2021-08-31-accounts

CHARITY NUMBER: 292683 COMPANY REGISTRATION NUMBER: 01946972

THORPE HOUSE SCHOOL TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

THORPE HOUSE SCHOOL TRUST CONTENTS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

	PAGE
Governors, Officers and Advisers	1
Annual Report of the Governors	2 - 9
Statement of Governors’ Responsibilities	10
Auditors’ Report	11 – 14
Statement of Financial Activities	15
Balance Sheet	16
Statement of Cash Flows	17
Notes to the Financial Statements	18 - 31

THORPE HOUSE SCHOOL TRUST GOVERNORS, OFFICERS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2021

Company name and number: Thorpe House School Trust (no.01946972) (‘the Trust’) Charity registered number: 292683 Principal Office: 29 Oval Way, Gerrards Cross, Buckinghamshire, SL9 8QA

Governing Body and Trustees:

The members of the Governing Body of the Trust are also the current members and directors of the Trust and its trustees for the purpose of charity law. Throughout this report in all capacities they are collectively referred to as the Governors, the Governing Body or the Board.

The Governors who served during the year ended 31 August 2021 were:-

David Ralph Stanning (Chairman, resigned 31 August 2021) Andrew Charles Bannister Richard John Coward Chris David Gorner (Co-opted member, resigned 31 August 2021) Roy Alexander MacMillan Amanda Caroline Myers (resigned 31 August 2021) Emanuel Parnis (appointed 1 March 2021) Rennie Raja Richard James Tufft (appointed 1 March 2021. Chairman from 1 September 2021) Michael Reginald Wakefield Ruth Helen Webber

Senior Leadership Team: Headmaster WPN Pietrek M.A., B.A. (Hons), P.G.C.E Deputy Head SR Day B.Sc. (Hons), P.G.C.E. (Head of Middle School to end May 2021) Head of Upper School GP Wells B.Hum. (Hons), P.G.C.E (Resigned from role in July 2021) Head of Lower School NHM Doran M.A. B.A (Hons), P.G.C.E Head of Curriculum SM Jenkins M.A. B.Sc. (Hons) Bursar and company secretary JEM Potter B.A. (Hons), A.C.M.A

Bankers: Lloyds Bank, 33 Packhorse Road, Gerrards Cross, Bucks SL9 8PF Auditor: Crowe U.K. LLP, Aquis House, 49-51 Blagrave Street, Reading RG1 1PL

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THORPE HOUSE SCHOOL TRUST REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2021

The Governors of Thorpe House School present their annual report for the year ended 31 August 2021 under the Companies Act 2006 and the Charities Act 2011, together with the audited financial statements for that year, and confirm that the latter comply with the requirements of the Companies Act 2006, the Company’s Articles of Association and the Charities SORP 2015.

GOVERNORS’ REPORT

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Thorpe House School Trust is a private company limited by guarantee incorporated under the Companies Act 1985 on 12 September 1985 and governed by its Memorandum and Articles of Association. It is registered as charity no. 292683 with the Charity Commission.

Governing Body

The members of the Governing Body (‘the Governors’), who are also required under the Articles of Association to be Members of the Trust, have each been elected or have had their election ratified at a full Governors’ meeting on the basis of nominations received from serving Governors and the Headmaster. Governors, who include amongst their number parents of former pupils, an educationalist and professionals from business, are assessed on their eligibility, personal competence and commitment, specialist skills and experience. Each Governor in his or her capacity as a Member of the Trust has agreed to contribute an amount not exceeding £1 in the event of the Trust being wound up.

During the course of this academic year, 10 individuals served as Governors with one co-opted member, with 2 resignations and the co-opted member confirming their resignations at the end of the year. As at 1[st] September 2021, there were 9 Governors and one new co-opted member.

Members of the Trust

The current Members of the Trust are the Governors.

Governor Induction and Training

New Governors are provided with a copy of the latest AGBIS Guidelines for Governors explaining their roles and summarising their legal obligations under charity and company law, full Accounts showing the recent financial performance of the Trust for the preceding year, the ISI compliance report and they have made available to them a copy of the Trust’s Memorandum and Articles of Association, the current School Strategic Plan and the ISC census and annual report. They are also briefed on the Board committee and decision-making processes. During their selection and induction, they have meetings with the Headmaster, the Chairman of the Governing Body (or his deputy) and the Chair of the relevant committee to which they may be assigned.

Governors are encouraged to attend appropriate external training events organised by AGBIS or other relevant providers where these will broaden their knowledge and experience and facilitate the undertaking of their role.

At least once a year the full Governing Body is invited to undertake a tour of Thorpe House School (‘the School’) during which the Governors have the opportunity to meet members of staff and inspect the School’s facilities. There is also normally an annual Governors’ Day when Governors are invited to come to the School, to observe lessons and inspect sporting and other facilities and then meet with the staff over lunch or tea in a more social environment. Recent developments promoting the interaction of staff and Governors include further social gatherings and also Strategy sessions at which strategy and associated issues are discussed in open forum, with members of the Senior Leadership Team encouraged to contribute. During the past year, some of these activities have continued to be curtailed because of Covid19-related restrictions.

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THORPE HOUSE SCHOOL TRUST REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Governors’ Indemnity Insurance

The School has purchased Governors’ indemnity insurance through Zurich Insurance plc. to provide cover up to £2 million.

Key Management Personnel

The day-to-day running of the School is delegated by the Governing Body to the Headmaster and Bursar, as the key management personnel, who in turn are supported by the other members of the Senior Leadership Team. The Headmaster, Deputy Head and the Bursar are encouraged to attend all meetings of the Governing Body’s main committees.

The remuneration of the Headmaster is set by the Board. The Board are also consulted over policy objectives to provide appropriate incentives to encourage enhanced performance and to reward staff fairly and responsibly for their individual contributions to the School’s success.

The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other State and independent schools to ensure that the School remains sensitive to the broader issues of pay and employment conditions elsewhere.

Delivery of the Trust’s charitable vision and purpose of providing outstanding all-round education for boys, whilst promoting Christian values, is primarily dependent on the School’s key management personnel.

Organisational Management

The business of the Trust (but not the day-to-day operation of the School) is managed by the Governing Body which meets as a Board at least once in each term. The three main committee groups include the Finance and Estates Committee, the Education and Compliance Committee and the Marketing Strategy and Admissions Committee. Within these is a number of sub-groups which are responsible for all aspects of the School’s operation including finance, buildings, maintenance, safeguarding and compliance, risk management, health and safety, marketing strategy, recruitment and retention of pupils, educational standards, current major projects, and recruitment of governors and key personnel of the School. Committees and sub-groups meet as appropriate and, in the case of the main committees, at least once a term. Since the advent of the Covid-19 pandemic, additional sub-groups have been established to review the immediate impact of the pandemic on the operation of the school and going forward. In addition, most meetings have been held by way of Zoom meetings or similar video conferencing.

The Headmaster is appointed by the Governors to manage, with the assistance of the Deputy Head and Bursar, the day-to-day operations of the School and as such has delegated authority and responsibility, within the terms of delegation approved by the Governing Body, for all operational matters.

Group Structure and Relationships

The Headmaster, a member of IAPS and the Society of Heads, meets termly with Heads of local IAPS schools, and also with Heads of other local schools. The School is a member of the ISBA and the Bursar meets termly with bursars of local schools. The School is also a member of AGBIS and the Governors are invited to attend relevant training and seminars run by the organisation. From March 2020, as a result of the COVID19 pandemic, training and meetings moved to remote platforms with regular attendance to webinars and meetings encouraged on-line for the Headmaster, Bursar and Governors. This has continued for the year to August 2021.

The School continues its work with a number of local charities and schools to widen public access to its schooling, to optimise the use of the School’s cultural and sporting facilities and to awaken in its pupils an awareness of the social context of the education they receive at the School.

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THORPE HOUSE SCHOOL TRUST REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

STRATEGIC REPORT

ACTIVITIES AND OBJECTIVES

PRINCIPAL ACTIVITY

The Trust was established in 1985 “to promote and provide for the advancement of education of children in the United Kingdom and elsewhere”, and specifically to carry on and develop the School, providing a caring, welcoming and inclusive learning environment for each pupil.

The School, through its Lower (Reception-Year 5), Middle (Years 6-8) and Upper (Years 9-11) Schools, is an independent day school now operating as an all-through school offering a bespoke boy-focused education for boys aged 4 – 16 years.

Strategic objectives

The School’s core objective is to give each pupil every opportunity to achieve his highest possible allround educational standard, such that when he leaves the School he has become a responsible British and global citizen who is resilient, spiritually fulfilled and with positive aspirations.

The School strives to get the best results reasonably possible from boys sitting GCSE at age 16, based on predictions built on a series of different baseline tests during their careers at the School. However, the ambition with pupils of all ages is, through the School’s classroom and extra-curricular programmes, to draw out their abilities and potential, both academic and non-academic, and to awaken and develop wider interests in and awareness of life, to instil proper life values and to motivate them for a successful outcome at the next stage in their education.

Objectives for the year

There has been a continued drive to enhance and improve the school’s facilities and resources and in the past 12 months the following has been accomplished:

• Two classrooms in the Lower school have been reconfigured into a single contemporary STEAM classroom to support a project based curriculum for the younger pupils with a particular focus on Science, Technology, Engineering, Art and Maths.

• The hall in the Lower School has been refurbished and equipped as a black box theatre to enhance the drama provision in the School.

• The Main Site roof has been replaced as part of a 6 week project.

• The lower school site playground has been resurfaced with additional seating and landscaping.

• The dining room refurbishment has been completed with Honours boards established celebrating individual’s achievements and promoting the School Houses.

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THORPE HOUSE SCHOOL TRUST REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

ACHIEVEMENTS AND PERFORMANCE

Academic performance

GCSE Results:

From a smaller than usual cohort of just 29 boys, the school achieved a very pleasing set of exam results at GCSE. These were awarded as a result of Teacher assessed grades as the GCSE external examinations were cancelled. Just over 48.4% of all grades were achieved at 7-9 (the equivalent of the old A and A* grades). By way of comparison, the national average of top grades for this year is 28.5%. Of particular note, RS achieved 79% grade 7-9, Art 70% grade 7-9, Latin 67% grade 7-9 and Physics 65% grade 7-9. Across the Sciences, 51% of all grades were at 7-9, Maths at 34% and English (Lit and Lang) at 50%. A higher proportion of boys entered the Grammar School system at 16+ with 15 boys being accepted for sixth form this year

The overall figure for passing grades were 95% gaining 5 or more grades with English and Maths, but all boys achieved a passing grade in English and Maths.

11+ results: Of the boys in the Year 6 group, 13 chose to take the exam this year, of whom 5 passed.

Significant achievements in areas other than academic subjects, including extra-curricular and sporting successes.

• Individual sporting achievements – a year 11 pupil was selected to be part of the Pentathlon GB athlete development programme. Several boys continue to play high level district and club level football across the school. One year 9 boy is a County tennis player and 5 boys are district athletic champions in the following sports; U15 400m, U14 discus, U14 300m, U12 800m and U12 shot putt.

• Team sporting achievements - the Under 15s are the Cricket Bucks senior trophy finalists and the U13s are the Cricket Bucks schools junior trophy winners.

• Drama – the pandemic did preclude the level of normal drama productions but the pupils were able to showcase a number of short drama pieces, including a collection of Shakespeare performances by the Lower School as part of the Summer Arts Festival.

• D of E – students in years 10 and 9 are invited to take part in this initiative with 15 boys achieving the silver award and 28 boys achieving bronze.

• Music – boys are entered into external music exams with boys achieving up to Grade 8 in ABRSM examinations. A House music competition is a new annual event for pupils throughout the school in which approximately a third of pupils participate as soloists. In the summer term a range of musical performances contributed to our Arts festival.

Public Benefit

As required by law, the Governors have continued to have regard to the Charity Commission’s public benefit guidance and in the course of carrying out their duties have endeavoured not only to increase and improve the educational facilities available to pupils but also to extend the School’s activities into the local community, as demonstrated below:

• During the 2020-21 academic year, Thorpe House School provided education for 270 boys, thus relieving the State of the burden of the cost of educating these boys in the State system.

• The School operates a bursary scheme which is open to parents of boys who, due to financial restrictions, would not normally be able to attend an independent school. The scheme makes available the equivalent of one free place in each year group from Reception to Year 11 (i.e. 12 places in total). During the year 12 boys received a discount on their fees under the bursary scheme receiving up to 100% discount on their fees.

• In addition, the School operates an emergency bursary scheme which enables current parents who encounter unexpected short-term financial difficulty to apply for a reduction off one term’s fees. One emergency bursary was awarded in the year for the full term’s fees.

• For the academic year 2020-21, the School maintained a hardship fund to recognise the financial impact the COVID pandemic had had on some families. Those facing financial hardship in this period could apply for a hardship award of up to £1,000. Seven awards were given in this period.

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THORPE HOUSE SCHOOL TRUST REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Other activities of benefit to the community or local charities included the following:

• Throughout each academic year, the School actively encourages awareness amongst pupils of those less fortunate than themselves by organising days specifically focused on raising money for

charitable activities. Collections are also taken at School events such as the annual carol service and cake sales, the proceeds of which are donated to a charity nominated by the Headmaster, staff or boys. Due to COVID restrictions, it has not been possible to do as much fund raising for charity this year, but the School did still raise approximately £3.6k for five different charities.

• The School is committed to promoting equality, diversity and inclusion and has supported PAGE (The Pakistan Alliance for Girls’ Education) as one of its major charities. £900 was raised this year to go towards the opening of a new school. As a boys’ school we are eager to ensure that the pupils recognise the importance of equal opportunity for girls/women and understand their responsibility as global citizens who are in a position to support those less fortunate than themselves.

• Collecting at School for the Royal British Legion Poppy Appeal, with boys and staff representing the School at the local Remembrance Day Parade and Service.

• Making available the School mini-buses free of charge to a number of local schools and charitable organisations such as the Scouts and local churches.

• Allowing the use of the playing fields to a number of organisations including:

  • parking for events run by St. Joseph’s School and church, All Saints Church, St Mary’s School and Maltman’s Green School

  • Use of the playing fields for sports day for local schools

  • Matches and training sessions for St.James’ Church football club

  • Weekly use of the School’s facilities for meetings of a Woodlands District Scouts Cub Pack as COVID restrictions allowed.

• Harvest food collection which was given to the London Run, an organisation which takes harvest gifts to feeding points in West London and Slough.

• The Headmaster is a Governor of a local primary school (Chalfont St Peter Academy)

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

Total numbers across the School averaged 269 pupils for the full year. The financial statements for the 12-month period to 31 August 2021 show an operational surplus of £167.7k, which is 3.9% of total income. This is a good financial performance in a year when, despite the on-going impact of Covid-19, the School has continued with its investment programme to improve existing facilities and offer further educational benefits within the School. It shows careful management of the School’s finances during a period of time which continues to be impacted by the effects of the COVID19 pandemic and the need to offer a fee variation for the summer term. The Finance committee have ensured reserves are in place to bridge potential difficult periods if the economy continues to be impacted by the repercussions of COVID during the coming financial year.

The Governors regularly review the finances, budgets and spend against budget, together with a monthly cash flow analysis as part of the effective stewardship of the School.

Fund raising

There were no specific fund-raising activities during the year. The Parents’ Association (PA) continues to raise funds for the exclusive purpose of enriching the day-to-day life of the boys, but COVID restrictions prevented any PA fund raising activities taking place.

The School did benefit from a generous legacy payment which was used in part to refurbish the lower school hall into a Black Box Theatre complete with sound system and lighting equipment.

The charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011.

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THORPE HOUSE SCHOOL TRUST REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Reserves policy

The Finance Committee regularly reviews the situation on cash reserves and invests these at the best available rates of interest, always having regard to the perceived stability of the relevant financial institution and to the potential need for access to such funds at short notice. As at 31 August 2021, the School held £2,140k in cash deposits largely due to the final drawdown on the loan secured to build the multi-purpose hall and building. Existing reserves had been used during the period of the project to reduce the need to drawdown on the loan until necessary and take advantage of reduced interest payments. As a risk management measure these deposits are currently held in two different financial institutions and in deposit accounts that have different notice periods. In May 2021, an updated reserves policy was ratified in the Finance Committee which states that the objective is to hold at least three months of operating costs plus one year’s loan interest is held in cash at any point in time to ensure short-term financial obligations such as salaries, loan payments and contracts can be paid in the event of short-term financial crisis.

In common with other independent schools, the Governors have invested substantial sums into new School buildings and premises in recent years and have a continuing programme of refurbishment, development and investment to maintain and improve educational facilities for the School’s pupils. Current year improvements including creation of a black box theatre, installation of a lower school STEAM room, resurfacing of the lower school playground and replacement of the main school roof, have been funded partly from a legacy gift with the balance coming from cash reserves.

The School’s total funds of £3,498k at the year-end comprise wholly of unrestricted funds, as although restricted funds in the form of voluntary bursary contributions are received through the course of the year from parents, these funds are allocated to the bursary awards given in the year. The unrestricted funds represented £6,979k net book value of fixed assets and £4,579k of bank loans. This gives free reserves of £1,098k which is determined by taking the total of unrestricted funds (£3,498k) less tangible fixed assets (£6,979k) and adding back any long term borrowings (£4,579k).

RISK MANAGEMENT

The Governing Body and sub-committees continues to keep the School’s operation and activities under constant review, particularly with regard to any major financial and operational risks that may arise from time to time, as well as the systems and procedures established to manage them.

The management of safeguarding and child protection, regarded as being of paramount importance by the School and Board, is overseen by at least two designated Governors. These vital aspects of the Governing Body’s responsibilities are now consolidated under the auspices of a reorganised Education and Compliance committee (including at least two Governors as members) that has responsibility for all matters affecting and relevant to the over-riding importance of child safety, protection and welfare (especially mental) of pupils and staff, as well as relevant health and safety and policies generally.

Health and Safety is always a significant area for risk management. The risks range from fire and infrastructure to personal risks (most notably when away from the school on trips and expeditions). The risks associated with all activities are minimised by thorough planning and risk assessment. The Health and Safety committee has a designated Governor who reviews policies, operations and conducts an annual health and safety walk around. This is in addition to the external consultants who ensure compliance on all health and safety and fire safety legislation.

Detailed consideration of risk is delegated to the Headmaster and Bursar, assisted by a group of Governors. A comprehensive risk register has been drawn up to enable the Governing Body more easily to identify and review the risks to which the School is exposed and the potential damage to people, property and reputation. This register is regularly reviewed by relevant committees tasked with monitoring their various risk areas who then feed their comments and updates to the risk committee. The risk register is then reviewed within this group and those items determined to be the greatest risk are reviewed at each Board meeting. The Governors evaluate the effectiveness of current plans and strategies for managing all identified major risks for the School, including crisis management.

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THORPE HOUSE SCHOOL TRUST REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

COVID19 has demanded its own risk assessment, which has been updated throughout the year to reflect current government guidance and requirements. All staff, visitors, pupils and parents were kept informed of the current COVID policy within the School. The Return to School (RTS) group established in 201920, which consisted of four governors, the headmaster and bursar, continued to meet at the start of the academic year, but as COVID risk was being effectively managed by the SLT became a source for consultation as and when needed.

In the context of financial risk, the Governors remain acutely aware of the challenges to parents across the independent sector in terms of affording school fees. The on-going economic climate resulting from the pandemic will almost certainly have an impact on the affordability of fees, whilst increased costs for the School, such as the substantial increase in employers’ contribution relating to teachers’ pensions and the additional costs associated with ensuring a safe environment for pupils during the pandemic, will continue to challenge the School’s ability to control its costs and generate a surplus to invest in the benefit of the boys’ education.

The Governors and management recognise the importance of focusing on sustaining pupil numbers, with their direct and significant financial impact on the School’s viability. The School continues to thrive at senior level, but Lower School numbers, although satisfactory, need to grow and the School continues to focus in recruiting and retaining pupils at the youngest end of the School. The Governors recognise that there is a careful balancing act to be undertaken between maintaining fees at a manageable level and continuing to provide the facilities and teaching experience that parents demand and deserve for their boys.

FUTURE PLANS

The Governors have continued to meet as a committee both remotely and in-person to discuss strategy and determine key areas of focus. It was agreed that links with existing nurseries would continue to be forged through local nursery groups attending forest school and swimming lessons with a view to securing numbers for the school’s future reception classes. The School will continue to be an all-through school for boys aged 4-16 years, maintaining a traditional ethos where strong British values are actively encouraged, whilst encouraging knowledge of all faiths to recognise the School’s increasing ethnic diversity.

The Board continues with its policy of looking to improve and expand the School’s facilities as rapidly as can be achieved and funds permit. Plans are awaiting approval to build a lower school play structure aimed at improving the external offering for lower school pupils. Investment will continue in technology to enhance learning in the classroom and to enable seamless remote teaching.

The school has commenced a consultation process with staff to explore the possibility of withdrawing teaching staff members from the TPS (Teacher’s Pension Scheme), and replacing it with a private direct contribution scheme. The business reasoning and broader financial context have been communicated to staff members along with an outline proposal and timeline. Initial information, discussion and feedback sessions have been held with the governors and also an independent expert consultant. Staff representatives are currently in the process of being proposed and elected to streamline and collate questions and feedback from staff. Further detailed information sessions and 1x1 guidance is being scheduled with the independent consultant to offer tailored support to each staff member taking into account their individual circumstances. The process is likely to continue well into 2022

The school is exploring the possibility of extending the educational offering by opening a Sixth Form and initial consultation with the DfE is underway.

PROVISION OF INFORMATION TO AUDITORS

Each of the persons who is a Governor at the time when this Governors’ report is approved has confirmed that so far as he or she is aware, having taken all the steps that ought reasonably to have been taken as a Governor in order to be aware of any information needed by the Trust's auditors in connection with preparing their report and to establish that there is no relevant audit information of which the Trust's auditors are unaware.

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THORPE HOUSE SCHOOL TRUST REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

RE-APPOINTMENT OF AUDITORS

In accordance with s.485 of the Companies Act 2006, a resolution proposing the re-appointment of Crowe Clark U.K. LLP as auditors to the company will be proposed at the 2022 Annual General Meeting.

Approved and authorised by the Board on 14/01/2022 and signed on its behalf by

R J Tufft

Chairman

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THORPE HOUSE SCHOOL TRUST STATEMENT OF GOVERNORS’ RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2021

The Governors (who are also directors of Thorpe House School Trust for the purposes of company law) are responsible for preparing the Governors’ Annual Report (incorporating the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

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

In preparing these financial statements, the governors are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgments and estimates that are reasonable and prudent;

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

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

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

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Crowe U.K. LLP

Chartered Accountants Member of Crowe Global Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL, UK Tel [phone] Fax [phone] www.crowe.co.uk

AUDITORS’ REPORT TO THE MEMBERS OF THORPE HOUSE SCHOOL TRUST

Opinion

We have audited the financial statements of Thorpe House School Trust for the year ended 31 August 2021 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charitable company’s affairs as at 31 August 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Crowe U.K. LLP is a limited liability partnership registered in England and Wales with registered number OC307043. The registered office is at 55 Ludgate Hill, London EC4M 7JW. A list of the LLP’s members is available at the registered office. Authorised and regulated by the Financial Conduct Authority. All insolvency practitioners in the firm are licensed in the UK by the Insolvency Practitioners Association. Crowe U.K. LLP is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Crowe U.K. LLP and its affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global.

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AUDITORS’ REPORT TO THE MEMBERS OF THORPE HOUSE SCHOOL TRUST (CONTINUED)

Other information

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

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

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

• adequate accounting records have not been kept; or

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

• certain disclosures of trustees' remuneration specified by law are not made; or

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

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AUDITORS’ REPORT TO THE MEMBERS OF THORPE HOUSE SCHOOL TRUST (CONTINUED)

Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement set out on page 10 the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

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

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

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

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

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

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014, Health and Safety, General Data Protection Regulations, Safeguarding and Food Standards. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Governors and other management and inspection of regulatory and legal correspondence, if any.

The greatest risk of material impact on the financial statements is from irregularities, including fraud, to be within the timing of recognition of non fee income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance and General Purposes Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, sample testing on non-fee income, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance.

Page 13

THORPE HOUSE SCHOOL TRUST REPORT OF THE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

INDEPENDENT AUDITOR’S REPORT (CONTINUED) TO THE MEMBERS OF THORPE HOUSE SCHOOL TRUST

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

Use of our report

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

Janette Joyce Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor

Aquis House 49-51 Blagrave Street Reading RG1 1PL

Date: 25 January 2022

Page 14

THORPE HOUSE SCHOOL TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2021

Notes INCOME FROM: Charitable activities: School fees receivable 4(a) Other income 4(b) Non-ancillary trading income Rental income Investments: Investment income Voluntary sources: Donations Government grant income Other income Total Income EXPENDITURE ON: Charitable activities: School operating costs 5 Raising Funds: Financing costs Marketing and advertising Total Expenditure 5 Net income 6 Transfers between funds Other recognised gains/(losses): (Losses)/gains on investments NET MOVEMENT IN FUNDS FUNDS BROUGHT FORWARD FUNDS CARRIED FORWARD	Unrestricted Funds £ 4,076,920 101,361 44,464 2,284 70,978 11,334 2,293 4,309,634 3,917,295 187,430 37,188 4,141,913 167,721 - 75 167,796 3,329,958 3,497,754	Restricted Funds £ - - - - - - - - - - - - - - - - - -	2021 £ 4,076,920 101,361 44,464 2,284 70,978 11,334 2,293 4,309,634 3,917,295 187,430 37,188 4,141,913 167,721 - 75 167,796 3,329,958 3,497,754	2020 £ 3,836,838 125,989 51,550 3,996 6,940 104,585 2,453 4,132,351 3,703,833 113,213 49,294 3,866,340 266,011 - (292) 265,719 3,064,239 3,329,958

The notes on pages 18 to 31 form part of these financial statements

Page 15

THORPE HOUSE SCHOOL TRUST BALANCE SHEET

31 AUGUST 2021

COMPANY NUMBER 01946972

Notes FIXED ASSETS Tangible assets 8 Investments 9 CURRENT ASSETS Debtors 10 Cash at bank and in hand CREDITORS:Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS:Amounts falling due after more than one year 12 TOTAL NET ASSETS THE FUNDS OF THE CHARITY: Unrestricted funds Restricted income funds TOTAL FUNDS 17	2021 £ 6,977,674 1,805 6,979,479 66,308 2,139,666 2,205,974 (1,099,707) 1,106,267 8,085,746 (4,587,992) £ 3,497,754 3,497,754 - £ 3,497,754	2020 £ 7,014,537 1,730 7,016,267 76,522 1,972,623 2,049,145 (993,433)
		1,055,712 8,071,979 (4,742,021) £ 3,329,958 3,329,958 - £ 3,329,958

Approved and authorised for issue by the Board of Governors on 14/01/2022 and signed on its behalf by

R J Tufft Chairman

The notes on pages 18 to 31 form part of these financial statements

Page 16

THORPE HOUSE SCHOOL TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021

CASH FLOW STATEMENT Cash flows from operating activities Net movement in funds Depreciation Loss/(profit) on disposal of tangible assets Decrease/(increase) in debtors (Decrease)/increase in creditors (Decrease)/increase in concessionary loan Dividends and interest from investments Loan interest paid Investment losses/(gains) Net cash provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Dividend and interest income Net cash used in investing activities Cash flows from financing activities Net inflow from bank loans Loan interest paid Repayments of bank loan Net cash (used in)/provided by financing activities CHANGE IN CASH AND CASH EQUIVALENTS IN THE PERIOD Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period	2021 £ £ 167,796 240,151 1,195 10,214 81,871 (10,025) (2,284) 185,481 (75) 674,324 (204,483) 2,284 (202,199) - (185,481) (119,601) (305,082) 167,043 1,972,623 2,139,666	2020 £ 265,719 167,838 - 42,415 (204,966) (38,000) (3,996) 110,839 292 340,141 (2,004,068) 3,996 (2,000,072) 2,699,733 (110,839) (19,725) 2,569,169 909,238 1,063,385 1,972,623

The notes on pages 18 to 31 form part of these financial statements

Page 17

THORPE HOUSE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

1. COMPANY INFORMATION

The School’s principal activity in the period under review was the provision of a Day School for 4-16-year-old boys. The incorporated charity (registered number 01946972 and charity number 292683), is incorporated and domiciled in the UK. The address of the registered office is Thorpe House School, Oval Way, Gerrards Cross, Buckinghamshire, SL9 8QA.

2.

ACCOUNTING POLICIES

a)

Accounting Convention

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) – Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Thorpe House School Trust School meets the definition of a public benefit entity under FRS 102.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

b)

Going concern

At the time of approval of the Annual Report, the COVID-19 pandemic continues to evolve and the long-term impact on the charity, in common with other businesses, is unknown. The Governors have reviewed the position carefully with a view to ensuring the ongoing provision of schooling for the pupils as well as employment of staff. The charity currently holds significant cash balances which can be supplemented, if needed, by an overdraft facility. Demand for school places at Thorpe House School remains strong for the academic year 2021/22. Conservative cash flow modelling with sensitivity analysis indicates that the cash reserves of the charity are adequate to meet the charity’s obligations as they fall due. Accordingly, the Governors believe the School’s financial resources are sufficient to ensure the School will continue as a going concern for the foreseeable future, being at least 12 months from the date of approval of the financial statements and have therefore prepared the financial statements on a going concern basis.

c)

Funds

Unrestricted funds are available for spending within the objects of the company.

Restricted funds are to be used for specified purposes laid down by the donor. Expenditure for those purposes is charged to the fund. When buildings are completed funds are transferred from Restricted to Unrestricted as the restriction on the donation has been fulfilled.

d)

Income

All incoming resources are included in the statement of financial activities when the charitable company is legally entitled to the income, the receipt is probable and the amount can be quantified with reasonable accuracy.

School fees represent amounts receivable for educational services provided, including extras. Other income includes chargeable extras, school trips, registration fees, school transport, temporary boarding fees and similar income. Charges for services and use of premises are accounted for in the period in which the service is provided. Bursaries are charged in the period when the offer is conveyed to the recipient except in those cases where the offer is conditional. Such Bursaries are recognised as expenditure when the conditions attaching are fulfilled.

Income from donations is recorded when the amount and receipt is probable.

Page 18

THORPE HOUSE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

2. ACCOUNTING POLICIES (Continued)

e) Government grant income

Grants are accounted for under the performance model as permitted by the Charity SORP. The grant income is therefore recognised on a straight line basis over the period of related expenditure.

f) Resources expended

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities. Expenditure is allocated to expense headings either on a direct cost basis, or apportioned according to time spent. The irrecoverable element of VAT is included with the item of expense to which it relates.

g)

Fixed assets

The School has applied the ‘deemed cost’ provisions of FRS102 in that valuations of previously revalued land and buildings will not be further revalued.

Depreciation is calculated to write down the cost of all tangible fixed assets by equal annual instalments over their expected useful lives. The rates applicable are:-

Freehold buildings 2%-10% per annum Fixtures and Fittings 5% - 25% per annum Plant and equipment 20% per annum

Assets purchased for less than £500 or individual computers, are written off to the Statement of Financial Activities on acquisition.

h)

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

i) Pensions

The School operates a contributory superannuation scheme under the Teachers’ Superannuation Regulations 1976 (amended). The pension costs charged in the period for the Teachers’ Pension Scheme are based on the contributions made to the centralised Government pension scheme run by the Department of Education as stated in note 19.

The charity contributes to the Pensions Trust Growth Plan for certain of its employees. This is in most respects is a money purchase arrangement, but does include certain guaranteed benefit elements. The Plan is a multi-employer scheme. It is not possible in the normal course of events to identify the share of the underlying assets belonging to the individual participating employers and accordingly, in accordance with FRS102, is accounted for as a defined contribution scheme with contributions being recorded as they become payable. The School is not currently required to pay deficit contributions.

The contributions for both Schemes are charged in the Statement of Financial Activities in the period in which they are payable.

j) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

k) Operating Leases

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

Page 19

THORPE HOUSE SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

2. ACCOUNTING POLICIES (Continued)

l) Financial instruments

Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at amortised cost. Note 21 provides more information on financial instruments where future cash flows are anticipated, with financial assets referring to fixed asset investments and debtor balances excluding prepayments, and financial liabilities referring to all creditor balances excluding deferred income.

m) Pupil Fee Deposits

The Governors have reviewed the contract terms under which Pupil fee deposits are held by the School. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the school, pupils can leave at earlier dates. The School does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at 31 August 2021 have been included within current liabilities. The prior year Pupil fee deposits balance has been similarly represented.

n) Taxation

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

3. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the charity’s accounting policies, which are described in note 2. Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The Governors consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty.

4. INCOMING RESOURCES

a) SCHOOL FEES

The School’s fee income comprised: Gross fees Less: bursaries and allowances	2021 £ 4,425,648 (348,728) £ 4,076,920	2020 £ 4,173,967 (337,129)
		£ 3,836,838

Page 20

THORPE HOUSE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

4. INCOMING RESOURCES (continued)

b) CHARITABLE ACTIVITIES Other income: Charitable extras - income Registration fees 5. TOTAL RESOURCES EXPENDED Staff costs £ Charitable activities School operating costs: Teaching costs 2,269,047 Welfare costs 86,743 Premises costs 49,604 Support costs 379,716 2,785,110 Raising funds Bank charges - Interest paid - Marketing and advertising - - TOTAL RESOURCES EXPENDED 2,785,110	Depreciation £ - - 155,271 84,880 240,151 - - - - 240,151		2021 90,161 11,200 £ 101,361 Other £ 210,724 125,289 344,706 211,315 892,031 1,949 185,481 37,188 224,618 1,116,649	2020 116,689 9,300 £ 125,989 2021 £ 2,479,771 212,032 549,581 675,911 3,917,295 1,949 185,481 37,188 224,618 4,141,913

Total governance costs included above are £19,386 (2020: £14,477).

Page 21

THORPE HOUSE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

5. TOTAL RESOURCES EXPENDED (continued)

2020 Comparative Staff costs Depreciation £ £ Charitable activities School operating costs: Teaching costs 2,254,383 - Welfare costs 108,301 - Premises costs 49,707 99,813 Support costs 342,859 68,025 2,755,250 167,838 Raising funds Bank charges - - Interest paid - - Marketing and advertising - - - - TOTAL RESOURCES EXPENDED 2,755,250 167,838 NET INCOME Net incoming resources are stated after charging: Depreciation - owned assets Operating lease payments Goodwill amortisation Auditors’ remuneration – audit fees		Other £ 230,726 99,550 272,174 178,295 780,745 2,374 110,839 49,294 162,507 943,252 2021 £ 240,151 52,854 - 11,580		2020 £ 2,485,109 207,851 421,694 589,179 3,703,833 2,374 110,839 49,294 162,507 3,866,340 2020 £ 167,838 41,722 - 11,245

6. NET INCOME

Page 22

THORPE HOUSE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

7. STAFF COSTS

Wages and salaries Social security costs Pension costs (see note 19)	2021 2,189,447 198,479 397,184 £ 2,785,110	2020 2,182,840 182,334 390,076 £ 2,755,250

The average monthly number of persons employed by the School during the period was:

Teachers Admin and housekeeping	No. 44 17 61	No. 46 27
		73

Settlement payments in the period totalled £15,000 (2020: £nil).

The number of employees whose emoluments exceeded £60,000 were:

£60,000 - £70,000 £70,000 - £80,000 £80,000 - £90,000 £90,000 - £100,000	2021 1 - 1 -	2020 1 - 1 -

Retirement benefits are accruing for the two (2020: two) higher paid employees. Contributions in the year totalled £25,992 (2020 £23,009) .

The key management personnel of the School consist of the Trustees and the Senior leadership team as noted on page 1. Key management personnel received aggregate remuneration (including employer pensions and employer NI) of £481,561 (2020: £522,554) .

No remuneration (2020: £Nil) was paid to members of the Board of Governors and no expenses (2020: £120) were reimbursed to any Governors.

Page 23

THORPE HOUSE SCHOOL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

8. TANGIBLE FIXED ASSETS

DEEMED COST At 1 September 2020 Additions Transfer Disposals At 31 August 2021 DEPRECIATION At 1 September 2020 Transfer Charge for the period Disposals At 31 August 2021 NET BOOK VALUES 31 August 2021 31 August 2020	Freehold land and buildings £ 6,722,733 84,116 - (936) 6,805,913 357,189 - 133,850 - 491,039 £ 6,314,874 £ 6,365,544	Plant and equipment £ 21,023 - - - 21,203 21,023 - - - 21,023 £ - £ -	Fixtures and fittings £ 1,207,168 120,367 12,900 (259) 1,340,176 571,075 - 106,301 - 677,376 £ 662,800 £ 636,093	Assets under course of construction 12,900 - (12,900) - - - - - - £ - £ 12,900	Total 2021 £ 7,963,824 204,483 - (1,195) 8,167,112 949,287 - 240,151 - 1,189,438 £ 6,977,674 £ 7,014,537

As at 1 August 2011 the Trust owned leases on the land and buildings known as Thorpe House School, including Heywood House and the school playing fields, with terms of 75 years commencing on 1 September 1985. On 18th May 2012 the Trust completed the acquisition of the underlying freehold interests in the sites. In addition, the Trust Acquired the former Kingscote School, excluding the playing field, on 9th August 2012 and then its playing field on 11th September 2014, renaming the site Thorpe House Pre-prep.

The entirety of the freehold properties were revalued at £3,150,000 on 16th September 2015 by Martin & Pole, Chartered Surveyors. The Freehold Property values comprise both the previously granted leases, which continue in force, and the newly acquired freehold interests, as encumbered by these leases.

The School has applied the ‘deemed cost’ provisions of FRS102 in that valuations of previously revalued land and buildings will not be further revalued.

Page 24

THORPE HOUSE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

9. FIXED ASSET INVESTMENTS

MARKET VALUE At 1 August Additions Disposal Revaluations At 31 August 10. DEBTORS:Amounts falling due within one year Trade debtors Prepayments and accrued income 11. CREDITORS:Amounts falling due within one year Bank loan & overdrafts (see Note 13a) Concessionary loan (see Note 13b) Trade creditors Other taxes and social security Other creditors Deposits held Accruals and deferred income	2021 £ 1,730 - - 75 1,805 2021 £ 7,648 58,660 £ 66,308 2021 £ 126,022 43,500 53,972 51,250 41,187 184,648 599,128 1,099,707	2020 £ 2,022 - - (292) 1,730 2020 £ 10,469 66,053 £ 76,522 2020 £ 121,119 24,000 120,247 53,331 49,079 188,118 437,539 993,433

Included within accruals and deferred income are	tuition fees received in	advance for future
terms:
Deferred Income	2021	2020
	£	£
Deferred income at 1 September 2020	298,591	362,115
Resources deferred in the year	437,008	298,591
Amounts released from previous years	(298,591)	(362,115)
Deferred income at 31 August 2021	437,008	298,591

Page 25

THORPE HOUSE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

12. CREDITORS: Amounts falling due after more than one year

Bank loan (see Note 13a) Concessionary loan (see Note 13b)	2021 £ 4,453,017 134,975 £ 4,587,992	2020 £ 4,577,521 164,500 £ 4,742,021

13. LOANS AND OTHER BORROWINGS

a) The bank loans are repayable as follows:-

Within one year Between one and two years Between two and five years Over five years	2021 £ 126,022 131,087 426,630 3,895,300 4,579,039	2020 £ 121,119 126,004 409,840 4,041,677 4,698,640

There is a Lloyds loan arrangement in the financial period, secured by a legal charge over the School’s property.

The second loan arrangement is a fixed interest rate at 3.96% on the full loan value of £4.719m to be charged for a 24-year term. The loan is repayable by monthly instalments over 24 years commencing on 30 June 2020.

In 2020 there was a loan arrangement which ended in June 2020 and was interest only at 2.45% above base rate and was calculated on the initial loan amount transferred from Barclays bank plus the drawdown values to finance the multi-purpose hall and ancillary building project.

b) The concessionary loan is repayable as follows:-

Within one year Between one and two years Between two and five years Over five years	2021 £ 43,500 29,275 84,600 21,100 178,475	2020 £ 24,000 30,600 92,700 41,200 188,500

The concessionary loan relates to the enclosure, including changing rooms and pool plant equipment, installed over the existing external pool. The cost of this project was paid for by an external swim school provider in exchange for hiring the pool to deliver swimming lessons. The loan will be repaid over a total period of 8 years.

Page 26

THORPE HOUSE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

14. ANALYSIS OF MOVEMENT IN NET DEBT

Cash at bank and in hand Bank loan Concessionary loan Closing net debt	At 1 September 2020 £ 1,972,623 (4,698,640) (188,500) (2,914,517)	Cashflow £ 167,043 119,601 10,025 296,669	At 31 August 2021 £ 2,139,666 (4,579,039) (178,475) (2,617,848)

15. CAPITAL COMMITMENTS

At 31 August 2021, the School had no capital commitments ( 2020: £12,900).

16. OPERATING LEASE

At 31 August 2021 Thorpe House School Trust had future minimum lease payments under noncancellable operating leases as detailed below:-

Plant and machinery Within one year Within two to five years	2021 £ 48,807 82,660 £ 131,467	2020 £ 48,463 117,254 £ 165,717

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

2021

2021
Fixed assets Net current assets Long term liabilities At 31 August 2021 2020 Fixed assets Net current assets Long term liabilities At 31 August 2020	Unrestricted Funds £ 6,979,479 1,106,267 (4,587,992) £ 3,497,754 Unrestricted Funds £ 7,016,267 1,055,712 (4,742,021) £ 3,329,958	Restricted Funds £ - - - £ - Restricted Funds £ - - - £ -	Total Funds 2021 £ 6,979,479 1,106,267 (4,587,992)
			£ 3,497,754 Total Funds 2020 £ 7,016,267 1,055,712 (4,742,021)
			£ 3,329,958

Page 27

THORPE HOUSE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

18. RESTRICTED FUNDS

2021 Restricted Funds Educational Fund Total 2020 Restricted Funds Educational Fund Total	Balance at 1 September 2020 £ - - Balance at 1 September 2019 £ 59,080 59,080	Incoming resources £ - - Incoming resources £ - -	Resources expended £ - - Resources expended £ - -	Transfers £ - - Transfers £ (59,080) (59,080)	Balance at 31 August 2021 £ -
					- Balance at 31 August 2020 £ -
					-

Educational Fund: this fund is for the purpose of improving the educational experience for the pupils. There was a transfer of £59,080 from the Educational fund to the General funds of the School to cover majority of the refurbishment of the Design Technology and Science labs.

19. PENSION SCHEME

a) Teaching Pension Scheme

The School participates in the Teachers' Pension Scheme (England and Wales) ("the TPS") for its teaching staff. The pension charge for the period includes contributions payable to the TPS of £367,400 (2020: £354,873) and at the year-end £40,500 (2020: £41,225) was accrued in respect of contributions to this scheme.

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

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the valuation report, which was published in March 2019, confirmed an employer contribution rate would increase from 16.4% to 23.6% from 1 September 2019. Employers are also currently required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

Page 28

THORPE HOUSE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

19. PENSION SCHEME (continued)

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. The consultation closed to response on 19 August 2021 and the Government is currently analysing the responses.

In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contained in the Actuarial Valuation.

Until the cost cap mechanism review is completed it is not possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly, no provision for any additional past benefit pension costs is included in these financial statements.

b) Non-Teaching Pension Schemes

Pension Trust

The School’s non-teaching staff are entitled to membership of the Pension Trust Growth Plan (“the Plan”). This is a multi-employer pension plan which in most respects is a money purchase arrangement, although it does include certain guarantee elements as described below.

Contributions paid into the Plan up to and including September 2001 were converted to defined amounts of pension payable from normal retirement dates. From October 2001 contributions were invested in personal funds which have a capital guarantee and which are converted to pension on retirement, either within the Plan or by the purchase of an annuity.

The rules of the Plan give the Trustee the power to require employers to pay additional contributions in order to ensure that the statutory funding objective under the Pensions Act 2004 is met. The statutory funding objective is that a pension scheme should have sufficient assets to meet its past service liabilities, known as Technical Provisions. The School is not currently required to pay deficit contributions.

Contributions totalling £29,784 (2020: £35,203) were payable in the period. At the year-end £nil (2020: £6,267) was owing in respect of contributions to this scheme.

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THORPE HOUSE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

20. RELATED PARTIES

The wife of a governor, R MacMillan, is employed by the school as the Head of Learning Support.

The total salary and employers pension contributions paid during the year in respect of the above was £59,090 (2020: £58,515) .

21. FINANCIAL INSTRUMENTS

Financial assets measured at amortised cost Financial assets measured at fair value Financial liabilities measured at amortised cost	2021 £ 2,157,720 1,805 5,072,216	2020 £ 1,986,204 1,730 5,195,032

The company’s income, expense, gains and losses in respect of financial instruments are summarised below

Interest income and expense: Interest and dividend income Interest expense Impairment losses	2021 £ 2,284 185,481 254	2020 £ 3,996 110,839 21,714

Included within financial assets measured at amortised cost are cash at bank, trade debtors and other debtors and accrued income.

Included within financial assets measured at fair value are Investments.

Included within financial liabilities measured at amortised cost are trade creditors, accruals, other creditors, deposits held and bank loans.

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THORPE HOUSE SCHOOL TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 AUGUST 2021

22. COMPARISON STATEMENT OF FINANCIAL ACTIVITIES

INCOME FROM: Charitable activities: School fees receivable Other income Non-ancillary trading income Rental income Investments: Investment income Voluntary sources: Donations Government grant income Other income Total EXPENDITURE ON: Charitable activities: School operating costs Raising Funds: Financing costs Marketing and advertising Total Net income Transfers between funds Other recognised gains/(losses): (Losses)/gains on investments NET MOVEMENT IN FUNDS FUNDS BROUGHT FORWARD FUNDS CARRIED FORWARD	Unrestricted Funds £ 3,836,838 125,989 51,550 3,996 6,940 104,585 2,453 4,132,351 3,703,833 113,213 49,294 3,866,340 266,011 59,080 (292) 324,799 3,005,159 3,329,958	Restricted Funds £ - - - - - - - - - - - - - - (59,080) - (59,080) 59,080 -	2020 £ 3,836,838 125,989 51,550 3,996 6,940 104,585 2,453 4,132,351 3,703,833 113,213 49,294 3,866,340 266,011 - (292) 265,719 3,064,239 3,329,958

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