St Swithun's School (Winchester) (A company limited by guarantee) CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS Year ended 31 July 2024 Company Number 00110692 Charity Number 307335 St Swithun's School (Winchester) (A 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 Consolidated balance sheet 30 Company balance sheet 31 Consolidated statement of cash flows 32 Accounting policies 33 Notes to the financial statements 37 Company nts. 00110692 Chèrity Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) COMPANY INFORMATION MEMBERS OFTHE COUNCIL Council Members, who are directors of the company, trustees of the charity and the governors of the school, who served at any time during the year. are listed below". Mrs A Mcclure LLB #" d o Ichair) The Dean of Winchester lex-officiol (The Very Revd C Ogle MA MPhil DLitt) The Right Worshipful the Mayor of Winchester lex-officio) Prof R Adam DipArch, RIBA. FRSA * d MsAAllan MEScACA* A# Dr S Bailey BEd DPhil o Mrs EJ K Clancey BA {Hons) #' Mrs N de Kretser MA A * d o # Mrs J Dixon BA (Hon5) 0 Mrs J Feuchtwanger BA (Honsl . Mrw Hill BSC. Dr H D Mycock BM, Dip RCGP, Cert Med Educ. Dip Occ Med * Canon T Kuin-LawLon o Prof C Thorne BA (Honsl, MSC, PhD # o Mrj R Tyson Bsc (Honsl ' Mr R White BA (Hons) ' Member of the Standing Committee d Member of the Development Committee Mernber of the Nomination and Remuneration Committee # Member of the Bursary, Fundraising & Public Benefit Committee o Member of the Education Committee The Treasurer is elected by the Council 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-election 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 2023 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. IHonsl, MA, NPQH, FCollT to 31 August Mrs L Norris MA, BS¢ (Honsl, PGCE Mr M J Gamble MA Other senior management personnel Deputy Head Pastor31- senior school Deputy Head- prep school Deputy Head Academic- senior school Head of Outreach & Partnership Finance Bursar Head of Finance Mr G Yates MA. PGCE, BA {Hons) Mrs K Grosscurth BSC (Hons), PGCE Mrc Hammel AB, Mkntt Mrs Mayes BA Mrs J Bollard Bsc (Honsl, ACA to 31 December 2023 Mrs K Rickard BEn& MSC. CGMA Dip MA from 01 November 2023 Operations Bursar Head of Development Head of Marketing Mrs S Culley Mrs C Lewis Mr Ben Walker Q*mpany Number ￿110692 Chartty Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) COMPANY INFORMATION (continued) ADDRESS AND REGisfERED OFFICE St Swithun's School Alresford Road Winchester Hampshire S021 IHA ADVISORS Bankers National Westminster plc 105 High Street Winchester Harnpshire S023 9AW Solicitors Moore Barlow The Oriel Sydenham Road Guildford GUI 3SR Auditor Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Insurer Brokers Marsh Education Practice Capital House 1-5 Perrymount Road Haywards Heath RH16 35Y Website www.stswithuns.¢om Company Number00110692 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 2024 The Council submits its annual report and strategic report for the year ended 31 July 2024. under the Charities Art 2011, together with the audited financial statement5 for the year. and confirms that the latter comply with the requirements of the Companie5 Act 2006 and the Charities SORP{FRS10212015. REFERENCE AND ADMINISTRATION St Swithun's School (the school) was founded in 1884. and incorporated as a Company Limited by Guarantee in 1910. As such, it has no share capital. The school is registered as Company number 00110692 and Charity number 307335. AIMS AND OBJEcmiES Objects The objert of the school, as defined in the Articles of Assoaation, 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 Swithun's is a leading GSA (Girls, School Association) school offering day. weekly boarding and full boarding for some 520 girls aged 11-18. The adjoining IAPS Prep School Ilndependent Association of Prep Schools) ¢aters for 8irls aged 4-11, with a co- educational nursery from age 3. Aims In order to achievethe stated objett of the school, the following aims were agreed during a previous period and were reviewed at the annual strategy day in February 2024: Academlc. To prepare girls for public examinations and higher education in a stlmulating and scholarly environment in which the girls develop intellectual 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 School 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 encoura8ed to understand and celebrate difference, and to be kind to others Co-curricular. To provide a wide range of opportunities beyond the classroom 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 commitments. To encourage habits to ensure good physical and mental health both at school and in the future such as exercise, healthy eating and the art of relaxation eyond 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 for justice Looking towards the future. To provide hIgh￿uality higher education and careers advice and a supportive old girls, network Keeping in touch. To communicate in a tirnely 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. Company Nvmber (X)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 2024 The aims and objectives are reviewed annually by the School Council. While these aims apply across the school, the prep school has the following complementary aims: To provide a secure nurturing environment where the spirit of cooperation and respect for others is paramount To meet the intellectual. physical and emotional needs of each individual child by offering a broad, balanced. stimulating and differentiated curriculum and by fostering high self-esteem. self-motivation and self-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 smilin& confident and articulate children, where everyone feels a sense ofworth. Objertives for the Year The objectives for this year have been reviewed but largely remain consistent: The objectives for this year have been reviewed but largely remain consistent: l. To develop and sustain our stron8 reputation as a world-class girls, school to increase pupil number5 in both prep and senior 2. To guarantee an outstanding customer experien￿. 3. To achieve consistently high academic results. 4. To support high levels of wellbein8 amongst students and staff. 5. To be diverse and inclusive (within the context of being a girls, school). 6. To prepare students for success in the modern world. 7. To provide a first-class sixth form experience. 8. To provide a modern, inclusive boarding environment. 9. To provide outstanding co-curricular opportunities. 10. To develop our facilities. 11. To ensure the financial sustainability of the school. 12. To ensure the environmental sustainability of the school. 13. To develop our people. In setting their objectives for the year and planning artivities, the Governors have 8iven careful consideration to the Charity Commission's general guidance on public benefit and in particular to its supplementary guidance on advancing education and fee-chargin& notin8 the amendments madefollowingthejudicial review in 2011. They have also noted and responded to governmental expectations that independent schools increase the extent to which they share their facilities with maintained schools and the local community through outreach and partnerships. Principal Activities of the Year 5t 5withun's principal attivity continues to be the provision of education for girls and young children of both sexes in accordance with the principles of the Church of England. and the lettin8 of our facilities for both charitable and commercial purposes. CompaTry Number 00110692 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 2024 PUBLIC BENEFIT Wideningaccess Bursaries have been awarded overthe past year at a cost of £1,780,83418.7% of fee incornÈ} to some 58 pupils, of which 21 were means tested and 37 were 100% of fees. In orderto truly widen access. bursaries are available to cover both fees and other necessary expenses appropriate for a pupil at the school. We also provided 7 scholarships for girls to St Katherine's School, Lira. Uganda, fijnded from volunteer activities. State school partnerships Our state schools, partnership programme in 2023/24 is as follows: Throughout the year, we have worked together in partnership with a network of local primary schools including Oliverfs Battery. All Saints, Sun Hill, St Faith's, Four Marks, Kings Worthy, Barton Farm and Park Community School. Our students and staff deliver academic, sporting or creative enrichment activity to 200 primary school pupils each week throughout the school year. Throughout the course of the year, we have provided 40 hours of swimming pool hire/tuition/transport for 7 local primary schools. Throughout the year, our weekly partnership programme involves approximately 450 primary school pupils, with 120 St Swithun's pupils and staff taking part. Impact assessment of this activity shows that. on average, the attitudinal change of the primary school participants to the subjert area lacross four learning experiences) increased by 17%. In addition, we run an events programme which welcomed over 200 primary school pupils to St Swithun's to take part in maths, sport and creative arts activities. delivered by St Swithun's pupils and staff. We provide transport support, allowing over 300 primary school pupils to attend educatlonal days and co-curricular events off-site. Our Year 11 Community Service programme at the end of the summer term saw 25 Year 11 students deliver sports and drama events for 70 primary school pupils, in addition to helping with the upkeep of one pf our partner primary school's grounds. We share teaching resources with Park Community School in Havant, with a dirett focus on helping to raise the aspirations of some of their female students. We run a lecture programme attended by students from local secondary school and Sixth From colleges. Science in a Suitcase, the portable science resource developed by our science department, is in much demand by science cO￿rdInatorS in primary schools and is regularly out'on loan,, at no cost. Fundraising Each yearthe 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 resources so the Assist Team - made up of girls in the 6th form - can raise awareness of the charitie5. Almost all fundraising events throughout the year support these causes. School charities selected for 2023/24 were the Hedgehog Conservation Society, RNLI and Doctors of the World. Every year the money raised is also shared with the Bramston Bursary Fund which is a permanent 4th school charity students raised over £12,000 for the school charities, Wtth initiatives including Fire Walking, riding a rodeo bull, and many bake sales. In addition, pupils and staff have supported the Winchester Women'5 Refuge. the Winchester Basics Bank, the FCIS shoebox appeal. Breast Cancer UK and our sister School St. Katherine's, Uganda through a range of fundraising and practical activities. Company Number 00110692 Charity Number307335 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT Forthe year ended 31 July 2024 In the last year, pupils and staff at St Swithun's Prep School have raised over £2.000 in supporting Xmas jumper day, the Poppy appeal. Comic Relief, Room to Read and via a sponsored dog walk for Hearing Dogs. The senior school charities for 2024/25 have been chosen by pupils as Hampshire and Isle of Wight Ambulance, The Ruth Strauss Foundation and The Malala Fund. srRATEGIC REpoKr FINANCIAL REVIEW Record of achievements and performance for theyear In 2023124 the school had 520 pupils in the senior school and 226 in the prep school. In addition to academic achievements, both schools maintained a full programme of sPOrtin& musical and artistic attivities during the year. The school ¢an again justifiably claim to be among the highest achieving girls, schools in the country, consistently achieving excellent results in public examinations at both GCSE and A Level. In summer 2024 24.9% of A-level entries were awarded A., compared with the national average of 9.3%. 68.9% of entries were awarded A. or Agrades, compared with 27.6%for all schools in England. 92.4% of A-level grades were at A to At GCSE level 57.9% of entries were graded 9181A' compared with the national average of 12.1%. 79.8Yo of entries were awarded grades 9/817 and A'/A, compared with 21.7% for all schools in England. The school was Inspected bythe Independent Schools Inspectorate in March 2024. The inspection covered both the senior and prep schools and found that all the required stsndards in the regulations were met. Financial results of the school and sthool lettlng company The full financial results for the year are shown in the attached financial statements and the results have been summarised below: The Unrestricted Net Incoming Resources amounted to a surplus of £505,24412023: surplus of £37,824) before a FRS102 pension actuarial deficit adjustment required of £278.000. This was added to the brought forward funds to give an amount of £30,466,742 attributable to the unrestritted fund at the year-end. The statement of financial activities (SOFA) on page 29 contains details of the incoming resources for the year. Included in total incoming resources of £20.2M is £18.4M of net school fees191.0%) and £239K of restricted donations11.2%1. Net fees for the year were £469K higher than expectation following strong pupil numbers. Total resources expended were £205K {1.2%} higher than the original forecast, at £19.82M, of which £19.16M 197%) was used in the charitable activities of the charity- In the restricted and endowment funds, the overall result for the year amounted to a surplus of £74,99612023- deficit of £48,322). This includes donations for bursary provision of £205K and income from restrirted investments of £46K Overall these leave £2,222,207 attributable to restricted funds and £63,012 to endowment funds at the year end. Company Number LX)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 2024 All taxable profits from the Letting Company are transferred to the school by gift aid to further support our charitable aims. Going Concern The Council has considered several factors when forming their conclusion as to the use of the going concern basis for the preparation of these financial Statements including a review of the updated forecasts to 31 July 2026 and a consideration of the key risks. The Council had evaluated scenarios both assuming no change to the current position around VAT in independent schools and the now confirmed scenario of its introduction and the schools likely response to this. However, at the time of writing this cannot be fully modelled until the confirmed technical details and timings are released following the annual budget on 30th October 2024. During this period of significant potential change to the Independent School landscape the Council has taken a prudent approach to expenditure including re-negotiating the schools energy contract delivering a large and sustained benefit over the next 3 years whilst continuing to maintain the focus on the education of the girls now and the expectations of pupils and parents in the future. The forecast surpluses for 2024-25 and 2025-26 reflect expected chan8es in school taxation. Sustaining a strong pupil population continues to be a key risk especially durin8 this period of uncertainty, which the council has considered in its approach around the implementation of VAT and fee levels and will be assessed further when details are confirmed. The school has made a stron8 start to the school year with 717 pupils in line with expettations and fee income for the first term of the 24/25 school year remains strong with an indication that payment of fees will be consistent with previous years. Council reviews 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 io-year financial plan. Cash flows are also closely reviÈwed. particularly in the light of the School's borrowing commitments and repayment requirements. Financial sensitivity analysis is incorporated into Council information, centred on key assumptions (roll, fees, and staff costs}. Council reviews all known major risks to the school and states the action being taken to alleviate them on a rolling annual basis. The key risks to which the school is subject are highlighted in the strategic report. The School's strategic development plan remains dynamic and will be further reviewed once the Status of VAT in independent schools is Confirmed and impact of the technical details is known. Whilst this will inevitably require a response it is not anticipated that this will chan8e the underpinning aims, vision or ethos of the school. Having regard to all the above, the Governors have a reasonable expertation 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 going concern basis in preparing the financial statements as outlined in the Statement of Members Responsibilities on pa8e 25. Company Number 00110692 Charity Nurnber307335 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2024 School reserves policy At 31 July 2024 the Group has total net assets and reserves of 32,751.961. This comprises restritted funds of £2,222,207. endowrnent funds of £63,012 and unrestricted funds (including equity in fixed assets) of £30,466,742. The total value of the school's fixed assets, which are all held for use in the school, is £31.130.311, against which asset-specific creditors {bank loans) are held of £3.785.519. Free reserves, defined as unrestrirted funds less fixed assets (net of asset specific loans) and designated funds are in surplus by £2,700K. Council have considered an appropriate target level forthe school's free reserves. Having regard to the likelihood of financial risks and mitigating factors, the trustees consider the target level of free reserves for the charity should be approximately 2 months expenditure (currently forecast at £2,890KI against which the figure reached in the current year, comprised as above, is £2,700K. At the yearend, the unrestricted cash at bank of £8,379 is available for working Capital requirements. It is felt that this school reserves policy remains a valid position. The Council is of the opinion that given the current balan￿ sheet and financial projections, future pupil registrations, as well as available banking facilities and disposable properties and investments there is no need to Set aside additional free reserves. Investment powers• policy and perforn)ance 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 and advice is sought as required before new investments are made. Sufficient working capital is held in an instant access interest bearin8 account to meet all requirements as they fall due. Investments which represent the composition fee fund are held in UK Government gilts, and the remaining investments are held in fixed term cash deposits 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 produrt and base rate + 3%. The performance in the year exceeded the above assessment criteria and will continued to be reviewed termly to ensure it is meeting of the above three assessment criteria. The major investment Is with CCLA and investments are all held for the long term. Reinforcing the enduring ethos of the school The school reviewed and re-confirmed its aims, ethos and vision at the Strategy Day this year. The school has sustained the pursuit of the charitable objert and has developed a Strategic Development Plan for 2025 to 2029. It was agreed during the School Council Strategy Day in Feb 24. It reinforces the underpinning aims, vision and ethos of the school and offers greater focus in key areas of academic. pastoral and the school as a business focus. io Company Number 00110692 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 2024 The ethos of the school St Swithun's is an 'appropriately academid school that celebrates intellettual curiosity and the life of the rnind, 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, to persevere in the face of difficulty and to have fun. If a girl can immediately excel at everything asked of her, the bar must be set higher. Stswithun's was founded byAnna Bramston. daughterof the Dean of Winchester, and Christian values underpin 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 and a sense of fun are at the heart of the school community. School vislon 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- its 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 buildings. and it will thoroughly prepare all its pupils for life beyond its gates. It will be regarded by teachers as a desirable school in which to work and develop one's craft. The prep school vision Is of a school in which every child is known, cherished and at the sarne time encouraged to be fearless in an inspiring teaching and learning environment. It is an environment in which pupils and staff have warm, respectful relationships. The children enjoy going to school and the stsff relish having the opportunity to share adventures, interests and laughter School's mission 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'5 purpose The school'5 purpose is to develop resilient. enquirin& optimistic and collaborative women. They will stand on their own two feet and pull others up to stand alongside them. FL￿uRE PLANS Strategic Development Plan for 2025-2029 The school's future plans are based on the Strategic Development Plan for 2025 - 2029 and the 5ite'5 capital investment Masterplan. The Strategic Development Plan focusses on three distinct but linked areas for ongoing and continuous development based on the approved future of the school. The measurable sub-objectives are offered below: 11 Company Number (L1110692 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 2024 Academic To achieve consistently high academic results. To prepare students for success in the modern world. To provide a first-class sixth form experience. Pastoral To support high levels of wellbeing amongst students and staff. To be diverse and inclusive (within the context of being a girls, school). To provide a modern, inclusive boarding environment. To provide outstanding co-curricular activities. Business-focused To develop and sustain our strong reputation as a world-class 8irls' school to increase pupil numbers in both prep and senior. To guarantee an outstanding customer experience. To develop our facilities. To ensure the financial sustainability of the school. To ensure the environmental sustainability of the school. To develop our people. io. ii. 12. 13. Each sub-objective has a series of Tar8ets/KPls to support and enable future plans. The school Masterplan The school has developed a site-wide Masterplan for development, aiming to create a school fit for the next generations. Over311, the aim is to create a largely pedestrianised school with considerably improved sports and 6th Form facilities whilst all other facilities are sustained and improved through continuous improvement. The priorities for the major capital projects are: a. Cover tennis/netball courts and create a strength & conditioning centre- 202516 b. Build a 6th Form Centre c. Build enhanced sports facilities d. Build a new U6 boarding house e. Build a new L6 boarding house In order to create a St Swithun's School fit for the next generations. Future Structure The School Council intends that St Swithun's remain a Single sex, day and boarding school for girls in the senior school and day only school in the prep school and a co*ducational nursery. The focus will be on retaining the ethos and recruiting and retaining students into Year 13. The aim will be to increase student numbers to capacity and to offer a 50-50 mix of boarding and day in the senior school. 12 Company Numbèr OC1110692 Charity Number 3L17335 St Swithun's School (Winchester) {a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2024 Academic Future The future academic focus and priority will remain to enable every pupil= to fulfil her potenti31- to take responsibility for her own learning- and to increase her intellectual curiosity whilst having fun. The school will aim to achieve excellent examination results enabling admission to all universities and preparing pupils for later life. We see the development of the sixth form experience and improved sports facilities as being critical to future success and these are the subject of development work and planning applications in the coming year. In the prep school, the Council will aim to provide a stimulating environment in which each pupil can flourish in the broadest sense; foster an eagerness to learn. to strive, to achieve. and to realise the potential of each pupil academically. creatively, on the sports field and at play. We will also prepare pupils for a move to senior education and equip them for this transition. Selection St Swithun's welcomes pupils from all backgrounds. We aim to offer scholarships in the senior school to those of the appropriate academic standard. Academic and music scholarships 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 scholarships are also awarded at 16+. Future outreach and communlty engagement The school will continue to conduct outreach and partnership activities with local schools and by making facilities available to the local community. This will remain a cornerstone of future school operations, helping to define our place in the cornmunity. Bursary Policy For 2024-25 the school remains committed to the provision of bursary payments, that equates to around 8Yo of fee income. The school's aim remains to continue to maintain the level of bursary awards to pupi15 to at least the equivalent of 5% of fee income. This will be assisted by support from the Bramston Appeal and Bramston Bursary Foundation. In 2024-25 there will be 64 pupils in receipt of means tested awards. This includes 33 bursaries of between 75- lio%. The criteria for receiving awards are determined bythe Bursary Committee on an annual basis. Selection for the award of any bursary is based on meeting 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 15 achieved by all available means including marketing and advertising procedures. by direct liaison with local feeder primary Schools, by links with partnership organisations and byword of mouth. The Bursary Committee agrees the annual provision of funds and then delegates the recruitment and selection of candidates to the head teachers. As well as seeking to provide wider access through bursary provision we sh311 continue to try to provide help to parents who fall on hard times until such time as they are able to pay the full fees again. The same selection and financial criteria will apply as agreed for bursaries on entry to the school. 13 Company Number W110692 Charity Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT Forthe year ended 31 July 2024 Development (Fundraising) and Alumnae Relations Bramston Bursary Foundation Bramston bursaries continue to enable girls from any background, including those on the edge of social care, to access St Swithun's with a full boarding place. IYS the beginning of a journey that unlocks a world of possibility and vastly improve5 their future outcomes. To fund this programme the foundation has the support of the Bramston Bursaries Fundraising Committee IBBFI and a variety of events and activities feed in. alongside regular giving via the 1884 Club. Most of these regular donations come in via CAF. The past year saw our highest ever silent auction income alongside amazing support for the students as they embarked on the St Swithun's Challenge, at the end of the summer term. Silent Auction Income was managed by JurnbleBee, who provided the auction platform. Donations for the St Swithun's Challenge were handled bv RaceNation, a specialist fundraising platform for sporting events. The foundation had eight Bramston Bursary beneficiaries with boarding places in the senior school in during this financial year. The Majority of our beneficiaries are matched to the school by the Royal National Children's SpringBoard Foundation although we do have some direct applicants. Our final bursary fundraising total for this financial year was £196,174.68 which is transferred to the school to cover 50% of the costs of our beneficiaries. This Is 3 £55,683.34 uplift in fundraising income, from last year- mainly due to some regular donors, increasing their support to become major donors, and the combined auttion and St Swithun's challenge income achieved in the summer term. Future Capital Development Projects Work is underway on a fundraisin8 feasibility Study for the following potential major capital projects to improve facilities at the school: Covered courts and improved sports facilities Sixth Form centre land eventually boarding houses) A planning application has been submitted by the operationsteam for the covered courts element of the projett and a decision is awaited from the planning office before the end of 2024. Charitable Incorporated Organisation Over the course of the past financial year, as we prepare to fundraise in future for our capital projects, we took the decision to make the school's foundation a separate charitable entity, with its own set of governing trustees. We sought advice from Moore Barlow and they advised that a Charitable Incorporated Organisation fitted our brief. We approached and secured three founding trustees for the new foundation. We completed the papeNork to establish the new Bramston Foundation (removing the word 'bursarfl. A constitution was drawn up and also a Memorandum of Understanding IMOUI between St Swithun's and the Bramston Foundation. 14 CompaTry Number 00110692 Charity Nurnber 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 2024 Moore Barlow registered the organisation with the Charities Commission on the 15th July under the charity number 1209135. The trustees will oversee under charity law both the transformational bursary fundraising and also any capital project fundraising. Alumnae Engagement Our alumnae engagement remains strong with a monthly e-Newsletter being circulated and an annual publication, the OGA Chain. The previous financial year saw us host a number of events celebrating our 140th anniversary as a school, with drinks events in Winchester around our thanksgiving servio at the Cathedral. We also ran a London drinks event and a professional networking event at Inner Temple in London with 3 combination of current students and former students. OGA day in September 2023 had a good turnout and we are continuing to build positive relationships with former students, and celebrating their achievements. whereverthere is an opportunity to do so. Governance and Risk Management The School Council continues to receive regular reports and updates on our fundraising via the Bursary, Fundraising and Public Benefit Committee. In this financial year. the director also made a presentation to the School Council with regards to the capital fundraising ¢ampai8n phases and the feasibility study at their 'strategy dav. Whilst we are working with a fundraising consultant on the feasibility study, no one is being solicited for a gift and we are only conducting research into people's opinions. Everyone who has taken part was invited to do so and were able to opt in or out according to their preference. Their views were given anonymously and will be incorporated into a report which will be shared with both the School Council and also the Trustees of the Bramston Foundation. There have been no complaints with regards to fundraising during this financial period. We continue to keep ourselves informed on best prartice via the IDPE, Charity Commission and other charitable sector resources. 15 Company Number 00110692 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 2024 Staff - Employment Policy The aims of the School's recruitment policy are as follows- To ensure that the best possible governors, staff and volunteers are recruited on the basis of their merits, abilities and suitability for the position: To ensure that all job applicants are considered equitably and consistently. The school is an equal opportunities employer- To ensure that no job applicant is treated unfairly on any grounds including age, disability, gender reassignment, marital andlor civil partnership status, pregnancy and maternity, race. religion or belief, sex or sexual orientation. To ensure compliance with all relevant recomrnendations and guidance including the recommendations of the DfE in "Keeping Children Safe in Education (Sep 2022 and in future Sep 20231 the recommendations in °Boarding Schools- National Minimum Standards" and the Code of Practice published by the Disclosure & Barring Service {DBSI; KCSIE runs along the non-statutory interim guidance on safeguarding in schools, colleges and other providers during the coronavirus outbreak. To ensure that the school meets its commitment to safeguarding and promoting the welfare of children and young people by carrying out all necessary preemployment checks. The Council aims to recruit and retain the best staff available. We seek to employ high quality, enthusiastic and talented teachers and support staff in all departments and will continue to encourage and support their professional development throughout their time with us. This will include high calibre NQTS and other trainees who the school will a55iSt with their professional development. The intention is that staff are: Valued; Well remunerated and rewarded- The beneficiaries of terms 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 is provided to staff in a variety of formats during induction and during their time at the school. This includes information contained in the Staff Handbook, Teachers. Handbook, and verbal briefings at staff meeting5 and inset training. All staff undergo a number of safeguardin& data protection. whistleblowing and health and safety training modules. All staff are expected to adhere to the school's code of condutt and in the case of teachers, DfES Teachers, Standards. Faciltties The Council also aims to continue to improve our facilitie5. both in our buildings and equipment and in the provision of information and communication technology. It is a traditional school embracing modern technology and contemporaryteaching methods. While recognising 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 facilities as practical to the local community and to other charitable organisations. In the coming year, feasibility studies 16 Q*mpany Number 00110692 Charity Nurnber 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 2024 will be launched for a sixth form centre and improved sports facilities. Development 5its neatly alongside planned maintenance and continuous improvement across the school spectrum. STRucfuRE, GOVERNANCE AND MANAGEMEKr Governing Document St Swithun's School is governed by its Articles of Association. These were subject to a full review in 2023 and approved bythe School Council. Council considers the guidance given in the Charity Commissioners Governance Code. Individual members of Council receive copies of Governance magazine in order that they are kept abreast of best practice and advice from the Charity Commission. Council is confident that it operates within the guidelines. It will continue to review its Governance policy and consider opportunities for ongoing development and good practice. The school is administered by its Trustees in accordance with all current legislation and Charity Com mission requirements. Governance is as transparent as possible and aims to provide clear poliLry guidance to allow the school's senior management to operate efficiently and effectively. Elected Trustees are appointed at the Annual General Meeting on the basis of nominations received from existing Trustees and after an initial familiarisation visit to the school. On appointment new Trustees receive a pack of information covering their role and all relevant policy documents. They also undertake a further induttion visit and attend relevant courses, preferably run by AGBIS, on Governance. Following election Trustees participate in a range of internal and externally provided trainin8 events. Organisational Management Members of the school council, 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 times each year and additionally as required. Council monitors the work of the school's management team through its committees and through visits to the school. All financial matters, including budgets, income and expenditure and cash flows, are scrutinised by the Standing Committee. The statutory financial statements are scrutinised through the process of annual audit, before all matters are submitted to Council for approval. The Standing Committee also monitors and reviews the s¢hool'5 risk management procedures, annual reports on insurance, safeguarding, health and safety, security and any other 5ubjett 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 teachers, termly reports and the senior school's annual departmental reports. The Head teachers, reports also include information on pupil numbers and future registrations, staff changes, developments and training, pupil matters and forthcoming events. The prep school Head also reports to Council on all matters relevant to the prep school. Other school responsibilities. including bursary provision, fundraisin& appointment of Council members. pay and terms and conditions of employment. and property and buildingworks are monitored by the Bursary, Fundraising & Public Benefit, Nominations & Remuneration and Developmentcommittees respectively. Remuneration policv Details of the school's remuneration policy are contained in its governance paper and fall under the remit of the Nornination and Remuneration Committee. Details of its role and responsibilities regarding remuneration are contained in the following extracts from its terms of reference- 17 Company Number00110692 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 2024 The purpose of the committee is, on behalf of Council. to monitor and advise on matters relating to staff remuneration. with particular regard to the salaries of senior staff. With respect to remuneration. the Committee shall". determine and agree with Council the framework or broad policy for the remuneration of 311 ernployees,. 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 incentives to encourage enhanced performance and are. in a fair and responsible manner. rewarded for their individual contributions to the Suc￿sS of the School- within the terms of the agreed policy, determine the total individual remuneration package of each employee. Much of this can be delegated to the Headmistress and the Bursar, working within the clear guidelines of the Committee; be aware of and oversee any major changes in employee benefit structures 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 Trustees have regarii to the following: DfES teachers, pay scales (Teachers pay and allowances for the maintained sector are used as the baseline for teachers, 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 The independent schools, benchmarking surveys provided by organisations such as Baines Cutler. The senior management of the school. deemed as those on the leadership scale and as listed in full on page 2, are remunerated in accordance with the remuneration policy. Teaching staff below the leadership scale progress through a number of main scale salary points16 for teachersl and are then eligible for additional appraisal-based increases to their main salary. Support staff enjoy a cost of living increase annually and could be awarded up to three discretionary pay scale increment5. The Nomination & Remuneration Committee determines any additional cost of living inflation increase, which is applied to all staff. once approved by Council. The Nomination & Remuneration Committeescrutinise and determine the Headmistress's recommendations on individual senior staff salaries for those on the leadership scale annually. Such decisions are taken with regard to individual and collective performance and the benchmarks provided by the Baines Cutler staff remuneration survey. Group Structure and Relationships St Swithun's has a wholly owned trading subsidiary, St Swithun's School Letting Company Limited, whose activities and trading Performan￿ is explained in the financial statements. On 5 May 2009 the school registered a subsidiary charity- St. Swithun's School Bursary Fund. Thi5 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. The assets of the Bursary Fund are £1,312,782 as at 31 July 2024, which are held in an investment fund to provide interest to fund future bursaries. 18 Company Numbèr 00110692 Charity Nurnber 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 2024 The Bram5ton Bursary Foundation {BBFI has assets of £314,372. The foundation's objects are to advance education at St Swithun's School for the public benefit by providing fundin& as5i5tance and support towards the Bramston transformational bursary programme for beneficiaries from seriously disadvantaged circumstances, providing places and access to the school for girls from any background or circumstance. The foundation also fundraises towards the upkeep and development of St Swithun's school facilities. enhancing the school for all. Both funds are currently held in restricted funds within the Group. Risk Management Political and economic uncertainty have been an evident and enduring risk. This has had a significant impact on school operation5 and the financial position of the school has been affected by changes to working practises and expectations of some parents. The Council has again examined the principal areas of the school's operations, identifying new risks and re- assessing those already highlighted. The Council is satisfied that all known risks are currently managed or have systems in place to mitigate them. The key controls used by the Council include: Formal agendas and minutes for all Council and committee meetin8S; Detailed Terms of Reference for all committees; Comprehensive strategic budgetary and financial planning and management accounting; Formal written policies and procedures. including on health and safety and child protection issues; Established organisational and reporting structures; Regular review and approval of key policies; Crisis response procedures. The School's detailed risk management procedures and the risk management ledger outline all known major risks to the school and states the action being taken to alleviate them. The Council sub committees have delegated responsibility for reviewing risks on a rolling annual basis. Most risks are on-going and as such have been 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 a risk materiali5ing. Monitoring of risk and the appropriate amendment of policies and procedures form part of the continuous management of the School. Specific areas of risk are subjert to additional oversight: Standing Committee maintains oversight of governance and financial risk; Nomination & Remuneration Committee monitors succession planning: Education Committee reviews academic risks; the Bursary, Fundraising & Public benefit Committee reviews delivery of Public benefit. Dr Heather Mycock oversees health & safety issues and Mr Steve Bailey oversee5 child safety and Safeguarding. The ledger is updated at least annu311y to indicate additional actions 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 impact of an event. An external health and safety audit is conducted annually. 19 Company Number ￿110692 Charity Nymber 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 2024 The following issues are viewed as givin8 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 the expected changes in independent school taxation policy, in particular the imposition of VAT on fees. which may have a substantial impact. Scenario analysis has been conducted to manage this unknown risk with an initial school response to support maintaining pupil numbers already shared with the wider school community. Financial- the economic climate remains pressured due to uncertainty as to the nature of change by the new UK government, ongoing global economic situations and whilst lower than last year ongoing high energy costs and interest rates which are placing an increasing financial strain on some parents and the school. The level of long term fee debtors has increased steadily and affordability is recognised as a key risk. For Sep 24 the fees have increased on average by 6.5% across the school. Ongoing cost control and a focus on working to fixed or longer term contracts such 3$ energy to give increased stability has been initiated. H&S and Safeguarding: There is an ongoing emphasis pla￿d on governors, responsibility in regards to child protection, safeguarding and health and safety. Legislation is regularly updated and governorfs need to ensure that the school's response is appropriate and effective, both in policy and practice. To that end H&S and CP are now early agenda items at full Council meetings and key policies are reviewed annually. 20 Company Number￿110692 Charlty Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2024 Section 172 Re ort incor oratin ststements of Em ee and Stakeholder en ement The governors of theschool, as directors of the company, must act in thewaythey consider. in good faith. would be most likely to promote the success of the companyforthe benefit of its members as a whole and in doing so have regard to: a) The likely consequences of any decision in the long run bl The interests of the CoMpan￿S employees c) The need to foster the compan(s business relationships dl The impatt of the compan(s operations on the community and the environment e) The desirability of the company maintaining a reputation for high standards of busine55 conduct The need to act fairly For charitable companies with purposes that are not aimed to benefit the members, the Board has to act in a way that promotes the success of the wider charitable purposes. This will incorporate the desire to meet the requirements of all stakeholders, being beneficiaries, both pupils and the wider community. staff, donors and fee payers and suppliers. The Governors of St Swithun's School IWinchester} consider that they have acted in a way that is most likely to promote the success of the charitable purpose, as set out in aims and objectives on page 5, in the following way- al The likely consequences of any decision in the long run: The Governors have considered the long-term sustainability of the school's operations, as set out in the Going Concern 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. Standing Committee reviews the School's financial plans on a termly basis by monitoring income and expenditure against forecasts within the context ofthe annual budget and a rolling 10-year financial plan. Capital expenditure plans and cash flow requirements are also closely reviewed. particularly in the light of the School's borrowin8 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 Council sub- committee. Further details are contained in page 19. -The Governors review and endorse all poliaes to ensure consistent long term regulatory compliance. b) The interests of the compan¢s employees, incorporating Statement of engagement with employees: Authoritative and frequent communication with staff is essential. Staff are kept informed about st3ffin& financial and strategic issues affecting them and the school through a termly update and then weekly staff meetings. Full details of the employment policy are contained on page 16. - The Governors receive regular reports on staff matters through the Headmistress, termly report. All Governors conduct visits to school where opportunity is made for direct staff engagement. 21 Company NumberiXJ110692 Charity Number 30733S St Swithun's School (Winchester) (a company limited by guarantee) REPORT OF THE COUNCIL, INCORPORATING THE STRATEGIC REPORT For the year ended 31 July 2024 Section 172 Re ort incor oratin ststements of Em ee and Stakeholder en ement continued All staff were involved in the early stages of the strategic plan development. and 311 are updated on the plan and priorities at the start of each academic year. Meaningful engagement is encouraged through the staff forum where employees across 311 departments discuss and make recommendations dirert to senior management. A staff survey in 2020 reported high levels of satisfattion and the school plans to repeat this process. A diverse programme of well-being activities is available to all staff. The Company has complied with the UK'S Equality Art 2010 Regulations 2017 that require the publication of information on the gender pay gap for UK employee5 annually. The 2022 report is available on the website. cl The need to foster the COMpan￿S relationships with stakeholders, incorporating Staternent of compan¢s business relationships: The charity's beneficiaries and donors are the focus of all the school's operations. - A fair and consistent selertion policy ensures a diverse and thriving Student body that is fully supported throughout their education from nursery to external examinations results. enabling admission to all universities and preparing pupils for later life beyond the school gates. Strong recruitment of the best teachers and valuing of stsff supports the stability and high standard of education. - A fair policy of bursary awards. consistently applied, support 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 prattice and then applied fairly and consistently. Parental engagement is maintained through weekly correspondence and termly publications. All suppliers are treated fairly and promptly with business terms adhered to. Local and non-corporate supplies are reimbursed on request. The Company complies with the UK'S Payment Practices Regulations that require the publication of information on the supplier terms offered and average payment statistics. Council receives regular reports and updates in fundraising regulations and guidance through the Bursary, Fundraisin8and Public Benefit Committee. Theschool does notengagewith any external third- paty fundraisers. dl The impact of the compan¢s operations on the community and the environment- Council supports the school to undertake a full provision of community and partnership activity Full details are contained in page 7. -The Company has completed the Energy Savings Opportunity Scheme IESOSI reporting requirements phases l and 2, and reports under the Streamlined Energy and Carbon Reporting ISECRI on paEe 23. 22 Cornpany NUrnber￿lIo692 Charity Nymber 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 2024 Section 172 Re ort incor oratin Ststements of Em ee and Stakeholder en ement continued e) The desirability of the company maintaining a reputation for high standards of business conduct- - The Companvs Bribery Policy. that has been approved by Council. sets outthe 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 tolerance approach towards fraud, bribery and corruption. The Whistle blowing policy supports staff in this approach. The need to act fairly- All governors and senior staff complete an annual Conflict of Interest declaration. There have been no reported incidents of unacceptable relationships. Streamlined Ener and Carbon Re ortin SECR Disclosure lal Emissions Summa The SECR disclosure presents our carbon footprint within the United Kingdom across Scope 1. 2 and to some extent 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 2024 5,989,78 Yearto 31 July 2023 5,701,035 Energy consumption used to calculate emissions {kWhl Emissions from combustion of gas (Scope l) tC02e Emi$5ions from combustion of fuel for transport purposes (Scope 11 tC02e Emissions from business travel in rental cars or employee-owned vehicles where company is responsible for purchasin the fuel (Scope 3} tcoze Emissions from purchased electricity (Scope 2. location-basedl tC02e Total 8ross tC02e based on above Intensity ratio ItCOie/total square meters Im )} 785 742 33 32 317 306 1.141 1,085 0.047787 0.045443 Ib} Ener E￿ICien Action umma Year to 31"Jul 2024 St. Swithun's School remains committed to achieving both direct and indirect energy savings. as well as reducing associated carbon emissions through a cornbination of operational and technological improvements. In FY2024. the school has undertaken several key initiatives to enhance energy efficiency: Continuously upgrading windows from single-pane glass to PVC double-glazin& leading to significantly improved insulation and reduced energy consurnption. Replacing all inefficient heaters with new. more energy-efficient electric heaters in the boarding house buildings. Installing a new ener￿-e￿1Clent electric boiler in one of the boarding houses, eliminating the need to use the entire building's heating system to heat the house masterfs fiat. 23 Company Number CKJ110692 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 2024 These energy efficiency measures exemplify SL Swithun's School's unwavering dedication to sustainability and environmental responsibility. Streamlined Ene and Carbon Re ortin SECR Disclosure continued These energy efficiency actions demonstrate the school's ongoing commitment to 5UStainability and environmental responsibility. SECR Methodolo notes Reporting Period Boundary (consolidation approach) Alignment with financial reporting 1st August 2023-31st July 2024 Operational approach SECR disclosure has been prepared in line with St. Swithun's School's annual accounts made up to 31 July 2024 GHG Emissions reporting are in line with the Greenhouse Gas {GHGI Protocol Corporate Accounting and Reporting Standard DEFRA. 2024 for all emissions and conversion factors s:/lwww. ov.uk/ overnmenv ublicationsl eenh -conversion-factors-?0?4 Activity Data x Emission Factor= GHG emissions Activity Data x Conversion Factor= kwh consumption Diesel and petrol split were not available from company mileage. Split was made using VEH1103 statistics s:;'/www. ov.u￿. ovemmenL'stati tical- licensin -ststtstics-data-tables The mileage was also converted to kwh using DEFRA conversion factors to add u to the total ener consurn tion. St. Swithun's School is an independent 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 emissions in relation to this quantifiable factor. The results in the table are expressed in tons C02e and may not add up precisely to the totals due to rounding. Reporting method Emissions factor & Conversion factor source Calculation method Other relevant inforrnation on calculation Reason for the intensity metric choice Rounding 24 Company Number (K1110692 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 2024 RESPONSIBIL￿lEs OF MEMBERS OFTHE COUNCIL The Council Members (who are also direttors of St Swithun's School (Winchester) for the purposes of company lawl are responsible for preparing the Council Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prarticel. 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 resources and application of resources. including the income and expenditure, of the charitable group for that period. In preparing those financial statements. the members of the Council are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed subjert to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going con￿rn 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 accurary at any time the financial position of the charitable company and to enable them to ensure the financial statements complywith the Companies Act 2006. The members of the Council are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. INFORMATION PROVIDED TO THE AUDITOR The Members of the Council who were in office on the date of approval of these financial statements have confirmed, as far as they are aware, that there is no relevant audit information of which the auditor is unaware. Each of the Members has confirmed that they have taken all of the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the auditor IS aware of that information. Audltor Crowe U.K. LLP offer themselves for reappointment as auditor in accordance with the Companies Act 2006. The Report of the Council and the Strategic Report were approved on behalf of the Council. AaJM A. McCLure Chair Date: /*/,'/ 25 Cornpany 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 (WINCHESTER) Independent Auditorfs Report to the Members of St Swithun's Sthool (Winchester) Opinion We have audited the financial statements of St Swithun's School 'the charitable companv and its subsidiary 'the group, for the year ended 31 July 2024 which cornprise the Consolidated Statement of Financial Activities. Consolidated and Company Balance Sheets, Con501idated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Prarticel. In our opinion the financial statements: give a true and fair view of the state of the group's and the charitable mmpanvs affairs as at 31July 2024 and of the group's income and expenditure, for the year then ended- have been properly prepared in accordance with United Kingdom GenerallyAccepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Art 2006. Basis for opinion We conducted our audit in accordan￿ with International Standards on Auditing {UKI (ISAS 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 requirements that are relevant to our audit of the financial statements in the UK, including the FRUS Ethical Standard, and we have fulfilled our other eth ical responsibilities in accordance with these requirements. We belleve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's or the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responslbilities and the responsibilities of the trustees with respect to 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 information comprises the information included in the annual report. other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselve5. If, based on the workwe have performed, weconclude thatthere is a material misstatement of this other information, we are required to report that fatt. We have nothingto report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audtt the information given in the trustees. report, which include5 the directors, report and the strategic report prepared for the purposes of company law. forthe financial year for which the financial statements are prepared is consistent with the financial statements; and the strategic report and the directors, report included within the trusteed report have been prepared in accordance with applicable legal requirements. 26 Company Number 00110692 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 (WINCHESTER) Independent Auditorfs Report to the Members of St Swithun's School (Wjnchester) (continued) Matters on which we are required to report by exception In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the direttors. report included within the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report toyou if, in ouropinion- adequate and proper accounting records have not been kept; or the financial statements are not in agreement with the accounting 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 24, the trustees (who are also the directors 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 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charita ble companvs ability to continue as a goin8 concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting un less the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financlal statements Our objertives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Re350nable assurance 15 a high level of assurance. but is not 3 guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below. A further description of our responsibilities for the audit of the financlal statements is located on the Financial Reporting Council's website at- www.frc.or auditorsres onsibilities. This description forms part of our auditorfs report. Extent to which the audit was considered capable of detecting irregularitles, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error. and discussed these between our audit team members. We then des18ned and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatoryframeworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effert on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context werethe Companies Act 2006, the Ch3ritiesAct 2011, taxation legislation, together with the Charities SORP IFRS 1021. We assessed the required compliance with 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 reEulations that do not have a dirett effert on the financial statements but compliance with which might be fundamental to the charitable compan¢s and the group's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group far fraud. The laws and regulations we considered in this context for the UK operations were The Education Ilndependent School Standard51 Regulations 2014, Data Protection Regulation IGDPR). Health and safety legislation and employment legislation. 27 Company Number 00110692 Charty Number307335 St Swithun's School (Winchester) (a company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST SWITHUN'S SCHOOL (WINCHESTER) Independent Audrtorfs Reportto the Members of St Swithun's Sthool (Winchester) (continued) Extent to which the audit was considered capable of deterting irregularities, induding fraud (continued) Auditing standards limit the required audit procedures to identify non-compliano with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence. if any. We identified the greatest risk of material impact on the financi31 statements from irregularities. including fraud, to be within the timing of recognition of donations income and other income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Standing Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals. reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission. Independent Schools Inspettorate, Ofsted and reading minute5 of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have deterted some material misstatements in the financial statements. even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations lirregularitiesl is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would 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, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be experted to detect non-compliance with all laws and 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 Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable companvs members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable companvs members as a body, for our audit work, for this report, or for the opinions we have formed. Nlcola May Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London 28 Company Number 00110692 Charty Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) CONSOLIDATED STATEM ENT OF FINANCIAL ACTIVITIES (incorporating an income and expenditure account) forthe year ended 31 July 2024 School Endowment Fund 2024 Restricted funds 2024 Total 2024 Total 2023 Note 2024 Income and endowments from Donations Charitable activities School fees Other income 3 Trading income Investment income 239,488 239,488 237.086 18,384,323 885,062 499.161 149,601 18,384,323 16,216.255 885,062 755,379 499,161 422.628 195,837 150,543 1.923 44,313 Total Incoming Resources 19.918.147 1,923 283,801 20,203,871 17,781,891 Expenditure on Charitable activities Raisingfunds Other- Finance costs 4 18,868,788 367,974 289,627 289.141 19,159.929 17,308.843 367,974 216,107 289,627 223,829 Total Resources Expended 19,526,389 289,141 19,817,530 17,748,779 Gains / (losses) on investments 113,486 1,968 78,445 193,899 {43,5991 NET INCOME FOR THE YEAR Pension scheme actuarial loss 505,244 1,891 73,105 580,240 (10,4871 1278.0001 (278.000) 18 NEf MOVEMENT IN FUNDS 227,244 1,891 73,105 302,240 {10,4871 Balance brought forward 30,239,498 61.121 2.149,102 32,449.721 32,460,208 Balance carried forward 30,466,742 63,012 2.222,207 32,751,961 32,449.721 All of the school's activities relate to continuing operations. 29 Company Number 00110692 Charity Nurnber 307335 St Swithun's School (Winchester) (a company limited by guarantee) CONSOLIDATED BALANCE SHEET as at 31 July 2024 Note 2024 2023 Fixed assets Tangible assets Investments 31,130.311 31.220.146 2,819,163 2,375.264 33,949.474 33,595.410 Current assets Debtor 644,599 9.230,707 611,326 6.043,268 Cash at bank and in hand 9,875,306 6,654,594 15,383,558) {3,819,286) Creditors: amounts falling due within one year Net current assets 4,491.748 2,835,308 Total assets less current liabtlities Creditors: amounts falling due after more than one year Defined benefit pension scheme liability 38.441,222 36,430,718 15.411,2611 13,980,997) (278,000) io NET ASSErs 32,751,961 32,449,721 Unrestricted funds 12 30,466,742 30,239,498 2,222,207 2,149,102 63,012 61,121 Restricted funds li Endowment funds li TOTAL FUNDS 32,751,961 32,449,721 The surplus for the financial year dealt with in the financial statements of the parent company was £125,728 {2023 deficit of £226,398). The financial statements were approved and authorised for issue by the Council on 14 November 2024 A Mcclure LIL ,.,,, ,.... LJ R Members of the Council The accompanying accounting policies and notes form an integral part of these financial statements. 30 Company Number 00110692 Charity Nurnber 307335 St Swithun's School (Winchester) (a company limited by guarantee) BALANCE SHEET as at 31 July 2024 Note 2024 2023 Fixed assets Tangible assets Investments 31.130,311 31,220.146 2.819.164 2,375,265 33,949,475 33,595,411 Current assets Debtors 820,248 575,102 Cash at bankand in hand 8,898,699 5,971,513 9,718,947 6,546.615 15,258,233) 13,742,341) Creditors: amounts falling due wlthin one year Net current assets 4,460,714 2,804,274 Total assets less current liabilities 38,410,189 36,399,685 10 {5,411,2611 {3,980,9971 1278,000) Creditors: amounts falling due after more than one year Defined benefit pension scheme liability NEf ASSETS 32,720,928 32,418,688 Unrestricted funds 12 30.435,709 30,208,465 2,222.207 2,149,102 63,012 61.121 Restrirted funds li Endowment funds li TOTAL FUNDS 32,720.928 32,418,688 The fin I statements were approved an thorised for issue by the Council on 14 November 2024. 14/,,/4 Iyiii (L A Mcclure AAllan Members of the Council The accompanying accounting policies and notes form an integral part of these financial statements. 31 Company Number W110692 Chaiity Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 July 2024 Note 2024 2023 Net cash inflow from operation5 14 4,729.077 1,795,591 Cash flows from investing activities Purchase of tangible fixed assets Assets in the course of construction (242,949) (722,722) 1250,0001 1283.7651 1816,6201 {250,000) Purchase of fixed asset investment Proceeds from sale of current 3$5et investments Interest from investments 195.837 150,543 Net cash used in investing activities 11,019,834) 11,199,842) Cash flows from financing activitles Repayments of borrowing (521,8041 1473,406) Net cash provided by financing attivities 1521,804} 1473,4061 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the period 3,187,439 6,043,268 122.343 5,920,925 Cash and cash equivalents at the end of the reportlng period 9,230,707 6,043,268 32 Company Number CM)110692 Charity Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) ACCOUNTING POLICIES forthe year ended 31 July 2024 ACCOUNTING POLICIES PUBLIC BENEFIT ENTITY The School is a public benefit entity registered as a charity in England and Wales and a company limited by guarantee. It Was incorporated on 08 July 1910 l¢ompany number 00110692) and registered as a charity with the Charities Commission charity number 307335. The financial statements have been prepared in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021. the Companies Att 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 effective l January 2015. The funttional currency of the School is considered to be GBP because that is the currency of the primary economic environment in which the school operates. The accounts are drawn up on the historic cost basis of accountin& as modified by the revaluation of investments and pension liabilities. GOING CONCERN The Council has considered several factors when forming their conclusion as to the use of the going concern basis for the preparation of these financi31 statements including a review of the updated forecasts to 31 July 2026 and a consideration of the key risks. The Councils evaluation was based on scenarios both with the status quo position with regard independent school taxation and also the now potentially more likely scenarios considering the likely impact of the removal of VAT exemption for Independent schools and the schools likely response but of which the confirmation of and full technical details to confirm the modelling are not expected until the annual budget on 30 October 2024. During thls perfod of significant potential change to the Independent School landscape the Council has taken a prudent approach to expenditure including re-negotiating the schools enerbry contract delivering a large and sustained benefit over the next 3 years whilst continuing to maintain the focus on the education of the girls now and the expectations of pupils and parents in the future. The forecast surpluses for 2024-25 and 2025-26 reflect expected changes in school taxation. Sustaining a strong pupil population continues to be a key risk especially during this period of uncertainty, which the council has considered in its approach around the implementation of VAT and fee levels and will be assessed further when detai15 are confirmed and on an ongoing basis. The school has made a strong starttothe school yearwith 717 pupils in line with expectations and fee income for the first term of the 24125 school year remains strong with an indication that payment of fees will be consistent with previous years. Council reviews 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. Cash flows are also closely reviewed. particularly in the light of the School's borrowing commitments and repayment requirements. Financial sensitivity analysis 15 incorporated into Council information, centred on key assumptions (roll, fees, and staff costs). Council reviews all known major risks to the school and states the action being taken to alleviate them on a rolling 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 will be further reviewed once the status of VAT in independent schools is confirmed and impatt of the technical details is known. Whilst this will inevitably require a response it is not anticipated that this will change the underpinnin8 aims, vision or ethos of the school. 33 Company Number (MJ110692 Charity Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) ACCOUNTING POLICIES forthe year ended 31 July 2024 GOING CONCERN (Continued) Having regard to all the above, the Governors have a reasonable expectation that the School has adequate resources to continu e 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 going concern basis in preparing the financial statements as outlined in the Statement of Members Responsibilities on page 25. GROUP ACCOUNTS These financial statements consolidate the results of the charity and its whollY￿WnÈd subsidiary St 5withun's School Letting Company Limited Icompany number 019314721 on a line by line basis. No separate SOFA has been presented for the Charity lone, as permitted by Section 408 of the Companies Act 2006. The charity has taken advantage of the exemption available to a qualifying entity in FRS102 from the requirement to present a charity only Cash Flow Statement with the consolidated financial statements. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the accounting policles, Trustees are required to make judgement. estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Attual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods. The key estimates and judgements which impact the financial statements are; Assumptions adopted by management and use by the actuary to calculate the pension liability. and assessments of remaining useful life and impairments of assets, and assessment of the bad debt provision. In the view of the trustees, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying value in the next financial year. The following accounting policies have been applied consistently in dealing with items whlch are considered material in relation of the School's financial statements. FEES RECEIVABLE AND SIMILAR INCOME Fees receivable and charges for services and use of the premises, less any scholarships. bursaries or other discounts 8ranted 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 arises, they can be reliably quantified and benefit 15 probable. 34 Company Number 00110692 Charity Nurnber307335 St Swithun's School (Winchester) (a company limited by guarantee) ACCOUNTING POLICIES for the year ended 31 July 2024 EXPENDITURE Expenditure is accrued as soon as a liability is considered probable. discounted to present value for longer-term liabilities. Expenditure is allocated to expense headings either on a direct cost basis. or apportioned on a consistent basis. The irrecoverable element of VAT is included with the item of expense to which it relates. Governance costs comprise the costs of running the charity, induding strategic planningfor its future development, also external audit. any legal advice for the Council and all costs of complying with constitutional and statutory requirements. FIXED Assrrs Fixed assets are included in these financial statements at their original cost less depreciation. All items costing in excess of £1,000 are capitalised and depreciated according to the policy below. This is an uplift from the previous policy of £500, although key individual items which fall under the higher cost may still be capitalised. All fixed assets are used in direct furtherance 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 l ess estimated residual value on each asset, by equal annual instalments, over their expected useful lives which are considered to be.. Freehold land Freehold buildings Furniture and fittings Equipment Assets in the course of construction 50 years 5 years 4 years PENSIONS Retirement benefits to employees of the school are provided through three pension schemes, two defined benefit and one defined contribution. The pension costs charged in the Statement of Financial Activities are determined as follows: Teachers are all enrolled in the Teachers, Pension Scheme. which is a multi*mployer pension 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 FRS102, accounts for the scheme as if it were a defined contribution scheme. The school's contributions, which are in accordance with the recommendations of the GovernmentActuary, are Charged in the period in which the salaries to which they relate are payable. Non-teaching members of staff appointed before 31 December 2000 were offered membership of a defined benefit scherne. 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 on the charges calculated by the Scheme's actuaries, so as to ensure that the regular pension costs represent a substantially level percentage of the current 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 contribution scheme. The defined benefits scheme is being accounted for under FRS102, wtth any annually calculated notional deficit on thefunding of the scheme shown in the accounts as a pension rese￿e. which is deducted from Unrestricted Funds in the balance sheet. Any notional surplus is not recognised. but carried at £nil value. The Council believes that the scheme currently meets statutory funding requirements. The Council note that the calculated notional surplus or deficit calculated under FRS102 can vary greatly from year to year depending on the assumptions made at the year end. Full details are contained in note 18. The defined contribution scheme is a group personal pension plan with Legal & General. Employerfs pensions costs are charged in the period in which the salaries to which they relate are payable. 35 Company Number ￿110692 Chartty Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) ACCOUNTING POLICIES forthe year ended 31 July 2024 FEES IN ADVANCE Amounts received under the school's Fees In Advance contracts for education not yet utilised to settle School fees are recorded as deferred income and allocated as current liabilities where the education will be provided within 12 months from the reporting date and as long-term liabilities where the education will be provided in subsequent years. DEPOSITS The Governors have reviewed the contract tern)s under which Pupil fee deposits are held by the school. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the school. pupils can leave at earlier dates. The school does not therefore have an unconditional right to retain the individual deposits for at least 12 mo nths after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at 31July 2024 and at 2023 have been included within current Siabilities. INVESTMENTS AND INVESTMENT INCOME Long term investments are classified as fixed assets. Short term investments are dassified as current assets. Investments listed on a recognised stock exchange arevalued atthe lowerof cost and mid-marketvalue atthe balance sheet date. A surplus or deficit on revaluation is taken to the Statement of Financial Activities. Unlisted investments are stated at cost. UK Government gilts are classified as either fixed or current assets depending on when they are due to mature. Provision is made for any impairrnent in the value of fixed asset investments. Investments in subsidiaries are valued at cost less provision for impairment. Investment Income from bank balances and fixed interest securities is accounted for on an accruals basis. FUNDS Unrestricted funds are incoming resources receNable or generated for the objects of the charity without further specified purposes and are available as general funds. Restricted funds are funds subject to specific conditions imposed by donors. The purpose and use of the restricted funds are set out in the notes to the financial statements. Arnounts 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 operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to Sl8n an operating lease are similarly spread on a straight-line basi5 over the lease term. FINANCIAL INSTRUMENTS Basic financial instruments are initially recognised at transattion value and subsequently measured at amortised 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 specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities 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*nd exchange rate. In accordance with FRSIO2. financial instruments now exclude fees in advance, as they are settled by provision of education, not monetary consideration. Net financial assets measured at fair value for the year-end amounted to £2.819.163 in investments 12023 £2,375,264}. 36 Company Number 00110692 Charty Nurnber 307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024 SCHOOL EARNINGS 2024 2023 The school fees earnings comprised Gross fees 20,481.215 17,999,463 1289,2661 1269.1051 11.780,8341 11,528,820) (269,0581 1179,0201 Scholarships Bursaries Staff and sibling discount 18,142,057 16,022,518 Add back bursaries funded by Bramston BursaryAppeal 242,266 193,737 18.384,323 16,216,255 Bursaries, scholarships and other awards were paid to 125 pupils {2023: 1201. Within this means tested bursaries were paid to S8 pupil$12023:52 pupils). TRADING SUBSIDIARY The school holds the only share in one trading company, St Swithun's School Letting Company Limited which utilises school assets for trading purposes. Summarised trading results for the year ended 31 July 2024 are as below. Two members from the Council have been appointed as directors of the subsidiary. 2024 2023 Income Transport rental External trading income Investment income 26,760 499,161 3,528 26,760 422.628 1,059 529,449 450,447 Expenditure Staff costs 187,699 165,537 116,527 108,154 Other costs 353,236 224,681 Profit before tax 176,213 225,766 The Chairman, the Treasurer and the Bursar have received no remuneration, dividend or any otherforrn of reward or benefit from the trading subsidiary. The trading subsidiary makes an annual distribution of its taxable profits to the school. 37 Company Number CQ110692 Charty Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024 CHARITABLE ACTIVITIES- Other income 2024 2023 Extra subjects, trips and travel Registration fees and deposits forfeit Sundry income 733.115 76,488 75,459 568,516 115,108 71.755 885,062 755,379 ANALYS15 OF EXPENDITURE lal Total expenditure Staff Other 2024 2023 Total costs costs Depreciation Total Raising funds Financing costs 202.437 165.537 289,627 367.974 289,627 216,107 223,829 202.437 455,164 657,601 439,936 Charitsble activities Teaching costs Welfare costs 8,366,462 1,528,206 714,121 2,057,802 1,668,230 731,843 2,393,911 643,848 195,063 10,229,755 2,260,049 3,968,475 2,701,650 9,327,049 2,005,907 3,636,037 2,339,850 Premises costs Support costs and governan 860,443 12.666.591 5,437.832 1,055,506 19,159,929 17,308,843 12,869,028 5,892,996 1,055,506 19.817,530 17.748,779 (bl Governance costs of the charity included In support costs 2024 2023 Remuneration paid to current auditor for external audit services Costs of ISI inspection Reimbursement of personal expenses to Governors- travel 32,840 9,274 441 27,000 5,595 916 42,555 33,511 38 Company Number CO110692 Charty Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024 ANALYSIS OF EXPENDITURE (continued) No members of Council received any remuneration or other benefits from the school orfrom any connected body. Two members of the Council received reimbursement of expenses connetted with attending Council meetings and training. The total reimbursed for the yearwas £774 (2023- two members of the Council received a total of £9161. The school provides liability insurance to the Members of the Council as part of the school's insurance policy. (cl Net incoming resources are stated after charging: 2024 2023 Audit fees Non-audit fees Direct taxation services Operating lease charges Depreciation 42,916 66 1,440 77.175 1,055,506 39.375 1,290 I,iio 76,982 1,029,014 All fees for audit services in 2024 and 2023 are payable to Crowe U.K. LLP and are stated incluslve of non-recoverable VAT. STAFF COSTS 2024 2023 Salaries and wages social security costs Pension costs and superannuation 9,201,357 894.394 1,815,227 8,555,051 822,834 1,566,584 11,910,978 10,944,469 Other staff related costs External contractors 132,877 825,173 131,971 660,068 12,869,028 11,736,508 Aggregate employee- benefits of key management personnel The benefits figure includes the cost of employer national insurance 1,353,394 1,170,488 39 Company Number00110692 Charity Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 July 2024 The average number of employees of the group during theyear was as follows- srAFF COSTS (continued) 2024 2024 2023 2023 Number FfE Number Teaching staff Support staff 212 132 205 128 79 127 75 130 339 207 335 207 Catering staff numbers are not included in the above calculations as they are not direct employees of the school. There were no redundancies in 2024 nor the prior year in relation to all staff. The number of employees whose gross emoluments exceeded £60,000 was". 2024 li 2023 £60,001- £70,000 £80,001- £90,000 £90,001- £100,000 £ioo,ooi- £iio,000 £160,001- £170,000 During the year contributions were made to Teachers, Pensions defined benefit scheme on behalf of six higher paid employees12023: six employees) and to a defined contribution group personal pension scheme for three higher paid employees {2023: two employees). TANGIBLE FIXED AssErs Freehold Assets in the land and course of buildings construction Furniture fittings and equipment Total THE GROUP Cost at l August 2023 Additions Transfers Fixed assets written off 42,200,870 99,088 829,935 816,620 722.722 1829.935} 3,042,709 46,060,199 143,861 965,671 {175,6641 1175,6641 At31July2024 43,129,893 709,407 3,010,906 46,850,206 Depreciation At l August 2023 Provided in the year Fixed assets written off 12,154,166 860.443 2.685.887 14,840,053 195,063 1,055,506 1175.6641 1175,6641 At 31July 2024 13.014.609 2,705,286 15,719,895 Net book amount at 31July 2024 30.115.284 709,407 305,620 31,130,311 Net book amount at 31 July 2023 30,046,704 816.620 356,822 31,220,146 Company Number (XJ110692 Charity Nurnber 307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024 TANGIBLE FIXED ASSETS (continued) Freehold Assets in the land and course of buildings construction Furniture fittings and equipment Total THE COMPANY Cost at l August 2023 Additions Transfers Fixed assets written off 42.200,870 99,088 829,935 816,620 722.722 (829,9351 2,920,681 45.938,171 143,861 965,671 1175,664} 1175,6641 At 31 July 2024 43,129,893 709,407 2,888,878 46,728,178 Depreciation At l August 2023 Provided in the year Fixed assets written off 12,154.166 860,443 2,563.859 14,718,025 195,063 1,055,506 (175,664) 1175,6641 At 31 July 2024 13,014,609 2,583,258 15,597.867 Net book amount at 31 July 2024 30,115,284 709.407 305,620 31,130,311 Net book amount at 31 July 2023 30.046.704 816,620 356,822 31,220,146 The freehold land and buildings are insured by the school to the value of £89.4M. FIXED ASSET INVESTMENTS The Group 2024 The Company 2024 2023 2023 Market value as at l August 2023 Additions Transfers to current asset investments Increase / Idecreasel in value of investments 2,375.264 250,000 2.168.863 250,000 2,375,265 250.000 2,168.864 250,000 193,899 (43,5991 193.899 143,5991 Market value as at 31 July 2024 2,819,163 2,375,264 2,819,164 2,375,265 As represented by: Listed investments IUK) Unlisted investments 2.819,163 2,375,264 2,819,163 2,375.264 2,819,163 2,375.264 2,819,164 2,375,265 41 Company Number ￿110692 Charity Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 July 2024 FIXED ASSET INVESTMENTS (continued) At 31 July 2024 the company held 100% of the allotted share capital of St Swithun's School Letting Company Limited incorporated in England and Wales (company number 0193147- registered office Alresford Road, Winchester S021 IHAI. which is involved in the letting of facilities. The assets and liabilities of St Swithun's School Letting Company Limited are: 2024 2023 Tangible fixed assets Current assets 364,760 158,551 364,760 158,551 (333,725) 1127,5161 Creditors: amounts falling due within one year 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 Lettin8 Company Limited's profit and loss account are 8Nen in note 2. 42 Company Numbèr CIJ110692 Charity Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024 DEBTORS The Group 2024 The Company 2024 2023 2023 Arnounts f311ing due within one year- Fee debtors Trade debtors Prepayments and accrued income Amounts owed by group undertaking 49.296 14,112 581,191 39.087 73.932 498,307 49,296 12,076 550,475 208.401 39.087 2.445 482,999 50,571 644.599 611,326 820,248 575,102 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR The Group 2024 The Company 2024 2023 2023 Bank loans Social security and other taxes HP creditor Other creditors and accruals Pupil fee deposits Deferred income Icomposition fees) Other fees received in advance 332,833 332,833 224,118 219,587 7,650 7,650 1,178,658 1,068,963 613,503 601,320 1,063,015 132.247 1,963,781 1,456.686 332,833 216,483 7,650 1,060.968 613.503 1,063,015 1,963,781 332,833 209,036 7,650 1,002,569 601,320 132,247 1,456,686 5,383.558 3,819,286 5,258,233 3.742,341 As required by FRS102 311 pupil deposits are shown as due within one year. io CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR (al Analysis of creditor The Group 2024 The Company 2024 2023 2023 Bank loans Deferred income (composition fees) HP creditor 3,452,686 1,952,150 6,425 3,686,695 280.227 14.075 3,452,686 3.686,695 1,952,150 280,227 6,425 14,075 5,411,261 3,980,997 5,411.261 3,980,997 The bank loans are secured on the freehold property of the school. 43 Company Number 00110692 Chairty Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024 io CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR (continued) Ib} Bank loans The Group 2024 The Company 2024 2023 2023 Due within one year Amounts falling due within l year- note 9 332,833 332.833 332,833 332,833 Due between 2 and 5 years Due after more than 5 years 1,331,333 2,121.353 1.331,333 1,331.333 2,3S5,362 2,121,353 1,331,333 2,355,362 Amounts fallin8 due after l year- note 9 3,452,686 3,686.695 3,452,686 3,686,695 3,785.519 4,019,528 3,785,519 4,019,528 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 2024 The Company 2024 2023 2023 (c) Composltion fees payable Due within one year (Amounts falling due within l year) 1,063,015 132,247 1,063,015 132,247 Due between 2 and 5 years Due after more than 5 years 1,889.520 62,630 280,227 1,889.520 62,630 280,227 Amounts falling due after l year- note 9 1,952.150 280,227 1,952,150 280,227 3,015,165 412.474 3,015,165 412,474 Company Number 00110692 Charity Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024 RESTRICTED FUNDS THE GROUP AND THE COMPANY Atl August 2023 Income Expenditure Gain / {Lossl on revaluation At31 July 2024 Total BBF {Bramston Bursary Fund) Bramston Appeal Building Fund Other appeals Yong prize fund Waller prize fund Legacies General purpose 341,518 1.232.132 248.824 23,923 828 52,156 142,996 106,725 164.096 41,536 1,047 49.994 (193.242} {37,0361 312,372 1,312,782 249,871 33,923 678 55,779 142,996 113.806 76,150 (39,9941 {150) (200) 1,528 2,295 25,600 118,519) At 31 July 2024 2,149,102 283,801 1289,1411 78,445 2,222,207 The Bramston Bursary Foundation IBBF) focus of the provision of full bursaries for girls in care, or who may be on the edge of care. The Bramston fund holds investments, the interest from which is used to fund hardship bursaries The Building fund holds the donations made for future capital projects. The Appeals hold specific funds to provide bursaries in accordance with donor wishes. The Charlotte M Yonge prize for £100 is awarded for three years to assist former pupils in the purchase of books. The Waller Fund provides prizes 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 15 awarded for excellent academic achievements whilst at the school Legacies are funds donated with specific conditions attached. The General Purpose fund provides annual speech day prizes and contains specific donations earmarked by donors, voluntary charity collettions by the staff and pupils and the PTA and OGA funds. 45 Company NurnbeF 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 2024 li RESTRicfED FUNDS (continued) ENDOWMENT FUND THE GROUP AND THE COMPANY Livy Scholarship Total At l August 2023 Income Expenditure Gain on revaluation of investment 61,121 1,923 (2,0001 1,968 61,121 1,923 12,0001 1,968 At31July 2024 63,012 63.012 The Dr Jenny Livy Scholarship Fund was created and generously supported by the parents of a former pupil to recognise Dr Jenny LIWS contribution to St Swithun's School. A Dr Jenny Livy Scholarship is awarded to a member of the L6 at the start of the academic year to a girl who shows 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 this scholarship. The level of this award Is currently £2,000. This figure will be reviewed every 5 years (next Sept 2024) and increased by an agreed amount in line with fee levels. In any year if there is no suitable scholarship candidate, or the fund's income exceeds expenditure, then the amount is to be reinvested into the endowed fund. The funds for this scholarship are endowed in a separate fund clearly defined. Funds are currently invested in M & G Charibond. Ongoing investment decisions will be made in accordance with the school'5 investment policy. 12 UNRESTRicfED FUNDS THE GROUP Pension TOTAL Scheme DESIGNATED Provision TOTAL General UNRESTRicfED Funds FUNDS FUNDS At l August 2023 Surplus for the year 422,000 422,000 29.817.498 227,244 30,239,498 227,244 At 31 July 2024 422,000 422,000 30,044,742 30,466,742 The school has established a designated fund to meet future contributions to the support staff final salary pension scheme as required. Details of the scheme are contained in note 18. 46 Cornpany Number 00110692 Charity Number307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024 13 ANALYSIS OF NET ASSETS B￿EEN FUNDS THE GROUP Fund balances at 31 July 2024 Unrestricted Endowment Restricted Total Tangible fixed assets Investments Current assets Current liabilities Long term liabilities 31.130.311 1,383,787 9,025,463 {5,383,5581 (5.689,2611 31.130.311 2,819,163 9.875,306 {5,383,558} 15,689.2611 49,548 1,385,828 13,464 836,379 30,466,742 63.012 2,222,207 32.751,961 THE COMPANY Fund balances at 31 July 2024 Unrestricted Endowment Restricted Total Tangible fixed assets Investments Current assets Current liabilities Long term liabilities 31,130,311 1,383,788 8,869,104 15.258.233) 15,689,261) 31,130,311 2,819,164 9,718,948 15.258,2331 15,689,261) 49.548 13,464 1,385,828 836,379 30,435,709 63.012 2,222,207 32,720,928 14 (al RECONCILIATION OF INCOME TO CASH FLOW FROM OPERATING A￿1vITE5 2024 2023 Net incoming resour Elimination of non-operating cash flows (Gains) / losses on investments Investment income Finance costs less grant income Depreciation charge {Increasel / decrease in debtors Increase in creditors excluding bank loans Defined benefit pension scheme adjustments 302,240 {10,4871 {193,8991 43,599 (195,8371 {150,5431 289,627 223,829 1,055,506 1,029,014 {33.2731 1121,740} 3,226,713 781.919 278,000 Net cash inflow from operations 4,729,077 1,795,591 47 Company Number 00110692 Charity Number307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024 14 {bl ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash at bank- unrestricted Deposits - unrestricted Cash at bank- restricted Deposits - restricted 7,719,422 660,482 781,587 69.217 4,555,884 648,407 770,730 68,247 9,230.708 6,043,268 15 CAPITAL COMMITMENTS At 31 July 2024 the Group had capital commitments of £nil12023: £nil). All outstanding sums including retentions on capital contracts have been accrued in liabilities as at 31 July 2024. 16 CONTINGENT LIABILITIES There were no contingent liabilities at 31 July 2024 or at 31 July 2023. 17 TAMTION St. Swithun's School (Winchester) is a registered charity (number 3073351 and is potentially exempt from taxation of incorne and gains falling within sections466 to 493 of the Corporation Tax Act 2010 and section 521 to 536 of the Income Tax Act 2007. 48 Company Number LXJ110692 Charity Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024 18 PENSION SCHEMES TEACHING STAFF- Teachers, pension scheme The School participates in the Teachers. Pension Scheme 1.the TPS") for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £l,151,86812023: £1.048,529) and at theyear*nd £nil12023-£127,940, paid in full in August 2023) was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed byTheTeachers' Pensions Regulations 2010 las amended) and The Teachers, Pension Scheme Regulations 2014 {as amended). Members contribute on a "pay as you go" ba515 With contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employercontribution rate is set by the Secretaryof State following scheme valuations undertaken bythe Governrnent Actuarvs Department. The most recent attuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in Ortober 2023. Following the Mccloud judgement. the remedy proposed thatwhen benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period l April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with thegreater benefits, and in preparing the 2020 valuation has valued the'greater value. benefits forgroups of relevant members. The employer contribution rate forthe TPS is 28.6%, and employers are also required to pay a scheme administratlon le of 0.08% giving a total employer contribution rate of 28.68%. NON-TEACHING STAFF- Defined contribution scheme The school operates a defined contribution, stakeholder compatible, group personal pension for all non-teaching employees and teachers who have optedryout of Teachers, Pensions. The employer pays an age-related contribution of 7- 14% for support staff and 18.2% forteachers, provided that the employee pays a minimum contribution of 3-5Y¢. The pension charge for the year was £534,207 {2023: £481,907). CLOSED DEFINED BENEFITS PENSION SCHEME The employer sponsors a scheme which is a defined benefit pension plan. It is a separate trustee administered entity holding assets to meet the long term pension liabilities. The last formal actuarial valuation of the Scheme was carried out as at 31 December 2020 and updated to 31July 3024 by 3 qualified actuary, independent of the scheme's sponsoring employer. The major assumptions used by the actuary are shown below. This more recent finalised actuarial valuation. which was produced 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 meet 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 has been established by the school to meet future contributions as required. As at 31 July 2024 the balance stands at£422,000. The FRS102 calculation by the actuary calculates a scheme deficit of £278K 12023: surplus of £92KI. In accordance with paragraph 28.22 of FRS102 the net pension asset as at 31 July 2023 was restricted to the value of the scheme's future pension cost less future employee contributions. The net pension a55et therefore became £nil. For 31 July 2024 the FRS102 scheme deficit calculation has been reflected in the SOFA. The pension charge for the year was £47,757 for admin charges and trustee and independent advice12023: £18,648). 49 Company Nurnber 00110692 Charity Number307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 July 2024 18 PENSION SCHEMES {continuedl PENSION SCHEME DISCLOSURES lal Present values of defined benefit obligation, fair value of assets and defined benefit asset (liability) The assets. funded obligations and notional surplus in the stheme as at 31July 2024, 31 July 2023 and 31 July 2022 were as follows- 2024 Market Value £'ooo 2024 2023 Market Value rooo 2023 2022 Market Value £'ooo 2022 Proportion Proportion Proportion Equities Index linked gilts Cash Insured pensions Buyout aware funds Other 120 145 19 io% 319 io% 1,961 94% 2,112 90% 2,953 90% Fair value of plan assets Value of funded obligations 2,085 12,3631 2,276 {2,1841 3,278 {2,6231 (Deficit) / Surplus Scheme surplus restriction {278) 92 (921 655 16551 Deficit recognised in balance sheet {278) None of the fair values of the assets shown above include any direct investments in the employerfs own financial instruments or any property occupied by, or other assets used by the employer. Ibl Reconciliation of opening and closing balances of the defined benefit obligation Year to Year to 31 July 2024 31 July 2023 £'ooo £'ooo Opening defined benefit obligation Current service cost Interest cost Actuarial losses {gainsl Past service cost Settlements or curtailments Benefits paid 2.184 2,623 113 174 89 13741 (1081 11541 Closing defined benefit obligation 2,363 2.184 50 Cornpany Number00110692 Charity Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 July 2024 18 PENSION SCHEMES {continuedJ (c) Reconciliation of opening and closing balances of the fair value of plan assets Yearto Year to 31 July 2024 31 July 2023 £'ooo £'ooo Opening fairvalue of plan assets Interest income Actuarial gains /110sses} Contributions Benefits paid 2.276 118 {201) 3,278 112 19601 11081 11541 Closing fair value of plan assets 2,085 2,276 The actual return on the plan assets over theyear to 31July 2024 was 483,000 {2023:1£848,000)112022:1£1,013,00011. (d) Defined benefit costs recognised in profit and loss Year to Year to 31 July 2024 31 July 2023 £'ooo £'ooo Current service cost Net interest cost Expenses Losses / Igainsl on settlements or curtailments Losses / {gainsl due to benefit changes 151 Defined benefit costs recognised in profit and loss account lel Analysis of the actuarlal gains/ Ilossesl recognised in OCI Actuarial gains or losses are recognised immediately via Other Comprehensive Income (OCI). The amounts for the year are: Year to 31 July 2024 £'ooo Yearto 31July2023 £'ooo Return on plan assets (excluding amounts included in net interest costl gain / Iloss) Experience losses arising on plan liabilities Effect of changes in the demographic and financial assumptions underlying the present value of liabilities Effect of changes in the amount of surplus that is not recoverable (excluding amounts included in net interest) (2011 960 116) (1581 144 1518) 97 {5861 Defined benefit costs recognised in profit and loss account (2781 51 Company Number 00110692 Charity Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024 18 PENSION SCHEMES (continued) PENSION SCHEME ASSUMPMONS The life expectancy is based upon mortality assumptions. Assuming retirement at age 65, the life expectancy in years is as follows: 31July2024 31 July 2023 For a male aged 65 now At 65 for a male mÈmbÈr aged 45 now For a female aged 65 now At 65 for a female member aged 45 now 25.9 27.9 27.9 29.5 25.9 27.8 27.8 29.4 31 July 2024 4.8% 3.55% 3.05% 3.05% 31 July 2023 5.3% 3.5% 2.9% 2.9% Discount rate Inflation assumption IRPII Inflation assumption (CPI) Allowance for revaluation of deferred pensions of CPI or 5% p.a. if less Allowance for pension in payment increases max 5% Allowance for pension in payment increases of RPI Min 3% max 5% 3.25% 3.85% 3.5% 3.8% Post retirement mortality 104% S3PMA 104% S3PFA- 104% S3PMA 104% S3PFA- CMI 2023 CMI 2022 1.5% males 1.5Yo males 1.25% fernales 1.25% females No allowance No allowance Cash commutation 19 RELATED PARTY TRANSAcfioNS In 2024 the School charged £60,36812023: £16,905) to its wholly owned subsidiary St. Swithun's School Letting Company Limited for use of the school's facilities. In 2024 St. Swithun's School Letting Company Limited made a gift aid payment of £225,776 to the school as its wholly owned parent company, being the total net profit for the year to 31 July 2023. An equivalent payment will be made for the 2024 profit for the year of £176,212. 20 OPERATING LEASE COMMITMENT The following equipment operating lease payments are committed to be paid within one year. 2024 2023 Expiring within one year: 77.175 76.982 52 Company Number 00110692 Charity Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31July 2024 21 SUBSIDIARY CHARITY On 5 May 2009 the school 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 capital for the provision of bursaries at the school. 5t. 5withun's School Bursary Fund is unincorporated, has no share capital, had not commenced its activities and has no net assets as at 31 July 202412023- £nill. St Swithun's School (Winchester) is the sole trustee and so St. Swithun's School Bursary Fund is included in the accounts on that basis. 53 Company Number 00110692 Charity Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024 22 CONSOLIDATED STATEMENT OF FINANCIAL AcfiviiTES- COMPARATIVE FIGURES BY FUND TYPE School Endowment Fund 2023 Restricted funds 2023 Total 2023 Note 2023 Income and endowments from Donations Charitable activities School fees Other income 3 Trading income Investment income Other income 237,086 237,086 16,216.255 755,379 422,628 105.926 16,216,255 755.379 422,628 150,543 1,169 43.448 Total Incoming Resources 17,500,188 1,169 280,534 17,781,891 Expenditure on Charitable artivities Raising funds Other- Finance costs 4 17,070.133 216,107 223,829 2,000 236,710 17.308.843 216,107 223,829 Total Resources Expended 17,510,069 2,01)0 236,710 17,748,779 Gains / (losses) on investments 20,301 {4.267) {59,6331 {43,5991 INCOME FOR THE YEAR Transfer of funds Pension scheme actuarial10sses 10.420 15.0981 (15,809) (10,4871 27,404 127,404) 18 NET MOVEMENT IN FUNDS 37,824 15,098) 143,213) 110,487) Balance brought forward 30,201,674 66,219 2.192,315 32,460,208 Balance carried forward 30,239,498 61,121 2,149,102 32,449,721 All of the school's activities relate to continuing operations. 54 Company Number 00110692 Chartty Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024 22 FUNDS- COMPARAT]VE FIGURES (al RESTRI￿ED FUNDS- COMPARATIVE FIGURES THE GROUP AND THE COMAPNY At l August 2022 Income Expenditure Transfers Gain / (Lossl on revaluation At 31 July 2023 Total BBF {Bramston Bursary Fund) Bram5ton Appeal Building Fund Other appeals Yong prize fund Waller prize fund Legacies General purpose 356,138 110,258 1124.8781 341,518 1,359,679 41,922 (37,000) {74,179} 158,290) 1,232,132 29,604 40,889 219,220 248,824 23,923 828 52.156 23,034 1,228 52.148 140,000} (4001 13501 1,701 11,3431 315.441 84,647 (172,445) 142,996 106,725 56,160 (34.082) At 31 July 2023 2,192.315 280.534 {236,710) {27,4041 159,633) 2,149,102 Ib} ENDOWMENT FUND- COMPARATIVE FIGURES THE GROUP AND THE COMPANY Livy Scholarship Total At l August 2022 Income Expenditure Loss on revaluation of investment 66,219 1,169 (2,0001 (4,2671 66,219 1,169 12.0001 14.2671 At 31July 2023 61,121 61,121 55 Company Number 00110692 Charity Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024 {cl UNRESTRICTED FUNDS- COMPARATIVE FIGURES Pension TOTAL Scheme DESIGNATED Provision FUNDS TOTAL UNRESTRicfED General Funds FUNDS At l August 2022 Net surplus for the year Transfer of funds Pension scheme actuarial losses 422,000 422,000 29,779.674 10,420 27,404 30.201,674 10,420 27,404 Net movement in funds 37,824 37,824 At 31 July 2023 422,000 422.0 29,817,498 30,239,498 23 ANALYSIS OF NET ASSETS BEfwEEN FUNDS- COMPARATIVE FIGURES THE GROUP Fund balances at 31 July 2023 Unrestricted Endowment Restricted Total Tangible fixed assets Investments Current assets Current liabilities Long term liabilities 31,220,146 1,020,301 5,799,334 (3,819.2861 13,980,997) 31,220,146 2,375.264 6,654,594 (3,819,286) {3,980,997} 47,580 1,307,383 13,541 841,719 30,239,498 61.121 2,149,102 32,449,721 THE COMPANY Fund balances at 31 July 2023 Unrestricted Endowment Restricted Total Tangible fixed assets Investments Current assets Current liabilities Long term liabilities 31.220.146 1,020,302 5.691,355 {3.742.341) (3,980,997} 31,220,146 2,375,265 6,546,615 13,742.3411 13,980,997) 47,580 13,541 1,307,383 841.719 30,208,465 61,121 2,149.102 32.418,688 56 Company Number 00110692 Charity Number 307335 St Swithun's School (Winchester) (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 July 2024 24 RESTATEMENT OF COMPARATIVE FIGURES OVERSTATEMENT OF ACCUMULATED DEPRECIAMON An error has been identified in relation to the calculation of depreciation following the transfer of the swimming pool from the wholly owned subsidiary company to the parent company in 2013. The effect of this is that the net book value of the land and buildings fixed assets and the funds have been overstated in the Group, and understated in the Company. Accordingly. the net book value of the land and buildings for the prior year to 31 July 2023 has been recalculated, and the funds in the Group and the Company have been restated. Restated 2023 GROUP 2023 Adjustment Opening Funds 01 August 2022 32,959,659 (499,4511 32,460,208 Depreciation charge -Land and Buildings 864,357 122,117) 842,240 Closing funds -31 July 2023 32,927,055 1477.3341 32,449,721 Net Book Value- Land and Buildings 30,524,038 {477,3341 30,046,704 Restated 2023 COMPANY 2023 Adjustment Opening Funds 01 August 2022 32,230,121 199,054 32,429,175 Depreciation charge -Land and Buildings 864,357 {22.117} 842,240 Closing funds -31 July 2023 32,197,517 221,171 32,418.688 Net Book Value- Land and Buildings 29,825,533 221.171 30,046,704 57 Cornpany Number 00110692 Charrty Number 307335 THIS PAGE DOES NOT FORM PART OF THE STATUTORY FINANCIAL STATEMENTS AND AS SUCH IS NOTCOVERED BY THE AUDITOR'S REPORT 59