Charlty number. 296491 Live Adventurously SIDCOTSCHOOL IACOMPANY UMJTED 8YGUARAP￿EE1 GOV£ftMORS' REPORT ANDANANCIALsfAIEMENTS FOR THE YEAIt EM)ED 31 AUGUST ZIIZ4 Page Iteleren¢e anJadmlnlsirntlv*dthlk of theSthioL Its Gty•ern•rsand ad¥ls•r5 Chlr< repDrt Govenwrn, report dqp•ndonl audllors. report(m the fin¥￿1￿1 5￿t￿*￿S lo-lz Statementof flnandal a¢tfvitlgs 13 8alaMe sheet 14 St•tèmentol¢ashflws Is 14tstes to thèftn*nclalstst•m*nts 16-31 REFERENCE AND AOMINISTRATIVE DETAILS FOR THE YEAA ENDED 31 AUGUSY 2024 6￿1￿0 Jameson Mlller, Chalr Andrew Fllrt Adam Matthew5 (retired* Dec 20231 Viclorla Hemmln8 Iretired. Jul 20241 Qaniel Lloyd Iretird* ott 20231 DrTerencE McM45tei GarethTurt)bvll (reti￿{1• 20241 SSmon Unnitt Rashmi Run8ta Irwnedjun 20241 AtsThTeece Professor Pew 0￿shaW Iresl8ned 0rt20241 Jame5 Oakley lfrom Oe£ 20231 Richard Shepherd lfrom ZOZ31 arbTaylor Ilrom Jul 20241 aareTreslddeT (from AUÉ 20141 •Retired by rotstion Crynplry re￿$tel*0 number 02093340 Chartty r•￿st•r4d number 296491 Re81st¥￿4)ffice Sidcof School Oakridge Lane Winscombe North Scffherset B525 IPD IndepwdertaudÉlor5 Moore KIngSt￿ Smllh 6th Floor 9 Appold Street London EC2A 2AP Bankers Lloyds Bank pk 195 Worle HSgh Street WestOD-super-Mare 522 6JS Solthors Harrlson Clark Rl(kerbys Llmked Ellenboroueh House Wellinnon Street Cheltenham GL50 IYD OIAIR'S AEPOAT FOR THE YEAR EN￿0 31AiIGUST 2024 The annual ￿￿)rtIrtd audrted f&nanclal sratementsforthe yeai-end 31Au8U5t2024 IncludeSevlden￿ of a strong performance finantlalty, as a Charity and rnost lrnportantly as a school. The report and ststementconfimi that 51dcotSchool rem3inswell- positionedto mttt the challenge5 focin8 the iTrdependent sch￿1 sector includingthe impo￿tION of VATen school fees. the h)ss of buslnes5 rates relief •nd the addiilonal costs assoclaied with pendln8chan8es W National Insurance.SidcoV5 financlal results and proa£ti¥e plannin8 in arlticipation of these thallenges ensure that the School can continue to support itsstudents arbd . Resources expended increased 7% to £13.6m12023.. £12,7rn1. Irbve5tsnerrt pallcy and pErFormance The khool usesthe investrnenl rnanagernent cornparry Evefv IforTn?Ily known a5 Smr(h Williarn50nl to invest on thelrbehalf in accordance with the Schoal's irwestrnent poliry. Th15 polity refletts the khool's ethical investment crfterla with a balance be￿een tapital 8rowth ènd In£orne. ResFx)nsibility for mothitorin8 performance rests ¥¥tth the FSnance CommittÈÈ. In¥Èstments returned a 12.6% gain12023.. 1.4% gain) dwing the year. Thi5 refietted an Increase In vèlue of approximate￿ 9.8%12023.. 1.2% decrease) and a revenue return of approximately 2.8%12023.. 2.6%1. ThE 6uvemor5 believe that the return was comparèble wlth returns on 5imi13r investments and that it reflectèd the prev2illng condltoons on wortd marke GOVERNORS, REPORT FOR THE YEAR ENDeD 31 AUGUST 2024 c. Reserves polky The GDvernor5 conslder that It Is Irrbportant thot unre5thrted reseryes Should be IDEreased over the next S years In order to safeguard the long-term fijture of the School. and this has been considered within the strategic ￿annIng for the School. Sidiot does not have large endowment funds. and therefore the¥e reserves are required in order to increase the School'5 resilien£e and capacityto rnana8e unforeseEll circumstances in the future. The School's unrestrltted fvnds stood at £14.6m * year end. of whlch £15.7m was deployed as part of the School premises ano equipment, leavin¥ ne8ative free reserves of £l.Im. d. Re5trirted fund5 The sc￿01 malntain5 a numberof ￿Stricted inve5tmentfund>The ￿llIaM P4orman BequestW05rnade forthe purposeof funding music bursary and the Mary Blaschko Erant wasglven to fund è Sixth Fomi burs¥ry. There arè a nurnberof othersmaller bursary and prfze funds. SYRucfiiRE. fjOVERNANCE ANO MANAGEMENT a. &)verr￿n4 do¢umettt The earlieA Twst Deed dates from 1809, the Trust being set up-forthe purpose of establishing and supporuTrg a School for the educatlon of the children of per5Dns being membersof the Society of Friends (commonly called Quakers)". The School's objects and powers are set out in the Articles of Associat￿n, which date from 1987 la5 amended) and which provlde for the operatSon of the sehool.in accordance with the principles of the Religious Sotiety of Friet)ds for the edutstion of the chIld￿n of members of Society of Fr￿ntI$ and others". b. Groyp Mructure and relatlon5hlps ThÈ School has two wholly ovjned non-thèrltable 5ubsidi3ry companies, Sidcet Leisure Activlties Umited and Sidcot Internètional Limited. A linked charftable trust. Sidcot kTrwJol TrusL reglstered wlth thè Charity Cornm155lon un 15 September 2Crf>6, has been created in ordertoholt*thepemIanent￿d0wrnentpr0perty0f theschool inaccordancewitha (harityCommi5sionSchemedated 19July 2006. L R•uuikneht Ind tralrdng of governor5 The Board's Governance and Membership Committee works in partnership wilh 5idtot Qtsaker General MÈetlnÉ's Nomination Cornrnittee to identify and nominate prospectlve governors. The Artide5 FKovide that a malorlty of Ooard Members would be perwThs who WEre'. lal active in a Quaker Meetin8or Or8anisation. or Ibl in rhe di5ttrnment of the Quaker General Meetin8'5 Nominations Committee. We￿ of such a convincement that they would promote and uphol¢J QuakerValup5 in thegovernance. managementand Ilfe of 51dcot5chool. The NOMInat￿n5 Committee of Sldcoi General MÈetlng and the Boarrfs Governance and Membershlp Commlttee take li)10 account eliglblllty. PEf50nal competence, specialist skolls and local avèllabllity. New Go¥emors are Indutted into the working5 01 the School prior to the dale of formal appolntment. A Govemor trainlng pro8ramme Is In plate. IniludinB third partytrainiThg 3$ approprfate. Pay polirylorsenlor staff The Govemors ionsider that the Senior Leadership Teim are the key management personnel of the School In charge of directin8 nd controlllnE, runnlnE and operatlng the Trust on 3 d3¥ to day basis. The pay of senior staff is rev￿Wed annually, along with all membÈrsofstaff. The School has esta￿lshÈd pay stalp5that have been approved bythe Board of6tsvernDrs and remuneration for all members of staff. Includin8 seniorstaff. issèt in accordance with these pay scales. All GovernorsElve their time freely and no Governor received rernuner3tion for being a Governor intheyear. Det3ilsof Governors, expenses and related Pa￿ transo￿onS are disclosed in the notes to the accounts. GOVERt40*S' REPORT FOFITHE YENJI EfiDED 31 AUGUST2024 e. Or8anlsatlonal 5trnclure and drfi5ion maklwA The Board of Govemors, as the T￿￿tee5 of the Charity and asthe Dlrettors of the reBi5tered company. arE IEgally responsible for the overall management and control of Sidcot sChL￿1. They meet fDrmally at least ￿￿{e times a year. Governors are attached to a specifit Head of FaoJlty orBusiness Department. to provide a linktothe Board.Therewere Goverwr membersof commlttee5 and working Èroups in the areas of Education, Nnance, Digital, Inclustve Peace, and Markelins, and there were Governor representatives on the Health and Safety CommitteE. Oay to day management is delewed to the Senior M3na8ernent Team. wN¢h. durft)gthe year. comprised.. Head laln Kllpairick'luntil 31 Dec 20231 Jamesjones lfrom ljan 20241 Joanna Leite thristian Hughes. Catherine t*kes' Keith Perry. Steve Harris" Sarah Sirnm5 (harlotte Re5U88an (until 31Aue 20241 Kate Champion Ifrom I Sept 20241 Tom Ruddle lison Clarke Amandine Smllevlch Deputy Head Pastoral Deputy Head Academic Heèd of luniorschool Dlrettor ofoperdtlons Direttor of Finance Dlrettor of Marketlng and Development A5SiStant Head Teaching and Learnin8 Assistant Head Teaching and Learning Asslstant Head Upper Head of rr Services Head ef Boarding Senlor LeèdershlpTeam f. Rtsk mana8emert The Goyemors examine the major risks that the Schoctl face5 each financial year. The Sthoul has Jeveloped sv5tems to monitor and control these wisks to mitlgate any Impattthat they may have in the luture. A detailed rlsk reElSter is reviewed on h regular basls bythÈ Governars and Senior IE3dEf5hip. Thi5 registercDvef5thefollowingare35 Df risk.. 5trate8iC, operatlonal. people. linance. governance, external and legal. ThÈ review pr(Ke&s assesses the current level of risk In each area and hlghlight5 ionirol measures, responslblllty and how each wocess Is monltored. Ar￿an ￿an5 are developed where 3 tar8et rlsk levEI h35 been Set Y4hith would rEduce the Current residual rlsk. The keycontrDI measures In place atthe School include.. Comprehenslvè safeguarding procedures for the protertion of chlldren Detailed str3te&c plannin81 budÉet5ngand management accour Aclèar He3￿h and Safety pollcy and an in-depth ri5kas5e55tnent proce55 Formal writren policies and PTocedures¢overing all aspect50f the 5th001's work Clear authDrisatlon and approval levels. The main area of rfsk for the khool contSnues to be assorlated wtth ihe Introduction of VAT on %hool fees. £Dmblrted with abolishing bU￿￿e$S rates, rellef Increase In Naiional Insurance. The introdurtion of ihese measures will have signifieant ramlfitatlons on the Scheol's financial situation. The Finan￿ Commitee and the full Board ha5 examined strateBlc options afbd responses and. for ihe foreseeable future, In the opinion of the Govemors, the School have the re50urce5 ènd rewew systems which. under Mrmal conditions. should allow these riskstobe mitigated to an acceptable level in its day-te-day operations. GOVERNORS. REPORT FOR ThEyE￿ ENDEO 3IAUGUST2024 Fuwre developments The School Improvement Plan has been drawn tO8ether by the ￿n￿or Management Team and pr￿d￿ an aveNew of thp maln areas of work that w511 be requlred In order to meetsldcot's key strategic goals over the 1024125 Academic Year. Wthln the Studeni Expedence area, we alm to achleve high standards by rnonltOTin8 Value-added IVA) progress data based on teachers, predKtioThs, throughout rhe yearto inform effective interventionstD5UPPOrt5tudent pro8re55. The implementation of the K53 frameworK will continue to provide utrtlated assessment objertfve5 and 8radÈ destrfptors for the cuirlculum and will be Ye￿ewed throughout the course of the year. Wlthin the Ctrcurrkular Prograrnrne, next ac3dernlc yearwe wish toerts4Jrethat all studentsareaccesslnga range of activf(ies availabletothem outside of the classroom. We wish ta increase participation ITh Quaker activitie5 and providefurther opportunitiP5for oulreach work and volunteerin8.The House actlvlty programme will continue to improve, and we turn our focus to House charity events and ￿lebrating house polntsucws with parents. Within SafeEu3rdin8, Pastoral Care and Wellbeing wewill continue to develop the 21st Century Pareniing programme to strensthenour partnershlp wlth parents. We wlll ch005ethe tOPiC5 for thls based on curreni trend5. This will go hand in hand with reviewin8 the PSHE programme to include Input from parents and whatthey see35 3reas of concem fortheir thlldren. We will u52 the data collerted to also look at trends to ensure that our education pitce is ceThtred around turrent issues. Equality Diverslty and Inclusion IEDII will continue to focus on supportirkqchildren h￿th neurodfversity and wewlll work closelywith the Quèker Peace 3nd Glabal Studie5 department to lurther embed the warkfocussed on EDI. In boarding we wlll respund to and set tarEÈts based orb feedb3ckfrom the annu41 questionnaire and continue with the rollin8 malntenance proeramN* to ensufe we have the best possiblefaciliiies in our boarding howes. Withln MarkEtin8 and Adrni5sion5, we will respand to a challenging market by communicating proactivEly aboutthe Sthool's re5pon5eto the Government's plans on VAT, a re￿sEd digital and print media Campaign forthe Junlor School. and a continued focus on bespoke re£ruttment and retention event5 for both day and international familie5 thraugh the 5thool year. From an International boarding perspective, we will recruit acbvely in a broad range of well-researched markets to ensure a diverse and vlbrant boardingcornmunity. and to rnitlg3te the rfsk of a depenoenryon a parucular country. On the Development rheme. we will contlnue to bulld connections w￿h gur &dcotl3n communltythrov8h events. outreach via our dedlcated web51te and datsbase1SStkotlans Connect) and work in ourAr£hfve Room, whl£h Is now open tovSsitors on appoiniment. A h3rd5hip bursary campèlgn Is planned, bvhEn VAT school feE5 15 added. in respun5e to an anticipated increase in reque5tsfor financial 5UPPOrt from existir% and future student families. The Financial posltlom of thE S¢hool is set to be irnpacted bythe Introductlon of VAT on fee5.Thi5 introduction part-waythrou8h theyear causessignificant logistlcal issue5 and forthe first time we will be required to insiitute an 3ddr(lon31 fee Increase during theyear. The iThpatt of VAT has a considerable number of unknowns In terms ol whether Dr not students will leave the independentseuor and howstrong recruitment will be In the comingyears. We are. however. fortunate in that our strong performante in recentyears fflear￿ we should have the finances to meet these challenges goingforwards. but we will not on Treed to carefully manage our cost base but akn be mindlul of any oFportuThitiesto increase income stream5 that arfse. IT Devewrnpnt at Sidcot will cantinueto ensurethat 311 ourstaff and puwls have the necessary techndogy and security In place to rnaximi5e the effectfve use of ITsystemsthrOu8ha￿ the School. We will also be workinBtowards 8reater effIc￿nCY and cost effertiv2ne55 in all 05pects of School life. Ha¥inH completed a number of large capltsl project5iTrthe preV￿w4feW years. the maln locus for the Operatfjons of the khool in 2024-2025 wlll be on consolld3tin8 our strengths. We will coniinue to invest in the Sthool and p￿n to Upgrade bathrooms In boarding in the cNnin8¥ears. Wewill Continue to prornote the School's 5U5tainable and green credentlals and wlll look at further to re￿e and recycle. Maintainin8 a safe en￿rQ￿r￿ent for students, staff and ￿￿t0[5 fEmain5 a key abiEltive and throu8h pioattlve H&Smea5ure5 and close monitorin8, we will mitigate or reduce the risk of injuries and accident5. Support to 5tsff will continue throuEh induction, trainin& appralsals and regular£ommut)IcatlDnSto ensure staff remain enEaEed and feel 3 Valued component olthe School. &ttin8atthe heart ol the SchrMII'svalues. we will contlnue to use Quaker, Peace and Global stUd￿s as a key element of differentiation in the Sidwt offer. The main fotys in Community Outreach will be continuin8OUT reLitionship with the EL4N multi-academy trust. As well asour commitment to supporting sport Ilnks, we will 5eektofind more opportunities to Share 8ood practice in teachln8 and learrung with EL4N schools. In odditlorn key 5hlcrktstaff wlll romaln on Board of Trustees of ELAN to malntain thls key partnership at a strate8ic level. GOVERNORS. REPORT FOR THEYEAR ENDED 31 AUGusf2024 sTATEME1￿OF GOVERKIRS, RESPO￿BIL￿E5 The Govemor5 (who are also the dirertor5 of the School for the purposes of company lawl are responsible for preparlng the G¢)vemors' Report including the Strategic Report and the financial ststernerrts in accordan￿ with applicable law and Unrted Kingdorn AccOun￿n85t3ndardS IUnKed ￿ngdoM fjen¢ralty ￿￿pted A¢¢ountlng Prattieel. Cornpany lawrequlresthe Governors to diiertthe preparation of thefiTr3rKial 5tstementsandto reviewand approveihe prepared flnanclal st*ementsfor eachfinandal year. Undercompany law ihe Governors must not èpprovethe fftnancial 5tsternents unle55 theyaresatSsfiedthattheygive atrue andfair*iewof the stète of affalrs oftheschocland olits incomin8resDuf￿Sand applicatlDn of Tesujrces. Includlng Its Income and ÈxpÈndtturÈ. forth* period. the khool'sfinancial statements mu5t- Ilse generallyattept2d accountiryé polioe5 and be zpplled con5fjstently.' observethe methods and prlnuple5 ofthe Charity"es SORP IFRS 1021- provide accounting e5tirnatesthJt are reasonable and prudent.. state whether applicable UK Accountlng Standards IFR5 1021 have bEen fdlowed. subiert to any material departure5 disdosed and eKplaSned In the flnancial statemetTts.' be prepared on a 8oing£oncern ba515 unless k Is Inapproprfateto presume thatthe School will tontinue In bu51ne The G¢)vernors are responslble forthe adequacy of the khool's accounting records. that these records are suffkientto show and explaln the5ch0￿'str8nsartl0n5, that the finaroal statements dlsclose w￿h reasonable accura￿ at anytirne thÈfin4ncial posltlon of thÈ School and that the financlal statements cornpty ¥Mth the Companies Act 2006. Governors are also rÈspon5ible for safeguardingthe assets of the School and hence for taklng reasonable steps fot the prevention and detecJon of fraud and tsther Ir￿UlaritIes. Dlsdosureof inform•ti￿ tO*dI￿r$ Eath of the personswho are Govemors attheiime when this Govemors. Report is approvÈd has confirmed that: 50 farasthatGovernor Is aware. there 15 no rdevant audit information of whlch the chariWsau&rtor5 are unaware. and that Governor has taken all the rtPP5 that ought to have been taken as a Governor in order to be aware of any relevant udit inforniation and toestabllsh thatthe charity's audltors are aware of that infomiatvjh. thtors The audltot5, Moore KlnBSton ￿fth. have ItKIFcated their willingnessto contlnue in ¢>ffice. The designated Governotswill propose a motion reapwintinB the auditors ata rneetin8 of the Governors. Approve byorderofthe members ft board ofGOVer￿rs on 711 Zl Z¥ and slgned on their beh•lF by.. Jamesom mil￿T-(hairOf G￿erTh)r$ INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SIDCOT SCHOOL Oplnlon We haveaudlted thefinanclal statements of Sldcot School I'the companvlforthe yearended 31 Au8USt 2024which comprise Ihe Statement of Flnanclal kUvl¢ie5, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, Includln8 5ignifKaDt accountiD8 policie5. The￿r￿ncl￿1 reporting framework that has been applied in their preparbtion is applicable law and Unlled Kln8dgm kcpuntin8 Stand4rd5, In¢ludin8 FR5 101 The Finanual RepDrtln8 Standard Appllcable in the UK and Republic of Ireland, Iunited Kingdom Generally Accepted Accouritin8 Prarticel. In ouropinlon the financlèl statements.. give a true and fair view of the state of the £harltable companls affalrs as at 31 August 2024 ènd ol Its IncDmln8 resources and application Df resource5, including its income and expenditure, for the yearthen ended,. have been propEdy p￿ParEd in aicoTdance wth Unitpd Kinsdom GeneraltyAcceptpd Accountlng PractSce,' and have been prepared in accordanc￿ with the requirements of ihe Companies Act 2006. Basls foroplnlon We canducted our audit in accord3nce V￿th International Standard5 on Auditin8 IUKI IISAS IUKII and applltable law. Our responsibilities under those standards are furth*r deserfbÈd In thÈ Auditorfs RespOnSi￿lItIeS for the audit of the financl41 staternpnts Sert￿ of ourreport. Weare indepEndentof thechartLable companyln accordancewtth theethical TequirEmeDtsthat are relevant tDouraudlt of the financlal staternents In the UK. Includlngthe FRCS Ethical srandard. and we have futrllled our othèr ethical re5pon&bilities in accordance with these requirements. We believe that thp audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinKJn. (w¢1￿￿)￿$ r¢litlngtogrkni¢on¢¢rrt In audltlry the financial 5tatement5, we have concluded that the t￿￿tee5. use of the B¢in8 concern ba515 of accounlin8 in the preparation of the financial slaternents 15 appropriate. Based t>n the work we have perfomied, we have not Identlfied any materfal uncertalnties relating to events or condiiion5 that. Indi¥Sdualty or ttsllÈttively. may cast sSgrilflcant doubt on the ch3rK(able rompany's ability to continue as a goln8 concem for a period of at leasttwelve months from when thefinanaèl statementsare authorlsed for Issue. Our responsibilitle5 and the re5ponsibilitie50f thetrusteeswlth respert to EoSn8 concem are described In the relevantsecttons of this report. Other Irbformatl The other InformatSon comprtse5 IhE inforrnation included ITh the annual report, other than the financial statements aTrd our auditorfs rewrt thereon. The triistee5 are respoThslble for the other Informatlon contalned withln the annual report. Our opinion on thefinancial statementsdoes not£overthe otherinformation and.excepttDthe extentotherwi5e explicitlyslatedin ourrÈpt¢ we do not expressanyform ot èssurante conclusion thereon. Our re5ponslblllty 15 to read ihe other Informatlon and, doing $0. consider whether the other infomiation is material inionsistent with the flnancial sraiements or our knowledÉe Dbtained In the C(￿r5e of the audlt or othenvlse appear5 to be materialfy mi55tated. If we identify such rn3ter131 Inconslstencies or apparent materi31 mlsstatements, we are required to determine whether there is a material mlsstatemet)t In the ffinanchl statements themselves. If, based on the work we have perfornied. we conclude thatthere is a material mi55tatement of th150ther inform*ion. we are required to repDrtthatfacl. We have nothln8to report In this re8èrd. io INDEPENDEKf AUDITOR'S REPORT TO ThE MEMBERS OF SIDCOT SCHOOL l¢¢ntlnuedl OpInlo￿ On othtrmatters prtsprlate. l.e. whether there aTe any material uncertaintie5 related to events or conditions in particular the current economic situation that cast sigwficant doubt on the abillty of the School to rontlnue as a 80in8 coniern. The Governors are mindful of the wider eionumlc impact of the ongoing conflict In Ukraine, the than8es announced in the October 2D24 Budget. whereVAT on fees could have an Impact on p055ible pupll numbErs In the fuiure and the removal of the rates rebatefrc*m April 2025. The Governors make thi5 assessment in respert of a period of one year from the date of approval of the flnanclal statements. The Governor5 conElude that the full Impact of VAT on fee$ Introduced from l January 2025 on fulure pupll number5 remain5 Inconilusive and therefore It Is appropriate to prepare accounts on the Bolng concern basi5 for the year ended 31 August 2D24. 13 INCOME l income 15 recagnised orte the School has entftlement to the income. it is probèble thatthe income wll be retelved and the amount of income receivable can be measured reliabty- Doriated se￿￿e5 or facilkies are rem8nL%¢d when the Sthool h05 Wntrol over the Item, any condTiiDllS a5￿Clated with the donated rtem have been met, the receipt of economic benefit frorn the use ol the School of the itern Is probable and that economic benefft can be m¥sufed reuably. In accordance wlth the Ch3rities SORP IFRS 1021. the general voluThteer tlme of the Friends is Dot reco8ni5ed. On receipL donated profes51on815ervi¢e5 and facilities are recoBnised on the basis of the value of the gift to the school which the amount It would have been willing to pa¥ to ¢bt6in 5ErViCeS or fècll ille5 of equivalent economic bpnefit on the open market.. a £orrespondin8amount is then rÈcognSsed in expenditure in the period of recelpt. Incorne tax retOVErable In relatlon lo donatiuns received under Gift Aid or deeds of covenant Is reCOgn￿d at the tlme of the don*ion. Income tax recoverable in rdalion to investment iTr¢ome 15 recognised at the time the investment Inwrne is recehfable. 16 Sidcot School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 IA LIA8ILmES LlabSlltles and provision5 are rEtognised when there is an obligation at the Bal3rKe Sheet dale a5 a result of a past event, it is probab￿ that 3 transler of economic benefit will be requirEd ID settlement. and the amount ol the settlement C3n be estimated reliabty. abilities are recognised at the arnount that the School antiopates tt wlll pay to settle the debt or the amount it has recelved as advanced paymentsforthegoods or services it MUSI prowldt. Provislon5 aTe measured at ihe besi estlmate of the amounts requlred to settle the obli8ation. Where the effect of the time value of money Is materlal, the provision is based on the present value of those amounts. discounted at the prtrtsx distttunt rate that refiert5 the ri5k5 Specific to the IlabllSty. The unwindin¥ of th2 discount Is recoEnised in the Stoternent ol Financial Athties as a finance cost. 1.5 EXPE14DnURE EKpendlture ts reco8nlsed once there 15 4 legal or construrtive obli8ation to transfer economlc benefit to a third party. it is probablethata transfer of econornlc benefit5 will be requlred In setdementand the amount of the obligation can be measured reli3bty. Expendltufe Is£lassified by aciivlty. Support costs are those costs incurred dire¢tty in support of expenditure on the objerts ol the School. Governance costs are those inturred in eonnertion 4¥fth admlnlstratlon of the School and (ompli4n¢evAth constltutlonal and statutory rEquirements. Expendiiure on ralslryg fvnds In¢ludes all expenditure incurred by the scho￿ to false funds for Its charitablè pu￿Ose$ and Includes wstsof all fvndralslng a￿￿￿tIeS eventsand r￿haritable tradin8. EKpendlture on charitable acbvities is Incurred on directly undertaking the activitie5 which further the Sthool's obje¢tiVÈS, as well as anyassoclated support costs. 1.6 TANGIBIE FIXED ASSEfs AND DEPRECIAllON Tangible fixed 355et5 £OSting £l.CYJO or morE are capitali5ed and recowi5ed wheth future economic benefits Ore probable and the cost or value of the asset can be measured reli3blv. TanglblÈ fixed aslets arè In[￿*11¥ retognlsed at Cost. After reeoÉnftloTh. under the cost model. tsn8iblè flxÈd assets are measured at tost less aetumulated deprecSation and 3nyaccumulated Impllrment losse DepredatSon Is charged so as to allocate the cost af tanglble fvAed 3S5ets le55 thelr resldual value over their e￿]mated useful Ilves, ￿Ingthe stralEht-Ilne method. Freehold property Plantand machinery Fixtures and fittyngs Motorvehicle5. apparat￿ & ¢qulpment C¢mkxJter equlpmemt SOyear5 5tsJightline 10- 20yEors stral8ht Ilne 7 yearsstra¢ht Ilne 4 years5tral8ht1ine 4year55trai8ht Ilne 1.7 INTERESTRECEIVABiE Interest on fvnds held on dep051t is included when receivable and the amount can be measured rellably by the School,. this Is nom)alty upon notlficatian of the interest paid orpayable by the ¢nStrIut￿n wfjth slthom the fvnd5are dèposlted. 17 Sidcot School NOTES TO THE FINANCIAL STATEMENT5 for the year ended 31 Au8USt 2024 IA PENSIONS The school operares a Deflned Contributlon Pension scheme provided by Le8al and Gerter￿. Contributions payable to the hoDI's pension scheme iretharBed to the SOFAln the period to whlch they relate. The school partlclpates in The Pen5iDns Trust's Growth Plan (the Planl. Thls is a multiemployer pens(on plan, which 15 funded and 55 not contrarted out of the State'5 scheme. The Plan's a$5ets are co-mingled for Investment purposes, and beneflts are paid outof the total a￿ets. It Is ndt possible in the norrnil ¢ours¢ of events to Identify an a reasonable and lon￿stent the share of underlw'ng assets and Ilablllties belonging to Individual partldpatlnB employers. AccordinEly. duè to th2 nature of the Plan. the accountin8 chaT8e for the perlod under FRS L02 rePreSe￿S Inte￿1 cost and the actuarlal remeasvrement. Further det811s of the %heme are Set out in note 25 and details of a cantingent liability In respect of these contribJtions are set out in note 23. 1.9 ANANCE LEASESANO HIRE PURCHASE Assets obtained under hlre purchase contrarts and finan￿ leases are capltallsed as tangi￿e flxed asset5. As5et5 a£quired bv finance lease are depreclated over the Shorter of the lease term and their useful lives. Assets acquired by h5re purchase are depreciated over thelr useful Iwes. Flnance leases are those where 5ub5tantially all of the benefits and rSsks of ownership are a55umed by the SchoDI. Obligations under such a8reements arE lThduded in creditors, net of the finance charge allocated to future perfods. The flnance element of the rental payment Is charEed to the Ststement of Financial Acbvitiesso èsto produce a consl3nt periodK late af charge onthe netobligation )utstandlnB in each period. 1.10 INVEsfMEIITS Fixed asset investrnents are a form ol finanual Instrument and are inlllally recognised at their transaction c05t and subsequeotly measur¢d at hir value at the Balance Sheet datr, unless fair value iannot be measured reliably in which case It Is measured at cost les5 Impalrrnent. lThve5trnert sain5 and losses, whether realised Dr unreallsed, are combined and shown in the headin8'Gainsll5055es1 investTDÈrtts' In the Staternent of Financlal Activities. investment funds are rnanaged by Evelyn Partner5 (formerly Smith and wniiamsonl who manoge the fvnds In Ilne wlth the 5¢hool's Investment ￿lIcy. lThcome from Investments are used to 5UPPOrt bursarSes and scholarships. LII CASH A￿• CAW EQUIVALENTS Cash at bank and In hand Includes cash and 5hort-term highty liquid irwestrnents with a short mèturity of three rnonths or less fvom the date of acquisition or openlngof the deposit orsimilar. 1.12 FINANCIAL INSTrUMENTS The Sth00l only has financlal assets and financial liabiir(ie5 of a kind that qualify as basic fi#aneSal instruments. 8aslc financlal instrurnents are initi3lly recDgnlsed at tran￿(tion value and subsequentty measured at their settlemem value with the exceptlon of bank loans which are subsequently measured at amortlsed ¢ost U￿nB the effeCt￿e Interest Mer￿d. 1.13 EMPLOYEE BENEFITS The c05t5of 5hort-term emK4oyee benefits are recognised asa lialmlity and an expense. 18 Sidcot School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August Z024 L14 1)EBTORS Trade aDd other debtor5 are recognlsed atthe settlement amount after anytrade discount offered. Prepayments are Wdlued at the amourrt prepaid net of ènytrade dlscounts due. L15 OPERATING iENSES Rentals pald under operatin8 lea￿ are chaf8ed to the Statement of Mnanclal Activitie5 on a straight Ilthe basis over the lease tem. 1.16 HJND ACCOUNTING General funds are unrestrlcted funds whlch are avBlI able for use at the di51retfjDn of the GoverThor5 in furtherance of the general objedlves Df the SchoDI and which have nat been designated lor other purpose5. 2 CRrricALACCOUNTING E5nwiTES ANDAREAS OFJUDGEMENT Estimates and judgements are coTrtinualty evaluated and are based on hlstOTltal experSeD¢e and oiher fxtor% Includlng expEctationsofluture event5th* are believed to bE reasoThab￿ underthe tlrcumstaThces. crttlcoluccountlno estlmotes ond Jssumpuons.. The School makes estlmates and aswmptlons conceminB the future. The resulting attountlng eAimates and assumptitins ￿11, by definition. seldom equal ihe related è¢tual ￿s￿1t$. The Èstimates and assumptions that have a signffKant risk of causing a materlal adjustmEnttD the carrying amounts ol assets and1Sablllfjes W(t￿"n the next financial year ore discussed below. The present value of the P¢nsion5 Trust defined beneflt deficit repaympnts depends on a number of factors that are detemilned on an actuarfal basls usln8 a vèriety of a5sumptlons. The assumptions Used in determining the net (Dst for PEnsions lthdude5 the discount rate. Any chan8e5 In those assumptlons, which are disilosed in notè 25. will impact the carrwn8 amount of the pension liabiliry. The annual depreciètlon charge for woperty, r4ènt and equipment 15 5ensitNe to ¢hanges In the esiimated useful economlc liwes and resldual values of the assets. The useful economlc Ilves and re51dual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on tethnologicHI athfantement. future investments, economic tilisatlon and the physical condifion of the assets. See noie 12 for the Car￿n& amounr of the property, plint and Èquipment and note 1.6 forthe useful econornic Iwe5fore3ch cla55 of a55et. The valije of land is Dormalty excluded from the depreciation c31culation trAJt in the absente of readity availabie ifvformatlL￿ adjustment has been made. The School rnake5 an estimate of the recoverable value of trade and other debrors. When assessing impairment of trade ark other debtors, manaeement £on&ders factors includin8 the Current credlt r3fjn8 of the debtor, the aBeinÈ profile of debtors and hlstorital Èxperience. See note 14 forthe net£arryin8 amount olthedÈbtors and #ssotiated impairrnent provtsion. In¢luded withln inve5trrtents are propert*s and alternatfve investments where the market Wdluatlons ère at falr value whlch are based on as5umptlon5whl¢h are sublertl¥e. Critic(rlureLTSofjudgement." The School obtain5 use of fixed assets a5 a lessee. The cla$5ification of such leases require5 the School to detertnlne. based on an Èvaluatlon af the temis and Cor￿ltIOnS Df thE arran8ewnents. whether It retaSns or acouires the signrficant risks ond rewards of ownershSp of these assets and ac£ordin8ly whether the lease requires an a55et and lièbillty to be rÈ£ogThised In the Balance ShÈèL 19 Sidcot School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 3 FEE INCOME The School'5aCtivitie5 are carried out wlthin the UK. 2014 2023 The School'5fee income comprised: Gr0$5 fees Less.. Dlscounts, Schoiar&hip5 and Butsarles 14.699,630 11,684,572) 13,3(¥J,511 11.663,5241 la￿15.058 11.636.987 4 OTHEft EDUCATIONALINCOME 2024 2023 Extras Hnd *Ji5bur5Èments 463252 39,167 516987 568,487 Registratlon fee5 Other Income 41,490 461,801 I￿29￿06 1.071,778 5 OThER INCOME ZOZ4 2Q23 Rent and lettin85 Other Income 193.214 121564 221,864 109,505 315,78B 331,369 6 INVE5TMENTINCOME 2024 2023 Intefest recei¥ed DI￿dend income 157,916 46.839 84,033 42,950 204,775 126,983 InclUdedw￿hI￿ the above fj5 an amount of £29,34412023.. £29.4271 whlth relates to Te5tr1tted income. 7 DONATIONS AND GRANT5 2024 2023 Donations èrtd gifts Grants 429,119 889,691 429,119 889.691 DurSngtheyeÈr, £410,S04 of don•tlons and Brfts re£efved relateto restritted I￿orne(2D23.. E889,6911. 20 Sidcot School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 8 EXPENDITURE (IS Costs of Raisin8 Funds Staff cost5 (note 91 other Depreclation 2024 Tr3din8 costs nancin8 Casts 18,835 92.226 18035 91226 T41tsl Costs of Ratslns Funds Ill￿61 111,061 ChJrltable expenditure Staff costs Total (note 91 other Depredation 2024 Teachl Welfare 5,478,486 547.8 607.507 1.156.037 1.520.474 116,729 6.026A85 607,S07 1.601,336 5.198.867 116,719 Premlses and Estates 446,299 369.786 AdmlnlstraJon 3,308,607 6overDance Totsl Charilable Expend￿re .787.093 3J48.646 816,085 13.551.824 70ts1 Expended .7B7.QY3 4.059,707 816,085 13.662.885 Costs ol Rèislng Funds Staff costs Total Inote 91 other Depre¢la￿D 2023 Tradin8 CQSts Fh)èncing costs 14,597 82,340 14.597 82.340 T4x41 Costs of Rèkln8 Funds 96,937 96,937 char￿a￿le expendltur¢ Staff costs Total Inote 91 Other Depredatlon 2023 Teaching Welfare 5,LJO.332 658.537 602,062 1.087.023 1,372.683 104.703 5.768,869 60Z,062 Premises and Eststes 404,887 320,459 1,491,910 4.697.122 Administration 3,003.980 Governance 104.703 Total char￿1• Expendlture 8,114,312 3.825,￿8 725.346 12,664,666 Total Expended 8.114.312 3,921,945 725.346 12,761,603 Ibl OlherGoveman¢e Costs Indude: Auditors, rernunerètlon 2024 2023 -Aud*fees 17.090 3,3 71360 15.950 Accountancy Fees Le8al and Profesyonal Fees 3,1 72,813 21 Sidcot School NOTES TO THE FINAPICIAL STATEMENTS for the year ended 31 August 2024 9 WAFF cosrs Z024 2023 Wages and salarie5 Social Costs 7,174140 647,445 5,508 6.616.023 591,613 906,676 other penslon costs other staff costs 8.787.093 .114,312 The mc￿thI¥ nurnberof employees during thE yearwas as fc41ow5'. AveraRe 2024 2023 2024 2023 No. Teachln8 Domestlc and maintenonEe 113 113 35 43 AdmlnSstr8tlon an¢J support 92 92 34 276 270 l61 163 The nurn￿r Ofem￿Oyees whose emoluments2munted io over£60.WO In the year was as follows.. 2014 2023 No. o. E60,000- £70.IYJO £70,WI- £80,1))o £12o.ryJi-E130.￿J0 £130,(KJI-E140.(MIO Key mana8erneni personnel Include the GovernoTsand the seniorleader5hipteam as listed on pa8È 6. The total pèyond neflts by key mana8ernent Personnel was £745.$4212023 restaied.. £721.8041. 22 Sidcot School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 10 GOVERNORS REMUNERATION AND BENEFITS There were nD Governors. remuneratlon or othet bEnefits for the year ended 31 knRust 2024 nor lor the y2ar ended 31 Au8USt 2023. Durfng the yearended 31Au8U5t 2024. Governor experhses were £6,26412023.. £8,267). 11 NEfiNCOME FOR THEYEAR 2024 2023 Nel In￿e is stated aftercharginB'. Depreiiation of tangible flxed assets Loan interest 816.084 725.343 61,29) 81,425 91.939 93.9Z7 Operatlne lease rentots- other 12 TA1461BLE FIXED ASSETS Motorvehlde5 Freehold Plant & Flxtures & IT App3rtU5 & Equipment Property E4uiprnpnt Equipment Total Cost.. At I September 2023 Additlons 19.222.342 563,582 169,7951 1,273.661 55.387 1591.9811 1599.7S3 1.362,130 1.418.012 45.031 1804,8241 24.875.898 1.086.531 12,187,956> 265,955 1507.3581 156.576 1213.9981 Olsposals At 31 August 2024 19.716,129 737.067 1.358,350 1,304,708 658,219 23,774.473 Depreciatlon= At I September 2023 Charge for the year C4sposals 5.348.726 389,848 113,8951 822,635 56,451 1591,9821 983,295 130,157 1485,6741 894.451 207.982 1213,9981 1,346.132 31.647 1803.8191 9.395,239 816,084 12.109.367) At 31 August 2024 5.724.679 287.104 627.778 888,435 $73,960 8.101.956 Net book value- At 31 Au8ust 2024 13.991,450 449.963 730,572 416,273 84,259 15,672,517 At I September ZOZ3 13.873.616 451,026 616,4S8 467,679 71.880 15.480.659 The net book value of assets held und¢r flnance ka5e5 orhlre purthase iontracts, included above are a5follows= 2024 2023 ComputerequiprnEnt 149.661 248,075 23 Sidcot School NOTE5 TO TtrIE FINANCIAL STATEMENTS for the year ended 31 August 2024 13 INVESTMENTS Shores in ¢roup ndert8kln8s Iiiv¢stments umed Shores In gr¢yJp 2014 undertakln85 Listed Inve5tment5 2023 CostlYdluatiDn At i September Additions ioi 1.620 389.035 1385,1981 J.620.147 389P35 1385,198 1,639.103 523.566 1544.0171 L639.204 523.566 1544,0171 Dlsposals GOI￿(Lo$Se$l afislng from movements in valUat￿S 194.131 146A391 194.131 146,8391 44,344 142,95DI Cash ￿thdrawn 142,9501 Costlvaluatlon at 31 Au8U5t ioi 1.771,175 1.771276 ioi 1,62D.046 1,620,147 UK fixed Interest 277.987 338,035 913,582 136,873 306.Q)4 362.694 683,762 192,370 44,342 90,874 UK equities Internatlonal equlties Propertv Akern3tlve assÈts 89,730 14?68 Cash 1,771,175 1.620,Tr16 Investmethtsgreaier rh8n 5% ofthe total portlollo.. £99,215.58 Vanguard Funds Plo PrlncSpal Subsid1a￿e$ The fDIIowin8were subsldiary undertakinos of the School: Narnes Holdln8 ioo.oo% Sldcot LeL4ureActlvlties Umited Sidcot Internatlonal Limfted ioo.c¥ The School is the beneficial owner of l(Al Ordinary Shares of El each bein8 the whole ol the isstsed share capltal o15idcot Lelsure Atti¥kles Limited, a company re8lStered In Éngland and Wales. The ￿)m￿nY did not trade durln8 the current or prevlous vear. Sldcot International ilmited was incorporated on 6 April 2017. The Sthool Is the ILKJ% beneflclary and the company has not traded durinE the current or previousyear. 24 Sidcot School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 14 DEBTORS 2024 2023 Fees and e*ras 206,698 1103,4071 12.494 316.269 IOJ,573 174,1(Kll 113.579 Less prowlsiun fordoubrful debts oihef debtors Prepayrnent5 and accrued income Amount due from 8roup undertaklngs 521,071 4.3 436,4Z7 765,5Q6 15 CREDifoRS 2024 2023 ountsfolllno due wlthln oneyeor.- Loans 81.758 66,624 Trade creditors 340￿51 212J49 586,089 School lea￿ deposits Taxatlon and soclal securlty costs FEe deposfjrs Fees in advonce 207,114 15SN56 329,293 4.103,866 161.964 285,170 4,026.641 Other creditoTs In.681 212,919 cruals and deferred Income 286,761 108.774 264.424 unts payable under flnance leases 101,966 5.796.489 5.912,911 Deferred incorne.. 2024 20Z3 Brought10￿rd Released in year ftecwved in year 4.052366 14.0523661 4108,208 3,302.757 13.302.757) 4,052,366 Cathed fO￿ard 4.108.208 4.052.366 At the balance sheet date the School wa5 Wdingthjnds retefved in athan￿fOr sthool fees forth¢ next financial year 15 well asfor trlps aDd actlvltles booked forAutumn term 2Q24. 16 CAEDITORS DUEAFfER ONE YEAR 2024 2023 AmountsAolllno dueoftefmore thon one yeor. Bank loan 1360,674 $8,741 610,991 1,433,376 178,627 665,4(M) Amounrs payable under flnance lease School fee depDsits 2,030B06 2,277,403 25 Sidcot School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 I7 LOANSAND OThER BORROWINGS 2023 Movement on IDans In oneyearor less Between one ond two year5 8etween two and five years Afterffve years 81.758 86.137 285591 988y6 66,624 147.708 196,6 1,089,068 1842.431 1024 2023 Movement on finance le05es In une year or le55 Between onÈ and twoyears Between ts¥o and flve years 108.774 S8.741 IDI,966 108.774 69,853 167.sls 280,593 The bonk loan, Secu￿d agalnst freehotd propertie5 Within the e#aie Is repayable over 15 years in equal monthly instslments startin¢from ottober2023 wSth interest charged between o variable rate to 6%. 18 RNANCIAL INSTrUMer4TS 20 2023 Carrylng am4wnt of fiThan¢lal asS*ts Financial 35sets thot are equrty instruments measured at C05t le55 impairmerbt Financial assets measured atfair value throu8h profit and k*5S 6221.170 1.771.276 5,239,183 1,601.090 Carryin8 amount of ffnancial Ilabllltles Measured atarn0rt￿ed c05t 6,856,610 7,266,652 19 STATEMENTOF FUNDS Atl Seprember 2023 Tran5fer5 Between Funds Gain51 At 31 August Ilossesl 2024 Income ExpeThdf(ure Unrestricted funds.. General reserve 13.212,354 14.553,596 113.198.0361 58,523 14,626,437 Restrftted funds.. Wllllam Nomian beque Mary Blaschko grant Narned bursary and prize funds M(Shane Le8aCy Slxth Forni rehjrblshment 427,177 188.294 263389 160.365 12,351 112,3511 15,4441 17,6151 14,6361 42,867 l8.895 26,431 16.(VJ2 470,044 207,189 289,B20 176,457 7,615 4,636 Other restrftted funds 29,737 410,504 1434,8021 S,438 Total restricted 1,068.962 440,S50 1464,8491 104,285 1.148,949 Endowmentfvnds.. 373.504 373,504 Total Mnds 14.654,820 14.994.146 113.662.8851 162.808 16.148,889 26 Sidcot School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 19 STATEMENTQF FUND5 Iwntlnyedl Ati September 2022 Transfers Between Funds Gains/ At 31 August Ilossesl 2023 Income Expenditure Unrestricted fund5'. General resthwe Jl,947.097 13.137,690 112.665,81Ql 798.185 14,8081 13,212,3S4 Restricted fund5'. Wllllam Norman bequest Mary Blaschko gront Named bursaryand wyie funds cshane Le8acy Sixth Form refurbishment Other r￿trItted ftJnds 428.165 188,730 263,998 160,?36 12.096 112.0961 15,3321 17.4581 14.5411 19881 14361 16091 137LI 427,177 188,294 263.389 160.365 5,332 7.458 4,541 798.185 91.506 1798.1851 4.597 166.3661 29.737 Totsl restrirted 1.046.226 919,118 195,7931 1798,1851 12,4041 1,068.962 Endowrnent funds.. 373,504 373.504 Total fvnds 13.366.827 14,056,808 112.761,6031 17,2121 14,654,820 Restrittedfynds The Willi3m Norman bequeslwas mède for the purpose offundlnga muslc bursary. The Mary 8la5chko grant wa5 Éiven tufund a Sixth FO￿ bursary. The named bursary and prize funds areforthe purpose of fvndln8 bursarles and priies. The Mtshane Legacywas recefved forthe music depanmeot. Other restricted funds Includes grants and don*ions recelved for txJr5awlp5. the Sclence Block refurbishment, and the Peac Festfval. The Sixth Fom) rehjrbishrnent fund represents monies veceived forthe redevelopment of the Sixth Form centre. Endowmentlund Endowment capita1 repre5ems the Ini￿al endowtnent of land and buildin8S to the School, tO8ether ￿￿th ￿rtain other bequests and donatlons and is attributablp to the linked charity Sidcot SchoolTnJst. Tron5lers belweeftfvtjds Ouriw the financial year ending 31 August 2023. the ￿tr¥)01 recetved donation5 for the rehjrbishment ol the slxth fom) cenrre. The work WH5 completed in the year. inireasln8 the value of tanÈible fixed assets on the balance sheet. Wlrh the work completed. the trustees bEIiEve the restrfction ha5 been rT*t on the donètionk The above transfer represents the utS1isatlon of those funds for their restricted purpose. No lurtherwork hèstaken p￿ce durlng the finonclal year end 31 Au8USt 2024. 27 Sidcot School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 20 ANALYSIS OF NEfASSETS BETWEEN FUNDS Vnre5tri lunds Restrlaed Endowrnent funds fund 2024 Total Tangible fixed a55ets Investments Current assets 15.299,013 627.766 6,532.C(K) 15.796.489) 12.035.B541 373.504 15.672.S17 1.771,276 6537A39 15.796A891 12.035.854) 1.143.510 5,438 Long term liabilities Total net assers 14,626.437 1.148.949 373,504 16.148.889 Unrestrlrted fund5 Restrict￿ Endowrnent funds fund 2023 Totsl Tan8ible fixed assets Inv¢5tmEnts Current assets Current liabilities Longterm Ilobilitles IS.107,155 580,922 5,730,517 15.912,9111 12,293,329) 373.504 15,180.659 1.620.147 5.760.154 15,912,911) 12.293,3291 1.039.22S 29.737 TDtal net assets 13,212.354 L068,962 373.504 14,654.820 ZI COMMITMÉNfs LINDER OPERATING LEASES At 31 August 2024, the company had outstanding commltments for fulure minimum lease payments under nan-cance1la￿e operatln8l¢ases. which fall due as follows.. 2024 2023 Office e9uipment equlpment Due wlthln one year Due between two and f￿le years Due after morethan fiveyears 43.442 41,5411 51.303 80,963 4,478 84,983 136,744 12 RELAYED PARTrES A number of Governors have thildren who are pupL% ot the School.. the appropriate level of lees is ie¥led in respecl of these Governors. children are assessed for bUrSa￿e5 stholarships on the sarne basis as all Dther pupi15 on an arms leTh¥th ba%s. Durlngthe year. Govemors rttevled scholarshlps totallin¥ £4,22712023.. £3.8101. Durin8 the year Sldcot School purthased serwKes from a ¢ompany for wkrirh a Trnstee 15 employed by totslling £1.19412023.. Enill. Theschool owed Enil12023.' £nill tothe related enrny at theyear end. 28 Sidcot School NofES TO THE FINANCIAL STATEMENT5 for the year ended 31 August 2024 23 CONTINGENT LtAblUTJ The school has a £ontinEent IlabllQ which h•5 not been provided for In these accounts in rdation to the Pension5 Trust Growth Plan as described note 25. The114blllty would Crymal￿e onty If the School wlthdrew from the Growth Plan or if the Plan wa5 to be wound up with rK• partlclpants. The School ¢ortinue5 to offer membershSp of the Plan to its empluyees ènd as at the ￿lar￿e sheet date there were 9012023.. 991 artlvè MÈm￿rg of ihe Plan employed by the Sthool. TheTe Is no current lrtention to leave the and tr188LY th contingeni IrdLMIrty. The Penslons Twu5t has e5tim*ed that, if the School ceased to participate in the Plan a5 at 30 September 2024. the school would have to pay E139.18612023= £202.2131 Intludirw SEri¢$ 3 li4bilitie5 based on the financial p051tion of rhe Plon and the employer5 thèL 35 at th3t date. were relevant employers. Z4 IIOTESTOThE CASHFLOWSTATEMENT Z024 Z023 Recondliatlon ol operatlng result to net Inflowfrom aperatin8artwities Netmoverrent in funds Gilns on inve5tment5 Depreclatlon (Profit)￿o&S on dlsposal Pen%on fund Pen￿on fund Ig•lns111055 Dank it)terest receiveil Dividends received Interest payable IncreasellDecreasel in ¢reditors IlncreasellDecreasÈ in debtors L494.1)69 1194,1311 816.Q84 78.589 IIL1041 111.6801 11S7,9361 146,839 92,226 P80.6221 329,130 1.287.993 144.3441 725.343 44.273 110.7701 111,8451 184.0331 142,9501 82,340 1131,1891 628,401 2.107,786 2.347.877 ANALYSIS OF CHANGES IN PIÉT DEBT Atl September 2023 Othernon. At31 chanBes Ausu5t 2024 Cash flows Cash and ush equl¥aknts Cash 4,Y94,748 I,1c￿.264 6.101,012 Cash equfvalpnts 4,994,748 I,1{￿,264 6.101.012 Debt duewrthln oneyear Oebt due after onè year F¢nance leases 166,6241 11.433.376) 1280,5931 115.1341 72.702 113,078 181.7581 11.360h741 1167,5151 11,780,593> 170,647 14609.9461 Totsl 3214,155 1,276JlO 4491.065 29 Sidcot School NOTES TO THE FINANCIAL ￿ATEME￿IrS for the year ended 31 August 2024 25 PENSIONS ThePensions Trust Growrh Plon The company participates in the Scheme, a mulii-ernployer scheme whlch provides benefits ro some 638 non-assoEiated participating Èmployer5. The scheme is a defined benefit scheme in the UK. It Is not p0￿ble for the company to obtain 5uflicient information to enable Itto account forthe scheme as a defined benefit st￿me. Therefore it accounts fer the scheme as a deflned contribution Scheme. The 5theme tssublect to the fundln8 le8klatlon outllned In the Pensions Art 2C#)4 whlch Into forte on 30 December 2005. This. tD¥Pther with dDcuments Issued by the PerLslons Regulator and Technlcal Actuarial standards issued by the Financlal Reponingcounol, sei oui the framework for fundln8 defined beneflt occupational pension 51herThE5 in the UK. The Scheme 15 classified as a 'la5t-man standing aTrangement'. Therefore the CDmpany is potentially liHble for other partlcfjpatln8 em ￿0VerS. obll8ation5 if those employers are unable to meet their share of the stherne deficit followin8 withdrawal from the scheme. Participating ernployets are legal￿ required to meet their share of the scheme defidt on an annuitypurch05e basis on withdrawal Irom the sthÈme. A full artuaryal valuarion for the scherne was carried out at 30 September 2020. This valuation showed a55ets of £800.3m, Ilabi1ftSes of £831.9m and a dEficIt of E31.6m. To ellmlnate thks fundln8 shortfall. the Trustee has asked the partiC4Patin8 ern￿oYerS to pay additional contributKbn5 to the 5¢heme ès folluws.. Defi¢h ¢tyrtrlbLrtlons From l Aoril 2022 to 31 JBnuary 2025.. £3.312,000 per annum (payable monthly) Unless a concession has betn agreed with the Trusteetheterm to 31 January 2025 applies. Note thatthe scherne'5 prevk>us valuatSon was carrled out with An effectNe dale of 30 September 2017. This valuèrion showed ssets of £794.9m, Ilabllltles of £926.4rn and a deficit of £131.5m. To eliminate this funding shortfall. the Trustee Isked the partl£lPaling employers to payadditianal contributions to the scheme as follows.. Defl£itcontrlbu¢lons From l April 2019 to 30 September 202S.. £11,243.rAN> ￿r annurn (payable monthly and increasin8 by 3% each on 1st April) The recovery plan CODtritw¢ions are allocated to each participatiw empbyer in line wfth their e5tim3ted share of the 5erl¢s I and Seri¢5 2 scheme liablllt(es. Where the scheme Is In deficit and where the company has agreed to • deficit funding afnn£ement ihe company recognlses a liability far thls obltgation. The arnount recognised is the net preseftt value of thÈ déficii reduction contributlons Payable under the agreernent that rehtes to the defictt. The present value is caliulated usSn8 the d15count rate detalled In these disclosures. The unwSndlnÈ of the discount rate Is recoEnised as a financÈ cost. PRESENT VALUES OF PROMSION JI AU￿$t 2014 1£$) 4,82Y 31 August 2023 31 2022 l£sl 26￿54 Present V31ue of prMslon 15.926 30 Sidcot School NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 August 2024 25 PEN510N5 ￿￿tinue￿I RECONCILIATrON OF OPENING AND CLOSING PROMSIQNS Perlod Endlng Pertod Endlng 31 Au8USI 2024 31 A￿￿$t 2023 Provislon at STart of period Unwindin8 of discount f3cLar (interest expensel Deficit ioThtribution paid Rerneasurements- impact of anychange in assumption Remeasurements- amendmentsto the contribution Schedule 15,926 583 111.6871 26,854 917 111,6871 4,8Z9 15,926 INCOME AND EXPENDITURE IMPAcr Perlod Endln¢ Perlod Ending 31 August 1014 31 Au8USt 2023 Inte￿1 eXper￿e Rerneasurements- impact of any chanEe in assumption 583 917 ASSUMPTrON5 31 AuEust 2024 31 August 2023 31 Au8USI 2022 % per annum % per annum % perannum Rate of dlseount 5.13 6.04 4.46 The discount rates shown above are the equivalent slngle dlscount rate whlch, when used to discount the future recovery plan contributions du¢ would gfve the same results a5 U51n8 a lull corpurate bond yleld wrve to dlscount the 5am¢ recovery phn contribU￿on& The following schedule d•31￿ the deficit Contrib￿lDn5 a8reed between the company and the scheme at each ￿ar @nd perlod.- DEFICIT CONTRIBUTIONS SCHEDULE yearendln8 31 August 2024 31 AuBu5t 2023 31 Auous12022 Year I Year 2 Year 3 Year4 4.870 11,687 4,870 11,687 11.687 4,870 The company must re¢o8mlse 3 liabilhy measured as the present value of the rontributlons payable that arlse from the deficit recovery agreernent and the resultlngexpense in the Inccme and expendlture account i.e. the unwlndins of the di5(ount rate as a finar*e tost In the perlod In whlch It arises. It Isthese cantributioThs that have bpen used to derivethe company's balènce 5heetliability. 31