COMPANY REGISTERED NUMBER: 612809 REGISTERED CHARITY NUMBEK. 309651 SHIPLAKE COLLEGE HENLEY-ON-fHAMÈS SHIPLAKE COURT LIMrrED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 SHIPLAKE COURT LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 Pagg Report ol The Director5 Report ol the Independent Auditors 12-15 Consolidated Statement of Financial ActNities 16 Consolidated Balance Sheet 17 Charity Balance Shaet 18 ConsoSidat8d Cash Fb)w Statement 19 Notes lo the Financial Statements 20-38 SHIPLAKE COURT LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2021 DIRECTORS AND THEIR INTEREST8 The directors of th& charitable company, who served during the year, unless Dtherwi5e 51ated. were as follows."- Sir David Tanner CBE 11.21 Ichaimian) The RvJht Honourable T J C Eggar, LLB 11.2J (Chaimian. Resigned 11 De¢emkr 2020 A Ashton 111 J Bartlett (21 IReswJned 25 June 2021) P Blewett 11.2 J) S Blomfield 12) Carey-Elms QI C Eve 111 J Gtsrdon. LLB K3J R Grirnond 11} l Howell 121 R Lester11} M M￿KenZIe-Charringt0n 11,• S Ryan, Bsc P) Members of the Finance and General Purposes Committee (21 Memb&rs of the Education and Welfare C¢￿M￿lee (31 Membèrs of thé Health and Safdy Commrttee The directors are also the charity trustees and governors of Shiplake College. OFFICERS (Key Managemont Pornonnell Headmaster: T G H(Ave, MA (St Andrews). Mst MBA (Oxford) Bursar and Clerk to the Govemors: J Raifs. Bsc (Brisloll. FCA Locum Bursar. C Huruey, ASCA, FAIA (Resigned 22 October 20201 Deputy Head (Academlc): P S Jones, BA (Durhaml, GTP (London). AST Deputy Head (Pastorall: N J Brown, BA, PGCE (East Anglial Dlrector of External Relatlons: K Green. BA (Exeter) Registered Company Nurnber: 612809 {Registewl in England and Wales} RegK8tsred Charfty Number. 309651 Pago 1 SHIPLAKE COURT LIMrrED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2021 REGISTERED OFFICE: Shiplake Col*8 Henley on Thames Oxon RG94BW BANKERS.. Barclays Business 8anking, Reading & Basingstoke T8am 4th FI￿r Apex Plaza Forbury Road Reading BX3 2BB SOUCITORS: Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR AUDITORS: Cr￿ve U.K LLP Aquis House 49-51 Blagrave Street Reading Berkshire RG11PL INSURANCE BROKERS: Marsh Brd£ers Limtied 1 Tower Pl¥Le West T¢Mer Place London EC3R 5BU ARCHITECTS: Nichols Brown Webber Pond House Nc(thend Henley on Thames Oxon RG9 6LG Page 2 SHIPLAKE COURT LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2021 The Gov8mors of Shiplako College, being also the directors of the tharitable company, present their annual port logather with the financial statements of the Charitab￿ company fDr tha year ended 31 August 2021 and confirm that they cornply wrth the requirements of the Companies Act 2006 thus including the Directors, Report and Slralegi¢ Report, the Charities Act 2011, the goveming document and the Slalement of Recomm8nd9d Practice-'Accounting and Reporting by Charities. ISORP 20151. IRECTORS, REPORT REFERENCE AND ADMINISTRATIVE INFORMATION Shiplake Court Limited is a charitab￿ company haying share capital, incorporated on 10 December 1958 and registered under number 612809. The College was registered wi(h the Charity Commission on 13 April 19SS under number 309651. The C￿lege Governors, executive offrers and principal address of the charitable company are as listed on page 1 and 2. Pathulars of the charitabk O￿nPanIS prof8sshJnal advisers aré given on page 2. STRUCTURE. GOVERNANCE AND MANAGEMENT The charitable crxnpany was est*lished under 8 M&morandum of Association last amended on 13th Ma￿h 1998, which delemines the object8 and powers of the Charitab￿ company and is governed under ts Articles of Association. OBJECTS, AIMS. OBJECTIVES AND PRINCIPAL ACTMTIES CHARITABLE OBJECTIVES Th8 objects of the Charitable Company, in accordance with the Memotandum of Assockgtion, are to promote th8 cause of education for the public benefiL PRINCIPAL ACTvrfrriES OF THE YEAR Shiplake College's principal aclivty eontinues to be the prOvts￿n of an independent school with facilities for trK)arding and day boys aged 11 to 18 and for girts aged 16 to 18. Due to strong parental demand the College has announced Ihai it will become fvlty cwyucalional. The first gntry of Year 7 girf$ will be in September 2023. GOVERNING BODY The structure of the charilable company consists of a goveming bodyfor Shiplake College, the details ofwhich are explained on page 1. RECRUITMENT AND TRAINING OF GOVERNORS The Charitable company's elected Governors are appointed at a meeting of the Shiplake College Board on the basis of nominations receiv8d from existing Board members. Key criteria for elyibilily include personal compel&nce. professional and Spe￿alIst skills. New Govemors are inducted into the workings of the charilablo Company and ils school, including Board Policy and Procedures. Governor and trustee trainin9 is offered lo all new members and is provided by a number of professional sources such as AGBIS. Govérnors are appointed initialty for a fnie year term of off￿e. At the expiry of this perK)d Govemors can offer themselves for r&election lo the Board. Page 3 SHIPLAKE COURT LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2021 ORGANISATIONAL MANAGEMETrrr The G¢vernors Of Shiplake College. as the ch8rrty tnjstees of the charity and directors of the company ar8 legally responsible for the overall management and conlrd of Shiplakè College, and meet as a Board Ihreg tirnes a year. The work of governance and financial super￿10￿ 15 carried out by members of tha Finance and General Purposes Commrttee {F&GPI, who meet trefore each meeting of the College Goveming Board and on extra occasions when necessary such as lo approve the budggls and finalise the 8uclited accounts and annual report for approval by the Board. Th8 Other principal permanent committees are the Eduealion and Weware Committee and the Health and Safety C(￿M￿te￿ which also meet on a lermly basis and mor8 often should the need arise. Each commrttaé wths under the chaimanship of a member of the College Governors. Other commitiee8 are fonmed on an ad basis for ¥pecifio purposos such as an app991. Members of all Board comrnittees are listed on page 1. The day to day running of the school is delegated to Ihe Co1￿￿,8 headmastèr. supported by the senior leadership team. The headmaster, deputy headmaster5, bursar and the diredor of external r81alion$ attend meetings of the various committees. The Govèmors proiride a framework for the remunerth.on of the senh)r leadership leam within which the headmaster awards salary. The objectNe is to Provide appropriate incentives to encourage enhanced performanc8 and lo raward tham fait1y and responsibly for their indi￿￿al contribuligns to the Companls su¢c8s$. The appropriateness and relev8nce of the remuneration policy is re￿&Wed annually, including reference lo comp81isons Imth other independent sCho￿S to ensure that the College remains sensitive lo the broader Issuès of pay and employment conditK•ns elsewhere. We aim lo racruil excellent staff. Ddivery of the Col*e's Charitab￿ vision and purpose is primarily dependent on our key management personnel and staff costs arethe largest sirkgle 81emenl of our charitgble expenditure. GROUP STRUCUTURE AND RELATIONSHIPS The Charty has a wholly Own￿ norFcharitable subsidiary, Shi￿8k8 Court Enterpri38s Limited, whose activf(ies in the year under r8wew were those of calering faeili(ie5, entertainment and recreational adivilies. Shiplake College actively supports the attainment of the highest standards in the Indep8nd8nl Schools sector. partly thrOL￿h netwoiking other major Schools and paruy through peer group studies for the evaluatiorb of quality and perforrnance improvement melh&Js. We also co19, the College were grateful lo be able to benefit of the Coronavirus Job Retenf#)n Schem8 to fut1ough certain members of staff. Wider accgss to an education al Shiplake COl￿e was provided this year and the value of means-l&stsd bursaries made lo the College's pupils out of unrestricted funds was £377.159 wh￿h represents 3.2'kn of gross fee income. In addttion, the value of sc￿arships, grants and other awards mad8 to th& co1￿98.$ PLJpi18 Out of unre51ricted funds wa5 £668,780 which represents 5.7% of gross fee incom& 26 pupils received a means- lesled bursary with 9 receiving total discounts of 850A of fees or more. The surplus befor? taking account of depreciation £1,730,322 which repTesenls 14.7Yo of total income. This level is judged necessary lo allow the Governors 19 invest in new facilities, whilst maintain the existing buildings. The College is privileged to have accgss to such a magnfficent campus, bul equalty I￿e$ a significant and ongoing cost in maintsining the infrastructure. parbcularly of the older buildings. During the year Shiplake Court Enterprises generated a surplus of £9,715 (2020.. £3.947J and mode a donation lo the College of £3,450 (2020.. £12,465). The trading results are s8t out in not8 5. Reserves Policy The Governors have reviewed the reserves of Ihe College. This r8viww encompassed th8 nature of income and expenditure stream5, the need lo match them wth commthents and the na￿re of reservos. The Governors are mindful of the affordability of fees in Ihe future and w)cre8sing costs, combined with th& College's requirements to maintain the fabric of its buiklings ané to enable new projects to be undertaken. The College continues lo prepare for these eventuali(ies and over the longertemi intends to build ils reserve base. The College's rèserves policy is to maintain sufficient funds lo sustain the College as a provider of education. The cash policy is lo maintain a reserve of approximatèly 3 months. expendrture of £2,500,000. As part of the budgeting process, the Governors revith¥&J th8 appropriat8 level of r8serves to be retained from income re￿iVed during the year ended 31 August 2021 to ￿loW fho Collgg& to continue operations in future Feriods. Page 8 SHIPLAKE COURT LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2021 At the 31 August 2Q21 total funds COMpr￿e.. Unrestricted Fixed asset funds Non4haritable trading funds Ganeral unrestrited fund5 15.575,441 14,371 1,438,963 Reslrictaj other restrfcted funds 2,885 Total 17.031,660 Inv8stm8nt Pollcy The College's aims to manage its cash balances to providefor the day to day wothing capital r8quir8mènls of its operations, whilst protecting the real long term vdue of any Surplus balances against inflation. In addition the College aims lo invest Surplus cash funds to oplimise retum, whilst ensuring the investment instruments are such that theie is minim81 risk tg the loss of these cash baLqncos. The College's free reserves were £1,453.334 at August 2021 12020.. £1.807,34•. Golng Concem Al the time of approval ofthe Annua ReporL although the COV1[￿19 Pand￿[C continues. the national pictur8 has improved. The Governors have revIev￿d the position carelulty wth a wew lo ensuring the ongoing provision of schooling for the pupils as well as emp￿CyMent of stsff. Th8 charity currently holds significant cash balanc&s supplemented, rf needed, by an overdraft tsulity. Demand forscl)ool places at October 2021 remains 8trong, with historically high numbers enro1￿ for the ac&Jemic year 2021122. Conservative Cash flow modelling with sensf(ivily analysis indicates that tho cash reserves CO the charty are adequate to meet the eharity's obligations as they fall due. Accordingly. the Govemors believ8 the School's financial resources are sufficient to ensure the School will continue as a going concem for the foreseeable future, being al least 12 months from the dale of approval of the financid statements and have therefor& pr8par8d th8 financial ststem8nls on a going Co￿eM basis. Fundra15ing During Ihfj 2020121 academic year the Shiplake Collage ccfflmunty rais￿ £7,899 through a wide range of fundraising events, from home-clothes days and ￿ke saes to park runs. Money raised was donated lo local and over8e8s ¢hariti8S SUPPOrted by the COl￿gO. The Cdlege, helped by rts Parent T￿￿er Assocralion and alumni (The Old Vikings), raised £16,193 towards facilities and equipment via a number of small18v&I fundraising activib'es throughout the year. All fundrasing act￿rt￿ focu5 on the current parents and other individuals or organisations connected wrth the schod and the bcal cornmunty. During thè financial year, the Co118ge did not r8ceive any fundraising c(Mmplaints requiring action by the Fundraising Regulator. FUTURE PLANS The Governors, intention is lo maintain ShipFake Cdlege as a boarding and day school, with the ethos focused on the prowsion of outstanding pastOf81 Care. They a￿ also detomined to maintain the College's Srnall class sizes and its emphasis on the newjs of individuai pupils. They intend lo wntinu8 to provide funds lo improve the quality of the existing teaching accommodation and also lo update the boarding houses as and when required. The Governors are examining a number of p0s￿b￿ options for the future develotxnenl of the College. These include refurbishment of the sc￿nCe laboratories as wdl as new playing fields and an amphithealre for open air performances. Future devdopmenl plans will be financed primarily from fee income and from our res8rv8s. The Gov8rnDrs need lo maintain an equitabte balan￿ so that our current pupils benefit whilst. at the same time, ensuring a sound infrastnjctyre and financial base are preserved for the next generation of pupils in the same way as our cuffent pupils benefrt today from the investment made in the past. Page 9 SHIPLAKE COURT LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2021 FufuRE PLANS ICONTINUED) The Governors our bursary and scholarship awards as important in widening xc8ss to the education our school provides and are building on and oslablishing new links with I￿al secondary schools to create mutually beneficial opportunrttes. RISK MANAGEMENT Shiplakg College Board of Governors is responsible for th8 man￿ement of the risks faced by Ihe College. Detailed considerations of risk are ddegated to the Finance and General Purposes Committe8, who are assistej by the senior 18ad8rship team. Risks are idèntif￿, assessed and controls estsblished throughout the year, A foThal review of the charitable CoMpan￿S risk management process@s is undertaken on an annual basis. Th& key controls used by.the Bharitabb C￿PanY include:_ formal agendas for all C¢Thmtttee and Board actwity., detailed terms ol reference for all Commrttees.. comprehensive slral8gi¢ planning. budgetin9 managemént accounting; established organisational structure ar￿ lines or reporting,. formal written policies., clear authorisation and approvallovgls.. and vetting procedures as required by lawfor the prOt￿tIon of the vulnerabl8. Through the risk management processes establis￿ for th8 Coll8g&, ShipL4ke College Govemrs are Satisfied that the major risks idenb.fied have been adequately miligaled where necessary.11 is recognised that 8yStems Can only prowde reasonable but ￿t absdute 8ssuran¢e that major risks have been adequately managed. Princlpal rlsks and uncertainties The principal and uncertainties to the continuad success of the school are assessed as.. Reputational risk- Ihe principal risk is a current or historic safeguarding failure leading to a loss or reputation. This risk is mar)8ged by a baLan¢ed approach of controls and training. A cutture of safeguardirbg is embedded throughDUtth8 College. Detailed safeguarding and child protection poI￿leS are in pl8Le. There is regular training and the College has the required and trained designat8d safeguarding lead. An annual revithv of safeguarding is unéertaken by the Board. Flnancial risk- tha principal risk is econom￿ change reducing the affordability of fees and a reduction in pupil numbers and therefore tha ability for the College lo cover significant capital repairs an replacements. The College mitigates this risk by r&Jular review of rts forecasts and reserve18vels. To mikn'gate the uncertainly and risk of a reduction in numbers. the College al1r￿aleS sufficient funds to provide a resourced marketing department. Pupil recrurf(menl and retenlH)n is reported at evèry meeting of the Finance and General Purposes Committee and also foms part of the headmaster's report to the main board. The provision of appropriate staff and facilitie5 is key lo attracting and retaining pupils. Th8 Governors review lemity the levels of staffing and through the headmaster ensure that the Coll&Je offers competitive salary and support packages. Performance risk- the prinapal risk k8 a worsening of exam Tesutt5. To mitigate this, perfomance is regularty monriored by th8 Educat#)n and Welfare CLYnmittee and reported directly lo the Board. Page 10 SHIPLAKE COURT LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2021 STATEMENT OF GOVERNORS. RESPONSIBiunE8 The Governors are responsible for preparing the Annual Report and the stslements in accordance wf(h applicable law and United Kingdom General￿ Accq)led Accounting praCt￿e IUnf(8d Kingdom Accounting Standards). Company law requires the Trusteès to prepare financHI statements for each finaneial year. Under company law the Trustees must not approve the financial ststements unless they are satisfied that they give a true and fair wew of the stsl8 of affairs of the charitable c¢*npany and of the Ir￿0M]ng resources and applicalion of rèsources, including the income and expenditure. of the charitable company forthat period. In preparing these fin8ncial stgtements. the Trustees are required to: seled suitable accounting policies a￿1 then apply them Consisten￿￿. observe the methods and princples in the charrt￿ SORP., make judgments and eslimales that are reasonable and prudent. slate whether applicabk UK accounting stan¢Jards have been followed. sutiect to any material d8parture8 disdosed and explained in the financial stalernents." and prepare the financiai statements the going concern basis unths it is inappropriate to presume that the charitsble company will continue in business. The Governors are responsib￿ for keeping proper accounting records that disclose with reasonable accuracy at any time the financi81 position of the company and enab￿ them to ensure that the financial statements compty with the Companies Act 20L￿ and the prowsions of tha charity's conslilulb?n. They are also fftsponsible for Safeguarding the assets of the charity and hence for taking reasonable steps f¢￿ the prevention and detection of fraud and other irregularib'os. PROVISION OF INFORMATION TO AUDrroR Each of the persons who are Govemors at the lime when the Governors, Report is approved has confirmed that: sofar as that Governor is aware. there is no ￿levant audf( infomiation of which thg companls auditor is unaware. and that Govemors have Isken all steps that they ought to have taken lo mae themsefves awarè of any relevant 8udtt information and to establish that the auditor is aware of that infomiation. AUDITORS A resolution to r&appoint Crowe Clarke Whitehill LLP as the tharitable companys audttor will be proposed al Ihe Annual Generd Meeting. This Annual Report, prep8red under the chanb.es Act 2011 and the Companies Act 2D06, was approved by the Goveming Body of ShTplake Court Limried on 3 D￿ernber 2021, including in their capacity as company directors approwng th8 Strategic Report contained therein: and is signed as authorised on ils bohalf by.. Sir David Chaim?an anner CBE Pag811 Crowe Crowè U.IL LLP Chart8xgdA¢eountdnls Member ol cr￿ Global Aquis House 49-5t Blagrave sireet R8adlng Begkshlre RG1 1PL, UK Tel 101118 969 7222 Fax +44101118 958 4640 ¥*w.cmwEco.uk INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHIPLAKE COURT LIMITED Opinion Vve have audited the financial statements of Shiplake Court Limf(ed for the year 8nd8d 31 August 2021 which comprise the consolidated Statement of Financial Activities, the consolidated Summary Income 8nd Expenditure Account. the Group and Company Balance Sheets, the consolidated Cash flow Slalement and notes lo th8 financial slalemenls, In¢￿dIng a summary of swJnific8nl accounting policies. The financial reporting framewoth that has been applied in their preparation is applicable law and Uni18d Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Siandard applicabb in the UK and Republ￿ of Ireland (United Kingdom Generally Accepted Accounting Pfaclicel. In our opinion th8 financral statements- give a true and fair view of the slate ofthe group's and the charttable company's affairs as at 31 August 2021 and of the group's incoming resources and application of resources, including ils income and expendf(ure for the ygar then end￿- have been propedy p￿pared in accor(lance with United Kingdom Generalw Accepted Accounling Practice,. and have been prepared in accordance with the requirements of tho Companies Act 2006. Basls for oplnlon We conducted OUT audit in accordance with Inlemationd Standards on Auditing (UK) {ISAs IUKII and applicable law. Our responsibilities ur)der those standards are further described in the Auditor's responsibilities for the audit of the financial slalern8nts section of our report. We are independent of the group in accordance wrth the ethical requirements that are relevant lo our audit of the financial slatoments in the UK, includiNJ the FRC"'s Eth￿al StarKlard. and we have fU￿illed our other ethical responsibilities in ￿Ordance w(th these requirements. We believe that t1￿ audrf( evidonce wo have obtained is sufficient and appropriate to prO￿e a basis for our opinion. Concluslons rnlatlng to golng concam We have nothing lo report In resrect of the f01b￿"n9 matters in relation to which the ISAS IUKI require us to report to you where.. the trustees. use of the g￿n9 concem basi5 of accounting in the prepar81ion of the flnancial slalemenls is not appropriate., or the Iruslees have not disclosed in the financial statements any identified material uncertainties that may cast signrficant doubt about the group's or the charitable company's ability to continue lo adopt the going concem basis of accounting for a period of at least tsVe￿e months from the date when the financial statements are authorised for issue. S5￿￿*￿[￿L￿EC4m7jw AIIs1 0ftyLLPsr￿￿trI re*w¥e4dTff¢¢ illthèUKtyth¢ Pag8 12 A CK)we INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHIPLAKE COURT LIMITED {CONTINUED Other Infornlatlon The trustees are fftsponsible for the other infornation. The other infi)rmation ccmnprises the infomiation included in the annual report. other than the financial statements and our audttorfs report Ihereon. Our opinion Dn the financial sl*emenls does not cover the other infomialion and, except lo the extent otherwise explicitly staled in our report. we do not expr8ss any fomi of assurance conclusion thereon. In ¢onnection wlh our audit of the financial StsteM￿￿$, our responsibllrty is lo read the other information and, in dcmng so, consider whether the other infornialion is materially incon5iStenl wrth the financial statements or our knowledge obtsined in the audrt or OtherW￿e app8aTS lo be malerially mis8tsled. If we identify such Materi￿ inconsistencEs or apparent material misslatements, we are required to detemiine whether there is a matenal misstatement in the financial slatemfrnls or a material misslalemenl of the other infomation. If, based on the WO￿ we have perfonned, we conclude that there is a material misslatemenl of this other informth"rm. we are required lo report that fact. We have nothing to report in this regard. Opinions on othèr mattèrs p￿$¢1{￿8d by the Companles Ad 2006 In our opinion based on the work und8rtak8n in th8 course of our audit the information g￿en in the tnjstees, report. which includes the directors, report and th8 strategic r8POrt pr8par8d for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the finanoial statements,. and the stralegic report and the directors" report included within the trustees, report have been prepared in accordance wlh applicable legal iequiremenls. Matt•rs on whkh wa aro requlred to report by ex¢eption In light of the knowledge and understanding of the group and the charitable company and their 8nvironm8nl obtain8d in the course of the audti, we have not identffied material misstatements in the Islralegic report or thel directors, report included within the trustees, ￿Port. We have nothing to report in respect of the folbwlng maiters in rekbon to which the Companies Act 2006 requires us lo report to you rf, in our opinion.. th8 par8nt CDmpany has nol kept adequate accountiThJ records.. or the parent c(Nnpany financial statements ar8 not in agr88menl ￿th the accounting records and returns,, or certain disclosures of trustees. remunerah.on specffied by law are made" or we have not received all the information and 8xpkn*ions w8 require for c￿r audit. Responsibllities of trustees As explained Ma￿ fully in the trustees, responsibilities statement. the twslees Ivtho are algo Ihe directors ofthe charitable company forthe purposes of company law) are responsibl8 forthe preparation of tha financial slalemenls and for being satisfied that they give atrue fair view, and for guch inlemal control as the trustees delemine is necessary lo enabk the preparation of financial slalemenls that are free from material misststemenl, whether due to fraud or error. Page 13 Crowe INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHIPLAKE COURT UMrrED (coKfiNUED) In preparing the financial slalemenls. the trustees are re5pon5ible for assessing the group's or the charitabl8 company's abili(y lo continue as a going concern, disck)sing. as applicable, rnatters reL7led lo going concern and using the going con￿rn basis of accounting unless the trustees either intend to IKiuidate the chaif(ab18 company or to cease operalicffis, or have no reaistic altemalive but lo do so. Audltorfs r8sponslbllltles forthe audll of the flnanclal 8Lthments Our obl￿tiveS are lo obtain rea$￿able assurarKe ab0Ut￿etherthe financial statements as a whob are free from malarial misstatèm8nl, wh8thar du& to ftaud or errol. and to issue an auditor's report that includes Dur opinion. Reasonable assurance is a high ￿Ve1 of assur8nee, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will a￿ayS detect a materia misslal8m8nt when il 8XlSts. Mi8slatemenls can arise from fraud or error arKI are considered material if, individually or in the aggregate, they could reasonably be expected lo Influen￿ the economic decisions of users taken on thè basis of Ihgse financial stat8m8nls. A further description of our responsibilities for the audit of the financial slatements is I￿ted on the Financial Reporting Council'5 website at.. w￿.frc.O[ -ukJaudrtorsres nsibilrties. This description forms part of our audftorf$ reFn of regulatory and correspondence. rf any The greatest risk of material impad on thg financial statements is from iryegularities, including fraud, lo bè within the timing of recognf(ion of non fee income. and the override of controls by management. Our audit procedures to respond to thesè risks included enquiries of management, arKI the Finance and G8n8ral Purposes Committee about their own identifution and assessment ofthe risks of irregularities. sample testing on the posting of journals, sample lesling on non-fae income, reV￿WIng accounting eslimat8s for biases, reviewing regulatory correspondence wrth the Charity Commission. Independent Schools Inspectorate, Ofsled and reading Minutes of meetings of those charged with govemance. Owing lo the inherent limitations of an audff(. there is an unavoidable risk that we may ngt have detected some rnalerial misslalemenls in the financial statements, even though we have property pLgnn8d and parfomied our audit in accordance with auditing standards. For example, the fvrthet removed non-compliance with laws and regulations lirregularilies} is fr(¥n the events and transacb.ons refthted In the financial statements. the less likely the inherenlty limited prccedures required by auditing standards wo¥Jld identify rt. In addili)n, as with any audit, there remained a higher risk of nOn￿et￿tK)n of irr8gulariii8s, as Page 14 ## **Crowe** ## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SHIPLAKE COURT LIMITED (CONTINUED)** these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non­ compliance with all laws and regulations. ## **Use of our report** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Janette Joyce Senior Statutory Auditor For and on behalf of ## **Crowe U.K. LLP** Statutory Auditor Reading 6 December 2021 Page 15 SHIPLAKE COURT LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2021 Total 31 August 2021 Total 31 A(￿￿8t 2020 Unmtrlcted Reslrfcted Funds funds Notes INCOME FROM.. Voluntary income Donations and grant incomé harltable actlvitigs.. Colleg& fees Ancillary trading income Income from generated funds: Investment income Non-ancillary trading income Other incom8 117.325 8,466 125.791 272,399 10,737,689 730.407 10,737,689 730,407 9, 762, 641 641, 752 l.T68 160.481 1,768 160.481 23,9fT 150, 141 Total 11766300 11764766 10 850 850 EXPENDITURE ON: Charitable activitias: School oporaling wsts Ralslng funds: Trading expenses Flnanee and other costs 10.660,099 8,466 10,668,565 9, 8T7, 130 45,750 46,760 37,030 Total 10797775 9 999 81 4 Nét income 958,$25 958,525 851,036 Other recognlsed galns Fair value movement on derw*ive conlrxls Net movement In funds 1,000,461 1,000,461 873,536 Fund balancas at 1 September 2020 16028 314 16031199 15 157663 Total funds at 31 August 2021 All activities are continuing. All gains and lossès reCcyni5￿ in the year are include in the statement of financtal activities. The notes on page5 20 to 38 form part of these financial Stat￿￿entS Page 16 COMPANY NO: 612809 SHIPLAKE COURT LIMITED CONSOLIDATED BALANCE SHEET 31 AUGUST 2021 2021 2020 Notes FIXED ASSETS Tangible fixed assets 11 16.181,695 14,904,257 CURRENT ASSETS Stock Debtors Cash al bank and in hand 15,984 3,917,717 3 691802 t7,819 3,618,243 4 030 299 14 7,625,503 7,666,361 CREDITORS.. Amounts fallin9 due within one year 15 6 105 004 5 756 465 NET CURRENT ASSETS 1 520 499 TOTAL ASSETS LESS CURRENT LIA81LITIES 17,702,194 16,814,153 CREDITORS.. Amounts falling due after more than one year 16 638 270 741908 NET ASSETS EXCLUDING PENSION LIABILITY 17,063,924 16,072,245 Penslon scheme fundlng deflclt TOTAL NET ASSETS CAPITAL AND RESERVES Sharè Capital Restricted Funds Designated Fixed Asset Fund Unrestricted Funds- General funds (School and Trading) 16 2,885 14,220,911 1807 343 20 20 20 2,885 15,S7S,441 1453 334 The profil for the financial year dealt within the financial slalemenls of the parent company was £994,19612020.' £882,054). Approved and aulhorised for issue by the Board of Governors on I r)ECC 20£1 and signed on ils behalf by".- Sir David Tanner CBE CEve The notes on pages 20 10 38 form part of these financial stslements Page 17 COMPANY NO: 612809 SHIPLAKE COURT LIMITED CHARITY BALANCE SHEET 31 AUGUST 2021 2021 2020 Notes FIXED ASSETS Tangible assets Investments 16,181,695 14,904,257 12 16,181,703 14,904,265 CURRENT ASSETS Stock Debtors Cash al bank and in hand 15,984 3,922,485 3 637 549 17,814 3, 657,231 3 973421 14 7,576,018 7,648,466 CREDITORS.. Amounts falling due within one year 6 069 898 5 746 684 NET CURRENT ASSETS 1506 120 1901 782 TOTAL ASSETS LESS CURRENT LIABILITIES 17,687,823 16,806.047 CREDITORS.. Amount5 falling du& after more than one year 16 638 270 747 908 NET ASSETS EXCLUDING PENSION LIABILITY 17,049,552 16,064. 139 Pension scheme funding deflcll TOTAL NET ASSETS CAPITAL AND RESERVES Share Capital Reslricled Funds Desigrialed Fixed asset Fund Unrestricted Funds 18 20 20 20 16 2.885 15.575,441 1438 963 t6 2,885 14,220,9T1 1799 237 Approved and authorised for issue by the Board of Governors on 'Z b É c C M Qc (L IrJ 21 and signed on ils behalf by'_ Sir David Tanner CBE CEve The notes on pages 20 10 38 form part of these finan¢ial statements Page18 SHIPLAKE COURT LIMrrED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2021 2021 2020 Net movement in funds Depreciation Profil on disposal of fixed asséts Inv6slmenl income Bank interest paid Ilncre8sellDecrease in st￿k Increase in debtors IDecrease)fincrease in creditors Movement in pension def￿1t 1,000,461 729,861 18.6301 11,7681 41,572 1,835 (299,474) 321.933 873,536 582,535 (23,9t7) 44, T85 {4, 139) (57,909) f133, 185) Net cash provlded by operatlng activitles Cash flows from Inv•sting actfvitles Purchase of tangibl8 ffxeé assets Proeeed5 ffom the disposa of T￿ed a5sots Inveslm8nl income 12,007,299} 8.630 (2,61T,928J Net cash used In Inv•stlng acllvlties Cash flows from financlng activities InteTesl paid Rèpayment of loan Advanced Fee Schwrte.. Amounts utilised and fftpaid 141,5721 {77.0321 (44, 785) (62,587) . Net cash used in financlng activitles Chang& In cash and cash equlvalènts In the year 1338.49n (1,495, 670J Cash and cash equwal8nts al the beginning of the year 4 030 299 5 525 969 Total cash and cash equivalents at the end of the year 26127 The notes on pages 2010 38 form part of these financial statements Page 19 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021 CHARrrY INFORMATION Shiplake College's princip81 aclNity continues lo ￿ the provision of an independent school wl(h facilities for boarding and day boys aged 11 to 18 and for girls aged 16 to 18. The charity, incorporated by share capital {charty number 309651, company number 6128091, is registered in Enuland and Wales. The address of the registered office is Shiplake College, Henley on Thames, Oxon. RGg 43W. STATEMENT OF ACCOUNTING POUCIES The folbwro accounting pJlicie5 have been used consistently in dealing wrth itemswhich are considered material in r91ation to the charitab￿ company and rts subshliary companls financial statements. Accountlng convention The financial statements have been prepared in accordance with Accounting and Reporting by Ch8rities'. statement of Recommended Pradice applicabk to charitw preparing their accounts in accordance with the Fin8ncial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1 D21 leffeetive 1 January 20151- Charities SORP IFRS 10211. the Financi81 Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. Shiplaka Court Limited meets the defintbon of a Publ￿ benefit entity under FRS 102. Assets and liabiliti8S are initially recognised at historral cost or transaction valu8 unl8SS Othermse stated in the relevant accounting policy notelsl. The resuRs of the subsidkgry are presented ￿ the consolidated SOFA by disclosing the income and expenditure derived frcffi ils activities separatety frcth those of thè Charty. An Income ané Expend(cure account for the subsNliary is included in note 6. The cornPan￿S assets and liabilities are included in tha b￿a￿e sheet Dn a line*y4ine basis, in accordan￿ with the SORP. No separate SOFA has been presented for the Charity as pemiitied the Charilies SORP and sedion 408 of the Companies Act 2006. At the time of approval of the Annual Report, a￿hoUgh the COVID-19 pandemic continues, the national pidure has irnproved. The Governors have rewewed the position carefLElly with a view to ensuring the ongoing provision of schooling for the pupiL8 as well a5 empbyment of staff. The charf(y currently holds signrficant cash balanc8s supp18m8nt8d: if ne8d6d, by an overdraft facility. Demand for sch¢x)I places at Octther 2021 remains strong. wrfch historically hvJh numbers enrolled for the academTrc ￿ar 2021r22. Conservative cash fk)w modelling wrth sensilivily analysis Ind￿at&S that th6 cash reserves of the charity are adequate lo meet the eharily's obligations as they fall dua. Accordingly, the Governors believe the School's financial r&sources are sufficEnl to ensure the School will conlinue as a going concern for the foreseeable futum, being al least 12 months fr{￿ th6 date of approval of the financial statements and have therefore prepared Ihe financial slalements on a going concem basts bl Unrestricted general funds These are funds which can be used in accordance with the charitab18 Obj￿ at the discretion of the directors. Designated funds These are funds Set aside by the directots out of unrestfKted general fiJnds for specific future purposes or projects. dl Restdcted funds These are funds that can only be used for specffic restricted purposes wlhin the 0tr4ects ofthe charitabl8 company as laid down by the donor. Expenditure which meets these crrteria is charged lo the fund, together with a fair albcalion of relevant overheads. Further explanation of the natur& purpose of each fund is included in Ihe notes to the financial statements. Page 20 SHIPLAKE COURT LIMrrED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 ACCOUNTING POLICIES (CONTINUED) Incom6 All incoming resources are included in the statement of financial actwities when the Charitab￿ ceqnpany is legally entitled lo the income, r￿elpt is probabk and the amount can bè quantifEd wlh reasonable accurxy. During the year the Charity received £117.325 from the UK Govemmenl under the Coronavirus Job Retention Scheme. This inccthe has been recognk8ed underthe performance model as pe￿itted by th8 Charity SORP and therefore reccgnised on a straight line basis over the furlough period for èach relevant emplDyeo. Fe05 and slmilar income Fees mceivable and charges for services and use of premises are acwunted for in the period in which the service ig provided. Fees receivable are state(l after deducting allowanc8s, scholarships aThJ other iemi5sions granted by the college. InGom• from pupll extras Charges are made to pupils lo cover the cost of 'Extras'. In some cases the costs slightly 8xceed the charges made and in others there is a small surplus remaining. The intention is for pupils to pay for Ih8se Costs bul not to ¥hieve a profrt on recharging. h) Expendlture Expenditure is accrued as soon as a liabillty is considered prob￿￿, d￿counted ID present value for longer larm Ikabilities. It is summarised under funct￿nal headings on a dIr￿t cost basiq. Ovethead and other costs not direcuy attributab￿ lo particular functional ￿t￿llY calegorTres are apportioned over the relevant categories on the basis of management estimates of the amount attnbutable lo that activty in the yearfy reference lo staff time. The irrecoverable element of VAT 18 included with the item of expense to which il rolales. Govgrnance costs comprise the costs of running the charitable company, incIL￿ing strategic planning for ils fLrture development, extemal audit, any18gal adV￿e for the directors, and all costs of complying with constrtutl0n￿ and slalutory requirements, such as the costs of Board and Committee moetings and of preparing slatutory accounts and satisfying pU￿]C accountabilty. Penslon schemes The ¢harTtable Gompany conlributes lo the Teachers superannuth.on Scheme al rates set by the scheme actuary and adwsed lo the board by the scheme adminislralor. The Scheme is a rnulfi-employer pension scheme and it is not possible to idenlrfy the aSS￿S and IBbiif(ies of the scheme which are attributab￿ lo the college. In accordance with FRS 102 therefore. the scheme is accounted for as a defined contribution scheme. The ch8tity Gonlributes to the Pensions Trust Growth Plan for certain of rts employees. This is in most respects a money purchasg arrangement. bLrt doe5 indude certain guaranteed b8nefrt elements. The Plan is a mutti•employer sch8me as it is not possible in the ncthal course of events to identify the share of the tjnderlying assets belonging to the indwidua participating employers and accordingly, in accordance with FRS102. Is aecounted for as a defined contribution scheme wrf(h ctsntributions being recorded as they become payable. However. the Schod also makes deficit contributions to the scheme, in accordance with FRS 102 these payments have been measur&d at fair value and includgd as a liability on the balance sheet. The charty also contributed to a Personal Pension Plan until March 2020. The contributions war8 charged lo the Statem8nt of Financial Aclivities in the prevtous financial year. Pag8 21 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 ACCOUNTING POUCIES {CONTINUEDI Flnanclng costs Financing costs include amunls accrued in aecordance with the terms of the Ad￿nce F* contracts. k) Tangible fixed assets and doprKlatlon Depreciation ig provided on all langibla assets in order to write off their cost less residual value over their estimated useful lives at the following rates-. Freehold propety 2% on cost Vehicles, mowers and fumiture 25% on cost Sport8 equipment and boats 20-25OA on cost Plant and machinery 10¥0 on cost IT equipment 330A on cost Items are caprtalised on an indNidual assessmenl basis. stocks St¢xks are valued at the I￿￿er of cost and net realisable value. Taxation The company is a registered charty. 11 has M liabilityto Corporation Tax on any of rts gourc8s of income or any chargeable gains realised to date. Financial instruments Basic financial instrumonts include debtors and cr￿litorS. Debtors and creditots a￿ in((ially recognised at transaction value and subsequently measured st amortised cost. Note 25 proirides more inforrnalion on financial instruments where future cash kn are anticipated: with financial assets referring to r￿ed asset investments, cash, debtor baL4nces excluding prepayments. and financial liabilrties referring to all creditor balances excluding deferred income and S￿la1 security and other taxes. Derivatives, induding intemsl rae swaps, are not basic financial instruments. DerNatives are initially re¢ognised al fair value on the date a derivative contract is entered into and are subsequently re- measured al their fair walue. Changes in the fair value of derivatsves are recognised in the Slalamenl of Financi￿ ActNitses. The charty does nol currenuy apply hedge accounting for interest rale deriwalwes. Cash and cash equlvalents Cash is represented by cash in hand an(J det*)sits wf(h financial institutions repayable ¥wthout penalty on notice of nol more than 24 hours. Cash gquivatents are highly liquid investments that mature in no more than three months from the d*e of acquisthn and that are readily convertible lo known amounts of cash with insignificant risk of Ghange in value. pl Pargnts. dgposlts The Governors have review￿ the contract ternis under whth Pupil fee deposrts are held by the School. Although under nomal ureumstances these wll be repaid over future years when the pupils complete their education al the schcx)I, pupils can ￿ave at earlier dates. The School do8s not therefor8 have an u￿ondItiOnal right to retain the individua5 deposits lor al least 12 months after the balance sheet dale and, in line wrfch the requirements in FRS 102, Ihe balance of the deposits held at 31 August 2021 have been included within current liabilit￿. The prior year Pupil fee deposrts balance has b￿n similarly r•pr8sented. Page 22 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 JUDGEMENTS IN APPLYING ACCOUNTING POUCIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY In thg application of the charity's accounting policies, which are described in note 2 Governors are required to mthe judgements, estimates and asSuMpt￿S about the carTrirMJ values ofassets and liabilities that arè not readily appwenl from other sources. The estimales arvJ underfying assumptions are based on historical eXper￿A¢e and other factors that are consmjered to be relevant. Actual results may drffer frun th8sg eslimalas. The G)v&mors cons#Jer that thw8 are no material jUdg￿ents in applying accounting policies on key 8our¢es of estimation uncertainty. GRANTS AND DONATION8 2021 2020 Donations Coronavirus Job Retention Scheme Grant 4,035 268.364 117325 COLLEGE FEE8 2021 2020 cdlege's f* inc¢)me comprised: Gross fees Less.. Total bursaries and alkmiances 11,779.421 1041732 10,589,644 TRADING INCOME AND EXPENDITURE Shiplake Court Limited owns 1(KJVh of Sh1￿ko Court En18rprisas Limit8d. This Cr￿panY proMde5 catering facilities, entertainment, and recreational aclNitses and donates rts annual ta￿able profits to the wllege under the Gift Scheme. Trading results extracted from ils audited financial ststem8nls are shown below.- 2021 20 Turnover Cost of sales 60,537 46,049 Gross Profrt AdminislratiV8 expenses 36.836 25,550 Net Proff( 9,715 3,947 Rfjlained eamings * the beginning of the year Prolil for the year Gilt aid donation 8,106 9,715 16,624 3,947 Relain8d 8amings at the erKI of the year Nel Assets Pag8 23 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 TRADING INCOME AMD EXPENDITURE (contlnuod) Included above is £14.355 (2O20.- £12.217J of incom8, a management charge of £5.072 (2020.. £5,072) and orft aid of £3.45012020.. £12,465) which are eliminaled on consdidalion. The r￿ISter8d Off￿8 of Sh1￿ke Court Enterprises Limited is.. Shiplake Collegg, Hgnley on Thames, Oxon, RG9 4BW ANCILLARY TRADING INCOME 2021 2020 Insurance commission Regl8lrallon feés Learning support income Fegs in lieu of nbti¢e and forfefrtad deposits Overnight stay incorne School trips, events and travel Other incixne 70,819 34,6QO 232, 776 81,078 16,008 243.370 37,550 245,81 64,470 3.456 385,259 NON ANCILLARY TRADING INCOME 2021 2020 Late payThent surcharges Miscellaneous income Trading- turnover Rental income 22,591 9,520 46,182 34.071 5, 729 33,832 TOTAL RESOURCES EXPENDED Staff costs Depr￿latIon Other 2021 2020 Charltablo axpenditure Teaching costs Welfare costs Premises costs Support costs 4.420.203 298.384 419,315 1326 016 40,680 335,490 1,029,725 1,191.375 918 196 4,796,373 1.328,109 2,257,641 2 286 442 4,538,501 1. 136,560 2, 129,034 2 073 035 646.951 6.463.918 729.861 3,474,786 10.668.565 9,8T7,130 Cost of generatod funds Financ8 and other costs Governance 76.616 76.616 65.242 CHARITY 6.463,918 729,861 3,566.712 10,760.491 9,962, 784 Trading expenditur6 GROUP Page 24 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 TOTAL RESOURCES EXPENDED- CONTINUED Staff costs Doprgciatlon Other 2020 2019 Charftablg expendlture Teaching costs WetFare costs Premises costs sUp￿rt costs 4, 159. 604 3CiI.984 456,062 1296 284 40,6 338,217 835.576 I. t73,347 4,538,￿1 1. 136,560 2. 129,034 2 073 035 4, 763,091 1,577.371 2, 133,967 2229 88 499,625 6,21Z934 582.535 3,081,661 9,877. 130 10.704,017 Cost of generated funds Finance and oth&rcosts Govemance Exiernal courses 65.242 20.4f2 S4242 20,412 65,449 14.845 CHARITY 6,212,934 582.535 3.167,315 9,962, 784 10, 875,390 Trading expenditure 37 030 ￿207 GROUP 2021 2020 Expendlture- Other dlsclosurns Ch8ritable expenditure includes.. we￿are costs Ir￿lude wages and empkjyrnent charges paid to outside caterers Minor bu1￿1ng and refurbishment costs expensgJ 438,155 334,571 bl Charty management and a(Iminislralion includes.. Audit fees- Consolidated Finance costs.. Fee intorost payab￿ lo parwls Bank charges and interest 1, 122 dl Insuran￿ costs Profit on sale of tsngible fixed assets The directors have trustee's indemnrty insurance which is included in the employer's liability insurance of the charilabte ccThpany. Pagè 25 SHIPLAKE COURT LIMrrED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 10. WAGES AND SALARIES 2021 2020 Wages and salaries Social security costs Pension contriblrtions 6,098,967 508,582 4.908,838 498,834 No. No. The average numbèr of employees in thg PO￿0d wo9: Teaching WelFare Premises Support 86 14 28 46 14 26 50 Tho number of employees whose emDluments exceeded £60.000: £60,001- £70,￿0 £70,001- £80,000 £80,001 - £gQ,000 £120,001- £130,000 Number of higher paKI e￿￿OYeeS contributing to a pension scheme Totsl w5t of employer'¥ contributions in ￿latIon lo the above The directors received no remuneration or other benefrts for the year. During the year no directors {2020.' on6) were r￿mburSed expenses of in reiatiort lo attendan￿ al trustee training12020.' £97J. K9y Manag￿ent personnel include the directors and officers listed on page 1. Key management personnel received aggregate remuneration {including Emptoyeis Pension, Employers Nl and BIKSI of £550.752 (2020.. £548, 731). Included wthin staff costs ar8 t8miinatK)n payTnents totslling £9,088 (2020.. £N￿J. Page 26 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2021 11. TANGI8LE FIXED ASSETS Assèts In tho cour Boats & Sport¥ Equlpment Froehold Property cor￿00n Flxfvr•¥ & Flttlng8 Vehl¢lo• & Mowor8 Total GROUP COST.. At 1 Septemlxr 2020 Additions Transfe Disposals 16,4(X).826 4,125.109 1,911,882 15.974 6951 1,598,068 7S3.695 39,063 112.96e 382,105 23,269,603 2,007,299 5.665,131 At 31 August 2021 915 724 25 241855 AC¢UMUU4TEO DEPRECIATION: At 1 Sèptèmber 2020 Charge for the year Disposals 6,347,761 412.771 1.107,516 220.49) 65),175 54,191 259,894 42,409 6,365.346 Y29,861 At 31 Augu8t 2021 1317 149 27 704 366 ￿113 NET BWK VALUE: At 31 Augu¥t 2021 At I Septgmber2020 Assets In th• cours• Boats & Sports Equipment F￿hOld Property ixturès & Fittings vehicl￿ & Mower5 n•twuctlon Total CHARITY COST.. At 1 September 2020 A(*Jitions Transfers Disposa18 16.41J).626 4.125.109 1.911,882 15,974,695) 1.583.708 56.354 196,598 10 857 763.695 39 063 112,966 382,105 23,255,243 2,007,299 5.665.131 24 1￿) Al 31 August 2021 22 065 757 915 724 357 15 25 241855 ACCUMULATED DEPRECIATION: At 1 September 2020 Charge forlhè ye4r Di3po8a 6.347.781 412,771 1.(YJ3.15S 220.4 PJ50,175 54,191 259,894 42.409 8,3SO.986 729,861 47 At 31 AugLSt 2021 6 760 532 704 366 278113 9 060 160 NET BOOK VALUE: At 31 August 2021 Al 1 Septgmber2020 All 888ets are used in furtheran￿ of the charivs (4)jects. Page 27 SHIPLAKE COURT LIMrrED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 12. INVESTME1￿s- Charty onty 2021 Charlty Investment in subsidiary company- 8 ordinary shares of £1 each 13. STOCKS Group ChaTIty 2021 2020 2021 2020 Stocks 14. DEBTORS Group Charlty 2021 2021 2020 Fees ledger Other debtors Shiplake Court Enterprises Limlted PrepayTh8nts and ￿rUed income 3,608,129 52,505 3,384, 669 23,563 3,608,129 52,505 5,118 256 733 3,384, 188 21,076 42,525 209 442 210011 CREDITORS: due wthin one year Group Charity 2021 2020 2021 2020 Bank k)ans Isee note 1 n Trade creditors Social Security arKI other taxes Other credftors Depos((s Accruals and def8rred income TO,133 659.858 5,359 34,874 762,526 85,463 490,440 4,885 43,291 711,556 4 420 830 70,133 638,961 85,463 490,3T9 2,965 43,291 711,556 4 413030 34,874 762,526 4 563 404 Deferr￿ income relates to Michaelmas tem fees for the 2021122 finallcial year that were raised before the end of the current financial year. Page 28 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 CREryTORS- GROUP AND COMPANY- Amounts f￿[ing due after more than one year 2021 2020 Bank loans (see note ln Derivative contract $36,121 102 149 597.823 144 085 The Group has loan facili118s available tolalling £606,25412020.. £683.286I- There is a hedging instrument in plactr lo protect the SchooE against increases in interest rates in line with the grwp s interest rate nianagement poI￿y. The hedging instruments, which have be&n measured at fair valu& ar8 r8cognis8d in the financial statements in accordance %Mth FRS102. 17. BANK LOANS IGROVP AND COMPAN The aggregate aM￿JnI repayable by inslalments Group 2021 2020 In less than 1 year Between 1 and 2 years Between 2 and 5 years Greater than 5 y8ars 70.133 70.741 216,807 85,463 79,387 238, 161 280 275 The bank kan is secured by a serie5 of fixed charges over the charitable wmpanls freghoid property. InleTesl on the loan is variab￿. As Ihe bank loan is included in the College's consolKlated agreement it is technically repayable on demand. However. as the loan has 8 specific repayment schedule Ihe balances have been disclos8d in accorda￿9 with those tem$. 18. SHARE CAprrAL 2021 2020 Allotted, called up and knlty paKI 16 Ordinary shares of £1 each Page 29 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 19. ANALYSIS OF NEf ASSEfs BEf•VEEN FUNDS - Group 2021 Fixed Asset$ Net Current Asset$ Long Term Total 2021 Restricted Funds Unrestricted Funds Share capital 2.885 1,517,598 16 2,885 1670,518) 17,028,775 16 16.181,695 2020 Fixed Assets Net Cuffgnt Ass&ts Long Tem7 abilities Total 2020 RestnctedFunds UnTrslricted Funds Share capitsl 2,885 1.906,995 16 2.885 (r82,938) 16,028,314 76 f4.904,257 Page 30 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 20. FUNDS Resldcted Funds 2021 Balance 1 Septernber 2020 InccAning Resources Resources Expended Transfers Balance 31 August 2021 Sports lour fund Bursaries other restricted funds 2885 2,888 4,213 (4.213} other restricted funds include donations towai'ds Rugby and a m8morial for a former pupil. Unrestr1￿8￿ Funds 20 Balance 1 September 2020 In¢c¥ning Res¢)urces ResouThs Eypended Gainsl {k)ssesl Transfers Balance 31 August 2021 Fixed Asset fund General fund 14.22Q,971 1799.237 1729.8611 10022164 2,084,331 2090 164 15,575,441 1438 963 11710118 CHARITY 16,020.208 11.710.118 (10,752,025) 41,936 15,8331 17.014A04 Non-charilable trading funds Fixed asset fund- This is the value of the College fixed assets less the bank k>an. Page 31 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 FUNDS Icontlnuedl RestriGt8d Funds 2020 Balance Incoming Resources I September ResourGes Exp8nd8d 2019 Transfe 881&nce 31 August 2020 O¢horrostricted fvnds 885 425 UnrestrFCted Funds 2020 Balance Incoming 1 September ResOU￿eS 2019 Resourcès Gains/ E¥pend8d (losses) Trdnsfe Balanc& 31 August 2020 Dgsignated fund- Legscy funé Designated hind Rowing Designated fund- Bursary Fixed Asset fund General fund 493,094 (493.094) 154,585 7.548 (9.545) (152,588) (s￿} (582.535) 9 369 779 12, 122,991 2 288 476 ￿￿085 2,680,515 14,220,971 1799 237 CHARITY 15,059, 146 to,816, 133 (9.962,359) 22,500 84, 788 16.020,208 NDn-chantable trading funds GROUP 21. CAPITAL COMMITMENTS At th8 year end the school has £22,417 {2020.' £Nil) contracted captsl cc¥nmllmenls. Page 32 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 AUGUST 2021 22. PENSIONS The School participates in the T8ach&rs' Pension Scheme Iyhe TPS") for fts leaching staff. The pension charge for the year includes contributions paya1￿¢ to the TPS of £731.067 (2020.. £69Q,524) and at the year-8nd £nil (2020.. £nFI) was accrued in respect of contr1blrt￿ns to this seheme. The TPS is an unfunded multiwemployer defined benefrts pènsK)n Sch￿￿9 govemgd by The Teachers, Pensions Regulations 2010 {as ￿ended) and The Teachers. Pension Scheme Regulations 2014 (as amended). Membets contribute on a 'pay as you go" basis with ¢ontribLrtions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parfiamant. The employer contnbulion rate is set by the Secretary of State following seheme valuations undertaken by th8 Govemmenl ActuarY5 Department. The most recent ￿tUarIal valuation of the TPS was prepared as al 31 March 2016 and the Valuation ReporL whieh was published in Ma￿h 2019, confirmed Ihal the employer conlfibution rale for the TPS would inuease from 16.40k to 23.60h from 1 September 2019. Employers are also required to pay a scheme administrab.on le￿ of o.oeyo giving 8 total employer contribution rale of 23.68%. The 31 Ma￿h 2016 Valuation Reporl was prepared in accordartce wrth the beneffts set out in the scheme regulations and under the approach specffied in the Directions. as they applied at 5 Marth 2019. However, the assumptions were consK1eroY and set by the Depattrnent for Education pmr to the ruling in tho 'McCloudlSargeanl case,. This case has raquired the courts lo consKler cases regarding the implemenlaknon of the 2015 reforms to publ￿ SeNce Pensions including the Teachers, Pensions. On 27 June 2019 the Supreme Court denied Ihe government permission to apwal the Court of Appeal's judgment that transitKJnal provisions Intrc¥Juced lo the reformed ￿nsIon schemes in 2015 gave risa to unlawful age discrimination. The govemmenl is respecting the Court's decision and has said it will engage fully with the Employment Tribunal as well as employer and mernber representatives to agree how the discriminations will be remedied. The govenmnenl announced on 4 February 2021 that it intends lo proceed with a deferred Choi￿ underpin under which member5 will be ab￿ to chwse erther legacy or refomed $Ch￿ne benefits in respect of their servre during the perityj between 1 April 2015 and 31 March 2022 al the point they Ixc¥me payable. The TPS is subjectto a costcap mechanism wh￿h was put in pl￿ to protecttaxpayers against unforese6n ch8ng8s in scheme costs. The Chief Secretary lo the Treasury. having in 2018 announced that there would be a review of this cosl cap mechanism, in January 2019 announced a pause lo the cost cap mechanism fdlowing the Court of Appe￿,$ ruling in the Mccbudlsargeanl case and until there is ￿rtainlY about the value of pensions lo ￿mploYeeS frtyn April 2015 onwards. The pause was lrfted in July 2020, and a consultation was launched on 24 June on prcyosed changes to the cost contrrA meohani8m follc)wing a revièw by the Government Actuary. The consuttation closed to respons& on 19 August 2021 and the Government is currently analysing the responses. In vifjw ol the above rulings and decFsions the 8ssumptfr)ns used in the 31 March 2016 Actuarial Valuation may become in¥propriate. In this scenario. a valuatitsn prepared in accordance wlh revised benefits and suitsbly revis¥J assumptions woukl yield drfTererrt resutts than those contained in the Actuarial Valuation. Until the cost cap rnechanism r¢view is ccfflpleled it is not possible lo conclude on any financial impact or fuluie changes lo the contribLrtion rates of the TPS. Aecordingly no prowsion for any additional past b8nefil pension costs is included in these financial sL*ements. Su ort staff . Defined Benefit Scheme Certain employees of Shiplake College Ltd are entilled to m￿￿rshiP of the Pension Trust Growth Plan I'the Plan l. This is a mutti-empbyer pension plan. It is not posSi￿e for the company to obtain SLfftienl information lo enable it to account for the sch￿￿8 as a defined beneftt Scheme therefore il is accountèd for as a defined wntributhm scheme. Pag& 33 SHIPLAKE COURT LIMrrED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 22. PENSIONS Icontlnuadl Contributions paid into the Plan up to and including September 2001 were converted to definod amounts of pension payable from normal retirement dales. From Octob8r 2001, contributions were invested in personal funds which have a capital guarantee and which are converted to pensTron on retirement, erth8r wilhin the Plan or by the purchase of an annuity- The Trustee commissions an actuarial valuation of the Plan every thre6 years. The purpose of the actuarial valuation is lo d8t8rmine the funding p08ition of the Plan by comparing the assets wrth the past 8ervice liabilities as at the valuation dale. Asset values are calculal8d by reference lo market levels. Accrued past service liabilities are val¢Jed by discounting expected future benefrts payrnenls using a discount rale calculated by reference lo the expectgd fLrturg investrnwt retums. Th& rulès of the Plan give the Trustee the power lo require employers lo pay a￿dit￿n￿ contribulions in order to ensur8 that tha statutory funding obj-ective under the Pensions Act 2004 is mel. The stsgtutory funding objective is that a pension scheme shoukt have suftient assets lo meet its past service liabilities, known as Technical Provisions. If the actuarial V￿Uation rgveals 8 deficrt: the Trustee agree a recovery plan to eliminate the deficit over a sp8cified period of lime either by way of *lditional conlribub'ons frLMn ￿plOyers. investment returns or a ombination of these. The latast fomal valuation of the Plan at 30 Sept￿ber 2017 was performed by a profOSSIDnally qualified Actuary using the Projeclgd Un(( Method. The mart(el value ol the Plan s assets at the valuati¢J) dale was £794.9 million and the Plan's Technical Provisions li.e. past service liabililiesl were £926.4 million. The valuation therefore revealed a shorifam of assets compared with the value of liabilities of £131.5 million, 8quivalenl lo a funding level of 83%. The Schod paid deficrt contributions of £8,937 {2020." £a674 during the year as required by the Trustees of the Scheme. The unwnding of the discount factor, and th8 impact of changes to assumptions has resulted in a £155 chafge (2020.. £&J4 chatye) lo the SOFA. and has been included in pension costs for the year. Shiplake College Ltd has b*n advlsed by the Plan trustee that, in the event that il was to withdraw its membership of the Plan, it had an estimated contingent liabilty of £176,139 813D September 2018. This dèbt will not crystallise whib Shiplake C(Akge Ltd continues to have one or more active memb8rs in the scheme. The amount of the above Folential debt depends on many factors including lolal Plan liabilkK*S. Plan investment performance, the liabilrties in r8spect of current and former employees of Shiplake College Ltd, finan¢ial condrtions at the lime of the cessation event and the insurance buydout market. The amount8 of the debt can therefore be volatile over time. Shiplake College Ltd also paid contributK)ns into a defined contribution scheme with The Pensions Trust at rates of be￿een 7-100A totalling £125,301 (2020.- £93,440) during the accounting p8riod. Members paid eonlribulions were paid al the rale of 50A durtng the accounkn.ng period. Finally, there were eonlributions payable to personal pension schemes of £nil (2020.. £20,494), there were no outstanding contributions al either year end. Page 34 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 23. RELATED PARTY TRANSACTIONS Th8 subsidiary, Shiplake Court Enterprises Limited, provides catering knilities, entertainment and recreational acllvilies at Shiplak8 col￿ge. The subsidiary donates its annual taxable prof((s to the Trust under Grft Aid. The grfi aid donation for this year was £3,450 {2020.. £12,465). During thè yaar ShipLqke Court Limited received a Ma￿￿eMent charge of £5.072 {2020.' £5,072). Ouring the year Shiplake Court Limited was invoiced for Pupil Agency fees of £14,355 {2020.' £12,217). Al the year end Ihe balance outstanding was a d8btor of £5,118 (2020.- £42,525). Grft aid relating to the 2020r2021 year end will be paid in 2021121y22. During the year the school instructed The Boarding Sthtx4 Assc£ialion. of which A Ashton is honorary Trea8urer, for serwces. Total fees charged in the year were £3.845 (2020.. £1,894). At the end of the year no balan¢e (2020.. £nill was ¢yJtstsnding COMMITMENTS UNDER OPERATING LEASES At 31 August 2021 the School haj futurg minim￿7 ￿ payments under non-cancel1ab￿ operating leases as follows.. 2Q21 2020 Land and bulldlngs: Amtsunts due in 1 year Amounts due in 2- 5 y8ars Amounts due in 5 years 22,245 60,990 32,864 Tf,490 83,235 105,352 Office equipment: Amounts due in 1 year Amounts due in 2~ 5 years 18.431 19,348 During the year lease payments of £43,169 (2020.. £49.970) were ￿Ognis￿ a5 an expense within the SOFA. Page 35 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 FINANCIAL INSTRUMENTS Financial assets held at amorbsed c05t are fees Teceivable. other debtors, amounts due frorn group companies and ￿¥h at bank. Financial liabilities hekl at amortised cost are b￿k k)ans, trade creditors. other creditors and accruals. Induded within financial instruments held at fair value is the pensN)n deftrt and derivative contract. 2020 GROUP Financial assets measured al amorbsed Financial liabiliti&s measLJred at amortised cost Financi81 liablities measured at fair value 7,352,436 1.591,525 134.397 7.438,531 1,437,544 185, 115 Th8 group'5 inccffie. expense, gains and losses in respect of ftrkincL41 instruments are summarised below. 2021 2020 Interest incom8 and èxpense: Total interest income for financial assets hekj at amortised cost Total interest expense for fINan￿al liabilrties held at amortised cost Impairment gairv {loss} Imovem8nl in bad debt provision) 1,768 41,572 31R85 23,917 44, 785 1&2T8 2021 2020 COLLEGE Financial assets measured at amortised cost Financial liabilities measured al amortised cost Financial liabilities measureil al fwr value 7.298,191 1,561,778 134,397 7,3T8,693 1629,986 q85, 1t5 The group's income, expense, gains and losses in reS￿t of financial instruments are summarised below.. 2021 2020 Interest income and expense: Total interest income for financial assets held al amortised cost Total interest expense for financial liabilities hekl al amortised cost Impairment gainl {loss) (movement in bad debt provIs￿nI 1,768 41,572 31.385 23,917 44.785 15,278 Page 36 SHIPLAKE COURT LIMrrED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 26. RECONCILIATION OF NET CASH FLOW TO MOVEMEKf IN NET FUNDS 2021 2020 (Decreaseifincrease in cash in the year Loan repayments 1338.4971 (1,495,670) Change in net debt 1261.4651 f1.433.083) Nel funds at 1 September 3347013 4 78Q 096 NEf FUNDS AT 31 August 27. ANALYSIS OF CHANGE IN NET FUNDS Net d8bf 85 al l August 2020 Cash Change Nel funds as at 31 Au9USt 2021 Cash at bank and in hand Loans 4.030,299 683 286 1338,4971 3,691,802 Page 37 SHIPLAKE CQURT LIMrfED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2021 28. COMPARATIVE 2020 STATEMENT OF FINANCIAL ACTIVITIES Total 31 August 2020 Unrestiicled fufft Rest17cl8d fiinds INCOME FROM.. Voluntary income Donations end grant inGome Chsntable act￿llIeS.. College fegs Ancillary trading inconle Income fr(pm generaledfunds." Investment inoome Non-&ncillary trading income Other income 271,514 272,399 9, 762.641 641, T52 9, 762,641 641, 752 23.917 t￿, 141 23,917 15J. 141 rotal 10 EXPENDITURE ON.. Charitable actwities.- School opernling costs Raising funds.. Treding expenses FinanGe and othgrcosls 9,876, 705 425 9.87T,130 37,030 3T,030 Total 425 9999 814 Net inGome ,576 46Q 851,036 Transfers behveen funds 79.468 (79.468) otherTrcognis8d gains Fair value movement on d6rivatwe contracts N&1 mov8m&nl in funds 951544 (79,LK18) 873.536 Fund balances al t S8ptember2019 15 075 770 15 157 663 Total funds al 31 August 2iY20 Page 38