St Swithun's School (Winchester) IA company limited by guaranteel CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31 July 2021 Company Numbei 00110692 Charity Number 307335 St Swithun's School (Winchester) IA company limited by guarantee) Contents Pa8e Company information Report of the Council, incorporating the Strategic Report Independent auditor's report 25 Consolidated statement of financial activities 28 Con501idated balance sheet 29 Company balance sheet 30 Consolidated statement of cash flows 31 Accounting policies 32 Notes to the financial statements 36 Company no. 00110692 Charity NumbEr307335 St Swithun's School (Winchester) (a company limited by guarantee) COMPANY INFORMATION MEMBERS OF THE COUNCIL Council Members, who are directors of the company, trustees of the charity and the governors ol the school, who served at anv tlme during the year, are listed below'.- Mrs A McGhee Imcclurel LL8. Ichairl * d A # • The Dean of Winchester lex-officiol. The Very Revd C Ogle MA Mphil DLitt The Right Worshipful the Mayor of Winchester lex-officiol. Cllr V 5udhakar IFrom May 20211 The Headmaster ol Wlnchester College lex-officiol. Dr T R Hands BA AKC DPhil • Mr R Adam DipArch RIBA FRSA ¥ d Mrs E l K Clancey 8A (Honsl h # Mrs N de Kretser MA ' Mrs J C Eager BEd, MSC • MrAIWLilleyLL8*A Dr H D Mycock BM, Dip RCGP, Cert Med Educ, Dip Occ Med * • Mrs S J Parrish MA FIET FBCS CITP ' Ivlce-chair from 12 Jul 201 Mrs A-L Peters 8Sc (Honsl, FCA ' d A # (Treasurer, ex-officiol Mrs F Robin50n LLB (Honsl # • Mr l Russell Bsc (Honsl, MSC * d Dr C Thorne BA Hons, MSC, PhD # • Mr J R Tyson BSC (Honsl Dr J Webster • Member of the Standlng Committee d Member of the Development Committee 11 Member of the Nomination and Remuneration Commlttee # Member of the Bursary, Fundraising & Public Benefit Cornmltlee • Merrber of the Education Commlltee The Treasurer is elected by the Council and Is an ex-officlo member of the Council while holding that offlte. All other members who are not ex-officio are elected to the Council by the Council and are required to stand for re-electlon every three years. Members retlre after a maximum of three period5 of office. Offlcers The Head of St Swlthun's School- The Head of St Swlthun'5 Prep School- The 8ursar and Clerk to the Council- MSJ S Gandee MA, PGCE Mr J Brou8h B.Ed. (Honsl, MA, NPQH, FCollT Mr M J Gamble MA Other senlor management personnel Deputy Head Pastoral senlor school Deputy Head- prep school Deputy Head Academic- senlor School Head of 8oardlng and Deslgnated Safeguardln8 Lead Head of Outreach & Partnership Finance Bursar Operations Bursar Head of Development Mr G Yates MA, PGCE, BA (Honsl Mrs K Gr05scurth BSC (Honsl, PGCE M¥ C Hammel A8, MLitt Mlss H Carruthers BEd IHonsl Mrs Mayes BA Mrs J Bollard BSC, ACA Mrs S Culley Mr5 V Vere Hodge BA (Honsl, MlnstF (Certl Company Number(X)110692 Ch3riry Number 30733S St Swithun's School (Winchester) (a company limited by guarantee) COMPANY INFORMATION Icontinuedl ADDRESS AND REGISTERED OFFICE St Swithun's School Alre5ford Road Winchester Hampshire S021 IHA ADVISORS Bankers Natlonal Westminster plc 105 High Street Winchester Hampshire S023 9AW Sollcltors Godwins Solicitors 12 St Thomas Street Winchester Hampshire S023 9HF Audltor Crowe U.K. LLP 55 Ludgate Hill London EC4M 71W Insurer Brokers Marsh Education Practice Capital House 1-5 Perrymount Road Haywards Heath RH16 35Y Web51te www,stswithuns.com Company NumberQ)110692 Charity Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2021 The Council submits it5 afbnual report and strategic report for the year ended 31 July 2021, under the Charltles Aet 2011, tOEether with the audited financlal statements for the year, and confirms that the latter comply wlth the requirements of the Companies Act 2006 and the Charities SORPIFRS10212015. REFERENCE AND ADMINISTRATION St Swithun's khool (the school) was founded in 1884, and inctsrporated as a Company Llmited by Guarantee in 1910. As such, it has no share capital. The school Is re8lStered as Company number 110692 and Charity number 307335. AIMS AND OBJECTIVES Objects The object of the school, as defined in the Articlès of Association, is to provide sound and thorough education for girls and young chlldren of both sÈxes In accordance with the principles of the Church of England. The Governors Snterpret this to rnean that St Swithun's will provide an excellent academic educatlon and nurture the spiritual. moral, socl31, cultural ènd physlcal developrnent of Its puplls. St Swlthun'5 is a leading GSA (Glrls, School Association) ￿h0o1 offerlng day. weekly boarding and full boarding for some $20 girls aged 11-18. The adjoining IAPS Prep Sthool Ilndependent Association of Prep Sthoolsl caters for girls a8ed 4-11, wlth a co- educational nursery from age 3. Alms In order to achleve the slated object of the school, Ihe following alms were agreed during a ptevlous perlod and re-affirmed In February 2019.. Aczdemlc. To prepare girls for public examination5 and higher education in a stimulating and scholarly envlronment in which the glrls develop intellectual curiosity, independence of mind and the ablllty to take responsib51ity for thelr own learnin8. They are encoura8ed lo achieve their personal best. Prep school #lrls are prepared for entry into senlor school at age eleven School communSty. To provlde a happy, Safe and supportive communlty based on Christian values Sn which 311 glrls are glven the space to d￿elop thelr spirltuallty and are encouraged to understand and celebrate diflerente, and to be kind to others Co.currlcular. To provide a wlde range of opportunitles beyond the classroom 50 that girls can distover Individual passion$ and develop a range of characterlstlcs such as resi1Sence, inltiative. creatiwty, perseverance, 5elf-confidence. the ability to work in a team and to honour one's commitmenis. To encourage habits to ensure good physical and mental health both at school and In the future such as exerclse, healthy eatlng and the art of relaxation Beyond the school gates. To teach the girls compasslon, an understanding of the wlder world and their role In It, a sense ol duty and a deslre lor justice Looklng towards the future. To provlde high-quality higher educatlon and career5 advlce and a supportlve old girls, network Keepln8 In touch. To communicate in a timely and constructive fashlon wlth parents and other mèmbers of the St Swithun's family in ordey to develop relationships conducive to olleilng the besi possible education. Company Number￿110692 Charlly Number307335 St Swithun's School (Winchester) {a company limited by guarantee} REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2021 AIM5 AND 081EcnvES Icontlnuedl While these aims apply across the school, the prep school has the following complementary alms.. To provide a secure nurtuiing environment where the spirit of cooperatlon and respect lor otheis is paramount To meet the intellectual, physical and ernotional needs of each Indlvidual chlld by offering a broad. balanced, stimulating and differentlated curriculum and by fostering high self-esteem, 5elf-motivat1on and sell-expre55ion To crèate an environment where children are valued, cherished and challenged and as a result learn to the best of thelr ability To have a happy school with smSlln& confident and articulate children, where everyone feels a sense of worth. Oblectlve5 for the Year The objectives for this year have been: to continue to provide a well-ordered. efficlently managed, supportive environment in which each child would be able to fulfil his/her intellectual physical and creative potential and take iesponslbility for hislher learning. In the prep school children are encouraged to develop Independence, self- motivation and self-esteem to continue to achieve a high level of academic performance to Continue the programme of improvement lo educatlonal, residential and other facllities to provide public benefit through our ¢harStable activitle5 to continue the fund-raising campaign to provide bursary funds that provide financlal support to those unable to afford fees to achiève a reputatlon as a school that is well known foi its.. excellent all-round educatlon ftsrward-lookin8 pedagogy scholarshlp and the attitudes of mind it develops In its students to enhance St Swithun's reputation whlch may lead to it being oversubscribed to generate an annual surplu5 gf at least IO% of fee income allowing continuous Investment in new f3cilities and a rollln8 mainlenance programme. In settlng thelr objectives for the year and plannlng a¢tivities, the Governors have given careful conslderation to the ChaTlty Commission's general guidance on public benefit and In particular to its supplementary guidance on advancing educatlon and fee-chargin& noting the amendments made following the judicial review In 2011. Thev have a150 noted and responded to governmental expectations that independent schools increase the extent tts whlch they share their 18cilitie5 Wlth maintalned schools and the locèl community. Prlnclpal Actlvltles of the Year St Swithun's principal activity continues to be the piovision of education fo¥ girls and young children of both sexes in accordance wlth the principles of the Church ol England, and the letting ol our lacillties for both charitable and commercial purposes. Company Numbpr 00110692 Charllv Number307335 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL. INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2021 PUBLIC BENEFIT Wldening a¢¢ess Bursaries have been awarded over the past year at a cost ol £1,310,79318.4% of fee income) to 50rne 63 puplls, ol which 27 were 100% of fees. In order to truly widen access, bursaTies are avallable to cover both fee5 and other necessary expenses approprlate for a pupil at the school. We also provide 23 scholarshlps for gir15 to 5t Katherine's School, Lira, Uganda. State school partnershlps Our state school partnerships programme wa5 suspended from March 2020-2021 as a result of the COVID-19 pandemi¢. As schools concentrated on maintaining the Integrity of thelr year group 'bubbles', mSxing year groups from dlfferent schools was simply not an opilon. In addltion, enhanced hygiene procedures in the 5wimmlng pool eradicaied the pool time available for our partnership swimming programme. We explored other ways of worklng wlth ourpartner schools by adapting to the sitvation. These included sharlne onllne teaching resourees, virtual event5, Staff CPD and onllne speakers. Sn partlcular, we have idèntifled Inltiatives outlined in The Missing Two Thousand paper, namely Interver)tions 1-4.. Intervlew support, support with universlty admlsslons tests, sharlng UCAS and Careers days, support wlth writing personal statements. In May 2021, elements of our partnershlp programme returned a5 we progressed through the Government's exit roadmap from the COVID-19 pandemic with over 100 pupils from two of our primary school partner5 Ioliver's B3ttery and Four Marks) now attending weekly swlmming lessons wlth us, wlth a further 90 pupils from All Saints and South Won5ton schools due to begin sessions after October half-term. As part of their p05t-GCSE community servlce week, our Year 11 puplls vlsited three local partner schools to assist with outdoor projects and activltles in lune 2021. We a150 supported a number of our primary school partners through sharlng of our transport resources to enable overdue edueational trip5 to take place. Fundralslng Each year the school communily Selects three charitable organlsations to support during the year, from a range ol charitles norntnated by pupi15. Where possible Yepresentatives of these ¢harltles vlsit and speak to pupils, or send resources $0 the Assist Team- made up of girls in the 6th form can raise awareness of the charlties. Almost all fundraising events throughout the year support these causes. School charitles for 2020121 were Centrepolt)t, Bloody Good Period and Behcet5 UK Unfortunately* the Coronavirus pandemic prevented a 51gnSflcant amount of our fundralslng frorn taking place, including our main fundraSslng day, which Is traditionally held on the last day ol the Easter Term. Despite this, puplls stlll managed to ralse £2000. A member of staff took on the challenge to cycle from Lands End to john O'Groats over the summer. raising almost an extra £2000 for our chosen charitiès. All Year 9 puplls embark on The Blg Glve- a phllanthropy live-week course which donates money to a range of charities. In addition, pupils and staff have Supported the Winchester Women'5 Refuge, the Malala Fund, Naomi House, the Winchester Nightshelter, Wlnchester Cathedral, The Little Princess Trust, and our slster school St. Katherlne's, Uganda through a range of fundraising and practical artlvlties. Company Number OOLL0692 Chailty Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2021 PU8LIC BENEFIT ICONTINUEDI In the last year, pupils and staff at St Swithun's Prep School have supported Young Minds, Comi¢ Relief. Rain Forest and Captain Tom. The senior school charltSes for 2021122 have been chosen by pupils as Bloody Good Perlod, Clouds ol Hope and Stop Domestit Abuse. srRATEGIC REPORT FINANCIAL REVIEW Record of achievements and performan¢e for the year In 202D/21 the school had 510 pupils in the senior school and 189 In the prep school. In addition to academic achievements, both schools maintained a full programme of 5portlng, musical and artistic activities during the year, in so far as was allowed under the Ctsvld restrictions. The school can again justifiably claim to be among the highest achieving girls, Schools in the country, consistently achieving excellent results in public examinations at both GCSE and A Level. In summer 2021 both A levels and I/GCSEs were awarded using an exceptional process due to the cancellation of public examinations as a result of the Covid-19 pandemic. Qualilicatlons were awarded on the basis of school- based assessments taken by students arid grades submitted by Schools lo the examination boards for external quality assurance and verlfication. At A level 59.2% of entries were awarded A. compared with the 2021 national average of 19.1% for all schoo15 the UK. 88.6% of entries were awarded A. and A grades, compared with 44.8Yo for all schools in the UK. At GCSE level 71.6% of entries were graded 918, compared with the 2021 natlonal average of 16.5¥. for all schools in the UK. 89.5% of entries were awarded 8rades 7 and above compared with 28.5% for all schools in the UK. The school was inspected by the Independent Schoo15 Inspectorate in January 2020. The inspections covered Regulatory Compliance only and both senior and prep schools had fully met all the standards in the regulations and were therefore judged Compliant. Flnancial results of the School and school lettlng company The financial results for the year were below expectations,. full details are shown in the attached financial statements and the results have been summarlsed below:_ The Unrestricted Net Incoming Resources amounted to a surplu5 of £1.119,67312020.. deficit of £254.9781 with no FRS102 pension adjustment required. This was added to ihe brought forward funds to give an amount of £30,255.470 attributable to the unrestricted fund at the year-end. The staten)ent of financial activitSes1SOFAI on page 28 contains detai15 of the incoming resou¥ces lor the year. Included in total intoming resources of E16.6M is £13.9M of net school fees183%1 and El.5M of restricted donations19%1 . Gross fees for the year were £445K lower than expectation. Total resouices expended were £694K lower than expected at £15.2M, of which £15.OM198%1 wa5 Used in the charitable activitie5 of the charity. Company Number00110692 Charity Number307335 St Swithun's School {Winchester) (a company limited by guarantee} REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2021 Flnanclal rèsults of the school and school lettlng company Icontlnuedl The results for the year are slightly lower than expected due to the reductlon in provlslon offered due to the Covid-19 site c105ure In January and February 2021. Full details of the measures taken to mltlgate the financial effect of the Covid-19 pandemic and the future response are contained In the Going Concern section below. In the restiicted and endowment fund5, the overall surplus for the year amounted to £483,72112020: surplus of £13,046). This includes donatlons for bursary provision of £381.364 plus £168,958 in legacies for specific projects and income from restricted investments of É42,093 Overall these leave £2,172,269 altrlbutable to restrlcted funds and £70,705 to endowment funds al the year end. All taxable profits from the Letting Company are transferred to the school by gift aid to further support our charitable aims. Covid-19 effects and response. and Golng Concern evaluatlon The Council has considered several factorg when forming thelr conclusion as to the use of the golng concern basis for the preparatlon of these financial statements including a revlew of the updated forecasts to 31 Julv 2023 and a consideratlon of the kèy rlsks, including the Impact of Covld-19, that could negatively Impact the school and working capltal requirerrents. Council reviews all known major risks to the school and states the action being taken to alleviate them on a rolling annual basls. The key rlsks to which the school is subject are highlighted In the straiegic report. In addition, the Covid-19 pandemic OLltbreak has been an evident risk that materialised during 2019120 and continued Into this currènt year. The rlsk ol further Closure or partlal closures, whether nationwide or due to a slgnlficant outbreak within the school community is belng actively managed wlth Counc51 by a bespoke working group which has continued to meet throughout 2020121. Sustaining and intreasing pupil numbers remalns a key risk, whl¢h1s asse55ed on an ongoing basls. The Covid-19 pandemic had a significant Smmediate impact on the School's operations and flnancial positlon and In line with government guldance the school closed on 20, March 2020 and remained closed throughout the summer term 2020. The School opened up for puplls to return to slte where possible In September 2020 and then closed again for 38 days during the spring term 2021, On-51te quarantlne facilitles were rnade avallable in late Au8USt and in all school holidays to facllitate the return of boarders. A full remote learnlng programr))e was provided durlng closure to all pupils, and then blended learnlng was provided throughout 2020121 for those from the boarding community who were unable to return to the school site. In response to Covld-19 robust, prompt action w35 taken with an addltional working capital reserve drawn from the Government_backed CBILS scheme, support lor staff costs through the Coronavlrus Job Retention Scheme, deferral of some tapltal projects and the Cancellation of others plus the establishment of a specific bursary fund for famllles who had Incurred significant sudden hardship due to Covid. Fee levels for the 2020121 school were frozen at 2019120 levels and a proportionate rebate was glven Sn summer 2021 to reflect the 38-day closure. The school has made a posltive start to the school year wlth 697 puplls. Thls is seven above the budgeted roll set in July 2021. Fee Income for the first term of the 21122 school year has been strong wlth an indication that payment of fees wlll be conslstent wlth prevlous years. No additional bursaries as a result of Covld-19 have been awarded as yet. Company Nvmber00110692 Charlty Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2021 Covld-19 effÈ¢ts and response, and Golng Concern evaluatlon Icontlnuedl At the year-end. the school had surplus free reserves of E2.74M. Thls comprises £5.24M unfestricted cash plus £486K working capltal less net creditors of E2.98M. As noted above a further £2M of working capital reserve by way ot a bank lacility was provided In August 2020 under the CBILS scheme. However, this was not reouired to be used. and was repald to the bank in full with no interest or penalt￿e$ in June 2021. Council review5 the School's financial plans on a termly basis by monitoring income and expenditure against forecasts within the context of the annual budget and a rolling 10 year flnancial plan. Cash flow5 are a150 closely revlewed, particularly in the Ilght of the School's borrowlng commitments and repayment iequirements. Financial sensitivity analysis is incorporated into Councll inlormatlon, centred on key assumptions Iroll, fees, and staff cost51. The school's strategic development plan remains dynamic and will be further reviewed once the impact of the ongoing Covid-19 pandemic is known. It is not anticipated that this will change the underpinning aims, vision or ethos of the school. Havlng regard to all the above, the Governors have a reasonable expectatlon that the School has adequate resources to contlnue its activities for the foreseeable future and consider that there are no material uncertainties over the school'5 financial vlabillty. Accordingly, they continue to adopt the golng concern bas1S in preparing the financial statements as outllned in the Statement of Members Responsibilitles on page 27. 5¢hool reserves pollcy At 31 July 2021 the Group has total net assets and reserves of £32,498,444. This comprises restricted fund5 of E2.172,269, endowment funds of £70,705 and unrestrScted funds (including Èquity in fixed asset51 of £30,255,470. The total value of the school's fixed assets. which are all held for use in the school. is £32,076.688, against which asset-specilic creditors (bank loans) are held of E4.571,763. Free reserves, defined as unrestricted funds less fixed assets (net of asset-specilic loans) are in surplus by E2,745,799. This comprises unrestricted current assets of £5,722.615 less other net current liabilities of £2,869,579 and long term credttors, (excluding bank loans) of £107,237. There is a150 a designated fund of £422K to rneet future contributions to the closed legacy retirement benefit scheme for SUPPQFt staff. Council have consldered an appropTiate target level for the school's free reserves. Having re8ard to the likelihood of financial risks and mitigating factors, the trustee5 conslder the target level of free reserves for the charity should be approximately 2 month5 expenditure Icurrently forecast at £2.36MI against which the figure reached in the current year, as above, Is £2.75M. In addition, the school hold some £1.9M equity lat costl in its dSsp05able properties, which could be sold or rnortgaged to generate addltlonal funding if required. At the ye3r-end, the unrestricted cash at bank of £5,235,868 is available for working capital requirements. An additlonal £2M of loan finance drawn down in August 2020 under the Government backed C8ILS scheme was repaid in lull with no interest charge in June2021. It is felt that this school reserves poliry remains a valid position. Council reviews the School's financial plan5 on a termly basis by monltoring income and expenditure against forecasts within the context of the annual budget and a rolling 10 y&ar financi31 plan. Cash flows aTe also closely reviewed, partleularly in the light ol the School's borrowing commitments and repayment requi¥ements. The C04Jncil is of the opinion rhat glven the Current balance sheet and financial projections, future pupil reglstrations, as well 35 available banking facilities and disposable properties there 15 no need to set aside additional free reserves. io Compbny Number 00110692 Charity N￿mber3073J5 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2021 Investrnent powers* pollcy and performance The Investment power of the Councll Is glven by the Artlcles of A550clation. The current pollty Is that all investments must be safe and ethical and advlce Is sought as required before new Investment5 are made. Sufficlent working capltal 15 held In an instznt access interest bearing account to meet all requirements as they fall due. Investments which represent the composition lee fund are held in UK Government gilts, and the remaining Investments are held In fixed term cash deposlts and charity-speclfic equity based managed funds. The total return performance of the signiflcant restricted Investment Is assessed against an industry benchmark, alternatlve equlvalent charltv Pfoduct and LIBOR + 3%. The performance in the year exceeded the above assessment criterla and wlll continued to be reviewed termly to ensure it is meeting two of the above three assessment criteria. The major investment is wlth CCLA where the Investment fund has a total return of 6.15% against an industry benchmark of 0.4% and LIBOR+3% of 3.3%. PLANS FOR THE FUTURE The school revlewed and rèafflrmed its alms, ethos and vision durlng a previous perlod. Its alms, In pursuit of its charitable object, have been outlined above. The school's strategic development plan remalns dynamlc and will be further reviewed once the full Impact of the ongoing Covld-19 pandemic is known. It is not anrlclpated that ihis will change the underpinnlng aims, vislon or ethos of the school, although it is anticipated that these will be dlslilled Into a more focussed form. The ethos of the school St Swlthun's Is an'appropriately academid school that celebrates Intellectual curloslty and the life of the mind, but not to the excluslon of all else. Pupils are expected to develop individual pas5Ions and through them to acquire 3 range of skills and chara¢teristlcs. These characteristlcs will include a wi1Slngness to take rlsks, to question and to debate, ahd to persevere In the f3¢e ol difficulty. If a girl can immediately excel at everythlng asked of her, the bar must be set higher. All girls need to learn about Ilfe beyond the school gates, to appreciate the rich variety of our world, to develop an understanding of compassion and to value justi¢e. All pupi15 are encouraged to become involved in fundralsSnB and community work. They Should appreciate how their deelslon5 and their actions can affect those around them. St Swlthun's was founded byAnna Bramston, daughter of the Dean of Winchester, and Christlan values underpln the school's approach to educatlon. Wlthln a civillsed and carbng envlronment, all glrls and staff are valued for their Indlvldual gilts and encouraged to develop a sense ol spirltuallty and of klndness. Klndne55 and tolerance are at the heart of the school community. School v151on The senior school's vlslon Is of a girls, school well-known for its excellent all-round education,. its forward4ooking teachlng methods, Its scholarshipi and the attitudes of mind it fosters in its students. It will house a clvllised and compassitsnate community in secure and well-maintalned bulldings, and It will thoroughly prepare all it5 pupIIs for life beyond its gates. It will be regarded by teacher5 as a desirable school In which to work and develop one's ¢ralt. 8y the time a girl leaves she will be courageous, compa55ionate, commltted and 5elf-confldent with a love ol learning* a moral compass and a sense of humoui. li Company NumberOOI10692 Chartiy Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2021 School vislon Icontlnuedl The prep schotsl vision is of a school in which every chlld is known, cherished and at the same time encouraged to be fearless in an inspirlng teachln@ and learning environment. It is an environment in which pupils and staff have warm, respectlul relationships. The children enjoy Èoing to school and the staff relish havin6 the opportunity to share adventures, interests and laughter. Structure The school Council inten(45 that St Swithun's remain a single sex. day and boarding school for 8lr15 in the Senior school and day only school in the prep school and a co-educational nursery. In the senlor school, number5 have increased slgnificantly in the preceding four years and a number of structural and organi5ational changes have been made to cater for this. We aim to contlnue to increase boardin8 numbers to re-establish, in the long term, a 50.'50 mix of boardlng ar)d day pupils in the senior school Icurrently 42% boarding). We are Increasing our marketing actlvity to attract additlonal pupils at Il+ and into the prep school, particularly in early years. In the prep school we airn to offer incrèased capacity and the benelSts ol smaller class sizes to increase over311 numbers. We aim for numbers to increase each year until capacity12561 is achieved. A¢ademl¢ The Council's academic aspiiations In the senior school are high and our aSm5 are to enable every pupil.. to fulfil her ptstential,. to take responsibilily for her own learning,. and to increase her intellectual curi051ty. We wlll continue to provide a broad general eurriculum seeklng to athieve excellent examination results enablin8 admission to all unlversities and preparin8 pupils for later life. We will continue to progiamme for the GCSE, IGCSE and A Level public examinatlon for the foreseeable future, while monitorlng any changes occurring nationally and in Higher Education that may impact on this decision. In the prep school the Council aTm5 to provide a stimulatlng environment in which each pupil can flourish in the broadest sense,. foster an eagerness to learn, to strive. to achieve, and to realise the potential of each pupil- academically, creatively, on the sports field and at play. We will also prepare pupils for a move to senior education and equip them for this tiansition. Selectlon St Swithun's welcomes puplls from all backgrounds. Final selection of external candldates for entry depends upon the availability of places, performance at Common Pre-test or the Ukiset test and Common Entrance or our own entry paper5 as well as the receipt of a satislactorv reference from the candidate'5 current head teacher. Sixth-form entry depend5 on CAT 4 or Ukiset tests and written assessments as well 3$ 5ubject-based interviews. Flnal selection of candidate5 foi senior-school entry from St Swithun's Prep depend5 upon the headma5ter'5 recornmendation for internal transfer, and on the pre-test, Common Entrance and salisfactory academ1¢ refeience for late-joiners to year 5 as well as those who, in the headmaster's view. require additional assessment in thelr year 6. We aim to offer scholarshlp5 in the Senior school to those of the appropriate academlc standard. Academic and music scholarships are available at Il+. 13+ and 16+. Sports stholarshlp5 are awarded at the @nd ol year 9 when we believe that all girls, whether they joined us in yÈ8r 7 or year 9, will have had the opportunity to develop skllls in all ol the sports we offer. Sports scholarships are also awarded at 16+. 12 Cornpally Number(K)110692 ChaTlty Numtsei 307335 St Swithun's School (Winchester) {a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2021 Bursary Pollty For 2021-22 the school is commilted to the provbslon ol some £1.42M in bursary payments. ThSs is 8.5% of predicted fee income. The school's aim remains to conlinue to mainlain the level of bursary awards to pupils to at least the eouivalent of 5% of lee Income. This will be asslsted by support from the Bramston Appeal and Bramston Bursary Foundatlon. Th15 is expected to amount to £176K in 2021-2211.05% of gross fee incomel. In 2021122 there will be 60 puplls In receipt of means tested awards. Thls Includes 31 bursarles of between 7S- lio%. The criterla for receiving awards are detem)ined by the Bursary Commlttee on an annual basis. Selection for the award of any bursary is based on meeting the normal academbc requlrements for entry to the senior or prep school as approprlate, and an assessment of suitablllty carried out by the HeadmlstrÈss. No exceptional proficiency in any academic or other area of education is requlred. The recrultment of candidates Is achieved bv 11 available means includlng marketSn8 and advert151ng procedures, by direct liaison with local feeder primarv schools, by links with pèrtnership organbsatlons and by word of mouth. The 8ursary Commlttee agrees the annual provision of funds and then delegates the recrultment and selectlon of candidates tts the Headmistresse5. As well as seeking lo provide wlder access through bursary provislon we shall continue to provide help to parents who fall on haid times until such time as they are able to pay the full fees ègain. The Same selectlon and financlal criteria will apply as agreed for bursaries on entry to the school. Development IFundraislngl and Alumnae Relatlohs The Bramston Bursary Foundatlon continues to fundraise in order to provide full bursaries for 8lrls In care, or who may be on the edge of care. Currently St Swlthun's provides match funding for these transformational bursaries. The school is working wlth the Royal National Children's Springboard Foundation, Buttle UK and Hampshlre and Isle of Wight Virtual School and College for Children in Care IHampshire County Councill to help identify girls who could flourish at the school. For elarltvi St Swithun's also allocates a percentage of Its fee Income to 5UPPOrt dlfferent types ol bursarles.. Affordability bursaries- where new parents to the school need support, up to IQO% of the fees. These can be lor girls from homes where income Is at a very low level and an independent education would otherwise be out of reach, or for girls who are identified by HMC (Headmasters, and HeadmSstresses' Conference) as HMC Projects scholars from Eastern European countrles. Armed Forces bursaries- a small number of 20% boarding bursarles for new HM Armed Forces families joining the school. Hardshlp bursaries- where parent5 01 current students can no longer afford a St Swithun's education. Thls normally results from a slgnlfieant change of clrcum5tances In the farrily situallon, such as the death of a parent. There is a150 an extension to thls type of bursary at present.. the COVID-19 School Hardshlp Fund. The Bramston Bursary Foundatlon evolved from the oriBlnal Bram5ton Bursary Fund. Whilst the Foundation's mlssion is to provlde full bvrsarles for girls In care. or who may be on the edge of care,. the original Fund's mission was io support bursaries more broadly (such as those supported by the school vl8 fee Income described above). 13 Company Number(M)110692 Charity N￿mber 307335 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2021 Development {Fundraisin81 and Alumnae Relatlons Icontlnuedl The Fund currently has £1.73M the majorlty ol which is held in a ie5tricted investment fund. The annual Interestlgalns on investment from this Fund are transferred to the main school account when required to support the funding of bursaries. A Small number of major donors have given contributions tts help directly fund full bursaries, and in these instances. the funds are used on an annual basis, rather than being kept in the investment fund. The Bramston Bursaiy Foundation's goal 15 to raise £250,000 per annum. This, along with match furbdinE from the school, will cover the costs of the entire senior school educatSon (including slxth forml for two girls. By 2027128, the Foundation hopes to have reached its ambitlon to have 14 fully supported girls In the school. 11, desplte worklng closely with our national charity and county council partner5, Sultable applicants cannot be found to join the school, the Bramston Bursary Foundation's fundraised income will be simply be allocated to existing beneficiaries as required or saved for future benefl¢iaries- that meet the Foundation's criterla. Despite continuing Covid challenges and the need to cancel events or adapt them to work virtually. in the last academic year, the £250,OQO annual fundraising target Wa5 exceeded and over £300,000 was raised foi the Br3mston 8ursary Foundatlon. This included a 8enerous legacy from an Old Girl of £168,957. Remaining income was raised through a malor donoi appeal, four events Ithe St Swithun's Way Challenge 2020, In Conversation with Alex Perry, Garden Open Day at Tichborne House and an online Auctlonl, one-off gifts, regular donations through the 1884 CLUB and Gift ASd. In addition. over £lm was raised for causes other than the Bramston Bursary Foundation, most nolably, E772,801 was generously donated by Malcolm lsaac's Foundation for the construclio)n ol the Jill Isaac Study Centre. (Further funds are pledged to fund the entire build). Through this personal gift of great magnitude and generosity. Malcolm has enabled St Swithun's t() design and build a beautiful building, that will be a lasting and fittin8 tribute to hi5 wife, Jlll, herself a St Swithun's Old Girl. It will be a place of focus for university candidates, particularly those aspiring to Oxford or Camhrldge - an Inspirational spate for study and quiet reflection. Regarding alumnae relations, the online Old Girls Day proved popular and many alumnae offered to share their further education and career experiences through a series of virtual talks hosted under the umbrella of the Professional Guidance Department. The OGA Chain Magazine was produced and distiibuted to 3,500 Old Girls and OGA e-news continues to be distributed to 1,000 Old Girls every month. Feedback has been very positive. Council receives regular reports and updates in fundraising regulations and guidance through the Bursary, Fundraising and Public Benefit Committee. The school does not engage with any external thlrd-party lundralsers. There have been no complaint5 in the period regarding Inappropriate or intruslve contact. The staffing costs of the development and alumnae office are met by the school rather than taken frorn the money donated. 14 Compa￿¥ Number 00110692 Charity NUMb￿r307335 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2021 Staff - Employment Pollcy The aims of the School'5 recrultment policy are as lollows'.- To ensure that the best posslble governor5, Staff and volunteerg are recruited on the basis of ihelr merits, abillties and sultability for the posltlon,. ro ensure that all lob applicants are considered equitably and consistently. The School Is an equal opportunitie5 employer,. To ensure that no job appllcant is treated unfairly on any grounds includlng age, disabllity. gender reassignment. marital andlor civil partnershlp status, pregnancy and maternity, race, rellgion or belief, sex or sexual orientatlon. To ensure compliance wlth all relevant recommendatlons and 8uSdance Including the recommendations of the DfE in 'Keeping Children Safe in Educatlon Isep 2018 and in future Sep 20191" the recommendations in "Boardlng Schools- Natlonal Minimum Standard5 April 2015" and the Code of Practice published by the Disclosure & Barring Service ItTrBSI,. KCSIE runs along the non- statutory Snierlm Buldance on safeguarding In schools, colleges and other providers durlnB the coyonavirus outbreak. To ensuie that the School meet5 Its commitment to safeguarding and promotln8 the welfare of children and young people by carrying out all necessary pre-employmertt checks. The Council alms to recruit and retain the best staff avallable. We seek to employ high quality, enthusiastie and talented teachers and support staff in all departments and will contlnue to encourage and support thelr professional development throughout their time with us. This wlll include high ealibre NQTS and other trainees who the school will assist with thelr professional development. The intentlon Is that staff are.. Valued,. Well remunerated and rewarded,. Benefit from terms and condltlons that are reasonable, transparent and conslstent,. Provided with the facilitie5 Tequired to allow them to perform to the highest level,. Provided wlth opportunitles and support to develop to their full potential. Information is provlded to staff In a variety of formats durlng Inductlon and durSng their time at the school. Thls includes informaiion contained in the Staff Handbook, Teachers, Handbook, and verbal brlelln8s at staff meetlngs and inset tralnlng. All staff unde¥go a number of safeguardlng, data protectlon. whistleblowing and health and safety tralnlng modules. All siaff are expected to adhere to the school's code of conduct and in the ¢ase of teachers, DfES eachers. Standards. Facilities The Councll also aims to continue to Improve our facilitie5, both In our buildlngs and equipment and in the provision of Information and communlcatlon technology. It is a traditional school embracing modèrn technologv and contemporary teaching methods. Whlle recognislng the need for a secure site we aim to offer an attractive welcomlng campu5 wlth all new development belng in keeping with the main school buildings and a5 environmentally efficient as possible. It is also our intention to allow access to and use of as many of our facilitles as practical to the local community and to other charitable organlsations. 15 Company Nurnbèr00110692 ChaiityNufflber 307335 St Swithun's School (Winchester} (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2021 STRUCTURE, GOVERNANCE ANO MANAGEMENT GoverAin8 Document St Swithun's School15 governed by it5 Article5 of Association. These were subject to a full review during 2015 and replace the previous Memorandum & Article5. Council ton5ider the guidance given in the Charity Commlssioners Governance Code. Individual members of Council receive copies of Governance magazine In ordei that they are kept abre35t of best piactice and advice from the Charity Commission. Council is confldenl that It operates within the guidelines. It will continue to review Its Governance poliry and cpnsider opportunlties for ongolng development and Bood practice. The school Is administered by It5 Trustees In accordance with all current legislation and Charity Commission iequirements. Governance is a5 transparent as possible and aims to provide clear policy guidance to èllow the school's senior management tts operate efflclently and effectively. Elected Trustee5 are appointed at the Annual General Meeting on the basls of nominations received from existing Trustee5 and alter an initial familiarisation visit to the school. On appoinlment new Trustees receive a pack of information covering their role and all relevant policy documents. They also undertake a further induction visit and attend relevant courses, preferably run by AGBIS, on Govern3nce. Following elertion Trustees partlcipate in a range of Snternal and externally provided tralnlng events. During the previou5 period Trustee5 attended an internal strategy review day and attended the following externally run courses I semlnars.. 2019.- AGBIS Conference and AGM AGBIS Finance for the non-financial Governor AGBIS Teachers. Pen5Ion Scheme Seminar Optimus Education Practical strateBies for Safeguarding in Education Or8anlsatlonal Management Members of the school council, as the trustees of the charSty, are legally responsible for the overall management and control of both ihe senior school and the prep school. Council sets and approves strategSc dlrection and policy and meets three times each year and additionally as required. Council monitors the work of the school's management team through its tommlttees and throu8h visit5 to the School. Council established a Covid-19 Worklng Group to oversee the school's management of the coronavirus pandemic, includin8 approval of the re-opening of the school following Government advice to close Schools (March 2020 and again in January 20211. All financlal matters, includirbg bud8et5, income and expenditure and cash flow5, are scrutini5ed by the Standing Committee. The statutory financial siatements are scrutinised through the process of annual audit, before all rnatters are submitted to Council for approval. The Standing Cornmittee a150 monitors and review5 the school's risk management procedures, annual reports on insurance. sale8uardinÉ, health and Safety, security ènd any other subject that may be relevant to the school's business at any given tlme. 16 CDmpèny NumberOOIIC*92 Charity Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2021 Organlsatlonal Management {¢ontlnuedl Acadernlc matter5 are brought to the attention of Council by the Educatlon Comrnlttee, through the Headmistress. termly reports and the senior school's annual departmental report5. The Headmistre5s' reports also include Information on pupil numbers and future registrations, staff changes, developments and trainin& pupil matters and forthcomlng events. The prep school Head also reports to Council on all matters relevant to the piep school. Other school responsibllitles, Including bursary provision, fundraising, appolntment ol Coun¢ll members, pay and terms and condltions ol employment, and property and building works are monitored by the Bursary, Fundraisin8 & Publlc 8enefit, Nominations & Remuneration and Development Committees respectlvely. Remuneratlon pollcy Oetai15 01 the school's remuneratlon policy are Contained In Sts govèrnance paper and falls under the remit of the Nomlnatlon and Remuneration Committee. Details of Its role and responslbilltles regarding remuneration are contained In the followlng extra¢ts from its terms of reference.. The purpose of the committee is. on behalf of Councll, to monltor and advlse on matters Telatlng to staff remuneratlon, wlth particular regard to the salaries of Senlor staff. With resped to remunèratlon, the Commlttee shall.. determlne and agree wlth Council the framework or broad pollcy for the remuneratlon of all ernployees.. In determinln8 such policy, take into account all factors whlch It deems necessary. The objective of such policy shall be to ensure that members of staff are provided wilh appropriate Incentives to encourage enhanced performan￿ and are, in a fair and responsible manner, rewarded lor their individual cofitrlbutions to the success of the School. wlthln the terms of the agreed policy, determine the total indlvldual remuneration package of each employee. Much of thls can be dele8ated to the Headmistress and the Bursar, workin8 Wlthin the Clear guidelines of the Committee,. be aware of and oversee any major changes in employee benefit structures throughout the School,. detelmine the pollcy for and scope of pension airangements, service agreements, termlnation payments and compensation commitments., and provlde a termly report to Councll. In determininE approprlate salaries, the Trustees have re8ard to the following.. DfES teacher5, pay scale5 (Teachers pay and allowance5 for the malnlained sector are used as the baseline lor teachers, salaries and then subject to a cumulative percentage increase and a flat rate St Swithun'g allowance) Local Government and other local employee pay rates in order to benchmark Support staff salaries The independent schools, benchmarking Surveys provided by organisations such as Haysmcintrye and Baines Cutler. The senlor management of the school, deemed as those on the leadershlp scale and as listed In full on page 2, are remunerated in accordance with the remuneratlon policy. Both teathlng and support staff below the leadershSp scale progre55 throu8h a number of maSn scale salarv polnts16 for teachers and 7 for support stalfl and are then ellglble for addltlonal appralsal based Increases to their main salary. 17 Company Number00110692 Charity flumber 307335 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2021 Remuneratlon poll¢y Icontinuedl The Nomination & Remuneratlon Committee determines any additional cost of living inflation increase, which is applied to all staff, once approved by Council. The Nominatlon & Remuneration Committee scrutinise and determine the Headmistress's recommendations on individual senio¥ staff salaries for ih05e on the leadership scale annually. Such decisions are taken with regard to indlvidual and collectlve performance and the benchmark5 provided by the Baines Cutler staff remuneration survey. During the year, the teachers, pay scales and pension provlsion wè5 reviewed and a collective staff ¢on5ultalion held with all potentially a(fected staff. GTOUP Structure and Relatlonshlps St Swithun's has a wholly owned non-charity subsidiary. St Swithun's School Lettlng Company Limited, whose activities and trading performance is explained in the financial statements. On 5 May 2009 the school re8lStered a Subsidiary charity- St. Swithun's School Bursary Fund. Once commenced, this subsidiary fund will be held on trust by the school for the provision of bursaries at the school, and will manage capital and income for this purpose. There were no transactions during 2020. The assets of the Bursary Fund 35 at 31 July 2020 £1,473.003 are currently held in restricted funds wSthin the Group. Rlsk Management The School's detalled iisk manaBernent procedures were established in January 2002 and the risk management ledger, which outlines all known major risks to the school and state5 the action belng taken to alleviate them, was introduced. The Council sub commlttee5 have delegated responsibility for ieviewing risk5 on a rolling annual basis. Most rlsk5 are on-going and as such have been discussed and approprlate measures or policies are in place to alleviate them, either through rpducin8 the likelihood of an occurrence or by reduclng the impact in the event of a risk materialising. Monitoring of risk and the approprlate amendment of policles and procedures form part of the continuous management of the School. Specific areas ol rbsk are subject to additional oversighi.. standing Committee maintains overslght of governance and financlal risk,. Nomination & Remuneration Committee monitois succession planning,. Education Committee reviews academic risks,. the Bursary. Fundraislng & Public benefit Committee revlews delivery of Public benefit. Dr Heather Mycock oversees health & safety 1Ssue5 and Mrs Julia Eager oversees child salety and $3feguardin8. The ledger is updated at least annually to indicate additional actions taken to reduce risk and also to identify areas where changes In legislation, personnel or leve15 of expertise have altered either the likelihood or potential Impact of an event. The school underwent externèl audits in 2015-16, on IT. security and road Safety. During 2018 the school's data protection measures were audited. An external health and safety audit is conducted annually. 18 Company Number 00110692 Chaflty Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2021 Rlsk Management l¢ontlnuedl The following issues are viewed a5 glvlng rise to addltlonal rlsks.. Political landscape.. Council will continue to monltor government policy as It relate5 to Independent schools and the sector'5 response. In particular changes in charity taxatlon polity could have a sub5tantlal Impact. Flnancial.. the economlc cllmate whlch Is under substantial pressure due to the impact of the Covid- 19 pandemic, places an increasing flnancial strain on some parent5. The level ol long term fee debtors remalns reasonably steady, but affordablllty is recognised as a key rlsk. In recognltlon ol the ongoing finan¢lal pressure on parents, fee increases for 19120 aca(Jemic year were Ilmited to 3.S% Iboardingl and 2.0% Idayl In the senlor school and 4.0% IKS21 and 3.0% IKSI & nursery) in the prep school but with all currlculum trips. and meals Induded. For 20121 the decision was made to free2e fees at the Sprlng term 2020 levels for the eniire academlc year. For Sep 21 the fees have increased by 4.5% across the school community. H&S and Safeguarding.. The increased emphasls placed by ISI on governors, responsibility and the ablllty to provlde evidence that those responsibilities, particularly In regards to chlld protecrlon and health and safety. are being properly dSschar8ed, are areas for malntained vigilènce. These are area5 for ongoing engagement and maintalned awarene55. Governors must be able to demonstr3te to ISI that they are aware of the issues and that they have discharged thelr responsibilities. To that end H&S and CP are now early agenda items at full Councll meetings and key policies are reviewed annually. Council establlshed a Covld-19 Woikin8 Group to oversee the school's management of the coronavirus outbreak Flnanclal eflect of Covld-19 pandemlc and other slgnlflcant events In the year The Covid-19 pandemic outbreak has been an evident risk whlch materiallsed last year and has endured. Thi5 has had a significant impact on school operations and the financial position of the school has been affected by the provlslon of rebates for all parents as the school slte was closed twice following government advice. The rlsk of further c105ure or partial closures 15 being actively managed with Councll overslght of both operations and ftnances. Full detalls of the impact of the pandernlc are contalned in the Straleglc Report on page 11. The Council has again examlned the principle areas of the school'5 operations, Identllyin8 hew rlsks and r assessing those already hlghlighted. The Councll Is satisfied that all known risks are currently managed or have systems In place to mitigate them. The key controls used by the Council Include.. Formal agendas and mlnutes for all Councll and commlttee meetings,. Detailed Terms of Reference for all committees,. Comprehenslve strategic budgetary and flnancial plannlng and management a¢¢ountlng,' Formal wrltten policies and procedures, including on health and safety and child protection Issues,. Established organisatlonal and reporting structures,. Regular review and approval of key polities,. Crisis response procedures (updated july 2012 and reviewed annuallyl- External audlt reports and ISI Inspection reports I most recently 20191. 19 Company Number 0011(692 Charity Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2021 Sectlo 172 ort Incor oratln Statements of Em lo e and stakeholder en ement The governor5 of the school, as director5 of the Company, must act in the way they consider, in 8ood faith, would be rnost likely lo promote the success ol the cornpany for the benefit of It5 member5 a5 a whole and IrTr doing so have regard to.. al The Ilkely consequences of any decision In the lon8 Tun bl The interests of the corrpanrfs employees cl The need to foster the Company's business relationships dl The impact of the company's operations on the community and the envlronment el The desirability of the company maintainin8 a ieputation for high standards of busine55 conduct fl The need to act falily For charitable companies wlth purposes that are not aimed to beneflt the members. the Board has to act in a way that promotes the success of the wider Charitable purposes. This will incorporate the desire to meet the iequirements of all stakeholders, being beneficiaries, boith pupi15 and the wider community, staff, donors and fee payers and suppller5. The Governors of 5t Swithun's School Iwincheslerl conslder that they have acted in a way thai 15 most Ilkely to promote the Success of the charitable purpose, as set out in aims and objectives on page 5. In the following way.. al The likely consequences of any decision in thè long run.. The Governors have considered the lon8-term sustalnability of the schotsl's operations, as Set out in the Going Concern section of the Strategic Report on pa8e 11. - Councll sets and approves strategic direction and policy, meets three times each year and additionally as required. Council monitors the work of the school's management teams through its committees and Ihrough vlsit5 to the school. Standing Committee reviews the School's financial plans on a termly ba51S by monltorlng income and expenditure against forecasts within the context of the annual budget and a rolllng 10 year linancial plan. Capltal expenditure plans and cash flow requirements are also closelv reviewed, particularly In the light of the School's borrowlng commltments and repayment requirements. Risk management Is incorporated into all of the school's operations and robust risk rranaBeTnent procedure5 are well established. The most significant rI5ks are discussed at each relevant Council sub- committee. Further detai15 are contalned In page 21 The Governors review and endorse all policies to ensure consistent long term regulatory compl1an￿. bl The interests of the cgmpany's employees, incorporating Statement of engagement with employees-. Authoritative and frequent communlcation with Staff has been essential, especially during the lockdown when most staff were workinE remotely. Thi5 has been conducted by weekly Teams staff meetlngs and routine weekly written communlcations to staff and parents. Staff who have been furlou8hed have been contacted by their own line management chain using an established 'buddy- buddl system and a sèrie5 of newsletter5 to mairitain thebr awareness. Staff have been kept informed about 5taffin8. flnancial and strategic issue5 affecting them and the school. Full details of the employment policy are contained on page 18. The Governors receive regular report5 on staff matters through the Headmistress, termly report. All Governor5 conduct vlsits to school where opportunitv 15 made for direct staff engagement. 20 Company Number 00110692 ChèFlty Number307335 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2021 Sectlon 172 Re or Intor oratln stztemenls of Em lo ee and takeholder en èment Inued All staff were Involved In the early stages of the Strategic plan development, and all are updated on the plan and prlorlties at the start of each academlc year. Meanlngful engagement is encouiased through the staff forum where employees across all departmenrs discuss and make recommendatlons direct to senior management. A staff survey In 2020 reported high levels of satisfactlon. A diverse programme of well-belng activitie5 is available to all staff. The Company has complied with the UK'S Equality Act 2010 Regulation$ 2017 that requlre the publicatlon of information on the gender pay gap for UK employees annually. The 2019 report is available on the website. cl The Need to foster the company's relatlonships wlth stakeholders, incorpo¥atlng Statement of cornpanws business relationships.. The charlty's beneficlaries and donors are the focus of all the school's operatlons. A fair and tonslstent seletfion policy ensures a dlverse and thrlvlng Student body that is fully supported throughoul thelr education from nursery to external examlnations results, enabling admlssion to all universitles and preparlng pupi15 for later Ilfe beyond the school gatès. Strong recruitment of the best teachers and valuing of staff supports the stabllity and high standard of education. A fair policy of bursary awards, con51Stently applied, support famllles who may not otherwlse be able to access education at the school. The parent contract forms the basi5 of the relationship with fee payers. Thls Is reviewed regularly to ensure best practice and then applied falrly and con51Stently. Parental engagement is maintained through weekly Correspondence and termly publlcation5. All suppllers are treated fairly and promptly with business terms adhered to. Local and non-corporate supplies are reimbursed on request. The Company complie5 Wlth the UK'S Payment Practices Regulations that require the publication of informatlon on the suppller terms offered and average payment statlstlcs. The lyly 2020 calculation ha5 been uploaded to the Governmeni portal and is avallable to revbew. Council receives regular reports and updates in fundralslng regulations and guidance through the Bursary, Fundrai5Ing and Publi¢ 8enellt Committee. The school does not engage with any external thiTd party fundraiser5. d) The impact of the company's operatlons on the community and ihe envlronment.. Council supporis the school to undertake a full provision of community and partnership actlvlty Full details are contained In page 7. The Company has completed the Energy Savings Opportunlty Scheme IESOSI reporting Tequlrements and is preparing for reporting under the Streamlined Energy and Carbon Reportlng ISECRI. 21 Company Number00110692 ChariiyNumber 307335 St Swithun's School {Winchester} (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2021 Se Ilon 172 Re ort Incor oratln Statements of Em lo e and Stakeholder en ement continued el The desirability of ihe company maintaining a Teputatlon for high standards of bu51ness conduct.. The Company's Brlbery Policy, that ha5 been approved by Councll, sets out the responsibilities of staff to report any incidents or suspicion of fraud. brbbery or corruption arising in the course of their work nd to cooperate fully with related investigations. The School takes a zero tolerance approach towards fraud, bribery and corruption. The Whistle blowing policy supports staff in this approach. fl The need to act lalrly.. All governors and senior staff complete an annual Conflict of Interest declaration. There have been no reported incidents of unacceptable relatlonships. Streamlined Ener and Carbon Re ortln SE Dlsclosure (al Emissions ummar The SECR disclosure presents our carbon footprint within the United Klngdom across Scope 1. 2 and to some extent scope 3 emlssions, an appropriate inten51ty metric, the total energy use ol electricity. gas and transport fuel and an energy efficiency action5 summary taken during the relevant financial yeaT. Year to 31" July 2021 Energy consurnptlon used to calculate emissions Ikwhl Emissions from Combustlon of gas (Scope 11 tC02e Emls5ions fiom combustion of fuel for transport purposes (Scope 11 tcoie Emlssions from business travel in rental cars or employee-owned vehicles where company 15 responsible for purchasing the fuel (Scope 31 tC02e Emissions fiom purchased electrlcity (Scope 2, location-ba5edl tC02e Total gro55 tC02e based on above 6,215,248 844 19 352 1,219 Inten51ty ratlo ItCOze/total square metres Im)) 0.051199 Ibl Enei Ellicien Action Summar Year to 31. Jul 021 St. Swithun's School continues to achieve direct savings in energy and associated carbon emissions, through operational and lechnologlcal Improvements, including,. Installation of smart meters in all school-orcupied buildings Full replacement to LED lamps acros5 the whole School 51te, replacin8 all non-LEO fittlngs throughout Colltinuation of the programme of pipe la88in8 on refurbished areas Replacement ol the wooden sash windows in a boarding house with UPVC windows Installation of 5ensor-controlled lighting In the refurbished boarding house bedrooms. 22 Compaw Number00110692 Chaiily Number 307335 St Swithun's School (Winchester) {a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT Forthe year endod 31July 2021 Ener Efftclen Additional indirect energy and carbon emSsslon savlngs have a150 been achleved through a range of measures, Includlng; Action Summar continued Commencement of the 100% renewable 2-year electricity contr3Ct in October 2020 The use of a buildir)g Energy Management System covering both prep school, hall and the maln senior school Includlng library and A&T buildlng Completlon of ESOS phase 2 Implementation of a new enterprise-level 50ftware appllcatlon thai provides u5 wlth quallty assurance and data captUTe capabilltles into one energy and carbon rllanagement solution. SECR Metholo notes Reportlng Period Boundary Iconsolidation approach Alignment with financial repoitlng 1st August 2020- 31° July 2021 Operational approach SECR dlsc105ure ha5 been prepared In line wlth St, Swlthun's School's annual accounts made u to 31° July 2021 GHG Emi55ions reporting are In Ilne with the Greenhouse Gas IGHGI Protocol Corporate Accountin and Reporting Standard DEFRA, 2021 for all emissions and converslon factors https.'Ilwww.gov.uk/government/publieationslgreenhouse-gas- re orting-conversion-factors-2021 EPA GHG Emission Factor5 Hub for natural Èa5 and ga5011ne Ipetroll htt www.e ov climateleader5hi center-cor orate-cllmate- leadershi -emi551on-factois-hub U.S. Energy Information Administration for diesel https.'l/www.eia.gov/totalenergyldata/monthlylpdf/sec12 2. df Activity Data x Emlssion Factor- GHG emissions Activity Data x Conversion Factor= kwh consumption The results in the table are expressed in tons C02e and may not add pr@tlsely to the totals due to roundlng. Electricitv Usage contain5 estimates 1<1%) for sltes where information on consumption wa5 not available. Estimatlon is based on average value of surrounding months. +1-2 surrounding month5 or average value from past 3 months. st. Swlthun'5 School 15 an independent dayi weekly and full-boarding school therefore followlng the recommendation5 of the legislatlon the chosen intensity metrlc is total square meter5, expressing the school's annual emisslons in relation to this uantlfiable factor. Reporting method Emi551ons factor source Conversion factor source Calculatlon method Round1ng Other relevant Information on calculation Reason for the intensity metrlc choice 23 Company Number 00110592 ChBriiY Number 307335 St Swithun's School {Winchester} (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT Fortheyear ended 31July 2021 RESPONSIBILITIES OF MEMBERS OF THE COUNCIL The Council Members Iwho are also dlrectors of St Swithun's School IWinche5terl for the purposes of companv lawl are responsible for preparlng the Council Report and the financlal statement5 in accordance wlth applicable law and United Killgdom Accountlng Standards IUnlt@d Kingdorn Generally Accepted Accounting Practlce.) Company law requires the Councll Member5 to prep3re financial statements for each financial year, whlch glve a true and falrview of the state of affalrs of the charitable company and the group 3nd of the incoming resources and applicatlon of resources. Including the Income and expenditure, of the charltable group for that period. In preparing those flnanclal statement5, the rnembers of the Council are required to-.- select suitable accountlng policie5 and then apply them con515tently4 observe the method5 and principles In the Charitles SORP,. make juijgernents and estlmates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed subject to any material dèpartures dlsclosed and èxplalned in the financial statements,. and prepare the finand31 statement5 on the going con￿rn basis unless it is Inapproprlate to presume that the tharltable company will continue in buslnes5. The members of the Council are responsible for keeping proper attounting records which dlsclose wrth reasonable accur3cy at any time the fi'nancial p051tion of the charltable company and to enable them to ensure the financial statern¢nts comply with the Companle5 Act 2006. The members of the Council are also responsible for Safeguarding the asset5 of the charitable company 3lld the group and hence for taking reasonable steps for the prevention and detectlon of fraud and other irregularlties. INFORMATION PROVIDED TO THE AUDITOR The Member5 Of the Counal who were in cffice on the date of approval of thÈ5e flnancial statements have confirmed, 3s far 35 they are aware, that there Is no relevant audit infortnation of which the 3udltor is unaware. Each of the Metnbers has confirmed that they have taken all of the steps that they ought to have taken as dirertors in order to make themselves aware of any relevant audit informatlon and to establlsh that the auditor Is aware of that inlormatlon. Auditor Crowe U.K. LLP offer themselves for reappointment as audltor In accordance with the Companle5 Act 2006. The Report of the Council and the Strateglc Report were approved on behalf of the Council. A. McCLure Chalr 11 November 2021 24 Company NumbEI 00110692 CharllyNumber307335 St Swithun's School (Winchester) (a company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST SWITHUN'S SCHOOL IWINCHESTERI Independent Audltor's Report to the Membèrs of St Swlthun's S¢hool Iwinche5terl Oplnlon We have audlted the financial statements of St Swlthun's School 'the d)arltable company, and Its subsidiary 'the group, for the vear ended 31 july 2021 which comprise the Consolidated Statement of Fbnanclal Activities, Consolidated and Company Balance Sheets. Consolidated Statement of Cash Flows and notes to the finaneial statements, Including significant a¢¢ountlnB policles. The financial reporting framework that ha5 been applled in their preparation is applicable law and United Klngdom Accounting Standard5, including Financial Reporting Standard 102 The Flnancial Reporting Standard appllcable in the UK and Republic of Ireland Iunited Kingdom Generally At￿pted Accounting Practice). In our oplnlon the fSnancial statements.. give a true and falr view of the srate of the group's and the cha¥ltable company's affairs as at 31 July 2021 and ol ihe group's income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Attepted Accounting Practl¢e- and have been prepared in accordance with the requlrements of the Companles Act 2006. Basls for oplnlon We conducted our audit in accordance with Internatlonal Standards on Auditing IUKI IISA% IUKII and applicable law. Our responsibilitie5 under those 5tandawds are further dÈstrlbed in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethlcal requirements that are relevant to our audlt of the financlal statements in the UK. including the FRCS Ethical Standard. and we have fullllled our other ethical responslblllties in accordance wlth these requirements. We believe that the audit Èvidence we have obt8ined Is sufficlent and appropriate to provide a basis for our opinion. Contluslons relatlng to Soing concern In audlting the flnan¢lal staternents, we have concluded that the trustee's use of the going toncern basls of accounllng In the preparatlon of the flnan¢l81 statements is appropriate. Based on the work we have performed, we have not Identlfled any materlal un¢ertalntSes relating to events or conditions that, Indlvidually or collectively, may cast Slgnilicant doubt on the charitable company's or the group'5 abillty to contlnue as a 80ing concern for a period of at least twelve months from when the finanel31 statements are authorlsed for issue. Our responsibilities and the responsib51ities of the trustees wlth respect to 8oin8 concern are described In the relevant settlons of this report. oiher Informatlon The trustees are responsible for the other Informatlon contained wlthln the annual Teport. The other information comprises the information included In the annual report. other than the flnancial statements and our auditor's report thereon. Our oplnion on the financlal statement5 does not cover the other information and, except to the extent otherwlse expllcitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other inlormatlon and, in doing so, consider whether the other information is materlally Inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identlfy such material inconslstencies or apparent materlal mlsstatement5, WÈ are required to determine whether thls Bives rlse to a material misstatement In the flnanclal statements themselves.11, based on the work we have performed, we conclude that there is a material mi55tatement of th15 Other Information, we are requlred to report that fact. We have nothing to report in thls regard. Oplnlons on other matter5 prescrlbed by the Companies Art 2006 In our oplnion based on the work undertaken in the course of our audlt the informatlon given in the trustees, report, which Includes the dlrectors, report and the strategic report prepared for the purposes of company law, for the financial year for whlch the flnancial statements are prepared is ¢onslstent wilh the finantlal statements,. and the strateglc report and the directOfS' report Included wiihln the trustees, report have been prepared in accordance wlth applicable leBal requirements. 25 Cornpany Number00110692 Ch3rlty Nufflber 307335 St Swithun's School (Winchester) (a company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST SWITHUN'S SCHOOL IWINCHESTERI Independent Audltorfs Report to the Members of St Swlthun'5 School Iwin¢hesterl Icontlnuedl Matters on whlch we are regulred to report by exceptlon In light of thè knowledge and understanding of the group and charitable company and their envSronment obtalned in the course of the audlt. we have not Identified material mlsstatements in the strategic report or the diredors, report Included within thè trustees, report. We have nothin8 to report in respect of the following matter5 relatlon to which the Companies Act 2rxJ6 requSres us to report to you if, Sn our opinion- adequate and proper accounting records have not been kept; or the financial statements are not In agreement with the accounting records and return5,' or certain dlsclosures of trustees, rèmuneration specifled by law are noi made.. or we have not received all the information and explanations we require for our audil Responslbllltles of trustèes A5 explalned more fully in the trustees, responslbillties statement sel out on page 24, the trustees (who are also the direttors of the charitable company lor the purposes of company lawl are responsible for the preparation of the financial statements and for bein8 satisfied that they give a true and fair view, and for such Internal control as the trustee5 determine is necessary to enable the preparètion of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assÈ$5ing the charitable companVs ability to tontinue as a goin8 concern. disclosing, as applicable, matters related to 80ing concern and using the going concern basis of accountinB unle55 the trustees either intend to Ilquldate the charltable company or to cease operatlon5, OT have no realbstic altemative but to do so. Audltorfs re5ponsllJllltles fof the audlt of thè financlal statements Our objectives are to obtain reasonable assurance about whether the financlal statements as a whole arè free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assuran￿ is a high level of 355urance, but Is not a guarantee that an audit conducted in accordance with ISA5 IUKI will always detect a material misstatement when it exlsts. Misstatements can arise from fraud or error and are consldered materlal if, individually or in the aggregate, they could reasonably be expected to influence the economlc decision5 of user5 taken on the basis of these financial statements. Details of the extent to which the audit was Considered capable of detecting irregularltie5, includlng fraud and non-compliance with laws and regulations are set out below. A further description of our responsibilities for the audit of the flnancial statements is located on the Financial Reporting Council's web51te at.. www.frc.or .uk auditorsres onsibilities. Thls description forms part of our auditor's report. Extent to whlth the audlt was consSdered capable of detectlng Irregularitles. IncludinB fraud Irregularitie5, including fraud, are instance5 of non-compliance with laws and regulations. We identlfied and assessed the iisks of material misstatement of the financial statements from irrègularities. whether due to fraud or error, and discussed these between our audit teaffl members. We then deslgned and performed audlt procedures responsive to those risk5, including obtaining audit evidence sufficient and appropriate to provlde a basis lor our opinion. We obtalned an understanding of the legal and règulatory frameworks within which the chaTltable ¢ompany and group operates, focusing on those laws and reBulation5 that have a direct effect on the delerminatlon of material amounts and disclosures in the rinancial statements. The laws and regulations we considered in this Context were the Companie5 Act 2006, the Charitie5 Act 2011, taxatlon legislation. together with the Charitle5 SORP IFRS 1021. We assessed the required cornpliance with these laws and regulations a5 part of our audit procedures on the related linèncial Statement Item5. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which mi8hl be fundamental to the charitable company's and the group's ability to operate or to avoid a materlal penalty. We also consldered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in thi5 context for thè UK operations were The Education (independent School standards) Regulations 2014, Data Protection Regulation IGDPRI, Health and safety leglslation and employment legislation. 26 CompanyNumber (X1110692 Charlly Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST SWITHUN'S SCHOOL IWINCHESTERI Independent Audltorfs Report to the Members of St 5￿thun,$ School Iwinchesterl Icontinuedl Extent to whlch the audlt wa5 ¢onsldered capable of detecting IrYt8ularltles, Includlng fraud Icontlnued) Auditing standards limit the requlred audit procedures to identify non-compliance with these laws and regulations to enqulry of the Trustees and other management and inspection of re8ulatory and legal correspondence, If any. We Identified the Ereatest risk ol material impact on the Ilnanclal statement5 from Irregularities, includlng fraud, to bè wlthln the timing ol recognition of donatlons income and other ancillary income. and the override of controls by managemenl. Our audlt proceduies to respond to these rlsks Included enquirie5 of management and the Standing Commlttee about thebr own identilicatiorb ènd assessment ol the rlsks of Srregularlties. sample testing on the posting ol journals, remewing accounting estimates for biases, reviewing regulatory correspondence with the Chèrlty Commission, Independent Schools Inspectorate, Ofsted and readlng minutes of meetings of those charged wlth governance. Owing to the Inherent Ilmltations of an audit, there is an unavoidable risk that we rnay not have detected some material misstatements In the financial statements. even though we have properly planned and performed our audit in accordance with auditing standards. Fo¥ example. the further removed non-compllance with laws and regulatSons lirregularltlesl is from thé events and transactions reflected in the financial statements, the less Ilkely the inherently Ilmlted procedures required by 3uditin8 standards would Identify It. In addltlon. as Wlth any audlt, there remained a higher risk of non-detection of liiegularlties, as these may involve collusion, forgery, Intentlonal omlsslons, misrepresentatlons, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance wlth all laws and regulation5. Use of our report This report 15 made solely to the charitable company's members, as a body, In accordance wlth Chapter 3 of Part 16 of the Companies Act 2CM16. Our audit work has been undertaken so that we rnight state to the charilable eompanls members those rn3tters we are required to state to them in an auditorfs report and for no other purpose. fo the fullest extent perrnitted by lèw, we do not accept or assume respon5iblllty to anyone other than the charitable company and the charitable company's members as a body, for our audlt work, for this report, oi for the opinions we have formed. Nicola May Senior Statutory Auditor For and on behalf ol Crowe U.K. LLP Statutory Auditor London Date 191h November 2021 27 Company Number 00110692 Chariiy Nurnber 307335 St Swithun's School (Winchester) (a company limited by guarantee) CON50LIDATED STATEMENT OF FINANCIAL ACTIVITIES lincoiporaiing an income and ÈXPEnditure accounrl forthe year ended 31July 2021 School Endowment Fund 2021 Restricted funds 2021 Total 2021 Total 2020 Note 2021 Intome and endowments from Donations Charitable actlvities School lees Ancillary trading income Trading turnover Investment income Other income 1,571,584 1,571,584 150.971 13,901,455 675.869 13,901,455 13.057,820 675,869 597,655 150,207 1,723 361,499 150,207 43,816 361,499 317,962 63,651 456,851 1,342 40,751 Total Incomlng Re50ur¢e$ 15,90,753 1.342 1,612,335 16,704.430 14,644,910 Expendliure on Charitable activities Raising funds Other- FSnance costs 4 14,793,136 83,351 183,069 2,000 205,209 15,000,345 83,351 183.069 14,626,725 127,864 120,045 Total Resources Expended 15,059,556 2,OCN) 205,209 15,266.765 14,874,634 Gains I Ilossesl on investments 19621 166,691 165,729 112,2081 NET INCOME FOR THE YEAR Transfer ot funds Pension scheme actuarial105se5 31,197 11,6201 1,573,817 1,603,394 1241,9321 1,088,476 11,088.4761 18 NET MOVEMENT IN FUNDS 1.119,673 11,6201 485,341 1,603,394 1241,9321 Balance brought lorward 29,135,797 72,325 1,686,928 30,895,L150 31,136.982 Balance carrSed forward 30,255,470 70,705 2,172,269 32,498,444 30,895,050 All of the school's activities relate to contlnuing operatlons. 28 Company N￿mber 00110692 Charity Nurnber307335 St Swithun's School (Winchester) (a company limited by guarantee) CONSOLIDATED BALANCE SHEET a5 at31July 2021 Note 2021 2020 Flxed asset5 Tangible assets Investment5 32,076,688 1,407,905 31.684,306 1,242,176 33,484,593 32,926,482 Current assets Debtors Cash at bank and in hand 499.148 6,070,938 382.777 5,425,727 6,570,086 5.808,504 Credltors.. amounts falling due withln one year 13,210,068) 13,171,317) Net current assets 3,360,018 2,637,187 Total assets less current liabllltle5 36,844,611 35,563,699 Creditors.. amounts falllng due afier more than one year io 14,346,167) 14,668,619) NET ASSET5 32,498,444 30,895,050 Unrestrlcted funds 12 30,255,470 29,135,797 Restricted funds li 2,172,269 1,686,928 Endowment fund li 70,705 72,325 TOTAL FUNDS 32,498,444 30,895,050 The surplus for the finanelal year dealt with In the flnancial statements of the parent company wa5 £1,514,45512020 Ios5 of £462,399]. The financial statements were approved and authorlsed for Issue by the Council on 11 November 2021 A Mcclure A-L Peters kJ) Member5 Qfthe Council The accompanylng accountSn8 policies and notes form an integral part of these financial statements. 29 tompany NumberlX)110692 Charity Nurnber307335 St Swithun's School (Winchester) (a company limited by guarantee) BALANCE SHEET as at31 July 2021 Note 2021 2020 Flxed assets Tangible assets Investments 31,376,908 1,407,906 30,983,251 1,242,177 32,784,814 32,225,428 Current assets Debtors Cash at bank and in hand 521,196 5,965,930 395,964 5,350,869 6,487,126 5,746,833 Creditors.. amounts falllng due wlthln one year 13,156.8671 13,138,130) Net current assets 3,330,259 2,608,703 Total assets less cuirenl liablllties 36,115,073 34,834,131 Creditors: amounts falllng due after more than one year io 14,346,167) 14,668,619) NET ASSETS 31.768,906 30,165,512 Unrestricted funds 29,525,932 28.406,259 Restricted funds li 2,172,269 1,686,928 Endowment fund li 70,705 72,325 TOTALFLINDS 31,768,906 30,165,512 The financlal statement5 were 3pproved and authorised for Issue by the C il on 11 Novembèr 2021 A Mcclure A-L Peters Members of the Councll The accompanying accounting pollcles and notès form an Integral part of these financial statements. 30 Company Number00110692 Charity Niimber 307335 St Swithun's School (Winchester) (a company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 July 2021 Note 2021 2020 Net cash Inflow from operatlons 14 2,417,352 718,326 Cash flows from Investlng actlvltles Purchase of tangible fixed assets Assets in the co¢Jrse of construction Purchase of fixed asset Investment Proceed5 from sale of current asset Investments Interest from investments 1187,1711 11,234.2971 1190,7871 1372.5321 43,816 63,651 Net cash used in Investing actlvilies 11,377,652) 1499,6681 Cash flows from finan¢lng actlvltles Repayments of borrowing New1oart flnance after restructure 1394,4891 1456,9831 170,526 Net cash provided by flnancing activities 1394,4891 1286,4571 Change In cash and cash equlvalents In thè reportlng peflod 645,211 167,7991 Cash and ¢ash equivalents at the beglnnlng of the perlod 5,425,727 5,493.526 Cash and cash equlvalents at the end of the r*portln8 perlod 6,070,938 5,425,727 31 company Number 00110692 Charliy Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) ACCOUNTING POLICIES for the year ended 31 July 2021 ACCOUNTING POLICIES PUBLIC BENEFIT ENTITY The School is a public benefit entity registered as a charity in England and Wales and a company limited by guarantee. It was incorporated on 08 july 1910 (company number 001106921 and reglstered a5 3 charity with the Charities CommF55ion charity number 307335. The financial statements have been prepared in a¢cordance with the Financial Reportln8 Standard applicable in the UK and Republic of Ireland IFRS1021, the Companies Act 2006 and the Statement of Recommended Piactice applicable to charities preparlng their accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 eflettive I january 2015. The functional currency of the School is con51dered to be GBP because that is the currency of the primary economic envlronment in which the school operates. The account5 ale drawn up on the historic cost ba515 of accountin& as modified by the revaluation of investments and pension GOING CONCERN The Council has considered several fattors when formln8 their concluston as to the use of the going concern basis for the preparation of these financial statement5 including a revlew of the updated forecasts to 31 July 2022 and a consideration of the key risks, includin8 the impact of Covid-19, that could negatively impact the school and workln8 Capltal reqyiiements. Council reviews all known major risks to the school and states the action beSng taken to alleviate them tsn a rolling annual basis. The key risks to which the school is subject are highlighted In the strategic report. In addition, the Covid-19 pandemic outbreak has been an evident risk that rnateriallsed during 2019/2LI and continued into this current year. The risk of further closure or partlal elD5ures, whether nationwide or due to a significant outbreak within the school cornmunity Is being actively managed with Council by a bespoke working group whl¢h has continued to meet throughout 2020121. Sustabning and increasing pupil numbers remains a key risk, which Is assessed on an ongoing basi5. The CovTd-19 pandemlc had a signiflcant Immediate Impatt on the school'5 operation5 and finèncial positlon and in line with government guidance the school closed on 20" March 2020 and remained closed throughout the 5vmmer term 2020. The School opened up for puplls to return to site where possible in September 2020 and then closing agaln fol 38 days during the sprin8 term 2021. On-site quarantine facilit1£5 were made available in late August and in all school holidays to facilitate the return of boarders. A full remote learning programme was provided duTlng closure to all pupils, and then blended learning wa5 provided throughout 2020121 lor those from the boarding community who were unable to return to the school site. In response to Covld-19 robust, prompt action was taken with an additional working capital reserve drawn from the Government-backed CBILS scheme, supporl for staff cost5 through the Coronavirus Job Retentlon Scheme, deferral of some capltal projects and the cancellation of otheis plus the establishment of a specific bursary fund for famllles who had incurred 518nificant Sudden hardship due to Covid. Fee levels lor the 2020121 school were frozen at 2019120 levels and a proportlonale rebate was given Sn summer 2021 to ¥ellect the 38 day closure. The school has mède a positive start to the school year with 697 pupils. This 15 seven above the budgeted roll set in July 2021. Fee income for the first term of the 21122 school year has been strong with an indication that payment of fees wlll be consistent with previous years. No additional bursaries as a result of covid-19 have been awarded as yet. At the yeaf-end, the school had surplu5 free reseTve5 Qf £2.74M. Thts comprises £5.24M unreslricted cash plu5 £486K working capital less net creditors of £2.98M. As noted above a further £2M ol working capital reserve by way of a bank facility was provided in August 2020 under the CBILS scheme. However, this was not required to be used, and was repaid to the Bank in lull with no Interest or penalties in June 2021. 32 Company Number(X)110692 Charity Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) ACCOUNTING POLICIES for the year ended 31 July 2021 GOING CONCERN Icontlnuedl Councll reviews the School's financial plans on a termly basls by monitoring Income and expendlture agalnst forecasts withln the context ol the annual budget and a rolllng 10 year financial plan. Cash flows are also closely reviewed, particularly In the light of the School's borrowin8 commitments and repayment requirements. Financlal sensitivity analysls Is Incorporared Snto Counckl information, centred on key assumptlons Iroll, fees. and stall c05tsl. The school's strategic development plan remains dynamic and wlll be further reviewed once the impact of the ongoing Covld-19 pandemic is known. It is ntst anticipated that this wlll change the underpinnlng airns, vision or eth05 of the school. Having regard to all the above, the Governors have a reasonable expectation that the School has adequate resources to continue ts activities for the foreseeable future and consider that there are no materbal uncertainties over the school's financial viabillty. Accordlngly. they continue to adopt the going toncern basis in preparing the financial statements as outlined In the Statement of Members Responslbilities on page 24. GROUP ACCOUNTS These financial statements consolidate the results of the charity and its wholly-owned subsidlary St Swlthun's School Letting Company Limited (company number 019314721 on a line by line basis. No separate SOFA has been presented for the Charlty alone, as permitted by Section 408 01 the Companles Act 2006. The charity has taken advantage of the exemptlon available to a qualifying entity in FRS102 from the requirement to present a charity only Cash Flow Statement wlth the con501idated financial statements. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the applicatlon of the accounting policles, Trustees are required to make Judgement, estlmates and assumptlons about the ¢arrylng value of assets and Ilabilities that are not readily apparent from other sources. The estimates and underlying assumptlons are based on historical experlence and other factors that are consldered to be relevant. Actual result5 may differ from these estlrnates. The estimates and underlylng assumpti(Trns are reviewed on an ongoing basi5. Revlslons to accountlng estlmate5 are recognlsed in the period in which the estimate is revised If the revision allect5 only that period, or in the period of the rewsion and future periods if the revislon affected current and future perloiss. The key estimates and judgements which impact the financial statement5 are,. A55vmptlons adopted by management and use bv the actuary to calculate the pension Ilability, and assessments of remalnlng useful life and Impairment5 of assets, and assessment of the bad debt provlsion. In the vlew of the trustees, no assurnptions concernlng the future or estlmatlon uncertainty affecting assets or liabilltles at the balance sheet date are likely to result in a material adjustment to thelr carrying value In the next flnancial year. The following accountlng pollcies have been applied conslstently in dealing wlth items which are considered materlal In relation of the school's financial statements. FEES RECEIVABLE ANO SIMILAR INCOME Fees re¢elvable and charges for services and use of the premises, less any scholarships, bursaries or other dSscout)ts granted by the school against those lees, but Including contributlons received from restricted funds, are accounted for in the period in which the service 15 provided, DONATIONSAND GRANTS Donations and other voluntary Incomlng resources recelved whlch are subject to specific wishes of the donors are carrled to relevant restricted funds. as and when entitlement arises which can be reliably quantifled and beneflt is probable. 33 Company NumberlK)110692 Cb3riry Nvmber 307335 St Swithun's School (Winchester) (a company limited by guarantee) ACCOUNTING POLICIES for the year ended 31 July 2021 EXPENDITURE Expenditure is accrued as soon as a Ilabi1Sty 15 considered probable, discounted to present value for longer-term liabilitie5. Expenditure is allocated to expense headln85 either on a direct cost basis, or apportioned on a consistent basi5. The irrecoverable element of VAT Is included with the item of expense to which it relates. Governance cost5 comprise the costs of running the charlty, including strategic planning foi its future development, 3150 external audit, any legal advice for ihe Council and all costs of complying with constitutional and statutory requirements. FIXED ASSETS Fixed a55ets are Included in these financial statements at their origlnal cost less depreciatlon. All items costing in exce55 of £i,oorJ are capitalised and depreclated according to the policy below. This is an Uplift from the previous policy of £500, althoLtgh key individual items which fall under the higher Cost may still be capitalised. All fiyed assets are used in dlrect furtherance of the school's objectives. DEPRECIATION Depreciatlon is provlded on all tangible IiKed assets with the exception of land at lates calculated to write off the Costs less estimated residual value on each 355et, by equal annual in5talments, over thelr expected useful lives which are considered to be.. Freehold land Freehold buildlngs Furniture, fittings and equipment A$5ets in the ¢QUTse of construction 50 years 4-5 years PENSIONS Retirement benefits to employees of the School are provided through three penslon schemes. two delined benefit and one defined contribution. The pension costs chaT8ed in the Slalement of FSnancial Activltle5 are determined as follows.. Teachers are enrolled in the Tea¢her< Pension Scheme, which a multi-èmployer penslon scheme. It is not Possible to identily the school's share of the underlying assets and liabilities of the Teachers, Pension Scheme on a consistent and reasonable basis and therefore, as required by FRS102, accounts for the scheme a5 if it were a defined contribution scheme. The school'5 contributions, whSch are in accordante with the recommendations of the Government Actuary, are charged in the period in which the salaries to whlch they relate are payable. Non-teachSn8 members of staff appointed before 31 December 2000 were offeTed membership of a defined benefit schemè. The assets of thi5 scheme are held separately from those of the school, being invested with in5uiante companles. The pension costs for that scheme represent the contribution due by the school based on the char8È5 calculated by the Scheme's actuarle5, $0 as to ensure that the regular penslon costs represents a substantially level percentage of the current and expècted future pensionable payroll. The scheme closed to future accrual on 31 March 2007. Remaining staff are now delerred members of the scheme and full member5 of the definèd contributSon scheme. The definecl benefit5 scheme is being accounted for undei FRS102. with any annually calculated notional deficit on the funding of the scheme shown in the accounts as a pension reserve, which is deducted from Unrestricted Funds in the balance sheet. Anv notional surplus is not recognised, but carried at £nil value. The Council believes thai the scheme currently meets statutory funding requirement5. The Council note that the calculated notional surplus or deficit calculated under FRS102 can vary greatly from year to year dependin8 On the assumptions made at the year end. Full details are contained in noie 18. The defined contributlon gcheme is a group personal pension plan with Legal & General. Employerfs pensions costs are charged in the period in which the salaries to which they Telate are payable. 34 Company NumbeT00110692 Chartiy N￿mber307335 St Swithun's School (Winchester) (a company limited by guarantee) ACCOUNTING POLICIES for the year ended 3 1 July 2021 COMPOSITION FEES Amounts recelved under the school's Compositlon Fees contracts for educatlon not yet utlllsed ro settle school fees are recorded as deferred Income and allocated as current liabilities where the education wlll be provided within 12 months from the reportin8 date and as long-term liabllitie5 where the education will be provided in 5ub5equent years. DEPOSITS The Governors have revlewed the contract terms under whlch Pupil fee deposlts are held by the school. Although under normal circumstances these will be repaid over future years when the pupils complete thelr education at the school, pupils can seave at earlier dates. The school does not therefore have an unconditional rlght to retain the individual deposits for at least 12 months after the balance sheet date and, in line with the requirements in FRS 102. the balance of the deposits held at 31 July 2019 and at 2018 have been included within Current liabilities. INVESTMENTS AND INVESTMENT INCOME Long term investments are classified as flxed assets. Short term investments are classified a5 current assets. Investment5 listed on a reco8nised stock exchan8e are valued at the lower of cost and mid-market value at the balance Sheet date. A surplus or deficit on revaluation is taken to the Statement of Financlal Activities. Unlisted Investments are stated at cost. UK Government gilt5 are classified as either Ilxed or current assets depending on when they are due to mature. Provision is made for any impairment In the value of flxed asset Snve5tments. Investments in Subsidiaries are valued at cost less provislon for Impaliment. Investment income from bank balances and fixed interest securities is accounted for on an accruals basis. FUN05 Unrestricted funds are incoming resOur￿S receivable tsr generated for the oblects of the charity wlthoui further specified purposes and are available as general funds. Restricted funds are funds subject to specific condltlons irnp05ed by donors. The purpose and use of the restricted funds are sel out in the notes to the financial statements. Amounts unspent at the year-end are carried forward in the balance sheet. DetalSs of these funds are set out in note 11. OPERATING LEASES Rentals under operating leases are charged on a 5tral8ht-line basis tsver the lease term, even if the payments are not made on such a basis. Beneflts received and recelvable as an Incentive to si8n an operating lease are Similarly spread on a straight-line basls over the lease term. FINANCIAL INSTRUMENTS Baslc financial instruments are Inltlally recognlseé at transaction value and subsequently measured at amortised wlth the exception of investments, which are held at fair value. Flnanclal assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specillc provision is made for debt5 for whlth recoverabllity is In doubt. Cash at bank and in hand is deflned as all cash held in instant access bank accounts and used as working capital. Financlal Ilabilitles held at amortised cost comprise all creditors except social security and other taxes and provisions. Assets and liabllllies held in foreign currency are translated to GBP at the balance sheet date al an approprlate year-end exchange rate. In accordance with FRSIO2, financial Instruments now exclude fees in advance, as they are settled by provlsion of education, not monetary consideration. Net linèncial assets measured at fair value lor the year-end amounted to £1470,905 in Investment5 12020 £1,242,176). 35 Cornpany NuMber00110692 Chariiy Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2021 SCHOOL EARNINGS The School fees earnings comprised 2021 2020 Gross fees Scholarshlps Bursaries Staff and sibllng dlscount 15,600,317 1296,7271 11,310,7931 1234,2241 14,552,404 1282,5661 11,133,383) 1188,4631 13,758,573 12,947,992 Add back bursarie5 funded by Bramston Bursary Appeal 142.882 109,828 13,901,45S 13,057,820 Bursaries, scholarships and other awards were paid to 133 pupil$12020.' 1411. Within thls means lested bursarles were paid to 58 pupils12020'. 63 pupSlsl. TRADING SUBSIDIARY The school holds ihe only share In one tiading company, St Swithun'5 School Letting Company Llmited which uti115ÈS school asset5 for tradinB purposes. SummarSsed tradlng results for the year ended 31 July 2021 are as below. Two members from the Councll have been appointed as directors of the subsidiarv. 2021 2020 Income From the school External tTading income Investment income 23,520 150,207 23,520 317,962 260 173,734 341,742 Expenditure To the school Other costs 5,672 79,123 12.137 109,138 84.795 121,275 Profit before tax 88,939 220,467 The Chairman, the Treasurer and the Bursar have receNed no rerntjneration, dividend or any other form of reward or benefit from the trading subsidiary. The trading subsidiary make5 an annual distribution of its taxable proflts lo the school. 36 CompanyNumberOQ110692 Charity Number 307335 St Swithun's School (Winchester) {a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 3 1 July 2021 lal ANCILLIARY TRAOING INCOME 2021 2020 Extra subjeets, trip5 and travel Registration lee5 and deposits forfeit Sundyy Income 535,409 101,311 39,149 458,777 68,135 70,743 67S,869 597,655 Ibl OTHER INCOME 2021 2020 Coronavlrus lob RetentSon Scheme recoverv Grant Incorne 318,599 42,900 456.851 ANALYSIS OF EXPENOITLIRE lal Total expendlture Staff costs other costs 2021 Depreciation Total 2020 Total Raising funds Financing costs 45,213 36,863 183,069 1,275 83,351 183,069 127,864 120,04S 45,213 219,932 1.275 266,420 247,909 Charltable actlvltles Teachlng costs Welfare costs Premlses ¢OSiS Support Costs and governance 7,245,754 1,187,144 663,514 1,623,843 1,149,764 400,177 1,279,474 422,864 195,386 8,590,904 1,587,321 832,425 2.775,413 2.046,707 8,791,290 1,408,758 2,778.171 1,648,506 10,720.255 3,252,279 1,027.811 15,000,345 14,626,725 10,765,468 3,472,211 1,029,086 15.266,765 14,874,634 Ibl Governance costs of the Charlty Sncluded In support costs 2021 2020 Remuneration paid to current auditor lor external audit services Costs of ISI Inspection Reimbursement of personal expenses to Governors- travel 24,785 6,619 290 24,025 10,041 1,360 31,694 35,426 37 Company Number 00110692 Charity Number 307335 St Swithun's School (Winchester) {a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2021 ANALYSIS OF EXPENDITURE (continued) No members of Councll received any rèmune¥ation 01 other benefit5 from the school or from any connected bodv. One mernber of the Council iecelved ieimbursement of expenses connected with attendin8 Council meetin8s and training. The total reimbursed for the year was £29012020.. Two member5 01 the Council received a total of El,0571. The school provldes Ilability insurance to the Members ol the Council as part ol ihe school's insurance policy. Icl Net incoming resource5 are stated after charglng.. 2021 2020 Audit fees Non-audit fees Direct taxation service5 Operatin8 lease charges Depreciation 32,780 1.230 1,025 59,767 1.029,086 31,336 1,260 1.695 49,796 1.066,696 All fees lor audit sèrvices In 2021 and 2020 are payable to Crowe U.K. LLP and are stated Inclusive of non-recoverable VAT. STAFF COSTS 2021 2020 Salaries and wages Social security costs Pension Costs and superannuation 7,858,344 759.796 1,507,070 7.636,713 750,639 1,445,991 10,125,210 9,833,343 Other staff related costs External contractors 118,688 521,570 132,813 448,548 10,765,468 10,414,704 Aggregate employee- benefits of key Tnana8ement personnel The benefits figure Includes the cost ol employer national insurance. Duiin8 the year there were four termination payrnents made totalling £110,329..12020.' £nill. There was £70,329 outstandbng at the ypar-end12020'. £nill. 1,129,713 1,146,601 Thè average number of employees of the group during the year was as follows.. 38 Company Number00110692 Chariiy Number307335 St Swithun's School (Winchester) {a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2021 STAFF COSTS (continued? 2021 Number 2021 FTE 2020 Number 2020 FTE Teaching staff Support staff 196 132 120 81 196 130 122 81 328 201 326 203 Catering staff number5 are not Included in the above calculatlons as they are not direct employees of the school. The number of employees whose gross emoluments exceeded £60.000 was.. 2021 2020 £60,(X)1 - £70,000 £70,001 - £80,000 £80,001- £90,(X)o £150,001- £160,000 During the year contributions were made to Teachers, Pensions deflned benefit scheme on behalf of five higher pald employees12020.. five employees) and to a defined contributlon group personal penslon scheme for two higher paid employees12020'. two èmployees). TANGIBLE FIXED ASSETS Freehold land and bulldings Assets In the course of constructlon Furniture flttSngs and equlpment Total THE GROUP Cost Af i Au8U5t 2020 Additlons rransfers Fixed assets written off 41,413,632 295,459 1,234,297 1407.6301 3.039,918 187,171 44,749,009 1,421,468 407,630 1190,6651 1190,6651 At 31 July 2021 41,821,262 1,122,126 3,036,424 45,979,812 Depreclztlon At l August 2020 Provided in the year Fixed assets written off 10,321,059 832,42S 2,743,644 196,661 1190,6651 13,064.703 1,029,086 1190,6651 At 31 july 2021 11.153,484 2,749,640 13,903,124 Net book amount at 31 July 2021 30,667,778 1.122,126 286,784 32,076,688 Net book amount at 31 july 2020 31,092,573 295,459 296,274 31,684,306 The freehold land and buildings are insured by the school to the value of £57.0M. 39 Company Number00110692 Charlty Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTE5 TO THE FINANCIAL STATEMENTS for the year ended 31 July 2021 TANGIBLE FIXED ASSETS Iconlinuedl Freehold land and buildings Assets in the course of con5tructSon Furnitu¥e fittings and eouipment Total THE COMPANY Cost At I AuBUSt 2020 Additions Transfers Fixed assets written off 40,214,510 295,459 1,234,297 1407,6301 2,917,890 187.171 43,427,859 1,421,468 407.630 1190,6651 1190.6651 At 31 July 2021 40,622,140 1,122,126 2.914,396 44,658,662 Depie¢latlon At l August 2020 Provlded in the year Fixed assets written off 9,820,442 832,425 2,624,166 195.386 1190,6651 12,444,608 1,027,811 1190,6651 At 31 July 2021 10,652.867 2,628,887 13,281.754 Nel book amount at 31 July 2021 29,969,273 1,122,126 285,509 31,376,908 Net book amount at 31 July 2020 30.394.068 295,459 293,724 30.983.251 FIXED ASSET INVESTMENTS The Group 2020 The Company 2020 2021 2021 Market value as at l Au8USt 2020 Additions Transfer to current a55et investments Increase / Idecreasel in value ol investments 1.242,176 1,254,384 1,242.177 1,254,385 165,729 112.2081 165,729 112,2081 Market value as at 31 July 2021 1.407,905 1.242,176 1,407,906 1.242,177 As represented bv.. Listed investments IUKI Unlisted investments 1,407,905 1,242,176 1.407,905 1,242,176 1,407,90S 1,242,176 1,407.906 1,242,177 40 Company Number 00110692 ChBrlty NumbEr307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2021 FIXED ASSET INVESTMENTS Icontlnuedl At 31 July 2021 the cornpany held 100% of the allotted share capital of St Swithun's School Letting Company Limited incorporated England and Wales (company number 0193147; registered office Alreslord Road, Winchester S021 IHAI, which Is Involved In the lettin8 of facilities. The assets and Ilabllltle5 of St Swithun'5 Sehool Letting Company Limlted are.. 2021 2020 Tangible flxed assets Current assets 1,275 127,486 2,550 83,074 128,761 197,7261 85,624 CrEdltors'. amounts fallin8 due wlthin one year 154,5891 31,035 31,035 Represented by.. Share capital Profit and loss account Capltal redemptlon reserve 31,033 31,033 31,035 31,035 Detalls of St Swithun's School Letting Company Llmlted's proflt and105$ aecount are given in note 2. 41 Company Number(X)110692 Charity Number 30733S St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS fortheyear ended 31July 2021 DEBTORS The Group 2020 The Company 2020 2021 Amounts fallin8 due within one year.. Fee debtor5 Prepayrnent5 and accrued income AmourTrts owed by group undertaking 2021 27,837 471,311 35,509 347,268 27,837 448,833 44,526 35,509 342,496 17,959 499,148 382.777 521,196 395,964 CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR The Group 2020 The Company 2020 2021 2021 Bank loan 332,833 Social security and other taxes 218,170 Other creditors and accrua15 668,768 Pupil fee deposits 665.356 Deferred income Ifees in advance and ¢omposltlonl 1.324,941 Amount5 due to Èrgup undertakings 332,833 204,211 635.732 549.751 1,448,790 332,833 204,223 629,514 665,356 1,324,941 332,833 201,213 605.543 549,751 1,448,790 3,210,068 3,171,317 3,156,867 3,138,130 As required by FRS102 all pupll deposlts are shown as due wlthin one year. CREDITORS.. AMOUNT5 FALLING DUE AFTER MORE THAN ONE YEAR io lal Analysis of ciedltor The Group 2020 The Company 2020 2021 2021 Bank loans Deferred Income (composition fee51 4,238,930 107,237 4,493,25 175,369 4,238,930 107,237 4,493,250 175.369 4,346,167 4,668,619 4,346,167 4,668,619 7he bank loans are secured on the freehold property of the school. 42 Company Number(K)110691 Chaiity Mumber 307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2021 io CREDITORS.. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Icontlnuedl Ibl BANK LOANS The Group 2020 The Company 2020 2021 2021 Due within one year Amounts falling due wlthin I year-note 9 332,833 332,833 332,833 332,833 Due between 2 and 5 year5 Due alter more than 5 years 1.331,333 2.907,597 1,331,333 3,161,917 1,331,333 2,907,597 1.331,333 3,161.917 Amounts falllng due after l year- note 9 4,238,930 4,493.250 4,238,930 4,493.250 4,S71,763 4,826,083 4,571,763 4,826,083 In September 2019 the school consolidated a term loan and property moroage Into a single term loan of £4,992,495, with repayment terms of 2.19% over Base Rate over 15 year. The Group 2020 The Company 2020 2021 2021 Icl COMPOSITION FEES PAYABLE Oue wlthin onè year IAmounts falllng due wSthln I year) 68,133 94,888 68,133 94,888 Due between 2 and S years Due alter more than 5 years 107,237 175,369 107,237 175.369 Amounts falling due after more than l year note 9 107,237 175,369 107,237 175,369 175.370 270.257 175,370 270,257 43 Company Number(K1110692 Charfty Number 307335 St Swithun's School (Winchester} (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2021 li RESTRICTED FUNDS THE GROUP AND THE COMPANY General Purpose Building Waller Fund & Yonge Fund Appea15 Total At l August 2020 Income Expenditure Gain on revaluation Transfer to Unrestrlcted 1.473,003 594.838 1177,9651 161,492 80,884 12,837 126,5931 85,000 1.003,476 48,041 1.183 16501 5,199 1,686,928 1,612,334 1205,2081 166.691 11,088,476) 11,088,476) At 31 July 2021 2,051.368 67,128 53,773 2,172.269 The Appea15 fund holds specific fund5 held to provide bursaries in accordance with donor wishes. The total in¢ludes the Bramston fund which holds investments, the Interest from which Is used to fund hardship bursailes,. the Bram5ton 8ursary Foundation IBBFI the sole focus of which Is to provide full bursarie5 lor 8lrls in care. oi who may be on the ed8e of care, and legacies provided wlth specific conditSons attached. The building fund held the donatlons fTom a wldower of a St Swithun's Old Girl to fund an academSc enrichment building on the school site. The building Is scheduled for ¢ornpletion in September 2021. The General Purpose fund provide5 annual speech day prizes and contains donations earmarked by donors, voluntary charity collections by the staff and pupi15 and the PTA fund5. The Charlotte M Yonge prize for £100 is awarded for three years tg assist former puplls in the purchase of books. The Waller Fund provides prizes annually of £100 and £50 re5pe¢tlvely to the Head and Deputy Head glr15 for the year. It also funds the Mowbray priie for £IDO which Is awarded for three years to a5S1St former pupi15 In the purchase of books. This scholarship is awarded for excellent academic achievements whilst at the school. The level of these awards were reviewed in Septernber 2018. 44 Company Number 00110692 Charlly Number307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS fortheyearended 31 July 2021 li RESTRICTED FUNDS Icontlnuedl ENDOWMENT FUND THE GROUPAND THE COMPANY Li￿¥ Scholarshlp Total At l August 2020 Income Expenditure Loss on revaluatlon of Investment 72,325 1,342 12,0001 19621 72,325 1,342 12,0001 19621 At 31 July 2021 70,705 70,705 The DF Jenny Livy Scholarship Fund was created and generously supported by the parents of a former pupil to recognise Dr lenny Livy's tontribution to St Swlthun's School. A Dr lenny Livy S¢holarshlp Is awarded to a mernber of the L6 at the start of the academic year to a glrl who shows acèdemlc promise, intellectual curioslty, a unique independence of mind and who partlcipates in the wider life of the school community. The award wi11 be made to a glrl who was In U5 In the prevlou5 academlc year. The headmlstress is responsible lor awarding this scholarship. The level of thi5 award is Currently E2,000. Thls figure will be revlewed every 5 years Inext Sept 20241 and Increased bv an agreed amount in line with fee levels. In any year if there is no suitable scholarship candidate, or the fund's Income exceeds expenditure, then the amount is to be reinvested into the endowed fund. The funds for thls s¢holarshlp are endowed In a separate fund clearly defined. Funds are currently invested in M & G Charibond. Ongoing investment decisions wlll be made In accordance wlth the school'5 investment poltcy. 12 DESIGNATED FUNDS THE GROUP AND THE COMPANY Penslon Scheme Provlslon TOTAL DESIGNATED FUNDS TOTAL General UNRESTRICTEO funds FUNOS At l August 2020 Surplus for the year Transfer to designated funds 422,000 422,th)0 28,713,797 1,119,673 29.135,797 1,119,673 At 31 July 2021 422,000 422,000 29,833,470 30,255,470 The school has establlshed a designated fund to meet future ¢ontrlbutlons to the support staff final salary pension scheme as required. Detalls of the scheme are contained in note 19. 45 Company Number00110692 Charity Number 30733S St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2021 13 ANALYSIS OF NET A￿ET5 BETWEEN FUNDS THE GROUP Fund balances at 31 july 2021 Unrestricted Endowment Restricted Total Tangible fixed assets Investrnen15 Current assets Current liabilitles Long term liabilities 32.076,688 32.076,688 1,407,905 6,570.086 13,210.0681 14,346,167) 55,461 15,244 1.352,444 819,825 5,735.017 13,210,068) 14,346.1671 30,255,470 70,705 2,172.2S9 32.498,444 THE COMPANY Fund balances at 31 July 2021 Unrestricted Endowment Restricted Total Tangible flxed a55ets Investment5 Current assets Current liabi1Stles Long term liabllities 31,376,908 31,376,908 1,407,906 6,487.126 13,156,867) 14,346,167 55.461 15,244 1,352,444 819,825 5,652,057 13,156,867> 14,346,167) 29,525,932 70,705 2,172,269 31,768,906 14 lal RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITES 2021 2020 Net incoming resources Ipage 311 Elimination of non-operating cash flows (Gains) / losses on investments Investment income Finance cost5 less grant income Depreciation chafge Ilncreasel / de¢re3se in debtors Decrease in creditois excluding bank loans Defined benelit pension scheme adjustmenis 1,603.394 1241,9321 1165,7291 143,8161 140.169 1,029,086 1116,3711 129,3811 12,208 163,6511 120,045 1,066.696 241,730 1416,7701 Net cash inflow from operations 2,460,252 718,326 46 Company NumberOOII(hS92 Chailty14umber 307335 St Swithun's School {Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 202 1 14 Ibl ANALYSIS OF CASH ANO ASH EQUIVALENTS 2021 2020 Cash at bank- unrestricted Deposits- unrestrlcted Cash at bank- restrlcted DeposifS- restricted 4,495.876 739,993 725,843 109,226 3.982,010 926,638 407.288 109,791 6,070,938 5,425,727 Is CAPITAL COMMITMENTS At 31 july 2021 the Group had capital commltments of £80.50212020- £nill. All outstandlng sums in¢luding retentions on capital contracts have been accrued in liabillties as at 31 July 2021. 16 CONTINGENT LIABIIITIES There were no ¢ontlngent liabi11ties at 31 July 2021 or at 31 July 2020. 17 TAXATION St. Swlthun's School Iwinchesterl is a registered charity (number 3073351 and Is potentially exempt from taxatlon of income and gains falling wlthin sections 466 to 493 of the Corporatlon Tax Act 2010 and section 521 to 536 01 the Income Tam Act 2007. 18 PENSION SCHEMES TEACHING STAFF - reachers, penslon scheme The School participates in the Teachers, Penslon Scheme I'the TPS") for its teachln8 staff. The pension charge for the year Includes contributlons payable to the TPS of £1,126,98512020 £1,075,5931 and at the year-end £nil12020.. £nill was accrued in respect of contrlbutions to thls scheme. The TPS Is an unfunded multi-employer deflned benefbts penslon scherne governed byThe Teachers, Pensions Regulations 2010 las amended) and The Teachers. Pension Seheme Regulatlons 2014 las amended). Members contribute on a 'pay s you go" basis wlth coniributlons from memberg and the employer belng credited to the Exchequer. Retirernent and other pension benefits are paid by publle funds provided by Parliament. The Èmployer contrlbtjtlon Tate is set by the Secretary of State followSng scheme valuations undertaken by the Government Actuary's Department. The most recent acluarial valuation of the TPS wa5 prepared a5 at 31 March 2016 and the VaSuation Report, whlch was publlshed In March 2019, confirmed that the employer tontributlon rate for the TPS would incre35e from 16.4% to 23.6%from I September 2019. Employers are also required to pay a scheme admlnistration levy of 0.08% givinB a total ernployer contrlbution rate of 23.68%. The 31 March 2016 Valuation Report was prepared in accordance with the benefits Set out In the scheme regulations and under the approach specified in the Directions, as they applled at S Marth 2019. However, the assumption5 were considered and set by the Department for Educatlon prior to rhe rullng In the 'McCloudlSaigeant case,. This case has requlred the courts to consider cases regarding the implementation of the 2015 reforms to Public Servlce Pensions intluding the Teachers, Penslons. 47 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 202 1 18 PENSION SCHEMES Icontinuedl TEACHING STAFF- Teacher5, penslon scheme On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal's judgment that transitional provislons introduced to ihe reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respectin8 the Court'5 decision and has said it will engage fully with the Employment Tribunal as wèll as employer and member representatlves to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends to Proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefSts in respect of their servlce during the period between l April 2015 and 31 March 2022 at the point they become payable. The TPS Is subject to a cost cap mechanism which was put in place to protect taxpayers agalnst unforeseen change5 in scheme costs. The Chief Secretary to the Treasury, havin8 in 2018 announced that there would be a review of this cost cap mechanism, in January 2019 announced a pause to the cost cap mechanlsm following the Court of Appeal's ruling in the McCloud/Sargeant case and until theie is certainty about the value ol pensions to employee5 from April 2015 onwards. The pause was lifted in July 2020, and a consultation wa5 launched on 24 June on proposed changes to the c05t control mechanism following a review by the Government Actuary. The consultation closed to response on 19 August 2021 and the Government is currently analysing the response5. In view of the above ruling5 and declsions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this scenario, a valuation prepared irb accordance with revised benefits and suitably revised assumptions would yield dlfferent results than those contained in the Actuarial Valuation. Until the cost cap rnechanlsm review is completed It is not Possible to conclude on any financial impact or future changes to the contribution rates of the TPS. Accordingly no provision for any additional past benefit pension costs is included in these financial statements. NON-TEACHING STAFF- Defined contributlon s¢heme The school operates a defined contribution. stakeholder compatible, group personal pension lor all non-teaching employees. The employer pay5 an age-related contributlon of 7 - 14%, provided that the employee pay5 a mlnimum contribution of 3%. The pens￿On charge for the year was £380,08512020.' £324.1021. The employer operates a defined benefit scherne in the UK. This 55 a separate trustee administered fund holding the pension scheme assets to meet the lone term pension Ilabilities. A full actuarial valuation was carried out as at 01 january 2018 and updated to 31 July 3021 by a qualified actuary, independent of the scheme's sponsoring employer. The malor a5sumption5 used by the actuary are shown below. Thi5 more recènt finalised a¢luarial valuation, which was produced as at 01 January 2018. showed that the scheme's a55ets equalled the scheme'5 technical provisions iesultin8 in a funding level of 100%. In addition and in accordance with this actuarial valuation, the employer has agreed with the trustees that it will meet expenses ol the schemè and levies to the Pension Protectlon Fund. As there wa5 no shortfall at the valuation date, no contributions are payable in respect of the technical provislons. Since August 2016 a designated fund has been established by the School to meet future contrlbutions as required. As at 31 july 2021 the balance stand5 at £422,￿0. The FRS102 cèlculation by the actuary calculates a scheme surplus of £666K 12020.. £796KI. However In accordance with paragraph 28.22 of FRS102 the net pension asset has been restricted to the value of the scheme's future pension c05t less future employee contributions. The net pension asset therefore become5 £nil. For 2021 and 2020 there are no actuarial movement5 that require recognition in the SOFA. The pension charge for the year was £40,487 for admin charges and trustee and independent advice12020.' £43,664). 48 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2021 18 PENSION SCHEMES l¢ontlnuedl PENSION SCHEME DISCLOSURES lal Present values of defined beneftt obllgation, lair value of assets and deflned benefit asset Iliabllitvl The assets, funded obllgatlons and notional surplus in the scheme as at 31 july 2021, 31 July 2020 and 31 July 2019 were as follows.. 2020 2019 2021 Market Value £'ooo 2021 2020 Market Value £'ooo 2019 Market Value £'ooo Proportion Proportion Proportion Equltles Index Ilnked gilts Cash Insured pensions Buyout aware funds 581 34 1,116 2,710 13% 590 13% 498 io 1,245 2,538 12% 25% 61% 1,206 2,836 26% 61% 29% 59% Fair value of plan assets Value of funded obllgations 4,441 13,7751 4,640 13,8441 4,291 13,6401 Surplus Scheme surplus restriction 666 16661 796 17961 651 16511 Surplu5 recoBnlsed balance sheet in None of the fair value5 of the assets shown above in¢lude any dlrect Investments In the employer's own financTral instrurnents or any property occupied by, or other assets used by the employer. Ibl Reconciliation of opening and closlng balances of the defined benefit obll8ation Year to 31 july 2021 £'ooo Year to 31 July 2020 £'ooo Opening defined benefit obllgation Current servlce cost Interest cost Actuarial losses Igalnsl Past servlce c05t Settlements o¥ curtailments 8enelits pald 3,844 3,640 56 30 75 263 11551 11341 ClosSng defined benefit obli8atitsn 3,775 3,844 The English High Court rullng In Lloyds Banking Grotip Penslon Trustee5 limlted vs Lloyd5 Bank plc and others was published on 26 October 2018, and held that UK pension schemes with Guaranteed Minimum Penslons IGMPS) accrued from 17 May 1990 must equallse lor the different effects of these GMPS between men and women. The case alsts Bave some guidance on related matters, Including the methods lor equalisation. The scheme wa5 not contracted out and so Is unaffected by this leglslatlon. 49 St Swithun's School (Winchester) (a company limited by guarantee) NOTE5 TO THE FINANCIAL STATEMENTS for the year ended 31 July 202 1 18 PENSION SCHEMES Icontinuedl Icl ReconcS1iation of openlng and ¢losing balances of the falr value of plan assets Year to 31 july 2021 Year to 31 July 2020 £'ooo Openlng fair value of plan asset5 Interest Income Actuarial gains I IIOs5e51 Contributions Benefits paid 4,640 68 11121 4,291 89 394 11551 11341 Uosing fair value of plan assets 4,441 4,640 The actual return on the plan assets over the year to 31 July 2021 was1£44,000112020.' £483,000). Idl Defined benefit Costs recognised in profit and loss Year to 31 July 2021 £'ooo Year to 31 July 2020 £'ooo Current Service cost Net interest cost Expenses Losses / Igainsl on settlements or curtailmÈnt5 Losses / Igainsl due to benelit changes Defined benefit costs recognlsed in profit and loss account lel Analysis ol the actuarial gains/ Ilosse51 recognised In OCI Actuarial gains or losses are recogni5ed immediately via Other Comprehenslve Income (OCII. The amounts fow the year are.. Year to 31July2021 £'ootr Year to 31 July 2020 £'ooo Return on plan assets (excluding amounts included in net interest COStl gain / Ilossl Experience losse5 arising on plan liabS1ities Effect of chBnge5 in the demographic and finèncial assumptbons underlying the present value of liabilities Effecl of changes in the amount of surplus that is not recoverable (excluding amounts Included in net Interest) 11121 394 44 1741 14 12771 142 11311 Actuarial Ilossllgaln reco8nised In statement of fSnancial activities 50 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 3 1 July 2021 18 PENSION SCHEMES Icontinuedl PENSION SCHEME ASSUMPTIONS The Ilfe expectancy Is based upon mortallty assumptlons. Assuming retirement at age 65, the life empectancy in years Is s follows:_ 31 July 2021 31 July 2020 31 July 2019 For a male aged 65 now At 65 lor a male member aged 45 now For a female èged 65 now At 65 lor a female member aged 45 now 2S.5 27.4 27.4 29.0 25.5 27.3 27.3 29.0 26.7 29.0 28.5 30.4 31 July 2021 31 July 2020 31 July 2019 Discount rate Inflation as5UrnPtlon IRPII Inflation assumption ICPII Allowance for revaluation of deferred pensions of CPI or 5% p.a. If less Allowance for penslon in payment increases of RPI or S% p.a. If le55 Allowance for pension in payment Increases of RPI or 5% p.a. if less. minimum 3% p. 1.6% 3.5% 2.9% 2.9% 1.5% 3.2% 2.2% 2.2% 2.1% 3.5% 2.5% 2.5% 3.3% 3.1% 3.3% 3.8% 3.7% 3.8% No allowance has been made for the commutatlon of pensions for cash at retirement. The best estimate of contributlons to be paid by the employer to the scheme for the year commenclng 01 August 2021is Enil. 19 RELATED PARTY TRANSACTIONS In 2021 the School charged £5,67212020.' £12,137) to its wholly owned subsidlary St. Swithun's School Letting Company Limited for use of the school's facllities. In 2021 St. Swithun's School Lettlng Company Limited made a gilt aid payment of £220,467 to the school as Its wholly owned parent company, being the total net profit for the year to 31 July 2020. An equivalent payment will be made for the 2021 profit for the year of £88,939. 20 OPERATING LEASE COMMITMENT The followlng operatlng lease payment5 are committed to be paid within one year. ment o eratin lease 2021 2020 Expiring.. Within one year 59.767 49,796 51 St Swithun's School (Winchester) {a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 3 1 July 2021 21 SUBSIDIARY CHARITY On 5 May 2009 the school registered 3 subsidiary charlty 5t. Swithun's School Bursary Fund. St. Swithun's School Bursary Fund is held on trusi by the Trustee to apply Income and capital for the provision of bursaries at the school. St. Swilhun's School Bursary Fund is unincorporate(J, has no share capital, had not commersced its actlvities and ha5 no net assets as at 31 July 202112020.. £nill. st Swlthun's School Iwinchesterl is the solè iru5tee and so St. Swithun's School Bursary Fund is included in the accounts on ihat basls. 52 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2021 23 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVIITES- COMPARATIVE FIGURES BY FUND TYPE School Endowment Fund 2020 Restrlcted funds 2020 Total 2020 Total 2019 Note 2020 Income and endowments from Oonations Charltable aclivities School fees Anclllary trading income Tradlng turnover Investment income Other Income 150,971 150,971 323,S7S 13.057,820 597.655 13,057,820 597,655 14,296,785 863,593 317,962 19,724 456.851 317,962 63,651 456,851 476,334 55,910 1,252 42,675 Total Imcomlng Resources 14,450,012 1,252 193,646 14,644,910 16.016,197 Expendlture on 14.457,081 127.864 120,045 2,000 167,644 14,626,725 127,864 120,045 14,956,008 185,586 162,392 Rai5in8 funds Other- Finance costs 4 Total Resour¢es Expended 14,704,990 2,000 167,344 14,874,634 15,303,986 Gains I Ilossesl on investments 501 112,7091 112.2081 76,119 NETINCOME FOR THE YEAR 1254,9781 12471 13,293 1241,9321 788,330 Pension scheme actuarial losses 18 NET MOVEMENT IN FUNDS 1254,9781 12471 13,293 1241,9321 788,330 Balance brought forward 29,390,775 72,572 1,673,635 31,136,982 30,348,652 Balance carrled forward 29,135,797 72,325 1.686,928 30,895,050 31,136,982 53 St Swithun's School {Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2021 23 FUND5- COMPARATIVE FIGURES lal RESTRICTED FUNDS- COMPARATIVE FIGURES THE GROUP ANDTHE COMPANY 8ramston Appeal General Purpose BuildSn8 Waller Fund & Young Fund Total At I Au8USt 2019 Income Expenditure Gainl (Lossl on Tevaluation 1,460,092 166,043 1146.5781 16,5541 75,413 26,137 120,6661 85.000 53,130 1,466 14001 16,155 1.673,635 193,646 1167,6441 112,7091 At 31 July 2020 1473,003 80,884 85,000 48,041 1,686.928 Ibl ENDOWMENT FUND- COMPARATIVE FIGURES THE GROUP ANDTHE COMPANY Livy Scholarship Total At l August 2019 Income ExpendSture Loss on revaluation of investment 72,572 1,252 12,0001 501 72,572 1,252 12.0001 501 At 31 July 2020 72,325 72,325 Icl DESIGNATED FUND- COMPARATIVE FIGURE5 Pension 5¢heme Provision TOTAL DESIGNATED FUNDS TOTAL General UNRESTRICTED lunds FUNDS At l August 2019 Surplus for the year Transfer to designated funds 422,000 422,000 28,968,775 1254.9781 29,390,775 1254,9781 At 31 July 2020 422,000 422,000 28,713,797 29.135,797 54 St Swithun's School (Winchester) {a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2021 24 ANALYSIS OF NET ASSETS BETWEEN FLINDS- COMPARATIVE FIGURES THE GROUP Fund balances at 31 july 2020 Unrest¥l¢red Endowment Restricted Total Tanglble ftxed assets Investments Current assets 31,684,305 31.684,306 1,242,176 5,808.504 13,171,317) 14,668,6191 56,424 15,901 1,185,752 501,176 5,291,427 13,171,3171 14,668,6191 Long term Ilabilitles 29,135,797 72,325 1,686,928 30,895,050 THE COMPANY Fund ba13nce5 at 31 July 2020 Unrestricted Endowment Restricted Total Tanglble Ilxed assets Investments Current asset5 30,983,251 30,983,251 1.242.177 5,746,833 13,138,130) 14,668,619) 56,424 15,901 1,185,752 501,176 5,229.756 13,138,130) 14,668,619) Lon8 term Ilabllltie5 28,406,259 72,325 1,686,928 30.165.512 55