## **COMPANY REGISTERED NUMBER: 612809 REGISTERED CHARITY NUMBER: 309651** ## **SHIPLAKE COURT LIMITED** **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023** ## **SHIPLAKE COURT LIMITED** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023** ||**Page**| |---|---| |Report of The Directors|1 - 11| |Report of the Independent Auditors|12 – 15| |Consolidated Statement of Financial Activities|16| |Consolidated Balance Sheet|17| |Charity Balance Sheet|18| |Consolidated Cash Flow Statement|19| |Notes to the Financial Statements|20 - 39| **SHIPLAKE COURT LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2023** ## **DIRECTORS AND THEIR INTERESTS** The directors of the charitable company, who served during the year, unless otherwise stated, were as follows:- Sir David Tanner CBE[(1,2)] (Chairman) A Ashton[(1)] P Blewett[(1,2,3)] S Blomfield[(2)] M Carey-Elms[(2)] C Eve[(1)] J Gordon, LLB[(2,3)] R Grimond[(1)] I Howell[(2)] R Lester[(1)] M MacKenzie-Charrington[(1,3)] R Patton (resigned Nov 22)[ (1)] S Ryan, BSc[(2)] - (1) Members of the Finance and General Purposes Committee - (2) Members of the Education and Welfare Committee > (3) Members of the Health and Safety Committee The directors are also the charity trustees and governors of Shiplake College. **OFFICERS (Key Management Personnel) Headmaster:** T G Howe, MA (St Andrews), MSt MBA (Oxford) **Bursar and Clerk to the Governors:** W Dixon **Deputy Head (Academic):** P S Jones, BA (Durham), GTP (London), AST **Deputy Head (Pastoral):** N Brown, BA (Durham) (retired 31 August 2023), S Elliot, BA (University College Wales) (appointed 1 September 2023) **Director of External Relations:** K Green, BA (Exeter) **Registered Company Number:** 612809 (Registered in England and Wales) **Registered Charity Number:** 309651 Page 1 **SHIPLAKE COURT LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2023** |**REGISTERED OFFICE:**|Shiplake College| |---|---| ||Henley on Thames| ||Oxon| ||RG9 4BW| |**BANKERS:**|Barclays Business Banking, Reading & Basingstoke Team| ||4thFloor Apex Plaza| ||Forbury Road| ||Reading| ||BX3 2BB| |**SOLICITORS:**|Stone King LLP| ||Boundary House| ||91 Charterhouse Street| ||London| ||EC1M 6HR| |**AUDITORS:**|Crowe U.K. LLP| ||Aquis House| ||49-51 Blagrave Street| ||Reading| ||Berkshire| ||RG1 1PL| |**INSURANCE BROKERS:**|Marsh Brokers Limited| ||1 Tower Place West| ||Tower Place| ||London| ||EC3R 5BU| |**ARCHITECTS:**|Edgington, Spink and Hyne| ||Meridian House,| ||2 Russel St,| ||Windsor| ||SL4 1HQ| Page 2 **SHIPLAKE COURT LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2023** The Governors of Shiplake College, being also the directors of the charitable company, present their annual report together with the financial statements of the charitable company for the year ended 31 August 2023 and confirm that they comply with the requirements of the Companies Act 2006 thus including the Directors’ Report and Strategic Report, the Charities Act 2011, the governing document and the Statement of Recommended Practice – ‘Accounting and Reporting by Charities’ (SORP 2019). ## **DIRECTORS’ REPORT** ## **REFERENCE AND ADMINISTRATIVE INFORMATION** Shiplake Court Limited is a charitable company having share capital, incorporated on 10 December 1958 and registered under number 612809. The College was registered with the Charity Commission on 13 April 1965 under number 309651. The College Governors, executive officers and principal address of the charitable company are as listed on page 1 and 2. Particulars of the charitable company’s professional advisers are given on page 2. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** The charitable company was established under a Memorandum of Association last amended on 13[th] March 1998, which determines the objects and powers of the charitable company and is governed under its Articles of Association. ## **OBJECTS, AIMS, OBJECTIVES AND PRINCIPAL ACTIVITIES** ## **CHARITABLE OBJECTIVES** The objects of the Charitable Company, in accordance with the Memorandum of Association, are to promote the cause of education for the public benefit. ## **PRINCIPAL ACTIVITIES OF THE YEAR** Shiplake College's principal activity continues to be the provision of an independent school with facilities for boarding and day boys aged 11 to 18 and for girls aged 16 to 18. (The first entry of Year 7 girls was in September 2023) ## **GOVERNING BODY** The structure of the charitable company consists of a governing body for Shiplake College, the details of which 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 received from existing Board members. Key criteria for eligibility include personal competence, professional and specialist skills. New Governors are inducted into the workings of the charitable company and its school, including Board Policy and Procedures. Governor and trustee training is offered to all new members and is provided by a number of professional sources such as AGBIS. Governors are appointed initially for a five year term of office. At the expiry of this period Governors can offer themselves for re-election to the Board. Page 3 **SHIPLAKE COURT LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2023** ## **ORGANISATIONAL MANAGEMENT** The Governors of Shiplake College, as the charity trustees of the charity and directors of the company are legally responsible for the overall management and control of Shiplake College, and meet as a Board three times a year. The work of governance and financial supervision is carried out by members of the Finance and General Purposes Committee (F&GP), who meet before each meeting of the College Governing Board and on extra occasions when necessary such as to approve the budgets and finalise the audited accounts and annual report for approval by the Board. The other principal permanent committees are the Education and Welfare Committee and the Health and Safety Committee which also meet on a termly basis and more often should the need arise. Each committee works under the chairmanship of a member of the College Governors. Other committees are formed on an ad hoc basis for specific purposes such as an appeal. Members of all Board committees are listed on page 1. The day to day running of the school is delegated to the College’s headmaster, supported by the senior leadership team. The headmaster, deputy headmasters, bursar and the director of external relations attend meetings of the various committees. The Governors provide a framework for the remuneration of the senior leadership team within which the headmaster awards salary. The objective is to provide appropriate incentives to encourage enhanced performance and to reward them fairly and responsibly for their individual contributions to the Company’s success. The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other independent schools to ensure that the College remains sensitive to the broader issues of pay and employment conditions elsewhere. We aim to recruit excellent staff. Delivery of the College’s charitable vision and purpose is primarily dependent on our key management personnel and staff costs are the largest single element of our charitable expenditure. ## **GROUP STRUCUTURE AND RELATIONSHIPS** The Charity has a wholly owned non-charitable subsidiary, Shiplake Court Enterprises Limited, whose activities in the year under review were those of catering facilities, entertainment and recreational activities. Shiplake College actively supports the attainment of the highest standards in the Independent Schools sector, partly through networking with other major Schools and partly through peer group studies for the evaluation of quality and performance improvement methods. We also co-operate with many local charities in our ongoing endeavours to widen public access to the schooling we can provide, to optimise the educational use of our cultural and sporting facilities and to awaken in our pupils, in the public interest, an awareness of the social context of the all-round education they receive at the College. The College also benefits from the generosity of a thriving network of Old Vikings whose close support we greatly appreciate and gladly acknowledge. ## **AIMS AND INTENDED IMPACT** The College's strategic aim is to provide a friendly, supportive and structured environment to permit pupils to learn to lead a full and responsible life. Within the ethos of a boarding school, the aim is not to concentrate solely on academic achievement, but also to develop the skills and abilities to prepare pupils for their life after Shiplake. We support the headmaster's vision that Shiplake should be: a dynamic, purposeful, happy and caring place which produces open-minded young men and women who have a sense of humour yet are responsible and articulate with the knowledge and skills to play an informed and useful part in their society. ## **OBJECTIVES FOR THE YEAR** The focus remained on the provision of a rounded education that allowed each of the College's pupils to reach their individual potential, combined with advancement in academic performance and a further widening of access to the education that Shiplake provides. We continued to seek ways of providing access for other UK and foreign pupils which also puts the school's facilities to good educational use when not otherwise needed. The Governors are determined to ensure that the headmaster has the appropriate resources to allow the College to develop and to provide facilities to enable all pupils to prepare themselves for their future careers. With the College’s first Co-Curricular Year 7 starting in September 2023 there has been important preparation of the staff, pupils and physical estate for ensuring this cohort gets off to a seamless start. Page 4 **SHIPLAKE COURT LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2023** ## **STRATEGIC REPORT** ## **REVIEW OF ACTIVITIES AND ACHIEVEMENTS** ## **Academic** The College has again enjoyed excellent academic success at both GCSE and A Level; a reflection of a continued focus on academic rigour and the dedication of the teaching staff. The improvement in results for both 2020 and 2021 must be viewed in the national context of centre-assessed grades (2020) and teacherassessed grades (2021). However, the College is confident that the evidence-based process leading to these grades is a true reflection of the pupils’ and teachers’ hard work. ## GCSE Results Sixth Form Results Many of our pupils achieve higher grades than they were predicted to when they joined the College, with academic value-added a strength of the school. Value Added at GCSE level averaged (+0.5) with highlights of DET (+1.46), History (+1.32), and PE (+1.05). The Value Added was (+0.1) in the Sixth Form with strong performances from Art (+1.23), Computer Science (+1.0), and Photography (+1.15). These results facilitated the pupils accessing their desired universities with 93% of pupils securing places at their first or second choice university. 52% of pupils secured places at topthird universities and 7% of pupils are now studying at universities ranked in the top 10. The most popular destinations for this year's leavers were Cardiff and Exeter and the most popular courses were Business and Marketing courses. The Governors remain resolute that the College will continue to select pupils on character and aptitude for an education at Shiplake, rather than purely on academic ability. These results demonstrate the intent of the headmaster and his senior leadership team to increase the College’s academic rigour and of the distinctive partnership between the pupils and staff. Page 5 ## **SHIPLAKE COURT LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2023** ## **REVIEW OF ACTIVITIES AND ACHIEVEMENTS (Continued)** The College continues to promote the Shiplake Seven, our set of academic characteristics and dispositions that pupils and staff at Shiplake believe are essential skills for school leavers. The Shiplake Seven provides the basis for our academic character education, giving focus to lessons and activities so that the skills can be inculcated in our pupil body. The seven qualities – Determined; Open Minded; Creative; Independent; Reflective; Curious; Motivated - provide a solid foundation for pupils to achieve success throughout their education, but also equip the leavers with the skills they need to enter the next stage of their lives as confident, personable and talented young adults. This year, we are again working with the company Thinking Matters to further embed the Shiplake Seven across our curriculum. We are now in the second year of a two-year project that will hopefully lead to accreditation as a 'Thinking School' with the University of Exeter and will ensure that there is a common language of thinking and questioning across the entire College. With Shiplake College going co-educational in Year 7 we are proud to be a Girls on Board school with several teachers now training to be Girls on Board Champions. This evidence-based approach has been devised by former headteacher, Andrew Hampton and empowers girls to find their own solutions to friendship turbulence. His book When Girls Fall Out builds on the work of Rosalind Wiseman in Queen Bees and Wannabes. This reflective approach resonates with our promotion of kindness at the College and challenges the assumption that teachers and parents often have that one party has done something 'wrong' and that there needs to be an 'investigation' and some 'justice'. The girls also explored the different type of behaviours that they can display, and they are unanimous in their assertion that adult intervention usually makes matters worse. Like all UK independent schools, Shiplake College is visited by the Independent Schools Inspectorate (ISI) to ensure that we are meeting statutory requirements. Educational Quality inspections report on the two main outcomes for pupils: achievement and personal development. Regulatory Compliance inspections report on a school’s compliance, including the Independent Schools Standard Regulations and the National Minimum Standards for Boarding Schools. Shiplake College was visited in May 2022 and are very proud of the outcomes of this inspection. The key findings show that we meet all the standards in the Regulatory Compliance and the results in the Educational Quality outcomes were as follows: ## **The quality of the pupils' academic and other achievements is rated as excellent** - Pupils make excellent progress, often exceeding expectations in relation to their starting points - Pupils achieve highly in a range of areas including within the arts, academic subjects and sports, particularly rowing - Pupils' information and communication technology (ICT) skills are extremely accomplished - Pupils have excellent communication skills ## **The quality of the pupils' personal development is rated as excellent** - Pupils display a very high degree of self-confidence and resilience - Pupils are highly aware of right and wrong and understand the impact of their own actions on others - Pupils' collaboration skills are excellent, and they work towards shared goals very naturally - The extent to which pupils know and understand how to stay safe and physically and mentally healthy is excellent This is the highest possible rating that an independent school can achieve within the ISI framework. The inspection also served as a 'material change visit' to assess our proposal to increase our capacity (over the next five to ten years), as we begin to welcome girls into Year 7 from 2023. The visit confirmed that this has been approved. Page 6 **SHIPLAKE COURT LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2023** ## **GRANT MAKING POLICY** As trustees of the Charity, the Governors are determined to provide as wide an access to the College as possible. Means-tested bursaries are awarded to pupils for whom access to Shiplake College would not normally be possible and to relieve hardship where the education and prospects of current pupils would otherwise be at risk. In addition, the Governors' policy is to award scholarships based on an individual's academic, artistic or sporting potential. The availability of all such awards for fee-assistance, together with the terms and conditions for each kind of award, is advertised on our website at www.shiplake.org.uk. ## **PUBLIC BENEFIT** The College’s public benefit aim is to provide a first-class independent education, both through strong academic tuition, and through developing wider sporting, artistic and social skills in all its pupils. This is intended to provide an environment where each pupil can develop and fulfil his or her potential, thus, to help build self-confidence and instil a desire to contribute to the wider community. Shiplake College Governors, as charity trustees, have complied with their duty in s17(5) of the Charities Act 2011 to have due regard to the Charity Commission’s published general guidance concerning the operation of the public benefit requirement under that Act. They are determined to widen access to our education resources, by bringing independent and state school communities together. ## **Governance** Members of the College staff serve as governors at local primary schools. ## **Sport** Various of the Colleges sport facilities are used by external bodies and local school and community groups. These include: - Pupils from a variety of schools using our cricket facilities for Berkshire County matches. - Hosting Shiplake Vikings Rowing Club where children from the local area can make use of the College’s significant rowing facilities, both during the week and at weekends. - Local junior football and rugby clubs such as; AFC Henley U16 and Readingensians Rams for U15 rugby have used the College’s pitches and the sports hall for training and matches during the year. - The College also makes sure to offer the use of our sports facilities to junior clubs, like Henley and Littlewick Cricket clubs, at a reduced rate. ## **Community Access** The Governors see Shiplake College as a part of a wider community and where we can assist the community without detriment to advancing the education of our pupils we are delighted to do so. Local cubs and beavers' packs also visit on a regular basis, and we loan them vehicles. In terms of musical outreach, the music department sponsors the Community Choir for local residents, additionally the Tamesis choir and Henley Symphony Orchestra have used the Tythe barn and sports hall as venues for rehearsals. The Shiplake Parish Council use our facilities for their planning meetings. We also take pride in our support for local primary schools. This year we have provided both college minibuses and drivers to Valley Road, Badgemore and Shiplake primary schools to support their pupil's attendance of sport matches and educational museum trips as well as transporting primary school teams to and from our cricket festival. We were also delighted to host the Shiplake Primary School Sports Day and several pool parties with a college lifeguard and refreshments for primary schools in the surrounding area such as Peppard and Badgemore. Our creative departments have also fully engaged with local primaries this year; highlights being our drama departments matinee performance of ‘Alice Through the Looking Glass’ at the Kenton Theatre which pupils of Peppard and Badgemore primary schools attended, and the Music departments music technology workshops and lunch provided for St. Luke’s Primary School, Maidenhead. Page 7 **SHIPLAKE COURT LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2023** ## **PUBLIC BENEFIT (Continued)** ## **Volunteering and Fundraising** Former pupils ("Old Vikings") play a major role in marketing the College and take part in a wide range of events and activities. The Parent Teacher Association run a number of events to provide opportunities for parents to meet in a social environment. The Board would like to take this opportunity to say how much we appreciate both groups for their continuing and valuable support for our work along with the many parents that support and assist in a myriad of ways. The College had no fundraising activities requiring disclosure under S162A of the Charities Act 2011. ## **FINANCIAL REVIEW AND RESULTS FOR THE YEAR** As with all similar schools, the College remains reliant on fee income for most of its funding. The Governors are aware of the impact of any increases and will only authorise fee rises in response to unavoidable increases in costs. Fee income before bursaries and allowances increased to £14,805,801 (2022: £13,271,265). The College also takes every opportunity to raise additional funds and improve the quality of the education on offer. This year the College hosted four weddings and Ardmore summer camps, as well as our own summer camps running in the second half of the summer holidays. The College also benefitted from increased interest rates and maximised returns on its cash deposits Due to this increased activity, total income was £15,521,387 (2022: £13,681,504). Wider access to an education at Shiplake College continued to be provided this year and the value of meanstested bursaries made to the College's pupils out of unrestricted funds was £265,387 which represents 1.8% of gross fee income. In addition, the value of scholarships, grants and other awards made to the College's pupils out of unrestricted funds was £811,723 which represents 5.5% of gross fee income. 25 pupils received a means-tested bursary with 3 receiving total discounts of 80% of fees or more. Separate to our Bursary scheme the College also offered places to two Ukrainian refugees at no charge. The surplus before taking account of depreciation was £3,471,577 which represents 22.4% of total income. This level is judged necessary to allow the Governors to invest in new facilities, whilst maintain the existing buildings and estate. The College is privileged to have access to such a magnificent campus, but equally faces a significant and ongoing cost in maintaining the infrastructure, particularly of the older buildings. With the introduction of girls into year 7 in September 2023 it is more important than ever to ensure our facilities remain at the highest standard and we plan our investments to support the growth in pupil numbers expected over the next five years. During the year Shiplake Court Enterprises generated a surplus of £7,032 and donated £37,821 to the College. The trading results are set out in note 6. ## **Reserves Policy** The Governors have reviewed the reserves of the College. This review encompassed the nature of income and expenditure streams, the need to match them with commitments and the nature of reserves. The Governors are mindful of the affordability of fees in the future and increasing costs, combined with the College’s requirements to maintain the fabric of its buildings and to enable new projects to be undertaken. The College continues to prepare for these eventualities and over the longer term intends to build its reserve base. The College’s reserves policy is to maintain sufficient funds to sustain the College as a provider of education. The cash policy is to maintain a reserve of approximately 3 months’ expenditure of £3,200,000. Page 8 **SHIPLAKE COURT LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2023** ## **FINANCIAL REVIEW AND RESULTS FOR THE YEAR (Continued)** As part of the budgeting process, the Governors reviewed the appropriate level of reserves to be retained from income received during the year ended 31 August 2023 to allow the College to continue operations in future periods. At 31[st] August 2023 total funds comprise: |t 31stAugust 2023 total funds comprise:|| |---|---| ||£| |Unrestricted|| |Fixed asset funds|17,482,039| |Non-charitable trading funds|63,825| |General unrestricted funds|3,870,711| |Restricted|| |Other restricted funds|59,011| |Total|21,475,586| ## **Investment Policy** The College’s aims to manage its cash balances to provide for the day to day working capital requirements of its operations, whilst protecting the real long term value of any surplus balances against inflation. In addition the College aims to invest surplus cash funds to optimise return, whilst ensuring the investment instruments are such that there is minimal risk to the loss of these cash balances. The College's free reserves were £3,993,547 at August 2023 ( _2022: £2,950,298_ ). ## **Going Concern** The Governors have reviewed the position carefully with a view to ensuring the ongoing provision of schooling for the pupils as well as employment of staff. The charity currently holds significant cash balances. Demand for school places in October 2023 remains strong, with historically high numbers enrolled for the academic year 2023/24. Conservative cash flow modelling with sensitivity analysis indicates that the cash reserves of the charity are adequate to meet the charity’s obligations as they fall due. Accordingly, the Governors believe the school’s financial resources are sufficient to ensure the school will continue as a going concern for the foreseeable future, being at least 12 months from the date of approval of the financial statements and have therefore prepared the financial statements on a going concern basis. ## **FUTURE PLANS** The Governors’ intention is to maintain Shiplake College as a boarding and day school, with the ethos focused on the provision of outstanding pastoral care. They are also determined to maintain the College’s small class sizes and its emphasis on the needs of individual pupils. The Governors have set out a five-year strategic development plan to ensure that the school maintains its high standards of provision across its three core pillars of Academics, Pastoral Care and Co-Curricular offering as the school becomes fully Co-ed by 2027. This plan includes the provision of 15 new classrooms, including a refurbished science centre, new food tech hub and the consolidation of boarding into four high quality boarding houses. September 2024 will also see the opening of the new six-pitch rugby and football playing fields which are under construction on newly leased land adjoining the school campus. Future development plans will be financed primarily from fee income and from our reserves. The Governors will maintain an equitable balance so that the current pupils benefit whilst ensuring a sound infrastructure and financial base is preserved for the next generation. The Governors view our bursary and scholarship awards as important in widening access to the education our school provides and are building on and establishing new links with local secondary schools to create mutually beneficial opportunities. Page 9 **SHIPLAKE COURT LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2023** ## **RISK MANAGEMENT** Shiplake College Board of Governors is responsible for the management of the risks faced by the College. Detailed considerations of risk are delegated to the Finance and General Purposes Committee, who are assisted by the senior leadership team. Risks are identified, assessed and controls established throughout the year. A formal review of the charitable company’s risk management processes is undertaken on an annual basis. The key controls used by the charitable company include: - - formal agendas for all Committee and Board activity; - detailed terms of reference for all Committees; - comprehensive strategic planning, budgeting and management accounting; - established organisational structure and lines or reporting; - formal written policies; - clear authorisation and approval levels; and - vetting procedures as required by law for the protection of the vulnerable. Through the risk management processes established for the College, Shiplake College Governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. ## **Principal risks and uncertainties** The principal and uncertainties to the continued success of the school are assessed as: - Reputational risk – the principal risk is a current or historic safeguarding failure leading to a loss or reputation. This risk is managed by a balanced approach of controls and training. A culture of safeguarding is embedded throughout the College. Detailed safeguarding and child protection policies are in place. There is regular training, and the College has the required and trained designated safeguarding lead. An annual review of safeguarding is undertaken by the Board. - Financial risk – the principal risk is economic change reducing the affordability of fees and a reduction in pupil numbers and therefore the ability for the College to cover significant capital repairs and replacements. The College mitigates this risk by regular review of its forecasts and reserve levels. To mitigate the uncertainty and risk of a reduction in numbers, the College allocates sufficient funds to provide a resourced marketing department. Pupil recruitment and retention is reported at every meeting of the Finance and General Purposes Committee and also forms part of the headmaster’s report to the main board. The provision of appropriate staff and facilities is key to attracting and retaining pupils. The Governors review termly the levels of staffing and through the headmaster ensure that the College offers competitive salary and support packages. - Performance risk – the principal risk is a worsening of exam results. To mitigate this, performance is regularly monitored by the Education and Welfare Committee and reported directly to the Board. Page 10 SHIPLAKE COURT LIMITED REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 AUGUST 2023 STATEMENT OF GOVERNORS, RESPONS181LITIES The Governors are responsible for preparing the Amual Roport and the slalements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). Company law requires the Trustees to prepare financial slalemenls for each financial year. Under company law the Trustees fnust not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the charitable company and of the in¢oming resources and application of resources, induding the income 8rKI expenditure, of the charitable company forthat peric￿. In preparing these fin8ncial statements, the Trustees are required lo.. select suitable accounting policies and then apply Ihtrm consistenlly., observe the rllethods and principles in the Charities SORP., make judgmen15 and estimates that a￿ reasonable and prudent.. ststa whether applicable UK accounting standards have been followed. subject lo any material departures disclosad and explained in the financial statements- and prepare the financial slalemenls on the going con¢em basis unless il is inappropriate to presume that the c*tarilable o)mpany will continug in bUs1r￿S. The Govemor5 are responsible for keeping proper ac(x)unting records that disdose with reasonable a06￿racY at any time the financial position of the company and enable them lo ensure that the financial stalernents omply with the Companies Act 2006 and the provisions ofthe charity's constitution. They a￿ also iesponsible for safeguardiThJ the assets of the charity and hen￿ for taking reasonablg steps for the prevention and detection of fraud and other irregularities. PROVISION OF INFORMATION TO AUDITOR Each ol the peTsons who are Governors al the lime when the Govemors, Repcxt is approved ha5 ¢onfimed that: so far a5 that Governor is aware. there is no relevant audit infomialion of which the company's auditor is unaware. and that Governors have taken all steps that they ought lo have taken to rnake themselves aware of any relevant audit information and to establish that the auditor is aware of that information. AUDITORS A resolution to re-appoint Crowe Clarke Whilehill LLP as the charitable company's auditor will be proposed 8t the Annu31 General Meeting. This Annual Report, prepa￿d under the Charities Act 2011 and the Companies Act 2006, was approved by the Governing Body of Shiplake Court Limited on 1 Decembar 2023 including in their capacity as company directors approving the Strategic Report contained therein, and is signed as authorised on its behalf by.. Sir David Tanner CBE ChainF7an Page11 ## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SHIPLAKE COURT LIMITED** ## **Crowe U.K. LLP** _Chartered Accountants_ Member of Crowe Global Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL, UK Tel +44 (0)118 959 7222 Fax +44 (0)118 958 4640 www.crowe.co.uk ## **Opinion** We have audited the financial statements of Shiplake Court Limited for the year ended 31 August 2023 which comprise the consolidated Statement of Financial Activities, the consolidated Summary Income and Expenditure Account, the Group and Company Balance Sheets, the consolidated Cash flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the group’s and the charitable company’s affairs as at 31 August 2023 and of the group’s incoming resources and application of resources, including its income and expenditure for the year then ended; - - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: - the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or - the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group’s or the charitable company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. > Crowe U.K. LLP is a limited liability partnership registered in England and Wales with registered number OC307043. The registered office is at 55 Ludgate Hill, London EC4M 7JW. A list of the LLP’s members is available at the registered office. Authorised and regulated by the Financial Conduct Authority. All insolvency practitioners in the firm are licensed in the UK by the Insolvency Practitioners Association. Crowe U.K. LLP is a member of Crowe Global, a Swiss verein. Each member firm of Crowe Global is a separate and independent legal entity. Crowe U.K. LLP and its affiliates are not responsible or liable for any acts or omissions of Crowe Global or any other member of Crowe Global. Page 12 ## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SHIPLAKE COURT LIMITED (CONTINUED)** ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion based on the work undertaken in the course of our audit - the information given in the trustees’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the strategic report and the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In light of the knowledge and understanding of the group and the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the [strategic report or the] directors’ report included within the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - the parent company has not kept adequate accounting records; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Page 13 ## **INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SHIPLAKE COURT LIMITED (CONTINUED)** In preparing the financial statements, the trustees are responsible for assessing the group’s or the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, Charities Act together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context were The Education (Independent School Standards) Regulations 2014, Health and Safety, General Data Protection Regulations, Safeguarding and Food Standards. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Governors and other management and inspection of regulatory and legal correspondence, if any The greatest risk of material impact on the financial statements is from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance and General Purposes Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, sample testing on nonfee income, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted and reading minutes of meetings of those charged with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as Page 14 ## **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 noncompliance 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 4 December 2023 Page 15 ## **SHIPLAKE COURT LIMITED** ## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023** |Notes
**INCOME FROM:**
**Voluntary income**
Donations and grant income
4
**Charitable activities:**
College fees
5
Ancillary trading income
7
**Income from generated funds:**
Investment income
Non-ancillary trading income
8
Other income
**Total**
**EXPENDITURE ON:**
**Charitable activities:**
School operating costs
**Raising funds:**
Trading expenses
Finance and other costs
**Total**
9
**Net income**
**Other recognised gains**
Fair value movement on derivative
contracts
**Net movement in funds**
**Fund balances at 1 September 2022**
**Total funds at 31 August 2023**|**Unrestricted**
**Funds**
**£**
**3,313**
**13,723,943**
**1,462,168**
**125,728**
**184,914**
**-**
**15,500,066**
**12,740,489**
**54,120**
**116,785**
**12,911,394**
**2,588,672**
**24,119**
**2,612,791**
**18,862,795**
**21,475,586**|**Restricted**
**funds**
**£**
**21,321**
**-**
**-**
**-**
**-**
**-**
**21,321**
**15,195**
**-**
**-**
**15,195**
**6,126**
**-**
**6,126**
**52,885**
**59,011**|**Total**
**31 August**
**2023**
**£**
**24,634**
**13,723,943**
**1,462,168**
**125,728**
**184,914**
**-**
**15,521,387**
**12,755,684**
**54,120**
**116,785**
**12,926,589**
**2,594,798**
**24,119**
**2,618,917**
**18,915,680**
**21,534,597**|_Total_
_31 August_
_2022_
_£_
_55,600_
_12,244,833_
_1,149,716_
_1,260_
_227,404_
_2,691_| |---|---|---|---|---| |||||_13,681,504_| |||||_11,758,080_
_48,442_
_67,567_| |||||_11,874,089_| |||||_1,807,415_
_76,605_| |||||_1,884,020_
_17,031,660_| |||||_18,915,680_| All activities are continuing. All gains and losses recognised in the year are include in the statement of financial activities. The notes on pages 20 to 39 form part of these financial statements Page 16 ## **������������������� ����������������������� ���������������������������** ## **���������������** |**�����������**
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_����������_| |---|---| �������������������������������������������������������������������������������������������������������������� _��������������������_ ��������������������������������������������������������������� 1 December 2023 and signed on its ����������� **�������������������������������** _�� ���� �����_ ��������������������� ������ **������������������������������������������������������������������** �������� ## **COMPANY NO: 612809 SHIPLAKE COURT LIMITED CHARITY BALANCE SHEET 31 AUGUST 2023** |Notes
**FIXED ASSETS**
Tangible assets
11
Investments
12
**CURRENT ASSETS**
Stock
13
Debtors
14
Cash at bank and in hand
**CREDITORS:**Amounts falling due within one year
15
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**CREDITORS:**Amounts falling due after more
than one year
16
**NET ASSETS EXCLUDING PENSION LIABILITY**
**Pension scheme funding deficit**
**TOTAL NET ASSETS**
**CAPITAL AND RESERVES**
Share Capital
18
Restricted Funds
20
Designated Fixed asset Fund
20
Unrestricted Funds
20|**2023**
_Restated 2022_
**£**
_£_
**17,957,529**
_16,450,144_
**8**
_8_
**17,957,537**
_16,450,152_
**14,548**
_16,616_
**644,465**
_472,515_
**7,089,225**
_5,154,562_
**7,748,238**
_5,643,693_
**(3,789,172)**
_(2,724,247)_
**3,959,066**
_2,919,446_
**21,916,603**
_19,369,598_
**(390,646)**
_(490,763)_
**21,525,957**
_18,878,835_
**(3,770)**
_(6,357)_
**21,522,187**
_18,872,478_
**16**
_16_
**59,011**
_52,885_
**17,482,039**
_15,912,497_
**3,981,121**
_2,907,080_
**21,522,187**
_18,872,478_|**2023**
_Restated 2022_
**£**
_£_
**17,957,529**
_16,450,144_
**8**
_8_
**17,957,537**
_16,450,152_
**14,548**
_16,616_
**644,465**
_472,515_
**7,089,225**
_5,154,562_
**7,748,238**
_5,643,693_
**(3,789,172)**
_(2,724,247)_
**3,959,066**
_2,919,446_
**21,916,603**
_19,369,598_
**(390,646)**
_(490,763)_
**21,525,957**
_18,878,835_
**(3,770)**
_(6,357)_
**21,522,187**
_18,872,478_
**16**
_16_
**59,011**
_52,885_
**17,482,039**
_15,912,497_
**3,981,121**
_2,907,080_
**21,522,187**
_18,872,478_| |---|---|---| |||_16,450,152_
_16,616_
_472,515_
_5,154,562_| |||_5,643,693_
_(2,724,247)_| |||_2,919,446_| |||_19,369,598_
_(490,763)_| |||_18,878,835_
_(6,357)_| |||_18,872,478_
_16_
_52,885_
_15,912,497_
_2,907,080_| |||_18,872,478_| Approved and authorised for issue by the Board of Governors on and signed on its behalf by:- _�����_ Sir David Tanner CBE **……………………………………** C Eve 1 December 2023 1 December 2023 The notes on pages 20 to 39 form part of these financial statements Page 18 ## **SHIPLAKE COURT LIMITED** ## **CONSOLIDATED STATEMENT OF CASH FLOWS** ## **FOR THE YEAR ENDED 31 AUGUST 2023** |Notes
Net movement in funds
Depreciation
(Profit)/loss on disposal of fixed assets
Investment income
Bank interest paid
Decrease/(increase) in stock
(Increase) in debtors
(Decrease)/increase in creditors
Movement in pension deficit
**Net cash provided by operating activities**
**Cash flows from investing activities**
Purchase of tangible fixed assets
Proceeds from the disposal of fixed assets
Investment income
**Net cash used in investing activities**
**Cash flows from financing activities**
Interest paid
Repayment of loan
**Net cash used in financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Total cash and cash equivalents at the end of the year**||| |---|---|---| |||| |||| The notes on pages 20 to 39 form part of these financial statements Page 19 **SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023** ## **1. CHARITY INFORMATION** Shiplake College's principal activity continues to be the provision of an independent school with facilities for boarding and day boys aged 11 to 18 and for girls aged 16 to 18. The charity, incorporated by share capital (charity number 309651, company number 612809), is registered in England and Wales. The address of the registered office is Shiplake College, Henley on Thames, Oxon, RG9 4BW. ## **2. STATEMENT OF ACCOUNTING POLICIES** The following accounting policies have been used consistently in dealing with items which are considered material in relation to the charitable company and its subsidiary company’s financial statements. ## **a) Accounting convention** The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Shiplake Court Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). The results of the subsidiary are presented in the consolidated SOFA by disclosing the income and expenditure derived from its activities separately from those of the Charity. An Income and Expenditure account for the subsidiary is included in note 6. The company’s assets and liabilities are included in the balance sheet on a line-by-line basis, in accordance with the SORP. No separate SOFA has been presented for the Charity as permitted the Charities SORP and section 408 of the Companies Act 2006. The charity currently holds significant cash balances. Demand for school places at remains strong. Conservative cash flow modelling indicates that the cash reserves of the charity are adequate to meet the charity’s obligations as they fall due. Accordingly, the Governors believe the School’s financial resources are sufficient to ensure the School will continue as a going concern for the foreseeable future, being at least 12 months from the date of approval of the financial statements and have therefore prepared the financial statements on a going concern basis ## **b) Unrestricted general funds** These are funds which can be used in accordance with the charitable objects at the discretion of the directors. ## **c) Designated funds** These are funds set aside by the directors out of unrestricted general funds for specific future purposes or projects. ## **d) Restricted funds** These are funds that can only be used for specific restricted purposes within the objects of the charitable company as laid down by the donor. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of relevant overheads. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Page 20 ## **SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** ## **2. ACCOUNTING POLICIES (CONTINUED)** ## **e) Income** All incoming resources are included in the statement of financial activities when the charitable company is legally entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy. ## **f) Fees and similar income** Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable are stated after deducting allowances, scholarships and other remissions granted by the college. ## **g) Income from pupil extras** Charges are made to pupils to cover the cost of ‘Extras’. In some cases the costs slightly exceed the charges made and in others there is a small surplus remaining. The intention is for pupils to pay for these costs but not to achieve a profit on recharging. ## **h) Expenditure** Expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities. It is summarised under functional headings on a direct cost basis. Overhead and other costs not directly attributable to particular functional activity categories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the yearly reference to staff time. The irrecoverable element of VAT is included with the item of expense to which it relates. Governance costs comprise the costs of running the charitable company, including strategic planning for its future development, external audit, any legal advice for the directors, and all costs of complying with constitutional and statutory requirements, such as the costs of Board and Committee meetings and of preparing statutory accounts and satisfying public accountability. ## **i) Pension schemes** The charitable company contributes to the Teachers Superannuation Scheme at rates set by the scheme actuary and advised to the board by the scheme administrator. The Scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the college. In accordance with FRS 102 therefore, the scheme is accounted for as a defined contribution scheme. The charity contributes to the Pensions Trust Growth Plan for certain of its employees. This is in most respects a money purchase arrangement, but does include certain guaranteed benefit elements. The Plan is a multi-employer scheme as it is not possible in the normal course of events to identify the share of the underlying assets belonging to the individual participating employers and accordingly, in accordance with FRS102, is accounted for as a defined contribution scheme with contributions being recorded as they become payable. However, the School also makes deficit contributions to the scheme, in accordance with FRS 102 these payments have been measured at fair value and included as a liability on the balance sheet. Page 21 ## **SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** ## **2. ACCOUNTING POLICIES (CONTINUED)** ## **j) Financing costs** Financing costs include amounts accrued in accordance with the terms of the Advance Fee contracts. ## **k) Tangible fixed assets and depreciation** Depreciation is provided on all tangible assets in order to write off their cost less residual value over their estimated useful lives at the following rates:- Freehold property 2-10% on cost Vehicles, mowers and furniture 25% on cost Sports equipment and boats 10-25% on cost Fixtures and fittings 4-33% on cost IT equipment 33% on cost Items are capitalised on an individual assessment basis. ## **l) Stocks** Stocks are valued at the lower of cost and net realisable value. ## **m) Taxation** The company is a registered charity. It has no liability to Corporation Tax on any of its sources of income or any chargeable gains realised to date. ## **n) Financial instruments** Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at amortised cost. Note 25 provides more information on financial instruments where future cash flows are anticipated, with financial assets referring to fixed asset investments, cash, debtor balances excluding prepayments, and financial liabilities referring to all creditor balances excluding deferred income and social security and other taxes. Derivatives, including interest rate swaps, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. Changes in the fair value of derivatives are recognised in the Statement of Financial Activities. The charity does not currently apply hedge accounting for interest rate derivatives. ## **o) Cash and cash equivalents** Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. ## **p) Parents’ deposits** The Governors have reviewed the contract terms under which Pupil fee deposits are held by the School. Although under normal circumstances these will be repaid over future years when the pupils complete their education at the school, pupils can leave at earlier dates. The School does not therefore have an unconditional right to retain the individual deposits for at least 12 months after the balance sheet date and, in line with the requirements in FRS 102, the balance of the deposits held at 31 August have been included within current liabilities. Page 22 ## **SHIPLAKE COURT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** ## **q) Fees in Advance Scheme** The college introduced a Fees in Advance Scheme during the year whereby participants can now opt to pay the school fees in advance for the entire period they will be attending the school. Amounts received under the School’s Advance Fee Scheme contracts for education not yet utilised are recorded as deferred income and allocated as current liabilities where the education will be provided within 12 months from the reporting date and as long-term liabilities where the education will be provided in subsequent years. As at 31 August 2023, no pupils have signed up to the scheme. ## **3. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY** In the application of the charity’s accounting policies, which are described in note 2 Governors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The Governors consider that there are no material judgements in applying accounting policies on key sources of estimation uncertainty. Page 23 ## **SHIPLAKE COURT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** ## **4. GRANTS AND DONATIONS** |Donations
**5.**
**COLLEGE FEES**
The college’s fee income comprised:
Gross fees
Less: Total bursaries and allowances|**2023**
**£**
**24,634**
**2023**
**£**
**14,805,801**
**(1,081,858)**
**13,723,943**|_2022_
_£_
_55,600_
_2022_
_£_
_13,271,265_
_(1,026,432)_| |---|---|---| |||_12,244,833_| ## **6. TRADING INCOME AND EXPENDITURE** Shiplake Court Limited owns 100% of Shiplake Court Enterprises Limited. This company provides catering facilities, entertainment, and recreational activities and donates its annual taxable profits to the college under the Gift Aid Scheme. Trading results extracted from its audited financial statements are shown below:- |Turnover
Cost of sales
Gross Profit
Administrative expenses
Net Profit
Retained earnings at the beginning of the year
Profit for the year
Gift aid donation
Retained earnings at the end of the year
Net Assets|**2023**
**£**
**67,076**
**(39,016)**
**28,060**
**(21,028)**
**7,032**
**43,218**
**7,032**
**(37,821)**
**12,429**
**12,437**|_2022_
_£_
_93,904_
_(38,613)_| |---|---|---| |||_55,291_
_(17,136)_| |||_38,155_
_14,371_
_38,155_
_(9,308)_| |||_43,218_
_43,226_| Included above is £7,654 _(2022: £4,980)_ of income, a management charge of £5,924 _(2022: £7,307)_ and gift aid of £37,821 ( _2022: £9,308)_ which are eliminated on consolidation. The registered office of Shiplake Court Enterprises Limited is: Shiplake College, Henley on Thames, Oxon, RG9 4BW Page 24 ## **SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** ## **7. ANCILLARY TRADING INCOME** |Registration fees
Learning support income
Fees in lieu of notice and forfeited deposits
Overnight stay income
School trips, events and travel
External Courses
Other income
**8.**
**NON ANCILLARY TRADING INCOME**
Late payment surcharges
Miscellaneous income
Trading - turnover
Rental income
**9.**
**TOTAL RESOURCES EXPENDED**
**Staff costs**
**Depreciation**
**£**
**£**
**Charitable expenditure**
Teaching costs
**4,874,701**
**69,288**
Welfare costs
**326,444**
**-**
Premises costs
**497,903**
**756,416**
Support costs
**1,506,012**
**26,956**
**7,205,060**
**852,660**
**Cost of generated funds**
Finance and other costs
**-**
**-**
Governance
**7,205,060**
**852,660**
**CHARITY**
Trading expenditure
**-**
**-**
**GROUP**
**7,205,060**
**852,660**|**Other**
**£**
**596,924**
**1,457,988**
**1,426,440**
**1,197,843**
**4,679,195**
**116,785**
**18,769**
**4,814,749**
**54,120**
**4,868,869**|**2023**
**£**
**44,200**
**274,023**
**85,843**
**21,708**
**927,549**
**87,382**
**21,463**
**1,462,168**
**2023**
**£**
**10,969**
**12,579**
**59,422**
**101,944**
**184,914**
**2023**
**£**
**5,540,913**
**1,784,432**
**2,680,759**
**2,730,811**
**12,736,915**

**116,785**
**18,769**
**12,872,469**
**54,120**
**12,926,589**||_2022_
_£_
_40,400_
_266,675_
_126,097_
_7,810_
_532,692_
_119,828_
_56,214_
_1,149,716_
_2022_
_£_
_28,088_
_12,611_
_88,924_
_97,781_| |---|---|---|---|---| |||||_227,404_| |||||_2022_
_£_
_5,027,951_
_1,712,654_
_2,442,937_
_2,574,538_| |||||_11,758,080_
_50,467_
_17,100_| |||||_11,825,647_
_48,442_| |||||_11,874,089_| Page 25 ## **SHIPLAKE COURT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022** ## **9. TOTAL RESOURCES EXPENDED - CONTINUED** |_Staff costs_|_Depreciation_|_Other_|_2022_|_2021_| |---|---|---|---|---| |_£_|_£_|_£_|_£_|_£_| |_Charitable expenditure_||||| |_Teaching costs_
_4,504,673_|_70,311_|_452,967_|_5,027,951_|_4,796,373_| |_Welfare costs_
_314,076_|_-_|_1,398,578_|_1,712,654_|_1,328,109_| |_Premises costs_
_463,448_|_692,779_|_1,286,710_|_2,442,937_|_2,257,641_| |_Support costs_
_1,374,359_|_31,084_|_1,169,095_|_2,574,538_|_2,286,442_| |_6,656,556_|_794,174_
|_4,307,350_
|_11,758,080_|_10,668,565_| |_Cost of generated funds_||||| |_Finance and other costs_
_-_|_-_|_50,467_|_50,467_|_76,616_| |_Governance_
_-_|_-_|_17,100_|_17,100_|_15,310_| |_CHARITY_
_6,656,556_|_794,174_|_4,374,917_|_11,825,647_|_10,760,491_| |_Trading expenditure_
_-_|_-_|_48,442_|_48,442_|_45,750_| |_GROUP_
_6,656,556_|_794,174_|_4,423,359_|_11,874,089_|_10,806,241_| ||||**2023**|_2022_| |**Expenditure – Other disclosures**|||**£**|_£_| |a)
Charitable expenditure includes:||||| |Welfare costs include wages and employment charges||||| |paid to outside caterers|||**615,507**|_623,487_| |Minor building and refurbishment costs expensed|||**827,342**|_372,872_| |b)
Charity management and administration includes:||||| |Audit fees - Consolidated|||**18,750**|_16,475_| |c)
Finance costs:||||| |Bank charges and interest|||**36,200**|_36,866_| |d)
Insurance costs|||**110,821**|_71,566_| |e)
Profit/(loss) on sale of tangible fixed assets|||**350**|_(9,535)_| |f)
The directors have trustee’s indemnity insurance which is included|||in the employer’s liability|| |insurance of the charitable company.||||| Page 26 ## **SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** ## **10. WAGES AND SALARIES** |**2023**
**£**
Wages and salaries
**5,629,775**
Social security costs
**609,257**
Pension contributions
**966,028**
**7,205,060**
**No.**
**The average number of employees in the period was:**
Teaching
**89**
Welfare
**9**
Premises
**23**
Support
**55**
**176**
**The number of employees whose emoluments exceeded £60,000:**
£60,001 - £70,000
**8**
£70,001 - £80,000
**2**
£100,001 - £110,000
**1**
£130,000 - £140,000
**-**
£140,001 - £150,000
**1**
Number of higher paid employees contributing to a pension scheme
**12**
Total cost of employer’s contributions in relation to the above
**£**
**166,769**|_2022_
_£_
_5,222,578_
_550,137_
_883,841_| |---|---| ||_6,656,556_| ||_No._
_88_
_11_
_27_
_45_| ||_171_| ||_7_
_-_
_-_
_1_
_-_| ||_8_| ||_£_
_133,251_| The directors received no remuneration or other benefits for the year. During the year no directors were reimbursed expenses ( _2022: £nil)_ . Key management personnel include the directors and officers listed on page 1. Key management personnel received aggregate remuneration (including Employers Pension, Employers NI and BIKS) of £600,276 _(2022: £572,279)_ . Included within staff costs are termination payments totalling £nil _(2022: £8,475)_ . Page 27 ## **SHIPLAKE COURT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** ## **11. TANGIBLE FIXED ASSETS** |**GROUP**
**COST:**
At 1 September 2022
Additions
Transfers
Disposals
At 31 August 2023
**ACCUMULATED**
**DEPRECIATION:**
At 1 September 2022
Charge for the year
Disposals
At 31 August 2023
**NET BOOK VALUE:**
**At 31 August 2023**
_At 1 September 2022_
**CHARITY**
**COST:**
At 1 September 2022
Additions
Transfers
Disposals
At 31 August 2023
**ACCUMULATED**
**DEPRECIATION:**
At 1 September 2022
Charge for the year
Disposals
At 31 August 2023
**NET BOOK VALUE:**
**At 31 August 2023**
_At 1 September 2022_|**Freehold**
**Property**
**£**
22,077,870
17,917
578,167
-
22,673,954
7,173,380
472,335
-
7,645,715
**15,028,239**
_14,904,490_
**Freehold**
**Property**
**£**
22,077,870
17,917
578,167
-
22,673,954
7,173,380
472,335
-
7,645,715
**15,028,239**
_14,904,490_|**Assets in the**
**course of**
**construction**
**£**
631,019
2,077,308
(578,167)
-
2,130,160
-
-
-
-
**2,130,160**
_631,019_
**Assets in**
**the course**
**of**
**construction**
**£**
631,019
2,077,308
(578,167)
-
2,130,160
-
-
-
-
**2,130,160**
_631,019_|**Fixtures &**
**Fittings**
**£**
2,216,542
181,821
-
(14,360)
2,384,003
1,596,862
284,081
(14,360)
1,866,583
**517,420**
_619,679_
**Fixtures &**
**Fittings**
**£**
2,202,182
181,821
-
-
2,384,003
1,582,502
284,081
-
1,866,583
**517,420**
_619,679_|**Boats &**
**Sports**
**Equipment**
**£**
1,020,916
79,003
-
-
1,099,919
774,677
69,288
-
843,965
**255,954**
_246,239_
**Boats &**
**Sports**
**Equipment**
**£**
1,020,916
79,003
-
-
1,099,919
774,677
69,288
-
843,965
**255,954**
_246,239_|**Vehicles &**
**Mowers**
**£**
357,914
3,995
-
(4,680)
357,229
309,197
26,956
(4,680)
331,473
**25,756**
_48,717_
**Vehicles &**
**Mowers**
**£**
357,914
3,995
-
(4,680)
357,229
309,197
26,956
(4,680)
331,473
**25,756**
_48,718_|**Vehicles &**
**Mowers**
**£**
357,914
3,995
-
(4,680)
357,229
309,197
26,956
(4,680)
331,473
**25,756**
_48,717_
**Vehicles &**
**Mowers**
**£**
357,914
3,995
-
(4,680)
357,229
309,197
26,956
(4,680)
331,473
**25,756**
_48,718_|**Total**
**£**
26,304,261
2,360,044
-
(19,040)
28,645,265
9,854,116
852,660
(19,040)
10,687,736
**17,957,529**
_16,450,144_
**Total**
**£**
26,289,901
2,360,044
-
(4,680)
28,645,265
9,839,756
852,660
(4,680)
10,687,736
**17,957,529**
_16,450,145_||**Total**
**£**
26,304,261
2,360,044
-
(19,040)| |---|---|---|---|---|---|---|---|---|---| ||||||357,229
309,197
26,956
(4,680)||||28,645,265
9,854,116
852,660
(19,040)| ||||||||||| ||||||331,473
**25,756**
_48,717_
**Vehicles &**
**Mowers**
**£**
357,914
3,995
-
(4,680)
357,229
309,197
26,956
(4,680)
331,473
**25,756**
_48,718_||||| ||||||||||| ||||||||||| All assets are used in furtherance of the charity’s objects. Page 28 ## **SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** ## **12. INVESTMENTS – Charity only** |**Charity**
nvestment in subsidiary company – 8
**OCKS**
Stocks|ordinary shares of £1 each
**Group**
**2023**
_2022_
**£**
£
**14,548**
_16,616_|**2023**
_2022_
**£**
_£_
**8**
_8_
**Charity**
**2023**
_2022_
**£**
£
**14,548**
_16,616_|_2022_
_£_
_8_| |---|---|---|---| ## **13. STOCKS** ## **14. DEBTORS** |Fees ledger
Other debtors
Shiplake Court Enterprises Limited
Prepayments and accrued income
**CREDITORS:**due within one year
Bank loans (see note 17)
Trade creditors
Social Security and other taxes
Other creditors
Deposits
Accruals and deferred income|**Group**
**2023**
_Restated_
_2022_
**£**
_£_
**70,924**
_108,088_
**321,022**
_145,957_
**-**
_-_
**249,772**
_133,995_
**641,718**
_388,040_
**Group**
**2023**
_Restated_
_2022_
**£**
_£_
**86,269**
_72,428_
**75,857**
_425,277_
**155,174**
_158,005_
**251,240**
_143,736_
**888,299**
_837,971_
**2,354,388**
_1,113,841_
**3,811,227**
_2,751,258_|**Charity**
**2023**
_Restated_
_2022_
**£**
_£_
**63,484**
_90,472_
**319,712**
_51,647_
**11,497**
_206,092_
**249,772**
_124,304_
**644,465**
_472,515_
**Charity**
**2023**
_Restated_
_2022_
**£**
_£_
**86,269**
_72,428_
**74,977**
_412,738_
**147,657**
_150,203_
**251,240**
_143,736_
**888,299**
_837,971_
**2,340,730**
_1,107,171_
**3,789,172**
_2,724,247_| |---|---|---| ## **15. CREDITORS:** due within one year Deferred income relates to Michaelmas term fees and extras for the 2023/24 financial year that were paid before the end of the current financial year. The restated balances in Debtors and Creditors above are in relation to Fees ledger debtors and Deferred Income. This is due to the College’s decision to present these balances net of the subsequent financial year’s Autumn fees, and to only recognise those balances which are paid as at the year end going forward. Page 29 ## **SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** **16. CREDITORS – GROUP AND COMPANY:** Amounts falling due after more than one year |Bank loans (see note 17)
Derivative contract|**2023**
**£**
**389,221**
**1,425**
**390,646**|_2022_
_£_
_465,219_
_25,544_| |---|---|---| |||_490,763_| The Group has loan facilities available totalling £475,490 ( _2022: £537,647_ ). There is a hedging instrument in place to protect the School against increases in interest rates in line with the group’s interest rate management policy. The hedging instruments, which have been measured at fair value are recognised in the financial statements in accordance with FRS102. ## **17. BANK LOANS (GROUP AND COMPANY)** The aggregate amount repayable by instalments |In less than 1 year
Between 1 and 2 years
Between 2 and 5 years
Greater than 5 years|**Group**
**2023**
_2022_
**£**
_£_
**86,269**
_72,429_
**69,665**
_75,998_
**234,327**
_227,994_
**85,229**
_161,226_
**475,490**
_537,647_|**Group**
**2023**
_2022_
**£**
_£_
**86,269**
_72,429_
**69,665**
_75,998_
**234,327**
_227,994_
**85,229**
_161,226_
**475,490**
_537,647_| |---|---|---| |||_537,647_| The bank loan is secured by a series of fixed charges over the charitable company’s freehold property. Interest on the loan is variable. As the bank loan is included in the College’s consolidated agreement it is technically repayable on demand. However, as the loan has a specific repayment schedule the balances have been disclosed in accordance with these terms. ## **18.** ## **SHARE CAPITAL** |Allotted, called up and fully paid
16 Ordinary shares of £1 each|**2023**
**£**
**16**|_2022_
_£_
_16_| |---|---|---| Page 30 ## **SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** |**19.**
**ANALYSIS OF NET ASSETS BETWEEN FUNDS - Group**
**2023**
Fixed
Net Current
Assets
Assets
£
£
Restricted Funds
**59,011**
Unrestricted Funds
**17,957,529**
**3,912,473**
Share capital
**-**
**16**
**17,957,529**
**3,971,500**
_2022_
_Fixed_
_Net Current_
_Assets_
_Assets_
_£_
_£_
_Restricted Funds_
_-_
_52,885_
_Unrestricted Funds_
_16,450,144_
_2,909,771_
_Share capital_
_-_
_16_
_16,450,144_
_2,962,672_|Long Term
Liabilities
£
**(394,416)**
**-**
**(394,416)**
_Long Term_
_Liabilities_
_£_
_-_
_(497,120)_
_-_
_(497,120)_|**Total**
**2023**
**£**
**59,011**
**21,475,586**
**16**| |---|---|---| |||**21,534,613**| |||_Total_
_2022_
_£_
_52,885_
_18,862,795_
_16_| |||_18,915,696_| Page 31 ## **SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** ## **20. FUNDS** |**Restricted Funds**
Balance
**2023**
1 September
2022
£
Donations
-
Sports tour fund
_2,885_
Bursaries
_-_
Music fund
_50,000_
Home for Ukraine DfE Grant
-
52,885|Incoming
Resources
£
2,706
1,781
1,750
3,000
12,084
21,321|Resources
Transfers
**Balance**
Expended
**31 August**
**2023**
£
£
**£**
-
-
**2,706**
(3,111)
-
**1,555**
-
-
**1,750**
-
-
**53,000**
(12,084)
-
-
(15,195)
-
**59,011**|Resources
Transfers
**Balance**
Expended
**31 August**
**2023**
£
£
**£**
-
-
**2,706**
(3,111)
-
**1,555**
-
-
**1,750**
-
-
**53,000**
(12,084)
-
-
(15,195)
-
**59,011**| |---|---|---|---| ||||**59,011**| Music fund – This is the value of a donation of £50,000 given by a governor in the name of his late wife during the previous financial year. This is restricted to be spent only on pupils learning music. |**Unrestricted Funds**
_Balance_
**2023**
_1 September_
_2022_
_£_
Fixed Asset fund
_15,912,497_
General fund
_2,907,080_
**CHARITY**
_18,819,577_
Non-charitable
trading funds
_43,218_
**GROUP**
**_18,862,795_**|Incoming
Resources
£
-
15,432,990
_15,432,990_
67,076
**15,500,066**|Resources
Expended
£
(852,660)
(12,012,265)
(12,864,925)
(46,469)
**(12,911,394)**|Gains/
(losses)
£
-
24,119
24,119
-
**24,119**||Transfers
£
2,422,202
(2,422,202)
-
-
**-**|**Balance**
**31 August**
**2023**
**£**
**17,482,039**
**3,929,722**| |---|---|---|---|---|---|---| |||||||**21,411,761**
**63,825**| |||||||**21,475,586**| Fixed asset fund – This is the value of the College fixed assets less the bank loan. Page 32 ## **SHIPLAKE COURT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** ## **20. FUNDS (continued)** |_Restricted Funds_
_Balance_
_Incoming_
_Resources_
_2022_
_1 September_
_Resources_
_Expended_
_2021_
_£_
_£_
_£_
_Sports tour fund_
_2,885_
_-_
_-_
_Bursaries_
_-_
_5,600_
_(5,600)_
_Music fund_
_50,000_
_-_
_-_
_Other restricted funds_
_-_
_-_
_-_
_2,885_
_55,600_
_(5,600)_
_Unrestricted Funds_
_Balance_
_Incoming_
_Resources_
_Gains/_
_2022_
_1 September_
_Resources_
_Expended_
_(losses)_
_2021_
_£_
_£_
_£_
_£_
_Fixed Asset fund_
_15,575,441_
_-_
_(794,174)_
_-_
_General fund_
_1,438,963_
_13,553,595_
_(11,030,853)_
_76,605_
_CHARITY_
_17,014,404_
_13,553,595_
_(11,825,027)_
_76,605_
_Non-charitable_
_trading_
_funds_
_14,371_
_72,309_
_(43,462)_
_-_
_GROUP_
_17,028,775_
_13,625,904_
_(11,868,489)_
_76,605_|_-_|_Transfers_
_£_
_-_
_-_
_-_
_-_
_Transfers_
_£_
_1,131,230_
_(1,131,230)_
_-_
_-_
_-_|_Balance_
_31 August_
_2022_
_£_
_2,885_
_-_
_50,000_
_-_
_52,885_
_Balance_
_31 August_
_2022_
_£_
_15,912,497_
_2,907,080_
_18,819,577_
_43,218_
_18,862,795_|_Balance_
_31 August_
_2022_
_£_
_2,885_
_-_
_50,000_
_-_
_52,885_
_Balance_
_31 August_
_2022_
_£_
_15,912,497_
_2,907,080_
_18,819,577_
_43,218_
_18,862,795_| |---|---|---|---|---| |||||| |||||| |||||_18,819,577_
_43,218_| |||||_18,862,795_| ## **21. CAPITAL COMMITMENTS** At the year end the school has £1,590,059 _(2022: £nil)_ contracted capital commitments. Page 33 ## **SHIPLAKE COURT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** ## **22. PENSIONS** The College participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £814,128 _(2022: £745,998)_ and at the year-end £95,136 _(2022: £87,910l)_ was accrued in respect of contributions to this scheme. The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report, which was published in October 2023. Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation have valued the ‘greater value’ benefits for groups of relevant members. The valuation confirmed that the employer contribution rate for the TPS would increase from 23.6% to 28.6% from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%. Page 34 ## **SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** ## **22. PENSIONS (continued)** ## **Support Staff - Defined Benefit Scheme** Certain employees of Shiplake College Ltd are entitled to membership of the Pension Trust Growth Plan (“the Plan”). This is a multi-employer pension plan. It is not possible for the company to obtain sufficient information to enable it to account for the Scheme as a defined benefit Scheme therefore it is accounted for as a defined contribution scheme. Contributions paid into the Plan up to and including September 2001 were converted to defined amounts of pension payable from normal retirement dates. From October 2001, contributions were invested in personal funds which have a capital guarantee, and which are converted to pension on retirement, either within the Plan or by the purchase of an annuity. The Trustee commissions an actuarial valuation of the Plan every three years. The purpose of the actuarial valuation is to determine the funding position of the Plan by comparing the assets with the past service liabilities as at the valuation date. Asset values are calculated by reference to market levels. Accrued past service liabilities are valued by discounting expected future benefits payments using a discount rate calculated by reference to the expected future investment returns. The rules of the Plan give the Trustee the power to require employers to pay additional contributions in order to ensure that the statutory funding objective under the Pensions Act 2004 is met. The statutory funding objective is that a pension scheme should have sufficient assets to meet its past service liabilities, known as Technical Provisions. If the actuarial valuation reveals a deficit, the Trustee will agree a recovery plan to eliminate the deficit over a specified period of time either by way of additional contributions from employers, investment returns or a combination of these. The latest formal valuation of the Plan at 30 September 2020 was performed by a professionally qualified Actuary using the Projected Unit Method. The market value of the Plan’s assets at the valuation date was £800.3 million and the Plan’s Technical Provisions (i.e. past service liabilities) were £831.9 million. The valuation therefore revealed a shortfall of assets compared with the value of liabilities of £31.6 million. The school paid deficit contributions of £2,767 ( _2022: £6,456)_ during the year as required by the Trustees of the Scheme. The unwinding of the discount factor, and the impact of changes to assumptions has resulted in a £180 charge _(2022: £19,435 credit)_ to the SOFA and has been included in pension costs for the year. Shiplake College Ltd has been advised by the Plan trustee that, in the event that it was to withdraw its membership of the Plan, it had an estimated contingent liability of £60,478 at 30 September 2022. This debt will not crystallise while Shiplake College Ltd continues to have one or more active members in the scheme. The amount of the above potential debt depends on many factors including total Plan liabilities, Plan investment performance, the liabilities in respect of current and former employees of Shiplake College Ltd, financial conditions at the time of the cessation event and the insurance buy-out market. The amounts of the debt can therefore be volatile over time. Shiplake College Ltd also paid contributions into a defined contribution scheme with The Pensions Trust at a rate of 5% totalling £148,953 _(2022: £119,696)_ during the accounting period. Members paid contributions at rates of 7-10% during the accounting period. Page 35 ## **SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** ## **23. RELATED PARTY TRANSACTIONS** The subsidiary, Shiplake Court Enterprises Limited, provides catering facilities, entertainment, and recreational activities at Shiplake College. The subsidiary donates its annual taxable profits to the Trust under Gift Aid. The gift aid donation for this year was £37,821 _(2022: £9,308)_ . During the year Shiplake Court Limited received a management charge of £5,924 ( _2022: £7,307)._ During the year Shiplake Court Limited was invoiced for Pupil Agency fees of £7,654 _(2022: £4,980)_ . At the year end the balance outstanding was a debtor of £11,497 _(2022: £206,092)._ Gift aid relating to the 2022/2023 year end will be paid in 2023/2024. ## **24. COMMITMENTS UNDER OPERATING LEASES** At 31 August 2023 the School had future minimum lease payments under non-cancellable operating leases as follows: |**Land and buildings:**
Amounts due in 1 year
Amounts due in 2 - 5 years
Amounts due in 5 years
**Office equipment:**
Amounts due in 1 year
Amounts due in 2 – 5 years|**2023**
**£**
**31,406**
**111,586**
**398,498**
**541,490**
**14,794**
**29,787**
**44,581**|_2022_
_£_
_10,500_
_3,510_
_-_| |---|---|---| |||_14,010_
_6,911_
_6,457_| |||_13,368_| During the year lease payments of £48,094 _(2022: £45,194)_ were recognised as an expense within the SOFA. Page 36 ## **SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** ## **25. FINANCIAL INSTRUMENTS** Financial assets held at amortised cost are fees receivable, other debtors, amounts due from group companies and cash at bank. Financial liabilities held at amortised cost are bank loans, trade creditors, other creditors and accruals. Included within financial instruments held at fair value is the pension deficit and derivative contract. |**GROUP**
Financial assets measured at amortised cost
Financial liabilities measured at amortised cost
Financial liabilities measured at fair value|**2023**
**£**
**7,588,906**
**1,807,802**
**5,195**|_Restated_
_2022_
_£_
_5,563,319_
_1,358,540_
_31,901_| |---|---|---| The group’s income, expense, gains and losses in respect of financial instruments are summarised below: |**Interest income and expense:**
Total interest income for financial assets held at amortised cost
Total interest expense for financial liabilities held at amortised cost
Impairment gain/ (loss) (movement in bad debt provision)
**COLLEGE**
Financial assets measured at amortised cost
Financial liabilities measured at amortised cost
Financial liabilities measured at fair value||**2023**
**£**
**125,728**
**36,200**
**77,117**
**2023**
**£**
**7,554,414**
**1,793,264**
**5,195**|_2022_
_£_
_1,260_
_36,866_
_9,205_
_Restated_
_2022_
_£_
5,502,773
_1,524,404_
_31,901_| |---|---|---|---| The group’s income, expense, gains and losses in respect of financial instruments are summarised below: |**Interest income and expense:**
Total interest income for financial assets held at amortised cost
Total interest expense for financial liabilities held at amortised cost
Impairment gain/ (loss) (movement in bad debt provision)|**2023**
**£**
**125,728**
**36,200**
**77,117**|_2022_
_£_
_1,260_
_36,866_
_9,205_| |---|---|---| Page 37 ## **SHIPLAKE COURT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** **26. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS** |Increase in cash in the year
Loan repayments
Change in net debt
Net funds at 1 September
**NET FUNDS AT 31 August**
**27.**
**ANALYSIS OF CHANGE IN NET FUNDS**
Cash at bank and in hand
Loans|Net funds as
at 31 August
2022
_5,309,274_
_(537,647)_
_4,771,627_||**2023**
**£**
**1,817,187**
**62,157**
**1,879,344**
**4,771,627**
**6,650,971**
Cash
Change
£
1,817,187
62,157
.
1,879,344|_2022_
_£_
_1,617,472_
_68,607_
_1,686,079_
_3,085,548_
_4,771,627_
**Net funds as**
**at 31 August**
**2023**
**£**
**7,126,461**
**(475,490)**
**6,650,971**| |---|---|---|---|---| |||||| |||||| |||||| Page 38 ## **SHIPLAKE COURT LIMITED** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023** ## **28. COMPARATIVE 2022 STATEMENT OF FINANCIAL ACTIVITIES** |_INCOME FROM:_
_Voluntary income_
_Donations and grant income_
_Charitable activities:_
_College fees_
_Ancillary trading income_
_Income from generated funds:_
_Investment income_
_Non-ancillary trading income_
_Other income_
_Total_
_EXPENDITURE ON:_
_Charitable activities:_
_School operating costs_
_Raising funds:_
_Trading expenses_
_Finance and other costs_
_Total_
_Net income_
_Other recognised gains_
_Fair value movement on derivative_
_contracts_
_Net movement in funds_
_Fund balances at 1 September 2021_
_Total funds at 31 August 2022_|_Unrestricted_
_Funds_
_£_
_-_
_12,244,833_
_1,149,716_
_1,260_
_227,404_
_2,691_
_13,625,904_
_11,752,480_
_48,442_
_67,567_
_11,868,489_
_1,757,415_
_76,605_
_1,834,020_
_17,028,775_
_18,862,795_|_Restricted_
_funds_
_£_
_55,600_
_-_
_-_
_-_
_-_
_-_
_55,600_
_5,600_
_-_
_-_
_5,600_
_50,000_
_-_
_50,000_
_2,885_
_52,885_|_Total_
_31 August_
_2022_
_£_
_55,600_
_12,244,833_
_1,149,716_
_1,260_
_227,404_
_2,691_| |---|---|---|---| ||||_13,681,504_| ||||_11,758,080_
_48,442_
_67,567_| ||||_11,874,089_| ||||_1,807,415_
_76,605_| ||||_1,884,020_
_17,031,660_| ||||_18,915,680_| Page 39