St Swithun's School (Winchester) IA company limited by guarantee) CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31 July 2022 Company Number 00110692 Charity Number 307335 St Swithun's School (Winchester) IA company limited by guarantee) Contents Page Company information Report of the Council, incorporating the Strategic Report Independent auditorfs report 26 Consolidated statement of financial activities 29 Con501idated balance sheet 30 Company balance sheet 31 Consolidated statement of cash flows 32 Accounting policies 33 Notes to the financial statements 37 Company nD. (M)110692 Cbarity 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 charlty and the governors of the school, who senred at any time during the year, are listed below=_ Mrs A McGhee Imcclurel LLB" (Chairl * d A # • The Dean of Winchester lex-officiol. The Very Revd C Ogle MA MPhil DLitt The Right Worshipful the Mayor of Winthester lex-offi¢lol. Cllr V Svdhakar (To May 20221, alr D Green (from May 20221 The Headmaster of Winchester College lex-officiol. Dr T R Hands BA AKC DPhil • (to IS, March 20221 Mr R Adam DlpArch RIBA FRSA ' d Mrs E J K Clancey 8A IHonsl A # Mrs N de Kretser MA ' Mrs J C Eager BEd, MSC • MrAJW LilleyLLB (to 31" De￿mber 20211 Dr H D Mycock BM, Dip RCGP, Cert Med Educ, Dip Occ Med * • Mrs S J Parrish MA FIET FBCS CITP ' (Vice-chairl Mrs A-L Peters BSC IHonsl. FCA * d h # (Treasurer, ex-officiol Mrs J Prescott 8Sc NPQH • Mrs F Robinson LLB (Honsl # • Mr J Russell BSC (Honsl, Msc ' d Dr CThorne BA Hons. MSC, PhD # • Mr J R Tyson Bsc IHonsl ' Dr J Webster • Itts 15, March 20221 Member of the 5tandinB Committee d Member of the Development Committee Member of the Nomination and Remuneratlon Committee # Member of the Bursary, Fundraising & Public Benefit Committee Member of the Education Committee The Treasurer is elected by the Coun¢ll and is an ex-officio member of the Council while holding that office. All other members who are not ex-officio are elected to the Council by the Council and are required to stand for re-elertlon every three years. Members retire after a maximum of three periods of office. Officers The Head of St Swithun's School- The Head of St Swithun's Prep School- The Bursar and Clerk to the Council Ms J S Gandee MA, PGCE Mr J Brough B.Ed. (Honsl. MA, NPQH, Fcoirr Mrmj GarnbleMA Other senior management personnel Deputy Head Pastoral- senior school Deputy Head- prep schotsl Dèputy Head Academic- senior school Head of Boarding and Designated Safeguarding Lead Head of Outreach & Partnership Finance Bursar Operations Bursar Head of Development Mr G Yates MA, PGCE. BA (Honsl Mrs K Grosscurth Bsc (Honsl. PGCE Mr C Hammel AB, MLitt Miss H Ca¥ruther5 BEd (Honsl Mrs Mayes BA Mr5 J Bollard BSC IHonsl, ACA Mrs S Culley Mrs V Verè Hodge BA (Honsl. MinstF Icertl luntil Apr221 Company Number00110692 Charitywumber 107335 St Swithun's School (Winchester) (a company limited by guarantee) COMPANY INFORMATION (continued) ADDRESS AND REGISTERED OFFICE St Swithun's School Alresford Road Winchester Hampshire S021 IHA ADVISORS Bankers National Westminsler plc 105 High Street Winchestèr Hampshire S023 9AW Solitrtors Godwins Solicitors 12 St Thomas Street Winchester Hampshire S023 9HF Audltor Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW InsurÈr Broker5 Marsh Education Practi Capital House I-S Perrymount Road Hayward5 Heath RH16 3SY Webslte www.stswithun5.com Compaw Number OOIIOS92 Chari¢y 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 2022 The Council submTts its annual report and strategic report for the year ended 31 July 2022, under the Charities Act 2011, together with the audited financial statements for the year, and confirms that the latter cornply with the requirements of the Companies Act 2fyJ6 and the Charitie5 SORPIFRS10212015. REFERENCE AND ADMINISTRATION St Swithun's School (the school) was founded in 1884, and incorporated as a Company Llmited by Guarantee in 1910. As such. it has no share capital. The school is registered as Company number 110692 and Charity number 307335. AIMS AND OBJECTIVES Objects The objett of the school, as defined in the Articles of Associat¥on. is to provide sound and thorough education for girls and young children of both sexes in accordance with the principles of the Church of England. The Governors interpret this to mean that St Swithun's will provide an excellent academic education and nurture the spiritual. moral. social, cultural and physical development of its pupils. St Swithvn's 15 a leading GSA IGirls' School Association) school offering day. weekly boarding and full boarding for some 520 glrls aged 11-18. The adjoining IAPS Prep School Ilndependent Association of Prep Schools) cater5 for girls aged 4-11, with a co- educational nursery from age 3. Aims In order to achieve the Stated object of the school, the following aims were agreed during a previous perlod and re-affirmed in February 2019.. Academlc. To prèpare glrls for public examithations and higher education In a stimulating and scholarly environment in which the girls develop intellertual curiosity, independence of mind and the ability to take responsibility for their own learning. They are encouraged to achieve their personal best. Prep school girls are prepared for entry into senior school at age eleven khool community. To provide a happy, safe and supportive community based on Christian values in which all girls are given the space to develop their spirituality and are encouraged to understand and celebrate difference, and to be kind to others C04urricular. To provide a wide range of opportunities beyond the ¢lassroom so that girls can discover individual passions and develop a range of characteristics such as resilience, initiative, creativity, perseverance, self-confidence, the ability to work in a team and to honour one's comm*tments. To encourage habits to et)sure good physical and mental health both at school and in the future such as exercise. healthy eating and the art of relaxation Beyond the school gates. To teach the girls compassion, an understanding of the wider world and their role in it. a sense of duty and a desire forju%tiee Looking towards the fvture. To provide high-quality higher education and ca￿er5 advice and a suppo¥tive old girls. network Keeplng in touch. To communicate In a timely and constructive fashion with parents and other members of the St Swithun's family in order to develop relationships conducive to offering the best possible education. The aims and oblectlves are reviewed annually by the School Council. Company14vmberlV)110692 Charity Nuinber 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 2022 AIMS AND 08JECTIVES Icontlnuedl While these airns apply across the sehool, the prep school has the following Complernentary alms.. To provide 3 Secure nurturing environment where the spirit of cooperation and respect for others is pararnount To meet the intellectual. physical and emotional needs of each individual child by offering a broad, balanced, stimulating and differentiated curriculum and by f05tering high self-esteem. sèlf-motivation and sell-expression To create an environment where children are valued, cherished and Challenged and as a result learn to the best of their ability To have a happy school with smiling, confident and articulatè children, where everyone feels a Sense of worth. Oblectivès for the Year The obje¢tive5 for thi5 year have remained con51Stent whilst deallng with the ongoing Covid-19 pandemic-. to continue to provide a well-ordered, efficiently managed, supportive environment in which each child would bè able to fulfil hi5/her intellectual physical and creative potential and take responsibility for his/her learning. In the prep school children are encouraged to develop independence, self- motivation and self-esteem to continue to achievè a high level of academic performance to continue the programme of improvement to educational, residential and other facilities to providè public benefit through our charitable activities to continue the fund-raising campaign to provide bursaryfunds that provide financial 5UPPOrt to those unable to afford fees to achieve a reputation as a school that is well known for its: excellent all-round education forward-looking pedagogy scholarship and the attitudes of mind it develops in its students to enhance St Swithun'5 reputation which may lead to it being oversubscribed to generate an annual surplus of at least IOYV of fee income allowing continuous investment in new facilitie5 and a rolling maintenance programme. In settin8 their objectives for the year and planning activities, the Governor5 have given careful consideration to the Charity Commission's general guidance on public benefit and in particular to its supplementary guidance on advancing education and fee-charging, noting the arnendments made following thejudicial review in 2011. They have also noted and responded to governmental expectations that indèpendent schools increase the extent to which they Share their facilities with maintained schools and the local communsty. Prlnclpal Actl¥itles of the Year st Swithun's principal activity continue5 to be the provision of educatton for 8irls and young children of both sexes In accordance with the principles ol the Church of En8land, and the lettin8 of our facilities for both charitable and ctsmmèrcial purposes. Company Number00110692 Charty 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 2022 PUBUC BENEFrr Widening ac¢ess Bursaries have been awarded ovef the past year at a Cost of £1.348,67217.8% of fee incomel to 50me 65 pupils, of which 28 were 100% of fees. In order to truly widen access, bursaries are available to ¢over both fees and other necessary expensès appropriate for a pupil at the school. We also provide 23 scholarships for 8ir15 to St Katherine's School, Lira. Uganda, funded frorn volunteer activities. stste Khool partnershkps Our state school partnerships prograrnme deliver5 weekly drama, sport, art and reading enrichment sessions to 220 primary pupi15 from our partner primary sthools IAII 5alnts. Sun Hill, Oliverfs Battery and South Wonstonl. 70 St Swithun's students. supervised by 5t Swithun's staff, are involved in delivering these sessions. Our switmming programme continues to provide weekly swimming tuititsn to primary school pupils, many of whom begin as non-swimmers. Over 120 pupilsfrom Four Marks, All Saints, South Wonston and Oliverfs Battery benefit from this programme, with fa¢t14tles. tuition and transport provided either in part or in full by St Swithun's. We continue to Share our facilities for the benefit of State school pupils. As at the end of the surnmer term, over 100 Year 7 athletes from local state schools have competed kn a Hampshire Schools, Athletics Association event hosted on our athletics track. and 80 primary school tennss players have used our tennis courts through our partnershlp with the North Eastleigh and Winchester Primary School Games organisation. For Our US Community Setwice Day in July. we hosted 70 Year 6 pupi15 from local prlmary schools for a day of sporting artivity, organi5ed by US student5 and staff. When not required for St Swithun's use. our minibuse5 have transported primary school pupi15 to enrichment events across the county that they would othewise not have had access to. These include cultural events, STEM days and pupil wellbeing courses. Science in a Suitcase. the portable science resource developed by our Science department, is in much dernand by science co-ordinators in primary schools and is regularly out'on loan,, at no cost. Fundraising Each year the School community selects three charitable organisations to support during the year, from a range of charities nominated by pupils. Where possible representatives of these Charities visit and Speak to pupils, or send resovr¢es $0 the Assist Tearn - made up of gills in the 6th form can raise awareness of the charitie5. Almost all fundraising events throughout the year support these ¢auses. School charities selected for 2021122 were Bloody Good Period, Clouds of Hope and Stop Domestic Abuse. This was the first year of being able to raise money more normally following the pandemic and the school responded enthusiastically, raising over £15,000 for the school tharities. In addition. a desire to respond to the invasion of Ukraine resulted first ¢n large amounts of clothing, sleeping bags and supplies bein8 donated and then, in partnership with a Ukrainian organisation, raising an extra £10,000 to purchase an ambulance to be used to help victims of the conflict. All Year 9 pupils embark on The Bi8 Give- a philanthropy five-week eourse which provides the opportunity to distribute specificaSly donated money to a range of charities. Company N￿mbero01loG92 Chaylty 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 2022 Fundralsing l¢ont4nuedl In addition, pupils and staff have supported the Winchester Wornen'5 Refuge, the Winchester Nightshelter. the FCIS shoebox appeal and our sister school St. Katherine's. Uganda through a range of fundraising and pratticèl activities. In the last year, pupils and staff at St Swithun'5 Prep School have supported Xmas Jumper day and Red Nose day. The senior school charities for 2022123 have been chosen by pupi15 as Kids for Kids. Planned Parenthood and HART UK. STRATEGIC REPORT FINANCIAL REVIEW Record of achSevements and performance for the year In 2021122 the school had 517 pupils in the Senior school and 189 in the prep school. In addition to acèdernic achievements, both schools maintained a lull programme of sporting. musical and artistic activities during the veal. The school can again justifiably claim to be amons the highest achieving girls, schools in the eountry, consistently achieving excellent results in public examinations at both GCSE and A Level. In summer 2022 37.3% of A-level entries were awarded A* compared with the national average of 14.6%. 7S.3% of eniries were awarded A* or A grades. compared with 36.4% for all schools in the UK. At GCSE level 66.6% of entrie5 were graded 9181A* compared with the national avera8e of 15.1% 85.0% of entries were awarded grades 91817 and A'/A. compared with 26.3% for all schools in the LIK. The School was inspected by the Independent Schools In5pe¢tgrate in January 2020. The inspections covered Regulatory Compliance only and both senior and prep schoo15 had fully met all ihe standards in the regulations and were thèrefore judged compliant. Flnanclal results of the school and school lettin8 company The financial results for the year were below expectat¢ons,' full details are shown in the attached financtsal statemen15 and the results have been summarised below'.- The Unrestricted Net Incoming Resources amounted to a surplus of £445.65512021.' surplus of £1,119,673) with no FRS102 pension adjustment required. This was added to the brought forward funds to give an amount of £30.701.125 attributable to the unrestriaed fund at the year-end. The statement of financial activities ISOFAI on pa8e 29 contains details of the incoming resources foT the year. Included in total incoming resources of £16,790,583 is £15,565,560 of net school fees193%1 and £262.535 of restrlcted donations12%1 . Gross fees for the year were £493,486 higher than expectation. Total resources expended were £251,162 higher than expected at £16,340,326. of which £15,821,938197%1 was used in the charitable activitie5 of the charitv. Company Number(A)110692 Charity Nvrnber 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 2022 Financial results of the school and school letting Company Icontlnuedl In the restricted and endowrnent fvjnds, the overall surplus for the year amounted to £15,56012021'. surplus of £483.7211. This includes donations for bursary provision of £178.966 plus £83,569 income for specific projects and income from restrirted investments of £43,437 Overall these leave £2,192,315 attributable to restrScted funds and £66,219 to endowment funds at the year end. All taxable profits from the Letting Company are transferred to the school by gift aid to further support our charitable aims. Golng Concern evaluation The Council has considered several factor5 when forming their conclusion as to the use of the Boing concern basis for the preparation of these financial statements including a review of the updated forecasts to 31 July 2024 and a consideration of the key risks. These include the impa¢t of external economic factors induding the energy market volatility, that could negatively impact the school and working capital requirements. The forecast surpluses for 2022-23 and 2023-24 have been severely affected by the global energy market crisi5, which has seen an unexpected 600% rise in energy¢osts. This sits alongside a significant rise in national inflation and strong upward pressure on staff salaries,. all pressures by which the school is equally afferted. All these factors have inevitably caused significant increases in the operatlng cost base of the school. However, the Council has taken measures which. combined with the use of strategic reserves, will alleviate this pressure whilst maintaining the level of commitment to the education of the girls and developing the offer to meet the expectations of parents now and in the future. Sustaining and increasing pupil nurnbers remains a key risk, which is assessed on an ongoing basis. The school has made a cautious start to the %hool year with 7(KJ pupils. This is in line with the budgeted roll Set in July 2022. Fee income for the first term of the 22123 school year has been strong with an indication that payment of fees will be consistent with previous years. Early indications are stron8 for the September 2023 intake. At the year-end, the school had surplus free reserves of £2.593.828. This comprises £5,081,254 unfestricted cash plus £489,586 working capital les5 net creditors of £2,977,012. Council reviews the School's financial plans on a termly basis by monltoring income and expenditure against forecasts within the context of the annual budget and a rolling 10-year financial plan. Cash flows are also closely reviewed, particularly in the light of the School'5 borrowing commitments and repayment requirements. Financial sensitivity analysls is incorporated into Council information, centred on key a5SLEmptions (roll. fees, and staff c05ts1. Cout)cil reviews all known major risks to the school and states the action being taken to alleviate them on rolling annual basis. The key risks to whlch the school is 5ubjett are highlighted in the strategic report. The school's strategic development plan remalns dynamic and will be further reviewed once the Impact of the ongoing ener8y market volatility is better known. It Is not anticipated that this will change the underpinning alms. 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 its activities for the foreseeable future and consider that there are no material uncertainties over the school's financial viability. Accordingly, they continue to adopt the golng concern basis in preparing the financial statements as outlined in the Statement of Members Responslbilltles on page 25. Company I4umber(K)110692 Charty 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 2022 School reseNes pollcy At 31 July 2022 the Group ha5 total net a55ets and reserve5 of £32,959,659. This comprises restricted funds of £2,192,315, endowment funds of £66.219 ènd unrestricted fund5 lincluding equity in lixed assets) of £30,701,125. The total value of the School's fixed assets, which are all held for use the School, is £31.648,226. against which asset-5pecific creditors (bank loans) are held of £4,290.929. Free reserves, defined as unrestricted funds less fixed assets Iner of asset-specilic loansl are in surplus by £2,593,828. This COFnpfi5e5 unrestricted current assets of £5,570,840 less net current liabilitie5 of £2,736,366 and long term creditors, (excluding bank loansl ¢f £240.646. There is also a designated fund of £422.OW to meet future contributions to the closed legacv retirement benefit scheme for support staff. Council have considered an appropriate target level for the School's free reserves. Having regaTd to the likelihood of financial risks and mitigating factors, the trusteès consider the target level of free reserves for the charity should be approximately 2 months expenditure (currently forecast at £2.78MI against which the figure reached in the current year. as above, 15 £2.59M. In addition, the school hold some £1.9M equity lat costl 111 Its disposable properties and £750K in other investments which could be sold or mortgaged to generate additional lunding il required. At the year-end, the unrestricted cash at bank of £5,081.254 is available for working capital requirements. It is felt that this school reserves policy remains a valid position. Council reviews the School's financial plans on a termly basis by monitoring income and expenditure again51 forecasts within the context of the annual budget and a rolling 10-ye3r financial plan. Cash flows are also closely reviewed, particularly in the light ol the Schotsl's boirowing commitrnents and repaymeni requirements. The Council is ol the opinion that given the current balance sheet and financial projections. future pupil registrations, as well as èvèilable bankin8 lacilities and disposablE propertie5 and investments there is no need to set aside additional free reserves. Investment powers* poliry and performance The investment power of the Council is given by the Articles of Association. The current policy is that all investments must be safe and ethical 8nd advice 15 sought as required before r*ew inve5tment5 are made. Sufficient working capital Is held in èn instant access interest bearing account to meet all requirements as thev fall dve. Investment5 which represent the composition fee fund are held in UK Government gilts, and the remaininB inve5ttnent5 are held in fixed term cash deposlts and charity-specific equity based managed funds. The total return performance of the significant restricted investment Is assessed against an industry benchmark, alternative equivalent charity produtt and base rate + 3%. The performance Tn the year exceeded the above assessment criteria and will continued to be reviewed termlv to ensure it is meeting two of the above three assessment criteria. The major investment is with CCLA where the irnvestmeni fund ha5 a total return of -2.57% versus an industry comparator of -2.92% during a year of $18nilicant market turbulence. The investments are all held fDr the long term. PLANS FOR THE FufuRE The school revlewed and reaffirmed its aims, ethos and vision during a prev¥ous period. Its aims, in pursuit of it5 charitable object, have been outlined above. Work has continued on the school's Strategic Plan for 2021-26. It was presented to the School Council and approved in February 2021. Whilst it does not change the underpinnin8 aims, vision o¥ ethos of the school. It offers greater focus in key areas. io Company Nutnber(N)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 2022 PL4NS FOR THE FLrruRE Icontinuedl The ethos of the school St Swithun's is an 'appropriately academic, school that celebrates intellertual curiosity and the Ilfe of the mind, but not to the exclusion of all else. Pupils are expected to develop individual passions and through them to acquire a range of skills and characteristics. These characteristics will include a willingness to take risks, to question and to debate, and to persevere in the face of difficulty. If a girl can immediately excel at everything asked of her, the bar must be Set higher. All girls need to learn about life beyond the school gates, to appreciate the rich Va￿ety of our world, io develop an understanding of compassion and to value lustice. All pupils are encouraged to become involved in fundraising and community work. They should appreciate how theii decisions and their actions can affect those round them. St Swithun's was foundèd byAnna Bramston. daughter of the Dean of Winchester. and Christlan values undèrpln the school's approach to education. Within a civilised and caring environment. all girls and staff are valued for their individual gifts and encouraged to develop a sense of spirituality and of kindness. Kindness and tolerance are at the heart of the school community. School vision The revised Vision is 'A world-class girls, boarding and day school offering a complete education,. The senior school's vision includes a girls. school well-known for its excellent all-round education; tts forward-looking teaching methods- its scholarship.. and the attitudes of mind it fosters in its students. It will house a civilised and compassionate community in secure and well-maintained building5, and it will thoroughly prepare all rts pupils for life beyond its gates. It will be regarded by teachers as a desirable school in which to work and develop one's ¢raft. By the time a girl leave5 she will be courageous. comp3s5ionate, committed and self-confident with a love of learning, a moral composs and a sense of humour. The prep schtsol vision is of a School in which every child is known, cherished and at the same tirne encouraged to be fearle55 in an inspirin8 teaching and learning environment. It is an environment in which pupils and staff have warm, respertful relationships. The children enjoy going tQ school and the staff relish having the opportunity to share adventures, interests and lavghter. School's misslon The school's mission is to provide outstanding pastoral care and teaching expertise to create in every individual student a unique tapestry of strengths and Interests. School's purpose The school's purpose is to develop resilient. enquiring, optlmistic and ¢ollaborative women. They will stand on their own two feet and pull others up to stand alongside them. li Cornpany Number00110692 arity 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 2022 S¢hool'5 purpose Icontlnuedl There are 12 sub-objectives, divided into three sections, to provide appropriate focus.. Academlc Tts achieve consistently hi8h academic results. To prepare students for success in the modern world. To provide a first-class sixth form experience. Pastoral To 5UPPOrt high levels of wellbeing amongs15tudents and staff. To be diverse and inclusive Iwithin the context of bèing 8 girls, 5choc¢ll. To provide a modern, inclusive boarding experience. To provide outstanding co-curricular activities. Business-focu ed To develop and 5UStain our strofi8 reputation as a world-class girls, boardin8 and day school offering a complete education in order to ensure that we are full. To guarantee an outstanding customer experience. To develop our facilitie5. To ensure the financial sustainability of the school. To er¢sure the environmental 5tistainability of the school. io. ii. 12. Structure The school Council intends that St Swithun'g remain a single sex, day and boarding school for girls in the Senior school and day only schotsl in the prep school and a co-educational nursery. In the senior school. number5 have increased significantly in the preceding four years and a number of stTUCtural and organisational changes have been made to cater for thi5. We aim to Continue to increase boarding number5 to re-establish, in the long term, 50.'50 mix of boarding and day pupi15 in the senior school Icurrently 42% boardin81. We are increasing our rnarketing activity lo attract additional pupils at Il+ and into the prep school, particularly in early years. In the prep school we aim to offer increased capacity and the benefits of smaller class size5 to increase overall numbers. Numbers are steadily increasing and we aim for number5 to increase each year until capacity12561 is achieved. Academlc The Council'5 academic aspirations in the senior school are high and our aims are to enable every pupil.. to fulfil her potential,. to take responsibility for her own learnin8,' and to increase her intelle¢tual curiosity. We will continue to provide a broad general curriculum seekin8 to achieve excellent examination results enabling admission to all univer51ties and preparing pupils for later life. We will continue to programme for the GCSE, IGCSE and A Level public examinatlon for the foreseeable future, while monitorin8 any chan8es occurring nationally and in Higher Education that May impact on this decisign. We see the development of the Sixth form experience and improved sports facilities as being critical to future success and these will be the subject of development feasibility work in the coming year. In the prep school the Council aims to provide a stimulating environrnent in which Èach 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 transition. 12 Company Number(M)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 2022 Selettion St Swithun's welcomes pupils from all backgrounds. Final selection of external cartdldates for entry depends upon the availability of places, performance atcommon Pre-test or the Ukiset test and Common Entrance or our own entry papers as well as the receipt of a satisfactory reference from the candidate's current head teacher. Sixth-form entry depends on CAT 4 or Ukiset tests and written assessments as well as subject-based intetviews. Final selection of candidates for senior-school entry from St Swithun's Prep depends upon the headfflasterfs recommendation for internal transfer. and on the pre-test, Common Entrance and satisfactory academic reference for late-joiners to year 5 as well as those who, in the headmasterfs view, require additional assessment in their year 6. We aim to offer scholarships in the senior school to those of the appropriate academic standard. Academlc and music stholarshsps are available at Il+. 13+ and 16+. Sports scholarships are awarded at the end of year 9 when we believe that all girls, whether they joined us in year 7 or year 9, will have had the opportunity to develop skills in all of the sports we offer. Sports 5cholarship5 are also awarded at 16+. Bursary Poliry For 2022-23 the schotsl remains committed to the provision of some £1.44M in bursary payments. This is 8.1% of predicted fee income. The school's aim remains to continue to maintain the level of bursary award5 tts pupils to at least the eqvivalent of 5% of fee in¢ome. This will be assssted by support from the Bramston Appeal and Bram5ton Bursary Foundation. Thi5 is expected to amount to £229K in 2022-2311.2 % of gross fee income). In 202V23 there will be 54 pupils in receipt of rneans tested awards. This includes 36 bursarie5 of between 75- IIOYO. The ¢riteria for receiving awards are determlned by the Bursary Comrnittee on an annual basis. Selection for the award of any bursary is based on meetin8 the normal academic requirements for entry to the senior or prep school as appropriate, and an assessment of suitability carried out by the Headmistress. No exceptional proficiency in any academic or other area of education is required. The recruitment of candidates is achieved by all available me3ns including marketing and advertising procedures. by direct liaison with local feeder primary schools. by links with partnership organisations and by word of mouth. The Bursary Committee agrees the annual provision of funds and then delegate5 the recruitment and selection of candidates to the head teacher5. As well as seeking to provide wideraccess through bursary provision we shall continue to provide help to parents who fall on hard times until such tlme as they are able to pay the full fees again. The same selection and financial criteria will apply as agreed lor bursaries on entry to the school. Development IFundraislnBI and Alumnae Relations Bramston Bursary Foundation IBBFI The Bramston Bursary Foundat&on's mission remalns dedicated to helping young gir15 who are at risk of going into care, or who may already be trying to cope with the instability of a life in care, through the provision of fully funded boarding places at St Swithun's S¢hool. The stability, secvrily, opportunity, and a family of inspiring positive iole models con be simply life changing. 13 Comp3ny14umber00110692 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 2022 Bram5ton Bursary Foundation IBBFI Icontinuedl The Foundation has 31sg expanded Its remit in order to help girls who are dealing with multiple challenging issues in their critically under-re50urced communitie5. The School continues to work with the Royal National Children's Springboard Foundation, Buttle UK and Hampshire and Isle of Wight VirtU31 School and College for Children in Cère (Hampshire County Council) to help identify girls who could flourish at the school. The BBF sets an annual fundraising tar8et of £250,000 in order to fund 50% of two new bursary places each academie year. With 50% match funding provided by St Swithun's S¢hool, this equate5 to seven years education for these two places. The school also provides an additional io% funding in order to fund school uniform, educational trips and Social activities. On sorne occasions, we will be able to secure funding from local government or our partner charities. In these instances, this will reduce the amount of match funding provided by the school. The BBF remain5 flexible in regard5 to when a new beneficiary joins the school, as it rnay not always be in L4 Ill+l. It may be that they join higher up in the senior school or due to the circumstance5 involved. as 15 the case for one benefi'ciary, they join St Swithun's Prep School. In addition to our BBF bursaries, St Swithun's allocates a percentage of its annual fee income tts 5UPPOrt different types of bursarie5, in the belief that nothing should Stop a talented and hardworking girl from reaching her full potential. These are.. Affordability bursarie5- where new parents to the school need support, up to IOOYO of the fees. These can be for girls from homes where income is at a very low level and an independent education would othe¥wise be gilt of reach. or for girls who are identified by HMC IHeadma5ters' and Headmi5tresses' Conferen¢el as HMC Projects scholars from Eastern European countries. Armed Fortes bur5aries- a 5rnall number of 20% boarding bursaries for new HM Armed Forces families joining the school. Hardship bursaries- where parents of current students can no longer afford a 5t Swithun's education. This normally results from a significant change of circumstances in the family situation, such a5 the death of a parent. For clarity these affordability bursarie5, armed forces bursaries and hardship bursaries are entirely separate from the Bramston Bursary Foundation. They are funded through a combination of fee income and interest and investment income from the Bramston Bursary Fund Inot to be confused with the Bramston 8ursary Foundation). The Bramston Bursary Fund was established over a decade ago and invited philanthropic contributions to support a wide range of bursaries. This fund currently stands at £1,360K. BBF will continue to fund 50Ytr ol two new places lone joining L4 and one joining L51 from September 2022. The L4 plate 15 for the student BBF is already fully sUPPOrtinE in the prep school. The L5 place is for a girl identified by the Royal National Children's SpringBoard Foundation. Fund.raising activities and significant events During this academic year a total of £45,000 has been received from legacy dgnor5. £40K 15 to 5UPPOrt an existing bursary and £5K to fund a future capital project. 14 Company Number CQ110692 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 2022 Fund-raising artivitles and significant èvents Icontinuedl Overall, more than £97.000 has been received for the Bramston Bursary Foundatlon and the 8ram5ton Bursary Fund. There were two significant BBF events in the calendar in the summer term= The Ivy Ball.. Jointly hosted by the Senitsr School Parents, Association and the BBF, with proceeds going to the BBF. This event a150 had an online auction attèched to it, to help raise funds for the 88F. richborne House -Garden Open Day, with open gardens with plant 531e. Together these two events raised over £24,000. The 1884 CLUB continues to 80 from strength to strength with numbers continusng to rise lover 701, including five Gold Uub members. Jill Isaac Festival of Scholarship By kind permission of Malcolm Isaac, the school invited the Mayor of Winchester to officiate at the inaugural Jill 153ac Festival of Scholarship. Nine sixth form students explained their scholarly a¢hievements and interests whilst sharing tea with the Mayoi. The event reflected the aspirations of Malcolm Isaac when talking about Jill and the Jill Isaac Study Centre. Alumnae Engagement The following events and activities were held during the year= St Swithun's Live was once again 3 Successful evening of music and. having been opened up to the wlder school community, provided another opportunity to raise funds for the BBF. Zara Rutherford returned to St Swithun's to speak to 3 wider school community audience about her record- breaking adventure flying solo around the world. Old Girlg Day- On 12 September 2021, we held our first online Old Girls. Day. The wrtual reunion induded videos of boarding house5, a St Swithun's Questton fime and a recording of an Old Girls, virtual choir. OGA e-news has been distributed to over 1.000 Old Girls monthly. Professional Guldance Dèpartment All planned professional talks were delivered in the spring term, either in person or virtually and a new programme is being developed for the autumn term. There is no programme for the summer term due to exam commitments. Work contlnues to develop the St Swithun's onllne community hub. The sthool has seized the opportunity to employ, on a mutually beneficial programrne, five young KICKSTART employees to undertake work and projects to develop their skills and experience. One of them is improving the quality of data in the online community hub and contacting alumnae to encourage them to update their profile informatlon. In this way we hope to increase awareness of the Hub. online registrations, career data and engagèment. During this process we are also asking members tg update their GDPR contact preferences to enable more thorough futuie communications with OGS. Govemante, rlsk management and resources The School 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 extern81 third party fundraisers. There have been no complaints in the period regarding inappropriate or intrusive contact. 15 Company NumberCt)110692 Char4ty 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 2022 GovÈrnan¢e. risk mana8•ment and resources l¢ontlnuedl The schocil recruited a new Director of Development and Alumnae in August 2022, after the departure of the previous Director in April 2022. The staffing costs of the development and alumnae office are met by the sthool rather than taken frorn the money donated. Staff - Employment Policy The aims of the School's recruitment pollcy are 35 follows:_ To ensure that the best Possible governors, staff and volunteers ale recruited on the basis of their merits, abilities and 5Ultability for the position.. To ensure that all job applÈcants are considered equitably and consistently. The school is an equal opportunities employer,. To ensure that no job applicant is treated unfairly on any grounds includin8 age. disability, gender rea5518nrnent, marital and/gr civil partnership status, pregnancy and rnaternity. race, religion or belief, Sex or sèxual orientation. To ensure compliance with all relevani recommendations and guidance includin8 the recommendations of the DfE in 'Keeping Children Safe in Education (Sep 2018 and in future Sep 20191" the recomrnendations rn "Boarding Schools - National Minimum Standards April 2015" and the Code of Practice published by the Disclosure & Barring Service IDBSI,. KCSIE runs along the non- statutory interim 8uid3nce on safe8uarding in Schools. colleges and other provideTS during the cortsr>avirus outbreak. To ensure that the School meets its commitment to safeguardin8 and promotlng the welfare of children ènd young people by carrying out all necessary pre-employment checks. The Council aim5 to recruit and ietain the best staff available. We seek to ernploy high quality, enthusiastic and talented te3¢hefS and support Staff in all departments and will continue to encourase and Support theii profe55ional development throughout their time with us. This will include high calibre NQTS and other trainees who the school will assist with their professional development. The intention 15 that staff are.. Valued,. Well remunerated and rewarded,. The beneficiaries of term5 and conditions that are reasonable, transparent and consistent,. Provided with the facilities required to allow them to perform to the highest level.. Provided with opportunities and support to develop to their full potential. Information 15 provided to staff in a variety of formats during induction and during their time at the school. This include5 information contained in the Staff Handbook, Teachers, Handbook, and verbal briefin85 at starf rneetings and inset training. 16 Company Number W110692 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 2022 stsff - Employment Pollcy l¢ontinuedl All staff undergo o nurnber of $3fÈguardin& dats protection, whistleblowing and healih and safety train5ng modules. All staff are expected to adhere to the school's code of conduct and in the case of teacher5, DfES Teachers. Standards. Facllities The Council also aims to continue to improve our facilities, both in our buildings and equipment and in the provision of information and communication technology. It is a traditional school embracing modern technology and contemporary teaching methods. While recogni5ing the need for a secure site we aim to offer an attractive welcoming campus with all new development being in keeping with the main school buildings and as environmentally efficient as possible. It is also our intention to allow access to and use of as many of our facilitie% as prartical to the local community and to other charitable organisations. Development projects continue to feature and the Jill Isaac Study Centre was completed thi5 yeèr. In the coming year, feasibility studies will be launched for a sixth form centre and Improved sports facilities. Development sits neatly alongside planned maintenance and continuous improvement across the school spectrum. sTRu￿vRE. GOVERNANCE AND MANAGEMENT Governing Document St Swithun's School is governed by itsArticles of Association. These were subjertto a full reviewthis year120221 and approved by the School Council. Councsl conslders the guldance givèn in the Charity Commissioners Governance Code. Individual membeis of Council receive copies of Governanre magazine in order that they are kept abreast of best practice and advice from the Charity Commission. Council ss confident that it operates within the guidelines. It will continue to review its Governance policy and consider opportunitles for on8oing development and good practice. The school is adminlstered by its Trustee5 in accordance with all ¢urrent legi51atlon and Charity Commission requirements. Governance is as transparent as possible and aims to provide clear policy guidan￿ to allow the school's senior management to operate efficiently and effectivety. Elected Trustees are appointed atthe Annual General Meeting on the basis of nominations received from exlsting Trustees and after an initial familiarisation visit to the school. On appointment new Trustees receive a pack of inforrnation covering their iole and all relevant policy documents. They also undertake a further indu¢t%on visit and attend relevant courses, preferably run by AG81S, on Governance. Followlng election Trustee5 participate in a range of internal and externally provided training events. During the previous period Trustees attended an internal strategy review day and attended the following externally run courses / seminars.. 2022.. AGBIS Confeience and AGM AGSIS Seminar for New Governors AGBIS Seminar for Boarding Governor5 Internal Safeguarding In Education updates following the re4ssue of Keeplng Children Safe in Education IKCSIEI 17 Compèny NumberOOII(h592 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 2022 Organlsational Management Members of the school ¢ouncil, as the trustees of the charity, are legally responsible for the overall management and control of both the senior school and the prep school. Council sets and approves strategic direction and poliry and meets three tirnes each year and additionally as required. Council monitors the work of the school'5 management team through its committee5 and through visits to the school. All financial matters, including budgets, income and expenditure and cash flows. are scrutinised by the Standing Committee. The slatutory finantial Statements are scrutinised through the process of annual audit. before all matters are subrnitted to Council for approval. The Standin8 Committee also monitors and reviews the school's risk management procedures, annual reports on insurance. safeguarding. health and safety. security and any other subject that may be relevant to the school's business at any given time. Academic matters are brought to the attention of Council by the Education Committee. through the Head te3¢hers' termly reports and the senior school'5 annual departmental report5. The Head teachers. reports also include information on pupil numbers and future registr3tion5, Staff changes, developments and training, pupil matter5 and forthe¢min8 events. The prep school Head also reports tts Council on èll matters relevant to the prep school. Other school responsibilities. including bursary provision, fundraising, appointment of Council members. pay and terms and conditions of employment, and property and building works are monitored by the Bursary, Fundraising & Public Benefit, Nominations & Remuneration and Development Committees respectively. Remuneratlon pollcy Details of the school's remuneration policy are contained in its governance paper and fall under the remit ol the Nomination and Remuneration Committee. Details of its role and responsibilitie5 regarding rernuneration are contained in the following extracts from its terms of referente-. The purpose of the committee is, tsn behalf of Council, to rnonitor and advise on matters relating to stafl remuneration, with particular re8aTd to the salaries of Senior staff. With respect to remuneration. the Committee shall.. dete¥rnine and a8ree with Councll the framework or broad policy for the remuneration ol all employees,. in determining such policy. take into account all factors which It deems necessary. The objective of Such policy shall be to ensure that members of staff are provided with appropriate incentive5 to encourage enhanced performance and are, in a fair and responsible manner, rewarded for their indlvidual contribution5 to the success of the School. within the terms of the agreed policy, determine the ioial individual remuneration package of each employee. Much of thi5 can be delegated to the Headmistress and the Bursar, working within the clear guidelines ot the Cgmmittee., be aware of and oversee any major chan8es in employeè benefit struttures throughout the School,. determine the policy for and scope of pension arrangements, service agreements. termination payments and compensation commitments,. and provide a termly report to Council. In determining appropriate Salaries, the Tru5tee5 have re8ard to the following: DIES teachers. pay scales (Teachers pay and allowances for the maintained sector are used as the baseline for teèchers, salaries and then subject to a cumulative percentage increase and a flat rate St Swithun's allowance) Local Government and other local employee pay rates in order to benchmark support staff salaries 18 Company MumberO)110692 Charw 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 2022 Remuneratkon policy (continued) The independent schools, benchmarking Surveys provided by organisations such as Haysmacintyre and Baines Cutler. The senior management of the school, deemed as those on the leadership scale and as listed in full on page 2, re remunerated in accordance with the remuneration policy. Teaching staff below the leadership scale progress through a nurnber of main scale salary points16 for teachers) and are then eligible for additional appraisal based increases to their main salary. Support staff enjoy a cosi of living increase annually and could be awarded up to three discretionary pay scale increments. The Nomination & Remuneration Committee determines any additional cost of living inflation increase, which 15 applied to all staff, once approved by Council. The Nomination & Rernuneration Committee scrutinise and determine the Headmistress's retommendations on individual senior staff salaries for those on the leadership scale annually. Such decision5 are taken with regard to individual and collective performance and the benchmarks provided by the Baines Cutler staff remuneration survev. Group Structure and Relationships St Swithun's has a wholly owned non-charSty subsÉdlary, St Swithun's School Letting Company Limited. whose attivities and trading performance is explairted in the flnancial statements. On 5 May 2009 the school registered a subsidiary charity-st. Swithun's School Bursary Fund. Onte 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 transartions during 2022. The asset5 of the Bursary Fund are £1,359K as at 31 July 2022, which are held as an endowment fund to provide interest to fund future bursaries. The Bramston Bursary Foundation 18BFI has assets of £356K. Both fund5 are currently held in restricted funds within the Group. Risk Management The School's detailed risk management procedures were established in January 2002 and the risk management ledger, which outlines all known major risks to the school and states the action being taken to alleviate them, was introduced. The Council Sub committees have delegated responsibility for reviewing risks on a rolling annual basis. Most risks are on-going and as such have bÈen discussed and appropriate measures or policies are in place to alleviate them, either through reducing the likelihood of an occurrence or by reducing the impact in the event of 8 risk materialising. Monitoring of risk and the appropriate amendrnent of policies and procedures form part of the continuous management ofthe School. Specific areas of risk are subject to additional oversight.. Standing Cornmittee maintains oversSght of governante and flnancial rlsk- Nomination & Remuneration Committee monitors succession planning; Education Committee reviews academic risks,. the Bursary. Fundraising & Public benefit Committee reviews de5ivery of Public benefit. Dr Heather Mycock oversees health & safety issues and Mrs julia Eager oversees child safety and safeguarding. The ledger is updated at least annually to indicate additional a¢tlon5 taken to reduce risk and also to identify areas where changes in legislation. personnel or levels of expertise have altered either the likelihood or potential 19 Company NumbeTW110692 Chariiy 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 2022 Rlsk Management Icontlnuèdl impact of an event. During 2018 the school's data protection measures were audited. An external health and safety audit Is ¢onducted annually. The follow&ng issues are viewed as giving rise to additional risks-. Political landscape.. Council will continue to monitor government policy as it relates to independent schools and the sectorfs response. In particular changes in charity taxation policy could have a substantial Impact. Finèncial.. the economic climate which is under 5ub5tantial pressure due to the impaci of the Covid- 19 pandemSc, the global economic situation ar>d the war in Ukraine places an increèsing financial strain on some parents and the school. The volatility of the energy market caused è strate8ic shock to the school's finances. The level of long term fee debttsrs remains reasonably steady, but affordability is reco8nised as a key risk. For Sep 22 the fee5 have increased by 5.0% for Senior boarding, 4.0% senior day, 5.5% Senior prep 4.0% for Yr 3 and only 2.0% f()r KSI. H&S and Safeguarding.. The increased emphasis placed by ISI on governors. responsibility and the ability to provide evidence that those responsibilities, particularly in regards to child protection and health and safety, are bèing properly discharged, are area5 for maintained vigilance. These arè area5 for ongoing engagement and maintained awareness. Governors must be able to demonstrate to ISI that they are aware of the issues and that they have discharged their fe5ponsibilities. To that end H&S and CP are now early agenda item5 at full Council meetin8s and key policies are reviewed annually. Council established a Covid-19 Working Group to oversee the school's management of the coronavirus ovtbreak Flnanclal effect of si¥niflcant events in the year The ongoing impact of the Covid-19 pandemic ha5 been an evident and enduring risk . This has had a significant impact on school operations and the financial position of the school has been affected by changes to working pra¢t15es and eKpectation5 of some parents. The impa¢t of Covid Continues to be monitored by the school senior management teams with Council oversight. The Council has again examined the principle areas of the school's operations, identifying new risk5 and re- assessing those already highlighted. The Council 15 satisfied ihat all known risks are currently mana8ed or have 5VStèm5 in place to mitigate them. The key controls used by the Council include.. Formal agendas and minutes for all Council and commlttee meetings,. Detailed Terrns of Reference for all committees," Comprehensive strategic budgetary and lin3ncial planning and management accounting,. Formal written policie5 and procedures, including on health and safety and child protectign issues,. Established orsanisational and reporting struttures.. Regular review and approval of key policies.. Crisis response procedures (updated July 2012 and reviewed annuallyl,. External audit reports and ISI Inspection report51 most recently 20191. 20 Compiny N￿rnber W110692 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 2022 Section 172 Re rt intor oratin statem ofEm ee and Stakeholder en ment The governors of the school, as directors of the company, must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole and in doing so have regard to= al The likely consequences of any decision in the long run bl The interests of the tompany's employees cl The need to foster the company's business relationships dl The impact of the companvs operations on the community and the environment el The desirability of the company maintaining a reputation for high standards of business conduct fj The need to act faiTIy For tharitable tompanies wlth purposes that are not aimed to benefit the members. the Board has to act in way that promotes the success of the wider charitable purposes. This will incorporate the desire to meet the requirements of all stakeholders. being beneficiaries, both pupi15 and the wider community, Staff, donors and fee payers and suppliers. The Governors of St Swithun's School Iwinchesterl consider that they have acted in a way that is most likely to promote the success of the charitable purpose. a5 set out in aims and objectives on page S, in the followlng way- al The likely Consequences of any decision in the long run: The Govemors have considered the long-term sustainability of the school's operation5, as set out in the Going Con￿rn section of the Strategic Report on page 9. Council 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 through visits to the school. Standsng Committee 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 financial plan. Capital expenditure plan5 and cash flow requirements are also closely reviewed, particularly in the light of the School's borrowing commitments and repayment requirements. Risk management is incorporated into all of the school's operations and robust risk management procedures are well established. The most significant risks are discussed at each relevant Counol sub- committee. Further details ale contained in page 19. The Governors review and endorse all policie5 to ensure conslstent long term regulatory compliance. bl The interests of the company's employees, incorporating Statement of engagement with employees.. Authoritative and frequent communication with staff is essential. Staff are kept informed about staffing, flnancial and strategic issues affecting them and the 5¢hool through a termly update and then weekly staff meetings. Full details of the èmployment policy are contained on page 16. The Governors receive regular reports on Staff matters through the Headmistress, termly report. All Govemors conduct visits to school where opportunity is made for direct staff engagement. 21 Company Number(K)110692 Charty Number30733S St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2022 Sectlon 172 Re incor oratin statements of Em lo e and S akeholder en ement tontinued All staff were irtrvolved in the early stages of the strategic plan development, and all are updated on the plan and pritsrities at thè start of each academic year. Meaningful engagement is encouraged through the staff forum where employees acro55 all depa¥tments discuss and make recommendations direct to senior management. A staff survey in 2020 reported high levels of sat15faction and the school plan5 to repeat this process. of well-be5ng activities Is available to all staff, A diverse pro8ramme The Company has complied wtth the UK'S Equality Act 2010 Regulatlon$ 2017 that require the publication of information on the gender pay gap for UK employees annually. The 2021 report is vailable on the website. cl The need to foster the company's relationships with stakeholder5, incorporating Staternent ol company's business relationships.. The charitvs beneficiarie5 and donors are the fo¢u5 of all the s¢hool's operation5. -A fair and ton515tent selectlon policy ensures a diverse and thriving student body that is fully suppo¥ted throughout their education from nursery to external exèrninations re5uIt5, enablin8 admission to all univer51tie5 and preparin8 pupils for later life beyond the school gates. Strong recruitment of the best teachers and valuing of staff supports the stability and high standard of education, A fair policy of bursary awards, consistently applied. SUPPOTt families who may not otherwise be able to access education at the school. The parent contract forms the basis of the relationship with fee payers. This is reviewed regularly to ensure best practice and then applied fairly and consistently. Parental engagement is maintained throu8h weekly correspondence and termly publication5. - All suppliers are treated fairly and promptly with busfne55 terms adhered to. Local and non-corporatè supplies arè reimbursed on request. The Company complies with the UK'S Paymer>t Practices Re8ulation5 that require the publication of information on the supplier term5 offered and average payment statistics. The August 2022 calculation ha5 been uploaded to the Government portal and is available to review. Council receives regular reports and update5 in *undrai5ing regulations and guidance through the Bursary, Fundraising and Public Benefit Committee. The school doe5 not engage with any external third party fundraisers. dl The impact of the company's operations on the communrty and the environment.. Council supports the school to undertake a full provision of Communlty and partnership activity Full details are contained in pa8e 7. The Cornpany h35 completed the Energy Savings Opportunity Scheme IESOSI reporting requirements phase5 1 and 2, and reports under the Streamlined Energy and Carbon Reporting ISECRI on page 23. 22 Company Numbèr00110692 Charilv NuTnber 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 2022 Sectlon 172 Re ort incor ratln St3tement f Em lo e and Stakeholder en emen tontlnued el The desirability of the cornpany matntaining a reputation for high standards of busines5 COrtdurt= -The Compan¢s Bribery Policy. that has been approved by Council. sets out the responsibilities of staff to report any incidents or suspicion of fraud. bribery or corruption arising in the course of their work and to cooperate fully with related investigations. The School takes a zero tolerante approach towards fraud, bribery and corruption. The Whistle blowing policy supports staff in this approad). The need to ad fairly.. All govemors and senior staff complete an annual Conflitt of Interest declaration. Thèie have been no reported incidents of unaC￿ptab1e relationships. Str amllned Ene and Carbon Re ortin SECR tlosure (al Emissions Summa The SECR disc105ure presents our carbon footprint within the United Kingdom across S¢ope 1, 2 and to some extént scope 3 emissions, an appropriate intensity metric. the total energy use of electricity, gas and transport fuel and an energy efficiency actions summary taken during the relevant financial year. Year to 31 July Year to 31 July 2022 2021 5,973,154 6.215,248 Energy consumption used to calculate emissions Ikwhl Emissions from combustion of gas (Scope 11 tC03e Emissions from combustion of fuel for transport purposes (Scope Il tCO2e Emi55ions from busines5 travel in rental cars or employee- owned vehicles where company is responsible for purchasing the fuel Iscope 31 tC02e Emissions from purchased electricity IS¢ope 2, location-basedl tC02e Total gr055 tC02e based on above Intensity ratio ItCOie/total square metres Im)) 794 31 19 285 352 I,iis 1,19 0.046686 0.051199 Ibl Ener Efficien Action Summ Year 31. Jul 2022 St. Swithun's School continues to seek to achieve direct savings in energy and assoeiated ca￿On emissions, through operational and technologicèl improvements. Signtfi¢ant plans for major investment had to be put on hold as the school recovered from the financial impact of the Covid19 pandemic. A focus on sustainability has commenced in 2022-2023. This includes both short-term measures involving employee and pupil engagement in energy saving initiatives, a programme of phased replacement of irtefficient boilers plus detailed planning for long-term Capital projects includit)g solar panel installation and window enhancement. 23 Cornp3ny Number00110692 Ch3rKty 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 2022 Streamllned Ener and Carbon Re ortin SECR Dls¢losure continued SE R Methodolo note5 Reportin Period Boundary Iconsolldation approach Alignment with financial reportin8 I" August 2021- 31° July 2022 Operational approach SECR disclosure has been prepared in line with St. Swithun's School's annual accounts made up to 31" July 2022 GHG Emissions reporting are in line with the Greenhouse Gas IGHGI Protocol Corporate Accounting and Reporting Standard DEFRA, 2022 for all emissions and conversion factors Reporting method Emissions factor & Conversion factor source as- re 1011in )_LDnverbiL)n-IdLlOt'S-&022 Activity Data M Ernission Factor= GHG emissions Activity Data x Conversion Factor- kwh consumption The results ift the table are expressed In tons Cole and may not add up precisely to the totals due to rounding. The report contains an estimated electricity consumption, estirnation rnethod.. average value from past 3 month5. The estimated electricity consumption is le55 than 1% of the total energy consumption. Diesel and petrol split were not available from company mileage. Split was made using VEH1103 statistics Calculation method Roundin8 Other relevant information on calculation Reason lor the intensity metric choice 5t. Swithun's School is an indepèndent day. weekly and full-boarding school therefore following the recommendations of the legislation the chosen intensity metric is total square meters, expressing the school's annual emission5 in relation to this quantifiable factor. 24 Company Number W110692 Chaiity 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 2022 RESPONS181UTIES OF MEMBERS OFTHE COUNCIL The Council Members Iwho are also directors of St Swithun's School IWinche5terl foi the purposes of companv lawl are responsible for preparing the Council Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Prattitel. Company law requires the Council Members to prepare financial statements for each financial year. which give a true and fair view of the State of affairs of the charitable company and the group and of the incoming resour¢es nd application of resources, including the intome and expenditure, of the charitable group for that period. In preparing those firtancial statements. the rnember5 of the Council are required to:_ select suitable accounting policies and then apply them consistently,. observe the rnethods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed subject to any material departures disc105ed and explalned in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The members of the Council are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure the financial statements comply with the Companies Act 2006. The mernbers of the Council are also responsible for safeguarding the assets of the charitable company and the group and herhce for taking reasonable steps for the prevention and detection of fraud and other irregularities. INFORMATION PROVIDED TO THE AUDITOR The Members of the Counul who were In office on the date of approwal of these flnancial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditor is unaware. Ea¢h of the Members has confirmed that they have taken all of the steps that they ought to have taken as dirertors in order to make thernselves aware of relevant audit information and to establish that the auditor is aware of that information. Auditor Crowe U.K. LLP offer themselves for reappointment as auditor in accordance wlth the Companies Act 2CK)6. The Report of the Council and the Strategic Report were approved on behalf of the Council. cCLure Chair LO November 2022 25 Company Number00110692 Charity 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 Independèni Audltorfs Report to the Members of St Swithun's School Iwlnchesterl Oplnion We have audited the financial statements of St Swithun's School 'the charitable company, and its sijbsidiary 'the group, for the year ended 31 July 2022 which comprise the Consolidated Statement of Financial Activitie5, Consolidated ènd Company Balance Sheets. Consolidated Statement of Cash Flows and note5 to the financial statesnents, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reportin8 Standard 102 The Finan¢ial Reporting Standard applicable in the UK ènd Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opiniors the financial statements.. give a true and fail view of the State of the group's and the ¢haritable company's affairs as at 31 July 2022 and of the group's income 3nd expenditure. for the year then ended,. have been properly prepared in accordance with United Kingdorn Generally Accepted Accounting practi￿.. and have been prepared in accordance with the requirement5 of the Companie5 Act 2006. Basls for oplnFon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirement5 that are relevant to our audit of the financial statements in the UK. including the FRC5 Ethical Standard, and we have fulfilled our other ethical re5ponsibilitie5 in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatin8 to going concern In auditing the linancial statements, we have concluded that the trustee's use of the goSng concern basis of accounting in the preparation ol the finan¢ial statements is appropriate. Based on the work we have performed, we have not iderltified any material uncertainties relating to events or condition5 that, individually or colledively. may cast 518nificant doubt on the charitable company's or the group'5 ability to continue as a going Concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustee5 Wlth respect io going concern are described in the relevant sections of this report. Other Informatlon The trustees are responsible for the other information contained within the annual report. The other informètion comprises the information in¢luded in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial Statements does not cover the other information and, except to ihe extent otherwise expliciily stated in oui report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doin6 so, ¢on5ider whether the other Inf()rmation 15 materially inconsistent with the financial statements tsr our knowledge obtained in the audit or otherwise appears to be materially rnisstated. If we identify such material inconsistencie5 or apparent material misstatement5, we are required to determine whether this gives rise to a material rnisstatement in the financial statements themselves. If. based on the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this Tegard. Opinlons on other matter5 prescribed by the Companles Act 2006 In our opinion based on the work undertaken in the couise of our audit the information given in the trustees, report, which includes the directors. report and ihe strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the rinancial statements.. and the strategic report and the directors. report included within the trustees, report have been prepared in accordance with applicable legal requirements. 26 Company NumbÈr(M)110692 Charity Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST SWITHUN'S SCHOOL {WINCHESTERI Independent Auditorfs Report to the Members of St Swithun's School {Winchesterl {continuedl Mattets on which we are required to report by exception In light of the knowledge and understandlng of the group and charitable company and their environment obtained in the tourse of the audit, we have not identifsed material misstatements in the strategic report or the directors. report Included within the trustees, report. We have nothing to report in respéct of the following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion.. adequate and proper accounting records have not been kept. or the financial statements are not in agreement with the ac¢ounting records and returns- or certain disclosures of trustees, remuneration specified by law are not made.. or we have not received all the Information and explanations we require for our audit Responsibilities of trustees As explained more fully in the trustees. responsibilities statement set out on page 2S, the trustees (who are also the director5 of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determinè is necessary to enable the preparation of financial statements that are free from material Misstatement, whether due to fraud or error. In preparin8 the financ5al statements. the trustees are responsible for assessing the charitable companrfs ability to tontinue as going concern. disclosin& as applicable. matters related to going concern and using the going concern basss of accounting unless the trustees either intend io liquidate the charitable company orto cease operations, or have no rèalistic attèrnative but to do so. Audbtorfs respon*bilitles forihe audlt of the flnancial statements Our objectives are to obtain reasonable assurance abovt whethei the financial statement5 8$ 3 whole are free from material misstatement. whether due to fraud or error, and to Issue an auditor'5 report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA5 IUKI will always detect a material misstatement when it exists. Misstaternents can arise from fraud or error and are considered rnaterial if, individually or in the aggregète. they Could reasonably be expected to influence the economic decisions of users taken on the basi5 of these financial statements. Details of the extent to which the audit was considered capable of detectlng irregularities, including fraud and non-¢omplian with laws and regulations are set out below. A further description of our responsibilities for the audit of the financial statements is located on the Finan¢ial Reporting Council'5 website at.. www.frc.or .uk auditorsres onsibilities. This description forrns part of our auditor's report. Extent to which the audit was considered capable of dtttedlng irregularities. includlng fraud Irregularities, including fraud. are instances of non-compliance with laws and regulations. We identlfied and assessed the risks of material misstatement of the financial Statements from irregularities, whether dueto fraud or error. and diKussed these between our audit team members. We then designed and performed audit procedures responsive to those rlsks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within whlch the charltable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in thls contextwere the Companies Act 2006, the Charities Act 2011, taxation legislation. together with the Charities SORP IFRS 1021. We assessed the required compliance wlth these laws and regulations as Part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a dired effett on the financial statements but compliance with which might be fundamental to the charitable companvs and the group's ability to operate or to avoid a material penalty. We also considered the opportvnities and incentives that may exist within the charitable company and the group for fraLtd. The laws and regvlations we considered in this context for the UK operations were The Education Ilndependent School Standards) Regulations 2014, Data Protection Regulation IGDPRI. Health and safety legislation and employment legislation. 27 Company NumberLh)110692 Charity Numbef 3073as St Swithun's School (Winchester) (a company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST 5WITHUN'S SCHOOL IWINCHESTERI Independènt Audltorfs Rttport to the Members of St Swlthun's S¢hool Iwlnchesterl Icontinuedl EMt*nt to whlch the audlt was con51dered capable of deterttn6 irregularities. Includin8 fraud Icontlnuedl Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection ol re8ulatory and legal correspondence, if anv. We identified the greatest risk of material impact on the financi315tatements from irregularities, including fraud, to be within the timing of recognition of donations income and other ancillary income. and the override of controls by management. Our audit procedure5 to respond to these risks in¢luded enquiries ol mana8ement and the Standing Committee about their own identification and assessment of the risk5 of irreBul3rities, sample testing on the Posting of journals, reviewing accountin8 estimates for biase5, reviewing regulatory correspondence with the Charity Commission, Indepèndent Schoo15 Inspectorate, Of5ted and reading minute5 of meetlng5 of those charged with governance. Owing to the Inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even thou8h we have properly planned and performed our audit in accordance with auditing Standards. For examplè, the further removed non-compliance with laws and regulations lirre8ularitiesl is from the even15 and transactions reflected In the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit. there remained a higher risk of non-detection of irregularities. as these may involve Collusion, forgery, intentional omissions, misrepie5entations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws ènd regulations. Use of our report Thi5 report 15 made solely to the charitable companvs members, as a body, in accordance with Chapter 3 of Part 16 of the Companie5 Act 2006. Our audit work has been undertaken $0 that we rnight state to the charitable company's members those rnatters we are required to state to them in an auditor's report and for no other purpose. To the I￿lIest extent perrnitted bylaw, we do not accept or assume responsibility to anyone other than the charitable compèny and the charitable cotnpanls members 5 a body, for our audit work, for this report, or for the opinion5 we have forrned. Nicola May Senior Statutory Auditor For and on behalf ot Crowe U.K. LLP Statutory Audito London Date. 22 November 2022 28 Company NumberC0110692 Charity Ilumber 307335 St Swithun's School (Winchester) (a company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES lincorporatingan income and expend((ure account) for the year ended 31 July 2022 School Endowment Fund 2022 Restricted funds 2022 Total 2022 Total 2021 Note 2022 Income and endowments from Donations Charitable activitles School fees Ancillary trading income Trading turnover Investment income Other income 262.535 262,535 1,571,584 15,565,560 630,010 15,565,560 630,010 13.901,455 675,869 285,848 3,193 285.848 46,630 150,207 43.816 361.499 1,128 42,309 Total Incoming Resources 16.484,611 1,128 304.844 16,790,583 16,704,430 Expenditure on Charitable actiwties Raising funds Other- Finance costs 4 15,821,938 175,519 121,584 2,000 219,285 16,043.223 175.519 121.584 15,000,345 83,351 183,069 Total Resource5 Expended 16,119.041 2,000 219,285 16,340,326 15,266,765 Gasns I110ssesl on investments 13,6141 14,572 10,958 165,729 NETINCOME FOR THE YEAR Transfer of funds Pènsion scheme a¢tuarial10sses 365.570 14.4861 100.131 461,215 1,603.394 li 80,085 180.0851 18 mOVEmE￿IN FUNDS 445,655 14,4861 20,046 461,215 1.603,394 Balance brov8ht fts￿ard 30,255,470 70,705 2,172.269 32,498,444 30.895,050 Balante carried foNard 30,701,125 66,219 2,192,315 32,959.659 32.498,444 All of the school's actiwties relate to continulng operatlons. 29 Company Number WllQ692 Charlty Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) CONSOLIDATED BALANCE SHEET as at 31 July 2022 Note 2022 2021 Fimed assets Tangible assets Investments 31,648,226 2.168,863 32,076,688 1,407,905 33,817,089 33.484,593 Current a55els Debtors Cash at bank and in hand 489,586 5.920.925 499,148 6,070,938 6,410.511 6.570,086 Creditors: amounts fallin8 due withln one year 13,069,199) 13.210,0681 Net current assets 3,341,312 3,360,018 Total a55ets less current liablllties 37,158,401 36.844,611 Credltors.. amount5 falling due after more than one year io 14.198,7421 14,346.16711 NET ASSETS 32,959,659 32,498,444 Unrestricted funds 12 30.701,125 30,255.470 Restrlcted funds li 2.192,315 2,172.269 Endowment fund li 66,219 70.705 TOTAL FUNDS 32,959,659 32,498,444 The surplus for the financial year dealt with in the financial statements of ihe parent company was £342,11912021 surplus ol £1.514,4551. The financial statements were approved and authori5ed for issue by thè Council on 10 November 2022 JHea A Mcclure kknJ)th) A-L Peters Mèmbers of the Councll The accornpanying accounting policies and notes form an integral part of these financial statements. 30 Company Number Th)110692 Charity Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) BALANCE SHEET as at 31 July 2022 Note 2022 2021 Fixed assets Tangible assets Investments 30,949,721 2,168,864 31,376,908 1,407.906 33,118,585 32,784,814 Current assets Debttsrs Cash at bank and in hand 471,679 5,826,733 52L196 5,965,930 6,298.412 6,487,126 Creditors: amounts falllng due withln one year 12,988.1341 13.156,8671 Net current assets 3.310,278 3,330.259 Total assets less current liabilities 36,428.863 36,115,073 Creditor5: amounts falling due after more than one year io 14,198.7421 14.346,1671 NErASs￿5 32,230,121 31.768,906 Urtrestrictèd funds 29,971.587 29,525,932 Restrscted funds li 2.192,315 2.172.269 Endowment fund li 66,219 70.705 TOTAL FUNDS 32,230.121 31,768,906 ncial statements were approved and authorised for issue by the Council on 10 November 2022 A Mcclure Lko A-L Peters Members of the Council The accompanying accounting policies and notes form an Integral part of these financial statements. 31 Company Number00110692 arity Nurnber 307335 St Swithun's School (Winchester) (a company limited by guarantee} CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 July 2022 Note 2022 2021 Net ta5h inflow from operatlons 14 1,590,711 2.417,352 Cash flows from Snvestin8 actlvltiès Purchase of tangible fixed assets Asset5 in the course of construction Purchase of fixed 355et investment Proceed5 from sèle of current asset investments Interest from investments 1319,3871 1315.5491 1750.0001 1187,1711 11,234,2971 46,630 43,816 Net cash tssed in investin8 activities 11,338,306) 11.377,6521 Cash flow5 from fjnancing actlvities Repayments of b¢rrowing New loan flnance after restructure 1402,4181 1394,4891 Net Cash provided by financing activitie5 1402,4181 1394,4891 Chanse in cash and cash equivalents tn the reportlng perlod 1150,0131 645.211 Cash and cash equivalents at the beginning of the period 6,070,938 5,425,727 Cash and tash equlvalents at the end of the reportlng period 5,92Q,925 6,070.938 32 Company Number(N)110692 Charity Number 307335 St Swithun's School {Winchester} (a company limited by guarantee) ACCOUNTING POLICIES for the year ended 31 July 2022 ACCOUNTING POLICIES PUBLIC BENEFIT ENTITY The School is a public benèfit entity reglstered as a charity In England and Wales and a company limited by guarantee. It was incorporated on 08 July 1910 Icompany number 001106921 and registered as a Charity with the Charities Commission charity number 307335. The financial statements have been prepared in accordance with the Financial Repertlng Standard applicable in the UK and Republic of Ireland IFRS1021, the Companies Act 2006 and the Statement of Recommended Practice applicable to ¢haritie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFR51021 effective l January 2015. The functional currenry of the School is considered to be G8P because that is the currency of the primary economic environment in wh5eh the s¢hoo5 operates. The accounts are drawn up on the historic cost ba515 of accounting, a5 modified by the revaluation of investments and pension GOING CONCERN The Counal has considered several factors when forming iheir conclusion a5 to the use of the going con￿rn basi5 for the preparation of these financsal statemènts including a review of the updated forecasts to 31 July 2024 and a consideration of the key risks. including the impa¢t of exiernal economit factors including the energy market volatility, that could negatively impact the school and workn.ng capital requirements. The forecast surpluses for 2022-23 and 2023-24 have been affected by the global energy market crisis, which has seen an unexpected 600% rise in energy cgsts. Thi5 Slts alongside a significant rise in national inflation and strong upward pressure on staff salaries,. all pressures by which the school is equally affeded. All these factors have inewtably caused significant intreases in the operating cost base of the school. However, the Council has taken measures which, combined with the use of strategic reserves. will alleviate this pressure whilst maintaining the level of commitment to the education of the girls and developing the offer to meet thè expectations of parents now 3nd in the future. Sustainlng and increasing pupil numbers remairts a key risk, which is assessed on an ongoing basis. The sthool has made a cautious start to the schotsl year with 700 pupils. This is in line with the budgeted roll set in July 2022. Fee income for the first term of the 22123 school year has been strong with an indicat50n that payment of fèes will be ¢onsistent with p¥evious years. Early indications are strong for the September 2023 intake. At the year-end. the school had surplus free reserves of £2,593,828. This comprises £5.081,254 unrestrirted cash plus £489,586 working capital less net creditors of £2,977,012. Council reviews the School's financial plans on a termly basis by monltoring income and expenditure against forecasts within the context of the annual budget and a rolling 10-yeaT financial plan. Cash flows are also closely reviewed. particularly in the Ilghl of the School's borrowing commitments and repayment requirements. Financial sensitivity analysls is incorporated into Counthl information, ￿ntred on key assumptions Iroll, fees, and staff costs). Council reviews all known major fisks to the school and states the action being taken to alleviate them on a rolllng annual basi5. The key risks to which the school is subject are highlighted in the strategic report. The school's strategic development plan remains dynamic and wi51 be further reviewed once the impact of the ongoing energy market volatility is better known. It is not anti¢ipated that this will change the underpinning alms, vision or ethtss of the school. 33 Company Number￿110692 Charity Number307335 St Swithun's School (Winchester) (a company limited by guarantee) ACCOUNTING POLICIES for the year ended 31 July 2022 GOING CONCERN l¢onlinuedl Having regard to all the above. the Governors have a reasonable expettation that the School ha5 adequate resources to conlinue its activities lor the foreseeable future and consider that there are nts material uncertaintie5 over the school's financial viability. Accordingly. they continue to adopt the going concern basis in prepartng the financial statements as ouilined in the Statement of Mernbers Responsibilities on page 25. GROUP ACCOUNTS These financial statements consolidate the results of the charity and its wholly-owned subsidiary St Swithun's School Letting Company Limited Icompany nurnber 019314721 on a line by line basis. No Separate SOFA has been presented for the Charity alone, as permitted by Section 408 of the Companie5 Act 2006. The charity ha5 taken advantage of the exemption available to a qualifying entity in FR5102 from the requirement to present a charity only Cash Flow Statement with the consolidated financial statements. CRITICAL ACCOUNTING IUDGEMENT5 AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the accounting policies. Trustees are required to make judgement, estimates and assumptions about the carrying value of assets and liabilit*e5 that are not readily apparent from other source5. The estifflates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual ¥esults may differ from these estlmate5. The estimates and underlyin8 a55umption5 are reviewed on an ongoing basis. Revisions tc* accounting estimates are recogni5ed in the period in which the estimate is revised if the revision affect5 only that period, or in the period of the revision and future periods if the revision affected current and future periods. The key estimate5 and Judgernents which impact the financl315tatements are; Assumptions adopted by management and use by the actuary to calculate the pension Itability, and assessmgnts of remaining Useful life and impairments of a55ets, and assessment of ihe bad debt provision. In the view of the trustee5, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet datè èfe likely to result in a material adjustment to their carrying value in the next financial year. The following accounting policie5 have been applied con5i5tently in dealing with items which are considered material in relaiion of the school's financial statements. FEES RECEIVABLE AND SIMILAR INCOME Fees receivable and charges for services and use of ihe premises, less any scholarship5, bursaries or other discounts granted by the school against those fees, but including contributions received from restricted funds. are accounted for in the period in which the service is provided. DONATIONS AND GRANTS Donations and other voluntary incoming resources received which are subject to specific wishes of the donors are carried to relevant restricted funds, as and when entitlement arise5 which can be reliably quantified and benefit is probable. 34 Company Nurnber OOL10692 Charity Number307335 St Swithun's School (Winchester) (a company limited by guarantee) ACCOUNTING POLICIES forthe year ended 31 July 2022 EXPENDITURE Expenditure is accrued as soon as a liability is tonsidered probable, discounted to present value fof longer-tèrm liabilitie5. Expenditure is allocated to expense headings either on a direct cost basis, or apportioned on a consisteni basis. The iffe¢overable element of VAT is included with the item of expense to which it relates. Governance cost5 comprise the costs of running the charity, including strategtc planning for its future development, also external audit, any legal advice for the Cotjncil and all costs of complying with constitutional and statutory requirements. FIXED ASSETS Fixed assets are included in these financial statements at their original cost less depreciation. All items costing in excess of £l.000 are capitalised and depreuated according to the policy below. This is an uplift from the previous policy of £500. although key individval items which fall under the hlgher cost may still be capitalised. All fixed assets are used in direct hjrtherance of the school's objectives. DEPRECIATION Depreciation is provided on all tangible fixed assets with the exception of land at rates calculated to write off the costs less estimated residual value on each asset. by equal annual instalrnents, over their expected useful lives which are considered to be= Freehold land Freehold buildings Furniture, fittings and equipment Assets in the course of constrvction 50 years 4-5 years PENSIONS Retirement benefits to employees of the school are provided through three pension Schemes. two defined benefit and one defined ¢ontribution. The pension costs charged in the Statement of Financial Activities are deterrnined as follows.. Teachers are auto*nrolled in the TÈathers' Pension Scheme, which Is a multi_employer pension scheme. Teachers may also voluntarily opt-out and join the defined contribution scheme. It Is not possible to Identify 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 FRSIO2, accounts for the scheme as if it were a defined contribution scherne. The school's contributions, whith are in a¢¢ordance with the recommendations of the GovernmentActuary. are charged in the period in which the salaries lo which they relate are payable. Non-teaching members of staff appointed before 31 December 2000 were offered membership of a defined benefit scheme. The assets of this scheme are held separately from those of the school, being invested with insurance Companies. The pension costs for that scheme represent the contribution due by the school based tsn the charges calculated by thè Scheme'5 artuaries. 50 as to ensure that the regular pension costs represent a substantially level pertentage of the turrent and expected future pensionable payroll. The scheme closed to future accrual on 31 March 2007. Remaining staff are now deferred members of the scheme and full members of the defined contributlon scheme. The defined benefits scheme Is being accounted for under 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. Any notional surplus is not recognised. but carried at £nil value. The Council believe5 that the scherne currently meets statutoryfunding requirements. The Council note that the cal¢ul3ted notional surplus Qr deficit calculated under FRS102 can vary greatty from year to year depending on the assurnptions made at the year end. Full details are contained in note 18. All support staff and teachers who opt out of Teachers, Pension Scheme are enro15ed in è defined contribution scherne. This is a group personal pension plan with Legal & General. Ernployer's pensions Costs are charged in the period in which the salaries to which they relate are payable. 35 Company NUM￿Yo0110$9l Charry Number307335 St Swithun's School (Winchester) (a company limited by guarantee) ACCOUNTING POLICIES for the year ended 31 July 2022 COMPOSITION FEES Arnounts received under the 5chool'5 Composition Fees ¢ontracts for education not yet utilised to settle school fees are recorded as deferred incorne and allocated as current liabilit1È5 where the education will be provided within 12 month5 from the reporting date and as long-term liabilities where the education will be provided in subsequent years. DEP051TS The Governors have revlewed the contract terms under which Pupil fee deposits ère held by the school. Although under normal circumstances these will be repaid over future years when the pupi15 complete their education at the school. pupils can leave at earlier dates. The school doe5 not therefore have an unconditional right to retain the indivldual deposits for at least 12 months after the balance sheet date and, in line with the requirement5 in FRS 102. thè balance of the deposits held at 31 July 2022 and at 2021 have been included within current liabilities. INVESTMENTS AND INVESTMENT INCOME Lon8 term investments are classified as f)xed assets. Short term investments ale classified as current a55ets. Investments listed on a re¢c)gni5ed stock exchange are valued at the lower of cost ènd mid-market value at the balance sheet date. A surplus or deficit on revaluation is taken to the Statement of Financial Activilies. Unlisted investments are stated at cost. UK Government gilt5 are classified as either fixed or current assets depending on when they are due to mature. Provision is rnade for any irnpairment in the value of fixed asset investments. Investments in 5ubsidiarie5 are valued at tost less provision for impairment. Investrnent income from bank balance5 and fixed interest securities is a¢counted foi on an accruals basis. FUNDS Unrestritted funds are Incoming resources re￿i￿able or generated for the objects of the chaytty without further specified purposes and are available as general fitrnds. Re5trt¢ted funds are funds subject 10 specific conditions imposed by donors. The purpose and use ol the restricted funds are set oul in the notes to the financial statement5. Amounts unspent at the year-end are carried forward in the balance sheet. Details of these funds are Set out in note 11. OPERATING LEASES Rentals under tsperatin8 leases are charged on a strai8ht-line basis over the lease term, even if the payments are not rnade on such a basi5. Benefits received and receivable ès an incentive to 518n an operating lease are similarly spread on a straight-line basis over the lease term. FINANCIAL INSTRUMENTS Basic financial instruments are Initially recognised at transaction value and subsequently measured at 8mortised with the exception of investments, which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specili¢ provision is made for debts for which recoverability 15 in doubt. Cash at bank and in hand is defined as all cash held in instant acces5 bank accounts and used as working capital. Financial liabilitie5 held at amortised cost comprise all creditors except social security and other taxes and provisions. Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year-end exchange rate. In accordance with FRSIO2, financial instruments now exclude fees in advance, a5 they are settled by provision of education. not monetary consideration. Net financial assets measured at fair value for the year-end amounted to £2.168,865 in investments 12021 £1.470,9061. 36 Company Number 00110592 Charty Nurnber 307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 SCHOOL EARNINGS The school fees earnings comprised 2022 2021 Gr055 fees Scholarships Bursaries Staff and sibling discount 17.235,502 1290,2631 11,348,672) 1200,8231 15,600,317 1296.7271 11,310.7931 1234,2241 15,395,744 13.758,573 Add back bursaries funded by Bramston Bursary Appeal 169.816 142,882 IS.565,560 13,901,455 Bursaries, scholarships and other awards were paid to 138 pupils12021.. 1331. Within this means tested bursaries were paid to 55 pupils12020..58 pupils). TRADING SUBSIDIARY The school holds the only share in one trading company, St Swithun's School Letting Company Limlted which utllises school assets for trading purposes. Summarised trading results for the year ended 31 July 2022 are as below. Two members from the Council have been appointed as dirertors of the subsidiary. 2022 2021 Income From the school External trad(ng income Investment income 23,520 285.848 63 23,520 150,207 309,431 173,734 Expenditure To the school Other costs 11,029 166,815 5,672 79,123 177,844 84.795 Prof5t before tax 131.587 88,939 The Chairman. the Treasurer and the Bursar have received no remuneration, dividend or any other form of reward or ber4efit from the trading subsidiary. The trading subsidiary makes an anrtual distribution of its taxable profits to the school. 37 Company Nvmber00110692 Charity Number 30733S St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 lal ANCILLIARY TRADING INCOME 2022 2021 Extra subjects. trips and travel Registration fee5 and deposits forfeit Sundry income 438,212 139.420 52.378 535,409 101.311 39,149 630.010 675,869 Ibl OTHER INCOME 2022 2021 £ Coronavirus lob Retention Scheme recovery Grant income 318,599 42.900 ANALYSIS OF EXPENDITURE lal Total expenditure staff CQSt5 Other costs 2022 Total 2021 Total Depreciation Raisir¢g funds Financing ¢05ts 90,604 83.640 121.584 1,275 175,519 121,584 83,351 183,069 90,604 205.224 1,275 Charltable activltles 297,103 266,420 Teaching costs Welfare c05tS Premise5 C05ts Support costs and governance 7.396,791 1.253,489 680,152 1,712,579 1,276,196 565.158 1.609.827 486,908 186,159 8.859,146 1.818,647 875,964 3,165,943 2,199,487 8,590,904 1.587,321 2,775,413 2,046.707 11.043,011 3,938,089 1,062,123 16.043,223 15.000.345 11,133.615 4.143,313 1,063,398 16,340,326 15,266.765 Ibl Governance costs of the charity included in support costs 2022 2021 Remuneration paid to current auditor for external audit servlces Costs of ISI inspection Reirnbursemeni ol personal expenses to Governors- travel 23,800 6,974 472 22,700 6,619 290 31,246 29,609 38 Company Number 00110692 Charrty Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENT5 forthe year ended 31 July 2022 ANALYSIS OF EXPENDITURE Icontinued) No members of Council received any remuneration or other benefits from the school or from any connected body. Two member of the Council received reimbursement of expenses connected with attending Council meetings and training. The total relmbursed for the year was £47212021-. one member of the Council received a total of £2901. The schtsol provides liabillty insurance to the Member5 of the Council as part of the school's insurance policy. Icl Net incoming resources are stated after ¢harging- 2022 2021 Audit fees Non-audit fees Direct taxation services Operating lease charges Depreciation 34,071 1.230 1.025 73,800 1,063.398 32,780 1,230 1.025 59,767 1.029.086 All fees for audit servlces in 2022 and 2021 are payable to Crowe U.K. LLP and are stated in¢luslve of non-recoverable VAT. STAFF COSTS 2022 2021 Salaries and wages Social security costs Pension costs and superonnuation 7,999,421 799,122 1.522,786 7,858,344 759,796 1,507,070 10,321,329 10,12S.210 Other staff related costs External contractors 191,935 620.351 118,688 S21,570 11,133,615 10,765.468 Aggregate employee~ benefits Of kèy management personnel The benefÉts figure includes the cost of employer national insurance. Durlng the year there were no termination payments rnade.'12021.. four termination payments totalling É110,320. There was £nil outstanding at the year*nd12021.. £70,320 was outstanding at the year-endl. 1,116.747 1,129,713 The average number of employees of the group during the year was as follows= 39 Company Number00110692 Charty Number 30733$ St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 STAFF COST51continued) 2022 Number 204 123 2022 FTE 127 77 2021 Number 196 132 2021 FTE 120 81 Teachin8 Staff Support staff 327 204 328 201 Catering staff numbers arè not included in the above calculations as they are not direct employees of the school. The number of employees whose gross emoluments exceeded £60.000 was.. 2022 2021 £60,001- £70,000 £70,001- £80,000 £80,OQI- £90,OLIO £90,001- £100,000 £150,001- £160,000 £160.001- £170.000 During the year contributions were made to Teacherg Pension5 defined benefit scheme on behalf of six higher paid employees12021'. five emplc>yeesl and to a defined contribution group personal pension scheme for two higher paid employees12021.' two employees). TANGIBLE FIXED ASSETS Freehold land and bulldin85 Assets in the course of constructio Furniture fittings and equipment Total THE GROUP Cost At I Au8u5t 2021 Addition5 Transfers Fixed assets written off 41,821,262 118,301 1.226.962 1,122,126 315.549 11.282,5751 3.036,424 201,086 55,613 1212,6601 45,979,812 634,936 1212,6601 At 31 July 2022 43,166,525 155,ILXJ 3,080,463 46,402.088 Depreclatlon At l August 2021 Provided in the year Fixed assets written off 11,153,484 875,964 2.749,640 187,434 1212,6601 13,903,124 1.063,398 1212,6601 At 31 july 2022 12,029,448 2,724,414 14,753.862 Net book amount at 31 july 2022 31,137,077 155,100 356.049 31,648,226 Net book amount at 31 July 2021 30.667,778 1.122.126 286,784 32,076,688 The freehold land and buildings are insured by the school to the value of £70.8M 40 Company Number 00110692 Charty Number 307335 St Swithun's School {Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 TANGIBLE FIXED ASSETS l¢ontlnuedl Freehold land and buildings Assets in the course of construction Furniture rittings and equipment Total THE COMPANY Cost At l August 2021 Additions Transfers Fixed assets written off 40,622.140 118,301 1,226,962 1,122.126 315,549 11,282,575) 2,914,396 201,086 55,613 1212,6601 44,658,662 634,936 1212,6601 At 31 july 2022 41.967,403 155,100 2.958,435 45.080.938 Depreciation At l August 2021 Provided in the year Fixed assets written off 10.652.867 875,964 2,628,887 186,159 1212.6601 13,281,754 1,062,123 1212,6601 At 31 July 2022 11,528,831 2,602,386 14,131,217 Net book amount at 31 July 2022 30,438.S72 155,100 356.049 30,949.721 Net book amount at 31 July 2021 29,969,273 1,122,126 285,509 31,376,908 FIXED ASSET INVESTMENTS The Group 2021 The Company 2021 2022 2022 Market value as at l August 2021 Additions Transfer to current asset investments Increase / Idecreasel in valve of investments 1,407,905 750.000 1,242,176 1,407,906 750,000 1,242,177 10,958 165,729 10,958 165,729 Market value as at 31 July 2022 2,168.863 1.407,90S 2.168,864 1,407,906 As represented by: Listed investments IUKI Unlisted investments 2,168,863 1,407,905 2,168,863 1,407,905 2,168,863 1,407.905 2.168,864 1.407,906 41 CompanyNumberlM)110692 arlty NufflbtT307335 St Swithun's School (Winchester} (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 FIXED ASSET INVESTMENTS Icontinuedl At 31 July 2022 the company held 100% of the allotted share capital of St Swithun's School Letting Company Lirnited incorporated In England and Wales (company number 0193147,. reglstered office Alresford Road, Winchester S021 IHAI, which is involved the letting of facilitie5. The assets and liabilities of St Swithun's School Letting Company Limited are.. 2022 2021 Tangible fixed assets Current asset5 1,275 127,486 113,217 113,217 128,761 Creditors.. amounts falling due within one year 182.1821 197,7261 31,035 31,035 Represented by.. Share capital Profit and loss account Capital redemption reserve 31,033 31.033 31,035 31,035 Details of St Swithun's School Letting Company Limited's profit and loss a¢count are glven in note 2. 42 Company Numbèr 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 2022 DEBTORS The Group 2021 The Company 2021 2022 2022 Amounts falling due within one year.. Fee debtors Prepayments and accrued income Amounts owed by group undertaking 7,953 481,633 27,837 471,311 7.953 447.343 16,383 27,837 448,833 44,526 489.586 499.148 471,679 521,196 CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR The Group 2021 The Company 2021 2022 2022 Bank loan 332,833 Social security 3nd other taxes 219,696 HP creditor 7,650 Other creditors and accruals 1.001,512 Pupil fee deposits 592.080 Deferred incoThe (fees in advance and composition) 915.428 Amout)ts due to group undertakings 332,833 218,170 332,833 208,536 7,650 931,607 592.ogo 915,428 332,833 204,223 668,768 665.356 1,324,941 629.514 665,356 1,324,941 3.069,199 3.210,068 2,988,134 3,156,867 As required by FRS102 all pupil deposits are shown as due within one year. io CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR lal Analysis of creditor The Group 2021 The Company 2021 2022 2022 Bank loans Deferred income Icornptssition fees) HP creditor 3,958,096 218,921 21,725 4,238,930 107,237 3,9S8.096 218,921 21,725 4,238,930 107.237 4,198.742 4.346,167 4.198,742 4,346,167 The bank loans are secured on the freehold property of the sthool. 43 Company Number00110692 Charity Number a07335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TOTHE FINANCIAL STATEMENTS for the year ended 31 July 2022 io CREDITOR5'. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Icontinuedl Ibl BANK LOANS The Group 2021 The Company 2021 2022 2022 Due within one yea Amounts falling due within l year-noie 9 332.833 332.833 332.833 332,833 Due between 2 and 5 years Due after more than 5 year5 1,331,333 2,626,763 1.331,333 2,907,597 1,331.333 2.626,763 1,331,333 2.907.597 Arnounts falling due after l year- note 9 3,958,096 4,238.930 3,958,096 4,238,930 4,290,929 4.571.763 4,290,929 4,571.763 In September 2019 the school consolidated a term loan and property mortgage into a single term loan of £4,992,495. with repayment terms of 2.19% over Base Rate over 15 years. The Group 2021 The Company 2021 2022 2022 Icl COMPOSITION FEE5 PAYABLE Due within one year (Amounts falllng dve within l yearl 93,655 68,133 93,655 68,133 Due between 2 and 5 years Due after more than 5 years 218.921 107,237 218,921 107,237 Amount5 falling due aftèr more than I year note 9 218,921 107,237 218.921 107,237 312,576 175,370 312,576 175,370 44 CotDpèny NumberCx)110692 Charity Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 li RESTRICTED FUNDS THE GROUP ANDTHE COMPANY Appeals General & le8acies 8uildin8 Fund Waller &Yonge Fund Total At l August 2021 Income Expenditure Gain / Ilossl on revaluation Transfer to Unrestrirted 1,732.086 178.966 1187.2531 15,053 386,410 44.577 130.9021 53,773 1,216 11,1301 14811 2,172,269 304.844 1219,2851 14,572 180,0851 80,085 180.0851 At 31 July 2022 1.738.852 400,085 53.378 2,192,315 The Appeals fund holds specific funds held to provide bursaries in accordance with dc>nor wishes. The total includes the Bramston fund which holds investments, the interest from which is used to fund hardship bursaries, and the 8ramston Bursary Foundation IB8FI the sole focu5 of whi¢h is to provide full bursaries for girls in care, or who may be on the edEe of care. Legacies are funds donated with specifit tonditions attached. The building fund held the donations from a widower of a St Swithun's Old Girl to fund an academi¢ enrid)ment building on the s¢hool slte. The building was completed in summer 2022. The General Purposè fund provides annual speech day prizes and contains donations eamiarked by donors, voluntary charity collections by the staff and pupils and the PTA funds. The Charlotte M Yonge prize for £100 is awarded for three years to assist former pvpils in the purchase of books. The Waller Fund provldes prlzes annually of £100 and £50 respectively to the Head and Deputy Head girls for the year. It also funds the Mowbray prize for £100 which is awarded for three years to assist former pupils in the purchase of books. This scholarship is awarded for excellent academic achievements whilst at the school. The level of these awards wa5 reviewed in September 2018. 45 Company NumberfA)110692 Chartty NumbeT307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 li RESTRICTED FUNDS Icontinuedl ENDOWMENT FUND THE GROUP AND THE COMPANY Li¥v Scholarship Total Al l August 2021 Income Expenditure L055 on revaluation of investment 70.705 1,128 12,1)001 13,6141 70,705 1,128 12,OOC*l 13.6141 At 31 July 2022 66,219 66,219 The Dr Jenny Livy Scholarship Fund was CTeated and generously supported by the parents ot a former pupil to recognise Dr lenny Lirfs ¢ontribution to 5t Swithun's School. A Dr lenny Livy Scholarship is awarded to a member of the L6 at the start of the academic year to a girl who show5 academic promise. intellectual curiosity, a unique independence of mind and who participates in the wider life of the school community. The award will be made to a girl who was in U5 in the previous academic year. The headmistress is responsible for awarding thi5 scholarship. The level of thi5 award 15 currently £2,000. This figure will be reviewed every 5 years Inext sept 20241 and increased by an agreed amount in line with fee leve15. In any year if there is no suitable scholarship ¢andidate, or the fund'5 income exceeds expenditure. then the amount is to be reinvested into the endowed fund. The funds for this scholarship are enduwed in a Separate fund clearly deflned. Funds are currently invested in M & G Charibond. Ongolng Investment decisions will be made in accordance with the school's investment policy. 12 DESIGNATED FUNDS THE GROUP AND THE COMPANY Pension Scheme Provision TOTAL DESIGNATED FUNDS TOTAL General UNRESTRICfED funds FUNDS At l August 2021 Surplus for the year Transfer io designatèd funds 422.000 422,000 29,833,470 445,655 30,255,470 445,655 At 31 July 2022 422.000 422.000 30,279,125 30,701,125 The school has establFshed a designated fund to meet future contrlbutlons to ihe SUPPDrt staff final Salary pension scheme as required. Detai15 of the scheme are contained in note 18. 46 Compa*y Number 00110692 Charlty Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 13 ANALYSIS OF NET ASSETS BETWEEN FUNDS THEGROUP Fund balan￿S at 31 July 2022 Unrestricted Endowment Restricted Total Tangible fixed assets Investments Current a55ets Current liabilities Long term liabilities 31.648,226 750,000 5,570,840 13.069,1991 14,198,742) 31.648,226 2.168.863 6.410.511 13,069.1991 14,198,742) Sl.847 14,372 1,367.016 825,299 30,701,125 66,219 2,192,315 32,959,659 THE COMPANY Fund balan¢es at 31 Jyly 2022 Unrestricted Endowment Restricted Total Tangible fixed 3ssets Investments Current assets Current liabilities Lon8 term liabilities 30,949,721 750,001 5,458,741 12.988.134) 14,198,742) 30,949.721 2.168,864 6,298,412 12.988,1341 14,198.7421 51,847 14,372 1,367,016 825,299 29,971,587 66,219 2,192,315 32,230,121 14 lal RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITES 2022 2021 Net incoming resources Ipage 291 Elirnination of non-operating cash flows IGainsl / losses on investments - Investment income Finance costs le55 grant income Depreciation chaT8e Ilncreasel / decrease in debtors Decrease in creditors excluding bank loans 461,215 1,603,394 110,9581 146,6301 121,584 1,063,398 9,562 17,4601 1165.7291 143,8161 140,169 1,029,086 1116,3711 129,3811 Net cash inflow from operations 1,590,711 2,417.352 47 Company Number00110692 Charity Nurnber 307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 14 Ibl ANALYSIS OF CASH AND CASH EQUIVALENTS 2022 2021 Cash ai bank- unrestrlcted Deposit5- unrèstricted Cash at bank- restricted Depts51ts- restricted 4,424,294 656,960 729,223 110.448 4,495,876 739,993 725,843 109.226 5,920,925 6.070,938 15 CAPITAL COMMITMENTS At 31 July 2022 the Group had capital cornmitments of £54,715 12021.. £80,502). All outstanding sums including retention5 on capital contracts have been accrued in liabilities a5 at 31 july 2022. 16 CONTINGENT LIABILITIES There were no cgntingent liabilities at 31 july 2022 or at 31 July 2021. 17 TAXATION St. Swithun'5 School Iwinchesterl is a registered Charity Inumber 30733513nd is potentially exempt from taxation of income and gains falling within sections 466 tts 493 of the Corporètron T8x Aet 2010 and sedion 521 to 536 of the Income Tax Act 2007. 18 PENSION SCHEMES TEACHING STAFF- Tea¢hers' pension scheme The School participates in the TeacheTS' Penslon Scheme 1.the TPS'I for 115 tea¢hing staff. The pension charge for the vear includes contributions payable to the TPS of £1,004.53812021 £1.126.9851 and at the year-end £nil12021'. £nill was a¢crued respect of eontributions to this scheme. The TPS is an unfunded rnulti-employer defined benefits pension scheme governed by TheTeacher5' Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 las amended). Members contribute on a 'pay as you go~ ba51S Wlth contributions from members and the employer being credited to the Exchequer. Retlrement and other pension benefits are paid by public funds provided by Parliament. The employer ¢gntribution ratè is set by Ihe Se¢reiary of State ftsllgwing scheme valuation5 undertaken by the Government ActUary'5 Departrnent. The most recent actuarial valuation of the TPS was prepared a5 at 31 March 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate lor the TPS would increase from 16.4%to 23.6% from I September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%. The 31 March 2016 Valuation Report was prepared in accordance wilh the benef￿ set out in the scheme regulations and under the approach Specified in the Directions, a5 they applied at 5 MaTch 2019. However, the assurnptions were considered and set by the Department for Education prior to the ruling in the 'McCloud/Sargeant case,. This case has required the courts to conslder cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers, Pensions. 48 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 18 PENSION SCHEMES Icontinuèdl On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal's judgment that transitional provisions introduced to the reformed pension sctriemes in 2015 gave rise to unlawful age dlscrlmination. The government is respecting the Court's decision and has said it will engage fully with the Employment Tribunal a5 well as employer and mernber representatives to agree how the discriminations will be rernedied. The government announced on 4 February 2021 that it intends to proceed with a deferred chtsice undèrpin under which mernbers will be able to thtsose either legacy or reformed scheme benefits in respect of their service 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 pla￿ to protect taxpayers against unforeseen chan8es in scheme costs. The Chief Secretary to the Treasury, having in 2018 announced that there would be a review of thts cost cap mechanism. in January 2019 announced a pause to the cost cap mechanism following the Court of Appeal's ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pau%È was lifted in July 2020, and a consultatlon was launched on 24 June on proposed changes to the cost control mechanism following a review bythe Government Artuary. Following a public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for ihe 2020 valuations. The 2016 cost control valuations have Since been completed in January 2022, and the results indicated that there would be no changes to benefits or member contributions required. The results of the cost cap valuation are not used to set the employer contribution rate, and HM Treasury has confirmed that any changes to the employer Contribution rate resu5ting from the 2020 valuations will take effect in April 2024. Until the 2020 valuation Is completed it is not possible to conclude on any fin8ncial impact or future changes to the contiibution rates of the TPS. Accordingly, no provision for any additional past benefit pension costs is Sncluded in these financial statements. NON-TEACHING STAFF- Defined contribution scheme The school operates a defined contribution, stakeholder compatlble. group personal pension for all non-teaching employees and teachers who have opted-out of Teachers. Pensions. The employer pays an age-related contribution ol 7- 14% for support Staff and 18.2% for teachers. provided that the employee pays a minimum contribution of 3-5%. The pension ¢harge for the year was £462.25612011= £380.0851. NON-TEACHING STAFF- Defined benefit scheme The employer operates a defined benefit scheme in the UK. This is a separate trustee administered fund holdinB the pension scheme assets to meet the long term pension li3bi14ties. Afvll actuarial valuation was carried out as atol January 2021 and updated to 31 July 3022 by a qualified actuary, independent of the scheme's sponsoring employer. The major assumptions used by the a¢tuary are shown below. This more recent finalised actuarlal valuatlon. whlch was produted as at 01 January 2021, showed that the scheme's assets equalled the scheme's technical provisions resulting 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 meèt expenses of the scheme and levies to the Pension Protection Fund. As there was no shortfall at the valuation date, no contributions are payable in respect of the technical provisions. Since August 2016 a designated fund ha5 been e5tabli5hed by the school to meet future contributions as required. As at 31July 2022 the balance stands at £422.000. The FRS102 calculation bythe actuèrytaltulates a scheme surplus of £655K 12021.. £666KI. However, in accordance with paragraph 28.22 of FR5102 the net pension asset has been restricted to the value of the scheme's future pension cost less future employee contributions. The net pension asset therefore becomes £nil. For 2022 and 2021 there are no actuarial movement5 that require recognition in the SOFA. 49 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 July 2022 18 PENSION SCHEMES Icontinuedl The penslon charge for the year was £45,280 lor admin charges and trustee and independent advi¢e12021.. £40.4871. lal Present values of defined benelit obligation. falr value of assets and defined benefit asset Iliabilityl The assets, funded obligations and notional surplus in the scheme as at 31 July 2022, 31 July 20213nd 31 July 2020 were as follow5.. 2022 Market Value £'ooo 2022 2021 Market Value E'ooo 2021 2020 Market Value £'ooo 2020 Proportion Proportion Proportion Equities Index linked gilts Cash Insured pensions 8uyout aware funds Other 319 io% 581 34 1,116 2,710 13Y iy 25Yo 61% 590 13% 1.206 2.836 26% 61% 2,953 900/0 Fair value of plan assets Value of funded obli8ation5 3,278 12,6231 4.441 13.7751 4,640 13,8441 Surplus Scherne surplus restriction 655 16551 666 16661 796 17961 Surplus reco8ni5ed balance sheet None of the fair values of the assets shown above Include any direct investments in the employer'5 own financlal instruments or any property occupied by, or other assets used by the employer. Ibl Reconciliation of openlng and closing balance5 of the defined benef¥t obligation Year to 31 july 2022 £'oo Year to 31 July 2021 £'ooo Opening delined benefit obligation Current service ctsst Interest cost Actuarial losses Igainsl Past service c05t Settlements or curtailments Benefits paid 3,775 3,844 59 11,0611 56 30 11501 11551 Closing defined benefit obligation 2,623 3,775 The English High Court rulinR in Lloyds Banking Group Pensitsn Trustees Limited vs Lloyd5 Bank pl¢ and others was published on 26 October 2018, and held that UK pension 5cheme5 Wlth Guaranteed Minimum Pensions IGMPs13ccrued from 17 May 1990 must equalise for the different effects of these GMPS between men and women. The casè also gave 50rne guidance on related matters, includlng the methods for equalisation. The scheme was noi contracted out and 50 is unaffected by this legislation. 50 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 18 PENSION SCHEMES Icontinuedl Icl Reconciliation of opening and closing balances of the fair value of plan assets Year to 31 July 2022 £'ooo Year to 31 July 2021 Opening fair value of plan assets Interest income Artuarial gains / Ilossesl Contributions Benefits paid 4,441 70 11,0831 4.640 68 11121 I￿0) 11551 Closing fair value of plan assets 3,278 4,441 The actval return on the plan assets over the year to 31 July 2022 was l£1,013,000112021:1£44.00011. Idl Defined benefit costs recognised in Pfofit and loss Year to 31 July 2022 £'rx)o Year to 31 July 2021 £'ooo Current service cost Net interest C05t Expenses Losses / Igainsl on settlements or curtailments Losses / Igainsl due to benefit changes Defined benefit costs recognised in profit and loss account lel Analysis of the aduarial gainsl Ilosse51 re¢o8nised in OCI Actuarial gains orlosses are recognised immedÉately via Other Comprehensive Income iocl). The amounts for the year are: Year to 31 July 2022 Year to 31 July 2021 £'ooo Retum on plan assets lexeluding amounts included in net interest costl gain / IIos51 Experience losses arising on plan Ilabilities Effect of changes in the demographic and fthnancial assumptions underlying the present value of liabilities Effect of changes in the amount of surplus that IS not recoverable lexduding amounts included in net intÈrestl 11,0831 11121 318 743 1741 22 142 Actuarial11055l/g3in recognised in statement of financial activities 51 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 18 PENSION SCHEMES Icontinuedl PENSION SCHEME ASSUMPTIONS The life expectancy is based upon mortality a55umptions. Assuming retirement at age 65, the life expectancy in year5 15 as follows.. 31 July 2022 31 July 2021 31 July 2020 For a rnale aged 65 now At 65 for a male member aged 45 now For a female aged 65 now At 65 for a female member aged 45 now 25.5 27.5 27.5 29.1 25.5 27.4 27.4 29.0 25.5 27.3 27.3 29.0 31 July 2022 31July2021 31 July 2Q20 Discount rate Inflation assumption IRPII Inflatiori assumption ICPII Allowance for revaluation of deferred pensions of CPI or 5% p.a. if less Allowance for pension in payment increa5e5 of RPI or 5% p.a. if less 3.5% 3.5% 2.9% 2.9% 1.6Y. 3.2% 2.2% 2.2% 1.5% 3.2% 2.2% 2.2% 3.5% 3.2% 3.1Y. No allowance has been made for the commutation of pensions for cash at retirement. The best estimaie of contributions to be paid by the employer to the scheme for the year commencing Ol August 2022 19 RELATED PARTY TRANSACTIONS In 2022 the School charged £11,02912021'. E5,6721 to its wholly owned subsidiary St. Swithun's School Letting Cotllpanv Limited for use of the school'5 facilities. In 2022 St. Swithun'5 School Letting Company Limited made a gift aid payment of £88,939 to the school a5 It5 wholly owned parent company, being the total nèt profit for the year to 31 July 2021. An equivalent payrnent will be made for the 2022 profil for the year of £131.587. 20 OPERATING LEASE COMMITMENT The following operating lèase payment5 are committed to be paid within one year. ment o eratin lease 2022 2021 Expiring.. Within one year 73,800 59,767 52 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 21 SUBSIDIARY CHARITY On 5 May 2009 the sd)ool registered a subsidiary charity - St. Swithun's School Bursary Fund. St. Swithun's School Bursary Fund is held on trust by the Trustee to apply income and capltal for the provision of bursaries at the school. St. Swithun's School Bursary Fund Is unlt)corporated, has no share capital. had not commenced its activities and has no net assets as at 31 July 202212021.. £nill. St Swithun's School IWin¢hesterl Is the sole trustee and 50 St. Swithun's School Bursary Fund is included in the a¢¢ounts on that basis. 53 St Swithun's School {Winchester) {a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 22 CONSOLIOATED STATEMENT OF FINANCIAL ACTIVIITES- COMPARATIVE FIGURES BY FUND TYPE Sch991 Endowrnent Fund 2021 Restricted funds 2021 Total 2021 Total 2020 Note 2021 Income and endowments from Donations Charitable activities School fees Ancillary trading income Tradin8 turnover Investment income Other incorne 1,571.584 1,571,584 150.971 13,901,455 675,869 13,901,455 675.869 13.057,820 597,655 150.207 1.723 361,499 150.207 43.816 361,499 317,962 63,651 456,851 1,342 40,751 Total Intomlng Resources 15.090,753 1,342 1,612,335 16,704.430 14,644,910 ExpèndFture on Charitable activities Raisin8 funds other- Finance costs 4 14,793,136 83.351 183.069 2,000 205.209 15,000,345 14,626.725 83,351 127,864 183.069 120,045 Total Resour¢es Expended 15.059,556 2,OLK) 205,209 15,266,765 14,874.634 Gains / Ilosse51 on investments 19621 166,691 165,729 112,2081 NET INCOME FOR THE YEAR Transfer of funds Pension scheme actuarial losses 31,197 11.6201 1,573,817 1,603,394 1241,9321 1,088.476 11,088,476) 18 MOVEMENT IN FUNDS 1.119,673 11.6201 485,341 1.603,394 1241,9321 Balènce brou8ht forward 29.13S,797 72.325 1.686,928 30.89S.050 31.136,982 8alance tarfied forward 30.255.470 70,705 2.172.269 32,498,444 30.895,050 All of the school's activities relate to continuing operations. 54 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 22 FUNDS- COMPARATIVE FIGURES lal RESTRICTED FUNDS- COMPARATIVE FIGURES THE GROUP ANDTHE COMPANY Bramston General Purpose Building Waller Fund & Yonge Fund Appeal Total At l August 2020 Income ExpÈnditurÈ Gain ort revaluation Transfer to Unrestricted 1,473,003 594,838 1177,9651 161,492 80,884 12,837 126,5931 85,OCQ 1,003,476 48,041 1,183 16501 5,199 1,686,928 1,612,334 1205.2081 166,691 11,088.4761 11,088,4761 At 31 July 2021 2.051.368 67.128 S3,773 2,172,269 Ibl ENDOWMENT FUND- COMPARATIVE FIGURES THE GROUP AND THE COMPANY Livv Scholarship 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 (¢1 DESIGNATED FUND- COMPARATIVE FIGURES Pension Scheme Provision TOTAL DESIGNATED FUNDS TOTAL General UNRESTRICTEO funds FUNDS At l August 2020 surplus for the year Transfer to deslgnated funds 422,1)00 422.lJOO 28,713,797 1,119,673 29.135.797 1,119.673 At 31 July 2021 422.000 422,1100 29,833.470 30.255,470 55 St Swithun's School {Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2022 23 ANALYSIS OF NET ASSETS BETWEEN FUNDS- COMPARATIVE FIGURES THE GROUP Fund balantes èt 31 July 2021 Unrestricted Endowment Restricted Total Tangible fixed assets Investment5 Current assets 32,076.688 32,076.688 1,407,905 6,570,086 13,210,068) 14,346,167) 55.461 15.244 1,352.444 819,825 5,735,017 13.210,0681 14,346,167) Long term liabilities 30,255,470 70,705 2,172,269 32,498,444 THE COMPANY Fund balances 3131 July 2021 Unresiricted Endowment Restritted Total Tangible fixed as5etS Inve5tment5 Currenl assets 31,376,908 31,376,908 1,407,906 6,487,126 13,156,867> 14.346,1671 55,461 15,244 1,352,444 819,825 5,652,057 13,156,867) 14.346,1671 Long term liabilities 29.525,932 70.705 2,172,269 31,768,906 56