfers 2022 £000 £'ooo £'ooo £'ooo Endow Pemanent Cheiry & King Funds Go1child Fund Hackwood Cope Funds Ire Fund Prizes Funds Earl Fund Lulon Fund SITasbuTger Fund Total Pormanonl 71 104 15 109 16 180 121 318 107 14) 183 126 331 111 916 131 141 35 949 Endowod - Expendable Bursary Fund Davies Fund Fuller Fund Total Exndable 146 154 314 614 11471 {3) 1581 12081 157 (21 23 431 Total Endowment 1.530 12121 1.380 Page | 30
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022 (continued) At 1 Transfer 14 May from 2021 College £'ooo £000 Income Expenditure Transfers Gains/ £'OOO (losses) At30 June 2022 £'ooo £'ooo £'ooo £'OtJ) Restricted funds Buisary, Scholarship & Outreach Fund Fuller fund Pupils grfls funds Cherry & King Funds Goodchild Fund Earl Fund Lulon Fund Davies Fund Prizes Funds 18 {195) 177 132) 32 25 25 13) 21 20 89 12311 212 70 Unrestrlcted fund8 Designated fund$'. Tangible Fixed Assets Instrument Fund Pupils Ifip fun(Js Slringmoves Fund Total designaled funds General reserve 7.763 7,763 181 {1981 49 (2551 151 74 7,839 27 7.802 218 0 14,041) 8,031 {6,4691 {2.4791 Tolal unrestricted Fund8 3.798 8,249 16,7241 5,323 Total Funds 5,417 8,258 16.960) 6,773 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS Endowed £'ooo Restrlcted Unrèstrictgd £'ooo £'ooo Total £'ooo Tangible fixed assets Investments Nel current asseis Long term liabilitie5 Total Funds 7,763 7,763 1.407 879 13,2761 1.407 43 836 13,2761 1.407 43 5,323 6,773 Page131
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022 (continued} 17. OPERATING LEASE COMMrrMENTS The School has a lease agreement of 30 years with the Cdlege and a lerminalion period noliee of 12-monlh on the operating lease {land and buildings) as fdloY4ts at 30 June 2022.. 2022 £'ooo Within one year 407 407 18. SUBSIDIARIES AND RELATED PARTY TRANSACTIONS St John'$ College The School 13 a 100'h subsidiary of Sl John's College (Charity number.. 1137428). On 10 September 2021 the College transferred the activities and fair value of Ihe nel asset$ of the School lo the newly incorporated charitable company, Sl John's College School. Cambridge. Ai the date of Iransler, the fair value of nel assets transferred lo Ihe School comprised.. 2022 £'ooo Tangible fixed assets 7,877 Investments 1,530 Nel curfenl as5e1511liabililies) 14161 Long lefm liabilities 13,5741 Net assets 5,417 During the period, the Schod paid rent and other adminislralive ¢harges lolalling £420k afKJ interest of £136K lo the College The School also made loan repaymenls of £123k in the period lo the College. Al 30 June 2022, the school had an oulslanding loan balance due lo Ihe College 01 £3.4m. The College paid school fees and additional cos15 relating lo the Choristers of £478k lo the School. SJCS Intèrnatlonal Llmltgd The School own5 100Vo of Ihe issued share capilal of SJCS International Limiled (company no. 111228161 SJCS Inlernalional Limited was sel vp by Sl John's College in 2017 as a company limited by shares. The primary purpose of Ihe company is lo licence the inlelleclual property of the School lo a partner in China in return for a fee with the aim of selting up nurseries overseas in the School's name. The annual taxable profits of the subsidiary are donated lo the School undei the Grfi Aid scheme. The re5uIIs ol the subsidiary are not consolidated into these financial statements as the School itself Is itself a subsidiary ol a larger group. Si John's College The results of the subsidiary are therefore consolidated in the results of Si John's College as ultimate parent of the Group. The company had a lurnover of £102k12021 - £95kl, gross profil of £102k12021 £95kl and a PTofil before lax and gift aid of £63k in Ihe year ended 30 June 202212021 - £46kl. Al 30 Jun 2022 the company had net assels of £112021 nel Iiabililies of £21 kl. The School charged £13k to SJCS InternalDnal Limited for the Pfovision of staff arsd the adminislralive services. The balance owing from SJCS International Limiled lo the School as al 30 June 2022 was £98k. Grft aid of £42k was paid lo the School in 202212021- £01. No other related party transactions have been Irurred in the period. Page | 32
ST JOHN'S COLLEGE SCHOOL, CAMBRIDGE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2022 (continued) 19. PENSION SCHEMES IAPS Cash 8enefit and Life Assurance Scheme The IAPS Cash Benefit and Lrfe Assurance Scheme is a group personal pension scheme ol a defined contribution nature. The pension charge for the period includes contributions payable lo the IAPS scheme of £71 k and al the year-end £0 was accrued In respect of contributions lo this scheme. APTIS Pension Scheme The APTIS Cash Benefil Scheme is a group personal pension scheme of a defined conth"bulion nature. The scheme is a defined contribution scheme lor leachers. The school conlribute 16.48Dk of gross salary for those in the scheme. All staff are eligible, unless declined by the underwriters. Members contribute a minimum of 5.OYo. The pension char9e for the period includes contribulions payable lo APTIS of £369k. 21. CONTROL Sl John's College, registered charity number 1137428. is considered to be the ultimate parent of Ihe Group and the resu115 01 the Schi)ol are consolidated within the Group Financial Stsiemenls, The group financial slalemenls are available from the College's regisleied office al Sl John'5 College, Si John's Street, Cambridge CB2 ITP. Page | 33