2020-08-31-accounts

Company number 1986868 Registered as a Charity 294085

ST. CLARE’S, OXFORD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

ST. CLARE’S, OXFORD FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

CONTENTS	Pages
Report of the Governors including the Strategic Report	1 – 15
Statement of Governors’ Responsibilities	16
Report of the Independent Auditor	17 - 19
Consolidated Statement of Financial Activities	20
Balance Sheets	21
Consolidated Cash Flow Statement	22
Notes to the Financial Statements	23 - 39

ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2020

The Governors present their report and the audited Financial Statements for the year ended 31 August 2020.

Reference and Administrative Details of the Charity, its Trustees and Advisers

St. Clare’s, Oxford (St. Clare’s) is a Company limited by guarantee, registered number 1986868 and registered as a charity, number 294085. The address and registered office is 139 Banbury Road, Oxford, OX2 7AL.

Governors

The Governors of St. Clare’s, who are also the Trustees of the Charity and the Directors of the Company, are members of the Company but, as there is no share capital, none have any interest in the Company as defined by the Companies Act 2006. The Governors who served during the year or were appointed or resigned subsequently are:

Governor	Appointed	Resigned/Retired	Last Reappointment
Ian Ashcroft	14 December 2017		12 December 2018
Bartholomew Ashton	16 March 2017		14 December 2017
John Church	14 June 2007		12 December 2018
Mary Louise Culpepper	14 December 2016		14 December 2017
Moira Darlington	13 June 2013		12 December 2018
Richard Dick (Chair)	22 March 2001		14 December 2017
Yao-Su Hu	5 June 2003		14 December 2017
Ann Lewis	23 November 2000		14 December 2017
Lucia Nixon	12 March 2020
Peter Oppenheimer	11 April 1986		12 December 2018
Gordon Rankin	12 December 2018
Jens Tholstrup	22 March 2006		11 December 2019

Key Management

The key personnel who served during the year were:

Principal	Andrew RattueMA (Oxford) MA (London) PGCE (London)
Bursar	Justin MooreLLB (Open) MSc (Cranfield) ACMA
Vice-Principal Pastoral	Elena HesseMSc (Banská Bystrica) PaedDr (Nitra) Assoc CIPD MOL CELTA
Vice-Principal Academic	Alastair SummersBSc (Edinburgh) PGCE
Director of the International College	Lawrie CouplandMA (Cambridge) PGCE (Oxford) CELTA (UCLES)–resigned 30 April 2020
Director of Marketing, Admissions and Development	Suzanne MowatBA (Glamorgan) CIM

Advisers

Principal Barclays Bank plc, Oxford Corporate Banking Centre, PO Box 858, Oxford, OX2 0XP Bankers Handelsbanken , Seacourt Tower, 7[th] Floor, West Way, Botley, Oxford, OX2 0JJ Solicitors Lewis Silkin, King Charles House, Park End Street, Oxford, OX1 1JD Plainlaw, 11a West Way, Oxford, OX2 0JB Auditor Crowe U.K. LLP, Aquis House, 49-51 Blagrave Street, Reading, Berkshire, RG1 1PL

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ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2020

Structure, Governance and Management

Structure

St. Clare’s was founded in 1953. It was formed into a trust on 8 March, 1962 and registered as a charity on 13 December, 1985. The company limited by guarantee was incorporated on 6 February, 1986.

Subsidiary company

St. Clare’s Services Limited was incorporated on 30 April, 2008. The subsidiary was formed to manage the property developments of St. Clare’s, and will Gift Aid any profit it makes to St. Clare’s (see note 9 to the Financial Statements). St. Clare’s owns 100% of the subsidiary’s share capital, and these Financial Statements present the consolidated results of both entities.

Governance and Management

Under the Company’s Articles of Association the number of Governors shall not be less than five nor more than twenty. New Governors are appointed at a full Governors' meeting and serve until the next Annual General Meeting, when they are eligible for re-election. At each Annual General Meeting one-third of the Governors currently serving, or the nearest number to one-third, retire, the Governors retiring being those who have been longest in office since their election or last re-appointment. A retiring Governor is eligible for re-appointment.

New Governors are asked to join St. Clare’s by general agreement of the serving Governors. St. Clare’s particularly wants to appoint people with experience in education, finance, property and general management. New Governors are given briefings on the operations of St. Clare’s and receive a selection of printed material to assist them in their understanding of the College’s operations and its current position.

The Governors meet three times a year but may meet more frequently if required. The Board of Governors has two Committees; Finance, Personnel & General Purposes, and Education. The Finance, Personnel & General Purposes Committee meets four times a year, and the Education Committee meets three times a year. The Governors who served on the Committees during the year are:

Finance, Personnel & General Purposes – John Church (Committee Chairman), Richard Dick (ex officio), Bartholomew Ashton, Ian Ashcroft, Jens Tholstrup and Gordon Rankin.

Education – Ann Lewis (Committee Chairman), Richard Dick (ex officio), Moira Darlington, Mary Louise Culpepper and Peter Oppenheimer.

Remuneration Policy for Key Management

Remuneration for key management is set by the Governors’ Senior Pay Group which meets once each year. It seeks to ensure that the College can recruit and retain high quality senior managers to enable it to achieve its objectives and goals. Pay and benefits are set by reference to relevant benchmarks, and taking account of the skills and experience required for each of the roles and the remuneration in the sectors from which suitable candidates for such posts would be found. The Group’s recommendations are put to the full Board for approval.

Decisions and powers

The Governors determine the general policy of St. Clare’s and approve the College’s business plan, the fiveyear financial plans and the annual operating budget. The day-to-day management of St. Clare’s is delegated to the Principal and Bursar. The Governors receive regular papers giving details of St. Clare’s performance against its targets, which are monitored at Board and Committee meetings.

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ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2020

The Memorandum and Articles of Association permit moneys to be invested in such investments, securities or property as may be thought fit. Surplus cash is placed on deposit with deposit takers with a Standard and Poor rating of at least A- as authorised by the Finance, Personnel & General Purposes Committee.

Objectives and Activities

Objectives

The objects set out in the Company’s Memorandum of Association are to:

• advance international education and understanding;

• acquire, establish, maintain and carry on schools, nursery schools, kindergartens, colleges and educational institutions.

Activities

The principal activity of St Clare’s is the operation of an IB World School for 15-18 year olds, an International College for students over the age of 18 and a Summer School. The main courses offered are the International Baccalaureate Diploma, University Foundation Courses, English as a Foreign Language with academic enrichment and Liberal Arts at university level for visiting students mainly from the USA, as well as short summer courses for children and teenagers aged from 10 to 18, and for adults. In addition, St Clare’s IB Institute is the only school-based authorized teacher training provider in the UK for the International Baccalaureate Diploma. English language testing and consultancy work are also undertaken.

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ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2020

CHAIRMAN’S FOREWORD

I am pleased to present the annual report and accounts for St Clare’s, Oxford for the year ending 31 August 2020.

2019-20 was a challenging year for the college. The Covid-19 crisis had an impact on our finances, with low income from the International College from March 2020 until the end of the year, and only very low income from Summer Courses. We have had excellent support from all our stakeholders, however, and we also took advantage of the government furlough scheme temporarily to defray some of our staff costs by £662K. Income for the year was £12,156K, which included generous parental donations of £65K and the surplus was £48K. The total number of student weeks for the whole college in 2019-20 was 11,856 (14,828 in 2018-19).

The college has had another very successful year across the many fronts described in this report. As always, all surpluses are used for various forms of investment in the education of our present and future students and for the benefit of the public in accordance with our charitable objectives: to advance international education and understanding, and to run a successful educational establishment.

St Clare’s achieves what it does only through the first-rate work of its staff under the overall leadership of the Principal. I take this opportunity of thanking them for all that they do to sustain and enhance the quality and standing of St Clare’s, and to further our mission in the field of international education. The speedy move to online teaching from March 2020 was managed with great skill and is testament to the expertise, commitment, dynamism and flexibility of our staff, and communications with all stakeholders have been outstanding. I also thank my fellow Governors for their stewardship, their wise counsel and unswerving commitment to the benefit of the college during this difficult period.

We remain committed to academic excellence and young people's personal development in an international context. The outstanding quality of the education we offer to young people and the highly professional way in which the college is run mean that St Clare's is well placed to recover from the financial shock brought on by Covid-19 and continue to flourish in an ever-changing and challenging environment.

Richard Dick Chairman

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ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2020

PRINCIPAL’S INTRODUCTION

There has never been a more important time for the optimistic mission of St Clare’s, Oxford to be promulgated. The vision of Anne Dreydel and Pamela Morris remains as true in 2020 as it was in 1953 when the college was founded: young people from different countries living and learning together, challenging preconceptions and stereotypes and thereby achieving a greater understanding of each other’s cultures. In a world in which xenophobia is on the increase the values of St Clare’s are its antithesis: an open-minded welcome towards people from other countries and a willingness to adjust one’s views in the light of such encounters.

As for all other independent schools, 2019/20 presented the college with a unique set of challenges. At both the IB World School and the International College the move to online teaching and learning was achieved within a two-week period at the end of March. All students departed for their home countries in the period leading up to the Easter break and remote working for almost all staff was in progress by the beginning of April. A great deal of work was devoted to communicating with all students, parents and agents using a multi-channel approach to provide academic and pastoral support as well as information about college policies and procedures and reassurance about the return to a degree of normality in September 2020. Feedback about the quality of our service and communications was overwhelmingly positive.

In spite of the unusual circumstances, 2019/20 has seen continued success in all areas of college activity. The IB World School had an enrolment of 275 students and boasts one of the largest cohorts of IB Diploma students in the UK. IB Diploma results in 2020 were again very strong, especially considering that St Clare’s is unselective in its intake.

St Clare’s is the only school in the UK which is an authorized IB training provider. Our IB Institute trained 80 teachers from all over the world on 16 courses in various aspects of the IB Diploma during 2019/20, a smaller number than usual owing to lockdown. We were authorized by the IBO to deliver online teacher training from August 2020. We also successfully ran short online IB preparatory courses for teenagers in the summer period.

Alongside all other providers, our International College is adjusting to the changing market for English language teaching and strong competition in the provision of University Foundation courses from UK universities and commercial providers.

Owing to the Covid-19 situation there were no live summer courses in 2020. However, we planned, marketed and delivered a very successful suite of online summer courses.

I hope that this report will enable those interested in St Clare’s to gain an insight into our educational and other charitable activities as well as the sound business practices which support them.

Andrew Rattue Principal

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ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2020

STRATEGIC REPORT

a. Achievements and Performance

The Banbury Road Campus is the principal base for courses for pre-university students aged 15-19. The Bardwell Road Centre is the main academic centre for courses for students aged over 18. Aggregated bookings on all courses run during the year were as follows:

2020 Total Student Weeks	2019 Total Student Weeks
11,856	14,828

The College was founded in 1953 by Anne Dreydel and Pamela Morris who wished, amongst other things, to promote interaction between students from England and Europe after the Second World War. The College continues to support and give meaning to their ambitions by maintaining its mission of promoting international education and understanding. Last year 48 nationalities were represented at St. Clare’s and more than 20 different languages were taught.

The College operates a number of business streams on two sites. The Pre-IB and International Baccalaureate Diploma are taught at the IB World School on the Banbury Road site. Separately, courses for students aged 17+ are taught at the International College situated at Bardwell Road.

b. Academic performance

At the IB World School, students prepare for the International Baccalaureate Diploma which is taken in May of each year. 2020 was unique in that there were no final examinations. Instead, calculated grades were awarded by the IBO on the basis of coursework, teacher predictions and the achievement of schools in previous years. Results for our IB2 cohort of 121 students in May 2020 were excellent:

• An overall average points score of 37 compared to a world average of 29.9 points. The maximum possible score at IB Diploma is 45 points. 36 points is the equivalent of AAA at A Level.

• The pass rate was 100%.

• 93% scored above the world average for the IB Diploma.

• One student was awarded 45 points, the maximum possible score achieved by only 0.2% of candidates around the world. 20 St Clare’s students have achieved the elusive 45 points in the last decade.

• 29% of students scored 40 points or higher, widely regarded as the elite level internationally achieved by only 5% of candidates.

• University destinations include Cambridge, Oxford, Bath, Warwick, Imperial, King’s College London, London School of Economics and University College London as well as a significant number of high-profile universities overseas: Johns Hopkins, Toronto, Dartmouth, Minerva Schools at the Keck Graduate Institute, Amsterdam, Leiden, Utrecht, Bocconi and Hong Kong.

• Three students were admitted to UK medical schools (Imperial and Queen Mary).

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ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2020

At the International College (Bardwell Road) students studied a variety of courses, including English Language courses, the University Foundation Programme (UFP), and English plus Academic Subjects (EAS). The College also runs semester programmes for undergraduate students mainly from the US. The University of Record for this course is the University of San Diego. Results have been very good at the International College although performance tables are not available to allow direct comparisons with other institutions.

The university destinations of our leavers demonstrate the high quality of the teaching and careers advice which they receive. UFP and EAS graduates gained offers from the universities of Exeter, Leeds, Liverpool, Lancaster, Bristol, Manchester and Cardiff among others in the UK, and Maastricht, Amsterdam, Erasmus, WHU Business School in Germany and Ecole Hotelière de Lausanne elsewhere in Europe.

The report by our UFP external examiner from the University of Warwick for the 2020 examinations was also highly complimentary : This is my fourth year as the External Examiner. Due to the Corona Virus pandemic the exam board and the viewing of material was conducted entirely online. The current crisis has greatly impacted teaching and learning, policies and procedures have had to adapt at pace and working practices often needed to change within days. I commend all staff at St Clare’s for supporting students through this crisis and maintaining high quality provision. I have viewed student work across all streams and all assessment methods including essays, short answer exams, longer written exams and presentations. Based on the samples I have seen and the processes I have viewed, the Programme is of high quality… The standard of student performance and academic performance is comparable to similar programmes which I am familiar with at The Open University and The University of Warwick. (Dr Steve Gascoigne)

The College normally runs a nine-week summer programme of English Language Courses and courses related to the IB Diploma at the main site at Banbury Road, at the International College at Bardwell Road and also at Rye St Antony School which is hired every year to accommodate summer school students aged 10 to 15. Owing to the shutdown of schools and travel, live courses were cancelled. Instead, a programme of high-quality online courses was devised and delivered successfully to significant numbers of teenagers and young adults.

c. Pastoral Care

The key elements of pastoral care and boarding in 2019/20 were:

• A major restructure of pastoral care and boarding restructure to improve the quality of the student experience

• Managing the impact of the Covid 19 pandemic on the St Clare's community

• Developing a Healthy World, Healthy College, Healthy You programme

Major restructure of pastoral care and boarding restructure

• New full-time roles of Senior House Parents and House Parents were introduced which provide 45 and 48 hours per week of contact hours and full staffing flexibility.

• 6 wardens, 8 warden tutors and a Boarding Manager were replaced by 5 Senior House Parents (including a Head of Boarding), 5 House Parents and a Boarding Assistant.

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ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2020

• Boarding Houses have been arranged into clusters (Summertown, Lathbury, Banbury, Woodstock and Oxford) with a Senior House Parent overseeing each cluster for day-to-day management and pastoral care.

• The restructure has brought not only increased hours but also a different style of boarding provision which is more student-focused, addressing their needs in a timely manner.

• A comprehensive training programme for boarding staff was introduced.

• A significant change in the pastoral management structure was implemented. The Assistant Principal Pastoral (APP) role was redesigned so she is fully available during peak hours, providing better support for the Vice Principal Pastoral (VPP). The Boarding Manager role was replaced by a full-time Head of Boarding to oversee the management of boarding and its development.

Managing the impact of the Covid 19 pandemic on St Clare's community

The Spring and Summer term 2020 brought unexpected challenges relating to Covid-19. Boarders had to leave the UK while international borders were open not knowing when they would be able to return. The focus was on keeping the community safe and also to get boarders home safely. During the lockdown, the focus shifted to providing pastoral support for students and staff who found themselves in isolated situations they had never experienced before. The following support initiatives were introduced: HIIT sessions, Appreciation Tree, Thank you messages, 5-a-day (activities focused on mental health), St Clare's Self-isolation challenge, PIB Activities Week, online safety, study skills sessions for online learning, one-to-one online sessions with Personal Tutors, Monday Coffee mornings, and Looking forward to September student videos were produced.

Developing a Healthy World, Healthy College, Healthy You programme

Initiatives focused on creating Nurture Groups, Sleep Hygiene, Study Skills, Healthy Cooking, replacing plastic cups in the dining hall and Sugar House café with water bottles and coffee mugs, and introducing Meat-Free Mondays. Students joined Climate Change Protests, and some took part in the Black Lives Matter protests.

d. Co-curricular activities: Creativity, Activity and Service 2019-20

Creativity, Activity and Service (CAS) is an integral part of the International Baccalaureate Diploma and provides an excellent structure for the co-curricular and community service aspects of the education provided by St Clare’s, as well as our pastoral mission to help develop the whole person.

CAS has six main characteristics for personal development:

• Enjoy and find significance in a range of CAS experiences

The students are required to commit to one creativity, one activity, and one service experience each term from a programme which offers over 50 different choices each week. The Activities Department plans, coordinates and publishes the term’s programmes which draw on the experience of the teaching and non-teaching staff for leadership. Creativity experiences include the coding club, studio art, economics club and the psychology club. Activity experiences (which incorporate team sports and individual sports) include students working on their gym programmes at the Oxfordshire Health and Racquets club, the football club at Oxford City FC, the basketball club at the Ferry Sports Centre and the tennis club.

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ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2020

Service experiences (which includes advocacy, research or direct work) include the animal rights action group, the human rights action group and visiting the elderly. Students can choose to continue with the same set of experiences throughout the two years of their diploma. However, we encourage them to try a variety.

• Purposefully reflect upon their experiences

All CAS students are expected to maintain and complete a CAS portfolio as evidence of their engagement. The Portfolio is meant to be a collection of evidence that showcases the overall experience and is a source of pride for the student. Through regular CAS sessions the CAS Co-ordinator coaches the students on how to produce meaningful reflection, which are either spoken or written. We also encourage students to explore visual (photography, painting), kinaesthetic, (dance, theatre), and auditory (lyrical) means of reflection.

• Identify goals, develop strategies and determine further actions for personal growth

Guidelines focus the students on identifying goals in each of their chosen experiences, developing strategies on how to progress and through the process of regular reflection, determine further actions for personal growth. Through regular CAS sessions, the CAS Coordinator assists the students through these steps.

• Explore new possibilities, embrace new challenges and adapt to new roles We are continuing to support students who establish and offer student-led experiences in the programme. The medical society, table tennis, and student council are examples of CAS experiences led by students.

• Actively participate in planned, sustained, and collaborative CAS projects.

Every Diploma student must participate in a sustained collaboration to discover the benefits of teamwork and of achievements realised through an exchange of ideas and abilities. The CAS project challenges students to show initiative, demonstrate perseverance, and develop skills including cooperation, problem-solving, and decision-making.

• Understand they are members of local and global communities with responsibilities towards each other and the environment.

Students who volunteer with the Oxford University’s Kids Enjoy Exercise Now (KEEN) and the Oxford City football team, the Casuals, have first-hand experience of working with young people with mental and physical disabilities. The Peer support group comprises second year Diploma students who arrange drop-in sessions for fellow students to discuss all aspects of boarding life at St. Clare’s, exam preparation and technique, friendship and relationship advice amongst many other topics. The Pets and Plants group helps to develop the skills associated with the care of reptiles in the Science department. Students who join the Visiting the Elderly group visit elderly people who live locally while students who join the teaching assistants group interact with the younger members of our local community at St. Nicholas’ Primary School. Students who volunteer in the local charity shops are gaining an insight into the impact of organisations such as Oxfam, Scope, Sobell House, and Blue Cross. The Share and Care group is taking direct action to support the homeless community and to set up links and support networks to encourage others to assist as well.

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ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2020

Creativity, Activity, Service (CAS) highlights during 2019/20 include:

Creativity

The Young Enterprise, (YE), Team, “Glow” was the runner up in the Oxfordshire Schools YE competition. They won individual prizes for the best presentation, and teamwork. The St Clare’s Magazine group published their forty-page summer edition during the Covid-19 pandemic.

Activity

The Duke of Edinburgh’s Award continues to grow at St Clare’s. We now have our Pre-IB students enrolled in the Bronze Award. We continue to offer the Gold Award.

Service

The “Share and Care” group entered their project into the Global Social Leaders (GSL) competition, which aims to develop students’ understanding of global citizenship and how to turn their ideas into reality. The group made it to the semi-final and won a collaboration award. If you click here you can see their entry.

Our students continued with their CAS programme during the Covid-19 pandemic.

e. Buildings and premises

St Clare’s occupies 27 buildings in North Oxford, 25 of which are owned freehold by the college and 2 are leasehold. Many of these buildings are in the North Oxford Conservation Area and one of them is grade II listed. We maintain all our properties to a high standard and adapt and upgrade them as needs arise. During 2019/20, the budget for repairs, refurbishment and maintenance was £568K. A major £2.3M project to improve the dining experience, to expand student social space and to modernize the kitchen area at 135 Banbury Road began in June 2019 and is due for completion in March 2021. The completion of this project will improve the working conditions for kitchen staff, among other benefits. A smaller project to improve disabled access, disabled lavatory provision and exterior landscaping at 3 Bardwell Road was completed at the end of 2019.

f. Public Benefit

The primary purpose of St Clare’s, Oxford is the advancement of education and the fostering of international education and understanding. Inextricably linked with this purpose is the aim of contributing to the public good. St Clare’s aims to contribute considerable public benefit to the local, national and international community. Students are encouraged and expected to develop an understanding of, and a commitment to, public benefit values as an integral part of their education. Students absorb these values both consciously and unconsciously and the college tries to deliver an appropriate programme in both a structured and unstructured way, and to lead by example. Perhaps the greatest public benefit that St Clare’s can offer is the provision of an education that maximises the likelihood of its students developing into principled, informed, open minded and confident citizens who respect the beliefs of others and who are determined to make a positive contribution to society.

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ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2020

Alongside our primary role of educating young people who attend the college, St Clare’s also contributes to the public good, directly and indirectly, in the following ways:

Direct Benefits

1. Means-tested bursaries and scholarships. In 2019-20 there were 37 students at St Clare’s in receipt of means-tested scholarship and bursary support. 1 was on a full bursary which was funded from fee income. The total amount of means-tested fee discount in 2019-20 was £713K (£730K in 2018-19). Both IB World School and International College students benefit. The Marie-Noelle Kelly Bursary (named in honour of one of our original Governors) at the International College, for instance, is aimed specifically at adult asylum seekers. These have helped young people have access to the College who would otherwise not be able to do so.

2. Partnerships and teacher training . St Clare’s has informal partnership agreements with a number of local primary and secondary schools which host adult teacher trainees from other countries who undertake work experience: The Cherwell School, Pegasus Primary School, West Kidlington Primary School, St Nicholas’ Primary School, SS Philip and James Primary School. Two formal partnership have been registered with the ISSP (Independent/State Schools Partnership). The first is between St Clare’s and XP School, a state-funded Free School in Doncaster. The second partnership is with The Europa School, a state-funded Free School in Culham, Oxfordshire. St Clare’s is supporting the Europa School as it prepares to deliver the IB Diploma curriculum from September 2020. Less formally, St Clare’s has also supported two other state schools which either deliver IB Diploma or which are preparing to do so: Westminster Academy in west London, and Ysgol Bro Pedr in Lampeter, Wales. St Clare’s has been supporting the Swan School (part of the River Learning Trust), a new state secondary school in Marston, in a variety of ways.

3. Facilities and lettings . St Clare’s allowed several local organisations to use its facilities either free-of-charge or at cost price: Japanese, Finnish and Bulgarian Schools each weekend, and Oxford Bardwell Speakers Club (affiliated to Toastmasters International) each month. The Alliance Française, Oxford has had occasional use of our premises at nil cost. Cherwell School pupils benefited from Chess coaching free of charge from the St Clare’s Chess coach, who is a FIDE Master.

4. Governance of state schools and other educational organisations . The Principal is Chair of Governors of the Oxfordshire Hospital School, and a Trustee of the Alliance Française, Oxford. The Head of Science is a Governor of St Swithun’s Primary School in Kennington. The Catering Manager was a Governor of St Thomas More Catholic Primary School in Kidlington until February 2020. The Vice Principal Pastoral is a Governor of the John Watson School and Chair of the Pay and Resources Committees.

5. Providing work experience . Covid-19 and the lockdown denied St Clare’s the opportunity to provide work experience for young people from local state schools in a variety of work areas (in 2018/19 two young people benefited).

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ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2020

1. Community and charity. St Clare’s students volunteered in the local community with the following organisations:

The Visiting the Elderly group arranged weekly visits to two local residential homes in Summertown. The Teaching Assistants Volunteer Scheme sent volunteers to:

• St. Nicholas Primary School in Marston, Monday to Friday.

• The German language school for children on Saturday mornings.

• Oxford City Football Club where they coach young people with learning difficulties on Sunday mornings.

• The Oxford Nursery, Summertown, Monday to Friday.

Our students continued to volunteer in local charity shops based in Summertown and the City Centre. They volunteered for the Oxford University KEEN group, assisting in their sessions designed to engage disabled young people in the Oxfordshire area. The Conservation group worked with the North Hinksey Conservation Volunteers to protect wildlife and enhance the landscape at Louie Memorial fields. The Human Rights Club and the Animals Rights Action Group advocated and raised awareness within the school and local community. The Share and Care group advocated for the homeless community in Oxford and took direct action with their donation appeals.

1. Custodianship of local heritage and buildings of historic interest . St Clare’s plays an important role in maintaining and promoting the heritage of the City of Oxford. We own and therefore have the responsibility for maintaining 25 Victorian/Edwardian buildings, many of which are in the North Oxford conservation area. Over the past ten years, through a process of sympathetic redevelopments and renovations, at a cost of over £12 million (largely to local businesses), the college has made considerable improvements to the built environment of the North Oxford conservation area. This has been recognised not only by favourable comment from local residents but also formally by the award of two Oxford Preservation Trust (OPT) certificates and a letter of commendation. St Clare’s was a participant in the OPT Open Doors event for 2020.

Indirect Benefits

1. Savings to the local authority education budget . St Clare’s contributed £1.8 million to the public purse by way of income tax and NIC on payroll, together with irrecoverable VAT on purchases during 2019-20. With 30 UK students who would be entitled to a free place at a maintained school, the parents saved the public purse a further £120k (based on local funding formula for Oxfordshire LEA).

2. Student spending in local businesses. Assuming (conservatively) an average weekly spend of £30 in local businesses, the students contributed at least a further £250K directly to the local economy.

3. Employment of local people . During the year, St Clare’s employed 236 people who mostly live within 15 miles of the City of Oxford, thus making a significant contribution to the local economy through a payroll of £6.4 million.

4. Contracts for local suppliers . St Clare’s provides or has provided work for many local businesses, averaging of £2.8 million (£5.5 million in each of the two previous years) to local (Oxfordshire) suppliers. Twenty three businesses with OX postcodes (thirty five in 2018/19) benefited from contracts with St Clare’s which were worth more than £15K in 2019/20, and seven (ten in 2018/19) were worth more than £50K.

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ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2020

1. International links . St Clare’s has contributed to the public good in encouraging international links and fostering open-mindedness about the world. Our students come from over 50 countries world-wide. All IB students study at least one modern foreign language in addition to their own. We teach literature in 25 modern foreign languages and virtually all our languages teachers are native speakers. Non-British students gain a good insight into British society and institutions as well as working alongside people from other nations in events such as the Model United Nations. St Clare’s current practice is closely aligned with its original mission. St Clare’s has longstanding links with overseas schools and universities in Italy, the USA, China, Argentina, Uruguay, Kazakhstan and South Korea.

g. Employment and staffing

St Clare’s remains a good place to work both because of the terms and conditions which it offers employees but also because of the positive workplace environment which the College promotes. HR practices are fair and thorough, all employees and candidates for employment being treated with equity, courtesy and consideration. Staff benefit from free lunch and other refreshments, good pension arrangements, life assurance and an Employee Assistance Programme (EAP) provided by Life and Progress which provides confidential care and support. A Staff Welfare and Recognition package was introduced in December 2017. This offers all staff long-service awards, periodic staff breakfasts, free yoga classes, mindfulness classes and discounted membership of Oxfordshire Health and Racquets Club via our partnership with Nuffield Health.

Staff turnover is low and, despite the expense of living in Oxford, excellent quality teachers and other staff have been recruited to replace those who leave.

Staff are provided with the professional training they require to do their jobs. Senior managers listen sympathetically to requests for career development opportunities. St Clare’s staff have received pay increases of between 1.5% and 2.5% most years for the past nine years while many employees in the public and private sectors and teachers (in both state and independent schools) have either had their pay frozen or have only received minimal 1% increases. During this period St Clare’s pay increases have outstripped the state sector by 6%. The salaries of the two lowest pay bands (Catering and Housekeeping) are regularly reviewed in the light of any changes made by the government to the National Minimum Wage in April each year.

Financial Review

St Clare’s consolidated financial results for the year were as follows: Surplus for the year Net cash inflow from operating activities Plus: Bank and other interest income Drawdown of bank facility Less: Payments to acquire tangible fixed assets Bank and other interest paid Increase/(Decrease) in overall cash balances Cash at the beginning of the year Cash at the end of the year Represented by: Bank current and deposit accounts	2020 £000 48 177 6 1,000 (2,071) (41) (929) 1,876 947 947 947	2019 £000 748
		1,621 5 - (1,056) (40)
		530 1,346
		1,876 1,876
		1,876

13

ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2020

As a registered charity St. Clare’s is generally exempt from Corporation Tax on its income and gains under Part 11 of CTA 2010 and S256 TCGA 1992.

Principal Risks

Safeguarding and Child Protection legislation and guidelines – The College remains committed to full compliance with both its legal obligations and its duty of care towards students. As well as increasing the risk to students, failure to comply with legislation could have consequences from poor inspection reports to the prosecution of the College and/or members of staff. Consequently, the College has long had in place a range of measures to minimise the risks. These include:

• Three senior members of staff have received specialist training in safeguarding.

• Other key members of staff all trained in ‘Safer Recruitment’ to ensure that recruitment practices

• are complied with.

• All staff receive child protection briefings as part of their induction. This includes a detailed

• reading of the College’s clear statement on its child protection policy and procedure.

• All staff receive full training in identifying and dealing with potential child protection issues every

• three years in line with recommended practice.

• Safeguarding is a standing annual agenda item for the Governors.

Maintenance of Licensed Sponsorship for Tier 4 visa purposes – By its very nature, the College is completely dependent on enrolling overseas student onto its courses. A substantial proportion of these students require a Tier 4 visa, for which the College must act as sponsor. That in turn means that it must meet an increasingly rigorous set of compliance requirements. A strict compliance regime is operated within the College, and spot checks undertaken internally without prior warning. Staff failing to meet internal compliance requirements will be subject to disciplinary action.

Consequences of the UK leaving the EU – Until the terms of the UK’s exit have been agreed it is impossible to tell what the actual consequences will be. In the short term, there may be some risk to enrolment because of the perception of prospective students; equally there could be some benefit from the current lower value of Sterling. In the longer term, the principal concern is whether visa restrictions will be extended to EU nationals. No mitigating action can be taken until there is greater certainty. However, ensuring that the College complies with current requirements for being a visa sponsor is all the more important.

COVID-19 – the situation regarding COVID-19 remains fluid and is characterised by uncertainty, and the impact of the UK and international response to the pandemic may affect operations and student recruitment. In mitigation, strict social distancing measures are in place, risk assessments are conducted and reassessed routinely, and contingency plans are developed to deal with changes in the assessed level of risk.

Reserves

Note 16 to the Financial Statements sets out the restricted and unrestricted funds and the assets attributable thereto. These assets are sufficient to meet St. Clare’s obligations on a fund by fund basis.

The College aims to retain sufficient free reserves to allow it to cope with unforeseen financial difficulties and to be able to maintain and develop its estate to maintain a high standard of environment for its students. At 31 August 2020 the College’s total unrestricted funds stood at £37,120K (2019: £37,020K) and after adjusting for unrestricted functional fixed assets for the charity’s own use, the College has no free reserves (as defined by the Charities SORP). The Governors have determined therefore to build up free reserves out of annual operating surpluses, so that once current borrowings have been cleared, the College will be able to call on 3 months’ operating expenditure, of which at least 50% is in cash holdings (with the remainder by way of overdraft facility). At current expenditure levels, this would require free reserves of £1.75 million.

14

ST. CLARE’S, OXFORD REPORT OF THE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2020

Property

There have been no changes to the St. Clare’s portfolio of properties during the year, although we have had notification from St John’s College of their intention not to renew the lease of 18 Bardwell Road in July 2021.

A full condition survey was undertaken during 2015/16 which has provided the College with a prioritized programme of preventative maintenance work for the next five to seven years. A full space audit was also commissioned in 2016 to identify potential for better use of the existing properties, particularly for classrooms. The main project arising from this was the extension of 131 Banbury Road, to provide four new classrooms, which was completed in April 2018. Work commenced in June 2019 for major improvements to the dining room and construction of new kitchens at 133-135 Banbury Road; the project will be complete by June 2021. Plans are also being developed for better use of the main site at 139-143 Banbury Road.

Plans for the future

St. Clare’s business of providing courses will continue in much the same way as in previous years. The College will continue to seek out new markets in order to keep the flow of student enrolments for all of its courses as high as possible. Work will continue, as appropriate, to revise the content of certain courses so as to keep them in line with market expectations and developments in education. St. Clare’s will continue to promote the concept of Global Citizenship with its staff and students and within the wider community.

Transactions with Governors and other connected persons

Transactions with Governors or other connected persons during the year are set out in note 20 to the financial statements

Provision of information to auditors

In so far as each of the Governors is aware:

• there is no relevant audit information of which the charitable company’s auditor is unaware; and

• • the Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor are aware of that information.

Auditor

In accordance with Section 485 of the Companies Act 2006, a resolution proposing the reappointment of Crowe U.K. LLP as auditors to the company will be put to the Annual General Meeting.

The Report of the Governors, under the Charities Act 2011 and the Companies Act 2006, was approved by the Board of Governors on 9 December 2020 including approving in their capacity as company directors the Strategic Report contained therein, and is signed as authorised on its behalf by:

Justin Moore Company Secretary

15

ST. CLARE’S, OXFORD STATEMENT OF GOVERNORS’ RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2020

The Governors (who are also directors of St. Clare's, Oxford for the purposes of company law and trustees for the purposes of charity law) are responsible for preparing the Report of the Governors and the financial statements in accordance with applicable law and regulations.

Company law requires the Governors to prepare financial statements for each financial year. Under that law the Governors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group 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 accounting 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;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable group 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 and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Governors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

16

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

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ST. CLARE’S, OXFORD

Opinion

We have audited the financial statements of St. Clare’s, Oxford for the year ended 31 August 2020 which comprise the Consolidated Statement of Financial Activities, the Consolidated Summary Income and Expenditure Account, the Consolidated and Company Balance Sheets, the Consolidated Cash Flow Statement and the related notes. 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 Group’s and the Charitable Company’s affairs as at 31 August 2020 and of 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 Group 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 Governors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• The Governors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group’s or 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.

17

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF ST. CLARE’S, OXFORD (CONTINUED)

Other information

The Governors 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 matter 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 Strategic Report and the Report of the Governors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Report of the Governors and Strategic 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 Group and the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Governors.

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 Governors' remuneration specified by law are not made; or

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

18

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF ST. CLARE’S, OXFORD (CONTINUED)

Responsibilities of the Governors

As explained more fully in the Governors’ Responsibilities Statement set out on page 16, the Governors 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 Governors 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 Governors are responsible for assessing the Group’s or 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 Governors 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.

Use of our report

This report is made solely to the Group and 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 Group and 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 Group and Charitable Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Alastair Lyon

Senior Statutory Auditor

For and on behalf of

Crowe U.K. LLP

Statutory Auditor Reading

5 January 2021

19

ST. CLARE’S, OXFORD

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2020

Notes INCOME AND ENDOWMENTS Charitable activities: Fees receivable 4 Other income 5 Investments Bank and other interest Donations and legacies Donations and government grants Total income EXPENDITURE ON: Charitable activities School operating costs 6 Raising funds Financing costs 6 Total expenditure 6 Net income for the year and net movement in funds 15 Balances brought forward at 1 September 2019 15 Balances carried forward at 31 August 2020 15	Unrestricted Funds £000 11,008 415 6 727 12,156 12,067 41 12,108 48 37,072 37,120	Restricted Funds £000 - - - - - - - - - 16 16	Total 2020 £000 11,008 415 6 727 12,156 12,067 41 12,108 48 37,088 37,136	Total 2019 £’000 14,131 747 5 3 14,886 14,098 40 14,138 748 36,340 37,088

All incoming resources and resources expended derive from continuing activities.

The accompanying accounting policies and notes form an integral part of these Financial Statements

20

ST. CLARE’S, OXFORD COMPANY REGISTRATION NUMBER: 01986868 BALANCE SHEETS AS AT 31 AUGUST 2020

Notes FIXED ASSETS Investments 8 Tangible assets 9 CURRENT ASSETS Stocks 10 Debtors 11 Cash at bank and in hand CREDITORS Amounts falling due within one year 12 NET CURRENT LIABILITIES TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS:amounts falling due after one year 13 NET ASSETS FUNDS Capital reserve 15 Revaluation reserve 15 General fund 15 Unrestricted funds Restricted funds 15 TOTAL FUNDS	Consolidated 2020 2019 £000 £000 - - 43,737 42,343 43,737 42,343 12 37 1,666 1,328 947 1,876 2,625 3,241 (8,226) (8,496) (5,601) (5,255) 38,136 37,088 (1,000) - 37,136 37,088 1,313 1,313 19,339 19,392 16,468 16,367 37,120 37,072 16 16 37,136 37,088	Company 2020 2019 £000 £000 - - 43,893 42,503 43,893 42,503 12 37 1,670 1,347 943 1,857 2,625 3,241 (8,226) (8,496) (5,601) (5,255) 38,292 37,248 (1,000) - 37,292 37,248 1,313 1,313 19,339 19,392 16,624 16,527 37,276 37,232 16 16 37,292 37,248	Company 2020 2019 £000 £000 - - 43,893 42,503 43,893 42,503 12 37 1,670 1,347 943 1,857 2,625 3,241 (8,226) (8,496) (5,601) (5,255) 38,292 37,248 (1,000) - 37,292 37,248 1,313 1,313 19,339 19,392 16,624 16,527 37,276 37,232 16 16 37,292 37,248
			37,248 - 37,248 1,313 19,392 16,527 37,232 16 37,248

The surplus for the year in relation to the Company only was £44k (2019: £747k).

The Financial Statements were approved and authorised for issue by the Board of Governors on 9 December 2020 and signed on their behalf by:

Richard Dick John Church Chairman Governor

The accompanying accounting policies and notes form an integral part of these Financial Statements

21

ST. CLARE’S, OXFORD CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2020

Cash flows from operating activities Net movement in funds Depreciation Interest income Interest paid (Increase)/decrease in debtors Increase/(decrease) in stock (Decrease)/increase in creditors Cash provided by operating activities Cash flows from investing activities Payments to acquire tangible fixed assets Interest paid Interest income Cash flows used in investing activities Cash flows from financing activities Bank loan borrowing/(repayment) Cash provided by/(used in) financing activities (Decrease)/Increase in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Total cash and cash equivalents at the end of the year Analysis of cash and cash equivalents Cash at bank and in hand Analysis of changes in net debt Cash Loans falling due after more than one year	Notes At 1 September 2019 £’000 1,876 - 1,876	2020 £’000 48 677 (6) 41 (338) 25 (270) 177 (2,071) (41) 6 (2,106) 1,000 1,000 (929) 1,876 £ 947 £ 947 Cash flow £’000 (929) (1,000) (1,929)	2019 £’000 748 688 (5) 40 (186) 19 317 1,621 (1,056) (40) 5 (1,091) - - 530 1,346 £ 1,876 £ 1,876 At 31 August 2020 £’000 947 (1,000) (53)

The accompanying accounting policies and notes form an integral part of these Financial Statements

22

ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

1. CHARITY INFORMATION

The principal activity of St. Clare’s Oxford is the operation of educational courses in Oxford. The incorporated (charity number 294085, company number 1986868) is domiciled in the UK. The address of the registered office is 139 Banbury Road, Oxford, OX2 7AS

2 ACCOUNTING POLICIES

a) Basis of Preparation

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. St. Clare’s, Oxford 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 note(s).

The College makes occasional use of its existing bank facilities to meet its day to day working capital requirements. Current forecasts indicate the College expects to be able to operate within these facilities for the foreseeable future. In making their assessment the Governors have considered the impact on the business of COVID-19 including the ability of the College to continue to provide education, the impact on future revenues and cash collections and the financial position of the wider group. Accordingly, the Governors believes it is appropriate to prepare the annual financial statements on the going concern basis of accounting.

b) Basis of consolidation

The Financial Statements consolidate the results of St. Clare’s, Oxford and its wholly owned subsidiary St Clare’s Services Limited (Company number: 06580963) on a line by line basis. No profit and loss account is presented for St. Clare’s, Oxford as permitted by Section 408 of the Companies Act 2006.

c) Income

Income comprise the amounts receivable for courses delivered by the balance sheet date and other supplies made during the financial year, donations received, and bank and other interest. Donations are deferred only when the donor has imposed restrictions on the expenditure of resources which amount to pre-conditions for use of the funds.

d) Government grant income

Grants are accounted for under the performance model as permitted by the Charity SORP. Coronavirus Job Retention Scheme grant income is therefore recognised on a straight line basis over the furlough period for each relevant employee.

e) Expenditure

Direct charitable expenditure is allocated to expense headings either on a direct cost basis, or apportioned according to time spent. Irrecoverable VAT is included with the item of expense to which it relates. Certain expenditure is apportioned to cost categories based on the estimated amount attributable to that activity in the year.

f) Investments

Investments in subsidiaries are included in the company’s accounts at cost.

23

ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

g) Fixed Assets

Tangible fixed assets are capitalised at cost where their acquisition value is greater than £500, and are stated at cost net of depreciation.

Freehold land and buildings are included in the balance sheet at the updated valuation under the transitional provisions of FRS102.

Depreciation is calculated to write down the cost or revaluation of all tangible fixed assets, other than freehold land, by equal annual instalments over their expected useful lives. The depreciation rates applicable are:

Leasehold property Period of lease Freehold buildings and extensions 2% - 3.3% Other fixed assets 10% - 25% Fixtures & fittings 10% - 25% Motor Vehicles 25%

h) Assets under construction

Design fees, refurbishment and other professional and construction expenditure incurred on properties owned by St. Clare’s are classed as ‘Assets under construction’ until refurbishment work has been completed. On completion of work the value of those costs is transferred to ‘Freehold Land and Buildings’. No depreciation is charged on additions to ‘Assets under construction’.

i) Stocks

Stocks are stated at the lower of cost and net realisable value. Books purchased for the library are written off in the year of purchase.

j) Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

k) 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.

l) Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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 2019 have been included within current liabilities. The prior year Pupil fee deposits balance has been similarly represented.

24

ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

m) Foreign Currencies

St. Clare’s translates all fees invoiced in a foreign currency at a standard rate fixed for each term during the academic year. All differences between the standard rate and the actual rate ruling when fees are received are treated as exchange gains or losses in the year and are included in the General Fund. Foreign currency debtors and cash balances are translated at the rate prevailing at the end of the year.

n) Contributions to Pension Funds

Defined benefit scheme – The College contributes to the Teachers’ Pension Defined Benefits Scheme at rates set out by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the College. In accordance with FRS102 therefore, the scheme is accounted for as a defined contribution scheme.

Defined contribution scheme - Pensions for other staff currently in employment are provided by means of a defined contribution scheme.

Both schemes are externally managed and employees’ and employer’s contributions are made to both of them. The annual cost of these contributions is charged to the General Fund.

Pensions paid to former employees out of St. Clare’s own funds are charged to the General Fund. The number of former employees who are paid pensions is fixed and will not increase.

o) Education Scholarships

The value of scholarships awarded by St. Clare’s to its students is deducted from fees receivable.

p) Leased assets

All leases are treated as operating leases and the payments made under them are charged to the General Fund on a straight-line basis over the term of the lease.

q) 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 all debtor balances excluding prepayments, and financial liabilities referring to all creditor balances excluding payments on account, fees and deposits received in advance and social security and other taxes.

r) Funds

Funds are described in Note 16 to the Financial Statements.

25

ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

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

Preparation of the financial statements requires management to make significant judgments and estimates. The items in the financial statements where these judgments and estimates have been made include:

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 estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods.

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

4. FEE INCOME

Gross fees Less: Scholarships 5. OTHER INCOME Chargeable extras Registration and exam fees Fee insurance Rent and room hire Other ancillary income 6. DONATIONS Donations Coronavirus Job Retention Scheme Grant	2020 £000 11,755 (747) 11,008 2020 £000 152 102 - 14 147 415 2020 £000 64 663 727	2019 £000 14,875 (744) 14,131 2019 £000 395 116 87 26 123 747 2019 £000 3 - 3

26

ST. CLARE’S, OXFORD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

7. TOTAL RESOURCES EXPENDED

Charitable activities Teaching costs Catering and other domestic costs Premises Support costs Raising funds Financing costs Total	Staff Costs £000 4,319 1,307 582 1,268 7,476 - 7,476	Other £000 1,719 202 1,148 845 3,914 41 3,955	Depreciation £000 - 13 598 66 677 - 677	Total 2020 £000 6,038 1,522 2,328 2,179 12,067 41 12,108	Total 2019 £000 7,941 1,504 2,465 2,188 14,098 40 14,138

Included in support costs are governance costs of £24k ( 2019:£19k ).

Net income is stated after charging: Auditors’ remuneration: Audit – College Audit – Subsidiary Corporation tax compliance Other tax advisory Other services Depreciation Tangible fixed assets, owned Hire of plant and machinery under operating leases Other operating lease rentals	2020 £000 13 3 1 - - 677 155 186	2019 £000 13 3 1 3 1 688 157 186

Key management personnel, as shown on page 1, received aggregate remuneration of £719k ( 2019: £663k ).

27

ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

8. STAFF COSTS

Staff costs during the year were as follows: Wages and salaries Social Security costs Other pension costs Other staff costs Governors’ expenses for travel and accommodation Governors are not remunerated for their services The average number of employees during the year was: The number of employees whose emoluments exceeded £60,000 was: £60,001 - £70,000 £70,001 - £80,000 £80,001 - £90,000 £90,001 - £100,000 £120,000 - £130,000	2020 £000 5,840 573 937 7,350 126 7,476 1 No. 218 7 2 - 1 1	2019 £000 6,103 592 730 7,425 240 7,665 1 No. 235 6 1 1 1 1

In connection with these higher paid employees, retirement benefits are accruing under money purchase schemes for 5 employees (2019: 5) and under multi-employer defined benefit schemes for 6 employees (2019:5) . The total employer contributions in this year to the schemes were £148k (2019: £99k).

Staff restructuring costs of £82k (2019: £nil) are non-statutory/non-contractual payments.

9. INVESTMENTS

Investments in subsidiary undertakings	Group 2020 2019 £000 £000 - -	Company 2020 2019 £000 £000 - -

St Clare’s Services Limited (incorporated in the United Kingdom, company number: 6580963) was set up to manage and control construction services on the College’s property developments. The £1 ordinary share capital is held by St. Clare’s, Oxford, and its results are included in the consolidated financial statements.

Any profits St Clare’s Services Limited generates will be gifted to St. Clare’s, Oxford. This year profits were £nil (2019: £nil).

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ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

10. TANGIBLE FIXED ASSETS

GROUP Deemed cost at 1 September 2019 Additions Disposals Transfers At 31 August 2020 Depreciation at 1 September 2019 Charge for the year Disposals At 31 August 2020 Net book value at 31 August 2020 31 August 2019	Freehold Land & Buildings £000 46,814 - - 343 47,157 6,095 531 - 6,626 40,531 40,719	Leasehold Property £000 183 - - - 183 183 - - 183 - -	Fixtures & Fittings £000 1,858 86 (46) - 1,898 1,412 145 (46) 1,511 387 446	Motor Vehicles £000 37 - - - 37 36 1 - 37 - 1	Assets Under Construction £000 1,177 1,985 - (343) 2,819 - - - - 2,819 1,177	Total £000 50,069 2,071 (46) - 52,094 7,726 677 (46) 8,357 43,737 42,343

On transition to FRS 102 FPD Savills, Chartered Surveyors, valued freehold land & buildings held at that date on the basis of existing use assuming vacant possession. Had the valuation not been made freehold land & buildings would have been included on the historical cost basis at the following amounts:

Cost Transfers Disposals Aggregate depreciation Net book value at 31 August 2020	2020 £000 26,638 343 - (5,949) 21,032

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ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

10. TANGIBLE FIXED ASSETS (CONTINUED)

Freehold Land & Buildings Leasehold Property Fixtures & Fittings Motor Vehicles Assets Under Construction £000 £000 £000 £000 £000 COMPANY Deemed cost at 1 September 2019 46,995 183 1,860 37 1,175 Additions - - 84 - 1,987 Disposals - - (46) - - Transfers 343 - - - (343) At 31 August 2020 47,338 183 1,898 37 2,819 Depreciation at 1 September 2019 6,116 183 1,412 36 - Charge for the year 535 - 145 1 - Disposals - - (46) - - At 31 August 2020 6,651 183 1,511 37 - Net book value at 31 August 2020 40,687 - 387 - 2,819 31 August 2019 40,879 - 448 1 1,175

Total £000 50,250 2,071 (46) - 52,275 7,747 681 (46) 8,382 43,893 42,503

On transition to FRS102 FPD Savills, Chartered Surveyors, valued freehold land & buildings held at that date on the basis of existing use assuming vacant possession. Had the valuation not been made freehold land & buildings would have been included on the historical cost basis at the following amounts:

Cost Transfers Disposals Aggregate depreciation Net book amount at 31 August, 2019	2020 £000 26,819 343 - (5,973) 21,189

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ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

11. STOCKS

General consumables 2. DEBTORS Trade debtors Prepayments and accrued income Amounts owed by group undertakings		Group 2020 2019 £000 £000 12 37 Group 2020 2019 £000 £000 1,113 875 553 453 - - 1,666 1,328	Company 2020 2019 £000 £000 12 37 Company 2020 2019 £000 £000 1,113 875 553 453 4 19 1,670 1,347

12. DEBTORS

13. CREDITORS: FALLING DUE WITHIN ONE YEAR

Trade creditors Social security and other taxes Other creditors Payments on account Accruals Fees and deposits received in advance	Group 2020 2019 £000 £000 120 486 155 217 107 131 - 383 241 354 7,603 6,925 8,226 8,496	Company 2020 2019 £000 £000 120 486 155 217 107 131 - 383 241 354 7,603 6,925 8,226 8,496

14. CREDITORS: FALLING DUE AFTER MORE THAN ONE YEAR

Bank loans repayable in more than one year	Group 2020 2019 £000 £000 1,000 -	Company 2020 2019 £000 £000 1,000 -

St. Clare’s, Oxford has loan facilities available totalling £5m, repayable in 2021. The banking facilities are secured on the freehold property held.

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ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

15. PENSION COSTS

St. Clare’s participates in the Teachers' Pension Scheme (England and Wales) ("the TPS") for its teaching staff and a defined contribution pension schemes for the administrative staff. During the year pension costs of £631,603 (2019: £431,550) and £303,320 (2019: £278,564) were incurred relating to the schemes respectively. At the year-end £70,757 (2019: £56,081) was accrued in respect of contributions due to the Teachers’ Pension Scheme and £34,858 (2019: £35,587) for other schemes.

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 that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also 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.

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. A consultation was launched by the government on 16 July 2020, and [closes/closed] to responses on 11 October 2020.

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 the government is preparing to complete the cost control element of the 2016 valuations, which is expected to be completed in 2021.

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 consultation and the cost cap mechanism review are 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.

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ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

16. FUNDS

Group – 2020

Unrestricted funds Capital Reserve Revaluation Reserve General Fund Repairs & Maintenance (Designated) Total Unrestricted Funds Restricted Funds Building Fund Scholarship Fund Total funds 2020	Balance at 1 September 2019 £000 1,313 19,392 14,716 1,651 37,072 8 8 16 37,088	Incoming Resources £000 - - 12,156 - 12,156 - - - 12,156	Resources Expended £000 - - (12,108) - (12,108) - - - (12,108)	Transfer Between Funds £000 - (53) 37 16 - - - - -	Balance at 31 August 2020 £000 1,313 19,339 14,801 1,667 37,120 8 8 16 37,136

The transfer from the revaluation reserve to the General Fund represents the difference between depreciation calculated on historical cost and at valuation. The transfer to the Designated Fund for Repairs & Maintenance for the year amounts to notional interest of £16k.

The funds are:

• Capital Reserve - the balance of the accumulated surplus on the Income & Expenditure Account of St. Clare’s as at 31 August, 1986 when the College’s operations as a charitable trust were taken over by the Company. The balance on the Capital Reserve has not altered since that date.

• Revaluation Reserve - the balance of the unamortised surplus on the revaluation of St. Clare’s freehold properties.

• General Fund - the accumulated surplus on St. Clare’s operations since it took over the business of St. Clare’s on 1 September, 1986.

• Designated Fund for Repairs & Maintenance – to finance projects for repair and renovation of St. Clare’s properties to a target fund balance of £1.5m. This will be annually increased by notional interest.

• Scholarship Fund – funds donated for providing scholarships to students.

• Building Fund – funds donated to support development work on St. Clare’s building programme.

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ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

16. FUNDS (continued)

Group – 2019 Unrestricted funds Capital Reserve Revaluation Reserve General Fund Repairs & Maintenance (Designated) Total Unrestricted Funds Restricted Funds Building Fund Scholarship Fund Total funds 2019 Company - 2020 Unrestricted funds Capital Reserve Revaluation Reserve General Fund Repairs & Maintenance (Designated) Total Unrestricted Funds Restricted Funds Building Fund Scholarship Fund Total funds 2020	Balance at 1 September 2018 £000 1,313 19,445 13,931 1,635 36,324 8 8 16 36,340 Balance at 1 September 2019 £000 1,313 19,392 14,876 1,651 37,232 8 8 16 37,248	Incoming Resources £000 - - 14,886 - 14,886 - - - 14,886 Incoming Resources £000 - - 12,156 - 12,156 - - - 12,156	Resources Expended £000 - - (14,138) - (14,138) - - - (14,138) Resources Expended £000 - - (12,113) - (12,113) - - - **(12,113) **	Transfer Between Funds Balance at 31 August 2019 £000 £000 - 1,313 (53) 19,392 37 14,716 16 1,651 - 37,072 - 8 - 8 - 16 - 37,088 Transfer Between Funds Balance at 31 August 2020 £000 £000 - 1,313 (53) 19,339 37 14,956 17 1,668 1 37,276 - 8 - 8 - 16 1 37,292

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ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

16. FUNDS (continued)

Company - 2019 Unrestricted funds Capital Reserve Revaluation Reserve General Fund Repairs & Maintenance (Designated) Total Unrestricted Funds Restricted Funds Building Fund Scholarship Fund Total funds 2019	Balance at 1 September 2018 £000 1,313 19,445 14,092 1,635 36,485 8 8 16 36,501	Incoming Resources £000 - - 14,886 - 14,886 - - - 14,886	Resources Expended £000 - - (14,139) - (14,139) - - - (14,139)	Transfer Between Funds £000 - (53) 37 16 - - - - -	Balance at 31 August 2019 £000 1,313 19,392 14,876 1,651 37,232 8 8 16 37,248

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

2020 Group Unrestricted funds Restricted funds Total funds 2020 Company Unrestricted funds Restricted funds Total funds	Fixed Assets £000 43,737 - 43,737 Fixed Assets £000 43,893 - 43,893	Current Assets £000 2,609 16 2,625 Current Assets £000 2,609 16 2,625	Current Liabilities £000 (8,226) - (8,226) Current Liabilities £000 (8,226) - (8,226)	Creditors over 1 year £000 (1,000) - (1,000) Creditors over 1 year £000 (1,000) - (1,000)	Total £000 2020 37,120 16 37,136 Total £000 2020 37,276 16 37,292

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ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)

2019 Group Unrestricted funds Restricted funds Total funds 2019 Company Unrestricted funds Restricted funds Total funds	Fixed Assets £000 42,343 - 42,343 Fixed Assets £000 42,503 - 42,503	Current Assets £000 3,225 16 3,241 Current Assets £000 3,225 16 3,241	Current Liabilities £000 (8,496) - (8,496) Current Liabilities £000 (8,496) - (8,496)	Creditors over 1 year £000 - - - Creditors over 1 year £000 - - -	Total £000 2019 37,072 16 37,088 Total £000 2019 37,232 16 37,248

18. CAPITAL COMMITMENTS

At 31 August 2020 capital commitments amounted to £665,743 (2019: £2,690).

19. LEASING COMMITMENTS

At 31 August 2020 the College had future minimum lease payments under non-cancellable operating leases as follows:

In one year or less Between one and five years In five years or more	2020 Land & Buildings £000 91 - -	2020 Other £000 101 138 -	2019 Land & Buildings £000 175 410 336	2019 Other £000 118 105 -

20. RELATED PARTY TRANSACTIONS

During the year St. Clare’s had transactions with its wholly owned subsidiary St Clare’s Services Limited totalling £nil ( 2019: £nil ). At year end the balance outstanding was a debtor of £3,943 ( 2019: £18,942 ).

Expenses were reimbursed to 3 Governors during the year, amounting to £1,023 (2019: £1,012) in respect of travel and subsistence.

There were no other related party transactions during the year.

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ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

21. FINANCIAL INSTRUMENTS

Group Financial assets measured at amortised cost Financial liabilities measured at amortised cost	2020 £’000 2,059 (2,159)	2019 £’000 2,752 (2,024)

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

Interest income and expense: Interest income Impairment losses Company Financial assets measured at amortised cost Financial liabilities measured at amortised cost	2020 £’000 6 44 2020 £’000 2,059 (2,159)	2019 £’000 5 2 2019 £’000 2,752 (2,024)

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

Interest income and expense: Interest income Impairment losses	2020 £’000 6 44	2019 £’000 5 2

Included within Financial instruments held at amortised cost are Trade Debtors, Cash at Bank, Trade Creditors, Fee’s Receivable Accruals, Intercompany Loans and Bank Loans.

22. CONTINGENT LIABILITIES

Impact of the National Living Wage (NLW) and potential sleep-in liability

Staff acting as wardens sleep in the College’s boarding houses where they live in private flats, able to deal with emergencies between the hours of student curfew and 07.30 am. Wardens receive an hourly rate of £11.67 for time spent with a student in an emergency, on top of their normal schedule of allowances. However in a case to go before the Supreme Court (Royal Mencap Society v Tomlinson-Blake) Unison is backing the claim of an employee that sleep-in hours should have been paid at NLW. Whilst we are currently operating within HMRC guidelines, if the Supreme Court rules against Mencap and the status of wardens is deemed the same as affected workers in the supported living sector, then there would be a potential liability going back 6 years. It is thought that the worst case liability may be in the region of £2.0M.

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ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

23. POST BALANCE SHEET EVENTS

In December 2019, a novel strain of coronavirus surfaced, and has spread around the world, with resulting business and social disruption. The coronavirus was declared a Public Health Emergency of International Concern by the World Health Organization on January 30, 2020 and resulted in a UK lockdown from March 2020. With the pandemic ongoing the extent to which the coronavirus may impact the activity of the College or investment results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the coronavirus and the actions required to contain the coronavirus or treat its impact, among others.

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ST. CLARE’S, OXFORD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

24. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS Charitable activities: Fees receivable Other income Investments Bank and other interest Donations and legacies Donations Total income EXPENDITURE ON: Charitable activities School operating costs Raising funds Financing costs Total expenditure Net income for the year and net movement in funds Balances brought forward at 1 September 2018 Balances carried forward at 31 August 2019	Unrestricted Funds £000 14,131 747 5 3 14,886 14,098 40 14,138 748 36,324 37,072	Restricted Funds £000 - - - - - - - - - 16 16	Total 2019 £000 14,131 747 5 3 14,886 14,098 40 14,138 748 36,340 37,088

39