**REGISTERED COMPANY NUMBER: 0260104 REGISTERED CHARITY NUMBER: 309096** 

**PANGBOURNE COLLEGE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023** 



## **PANGBOURNE COLLEGE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023** 

|**CONTENTS**||
|---|---|
||**Page**|
|Legal and Administrative Information|1 – 2|
|Governors’ Report|3 – 9|
|Statement of Governors’ Responsibilities|10|
|Independent Auditors’ Report|11 – 14|
|Consolidated Statement of Financial Activities|15|
|Balance Sheets|16|
|Consolidated Statement of Cash Flow|17|
|Notes to the Financial Statements|18 – 33|





## **PANGBOURNE COLLEGE LIMITED LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 AUGUST 2023** 

The Pangbourne College Governors, being also the directors of the charitable company, present their annual report together with the financial statements of the charitable company for the year ended 31 August 2023 and confirm that they comply with the requirements of the Charities Act 2011 and the Companies Act 2006, thus including the Directors’ Report and Strategic Report under the 2006 Act, together with the audited financial statements for the year. 

## **DIRECTORS’ REPORT** 

## **STATUS AND ADMINISTRATION** 

Pangbourne College Limited is a charitable company having share capital, incorporated on 4 November 1931 and registered as a charity on 20 February 1963. 

The charitable company was established under a Memorandum of Association which determines the objects and powers of the charitable company and is governed under its Articles of Association. 

## **DIRECTORS AND THEIR INTERESTS** 

The directors of the charitable company who served during the year, unless otherwise stated, were as follows:- 

Mr R Batra[(1)] Rev M Bodeker[(1)] Rev A Bond[(1,2)] Mrs T Brooks[(3)] Mrs C Butterworth[(1)] Mrs E Cleugh[(2)] (appointed 8/12/22) Mr P Derham[(3)] (resigned 30/08/2023) Mr D Devitt[(3)] Miss T Duhalde[(1)] Mr R Llewellyn[(3)] Mr D Mullins[(1)] Mr P Roberts MBE[(1,2)] Mrs S Rossiter[(3,4)] Mrs P Shryane[(1)] 

> (1) Members of the Finance & General Purposes Committee 

> (2) Members of the Property & Sustainability Committee 

> (3) Members of the Education & Welfare Committee 

> (4) Members of the Health & Safety Committee 

The directors are also the charity trustees and governors of Pangbourne College. 

## **OFFICERS** 

Head Mr T J C Garnier Senior Deputy Mrs S Greenwood Deputy Head (Academic) Mr M Seccombe Deputy Head (Pastoral) Mr R Bancroft Deputy Head (Co-Curricular) Mr R Follett Bursar and Company Secretary Mr J N Walne 

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## **PANGBOURNE COLLEGE LIMITED LEGAL AND ADMINISTRATIVE INFORMATION (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** 

## **REGISTERED OFFICE AND PRINCIPAL ADDRESS** 

Pangbourne College Pangbourne Berkshire RG8 8LA **ADVISERS** Bankers National Westminster Bank Plc Corporate Business Centre Abbey Gardens 4 Abbey Street Reading Berkshire RG1 3BA Auditors Crowe U.K. LLP Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL Insurance Brokers Marsh Merlin House Commerce Park Brunel Road Theale Reading RG7 4BY 

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## **PANGBOURNE COLLEGE LIMITED ANNUAL REPORT OF THE COLLEGE GOVERNORS FOR THE YEAR ENDED 31 AUGUST 2023** 

## **CONSTITUTION AND OBJECTS** 

Pangbourne College (“the College”) was founded in 1917, originally as the Nautical College, Pangbourne, under which name it operated until 1969. It is constituted as a company limited by guarantee registered in England, No. 0260104, and is registered with the Charity Commission under Charity No. 309096. The College is governed by its Memorandum of Association and Articles of Association most recently revised on 20 March 2007. 

The College’s Objects and principal activity, as set out by the Memorandum of Association, is to advance education for the public benefit, including (but not limited to) the provision and maintenance at the premises known as Pangbourne College, Pangbourne, Berkshire or elsewhere of a boarding and/or day school or schools for the education of children or young persons of either sex or both sexes. 

In furtherance of these Objects, the College seeks to provide subsidised education via bursaries for deserving students whose parents could not otherwise afford the cost of educational fees.  Within these objects, the charitable company also has to maintain its heritage endowment, the College, with its Grade 2 listed buildings and The Falklands Islands Memorial Chapel, a national memorial site. 

## **AIMS, OBJECTIVES AND ACTIVITIES** 

## **Aims** 

Within these objects, Pangbourne College’s aim is to provide a first class independent education, both through strong academic tuition and through developing wider sporting, artistic and social skills in all its pupils. Additionally, there is an emphasis on values and leadership, and at various stages during their time at the school all pupils participate in the Duke of Edinburgh’s Award Scheme, the Combined Cadet Force and are given training in leadership skills. The intention is to provide an environment where each pupil can develop and fulfil his or her potential, thus to help build self-confidence and inculcate a desire to contribute to the wider community. 

The Board is mindful of the long-standing need to provide public benefit and of the requirements of the Charities Act 2011. In this connection the Board has monitored closely the guidance on public benefit produced by the Charity Commission together with its supplemental guidance on fee-charging. 

## **Principal activities** 

Pangbourne College’s principal activity is the maintenance of an independent boarding and day school for boys and girls aged from 11 to 18. This year (2022-2023) Pangbourne College averaged 464 _(2022: 457)_ pupils. 

## **GOVERNANCE AND MANAGEMENT** 

## **Board of Governors** 

The College Governors, executive officers and principal address of the charitable company are as listed on page 1 and 2.  Particulars of the charitable company’s professional advisers are given on page 2. 

## **Recruitment and training of Governors** 

The Board of Governors is self-appointing. New members of the Board are elected on the basis of their professional qualities, experience, personal competence and local availability. 

New Governors are inducted into the workings of the charitable company and its school, including Board Policy and Procedures. Governor and Trustee training is offered to all new members and is provided by a number of professional sources such as AGBIS.  Governors are appointed initially for a five year term of office.  At the expiry of this period Governors can offer themselves for re-election to the Board 

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## **PANGBOURNE COLLEGE LIMITED ANNUAL REPORT OF THE COLLEGE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** 

## **Organisational management and remuneration** 

The Pangbourne College Governors, as the trustees of the charity and directors of the company are legally responsible for the overall management and control of Pangbourne College, and meet as a Board three times a year.  The work of governance and financial supervision is carried out by members of the Finance and General Purposes Committee (F&GP), who meet before each meeting of the College Governing Board and on extra occasions when necessary such as to approve the budgets and finalise the audited accounts and annual report for approval by the Board.  The F&GP works under the chairmanship of a member of the College Governors.  The other principal permanent committees are the Property & Sustainability Committee, the Education & Welfare Committee and the Health & Safety Committee, each being chaired by a Board member and meet on a termly basis and more often should the need arise.  Other committees are formed on an ad hoc basis for specific purposes such as an Appeal.  Members of all Board committees are listed on page 1. 

The day to day management of the school is delegated to the College’s Headmaster supported by the Senior Management Team.  At 31 August 2023 these were: 

Mr J N Walne - Bursar 

Mr R Bancroft - Senior Deputy Head and Deputy Head Pastoral Mrs S Greenwood - Deputy Head Character & Routines Mr M Seccombe - Deputy Head Academic Mr R Follett - Deputy Head Co-Curricular 

The Head, Senior Deputy Head,Deputy Head Academic and the Bursar attend meetings of the various committees. 

The Head, Senior Management Team and Governors together form the College’s Key Management Personnel. 

The Board of Governors are responsible for setting the pay and remuneration of the College’s key management personnel.  When considering remuneration, the Board aims to recruit and retain talented people, sustain the high-performance culture within the College and recognise the contributions of the personnel.  The underlying principle when setting pay is that the amount paid should reflect the market for comparable jobs in comparable organisations, the performance of the organisation and the skills and contribution of the individual.  Independent remuneration reviews are commissioned from time to time for the Head and Bursar, the most recent completed in July 2015 by Affinity Independent Schools Consultancy LLP. 

## **Group structure and relationships** 

The charitable company has a wholly owned non-charitable subsidiary, Pangbourne College Enterprises Limited, whose activities and trading performance are discussed below. 

Pangbourne College actively supports the attainment of the highest standards in the Independent Schools sector as its Head is a member of The Headmasters’ and Headmistress’ Conference.  We also cooperate with many local organisations in our ongoing endeavours to widen public access to the schooling we can provide, to optimise the use of our cultural and sporting facilities and to awaken in our pupils an awareness of the social context of the all-round education they receive at the College. 

The College also benefits from the generosity of a thriving network of Old Pangbournians whose close support we greatly appreciate and gladly acknowledge. 

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**PANGBOURNE COLLEGE LIMITED ANNUAL REPORT OF THE COLLEGE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** 

## **AUDITORS** 

So far as each of the Governors is aware at the time the report is approved:- 

- there is no relevant audit information of which the charitable company’s auditors are unaware, and 

- the Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information (s. 234ZA (2)). 

In accordance with Section 485 of the Companies Act 2006, a resolution proposing the re-appointment of Crowe U.K. LLP as auditors to the company will be put to the Annual General Meeting 

## **STRATEGIC REPORT** 

## **MISSION STATEMENT** 

Our mission is to be a caring community of learners in which pupils from all backgrounds can flourish. 

We enable pupils to succeed academically and to develop character through commitment to a curriculum that provides challenge and adventure. We equip our pupils with the values, knowledge, skills and confidence needed to grasp opportunities and make a positive difference to the world. We seek to increase the diversity and quality of our pupil body through the provision of transformational bursaries. 

## **STRATEGIES TO ACHIEVE THE PRIMARY OBJECTIVES** 

A development plan covering the period 2018-2023 was published in September 2018. The plan sets out what will be done to move towards fulfilment of the College’s vision to become the best small coeducational boarding and day school in the UK.  Over these five years the College’s goals were to: 

- Grow the school to no more than 500 pupils whilst retaining our focus on the individual, our excellent pastoral care and our nurturing community. 

- Continue to improve the quality of teaching and learning to help each pupil achieve their full potential. 

- ● Offer a curriculum which is innovative and inspirational, providing our pupils with a range of opportunities both inside and outside the classroom and developing skills they can take with them for life. 

- Continue to invest in our built environment, ensuring that educational, co-curricular and boarding facilities of high quality are available to all pupils. 

During 2022/23 the Board of Governors and senior staff started work on creating a new development plan for the next 10 years, which will be finalised and published during 2023/24. 

## **ACHIEVEMENTS AND PERFORMANCE** 

## **Review of achievements and performance for the year** 

In 2023, the grade boundaries were brought back in line with those of 2019 and, as widely experienced, this had an impact on the grades achieved by our pupils. 

The results of the outgoing Upper Sixth (Year 13) meant that more than two thirds secured their first choice university course. Students have gone on to courses which are suitable for them, ranging from highly specialised, vocational courses to more traditional academic degrees at top-end institutions such as Durham, Exeter, Nottingham and Manchester. At A Level, 16% of grades were A*-A and 76% of grades were A*-C. At BTEC, 57% were either Distinction* or Distinction grades and 93% secured a Merit or higher. 

At GCSE, 31% of grades were 9-7 and the overall pass rate remained the same as the previous year at 93.5%. 

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## **PANGBOURNE COLLEGE LIMITED ANNUAL REPORT OF THE COLLEGE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** 

## **ACHIEVEMENTS AND PERFORMANCE (continued)** 

The Governors remain resolute that the College will continue to select pupils on character and aptitude for an education at Pangbourne College, rather than purely on academic ability. These results demonstrate the Headmaster’s intent to increase the College's academic rigour. Given the broad range of academic abilities within the School, these were extremely pleasing results. 

In terms of outdoor pursuits, 16 Gold, 27 Silver and 58 Bronze Duke of Edinburgh’s Awards were completed by Pangbourne pupils. The Combined Cadet Force at Pangbourne College had 240 Cadets split between three sections, Army, Royal Navy and Royal Marines.  The Royal Navy offering has been front and centre in terms of focus during the year.  Staff have achieved the following qualifications: X2 Powerboat Level 2, X2 BCA Foundation Safety Rescue, X2 BCA Paddlesports Instructors, X1 RYA Level 1&2 Dinghy/Sailing, and X1 Exercise Coordinating Officer.  The College came second place at the annual Summer Camp at Longmoor, taking the largest number of cadets for the week-long event.  There are multiple trips planned for the coming year, including an Adventurous Training Camp in Capel Curig and static line parachuting.  An external grant has been approved for a converted container to be sited at Burghfield Sailing Club to contain all of the Kayaking and Sailing equipment. 

A number of significant improvements were made to the College’s facilities during the year.  Improvements continued to the roads on campus, the Mess Hall was refurbished, windows were replaced in several buildings, the area outside the new cafe was landscaped, and work has begun to refurbish one of the Boarding Houses (Port Jackson), including new ablutions and redecorated rooms and corridors. 

## **Grant making policy** 

Pangbourne College Governors’ policy, in line with that of other independent schools, is to make awards on the basis of an individual’s educational potential. Awards and bursaries (not including untested allowances for staff) totalling £1,279,260 ( _2022: £1,323,019)_ (9.3% of gross fees receivable) were made from unrestricted funds where the policy is towards academic excellence and also to relieve hardship where the pupil’s education and future prospects would otherwise be at risk. 

## **Public benefit** 

The Trustees continued to take seriously the requirement to have regard to the published guidance on public benefit as per s.17 (5) of the Charities Act. 

The College awards a substantial number of bursaries (means-tested) and scholarships (based on merit) each year.  The policies in respect of these are available on the College’s website. In the last year, the College provided means-tested support for pupils whose parents could not afford the fees worth £965,315 (2022: £932,908), or 7.0% of gross fee income. Eight (2022: 6) pupils received support worth at least 100% of fees, including 2 via HMC Projects to students from Central and Eastern Europe, and 2 via the Royal National Children’s Springboard Foundation. Additionally, £212,402 (2022: £229,652) was given in discounts to children of parents serving in the Armed Forces. Some of these families also received CEA funding from the Ministry of Defence worth a further £300,780 (2022: £258,951). 

Beyond the considerable public benefit of providing a high-quality education (known as the Pangbourne Experience) to the pupils of the College, which equips them with good academic qualifications and a sense of responsibility and service to others, the College also provided wider benefits to children and young people who are not pupils. 

A number of local state schools, prep schools and youth organisations receive support from the College and our employees. Local school children attend events run by the College such as the annual Piano Festival, orchestral fun days, DT challenge days, hockey tournaments and outdoor learning classes. 

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## **PANGBOURNE COLLEGE LIMITED ANNUAL REPORT OF THE COLLEGE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** 

## **ACHIEVEMENTS AND PERFORMANCE (continued)** 

The following programmes were achieved during the year: 

- The College is a partner with the Whitley Excellence Cluster, which comprises 10 South Reading schools and aims to empower children to access non-formal learning and enrichment activities. An orienteering course was provided to all schools within the group as part of the annual activity day. 

- The College has a longstanding partnership through the CCCF with Denefield School, with their pupils joining Pangbourne College for weekly activities and field days. 

- 6 members of staff are governors of local schools in both the independent and the maintained sector. 

- Local football teams have continued to use the floodlit all-weather astro-turf pitch. 

The College donated £2,500 to support projects at Nabugabo Community Learning Centre in Uganda, and £3,028 in total to nine local projects that applied for grants from the Community Fund. 

The College maintains and acts as steward to the Falkland Islands Memorial Chapel, the national war memorial for those killed in the Falklands War.  Normal wear and tear is funded and carried out by the College. Major repairs and refurbishment, while being funded by the Chapel Trust, are planned and organised by the College’s Estate’s Bursar and his staff. 

## **Volunteers** 

Old Pangbournians helped generously with activities such as the Careers Fair.  The Pangbourne Parents’ Association also organised a number of events in support of the College.  The Trustees would like to take this opportunity to say how much their continuing and valuable support for the charity’s work is appreciated. 

## **FINANCIAL REVIEW** 

## **Results for the Year** 

The Governors of the College report a pre-depreciation surplus of £939k (2022: £1,164k). 

The College achieves its liquidity objectives by the careful management of working capital and regular forecasting of short and long term cash requirements.  The College’s cost base predominantly comprises staff costs and therefore the impact of commodity price risk is modest although there is exposure to increases in utility and related building operational costs. The College’s exposure to credit risk is mitigated by fees being due at the beginning of each term. 

Interest rate risk exposure is managed by the consideration of fixing interest rates on a proportion of the loan portfolio within parameters that are agreed and regularly reviewed by the Finance and General Purposes Committee. 

## **Reserves Policy** 

The College’s policy is to seek to generate a surplus of income over expenditure that enables the College to continue its programme of refurbishment and development whilst securing the long-term viability of the College. 

At the balance sheet date unrestricted funds stood at £13,607,559 _(2022: £_ 13,059,664 _)_ . After deducting the carrying value of tangible fixed assets held for the charity’s own use, adjusted for borrowing there were free reserves of £2,020,940 ( _2022: 1,693,761_ ) (as defined by the Charity Commissioners). As part of the Development Plan currently in progress, the College is producing a Master Plan for the campus which will determine the priorities for future capital projects. 

The Governors policy is to require cash of £2.5m to be ring-fenced in a separate bank account and outside of cash available for the day to day working capital.  This cash reserve is sufficient to cover three month’s running costs or two years' worth of bank loan repayments. 

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## **PANGBOURNE COLLEGE LIMITED ANNUAL REPORT OF THE COLLEGE GOVERNORS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** 

## **FINANCIAL REVIEW (continued)** 

## **Fundraising** 

All fundraising is aimed at providing a high quality educational experience for the boys and girls who are pupils at the College, and making the experience available to more young people. Our wider community includes current and former pupils, parents, staff and friends of the College. 

Our good relationship with our community is critical to the success of our charity, and we believe in establishing positive long-term relationships based on trust, goodwill and our shared interests. Any fundraising approaches are therefore personal and targeted, focused only on existing members of the College community. 

We do not use third parties to help with our fundraising, nor do we participate in public mass mailings, door to door fundraising, or telephone campaigns. All data shared with us is protected in compliance with the GDPR, and we never share personal information with third parties for the purposes of marketing.  All literature and emails sent to our community members has clear messaging about who and how to contact us if they wish to change how we communicate with them. 

Pangbourne College is registered with the Fundraising Regulator, and we follow the regulator’s Code of Practice. This sets out the standards that members are expected to follow when raising money, including taking all reasonable steps to protect vulnerable people from persistent approaches, unreasonable intrusion or undue pressure. 

The fundraising team at Pangbourne College consists of the newly appointed Head of Development and Alumni Relations Officer. Other senior leaders within the College, including the Head, Bursar and Governors, play a role in raising and managing funds. Occasionally other alumni and parents act as fundraising volunteers, in which case they are trained, monitored and sign a data protection and confidentiality agreement. 

During the year, our charity received no complaints requiring action by the Fundraising Regulator. 

## **FUTURE PLANS** 

Mr Thomas Garnier has announced his intention to stand down as Head after 19 years of loyal service to the College. From a strong field, the Governors have appointed Mr Oliver Knight, currently Head of the Ark Academy Acton, to take over as the new Head for the start of the 2024/25 academic year. 

The Governors and staff remain fully committed to ensuring that academic standards are the highest possible, whilst being comfortable with maintaining a broadly unselective admissions policy.  The latter is best described as ‘discerning’, in that a place will not be offered unless all parties are confident that the College can meet the individual pupil’s needs. 

## **RISK MANAGEMENT** 

Pangbourne College Board of Governors is responsible for the management of the risks faced by the College. Detailed considerations of risk are delegated to the Finance and General Purposes Committee, who are assisted by the Senior Management Team.  Risks are identified, assessed and controls are established throughout the year.  A formal review of the charitable company’s risk management processes is undertaken on an annual basis. The College has started to conduct an in depth review of the risk register and how it is used in order to produce a more rigorous risk management process. 

The key controls used by the charitable company include:- 

- formal agendas for all Committee and Board activity; 

- detailed terms of reference for all Committees; 

- comprehensive strategic planning, budgeting and management accounting; 

- established organisational structure and lines of reporting; 

- formal written policies; 

- clear authorisation and approval levels; and 

- vetting procedures as required by law for the protection of the vulnerable 

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PANGBOURNE COLLEGE LIMITED
ANNUAL REPORT OF THE COLLEGE GOVERNORS (CONTINUEDI
FOR THE YEAR ENDED 31 AUGUST 2023
RISK MANAGEMENT Icontinuedl
Through the risk management processes established the College, PangtK)urne College Governors are
satisfied that the major risks identified have been adequately miligaled where necessary. It Is recognised that
systems can only provide reasonable bul not absolute assurance that major risks have been adequately
managed.
Principal risks and uncertainties
The Goveming Body is satisfied that for all major rlsks Identified for the group appropriate controls have been
put in place and malnlained to miligale Ihose risks adequately. It is recognised that syslerlls can provide only
reasonable. bul not absolute assurance that major risks have been managed. The principal risks and
uncertainlies are assessed as..
Educaliorb
Decline in aCadern￿ or co-curricular results and reputation. This risk is miligaled through
effective monitoring of standards of teaching, coaching and pastoral care and by managing
entry standards Ihrough admissions policy and process.
Failure to adapt edu¢alion to meet requlremenls of our parents & pupils (current & future). The
College is conducting a study lo identify strategic priorities (size, shape {boardinglday mix,
class sizes), core curriculum, facility requiremenlsl to ensure an appropriate surplus Can be
achieved and lo infomi creation of sile maslerplan.
Finanual Risk
Imposllion of VAT on fees and loss of buslness rates relief.
The principal concern is a lack of operational income. Amongst others, the College is intending
lo increase applications through effective marketing, increase conversion rates of enquiry lo
application to acceptance, improve pupil retention and reduce the level of discounts.
Similarly the College is l(K>king lo control costs wllh clearly defined slraleglc priorflles.
Poor or delerioraling facilities. The College will commission the produolion of a masterplan lo identify best
use of sile lo meet requirements and prioritise developmenl
Failure lo comply with regulalionslbreach slalulory requirement. The principal risk is a (xjrrenl or historic
safeguarding failure leading to a loss of repulalion. This risk is managed by a balanced approach of controls
and training. A culture of safeguarding is embedded throughout the College and detailed safeguarding and
child protection FX)IicAes are in place. There is regular training and the College has the required and trained
designated safeguarding lead. An annual review of safeguarding is undertaken by the Board.
Thls Annual Report, prepared under the Charilles Act 2011 and the Companies Act 2006, was approved by
the Governing Body of Pangl￿urne College Limited on l JT tCLC-Mfy&IL to L
including
in their capacity as company directors approving the Strategic Report contained therein, and is signed as
a￿hor￿sed on its behalf by..
Patrick Roberts
Governor
Page 9

## **PANGBOURNE COLLEGE LIMITED STATEMENT OF GOVERNORS’ RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2023** 

## **Statement of Governors’ responsibilities** 

The Governors (who are also directors of Pangbourne College Limited for the purposes of company law) are responsible for preparing the Annual Report of the College Governors (incorporating the Strategic Report) and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). 

Company law requires the Governors to prepare financial statements for each financial year. Under company law the Governors must not approve the financial statements unless they are satisfied that they 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 these financial statements, the Governors are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgments and estimates that are reasonable and prudent; 

- state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity’s constitution. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

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## **Crowe U.K. LLP** 

_Chartered Accountants_ Member of Crowe Global Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL, UK Tel +44 (0)118 959 7222 Fax +44 (0)118 958 4640 www.crowe.co.uk 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PANGBOURNE COLLEGE LIMITED** 

We have audited the Group and Parent company financial statements of Pangbourne College Limited for the year ended 31 August 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Balance Sheets, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of 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 Practice). 

## In our opinion the financial statements: 

- give a true and fair view of the state of the Group’s and Charitable Company’s affairs as at 31 August 2023 and of the Group’s income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the Governor'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 ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report. 

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## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PANGBOURNE COLLEGE LIMITED (CONTINUED)** 

## **Other information** 

The Governors 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 auditor’s 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 themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Opinion on other matter prescribed by the Companies Act 2006** 

In our opinion based on the work undertaken in the course of our audit 

- the information given in the Governors' Annual Report, which includes the Strategic Report and the 

- Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Strategic Report and Governors’ Annual Report have been prepared in accordance with 

- applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In light of the knowledge and understanding of the Group and Parent Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Governors’ Annual Report. 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of Governors' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of the Governors** 

As explained more fully in the Governors’ Responsibilities Statement set out on page 10, the Governors 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 Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

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## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PANGBOURNE COLLEGE LIMITED (CONTINUED)** 

In preparing the financial statements, the Governors are responsible for assessing the Group’s or the Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so. 

## **Auditor’s responsibilities for the audit of the financial statements** 

Our objectives 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) 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 financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

## **Extent to which the audit was considered capable of detecting irregularities, 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 designed 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 regulatory frameworks within which the group and charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation, together with the Charities SORP (FRS 102) and the Charities Act. 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 regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the group and charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the group and charitable company for fraud. The laws and regulations we considered in this context were The Education (Independent School Standards) Regulations 2014, Safeguarding, Health and Safety, GDPR and Food standards. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Governors and other management and inspection of regulatory and legal correspondence, if any. 

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance and General Purposes 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 Inspectorate and reading minutes of meetings of those charged with governance. 

Page 13 




## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PANGBOURNE COLLEGE LIMITED (CONTINUED)** 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even 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 (irregularities) 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 noncompliance and cannot be expected to detect non-compliance with all laws and regulations. 

## **Use of report** 

This report is made solely to the Charitable Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company’s members those matters we are required to state to them in an auditor’s 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 Company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 


Janette Joyce Senior Statutory Auditor 

For and on behalf of Crowe U.K. LLP Statutory Auditor Aquis House 49-51 Blagrave Street Reading RG1 1PL 

5 December 2023 

Page 14 



## **PANGBOURNE COLLEGE LIMITED** 

## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023** 

|Notes<br>**INCOME AND ENDOWMENTS FROM:**<br>**Income from Charitable Activities**<br>School fees receivable<br>5<br>Ancillary trading income<br>6<br>**Other Trading Activities**<br>Trading income<br>4<br>Rents and lettings<br>**Donations and grants**<br>**Other Income**<br>**Total income**<br>**EXPENDITURE ON:**<br>**Expenditure on Charitable Activities**<br>Teaching costs<br>Welfare costs<br>Premises costs<br>Support costs<br>**Expenditure on Raising Funds**<br>Trading expenditure<br>4<br>Financecosts<br>**Total expenditure**<br>7<br>**Net income**<br>8<br>_Balances brought forward_<br>_At 31 August 2022_<br>**Balances carried forward**<br>**At 31 August 2023**|**Unrestricted**<br>**Funds**<br>**12,233,447**<br>**492,961**<br>**282,511**<br>**124,908**<br>**3,255**<br>**125,000**<br>**13,262,082**<br>**6,012,146**<br>**1,976,550**<br>**2,419,499**<br>**1,912,758**<br>**12,320,953**<br>**211,586**<br>**181,648**<br>**12,714,187**<br>**547,895**<br>_13,059,664_<br>**13,607,559**|**Restricted**<br>**Funds**<br>**-**<br>**-**<br>**-**<br>**-**<br>**5,290**<br>**-**<br>**5,290**<br>**-**<br>**-**<br>**-**<br>**4,450**<br>**4,450**<br>**-**<br>**-**<br>**4,450**<br>**840**<br>_208,854_<br>**209,694**|**Total**<br>**2023**<br>**£**<br>**12,233,447**<br>**492,961**<br>**282,511**<br>**124,908**<br>**8,545**<br>**125,000**<br>**13,267,372**<br>**6,012,146**<br>**1,976,550**<br>**2,419,499**<br>**1,917,208**<br>**12,325,403**<br>**211,586**<br>**181,648**<br>**12,718,637**<br>**548,735**<br>_13,268,518_<br>**13,817,253**|_Total_<br>_2022_<br>_£_<br>_11,350,594_<br>_529,246_<br>_255,364_<br>_140,224_<br>_142,407_<br>_-_|
|---|---|---|---|---|
|||||_12,417,835_|
|||||_5,672,361_<br>_1,799,403_<br>_1,836,865_<br>_1,923,979_|
|||||_11,232,608_<br>_219,318_<br>_217,090_|
|||||_11,669,016_|
|||||_748,819_<br>_12,519,699_|
|||||_13,268,518_|



All activities are continuing. 

All gains and losses recognised in the year are included in the statement of financial activities. 

The notes on pages 18 to 33 form part of these financial statements 

Page 15 



PANGBOURNE COLLEGE LIMITED
CONSOLIDATED BALANCE SHEET
31 AUGUST 2023
COMPANY NUMBER 0260104
College
Group
2023
2022
2023
2022
Notes
FIXED ASs￿s
Tangible fixed assets
10
13 189 456
13 178835
13 189456
13 178835
CURRENT ASSETS
Stock
Debtors
Cash al bank and in hand
13,741
539,843
4 541623
219,317
218.672
5 159 957
188,534
289,074
4 664 180
460,389
5024 919
5.485,308
5.095.207
5,597,946
5, 141.788
CREDITORS.. Amounts falllng
due within one year
12
3 334 4911 3371
3 084 559
NET CURRENT ASSETS
2 150 817
2 048 362
2 217609
2 057 229
TOTAL ASSETS LESS
CURRENT LIABILITIES
15,340.273
15.227,197
15,407,065
15.236,064
CREDITORS.. Amounts falling
due after more than one year
Pension Scheme Deficit
13
{1,577,9231 (1,949,357) 11,577.9231 (1,949,357J
18
NET ASSETS
CAPITAL AND RESERVES
Share capital
Reslri¢led funds
General funds
17
22
2,500
209,694
13 540 767
2,5(10
208,854
05
797
2,500
209,694
13 607559
2,500
208,854
13 059 664
SHAREHOLDERS. FUNDS
23
The surplus for the financlal year de811 wllhin the financial statements of the parent charily was £490,810
(2022.. £721,278).
Authorised and Approved for issue by the Board on i ZOLS and signed on Iheir behalf by-
P Roberts
Govtsrnor
The notes on p¥ges 18 10 33 form part of these financial statements
Page 16

## **PANGBOURNE COLLEGE LIMITED** 

## **CONSOLIDATED CASHFLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023** 

|**Cash flows from operating activities**<br>Net movement in funds<br>Depreciation<br>Decrease in debtors<br>Increase/(decrease) in creditors<br>(Increase) in stocks<br>(Profit)/loss on disposal of fixed assets<br>(Decrease) in pension liability<br>Interest paid<br>**Cash provided by operating activities**<br>**Cash flows from investing activities**<br>Purchase of tangible fixed assets<br>**Cash (used in) investing activities**<br>**Cash flows from financing activities**<br>Decrease in borrowing<br>Interest paid<br>**Cash (used in) financing activities**<br>**Cash flows from advance fee scheme**<br>Advance fees received net of fees returned<br>Discounts allocated<br>Advance fees utilised<br>**Cash (used in)/provided by advance fees**<br>**Change in cash and cash equivalents in the year**<br>24<br>Cash and cash equivalents at the beginning of the year<br>**Total cash and cash equivalents at the end of the year**<br>**Cash at bank and in hand**|**2023**<br>**£**<br>**548,735**<br>**389,541**<br>**70,402**<br>**329,464**<br>**(30,783)**<br>**-**<br>**(6,300)**<br>**80,173**<br>**1,381,232**<br>**(400,162)**<br>**(400,162)**<br>**(210,095)**<br>**(80,173)**<br>**(290,268)**<br>**9,730**<br>**6,083**<br>**(210,838)**<br>**(195,025)**<br>**495,777**<br>**4,664,180**<br>**5,159,957**<br>**5,159,957**|_2022_<br>_£_<br>_748,819_<br>_415,007_<br>_34,848_<br>_(133,580)_<br>_(7,891)_<br>_52,498_<br>_(74,531)_<br>_28,500_<br>_1,063,670_<br>_(147,204)_|
|---|---|---|
|||_(147,204)_|
|||_(222,397)_<br>_(28,500)_|
|||_(250,897)_|
|||_483,115_<br>_4,841_<br>_(244,495)_|
|||_243,461_<br>_909,030_<br>_3,755,150_<br>_4,664,180_<br>_4,664,180_|



The notes on pages 18 to 33 form part of these financial statements 

Page 17 



**PANGBOURNE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023** 

## **1. COMPANY INFORMATION** 

Pangbourne College’s principal activity is the maintenance of an independent boarding and day school for boys and girls aged from 11 to 18. The incorporated charity (registered number 0260104 and charity number 309096), is incorporated and domiciled in the UK. The address of the registered office is Pangbourne College, Pangbourne, Berkshire, RG8 8LA. 

## **2. ACCOUNTING POLICIES** 

## **a)** 

## **Basis of preparation** 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

Pangbourne College meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). 

## **b)** 

## **Going concern** 

Demand for school places remains strong, with our highest ever numbers enrolled for the academic year 2022/23 and numbers for 2023/24 expected to be even higher again. The charity currently holds significant cash balances with no significant commitments to capital projects.  Conservative cash flow modelling with sensitivity analysis indicates that the cash reserves of the charity are adequate to meet the charity’s obligations as they fall due. Accordingly, the Governors believe the School’s financial resources are sufficient to ensure the School will continue as a going concern for the foreseeable future, being at least 12 months from the date of approval of the financial statements and have therefore prepared the financial statements on a going concern basis. 

## **c) Consolidation** 

The consolidated financial statements incorporate the financial statements of Pangbourne College Enterprises Limited, the charitable company’s trading subsidiary.  No separate statement of financial activities is present for the College as permitted by Section 408 of the Companies Act 2006.  The net incoming resources of the College (excluding Enterprises) were £490,810 _(2022: £721,278)_ . 

## **d) Fund Accounting** 

Restricted funds are to be used for specified purposes laid down by the donor.  Expenditure for those purposes is charged to the fund. 

General funds (retained income) are unrestricted funds that are available for use at the discretion of the Governors in furtherance of the general objectives of the charitable company and have not been designated for other purposes. 

Designated funds are funds set aside by the Governors out of unrestricted general funds for specific future purposes or projects. 

## **e) Incoming Resources** 

All incoming resources are included in the Statement of Financial Activities when the charitable company is legally entitled to the income, the amount can be quantified with reasonable accuracy and the economic benefit to the college is considered probable. 

Page 18 



## **PANGBOURNE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** 

## **2. ACCOUNTING POLICIES (continued)** 

## **f) Fees** 

Fee income represents the invoiced amount of College fees receivable after deducting allowances, scholarships and other remissions granted by the College.  Adjustments have been made to defer invoiced fees relating to the Autumn term, which commences in the next financial period to ensure that no income relating to the next financial year is included in these financial statements.  Any payments received relating to this term have been treated as fees in advance under creditors. 

## **g)** 

## **Donations and legacies** 

Donations and legacies received for the general purposes of the College are credited to ‘unrestricted funds’.  Donations subject to specific wishes of the donors are carried to relevant restricted funds. Income from legacies is accrued where a pecuniary legacy is notified by the year end and where a residuary legacy has entitlement, the amount can be reliably quantified (usually via estate accounts) and it is considered probable it will be received. 

## **h) Advanced fees** 

Amounts received under the College’s Advanced Fees Scheme 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. 

## **i) Expenditure** 

Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities. 

Expenditure is summarised under functional headings on a direct cost basis.  The irrecoverable amount of VAT is included with the item of expense to which it relates. 

## **j)** 

## **Stocks** 

Stocks are valued at the lower of cost and net realisable value. 

## **k)** 

## **Tangible Fixed Assets** 

College buildings are recorded at their historical cost to the College.  Depreciation is provided on all tangible assets, except freehold land in order to write-off their cost less residual value over their estimated useful lives at the following annual rates:- 

- Buildings 2% straight line - Furniture, fixtures and fittings 25% straight line Motor vehicles - 33% straight line Boats - 33% straight line Items costing less than £5,000 are written off as an expense as acquired. 

## **l) Pension Schemes** 

Full-time and part-time teaching staff employed under a contract of service are eligible to contribute to the Teachers’ Pension Scheme (TPS).  The TPS, a statutory, contributory, defined benefit scheme is administered by Capita Teachers’ Pensions on behalf of the Department for Education and skills. The College was in this scheme until 31 December 2021 when it transferred to a group personal pension plan with Royal London Mutual Insurance Society Limited See note 18 for more information. 

Costs include normal and supplementary contributions.  The regular cost is the normal contribution, expressed as a percentage of salary of a teacher newly entering service, which would defray the cost of benefits payable in respect of that service.  Variations from the regular pension cost are met by a supplementary contribution.  This occurs if, as a result of the actuarial investigation, it is found that the accumulated liabilities for benefits to past and present teachers are not fully covered by normal contributions to be paid in future and by the fund built up from past contributions.  The normal and supplementary contributions are charged to the statement of financial activities. 

Page 19 



## **PANGBOURNE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** 

## **2. ACCOUNTING POLICIES (continued)** 

The College contributed until 30 September 2013 to the Pensions Trust Growth Plan Pension Scheme for certain of its employees. This was in most respects a money purchase arrangement, but did include certain guaranteed benefit elements. The Plan was a multi-employer scheme. It is not possible in the normal course of events to identify the share of the underlying assets belonging to the individual participating employers and accordingly, in accordance with FRS102, is accounted for as a defined contribution scheme with contributions being recorded as they become payable.  The School makes deficit contribution payments to the Scheme and, in accordance with FRS 102 these payments have been measured at fair value and included as a liability on the balance sheet. 

The College also operates a defined contribution auto enrolment arrangement and a defined contribution enhanced pension scheme for non-teaching staff. 

Pension costs charged in the SOFA represent contributions payable by the College in that year. 

## **m) Cash and cash equivalents** 

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. 

## **n) Debtors** 

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment 

## **o) Creditors** 

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. 

## **p) Parents’ deposits** 

The Governors have reviewed the contract terms 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 months after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at 31 August have been included within current liabilities. 

## **q) Lease commitments** 

Lease commitments are charged to the Statement of Financial Activities on a straight-line basis over the period of the lease. 

## **r) Financial instruments** 

Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at amortised cost. Note 21 provides more information on financial instruments where future cash flows are anticipated, with financial assets referring to fixed asset investments and debtor balances excluding prepayments, and financial liabilities referring to all creditor balances excluding deferred income and taxation and social security. 

Page 20 



## **PANGBOURNE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** 

## **3. Significant judgements and estimates** 

In the application of the charity’s accounting policies, which are described in note 2, Governors are required to make judgements, estimates and assumptions about the carrying values 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.  Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an on-going 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 affects the current and future periods. 

The Governors consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty. 

## **4. TRADING INCOME AND EXPENDITURE** 

Pangbourne College Enterprises Limited is a 100% subsidiary of Pangbourne College Limited (Company Number: 01582185). Its registered office is as per Note 1. The company was established to carry out the non educational activities associated with the College.  The trading results extracted from its audited accounts were:- 

|Turnover<br>Cost of sales<br>Gross profit/(loss)<br>Administrative expenses<br>Operating profit/(loss)<br>Interest payable and similar charges<br>Profit/(Loss) on activities before taxation<br>Taxation<br>Profit/(Loss) after tax<br>Retained earnings at the beginning of the year<br>Profit/(Loss) for the financial year<br>Gift aid donation payment for prior year<br>Retained earnings at the end of the year|**2023**<br>**£**<br>**282,511**<br>**(189,511)**<br>**93,000**<br>**(32,540)**<br>**60,460**<br>**(2,535)**<br>**57,925**<br>**-**<br>**57,925**<br>**8,869**<br>**57,925**<br>**-**<br>**66,794**|_2022_<br>_£_<br>_255,364_<br>_(208,554)_|
|---|---|---|
|||_45,271_<br>_(16,934)_|
|||_29,876_<br>_(2,330)_|
|||_27,546_<br>_-_<br>_27,546_<br>_(18,677)_<br>_27,546_<br>_-_<br>_8,869_|



The aggregate amount of share capital and reserves of Pangbourne College Enterprises Limited at 31 August 2023 was £66,797 ( _2022 £8,872)._ 

Administrative expenses include a management charge paid to the College of £13,000 ( _2022: £8,500)_ which is eliminated on consolidation, and the donation under Gift Aid of £Nil ( _2022: £nil)_ is to the College and is also eliminated on consolidation. 

Page 21 



## **PANGBOURNE COLLEGE LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** 

## **5. FEES RECEIVABLE** 

|Fees receivable consist of:<br>Gross fees (including advance fees utilised of £210,838<br>(_2022: £244,495_)<br>Less total bursaries, grants and allowances|**2023**<br>**£**<br>**13,714,051**<br>**(1,480,604)**<br>**12,233,447**|_2022_<br>_£_<br>_12,877,776_<br>_(1,527,182)_|
|---|---|---|
|||_11,350,594_|



## **6. ANCILLARY TRADING INCOME** 

|Insurance commission<br>Registration fees<br>Special learning<br>Fees in lieu<br>Exams<br>Music<br>Trips<br>Bus income<br>Miscellaneous|**2023**<br>**£**<br>**1,055**<br>**23,515**<br>**124,709**<br>**21,393**<br>**6,343**<br>**67,678**<br>**117,084**<br>**124,973**<br>**6,211**<br>**492,961**|_2022_<br>_£_<br>_2,982_<br>_40,523_<br>_93,015_<br>_73,148_<br>_58,291_<br>_89,748_<br>_78,621_<br>_92,918_<br>_-_|
|---|---|---|
|||_529,246_|



## **7.** 

## **ANALYSIS OF TOTAL RESOURCES EXPENDED** 

|**Charitable activities**<br>Teaching costs<br>Welfare costs<br>Premises costs<br>Support costs<br>**Cost of generating funds**<br>Trading expenditure<br>Finance costs<br>**Total**|**Staff**<br>**Costs**<br>**£**<br>**5,109,447**<br>**665,109**<br>**343,061**<br>**872,201**<br>**6,989,818**<br>**71,278**<br>**-**<br>**71,278**<br>**7,061,096**|**Other**<br>**£**<br>**682,232**<br>**1,238,961**<br>**2,038,865**<br>**985,986**<br>**4,946,044**<br>**140,308**<br>**181,648**<br>**321,956**<br>**5,268,000**|**Depre-**<br>**ciation**<br>**£**<br>**220,467**<br>**72,480**<br>**37,573**<br>**59,021**<br>**389,541**<br>**-**<br>**-**<br>**-**<br>**389,541**|**Total**<br>**2023**<br>**£**<br>**6,012,146**<br>**1,976,550**<br>**2,419,499**<br>**1,917,208**<br>**12,325,403**<br>**211,586**<br>**181,648**<br>**393,234**<br>**12,718,637**|_Total_<br>_2022_<br>_£_<br>_5,672,361_<br>_1,799,403_<br>_1,836,865_<br>_1,923,979_|
|---|---|---|---|---|---|
||||||_11,232,608_|
||||||_219,318_<br>_217,090_|
||||||_436,408_|
||||||_11,669,016_|



Included within support costs are governance costs of £28,802 _(2022: £34,199)_ .  Governance costs comprise the cost of running the charity including external audits, Governors’ legal advice and constitutional and statutory compliance costs. 

Page 22 



## **PANGBOURNE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** 

## **7. ANALYSIS OF TOTAL RESOURCES EXPENDED (continued)** 

_2022 Comparative figures_ 

|_Staff_<br>_Costs_<br>_Other_<br>_£_<br>_£_<br>_Charitable activities_<br>_Teaching costs_<br>_4,820,248_<br>_625,855_<br>_Welfare costs_<br>_646,049_<br>_1,080,571_<br>_Premises costs_<br>_350,011_<br>_1,445,247_<br>_Support costs_<br>_878,173_<br>_971,447_<br>_6,694,481_<br>_4,123,120_<br>_Cost of generating funds_<br>_Trading expenditure_<br>_64,269_<br>_155,049_<br>_Finance costs_<br>_-_<br>_217,090_<br>_64,269_<br>_372,139_<br>_Total_<br>_6,758,750_<br>_4,495,259_<br>**8.**<br>**NET INCOME**<br>This is stated after charging:<br>Depreciation<br>Auditors’ remuneration – (Parent)<br>Auditors’ remuneration – (Subsidiary)<br>Auditors’ remuneration – non audit services<br>Operating lease rentals<br>**9.**<br>**STAFF COSTS**<br>Salaries and wages<br>Social security costs<br>Pension costs|_Depre-_<br>_ciation_<br>_£_<br>_226,258_<br>_72,783_<br>_41,607_<br>_74,359_<br>_415,007_<br>_-_<br>_-_<br>_-_<br>_415,007_|_Total_<br>_2022_<br>_£_<br>_5,672,361_<br>_1,799,403_<br>_1,836,865_<br>_1,923,979_<br>_11,232,608_<br>_219,318_<br>_217,090_<br>_436,408_<br>_11,669,016_<br>**2023**<br>**£**<br>**389,541**<br>**18,930**<br>**2,965**<br>**2,730**<br>**190,549**<br>**2023**<br>**£**<br>**5,349,420**<br>**532,874**<br>**1,178,802**<br>**7,061,096**|_Total_<br>_2021_<br>_£_<br>_5,173,761_<br>_1,472,099_<br>_1,311,630_<br>_1,692,736_|
|---|---|---|---|
||||_9,650,226_|
||||_184,484_<br>_102,122_|
||||_286,606_|
||||_9,936,832_|
||||_2022_<br>_£_<br>_415,007_<br>_16,750_<br>_2,625_<br>_2,905_<br>_185,983_<br>_2022_<br>_£_<br>_5,204,658_<br>_521,473_<br>_1,032,619_<br>_6,758,750_|



The average number of employees during the year (including Pangbourne College Enterprises Limited) were: 

|Teaching<br>Premises<br>Support and welfare|**2023**<br>**No.**<br>**73**<br>**8**<br>**49**<br>**130**|_2022_<br>_No._<br>_73_<br>_8_<br>_51_|
|---|---|---|
|||_132_|



Page 23 



## **PANGBOURNE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** 

## **9. STAFF COSTS (continued)** 

The number of employees whose emoluments (excluding pension contributions) exceeded £60,000 during the year were as follows: 

|£60,001 - £70,000<br>£90,001 - £100,000<br>£100,001 - £110,000<br>£160,001 - £170,000|**2023**<br>**£**<br>**1**<br>**1**<br>**-**<br>**1**|_2022_<br>_£_<br>_1_<br>_-_<br>_1_<br>_1_|
|---|---|---|



The number of higher paid employees who accrued benefits under a defined benefit pension scheme were as follows: 

**2** _2_ 

The Governors received no remuneration or other benefits for the year. 3 governors ( _2022: 2_ ) were reimbursed travelling expenses of £1,734 ( _2022: £1,752)._ £6,907 ( _2022: £1,255)_ was spent on Governor meetings. Insurance costs also include trustee indemnity insurance. 

The key management personnel of the college are the Governors and the Officers as identified in the Legal and Administrative Information on page 1. In the year ended 31 August 2023 they received aggregate remuneration (including employers’ national insurance and pension contributions) of £791,084 ( _2022: £769,516_ ). 

During the year ex-gratia payments totalling £15,112 _(2022: £19,039)_ were made. 

## **10. TANGIBLE ASSETS** 

## **Charitable company and group** 

|**COST**<br>At 1 September 2022<br>Additions<br>Disposals<br>At 31 August 2023<br>**DEPRECIATION**<br>At 1 Sept 2022<br>Charge for the year<br>Disposals<br>At 31 August 2023<br>**NET BOOK VALUE**<br>**At 31 August 2023**<br>_At 31 August 2022_|**Freehold**<br>**property**<br>**£**<br>18,953,440<br>400,162<br>-<br>19,353,602<br>5,847,522<br>371,819<br>-<br>6,219,341<br>**£13,134,261**<br>_£13,105,918_|**Furniture**<br>**&**<br>**equipment**<br>**£**<br>2,466,177<br>-<br>-<br>2,466,177<br>2,393,260<br>17,722<br>-<br>2,410,982<br>**£**<br>**55,195**<br>_£_<br>_72,917_|**Motor**<br>**vehicles**<br>**£**<br>46,717<br>-<br>-<br>46,717<br>46,717<br>-<br>-<br>46,717<br>**£**<br>**-**<br>_£_<br>_-_|**Boats**<br>**£**<br>378,250<br>-<br>-<br>378,250<br>378,250<br>-<br>-<br>378,250<br>**£**<br>**-**<br>_£_<br>_-_|**Total**<br>**£**<br>**21,844,584**<br>**400,162**<br>**-**|
|---|---|---|---|---|---|
||||||**22,244,746**|
||||||**8,665,749**<br>**389,541**<br>**-**|
||||||**9,055,290**|
||||||**£13,189,456**|
||||||_£13,178,835_|



Included within freehold property is the historic cost of land not depreciated of £16,937 ( _2022: £16,937)._ 

Page 24 



## **PANGBOURNE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** 

## **10. TANGIBLE ASSETS (continued)** 

The Governors consider the market value of freehold property to be substantially more than the net book value should the assets be sold for any use other than for educational purposes.  This is due to the increase in values of the property market generally. 

## **11. DEBTORS** 

|**College**<br>**2023**<br>_2022_<br>**£**<br>_£_<br>Trade debtors<br>**209,933**<br>_209,919_<br>Pangbourne College<br>Enterprises Limited<br>**245,417**<br>_251,344_<br>Other debtors<br>**5,039**<br>_77,816_<br>Prepayments and accrued<br>income<br>**-**<br>_764_<br>**460,389**<br>_539,843_<br>**REDITORS**: Amounts falling due within one year<br>**College**<br>**2023**<br>_2022_<br>**£**<br>_£_<br>Bank loan (see note 14)<br>**198,960**<br>_212,909_<br>Trade creditors<br>**622,558**<br>_600,591_<br>Taxation and social security<br>**188,576**<br>_157,677_<br>Other creditors<br>**200,086**<br>_93,705_<br>Acceptance deposits<br>**787,119**<br>_784,740_<br>Fees in advance<br>**812,812**<br>_828,468_<br>Accruals<br>**348,181**<br>_172,819_<br>**3,158,292**<br>_2,850,909_<br>Deferred income- Advanced<br>fees (see note 15)<br>**176,199**<br>_195,936_<br>**3,334,491**<br>_3,046,845_|**Group**<br>**2023**<br>_2022_<br>**£**<br>_£_<br>**213,633**<br>_209,919_<br>**-**<br>_-_<br>**5,039**<br>_78,391_<br>**-**<br>_764_<br>**218,672**<br>_289,074_<br>**Group**<br>**2023**<br>_2022_<br>**£**<br>_£_<br>**198,960**<br>_212,909_<br>**656,450**<br>_630,414_<br>**190,325**<br>_157,677_<br>**200,086**<br>_93,705_<br>**787,119**<br>_784,740_<br>**812,812**<br>_828,468_<br>**358,386**<br>_180,710_<br>**3,204,138**<br>_2,888,623_<br>**176,199**<br>_195,936_<br>**3,380,337**<br>_3,084,559_|**Group**<br>**2023**<br>_2022_<br>**£**<br>_£_<br>**213,633**<br>_209,919_<br>**-**<br>_-_<br>**5,039**<br>_78,391_<br>**-**<br>_764_<br>**218,672**<br>_289,074_<br>**Group**<br>**2023**<br>_2022_<br>**£**<br>_£_<br>**198,960**<br>_212,909_<br>**656,450**<br>_630,414_<br>**190,325**<br>_157,677_<br>**200,086**<br>_93,705_<br>**787,119**<br>_784,740_<br>**812,812**<br>_828,468_<br>**358,386**<br>_180,710_<br>**3,204,138**<br>_2,888,623_<br>**176,199**<br>_195,936_<br>**3,380,337**<br>_3,084,559_|
|---|---|---|
|||_2,888,623_<br>_195,936_|
|||_3,084,559_|



## **12. CREDITORS** : Amounts falling due within one year 

The bank borrowing is secured by a fixed legal charge over the property of the charity and a floating charge over the other assets. 

## **13. CREDITORS** : Amounts falling due after more than one year 

|Bank loan (see note 14)<br>Deferred income- Advanced<br>fees (see note 15)|**College**<br>**2023**<br>_2022_<br>**£**<br>_£_<br>**1,403,877**<br>_1,600,023_<br>**174,046**<br>_349,334_<br>**1,577,923**<br>_1,949,357_|**Group**<br>**2023**<br>_2022_<br>**£**<br>_£_<br>**1,403,877**<br>_1,600,023_<br>**174,046**<br>_349,334_<br>**1,577,923**<br>_1,949,357_|**Group**<br>**2023**<br>_2022_<br>**£**<br>_£_<br>**1,403,877**<br>_1,600,023_<br>**174,046**<br>_349,334_<br>**1,577,923**<br>_1,949,357_|
|---|---|---|---|
||||_1,949,357_|



Page 25 



## **PANGBOURNE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** 

## **14. BANK LOAN** 

The bank loan is repayable as follows: 

|Within one year<br>Between one and two years<br>Between two and five years<br>Over five years|**2023**<br>**£**<br>**198,960**<br>**210,621**<br>**716,220**<br>**477,036**<br>**1,602,837**|_2022_<br>_£_<br>_212,909_<br>_218,822_<br>_693,627_<br>_687,574_|
|---|---|---|
|||_1,812,932_|



The loan was first drawn down in September 2006 and is repayable in monthly instalments over 20 years starting in February 2010. 

The interest rate applied to the loan is equivalent to 1% per annum above the bank base rate. 

## **15. ADVANCE FEES** 

Amounts may be paid to the college up to the equivalent of 7 years’ tuition fees in advance.  The money may be returned subject to specific conditions stated within the scheme literature. Assuming pupils will remain at the college advance fees will be applied:- 

|Within 1 year<br>Within 1-2 years<br>Within 2-5 years|**2023**<br>**£**<br>**176,199**<br>**55,120**<br>**118,926**<br>**350,245**|_2022_<br>_£_<br>_195,936_<br>_146,502_<br>_202,832_<br>_545,270_|
|---|---|---|



The balance represents the accrued liability under the contracts.  The movements during the year are detailed as follows:- 

|At 1 September 2022<br>**Increase**<br>Advance fees received net of fees returned<br>Discounts allocated<br>**Decrease**<br>Advance fees utilised<br>At 31 August 2023|**2023**<br>**£**<br>**545,270**<br>**9,730**<br>**6,083**<br>**15,813**<br>**(210,838)**<br>**350,245**|_2022_<br>_£_<br>_301,809_<br>_483,115_<br>_4,841_<br>_487,956_<br>_(244,495)_|
|---|---|---|
|||_545,270_|



Page 26 



## **PANGBOURNE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** 

## **16. CAPITAL COMMITMENTS** 

There were no capital commitment at the year end 2023: £Nil ( _2022: £Nil)._ 

Other commitments include a minibus that was ordered before the year end with a total commitment of £94,876 ( _2022: £Nil)._ 

## **17. SHARE CAPITAL** 

|**Authorised, Issued and fully paid up**<br>50,000 shares of 5p each|**2023**<br>**£**<br>**2,500**|_2022_<br>_£_<br>_2,500_|
|---|---|---|



## **18. PENSIONS** 

## **Teaching staff** 

The College left the TPS Scheme on 31 December 2021 and all teaching staff joined a group personal pension plan with the Royal London Mutual Insurance Society Limited on this date. The default rate for new members is 8% for employees and 17.1% for employers. Employee rates can be as low as 5% and as high as 100%. Employer rates can be reduced to a minimum of 8%, with the difference taken as additional salary. 

The pension charge for the year includes employer contributions payable to Royal London Mutual Insurance Society Limited of £830,289 ( _2022: £528,174_ ) and at the year-end £78,178 ( _2022: £384)_ was accrued in respect of contributions to this scheme. There are no deficit contributions for this Scheme. 

Up until the 31 December 2021 the College participated in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £Nil ( _2022: £262,607_ ) and at the year-end £Nil ( _2022 - £nil_ ) was accrued in respect of contributions to this scheme. 

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis 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 employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2023. 

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the ‘greater value’ benefits for groups of relevant members. 

The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%. 

Page 27 



## **PANGBOURNE COLLEGE LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** 

## **18. PENSIONS (continued)** 

## **Non-teaching staff** 

Until 30[th] September 2013, all non-teaching staff could participate in a multi-employer defined benefits pension scheme, the Pensions Trust Growth Plan Pension Scheme (“the Scheme”).  The Scheme closed to new contributions on 30[th] September 2013, and from that date onwards, non-teaching staff were offered membership of a defined contribution scheme, the Pension Trust Growth Plan Series 4 (“the Enhanced Scheme”).” 

Contributions paid into the Plan up to and including September 2001 were converted to defined amounts of pension payable from normal retirement dates. From October 2001 contributions were invested in personal funds which have a capital guarantee and which are converted to pension on retirement, either within the Plan or by the purchase of an annuity. 

The Trustee commissions an actuarial valuation of the Plan every three years. The purpose of the actuarial valuation is to determine the funding position of the Plan by comparing the assets with the past service liabilities as at the valuation date. Asset values are calculated by reference to market levels. Accrued past service liabilities are valued by discounting expected future benefits payments using a discount rate calculated by reference to the expected future investment returns. 

The rules of the Plan give the Trustee the power to require employers to pay additional contributions in order to ensure that the statutory funding objective under the Pensions Act 2004 is met. The statutory funding objective is that a pension scheme should have sufficient assets to meet its past service liabilities, known as Technical Provisions. If the actuarial valuation reveals a deficit, the Trustee will agree a recovery plan to eliminate the deficit over a specified period of time either by way of additional contributions from employers, investment returns or a combination of these. 

A full actuarial valuation of the scheme was carried out at 30 September 2020.  The market value of the Plan’s assets at the valuation date was £800.3 million and the Plan’s Technical Provisions (i.e. past service liabilities) were £831.9 million.  The valuation therefore revealed a shortfall of assets compared with the value of liabilities of £31.6 million.  To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional deficit contributions of £3.3m per annum from 1 April 2022 to 30 September 2025, payable monthly.  The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Scheme Liabilities.  In accordance with FRS102 a liability representing the present value of future commitments relating to the deficit funding is recognised in the accounts. During the year the College paid deficit contributions of £6,779 _(2022: £21,508)_ , which reduced the pension scheme deficit liability recognised in the accounts.  The present value at 31 August 2023 of future commitments relating to the deficit contributions has been calculated as £9,389 _(2022: £15,689)_ .  The unwinding of the discount factor, and the impact of changes to assumptions and amendments to contributions has resulted in a £1,193 credit to the SOFA and has been included in pension costs for the year. 

Pangbourne College Limited has been advised by the Plan Trustee that, in the event that it was to withdraw its membership of the Plan, it had an estimated contingent liability of £106,502 at 30 September 2022. This debt will not crystallise while Pangbourne College Limited continues to have one or more active members in the scheme. 

The amount of the above potential debt depends on many factors including total Plan liabilities, Plan investment performance, the liabilities in respect of current and former employees of Pangbourne College Limited, financial conditions at the time of the cessation event and the insurance buy-out market. The amounts of the debt can therefore be volatile over time. 

Page 28 



## **PANGBOURNE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** 

## **18. PENSIONS (Continued)** 

The College operates a defined contribution auto enrolment scheme (“the AE Scheme”) with Pensions Trust.  The employer contribution rate is 10% _(2022: 10%)_ and the employee contribution rate is 3%.  Employers’ contributions totalling £54,148 _(2022: £53,753)_ were payable to this fund during the year.  Contributions totalling £ 8,897 _(2022: £573)_ were unpaid at the year end and are included in creditors. 

In addition, the College offers all non-teaching staff the opportunity to join an Enhanced Scheme with the Pensions Trust, which has an employer contribution rate of 15% _(2022: 15%)_ and an employee contribution rate of 5%.  Contributions payable by the company in the year were £288,779 _(2022: £241,108)_ .  Contributions totalling £23,955 _(2022: £30)_ were unpaid at the year end and are included in creditors. 

## **19. COMMITMENTS UNDER OPERATING LEASES** 

At 31 August 2023 the College had future minimum lease payments under non-cancellable operating leases as follows:- 

|**Equipment and machinery**<br>Amounts due in less than a year<br>Amounts due in the second to fifth year|**2023**<br>**£**<br>**91,727**<br>**195,553**<br>**287,280**|_2022_<br>_£_<br>_112,358_<br>_236,873_|
|---|---|---|
|||_349,231_|



## **20. RELATED PARTY TRANSACTIONS** 

During the year the school instructed Thrings Solicitors, of which Rev A Bond, a Governor, is a consultant, for legal work.  Total fees charged in the year were £4,197 _(2022: £14,342)_ . At the balance sheet date the amount of £nil (2022: £3,930) was outstanding. 

During last year the school also instructed Brockhurst and Marlston House, of which Ms Rossiter, a Governor, is a teacher, to provide lifeguard training. Total fees charged in the year were £nil _(2022: £720)_ . At the balance sheet date the amount of £nil (2022: £nil) was outstanding. 

Close members of the Key Management Personnel's family (noted on page 1) are paid a total salary of £183,581 (2022: £178,117).  The wife of one of the Governor’s also has her salary included within this total. All close relatives who are, or have been, employed by the School have a standard contract of employment and their salaries are determined as part of a full staff salary review which is approved by the Governors. 

Page 29 



## **PANGBOURNE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** 

## **21. FINANCIAL INSTRUMENTS** 

Financial instruments held at amortised cost are trade debtors, other debtors, intercompany debtors, cash at bank, trade creditors, bank loans, acceptance deposits, other creditors and accruals. 

|**GROUP**<br>Financial assets measured at amortised cost<br>Financial liabilities measured at amortised cost<br>**COLLEGE**<br>Financial assets measured at amortised cost<br>Financial liabilities measured at amortised cost|**2023**<br>**£**<br>**5,378,629**<br>**3,604,878**<br>**5,485,308**<br>**3,560,781**|_2022_<br>_£_<br>_4,952,490_<br>_3,502,501_|
|---|---|---|
|||_5,080,702_<br>_3,464,787_|



The income, expense, gains and losses in respect of financial instruments are summarised below: 

|**GROUP AND COLLEGE**<br>Total interest expense for financial liabilities held at amortised cost|**2023**<br>**£**<br>**80,173**|_2022_<br>_£_<br>_28,500_|
|---|---|---|



## **22** . **RESTRICTED FUNDS- COLLEGE & GROUP** 

The funds of the charity include restricted funds comprising the following unexpended balances of donations held for specific purposes: 

|**2023**<br>Boat House fund<br>Other restricted funds<br>Centenary Appeal|_Balance at_<br>_1_<br>_September_<br>_2022_<br>_£_<br>_149,112_<br>_22,515_<br>_37,227_<br>_208,854_|Incoming<br>resources<br>£<br>30<br>-<br>5,260<br>5,290|Resources<br>expended<br>£<br>-<br>-<br>(4,450)<br>(4,450)|**Balance at**<br>**31 August**<br>**2023**<br>**£**<br>**149,142**<br>**22,515**<br>**38,037**|
|---|---|---|---|---|
|||||**209,694**|



Restricted funds relate to income given in support of the Boat House refurbishment and its facilities, and for the Centenary Appeal. The Centenary Appeal donations will be used to support organisations, community work and educational projects that benefit young people in the Reading areas. Centenary charity funds will also support the Nabugabo partnership project in Uganda. 

|_2022_<br>_Boat House fund_<br>_Other restricted funds_<br>_Centenary Appeal_|_Balance at_<br>_1_<br>_September_<br>_2021_<br>_£_<br>_135,282_<br>_3,899_<br>_42,227_<br>_181,408_|_Incoming_<br>_resources_<br>_£_<br>_13,830_<br>_121,458_<br>_-_<br>_135,288_|_Resources_<br>_expended_<br>_£_<br>_-_<br>_(102,842)_<br>_(5,000)_<br>_(107,842)_|_Balance at_<br>_31 August_<br>_2022_<br>_£_<br>_149,112_<br>_22,515_<br>_37,227_|
|---|---|---|---|---|
|||||_208,854_|



Page 30 



## **PANGBOURNE COLLEGE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** 

## **23 ANALYSIS OF NET ASSETS BETWEEN FUNDS** 

|**GROUP – 2023**<br>Tangible fixed assets<br>Net current assets<br>Long Term liabilities (including<br>pension scheme deficit)<br>_GROUP – 2022_<br>_Tangible fixed assets_<br>_Net current assets_<br>_Long Term liabilities (including_<br>_pension scheme deficit)_|**Unrestricted**<br>**funds**<br>**£**<br>**13,189,456**<br>**2,007,915**<br>**(1,587,312)**<br>**13,610,059**<br>_Unrestricted_<br>_funds_<br>_£_<br>_13,178,835_<br>_1,848,375_<br>_(1,965,046)_<br>_13,062,164_|**Restricted**<br>**funds**<br>**£**<br>**-**<br>**209,694**<br>**-**<br>**209,694**<br>_Restricted_<br>_funds_<br>_£_<br>_-_<br>_208,854_<br>_-_<br>_208,854_|**Total**<br>**£**<br>**13,189,456**<br>**2,217,609**<br>**(1,587,312)**<br>**13,819,753**<br>_Total_<br>_£_<br>_13,178,835_<br>_2,057,229_<br>_(1,965,046)_|
|---|---|---|---|
||||<br>_13,271,018_|



## **ANALYSIS OF NET ASSETS BETWEEN FUNDS** 

|**COLLEGE - 2023**<br>**Tangible fixed assets**<br>**Net current assets**<br>**Long Term liabilities (including**<br>**pension scheme deficit)**<br>_COLLEGE - 2022_<br>_Tangible fixed assets_<br>_Net current assets_<br>_Long Term liabilities (including_<br>_pension scheme deficit)_|**Unrestricted**<br>**funds**<br>**£**<br>**13,189,456**<br>**1,941,123**<br>**(1,587,312)**<br>**13,543,267**<br>_Unrestricted_<br>_funds_<br>_£_<br>_13,178,835_<br>_1,839,508_<br>_(1,965,046)_<br>_13,053,297_|**Restricted**<br>**funds**<br>**£**<br>**-**<br>**209,694**<br>**-**<br>**209,694**<br>_Restricted_<br>_funds_<br>_£_<br>_-_<br>_208,854_<br>_-_<br>_208,854_|**Total**<br>**£**<br>**13,189,456**<br>**2,150,817**<br>**(1,587,312)**<br>**13,752,961**<br>_Total_<br>_£_<br>_13,178,835_<br>_2,048,362_<br>_(1,965,046)_|
|---|---|---|---|
||||_13,262,151_|



Page 31 



## **PANGBOURNE COLLEGE LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** 

## **24 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS** 

|Increase in cash in the year<br>Fees on account<br>Loan repayments<br>Change in net funds<br>Net debt at 1 August<br>**NET FUNDS AT 31 AUGUST**<br>**ALYSIS OF CHANGE IN NET FUNDS**<br>Cash at bank and in hand<br>Fees on account<br>Loans|**2023**<br>**£**<br>**495,777**<br>**195,025**<br>**210,095**<br>**900,897**<br>**2,305,978**<br>**£      3,206,875**<br>_Net funds as_<br>_at 1_<br>_September_<br>_2022_<br>**Cash**<br>**Change**<br>_£_<br>£<br>_4,664,180_<br>495,777<br>_(545,270)_<br>195,025<br>_(1,812,932)_<br>210,095<br>_£ 2,305,978_<br>£<br>900,897|**2023**<br>**£**<br>**495,777**<br>**195,025**<br>**210,095**<br>**900,897**<br>**2,305,978**<br>**£      3,206,875**<br>_Net funds as_<br>_at 1_<br>_September_<br>_2022_<br>**Cash**<br>**Change**<br>_£_<br>£<br>_4,664,180_<br>495,777<br>_(545,270)_<br>195,025<br>_(1,812,932)_<br>210,095<br>_£ 2,305,978_<br>£<br>900,897||_2022_<br>_£_<br>_909,030_<br>_(243,461)_<br>_222,397_<br>_887,966_<br>_1,418,012_<br>_2,305,978_<br>**Net funds as**<br>**at 31 August**<br>**2023**<br>**£**<br>**5,159,957**<br>**(350,245)**<br>**(1,602,837)**<br>**£ 3,206,875**|
|---|---|---|---|---|
||||||
||||_£_||
||||||
|||£<br>900,897|||



## **ANALYSIS OF CHANGE IN NET FUNDS** 

Page 32 



## **PANGBOURNE COLLEGE LIMITED** 

## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** 

## **25 2022 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES** 

|_INCOME AND ENDOWMENTS FROM:_<br>_Income from Charitable Activities_<br>_School fees receivable_<br>_Ancillary trading income_<br>_Other Trading Activities_<br>_Trading income_<br>_Rents and lettings_<br>_Donations and grants_<br>_Other_<br>_Coronavirus Job Retention Scheme_<br>_government grant_<br>_Total income_<br>_EXPENDITURE ON:_<br>_Expenditure on Charitable Activities_<br>_Teaching costs_<br>_Welfare costs_<br>_Premises costs_<br>_Support costs_<br>_Expenditure on Raising Funds_<br>_Trading expenditure_<br>_Finance costs_<br>_Total expenditure_<br>_Net income_<br>_Balances brought forward_<br>_At 31 August 2021_<br>_Balances carried forward_<br>_At 31 August 2022_|_Unrestricted_<br>_Funds_<br>_11,350,594_<br>_529,246_<br>_255,364_<br>_140,224_<br>_7,119_<br>_-_<br>_12,282,547_<br>_5,672,361_<br>_1,799,403_<br>_1,735,365_<br>_1,917,637_<br>_11,124,766_<br>_219,318_<br>_217,090_<br>_11,561,174_<br>_721,373_<br>_12,338,291_<br>_13,059,664_|_Restricted_<br>_Funds_<br>_-_<br>_-_<br>_-_<br>_-_<br>_135,288_<br>_-_<br>_135,288_<br>_-_<br>_-_<br>_101,500_<br>_6,342_<br>_107,842_<br>_-_<br>_-_<br>_107,842_<br>_27,446_<br>_181,408_<br>_208,854_|_Total_<br>_2022_<br>_£_<br>_11,350,594_<br>_529,246_<br>_255,364_<br>_140,224_<br>_142,407_<br>_-_|
|---|---|---|---|
||||_12,417,835_|
||||_5,672,361_<br>_1,799,403_<br>_1,836,865_<br>_1,923,979_|
||||_11,232,608_<br>_219,318_<br>_217,090_|
||||_11,669,016_|
||||_748,819_<br>_12,519,699_|
||||_13,268,518_|



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