CHUhl SCHOOL EDUCATIONAL TRUST
(A Comp*ny Limited by G￿rIn1¢¢>
COVEkn'ORS' REPORT
AND CONSOLIDATED FINANCIAL STATEMENTS
YEAR Ef4DED 31°. AUGusf2021
mparty Registyaiion No. 01843219
Charity R¢gi5tr&tiOll No. 290143
Haysmacintyre. LLP
Cban¢r¢d Ac¢ountants
LondoD
'W4Z3Q2*
11112r2021
COMPANIES HOUSE
Alo
#180

CHEAM SCHOOL EDUCATIONAL TRUST
REFEREIYCE AND ADMif41STRATIVE tNFORMATION
The BD3rd of Govcmors p￿Sent Ihe2T onnual report for the year ￿ded 3111 Augwst 2021, tcsether with the audii¢d
consolidated financial siatetntnts for the year, and confimi that they comply with ihc rcquirement5 of the Companies Aci
2006 and the Company's M¢moT3ndum of As50ciaiion and th¢ Chariiies SORP 2005. These financi￿ Grai¢ments include the
results of Ihe S¢hool's subsidiary, Cheam TradiD8 LimLied.
REFERENCE & ADMINJSTIL4TIVE INFORMATION
Cheam Srhool Edu¢ational Tnjst is a charitsble comparty ¢STablish¢d in 1984 with the School originally founded ift 1645.
Thc Company Re8istratiou numlxT is l8432l9 and the Cbariiy Re8lSllation numbti Is 290143. Tk liability of its members
is limited to £1 ¢Bch by gu3rdniee_ The regisiertd offi¢e and Principal addre55 of the Compatty is al Chearn School,
Newbiiry Road, Headley. Be￿$hI￿, RG19 8LD.
Governors
Th¢ SGh4)tsl Govcmors, who are all also Charity Trn$rees ind Direthors of ihe Charilable Company for Companie5 Act
pU￿oses, and also &rty past Governor5 who served during yearas ittdic4trd. a￿."
Board
Finance Committee
Nfr K.D. Marsh
Mrs W. BaTehelor {resi8ned June 2021)
Mr 8. J. Reld {reSig￿d m￿¢h 2021)
Mrs A.. E. H. May
Mr R. Horn56y
Mr N. Adams
Dr T R Hand5
Mrs L J Moel%ryn-Hughe5
Sir M. J. Hjrford
Mr S. Miners
Mrs A. Jack13ppointd NoveTnber 2020)
Mr H. Bond-Gunnin8 (appointed Apnl 2021)
Mrs T. Reeve (appointed April 2021)
Key£xecutives qndProlwioftalAdwsors
'rhe Head..
Ac(in8 Htad..
Dir¢cior of Firwice dnd OpeNions rT)FO').'
M. Harris (res¢gn¢d Augu5r 202 1)
T. Haigh (appoirtred August 2021)
T_ Tabrah (resigned July 2021)
L Jcnkins (appoinwl July 2021)
Bankers..
N&tits￿al Westminstet Bank Pl¢
30 Markei Place
Newbury, Berkshire, RG14 5AJ
Auditors,.
Haysmacirttyrt LLP
Siawwry Audiro
10 Queen Streei Place
London. EC4R IAG

CHEAM SCHOOL EDUCATIONAL TRUST
GOVERNORS. REPORT
FOR THE YEAR ENDED 31" AUCUST 21)21
STRUCTURE. GOVERNANCE AND MAF4ACEM£NT
The Charity is goverked by rhe provisions of the MemorandLLm aod Articles of Awiation last amended on 28th Julle 2005.
The Governiiig Body
Th6 Goyemitig i￿)dY is el¢c*d 00 th¢ basis of nomLnations and le￿￿Ene￿I2(10DS rtteived from various 50urcu, with a
view 10 ensuring as wide a mix as possible of relevant expertise. MembtT5 USU311y 5¢rv¢ foT # term of five y¢aT5 and are
Cligiblc 10 stand for r¢aelcction.
Governor Truining
Neiv incmbcrs lo the Board are iHdu¢ted inio the workin￿ of the Sthool, and also the Comparby &8 a TC8i$iered charity.
irt¢luding board policy and procedure5. Training course5 are organised by Ihe DFO and are anended #s required. A Tecord of
training 15 on the membets file.
Th¢ Board mects at a minimum onee each terni to deiernint tht 8cnet81 policy for the Trn$* and reyitw its oveTall
managemetht and control. for which li 15 legilly responsible. The FiD￿ce Committee meets at i rninimum prior 10 each
iemily BoÈrd tne¢iing, specifically to review financial manaRemeTrt infomlaiion, a￿1 ￿ make Tecommendaiioiis to the
Board.
OrgoNisuiionulSiruciure Rel*7livRships
The day to day rnThning OF th¢ School is d¢legaled lo the Head Jnd DFO who report ￿ the Board ¢a¢h term. The Hcad is
5UPP)rttd by the Senkor Mana8emeni Team. Other sp￿lF1¢ wb-¢omminecs tXLSt 10 provide a fon￿ lor ihe remainder orth¢
staff.
OBJECTS, AIMS, ORIECTtVES APID PRINCIPAL ACTJVJTJES
The principal Object of the Chantable Trust, In accordance with MemorandLm atsd Articles of Association, i$ the
edutalion of boys and gLrl&up io ihe age of 13.
ObJ¢¢iive$forihe Yeor
To achieve the hsghe5t academic Te5ults possiblc so thai all pupi15 gain enlry to thc senior school of their choice.
2. Continuou5 development of existing acad¢mic, pa$￿tal, $0¢18J attd sporting a¢iiYili¢s_
To achieve a styjnd financtal base ￿ allow for fit[u￿ dtvclopmcnt of academic ind oiher aerivitics.
Prix¢ipolAerivity
The TTU5t conlJTtuts to operate a Preparatory and Prt-PrepaTalOry boarding arml day sch(M)I for boib boys and girls from 3 10
13. The fees are set at a level to ensure the financial viability of the Sch￿1 and ar a Itvtl that is con515ttnt with ptovidirtg a
rlrsl class education to boys and girls_
Key mon4xemenlpersonnelrem¥ncratson
key management petsoDnel rernuneration is ddermined by the SCI￿1,5 FirtaDce Committee againsl Sector benchmatking
and in consideralion of othcr relcvant inf¢)nnation (i.c. gcographical factors). Any rcvi5ioDs Io T¢Muneraiion or Temuncraiion
poliGy are put to the Board for approval.

CHIAM SCHOOL EDUCATIONAL TRUST
COVEIUNORS. REPORT (cotttinued)
FOR THE YEAR ENDED 31. AUGUST 2(121
STRUCTURE, COVERTh￿cE AND MANAGEMENT (tontin*￿)
Opporiiimiiies
Our School wel￿Me$ pupils fiotn all baCk8￿U￿1$. To 2dmir a prospeciive pupil, we need to be salisfi¢d that our S¢hool
will be abl¢ io educate and devclop a prospective pupil to the best of their poitniial. Entrance inteThiews aud 455essmeni$
are undertaken to satisfy ows¢lv¢s artd parenis thai wenlial pupils caft Cope with the pace of le)rning and brnefit frorn the
education we provide. An individual's Konomic 51alus. g¢nder. rnce. religion OT di5abilily do not fonn part of our
as5C5smcnt proc£ss. The School will make re&sonable adjusimethts to meet the neals of pupils or staff who are or who
become disabled.
B¥is&Ties, 4711ow&Aces & ￿MiSSIO￿S
The Govwiors view the Sthool's bursary awards as Important in helpin8 10 enstsre children from families. who would
oth¢rwI￿ noi be obl¢ ro afftird the f¢es. tAn ot¢ess ib¢ edueation the khool off¢ts. BursJTie5 are a¥ailablc to all who mt
our general ertiry requiremen15 and are made only OD the basis of parentsLI means OT ro relieve hardshlp. The School does nol
hove large endowmeni$ or invesunenis lo fi]nd any awdrd5 and h&s th¢rrfor¢ to ertsur¢ that there is a balance between fee-
paying parents. many of whom make considcrable ptTsonal sacrifices io fiLnd their childrert's ¢ducatioTh, and i1￿5¢
ben¢fiting from the award5. Thi5 y¢ar ihe Trnsi wa5 abl¢ 10 SUPWtrrt 19 pupils (2020.. 18) Ihrou¥h mearb5 te5tcd bursarie$.
Fokir of the bursaFies were wonh 75% or ￿re of the annual fee with a ￿rther four ai 51P/• or mort. The cutTent total valut
of th¢ bursarics. allowattces and T¢missio￿ reduced th¢ annual fee itt¢om¢ by £439,38412020.. £531,0041_ The School also
provided a 100% scholarship lo King5¢1ere P¢rfotming Art5 Coll¢g¢ (previou51y JLD Schijol of Dancit)g} for a child from
the local cotnmunity to havt proftssional dancing lessons.
STRATEGIC REPORT
P£VIEW OF ACHIEVEMENTS AN'D PERFOIIthIANCE FOR THE YEAR
Operoiion&lpepfftrniAttce ofihe Sthool
Acadehiie oiid Pll51orol.- Totil pupil numbers ai Ihe end of the yuy wtTC 369 (excluding 14 NuTsery pupils). Beca￿$¢ of
Coronavirus. only fl&xi-boardin8 arrangemeots were oFfer¢d wbcn Ihe Schfy)I's PTtmtses w¢r¢ op¢nJ geii¢rating £?46,055 of
income 12020.. £51,484, which was heavity CoroThavirus-affetLedl. All pupils p8s5¢d thEiT Common Entrance exam inlo a
scnior school of thcir choice. Tn addition. 5cholaTShsps ivcrt awarded by senior schcols io 15 of them (2020.. 131.
In line wiib governtnent re5triciions in Telation to CoronaviTUS. the Sch￿1.$ premises ivere elosed to PUPTIS frorn 14
Jaiiuary to 8Ih Marcli 2021, covering most of the Spring tenn (although they did rernaiji open io th¢ cliildren of k¢y
workers). Whilst ihe School's preniises were clostd. pupils wcrt educaied remotely via a virtual plarform which
ift¢OryOT3ted live, teacher led. )￿Y)nS. Jts51 befoTe EJsttT. in line with government guidance. ?11 pupils retumed io the
School premises to be educaiul onsiie. b¢DefiriDg from the frJcilities oTroffer attd time wilh peers.
Facililies.. The Gov¢rnors are satisfied ih8L the S¢hoDI's fa¢ilitie$ offcr a broad Tangc of"tducatlODal facilitie5 10 childrerh of
all acadcmic ability and Llltewts. The School. 8$ 2 mallcr of COUT$4 Con￿￿￿e$ io invest itl the m8inl¢naDce athd
improveTneDt of eKtSttDg faciliti&s th infrastructure. DwL"ng the year. the Scbool rtsurfaced its iCTllllS COUrt$, rc-laid
another of its cricket net syst¢JDg tevitalised the maln dining room and ¢olltinued a progtatume of upgrades to its IT
infra5trncture erthancemen15 to varitsus health and safety Infra5tTucttLre, incl¥ding fir¢ alarnis.
Str￿£¥1¢ devel•pm8Kl5.. Durino ihe year the School CODtinued to pro￿¢5$ irs reiaiionsbip ivith 115 corpordtt p3rners in
China to develcp jointly Cheam branded Sch￿1$ in thai counry lirt the pilot yeat pro￿¢$910n of this ftan¢hising
arrangernenl had on hold duc 10 coronavin￿). SiThcc the Summer thwgh. rcgulalory chan8es Jn China have made the
pursuit of such venmres substantially mole challentrin8 and shortly after the ¢nd of the year ihc S¢hool agreed lo lh¢
teTtDillation of its existiug franchise agre¢meut with irs Chinese pattner. The Governor5 Continue to vifflv franchising as a
way 10 div¢rsify the School's in¢ome streams and they remain or*n to other Oppo￿￿111¢5 that may PTeS¢nt them$elve5 in
other rnaTkels (not Icasl because of the ¢ultUTal exchange expeTiences partnership5 could present for pupils). Hoivever,
they vi¥w a ieiLlVWaly pduse oki dCIEvi1￿* dt> ￿- bc5t POSiiiOTh ￿ tlkc thi Ica￿L whilc Chcarn i: IN￿*￿itiOning to J llew
Headmasrer.

CHEAM SCHOOL EDUCATIONAL TRUST
COVERNORS. REPORT (continued)
FOR THE YEAR ENDED31" AUGUST2021
BIVIEW OF ACHIEVEMENTS knYD PERFORMA14CE FOR THE YEAR {¢oJ)tlutstd)
The Chearii Fowidation. a scparnre fvndTaising orgattjsaiion ¢stsbltshed in 2019. continues to Trise h]nds for th¢ provision of
life chang￿g buTsari¢s artd major tapilal projects ai IFLe School. The Fouttdaliott is a sep8r*ie chaftiy with 8 sepaT2te board
of TNstee5. ￿ough there is c105e cornmunication with the Gov¢TDOts of the School.
Ptsblic BenÉfil.- Th¢ purpose of the School is the advanC￿ent of education for boys and giTls from thc age of three 10
thirteen in ac¢ordan¢e with the Memorartdum and Articles of Assoctation. Save for iemporary furlDU8h payme*is during
recent periods of Coronavirus disnjplion. the School in ihe nonnal course of events receives DO ￿nd1Thg from the Stale and
is thercftsr¢ obliged lo charge fee5 to its CUStoineTS (the parent$} to cover the temuneTaiiort of iis Staff. opeT3tinB C0S15 and
the maintenance c0#5 both p￿sent and in 85soc¢aied with ihe upkeep of the School's fabric and faciliries.
The Governorn aim to ellsure Ibal the School's quality of education offered atsd tbe taciliiies that At posses$es should be,
wherevcr p05sibl¢. of bencfit to the public and in parlicular the lotol ¢ornrnunity.
In setting ihe School's obje¢tiv¢s and planning its a¢tivitie% ¢)ur Governors have given ¢ar¢ful ¢onsid¢r2tion to the Chariiy
Commission's 8entral guidance on publLC b￿crIt and in parricular 10 Éis supplem￿lary public bellcfii 8uidatc¢ on
advancing edutstion arjd on fe¢4harging. The Gtsvemots acknowledge the guidart¢e alld will $ttiv¢, wberever it is
reasonably po55ible, io follow li.
Thc folloivin8 or8•nisation5 artd charities have bettfi￿d from donations by thc School or by fuThdraisiThg even15 bcld at the
S¢h¢)Dl". PALS," Ibe HoR¢y Pol Cbildren's CbaTity,' Th¢ Royal Bntish Ixgion throllgh the Poppy App¢al: Ihe Louise Purto
Toy Appeal. Ihe Rtd Cross Ivar Memorial Children'5 Hospital.. UCL Greai Ormoiid Sireet lÉ)stiiuie of aiild Healili Ihrough
Young Art 2021.. rh¢ H#mp$hirt Medi¢kl F¥nd. the Basingsioke Foodbank.
Liiiks.- Oiir School is part of the I(￿al commuttity and a5 sKh we are keen to parnicipalt in any way we can.
The School has 85SiStcd ¢hc local ci)rnmunity of Hcadley village iii maintaining the Brounds at Headley Community Shop
artd Vill#g¢ Post otyiee: as well as Ihe Village Hall and lttal bus sheliers. The School also supports artd dottdes lo Ihe
roaintenance fund of the local parish rhurrh w A5hford Hill.
C105¢ relaiitsr*s to be fostered b¢ttv¢¢n the S¢hool atld two local ptimary schools. Ashford Hill and Kingsclere
primaiy schools artd iiyo pre-SCh(￿lS. Si John's and SL Joseph's. Newbury. The Schwl conllnucs ID ass151 Ashford HIll wilh
leaching and learning obje¢iiYes. Kingsclere Primary Sch(x)I has bertefiied from ihe seThices of the School's He￿j of Miisic.
Due to Coroll4¥iiUS, tb¢ use of Ib¢ S¢knol's fa¢ilitie$ by th¢ local crjmmwiity w¥ iie¢essarily restricied Thr khool LS
pleased thai since the year end it is belter placed io resume supporting I(￿1 organisalions and groups wheneveT It is safe and
abl¢ to do so.
FJTr4ANCIAL REVIEW
Th¢ fJn41nci31 r¢sult5 for the yw ?r¢ Shown in th¢ staQm¢nt of finanrial Jc¢ivi11¢5 on Page I I whirh 5how5 nei income,
before transfers, of £104,942 (2020.. £219.670). Includcd ￿thin thi5 ft5uIt IS 8 1055 of £4.335 {2020.. loss of £204.879)
attribut•bl¢ to the School's subsidiary. Cb¢am Trading Limi¢ol. derivino from oogoirtg admiftistrntive expendI￿re.
As a resiill of thc TKcessary move to ren￿1¢ learnin8 tn thc Spring itrn. 108dhu with recognition of the financial
diffi¢uliies that par¢nts rnay hav¢ been facing as e result of Coronavinjs. tb¢ SchN)l irnplemeuied dis¢ounts to its nornal
Cees for thai iertn, which were applied based OD yeat group. As a resuli of the shuidown of the school's premises, was
inipaired b(￿rdIng intorne. There wa5 i degree of naturdl reductton in expenditure whilst the School sile w25 c105ed and
other ¢0￿ saving measures w¢r¢ also implem¢rtied to rnitigare the Tedu¢ed level of income. In addition, the School Ulilised
fLirlough grant5 made available from the gov¢TDmeni ID rellrion io Coronavirus ihat allowed it io support ¢fflployees who
were wjable 10 work during the perLod tsf lotk.dow

CHEAM SCHOOL EDUCATIof4AL TRUST
COVERNORS. REPORT {¢oDtiDv¢d)
FOR THEYEAR ENDED3I" AUGUST2021
REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR {¢ontinued)
Jnve5¢nsenlperform4nce
The Trust deposits casb fiLDd5ai variablt rntes of intts¢stwith the Bank.
Oilier inconie
£4.315 of DoDatioDS (2020.. £5.0￿) wcr¢ re¢¢ivd during ihe ytar. Othcf fund5 were raised from lettings aDd ¢)n-site
activity ¢amp5.
Restrvu Policy
Reserves at 31" Au8usI 2021 rotalltd £IO.157.749 {2020= £10.052.8071. of which £10.108.926 ivert unrestri¢*d. After
deducting Jmnunis applied rowards fixed assets totalling £1 1,048.172 and ih¢ rtiated secured loan of £450.c￿ ihe level of
free Teserves is £(489.2461 compaT¢d ro £1620.623) in 2020.
The rcseryes policy of th¢ Sthool has been based on the Scknl's objetiiY¢5. 115 main fcaturts arc..
a) To achieve a margin of wotking capilal 5ufficieni to thable all 35p￿ts of the School's work to bt eonducted in an
orderly aDd effjcieni manner and 10 dul witb the managerneni of ihc School's trmjildings and mxiDtenance
programme," artd
b) To provid¢ ejnergency cover for unexpcc*d and unavoidable ilcrn5 of expci1dlDJ￿. ovcr and above a level which
bc fijnded fvom c(ITrent incorre.
PBJNCIPAL RISKS AND UNCERTAINTIES
The Board Gontinu¢5 to keep the khool's aGtiviti¢s unJEr review and consider ihe major risks faced in tach ofthe principal
areas of Ibc Sch¢Jol's operdtions. In ibe opinion of the Board the School h&8 tsiablished resorLTttS and review sy51tTns
vhi¢h. und¢i nornthl condiiions, should allow thes¢ nsks lo be rnitl8ated 10 an atteptable level in its day-ro4¥y operations.
ITh particular, the GovcrnoT5 hvt Id￿111r1d Ihe major risks a5 being..
Global lit4lih pan(kniiL.. lik¢ alli Jost all oTgèni5ts1ifjr￿ thc ￿?￿>01 CODtinucd to bc impaclod by C•tot)aVLniva artd Ihi.",
experienced a[￿ther imposed lockdown during the Spring temx. The Scbool coniinknes to Lmplement plaiis and follow
guidance from the govemm¢nt and prof¢ssional bodies lo safeguard the health and safety of the School communily {pupils.
sthff and parenis). These plans are reviewed and amended 00 a regular basis 10 relleci the laiesi guidance aod the evolving
LU¥wi￿1￿￿IQeS i'elated io Coronavwus. Thc hool hlls Pl remote l¢trniTLg plttiform for pupi15 Ivho Jr¢ un3ble to attend s¢hool
becaiise of Coronavirus and older pupi15 have dcvsces whlth bener facilitate their acc&%s 10 it. Thc rerMte Itaniing plaiforrn
at)d olT¢ring continues w develop and improve as experiente of usin8 It matures a¥ntsng51 ly)th sr8ff and pupils. From a
rinancial perspECriVe. the short-ierni I￿paCI of CoTonaviTUS ha5 been closely managed artd the School has p¢rfonntd a
detailed review of the potcniial 10ts8cr-ICrnI 1114>lCt of Coro2MvinLS or a similar repeat ¢pisod¢ on its fJnaDcJal posiiion. The
S¢hool conriThues 10 havr substantial ¢meFgen¢y resctves al its disposal on lis own balance sheet" additionally il continues to
liaist Clu￿lY willi its b￿l￿￿-¢i'5 J'kxdrdinx tlic kvKI of &lditi¢)nal facilitic3 t)eceury to rnanaso any financbal intgTrupiion=.
should they arise. From sn operational Per$￿tive. the Gov¢rTh)rs are sat15fied that Ihe School has adcquat¢ sysiems and
proc¢5scs in placc kn ord¢r to pmttti thc safcty and wellbcin8 of its staff and pupils aod continue to provide quality
edll¢atioll JJJ th¢ fa¢¢ of any resum¢tl disnjptioi) iesultitsg from tb¢ Cor(puxviru5 epidemic.
DrainaliL tsll Ill pLiyII i)bu￿L￿[s.. sirnitgics &thd pltsns Af¥ In p.ltsce w cnArt the School rornainG an attrnfjlii'c option foi fviu
parents boib academically and in ibc provisioD of exccllmt facilities. Howcver. thc Governor5 recognist that the reputstbOD
ot a scbool can be destroyed tbTou8h the actions of oll￿r$ bolb pasi and present irt a v¢ry sbort titne )nd could Te5uII iii
dramatic loss of pupils. To rnirigate Ibe5e risks ihe Sch¢y)l ensures appropriate policies kne in place. which are regularly
reviewed by ihe Gov¢Tnot5 aTha PT(K¢dutes are moniwed by Gov¢rnors. Approwia* training is undeFtaken by i115Laff on a
r¢gylar basi$ *Jd 8OLKi cotnmuDICa¢iOD 3fDong 5thff. par¢nfs and Governor5 15 a CODtinuin8 focu5.

CHEAM SCHOOL EDUCATIOYI AL TRUST
GOVERNORS. REPORT l¢oniinued)
FOR THE YEAR EP4"DE0 31" AUGUST 2021
Withdrawal of capiTrl projecr loan fiDanciDg'. ¢ash flow fort¢ass are regulaTly prepartd by the DFO aDd reviewed by the
Financc Commill¢¢ ai their meetings to eosure the School has sufficietht liquidity 10 operate and mcei it5 liabililics as they
rall due. The School has a strong relat¢on5hip with its baDker5 and maintsins Fegular c4smmwiiuiioo regarding ¢hc financial
perforniaDce of the Scbool and its budgcts and plans for futtkff years.
Unforeseen evenrs.. the School regularly TCVi¢W5 inwrancc rovcrdge to eThswr that it ha$ appropnate COVeT to offset thc
impact of any serious ev¢nts oc¢urring Ihat may impaa either ihe ability io prnvide educaiion io its pupils or a sisnificani
detiimental impact on lis financial 5tsbility.
Loss of 'key player.: a strong senior rnanag¢Tnenr is in pla¢¢ to hrlp miDg*¢ the impaci of The loss of a key play¢T.
FUTURL PLANS
The Governors, objectives and strategies are Ttyiewed tv¢ry year. The Majority remain un¢liang¢d and they roniinue to
b¢ to tnsuTe. thr4)ugh sound financial dTrligen¢e, that the School coniinuts io be a markei leader through Ihe provision tsf
modem facilities and fiTSI class ttaching 5tsff. The Governors have rcYie¥v¢d and approvcd the busin¢s5 plan for the next
financial ycar arHI also reviewd Ib¢ outlook foi the rJ¢Kt five y¢ary in¢luditig appropriate scet)arto analy51S.
Although rhe Corort3vjnJs epLd¢mic has had a short-ierm negative impact on the School's operations, the Governors do not
believe there is a rnaLtri81 impact on (he School's longer tem objective5. plans and ovrTall Strdlegy. However. Ihe
Governors aGknowledge thal lh¢ turTertt operating envirotknntni rtntsins uncenaiti and thuefore thcy regularly rtview th¢
impact on straie8y and, kn parnicular. the Schc4)1'5 loDg-terrn financkal stability.
SI"AI'KMENTOFCOVERNORS' R&8PONSIBILJTIES
Th¢ Governor5 ar¢ ￿SPonsible for pr¢paring th¢ Annual ryit and th¢ finarteial 5ts1em¢ots in accordance with applT¢able
law ond unli￿ Kingdom Get)erally Accepted Accounting Practice.
Company law requ]Tes Ihe GDvemDr$ 10 prepare fin8rtC181 sla￿Me￿iS for cach financial year which givc a true and fair view
of the slate of affairs of the Trust and of the result of the TTUSt for t￿( per1￿1_ In preparing fusancial statements. the
Gov¢mor$ are required to:
Select suitablt a¢coun(in8 policies and Ihtn apply ihcm consi51¢ntly'
Observe thc PTincip1¢5 and mcthod5 of the Cl￿￿11<$ SORP-
M3kc judgcm¢nts and esiirnate$ ihai aTe reaS0T￿ble and prudeni,.
PTepaTe the financial si8￿Me￿i$ on the 8oing concem b￿"$ unlc5S It 15 inappropriatc to presume ihe Tn151 wll
coDtinue in business.
The Govcrnor5 are rcsporsible for ke¢piryg prop¢r ar￿￿￿ting records which dis¢lose with reasonsble 2ccura¢y 01 apy limc
the financial position of the Tnjst and io enable them 10 enS￿e ihai the financial siaiemenLS comply wth the Companies Art
2006. They are a150 re5PODsibl¢ for 5afeguaTding the of the Tnst 3Dd h¢n¢e ftir raking reasonable sieps for ihe
prevelltion and dekckn.on offratsd and other irrt8ular aclL¥itie5.
So far as each of the Gov¢moYs is aware & th¢ tsme th¢ ffport bs approv¢d'
There is no relevant audir knf¢)rnialion of which ihc Trusi'5 auditors are unaware. and
The Governor5 have tsken all St￿5 thar they oughi to hove ¢aken to rnake thernselves aware of any relevanl audit
infomiation and to esrabli5h thai the Audito￿ ￿ aware of thar hnforniation.
The Governors. staternent, incorporatin8 the Strak8ic ReFrf)rt is hereby approycd on bchalf of the Governors on 12th
November 2021.
R M#rsh. ChAirmx
12" November 2021

INDEPEf4DENT AUDITORS. R£POR.T TO THE MEMBERS OF
CHEAM SCHOOL EDUCATIONAL TRUST
Opinlon
We have audited the ¢onsoiidaied fiTt#ncial stsiem¢nts ofchearn S¢ltooI Educational Trust for the year eDd¢d 31th August
2021 whi¢h COTnpri5e the Consolidated Stsiett)enl of Fitiartcial Activities: the Group 2nd CbaritablE Company Balan¢¢
SI￿¥1. Ilie CVjJ￿1l&1t1 Siatenicnl of Cash flows and nolc5 10 thc fin&ncial stattm¢rtts, Includirtg & 3UTnmary of $18Dificant
a¢¢ouDling polk¢ies. Tb¢ fLnaD¢ial reporting framewo￿ tbat has been applied in their preparatton is applieablc law and
Ulliied ￿.￿gdoM Accounting Standards. ittcluding Finaftcial liwrting Staodard 102 nie FiNavcit71 Reponing Siartdaid
appliL'tsbl* in ihe UKond Repilblic ofJrelopJdlUDLied Kingdom GeiJcr311y Accepted AccountllJ8 Pra¢tiee).
In ow opinion. the IIDanci415ts1ements:
sive a try¢ and fair vicw of th¢ strt¢ of the Group and pafen¢ ¢harl￿ble coinpany'5 affairs as ai 3111 August 2021
nd of thc Group aAd ptsreni chafttoble compony'$ not mtsyometyt 10 fiui:, Jncluding the inuome and expeT)diThii&.
for the year then erbded.,
have beert propvly prepared in ac¢ordanre WLih United Kingdom Generally Accemed Accouniin8 Practi¢e; and
have be<* PTepard in a¢¢orfart(* with the requitem¢rLls of the Companie5 A¢1 2(KJ6.
Ba$is for OPiniOD
We conducted our audit in accordance with Intcrnational Standards on AudiiLtt8 (UK) {ISAs (UK)) and applitablc law. Our
r¥S￿ill)ibIlItI￿s undcr thosc $¢8nd2rd3 atc fith¢r d￿ribed in Ehc AudilOT'S fc*POnJibilirics for ihc oudii of Ihc financi&l
J14t¥l￿¥11t> ￿ctiOn •f our report. W¢ Jre hndLycnd¢ni of thc wup in occordantsc iv&th the cthiul roquirom¢nir thai awo
I￿1¢¥￿11[ to oui audit of the tinaniiol stoiementa in ihc UK. IntludiD8 ihc FRC'5 Ethictsl 8iwidTrrd. ivo hovo fvlfillc4J OVF
oihwr ctliical rcJpon31bilitiC• in ac¢ordonc¢ ivilli th¢s¢ r¢quircmcnL. Wc bclicvc thrÈt thc oudii evidence we havc obtaittcd i
suffi¢i¢nt and appropriaie ￿ pmvide a bayis for our opinion.
Conclusiofts relating to going concern
ID auditing the finan¢ial siaiemenrs, Iv¢ have concludLxI t￿t the tru4ee' use of the 80ing concern basi$of accourtting in the
preparation of the financial Matements 15 approwiate.
Based on rht work wc hav¢ perfomcd. wc havc not id¢rbtified any material uneeftaiotics rtlalittg to events OT fottditions
Ihat, individuolly or collectively. may c&%1 signift¢Ani doubt on the Gtoups and of the Partht Charitable Comparty's ability
to eonrinue as a 8oing conccrn for a pcriod of ai lea51 twelve months from when the financial staitrnen15 are auihoristd for
issue.
Our resptsn5ibiliiies and the responsibilib¢S of ihe governors With respe¢t io going concern Jre describcd in ihe relevant
sections of this report.
Otbtr Informailon
Govbniors ar¢ Ttsponjiblc for th¢ othcr inforrnaiion_ The othcr iNfomwrion tompTI"￿ Ihc infomoiion in¢ludcd in thc
GuTr¥rnoL"s' Aiinuol Rcport. OUT opinion on the finenciol *ttstem¢nt* doe￿ Tiot ¢ovcr the otlirr infornitttion and, ex¢ept 10 th¢
¢xicnl oiherwisc cxpli¢iily 5t31cd in our rcpon. wc do not express any form of &ssutance conclusion thcreort.
lil tonncction with our Dudit of tht finon¢itsl OUF Ftr3PDnJibility ip to read the othor inforniution and, in doing ￿0.
¢onsLdcr whtthcr ihc othcr informllrion i= maicnally inGOt)"
-tent with the finanrial rlatem¢nL or our knowlcdgc obtaincd i
audit or othcrw73¢ 4Lppcufs to be rnat¢riJJlly MI￿tat¢d. If iv¢ idcnrify ￿￿cb moicriol iDconsiplenCiCS or appoi¢nt mat￿IllI
Il1155tatem¢rtt3. wc are rtquired to dclcrn)Jne whcthcr the￿ tt IIMteriJl miJJluicoicnt in tbc ￿￿￿¢121 =titcmcntr or
ia*rial misstatemerti of the oih¢r infomiotion. If. b￿¢0 on thc work we havc porformcd. Ivc conclude ihot th¢re i
maierial misst81em¢ni ofthis other inforniaiion, we arc required th report thai faci. We have nothing to report in this regard.
Oplnions on fjiher matters pr¢Kribed by iht CompADies Ati 20Q6
In our opinion. based ors ihe work und¢rraken the Course olthe audii..
tli¢ infom)auon Biv¢J] in the Governots Alltsual Report (wlll"tb in¢orporat6s th¢ Str￿egi¢ report and rbe Dire￿Or8.
repvn) lor th¢ fin4ncilll ycllr for wliich thc fjnanciol -ialcm¢nts ore prcparcd i" conJiAcnt ivith Ihv financial
ststem¢nts.' and
the GovernoTS' A Thnual Rcport (which incorporates the stratwc report attd the Dire¢tOT5' report) has b¢en Preparcd
in actorijance with 3pplicabl¢ legal rtqUiTements.

INDEPENDENT AUDITORS'REPORT TO THE MEMBERS OF
CHEAM SCHOOL EDUCATIONAL TRUST (continued)
Mgtters on which we are required to Teport by ¢x¢eptiOll
In the light of the knoivledge aud utsdersiandittg olthe paTerit charitable company aAd Its enviroDtneni obtsined in ikne Course
of the audit. Ive have not Ldeniified malenal mis5UlemeDts in the Governors, Annual Report (which incorporates Ibe
strategic report and the DirectOTS' report).
We have nothitlg to report in TesF*Ct of thc following TDatters in r¢l*iory to whicb th¢ C￿mpanieS Acl ?006 requires us to
r¢port io you If. ￿ ovr opinion..
adquate accounrirtg records have not betn kepi by the charirable company. or returns adcquaie for ollr audii hav¢
ot b¢¢r) received from branches not visii¢d by us. or
the charitable company financial slalements are nol in agreemeni WLth the accounling records returns. or
certain disclosur¢s of Governor5. t¢murteration $pec)fied by taw art rtor made" or
we have noi re¢eived all the infom￿tion and explanations we require for our aud"Li.
Responsibilities of Governors for the fiD3ntilll M#ttfllEnts
As explained more fvlly in the Govcrnors. rcspoThs¥bilitics statcrDent set out OD pagc 7, the Govcrnor5 (who are also the
Directors of the cbaritablt ¢ompany foi tb¢ pllrposes of company law) ate respoDsible for the prepATation of the finèncial
Stat¢in¢nts and for bcing satisfied that Ihey Bivc a InL¢ and fail view. and for su¢h intetnal r()ntToI as ihe Governors
dtrcrminc Is nccc5sary io enablc the prepardlion tsf financial s￿teM¢nIS ihal arc frec from material misstaieinenl, whether
due to fraud or enor.
In preparing the financial stJlemenis. thr Governors ate rc5ponsible for a5%essing the charLt#blc company's abiliry lo
coniinue as & going conccm. d15closin8, as applicable. matters rel8red to going concern and using rhe going eort¢em basis of
a¢¢tsunting unkss Ihe Gov¢rnoT5 tither iDt¢nd ty liquidai¢ the gtoup or ihe poienl thantable ¢ompafiy or lo cease oper81ions,
or have no realistic altcn)ativ¢ but 10 do 50.
Audttor'5 responsibilAties for the audit of the financial staftfflents
Our objetlivts are ￿ obtain reasonable assurdncc a￿ut whether ihe finaneial s12temenis 25 a whole are frce from muieTial
mi5stsiement, wheihcr due to fraud or error. and w issue an auditor's Tepon that inclvd¢s QUT opinion. Reasonable assurance
is 8 high level of assurantt but Js not a 8uarartiee that art audit eonducted aceordatjce with ISAS (UK) will always ddeci a
maierial niisstatrmeiit whcn li tXl515. Misstsicments can aT15C fTOrn fraud or errtsT and aT¢ considered matetial ir,
ndiYidu¥lly OT in ihe 3ggregaie_ they could reasortably be ewied to Jrtfluence the economLC decisions of U5¢TS iaken on
the basis of th￿¢ financial suicments.
IrTegulaTilies, in¢luding froud. are instsn¢¢s of non40mplianc¢ with laws attd regulattons. We design procedures in line
vith our r￿POnSIbl71ticS. ouilined ab)vc. 10 ddect marcri31 mis51al¢m¢Dts ID T￿p￿t of irTeEulaTities. includin8 fraud. The
extent 10 which cur procedures are capable of derecting irre8ularitie5. including fraud is derailcd below".
Based on our under5tsndin8 of the charitsblc company and indu51ry. we iden(ified that the principal risks of non-compli2n¢e
with laws and regulations, Safeguarding and Educati(pn Acr. GDPR. company law atkd chariry law applitable in England and
Wal¢& and ive considtr¢d th¢ ¢xte0t to wbi¢h o0th-¢omplian¢e might have 2 material effect on the fujancial sraicmeThts. We
also ronsid¢rEd those13ws and r¢gulaiion5 thai b¥ve a direu impa¢t ott the Pl¢p￿tion of the Ooao¢ial str1eff￿Dts su¢h as
the Companie5 Act 2006 alld CtrLariiies Aci 201 I.
We ¢valuated martagcmetLt'$ irKcntive$ and opw)rtunities for fraudulent manipulauon of the financial 51atememis (iftcluding
the risk of override of controls) and deterniined that the principal risks were related io management bias in acc(￿￿¢7ng
estimates. Aud¥1 procedures performed by the engagemeni ieam in¢luded.'
Inspection of c0rr¢5pDnd￿CC with ￿gUla￿[S and authoTiries;
Discussions with nthnag¢ty¢nt iD¢ludiug ¢oDsid¢rniion of known or susp¢c(ed inslan¢¢s of noncompliance with
laws and iegulaiion aThd fraud.
Evaluating man#gemcnl'S ¢ontrols designed ￿ PT¢v¢n¢ al￿ d¢iert irrtÉulari¢ies-
Identifyin8 and t¢sting jouTh¥ls- and
Challen8ing assumptions and judgements mad¢by managetnent io their uiti¢•l a¢couniing estimaics.
A fvnheT description of ow responsibilities for the atsjii of the financial Statenie￿I$ is locat&J on the FIn￿tial Reportin8
Council's w¢b5jte ai.. wivw.frG.o
sRI)ili
. This dcsrripiion forns partof ouraudtlor's report.

INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF
CHEAM SCHOOL EDUCATIOIY AL.TRUST (contiiiued)
Use of our rtport
This rLpvTt is iiiadb 301clykn th¢ Group Jnd cthoritsble con1pon￿5 mCmbW￿. ￿ o bcrfiy., in occordDncc wirh awptCT 3 of Port
16 vf dii Coiilpanics Aci ?OQ6. Our oudii wotk h￿- bccn undcttsktn JO thai we might sifyio 10 Ihc thJritoblc Cornpan￿
m¢Jnb¢rs those matt¢T5 we 8r¢ required 10 statr to th¢m in *h Audilorfs repon aDd foi Do other purpose. To th¢ fiLll¢st ¢xi¢nt
pcrroiltcd by laiv ive do uo! )cc¢pi or 3¢sume responsjbility to Anyolle other ii13n charitable egmpauy gnd the ch3rii*ble
company's mcmbcrs as a body. for our audil work. foT this repoo or for ¢hG opinion5 wc have fomKd.
Kathryn Burton
Senhor Siatijlory Auditor
for and on behalf of HaysmatinTyre LLP
Slatulory Auditors
10 Queen Street Place
London
ÉC4R IAG
Dale..
22 November 2021
10

CHEAM SCHOOL EDUCATIOYL AL TRUST
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITtES
FOR THE YEAR EIYDED 3151 AUGUST 202]
General
Unrestri¢ted
Fund
2021
Othtr
Funijs
Total
ToiAI
Funds
2020
1Tr4COME AND EXPENDATURE
Notes
2021
2021
INCOME FROM:
In¢oi)ie from chirltable
actkvities
Tuition fees
Disburse4nents and exirns
Other aThcillary incomt
Inv¢stth¢ni$
Intcre51 r¢¢eivable
Voluntary sources
Don3ti0ns and appeal income
Other iocome
Goyenunent granrs
Other income
Trading irteome
6.845.770
l8l.841
19.528
6,845,770
181.841
19,528
6,777,037
16.713
911
9,506
4.315
4.315
5.000
177.783
4,402
177.783
4.402
402,863
3,149
2.358
£7.234.550
£7.234.550
£7.328.036
EXPEIYDJTUREON:
Rslsittg funds
Finance cost$
Prtpaid fe¢ dsscouni
Trading expenditu
J8,826
5.IW)
4.336
18.826
5.490
4.336
?6,883
8.834
2,800
Charitsble activities
Scliool opeioli&Jg ￿15
Teaching costs
Welfare
Prcmises
Support costs of 5¢hoolin8
Grants
4.233,827
651.972
1.306.207
908.467
4233.827
651,972
1.306,207
908.467
783
4,2i2.624
635,189
,282,427
895,498
783
£7,128,8?5
£783
£7,129,608
£7,108,366
Net income before transfers
105.725
(783)
104.94?
219.670
TraD5fers berween knds
Net income after transfers
105.725
(783)
104,942
219,670
B81art¢¢ brougbi forw¥d
10,W3,201
49,606
10.052,807
9,833.l37
BalaDCC C4FTicd fonward
16
£10.108.926
£48.823
£10,157.749 £10,052,807
All 8¢tiviti45 are coniinyinB. Ali the tund5 are utwrriCt￿ apart fTom the Other Ful￿. which comprises the Leamin8
Support Fund. No summary irKome and ¢XF*rhJilure account ljas bctn prepared bccws¢ thb5 infornalion 15 clcarly
identified in the atM)ve stOt¢LttCDt.
Tbe a¢¢ompanying notes ar¢ an inwJl part of ibe accounis. The results of the rAreDt company are not pr¢5eDt¢d in
aecoTdanc¢ wih ¢xernp(Lofb5 PTovidEd by the Companies Aci {21)06)_ The rcsuli foi the year was a £109.277 S￿￿luS {2020..
£42i.811 Surplus).

CHEAM SCHOOL EDUCATIONAL TRUST
C•mpin) Number: 01843219
CONSOLIDATED AND CHARITY BALANCE SHEETS
AS AT.3151AUCUST2021
Croup
Schwl
2021
2021J
2021
2020
Not¢5
FIXED ASSETS
Tongible fixed &8seis
Investments
10
11.048,172
11.173.823
11.048,172
11.173.823
CURRE1￿ ASSETS
Dtbi¢tS
Frts and extrns irt irreats
Other debioTS, Stock5 and PTepaym¢n¢s
6.?24
202,564
4,787
382,71
6.224
202.564
4,787
382.71
Cash and Gash cquivalcnts
1,238.865
,639.810
1232.508
1.627.387
1,447.653
1109,416
1.441.296
1.892.5
CREDITORS. due wiiliiD OL)e year
Ftts received in advance
Prepaid l¢¢s
Oiher creditors
Bank loau
12
{594.983)
(250.0241
(544,655)
(450.000)
152?.723)
1367.6411
1601:30II
(31)0:1￿)
{594.98il
{250.024)
1542,405)
(450,000)
{522.7231
{367.6411
1601,3011
1300,0001
12
13
{1.839,662) (1,791.6651
(1,837.4121
(I.791,f￿5l
NET CURRENT
ASSETS/LIABtLITIES
(392.(M)9)
1215.451)
(396.1 16)
(223.894)
CREDITORS- Lhjc afler onc y¢ar
13
(498.414)
{905.565)
{498.414)
1905,565)
TOTAL ASSETS LESS LIABiLITIES
£IO.157.749 £10.052.807
£IO.153.643
£10,044,365
UNRESTRicfED FUNDS
16
General Fund
Learning SuppDrt Fund
14
15
10.108,926
48.823
10.003,201
49.606
10,104.820
48.823
9,994.759
49,606
£10,157,749 £JO,052,807
£10,153,643
£JO.044,365
The ftnancial 5tatemtnts approved and authorised for issue by ihc Board of Governoys on 12th Novemb¢r 2021 and
were signed klow on irs behalf by..
R Marsh, Chairman
Sir M Harford. Govwior
The accompanying notes are Intew] port of the aG¢ounts.
12

CHEAM SCHOOL EDUCATIONAL TRUST
CONSOLTDA TED STATEMEh'T OF CASH FLOWS
FOR THE YEAR ENDED 31" AUGUST2021
Y021
2020
Cash flow from npergting activitie5
r4tt sn¢ome for ¢h¢ y¢ar
Depreciation
Interest re¢ei¥&bl¢
Interest paid
{IDcTeaseydetrea$e irt d¢biors
tncrea5cJldecreascl In crcdiiors
104,942
351.382
219.670
347,638
1?.S(i61
26.883
82.107
(279,296)
18.826
178,710
17.607
N¢t ¢ash 8enerat¢d froth 0￿rating aeijvilies
670,556
387,496
Cash flow from Invtsting activitles
Interest rec¢ived
Purchase tsf fixtd assets
4,201
(240,999)
(225,7311
Ntt ¢ssh used in investing Activitle5
(224.820}
(231.4931
Cash flows (rom fiD4ncing o¢tivitie5
BaTJk loatb repaymertts
Iiicreasel(decreasel in prepaid fees Inci)
Iiit¢iesi paid
(100,000)
(?76.7611
(18,826)
(200,0￿)
(380.2141
(26,8831
Net cash used in financing activities
(395.587)
{607,0971
Intreaselldeerea5e) in cash and cash tquivalents
£50,149
£(451,094}
Cash and cash equivalents as at IA S4JtembtT 2020
,188,716
1.639.810
Cash attd cash ¢quival¢nts as at 319 Augu5L 2021
£1,238,865
£1,188.716
Rec•ncilhation of net debt
Balance
1° S¢pt¢rnb¢r
2(12
Balance
311t August
2021
C*shnoiYs
c.ash at bank and In hand
Debt due wiihin l year
Debi dlle after l year
1,188.716
(450.th)0)
(lo0,L￿)
50.149
1,238,865
1450,0001
i¢Jo.(
£638.716
£150.149
£788.865
13

CHEAM SCHOOL EDUCATIONAL TRUST
YEAR ENDED 31Jt AUGUST 2021
ACCOUNT114G POLICIES
ACCOUNTING POLICIES
Clirdui S¥iJrM)l T￿tst 15 a chJritablc coThpJny incorpopaicd in ￿￿tand WaloG. Furthvr Gompaoy infonD21ion
can be found OTh pag¢ 2.
Basi$ of ActO￿tttIng
The fiiiduLial >iaitmetsts h&vts btrn prcwrd undet the hJ"#oricol c051 cottventioo athd in a¢¢oidan¢c with applicabl¢
accounting standards #nd the Ststemenl of Recovrynended PrncTie¢ Accounting and Reponing by Cliariises (sor
20191, the Companjes Aci 2LK)6 and FRS 102 ihe financial trportlll8 SthlldaTd applicable in the UK aTrd the Republic
of Lr¢lJnd. The accounis PTesellt the coThsolJdated 5tat¢m¢oi of fuJaDcial aciiviiies (SOFA). Ibt consolLda¢td statcffl¢nl
oltash nows and the tonsolidaied and ScbrM)I balanee shetts comprising the consolidation of the Schtsol and with its
wholly oivned subsidiary Cheam Trading Limited. No separnk SOFA h•s been PT¢s¢nied for the Sehool aloiie. as
pennirted by Seciion 408 of ihc CompanLes Act 2(￿.
The SL"hoDI reviews dt)d iiithiifuY> ils fit)artcial position iloxly on a r¢Eulsr btssiJ and alm modol. fufuTO s￿lIa￿l0.
¢n5ure proactive yep$ are iaken io prot￿¢ both the fitwi¢iaJ resilien¢¢ of CUTreTJi 0￿ra￿kOnS, including rlie shoFt-
i impact of Corot)aViTUS or other tsnexpccrcd eveDLS. and its lon8er-ternJ fmancial siability based OD a range OF
oih¢r fattors. Thesc fo￿&$[$, ID addition io pttre5ses, eontrts15 and goven)a￿Cc in this area, eDablt a timely
responsc to ￿nerging issues and coniLngency planning for unctrtainiie5 presenied by the wider enviroryrnenr. Th¢
School Teiains strong link5 with its baiikers who coniirtue to make available approprLaie f2eiliti¢s 10 support ongoing
•Llivili¢s. Ila¥iii8 its ￿UlT￿￿t finanual rc30urc¢-J. lhc Ellnding fncililics a%'ai13ble to rh¢ School. and futu[¢
projecied cash flows. the Govtmors hav¢ a reasonable expeclaiion ihai ihe School will h8v¢ adequate Te50urces lo
¢onlinu¢ ils a¢tiviii¢s for the fortsttable fumrt_ The Gtsvcmots believe there are no rnaierial uncertainiies relaiing to
going concun and as such coniinuc ￿ adopl Ih¢ goiiig concern basis in Preparing ihese financJa] $￿teMents-.
The following accounting policics have b¢eD applied coDsisrcDtly in de41irtB with items whi¢b are ronsidered
Inaierial in relatLOn to the Sch(￿1,$ fitbathciil sraiem¢nts.
bl
Fees receivable and similar in¢orne
Tuiiion ftes art Stated after deducting allowan￿$ for aw3rd$ and ￿h¢r Temi5510n5 Oth¢r educational incotne
comprises incomt Prom school outings, acti￿1￿£5 and other relgied income. These soknrce% of ineorne aTe included in
th¢ accounis when they become receivable and their value ean be measwed ￿1th reasottabl¢ piobability.
Expenditure
ChaT112blE a¢iivity costs ¢ompTise5 all ExpendiTure direcily relawl to the objecLS OF the School ittcludiog direei staff
¢osts aittibuiable 10 eoch aciivily. SupFM)rt cosrs included wiilll"n the charirable acitvily comprise ihe e05ts of all
resouTees utilised directly LO SUPPOrt th¢ khool'5 PTlrnary Jclivilies.
Govern?￿e ¢osts are Ih05e tosts incurred in ¢oDnecbi>n ivith the governance of the ¢tI￿lty and its assets and are
primarily a5%>ciared WLth consiiDJtional and 51atutOry requirements.
d)
PtlJ510A ¢OStJ
All staff {(eathing and rton-iearhing) arc njembcrs of defined ¢ontributioFt ￿beEn¢5. where required by purstsallt
legislallon. which comply with the requiternents for a stskeholder pension sch¢me. The School withdrew fTom the
Teaehers. Pension S¢heme ok 31" D¢¢erllbei 2019. S¢¢ Noi¢ 8 on p#g¢ 16.
Fixed Assets
All iiem5 of a capiial ttawre with a coffibsned value ofover £61M) are eapitalised. Depre¢iation is ¢alculat¢d so as to
wiilt ofEihe cosi of tsngible fixcd a55cts on a straight-lin¢ kn"Is over tb¢ eXp￿ted us¢ful economic lives of the assets
concerned. The prirÈcipal rates used for this purpose are..
Freehold18nd
Freehold building5 & improvement5
Furniwe, fixDJres and equipmeni
Motor vehiclcs
Computers
Frethold land is not dtpreciawl
2#A
25%
14

CHEAM SCHOOL EDUCATIOIYAL TRUST
YEAR ENDEII31' AUGUST 2021
ACCOUNTING POLICIES (continutd)
ACCOUNTtN¢ POLICIES (£oAtinued)
FiTr#neial lfjsirutyeois
Th¢ Trust only bas financial 8s5ers and financial liabilitt￿ of a kind that qualifv as basi¢ G]Janeial iThStruttJents. B3Slt
rinancial ii)slwmcnts ar¢ Iiijtially r¢cognLStd ai ts*)saction value and subsequenrly measured ai iheir 5ettlemenr
value.
Op¢r2timg Leases
Renial charge5 art charged on a $trJight-line basis over the iemi of the lease.
h)
Debtors
Tra(k ènd oihtr debrors are tecogt)Ised at the sdilemeni amount duc afttr any discounts offcrcd. Prcpayinents are
valued ai the amouni prepaid nei of any disco￿15 due.
C*sTh at bank and in haiid
Cash is Tepiesenied by Gqsh in hand and deposits with finaThcial insiitutions repayable withour penalty on noticc of
nor niore Ihan 24 hours. Cash equiv¥lenlS 4r¢ highly liquid iovesitnertts that nxatut¢ in no more than three months
from the date of acquisition and thai are readily convtniblc 10 kiiown amowits of cash with insignificani risk of
chan8e in value.
i)
Credilors and Provi$ions
Crediiors and provision5 are reco8nised whcre the Sch￿1 hos a pre5cnt obligarioii Tesulting from a pasi event that
will Probably result in the trdiisfeT of funds io a third party and ihe amouni due 10 settle Ihe obligaiion can be
measured or csiimared reliably. Cr¢ditors ar￿ provbSiODS r￿[mallY recogtsiged ar the￿ 5eitlcmeni amount afier
allowing for any discounts due.
k)
Fund atcounting
The fitnds of ib¢ School are acrounied for as Un￿51¥1¢¢¢d or r¢5tricted incorne, in accoidance iyjth the tern)s of tru$1
imposed by the dortors or arty appeal to which ihey may have responded.
Urtrestricted Income belong5 10 the School'5 COTP)rale rc5¢TVe5. 5p¢ndable ul thr discr￿l0Th of the Governor5 ¢ith¢T
(o further the Srhool's Obj¢¢ts or io b¢nefii th¢ Schwl itself. Whcrc the Govtmors decide to ser a51de any part of
thes¢ fiinds to be used in fvhjre for some 5pecifK purpos¢. tbis is OCCOLoÈed for by transfer to the appropriate
designaied fi￿￿.
DesigDated fiinds are a parti¢uior fom of unr¢¥ricttd funth COthSiSling of amounts, which have bett) allocated or
designat¢d for specifjc p￿￿oSe$ by the Govetnors. The use of designalcd futtds Temains a( ¢he discreiion of
Governor5.
Critical 50urct5 of e$tim*tion uDeertginty 2nd a¢¢O¥lliing judg¢ments
The governo￿ consider there io be the following key sources of esiitnalioD UDcertaitLty and have thereforc applied
jud8cment.
Useful live5 of r￿ed 8sset5
The useful Iiv¢s ovu whiclL fI￿¢d assets are dépr¢ciated are esiimated by reference to his￿riCAl experience of th¢
timt assets are retallxed and utilised by the School.
Empl&ye¢ beft¢fits
Employee benefits are accounttd for in Ihe in whi¢b th¢ employec's %rvic¢s w¢r¢ provided.
Employee lerminatlott pxyments
Emplgye¢ ierniinaLiOD p￿ents art accoun*d for in the F<r1￿ in which the ernployee ccased ¢mployrnent with the
School.
15

CHEAM SCHOOL EDUCATIONAL TRUST
,YOTES TO ACCOUNTS
YEAR ENDED 31" AUGUST 2021
CJIARITABLE ACTIVITtES
2021
2020
Fe¢s r¢¢civ8bl¢ th)nsist of".
Boardins and tuition fees
Le$s scholarship4 buNrics and rtmissions giv
7.285.154
{439,384)
7.308.041
{531.004)
£6.845.770
£6.777.037
OTHEX ATr4CILLARY INCOME
2021
3020
RcgistrJti(>n fees
Oihtf
8,720
10.808
5,150
1.563
£19.528
£16.713
SUBSIDIARY
2021
2020
Turnover and oiber ineomc
Administyaliv¢ eKp¢nditurE
1,620
112.02?)
(4.3361
{105syproftl
Bank Inieresi Recekved
T&K on profit
(4,336)
(10.402)
203
ILossyprofbi foi ihe financial wi¢yJ
(4.335)
{10.199)
Gift Aid d0tt8titsn io pami undewtskin8
(193,942)
Rttaiued in $ubsidiary
(4,335)
(204.141)
Nel Ls$ets
£4,107
È8.442
The ChariTabl¢ Company has an invcsTh¢nt ID a subsidiary ￿dertakn.ng which efjmpn￿ a holding of I
ordinary share of £1, being the whole of the issued 5hart capital of Ch¢aJD Trading Limiied Ilonn¢TIy
Ch¢am Asia Limited). a company Tcgisiered in F￿8[and.
As at 3l# Aiigu5t 2021. the cornpaDy had ner &wrs of £4.107 (2020= nei assets of £8,442).
lJYfEREST REC£IVABLE
20?1
2020
Bank it)krest
9,506
DONATIONS
2021
2020
DO￿tionS received
4.315
s,orxi
£4.315
£5.QOO
16

CHEAM SCHOOL EDUCATIONAL TrUST
NOTES TO ACCOUNTS (contiDued)
YEAR ENDED 31. AUGUST 2021
OTHER INCOME
2021
2020
Gov¢rnuKnt
177.78J
402,863
Rcni and Icllin8S
MiscellAneoi]s
3.loj
1,299
5.041
11,892)
£4.402
£3.149
ANALYSIS OF EXPENDITURE
staff Costs
Other
Depreciation
2021 Total
C05t of gener*tiDE fttThd$
Finan¢t costs
Prepaid ftc di*owi¢
S¢hool operatLAg costs
Teaching
Wclfat¢
Premises
Supporl
Gratiis
Ttad]n8 expcndift￿t
l8.826
5.190
18.826
5.190
3.598.159
453.fl)I
561,414
565.917
572.247
18Y469
498,928
316.i54
783
4J36
63,421
15.9Q2
245.863
26.196
4.233,827
651.972
1.306,207
908.467
78i
4.336
Toiil ¢xpenditure
£5.17.9.091
£1.599,135
£351,382
£7,129,608
7b. COMPA11471VE ANALYSIS OF EXPENDrruRE
Staff Costs
Other
D¢prtcigtio
2020 Total
Cost of generating fund5
Fina￿￿ ¢osts
Prepaid fet dJScO￿l
S¢bool op¢ratiDg ¢o$ts
Teaching
WelfaTe
Premises
Suppory
GTanlS
Tradin8 expendimre
26.883
8,834
?6".883
8,834
3,759,914
457.498
603.054
537.260
412.794
177.691
438.290
331.599
79,916
4,?52,624
635.189
1,282,427
89i.498
241,083
2,8C(I
2.8(H)
Total txpenditUTe
£5.357.726
£1.403.￿)2
£347.638
£7.I08.366
17

CHEAM SCHOOL EDUCATIONAL TRUST
,yo'rES TO ACCOUNTS (continued)
YEAR ENI DED 31* AUGUST 2021
STAFF COSTS
2021
2020
Rest*ted
Wage5 and salaries
Social seturily costs
PensioTh contributiofts
Oth¢r 5t3ff r¢l&ied costs
4.071.043
371.715
464,664
271.669
4,394.962
391,025
512,369
59.370
£5.179.091
£5.357,726
Temitnaiion payments of £50.0￿ were incuTfEd during the year (2020= £19.865}.
Other sraff Telaied c0515 were Previously included in wa8t5 and salarics and havc been separately dis¢105ed within
the staff ¢osts note totr the year ended 311t kn8llSt 2W21. Prior year figures bave b¢¢nT¢yated a¢¢ordingly.
No.
The aveta8¢ number of employ¢es itt Ihe year w&s:
Teaching
Others
98
67
165
Th¢ Dumber of employe¢s whos¢ emoluments ¢xr*¢d¢d £60.C
£60,000 - £70,(￿￿*
£70,000 - £80.000
£80.(K)0 - £90,000
£90,(X)O - £Ioo,000
£ioo.000-£iio.o
£110.000- £120,0(K)
Teacher5. Pe
ThE School used 10 panicipal¢ in the T¢a¢h¢rs' Pension Scheme l*h¢ TPS.) for i4s leaching starr, bui has sinc¢ left.
The pen$ioTh charge for this yeai ine14Jdts £011 {2020.. £184,768) contributions payable to the TPS and at the year4nd
£nil12020.. £NI) Ivas accwcd in Tespeci of cootribuiioDS io this scbeme.
The TPS 15 ao twfiInd￿ muiti-cmployer d¢fthed bcn¢fits pension s¢hcm¢ governed by Thc Teachers. Pensions
Regulations 9010 (as amended) and The Teachets. PensiorE Scheme Regulation5 2014 (as om¢ndedl. Members
conrribute on a "pay a5 you go" basis with conrribiitions from members •nd the employer bein8 credii¢d w the
Exchequet. lietirement aod 01￿ ￿l￿10t¥ btuefjts are paid by public hnds PTovidcd by Parliamenl.
Tlje employer ￿0111lib￿IlOrt late Is by the otcrttsry of stalc followLng schem¢ valuations undcrtllkcn by lh¢
Government ActU8ry'5 Department. The most reccni actuarial valuarioD of tbc TPS was prcpared as at 31" m￿¢￿
2016 aiid th. Vtjluntiott Report. whieb publishc4S in Mor¢h ?019, ¢oJJrUm￿ thjr tho cmployor fjDnrriburioll Tato
for Ihe TPS would hntrease from 16.4•A u) 23.6% from 1$ Sepiember 2019. Employets ar¢ also r¢quiFed to pay
sth¢me administration l¢vy of 0.08•A giving 3 totsl employer conthbution ra¢¢ of 23.68°h.
The 31° Mar¢b 2016 VaiuarioD Report was prq)ared ib aceord8n¢e the benefits set out in the s¢hemE
reguiaiLOnS and under the approach specified in the DLteciJous, as they appljed at 5 March 2019. However. the
assurnptions w¢[¢ ¢on$i1k￿l and sct by lh¢ Depameni for E(1￿￿tiOn prior to Ihc Tulin8 in the'Mcclou￿S•¢gtanl
18

CHEAM SCHOOL EDUCATIONAL TRUST
NOTES TO ACCOUNTS (continuEdl
YEAR ENDED 31° AUGUST 2021
STAFF COSTS (contin•e￿)
case.. This tsse has required th¢ Courts io conskder Cases regardirtg th¢ implemEntaiion of ihe 2015 refornis to Public
Serviee Pensions includin8 the Teachers. Pcnsions.
On 2T& June ?019 rhe Supretne Cotsrt denied the goveTTrmEnt pemiission to appeal the Court of AppEal'5 judgment
that iran511?onal PTOVl5ions intyoduccd to tbe T¢fomied pension *hcm¢5 in 2015 gave rise to unl8wful ag¢
discrimination. The 8overnmeTht IS Tespeciin8 Ibe CoLLrt's decision and h&$ said it will engage fvlly with lh¢
Employmcnt Tribunal as w¢ll as ernployer and Tnemttr rcpresentativ¢5 to agrtt how die discrirninalioos will b¢
remedied. The Bovcmment announce41 on 4 Febnjary 2021 thai It inrends ro proceed ￿[h i deferred ¢hoi¢e
l￿d¢[pin under which rD¢mbeT5 will bE abl¢ io ¢hoose either l¢gary or reftsTmed scheme ben¢filS ID respeci of their
se￿ie¢ during th¢ period betw¢¢o IA April 2015 aod 31° Mar¢FL 2022 ai the poiul th¢y b¢eom¢ payable.
The TPS is subjecr 10 a cost cap mechanism ivhich was put in place io proipxt taxpayers agairt51 unforeseen Changes
io s¢heme ¢ost5_ Th¢ chiefs￿r¢Thry to th¢ Tieasury. havin¥ ID 2018 antK>uncd thai th¢T¢ would b¢ 8 revjew of this
cost cap mechanisn?. sn Janimry 2019 announced a paust to the cost mechanism following the Court of App¢)I's
ruling in the Mccloudlsargeant Ca5E and until there is ccrtainry about the value olpension5 to eroploytes from April
2015 onwards. The pau% was lifted In July 2020. and 8 consul￿tOn wa5 launched on 24 Jtsne on pt(tposed ¢harJg¢s
to Ihe cosi toniiol mechanism folloiving a review by the Government AcNary. The ¢LNJ$ulrntion t1ts5ed 10 response
OTh 19, August 2021 and the Government is currently analysing thc resFK*n5¢S.
ID view of the above tuliDg5 and dccisioDS rhc ossumpiion5 Used in the 31" March ?016 Actuarial Valuation may
becom¢ irtappropftaie. In this scenario. a valuaiion prepared in accordance with wised benefits and suitably revised
a$sun)piion5 would yield diff¢Tenr rewlts than those Conuincd in the Acluarial Valuaiion.
Until the Cost cap mechaoism i¢tri¢w is ¢ompleied it is not possibl¢ to conclude on aoy fmancial impacl OT future
¢hangt5 10 Ihc coniribuliotj ra1¢5 of ih¢ TPS. A¢¢ordingly. no proYi5iOTL for any additional past b¢ntfii pen*on cosi$
Is Included Lbl these financial 51alements.
An alt¢mative defined contritAJtion pett5ion scheme was put in place for lh¢ benefLL of teaching staff ai the Sth¢)ol
folloiviDg wiihdrdwal from th¢ TPS.
Awiva Pension TnisL for In
A5 the replacein¢nl for tbe TPS for ttacbing staff. ¢b¢ School ha5 parricipated ID g defined CODtributiott scheme with
the Aviva Pension Trnst for Indepet5denl Schools. During the )tar £608,315 (2020.. £252,709) was recognised as an
expense In the Consolidated Staiemenl of Finan￿81 Acuvilie5.
In¢0
rated As50ciat
on
3Jaio
sch￿1$ Retiremetkt
The School also participates Ln a defined contribuiion sehemt iviih rhe Incorporated Association of Preparatory
Schools Reliremtn¢ Plan for cenain nOn-t￿Ching 5¢aff. Dunng the year £137,891 (2020.. £58,597) wa5 recognL5ed a5
eip¢#se In th¢ Con501idated StatemeE)t of Financial A¢tivities.
Nesi Pension Scheme
Th¢ School a150 participates in the Nc5t Pension Scheme. a 8overnmcnt batked defincd contribution schem¢, for thc
b¢nefit of teTtsirt non-teaching swff. DuTing the year £JO.842 (2020". £16,295) was recognised as in expense in the
CoD5olidaied Suiement of Financial Aciivitics.
At the ycar-end £70.294 (2020.. £64.4J9} wa5 payable in respe£1 of contribution5 to the defined contsibution pension
s¢hemes thai S¢hool partiripales in foT the bcnefil of its staff.
Ntsne of the Go¥ernoTS received aThy rem￿neration. Oji of pocket expr[￿ paid 10 Governor5 durillg th¢ year were
£639 (2020.. £nil). The SchoDI h35 purcha5td Governor's liability iry5uranc¢. As ihc premium is Incl￿ded with other
in5urnnce cosis, it is noi 5epaTate]y ideniifthble.
19

CHEAM SCHOOL EDUCATIONAL TRUST
OTES TO ACCOUYTS IcoAtiAued)
YEAR ENDED 31" AUCUST 2021
EXPENDITURE
21121
2020
Expenditure includes".
Op¢ratJn8 Icase paymeDts
AudÈior's r¢ruunthtio
65,959
17.58Q
1.320
351,382
117.S66
15.6Crf)
630
347.638
Audit
- Other services
Deprcciation
10. TANGIBLE FIXED ASSeTS
The moveTneThts of tsTh8ible fixed assets are as follow5:
Croup and khool
Freehold laDd
and freehold
buildings
FurDlture
Fittin8& equipment
and motor v¢hitle¥
Comptsters
Total
COST OR VALUATION
At IX Septcmbcr 2020
Additions
Disposals
13.977,208
2.880
1.445,640
166.310
526,369
56,541
15,949.217
225.731
At 3111 Augu512021
13.980,088
.611.950
58?.910
16,174,948
DEPRECJATION
At 151 Septeinber 2020
Chargc for the y¢ar
Oll disposals
3.419.479
?06.611
917,704
102.7i I
438,211
42.040
4.775.i94
351,i82
At 31# August 2021
3,626.090
1.020.43i
480.2)]
5.126.776
I ET 8OQK VALUE
t 31° Au8ll$t 2Q21
£10.35i.998
£591.515
£102.659
£11,048.172
AI 31X Augus(2020
£10,557.729
£527,936
£88,158
£11.173.823
The loak disclosed in Noi¢ 13 below is secw¢d on the abov¢ ptopety.
20

CHEAM SCHOOL EDUCATIONAL TRUST
NOTES TO ACCOISNTS (continued)
YEAR ENDED 31" AUGUST 2021
PREPAfo FEES
Tbe rnovemcnts on the SchryJl'5 PTcpaid fees schtme during the year werc follows..
Group *nd School
2021
2020
Balance #i I Septemb¢r 2020
New contracts
Amoun¢ aGcnJ¢d to conifdcts
Refvnded 10 parents
675,813
105,145
5.190
1,056,027
327,060
8.834
(291.593)
786,148
I.IW,328
ArnO￿nts utilised in payment of fee5
{387.096} 1424,515)
PAIAnte at 311¢ August 2021
£399.052
£675,813
Assuming pupkls ￿m21￿ with the School, prepa]d fees will bt applied as follows..
21121
2020
Within one year
Bchvcen two artd five yeats
After five years
2iO,024
149.028
367,641
308.17?
£399,052
£675,813
12.
CREDJTORS: . Due within one ye*r
Groyp
Sthool
2021
2020
1021
2020
"Fees ￿ceiVed ID advatttt
£594.983
£522.723
£594.983
£522.723
Trad¢ ¢reditotS
Otber lax and social security
Oiher cieditoys
ACen￿lS
Amoiints owed to wup undertskings
116.68.3
115.996
240,826
71.150
1 19.393
101.488
241.585
138.836
16,683
115,996
240,826
68.9QO
119.393
101,488
241.585
108.836
£544.655
£601,301
£542,405
£601,301
School fccs r¢¢eiYed Tn •dvxn¢e r¢latts to ftts for the next school year, which some p.arents pay ID adyallct..
21

CHEAM SCHOOL EDUCATIOP4AL TRUST
NOTES TO ACCOUNTS (continued)
YEAR ENDED 315t AUGUST 2021
130
CREDITORS: _ Due after one year
Croup
Srhool
2021
2010
21J21
2020
Prepaid ftts
Fee deposils
Bank loans
149.029
349,385
308.17?
34?.393
250.1
149.029
349.385
308.179
347,393
2iQ.OCKI
£498.414
£905,565
£498.414
£905,565
J3b BANK LOA]Y
Group 5t.hool
2021
2020
Du¢..
- between one 8nd hvo years
- beiw¢¢n two and five years
250.000
250,000
300.0(M)
Creditors due wiihin one year
450,(K)O
450,000
£550,OCKJ
Thc above 108n. which is securcd on the Schcol's frtchold property. consists of £225.000 whirb bears inicrest at
2.3 /0 above th¢ LIBOR rate 8nd £225.(NIO which uow kn interest al a fix￿ rate of 3.260/4. The loans
commen¢¢d in February 2013 with a 9-year tErn and arc therefore both finally repayable in February 2022.
14. GENERAL FUNDS
General funds be applied to ihe School's OP¢Talions at dis¢i¢iioD of the governots.
OTHER FUNDS
JS. LEA￿NING SUPPORT FUND
The fund consists of donaiioD5 of £60.(th ihat are now reduced to.£48.823 which are being used" for learrtiug support:
£783 was spettt during the year.
22

CHEAM SCHOOL EDUCATIOP4AL TRUST
NOTES TO ACCOUIYTS (ci>*tinued)
YEAR ENDED 31" AUGVST 2021
16a. ALLOCATJOP4 OF COPISOLtDATED NET ASSEIS BY FUND
Net current
asset
Creditors: due
after oAe y¢Ar
Fixed assets
2021 Total
General Fund
L¢&tning SUp￿)nFu#d
11.048.17?
(410.833)
48.823
(498,414)
10.108,926
48.823
£11.048.172
£(392.010)
£1498.414)
£10,157,749
16b. COMPARATIVE ALLOCATION OF CONSOLIDATED Nrf ASSEI"S BY FUND
Net turrtrtt
as5elsl
{IDabililrts)
treditors: du¢
ifterone year
Fixed 855tt$
2020 Total
G¢n¢r31"Fund
Leaniing Support Fwid
11.173,823
(265.058)
49,606
(905.5651
10,003,200
49.606
£11.173.8?3
£(215.4521
905.5651
£10,052,806
17. OFERAThNG LEASE COMMITMENTS
The S¢hool the ftsllowithg ￿#1 oper¥iing lease ¢ommitm¢nts due Js follows..
Group and SEhool
2021
21120
L65S than one ye
Two (o flve years
Over five year5
55.515
108,380
648
65,959
153,684
10,860
£164.543
£?30,503
18. RELATED PARTY DISCLOSURES
Th[¢¢ Govemm hav¢ thildr¢n at the School aDd pay in IiDe with othcr parents.
There were no other Telatrd party transactions in the year e￿Ied 31# A￿8￿[ 2021.
23