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.
sTRU￿vRE, 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 meet1￿8 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 signi*icant 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 Se￿iCe 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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