Cokathorp• Educatlonal Tru8t Llmlted Registornd Company Number: 00767293 R•gl•ternd Charlty Number: 309650 Flnanclal Statsmonts for tho year •ndod 31 August 2024 Wenn Townsend Chartered Accountants Cokethorpe Educational Trust Limited Company Informatlon Govornors J P Bennett (Chairman) C J Easmon The Rt Rev C Fletcher WEHart WWLau J Norris ANott P A Tolley K Walton M Wannell S•cretary H J Stapleton Offlcer• (Koy manag•mont perjonnel) D J Ettinger J c stevens A E Uglow H J Stapleton N A Black G J Sh88r N Wynne s orton Headmaster Deputy Headmaster Dlrector of Studles Bursar Head of Prep School Director of Co-curricular Director of Development Director of Professional Development Rogl8ter•d Offlco Cokethorpe School Witney Oxon OX29 7PU Company Registration Number Charfty Reglstratlon Numbor 00767293 309650 Audftor Wenn Townsend 30 St Giles Oxford OX13LE Bank•r8 National Westrnlnster Bank plc 21-23 High Street Witney Oxon OX28 6HW Sollcltor• Voale Wasbrough Vizards Orchard Court Orchard Lane Bristol BS15WS Cokethorpo Educatlonal Trust Llmltod CONTENTS Pages Govemor8' annual report Independent auditorf5 report 15-16 Statement of financlal actlvltles 17 Balance Sheet 18 Cash flow 8tatement 19 Notes to the flnanclal 8tatements 20-33 Cokethorpa Educatlonal Trust Llmlted Report of the Governor8 for the year ended 31 August 2024 Chalmian'8 report l am pleased to present Cokethorpe School's Annual Accounts for the last ￿￿e1ve months following another year of tangible achievement across many fronts as described more fully in this report. We have continued to focus on many important aspects of our Strategy Plan including well-being both for pupils and staff. sustainability, inclusion and diversity. However, our contlnulng Imperatlves as a school - to keep pupils safe and happy and ensure that they receive the b65t Possible educatlon - remaln constant: I hope that this rewt will enable those interested in Cokethorpa to understand something of the energy and self-reflective determination which characterised the 8chool in consistently Striving to improve how those imperatives are delivered. Additionally, significant commitment continues, and I hope is captured within this report. to look at how vrfe can strengthen what it means as a school to be a charity. As I slated last year. everything we do as a charity is for the beneflt of those we educate. l and my fellow governors strongly support the headmaster's determination to pursue greater Impact stlll of Cokethorpe School as a charlty. Cokelhorpe Educallonal Trust Llmlted Report of the Governors (including the Strategic Report) (continued) for the year anded 31 August 2024 The Governors, who are also Direclors and Trustees of the charlty. but herein referred to as Governors. present their annual report with the audited financial statements of the charity for the year ended 31 August 2024. The Govemors have adopted the provisions of the Statement of Recommended Practice (SORPI "Accounting and Reporting by Charities. (FRS 1021 in preparing th8 annual r8POrt and financial statements of the charity- Governors The following Governors held office during the year Committee Res onsibil. J P Bennett {Chaiman) The Rt Rev C Fletcher (Vice Chairman) C J Easmon WEHart WWLau P A Tolley J Norris K Walton M Wannell ANott Flnance and EstateslNominations EducationlNominations Education Finance and Estates Education Finance and Estates Finance and EstateslNominations Education Finance and EstateslNominations Education In addltlon to the above, K Walton and The Rt Rev C Fletcher are th8 Govemor8 responsible for Health and Safety and Safeguardlng respectively. Structure. governance and management Governlng document Cokethorpe Educational Trust is a charitable company. governed by its Memorandum and Artlcles of Association. The company is limited by guarantee and does not have share capital. Th8 liability of the Govemors. In the event of dissolving the company, 18 limited to £1 each. Appointmont of Govornors Gov8mors are 818Cted on to th8 Gov8rning Body in accordance with the Articles of Association. When considering the recruilment of Governors, the Governing Body, through the Nominations Committee, takes into consideration any specialist skills or knowledge required, in order that it has a wide variety of expertise. The current Goveming Body has a wide range of skills in education, compliance, health and V￿lIbe￿n9, property development, business, and financial management. Governor Inductlon and tralnlng Newsy appointed Governors are briefed on Iheir legal obligations under Charity and Company Law, the content of the Memorandum and Articles of Association, the d8cision-making processes, the Development Plan and the recent financial perfomiance and forecasts of the company. Govemors are provided with a 'Guidelines for Govemors, manual, vKitten and updated by AGBIS (Association of Goveming Bodies of Independent Schools) and are encouraged to attend appropriate external training events, with training and travel costs paid by the company. Governors attend training given by AGBIS and receive regular updates on current issues facing the independent school sector. Oryanlsatlon The Governing Body administers the Charity and acts as directors of the company. The Governing Body m08ts once every school terTn. There are three sub-committees that each meet once every school term covering finan< and estales including marketing, education, and nomirk3tions. The Full Governing Body also meets when required for strategy discussions. The Headmaster is appointed by the Governing Body to oversee the day to day management of Ihe SGhool. The Headmaster has reporling to him a Senior Management Team consisting of the Deputy Headmastor, Director of Studies, Bursar, Dlrector of Co-curricular, Head of Sixth Form, Head of Prep School and Director of Development. Additionally, the Reglstrar and Head of Marketing report directly to the Headmaster. Cokethorpe Educational Trust Limited Report of the Governors lincluding the Strategic Report) (continued) for the year ended 31 August 2024 Structur0• govornance and management (continued) Organlsatlon (contlnued) The remuneration of key management personnel is set by the Goveming Body, wlth the pollcy objectNe of providing appropriate incentives to encourage enhanced performance and of r8warding them fairly and r85ponsibly for their individual contributions to the School's success. The appropriateness and relevance of the remuneration policy is Trviewed annually. Thlrd party Indemnlty provisions The Trust has in place directors, and officers, liability insurance for the purpose of indemnrfying the Trustees against liability In respect of proceedings brought by third parties, subject to the conditions set out In Section 234 of the Companies Act 2006. This insurance was in force during the year and is in force as at the date of approving this r8POrt. Fundralsing standard8 infomiation The charity does not carry out significant public fundraising activities, restriding its focus to small appeals to alumni and parents. No prof8ssional fundraisers are used by th8 charity. ObJectlv88 and actlvltlos The object of the company is to advance the education of the public including, but not limited to, through the provision of education to boys andlor girls by the establishment, maintenance andlor support of Schools anywhere In the wodd, includlng but not 1Smlted to In England and Wales, The aspiratSon is that puplls leave Cokethorpe as well rounded and well-educated adults are honest, decent and prepared for the challenges ahead. The School has to continue to develop and respond to dynamics of the social and economic climate, locally and nationally. However, it has a primary intention to preserve its essential character and ethos. More detai15 are given in the section on 'Plan5 for the Future" The School has hlstorlcally offe￿d a wlde range of quality sporting and other actlvltles as well as developing academic and practical skills to enable its pupils to achieve their best. The Christian ethos remains an important characteristic of the School - embracing a joint Church of England and Roman Catholic foundation. Achlevements and performanG8 The School saw improved GCSE results with 750h of grades at 9 - 6 over the past two years and 65% of A Level were A".8. On entry to the GCSE and A Level programme, pupils sit a computer adaptive test from which grade projections are derived to form "value add" Tneasures. Analysis of actual performance against these baseline expectation5 is conducted externally, and comparisons made with other schools. Analysis of this measure indicates that Cokethorpe School consistently adds value across a whole cohort of pupils, Cokethorpe School retains its broad appeal reflected in pupils joining us from a large number of different state and independent schools. This breadth of appeal continues to support Cokethorpe's position as the number one choice for o>ed, independent day schooling in Oxfordshire. We give our pupils the opportunity, skills. and guidance to make good choices and aim for every pupil to leave Cokethorpe with strong self-esteem, high personal expectation, and with tolerance and respect for others based on our Christian values. Our ethos is to deliver a liberal education with academic rigour at the heart of all we do, and a strong emphasis on Sport and the Arts. We aim to promote the individual and challenge every pupil to achi8V8 their best acad8mically, supporting them towards their chosen future educational pathway from Oxbridge to apprenticeships and everything in-beiween- with a truly individual focus. Cokethorpe Educatlonal Trust Llmltèd Report of the Govemors lincluding the Strategic Report) (contlnuod) for the year ended 31 August 2024 Achlevements and perforniance (continued) The SGhixJl has been awarded its accreditation as a 'Microsoft ShowGa5e School, for the third year in a row. This continues our recognition as one of the leading schools in Digital L8arning across the country and wodd and establishes us as a school with its focus on the future and how it affects our pupils. We have evaluated oul lechnology use effectively over the last year and have integrated its approach with Leaming and Teaching. We still valu8 many of the traditional elements of independent schooling, but now marry that with 21rt Century skills. This last year had a focus on upskilling staff on Al and it potential impact, as well as hosting a Showcase Day with a focus on the excellent work we do on Teams and OneNote. This was attended by over 50 delegates from a variety of schools. In the coming year we will continue to look at Al and are also embarking on a collaboration with The University of Wa￿iCk to 8valuat8 the impact of our digit81 changes on our school. For our puplls, have launched th8 Computer Science GCSE this year for our Fourth Form. As part of our international recognition, w8 have 8Stablished connections with the Busan National University of Education from South Korea and will be planning a visit in January 2025 for th8m to examine our teaching and specifically out digital transformation. We continue to make exce118nt digital progress as a sch(K)l. due to both the support from our leadership, and the hard work and efforts of our staff and pupil. They continue to embrace the challenges and changes with aplomb and are keen and enthusiastic to engage In all aspects of digital educauon. To continue the challenges for our Scholars, on 20 November 2023 twenty-two Scholars from Flrst Form to Lower Slxth took part in the Scholars, Exhibition Evening. This 8nab18d them to exhlblt the Sndependent research they had conducted lo an audience of pupils, parents, and teachers. Topics ranged from ttow to build a bridge using singular atoms, an inv8sligation into the effectiveness of prison5, and the ethics of investing in th8 African fashion industry. These and other investigations from the STEM and Arts worlds, were further explored in the Scholars, Journ81, which opened with a foreword from Dr Jane Cooper of All Souls College, Oxford, and vms presented at the Scholars, Dinner on 30 April 2024. In September 2023, Cokethorpe's Music Department was dellghted to welcome its first cohort of pupils as part of the Instrumental Scheme. The sch8me involves all pupils in Years 4 and 5 and First Fom selecting and learning an instrum8nt for a term and a half: this will transfomi music making at Cok81horp8. In addltion to receiving one-to-on8 lessons paid for by the School, pupils also receive instrum8ntal hire during this period as well as a we8kly singing session and a fortnightly ensemble. In short. music making is firmly embedded within the curriculum and, a year18ter, we have seen many very excitlng performances and huge amounts of progress: hard work. commitment and perseverance are al the heart of the scheme's purpose. The Music Department is very grateful to Senior Management forsupporting this scheme and we are greatly looking forward lowilnesslng how the scheme progres8es. The House Slnging competition. taking place In the first half of the Michaelmas Temi, promised once again to be exciting and ferociou51y competitive, as each House took to the Stag8.' th8 spirit in the hall was electric and perfomiances were all well prepared. During the second halfof term, the Department prepared for the St Cecilia Concert.. as with last year's Spring Concert, this concert took place in the Dining Hall (where we could take advantage of the fantastic acoustic) and showcased the School's ensembles both from the Prep and Senior. The Senior Orchestra performed Haydn's first movement of Symphony 104 and the Prep Chamber Choir captivated with ils perfomiance including sign language. The temi culminated, musically, with a festively fun Chrlstmas Concert In our beautiful chapel as well as the two carol services taking place in St Mary's Church. witney: the Senior and Prep Chamber Choirs were on terrific show, singing a range of anthems and carols. to enthusiastic congregalions. The Lent Term focussed primarily on the Musician of the Year competitions. There were over 50 entries and the two rounds- Lower Grade and Higher Grade- contained some spell-binding and captivating performanc8s, which greatly impressed the visiting adjudicators. Rehearsals slarted to prepare for the Summer Term's p8rformance of Matilda., we also hosted the Spring Concert, again in the Dining Room with focus on ensemble music making. The Muslc and Drama Departments worked together to host Matilda with a cast of over 50 who were incredlbly committed and worked extraordinarily hard to deliver spectscular performances, their singing, acting and dancing was a joy to witness. In the second half of term. the Department went on an away day to explore its vision and goals for 2024-25. including discusslng revaM￿Ed Prep and Lower School curricula and many exciting new opportunities at Cokethorpe. Cokethorpa Educational Trust Llmlted Report of the Governors (including the Strateglc Report> (contlnued) for the year ended 31 August 2024 Achlevements and perfomiance (continued) Over the course of the year, we have hostéd a weekly recital - Corinthian Concerts and Cake - in which over 150 pupils and staff have taken part., the recital provides an informal and friendly performance opportunty for pupils (and staff) of all instruments, genres and stsndards. It was a joy to hear pupils who started their instrument as part of the Instrumental Scheme and. only a handful of months later. through hard work. focus and perseveranc8. were ready to perform in public. What Ihe MusiG Department achieves is very much a t8am effort and I would like to tak8 this opportunity to thank everyone who contributes to music making at Cokethorpe. The Senior School Michaelmas production of A Christmas Carol was yet another triumphant show featurlng talented pupils from all year groups. The audience were treated to carols and mulled wine in the Mansion House before joining a procession 'in character, to The Sh8d wher8 a spellbinding. festive performance unfolded. The stage management team was run by the pupils and Sixth Form musicians formed th8 Plt band, making this very much a whole Senior School production. Many pupils enjoyed188rning n8w skills throughout the year from visiting theatre practitioners with workshops specifically tailor8d for their age groups and ability. induding finn favourites Frantic Assembly, Paper Birds, Gecko, and Vamos. Pupils then went on to demonstrate their skills in front of a live audience, In February th8 Cok8thorp8 Academy of Dramatlc Arts {CADA) was launched. A naw vanture for students choosing to study A Level Drama at Cokethorpe. Members of CAOA recelve exclusive opportunitie8 such as membership to IAMPRO (online drama school), perform at the Edlnburgh Frlnge Festival and discounts on theatre tickets, to nam8 a few. In March the Inter-House Drama competition took place with all houses providing excellent performances, duologues and monologues judged by industry expert Rebecca Harrlson (VAMOS) We saw another incredlble Set of results for our LAMDA pupils who took their examinations Sn performance In March (various grades and levels). 34 were awarded Dlstinction and one Merit. In June the entire First Fomi performed 8bridg8d storie8 by Roald Oahl. The audience were tran5POrted into his curious world with comical interpretations of Faniastic Mr Fox, The Witch8s and Th8 Twits. All pupils in Second Form devised their own public performances utilising the skills they had learned from their drama Y￿rkshopS in physical theatre, puppetry and mask. Some of their work demonstraled a very high level of skill and social awareness. Toplcs covered were loneliness, our reliance on mobile phones and the importance of belng present. The Senior School's production of The 39 Steps took place in June. Another outstsnding production wlth smaller cast playing many roles In Ihls famously fast paced parody. taking the audience on Richard Hannay's journey into the murky depths of secrecy and spies. This year has been remarkable for drama at Cokethorpe Prep School, filled with creativity, enthusiasm, and unforgettable performances. Our Pre-Pr8p pupils delighled everyone with their charming rendition of Yhe Enomous Turnip" during the Harvest celebratlons. Their enthusiasm and teamwork brought thls classic tale to lrfe. making it a memorable event for all who attended. Pupils from Years 3, 4, and 5 took on the delightful challenge of performing Roald Dahl's Little Red Riding Hood and the Wolf. Their spirited interpretation of this wltty and whlmsical tale captivated the audience. showcasing their growing confidence and dramatlc skills. The clever dialogue and engaging performances made it a standout event of the year. During the festive season, our Pre-Prep pupils once again shone brightly with their wonderful performance of the Twinkly Nalivily. Their portrayal of the nativity story was heartwamiing and filled wiltt the magic of Christmas, leaving the audience in a￿￿. Cokgthorp8 Educatlonal Trust Llmtted Report of the Govemors (Includlng Ihe Strategic Report) (continued) for the year ended 31 August 2024 Achlevements and performance (continued) In the Lent lemi, our Prep School drama teacher modified Shak8speare's A Midsummer Night's Dream to ensure that every Year 6 child had a speaking part. This innovatlve adaptation allowed each student to showcase their talents, resulting in a captivating and indusive perforrnance. The grand finale of the year was the spectacular performance of Th8 Lion King during Prize Giving. The entir8 school came together to bring this beloved story to the stage. Each pupil's dedication and talent shone through as they delivered pow8rful perfomiances, bringing the characters to life with passion and energy. The energy and passion of the pupils were palpable, making it a truly unforgettable experience for everyone involved. We are lucky to have wonderful Head of Wardrobe, who costumed every show with incredible outfits, amazing attention to detail and creativity that added an extra layer of magic to each perfomiance, making the characters come alive in the most vibrant and authentic way. Over the course of th8 academic year, members of the Sixth Form w8re proud of successes in all ar&as of School life. Activities and achievements included Students tsking part in two international Model United Nations Gonfgrences. In Oxford and beyond High-level participation in The Senior Maths Challenge High-level participatlon In The Brltlsh Science Olymplads {Physlcs, Chemistry and Biology) Every student in the cohort providing weekly pastoral and academic mentoring to pupi15 in the lower years Active involvement and participation in the Peer Mentoring Programrne Regular visits to local primary Schools to coach sport and support reading Students from both year-groups taking part in a multi-stage General Knowledge knockout competition students from both year-group5 laking part in a mulli-stage Debating knockout comp8tition Students d8llv8rlng academic presenlatlons to their pears, parents and visitors A significant proportion of the Upper Sixth achieving Gold Award for Duke of Edinburgh Several students successfully applying for the John Locke Summer School at Oxford University Success in ellte level sports. Indudlng horse-rldlng. golf and salling Participation in the performance arts, induding concerts and drama productions A significant proportion of the Upper Sixth completing an extended project. All Lower SSxth Puplls taking part In the Lower Sixth Electlve Programme Students in both year groups researching, hostlng, Introducing and interviewing visiting speakers as part of the Sixth Fomi Enlightenment Lecture Series. The half-dozen Sixth Form Enlightenment Lectures for 2023-2024 spanned the ancient and contemporary this year, opening with Oxford University's Professor Gemmill analysing the medieval graffiti in the Chapel, through to an insight into life behind the soundbite with the Member of Partiament Layla Moran. Tackling the major themes ofour times head on. in talks like'should we cancel 'Cancel Culture?, it is pleasing to witness students engaging wlth the ideas of their era, demonstrating their maturity and wider thinking in the process. The School considers it an important part of Its role to support and guide students in making suitable and appropriate choic8s for further study. This year ov8r 500A of our Upper Sixth secured places at Top Tier Institutions, contlnuing with our ambitious applications bLrt also ensuring that they look to those institutions that specialis8 in a particular area. Subj8Cts include Mechanical Engineering. Neuroscience. Veterinary Medicine, Languages, Economics, Comput8r Sci8nce, Geography and Theatre.. Writing, Directing and Performance. Our careers and university SUPPOrt programmes continuos to offer 8XCePtional opportunities and eXperien￿S to senior pupils and Students. We organised trips to universities providing opportunities to experience a day in the lrfe of a student. including mock lectures, talks and a glimpse into life at university. Each year group from Second Forni through to Upper Sixth received a careers lesson with an extemal car88rs advisor thal is following a programme that progresse5, along side this use Unifrog, as well as 1-2-1 interviews with Third Form. Fifth Form and Lower Sixth, with 1-2-1 support for those applying to university, degree apprenticeships and jobs. Cokelhorpe Educational Trust Llmlted Report of the Govamors (Includlng the Strateglc Report) (continued) for the year ended 31 August 2024 Achlev8monts and pèrformance (continued) Other careers events included an exciting visit to Create your Future Exhibition at Excel in London for those who are thinking aboul the Creative Arts for their future as well as our own Higher Education Fair and Careers Fairs for pupils from Third Form to Lower Sixth atlracting universities. local employers and companies offering degree level apprenticeships. Sport is at the very heart of education at Cokethorp8 and off8r differ8nt18arning experiences from team to individual participation. Friendship5 are forged and problems solved through challenge and the leadership opportunities as part of both success and failure. The school's leadership traits form the basis of our expectats'ons for pupils both in the classroom and our sports fields, and it was exciting to see so many of our young athletes thrive this past ￿e1ve months. It is difficult to highlight all of our fantasllc achievements. but some have really stood out. Cow8s Week - For the first time. Cokethorpe entered a sailing team to compete in Cowes Week. This Involved a week of multiple races against a wide range ofjunlor and adult sailing teams on the Sol8nt. An incredible performance from the team gave them 7th place in the Grand Slam, 7th in the N8wcom8rs Trophy and a hard-earned 2nd place overall in the Mini Slam. Highlights included narrowly beating Radley on the final day to claim first in the race. Thls amazing achievement was thanks to thelr dedicatlon to additional training sessions and commitment to build up r8ces to prepare them to sail and navigate on the te8llng condltlons on the sea. Our U13 girls who qualified for the Southem Regional Hockey Flnals at Readlng Hockey Club at the start of March. The girls were in action against Pipers Com8r, Cheam School, Thorngrove and Headington. De5Plte their hard work, and obvious athletic prow8SS, they were unable to convert pressure into goals and had some agonising defeats. The girls learnt a huge amount from the experience and will no doubt be a better team for it. Our senior boys football teams were double champions in tha U16 and U18 Society of Heads tournament that took plac8 acr05S th8 year. The 1* Xl won a pulsating final against Concord College 6-1 whilst the U16s wer8 3-1 vlctors over Oswestry School. A very special occasion for the school to have two teams in the finals but to win both as well is testament to the hard work and dedlcatlon demonstrated across the football programm8. Last year saw Cokethorpe athl8tics start to develop into a really engaging and competitive programme across the whole year. We had the Inaugural Corinthian Chall8ng8 in Ihe first week of September where every pupil In the school took part in the cross country. There were some phenomenal records set across all three courses, which are going to be very difficult to beat in the years to come. In June was the Oxfordshire County Track and Field Championships that took place at Horspath stadium, Oxford with our pupils rewarded with podium finishes and a desire to continue to improve personal best5 and return next season and compete for top spot. Over the Summer holiday, our senior hockey and rugby teams consisting of 41 students and 6 staff. embarked on a bNo week tour of South Africa. Based on the Western Cape, both the 1 Jl Xl hockey and 1¥1 XV rugby had four competitive fixtures againsl a range of schools in Cape Town. Stellenbosch and th8 Paarl area. As w811 as the fixlur8S, the tourists got to experience some of the finest cultural activities that South Africa has to offer including zip wiring acro55 the cape canopy 100 meters above sea level. We also explored the southemmost tip of Africa, known as the Cape of good hope....... ITisited the African penguin5 on Boulders Beach and enjoyed a fantastic safari at the Aquila Private Game Reserve. More important than all of Ihis were the friendships developed, the memories madè, and the lessons leamed. The trip of a lifetime that will be remembered forever. Cokethorpe Educational Trust Limited Report of the Govemors lincluding the Strategic Report) (continued) for thè year ended 31 August 2024 Achievements and perfonnance (continued) Froffl the successes of the previous y8ar's Marathon Kayaking T8am, opportunities were offered to a range of year groups rather than just tho 6th form. After selection took place in the Michaelmas Term. six pupils continued training towards the Waterstde races. A new female crew record for Waterside A was set for Cokethorpe, with only seconds, difference between the other female Cokethorpe crew. They completed the 13-mlle race in 2 hours, 52 minutes, and an important 5 seconds. Due to the volatile conditions on the Thames. the decision was made not to enter the crews in this year's DW race. The team, malnly consisting of 5th Fomiers. now sets its sights on DW 2025. It has also been a successful year for climbing at Cokethorpe. The n8W tower, completed in the Lent t8rm. has mad8 climbing mor8 acc8ssib18 to both Cok8thorp8 pupils and th8 local community. To celebrate its opening, a challenge was set to cumulatively climb the height of Everest, 8,828m, over a week. This required over 1.000 ascenls of the 8-metre tower, with more than 100 people contributing from Corinthian partnership schools. local groups, and our pupils. Our pupils celebrated great success in the Independent Schools Climbing Competition, placing first in th8 top roping individual category. The long-awaited return of an outdoor education international expedition occurred for pupils in thg fourth and fifth fomis. This Involved a two-week expedition to Norway. Includlng wild camping, trekking up waterfalls, and a multl-day cano8 expedltlon down the River Otra. Puplls took on 8 range of leader8hlp roles and were Involved in many parts of the planning process. In th8 Pr8p School, pupils took part in th8 we8kly'Pr8p Adventurers" club, involving a range of outdoor 8Ctivities and skills development. Pupils worked towards their National Outdoor Learning Award badges to demonstrate their awareness of the environment. others, and themselves within an outdoor setting. It has been 8 very positive year for the Duke of Edinburgh Award at Cokethorpe. Over 70 pupils signed up for the Bronz Award this year. nearly the entlre year group. Engagement wlth the various sections has been very positive with a wider selectlon ofopportunities being offered within school. Examples include tackling food waste during Prep School lunches, h81ping with sports clubs and even supporting sci8ntific research projects online. The newly introduced Silver Award has been developed to offer a more bespoke adventure for our pupil8. Making use of the boathouse, pupils developed the skills to be able to undertake a 3 day expedition in canoes on the River Wye. Gold continues lo prove popular as groups retumed to Dartmoor to undertake their 4 day walking expedition with all pupils involved passing this section of the award. Cokelhorpe Educatlonal Trust Llmlted Report of the Govemor8 {includlng the Strategic Report) (continued) for the year ended 31 August 2024 Publlc bonefiuuso of facllltle8 The Goveming Body Is mindful of the need to satisfy the Charity Commission with regard to Public Benefit and will (xjntinue to ensure wide social access both Ihrough fee a5SlStance and through the way in which the School engages viith the wider community. The Headmaster and the Head of Prep School participate in monthly meetings with other Heads in Th8 Corinthian Partnership where best practice is shared and opportunities to develop academic standard5 and co-curricular acts'vities are identrfied. Teachers from partnership schools value the opportunity come together to develop their pedagogy and take be8t practice into their 8chcA)Is. Sixth Form students have demonstrated their excellent leadership skills in the Corinthian Partnership Outreach Programme by running weekly sporting activities. Three members of the Senior Management Team as wdl as some of our teachers continue their roles as Governors of local primary schools, and one of them is also a Trustee of the Rafiki Thabo Foundation. Every year Cokethorpe looks to hold many events for schoois and nurseries across the local arga enabling hundreds of local children to vislt the School and share resources Making Cokathorpe facilitiès av8ilable to local schools, youth groups and oth8r organlsatlons 18 one of the many Ways in whlch we can directly benefit th8 wid8r community. particularly the education and development of young people as outlined in our charitsble objectives. Below aro soma of the groups with wham we hav8 both long standing and newly formed relationships.. Adventure Plus Aston and Cote Primary School Drama Production Aston Youth Football Club Bampton Cricket Club Clanfield Football Club Darryl Woods Cricket Coaching Deborah Manning Dance Show Ducklington Football Club Ducklington Primary School Drama Productlon Finsbury Archers Freeland Football Club Helen and Douglas House Lower Windrush Choral Society Marylebone Cricket Club Cricket Coaching North Lelgh Football Club Oxfordshir8 and District Brass Band Association Oxfordshire Girt Guides Oxfordshire Historic Churches Trust Ride and Stride Oxford Downs Cricket Club Rugbytots sculptu￿ In a Day Classes South and West Oxfordshire Rugby Tots St Bartho10￿W'S Church. Ducklington Stagecoach Standlake Cubs, Scouts. and Explorers Stanton Harcourt Cricket Club Thames200Ullra Witney Ches5 Congress Wilney Hockey Club Witney Vikings Football Club Wychwood Ladies Hockey Club Witney Swifts Cricket Club Cokethorp8 Educational Trust Llmltad Raport of the Governors (Includlng the Strateglc Report) {¢ontlnued) for the year ended 31 August 2024 Public benefiuuse of facilities (continued) Our Development Taam plays a crucial role in ensuring the future sustainability of both the SchcKJl and its beautiful parkland. By launching innovative initiatives, organizing events, and running various fundraising activities. they broaden the use of the School's facilities, benefiting the wider community. The team also v￿rkS to secure support for the Cokethorpe Bursary Scheme, which provides essential financial aid to families experiencing hardship. This schome is pivolal to the School's public benefit mission. enabling it to offer transformational bursaries that make a significant difference to those in need. The School also fosters strong connections with its alumni community. Dunng the 2023-2024 academic year, over 150 Old Cokethofpeans returned to the School for events and personal visits, demonstrating the strength of these lasting relationships. Thanks to the generoslty of an anonymous donor we opened the second phase of The Greaves Outdoor Centre, a new dimbing wall in the grounds that is used by our climbing teams and our outdoor education groups alongsid8 us8 by local groups and charities. Means to8t8d bursarl•8 and scholarshlps It is th8 School's policy to offer bursaries up to the limit of affordability. The School ha8 actively publicised its burs8ries provision on its website and through online advertising and Open Day flyers sent to local nurseries, primary and state schools. Bursaries are avallable to parents of pupils who meet the requlred siandards but a￿ unable to pay the fvll fees wilhout an award. Al bursaries are means-tested and have a value of up to 1000/0 of the fees. Each case is assessed on its own merits and awards are made accordingly, subject to the School's ablllty to fund these within its overall budgets. There have been occasion5 when the School has either contributed or paid for in full for various trips so that individuals (who might otherwise decline to take part) can attend. The School awarded means-tested bursarfes of £1,162,380 {2023 - £1,219,217110 10212023- 117) pupils. Six (2023- e￿ht) pupils received full fee awards for a term or more during the year and 4912023- 33) pupils received a reduction of 50010 or more of the fees for Ihe year. The School has supported familie8 wilh sibling discounts awarding 34 (2023 - 351 slbling dlscounts totalling £88,876 (2023- £86.314) during the y8ar. The School awards means tested bursaries to stsff with pupils in school. included in the above bursary figures. durSng the year 37 (2023- 32) pupils received staff bursaries worth £446,193 (2023 - £398,111). Scholarships totalling £75,670 {2023 - £139,179) were awarded ta 144 (2023 - 144) pupils during the year. Academic Scholarships are offered in First Form. Third Form and Sixth Form alongside specialist Awards in ArL Drama, Music, Design Technology and Sport. Leadership awards are offered in the Sixth Form alongsid8 responsibility for managing a Raising and Giving fund to support student led charity events in School. All bursaries and scholarships are subject to satisfactory academic progress and behaviour, and in the case of scholarships, to a continued contribulion to the discipline for which they were made. 10- Cokelhorp• Educatlonal Trust Llmlted Report of the Govornor8 (Includlng the Strateglc Report) (contlnued) for tho year ended 31 August 2024 Moans testsd bursaries and scholarships (continued) It is the policy of the Governing Body to extend the provision of bursaries, scholarships and other concessions of between 10% and 12¥0 of gross fees. This gives the School opportunity to maintain academic stsndards while ensuring that the school Is not flnanclally select5ve. 2024 % OF CONCESSIONS Sibling Discounts .holill'bliips & Other leill)S Tesied BLifsK11ry Flnanclal rovlow The school year started with 619 pupils on roll and with leav8rs and joiners throughout the year the average pupil numbers in the year was 618. Total income of £14,220,580 (2023 - £13,204,964) reflects a 8% increase on the prior year,. liquid resources of £4,762,708 (2023 - £3,266.149) and total reserv85 of £9,144,25612023- £8,586.637) after making capltal addltlons of £511,297 (2023 - £546,700) and repaying £185,642 12023 £179,224) of loans in the year. During the year the School received £1,176,833 of fees paid in advance for future years. At the year-end total fees In advance were £1,325,595 wlth £694,746 relating to the next academic year. Advance fees are held by the school as part of the general reseNes. Net income produced a surplus of £557,619 {2023- £522,079) representing an incr8as8 on the prior year of £35,540. Gross Fees at £13,675,41912023- £12,960,322) represent 8 5.5% increase on prior year fees. We continue to see healthy number5 of pupils joining the school and attract pupils from a wide geography due to our co- educational day school offer with exceptional breadth. Our parents and pupils are our biggest advocates and we value their feedback on and support for all the hard work and dedication shown by our teachers and support Staff in achievlng excellent results across a118reas of the School. Total concesslons, Includlng the cost of the compostte advance f88 scheme, amounted to £1,342,440 (2023 - £1,461,870) and r8pr8S8nts 9.8Vo (2023 - 11.30/0) of gross f88S, SUPPOrtlng 240 (2023 - 254) pupils or 39% (2023- 41%) of the School roll. Teaching Costs, which includes the cost of teaching staff and academic support as well as educational materials increased to £7,074.270 (2023 - £6,875,770) and represents 51.7% (2023 _ 53.1 OAI of gross fee income. Total staff costs at £8,999,657 (2023- £8,600,306) increased by 4.6% and represents 63.3% of gross fee income (2023 66.4%). Welfar8 costs of £946.169 (2023 - £1,000.709) r8fl8Cts a decr8a58 of 5.5Yo and Premi885 costs at £1,890,291 (2023- £1,627,708) hav8 increased by 16.1% due to the cost of repairs to th8 dining room roof of £222,456. Financing costs at £63,563 {2023 - £69,108) represents the interest on loans. During the year th8 gov8mors reviewed the assets under construction and decided that they have been impaired due to the time that has pas38d since the work was done and the expectation that development of a new Science building will require new refreshed designs laking into account the requ1￿mentS around carbon reduction and construction material5. Borrowing at the year-end was £1,681,740 (2023 - £1.867,382) and is fixed at 3.55Yo for a ten-ye8r tem. Cokethorpa Educatlonal Trust Llmitad Report of the Governors {Includlng the Strateglc Report) {continued) for th• yaar endad 31 August 2024 Financial revlew (contlnued) 2024 GROSS FEE ANALYSIS 2023 GROSS FEE ANALYSIS TeachiiiK Teachlng Sl.8% 54.1% Support Costs Support Costs 13.9% 13.2% Wellare 6.9% Weli8re 7,2% Concessions Premlses 13.8% FinaTh¢e Cost5 2.4% Conces51oii¥ 11.5% * l undi.ll )Inl.' v Finance Costs Costs 0,7% Premlses 12.7% 9.8% Costs 1.4% 0.5% Nat Income for the year reflects anoth8r successful hollday camp run over th8 summar break and offering exciting outdoor activit18s from our new boathouse as well 88 a more traditional actlvltles programme withln the school grounds to children from our local community. We plan to d8V8lop and build our holiday programme in coming years to expand the activities off8red and provide opportunities for children to explore and experience outdoor activities. The School has continued to Invest In flxed assets to improve its educational offering spendlng £511,297 (2023- £546,700) during the year Including a new Climbing Wall and IT investments in Surface devices and infrastructure upgrades. Taxatlon The School Is an educational charity and has tax exemptions on its educational activities and 18 not able to reclaim VAT inpul tax on its costs as it is exempt for VAT purposes. The school is entitled to an 800k r8duction in busin8SS rates on properties occupied for charitable purposes. The financial benefits derlved from these tax exemptions are all applied for educational purposes inGluding the provision of bursaries. Reserves pollcy The School's Reserves Pollcy is to maintain sufficient unrestricted income reserves to enable It to meet Its short- term financial obligations in the event of an unexpected revenue shorffall and to rely on its realisable fixed assets a5 cover for the Schools longer-term financial obligations. The Governors monitor the operating surplus (before depreciation), cash flow and levels of borrowing as well as the risks facing the charity, to ensure the School's long-term financial security and are satisfied with this position given the bank facilities that are in place and the strength of future cash flows. The Governors do not anticipate any difficulty in meeting the obligations of the charity and consider the School's working capital sufficient to meet its liabilities as they fall due. The Govemors, consider that free reserves in the order of £4m or approximately one term's expenditure would be desirable to cover the risks and uncertainties of operating as an independent school and adopt a long term policy to continue building up reserves out of operaling surpluses, subject to the requirements for further inv8slm8nt in the school's facilitie5 and resources to maintain the standard of educational s8Nices currently provided. At the year end the School had total reserves of £9.144.256 of this a total £310,101 15 represented by restricted reserves and a further £6,660,613 is designated representing the net book value of property assets less associated loans, leaving £1,336,390 in free reserves being unrestricted funds held not represented by other fixed assets. 12- Cokethorpa Educatlonal Trust Llmited Report of the Governors {in¢ludlng the Strateglc Report) (continued) for tho year ended 31 August 2024 Rlsk management The prlncipal rlsks and unc8rtainties facing the School, along with a summary of the plans and strategles for managing them, are as follows.. Security of pupils and staff - Regularly reviewed and risk ass8ss8d. Staff wear lanyard5. Visltors sign in. CCTV Installed and monitored Safeguarding Regular update of policy, procedures and training, with regular updates from Independent School Associations and the Local Authority. Supported and checked by lawyers Health and safety - Robust policy, procgdurg and risk assessment across the school with the addition of advice from a Risk Management Consultant who visits the school every month Dependency on income resources Closely monitored by Headmaster, Bursar and Registrar. Markèting strat8gies to encourage recruitment and prepared Income cash flow forecasts for the future Employrnent issues- In houso Head of HR and employment law advlsors Adverse publicity- Complaints procedure and strong local community links Disaster- Regularly reviewed and lested Emergency Plan. Comprehensive insurance in place including cyber Insurance cover The Governlng Body examines the major risks that the School faces each year annually. Mltigatlng actlons and procedures designed to minimise any potential Impact on the school should those rlsks materlalise are identified. Plans for tho futuro Th8 current Slrat8gy document available on the webslte sets out the underlying aims and obje¢tiV8s for the future and is reviewed annually. The School Development Plan idents'fies relevant school history. describes the ethos of the School to deliver a liberal education lo all pupils and sets out the capital investments to support the realisation of the strategy. The abbreviatad strategic objective8 (set out in full in th8 current Development Plan) are.. Preserve the current values and ethos of the School. School roll to be more than 650, but not above 700. Further develop and invest in Science by building new laboratories designed to deliver an exceptional leaming environment. Relocate the Prep School to the Vanburgh Building to provide bespoke accommodation and outdoor leaming opportunities. Further raise academic standards to attract children wlth Oxbrfdge potential. Targeted use of bursaries. Expand and strengthen th8 Digital Leaming and 'Hybrid' Leaming provisions in the Senior SchC￿l. Sustain a strong Slxth Form offering to attract and retain students. Maintain a high quality of Staff development. leadership and governance. Continue to develop a wlde range of extra-curricular activities, including outdoor educatK)n, sport and the rforming arts. Continue to successfully execute the Marketing and Admissions Plans to extend our market reach and popularity, and evolve as one of Oxfordshire's leading school5. Build up a School Endowment to provide funds to support future developments. Continue to improve the infrastructure while proceeding with caution wilh regard to further borrowing. Continue to provide a caring and supportive pastoral system where everybody ha5 8 sense of beloruing. Continu8 to str8ngthen the sense of a Cokelhorpe community with links with local businesses and population. Strengthening tl8S Wlth our alumni and fomier parents, furtherlng the sense of the Cokethorpe network for Further the establishm8nt of th8 International Affairs Office. advancing the preparedness of our pupils to be successful as global citizens. 13- Cokethorpo Edu¢atlonal Trust Llmlted Report of the Governors (Includlng the Strategic Report) (continued) for the year ended 31 August 2024 statement of Governors, responslbllltles The Goveming Body (who are also dlrectors of Cokethorp8 Educational Trust Limlted for the purposes of company law) is r8sponsib18 for preparing the Annual Report (including the Strategic R8POrt) and the financial statements in accordance with applicab18 law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires the Governing Body to prepare financial statements for each financial year which gNe true and fair view of the state of affairs of the charitable company and of the incorning resources and application of resources, including the income and expenditure, of the charltable company for that period. In preparing these financl81 statements. the Governing Body is required to: select suitab16 accounting policies and then apply them conslstently observe the methods and principles In the Charities SORP 2019 (FRS 102) make judgements and estim8tes that are reasonable and pwdent state whather applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements pr8pare the financial statements on the going concern basis unless it is Inappropriate to presume that the charitable company wlll continue in operation The Goveming Body is responsible for keeping adequate accounting records that disclose with reasonable accuracy at any lime the financial position ofthe charltable company and enable them to ensure that the financial statements comply with the Companles Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Govemors are aware.. there is no relevant audit information of which the charitable company's auditor is unaware: and the Governors have taken all st8PS that they oughl to have taken to make thems8lv8s aware of any relevant audit information and to establish that th8 auditor is aware of that information. The Governors are responsible for the maintenance and integrity of the corporale and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in otherjurisdictions. Audltors Wenn Townsend have agreed to offer themselves for re-appolntmant 8S auditors of the TrusL A resolution to reappoint lh8 auditors will be proposed at the Annual General Meeting. In approving the Annual Repor( the G¢yiemors also approve the Slrategic Report induded therein, In their capacity as company directors. Slgned on bohalf of the Board J P Bennett Chalmian of Govemorn 26 November 2024 14- Cokethorpe Educational Trust Limited Independent Auditor's Report to the members of Cokethorpe Educational Trust Limited Oplnlon We have audited the financial stat8menls of cok8th0￿e Educational Trust Limited (the 'charitable companV) for the year ended 31 August 2024 which comprise the Statement of Financial Aclivilies, the Balance Sheet, the Cash Flow ststemenl, and noles lo Ihe financial slalements. induding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Slandards, induding Financial Reporting Standard 102 The Finanaal Repo￿ng Standard 8ppIic8ble in Eh8 UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion th6 financial statements.. give a true and fair view of the stale of the charitable company's affairs as al 31 August 2024, and of its incoming resources and applicatlon of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice" and havé béén prepared in accordancè with th8 requiremènts of thè Companiés Act 2006. 8asl8 for oplnlon We conducted our audit in accordance with Intematsonal Standards on Auditsng {UKI {ISA8 IUK}) and applicable18W. Our responsibilities under those standards are further described in the Audilorfs responsibililies for the audit of th8 flnancial statements section of our report. We are independent of the charitable company in accordance wllh the ethlcal requirements that are relevant lo our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other gthical r95ponsibililie3 in accordance with Ih859 requirements. We bglieve that the audit evidence we have obtained 1$ sufficient and appropriate to provide 8 basis for our opinion. Con¢lu•lon• r•lallng to golng ¢on¢•rn In auditing the financial statement5, we have concluded that the Governors, use of the going conGern basis of accounting in the preparation of the financlal statements is appropriate. B88ed on Ihe work we have performad, we have not identified any material uncertainlie8 relating lo events orconditions that. individually or collectively, may cast significant doubl on the charitable company s ability to continue as a going concern for 8 period of at least twelve monlhg from when the fin8nci81 stsiemenls are aulhorised for issue. Our responsibilities and the responsibilili&s ofthe Govemors with respectlo going concem are described in the relevant Sections of this rgport. Othor Infomiatlon The Govemor8 are re8ponslb18 for the olh8r infO￿a￿On. The other Snfonnatlon comprlses the Info￿ation Included in the Govemors, Annual Report, other than the financial statements and our auditorfs report thereon. Our opinion on the flnanclal 8latemenls do8s not cover the other infomalion and, except lo the extent otherwise explicitly stated in our report, we do not expre88 any lomi of assurance conclu8lon thereon. In connection with our audit of the fin8nci818talem6nts, our r8spon8ibility 18 to read the other information and, in doing so. consider whether the other infomiation Is malerlally inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent malarial misstatement8, we ar& required lo de16miine whether there 18 a material mis8talem6nl in the financial Siatgments or a material miss18lement of the other infomialion. If, based on the work we have perfomied. we ￿nClUd& that thero is a material misstatement of thi8 other information, we aro required to report that facl. We have nolhlng to roport In th18 regard. Oplnlon8 on other matters pr08crfbed by tho Compan1•8 Act 2006 In our oplnlon, based on the work undertaken in the course of Ihe audlt: the information gw8n in the Govemors, Annual Report (incorporating the Strategic Report and the Directors, Report) for the financial year for which the financial statements are prepared is Gon5i5tgnt with the financial stslements: and the Stralegic Report and th8 Directors, Report have been prepared in accordance with applicabl8 legal requirements. Matters on which we are required to report by oxception In the light of our knowledge and understandlng of the charltable company and Ils environment obtained in the course of the audll, we have not Identlfied material misststemenls In the strategic report and the directors, reporL We have nothing to report in resp8Ct of the following matt8r5 in relation to which the Compani8s Act 2006 requires us to ￿port to you if, in our opinion: adequate a¢¢ounling records have not been kep( or retums adequale for our audil have nol been received from branches not visited by us: or the financial stat8ments are not in agreernent with the accounting records and retum5; or 15- Cokathorpe Educatlonal Trust Llmlt8d Independent Audltor's Report to the members of Cokethorpe Educatlonal Trust Llmtted (continued) certaln dlsdosures of directors, remuneration speciffied by law are not made; or we have not received all the information and explanations we require for our audit. Rosponslbllltl•s of trugtO•8 As explained more fully in the Governors, Responsibilities Statement set out on pages 12 8nd 13. the Governors (who are also the a1￿ctorS of the charflable company for the purptsses of Company lawl a￿ ￿sponSIble for the preparatlon of the financial slat8ments and for being satisfied that they give a true and fair view, and for such internal control as Ihe tru$lee$ determlne 18 nece88ary to enable the preparatlon of ffinanclal statements that are free from malerlal misslatemenl, whether due lo fraud or error. In preparing the financial statemonls, the Govèmors are responsible for ass8ssing the ch8rit8ble company's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting un18ss the truste88 8lth8r Intend to liquidate th9 ch8rltabl8 company or to cease operatlons, or hav6 no realistiG alleinalive but to do 80. AudIt0￿8 rè#ponslbllltlès for thè audlt of financlal 8tatèm•nt8 Our objective5 are lo obtain reasonable assurance about whether the financial $18lements as 8 whole are f￿e from malerfal mlsstatemenl. whether due to fraud or error, 8nd to Issue an euditor's report that Includgs our oplnlon. Re8gonable assurance is a high level of assurance. bul is not a guaranleg that an audlt conductsd in accordance wllh ISAB (UK) wlll always detect a material mis618lemonl when it 8x1318. MlsStalem8nts can artse from fraud or error and are considered material if, individually or in the aggregate. they could r8880nably be exp8Cteé to influence thg ac0￿MIC dedslons of users taken on the basis of these finanGial statemgnts, A lurtherdescription of our r88ponsibilili8s for the audit of the financial statements Ss located on the Financial Reporting Council's websit8 at.. www.frc.org.uklauditor8r8spon8ibilitl88. Thi8 desoiplion fom18 part of our audilorfs r8porL Irregular1I88, Induding fraud, ar8 In8tance8 of non-compllance wllh law8 and regulations. We deslgn procedure8 in line with our responsibilllies, outlined above, lo delecl malerial mlsstatemenls in respect of irregularllies, including fraud. The speclfic procedures for this engagement and the exlenl lo which these are capable of datacting irregularllles, includlng fraud Is d8lalled below.. Enquiry of management, those charged with governance and the entity's solicitors around actual and potential Iltlgallon and clalms., Enquiry of entity Staff in accounting and HR functions to identify any instances of non-compliance with law8 and regulations., Reviewing minut88 of meetings of those charged wilh governanca,. Reviewing financial statement di8elosur8s and le81ing to supporting documentation to assess compliance wllh 8pplicabl618ws and ffjgulations., Performing audit work over the risk of management override of controls, Including tesllng of Journal entries and other adjustments for appropriat8ne88, 8valualing the business rationale of Signiflcant Ir8nsaction8 outslde the normal course of business and revlewlng accounting estlmates for blas. Parfomilng det811ed audlt work over the rlsk of tlmlng Issues wllhln the recognltlon of both foo 8nd non-fe• Incom8 and the override of controls In thls area by management. In partlcular with regards to fee concessions awarded. This included full roconcili8tions of fee income rocognised compared to studgnl numbers and fea rate8, as well a8 detalled subst8ntlV8 testing of concesslons awarded on fees, and non-fee Income arlslng In the perlod, 8ecaus8 of th8 inh8r8nt limitations of an 8udil, Ih8re is 8 risk that we vill not dèl8ct all irr8gu18ri1i88, including th088 leadlng lo a material mlsslalemenl In the financial slaiements or non-compliance wlth regulation. This rlsk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial st8temenls, as we will be less likely to become awar8 of inslance5 of non-compliance. The risk is also grea18r regarding ir￿gu18r1fjes occurrlng due to fraud rather Ihan error, as fraud Involves Intentional concealment, forgery, collusion, omission or misrepresentation. Uso of our roport This report is made solely to the charitable company'5 mernb8r5, a5 a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work ha5 been undertaken so that w8 might slate lo the charitable company's members those matters we are required to state to them in 8n auditorfs report and for no other purpose. To the fullest extent pemiitt8d by law, we do not accept OT assume responsibility to anyone other than the charitable company and the charltsble company's members as a body, for our audll work, for thls report, or for the oplnlons we have formed. Bonjamin Hayes BSC FCA (Senior Statutory Auditor) For and on behalf of Wenn Town•end, Chartered Accounlanlg, Ststutory Audltor Oxford 26 November 2024 16- Cokethorpe Educatlonal Trust Llmlted statomont of Financial Activities (including income and expenditure account) for tho year ended 31 August 2024 Unrestricted Funds Restricted Funds 2024 Total 2023 Total Note Incomo and ondowments from: Income from charitable activities Fees Other income Inlerost receivabla 13,675.419 231,663 104,878 13,675.419 440,283 104,878 12,960.322 214,251 30,391 208,620 Total Income 14.011.960 208,620 14,220.580 13.204.964 Expanditure on: Ralslng fund8: Flnanclng costs Fundralsing cost8 63,563 188,037 63.563 190,111 69,108 85,779 2,074 Totsl co•t• of ralslng funds 251,600 2,074 253,674 154,887 Charltable expendltur• Teaching Support and governance Welfare Premlses Bursaries and scholarships awarded 7,071.270 1,894.814 946.169 1,890,291 1.320.345 3,000 7,074,270 1.894,814 946,169 1,890,291 1,342,440 6,875,770 1,642,672 919,978 1,627,708 1,461,870 22.095 Total costs of charltable expendlture 13,122,889 25,095 13,147,984 12,527,998 Total èxpenditur• 13.374,489 27,169 13,401,658 12,682,885 Impalrment1088 (261,303) (261,303) N•t Incom• 376.168 184.451 557,619 522.079 Transfers betsveen funds 15 71,856 (71,856) Net movement In funds 448.024 109,595 557,619 522,079 Roconcillatlon of fund8 Fund balances brought forward at 1 September 2023 8,386,131 200,506 8,586,637 8,064,558 Net Movement in funds 448.024 109,595 557,619 522,079 Fund balances carried forward at 31 August 2024 15116 8,834,155 310,101 9,144,256 8,586,637 Al income and expenditure derive from continuing actNities. The Statement of Financial Activities indudes 811 gains and losses recognised during the year. 17- Company number: 00767293 Cokelhorpe Educatlonal Trust Limited Balance Sheet 31 August 2024 2024 2023 Noto Fixed assets Tangible a888ts Investments 9.207,477 9,445,291 9,207,478 9.445.291 Current a8Sat8 Stock Debtors C88h at bank and in hand 7,613 447,838 4,762.708 1,318 449,461 3,266,149 10 5,218,159 3,716,928 Credltor•: Amounts falling due within on8 year 11 <2,933,639) 12,390,843) Not curr•nt a8set8 2,284.520 1,326,085 Total assot•1088 current Ilabllltle• 11,491,998 10,771,376 Credltorn: Amounts falling due after one y8ar 12 (2,347,742) (2,184,739) Net a880ts 9,144,256 8,586,637 Funds Restricted Unrestrlcted 15116 15116 15116 310,101 2.173,542 6.660,613 200,506 1.657.048 6.729.083 general designated Total funds 9,144,256 8,586,637 The financial statements were approved and authorised by the Board on 26 November 2024. Slgned on behalf of the Board J P Bennett Governor M R Wannell Governor Tho notss on pages 20 to 33 fomi part of these financial statornents. 18- Cokethorpe Educatlonal Trust Llmlted Statement of Cash Flows for the year ended 31 August 2024 2024 2023 Reconclllatlon of not income to not cash flow from oporatlng actlvitios: Net income for year Depreciation Interest receivable Interest payable Loss on disposal of fixed assets Stocks movement Debtors movement Creditors movement Fees in advance movement 557,619 486,809 (104,8781 58,564 261.303 (6.295) 1.623 124,138 767,303 522,079 423,525 130.391) 65,909 881 {102,3351 221,051 (139,425) Not cash provlded by oparatlng actlvltias 2,146,186 961,294 Net cash flow from Inv08tlng actlvltles: Payments to acqulre tangible fixed a55ets Receipts from sales of tanglble fixed assets Interest received (511,2971 998 104,878 (546,700) 30,391 (405,421) (516,309) Net cash flow from flnanclng actlvltlos: Repayment of loans Interest pald (185.642) (58,564) (179,224) (65,909) (244,2061 (245.133) Increase In cash 1,496,559 199,852 Net Incr•a8• In ca•h and Gash equlvalents 1.496.559 199,852 Cash and cash equlvalonts at 31 August 2023 3.266.149 3.066,297 Cash and cash oqulvalonts at 31 August 2024 4,762,708 3,266,149 Cash and cash equivalents consist entirely of cash 8t bank and In hand. 19- Cokethorpe Educatlonal Trust Limited Nots8 to the Accounts for the year ended 31 August 2024 Summary of slgnlflcant accountlng pollclos General Informallon and bas18 of preparatlon Cokethorpe Educational Trust Limited is a charitable company limited by guarantee In England and Wales. In the event of the charity being dissolved, the liability in respect of the guarantee is limited to £1 per governor of the charity. The address of the r8gister8d office is given in the charity informalion at the beginning of these financial statements. The nature of the charity's operations and principal activities are included in the Report of the Governors. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with: Accounting and Reporting by Charilies: Statement of Recommended Practice applicable to charlties preparlng thelr accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issu8d in October 2019,. The Financi81 Reporting Standard applicable In the United Kingdom and Republic of Ireland (FRS 102): The Charities Act 2011., The Companies Acl 2006; and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concern basis under the historic81 cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which Is the functlonal currency of the charlty and rounded lo the nearest pound sterling.. The significant accounting policies applied in the preparatlon of these flnanclal statements are set out b8low. These policies have been consi5tenUy applied to all years presented unless otherwise stated. Funds Unrestricted funds are available for use at the discretion of the Govemors in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that h8ve been set aside by the Governors for particular purposes. Tha aim and use of 68ch d6signated lund Is set out In tha notes to the flnanci81 stataments. Restricted funds are funds whlch ara to be used In accordance wlth specific restrictlons Imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such fund5 are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statemenis. Income recognition All Incomlng resources are included In the Statement of Financial Activities (SOFA) when the charlty Is legally entitled to the income after any perfonnance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. School fees and charges for services and the use of premises are accounted for on a receivable basis. The school also offers parents the opportunity to pay tuition fees in advance. This is treated as deferred income until the fees for each school term are charged against the remaining balance and taken to income. The charity has received government grants in respect of tho Coronavirus Job Retention Scheme. These grants are recognised using the accrual model and as such are recorded in the SOFA in the period in which the charity is entitled to such grants as a result of having furloughed staff members. Interest receivable comprises interest received on cash balances held in appropriate interest bearing deposits. Other income is made up of registration fees. pupil insurance and school shop commissions, letting of buildings and sundry other income. -20- Cokethorpe Educational Trust Limited Notes to the Accounts (continuod) for the year ended 31 August 2024 Summary of significant accounting policies (continuodl Expendlture rocognltlon All expenditure Is accounted for on an accruals basls and has been classified under headlngs that aggr8gal8 all costs related to th8 cat8gory. Exp8nditur8 is recognised where there is a legal or constructive obligation to make payments to third parties, it is probab18 that th8 S8ttlem8nt will b8 required and the amount of the obligation can be measured r8liably. It is cat8goris8d und&r the following headings.. Costs of raising funds includes interest paid and fee composition discounts., Expenditure on charitable activities includes the operating costs of the schools in the Trust: and Other expenditure represents those items not falling into the categories above. Irrecoverable VAT is charg8d as an expense against the activity for which expenditure arose. Support costs allocatlon Support Costs are those that 8SSlSt tha work of the charity but do not directly represent charitable aGtlvltie5 and include office costs. govemance costs, administrative Payroll costs. They are incurrgd directly in support of expenditure on the objects of the charlty and Include project management. Where support costs cannot be dlrectly attributed to partlcular headlngs they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. The analysis of these c08tS 18 included in note 3. Tangible fix6d 88set8 Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impalmignt losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of gach asset on a systematic basi8 over its expected useful life as follows.. Freehold land Freehold buildings Sports h811 Astroturf pitches Furniture and equipment Computer equipment Motor vehides Straight line basis at 2-7Vo per annum Straight line basis at 4% per annum Straight line basis at 5% per annum Straight line basis at 10Vo per annum Straight line basis at 25Yr* per annum Straight line basis at 20Yg per annum Fixed asB8t Invostment8 Investfflents are recognised initially at cost and subsequantly moasured at Gost less impairment. Stocks Stocks are valued at the lower of cost and net realisable value. Debtors and credltors recelvablelpayable wlthln ono year Debtors and creditors with no 5t8ted interest rate and receivable or payable within one year ar8 r8corded at Iransacts'on price. Any losses arising from impaimenl are recognised in expenditure. Loans and borrowings Loans and borrowings are initially recognised at the transaction price including tr8ns8Ction costs. Subsequenlly, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financial transaction it is measured at present value. 21 Cokethorpe Educational Trust Llmlled Notas to the Account8 (contlnued) for the year ended 31 August 2024 1. Summary of significant accounting pollclos (contlnued) Impalrment Assets not measured at fair value are reviewed for any indication that the asset may be impaired at 8ach balance sh88t date. If such indication exists, the recoverable amount ofthe asset, orthe assel's cash generating unit, is estimaled and cornpared lo the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the assel is carried at a revalued amount where the impairment loss is a ￿valUation decrease. Leases Assets acquired under finance leases are capitalised and depreciated over the Shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the fi'nanc8 charge and the r8duction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charg8s, ar8 included in creditors. Rentals payable and receivable under operating leases are charged to the SOFA on a straight line basis over th8 Period of the lease. Employee boneflt8 When employees have rendered 58rvice to the charlty, short-term employee beneflts to whlch the employees are entitled are recognised at the undlscounted amount expected io be paid in exchaTrJe for that Se￿ICe, The charity contributes to the Teachers, Pension Defined Benellts Schem8 at rates set by Ihe Scheme Actuary and advis8d to the Board by the Sch8me Administrator. The scheme is a multi-employer scheme and it is not possible to identrfy the assets and liabilities of the scheme which are attributable to the charity. The scheme is therefore accounted for as If il were a defined contribution scheme. The charity also contributes to individual personal pension schemes for staff. Contributions to both Schemes are charged to the Statement of Financial Activities as they fall due. Tax Cokethorp8 Educational Trust Llmited Is a registered charity and therefore 15 not liable for income lax or corporation tax on income derived from its charitable actlvlties, as It falls wlthln the varlous exemptions available to registered charitie8. Judg•m•nts and key sourc•i of ••timation unGertalnty The preparation of the financial statements requires the Govemors to make judgements. estimates and assumption5 that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factor5, including expectations of future events that are believed to be reasonable under the circumstances. In preparing these financial statements, the Governors have made the following significant judgements.. l) Estlmate of useful Ilfe of flxed assets (nots 7): As noted in note 7 "tangible fixed assets", fixed assets totalllng £9,207,47712023'. £9,445,291) are depreciated on a straight-line basis based on an initial estimate of thelr useful economic lives. Golng concern The financial stat8ments have been prepared on a going con¢em basis as the Govemor5 believe that no material uncertaintios exist. Th8 Gov&mors have considered the level of fund5 held and the expected level of income and expendilure for 12 months from auihorising these financial statements. The budgeted income and expenditure is sufficient wilh the level of reserves for the charity to be able to continue as a going concern, Group accounts The Charity does not prepare group accounts as its subsidiary entity is deemed immaterial to the group. -22- Cokethorpo Educatlonal Trust Llmlted Notes to the Accounts (contlnued) for the year ended 31 August 2024 Net Incomlng r88ources for the yoar 2024 2023 This is stated aftar charging: Auditorfs rernuneration audit fees other seNices 11,100 22,658 486,809 261,303 43,961 161,955 9,930 500 423.525 Depreciation Profit on sale of tangib18 fixed assets Operating lease rentals land and buildings other assets 39,058 136,442 Support CO8t8 2024 2023 Administrative slaff costs Computer malnt8nance Postage. stationery, telephone and other admlnistrative costs Advertising for stsff and promotlon Insurances Trav81 Depreciation of vehicles Governance costs (see note 4) 902,930 168,470 132,691 189,208 102,790 285,459 32,067 81,199 877,440 153,145 65,249 156,754 92,986 215,159 26,935 55,004 1,894,814 1,642,872 Governance costs 2024 2023 Audltorfs rernuneratlon audit fees other servlcas 11,100 660 68,839 600 9,930 500 41,860 2,714 Legal and professional fees Govemors, expenses 81,199 55,004 -23- Cokethorpe Educatlonal Trust Llmltsd Notes to the Account8 (contlnued) for the year ended 31 August 2024 Staff costs and employeo benellts 2024 2023 Staff costs Wages and salaries Social security costs Pensions 7,133.918 728.976 1,136.763 6.857.496 694.681 1,048,129 8.999,657 8,600.306 2024 FTE 2024 Number 2023 FTE 2023 Number Avorage numb•r ernployed inGludlng Governor¥ 238 223 Number of omploye•s •arnlng wfthln tho followlng band$: 2024 2023 £ 60,001- £ 70,000 £ 70.001- £ 80,000 £ 80.001- £ 90,000 £ 90,001- £100,tK)O £100,001- £110,000 £150.001- £160,000 Governors and koy management p•rsonnel romun•ratlon and oxpanses The current Govemors neither recelved nor walved any remuneration during the year {2023: £Nil). The total amount of employee benefits received by key management personnel is £963,288 {2023'. £828,883). The Trust considers Its key management personnel comprise the Govemors and Senlor Management Team. No (2023: none) Governors are accruing pension arrangements. During the year, expenses relating to travel costs totalling £275 (2023: none) were paid to two governors. -24- Cokothorpo Educational Trust Limited Notos to the Accounts (continued) for the year ended 31 Augu8t 2024 Tanglble flxed a8Set8 Assets under construction Freehold Property Furniture and èqulpment Motor vehlcles Total 31 August 2023 Additions Transfer Disposals Impairment 267,016 1,624 (6.337) 12,437,036 2,447,359 425,221 6,337 (42,485) 687,387 15,838.798 84,452 511.297 (26,817) (69,302) (262,303) (262,303) 31 August 2024 12,437.036 2,836,432 745,022 16.018.490 Dopreclatlon 31 August 2023 Charge for year On disposals 3,985.906 254,112 1,754.067 200,630 (42,488) 653.534 6,393.507 32,067 486.809 (26,817) (69,3031 31 August 2024 4.240,018 1,912,211 658,784 6,811.013 Net book value 31 August 2024 8,197,018 924,221 86,238 9,207,477 31 August 2023 267,016 8,451,130 693,292 33,853 9,445.291 Tangible fixed assets with a net book valu8 of £8,197.018 (2023.. £8,451.1301 hav8 b88n p18dg8d as security for liabilities of the charity. A88ets under constructlon were deemed to no longer be of value and therefore have been impalred to a nil balance in the year. Fix•d asset invostmenti 2024 2023 At 1 September 2023 Additlons At 31 August 2024 Fixed asset investments relate solely to shares held in subsidiaries. The charity owns the whole of the issued ordinary shares of Cok8thorpe Enterprises Limited, a company registered in England & Wales, no. 15511282. The subsidiary was incorporated on 21 st February 2024 and was dormant in the current year. stocks 2024 2023 stock - food 7,613 1,318 -25- Cokothorpe Educational Trust Limited Notes to the Accounts (continued) for the year ended 31 August 2024 10. Debtors 2024 2023 Trade debtors Olher debtors Prepayments and accrued income 241,549 30,685 175,604 297,302 40.499 111.660 447,838 449,461 11. Crndltors: amounts falling due within on8 yaar 2024 2023 Bank loans (note 14) Trade credltors Other taxation and social security other creditors Accruals Finance lease (note 17) Autumn fees in advance Deferred fee income (not8 131 250,340 227,778 177,354 141,478 396,992 38,623 1,006,328 694,746 250.340 215.236 172,622 185,223 192.985 35,405 1,146,799 192.233 2.933,639 2,390.843 Included within other creditors are outstanding pension contribution8 of £133,418 (2023: £126,892). The bank hold8 a legal charge dated 25 August 2006 secured on the freehold land and buildings of the School. 12. Credltors: amounts falling due after one year 2024 2023 Bank loans (note 14) Flnance lease (note 17) pa￿ntS, refundable deposlts Deferred fee income (note 13) 1,431,400 1,617,042 38,623 303,486 225,588 285,493 630,849 2,347,742 2,184,739 -26- Cokethorpe Educatlonal Trust Limited Note8 to the Accounts (contlnued) for the year ended 31 August 2024 13. Doferred Income 2024 2023 Balance at 31 August 2023 Fees in advance receipts Released to incoming resources 417,821 1,176,883 {269,109) 403.263 251,205 (236,647) Balanc8 at 31 August 2024 1,325,595 417.821 Included In current liabilities 694,746 192,233 Induded in creditors due after more than one year 630,849 225,588 Deferred Income comprlses tultlon fees recelved In advance whlch relate to future accounting periods. 14. Bank loans The aggregate amount of bank loans are as follows: 2024 2023 Due within one year or less, or on demand Due belween one and iwo year Due belw88n two and five years Due after five years 250,340 250.340 751.019 430.041 250,340 250.340 751.020 615.682 Total due 1.681.740 1,867,382 Included In current Ilabilities 250,340 250,340 Included in creditor8 due after more than one year 1.431.400 1.617.042 The bank loan of £1,681.740 (2023: £1.867.382) is drawn down from a total facillty of £2.1 m (2023: £2.1 m). It bears interest currently at a fixed rate of 3.55°/0 (2023.. a fixed rale of 3.550A) per annum over base rate and is repayable in quarterly instalments of £62,585 {2023: £65,909)- The loan will be repaid by April 2032. -27- Cokathorpfr Educatlonal Trust Llmlted Notos to the Accounts (contlnued) for the year ended 31 August 2024 15. Movements in funds Al 3110812023 Incomlng resourcos Outgolng resources Fund transfer At 31108r2024 2024 Restrlcted funds: Academic achi8V8m8nt awards SchcM)l equipment (including land) 34.783 3.096 (2,0741 35,805 165,723 205,524 (25,0951 171,856) 274,296 Total restrlctod fund8 200,5( 208.620 (27,1691 171,856) 310,101 Unrestricted funds: General funds Designated fund 1,657,048 6,729,083 14,011,960 (13,635,792) 140,326 2,173,542 (68,470) 6,660,613 Total unro•trfcted funds 8,386,131 14,011,960 (13.635,7921 71,856 8,834,155 Total funds 8.586,637 14,220,580 (13.662,9811 9,144,256 At 0110912022 Incomlng resources Outgoing resources Fund transfer At 3110812023 2023 Restrlcted funds: Academic achievement awards School 8qulpm8nt (including land) 33,588 1,496 {3011 34.783 115,041 66,627 {15,9451 165,723 Total restricted fund8 148,629 68,123 (16,2461 200,506 Unrestrlcted funds: General funds Designated fund 1.150.112 6,765.817 13.136,841 (12,666,639) 36,734 1,657,048 136,734) 6.729,083 Totsl unre$trlctod fund8 7,915,929 13,136,841 (12,666,639) 8.386,131 T¢)tsl fund8 8,064.558 13.204,*4 {12,682,8851 8.586,637 -28- Cokethorpg Educatlonal Trust Limitsd Notes to the Accounts {contlnuod) for the yaar ended 31 August 2024 15. Movément In lunds {contlnued) Restrfctad funds comprise the followlng: 2024 2023 Academic achièvement awardj: Cokethorpe Society- Subscriptions Fund 35,805 34.783 School equlpmant (Includlng land): Annual Fund Development of Science Bursary Fund Sports and Equipment Fund Chapel Fund Development Fund 67.537 10,000 14,271 175,807 6,136 545 67.537 10,000 12,901 75,285 274,296 165,723 310,101 200.506 Da8lgnated fund8 comprl•o Ihe followlng: Mansion Stonework Propety 14S,335 6.515,278 145,335 6.583,748 6,660,613 6.729,083 Purposo of fund8: Cokethorpe Soclety- Subscrlption8 Fund Subscription8 held for the Cokethorpe Society. Annual Fund Established for the future development of the Sch￿1. Development of Sclonce Donation received during the year ended 31 August 2019 for the stsrt of the fund for tha development of science. Bursary fund Funds recelved durlng the year ended 31 August 2022 to support a bursary pupil. Sports and Equipment Fund Funds received for the purchase or development of various items of sports and other equipment. Manslon Stonework These are funds designated for the refurbishment of the Mansion House stonework. Property These represent funds held in completed property assets less associated loans. -29- Cokothorpe Educational Trust Limited Notes to tho Accounts (continuod) for the year ended 31 August 2024 16. Analysls of net assets botwoon funds Unrn8trlctsd Funds Daslgnated funds Restrlctad funds Total funds Fund balances at 31 August 2024 are represented by: Tangible fixed assets Investments Cash at bank and In hand Other net curr8nt118bilities Long term liabilities 837,152 8.197.018 173,307 9.207.477 4,480.579 {2,227,848) (916,342) 145,335 (250,340) {1.431,4001 136,794 4.762,708 (2,478.188) (2,347,742) 2,173,542 6.660,613 310.101 9.144,256 Fund balances at 31 August 2023 are represented by: Tangible fixed assets Cash at bank and in hand Other net current liabilities Long term liabilities 976,613 2.937,856 (1.689.724) 1567.697) 8,451,130 145,335 (250,340) {1,617,0421 17.548 182.958 9,445,291 3,266,149 (1,940,064) (2,184,739) 1.657,048 6,729,083 200,506 8,586,637 17. Loa8ing commltmonts Flnanco1oaso• The aggregate amount of finance leas8s are as follows: 2024 2023 Due within one year or less. or on demand Due between one and iwo years 38,823 35.405 38,623 Total due 38,823 74,028 Induded In current Ilabllitles 38.623 35,405 Induded in creditors du8 8ft8r mor8 than one year 38,623 30- Cokethorpe Educatlonal Trust Llmlted Notes to the A¢¢ounl8 (continued) for the year ended 31 Augu8t 2024 17. Leaslng commltments (contlnuad) Oporallng leases The total future minimum lease payments under non-cancellable operating leases are payable as follows:_ 2024 2023 Equipment.. Wlthln one year Between one and five years 193,489 368,937 134,291 38.201 562,426 172.492 2024 2023 Land and buildings: Within one year Between one and five years Later than five years 39,058 12,515 50,059 39.058 48.444 53.188 101,632 140,690 18. Teachers, penslon 8chome The Trust participates in the Teachers, Pension Scheme (England and Wales) (°Ihe TPS.) for its teaching staff. The pension charge for the year includes contributlons payable lo the TPS of £958,020 (2023.. £915,169). The TPS Is 8n unfunded multi-employer defined benefits pen8ion scherne govemed by the Teachers, Pension Scheme 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 lo the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contrlbution rate Is set by the Secretary of State followlng scheme valuallons undertaken by the Govemment Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the valuats.on Report 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 thal members are likely to choose the option that provides them with greater benefits, and in preparing the 2020 valuation have included the'greater value. benefits in their calculations for groups of relevant members. The employer contribution rate for the TPS is 28.6Vo, and employers are also required to pay a scheme administration levy of 0.080￿ giving a total employer contribution rate of 28.68%. The School is in phased withdrawal from the TPS and new teachers joining the School are enrolled into the APTIS defined contribution scheme. 31 Cokethorpo Educational Trust Limltsd Notos to the Accounts (continued} for the year ended 31 August 2024 19. Related party transactlons Any parent governors are charged school fees at the nomial rate, and are not entitled to discounts by virtue of being a governor. One of the governors. J Norris, 18 also Managing Director of Edgars a planning consultancy firm. During the period th8 school paid Edgars a total of £1,620 for serrfices rendered (2023: £7,564) There were no othor related party transactions In the perlod. -32- Cokethorp8 Educational Trust Llmlted Notes to the Accounts (contlnugd) for the year ended 31 August 2024 20. Statement of flnanclal activities - comparativ• figures by fund-typo Year ended 31 August 2023 Unrnstricted Funds Restrictod Funds 2023 Total Incoma and ondowmants from: Incomo from charltable actlvltl•8 Fees Othor income Interest roceivablo 12.960,322 146.128 30,391 12,960,322 214,251 30,391 68,123 Total Income 13,136,841 68,123 13,204,964 Exp•ndlture on: Ralslng fundj: Financing costs Fundraising costs 69,108 84,554 69,108 85,779 1,225 Total costs of ral8lng funds 153,662 1,225 154,887 Charltable oxp8ndlture Teaching Support and govemance Welfare Premises Bursaries and scholarships awarded 6,875,770 1,642,672 919,978 1,627,013 1,447,544 6,875,770 1.642,672 919,978 1,627,708 1,461,870 695 14,326 Total co8t8 of charltable axpendlturn 12,512,977 15,021 12.527,998 Total expendlture 12,666,639 16,246 12.682,885 Not Incom• 470,202 51,877 522,079 Transfers be￿8&n funds Net movemont In funds 470,202 51,877 522,079 Reconclllatlon of funds Fund balances brought forward at 1 September 2022 7,915,929 148,629 8,064,558 Net movernent in funds 470,202 51,877 522,079 Fund balances carried forward at 31 August 2023 8,386,131 200,506 8,586,637 -33-