Reglsteied number.. 02093340 Charity number.. z96491 j Sidcot Live Adventurously SIDCOT SCTrIOOL IA COMPANY LIMITÈD 8Y GLIARANTEEI GOVERNOR5, REPORT AND FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 CONTENTS Page Referen￿ and admlnl#ratlve detalls olthe5¢hool, li$ Gov¢rnors and advlsÈrs Governors, repart Independent wdltors, repDrt on the flnanclal stat•m•nis 9-11 Statement of ffinanclal actlvltle6 12 Balonce sheet 13 Stitemint of u$hllows 14 Notegtothe Iln&n¢lal $latement5 16-30 REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST2023 Gwerngrs Jameson Mlller. Chalr AndrEW Fllnt Adam Matthew5 Ire518ned Dec 20231 Nlcholas Pyatt Ire51gned Sep 20231 Vkroria Hemtnlng Daniel Ilayd Ire518ned 01120231 DrTerence Mcmaster Gareth 7urnbull Simon Linnltt Rashml Rungta Alan Teece Profe￿￿ Peter Open5haw Ifrom Jan 20231 Jame5 Dakley (from Dec 20231 ftlchard Shepherd (from Lkc 20231 Company rqz15tered number 02093340 Ch4rlty re815ter¢d number 296491 Re615tered ottlce Sldcot School 04kridBe Lane Wlns¢ornbe North Somer5et B525 IPD Indqpendent audltDf5 Moore Kln85ton Smlth 9 Appold Street London EC2A 2AP Blnktrs Lloyds Bank plc 19S Worle HIAh Street Weston-super-mare 8522 6J5 Sollcltors Harrison Clark Rickerbys Llmiied ElleryborouBh House WcllinElon Street Cheltenham GL50 IYD GOVERNOR5. REPORT FOR THEVEAR ENOED 31 AUGUST2D23 The Govern)rs, who are also the Dlrectors of the School fL>r the purpose of the Companies Act and Trustees for the purposos of the Charlties Art (but herelnaftei are referred to as Governors), present thelr annual report and the aydited tln4n£1315tatement5 forthÈyo8r Ènded 31 AuBust 2023. The annual report servès the purpose of both a Trustees, Report ènd 2 Directors. Report under CDtnpanylaw. TheflThancial 5taternent5complywlth currentstatutory requirements. the Mpmarandutn and Artlcles ofA5SOCiation, applicable Accounting St8ndards in the Unlted Kingdom, the Statement of Recommended PraCtI￿,ACcOuntrn8 and Reporting bv Charfjfies"150RP 20151, the Companles Aet 2006 and subsequent reBulatlons. The khool Is rezlstered as an educitional charity Icharlty numbpr 2964911. The School was 5rbcorpoTatpd a5 a cornpany Ilmlted by 6uaTantEe and not haYlnE share capital on 26 January 1987. OBJE￿IVE5ANo ACTIVITIE5 a. Pulicies and ubj2cti¥es In settlng thelr objECllvEs and plaNnln8 theiractivltles tht Governots have dlven Caref￿1 consideratlon to the Charity Cornm15slon's aÈneral gtsldance tsn public bentllt and in particular to its supplementary public beneflt Buldance on 8dvanclng educatlon and on fee ch3r8in8. TheSchoolendeaYourstowldÈn publle 8ccesstothe educatlonthatltoffers,tD Optlmlsethe use of Itscultural and 5POrtlnsfaci15tles ond to develop In Its st￿dentS an awareness of the soclal context of thÈ all-rovnd Èdutatlon that they receSve. The School makes It5faEillties avallable to a number of local groups and club5 and15 mlndful of It5 posltlon a5 a thrlvlnB Independent schoel In a rural lotatlen. b. Alms Sldrot 5¢hool's )Im Is to provlde 4 firsi.¢l•ss Indcpondont edu¢atlon, enfouraglng Indfviduals to belleve In and explcre thelr own potential. Its Quaker phi105Dphy underplns all that it doc5 and 15 fundomental to it5 exi5tÈnce. The School alrns to provlde a broad and liberal educatlon across a wlde range of sublecis. lis siudents achle¥e exc&llencc In many area5. The School encoulages creativity and Indlviduality and strongly belleve5 th8t every Ehild has Immense potentlal to succeed In an envlronment relative5y frèe of peÈr8roup pressure. The 5ehool places 8rEat emphas15 on pErsonal development the broadost 5onse and 41m5 to ensure Its 5tudent5 leave Sldcot as tolerant well balanced Indlvlduals who w4ntto mèke a dlffcrence In the world. From an Èarlyage, Sldtot studènts Éxper￿￿rÉ a eommunltywhÉrÈ Itls clear thatlndependent tlovghtls oncouraged, and eurloslty Is o way of Ilfe. We alm to educate tht whole person, to equip ouf students with pracii¢al and personal skllls alonEslde Ihelr academlc quallflcatlons. Wo use Imaglnatlvo toochln8 mothod5 to encovrago students to See learnlng as excltlDg creative Journey In whlch everyone can take part,. a lourney that doe5 not end when they leave School or hlgher eduratlon. W¢ know WE have succeeded when our young people go out Into the world wlth an In$8tl•ble Interest1n all that Ilfe has to offer. Sldcot student5 are encoura8¢d to see xhool 2$ è place to explore and experlment. to follow thelr instinct5 and dev¢lop thelr Intere5t5. Theywork tv8ether in 5rnall classes, in an atWQ5phere of opt1ffj15m and pryquiry. We 4re proud thal formerstudcnts are often de5£ribBd a5 people who can'talkto anyone,. Lifelon8 frlendship5 are made at Sidrot- and i la5tirt8 love of learnlng. Ofcourse, what matters atscht￿l doesn't jU5thappen In thEclas5rgom. ￿d£Ot isset In a ma8nificent rural locatlon andourstudent5 develop an understanding and respect for the natural world, They a150 have occess tc great facilities for sports, outdoor learnln& art5, crafts, music and performance, as well as opportunities to work with community group5 and charltles, and to 8et1nvolved with local buslnes5 wolects. We nurture students into becomln8 luthentlc and Insi8htful youn8 people who are 5kllled in self-awarertÉss and who value thelr emotional Ilfe. They are encouraged to take responsibility for theirwellbeinB Ind to vèlue emotlonal Intelllgence. As D result, they develop a tonfidenco that 15 rooted in 3 deep und?rstandinE of who thÈy are and what they vilue In the world. Every week the whole School join5together for 8 period of shared sllent rellectlon In our 19th century Quaker MeetlTrg Hou5È. Through thls regular prattice, students learn the beneflts of calm in dally Ilfe. Durlng thèir tlmÈ at thÈ school studÈnts learn to express their own oplnlons and to Ilsten wlth Interest to the views of other5. Everyone15 encouraged to contrlbute to dlscusslon and debate.. notiaklng overand not opting Dut. In this way students develop an eDthuslHsm for collaboratlun and ¢o-Ereatk)n. In H truly international environment, Ihelr fellow students are ofien people whose stories arevery dlfferElltfrom thelrown.. people frorn different background5. differEnt countiie5, races and fellgion5, and people with dlfferent abllitie5. In thls stimulating and dlver5e social environmen¢ student5 live and learn together1n an atmosphere of cheerful klndness and mutual re5PEIt. STRATEGIC REPORT Achievements and performance . Golng wnrern The Governors Sn tonsultatlon wlth the Flnance Dlroetor, have undertaken a revlew of the financial viablllty of 5idcot SchDoI in orderto asse55 the Schoel'5 goinB concern status fora period of 12 month5 frpm the date of approvinE these statempnt5. Information utilised in undertakin8 this as5e5sment is the detailed bud8Èt lorthe yearto 31August 2024 and the current flnandal 5-year forec05t. The Fin?nce Committee has also reviewed the cÈsh flow posltlon for the next 5 year5. The irnprov&d levels of cash at the YÈar End. comblnÈd with the retent ctrmploiion of large capltal prolects In the Sixth Forrn. th2 Science Laboratories, and Newcombe boardlrsE house, wlll enable the School to consolidate it5 Cash position golng forwards,. ènd lor thls rea5Dn the Govpmors wntinuè to adopt th¢ 8oln8 concern basls in preparing the financlal statement5. b. Public benefit Sidcot School provide5 acce55 to its facilities to the local and wider Community, wilh 8 conslderable number of comrnunlty groups makln8 usèof ourswlmmln8pooI. sports faellltles and arts centre. Inthe Sports Centre we offer d15COUThted rates to local Prim8ry Sthools. sports clubs 2nd communliv groups. Our Bll-weather pltch has been made available to IDcal schools and comrnunity Ereups for 200 hours at no cos¢ and dlscounted rates olfered to Win5¢0rnbe Hockey club and to local lootball club5. We also provlde land t¥ Wln$cornbe Rusby Club for thelr pirches and share the use of8n all-weather ru¥bytralThlnB area. We pravide the Junlorsrhool Hall venue to a rugby fr&nchlsé. whlch provldes rugby actlvlLles to chlldren Hged 2 to 7 year5 In the loc81 wmmunlty. They 81so run a number ol open clay free sesslon5 10 Jtrrè¢t children In the local cornmunity. Our Art5 Centre provldes a¢¢oss to a number of loc818roups and we reKJlarly host local Parlsh Council meetln85. We Ilso host tslks and 5emlnars whlch are attendeLI by member5 of the local communlty hève Blven access to local buslThesses to run èvènts 81 dlscounted rates. Our Careers and Progresslon Advlsor ati•nd$ a termly C•reeN Networkto dls¢U55 current Inltlatlve5 and share Informatlon & good practice. Thls 15 attended by l¢¢al schools & ¢olle8es In North Somerset. Sidcovs He3d Llbrorian arranges author vlsit$ to the School for our5tudEnt% as well as a r3n¥e Df other local prlmary and mlddle schools. As pèrt of re8ular clubs and actlvltles, Sldcot offers a br08d ran8e of volunte¢rln6 e¥perlences that seNe those In our local area and equlp students wSth the essentlal 5kllls and value5 rEqulred when IlvlnB and workln8 wiihln the wlder community. These 8¢tivltle$ In¢lude8ardenlng renovatlon, ¥i51ting elderly people, and communlty IT tralnlns. Sevprèl member5 olthe Senlor ManagementTeam are Governor5 ai local schoots. Our Heèdmisterls a current TrustÉe and lormer Chalr of o lorol Multi Academy Trust, which provides support ahd expertlse to local prlmary schoDls In disadvantaged areas to Improve the Ilfe chances of thelr students. One of our Deputy Head515 a150 a Trustee (pf this MAT and slt5 on thelr Safe8uardinB Striteiy Groupi helplnl wlth revlews of thE Prlmary S¢hools. Our Outreèch work has extended toour Head ofArt lezdln8 developmental work lo train PrimaryArtspeclallstsfrom local schools, prowldlng reseurce5 and expertlse. The teacher5 L15e thelr tralnlng wlthln thelr schools athd then exhlblt the work In Sldtot'$ Art cèntr?, where the sehools are invited to brin8 thelr teachers 8nd students across to look at the èxhlbltlon of thelr work. Our 5lud0nt Charity Office Holders ore in charge of puttinB tolether è rl6orous programme of charlty fundra151ng day5. We also hald * termly'Dis8Ster Fund Lunch,. whÈhtht school community 811 hès soup. bread and Irultfor lunch and thE rnoneysaved from thls goe5 to the D5saster Fund, It Is then decided whlch di535ter In the world, at that time, will reEewE the Money. t. BursarlES and 5cholarshlps The Governors have opproved a policy of vsing 3 proportion of the khool's unrestricted lund5 each year to provide lor bursarles and xholarshlps to support the educatiun of a range of students. ml8ht not otherwSse be able to attend the Scknol. In 202212023, 202 chlld¥en were In recelpt of bursarles and seholarships from the School r£nging from 5%to l¢)J% dependlng on need, clrcum5tonces and their parenw ability to pay. Bursaries provide financ5al support to chlldren whose f3mllle5 cannot afford private educ4tion and are open to all students at the School. Appllcatlon5 fOrbur￿rle5 areconsidered bya small commlrtee, iocludlng one Goveinor, and 411 bursarles are means tested affid reviewed annually. This year awÈrd5tot¥lling £896.42312022 EI.044,0621 of bursarles and stho18rships were made. The School 15 extrernely grateful for the support it receive5 frorn the Sidcot Bursary Ttust158TI. The trust Is Independent of the School but was Set up to provlde asslstance to parents of chlldren who èlready attend the School and due t¢J a ch4nge i clrcumstance5 need short term flnanclal support to keep thelr chlld at ShlEot. In 202V2023 the SBT provided pver £34.630, supporting 7 children at an av¢ra8E of 30% of fee5. Schtslarships are awarded for a¢odernic, art5, 5PQrts, and all-round ablllty. and may be supported by • means tested buT5ary. d. Rtvlew oladiwltlés The number of students on the roll 8t the end of the year underrevlew was 602 lex. Pre-5chooll Student5 at Sldcot school cElebrated an Impresslve set Df GCSE re5uIt5. again 51gnllKantly Bbove the natlonal average. Sldc41 student5 achieved 22% of grades between 9 to 7 (equivalent to A* to Al with 88% pf score5 betweEn g and 4 lèqulvalent to A. to Th15yeHr'5 Internitional Baccalaureate result5sawourstudent5P05tln8someexcellent 5corè5. Sldcotstudent$achleved£n aver8ge polnt 5corg of 33. Thls m81ntilns the School's place above the world aver3Be of 30.2 and puts Sldcot students In an extromely stron8 posltlon to accept places at top universltles. The 18 allows Students to study SIK 5ublecls, alonislde an extended essay. as well 0$ taklni part in voluntary a¢tlvltles. All our pupils pI5sEd the IB Dlploma and onè student aehleved 43 PDlnts out 0145. Our A Level student5 achleved 22%A' toAand 73% A. to C. some of ouryear 13 Students tookthe Extended Project Qv•llil¢atl¢n, wlth 57% attainln8 an A. to Agrade and 71% A. lo C, Our Slxth Form students also have the opportunity to study BTec5 in Esther Sport er bvs5neM, Both courses a¢hleved a IQO% pa$$ rate with Business achiovlng 40% Dlstin¢tion 8r•des arsd above and Sport achlevlng lOO%, At Sldcot, we take a great deal ol prlde Sn supportlna student5 to pro8res5 to employment or the next 5ta8e ol thelr academlc Sourney. Of those srudentsBoln¥ to unlverslty in Z023. 95%of èppllcènt5 were successful In 8alnln8 a place at an In5tltution of thelr hoi¢E. FINANCIAL RÉVIEW Rlvlpw of fln3nclal •rtlvlU05 and results The results for the year 8nd fln8nclal posltlon of the school 81e as Shown In the fSnancial statements. The net incomlThg re50urc8S for the year were £405.51412022.. £658,646) betDre tèking Into attount bequests and donations of £889.691120Z2.. £111,261). Fec Sncorneafterschelir5hlps and bursaries Sncreased by3.5%to £11.6m12022.. 19.6% increase to£ll.2ml. Scholarship5, bursari85, remlsslons and other grants rnadè to pupi15 tc>talled £1,663,52412022.. £t,686,5261. whlch reprÈsents 12.5% of gross fee Income 12022.. 13.1%). Resources expended InrreJ5ed IO% to £12.7m12022.. £11.5ml. IJ. Investmeni pollcy and perfomiance The School u5e5 the iThve5tment management company Evelyn (formally known as Smith and William50nl to invest on thelr bEhalf In accordance wlth the School's Investment policy. Thls policy reflects the school's ethlcal investment criteria with a balance betweÈn capital growth and intome. R¢spon5ibility for monitorin8 performance rests with the Finance Committee. Investments returned3 1.4%8ain12022: 2.3%10551 durlTrgtheyear. Thi5 reflected a decrease In valueof approximately 1.2%12022.. S%decrÈa5el and a revenue return of approxlmately 2.6%12022.. 2.7%). The Governor5 belleve that the return wa5 comparable with return5 on simllar Investments and that it reflected the prewaSlln8 condltlons on world markets. c. Reserves pollcy The Governor5 consider that it 15 important that unrestricted re5ervES Should be increased Dver the next 5 years Èn order to 5afegvafd the long.term fvture of the School, and this has been considered within thÈ stratÈgic planning for the School. Sldcot does not have large endowment funds, and therefore these reserve5 3re required in order to rncrease the School's reslllence 2nd cèpacltyto manage unforeseen clrcumstances in the future. School's unrèstricted funds 5tODd at £IS.2tn at year end, of whlth £15.4m was deployed as part of the School prtmi5e5 and equlpment. leaving negatlve free reserves of E2.2m. d, Re5tri¢ted l￿d$ The School malnÉaSrss 2 number of restrlcted Investmentfunds. The W11113m Norman tequestWa5 made IDrth¢ purptsse of fundlng a music bursary the Mary 814sEhko 8rantWa5 given tD fund a Slxth Form bur5Ery. There are a number of olher smaller bursary 4nd prize funds. STRUCTUAE. GOVERNANCE AND MANAGEMENT - GoverDin¥ doctsmèrbt The earllESt Trust Deed dates from 1809. the Trust belng set up Yer the purpose of e5tabli5hiThg and 5UPPQrtlng a School for the educatlon of the chlldren of persons bÈlmg members of the Soclety of Frlends Icommonly called Quakers)" The School'5 0bject5 and powers are Set out ID the Articlei cif Associatian, whith date from 19B7 las amènded) and which provlde for the operatlon or the School 'in accordènce wlth the prlnclples of the Rell£lDUS SoEIEty Df Frlends for the Edu¢atlor* of the thlldren of members of Soclety of F￿endS and others.. b. 5trurtUTe and rol•tlonshlp5 Th¢ School has two wholly owned non-¢h?rltabl¢ subsldlary ¢ompanles, Sldeet Lelsltre Actlvltles Llmlted and Sldrot Intetnatlonol Llrnited. A Ilnked charitable trust. Sldcot S¢hool Trust, reglstered wilh the Charlty Commlsslon on 15 September 20DS, has been created in orderto hold the perrnanent endowment propertyoftheschool In accordarKewlth a Charltycommisslon Schem2 dated 19 July 2006. Rocrultmont and trèlnln8 of 8overnorB The Bgard's Govorn8NtÈ and MEmbÈrshlp CommitteÈ works In partnershlp wlth Sldcot Quaker General Meetln8 s Nemlnatlon Commlttee t¢ identlfv and nom1nate pr05pectlve goverDor5. The Artl¢les provlde ih•i a majoriry of Board Members would be person5 whe were.. lal actlve In a Qv)ker M¢ering or Organlsatlon. or Ibl 5Th the d15cernrnenr of the Quaker General Meetln8'5 Nomlnatlons Comm5ttie, were of sych • ¢onvlneemont that they would promote gnd uphold Quaker Values Inthe governance. management and Ilfe of Sldcot School. The Nomin3tion5 Cornmittee of Sidcot General Meeting and the 8oHrd's Governillce and MÈmbershlp Commlttee take Into account el*lbllltyJ personal competence, speclallst sk1115 and local avallabillty. New Governor5 are inducted into thp wDrkinB5 af thE SchaDI prior to the date of form818ppolntmeTht. A Governor tralnlni programme15 in place, including third partytrainine a5 3ppropriite. d. Pay poli¢y forsenlar $1off The Governors conslder that the Senior Le8dershlp Team are the key m8n8gement personnel of the School In charge Df dirpctln8 and controlllng, runnlng and operatlng the Trust on a day to day bBsls. The pay of senfjor staff 15 revlewed annuallyi along wlth all rnembers of staff. The School has established pay 5ca125 that have beert approved by the Board of Govemors and ¥emuneratlon for all member5 of 5taFF, Includlng senlor staff. is Set In accordoncc wlth these pay scales. All GovÈrnors glve thelr time frÈÈlyand no GtsvÈrnor recelvèd remunerationlDr bein8 a Governorlnthe year. Detalls of Governor expense5 3nd relatEd party transactions are dlsc105ed In the note5 to the account5. e. Organlsational strurture and declslon maklnE The Board of Governo[5. a5 theTru5tee5 of the Charity and as the Dlrertor5 of the reg15tered company, arp legally re5PDnsible for the overall mana8etnent 3nd control o* Sidcot School. They meet forrnally at least five time5 a yelr. Governor5 4re attached to specific Head of F3cuIty or Business Deparimeni to provldea link tu the BDard. ThErewere Governor members of cornrnittees and working groups in the areas of Educa￿On. Finance, Dlgltal, Inclusl¥e Peace. and Marketlng, and there were Governor representatives on the Health and safety Committee. Day to day management Is dele8atÈd to the Sènlor Management Team. which, durlng the year. tomprlsed: Hehdmaster Deputy Head Pastoral Deputy Head Acadernl¢ Head of Junior school irectorof Operations Director of Finance Dlrector of Marketln8 and DEvelcpment A5Si5t3nt He3d Teaching and Learnin8 A55i5tant Head Upper school Head of IT Services He8d of Boardln8 Joanna LÈlte Christian Hughes Catherlne Dykes Keith Perry. Steve Harri5 Sarah Simms. Charlotie Resuggan Tom Ruddle AllisDn Clarkè mandine Smilevirh *Senior Leadershlp Team f. Rlsk m•n•g•m•nt The GDverngrs examlne the major rlsks that the School facts each flnintial year. ThÈ Sthool has developèd systÈm$ to monltor •nd control the$8 r15ks to rnitlgate any Impact that they may have in the future. A detailed rlsk register is revi?wed Dn a relular ba515bythe Governorsand senlor leadershlp.Thls re&lstercoversthefollowlngareas Df rlsk.. strateglc, operatlenali people, flnance, 8overnance, exlernal and legal. The revlew pro¢oss 2sse$sos the ¢vrient level ef rlsk in oa¢h area and h5ghli8hts Control measures. responslblllLV and how each process is monitorpd. Actlon plans are devek>ped wherc a tar8et r15k level ha5 been set wh5ch wculd redtscE th2 current fE5idual r15k. The key control measures In p18ce èt the 5ehool Include.. Cornprehenslve saf¢8uirdln8 procedure5 for the protectlon of chlldren OeiallÈd stratEgiC plannin& budgetlng and m3n38ement accounts A clear Heilth and Sofety pollcy and an In-depth rlsk Issessmenr proce5$ Formil wrltten pollcSe5 and procedures coverlne all èspÈcts tsf the School's work Clear 4uihorlsatlon and •yproval levtls. The maln area of r15k for the School contlnuos to be a5$0¢1ated wlth the Labour Party's commltment to Introduce VAT on school fees, combined wlth abollshlng buslness ratès, rellef. The Introductlon ol these rneasures would have slgnill¢ant ramili¢•tionson A Flnanclal Plannlnz Worklng Group has now been establlshed to examine 5trateElc optlons 3Thd responses and, forthe for¢seeabl¢future. in ihe oplnion oftheGovernors, the School has the resources and reviewsysrem5whl¢h. under normal condltlons, Should illow these risks be mitigated to an acceplable level In it5 day.to-day operatlQll5. Future developments The school Iwnprovement Plan has been drawn together by Lhe 5enlor Management Team and provides an DvervSew of the main are85 ol work that will be requlred in order to meet Sidcot's key strateElC g0315 over the 20Z3n4 Academic Year. Wlthln the Student Experience area WÈ alrn to milntain the hlgh standards exempllfied by the achlevement and progre55 result5 seen in 2022-2023 at GC5E, A-level, BTEC, IB and EPQ Lesson observation data wlll be gathored through the Professional evelopment Review IPDRI process. Predicted v31ue-added IVA) data b45ed on teacher5, prediction5 Eontinues to be monitored throughout the year to Inform effectl¥È IntÈrventlons to support studet)t progress. Flnal VA outcome5 foryrll and Yr13 student5 entered for publlc exatnlnations are presented to the Board in each October meetln8. A new K53 assessment fromework, that provide5 a clear structure for the 3S5essment of progre551on from K52 to KS4 ha5 been launched in 5epiember 2023. This new framework provldes updated assessrnent oblectlve5 and 8rade descrlptor5 forthe KS3 curriculum. Within the (0￿CurricUlar Programme. we wlll wntinue to ernbed and ieview the Thew revlsed PASS activitie5 pfDBrammÈ. Wè airn to en5ureth?t we have a good range of activitie5 OD offer, upskill Staff where possiblèto lead attlvltles and to have more activlties run on the School 51te. We wlll focus on IncreaslnÉ pariiclpatlon in the activities linked to Quaker Peate and Global Studles and bein8 a Changemak2r5chool. In terms olthe Co-currlcular and Extra-curritular pro8ramme that runs throuEhDUt the week, we wlll continue to be looking at data to tarBet those 5tvdents who doTh't participate in the offer on a regular basis. Within the House system. we look to all departmerststo fun Mouse competition5wlthin their area, and WÈ wlll 5ntrodute staff house competltlons to Increase house splrlt and house charllles. Within Safe8uardingi Pastoral Care 3nd Wellbein8 we wlll continue to dÈvelop pro8rammes and 5nltlatlvos to promote student welfare. Our Student Wellbeing and Safeguarding Lead will eontinue to deliver a range ol IntEr¥entlon prc8rornrnes tTr support students and also thelr parent5. We wlll contlnue to embed the on-golnE work that ha5 taken place throu8h the In¢lu51ve Pea¢e worklnggroup and dellver on the EDI action plan. Wlthln the PSHE programme wewlll contlnue io brlng In qu311tyspezkers, upsklll staff on delivery and use more wldely the expert15e we have within school. Our maln focus In boardlng wlll be thE eompletlon of the refurblshment of Newc¢mbe House. Imprr>vlngthe health care offer to boardlnl students and re5pondingt05tudentfeedbitk. Wlthln Marketln¥ Admlss5on5, we arespelnga 5tronB Increase inth? numberof enqu5rles rereSved, followln88 refreshed brand update, revised dlBital rnedia campalBn, and in¢reased studcnt recruitrnent event5 throu8htsut tht school year. We contlnue to focu5 on student retention event5 to suppo¥1 this grovllh. From an internitional bo*rdinE perspective, we wlll rÈtrult Dctlvely in broad ra￿88 of well-researched markets to ensure a dlverse and Ylbr8nt boardln8 communltyi and to mit5Éate the risk ol a dependenty on 8 partltular country. On the Development theme, we wlll contlnue to bulld connectlons wlth our Sldcotlan communltythrough events, outreach v18 our dedlcitcd wcbslte and datsbo5e151dcotlan5 CDnne£tl ond work In ourAr¢hlve Room, whlch Is now open to vSsltors on 3ppolntment. The Finan¢lal position ol th* School Is sot to remèln stèblt wlth Increased revinue from 2ddltional pupll numbers oftset by c05t pressures arlsln£ Irorn Inllarlon and IncreBsed sraffln£ cests. Follow5ng the completlon ol the Slxth Form refurbi5hmÈnt prolect1n Aprll 2023, we have also invested in siÉnlficant UP8rades to our Sclence Labs and are currently completln8 0 rofurb15hment of onE gf our boarding hou5e¥. We will H150 CDntlnue our prograrnme of IT OtvvlopfflEnt whlth wlll EnsurÈ that all our st8ff and puplls have the necessary technology and 5ecurlty In plac8 to rnaxlmlse the effectlve use of IT 5Y5tem5 throuBhout the Sthool. In all our projects we will focus on susiainable options and will continue io lookat ways to reuse and recycle more. Malntalning a safe envlronment for students, staff and visitors rernaln5 a key objective and through proart￿￿ H&S measures and close monltorln& we wlll mltl8ate or reducÈ the rlsk of inluriÈs and accldents. support to Staff will contlnue through Indutt5on, tralnlng, appralsals and re8ul8r ctrmmunication5 to ensure staff remaln en8è6ed and feel a valued component of the 5choDI. Slttlng at the heart of the School'5 values. we wlll contlnve to U5t Quaker Peace ind Global Studie$ as a key element of diflerentlatlon In tho Sldcot offer. The Centre wlll develop Initlatlves wlthln the turrfculum and co-currlculumi parilcularly around pea¢¢, sustalnèblllty and equality as well as remainlng open to opportunitie5 to link wlth or8anlsatloNs Dutslde of 51dcot. Wlthln thls will bc further development of Ilnks with other schools through our stBtU5 as an Ashokn Changcmoker S¢hotsl. ThÈ maln focus In Communlty Outreach will Mal*talnlng our relationshlp with the ELAN multl-academy trust. As well as our ommitmentt05UPPOrtlnE Sport lin￿, wewS11 scckto find more opportunltie5 to Share good pract5ce sn teaching ond learning with ELAN schools. In addltlon. key 51dcot staff wlll remaln on ihe 6oard ef Trustees of ELAN to rnalntaln this key partnership pt a strate¥lc level. STATEMENTOF 60VEftNORS'RESPONS181UTIES The Governon (who are a1501he dlrettors of the School for the purpos05 ol company lawl Jr¢ rp5ponslble for wep3rin8 thE fjovernors, Report Including kne 5tm Accountlng5tandard- lUTh￿ed ￿l￿8d￿M GEnerallyAcg the disclosures. and whether the fln2ncial statemonts represent tho underfylng transactlons and evet)ts In a manner that athieve5 fair presentation. We communlcate wlth those chargedwlth governance reEardlnE, among other matters, the planned xope indtimtn8 of the audit and sl8niflcant 8udlt flndlrtss, intludlng anysignificant deflciertciès in Intern31 control that we Identify during our l￿dIt. Explanatlon as to what exteNtthe audltwas eon$ldered c•pable of dÈiectlng Irregularltles, SncludlnE fraud Irregulorltle5, inc1udlng fraud. ave In$t4nces of non-compllance wlth law5 and regulations. We de51En procedures In Ilne with our re5pDn5ibllitlE5, Dlltllned above, to deiECt tnateilal mis5tatErn2nt5 In respectof irreÉularlties, In¢ludlnB fraud. The extent to which our procedure5 are capable of delectin8 irre8ularitie5, includin8fraud15 detailed below. The oblect5ves of our èudlt In respect of fraud. zre,. to Identlfy and asse5S the risks ol rnoterial mi5Statement of the flnancial staternent5 due to fraud,. tD obtaln5ulllclent opproprlate audit eVIden￿ reg¥rdlng the ass¢5scd ri5k5 vf Fnaterial rni55tatement due to fraud, through dc5ignln8 and Smplempnllng approprlllte re5P0I552S tG th05p a55Essed rlsks.. and to respond appropriately to instances ef fraud or suspected fraud idtntlfled durlnE the audlt. However. the prlmary re5ponslbility for the prE¥entlon and detection of fraud rests with both rybanagement and those ch3r8ed wlth govtrnartce of the chÈrltable company. Our approH¢h wes os follows.. We obtèlned an understèndlng of the le8al and regulatory requlrements 8ppllcèble to the chBrltable company and considered that the most signilicant are the Compan¢es Act 2006, the Chiritles Act 2011. the Charlty 5QRP. and UK financial reporting Standards as issued by the F5nancial Reportlng Councll. W8 obt31ned an understandln8 of how the charltable company complle5 wlth these requlrement5 by dl%us$l¢n$ wlth management and those char8£d wlth 8overn8nce. We assessed the rlsk of mllterial misstatement of the Ilnanclal statements, In£ludlnR the rlsk of m8terlal m155taternent due to fraud 4nd how It ml8ht occur. by huldlng di5fU5slons wilh m4n4gerneni and thDse charged wlth 8overn3nre. We Inquired ol management and those ¢hÈrgÈd wlth governan¢e as to any known insr8ntes of non-compllance or 5USPQCted non-compllance wlth lèw5 and ro8u18tlons. Based on thls understandln& we desl8ned speclllc approprlate audlt procedures to Identify Instance5 of DOTh-tompllan¢e with laws and re8ulotlons, Thls included makln8 cnqulrlts of mèn48Èment and ihosÈ charged wlth goverr¢ancc and obtalnlni addltlonal wrroborotlve evlden¢e 05 requlred. There are Inherent Ilmltatlons In the audlt procedures descrlbed above. We are les5 Ilkety to become aware ol In5tint¢s of non- compllance wlth law5 and regulatlon5 thèt ère not closely related to events and traTh5actlCn5 reflected in the finanriol statèm2nt$. A150,the ri5kof nDt detecting a material m15StatEment duptD fraud 15 hiihe¥than the ri5kof not deteEtin8 gne re5uliing from errgr. as fraud mly involve dellbErate cuneealment by, forexamplp, far6ery Dr Intentl#N81 mlsrepresentatSons. cr through colluslon, Use olour r•port Thls report Is made solely to the ¢harltable ¢omp8ny'$ members, 45 a body, In a￿OrdanCe wilh Chapter 3 of Part 16 of the Companles Act 2006. Our audit work has beèn undertaken so that we mlght state to the company's members those matter5 we are reqvlred to State to them In an audllorf5 report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume rèsponsibility to any party othEr than thÈ charitab(e compattyand chèrlt8ble company's members a5 a body. for our 8udltworl forthls report or forthe oplnlons we h8ve formed. Tloort k[b￿55h)￿ gsMtL L Shi¥ani Kothèri ISenlor5tatutcryAuditorl for and on behalf of Moore Klngston Smlth LLP. 5tatutoryAuditor datÈ.' 24 January 2024 6th Floor 9 Appold Str¢Et London ECZA2AP li Sidcot School STATEMENT OF FINANCIAL ACTIVITIES Ilncluding the income and expenditure 5tatementl for the year ended 31 August 2023 Unrestrlcted / DesiBDatfjd fund Restri¢ted Endowment Totsl Total Notes fund fund 2023 2022 INCOME FROM.. Charltab1ÈAet￿ltl2s School fee5 11.636.987 1,071,778 11.636,987 IA171,778 11,150,149 848,348 other educztional Income Other Income Other tradlng intome Inv05tm¢nts 331,369 331,369 IBI,336 Investment income 97.556 29.427 126,953 44.957 Voluntary50urces Grènts and don4tlon$ 889,691 889,691 111,261 13,137.690 919.118 14,056,808 12,336,051 EXPENOITURE ON: Costs ol r8lsln8 futtds Other tf3dln8 costs Intwtst and other costs 14.597 82,340 14,597 81140 6,581 31.8S3 CharltBbta Attlvltltts Educatlonal costs 12,568,873 95.793 12,664.666 ti,511,033 Total 8xp•ndltur 12,665.810 95,793 12,761,605 11,549,467 Net oper•tln8 Intome/lexpendltur41 471,880 823,325 I.Z95,205 786,584 Penslon prov1510Th change Net1105Stsl/gèlns on Investments 11.845 116,6531 11,845 119,0571 71.000 187,6771 12,4041 Ntt intome/lexpÈnditurel li 467,072 820,921 1,287,993 769,907 Transfer5 between funds 19 795,185 1798,1851 Net movement In lunds I,Z65,257 22.736 1,287,g93 76Y,907 Fund balance5 brought forward 11,947.097 1.046.226 373,504 13,366,827 11596.920 Fund balance5 carrled forward 13,211354 1,068.962 373,504 14.654,820 13,366.827 The statcment of financial actlvitles includes all galns #nd losses In the yeor and therefore o stattment L)ftot41 r¢cognlsed gains and losses h85 not been prepzred. All of the above amount5 relate to contlnulng actlvltles. The accDmpany notE5form part of these flnanriil statEments. 12 Sidcot School BALANCE SHEET as at 31 August 2023 Note5 2023 2022 FIXEDASSETS Tan8lble 155et5 Investments 12 13 IS,4BO,659 1.62Q.147 11998.093 1,639.2( 1?,100.806 14,637,297 CURRENT ASSEf5 Debtors Cash otbankand in hand 14 765,506 4.994.748 538,975 4,433,793 S,760,254 .9?2,768 CREDITORS: Arnounts tslljng due wfthln aneyeor 15 Is.911,9111 15,394.6491 NEYCURRÉNTLIABILITIES 1152,6571 1421,8811 YOYAL NSSET5 LESS CURRENT LIABILrriE5 16,946,149 14,215,416 CREDJTORS., ArnDdntsfallln8dueaftermorethBn oneyear 16 12.277A031 18215891 Net 1sset5¢xdudkn8 ￿n￿On￿•bIlIty 14,670,746 13,393.827 D*flnpd bEne15tpenston stheme Ilablllty 25 115,9261 I27.￿0) NEf A55Ef5 14,654,820 13,366,827 SUNDS Rostrkted lund5 Unrestr5cted lun(f%" EndowmtntfU￿s 19 19 19 Q68,961 13,212,3S4 973,504 I,D46,226 11,947,Q97 373,504 14,6SIB20 13,365,827 Z/..i.Ai.zJ... Approved and authLY15ed lor1ssuE by the Bvard otGov?rDors ¢n.-...... and $18Md on ¢helr behalf b¥.. Jamtson Millef thalmi?n ofthe Board of Governor5 Thea¢ttrmpanWn8 noteslorm part of these ftnBnclal 5trtementS. •mpanyNvmber.' 02093340 13 Sidcot School CAHSFLOW STATEMENT for the year ended 31 August 2023 CASH FLOW STATEMENT Notes ZOZ3 2022 Met tash inflllw from opErating activitie5 24 2.347A77 2,323,376 Cashflows from Investlng activities.. Bank Interest reCe￿ed Dlvidpnd5 recelved Proceed5 frow sale of Investments Payments to acqvlre fixed assets Payment5 to acquire Investments 84033 42,950 5B6,967 13.252.18ZI 1523.5661 374 44,583 498,298 11.262,8681 1485.7SOI Net CBsh oufflow from Investlng act￿ltIeS 13.061.798) 11,205.3631 FlThanclng'. Loans recelved loans repald 8plt81 element of finance lease rent)I payments Interest pèld L500,000 146,6391 197,062 181,4231 1134.3771 193,9691 131,8531 Net cash ouiflow from flnanclng 8etlvltles 1,274,876 1260.1991 Increaselldecreasel Incash 560,955 857,814 Cash and cash eqU￿alentS at thE bEBinn5n8of the reportlng perlod 4,433,793 3,575.979 CI5h and cb5h equlvalent5 atthe end of the reportSn p¢rlod 4,994,748 4,433,793 14 Sidcot School NOTE5 TO THE FINANCIAL STATEMENTS tor the year ended 31 August 2023 I ACCOUNTtNG POLICIES 51dcot School Is 3 company limlted by guarantee with re615tered number 02093340, incorpDrated and domiciled In England and Wale& Its registered office Is Sidcot School, Oakridge Lane. Winscombe, Morth Sorner5et, B525 IPD. 1.1 BAS15 OF PREPARATION The finanrlal slat¢mpnts have bEen propared In accordance wlth the Charftles SOKP IFRS 1021 Accounting and Reportln8 for Chèrlties.. Statement uf Recommended Pracilce applicable to £hirit¢es preparing their accounts In accordance wlth the Fin8ncl31 Reporting Slandard applicable in the UK and Republic of Ireland IFRS 1021 (effective l Marth 20181. the Fln8nclal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 Ind the Comp8nl25 Act 2006. The ¢ornp4ny has takpn advanta8e of the exernp¢loA tsndersettlon 402 of the Companies Act 2006 notto prepare ¢onsolldated accounts, on the ba51S that the sub5idlary's results are ¢mm8teriil to the results of the group. Sid¢ot School meets the definltlon of a publit Interest entity under FRS 102. Assets and 118bllltl¢s are Inltklly reco8nlsed at h4storl¢al cosi ortransactlon value ufiless otherwlse srèted In tho rol@vani accountln@ pollcy. 1.2 GOING CONceRN At the balonce sheet date. Ihe School had net Curreni Ilabllltles of E152.657 pnd net asset5 01 £14,6S4,820. The GovernDf5 assess whether the use of 8oln4 concein Is approprlate, l.e. whether there are any materlal uncertalntle5 reloted to events or condltlons In partlcular the current economlc sliuatlon that may cost 51Bnlflcanl doubt on the ability trf the Sthool to contlnue s a goinB concern, Th? Governor5 are mlndful ol the wlder ecDnornlc impact of the on8tlng eonfllct In Ukralne, cost ol livlTh8 Inrre45*5 and wldèr rere55ipn. The Governor¥ m#kt thls ès$pssment In respect of a perlod of one year from the dalt of approval af ¢hÈ flnan¢lal statement5. Notwilh5tirtdln¥ thv net eurrent Ilabilltles. the Governors concludo that St 15 approprlate to prepare accounts on the 8•lng conttrrn basls for the year ended 31 August 2023. 1.3 INCOME All Income15 reco8n15ed once the SEheol ha5 entltlement to the Income, It Is probable that the Inrome wlll be recelved ènd the amount of IrKome recelvable can bE measured rollably. Donated servlces or faclllties are recognlsed when the School ha5 control over the ItEm, any condltlon5 as50Clat¢d wlth the donated liem have been met, the recelpt of economlc beneflt from the use of the SchDoI ol thE item 15 probèble and that econornlc benefit Can be measured rellably. In aCCOTdance wlth the Charltles SORP IFRS 1021, the 8?ner41 volunteer tlme of the Friend515 not reco8n15ed. On rpceipt, donited prole5slonil servlres and lacllltles are reco8n15ed on the basi5 01 thE value of the gift to the School which is thp amount it would h4ve been wllllng to pay tp obtaln 5ervi¢E5 Dr locilitie5 of equivalent ecDnomlc beneflt on the open tnarkEt.' a correspondiri8 arnount 15 thpn reco8nised in expenditure in the pericd Df recelpt. Income tax recoverable In relatlon to don3tivns rÈteivÈd under Glft Ald or deeds of covenant Is recogni5ed at the tlme of the donatlDn. Income tsx recoverable In relation to Investment Income is recognlsed at the tlme the Investment Income Is re￿[Vable. 15 Sidcot School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 1.4 LIABILITIES Liabilitie5 and provisions are recoEni5ed when thErÈ Is an obligatlon at the Balance Sheet date as a rEsuIt of a past event, it 15 probable that a transfEr of economit benÈflt wlll be requlred in Settlement, and the amount of the settlement cèn be estlmared rellably. L￿bilitIeS are rero8nised at the arno￿￿t that tht Sthocl 4Thtieipates It wlll pay to Settle the debt or the arnount It has received as advanced payments IDr the 8oods or 5ervlces It must provide. PI4Msion5 are Tnea5ured at the best P5tiTnate gf th¢ 4mount5 requlred tts settle the obli8ation. WherÈ thÈ effett of the tlme valuE of money 15 material, the pr¢Jvi5ion 15 based on thE present value of those amount5, di5cDuntÈd ar the pro-t2x dlscount rate ihat rellecis the iisks speclflc to the Ilabillty. The unwinding Df the discc>unt is rEtogrtised In the Statement of Flnanclal Aciwities 85 a finance cost. 1.5 EXPENDITURE Expenditure is reco8ni5ed once there 15 a leg41 or constructive obll88tlon to transfer economle beneflt to a third partvi It 15 probable that a tr3n5fErol economlc beneflts wlll be rÈqulred In settlementand the amount of the obllxation be ffjea5ured Support costs are those costs ItKurred dlrectly sn support of expendlture on the oblérts ol the S¢hool. Governance costs ar¢ those Incurred in connectk¢n with admlnlstfatlon ol the School and compllance wlth constltullanal and statutory requlrements. Exppndllur¢ ¢0 r•151n8 lund$ In¢lyd¢$ •ll exptnd1tU￿ Incurred by the School to ra5se fvnd5 for Its ¢harltable purposes and Ineludès Costs of all fundralsSn8 8cifvlties events and non-charltable tradlng. Expendlture on charltèble act5vStles is Incurred on dlrectly undertakln8 the actlvlties whlch fvrther the School's oblectSve5, a5 well as any as50clated support CQ5t5. 1.6 TANGIBLE FIXED ASSETSAND DEPRECIATION T8n8ible Ilxed assets tostin8 £50D or more are capltallsed ènd raco8n15ed when future eronomlc benellts are probable gnd the cost or value of the asset can be me45ured rellably. Tanglble flxed as$ets ire Inltlally recognlsed at cost. After reco8t)Itlon, under the c05t model, tan￿1ble Ilxed asws are measured atcost lÈss Èttumulated deprÈtlatlon and any 8tcumulated Impalrment losses. Deprecllltlon Is charged 50 a5 to allocste the c05t ol tan8lble flxed asse¢5 IE$5 their residual value over their estSmated useful Ilves, u51Thg the stroleht-llne rnethod. FrEehold propertv plant and machlnery Flxtures and flttlng5 Motor vehlcles, èppsratus & equlprnent Computer equlpment 50years stral8ht Ilne 10- 20 yeors stralght IlnF 7 year5 Stralght Ilne 4 years Stralght Ilne 1.7 INTEREST RECEIVABLE Interest on funds held on deposlt Is Included when recelvable and the amount can be measured reliably by the School.. thls is normally upon notification of the interest paid or payable by the institution with whorn the lunds are deposited. 16 Sidcot School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 1.8 PEN510N5 The School Dperdte5 a Defined Contrlbutlon Penslon 5chEme provided by Le831 and Gener31. Contributions payable to thÈ schtsol'5 pension scheme are chèrged to the SOFA in the period to whlch they relate. ThÈ Sthool partlcipatÈs ln The Pensions Trust'g Growth Plan IthÈ Plan). Thls Is a multl-employer pension plan. which Is funded and 15 nDt contracted out of the State's sih2me. The Plan's a55Ets are co-mlngled for iThve5tment purposes, Ind benefits are pald Dut of the lotsl a55¢t5. It Is not PD551ble in Lhe normal course ol evenisto identify on a rea50nèble 8nd consistent basis the share of underlying assets and liabilities belonging to individual partiripatin£ employers. Attordlngly, due to the nature of the Plan, the accounting charge for the pefiod yrsdEr FRS 102 rÈpresÈnts IntErest cost and the actuadal remeasurement, Further details of the Scheme are set out in note 25 and details ol a Contingertt Ilabllity In respect of these contrlbutions are Set out in note 23. 1.9 FINANCE LEASESAND HIRE PURCHASE Assets obtaSned under hire purchJ5e contrarts and 15nance lea5e5 arE rap1ts115cd a5 tanglble flxed assets. A55ets acquired by flnance lease are depreciated over the 5horteT of thc lea5C tCTm and thelT useful Ilves. A55ets acquired by hirp purchèse are deprociated D¥Er their useful IIvE5. Flnance lea5e& are thD5e where substantlally 811 of the benefit5 and rlsks trf ownershlp arÈ $sufned by the School. QblSg3tlons under such a8reements are included in creditors. net ol the Ilnanee charge allocèted to future perlods. The flnance element of the rental payment Is char8ed to the Statement of Financial Attlvltles SD as to produce constsnt pertodlc rateof charae on the net obll8Btion outStandlni In each perlod. 1.10 INVÉSTMENTS Flxed asset Investments are è form of Ilrsanclal Instrument 8nd 8re Inltlally recoBftlsed at their transaciion cost and subsequently rneasured at falr value at the Balance Sheet date, unle55 falr value cannot be measured rellably In whlch cJ5e It Is meè5ured at cost les5 Impalrrnent. Investrnent 8oln5 and1055e5, whether reallsÈd or unreallsed. are comblned and shown In the he•dlnB 'G31ns/l105sesl on Inve5trTrents' In the Stoternent of Fln3ncial ActlvltlEs. All Investment lunds Bre mana£ed by Evelyn Partner5 Ilormerly Smlth and WllllamsDnl who manige the fund5 in Ilne wi¢h ihe school's Investment pollcy. Income from Investment$ aro used to support bur$arlè$ Ind s¢hol8rshlps. 1,11 CASH AND IJSH EQUIVALENT5 Cash at bank and In h8nd Includes cash and short.term hlghly Ilquld Investment5 wlth a Short maturlty of ihree months or less from the date ol acquisltlon oropenlng of the dep051tor slmll4r. 1.12 FINANCIAL INSTRUMENTS The School only ha5 flnanclal assets and financl21 Ilabllltles of è klnd that quallfy a5 baslc flnanciil instryments. B8slc f¥h8nci31 Instrument5 are Inltlally recognlsed at transactlen value and subsequently measurEd at thelr 5ett1*ment value wlth the exceptlon of bank loans whlch are subsequently measured at amortised c05t Using the effective interest method. 1.13 ÉMPLOYEE BENEFITS The ¢osts Qlshort-term employee benefits are recognlsed as 4 Ilabi1Sty and an expense. 17 Sidcot School NOTESTO THE FINANCIALSTATEMENTS for the year ended 31 August 2023 1.14 DEBTORS Tride and ather debtor5are recoBnlsed at thE settlement amount aftpr any trade discount offered. Prepayments are valued at the arnount prepaid nEtof anytrade di5wunt5 due. 1.15 OPERATING LEASES Rentals paid under operating leases are charBed to the Statement of Financial ktivitie5 on a 5trèlght Ilne basls over th¢ lease terin. 1.16 FUNDACCQUNMNG General funds are unrestr4cted funds whlch are 8vallablo lor use at the dlseretlon of the Governors In fvrtheraThce of the general objectlves of the school and which have not been des18nated for other purposes. 2 CRrricAL ACCOUNTING ESTIMATES AND AREAS OFJUDGEMENT Estlrnates and judgements are continually evaluated and are based on historlcal experlencè and other frdctors, In¢ludin6 expect4tlons of future *ventS Ihat ère belleved to be reasonablè under the tlrtvmstances. Critlculurrountlng e5tlrnutesundu55umptlofts.' The khool makes *$t5mates and assumptlons concernlTh8 the futuro. The re5ultlng Iccountlng estlmates 8nd 4$sumptloDs wlll, by delinitlon. 5pldom equal the ￿l￿ted actuèl resul1$. The estlmotes and a55umptlons thai havo a slgniflcant rlsk of causlng a mèterial adlustment lo the carryln8 amounts of a55et5 and IlabllltlÈs withln the next flnan¢6è1 yearare dlscussed bebow. The pre5eiit value of ihe Pen$lons Trust deflnecl benèllt deflclt repayments depend$ on a number gf factors that are detormlned on an actu?rlal basis uslng a v&rlety of assumptlons. Th¢ assumptlons used In determlnln6 the net Ce5t for penslDns Includes the dlscount rate. Any chan6es In these assumptlons, whlch are dlsclosed In note 25, wlll Impact the cirryini amount of the pen51on Ilablllty. The annuil depreclation char8c for properly. plant and equlpmont Is sensltlve tc chan8es in the estlmated useful economlc Ilve5 and re51dual volues of the assets. The useful economlc Ilve5 and resldual volue5 are re.155e55ed anntsally. They are amÈndÈd when necessary to rÈflErt current E5tlmotes, based on te¢hnolo8icèI advancement, fuiure Investments, econom1¢ utllisatlon and the physlcal condltlDn of thè assets. SeÈ note 12 lor the ¢arryl•g amount of the property. plant and equlpment and note 1.6 for the useful economlc Ilves for each class ol asset. The Sthool makes an e5timatt of the recoverable valuE of trade and other debtors. Whèn assÈ$slng impalrment of tr8de and other debtors, managÈment conslders f3dDrs IncludlnE the current tredlt ratln8 of the dÈbtor, the agelng prDflle of debtors and hlsiorkal experlence. See note 14 forthe ner ¢arryln8 amount of ihe dÈbtors and assoclated Impglrmeni provls10n. Included withln investment5 are propertle5 and alternative Inve5trnent5 where the market valuation$ )r¢ at f•lrvalue. Crfticalareus olJuLlgement.' The School obtains use of flxod a55et5 as a lessee. The clèssrfication ol such leases requlres the School to determine, based on an evaluation of the terms and condltlons of the arrangements, whether It retalns or acqulres the signific3nt risks and rewards of ownershlp of thèsÈ assets and 3ccordinEly whether the lease requires an a55et anil liability to bt recoEnlsed In the Ba12nce Sheet. 18 Sidcot School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Au8USt 2023 3 FEE INCOME The School's artlvlties art tarried out within the UK. The khool'sfep incorne compr15ed,, 2023 2022 GrosslEes 13,300,511 IL663.5241 12,836,675 11,686.5261 Le55.' 015counts, Scholarshlps and Bursarles 11.636.987 11.150.149 4 OTHER EDUCATIONAI INCOME 2023 2022 Extras and dlsbursement5 568,487 41,490 461,801 441.422 39.660 367,266 Reglstratlon fees Other Income 1.071,778 848,348 5 OTHER INCOME 2023 2022 Rentznd lettlngs other Income 221,864 109,505 88.8SS 92.481 311,369 181.336 6 INVE5TMENTINCOME 2023 2022 Interest recelved 84,033 41950 374 DFvidend income 44.583 126,983 44.957 Included wlthln the èbove Is an amoLJnt of £29,42712022.. £41.3751 wllch relatesto ￿$trIcted in¢omÉ. 7 DOT4ATIONS AND GRANTS 2023 2022 Donitions and gift5 GKants 889.691 111.261 889,691 111,261 All donatIo￿S and gift5 recEived in the ye4T relateto re5trirted Inc￿￿E12022.. E25,0001. 19 Sidcot School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 8 EXPENDITURE lal Costs of Raislng Funds Staff costs Total (note 91 Other Depreuation 2023 Tradlng c05t5 Financlng costs 14.597 14,597 82,340 82.340 Total Costs of Ralskng Furtds 96,937 96,937 Charltable eXPBndlture 51aff cost5 Total (note 91 Other Depreciation 2023 Teachlrb8 Welfare 5,LIO,332 658,537 602,C62 1,087,023 1,372.683 104,703 5.768,869 602.062 1,491,910 4,697,122 104,703 Premises and E5tate5 404.887 3ZO.459 Admlnlstrat1on 3,003,980 Gavernance Total Charltable E¥pEndlture 8,114,312 3,825,008 725,346 12,664,666 Total Exp4nd•d 8,114,312 3,921,945 725,346 11761,603 Costs af Ralsln8 Funds Staff ¢ost$ (note 91 Total Other Depreclaiion Z022 Tradlng costs Flnanclng costs 6.581 31,853 6,S81 31.853 Tr+t•l Co$ts ol R•l4ni Funds 38,434 38,434 Chailtsble oxpendlturt St8ff costs Total (note 91 other Dewe¢latlon 2022 Teaching Welfare 4,737,263 414,946 S47,882 1,016,055 5,152,209 547,882 1,363,257 4,330,352 112,333 Premlses and Estates 352.202 Administratlen 2￿26,IS7 1,209,735 112,333 294,460 Governance Total Charltable Expendlture 7,563,420 3,300,951 646.662 11,511,033 To¢al Exponded 7,563,420 3,339.385 646,662 11,549,467 Ibl Other Governan￿ Costs Include.. Audltors, remuneration Z023 2022 Audit fees 15,950 3,100 72.B13 13,250 2,9SO 87,087 - Accountancy fees LeEal and Professional Fees 20 Sidcot School NOTES TO THE FINANCIAL STATEMENT5 for the year ended 31 August 2023 9 STAFF COS7S 2023 2022 W4gE5 and salar￿$ Sotial security costs Other pension c05ts Other staff c05t5 6,616,023 591.613 906,676 6,178,270 534,109 801,996 49.045 8,114.312 7,563.420 The monthty number of ern￿0vee5 durlTh8 the yearwa$ 35 follows: Average 2025 FTE 2022 2023 2022 No. Teachln 113 114 85 85 Dome5tlc and malntenance 65 62 44 45 Admlnlstratlon and support 92 87 34 33 270 263 163 163 The numberof employees whose emoluments amounted to over £60,000 In the year wa5 35 follow5.. 2023 2022 No. No. £60,IXIO- £70,000 E70,ODI- £80,000 £130.001- £140.000 Key management persoThnel 5nclude the Governors and the senior leader5hlp team as Ilsted on pole 6. The iotsl ply and benefits re¢dved by key managernent personnel w45 £647,02912022,. £607,401). 21 Sidcot School NOTES TO THE FINANCIAL STATEMENTS for the yeBr ended 31 August 2023 10 GOVERNORS fteMUNERAllON AND BENEFrrs There were no Governors. vernur￿zt10n or other benefit5 for the year ended 31 August 2023 not for the year ended 31 August 2022. 11 NET INCOME FOR THE YEAR 2023 2022 Net Income15 stated after chargln¥', DeprKiation of tangible fixed assets Loan Interest 125,343 61,290 81,4Z5 646.662 3,649 53,194 Operatlng lease rent8ls othÈr 12 TANGIBLE FIXEDA55En Metor vehleles Freehold Plant & Flxtures & IT AppBrtus & Equipment Pmpertv Equipment Equlpment Total Cost: At 15eptembtr2022 Addltions 16,75S,935 2.473.571 18,1641 1.064,335 209.326 1,313,573 350.206 174.0311 1,492,603 160.069 1290.5421 1,421,063 S9,010 162,0611 22,058,514 3,252,182 1434,7981 At 31 August 2023 19,222,341 1.273.661 1,599,753 1,382,130 1,418,012 24,875,898 Depre¢latlon'. At I September 2022 Char$e for the year Dlsposals 4,989,207 361,136 Ik.6171 778,888 43,747 947,759 98,804 163,4271 963,601 194,270 1263.4201 1,380.966 27,386 162,0611 9.060.421 725,343 1390,5251 At 31August 2023 5,348,726 822.635 983,295 894.451 1,346.132 9,395,239 Net book value.. At 31 August 2023 13,873,616 451,D26 616.458 467,679 71.880 15,480,659 At I SeptemiTrEr 2022 11,767,728 285,447 375.819 529,002 40,097 12.998.093 The nEt boDk¥aluE of a55?t5 held under finince le&5?5 or hire purchase contract5, inrluded above are a5 fDIIow$'. 2023 2022 Cotnputer tquipmEnt 248,079 346.498 22 Sidcot School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 13 SNVE5TMENT5 Share5 in ¥roup undErtakinz5 LtSt¢d sI￿re$ In group 2023 undertakings iistÈd Investments Investments 2022 Costlvaluation At I Septembèr Z022 ioi 1,639,103 1.635,204 523,566 1544.0171 ioi 1,726.781 485.948 1498,2981 1,726.882 485.948 1498,2981 AdditlOllS 523,566 1544,0171 Lli5posa15 Gain511L055es1 iri51n8 froffj tnovÈments Ih valuations 44,344 142.9501 44,344 142.9501 175.3281 175.3281 Cash wlthdrawn C05t/valuètlon èt 31 August 2023 ioi 1,620.046 1,620,147 ioi 1,639,103 1,639.204 UK flxed Intere51 306,004 362.694 683.76Z 192,370 44,342 30.874 13Z,400 430,982 640,444 296.458 117,854 20,96S UK Equlties Property Jtrrn4ttve assets C45h 1,620,046 1,639.103 Investments8re8ter than 5% of the total portfollo.. £96,569 Vanguard Funds Plc. The followin6 were 5ubsldiary undertakln85 of the School.. Name5 Holdln8 ioo.oo% Sldcot LeIsUreActl￿tles Llmlted Sldcot Internatlonal Llmlted ioo.oo% The School 15 the beneficial owner of IOC> Ordinary Shares of Él each being the whole Df the Issued share capltal of Sidcot Leisure Activitie5 Limited. a cornpany reEI5tered in England and Wales. The company dld not trade durlng the current cr prewou5 year. Sidcot InternatioThal Limited was incorpgrated on 6 April 2017. The School Is the 100% beneficiary and the company has not traded during the current orprevlous yÈar. 23 Sidcot School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 14 DE8TORS 20Z3 2022 Fees and extras 200,571 174,1001 113,579 521,071 4,383 186,232 157,2961 13,320 392.336 4.383 LÈSS provision foidoubtlul debts Other debtors Prepayments and accrued Income Amount duefrom group undert&kln85 765,506 538.975 15 CREDITORS 2013 2022 Amoutttsfolllng olue wlthln one yeur.. Loans 66,624 793,203 161,964 46,639 790,827 L43,243 269,561 3,267,051 204,166 497.691 175.471 Trade credltor5 Taxatlon and soclal seturityCOSts Fee deposit5 Fèes In advanee 4,026,641 Zl2,919 264,424 101,965 Other credltors Accru315 ènd deferred Income ArfflouThts payable under (Inan￿ leases 5,912,911 5,394.649 Delerred income.. 2023 zozz biought forward Released In year Received In year 35,706 135.7061 25,725 16,171 116,1711 35.706 Carried forward 25,725 35,705 At the balance sheet date the School wa5 holdiThg fund5 received in advance for trip5 and actfvstie5 booked for Autumn tem 1023 16 Ct¢EDITORS DUEAFTEA ONÈ YEAR 2023 2021 AmoLtntsfollln9 due ofttrmare thon one yeoTr. 8ank 433,376 178,627 665,400 Amounts payable under finance lease School fee dep05it5 202.184 619.405 2,277,403 821.589 24 Sidcot School NOTES TO THE FINANCIAL STATEMENTS for thè y@3r ended 31 August 2023 17 LOAN5 ANDOTHER BORROWINGS 2023 Z022 Movement on loans In one year or le55 Between one and twe years Between two and five yÉars After flve yeais 66,6Z4 147,708 196.600 46,639 1,089,068 1,500,000 46,639 2023 2022 Movement cn finance leases In one year or le55 Between one and two years Between two and Ilveyeirs 101,966 108,774 69A53 103,097 103,097 171,461 2BO,593 377,655 The b8nk 108n, secured agalnst freehold propertles wlthln the estatè is tepoyable over IS years In equal monthly Instalments $tartln8 frern Octeber 2D23 with Interest charged between a var18bk rète to 6%. 18 FINANCIAL INSTRUMEPITS 2023 2022 Carrylnx amount of ffnanclal assets Flnanclal assets that are equ1ty instrum¢nt5 me35ured Ht C05t le55 Impilrment Flnancial assets meosured at falr value through profli and loss S,239,183 1,620,147 4,S80.433 1,639,204 Cirrylng amourrt of fln•ncl•l Ilabllltley Measured at amortlsed eost 7,266,652 S,327,272 19 STATEMENTOF FUNDS Atl September 2022 Tra¢)sfers Between Funds Galnsl At 31 August 2023 Incorne Expendlture Unrestrictod fuAds'. Gengral re58ry8 11,947,097 13,137,690 112,665,810) 798,185 14,8081 13,212,354 Restrlcred fund5'. Willlam Norrnèfi bèquèst Mary Bla5chku grant Named bursary and prize funds Mcshane LeBzcy Slxth Form refurblshment 428,165 188,730 263,998 160,736 12,096 5,332 7,458 4,541 798,185 YI,506 112,0961 15,3321 17.4581 14,5411 19881 14361 16091 13711 427,177 188,294 263,389 160,365 1798,1851 Other re5trirted fund5 4,597 166,3661 29,737 Total restrlcted 1,046.226 919.118 195.7931 1798.1851 12.4041 1.058.962 Endowment funds.. 373.504 373.504 Totsl f￿ndS 13,366,827 14,056.808 112,761.6031 17.2121 14,654.820 25 Sidcot School NOTES TO THE FINANCIAL STATEMENT5 for the year ended 31 August 2023 19 STATEMENTOF FVNDS ItttntintsÈdl Atl september 2021 Transfers Between Funds Gainsl At 31 August 11055e51 Z022 Intome Expendlture Unrestricted funds: General reserve 11,114,765 12,259.576 111,483,092) 45,748 11,947,097 RestrlctÈd funds.. William Norman bequest Mèry Blaschko gr3rit Named bursary and pri1¢ fund5 Mcshane legacy Other restricted fund5 453,712 199.991 279.750 170,327 4,871 27,164 11,973 16,749 10,197 292 127,1641 111.9731 116.7491 110,1971 125,5471 111,2611 115.7521 19.5911 IZ741 428,165 188,730 263,998 160,736 4,597 Total restricted 1,108,651 66,375 166,3751 162,4251 1,046,226 Endowrnent fund5= 373,S04 373,504 Total funds 12,596,920 12,336.051 111.549,4671 116,6771 13.366,827 Re5trlrted]und5 The Wllllam NomiaTh bequest was made forthe purpose of fundlng a muslc bursary. The Mary Blaschko Brant was glven t¢ fund 51xth ltsrrn bursary. The n8med bursèry and prlze funds are for the purpose of fvndlng bursariès and pr12es. Th¢ Mcshane LÈ8aCY W¥5 recel¥¢d forthe muslc department. Other resiricied fund$ in¢lud•s grants and donatlorts recelved for bursarles, tht sclence block r•furbi$hmenL and ihe Pe•ct Festlval. The Slxth Forrn refurblshment fund represents monle5 recelved for the redevelopment of the slxth form certre. Endowmentfund Endowment caprf(al repre5ent5 the Inltlèl endowment of larjd and bulldinRS io ihe School, together wlth certaln Other bequests and donitions and is attributable to the Ilnked charlty Sldcot School Trust. TransJers betwe¢nAunds During the year, the school received donations for the refurblshment of the slxth form centre. The work wa5 completpd in the ve#r, increasing the value of tangible fixed a55et5 on the balance Sheet. with the work completed, the tru5tee5 believe the restrfctlon hès beeti met on the donotion5. The above transfer represents the ulilisètion of thDse lund5 Igr their restrirted purpose. 26 Sidcot School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 20 ANALYSIS OF NET A55ET5 BEfwEEN FUNDS Unrestrlcted fund5 Resirlcted EndowrTrent funds fund 2023 TDtsI Tanglble flxed assets Investment5 Current assets 15.107,155 580,922 5,730,517 15,912,911) 12,293,329) 373,504 15.480,659 1,620,147 5.760.254 15,912.9111 12,293.3291 1,039,225 29,737 Totol net a55ets 13,212.354 1,068,962 373.504 14,654,820 UnrÈstritted funds Restritted Endowment funds fund 2012 Total T8n8lble fixed )$set$ InvestmÈnts Current assets 12,624.589 592.978 4.972.768 15,394,649) 1848,5891 373,504 12,998,053 1,639,204 4,972,768 15,394,649) 1848,5691 1.046.226 Total nei •ssets 11.947,097 1,046,226 373,504 13,366,827 21 COMMITMEMfs UNDER OPERATING LEASES At 31 August 2023, the cornpany had outstandin8 cDmmltment$ for fvture mlnlmum l*a5È payments under non-c5ncellable opetatlng le•ses. whleh fall due as ftsllaw5.' 2023 Offlce •qLApm•nt 2022 eq￿1pment Oue wlthln one year Oye between two and Ilve years Oue after more thin flve years 51,303 80,963 4,478 53,194 129,F85 4,478 136,744 187,357 22 RELATED PARTIE5 A number ol Governors have chlldren who are pup115 at the SchoDI,. thq approprlate level of fees 15 levkd In re5pEet of these Governors, thlldren are 355essed for bursarles and scholarshlp5 on the same b2515 a5 all other puptls on an arms length ba555. Durlng theyear, Governors recevled schol>rshlp5 totallinE É3,81012022.. £4,980). uring the year Sidcot School pUr(￿SEd 5ervlces frorn a company lor whkh a Tru5teE 15 CEO totslling £nil12022.. £7631. The School owed £nil12022.. £nill tothe rplated enlity at the yearend. 27 Sidcot School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 23 CONTINGENT IIABILITIES The School has a contingent liabllily which has not been provided for in these accounts in relation tts thÉ pÈnslons Trust Growth Plan as dÈscrlbed In note 25. The liability would cry5ts1ise only if the SchoDI withdrÈw from ihÈ Growth Plan ￿ if the Plèn wasto be wound up with no participants. The School continues to ofler membership of the Plèn to Its emptoyees and 8$ at the balance sheet date there weve 9912022.. 1351 active members of the Plan employed by the School. There Is no current IntentSon to leove the Plan Ind tri88er the Thè Pefislons Trust has estimèted that, il the School ceH5ed to P3rticipate in the plan Èi at 30 SpptÈmbÈr 2023. tho school would have to pay £202.21312022.. £344,449) Includlng 5er5es 3 Ilabillties based on the finon¢i)I posltlon of the Plan and Ehe emplgyers that, as at that dgte, were rEIEvant Employers. 24 NOTES TOTHE CASHFLOW STATEMENT 2023 20Z2 Reconclllation of opeiat5ng result tv net Inflow frorr operatln8 acEivltlE$ N¥t rnovement In fund5 Galns on inve5tment5 Deprerlatlon 1,287,993 144,3441 725,343 44,271 110,7701 111,8451 184,0311 142,9501 82,340 628,401 1226,5311 769.907 75.328 646,662 597 124,1991 171,0001 13741 144.5831 31.853 1,106,014 1166,8291 Pension fund Penslon fund IB41n5111055 Bank InterESt received 05vidends rEceived Interest pay8blÈ In¢r¢asollD¢¢reasel In ¢rtdltors Ilncrea5ellDetrEase in debto 2.347,877 2.323,376 ANALYSIS OF CHANGES IN NET DEBT Atl S•pt•mbgr 2022 Oth•r non- cash At31 chènies Au¥ust 2023 Cash Ilows C•sh and ¢•sh •qylv•l•nt$ Cè5h 4,433,793 560,955 4.994,748 Co5h equlvalents 4.433,793 560,955 4,994,748 Borrowlnz5 Debt due wlthln one year Debt due èlterene year Flnance leases 146.6391 119,9851 11.433.3761 81817 166,6241 11,433,376) IZBO,5931 1363,4101 1410,0491 11,370,544> 11,780,599) Total 4,023.744 1809.5891 3,Z14.155 28 Sidcot School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 25 PEN510NS The Pensions frustGrowth Plon The company partlclp3tes in the schem¢, a multi-employer scheme which prOvId￿ beneflts to some 638 nort-ossotiated participatin8 employers. The scheme Is 2 deflned beneflt scheme in the UK. It is not P055ible for thÈ tompany to obtaln sufficient infDrrn3tion to enable it to accourst for the scheme as a defined benefit scheme. Therefore. ￿ accounts for ihe Scherne 15 a dellned CDntribution 5cherne. The 5rheme 1% subject to fvndinB leÉi51ation outlined in the Pe05i9ns Act 2(M)4 whiEh came intD forte on 30 December 2005. Thi5. to8¢thEr wlth documents issued by the Pensions Re8u14tor in Technical Acturial Standards issued by the Financl81 Reporting Council. set out thefr8meworkfor fundlng defined benefit occupatlonal pension scheme5 in the UK. A full ècturlal valuatlon lor the scheme wlls carrled out at 30 September 2020. This valuatlon showed asset5 of £800,3m, li3bilit125 of £831.9rn and a deficlt of £31.6m. To ellmlnate thi5 fundin8 shortfall, the Trustee h15 asked the p8rtitlpating emplpyer5 to pèy idditional contributions to the scheme a5 follows.. Dtrfldtconttlbutltsns From l April 2022 to 31 January 2025.. £3,312.000 per annum (payable monthly) Unle55 a conce5slcn ha5 been g¥reed wlth the Trustee the term to 31January 2025 Ipplles. Note that the scheme's prÈvitsus valuation wa5 ¢arrled out with an effettive date of 30 SÈptÈTnbÈr 2017. Thls valuatlon showed assets Df E794.9m, 118bllltles of £926.4m and a defltlt of £131.5m. To e$tlm¥te thls fundln8 shortfall. tho Trustee asked the partlclpatln8 employers poy ?ddltlgn)I contrlbutlons to the scheme as follows., D•tlclt conirlbutlons From l Aprll 2019 to 30 september 2025.. £11,243,UOO ptr •nnum Ipayable monthly and Increaslng by 3% coch on The reeovery plèn conlrfbutlpTrs arE Hllocated to ¢arh partlElpa¢ln8 employer in Ilne with their estlmated share of the Serles I Where the scheme is in deficit and where the company has agreed to a deflclt funding arrangement the ¢cmpany recDgnlse5 a Ilability lor thls obllgativn. Th? arnDUnt recogThised 15 the net present value of the d2licit reduc¢iDn contrlbutlons payable under the agreement that relatès to the deficit. The present valuÈ Is calculated u$inB thè dlscount rate detalled In these d15closurès. The unwlndln6 of the dlscount rète15 recognlsed as a flnance cost. PRESENT VALUES OF PROV1510t4 31 August 2023 31 A￿gUSt 2022 31 August 2021 Prespnt value Df pravi51011 15.926 26,854 IZI,7Z2 29 Sidcot School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2023 Z5 PEN510NS Icontlnuedl RECOMCILIATION OF OPENING AND CL051NG PROVISIO Period Ending Pèrtod Endlng 31 Au8USt 2023 31 Au¢ust 2022 Provlsion at start of period Unwlndlng of dlscount fartor (Inte￿$t expense) DÈflclt contrlbutlon pald Refflèa5urements- implct of any ch3n8e In assumption RemeJ5urements- amendments tothe contribution schedule 26,854 9t7 111,6871 11581 121.722 689 124,8881 11,1831 169,d861 15,926 26,854 INCOME ANO EXPENDITURE IMPACT Period Etldlng Perlod Endlni 31 August 2023 31 Au¥u5t 202Z Interest txpen5è Remtastsrernènts- Impact ol any chan8e ln assumptlon 917 11581 11,1831 ASSUMPTIONS 31 Au8U5t 2023 31 Au8ust 2022 31 Auitsst 2021 % per 4nnum % per ènnum % per annum 0.63 Rate of dIsco￿nt 4.46 The dls¢ount r4te5 Shown above are the equivalent sln8lo dlscount rate whi¢h, when used io discount the future recovery plan cuntrlbutlons du2, would 8i¥e the same result5 a5 uslng a full corporate bond yield curve to d15ctyJnt the Same recovery plan contrlbutlons. The followln8 s¢h•dule detslls the deficlt contrlbutlons agreed between the company and the scheme at each year end perlod.. DEFICITCONTRIBufioNS KHEDULE vearendlns 31 August 20Z3 31 August 2022 31 August 2021 Year I Year 2 Year 3 Year4 11,687 4,870 IL687 IL687 4,870 34.746 35.789 36,863 15,625 Th¢ rpmp4ny recoBni5e a liabillty measured as the present value of the contrlbutions pay8blethat allse from the defldt recovery 88reement and ihe re5uliing expense in the inrome and exppndlture account l.e. the unwindlnz of the dlscount rate as a finènce cost in the perlod In whlch It arises. It15the5e contributlons that have been used to derlve the company's balance sheet liability. 30