CHEAM SCHOOL EDUCATIONAL TRusr (A CompAny.L41nited by Guarantte) GOVERF40RS' REP()RT AThD COP4SOLIDATED FINANCIAL STATEMEPTIS YEAR ENDED 31# AUCUST 2022 Company Registr3tioD NO. 0"184"321.9 Charity RegistMioftNo."290143 HaywxÉMyre LLP Chartered Acc<>unLants IAindoiJ •ABHT8Wh' 29111f2022 COMPANIES HOUSE A13 #141 CHEAM SCHOOL EDUCATIONAL TRUST REFERENC£ AND ADMINAsfRATIVE IP4FORMATIOIY The Board of Govcrnors prescni ttKir annuat for the year ethded 31N August 2022, iogethtr with the avdiled consolidated finaETrcial statements for the ye4r. and coThfirn Ihai they comply with ih¢ Nuirements of ihe CompaniE5 Act 2006 and the Comparky's Memorandum of Associaiign and the Chatiii¢s SORP 2005. Thcsc financial siatemetti$ Jnclude th¢ r¢siili$ of the School'5 Subsidiary, Cheam Tradin8 Limited. REFERENCE & ADMINISTRATIVE INFORMATION Cheam S¢hool Educational Trust is a charitable compaThy ethli5hed in 1984 with the SclKJtsl Originally fou￿led in 1645. The Company R¢gisTTaTion number. is 1843219 athd the ChaTily Registsation Thumber Is 290143. The liability of ils membets is limiied 10 £1 each by 8uaranttt. The Tegi5ter¢d offict and prir￿lpaJ 3ddrc55 of the Company is at Tht4m School, Newbury Road. Headley. Bwkshirc. RG19 8tD. GovenAors The School Governors. who are all a150 Charity Twgtes and DircctOTS of the Cbaritable Company for CompaDics Act purposes, and olso any past Governors who 5eNed during the year as indicated, art: Board FSn•Tr¢¢ Committtt Mr R.D. Marsh Mrs A. E. H. May (Rcsignd 24 June 2022) Mr R. Hornsby (Resjgned 24 Junc 2022} Mr N. Adam5 Dr T R Hands Mrs L J Moelwyn-Hughes Sir M. J. Harford Mr S. Mincrg ' hlrs A. Jack . Ir H. Bond-Gunning Mrs T. Reeve KeyE¥eculi￿5 4lidProfes￿.OhOlA4VL1orS Hradmast¢r- Acling'Headmaster-. Director of Fiiwiceand OperaliotK¥ fDF(Y}.' W. T. Phelps (appoinlrA] April 2022) T. Haigh {rtsigncd hlarch 2022) L. Jenkins Bankers". National WestmtnsrerBank Ptc 30.MaTket Place Ncwbury. Bcrkshire. RG14 5AJ Audito Haysmaciffly￿ LL Si&uiory Auditors IQ ¢￿¢¢th Strcd Place iondott. EC4R IAG CHEAM SCHOOL EDUCATIONAL TRUST GOVKRNORS* REPORT FOR THE YEAR ENDED 31¥ AUGusf 21n2 STrucTU￿ COVERIYANCE Af4D MANAGEMEKr Governing The ch￿lty is governed by the provisions of ihc McmoT3ndum and Articks of Association latt amcndcd on 28 Juno 2005. The Governiwg Body Th¢ Goveming body is cl￿1¢￿ on the basis of norninatiofts at¥J Te¢ommtndations received from various ￿UrceS with 8 view lo cnwring as wide a mix as possible of ￿levant expcrtise. Members usually serve for a terni of five years and arc eli8iblc to stand for re.C1￿110n. Governor Trtslnitsg New m¢mbcts to the Board arc inducted into the workinss of ihe School. and alw the Company as a re8iSteTed charity. including board policy and pror￿U￿$. Tnining u)urxs are organiwl by the DFO arEd are attendal as required. A record of iraininR is kw 00 lh¢ member's file. Oryryiststion¢UMoiiogement The Board Tn¢¢t5 at a minimum oncc exh to determine the general ￿l1¢Y for the Trust and r¢view its ovctall managerncnl and control.for wbich li is legally rtswjnsible. Thc Finalltt Committee meets * a minimum prior to eath iernily Boanl meexin& $￿ifiCallY tts Teview finan¢iai management Informat￿Tr. and to make recommendaiiMs to the Board.. Orgwiisariwi4lStrucfure widReloiionship$ The day to day runninE of the School is delegated to the HeaJm&ster ahd DFO who.rcpon to th¢ BoaTd each term. Th¢ HEadma51¢r js siJiryort¢d by the Serti(pr Man3g¢meni Team. (hher spxific sulFeommitiees exi51 ¢0 provid¢ a fonjm foi Ihe remainder of the Staff. OWECT& AIMS, OWEcfivES AND PBJNCIPAL ACTIVITILS The prinGipal Objcct of the Charitable Trns4 in accoTdance with its Mernorandum and Articlcs of A$50ci*ion, ts the education of iws al￿ girls up ￿ the age of 13. Objec#vesfor the Year l. To achieve the high¢x academic rewlLS P)ssible so that all pupils gain entry to the senior school of their ¢hoice. 2. ContTThUOUS development of ¢xiMing a¢ad&ni< pa5Loral. social and sporting activities. 3. To achiev¢ a sourbd financial basc.to ajlow for future developrn¢nt of **lemic and othtt activities. Priiicw4lAclivity The Trust continues Io opet*e a Ptcparatory and Pre-Prwarory boarding and thy school for both boys #nd girls fTom 3 to 13. The fees are sd at a l¢vcl to en5wre ih¢ financial viability of rhe SchLK>I arrd at a l¢v¢l that Is coijsjslent wilh providing a fi￿1-¢I￿ education to l)oy5 and girls. Key ivoiiogemeiilpeYs•niielr¢wuner4lion Key tnanagement p.ersonntl remuneralion is detennineo by the Schrk)1'5 Finatsc¢ Committee agiinst s¢¢¢oi ben¢tr￿arking and in ¢onsider*ion of oiher relevani infornaiion li.¢. geographical facloJ5). Any revisions to remunrrati¢m or remuneration policy arc put to ihe BoaTd f(Frappn)va]. CHEAM SCHOOL EDUCATIONAL TRusr GOVERNORS. REPORT (¢ootinued) FOR THE YEAR ENDED JI* AUGUST 21J22 STRUCTURQ COVERNANCE AND MANAGEMETrrr (¢onlI￿vd) Equol OpportuRiltey Our School wtleomes pupils from all bxk8rounds. To admil a prospc£tiYe pupil. wc nced to bc 5lltlsfied that ¢)UT SchcA)I will be able to educate and develop a prospective pupil to the best of their p)itt)tial. Eniranr£ interviews and assessments are undertaken 10 ￿1sfY our5elve5 and paJen¢S ihat p)Icntial wpi15 can ¢ope with the pace of learning and benefit from the edu¢aiton w¢ Provide. An Individu￿.$ ecthiomic gender. r%e. rcligLOn or disability do not form part of our asSe￿en1 proccss. The Sch￿1 will make re&%on#blo ￿jUstmentS to meer the needs of pupils or staff who are or who bec¢me disabled. Btsrsories. all•K*T1￿5 & remisstons The Governors view the sch￿I.s bursary awar&% as imy>riant in helping to enSLITe childrcn frorn farrtilirs. who would otherwise noi be able 10 affoTd the f¢4 ¢an access th¢ education the school offus. Burwies are available ￿ all who mtd our 8tr*ral entry requLrtmen15 an& are made only on the basis of p￿ental mcdfs OT to relieve hardship. The School does not hovc large endowments or investments to fund any owords and has ther¢fore to ts15ure that there is a balance bdween fee-paytng paren1& many of whom make considerable personal sacrifices ￿ fund their children's education. ar￿ those b¢ncfiting from the awaid5. This year the Trust wa$ able its gjpport 17 pupils (2021.. 19) Ihrotsgh means tesied bursaries. Five of the bursarics were worth 75% or rntsre of the annual fee witb a further two at s￿/• or mor¢. The currertt tota] valu¢ of the bwsaries. allowances and remi&sions the aftnual fee Ir￿ome by £562,413 {2021: £439.384). STRATEGIC REPOR REVIEW OF.ACHIEVEMEPnS AND PERFORNIANCE FOR THE YEAR OpeMftonalperlorm&rtceolthe School -. A¢&demie P4storthl.- Total pupil numbers at the cmd of ihc year were 378. ¢x¢luding 20 NuTSCry pupils (2021.. 369. eA¢luding 14 Nursery pupils}. All pupils passed their Cofftnmon Erttraft￿ ¢xam inio a senior school of th¢iT choi¢< In addition. scholarships wcrc awarded by senior sclKN)Is to 19 of thwn (2￿1.. 15). Ai no poini during the year did the Sehool'5 premises have to close due to Coronavirus re5trictiorn& A rtlurn to noThal I'evel$iof boarding generated £2.796.228 of Income{2021.. £244055). Ftscllth'És.- The Gov¢rnors are satisfied that the School offers a broad ran2¢ of education￿ faciliues 10 ¢hildr¢n of V3rying academic abilitics a￿1 interests. The School. as a maiter of cour5C. COlltinuc5 to inycsl in thc m3inlenancc and improvement of its ￿lStIng infr&%trucwrc. During the year. the School Telined its ornamental ponds to prevent water leaks., Improved drwnage of ils artifi¢ial playiDg suif¥e- installed a rnised zthrd crossing w)d re-covered road rnarkings to improv¢ traffic safety: rdocated and imp.rovcd its surgcry and Cre￿￿j a dedicated wellbeing ccrire for pupil5.' invested in &.Vertidrain@ to enhartce ihe quality of its pitch￿ added a setothd Reception ClaSsr￿)M io accommodate 8rowin¥ pupil numbers and refU￿1$hed various oiher clasyooms. installed new fen¢ing and d#king and rcpla¢ed Another section of the main school Toof.. expanded its xcond hand unifomi shop replaced swimming pool covers 10 Teduce heal losse5.' repahnred its ourdoor pavilion5" and continued its pwme of IT upgt¥J¢s erthan¢em¢nts to other health and safety ithfrnsituctutt, ithcluding fEre alamis. Strtsiezlc devdopth¢nis.. The S¢hool welcomed its new Headmwtt in ilie Summer Term ofter a'wwsful trans¥tion pcriod. Cheam also 3PPDIDted.s¢vcral oih¢T key Tole5 Within thc year to support its conTinucd growth. The School is CiSTrently refreshing ils vi&07) and #rategy which it exrxcts to commuthicate taTly irt 2023 afier appropriate Maktholdti. eDgagemcni and approwdl by its Governors. As part of ihi& Chearn will develop a multl-year e#ates m&ster plan a￿j set ambiti￿5 lar8els to becomt carboo neutral wiihin 10 year& The Cheam FothndaIio￿ a sepaTrte fuDdraising organisation ¢aab11th￿ 2019, Continu￿ io raise funos for th¢ provision of life changin8 bursarits and major capital projeas ai ihc Schwl. The Foundation is a 5tpaNe charity Wlth sepaT8te boatd of Tmstees, though theTC 1$ Close communication and eoopcrdhon with th¢ School's Governors and the Cheam School Association. CHEAM SCHOOL EDUCATIONAL TRUST GOVERf401LS' REPORT (cOntin￿ed) FOR THE YEAR ENDED 3111 AUCUST 2022 REVIEW OF AcHIEVEMEr￿S AI¥D PERFORMANCE FOR THE YEAR (tontsnued) Public Bel￿fIr.. The purpose of thc School is the ¥ivancement of edu¢41ioTh for and girls from thc age of thrcc lo thirteen in ¥¢or¥Jaocc wilh its Memorondum aThd Articl¢s of Asswialion. Save for teryLP)tary furltsugh payments during prior periods of Coronavirus disrnpiion. the Sch￿1 in the nornial course of events rtccives no funding frtsfft the State &rkl is therefore obliged to rhorge ftts to Lts pupils. palffirs to cover the remut)eration of its staff, oper*in£ costs and the maintertance ¢osts trx)Ih pres¢nt and future aswiated with the vpkeep of the School's f*bri¢ and facilities. The Govemors aim to uwre tha the khool's quality of educ￿lOn offered and the faciliti&* it FN)sse&w should be, wh¢rever possible. of b¢n¢fit to the ￿bliC Ind in p¥rti¢¥lar the lotal commuttity- ITh setting the khool'$ objtctives and platminE its activili&%, the Govemors have given careful consideration to the Charity Commission'$ gettetal guidan¢¢ on public benefit anil in particular to lis supplementary public bencfii guidance on advancing education and on fee-charging. The Goverrrf)rs acknowledge the guidance and will strive, wh¢rev¢T il is reasonably po￿lb1¢. to follow it. Thc following organisations and charities have tthefited from donations by the School or by fundrdising events held at the School.. PALS., NaDmi House.. Jeans for Genes. Macmillan Cancer Support:"The Roya] British t4ion Ihroush ihe Poppy Appeal.. Harrison's Funl. Disability Snow5pon UK. Altheimer's S(Kiely.' Kingsclere Walkittg Group,. Ftstgei Me Not Chorus., the Louisc Purtort Toy Appe￿.. Kids for Kids" the Hampshirt Medical Fund.. Restless Development. the British Red Cross iJkrain¢ Appeal. ParnGhute Rwment •nd Airbome Fortes Charity, l)emèniia UK. Children with Canter U ParknTtson'$ UK and the Ba5ing&oke FoDdbank ComiiAlllltty liKhs.' IhT khool is part tsf the local cornmuoity 3thd as such wc keen its participatc ITh Any wjy we can. The scho01.has assisted the local comfflunity of Hudlry village in maintsinrng tk grwnds 21 He8dley Community Shop and Village Posi Offict, &s well as the Villagc Hall and lttal bus sheliets. The School alw gjpports and donates ￿ the mainwiance fund of ihe lo¢al parish ¢hur¢h al Ashforf Hill. Close relation$ continue ro be fo¢&¢r&l between the School and two local primary s¢hool$, Ashford Hill and ￿n8$cler prirnary schools. The sch￿)1 ¢ontinu¢s to assist AshfoTd Hill with teaching and learning ObJ￿IlY¢s. Kingscltrt PTimary School has bencfi*d from lh¢ servic¢s tsf the kh*x*l's Head of Music. For a Small dottation to the Cheam Founaation. the School a150 offus the use of its facilitie5 to lo¢al club4 wrts teams and communiiy groups, enablirtg the lo¢at community to F*nefit tr#lay a5 well as ¢T￿l￿g opponwiity for othas in the fvlut¢. FINANCIAL PEVIEW The financial re$ulis for the ytaT are shown in the.sraiem¢nt OF fJnanci81 aciivities on Page I I which shows net ithcome. before lfjnsftrs, of £543.555 (2021: £104942). tn¢luded within ihis result is £0 (2021.. lo￿ of £4,335) *tributable io the School's s￿b$idi3ry, Cheam Trading Lirniitd. .Thr significant impmvon•)t in perfomiance is allributhble to encouraging in-year growth kn pupil numbers ¢oupled w'ith effective ￿dge(ary control artd targe¢ed co* etriciertcie5 ihat have rtot dirnivished the quality of ihe Cheam School offer. Surpluse5 will conihnue 10 k reinve￿￿ in the Sclv)ol to btnefjt cuir¢tlL and fuiure pupils and the local cominunity,.whilst retaining sufficieni reserves to weather the impact of rnacrottonomic and tscolpolilical uneertaTniies. Qjrrently theK u)Jcertainliu include continuing cneryy-led inflOlion¥y pressures impxtiThg tht CO#-of-living for St¥4ff and parents and the School's (pperatiortal costs. The School refinan¢ed its remainin8 UBOR-linked debt in FdKuary 2022 and txpects to be debt-free within 12 monihs. The Trust dwiis c&sh funds at variable ratesof iMer¢st with the Bank. Other iii¢om¢ Donation5 of £1.133 {202I.. £4.315) were TKtived during the year. Other fvnd5 weAe raiwj frorn lettiThgs and on.sitc a¢tivity ¢amps. CHEAM SCHOOL EDUCATIONAL TRIJST GOVERNORS. REPORT {fODtinued) FOR THE YEAR ENDED 3JX AUGUST 2022 REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR (tontinued) R¢&Yrv¢$ Poli¢y Reservcs al 31. August 2022 toiajled £10.701.304 (2021.. £10.157.749), of whi¢h £IO,653,196 were unrestti¢ted. AftcT deducting for fixed Ass¢is tothlling £10.963.572 and the related secured loan of £125.927 the level of free reserves is 184,449) comparcd io 4489,246) in 2021. The reserves policy of th¢ Sdjool h05 b¢¢n based on th¢ S¢lwl's objtttiv&s. Its main features are.. a) To achieve & margin of working capital ¥Jfficicnt to cnable all of ihc SchrKtrl's work to be cortdu¢Led in an orderly and cfficient manner and w deal wilh the managem¢nt orth¢ S¢hool's builth#gs and maintenanee programmt", and b) To provide erner¥¢ncy Cover for w￿XpeCt￿ ond vnavoidable itetns of eKpendi¢uo over and above 8 level which can be funded fTOrn Gurrent incomc. Thc School also mainiains an EmergeThcy Re5trve of£525,0(￿. PRINCIPAL IUSKS AND UNCERTAINTIES The Board routinely rnonitot5 the s￿￿1's aciivitirf and re8ularly reviews the major risks faced in of the principal areas of the sch￿)1.$ oper*ions. Itt ihe opinion of Lh¢ BoaTd thc S¢hool has esublished re50urce5 and review systems which. under nornEal condition& should allow ihcse risks to be mitigated to aTr xccptsblc lev¢J in its day-io-day oper8iion$. In particular, the GovtrnDr5 have idcntificd thc major risks as bcinB: Economic shock.. The ecortomi¢ euvirollmenl rontinucs to be ch"allenging wilh ongoing UnCert￿nEY over- infl&io#. intercst rale5 and utility costs as a result of widtT global issues. particulatly the recent Covid pa￿deMiC and the impact . on global energy Pri¢ts ofthe ¢urTent war in Ukrdinc. These faaor& and the way the Govcrnmeni act5 10 iry to ¢ontrol andlor IiTnit their impact. could result in a si8oificanL'Econornic Shock. 10 Lh¢ UK e¢onomy. This in ium could lead io parents being unablc 10 afford school fcts and a declLne In popil number5. Thc Sthool'rnanages ihi5 risk Ihrou8h Strategy of robust tost ¢ontroI. having a STrong Und￿nding of its catchment area. IWAI competition and tU￿ent #T prospeclivc parental body and ri8orous review and stress ttsiin8 of its budge￿ and longer-tenn plaD. Global. health p2nd¢mi¢.. like almost all oiganisatsons th¢ School remains vigilartl to the poieniial impact of further outbrcak5 of new strain5 of Coronavirns OT Other similar pandemic Jllnesses and continues ¢0 reinfor¢¢ ihe irnponaThce of early dereciion and good hygiene io mairttaio pupil, staff and pjrtnt wellbeing and minimi5c operational di5rupiion.. Thc hool ¢tsntinu¢s to Monit￿ ils 0￿) and other benchmark data io ensure it can quiekly io isx)lated outbT¢aks using the sy51crn5 and processe5 ¢kveloped during Previous IrKkdowtL$ iespond to guidonre from lh¢ governmeThi and professional F*)dies to safeguard the health arml safety of thc School community. Dramatic fall. in pupil nurnbtrs- straicgics aDd plans are in plact to ensurt the SchrM)I r￿)￿ThS an aiiractsve option for future parents both a¢adeTni¢ally and in the provtsion of excell￿1 fa¢ilili¢s. However. the Govemors recognisc that ihe reputaiioii of a scjiool can be damaged by pasl OT pre)Vlt evcnts. ather real or alleged, in a very thort time and which could result in a loss of pupils. To mitigate these risks the Sehool ensurts apptopnate policjes and procedures aTe in plac< which are rcgularly reviewed by the GovernoTS. AppToprialc training is undertaken by all staff and Govemors on a Te8ular basi$ and Btyxl wmrnunication among ￿aFr, par￿ts and Governors is a ¢onliDuirtg f￿￿$. Withdrawal of ¢apitsl Pfojec¢ loan firwicing: flow foreoas are regularly prep¥el by the DFO and reviewed by the Finance Committee io ensure the khool has suffici￿L liqyidity to operate aDd tneet its liabiliiies as they fall due. The School has a stTong relationship ivsth its bankers and maintains regular eommunic41ion iegardin8 the financial perforniance of the School and its budgets and plans for ftttyTeye•s. Unforwen ¢vents.' the School regvlarly T¢￿¢W5 its In5urartt coverage to en￿*t that li has appropTialt covtr 10 offset the impact of serious events occdrrillg that may.affecL its ability to promde edu¢ation to its pvpils or its financial siabiliiy. Loss of 'key player.: a strong giJiorm￿agthlltht team is in place to I￿1P miiigate-thE impact of the loss of a key player. CHEAM SCHOOL EDUCATJONAL TrUST COVERNORS. REPORT (¢onlinuedl FOR THE YEAR EP4DED 3111 AUGUST 2022 FifTURE PLANS Th¢ GoveEnors rewew the Schiw)I's objectives and strat¢giG5 cv¢ry ye41 and agJEe Changes if 8nd as required.. The purpose of this is to en5ur4 ihrou8h sound and Tegular scrutiny, thai ihe School ¢ontinue5 lo be a market leader thFou8h tht provision of rnodctn faciliti¢5 and fiwsl-class teaching slafE. The GOver[￿r$ have rcvitwed and approved the busirK55 plan for the ncxt fLnancial ycar and a(so yevicwtd Lhc outlook for the fiv¢ ye4rs [￿luding approprjale scenario analysis. STATEMENT OF GOVERNOILS, RESPONSIBILITIFS. Tht Governors are r&4pothsible for Pfepating (he annual report and Ihc firwKi)I swements in xcordanee with applicable law and United Kingdom Generally Accepted AccounllngPra￿1C¢. Cornpany law rcquir&s ihe Governors to preparc financial statements foT ¢a¢h fiDarteial year which give a true and fair view of the slate of affair5 of the Tn￿1 and of the Fe5ulI of the Trust for that prriod. In prepanng financial &atemen the Governors ar.e f¢qUiTed LO: Select gjiiable accowiting WplLcies and ikn apply them consi#enrJy* Observe th¢ principlcs and mdhods of the Charitits SORP. Make jud8emcnts and C￿lmateS th￿ are re￿nable and prudenL PrcpaTe the financial $￿eMents th¢ going co*cern.Iwis urtlLss il is ifiapproprialc to prtwmr the Trust will continue Jn business. .The Governors are rtspon5ible for kecping proper ac¢A>unting Y￿rdS which disc105e wÉth reasonable atcur2cy at any tim¢ the financial w)sition of the TnJ5t and ￿ enablc them io <￿ire that the finan¢il swements comply with the Companies Act 2(X)6. Th¢y are also rwnsiblr for safeguarding the &ssets of theTrusi and hence for tsking rcasonable st¢ps for the prtvcntion and iietection of frdud and oihcr irre8u13r 3aiwtiC5_ So far as exh of the Governo￿ is avdre ai the time the rewrt 1$ approved: There is no rel¢vanl audjl infonnaiion of which th¢ Tn￿t'S auditor5 are unawaTe' and The Govemors have taken all steps th* they ought to have iaken to makc Ihemselvts aware of any rclcvant •udiL informaiion and to twblish th* the Auditots ar¢ awarc of that irtforniation. The GovernoTS' siatemen4 ineotyorating the Strdtegic Rwrt 1$ hertby apwoved.on bchalf of the Governors on 18 ber 2022". R MAf5h. ChairmA 1811 November 2422 Ir4DEPENDENT AUDITORS, REPORT TO THE MEMBERS OF CHEAM SCHOOL EDUCATIOPIAL TRUST Opiniott .We have audited the consol￿ared financial llatcments of Cheam School Educalional Tru51 for the year ended"31Jl August 2022 which comprise th¢ Consolidatal Siatetnent ol Financial Activitie4 the Group and Charitabl¢ Company Balance Sheet, Ihe Consolidaled St￿eMe01 of Cash Flow5 and notes to the fiTharKial staietncnts, includin8 3 summary of gnificant accounting policics. The financia] repothng frdmework that has been applied in thar preparation is applicable law and Vniicd Kingdom AcwniinB Standards. including Financial Reporting Sts￿dard 102 Tke FtwzkKiol ReporlrKg Sthndard opplio7ble in ihe UK Rwiblic of Irdand (uni￿ Kingdom Genernlly Accepied Accounting Prattic¢). In OUT opinion. the financial **ements-. give a true and fair vtew of the $t*e of the Grwp and p8ttht charithble ¢ompany's affair5 a5 #t 31* August 2022 and of the Gtoup and parcni charitable company's ￿￿v￿TreAt in futmts. includiDg the itt¢ome and expenditure, for lhc year then ended: have been properly p￿pared in accordance with United Kin8dom Generally Acttpted Ac£ollntiTrg Practice: attd have bccn Prepared in accordance wilh ihe requirements of the Companies Act 2￿6. Basts lor OPIAIO W¢ ¢onducted OUT audit iD a¢cordan¢¢ with Tntem*ioDal StsDdards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibLliiies under those stsndards art further described in the AudilOI'S responsibilities for the audit of ihe fjnartcial statements section olour rep)ft. We are independent of the group in ac¢ordarKc with ihc cihicai Tequiremcnts that are fflevant to our 3udit of the financial 5tateffl¢nts in the UK including the FRC'S ￿h1¢al StandaTd, and wt have fulfilled our other ethical responsibilities in accordance with ihese requirements. We believe that ihe audit evidence Iwe have obtairted i$ Su￿1£1¢￿1 and 2pprtwri*e io provide a b*si5 for￿￿0P1￿10n. ConclusioDS reIating to goillg eottter In auditing the finJn¢ial staiem¢nl& we have concluded that the iru5te& vse of ihe going concern basis of accounting in th¢ preparation of the financial *algneThts 15 appropriate. Based on the work we have t*rforn)ed. we have noi identsfj￿ any material unccrtaintias rdating to events or condition5 Ihai, individually or coll¢¢tivdy. may ¢ast $ignifi¢ant"doubi on the Group's and of ihe Parent Charitablt Companyk ability 10 Colltinuc as a going conccm for a pcriod of at le35t tw¢lve months from when the financial staicments *e auth0ri5ed for issue. Our responsibililies and the r¢spothsibilities of the govtsnors with Ttspect to gotng concern are dcscribed in the relevaDI se¢iion5 of this TeporL Other infoTm•tK*ii The Governors arc rcsponsiblc for rht othtr infovmation. Thc oihei information COmPTiSC5 the information included in the Govemots, Arthual Report. Our opini¢)n on the fir￿nCial swcments docs noi cover the otb¢r infornjation and. ex¢ept the exwit othenvise expliciily ￿are￿ ID our re￿rl we do Thoi express any fotm of assurap¢¢ c(pn¢lusion I￿re0￿. In wnnection with (tur audit ofthe finan¢iaJ ststcrnen￿ tyjr TC5pon5ibility 15 ￿ ￿ad the oihtr inforniation an￿ in'doing $0. eonsideriwhether the other infomialion i$ maierially inconsistent with the financial staic4nents or our kniowled8e biained in the avdii or ¢xherwis¢ 41P¢8JS lo be materially mi¥5Med. If we ideniify such. material itK*)Trsisienties or apparent maieTial missiaiemcnw ￿ arc rrJ4uired to determirtc whether ihere is a maiw121 misstatement in the financial statements or a material misstafemeni of Ihc other information. tf. based on the woik we have performed. wè conclude thai Ihcr¢ is a material mis#aiemeni of this other infortnation, wc are required to report Ihat fact. We have nothing to report in thi5 regard. Opiuiotss oty other rn•tters pre5cribpl by the Comp*nies Att 20 In ou* opinion. bas¢d on the work underrakeTr in the Cour￿ of the audit: the inforni*ion given in rhe Governors Aftnu￿ Report (which inCOTpOA￿* the Strategic report and the DiTeciors' report) for Ihe firtancial year for which the fitJ3tKial $￿emen[s are prepared is con$i51eni with ihe rjnancial 5taternents' and the Governors, Artnual Report {which inCO￿ordIC5 the slratCBiC r¢port ¥Tra thc DtrccloTS' ryort) ha5 bccn prepared in a¢¢tsrdan¢e with applicable legal requiremeni INDEPENDgNfAUDrroRS'REPORT TO THE MEMBERS OF CHEAM SCHOOL EDUCATIONAL TRUST (continued) Matters whfeh Ive *rt r¢qulr¢d to report by ts¢¢ptlo In the light of ihe knowled8e and understanding of the parthi charitable company atKt its environment obtaincd in the COU￿ of the audit. we have identified mattyial miw*effleDts in the GovernoTS' Annu81 Repon (which incorwTrTates Ihe &rolegi¢ report and the Dirxtor5' Twrt). W¢ have tK)Ihittg its report in of the following matt￿5 in ff1￿10n io which ihe Companies A¢t 2￿6 rtquires us to report to you if, in our opinion.. adequate a¢¢ourtting Te¢ord5 have not b¢w kcpt by the clwitsblc compatty. or returns adequ*e for our audit hav¢ TV)t bccn received from branche5 not visiwl by us" or th¢ charitable ¢orDpany financi￿ statwDertts T￿1 irk agT¢emcnt with the accwntirtg r￿rdS retyrns. or ceriain disclosures of Govemors. rtmunerntion S￿Jr1&1 by law are Dot made: or we haye not rccthvuj all the informalion and cxplanation5 we require for OUT audit. Responsibllltles of Governor5 for the fiDaDti¥l staiwDents As ¢xplain¢d MOTC fvlly in Governots, Teswnsibiliiies stal¢m¢nr Sel oui on page 7. the Govemors (who are also th¢ DsTC¢¢oT5 of the charitable company for ihe purrM)ses of Company law) are TWE)sibl¢ for the prepardtion of Ihc financial siatements and for beiÉ)g satLsfied that they give a trne and fair wew. and for such iniernal control as the Governors detemine is rtecesgry to enable ihe prepaiation of finaocial st*ements ihai art free from material misstai¢ment, whdher due to fraud or cm>r. In preparing th¢ finanGial stal¢￿t￿¢S ¢h¢ Governors are re5poDsiblc for asscs5ing the Charitable comp¥ny'5 ability ic* continue as a going ctsnttrn. disclosin& as applicabl¢ maiters r¢laied to going concem and using the going conccn) basis of accountin8 unlcss the Governors eithu iniemd to liquidate the group or the parent chaTitable company or io ¢¢w operdlions or hav¢ no tealtstic 3]t¢rnaiiv¢ bui to do s Audi¢tsr'$ ruponsibilities for tbe audilof the finaDci•l $t•¢em¢nts OUT objectivcs arc to obtaiTh re&sonable as￿rance about whaher the financial aatements as a whol¢ are free from maleri￿ misstsiement, wh4h¢r due to fraud or eryor, and to. Issue art audLiof's ter*)rt Ihat include5 our opiDiots. R¢asonab5e ￿sUrance 15 a high Itvel of aSSUTarLce but 15 rjot a guaran(e¢ that an audit conducted in accordancé with ISAS (UK) will always detect a material missiatemeni Wh￿ it cxists. MI￿teMents can arisc from fraud or error amd ale considered material if, ir¥Jividually or in the a8gt¢gdi4 they could teasonably be expttted to influence th¢ ttonomi¢ d¢ci5ion5 of u5¢ts taken on thc basis of thcse f)nan¢iaJ 51atem¢nts. Irregularities, including fraud, art in*ances of non-compliance with law5 and T¢gulations. Wt design procedurc5 in lioe with our rtsponsibilities, outlined abovc. to delccl material misstalemcnts in respect of irrcgul8ritie5, including fraud. Tht extent to whieh ￿rpr0¢¢dUrts arc capaileof dctecling irrcgularitieg irtluding fraud is detailed E¢low'. B&gcd on OUT understandiThg of the chariiable ¢ompony and itmiustry, we ideniifjed that the principal risks of non- compliance wirh laws and Tegul*ion& SafcguaTding and Educ•ion ACL GDPIL c¢)mpany Saw and charity law applicable in Ellgland and Wales. and we con5id¢red the extent to whi¢h non-¢ompliancc might have a materjal effect on ihe finaryciki *a￿T￿en￿. We also ¢onsid¢reA those laws and regulations that have a dirxt impact on thr PTcpJraiion of the fiThancial statements such a5 the Compani&% Act 2￿ and Charities Act 2011. We eV￿Ulted management's tnccnttves and OPPOfluDlttes for fralldulent manipulatiort of the financial 5taterntnts (in¢ludiDg Ih¢ risk of override of contro15) and datnll5n¢d tbat ihe principal risks wuc related io managcmcni bia5 in accounting e&imat&%. Audit pm¢edufes PerfO￿ed by the engagcm¢Di team irflwkd: In5PCCtiOll Df ¢orrwrtd¢nce with rtgulators and lax ¥uthtsTities Disetjssions wilh management including considerniion of kJKTrWn or SUSFtded Instan￿ of norteompliance wjtli laws ar)d Tegulation and fraud.. Evaluating Mat￿geMent'S conLrols designd to pr¢veni and d#ect inEgtslaTiiie5' Identifybng and testing journ￿4 and Challenging ¥ssumptkons and judgements made by mznagfmcnt in their uitical aecounting tstimales. INDEPENDEpif AUDITORS. REPORT TO THE MEMBERS OF CHEAM SCHOOL EDUCATIONAL TRusf (toMliBued) Auditor'5 respon$ibiliti¢s for th¢ audit of tht fJn•th¢i*l st#tethttsts (c(fvntlDued) BetZUse of rhe inhereni limit3lions of an audil there js a ri$k thal we will t)oi ￿￿tet all iTregularitLe5, including those leading to a material mi5Stal¢rrt¢n¢ in the r)nan¢ial swem¢nt$ or non40mpliance with regulatiotL This risk increases the more th81 compliance wilh a law or rryulalioTh is rtmoved from the cv¢mis and trar15a¢tions rcflcctcd in the f￿ancial staiem¢nt4 as we will be less likely to be£ome aware of irbstancts of non-compliance. The risk i5 also gr¢aler regarding irregularitie5 ￿¢￿Tring due to frdud rather than errtv. as frdud involvcs intentional ncealment, for8cry, collusi¢)n, omission orrnTrsrepffs¢nthrion. A furlh¢r descrLPtion of our responsibilities for the audji of the rjrtanc1￿ Mattmrnts is located on the FiDan¢ial R¢poning Council's wtbsit¢ at.. This description folrns part of our auditor's report. Use of our rtpori This report 15 madc solely io the Group and chari￿le company's me4nbtrs as a body. in aceordance wilh Ch3pieT 3 of Part l6 of the Compwues Aci 21K)6. (kLr *Jdit Wotk h&$ beth undertakth g) that we might st*e to the eharitsble Company's rnembers those matters we aTe Te4uiTed to state io them iTh an Audiioffs report and for no other purpose. To the fullest exieni permitted by taw. we do noi or assume res￿nsibIlitY to aThyon¢ other ihan the charitable company and th¢ ¢haritable company's m¢mbeT$ as akndyj for our audil work. for ihis Tq)Ort. or for the opiniojls we havc fornied. Kathryn Burton Senior Siaiutory Auditor for and on behalf of Haysmacinlyre LLP Stslutory Audiiors Da*.. 23rd November2022 10 I￿¢¢￿ Sireet Place tx&ndon EC4R IAG 10 CHEAM.SCHOOL EDUCATIONAL TRusr CONSOLIDATED STATEMENT OF FINAP4CIAL AcrivrtlES FOR THE YEAR Ef4DED 311t AUGUST 2022 GeDer•l Unrestricted Other Futtds 2022 Total Total F￿ndS 2021 INCOME A14D EXPENDITURE Notes 2022 2022 IN.COME FROM: Incomt from ¢harit*ble aetivities Tuitioth ftts Disbursements and ext Other ancillary in¢ome vtstments Inlercsi rectivable Volunt&ry source5 Donations and appeal incomc Other income Government gMIis Other incoTne Trading in¢ome 7.680.673 175,J9J 44.769 .7,680.673 J75,19J H.769 6,845.770 181,841 19.528 lJ62 1.562 1.133 1.133 4.315 177,783 4.402 8.406 7911.734 7.911,734 7,234.'550 EXPEP4DITURE ON.. Rai5iDg fuods Finance Costs Prepaid ltt dI￿Ount Tradtthg ¢iptrtdilu 10.421. 4.530" 10.421 4.530 l8,826 S,190 4,336 ' Charitable fictfvities SclToo1operoli￿g cwls Teaching.costs Welfare Prcmi5es Support ¢osts of schooliog GTan¢S 4,125.362 855,296 1.311.079 I.tknO.723 4.125,362 655.296. 1.31J,079 1,060.776 715 4,233,827 651.972 1.306.207 908.467 783 715 7,367.464 715 7,368,179 7,129.608 Att i#¢fjNt before tr*btsfers 544,270 (715) 543,555 I04.942 TransfeTS between fvnds Net (ncome after transfers 5ti4,270 (715) 543.555 104.942 Balance brought fonvard 10.108,926 48.823 10,157,749 10,052,807 Balanee carried forward 10.6i3.'t96 48.108 l io.-?ni.304 10,l.57.749 All a¢iivities are contintsing. All thc fvnds art unregri¢ted apart fiY)m the Othtr which"comprises the LéarniTrg Support Fund. No summary income and eXp￿IlUre acwjnt has been prryared because ihis irtforn)alion ts cleatly identified ID the above gatem￿1. Th¢ accompanyirtg notes are an intcgrnl part of Ihe xu)unt& The results of the parent cornpany TWt prc5tjited.in a￿)rdance with exemptions PTovidoJ by the Cornpanie5 Act (2006). The. resvlt for the year was a £547,661 sU[pl￿.(202].. £I09.277 surplus). CHEAM SCHOOL EDUCATIONAL TRUST Cothp8Dy Number.. 01843219 CONSOLIDATED AP4D CHARITY BALANCE SHEET5 AS AT.31X AUGUST 2022 Group Sthool 2022 2021 2022 2021 Notes FIXED ASSETS Tangible fixed assets Investmen15 io 10.963.572 11.048.172 10,963 J72 11.048,172 CURRENT ASSETS Debtor5 Ftts and exiras in aTrr*5 Oiher debtor& slocks and prtpaymenis 6,224 202.564 6.224 202.$64 194.600 194.600 Cash and rash equtvalents 1.685.602 1,238.865 .685.602 1.231508 1.880.202 l.447.653 1.880.202 1.441.296 CREDITOiLS- due within onc year Fees receivd in advance Prepaid fces Other Credito Bank104n 12 (763.888) (128.447) (626.567) (125,927) (594983) {250,0241 (544.655) (450,(K)o) 1763.888) 1128.447) (626.568) {125.9?7) (594.983) (250,0241 1542,405) (450,000) 12 13 (1,644,829) (1.839.662) (1,644.830) (1.837.412) ET CURREirr ASSETSILIABILITleS 235)73 I392.(￿) 235372 (396,116) CREDITORS. Due aftu cn¢ year -13 {497,641) (498.414) (497.641) (498.4l4) TOTA.L ASSETS LESS LIABILITIFS 10,701,304 10,157.749 10.701 J04 10.153,643 UTrIRESTiucfED FUPIDS D&tisiialedfund fj¢neral Fund Learning Support Futtd 14 15 10.653.196 48.108 10.I08.926 48.823 10,653.196 48.108 10.104.8?0 48.823 10.701.304 40,157.749 10.701.304 10,t53,643 The financial statemcnls were approved and authDri*d for issuc by the BoaTd of Govcrnor5 on 18th Novembér 2￿22 and were signed below 00 its beh31f by.. R Marsh, Chairm Sir M Harford. Governor The accothpanying notes are an inte8ral part of theaccounts. 12 CHEAM SCHOOL EDUCATIONAL TRUST CONSOLIDATED STATEMENT OF CASU FLOWS FOR THE YEAR ENDED 315¢ AUGusf 2022 2022 2021 Co$h flow trow oper4tiftE #rtrvitio Net ineom¢ for tbt yeAr Depreciation Intcrcsi rec¢ivabl¢ 'tni¢rcst paÈd {Increascyde£reasc in deblofs IrtereaseI(decre￿} in creditors PTofil on d15posal of fix￿ a￿ts Fixed assd adjustrnert 543555 336,359 {1.562) 10,421 14,188 303,504 {3.550) 89,783 104.942 351,382 (9ll} J8.826 L78.710 17,607 Nei ¢ash generated from operating activiti¢s 1.292,698 670,556 C#$h flow froth ittvesting #divitie5 InteTC5t Te¢eivcd Purchase of fixed assets Pr¢Jcttds from di5P05aJ of fixed assets 1,562 (341,542) 3..550 911 (225,731) Ne¢ tish u$¢d itt Investing xrfivltl*J (336.430) 1224,820) Cash flows from fiDon¢ing adi%ities Bank loan rwayments In¢Te¥&{dEG¥tas¢) iv prcpiid f¢¢s (nd) Interc51 paid (324.0731 (175,037} 110.421) (ioo.000) (276.761) (IB,826) Net C*5h used ID fJn•nting Artivities (509,5311 (395.587). Increksel{de*regx) ID eash #Dd casb eq¥Jiv4lents 446.737 £50.149 Cash and cash eqyivalenis as at l# September 2021 1.238.865 1,188.716 Cash and ¢ash u4uivalents a5 at 31* August 2022 1.685.602 1,238,865 Reeontillotloth of Thet d¢bt B*l#nte I Septernbtr 21121 Bplante 311E August C*$hllows 2022 Cash at bank and ID hand Dcbt due within l year Debi dut aftu l year 1.238-.865 (450,tXIO) 446.737 324,073 1,685,602. (125,927) Total 788,865 770.810 1.559,675 13 CHEAM SCH(K)L EDUCATIONAL TRUST YEAR ENDED 3191 AUCUST 2022 ACCOUNTING POLICILS AccouTrrriNG POLICITrS Cheam School Ed￿Cational Trust is a chariiable company itt¢oryy)Md in Engl*d and Wa]¢s. Further company information can be found on page 2. B4si5 of AccountlDIW The financial staiemenis have been prepared LLndtr iht historical conveniion and in accordancc with appltcable actounting standards and the Sta¢tncnt of R¢cotn]ntnded Pracitce Accounting and Reporting by Chariti¢s (SOR 20191. thc Companies Act 2{￿ and FRS 102 the finaticial rcporting 5taTrdard appli¢able in the UK and the Republic of tre12nd. The accouThLS pres¢nt the eon501idaied 51alem￿L of fJTJattcial aciivillts (SOFA). Lh¢ Eon501idated sts*ment of cash f]ow5 and the consolid31cd And khty)I balancc Sheets comprising thc con501idation of the School and ivith its wholly owned s￿￿"diary Cheam Trading Limited. No stparat¢ SOFA h&5 bee presented for th¢ School alone, ￿ permilled by Section 408 of the Qlmpaoies Aci 2006. The School f¢Vi¢WS and monitors its financial tM)sition c105ely on a regulaT basis and also models futur¢ xenavos to ensure proactive steps are taken to protect knih thc flnkne1￿ resilicncc of its cuffenl opero1ion4 including rhe short-tenn impact of Coronavirus or othu unexpeci¢d event& and its 10rt8er-i¢rni financial stsbility based on a range ofoih¢r f3¢ioTS. These forecasts irt additiort io nonna] procwe& ￿n￿OIS and gov¢man¢e in this aro enable. a tirncly rcsponse to crnerging issues and conlin8ency planrbing for unterfainties prc5ented by the wider environm¢rt¢. The School retains strong links with its bankers who ¢on¢inuc to make availabl¢ appropT¢ale facilities 10 5VPPOrt ongoing activiti¢s. Having reviewed its currenl financial resource4 rhe ￿llding fxilitit5 available to the School, and ils future projected cash flows,.tbe Governors have a Teasonabl¢ fKPCfta¢ioD thèi the S¢hool will have - adequate re50UTCeS to continue its activiiics for the forcseeable futurc.-IThe Goverr￿[S believe that are no material ' uncertainties rel*rng ro xoittg concem and as wch ¢ontinu¢ io the going concern basis in prqjaring these rJnaThcial Slat¢Mr￿ts. The following arcowiting policies have t*en applitd Consistèntly in deaiith8 wilh iiems which ¢ortsidered matetial in relation to the S¢hth)I's financial Sts*ments. b) Fees receivable similar iotome Tuitiort fees are 5taied after deducting allowances for awords and oiher remissioll& ￿her educational in¢orne ornpri5¢s incomc from sch￿1 outing5. aciiviites and other Telaled Income. Thesc sources of Income included in the accounts when they Eeeome r￿e1Vable 8t￿ th¢ir •Altse can be meaMTd wilh rea50Dable probability. .Expenditure Charitable acti¥riiy costs comprises all expendiiure dircctly rel•ed to thc ¢Jbjects of Ihc School including direcr staff sis attributable to each 3¢1ivity. Support Costs included within the ch81itsble adivity Comprise ihe cosrs of all resource5 Utiliscd direcrly to suppon the Schwl'$ primary ￿1vIlle$. . Goveinan¢¢ Costs are ih¢is¢ ¢osts incurred in conn¢¢iion with the governance of the ¢horiLy its assets and are primarily associated wtlh cotk*iluli0n￿ and statutory rquircmenis. Pension costs All Staff (teaching and non-tcdclung) are members of defiThed contrilwiion scheme5. wher¢ r4u¥red by pursuant legislatioTh. which comply with the requiremtnls for a stskeholder peTh5ion %hcme. Thc Schwl Wiihdrcw from Ihe T¢achcr5' Pen5ton Schcme on 31￿ Dttember 2019. Se£ Note 8 on pagc 16. Fixed assets All items of a eapiial nature with a l h&5 a presenl obllgation nsultin8 from a past 6vcnt that 11 probably r¢5uli in the trdn5fu of funds to a third party and the amount due to setde the obligation can be mwured or estimated reliably. Cr￿lI10[S and provisions are nonnally recogni5td at their s¢ttl¢rncnl amounl ofttr allowing for arty distounts du k) F￿1)d attountlng The funds of Ihe School are accounted for 85 unreslricted or testTiCted"income. in #rtwdance with the I¢￿S of trust impvstd by the doThoT5 or any appeal ￿ which they may havc rwndcd. Unrestricted tncome belongs ro the SclNJol's COlPOTatc ieservcs. spendable al the discretion of the GoveTriors either to furth¢r the SrhoDI'5 Objects 01 to btrrfit ihe School itself. Wherc the Govcmor5 decid¢ to sd &side any 'part of these fvnds lo bc used in fi¢iuJr for50mc spxific puryw. thrs t5 a¢counted for by transfer lo the appropFi8le designated fund. Duign*ttd funds are a parti£ular Forni of unrcslricled fynds consisiing of 2rnoUn￿ which have be￿ allocated or designaicd fot spccific purposcs by thc Governors. The use of dcsigDated fi]nds remains ai Ihe discretion of Governor5. Criti¢81 sour¢es of p$timgtIo￿ utt¢¢rt&lnty *ttd accOUDting judgewents The go¥ernur5 considu therc to bc the following kty soutcts ofestimaion unctrtainty and have therefo￿ applied JudgeM￿t.. Usefvl live5 of fixed assets The Ljseful IIvc5 over which fixed as￿t5 arc deptt£iated are estimaial by rcfercnrt to hi#oric41 experienc£ of lh¢ time a&w5 are rttained and utiliwj by th¢ S¢lLOOI. m) Eniployee benefits Employee benefits are x¢ount¢d tor in the puicd in which the empEoyee's seryiec5 wue Provided. ,Employee termSttattoTr pAY￿ents Employce temiinatioj) Paym￿15 are accounted for th¢ period in which the cmployce ceased cmploymeni with the School. 15 CHEAM SCHOOL EDUCATIONAL TRusr NOTES TO ACCOUNTS YEAR ENDED 3151 Aucusf 21122 CHARITABLE AcfiviTJES 1022 -1021 Ftts r#eivable ¢onsisi or.. BoardiThg and Wilicffj fee5 Less s¢holarship& Imjrsaties mnissithJ$giv 8243.086 1562.413) 7.285.154 {439,384) 7,680.673 6,845.770 OTHER ANCILLARY ANCOME 2022 2021 Registsaiion fees Fix¢d 3sseidi5wsa15 Othet 9.624 3.550 31.595 8,720 .10,808 44.769. 19528 SUBStDiARY 2022 2021 Tvrnovwand othu income Administrative 14.330) Net {lossyprofit Bank Ini¢r¢5t Re¢civ Tax on profil {4.336} {Lossyprofii for ¢he fiÉwi¢ial ￿0d (4,335} Dortation io partnt undertakirfs {4.1 R¢tained irb subsidiary {4.] 14.3351 Net a55ffl5 4.107 Thè Charitable Company has an investme*1 i* a subsidiary undertsking which comprise5 a holding of I QTdinary Share of £1. king the whol¢ of the issutd share capital of Chtam Trading Limited {foniierly Chearn Asia Limited). a company tegtstettd in Englartd. As.at 31° Awgust 202? thc company bad.nci as5tts ofEI (2021.. t￿1 &ssets of £4.I07). INTERFST RÈCEIVABLE 2022 202J Bank intwtst 1562 DONATIONS 201J Donati￿$ re¢¢iYtrJ L133 4J15 1,133 4.315 16 CBEAM SCHCM)L EDUCATIONAL TRusr 'P40TES TO ACCOUPITS {¢tstttlDu¢d) YEAR ENDED 3151 AUCUST 2022 OTHER IP4COME 2022 2021 Govtrnmeni 8ranlS 177.783 Rent and kttings Mi5¢ellaDeous 8.436 (30) 3.103 1.299 8.406 4.402 ANALYSIS OF EXPEf4DITURE SiaftC05ts Other Depretl*tiou 2022 Totsl Cost ofgeneratithg funds Finance costs Prepaid fec discount S¢hool operAting costs Teaching W¢lfaTe Pr¢mis¢s Support Bad and doubrful debts Grants Trading exp¢nd2ture 10.421 4.530 10,421 3.549.127 568.625 522,352 268.634 531.159 404,796 30,72? 715 .53,883 18,037 239.236 25.203 4.125362 855.296 1,311,079 1.030.049 30.727 715 6(Kl.050 T(thl expenditllre 5258.486 I,n3J54 336J59 7.368.179 7b.b COMPAIi4TIVE ANALYSIS OF EXPENDITURE St*ff Costs Other titprtèi•tion 21121 Tot41 .CDSt of geDeratiDg IWJ Financt costs Prepaid fee discount Sthool oper8tiNg ¢osts Te£ching Wdfar¢ Prcmb5C5 Support Grants Tradirtg &xpeTrJiiure 18,826 5.190 l8.826 5,190 3.598.159 453,601 561.414 565.917 572.247 182.469 498,930 316.354 783 4.336 63.421. 15.902 245.863 26.196 4,233.827 651.972 I J06,207 908,467 783 Total expenditUT¢ 5.179.091 1.599,135 351,382 7.129,608 17 CHEAM SCHOOL EDUCATIONAL TRUST NOTES TO ACCOUNTS (continued) YEAR Ef4DED 3111 Aucusf z022 STAFF COSTS 2022 2021 Wagtts and salarie5 Social security ¢osts Pension contributions Oth¢r stoff rejated Cos 4,253.458 381.443 450.458 173-127 4.071,043 371,715 464.664 271.669 5.258,486 5.179,091 Termination payments of £37,630 were ir*urred during the year (2021.. £50.IYXI}. Th¢ averag¢ number of employees in theyear w Teachirtg OihcT5 95 65 loo The number otemployees whose emolumehts exce&1ed £60,( £60,000- £70,000 £70.000- £80.QXI £80.000- £90.000 £90,(YJ)- £100,0￿} £ioo,000- £1 10.000 £1 I0.(￿- £120,(KKI Teachers. Pension Scheme The School used to parti¢iPoie in the Ttachets, PEn5iOn kh¢m¢ fihe TPS'I for its leaching sraff. but wiihdrew on 31° D￿eMber 2019 and an alrernativc defined contribution peThsion 5chemc'.was pul in. place for the benefit of leaching sialr. Aviva Pfnsiots Trust for Ind dent sch￿15 As ihe replacetncni for tht TPS for leaching ￿fr. the sch￿1] partjCLpates in a dcfiE)ed contribution 5chern¢ with the Aviva Pensiort Tru.4 for Independent &hools. fhjring the y¢3r £586536 (2021.. £608.315) was [￿Ognised as an expense in the Consolidated S￿lement of Finpncial A￿1vItieS. mcnt The School also panicipaies tn a defjned contribution scheme with the In¢oTP)raLed Asg)tiation of Prepar310ry. Schools R¢tiremertt Plan for certain non-leaching staff_ During thc year £124.31)5 (202I= £137.891) w&* rccognised as an cxpen.* in the Con501idaied Slatcmertl of Financial Atiiviti¢s. The School a150 panicipat¢s in the Nest Pension S¢hem< a.govetnrn¢nt backed dcfined conlribulion 5chemc. for the bentfii of eertain non-teaching slaff. LX¥ring rhc year £32.456 (2021.. £30.842) wa5 recDgntsed as an expense in the Consolidated SM¢mefjr of Financial Aciivilies. Al the ye4r-¢nd £53,552 (2021= £70294) was payable in respect of contribuiions to Ihe defined contribution pension schcmcs Ihai ihc Sch(￿1 participates in for the btneFit of Ils staEf. None of the Govemots r¢ceived any T¢muncration. Oui of pocket expense5 paid io Governors during the year. were £240 {2021.. £639). The School has purchased Govetnor's liability insurance. As the premiom IS included with other insurance Cos￿11 is not separntely i¢kniifiable. 18 CHEAM SCHOOL EDUCATIONAL TRUST NOTES TO ACCOUNIS (¢oDtithtyJed) YEAR ENDED 31° AUGUST 2022 EXPKNDrruRE 2022 2021 ExpeDdi¢ure includes.. OpcTaiin8 lease paymcnts Auditor's r¢muncnti( 65.827 19,200 lJ20 331.634 65,959 17.580 1,320 351,382 Audit . Othtt servic Depre¢iatiOA 10. TANGIBLE FIXE.D ASSETS The movements of tangiblc fixed &45tts are as follow5". Group #nd Stim￿1 Fr¢ehold l*ttd *od freehold b4ildings Furnitur4 Fitth84 equipmeiit JDotor vehi¢les Computsrs Totgl COST OR VALUATION At 1° Septembef 2021 Addition5 Adjustment Disposals 13.980.088 142.314 1.611,950 1Tr).258 582,910 98.970 16,174.948 341,542 (94,508) (37,174) (37.174) At 31° Augtsst 2022 14.027194 1.675.034 681.880 16,384,808 DEPRECIATION At I" Septcmkr 2021 Charge for the.ycar AdjusimeTht On dysposals 3.626.09) 208.064 (4.725) 1.020,435 74J21 480,251 53,774 5.126.776 336.359 (4,725) (37.174) (37,174) At 31° August 2022 3,829,429 ,057.782 534.025 5.421,236 riET BOOK VALUg A¢ 31° Augu# 2022 10,198,465 617252 147,855 10963,572 At 31# August 2021 IOJ53.998 591.515 102,659 11,048,172 The loao disclosuf in Note 13 below is seojredon the a￿ve woperty. Ctrtain ariiounts capitalised a[￿ atcrued for in rclation 10 works expected on Cheam's &iificial playing 5urfa¢e were finalisul during the year ¢nabling the removal of the *s50¢iat¢d liabilfrty and th¢ adjuMm¢ni ¢0 fix￿ &¥sets shown above. 19 CHEAM SCHOOL EDUCATIONAL TRUST NOTES TO ACCOUNfs (contiDlled) YEAR EP4DED 313f AUGUST 2022 11. PRKPAIDFEES The movcments on the School's prepaid fe¢s xh¢me during the year were a5 follows.. Group Ind Sch￿1 2022 2021 B*l4nee At I" Septejllber 21121 New wntra¢t$ Amount accrued to ¢ontra¢ts Refunded to parent5 399,052 74,986 4.530 675,813 105.145 786,148 Amounts utilised irt W4yme￿ of ftts (254.553) (387,096) Bal8At¢ at 3111 Au#yst 2022 224.015 399.052 AssumLIJ8 pvpils remain with the S¢hLh)l. prqmid fre5 wll ￿ applied follow5.' 2022 2021 Within otte year Beiwrtn two and five yea Aftry five years 128,447 95,568 250.024 149.028 224,015 399.052 12. CREDITORS:_ Due *ithin one yur Grnup. School 20n 2021 21)22 2021 Fee5 received in advahce 763.888 594.963 763.888 594.983 Trade credito Oihcr tax and sxial.security Other crcdiiors Accruals Amounts owed to group uttdert8king8 172,507 I16,683 172,507 116,683 115.996 240,826 68,900 J73,677 180,477 .240.826 71.150 173.677 180,477 626,567 544.655 626.568 542,405 S¢hcM)I tees received in advaKe fflates to f¢¢s the *hty)l year, which some￿1$ p.ay in advance." CHEAM SCHOOL EDUCATIOIYAL TRifSt IYOTES TO ACCOUNTS (colltioutd) YEAR ENDED.3111 AUGU￿ 2022 Ih CREDrroRS: _ Dut after one ye•r Group StknDI 21122 2021 2022 2021 Prepaid fees Fee deposits Bank loans 95568 402,073 149.029 349.385 95,568 402.073 149.029. 349.385 497.641 498,414 497.641 498,414 13b BAf4K LOAN Croup and School .2022 20ZI - be￿een.0The 8Thd two y¢ars . beiwttJ] two and rtv¢ y¢ars 1.25,927 125,927 Credilots duc within onc year 125,927 450.W) The" abpve loan, which is sccured on Ihc Schty!I's fre¢knld" prop¢rty, i)ears interest at 2.OYo ab)v¢ the Bank ol 'EnglaDd Bas¢ Rate. The loart commettt￿. In February 2022 and was fu.lly repaid in November 2022. 14. GENERAL FUNDS General fvnds ¢3n be ap'plied to the Sthty)I's OK*￿10n$ at the discrdionof the gov¢rLK*rs. OTHER FUNDS 15. LEARf4iNG suppoiyr FU14D The fund Consist$ of doEwiions of £60.(W ihai'are now rtductd. to £48.108 which aTC"bcing useAJ' for learning 5UPP(*rt.. £715 was spent during thc year. CHEAM SCHOOL EDUCATIONAL TRUST NOTES TO Accouf4TS (Cowtinu￿) YEAR ENDED 3111 AUGUST 2022 16a. ALLOCATION OF.CONSOLIDATED NEf L8SETS BY FUND Net turTent setsl Oi*bilities) CttditOTS: due after on¢ yewr Fixed ￿Sets 2022 Total GencTal Fund Learnjng SUp￿rt Fund 10.963,57? 187265 48.108 (497,6411 10.653.196 48,108 10,963,572 235 J73 (497.64]) 10.701.304 16b. COMPARATIVE ALLOCATION"OF CONSOL.IDATED NET ASSETS BY FUND Net curreDI 8setsl Ot*bUities) CrtdAtors: due fterone year Fixed #ssets 202J Totsl General Fund Learning Support Fund 11.048.172 (440,832) 48.823 (498,414) 10,108.926 48,823 I I,￿8,172 (392.009) (498,414) 1tr.157.749 17.. OPERATING LEASE COMMrrMENrs The School ha5.the following tor&1 optnting Iwc commiiments due as follows.. CTOiIP 4Dd Scknol 2022 2021 Ltss than onc ycar Two to five years Over fjve years 65..827 139,312 108,360 648 205,139 164,543 .18. RELATED PARTY DISCLOSURES Thrtt GovetnoTS hav¢ childr¢n at the School and pxy fee5 in line with oiher parents (2021.. Three). Th¢re were no oiher r¢lared party trnnsadion$ in theycar C￿ded 31Y Au8USt 2022 or th¢ p￿cCding year. CHEAM SCHOOL EDUCATIONAL TRUST NOTES TO ACCOIJNTS (tomtiAued) YEAR ENDED 3111 AUGUST 2022 19. POST BALANCE SHEET EVENTS In November 2022 the Schrx>l completed on thc.sale of two r￿1¢￿￿tial propcrtics it. irt lago C.otrr¢ Nèwbury, for ta8h ciiThsid¢ratiOth of £460,0￿. Some of ih¢ ¢onsideration re¢eived used 10 repay the School's bank loan in November2022. No ¢onsiderniion relAtsng to the $8]¢ of th¢s¢ propNues ￿ been r￿QgniSed in the bglantt sheet as * 31 August 2022.