Charity Registration No. 307045 Company Registration No. 00875915 {England and Wales) KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS, REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION Governors S M Barnett Bsc ACG Ichairmanl P Y Booth BA PGCE (Vice Chairmanl P A Kent FRICS Iretiredl D Kelsey D E J Kittow LLB S Mills BS MCIM MMRS MIDM l Rudge FRICS Iretiredl RJ Sharp Principal S Bakhtiari MA, BA, QTS General Manager and Company Secretary A B Warner Charity Number 307045 Company Number 00875915 Registered Office & Principal Address Shoreham College St Julian's Lane Shoreham-by-sea West Sussex BN43 61W Auditor5 TCGroup The Courtyard Shoreham Road Upper Beeding SteyninB West Sussex BN44 3TN Bankers Barclays Bank PLC North Street Brighton East Sussex BNI 15F
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) CONTENTS Page Governors, Report lincorporating the Strategic Reportl i-ii Statement of Governors, Responsibilities 12 Independent Auditorfs Report 13-17 Statement of Financial Activities 18 Balance Sheet 19 Cash Flow Statement 20 Notes to the Accounts 21-31
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS 'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORT) KENNEDY INDEPENDENT SCHOOL TRusf LIMITED GOVERNORS, REPORT {INCORPORATING THE STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2022 The Governors present their repart and accounts for the year ended 31 August 2022. The accounts comply with the requirements of the Companies Art 2006, the Charities Act 2011, the Memorandum and Articles of Association and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their 3ccount5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffertive l J3nuary 20151. sTRUvRE, GOVERNANCE AND MANAGEMENT The Kennedy Independent SchoDI Trust 15 a company limited by guarantee and has no share capital. Every member of the Trust undertakes to contribute to the assets of the Trust in the event of it being vound up while he / she is a member, or within one year after he / she ceases to be a member, such amounts may be required not exceeding £1. Governing Body The Governors. who are also the directors for the purpose of company law, and who served during the year were: S M Barnett BSC, ACG (Chairl P Y Booth BA, PGCE (Vice Chair) D Kelsey P A Kent FRICS Iretiredl DEJKittowLLB S R Mi115 BSC, MCIM, MMRS, MIDM l Kudge FRICS Iretiredl RJ Sharp None ol the Governors have any beneficial interest in the company. Each Governor makes an annual declaration of any conflict of interest in addition to one for each meeting attended. All of the Governors are members of the company and guarantee to contribute £1 in the event of a winding up. Governor training and induction All new Governors are invited into the College for an in-depth discussion with the Principal and the General Manager. They are given comprehensive information about the charity and their responsibilities. All Governors are expected to spend some time at the College each ye3r to ensurè they fully tjnderstand the workings of the school and also have tours of the College.
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS 'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORT) Each year all Governors are assessed for their training requirements and it is the policy of the trust to offer training courses either internally or externally as deemed appropriate. Last year most Governors attended at least one training course. A log is kept of all training Biven. Overview The Governors recognise that they have a number of accountabilities. These are summarised as follows.. Ultimate accountability for directing the affairs of the College. Ensuring the College is solvent and well run. Delivering charitable outcomes for the benefit of the public. Ensuring compliance with charity law and operating within the terms of the Company Memorandum and Articles of Association. Duty of prudence.. rem3in solvent by keeping informed of its, financial position,- Ljse of fund£ within the purpose of the College- avoid undue risk,. and take special care when borrowing. Duty of carè.. reasonable care by meeting regularly to ensure effective oversight of College activities,. use personal knowledge and experience to ensure the College is well run and efficient,. and take professional advice on all matters where there is material risk. Define the strategic aims of the College. Ratify the College objectives and directions that deliver the strateglc aims of the College. Identify and manage risks ensuring robust systems are in place to monitor all known risks. To ensure that the Council can deliver against these accountabilities and to artively demonstrate effective oversight of the College it 15 important that a governance meet18 Structure is in place for the Council.
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORT) Organisation management The Council meeting govèrnance structure Is representèd below.. College Council.. This is m3cle up of all the Governors of the College and meets once a term. In addition, the Governors also meet for a topic tneetln8 once a term and for training at least once a year Finance and General Purposes Committee- This is a sub-committee of the College Council that meets twice a term. Education Committee: This is a sub-committee of the College Council that meets once a term. Compliance and Policy Oversight Committee: This is a sub-committee of the College Council that meets at least once a term. Principal Review Committee: This is a sub-committee of the College Council that meet5 85 and when required. Complaints and Grievance Panel.. This is a sub-committee of the College Council that meets as and when required. AII Governors are members of at least one committee and all committees report back to the main College Council meetings. The Governors determine the strategic direction and general policy of the school. The d3y-to-day management of the school is delegated to the key management personnel who are.. The Principal The General Managerlcierk to Governors The Assistant Headteacher for Early Years, KSI and K52 The Assistant Headteacher for l(S3 The Assistant Headteacher for KS4 The As5iStaNt Headteacher for Curriculum The Principal and the General Manager attend most meetings of the Gove.rning Body's Committees and the Senior Management Team attend the Education Committee meetings or when invited by the Governors. The remuneration of key management personnel is set by the Board, with the policy objective of providing appropriate incentives to encourage enhanced performance and rewarding them fairly and responsibly for their individu31 contributions to the College's success.
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS 'SHOREHAM COLLEGE, {LIMITED BY GUARANTEE) GOVERNORS, REPORT {INCORPORATING THE STRATEGIC REPORT) The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other indepèndent 2nd maintained schools to ensure that the College remains sensitive to the broader issues of pay and employment condltions elsewhere. We aim to recruit, subject to experience. at the lower to meditjm point within a band, providin8 scope for rewarding excellence. Delivery of the College's charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expenditure. All staff are paid at least the national living wage. OBJEcfivES AND ACTIVITIES Charitable Objects ChallenEingi Supporting and Inspiring Giving every child the confidence to succeed and flourish in the wider world. At the heart of our loc21 community, Shoreham ColleEe is a family school in every sense. We value every individual in our community for who they are. Understanding that happiness and well-being are e55ential for achievement and progress, we are ambitious forour pupils Wlthin a nurturing community. Our compassionate ethos is at the centre of everything we do. Our pupils benefit from an extensive curriculum and superb facilities and teaching. Small clas5 sizes ensure every child enjoys an education tailored to their needs and an appropriate level of challenge and support. A genuinely mixed ability school, we are experienced in providing an excellent, pcrsonalised education. We are a mainstream school committed to providing a stimulating, vibrant education to children across a range of abilities. and to ensuring all our pupils achieve their full potential. We strive to- provide a welcoming and nJrturing environment which supports, celebrates, and knows every pupil as an individual,. deliver an excellent academic education which develops arnbition, resilience, creativity, and confidente,. offer exciting opportunities beyond the classroom- foster a commitment to charitable causes and local community action,. • encourage all pupils and staff to achieve their full potential within a safe and happv environment,. be inclusive, respecrful, ar>d kind, valuing individuals and their families.
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORT) The College's public benefit aim is to provide a good all-round education and for our pupils to benefit from an extensive curriculum and superb facilities and teaching. Playing an active role in our community 15 important to us. Our children learn to be good citizen5 whilst developing crucial social and leadership skills. We work with a Brighton Homeless and Vulnerable Charity- Off the Fence, and have gold accreditation from the Youth Parliament Democracy Awards. In school, we foster a friendly, kind environment with OLJr children's well-being paramount. This is all achieved through a competitive fee structure which ensures the College is financially viable in the long term. Volunteers Shoreham College Parentg Association and The Old Shorehamers, Association have assisted the CDllege with fundraising and other artivities during the year. The Governors would like to take this opportunity to say how much they appreciate their continuing and valuable support of the College. STRATEGIC REPORT Achievements and Performance Shoreham College is a vibrant and successful school as demonstrated by the growth in pupil numbers and by the inspection reports of January 2015, and the Regulatory Compliance Inspertion report of 2018 having many areas rated both good and excellent. The College has an established role in the local cornmunity which clearly enjoys the academic, social and spiritual benefits of it being a broadly inclusive independent co-educational day school and a strong alternative for their children in an area densely populated by academicalty selective schools and boarding school5. This year was the first since 2020, where we were able to remain fully open for the whole academic year. Whilst there wa5 disruption due to Coronavirus, this was less than in the previou5 two years and this academic year was the first year that pupils were able to sit their external examinations, since the start of the pandemic. In order to provide the best experience for children who were 5elf-isolating we offered a blencjed learning approach where pupils who were well, and isolating joined their classes remotely using our online platform. The College dDes not have an academic entrance examination and yet the children perform extremely well in their GCSE examinations - significantly above maintained schools with similar intakes. 94% of the 2022 cohort achieved five 9-4 grades. The College doe5 not offer vocational qualifications so these figures are for GCSE passes only. It remains the College's policy to ensure that pupils are individually challenged to achieve or exceed their potential as expressed in standardised testing academically and in all aspects of school life in a broader co-curricular sense. The wider curriculum 15 very important to us and this is expressed for example in our commitment to the Forest School in our juniors and our Leadership and Skills Programme for our senior5. This enables our pupils to experience challenges and achievement through the Bronze and Silver Award5 Wwth the Duke of Edinburgh Award Scheme, including.- firsf aid, navigation, community projects, entrepreneurship, 5POrts' leadership and more.
KENNEDY INDEPENDENTSCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORT) It is encouraging to see 3 particularly good range of schools on our sport5 fixture lists, primary and secondary, with plenty of matches wwth maintained and independent schools, including football tournaments for primary age pupils. We will continue to develop links with other independent and state sector schools in our area, having established links with local schools, With whom we work on joint educational projects, including teacher trainingi work experience for sixth former5 and book awards for the pupi15. Indeed, our partnership Work was used as a best practlce case study by the Independent Schools Council at their annual conference. We remain committed to giving children of all social, cultural and economic backgrounds the opportunity to study at the College. The College has both fee discount Scholarships and mean5-tested bursaries and has limited the number of comtnercial discounts on offer. We continue to be aware of the needs of the wider community, and are committed to Social awareness and action. IndÈed, we encourage our pupils to develop core values, alongside life skills and academic skills as part of their learning journey. In recent years, the school has raised funds for the Chestnut Tree House Children's Hospice, The Woodland Trust, RNLI, Mary's Meals, Jeans for Gene5, Off the Fence, The Bumble Bee Conservation Trust and the Oscar Foundation supporting children in the slums of Mumbai. Notably, the pupi15 have their own committee, the School Council, in the senior and junior schools, through which they have decided to support at least three charities a year.. one for young people, one national and Dne international. We also work closely with the communityi including the Friends of St Julian's Church and the EYF. IFro., Young and Engaged) Environmental Project and local food banks, including the Emmaus Community and Off the Fence, of Brighton and Hove. The College w3s awarded a cup for its contribution to the AdLJr and Worthing Youth Council for its outstanding level of en8agement with projects designed to give youn8 people a voice and a gold democracy award in 2021. It is very important that we prepare our pupils for the wider world beyond Shoreham and it is pleasing that working with 20 or more local 51Xth form providers with whom we have strong connections, offering a diverse range of further education, we are able to provide our pupils the right pathways for them, whether this be taking up A-levels, apprenticeships or BTEC diplomas. We are a learning community and we continue to work in partnership with Brighton Universlty, Chichester University and Sussex University and we offer a range of placements to students studying for qualificatior)s in teaching.. School Direct for instance, child care and including the assessment only route. We remain committed to offering induction years for Early Career teachers to assist them in obtaining their Qualified Teacher Statu5. Financial Revlew Incoming resources for the year totalled £5,080,336 12021: £4,726,9191. The figures show an improvement on the previous years which was mainly due to coming away from Covid restrictions and the return to face to face teaching. The College atthe start of the current academic year has 377 pupils compared to 346 at the same point in the pievious year. Interest in the College has remained Sf rong as the economy recovers. The College is seeing a large number of prospective pupils and has just had
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS, REPORT {INCORPORATING THE STRATEGIC REPORT) an excellent attendance at an open morning for prospective pupils. The Continued good exam results (the first actual exams for three years) have given a clear indication to Parents that the College has a qLJality product to offer at a competitive price. Resources expended rose by approximately 7.3% from £4,401,816 in 2021 to £4,723,755. The College has seen a large rise in costs in such areas like fuel. paper and food. Staff costs increased with the addition of some further support staff and an increase in wages. Careful flnancial controls and management of the budgets remained in place. The College is committed to providing èn inspiring learning environment with teaching by first-rate teachers and facilities. Teaching staff costs have once again risen above the national scale and the College has continued to reward the better-perfDrming Staff with threshold payments and scale improvements. The overall net surplus for the year was £356,58112020/21= £325,103). This equates to a net surplus of approximately IIYo12020121.. 11%) of net feès before depreciation is included. This will assist the College in its Capital development and improvement plans for the future. Considering the Covid-19 re5triction5 during the previous two years and the uncertainty in the economy by parents and they try to financially recover, this is an excellent result. Grant-making Policy Over the year the value of means tested bursaries and other awards made to the College's pupils was £144,700 from unrestricted funds1£82,769 representing commercial concessions and £61,931 public benefit conceSSlDns1. This wa5 represented hy 135 awards received by 117 pupils. Means-testing takes place on all new bursaries and they are reviewed annually where appropriate. 5horeham College has a poliry, in line with other independent schools, to offer open competition from both internal and external candidates for these awards on the basis of relieving hardship where the pupil's educatlon and future prospects would otherwise be at risk. The availability of all such awards for fee assistance, together with the terms and conditions for each kind of award, 15 advertised on our website and newsletter5. plans for Future Periods The College Governor5 review the Strategic Development Plan on an annual basis forthe whole school which include5 both the educational and facilities side of the charity. This document, reviewed by Governors in 2021 run5 through until 2025 and provides the direction for the Senior Management TeBm. The academic tracking 5yStem is now well established in Junior and Senior Schools and the PSHE provision in the school has been updated to include PSHE as a timetabled lesson and taught by a speiialist teacher. To further enhance SUPPDrt for our pupils we have a new role of a Pastoral Manager, who provides additional support for pupils and is based in our new dedicated pastoral space, Called our well-being room. A College counsEllor via Dialogue is at the College weekly and annual evaluations have shown this has been immensely powerful for our pupils in terms of adding to our
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORT) pastoral provision. In addition, thè College is successfully expanding careers provision through events for pupils College aimed at widening their understanding of career paths and also by using new materials developed by Morrisby. The Governor5 working Wlth the Principal, General Manager arid Senior Managemènt Team continue to revise the estates, plans which includes the redevelupment of the music facilities, improved toilet facilities for the junior staff and covered pool. However, these are major alterations to the site and would have a major impact. The Governors are currently mindful of not overstretching finances in this time of economic uncertainty. This year, however, the College enhanced some classroom5, including the creation of a Well-being room, learning support facilities and PSHE classroom. The College is keen to make Significant enrichment to its operational provision. The College CDuncil 15 aware that the future olevelopment of Shoreham College must be dependent on ways which will be of benefit to all pupils. The aim is therefore focused on improving our facilities and continuing to improve the standards of tpaching and learning throughout the school. For example. the College has embcdded the Achieve 3000 reading programme in key year groups which is provinE very beneficial to pupils, progress and attainment. Improvements in marketing, including greater use of social media Isuch as Twitter and Facebookl and a strong parent contingent who are promoting the College have meant that the College is seeing a surge in parents wanting to visit and join the College. This has to be weighed prudently, however, alongslde the uncertainty being caused by the current economic climate. The College will continue to enhance the excellent links already gained with other local independent and state schools through our Sharing Shoreham initiative. In addition, it will further widen the access to the community through the provision of means-tested bursaries. It ha5 also expanded its work with local primaries such as the Glebe, Easterbrook, Swiss Gardens, and ShDreham Bcach Primary Schools. Currently, it Is planning new collaborations including cricket festivals, football tournaments and science projects. SO far this year we have held two very successful Sharing shoreham events, one for pre-school children in our forest school and one for Year 5 pupils from a local primary school where senior teachers held a series of masterclasses for our visitors. Principal Rlsks and Uncertainties The Governors are responsible for the management of the risks faced by the College. Risks are identified, assessed and controls established throughout the year. A formal review of the charitls risk management processes is undertaken on an annual basi5 or more regularly if required. The key controls used by the charity include: formal agendas for all Commlttee and Council activity- detailed terms of reference for all Committees: comprehensive strategic planning, budgeting and management accountir)g; established organisational structure and lines of reporting,. formal written policies.
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORT) clear authorisation and approval levels, and vetting procedures as required by law for the protection of the vulnerable. Through the risk management processes established for the College, the Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks h3ve been adequately managed. The risk register headings are as follows= Objects/Mission Charity Law & Other Regulation Governance & Management Vulnerability to External Influences Operational Processes Failure to comply with operational regtjlations Personnel Environmental Technological Educational Financial Investment Purchasing Payroll Major Projects From these headings, the College management and Governor5 have identified potential risks and has strategies in place to mitigate these risks. Thèse are regularly monitored to ensure their effectivenes5. Significant risk areas include.. The challenging economic conditlons that are faced by the College and its parental body during the pandemic. In addition, it is noted that the College operates in a highly competitive market and we have to ensure that educational standards remain our highest priority. The requirement for all pupils and staff to be educated and work in a safe and supportive envSronment, with policies and procedures in place to ensure that the College meets the needs of its staff and is able to attract high Quality recruits. The need to attract experienced Governors is also of high importance. The need to ensure the ColleEe, like all schools, is protected from the threats in an increasing litigious environment by ensuriiig appropriate advisers are available to assist the College in being able to keep up to date with all requirements and to meet any challenges.
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORT) The national issues facing the sector as 3 whole with financial and political pressures such a5 the threat of removal of charitable status, the potentlal addition of VAT on school fees, the removal of charitable busines5 rate relief and the further rise in the Te3chers' Pension employer contribution rate. RESERVES POLICY The Charity's re5enre policy is to ensure that its financial affairs are maintained within a tight budget that is approved by the Trustees. The nature of the Charity's activities determines that reserves fund the property and other net assets and are held to cover unexpected shortfalls on the Statement of Financial Activities. The Trustees consider that, in the event of 3 significant drop in short temi funding, they will be able to continue the Charitvs activities while consideration is given to ways in which additional funds may be raised. The charity has a designated fund that is used to fund significant capital expenditure as and when the trustees feel appropriate. The fund 15 reviewed annually. The Trustees of the Charity are governed by the Trustee Act 2000 which sets out the general power of investment. The Charity seeks to produce the best financial return within an acceptable level of risk. A proportion of the assets are expected to be spent over the next few years and capital preservation is of paramount importance. The investment objective for the reserves is to preserve the capital value with a minimum level of risk. Assets should be readily available to meet unanticipated cash flow requirements. The Charity holds assets to fund planned capital expenditure over the next few years. As such capital volatility cannot be tolerated and assets should be invested to minimise risk. The Charity's asset5 should be held in cash or near cash investments denominated in sterling. The Charity's cash balance5 re deposited with institutions with a minlmum long-term rating of A- or invested in a diversified money market fund. The Charity will monitor the rating of the institutions where the assets are deposited on an annual basis. The Charity will draw down the cash as required and will continue to trade to meet future capital projects. The Charity manages its own cash deposits and has nominated a list of authorised signatories, two of which are required to Sl8n instructions to the deposit taking institution. The General Manager monitors the cash position and prospective cash flow schedule 2nd reports this to the Board of Trustees at each termly meeting. AssEf COVER FOR FUND5 Note 13 sets out an analysis of the assets attributable to the various funds and a description of the trusts. These assets are sufficient to meet the charity's obligations on a fund by fund basis. io
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) GOVERNORS, REPORT (INCORPORATING THE STRATEGIC REPORT) DISCLOSURE OF INFORMATION TO AUDITORS Each of the Governors has confirmed that there is no information relevant to the audit of which they are aware, but of which the auditor5 are unaware. They have further confirmed that they have taken appropriate steps to idpntify such information and to establish that the auditors are aware of it. AUDITORS A resolution proposing that TC Group be reappointed as auditors of the company will be put to the Annual General Meeting. On behalf of the board of Governo S M Barnett BSC, ACG {Chairl Dated.. 17 November 2022 li
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) STATEMENT OF GOVERNORS, RESPONSIBILITIES The Governors, who are also the Directors of Kennedy Independent School Trust Limited for the purpose of company law, are responsible for preparing the Governors, Report and the accounts in accordance with applic3ble law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicpl. Company law requires the Governors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the tharlty and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these accounts, the Governors are required to- select suitahle accounting policies and then apply them consistently,. observe the methods and principles in the Charitie5 SORP,- make judgements and estimates that are reasonable and prudent,. and prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Governor5 are responsible for keeping adequate Ar.counting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets ot the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 12
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE KENNEDY INDEPENDENT SCHOOL TRUST LIMITED We have audited the financial statements of Kennedy Independent School Trust Limited Ithe 'charitable company'l for the year ended 31 August 2022 which compromise the Statement of Financial Activities, the Balance Sheet, the Cashflow Statement and notes to the financial statements. The financial reporting framework th3t has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK (United Kingdom Generally Accepted Accounting Practicel- In our opinion, the financial statements= give a true and fair view of the state of the charitable company's affairs as at 31 August 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis of oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUK}I and applicable law. Our rèsponsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and the provisions available for small entities, and we have fulfilled our ethical responsiblllties in accordance with these requirements. We. believe that the audit evidence we have obtained is sufficient and appropriate to provide ¢1 basis fDr our opinioll. Conclusions relating to going concern In auditing the financial statements, we have concluded that the governor's use of the going concern hasis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified a ny material uncertainties relating to events or conditions that, individually or collectively. may cast doubt on the charitable company'5 ability to continue as a goin8 concern for a period of at least twelve months from when the financi31 statements are authorized for issue. Our responsibilities and the responsibilities of the 8overnor's with respect to going concern are described in the relevant sectlDns of this report. 13
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE KENNEDY INDEPENDENT SCHOOL TRUST LIMITED Other information The othcr informatlon comprise5 the information included in the annual report, including the governorfs report, other than the financial statements and our 8uditor's report thereon. The governors are responsible for the other information. Our opinion on the financial statement.s doe5 not cover the other information and, except to the extent othemise explicitly stated in our report. we do not express anyform of assurance conclusion thereon. In ionnection with our audit of the financial £tatements, our responsibility IS to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statemerhts or our knowledge obtailled in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mi55tatements, WE are required to determine whether there is a material misst3tement in the financial statements ora material misstatement of the other information. If, based on the workwe have performed, we conclude that there is a material misstatement of this other informatior), we are required to report thatfact. We have nothing to report in thi5 regard. Opinions on other matters prescribed by the Companie5 Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the governors, report lincorporating the strategic report and the directors report) for the financial year for which the financlal statements are prepared is collsistent with the financial statements-and the strategic report and the directors, report have been prepared in accordallce with applicable legal requirements. Matters on whith we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit. we have not identified material mi5Statements in the strategic report and the directors, report. We have nothing to report in respect of the following matters in relation to which the Compa nie5 Act 2006 require5 US to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us- or the f inancial statements are not in a8reement with the accounting records and returns,. or certain disclosures of directors, remuneration specified by law are not made; or we have Not received all the information and explanation5 we require; or the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the sma51 companies, exemptions in preparing the governors, report and from the requirement to prepare a strategic report. 14
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE KENNEDY INDEPENDENT SCHOOL TRUST LIMITED ResponsSbSlltles of governors As explained more fully in the governors, responsibilities statement, the governors (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statement5 ènd for beiDg satisfied that they gD/e a true and fair view, and for such internal control as the governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud orerror. In preparing the financial Statements, the governors are responsible for assesslng the charitable company's ability to continue as a goin8 concern, disclosing, as applicable, matters related to Eoing concern and using the going concern basis of accounting unless the governors either IntenLI to liquidate the charitable company or to cease operations, or have no realistic alternative to do 50. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whethe.r the financial statements as a whole are free from material misslatement, whether due to fraud or error, and to issue an auditor'5 report that includes our upinion. Rea50nahle assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will 31ways 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 nDn-compliance wtth laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Extent to which the audit was considored capable o* detecting irregularities, including fraud The objective5 of our audit, in respect to fraLtd, are.. to identify and a5ses5 the risks of material isstatement of the financial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement dLJe to fraud, through designing and implementing appropriate responses,. and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the preventlon and detection of fraud rest5 Wlth both those charged with governance of the entity and its management. Our approach wa5 as follows.. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statement5 from our general sector experience, and through discussion with the governors and other manaEement las required by auditing standards), and discussed with the governors and other management the policies and procedures regarding compliance with laws and regulations (see helowl; 15
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, {LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE KENNEDY INDEPENDENT SCHOOL TRUST LIMITED We identified the following areas as those most likely to have such an effect.. health and safety,. General Data ProteLtion Regulation IGDPRI,. fraud,. bribery and corruption, school inspettions, DBS checks, and employment law. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the governors and other management and inspection OF regulatDry and legal correspondence, if any. The identified actual or suspetted non-compliance was not sufficiently signiicant to our audit tD result in our response being identified as a key audit matter. We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework IFRS 102, the CDmpanies Act 2006 and the Charities Act 20111 and the relevant tax compliance regulations in the UK. We considered the nature of the charitable company's operations. the control environment and financial performance. We communicated identified laws and regulations throughout our team and remained alert to any indication5 of non-compliance throughout the audit. We considered the procedures and controls that the charitable company has established to address risks identified, or that otherwise prevent, deter and detect fraud,. and hDW serlior management monitors those programmes and controls. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regLJlations. Where the risk was considcred to be higher, we performed audit procedurp.s to addre55 each identified fraud risk. These procedure5 included-. testing manual journals,. reviewing the financial statement disclosures and testlng to supporting documentation,. performing analytical procedures,. and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material mlsstatements in the inancial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations lirregularitiesl is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing Standards would idenlify it. The risk 15 also greater regarding irregularities occurring due to fraud rather than error, as fraud involve5 intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and c2nnot tje expected to detect non-compliance with all laws and regulations. 16
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE KENNEDY INDEPENDENT SCHOOL TRUST LIMITED 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 unclertaken 50 that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and fo," the no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility ro anyone other than the charitable company and the charltable company's members, as a body, for our audit work, or for the opinions we have formed. Mark Cummin5 FCCA {Senior Statutory Auditor} for and on behalf of TC Group statutory Auditors office: Steyningi West Sussex Dated.. Z 8 17
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL AcfiviTIES (INCLUDING INCOME & EXPENDITURE ACCOUNT} FOR THE YEAR ENDED 31 AUGUST2022 Unrestricted Funds Designated Funds Total 2022 Total 2021 Note5 Incomin from: Intoming resources from generated funds Donations 6,467 6,467 loo Government grant income 37,2£8 Lettin¥ income 4,222 4,222 3,514 nk interest 5,385 5,385 3,605 Charitable actlvltles 5,064,262 5,064,262 4,682,442 Total income 5,080,336 5,080,336 4,726,919 enditure on- Charit3ble activities Education 4,723,755 4.723,755 4,401.816 Totsl expenditure 4,723,755 4,723,755 4,401,816 Net income 356,581 356.581 225,103 Transfer between funds 12 1150.0001 150,000 Net movement in funds 206,581 150.000 356,581 325,103 Fund balances at I September 2021 7,886.760 1.375,000 9,261,760 8,936,657 Fund balances at 31 August 2022 13 8,093,341 1,525,000 9,618.341 9,261,760 All income and gains for the period are recogni5ed above. All of the company's activities are classified as continuing. The statement of financial artivities also complies with the requirements for an income and expenditLJre 3CCOLJnt under the Companies Act 2006. There are no recognised gains or losses other than those reported on the Statement of Flnanclal Activitie5. 18
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, {LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 AUGUST 2022 2022 2021 Flxed ass&t5 Notes Tangible assets 5,279,318 5,387,190 Current asset5 Stock5 Debtors 29,284 1,453,239 29,610 1,346,138 Cash al bank and In hand 5,006,948 4,420,975 6.489,471 5,796,723 Cyeditors: amounts falling due withln one year 12,150,448) 11,922,153) Net Current assets 4,339.023 3,874,570 Net asset5 9,618,341 9,261,760 Income funds 13 Unrestricted funds.. Designated funds 12 1,525,000 1,375,000 Other charitable funds 8,093,341 7,886,760 9.618.541 9,261,760 The accounts were approved rd on 17 November 2022 S M Barnett BSC ACG IChairm3nl Governor Company Registration No. 00875915 19
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE} CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST2022 2022 2021 Notes Cash flows from operating activities 14 655,539 982,681 Cash flows from investing activities Purchase of tangible fixed assèts 174,951} 167,1911 Interest received 5.385 3,605 Net cash from investlng aciivities 169,5661 163.5861 Incrpa5e in cash and cash equivalents 585,973 919,095 Cash and cash equivalents at start of year 4,420.975 3,501.880 Cash and cash equivalents at end of year 5,006,948 4,420,975 All cash is c3sh at bank and in hand. 20
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGusf2022 Statutory information Kennedy Indppendent School Trust is a charitable company, limited by guarantee, registered in England and Wales. The charitable company's registered number and registered office address can be found on the legal and administrative information page. Accounting policie5 2.1 Basis of preparation The f1nancial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK IFRS1021 (effective l January 20151 Charities SORP IFR51021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS10218nd the Companie5 Act 2006. Kennedy Independent School Trust meets the definition of a public benefit entity under FR5102. Assets and Liabilities are initially recognised at historical cost or transaction value unless Dtherwise stated in the relevant accounting policy notelsl. There are no material uncertainties about Kennedy Independent School Trust's ability to continue a5 a going concern. 2.2 Income School feè income is accounted for on a receivable basis and consists of charges billed for the school year ended 31 August 2022, less bursaries and allowances. Fees received for education to be provided in future years are carried forward as deferred income. Donations are accounted for as received by the school. Grant income and investment income is accounted for in the period in which the school is entitled to receipt. 2.3 Expenditure Expenditure is accounted for on an accruals basis. Overhead and other costs not directly attributable to a particular functional aciivity are included within support costs. The irrecovcrable element of VAT 15 Included with the item of expense5 to which it relate5. Governance costs cornpri5e the costs of running the charity. including strategic planning for its future developmer)t, also internal ancl external audit, any legal advice for the Governors, and all the costs of cornplying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability. 21
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS 'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2022 2.4 Tangible fixed assets and depreciation All assets costing more than £1,000 are looked at on an individual basis and capitalised if appropriate. Tangible fixed assets otherthan freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expetted useful life, as follows.. Freehold land and assets under construction are not depreciated FreehDld buildings 2% Straight line Fixtures, fittings & equipment 25% Reducing balance and 3 years straight line Motor vehicles 25Yo Reducing balance 2.5 Leasing and hi purchase commitments Assets obtained under hire purchase contracts and finance leases are c8Pltalised as tangible assets and depreciated over the shorter of the lease term a nd their useful lives. Obligations under such agreements are included in creditor5 net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account SO 3S to produce a constant periodic rate of charBe on the net obligation outstanding in each period. Rentals paid under operating leases are charged to income as incurred. 2.6 Stock Stock is valLJed at the lower of cost and net realisable value. 2.7 Pensions Teaching staff are members of the Teachers, Pension Scheme ITPSI, a defined benefit scheme administered by the Teachers, Pension Agency. The Teachers. Pension Scheme is an unfunded scheme. Contributions on a 'pay as you go basis are credited to the Exchequer under arrangements governed by the Superannuation Act 1972. Actuarial valuations are carried out on a notional set of investtnent5. Underthe definrtions set out in Financial Reporting Standard 17 Retirement Benefits, Teachcrs, Pension Scheme is a multi-employer pension scheme. The school is unable to identify its share of the underlying Inotionall assets and licibilities of the scheme. Accordingly, under Financial Reporting Standard 17 Retirement Benefits the scheme is accounted for as if it were a defined contributions scheme. Non-teaching staff are eligible to join a defined contributions scheme. A charge is made against expenditure forthe amounts payable to the scheme in respect of the accounting period. The college also contributes to defined contribution pension schemes for non-teaching staff. Pension costs are charged to the Statement of Financial Activities when they become due. 22
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2022 2.8 Accumulated funds Unrestricted fund5 - these are funds which can be used in accordance with the charitable objects at the discretion of the governors. Designated funds - these are funds Set aside by the governors out of unrestricted general funds for specific future purposes or projects. Further explanation5 of the nature and purpose of each fund are included in the notes to the account5. 2.9 Cash at bank and in hand Cash at bank and in hand inclLJdes cash and Short term highly liquid investments. The Trustees sÈek to use short and medium term deposits where possible to maximise thè return on monies held at the bank and to manage cash flow. 2.10 Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estlmated rellably. 2.11 Debtors Trade and other debtors are recognised at the settlèment afflount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 23
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2022 Income from charitable activities 2022 2021 Gross sthDol fees 5,052,501 4,990,577 Bursaries, scholarship5 and discounts 1144,7001 1406.4641 Net school fee5 4,907,801 4,584,113 Minibu5 income 109,085 72,510 Extras 43,954 25,819 Sundry Income 3,422 Net school fees 5,064,262 4,682,442 Includes COVID -19 fee adjustments in 2021. 4. Total expenditure Staff costs Depreciation Other Costs Total 2022 Total 2021 Charitable activities Education Teaching costs Welfare costs Premises costs 2,839,032 35,704 98.095 401,203 313,494 2.972.831 401,203 711,043 2,808,050 344,686 693,060 250,430 147,119 Support Costs 392.346 246,332 638.678 556,020 Total charitable artivities 3,481,808 182,823 1.059,124 4,723.755 4,401,816 Total expenditure 3,481,808 182,823 1,059,124 4,723,755 4,401,816 Support costs include governance costs, of which payments to the èuditors of £12,09012021.' £11,580) for audit fees and £9,36612021.. £9.2881 for other 5eNices were made. Net incoming resoLJrces are stated after charging £54,66412021- £48,438) to operating lease rentals included in Welfare Costs. 24
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2022 5. Governors None of the governors lor any persons connerted with them) received any remuneration during the year. There were no reimbursed expenses this year. Employees Number of employees The average monthly headcount was 10312021- 91 stafn and the average monthly number of full time equivalent employees during the year was.. 2022 2021 Number Number Teaching 41 41 Non-tèaching 35 35 Total 76 76 Employment costs 2022 2021 Wages and salaries 2,741,231 2,590,388 Social secu¥ity costs 274.602 251,963 Other pension costs 465,975 456,851 3.481,808 3,299,202 25
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2022 6. Employees {continuedl The number of employees whose annual remuneration was £60,000 or more werè.. 2022 2021 Number Number £6D,000- £69,999 £90,000- £100,000 Contributions totalling E48,151 12021.. £39,OS61 were made to pension schemes on behalf of employees whose emoluments exceeded E60,000. The total employee benefit5 of key mallagement personnel of the school during the year were £492,902 12021.. £519,948). Key management during the year comprised the Principal, General Manager and three Assistant Heads12021: Four Assistant Head51. Tangible fixed a55et5 FÉxtures, f ittings & equipment Cost Land and buildings TDtal At I September 2021 Additions 7,468,819 34,179 607,080 40,772 8,075,899 74,951 At 31 August 2022 7,502,998 647,852 8,150,850 Depreciation At I September 2021 Ch8rge for the year 2,142,296 147,119 546,413 35,704 2,688,709 182,823 At 31 August 2022 2,289,415 582,117 2,871,532 Net book walue At 31 August 2022 5,213,583 65.735 5,279.318 At 31 August 2021 5,326,523 60,667 5,387,190 Included in Land and building5 is an amount of £125,00012021- £125,000) relating to land which is not depreciated. In the opinion of the governors the market value of both land and buildings is in excess of the net book value above. However, a revaluation policy has not been adopted as no real economic benefit would be achieved in implementinE this. 26
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2022 Debtors 2022 2021 Trade debtors 1.413,804 1,308,025 Prepayments and accrued income 39.435 38,113 1,453.239 1,346.138 Creditors: amounts falling due withln one year 2022 2021 Trade creditors Taxes and social security costs Fee5 in advance Fee deposlt5 Other creditor5 67,582 68,391 1,829.720 113,350 71,405 2,150,448 64,412 61,430 1,641,824 90,650 63,837 1,922,153 Fees in advance represent fee5 due for the Michaelmas term 2022. Fee deposits may be returned upon giving one term's notice of the parents, intention to remove the child from the school. 27
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2022 10. Pension commitments The School participates in the Teachers, Pension Scheme I'the TPS'I for its teaching staff. The pension charge forthe year includes contributions payablÈ to the TPS of £412.49412021'. £402,015) and at the year- end £47,10712021.. £54,836) was accrued in respect of contributions to this scheme. The TPS 15 an unfunded multi-employer defined benefits pension scheme governed by The Teachers. Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Membèrs contribute on a 'pay as you go" basls Wlth contributions from members and the èmployer being credited to the Exchequer. Retirement and other pension benefits are paid by public fund5 provided by Parliament. The employer contribution rate 15 set by the Secretary of State following scheme valuations undertaken bv the Government Artuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and the Valuatit>n Report, which was published in March 2019, confirmed that the employer contribution rate for ihe TPS would increase frorn 16.4% to 23.6°kn from I September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contributiorb rate of The 31 March 2016 Valuatiov) Report was prepared in aecordance with the benefrts set out in tho scheme regulations and under the approach specified in the Dirertions, as they applied at 5 March 2019. However, the a55urnptions were considered and set by the Department for Education prior to the ruling in the 'McCloud/Sargeant casè,. This case has required the courts to conslder cases regarcling the implementation of the 2015 reforms to Public Service Pensions including the Teachers, Pen510n5. On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal's judgment that transitional provisions introducÉd to the reformed pension schemes in 2015 gave rise to unlawful age di5criminaSion. The government is respecting the Coyrt's declslon and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discrimination5 will be remedied. The governrllent announced on 4 February 2021 that it intends to proceed with a deferred choice underpin under which merllbers will be able to ¢hDose either legacy or reformed scheme benefits in rÈspect of their SeiCe durin8 the period between l April 2015 and 31 March 2022 at the point they become payablo. The TPS is subject to a cost cap mechanism which was put in place to protecE taxpayers against unforeseen changes in scheme costs. The chief Secretary to the Treasury, having in 2018 announced that there would be a review of this c05t cap mechanism, in January 2019 announced a pause to the cost cap mechanism following the Court Df Appeal's ruling in ihe Mccloudlsargeant case and until there is certainty about the value Df pensions to employee5 frorn April 2015 onwards. The pause was lifted in July 2020, and a consultation wa5 launched on 24 June on proposèd changes to the c05t control mechanism followlng review by the Government Artuary. Following a public consultation, the Governmènt have accepted three key prop05a15 recommended by the Government Actuary, and are aiming to implement these changes Sn time for the 2020 valuations. The 2016 cost control valuatlons have Since been completed in January 2022, and the results indicated that there would be no changes to benefits or member contribution5 required. The results of the cost cap valuation are not Ljsed to set the employer contribution rate, and HM Treasury has confirmed that anv chan8e5 to the employer contribution rate resulting from the 2020 valuations will take place in April 2024. 28
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2022 10. Pension commitments Icontinuedl Until the 2020 valuation is completed it is not Possible to conclude on any financial impart or future changes to the contribution rates of the TPS. Accordinglyi no provision for any additional past benefit pension costs is included in these financial statements. The school also contributes to defined contribution scheme5 on behalf of its other staff. Employer contributions payable to those schemes were £53,48112021.. £54,836) and at the year end £4,148 12021.. £3,9991 was accrued in respect of contributions due to those schemes. 11. Share capital and control The company is limited by guarantee and has no share capital. In the event of a winding up, ear.h of the govprnors undertakes to contribute to the assets of the trust such amounts as may be required, not exceeding £1. No one party has overall cantrol of the charity- 12. Designated funds The income funds include the following designated funds which have been set aside out of unrestricted funds by the Governors for specific purposes.. Movement in Funds Balance at I September 2021 Balance at 31 August 2022 Incoming Resources Resources Expended Transfers Capital Development Fund 1,375,000 150.000 1.5Z5,000 1,375,000 1S0,(K)O 1.525,000 The fund was created for the purpose of improvements to the College including major capital projects. The strategic development plan is currently being reviewed in light of the current economic and political environment. Ouring the year a further £150,000 was designated to the fund. 29
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2022 13. An31ysis of net assets between funds Unrestrirted funds Designated funds Total Fund balances at 31 August 2022 are represented by: Tangible f1xed a5set5 Current assets Creditors.. amounts falling due within one year 5,279,318 4,964,471 12,150,448) 5,279,318 6,489,471 12,150,448) 1,525,000 8,093,341 1,525,000 9,618,341 Unrestrirted Funds Designated tunds Total Comparative Fund balances at 31 August 2021 are reprèsentÈd by: Tangible fixed a55ets Current assets Creditors.. amounts falling due within one year 5,387.190 4,421,723 11,922,1531 5,387,190 5,796,723 11,922.153 1,375,000 7,886,760 1,375,000 9.261,760 14. Net cash inflow/lourflowl from operating artivities 2022 2021 Rèconciliation to changes in resource5 Net income Interest received Depreciation of tangible fixed assets Ilncre35el/deciea5e ill Stocks Ilncreasel/decrease in debtors Increase/lde¢reasel in creditors 356.581 15.3851 182,823 326 1107.1011 228.295 325,103 13,6051 187,339 19471 460,617 14,174 655,539 982,681 30
KENNEDY INDEPENDENT SCHOOL TRUST LIMITED KNOWN AS'SHOREHAM COLLEGE, (LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST2022 15. Reconciliation ot net cash flow to movement In net funds 2022 2021 Movement in net funds Net funds at I September 2021 Net funds at 31 August 2022 585,973 4,420,975 919,095 3,501,88D 5,006,948 4,420,975 16. Analysis of net cash Atl September 2021 Non-cash changes Cash flow At 31 August 202Z Cash ai bznk and in hand 4,420,975 585,973 5,006,948 4,420,975 585.973 5,006,948 17. Commitments under operating leases At 31 August 2022 the company had total commitment5 under non-cancellable operating leases as follow5.. 2022 2D21 Expiry date.. Within one year Between two and five years 54,664 41,964 48,269 68.381 18. Related party transartions There were no related p8rty transactions during the year12021- Nonel. Detsils on governor's expense reimbursements is included in note 5. 31
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