COMPANY REGISTERED NUMBEIi. 612809 REGISTERED CHARITY NUMBER: 309651 SHIPLAKE COURT LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 SHIPLAKE COURT LIMrrED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 Pag¢ Report of The Directors Report ofthe Independent AudLo 12-14 Consc4idated Statamant of Financial Activibes 15 consolid￿ B8tance Sheet 16 Charity Ba￿nCe Sheet 17 Consolidatecl Cash Flow Statement 18 Notes lo the Financia Statemerrts 19-37 SHIPLAKE COUIU UMrrED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2020 DIRECTORS AND THEIR INTERESTS The directors of the CharItsb￿ ¢ompany. who serv•J during the year. unless otherwise stated, were as follows:_ The Right Honourable T J C Eggar. LLB 112) {Chaim)an) A Ashton 111 J Bartlett ( P Blewett (1.14 S BlomfEld (21 M CareyElm8 C Eve 111 J Gordon. LLB ( R Grimond 111 l Howell 12) R Lester111 M MacKenzie-Charrington 1131 S Ryan, Bsc ia Sir David Tanner C8E (12) Member3 ofthg Finance and Generd Purposes Committee Members of the EdUcat￿n and Welfare Commi 131 Members of the Health and Safety Cc￿rn￿tee Th8 directors are a￿0 the charity trustees and 9)Ver￿￿ of Shtplake Cotlege. OFFICERS (Key Management Petsonnel) Headmaster: T G H4Y•*. MA {St Andre*VS}. Mst MBA (Oxford) 18ppointed 1 Sept￿nber 2019) Bursar and Clerk to the Governors: J Raifs, Bsc (Biislot). FCA Locurn Bursar: C Huruey, ASCA FAIA Dfrputy Head (Academic): P S Jores. BA (Durtoml. GTP (London), AST Deputy Head (Pastornl): N J BTry•m, W PGCE (EastAnglia) Dlrector of Extemal Relations: K Green. BA (Exeter) R8gistered Company Numbor. 612809 IRegister&J in England and Wales) Reglstorod Charity Number. Page 1 SHIPLAKE COURT LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2020 REGISTERED OFFICE: Shiplake Cc41ege Henley on Thames Oxon RG9 4BW BANKERS: Bardays Business B8nkirvJ. Reading & Basingstc&e Team 4th Floor Apex P Forbury Road Reading BX3 2B8 SOUCITORS: stone King LLP Boundary House 91 Charterhouse Stred London EC1M 6HR AUDITORS: Crv•ve U.IQ LLP Aquis House 4￿1 BlagTave S￿t Reading Berkshire RG11PL INSURANCE BROKERS: Marsh Brc4(ers Limited l T¢￿r Place West Tower Place London EC3R 5BU ARCHrrECTS: NichoLs BrNn W*bgr Poncl Housg Ncrthend H8nley on Thames Oxon RG9 6LG Page 2 SHIPLAKE COURT LIMrrED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2020 The Governor5 of Shiplake College, beiThJ also the directors of the charitabte ojmpany. pr8senl their annual report togathgr with the financial stat￿ents of the charitable CCAnpany for the year ended 31 August 2020 and confim that they ¢omp]y wrth the requirements of the Ccxnpanies Act 201% thus including the Directors, Report and Strategic Repo¢ the CharEties Act 2011, the goveming d￿Ument and the Statement of Recommended Prth-'Acr￿un1Ing and Repo￿n9 by Charittes, (SORP 20151. IRECTORS, REPORT REFERENCE AND ADMINISTRATIVE INFORMATION Shiplake Court Limiled is a charrtable company hawng share capital. incorporated on 10 December 1958 and registered under number 612809. The Cdlege was registered wth the Charity Commission on 13 Apnl 1965 under number 309651. The Col* Govemors. e￿u￿Ve officers and principal address of th8 charitable gmpany are as listed on pag& 1 and 2. ParticuL8rs of the charitable ccfflpanls professiona5 adviser8 are given C￿ p4e 2. STRUCTURE, GOVERNANCE AND MANAGEMENT The charitable eompany was establr6hed under a Memorandum of A$s￿latIOn last angndad on 13th March 1998, which datemiines the objects and powers of the tha￿ble ¢￿1panY and ts governed under rf£s Mtcles of Associatit)n. OWECTS. Atms. OBJECTIVES AND PRINCIPAL ACTMTIES CHARITABLE OBJECTIVES The objects ofthe Charitable Company, in ￿Kdan￿ with the Memorandltm of Associabcffl. are to promote the cause of education for thg publtc L*nefiL PRINCIPAL ACTMllES OF THE YEAR Shiplake C(Alege's princpal actr￿ty continues to be the provtsKJn of an independerrt school vriÈh facli rti&s for boarding and day t#)ys ag8d 11 to 18 and for girls aged 16 to 18. GOVERNING BODY The structure of the charitable ccynpanyconsists ofa goveming tx)ty for Shiplake Col*e, the detsi15 of which are explained on page 1. RECRurrMENT AND TRAINING OF GOVERNORS The Charitab￿ c￿pan￿S elected Governo￿ are apFointed ata meeting ofthe Shiplake Colkge Boar(l on Ihe b8sis of nominations ￿￿e1Ved from exsts.ng Board members. Key CTtteria for eligibilty includa parsonal cx)mpetence, professional and specialist skills. New Governor3 are inducted intr)the wothings ofthe tharitable company and its schorA: including Board Policy and Procedures. Govemor and TnJstee training is offered to all new members and is provided by a number of PrOf￿10nal sources such as AGBIS. Govemors are appointed initially for a five year temi of office. At the expiry of this period Govemors can offer themsefves for re-election to the Board. P4e3 SHIPLAKE COURT UMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2020 ORGANISATIONAL MANAGEMEMr The Govemors of Shiplake College. as th8 charity trust￿ of the eharity and directors of the compary are legally r8sponsible for the overall manag￿ent and control of Shiplake College. and meet 35 a Board three limes a year. Tha work of govemance and financial supervision is out by membets of the Finance and G6neral Purposes Committee IF&GP}, meet before gach meeting of the College Gov8ming B08rd and on extra occasions when necessary such as to approve the budg8ts and finalise the audited aecounls and annual report for apprordl by the Board. The other pnncipal pemianent committees are the Education and Welfare CommTttee and th8 Heaych and Safety Committee which also meet on a termly basls and more often should tha ne8d arise. Each wmmittee w)rks under+the chaÈmianship ofa rn￿￿1￿r ofthe College Govomors. Other CDmmittees are fomed on an ad hoc bas¢s for 8pecthc purposes SLKh as an appeal. Members of all Board committees are listed on page 1. The day to day running of the schcKJI is deleg*ed to the Cdlg38's headmaster supportèd by the senior leadership team. Th& headmaster, deputy h&aJmaster5. bursar and the Dir&tor of Ethal Relations attend meetings of the Wdritsus committees. The Governors prowde a framewort for the remuneralton of the Senior leadership tèam v￿thin which the headmaster awards salary. The objectwe 15 to prowde appropriate incentives to encourage enhanc&J performance and lo rward them laity and rèsponsibly for the￿ indivhlual eontributK)ns to the Companys SUCCgSS. The appropri*en8ss and relevance ￿ Ihé remuneration policy is iewew&l annually. including r&far￿cO to comparisons with other independent sCho￿S to ensure that the College remains sensibve to the broader issues of pay and employment condrtions elsewhere. We aim to recruit excellent staff. Oelivgry of the College'$ charitable wSiC￿ and pury)ose is primarity dependent on ourkey managemont personnel and staff costs arelhe single elementof ourcharitabbe expenditure. GROUP sTRuC￿uRE AND RELATIONSHIPS The Charity has a wholty oyffl￿ northritable subsidiary. Shiplake Court Enterprtses ￿Mited, whosé activ￿e$ in the year under rewew were those of catgring fac(rrties. entertainment and recreational actNrtses. Shiplake College actively supports the attainm8nt of the highest stanrjards in the Independent Schwls sector. pa￿Y through networking with other rnajor Schoo15 arKI partly through peer group studks for the evaluation of qualty and perfomance tmprovement meth¢)Js. We also cw)erate wrth many k)cal charib.es our on- going endeavours to widen publ￿ aecess to the schooling we can prwde. to optimise the educational use of our cuttural and sporting facil￿e$ and to awaken in our pupits, in the publ￿ interest, an awarenes5 of the social context of the all-round educakn.on they weive at the Col*&. Coll8ge also benefits from the generosty of a thriwng of Old Vikings whose dose support we greaty appreciate and glally ackn￿￿edge. AIMS AND IKfENDED IMPACT The Colle98'$ strateyic aim is to provide a fiiendty. sUpP￿t￿e and str￿tured environment to pemiri pupils to learn to lead a full and responsible lrfe. Within the ethos of a boarding school, the aim is not to concentrate scAely on aeademi¢ achievement, but also to develcy the skills and abilthe5 to prepare pupils fortheir lrfe after Shiplake. We support the headmasterfs vision that Sh￿)￿e shoutd be: a dynamiE, putposeful, happy 8nd caring pla￿ which produces cyen-minded young men and wcmen who have a sense of humour yet are r8sponsible and aTtiGulate with the knowledgè and sknlLs lo play an inf(mied and useful part in t￿1r society. OBJECTIVES FOR THE YEAR Tbe focus remained on the promsion of a Tounded educatw that allowed exh of the College's pupifs to reach their indwidual potentiJ, wmbined with advarKement in academic perfomiance and a fvrther widening cess lo the education that Shiplake promdes. We continued to s*k ￿ays of providing access for other UK and foreign pupils which also puts the sc￿￿)rS faci&ties to educatIc￿al use when not otherwise needed. The Govemors are determined to ensure that the headmaster has the apprLyriale resour￿ to allow tt College to develop and to prowde facilities to ena￿e al pupils to prepare themselves fortheir fvrture Ca￿er$. Pago 4 SHIPLAKE COURT LIMrrED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2020 TRATEGIC REPORT REVIEII OF ACTIVITIES AND ACHIEVEMENTS Academic The Cdlege has a9￿￿ ￿loyed 8xc8118nt &*lemic success al both GCSE and A Level,. a refiection of a greatér fttus on academic rigour. Many of our pupiL8 achieve far higher grad8S than they were predicted lo when they joined sh￿lake Cdlege. with value-ac*ed at an a￿emIC and personal level a conskl8rabl8 str6ngth of the school. PartKular value added highlights at GCSE wh&e Music {+1.41, DET {+1.21, English Literature {+1.2), Triple Sctence l+0.6} and Religious Studies {+0.6). At A Level, Chemisty, Computèr Science. French and Physics dl ￿h￿Ved +2. Further Maths, Sport BTEC and RS all achieved +1. These sults faulitated thè pupils aC￿sIng th￿rdesIred universthes with 97% of pupils being offered places at their first or second Choi￿ universty. 32% ￿cept￿d places at Russel Group unNersities, further reflecting the academic progress made. GCSE and IGCSE 7 IA°_A} 94 IA"_B} 94 IA"_CI 94 IA'_CI 5 or more 1 IA".GI {Passl 19 17 31% 016 3Yo 2015 2014 80 33Yo 10 580 880 95% 101Y 940A 89% 860 100% 91% 1% 860 87q 100% 100% 100% 100% 100% Level "_A lor equNalentl 2020 55° 19 18 2° 017 52% 016 2015 360 55% 4% 99% 2014 8°/0 2% 20 7% 93% 100% 3rA* 7% 100° -E (Pass) 100% 101YA Th& GDvemors remain resolute Ihatthe College wll wntinue to sekct pupils on character and apt￿de for an edu¢alion at Shiplake, rather than purety on acadern￿ abilty. Thes8 r8sults demonstrat& th8 intent of the headmaster and his sanior management team to inuease the col￿ge,$ academic rigourand of the distinctive partnership betsveen the pupiLs and staff. Th9 Coll￿9 continues to build on promoting the Shiplake Seven. This is a set of values that puplls and staff at Shiplakè klievè are ès$erhtkg1 inleTpe150nal skills required to ba a succassful learner in thg 21 St Contury. The Shiplake Seven is also a teaching and leaming framework, which permeates fac8ts of aCadern￿ and Ccrcurricular lrfe at the College, 9￿ing fccus to lessorts and xtniities so that the skills can be incukxted in our pupil body. The seven qualili&s Detemiined,. Open Minded., CreatNe.' Independent Reflective," CurKJus'. Motiwdted - prowde a solid foundation for pupiL% to achwe s(Kcess throughoth their ￿￿cation. but also equip lÈavÈrs wilh the ski115 they need to enterthe next stage of their Iwes as confrtknL personable and tal&n young adutts. The PULSE IPersonal Understanding, Leamirvj Skwé and EntK*Tnertt) pr(NJramme TrMtinues to be suc￿s￿￿1. This is nomialty in thè fr)mi of an E*ended Pr(y*t Qualtfication or another qualfftations th81 ￿ad5 to UCAS points and can aid unNeT5ty applications. They also allow students to study a topic that they are passion*e about whilst leaming a range of skil& that will help in t(Jth higher education and the work place. P4eS SHIPLAKE COURT LIMrrED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2020 The Collego re￿iVed an ISI Compliancè InSp￿tiOn in March 2018. This evaluated whether the school mat each of the standards in the schedule of ￿dependent school standards and national minimL•n Standards for Njarding schools. These standards are arranged inlo ￿￿h1 pats including.. the qualty of educaiion prowded," the Wé￿#rÈ, hèatth and safety of pupils., the suitabilty of starr and those in c￿ntact ￿th pupils,. tho premisgs and accommodation., the 5Piritual. moral. srxia and cultural devdopmgnt of pupils,. and the provision of inft)mialton to parents, irksp*ors and the Department of EdwatK)n. The report confimi$ that Shiplak8 m88ts all the standards and that no further action requir8d as a r8suII of the inspection. The report also showed that recent GCSE pérforman￿ ha5 been above the natiortal average for maintained schools and results in IGCSE exaninations are highér than worthide rtOM￿. The report. which disappointiTvJty dr*s not take into account the College's eX￿ptIOnal BTEC r&sutts. states that A Level pwfomiance is in line wfth the national During thg Summer Term: the College trans((l￿ed to provKling all I￿onS through online platfom)s due to closure as a resultofth8 COWLb19 pandern￿. The teaching staff readed well to this challengè and maintained a high standard in their online teaching prow$￿n. Pupll Numbors At the end of 2019-2020 th8r8 W8ra 460 pupils. Thi8 represent&J a decrease of 3% from th8 figur8 of 475 pupils at the end of the previous year. Interest in entry to the Conege ai all leve15 has remained strong, particularfy at year 7 where the year group has gxpandgj to indude 3 fomJs. In October 2020 pupil numbers I￿reased on the prior year and were at 478. Malntenance and Developments During the year the College ￿7pleted construth.on on a MultActrvity ce￿re and a new Sixth Form Cet)tre. Due to the COM1>19 OLrtbreak. cornplet￿ vras ddayed until the SUMM￿ hOl￿aYS and both d8velopKnents were first used by pupils in September 2020. The Mulb-Activity Centre will bring something for every pupil. Not only ft house our impressNe f]eet of rumng boats but ti also incorporates a climbing wall. $h¢oting range and gym as well as being the hub for the CCF, DofE and our other outdoor and water5POrt activities. With a popular Sixth Fomi rt is essenttal that we get the facilities right to hglp thos& students prepore for universTty and the hwjrking worfd. To fxilrt*e this the new Sixth Fomi Centre has baen constru￿. The café sWe ground flcK)r prO￿deS an infomial stLbJy space for the Sixth Forrn students. with the ¢lassrooms and breakout spaces above prDMdirvJ 8déitional teaching and ￿rning facilities. The Tithe Bam al￿ r￿1Ved a ccmplele refurbishment over the summer holidays, witt) new IvJhting. SOU￿ and wsual systems, curtains around the sides to create a bLqck box effec( stage curtains to properly defing a perfomiance area. and fresh P8inl on walls and floor to creaie frt-f0r-pU￿ perfornance sP￿e for the drnma depatknenL The College continues to invèst in (ts campus to ensure the longevity and qualty of its building$ and boarding pro)rision. The large51 expenditu￿ continues to be on the maintenance and refurbishment of the boarding houses. This includes tsrg*d r8d&oration and refuibishment and aLw the Costs assocpted wf(h maeting the hea￿h and safety requIrem￿ts. GRANT MAKING POLICY As trust8es of thg Charity, the Govemors are detennined to provide as widè an aecess to the College as possible. Means-tested bursaries are awarded to pupi￿ for whom access to Shiplake College woukl not be possible and also to rdieve hardship where the educatKJn and future prospecls of Qu￿ent pupil$ would otherwise be at risk. In addition. the Governors. policy is to award 5c*K)latships ￿ th8 basis of an 1ndP￿ual'S academK, artistic or sporting potentkal. The avaRabilty of all such awards for fee-assistance, together wth the terms and condttions fr)r each kind of award. is advwti5ed on ¢JJr websrte at www.shi lake.0 .uk. Page 6 SHIPLAKE COURT LIMrrED REPORT OF THE DIRECTORS FOR THEYEAR ENDED 31 AUGUST 2020 PUBUC BENEFrr The College's public benefrt aim ts to provide a first class Indep￿dent education. both through strong acadefnic tuibon, and through devdoping wider spottng. artistic and socia] skills in all its pupils. This is intended lo providg an en￿r￿ment where each pupil can develop and fuffil his or her potential. thu8 to help build selFoFt that facL We have nothing to report in regard. Opinions on other matt•rs prescribed by th? Compani•s Act 2006 In our opinion bas&1 on the work undertaken in the course of our aud th8 infomation gD10n in the trustees. report which includesthe d￿￿tOrS, report and the strategic port prepar•l for the purposes of company kn. for the financial year for which th8 financial statements are prepared is cons(stent with tho financial statements", and the strategiG rEport and the dIr￿tI￿$, report included vitthin the truste8s' report have be8n prepared in accordan￿ Yrith ap￿IcatI8 legal requiremonts. Matter6 on which we are r9quirnd to report by exception In light of the knowledge and undwstanding of the group and the charitable company and t￿1r environment obtained in the eourse of the aud[( ￿ have not identrftod material misstslements in the [strategic report or thel dirxtors. report inciuded thin th8 trusiees, repJL We have nothing to r8POrt in respect of the fc4hJwtng matters in relation to which the Compani8s Act 2006 requires us to rep(wt to yOLt if. in our opin￿n. the parent company has not kept adequate ￿CCH￿nting record5.' or the parent company financid statements are not in agreement wlth the accounting records and returns.. or certain disdosure9 of trustees. rpmuneration specrFRd by (aw a￿ not made". or we have not r*ived all the infomiation and ex&￿ar￿tionS we require our audrt. Respon5ibililies of trustees As explained more ful￿ in the trustees. responsibilrti.es statement the tnjstees (who are also the directors of the charitable companyforthe purpK)se5 of company fawl are responsible forthe preparation of the fIna￿la1 statements and for being satisfied that they grve a true and fair view, and for such internal control as the trustees detemiine is necessary to enable the preparatson of financial statements that are free frijm material misstatement. whether due to fraud or error. Page13 Crowe INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHIPLAKE COURT LIMrrED {CONTINUED) In praparing the financial Stat￿nents. the trustees are responsib19 for assessing the group'$ or the charitable company's abilty to Continue as a going concern. disclosing, as applicable, matters related to going conGgm and using the going concem basks of accounting unless the trustees ether intend lo liquidate the charitable eompany or to cease ￿elat￿, or have no r8alistic alternatNe but to do so. Audltorfs rgsponsiblliti8s forthe audit of th• finandal statements Our OEY￿1¥e$ areto obtain reasonable assura￿9 about whethwlhefinancial $tstements as a whole are fr from material misstatem￿￿ whether due to frdLKI or 8rror. and to tssue 8n auditorfs rewrt that includes our opinion. Reasonable assurance is a high18vd of assuranee, but is not a guarantee that an audit conduct8d in accordan￿ wth ISA5 IUK) )thll a￿y5 detect a mtsstatementwhen Tt gxists. Misst*8m8nts arise frum fraud or error and are considered material rf, indtwdualiy or in the aJgregate, they could reasonably be expected to influence the economic decisions of users tsken cn the basis of these financial statements. A further descripts'on of our responsibilitses for the audit of thè ffinancol stslements is locabj on the FinancAI Reportllig Council's website at.. V￿￿.f￿0r .uklauditor5res nsibilitses. This description forn￿ part of our auditorfs report. Uso of our report This report is made solely to thg Charitab￿ Com￿yS M￿berS. as a body. in accordance with Chapter 3 crf Part 16 of the Companies Act 20C6. Our audit has undertaken so that we might stale to the charitabla rnrnpany's m8mÈer5 those matters we are r￿Uired to state to them in an auditDrf5 report and for no other purpose. To the fullest extent permrtted by law. we do not ¥￿pt or assume responsibility to anyone other than the charitable eompany and the charitable cOmpan￿S members as a bc*Yy, for our aud.rt WOTk. for this report. tsr for the opinions we have fomied. Jan8tte Joyce Senior Statutory Audlor For and on behaw of Crowa U.IQ LLP Statutory Auditor Reading 20 January 2021 Page 14 SHIPLAKE COURT LIMrrED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING AN INCOME AND EXPENDITURE ACCOUNT) FOR THEYEAR ENDED 31 AUGUST 2020 Total 31 August 2020 Total 31 August 2019 Unrestricted Restricted Funds funds Notes INCOME FROM: Voluntary income Donations and grant income Charitable Act￿￿18$. Co118g8 f Ancillary trading income Income from genorated funds: Investment Income Non-anGillary trading income Other irwme 271.514 272A99 42,913 9,762,641 641,752 9.762.641 641.752 10,636,561 1.256,367 23.917 150.141 23,917 150,141 31, 168 189,943 25 Total io 12 166877 EXPENDITURE ON: Charitable Activities: Sehool operat(ng costs Raising funds: Trading expenses Finance and other costs 9.876.705 9,877,130 10.704,017 37,030 37,030 156,286 Total 425 999 814 Net Incomo 850.576 460 851.036 f,226,280 Transfers b8tsv88n funds 21 79.468 (79,468) Other recognised galns Fair value movement C￿ dertwative contracts 359 Net movement in funds 952.544 {79,0081 873.536 1,225,921 Fund balan￿$ at 1 September 2019 15 13931742 Total funds at 31 August 2020 All actiwtias are continuirvJ. All gains and losses recognised in the year aye indude in the stat￿ent of financial activities. The notos on page5 19 to 37 fomi part ofthese ffinan￿al statements Page 15 COMPANY NO: 612809 SHIPLAKE COURT LIMITED CONSOLIDATED BALANCE SHEET 31 AUGUST 2020 2020 2019 FIXED ASSETS Tangibl8 f￿ad a35ets 11 14,9042SI IZ868.864 CURRENT ASSETS 13 14 17.819 3.618,243 13, 68Q 3,MO,334 525 969 Debtors Cash at bank and in hand 7.866,361 9,099,983 CREDITORS: knounts f￿ling due within ane year 15 5 897 408 CURRENT ASSETS 1909 896 202 575 TOTAL ASSEfs LESS CURRENT UABILMES 16,814153 16,071,439 CREDITORS,. Amourts falling due aft more than one year 17 741908 NET ASSETS EXCLUDING PENSION UABILtrY 16.071245 15,206,582 P8nslon schame fundlng doficit TOTAL NET ASSETS CAPtrAL AND RESERVES Share Capital Restricted Funds Designated Fixed Asset Furwj Other Designa18d funds Unr8stricted Funds- Generd funds (Sch¢)ol and Trading) 19 21 21 21 21 16 1885 14320,971 16 81,893 12, 122,991 647,679 2 305 100 20 The profft for the firAncial year deal within the financial slatements of the parent company was £882,054 (2019.. £t,216,931). Approved and aulhortsed for ￿ue by the Board of Governors on 4 December 2020 and signed on behalf by.- The Right Hono ble T J C Eggar CE¥e The notes on pages 19 to 37 form part ofthese fina￿1¥1 st*ements Page 16 COMPANY NO: 612809 SHIPLAKE COURT LIMITED CHARITY BALANCE SHEET 31 AUGUST 2020 2020 2019 F￿ED ASSETS Tangible 4SS9ts Investments 11 12 14.904257 12,868,864 14.901265 IZ868.872 CURRENT ASSETS Stock DebtcKs Cash at bank and in hand 13 14 17,814 13,676 3.657,231 3,548.231 73 21 54737 7,648A66 9,035,657 CREDITORS: Amounts faEling due within one )Ear NET CURRENT ASSETS 15 5 849.714 1901782 TOTAL ASs￿s LESS CURRENT UABIUTIES 16.806.047 16.054,815 CREDITORS: Arnourtts falling due after more than one year 741908 ASSEfs EXCLUDING PENSION UABIUTY 16.064.139 15. 189,958 Penslon schgme funding deficft TOTAL NEf ASSETS CAPITAL AND RESERVES Sharé Capital Restricted Funds Designat￿ Fixed asset Fund Other Designated Funds Unr8StricbY Funds 19 21 21 16 2,885 14.220.971 16 81,893 12. 122,991 647.679 2288.47 21 1799 237 41 Approved and authorised for issue by the Board of Govemors on 4 DetEmber 2020 and signed on tts behalf by'.- The Right Honourable T J C Eggar CEve The notes on payes 19 to 37 form part ofthese fina￿la1 statements Page 17 SHIPLAKE COURT LIMITED CONSOUDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2020 2020 2019 Nat income DeprKith"on (Profit) on dtsposal of frA&g assets Inv8Stment income Bank interest paid I1ncTeasellD￿rease in stock Ilncrease} in debtors IDecrease}fincr8ase in credriors Movem8nt in pension defiat 873,536 582,535 l.L5,921 563,844 (7.925) (31, 168) 4S,254 9,083 (64.980) 314. 780 (23,9171 44,785 (4,1391 {S7,909} (133,185) 873 . Net cash provlded by 0￿rating actlvlties Cash Ilovts from investlng aGtivth8 Purchase of tangible fLxed assets ProBeeds from the disposal of fix&J assds Investsment income (2.617.928) (1.808,837) 18.750 Net cash us¢d in inv85ting actNltles Cash flows from financlng athities Interest paid Repayment of ban Advan¢ed Fe8 Scheme: Receipts from new contracts Arnounts utili8ed and repaKI 144.785) (62.5871 (49,254) (65. T16) 619 Net cash used In flnan¢lng actlvfties Chang• In cash and cash equlvalents In the year Cash and cash equNalerrts at the beginning of the year Totsl cash and cash equivalwts at thè end of the yoar 27128 {1A95.670) T8,546 S52696 The n¢)tes on pagas 19 to 37 form part ofthese financial statem Page18 SHIPLAKE COURT LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020 CHARITY INFORMATION Shiplake Cdlege's principal actwrty contsnues to be the provision of an independent School with facilrties for boarding and day boys a* 11 to 18 arKI for gits aged 16 to 18. The charrty, incorF¥Jrated by share capital (charity number 30*51: company number 6128091. is registered in England and Wales. The address of the registered office is ShwiLake C￿￿e. Han18y on Thomes, Oxon, RG9 4BW. STATEMETr￿ OF AccouimNG POUCIES The following aeccrfjnting por￿1&S have used Gonsistently in dea￿n9 with Itéms which are considered materia in relation to the charftable company and its subsKliary CoMpan￿S financi￿ statements. Accounting eonvgntion The financiaI 5tataments have been prepared in aecordance with Accounting and Reporting by Charitie5: statement of Recornm8nded practi￿ applithle to tharittes preparing theiracwuJts in accordance wrth the Financial Reporting StarKtard appli¢*ble in the UK and Republic of Ireland {FRS 1021 (effect￿ 1 January 20151- Charities SORP IFRS 102)). the Financid Reporting Standard applicable in th8 UK and Republic of Ireland IFRS 102} and the C￿7panieS Acl 2006. Shiplake Court Limrted meets the defifi￿"0n of a publ￿ benefft entty under FRS 102. Assets and liabilit￿$ are initially rec￿niSed at histollcal cost Of transaction valu8 unless othwwi* stated in the relevant accounting policy rtote(s). The results of the subsidiary are presented ni the ￿nSol1d0ted SOFA by disclosing the income and expgnditure derived from rts actMti8s separately frDm t￿)se of the Charity. An Income and ExpetKlitur6 account for the subsidiary is included in note 6. Thè cc#))panls assets and liabilf(ies are included in th8 balan¢e Sheet on a line-by-line basis. in accordan￿ with the SORP. No separate SOFA has been presented for the Charity as p8miitted the Chanties SORP and sectKJn 408 of the Cc*npanies Act 20C6. At the time of approval of the Annual Report. th8 COVltk19 pondemic conb.nues to evolve and the long term Impact on the chanty, in common wrth otherbusin8s$es, is unkTr)wn. The Governors have reviewed the position carefully wth a view to ensuring the ongoing provision of schooling for the pupils as well as employment of stsff. The charity currenty holds s(qnfficant )sts inclLKle amounts ￿Ued in act0rdar￿e wrih thg tems ofthe Advance Fee contracts. Tangibl8 fixed asspts and depr￿latIon k) Depreci8tion is provKled on all tangbi le ass* in orderto write off th￿r cost less residual value over their estimat￿ useful lives at the fo1ioy￿ng rat&%:_ Freehokl prcip Vehi¢le5, mowers and fumiture Sports equipment and Plant and machinery IT equipment A on cost 25% on cost 20-25% on tost 100A on ￿$t 33¢h on cost Items are caprtalised on an indrvNJual aSSes￿ent basis. Stocks Slocks are valued at the knver of cost and ￿ wli%ab18 value. T&Yation Th& cc¥npany is a registered charity. It has ￿ I￿111ty to CorForat1￿ Tax on any of its sources of income or ony charg*able gans realised to date. Financlal instruments Basic financial instruments indude d8btors and credrtors. Debtors and creditors are inf(ialty recognised at transaction value and subs4uenlly measured at anortised cost. Note 25 prowdes more infomiation on financial ins￿rnents Whe￿ futura cash flm are anticipated. ￿th financial assets referring to fL%ed asset investmgnts, cash, debtor balances exduding prepayments, and finan¢i?I liabilities referring to all ¢reolttor batances exduding doferr&g incc*ne and S￿la1 secjjnty and Ot1￿rtaxeS. DerivatNes, induding interest rat8 swaps. are nc4 basic firkancial instruments. Derivatives are inrtially recognised at fair value ¢)n the dale a d8rivatrve eontracl is entered into and are subsequently re- mgasured at their fair value. Changes in the frdir value of derivatNes ara reccgni%ed in the Statement of Financial ActNitie5. The charity does not uJrrently apply h&Jg8 aCc￿￿nting interest rate derivatNes. Cash and cash equivalents Cesh is represented by Cash in hand and deposits w￿h financial institutions repayab￿ wthoul penalty on notice of not more than 24 hours. Cash equvalwtts are hwJhly liquid investments that malure in no more than three months fr￿ the date of xquisitw)n and that are readily convertible to known amounts of cash with insignffiJ. The market value of tha Plan's assets at the valuation date was £794.9 million and the Plan's T￿nICal PrOvisK￿S {i.e. past ser￿￿ [￿bilitIeS) were £926.4 million. The valualion therefore revealed 8 shortfaH of assets ccmpared with the value of liabilrti8s of £131.5 miNion, equivalent to a funding level of 83%. The School pwd deficit witributions of £8.6TI (2019." £8.￿7) during the yearas required by the Trustees of the Scheme. The unwinding of the discount factor, and the ￿npacI of ¢hang8S to assumptions has resulted in a £804 charge (2Q19.. 5,248 credit) to the SOFA and has been included in pension wsts forthe Shiplake College Ltd has been adwsed by the Pkn tft￿tee tha( in the event that r( was to wfthdraw its membership of the Plan, ft had an estimated cx)ntffigent liability of £176,139 at 30 Septembèr 2018. This debt ￿11 not crystallise while Shiplake Coll8ge Ltd o)nts"nues to have one or morg &tive members in the scherne. The amount of the abov9 Potential debt depends on many factors including tota Plan liabilr(￿, Plan investment perfomiance, the IBbilities in respttt ofcurtent and former employees of Shiplake College Ltd, finan¢kql conditions at the time of the Lwation event ar￿ the insurance buy-out market. The amounts of the debt Can therefore be volatile over tim&. shI￿a￿e College Ltd also paid eontributKJns into a defin&d ¢gntrTbution scheme wrth The Pensions Trust a rates of be￿een 7-100 t¢)t￿ling £93,440 (2079.. £54.996) during the accounting period. M￿berS paid contributions were paid *lhe rate of5% during the accounting perirxj. Finally, there were contributions payable lo personal pènsion schemes of £20,494 (2019.. £35.320), there were no outstanding contributions at etther year end. Page 33 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMEiifs (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020 RELATED PARTY TRANSACTIONS Th8 subsidiary, Shiplake Court Entsrpri58s Limited, prowde¥ Catering tsrilities. entertainment 8nd recreational activities at Shiplake College. The Subsidiary donates ts annual taxable prorts to the Trust under Grfi Aid. The gfft aid donation for this year was £12,465 (2019.. £4, 760). During the year Shiplake Court Limited received a management charge of £5.072 (2019." £5.071). Durng the year Shiplake Court miced was invciced for Pupil Agency fees of £12,217 (2019.. £4.410). At the year ènd the balance ¢wtstanding was a debtor of £42.525 (20q9.' £22270 credrfth¥. Gtr( aKJ relating to the 201912020 year end 11 be paid in 2D20f2021. In the prior yéar MTS Davies, the Headmasterfs wyfe was empbyed at the schocA undar a separdte eontraci of employment and under the appointment and approval of the Govemors. The Headmasterfs daughter wa5 also employed bythe school forkno months over the yearto 31 Au9USt 2019 under astsndard eontract of employment. Al 31 August 2019 the outgoing H&admaster fhved the College £1.075 which was written off during the year anded 31 August 2020. In the Pri￿ year Or￿ Govemor had a child at the school in receipt of 8 55% bursary. 25. COWIITMENTS UNDER OPERATING LEASES At 31 August 2020 the Schc4)I h•J fijture m￿1￿uM l&ase pa￿ents under rw)n