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2021-08-31-accounts

Charity Registration No. 307002

Company Registration No. 00751662 (England and Wales)

GREAT WALSTEAD LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

GREAT WALSTEAD LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr P A Thurston (Chair)
Mrs E Andersson
Mrs C A Chandler Browne
Ms E Francis (Appointed 19 June 2021)
Mr C Harwood
Mr R A Hopkins
Mrs P Hoyle
Mr A Laurent
Mr T Manly
Mr M Searle
Mr C D Sutton
Mrs J Withington
Secretary Mrs A Wolfaardt
Charity number 307002
Company number 00751662
Registered office East Mascalls Lane
Lindfield
Haywards Heath
West Sussex
RH16 2QL
Auditor Knill James LLP
One Bell Lane
Lewes
East Sussex
BN7 1JU
Bankers Lloyds TSB Bank plc
99/101 South Road
Haywards Heath
West Sussex
RH16 4ND
Solicitors Lupton Fawcett LLP
Stamford House
Piccadilly
York
YO1 9PP

GREAT WALSTEAD LIMITED

CONTENTS

Page
Trustees' report 1 - 9
Statement of Trustees' responsibilities 10
Independent auditor's report 11 - 13
Statement of financial activities 14
Balance sheet 15
Statement of cash flows 16
Notes to the financial statements 17 - 29

GREAT WALSTEAD LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2021

The Trustees present their annual report and financial statements for the year ended 31 August 2021.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Articles of Association , the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

CHARITABLE OBJECTS AND AIMS

The School was founded in 1925, was incorporated as a company on 27 February 1963 and is governed by its Articles of Association. The Articles of Association were revised and adopted by special resolution on 24 September 2011. The company is a registered charity, no 307002. The company is limited by guarantee and has no share capital. The main object of the charitable company is the provision of educational facilities.

Great Walstead is a dynamic Independent Day School nestled in the glorious Sussex countryside on a site of 250 acres, surrounded by fields, woodland, streams and rivers. The School seeks to nurture academic ability, kind character and a spirit of adventure in our pupils whose ages range from 2 1 / 2 to 13 years old.The School believes that children are born creative, curious and imaginative. We need to keep these traits alive by providing academic excellence which has received industry recognition this year with the School being shortlisted for the Independent Pre Prep School of the Year TES Award 2021.

The School has a deep rooted culture of kindness, honesty and respect in all areas; we strive to encourage the pupils to work towards their goals with courage and conviction, building resilience, self-belief and a strong working ethic for life beyond the School.

There is always something new to discover and new ways of doing things, with new environments to explore. The School strives to embrace diversity of thinking and action and this adventurous spirit has always been at our core since the School was first founded.

REVIEW OF ACTIVITIES AND ACHIEVEMENTS

Our objectives are set to reflect our educational aims and the ethos of the School. It is important to us that we maintain and enhance the academic success of the School. This objective is, however, set in the context of the broader goals we set for the School and its pupils, including physical and mental health and well-being. We give the utmost priority to the safeguarding of all our pupils.

In setting our objectives and planning our activities, our Governors have given careful consideration to the Charity Commission’s public benefit guidance.

Our key objectives for the year 2021/22 include:

GREAT WALSTEAD LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Covid 19 Pandemic

The School, like many businesses, had to adapt to an ever changing situation during the Covid 19 pandemic. The School, despite being physically closed for the Spring term, continued to provide an online remote learning environment for the majority of our pupils to engage with. In the Prep School approximately 95% of timetabled lessons were taught live on Microsoft Teams, including drama, music and art. The Pre-School children were in during the Spring term along with key worker children who also accessed the live lessons remotely. The online education platform was used to set work and tasks for pupils, and the ability for parents to access the platform allowed the younger year groups to fully engage with live lessons. Even our choirs were able to put on virtual performances using mutli-track recording that enabled them to share their talents with the school community.

The School revised the Spring term fees to reflect the reduction of catering services it couldn’t provide with the School closure. Unlike the previous Summer term, fees were not revised from an academic perspective as all year groups had remote teaching provision which was fully supported by our understanding parents who managed the home-schooling of their children remarkably well. The School reopened after the Easter holidays and commenced a full Summer term of fixtures and events for the pupils with parent interaction where possible.

Due to smaller class sizes and the outdoor space the School benefits from, all pupils from Reception to Year 8 enjoyed a full curriculum in the Summer term under controlled processes and in a well-managed and safe environment alongside their class friends and teachers. For our Year 8 leavers it enabled them the opportunity to participate in their leavers programme and to have a chance to say goodbye to the School and the staff.

Academic

Our online learning provision proved very successful over lockdown and was also useful when pupils were forced to self-isolate. Pupils in all parts of the school, including our nursery, received live lessons. Once we had returned to school from the second lockdown we undertook a series of assessments to monitor pupils’ progress in English and Maths. The vast majority of pupils had made either expected levels of progress or had exceeded levels of progress compared to a standard year. Much of this success can be put down to the number of live lessons pupils received as well as the speed with which both pupils and staff adapted to online learning. In the Pre-school, the curriculum is being adjusted to develop the pupil’s social skills and their fine and gross motor skills.

This year we were shortlisted for the TES Independent Pre-Prep School of the Year. Our shortlisting was based on our innovative approach to teaching and learning. We seek to develop children’s attitude to learning through our “Learning Powers” and this was the focus of our application and reason for being shortlisted.

Our Year 8 leavers this year collected a total of 22 scholarships to a total of seven different senior schools. These were made up of eight academic awards, four of which were to Brighton College including one major award which was the Millennium Scholar, nine sports awards, three drama awards and two all-rounder awards.

We have also engaged with a third-party company to undertake an in-depth collection and analysis of the views of many different parents and staff to determine what they feel makes our academic approach to teaching and learning so special. The results concluded that our children are inspired by a proven, dynamic learning approach which brings education to life beyond the textbook through a balance of outdoor learning and classroom teaching. Skills and knowledge are embedded through their own interests that makes the process not only fun but nurtures a love of learning.

GREAT WALSTEAD LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Co-Curricular

The extensive estate the School sits on, which includes 250 acres of fields, woodland, streams and lakes, provides an exceptional teaching environment. The pupils’ educational journey not only is in the classrooms but in the wider outdoor estate. The co-curricular aspects of our educational provision start in Pre-School and continue throughout the pupils’ lives at the School. This enables our pupils to nurture their sense of adventure and kind character alongside their academic abilities.

The Pre School make use of the main school facilities including the sports hall, chapel and performing arts centre. They visit the secret garden to see how the flowers and vegetables are grown whilst assisting with the planting and picking of the crops.

Pre Prep have weekly forest school activities in the School’s woodland and this continues through Juniors and Middles with ‘Mudlarks’ which teaches them wood craft skills that they develop further in Seniors so that they can compete for the best camp on Q-Day, a long standing tradition of Great Walstead. This year the Year 8 leavers’ speech day was held in the woods followed by an afternoon tea in the Secret Garden which brought to life the special relationship the school has to its extraordinary outdoor learning environment.

Covid did not stop other educational activities taking place. The Pre Prep’s annual London’s Burning event was held with pupils and staff dressing up in Tudor costume and burning their cardboard buildings in the playground, bringing to life how quickly the fire spread throughout the houses. Juniors enjoyed the Great Walstead Poetry festival writing their poems and performing them to their peers. The pupils also wrote about their experiences during Covid and many of these pieces have been published into a book to mark such an unusual time in their lives.

Sporting fixtures were disrupted for the majority of the year. However, the School’s sport day was live streamed so that parents and grandparents could tune in. In fact, we heard of parents watching it from their desks, others mirroring it on their TVs and we heard that we had a worldwide audience including viewers in Turkey and Australia which was a real highlight.

Bursary and Scholarship Awards

Bursary and Scholarship Awards policies are in place to ensure that able children can accept offers of places at our School through the availability of means-tested fee assistance. Our policy is designed to widen access to our School.

GREAT WALSTEAD LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Public Benefit

The Governors are committed to promote the School’s charitable purpose of providing a public benefit and meeting the requirements of the Charities Act 2011. In setting the School’s aims and objectives and planning the School’s day-to-day activities, the Governors have given careful consideration to the Charity Commission’s guidance on public benefit. As a result, Great Walstead seeks to ensure that there are clear and identifiable educational benefits to the public in Sussex and neighbouring counties resulting from its charitable operations.

Despite the challenges of the past year with the Covid 19 pandemic the School has managed to support a number of different charities including Children in Need, Save the Children and NSPCC and has taken on a range of community projects.

The School has established an exciting collaboration with a group of post-graduate artists from Brighton University, who have become known as our ‘Artists in Residence’. They are using the School’s old Art studio, Design and Technology workshop and a Ceramics workspace. The School has invested in a new kiln installation to enable the artists to establish themselves and provide some additional specialist classes for our pupils. Due to the Covid restrictions they have only been able to offer a limited number of after-school activities to the pupils in the Summer term and some workshops to the parents, both of which have been well received. The School plans to broaden this offering in the new academic year and the artists will be more involved with the school and its community.

The year has also seen the development of the Secret Garden within the old walled kitchen garden. This has been created as a tranquil space for our pupil, staff and parent community to enjoy. It will become another fantastic outdoor classroom where teachers are able to bring alive lessons to engage our pupils’ imagination and adventure.

Participation in the Young Climate Warriors scheme has seen pupils in different year groups being nominated by peers to be the class Eco Warrior and all pupils being Climate Warriors. The School community is being tasked to improve sustainability in all areas of the School with the aim that this will be pupil driven.

Future Plans

The Governors intend to continue their current strategy of maintaining the School’s position in a competitive market by investing to provide industry recognised high quality innovative and imaginative education for our pupils. Gaining a high standard of academic achievement is a constant aim whilst maintaining the breadth and depth of the education provided through our broad range of co-curricular activities. This breadth seeks to inspire and nurture a love of learning in all our pupils.

Refurbishment of the facilities continued over the year and Governors recognise that maintaining and developing the fabric of the school is central to our strategy and have agreed a 5 year programme for the upgrade of the existing school buildings to provide the best possible facilities for pupils, both in academic and co-curricular activities.

Our future plans are financed primarily from fee income and from our reserves. The Governors seek to maintain an equitable balance ensuring our current pupils benefit whilst, at the same time, ensuring a sound infrastructure and solid financial base are preserved for the next generation of pupils in the same way as our current pupils benefit today from the investments made in the past.

OUR FINANCES

The Statement of Financial Activities on page 14 shows total net expenditure of £(86,009) (2020 – net income of £22,933).

The total funds balance at the year-end was £8,760,868 (2020 - £8,846,877).

Details of changes in fixed assets are given in note 11 to the financial statements.

GREAT WALSTEAD LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Pay Policy

The School operates a Pay Policy, which is governed by the Governors’ Finance & Operations Committee and ratified by the Board of Governors. The Governing Body will adopt a ‘whole school’ approach to pay issues. Pay decisions will be taken in the context of full consideration of the resources available to the School. This means that pay decisions relating to any given group of staff will not be taken in isolation, and that all pay decisions will be taken in the context of the School as a whole.

Decisions on pay levels, other than for the Head teacher and Director of Finance and Operations, have been delegated by the Governors to the Finance & Operations Committee, who will make recommendations to the Governing Body for ratification. The pay for the Head teacher and Director of Finance and Operations is set by the Chair of Governors and Chair of the Finance & Operations Committee with ratification by the Governing Body.

Future Investment

The Governors are continuing their strategy of deploying all net income to investing in the educational purposes and fabric of our School.

As a Charity, the parents of our pupils have the assurance that all the income of the School must be applied for educational purposes. As an educational charity we enjoy tax exemption on our educational activities provided these are applied to our charitable aims. As a Charity we are also entitled to an 80% reduction on our business rates on the property we occupy for our charitable purposes. The financial benefits we receive from these tax exemptions are all applied for educational purposes and indirectly help us to maintain our community access initiatives.

However, as an educational charity, we are unable to reclaim VAT input tax on our costs as we are exempt for VAT purposes. We also pay tax as an employer through the national insurance contributions we make.

Reserves and Financial Health

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

The School has a continuing programme of refurbishment, development and investment to maintain excellent

teaching facilities for our pupils.

The policy of the Governors is to build reserves sufficient to both maintain and develop the quality of the School's educational offering and its infrastructure, and to provide resilience against the impact of uncontrollable and unforeseeable events which might jeopardise its future. This policy does not operate in isolation but is complemented by strict management of cash flow and banking facilities that provide the liquidity necessary to pay debt as it arises.

The Governors consider that, given the strength of the School’s balance sheet, the stable cash flow from student rolls, the ongoing popularity and reputation of our School, and the available banking facility that can be called upon if need arises, it is a going concern.

Going concern

The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. They continue to adopt the going concern basis of accounting in preparing the annual financial statements.

GREAT WALSTEAD LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

OUR ETHOS, STRATEGY AND POLICIES

Great Walstead School is a future facing independent day school driven by a dynamic learning approach which is delivered in an exceptional environment. The School aims to take children on an educational journey where their academic abilities, sense of adventure and kind character are nurtured in equal measure. Our purpose is to inspire a life-long love of learning.

Our fees are set at a level to ensure the financial viability of the School, at a level that is consistent with our aim of providing a dynamic learning approach to education while embracing diversity of thinking and action. There are always new environments to explore and new ways to do things; we work towards our goals with courage and conviction, building resilience, self-belief and a strong work ethic for life beyond school..

Our School welcomes pupils from all backgrounds. To admit a prospective pupil we need to be satisfied that our School will be able to educate and develop that pupil to the best of their potential and in line with the general standards achieved by their peers. Entrance interviews and assessments are undertaken to satisfy ourselves and parents that potential pupils can cope with the pace of learning and benefit from the education we provide. An individual’s economic status, gender, ethnicity, race, religion or disability do not form part of our assessme nt processes.

We are an equal opportunity organisation and are committed to a working environment that is free from any form of discrimination on the grounds of colour, race, ethnicity, religion, sex, sexual orientation or disability. We make reasonable adjustments to meet the needs of staff or pupils who are or become disabled.

Our School is committed to safeguarding and promoting the welfare of our pupils and expects all staff and volunteers to share this commitment and comply with our comprehensive safeguarding policies and procedures.

Parents are given regular information about their children’s social and academic progress through parent evenings in addition to the traditional end-of-term and end-of-year reports. We maintain regular contact with parents throughout the year through our parent online portal, supplemented by regular informal contact and our weekly newsletter.

We also have a system of peer mentors who are involved in assisting senior teaching staff in enforcing our very vigorous Anti-Bullying Policy.

To underline the value we place on continuity for families, we offer sibling discounts where parents have more than one child at the School.

As part of our emphasis on attracting and retaining high calibre staff, we offer a school fees remission scheme for staff members who choose to educate their children at our School.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Body

The School Governors are Directors of the Company and Trustees of the Charity for the purposes of company law. None has any beneficial interest in the Company. The Board of Governors have overall legal responsibility for the management and control of the Charity.

GREAT WALSTEAD LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

The Trustees who served during the year and up to the date of signature of the financial statements were: Mr P A Thurston (Chair) Mrs E Andersson Mrs C A Chandler Browne Ms E Francis (Appointed 19 June 2021) Mr C Harwood Mr R A Hopkins Mrs P Hoyle Mr A Laurent Mr T Manly Mr M Searle Mr C D Sutton Mrs J Withington Mr S Ulph (Retired 28 November 2020)

The Board of Governors meets at least four times a year and are supported by four standing committees which meet regularly with appropriate members of the School’s senior leadership team. These Committees cover Finance and Operations, Education, Estates, and Governance. Each Committee has a formal meeting at least termly with relevant members of staff and then reports at the termly full Board meetings. Each Committee has written terms of reference and minutes of meetings together with other relevant documentation are circulated to all Governors. The Committees provide reports and recommendations to the full Board and opportunities for wider discussion. All necessary decisions are ratified at full Board Meetings. The Clerk to the Governors is responsible for co-ordinating the work of the Governors and their Committees and preparation of papers.

During the year, the Head presented to the Board a Strategic Development Plan for the School. This was approved by the Board and the Head has regularly reported back to the Board on achievement against that Plan via the Committees.

Appointment and Recruitment of Governors

The Board of Governors is restricted to fourteen members. The Board of Governors ensures that Governors are appointed who can offer expertise and /or experience in specific areas. Experience in finance, law, education, safeguarding, pastoral care, compliance, EYFS, marketing, management and buildings are considered essential and all these areas are covered at present. The Governance Committee is responsible for the nomination and selection of new Governors.

Induction and training of new Governors

A new Governor is provided with the Great Walstead Governors’ Handbook on induction, which includes all Policies relevant to the Governing Board, Strategic Planning, Risk Assessment Papers, the School’s Health and Safety Policy, Safeguarding Policy, all job descriptions and terms of reference. If they are not familiar with the School, the new Governor will be given a tour of the School by the Head. Each new Governor is given a ‘buddy’ who is an existing Governor and who for a 12 month period will facilitate the new Governor settling into their role. New Governors are asked to complete the AGBIS training for new Governors which is free and on-line. All Governors undertake accredited safeguarding checks and ongoing training required for working in an educational setting. A training budget is allocated to ensure all Governors get the training they require to undertake the role and ensure that the governance of the School is robust.

Volunteers

Members of the Board of Governors did not receive any payment for the work they carried out in the capacity for the charity in the year ending 31 August 2021.

GREAT WALSTEAD LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Organisational Management

Working with the Head and his Senior Leadership Team, the Governors determine the general policy of the School. The day to day running of the School is delegated to the Head, supported by senior staff. The Head undertakes the key leadership role overseeing educational, pastoral and administrative functions in consultation with the senior staff. The day-to-day administration of the School is undertaken within the policies and procedures approved by the Governors which require that significant expenditure decisions and major capital projects are referred to the Governors for prior approval.

The Head oversees the recruitment of all staff, whilst under delegated authority the Director of Finance and Operations oversees the recruitment and performance of administrative and non-teaching support staff. The Head and the Director of Finance and Operations are invited to attend Governors’ meetings.

Principal Risks and Uncertainties

The Governors have considered the principal risks and uncertainties facing the School. The main funding of the School is through fee income; therefore, uncertainties over future pupil numbers are always a factor and the Governors are increasingly mindful of the fact that changes in both the economic and political climate may affect parents’ ability to choose a private education for their children. In addition, the School faces potential financial risks that might derive from changes in tax legislation, pension contribution levels and regulatory requirements. The Governors are satisfied that the School’s senior management has carried out an appropriate risk assessment (and developed plans accordingly) to take account of the current economic uncertainty due to COVID and Brexit.

The Governors believe that the reputation of the School is key to ensuring its future success and that this will allow the School roll to be maintained. They are confident that the current management of the School is fully capable of achieving and maintaining the necessary standards and future development of the School in accordance with its Strategic Development Plan.

In order to provide a high standard of education, the quality of the School buildings is important and the Governors are aware that there is a risk that additional or unexpected repair work will be required. The Governors have ensured that full insurance is in place and continue to undertake annual repairs and maintenance to mitigate the risk of substantial repairs.

The School has also considered its non-financial risks and considers that risks to the welfare and health and safety of its pupils to be the highest priority risks to the School. To mitigate this, the School has effective safeguarding, health & safety and welfare policies in place with clear frameworks for escalation. Policies are backed up by a comprehensive training programme for all staff and strong governance from the Governors across all areas of compliance, mediated through a termly SLT Compliance Committee which is attended by the Compliance Governor and the Chair of Governors. The Compliance Committee reviews compliance issues and any regulatory changes, approves new policies and signs off on the School’s safeguarding, antibullying and other pupil welfare records.

Auditor

In accordance with the company's articles, a resolution proposing that Knill James LLP be reappointed as auditor of the company will be put at a General Meeting.

GREAT WALSTEAD LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees' r eport was approved by the Board of Trustees.

..............................

Mr P A Thurston (Chair) Chair of Governors Dated: .........................

GREAT WALSTEAD LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 AUGUST 2021

The Trustees, who are also the directors of Great Walstead Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

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

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GREAT WALSTEAD LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF GREAT WALSTEAD LIMITED

Opinion

We have audited the financial statements of Great Walstead Limited (the ‘charity’) for the year ended 31 August 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice) .

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and , except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

GREAT WALSTEAD LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GREAT WALSTEAD LIMITED

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the d irectors ' r eport included within the Trustees' r eport.

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

Responsibilities of Trustees

As explained more fully in the s tatement of Trustees' r esponsibilities, the Trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below .

Based on our understanding of the School , we identified that the principal risks of non-compliance with laws and regulations related to employment regulation and health and safety legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting of inappropriate journal entries and management bias in accounting estimates. Audit procedures performed included:

GREAT WALSTEAD LIMITED

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF GREAT WALSTEAD LIMITED

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Mark Filsell FCA (Senior Statutory Auditor) for and on behalf of Knill James LLP

.........................

Chartered Accountants Statutory Auditor

One Bell Lane Lewes East Sussex BN7 1JU

GREAT WALSTEAD LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2021

Unrestricted
Restricted
funds
funds
2021
2021
Notes
£
£
Income from:
Donations and legacies
2
11,473
-
Charitable activities
3
4,569,575
-
Other trading activities
4
105,271
-
Investments
5
-
-
Total income
4,686,319
-
Expenditure on:
Raising funds
6
150,587
-
Charitable activities
7
4,621,741
-
Total resources expended
4,772,328
-
Net (expenditure)/income
for the year/
Net movement in funds
(86,009)
-
Fund balances at 1
September 2020
8,795,090
51,787
Fund balances at 31 August
2021
8,709,081
51,787		 Total Unrestricted
Restricted
funds
funds
2021
2020
2020
£
£
£
11,473
23,069
-
4,569,575
4,703,474
-
105,271
127,637
-
-
3,125
-
4,686,319
4,857,305
-
150,587
64,712
-
4,621,741
4,769,660
-
4,772,328
4,834,372
-
(86,009)
22,933
-
8,846,877
8,772,157
51,787
8,760,868
8,795,090
51,787		 Total
2020
£
23,069
4,703,474
127,637
3,125
4,857,305
64,712
4,769,660
4,834,372
22,933
8,823,944
8,846,877

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

GREAT WALSTEAD LIMITED

BALANCE SHEET

AS AT 31 AUGUST 2021

2021
Notes
£
£
Fixed assets
Tangible assets
11
8,741,102
Current assets
Stocks
12
36,692
Debtors
13
166,892
Cash at bank and in hand
1,264,713
1,468,297
Creditors: amounts falling due within
one year
15
(1,081,549)
Net current assets
386,748
Total assets less current liabilities
9,127,850
Creditors: amounts falling due after
more than one year
16
(366,982)
Net assets
8,760,868
Income funds
Restricted funds
19
51,787
Unrestricted funds
General unrestricted funds
1,087,624
Revaluation reserve
7,621,457
8,709,081
8,760,868
The financial statements were approved by the Trustees on .........................
..............................
Mr P A Thurston (Chair)
Trustee		 2020
£
£
8,800,836
33,817
168,256
1,057,616
1,259,689
(834,690)
424,999
9,225,835
(378,958)
8,846,877
51,787
1,173,633
7,621,457
8,795,090
8,846,877

Company Registration No. 00751662

GREAT WALSTEAD LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
26
Investing activities
Purchase of tangible fixed assets
Proceeds on disposal of tangible fixed
assets
Investment income received
Net cash used in investing activities
Financing activities
Repayment of borrowings
Repayment of bank loans
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2021
£
£
267,778
(52,582)
-
-
(52,582)
-
(8,099)
(8,099)
207,097
1,057,616
1,264,713		 2020
£
£
(161,880)
(36,534)
27,250
3,125
(6,159)
(152,350)
(7,478)
(159,828)
(327,867)
1,385,483
1,057,616

GREAT WALSTEAD LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

1 Accounting policies

Charity information

Great Walstead Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is East Mascalls Lane, Lindfield, Haywards Heath, West Sussex, RH16 2QL.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Fees receivable represent the amounts invoiced in respect of the provision of educational and related services for children. Such services are exempt from value added tax. A provision is made for disbursements incurred in the last school term which are invoiced in the following term.

Appeal income is accounted for on a cash basis as a restricted fund.

GREAT WALSTEAD LIMITED

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

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is accounted for on an accruals basis. These are allocated between categories of expenditure on an individual invoice basis.

All charitable expenditure in furtherance of the charity's objectives relate to the provisions of educational services.

Cost of raising funds includes costs directly attributable to raising income for the provision of the charity's objectives.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include audit fees and costs linked to the strategic management of the charity.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings Not depreciated Plant and equipment 20% reducing balance Fixtures and fittings 20% reducing balance Synthetic pitch 10% straight line

The charity has taken advantage of the option to use the value of land and buildings at the date of transition to FRS 102 (1 September 2014) as deemed cost.

All building work which is considered to increase the economic value of the property is capitalised with the exception of maintenance work designed to restore the buildings to their previous condition.

No depreciation is provided on the freehold buildings on the grounds of immateriality as in the opinion of the trustees the residual value of the asset is not materially different from its carrying value. The charity's policy is to ensure that its freehold land and buildings are maintained to a consistently high standard.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .

Expenditure on equipment with a useful potential life of five years or more is capitalised.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is calculated using a first-in-first-out method and consists of material costs only.

GREAT WALSTEAD LIMITED

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

1 Accounting policies

(Continued)

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.

1.11 Taxation

As a charity, Great Walstead is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.

1.12 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

GREAT WALSTEAD LIMITED

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

1 Accounting policies (Continued)

1.13 Pension

The School contributes to the Teachers' Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The Scheme is an unfunded multiemployer pension scheme. In accordance with FRS 102, therefore, the scheme is accounted for as a defined contribution scheme. The School also contributes to a defined contribution group personal pension scheme for most support staff.

Contributions to all schemes are charged as they become payable in accordance with the rules of the schemes.

2 Donations and legacies

Unrestricted Unrestricted
funds funds
2021 2020
£ £
Donations and gifts 11,473 23,069
Charitable activities
Unrestricted
Unrestricted
funds
funds
2021
2020
£
£
Fees 4,311,116
4,203,655
Disbursements 185,122
173,137
Registration fees and forfeited deposits 13,200
7,500
Other income 60,137
319,182
4,569,575
4,703,474

3 Charitable activities

Charitable trading income

The unrestricted funds are attributable to the principal activity, the provision of educational facilities for children.

GREAT WALSTEAD LIMITED

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

4 Other trading activities

5
6		 UnrestrictedUnrestricted
funds
funds
2021
2020
£
£
Rental income
75,464
90,870
Clothing sales
29,807
36,767
Other trading activities
105,271
127,637
Investments
TotalUnrestricted
funds
2021
2020
£
£
Interest receivable
-
3,125
Raising funds
UnrestrictedUnrestricted
funds
funds
2021
2020
£
£
Fundraising and publicity
Support costs
41,509
19,193
Advertising
84,831
22,974
Fundraising and publicity
126,340
42,167
Trading costs
Clothing sales
24,247
22,545
150,587
64,712

GREAT WALSTEAD LIMITED

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

7 Charitable activities

Staff costs
Other staff costs
Staff books and stationery
Catering
Games/sport
Other educational
Transport
Magazine
Pupil insurance
Staff training
Rates
Light and heat
Repairs and renewals
Insurance
Cleaning
Equipment hire
Bad debts
Loss on disposals
Share of support costs (see note 8)
Share of governance costs (see note 8)		 2021
£
2,309,300
10,372
33,527
114,576
53,035
100,369
33,691
-
5,882
5,622
51,834
102,364
353,967
33,497
123,331
4,578
-
-
3,335,945
1,271,991
13,805
4,621,741		 2020
£
2,262,202
10,414
68,510
115,410
143,442
92,120
(11,021)
7,111
6,450
17,936
54,040
103,210
332,899
30,699
60,330
14,832
5,995
27,249
3,341,828
1,409,066
18,766
4,769,660

GREAT WALSTEAD LIMITED

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

8 Support costs

Administration salaries
Ancillary salaries
Pensions
Office expenses
Legal
Sundry administration
Bank charges
Depreciation
Audit fees
Analysed between
Fundraising
Charitable activities		 Support
costs
£
395,577
522,657
36,593
67,379
15,908
118,523
6,909
108,445
-
1,271,991
-
1,271,991
1,271,991		 Costs of
raising
funds
Governance
costs
£
£
12,935
1,186
17,007
1,559
1,197
110
2,203
201
520
48
3,875
355
226
21
3,546
325
10,000
41,509
13,805
41,509
-
13,805
41,509
13,805		 2021
£
409,698
541,223
37,900
69,783
16,476
122,753
7,156
112,316
10,000
1,327,305
41,509
1,285,796
1,327,305		 2020
£
483,910
528,886
38,827
68,506
18,426
153,170
8,845
133,255
13,200
1,447,025
19,193
1,427,832
1,447,025

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

10 Employees

The average headcount was 120 staff (2020: 133 staff) and the average number of employees (full-time equivalents), analysed by function, was:

Educational services
Support services
Total		 2021
Number
54
30
84		 2020
Number
55
33
88

GREAT WALSTEAD LIMITED

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

10
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs
The number of employees whose annual remuneration was £60,000 or
more were:
£60,001-£70,000
£90,001-£100,000		 (Continued)
2021
2020
£
£
2,653,431
2,679,399
242,561
238,171
402,129
396,255
3,298,121
3,313,825
2021
2020
Number
Number
1
1
1
1

The pension costs relating to higher paid employees were £22,430 (2020 - £22,209).

The key management personnel comprise the Head Teacher, Deputy Head, Director of Studies, HR Director, Director of Finance & Operations, Head of Marketing & Admissions. The total employee benefits of the key management personnel were £432,277 (2020: £413,940).

11 Tangible fixed assets

Cost
At 1 September 2020
Additions
At 31 August 2021
Depreciation and impairment
At 1 September 2020
Depreciation charged in the year
At 31 August 2021
Carrying amount
At 31 August 2021
At 31 August 2020		 Freehold
land and
buildings
£
8,301,268
-
8,301,268
-
-
-
8,301,268
8,301,268		 Plant and
equipment
Fixtures
and fittings
£
£
1,711,665
722,337
49,017
3,565
1,760,682
725,902
1,478,491
552,020
54,177
34,120
1,532,668
586,140
228,014
139,762
233,171
170,320		 Synthetic
pitch
£
240,191
-
240,191
144,114
24,019
168,133
72,058
96,077		 Total
£
10,975,461
52,582
11,028,043
2,174,625
112,316
2,286,941
8,741,102
8,800,836

GREAT WALSTEAD LIMITED

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

11 Tangible fixed assets

(Continued)

The freehold property was professionally valued at £7,990,000 as at 1 September 2014 by Savills on a fair value basis. The charity has taken advantage of the transition arrangements in FRS 102 to treat this value as deemed cost.

The original cost of the freehold land and buildings valued in 1981 was £363,543.

The net book value at 31 August 2021 represents fixed assets used for charitable purposes.

An overdraft facility is secured by means of a fixed charge on the freehold land and property at Great Walstead.

12 Stocks

Finished goods and goods for resale
13
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
14
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year
Amounts included above which fall due after five years:
Payable by instalments		 2021
£
36,692
2021
£
48,249
118,643
166,892
2021
£
223,313
7,731
215,582
184,659		 2020
£
33,817
2020
£
33,710
134,546
168,256
2020
£
231,412
7,704
223,708
192,893

The bank loan amounting to £223,313 (2020 - £231,412) is secured by a charge over the freehold land and buildings of Great Walstead School. The loans are repayable in 264 consecutive monthly instalments representing principle interest.

GREAT WALSTEAD LIMITED

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

15
Creditors: amounts falling due within one year
Notes
Bank loans
14
Other taxation and social security
Deferred income
17
Trade creditors
Other creditors
Accruals
16
Creditors: amounts falling due after more than one year
Notes
Bank loans
14
Parent's deposits
17
Deferred income
Other deferred income		 2021
£
7,731
59,637
595,467
155,679
253,435
9,600
1,081,549
2021
£
215,582
151,400
366,982
2021
£
595,467		 2020
£
7,704
53,586
387,296
134,987
226,469
24,648
834,690
2020
£
223,708
155,250
378,958
2020
£
387,296

Deferred income represents fees in advance.

18 Retirement benefit schemes

Defined contribution schemes

The assets of the scheme are held separately from those of the School in an independently administered fund. Contributions to the scheme are charged to the Statement of Financial Activities as they fall due. Contributions payable by the company in the year amounted to £37,899 (2020 - £38,826).

GREAT WALSTEAD LIMITED

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

19 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement Movement
in funds in funds
Balance at
Incoming		 Balance at
Incoming		 Balance at
1
resources		 1
resources		 31 August
September September 2021
2019 2020
£
£		 £
£		 £
Wilmot fund 200
-		 200
-		 200
FOGWA fund 51,587
-		 51,587
-		 51,587
51,787
-		 51,787
-		 51,787

The Wilmot Fund is a fund set up to provide academic prizes (there were no movements during the year).

The FOGWA Fund is donations received from the Friends of Great Walstead.

20 Analysis of net assets between funds

Unrestricted
funds
Restricted
funds
2021
2021
£
£
Fund balances at 31
August 2021 are
represented by:
Tangible assets
8,741,102
-
Current assets/
(liabilities)
334,961
51,787
Long term liabilities
(366,982)
-
8,709,081
51,787		 TotalUnrestricted
funds
2021
2020
£
£
8,741,102
8,800,836
386,748
373,212
(366,982)
(378,958)
8,760,868
8,795,090		 Restricted
funds
2020
£
-
51,787
-
51,787		 Total
2020
£
8,800,836
424,999
(378,958)
8,846,877

21 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2021
£
30,949
26,650
57,599		 2020
£
43,335
49,415
92,750

GREAT WALSTEAD LIMITED

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

22 Capital commitments

At 31 August 202 1 there were no capital commitments ( 2020 - £nil).

23 Other Financial Committments

Teachers' Pension Scheme (TPS)

The School participates in the Teachers' Pension Scheme ("the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £ 364,229 ( 2020 - £ 357,428 ).

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pension Scheme Regulations 2014. These regulations apply to teachers in schools and other educational establishments. Membership is automatic for teachers and lecturers at eligible institutions. Teachers and lecturers are able to opt out of the TPS. The TPS is an unfunded scheme and members contribute on a 'pay as you go' basis - these contributions, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Act. Retirement and other pension benefits are paid by public funds provided by Parliament.

Under the definitions set out in FRS 102 (28.11), the TPS is a multi-employer pension plan. The school is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the school has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined-contribution plan. The school has set out above the information available on the plan and the implications for the school in terms of the anticipated contribution rates.

The valuation of the TPS is carried out in line with regulations made under the Public Service Pension Act 2013. Valuations credit the teachers' pension account with a real rate of return assuming funds are invested in notional investments that produce that real rate of return. The latest actuarial review of the TPS was carried out as at 31 March 2016. The valuation report was published by the Department for Education {the Department) in April 2019. The valuation reported total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £218 billion, and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £198 billion giving a notional past service deficit of £22 billion. As a result of the valuation, new employer contribution rates were set at 23.68% of pensionable pay from September 2019 onwards {compared to 16.48% during 2018/9). A full copy of the valuation report and supporting documentation can be found on the Teachers' Pension Scheme website. ·

24 Events after the reporting date

With effect from 1 September 2021 the School withdrew from the Teachers' Pension Scheme (TPS).

25 Related party transactions

Donations from trustees totalled £nil (2020 - £1,500).

There were no other related party transactions.

GREAT WALSTEAD LIMITED

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

26
Cash generated from operations
(Deficit)/surpus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase)/decrease in stocks
Decrease in debtors
Increase in creditors
Increase/(decrease) in deferred income
Cash generated from/(absorbed by) operations
27
Analysis of changes in net funds
At 1 September
2020
£
Cash at bank and in hand
1,057,616
Loans falling due within one year
(7,704)
Loans falling due after more than one year
(223,708)
826,204		 2021
2020
£
£
(86,009)
22,933
-
(3,125)
112,316
133,255
(2,875)
11,311
1,364
50,163
34,811
61,289
208,171
(437,706)
267,778
(161,880)
Cash flows
At 31 August
2021
£
£
207,097
1,264,713
(27)
(7,731)
8,126
(215,582)
215,196
1,041,400