Registered number: 612809 Charity number: 309651 SHIPLAKE COURT LIMITED (Operating as Shiplake College) GOVERNORS. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 SHIPLAKE COURT LIMITED CONTENTS Page Reference and admlnlstrative details of the Charlty, Its Governors and advisers Governors. report Independent auditors, report on the finan¢ial statements Consolidated statement of flnanclal activities 3-11 12-16 17 Consolidated balance sheet 18-19 Charity balance sheet Consolidated statement of cash flows 20-21 22 Notos to the financial statements 23-44 SHIPLAKE COURT LIMITED REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Directors and tholr interests Sir David Tanner CBE, Chaimianl,2 A Ashlon1 P Blewet11,2,3 S Blomfield2 M Carey-Elms2 C Ev61 J Gordon2,3 R Grimond1 l Howe112 R L8ster1 M MacKenzie-Charrington1.3 P Rake (appointed 1 June 202411 S Ryan, BSc2 S Sales2 Members of the Finance and General Purposes Committee Members of the Education and Welfare Committee Membors of the Health and Safety Committee The Directors are also the charity trustees and governors of Shiplake College OFFICERS {Key Management Personnel) Headmast8r: T G Howe, MA (St Andrews). Mst MBA (Oxford) Bursar and Clark to th8 Govemors.. W Dixon Deputy Head (Academic).. P S Jones, BA {Durham), GTP {Londonl, AST Deputy Head (Pastoral).. S Elliot, BA {University College Wales) (appointed 1 September 2023} Director of External Relations.. K Green, BA (Exeter) Company reglstered number 612809 Charity registered number 309651 Registered office Shiplake College Henley on Thames Oxon RG9 4BW Company secretary W Dixon Independent audltors Crowe U.K. LLP R+ Building, 2 Blagrave Street Reading Berkshire RG1 1AZ Page 1 SHIPLAKE COURT LIMITED REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS GOVERNORS AND ADVISERS (CONTINUED> FOR THE YEAR ENDED 31 AUGUST 2024 Bankers Barclays Business Banking, Reading & Basingstoke Team 4th Floor Apex Plaza Forbury Road Reading BX3 2BB Solicitors Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR Insurance Brokers Marsh Brokers Limited 1 Tower Place West Tower Place London EC3R 58U Archltects Edinglon, Spink and Hyne Meridian House 2 Russel Sl Windsor SL41HQ Page 2 SHIPLAKE COURT LIMITED GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Governors of Shiplake College, being also the directors of the charitable company, present Iheir annual report together with the financial statements of the charttable company for the year ended 31 August 2024 and confirm that they comply with th8 requirements of the Companies Act 2006 thus including the Direclors, Report and Strategic Report, the Charit18s Act 2011, the governing document and the Statement of Recommended Practice- 'Accounling and Reporting by Charities, {SORP 2015}. DIRECTORS, REPORT REFERENCE AND ADMINISTRATIVE INFORMATION Shiplake Court Limited is a charitable company having share capital, incorporaled 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 companls professional advisers are given on page 2. STRUCTURE, GOVERNANCE AND MANAGEMENT The charitable company was established under a Memorandum of Association last amended on 13th 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 ihe public benefit. PRINCIPAL ACTIVITIES OF THE YEAR Shiplake College's principal activity continues to be the provision of a coeducational independent school wilh facilities for boarding and day pupils aged 11 to 18. GOVERNING BODY The structure of the charilable 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 based on 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 several professional sources such as AGBIS. Governors are appointed initially for a five-year lemi of office. At the expiry of this period Governors can offer themselves for re-election lo the Board. 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 limes a year. Th8 work of governance and financial supeNision is carried out by members of the Finance and General Purposes Committee IF&GPI. 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 Page 3 SHIPLAKE COURT LIMITED GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 and the Health and Safety Committee which also rneet 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 fomied on an ad hoc basis for specific purposes such as an appeal. Members of all Board committees are listed onpage1. The day to day running of thè school is delegated to the College's headmaster, supported by the senior leadership tèam. 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 perfomiance and to r8ward 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 lo ensure that the College remains sensitive lo 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 STRUCTURE AND RELATIONSHIPS The Charity has a wholly owned non-charitable subsidiary, Shiplake Court Enterprises Lirlliled, whose activities in th8 year under review were those of catering facilities, entertainment and recreational aclivilies. Shiplake College adlvely 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 on-going endeavours lo 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 thè all-round education they receive al the College. The College also benefits from the generosity of a thriving ne￿ork 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 friéndly. supportive and structured environment to permit pupils to learn to lead a full and responsible life. Within the ethos of a boarding school, th8 aim is not to concentrate solely on academic achievement, but also to develop the skills and abilities lo prepare pupils for their life after Shiplake. We support the headmaste¢s vision Ihat Shiplake should be.. a dynamic. purposeful, happy and caring place which produces open-minded young men and women who have a sens6 of humour yet are responsible and articulate with the knowledg8 and skills to play an informed and useful part in their society. OBJECTIVES FOR THE YEAR The focus remained on th8 provision of a rounded education that allowed each of the College's pupils lo reach their individual potential, combined with advancement in academic performance and a further widening of access to the education that Shiplake provides. Wè continued to seek ways of providing access for other UK and foreign pupils which also puls the school's facilities to good educational us& when not otherwise needed. The Governors are determined to ensure that Ihe headmaster has Ihe appropriate resources lo 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 educational Year 7 starting in September 2023 there has been continued development of the physical estate to ensure leaching capacity and space for a full co-educational sporting and co-curricular offéring is provided for in the years to come. Pag8 4 SHIPLAKE COURT LIMITED GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 STRATEGIC REPORT ACADEMIC The College enjoyed another excellent set of results at both GCSE and A Level, with grades exceeding those of recent years and the 2019 pre-COVID benchmark. This again reflects the dedication and commitment of the teaching staff and the consistent focus on pupils, learning and outcomes. In the Sixth Form, the percentage of A'_C grades has risen from 88 /. 12023) 10 97 %, and al A'_B from 62/0 to 720/.. The percentage of lop A"_A grades has also increased from 32 % to 390/0. At GCSE, the results were significantly higher than the pre-COVID results of 2019, with 93°/o of grades marked 9-4 and 580/0 of grades 9-6 {88010 and 42 % respectively in 2019). 2024 21r23 2021- 81A' 17% 15Dh 27% 7 (A'-A) 34% 33% 3Y 47% 9-6 IA'_BI 59% 69% 56% 94% 4 IA'£) 5 OT more inc Eng & Math5 91% 95% 99% 9990 95% 1 (A'-G) IPass) 2024 2W23 2021- 2￿2(r A'_A loi equN2lenti 39% 32% 41% 7Q% 72% 85% 97% 88% 92% 93% A'￿ IPa5sI 99.6% 99.7% 100% 1(Kl% Even with the improvements in the headline results, value added remains a very important measure for the College. Academic value added reflects the fact that many of our pupils achieve higher grades than they were predicted lo when they joined the College. Value added at GCSE level averaged +0.37 with particular highlights being the performance of Drama (+1.08}. English {+0.921, and Art {+0.821. Looking al the value added of groups of pupils, we can see that the pupils who enjoy the support of the Learning Development achieved an outstsnding value added score 1+0.78). Value added in the Sixth Form averaged +0.31 with strong performances from DET {+1.101, Photography (+1.50) and an 8xlremely strong performance across the vocational subjects (business, music and sport) wilh an average of +2.0. The average UCAS points was equivalent to BBB enabling 93°/o of our pupils to secure places at their first or second choice university. 394/0 of pupils progressed to Russell Group universilies. and the most popular destinations for this year's leavers were Nottingham Trent, York. Nottingham. Loughborough. Exeter, Cardiff, Royal Holloway and Oxford Brookes. The most popular courses for our leavers remains Business and Marketing courses. We also saw an increase in the number of pupils studying at US universities, with pupils joining Harvard, Boston, lowa and Washington universities. The Governors remain resolute that the College will continue to select pupils on character and aptitude for an education at Shiplake, rather Ihan purely on academic ability. We are proud lo be an all-ability school and this year's results again demonstra18 the intent of the headmaster and his senior leadership team to improve the Page 5 SHIPLAKE COURT LIMITED GOVERNORS. REPORT (CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2024 academic outcomes of our pupils through academic rigour. personal support and a number of academic initiativès in support of our pupils. Academic priorities for the coming y8ar include continuing to embed the use of Microsoft devices across the College. We are aiming lo achieve greater consistency in the use of OneNote software to ensure that all staff and pupils are familiar with its use and the benefits to pupils, learning. Closely related lo this Is the drive to achieve a dagree of consislency with curating pupils, learning. In response to pupil and parent feedback, we need to ensure that pupils are 8asily able to locate their work and their teachers, resources when working digitally. This is especially important when it comes to pupils revising. We are also working to ensuré thal the College is inspection ready ahead of the expected ISI inspection in 2025. We are ensuring that departments understand and can demonstrate the requirements of the revised inspection framework and that best practice is demonstrated across the College. As a fomard-thinking College, we are also working to proactively embrace the opportunities presented by generative Al. We need our teachers to explore this important development to see if thère are benefits lo their own workload (for example, lesson preparation and generating resources) and most importantly, benefits to the learning experiences of our pupils. Finally, the College is continuing its journey to becoming an accredited Thinking School with the University of Exeler. A Thinking School is a leaming community in which teachers and pupils have a deep understanding of how to learn effectively. It is also a school where: effective questioning is used to promote higher-order thinking., thinking is made visible across every subject and every year group,. pupils develop a knowledge of the brain, and of themselves as learners; and pupils are encouraged lo think reflectively, critically and creatively. The educational research is clear: when pupils understand how they think and leam they become more resilient and adaptable, and make greater academic progress. Our work with Thinking Matters and our membership of the Thinking Schools Network has drawn together many existing strands of our practice in recent years (including collaborative projects wlth a rang8 of local schools). Since 2015, the Shiplake Seven has represented the key skills and qualities the College has promoted throughout pupils, academic and co-curricular journey. Through the College's work wilh Thinking Matters, it was clear that there was a natural crossover with the Habits of Mind.. Dispositions for Success (Costa and Kallick. 20091. Therefore, the Shiplake Soven is now firmly positioned as our common language of the classroom and refer to the dispositions our pupils need to be effective learners e.g. determined and open-minded. This approach can be worth the equivalent of an additional seven months, academic progress (Education Endowment Foundation. 2017}. and in a future rich with Al, nothing will be more important than the ability to think. REVIEW OF ACTIVITIES AND ACHIEVEMENTS Like all UK independent schools, Shiplake College is visited by Ihe Independent Schools Inspectorate {ISII to ensure that we are meeting stalutory requirements. Educational Quality inspections rèport on the main outcomes for pupils.. achievement and personal development. Regulatory Complianoe 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 outcDmes of this inspection. The key findings show that we meel 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 achievemenls 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 (ICTI 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 Ihe impact of their own actions on others Page 6 SHIPLAKE COURT LIMITED GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Pupils, collaboration skills are excellent, and they work towards shared goals very naturally The extent to which pupils know and understand how to slay safe and physically and mentally healthy is excellent This is Ihe highest Possible rating that an independent school can achieve within the ISI framework. The inspection also served as a 'malerial change visit, to assess our proposal to increase our capacity {over the next five lo ten years}, as we begin lo welcome girls inlo Year 7 from 2023. The visit confirmed that this has been approved. 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 websile 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 ils pupils. This is intended lo provide an environment where each pupil can develop and fulfil his or her potential, thus, to help build self-confidence and instil a desire lo contribute lo 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 lo widen access lo our education resources, by bringing independent and state school communities together. Governance Multiple members of the Collègé staff serve as govemors at local primary and secondary 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 weokands. Local junior football and rugby clubs such as- AFC Henley U16 and Readingensians Rams for U15 rugby have used the College's pitches and Ihe 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 Greencricket Clubs, Rolherfield United Football Club, and Tri-Henley Club at a reduced rate or free of charge The Scottish Rugby Programme also use our facilities free of charge several times a year. Community Access The Governors see Shiplake College as a part of a wider community and where we can assist the Gommunity without detriment lo advancing the education of our pupils we are delighted lo 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 Tithe Bam and sports hall as venues for rehearsals. The Shiplake Parish Council use our facilities for their planning meetings, and we were the venue for the start of the Church's Nativity Page 7 SHIPLAKE COURT LIMITED GOVERNORS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Trail at Christmas, offering festive refreshments. A group of pupils visited Lashbrook House Care Home each week for a co-currioular volunteering option. The Duke of Edinburgh's Award Scheme calculated that thè College had volunteered for 1534 hours. Th8 choir sang carols as part of the Henley Living Advent community initiative, and for an event at Leander Club in Hen18y. 20 pupils and staff helped with the post-Henley Royal Regatta river Glean-up. The College was the host venue for a group of local artisls exhibiting their work as part of the Henley Arts Trail over the May bank holiday weekend. 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. Shiplake staff transported five primary school teams to and from our crickot festival as they otherwise would not have been able to participate (there were 13 teams from eight primary schools in total). Many children from local primary schools participated in the College's cross-country event. We were also delighled lo 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. Badgemore and Caversham Park. Our creative department5 have also fully engaged with locAI primaries including our drama department's matinee performance at the Kenton Theatre which pupils from Trinity, Sacred Heart and Badgemore primary schools attended. The Design and Technology Department hosted a training day for all staff al Valley Road primary school as part of their own INSET day and ran a workshop morning for St Marlin's Caversham primary school. 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 aclivilies. The Parent Teacher Association run various events to provide opportunities for parents lo meet in a social environment. The Board would like to take this opportunity to say how much we appreciate both groups for Iheir continuing and valuable support for our work along with the many parents Ihat 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 relianl 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 lo unavoidable increases in costs. Fee income before bursaries and allowances increased to £15,828.33012023.' £14,805,801). The College also takes every opportunity to raise additional funds and improve thé quality of the education on offer. This year the College hosted one wedding and Ardmore Language School summer camps. as well as its own summer camps (rowing, art and multi-sports) 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 Ihis increased activity, total income was £16,540,42812023'. £15,521,387). Wider access to an education at Shiplake College continued to be provided this year and the value of means- tested bursaries made to the College's pupils out of unrestricted funds was £447,275 which represents 2.8°/o of gross fae income. In addilion, the value of scholarships, grants and other awards made to the College's pupils out of unrestricted funds was £994,428 which represenls 6.3 % of gross fee income. 32 pupi15 received a means- tested bursary with g receiving total discounts of 80 1 of fees or more. Included in the bursary total is the cost of places for three Ukrainian refugees and a Year 12 full boarder through the Royal National Childrén's SpringBoard Foundation. The surplus before taking account of depreciation was £3.379,825 which represents 20.4 /0 oftotal income. This level is judged necessary to allow the Govemors 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 Ihe introduction of girls at Year 7 continuing lo move up Ihrough the school 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. Page 8 SHIPLAKE COURT LIMITED GOVERNORS. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 During the year Shiplake Court Enlerprtses generated a surplus of £24,230 and donated £6,758 to the College. The trading results are sel out in note 13. Reserves Pollcy The Governors have reviewed the reserves of the College. This review encompassed the nature of income and expenditure slreaffls. the need to match them with commitments and the nature of reserves. The Governors are mindful of the affordabilily 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 lo build its reserve base. The College's reserves policy is lo mainlain sufficient funds to sustain the College as a provider of education. The cash policy is to maintain a reserve of approxirnalely 3 months, expenditure of £3,235,000. As part of the budgeting process, the Governors reviewed the appropriate level of reserves lo be retained from income received during the year ended 31 August 2024 to allow the College lo continue operations in future periods. At 31st August 2024 total funds comprise.. Unrestricted Fixed ass&t funds Non-charitable trading funds General unrestricted funds 21,108,838 29,901 2,800,711 Restricted Other restricted funds 109,312 Total 24,048,762 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-t8rm 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 rese￿e$ were £2,830,596 at August 202412023.. £3,993.547). Going Concern The Governors have reviewed the position carefully with a view lo ensuring the ongoing provision of schooling for the pupils as w811 as employment of staff. The charity currently holds significant cash balances. Demand for school places in October 2024 remains strong, with historically high numbers enrolled for the academic year 2024125. Conservative cash flow modelling with an assumed 8.3°/o fee reduction from January 2025 to minimise the impact of VAT on school fees lo parents, indicates that the cash reserves of the charity are adequate to meel the charity's obligations as they fall due. Accordingly. the Governors believe the school's financial resour￿$ 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. Page 9 SHIPLAKE COURT LIMITED GOVERNORS. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 FUTURE PLANS The Governors, intention is to mainlain 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-educational 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 also saw the opening of the new six-pitch rugby and football playing fields on newly leased land adjoining the school campus. Work as commenced on a full-size artificial playing surface, a MUGA for training purposes, additional cricket nels and an ouldoor classroom. Future developmeni 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. 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 Financé 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 companls 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. detai18d terms of reference for all Committees., comprehensive strategic planning, budgeting and management accounting. established organisational structure and lines or reporting., formal written policies., clear authorisalion and approval levels-, and velling procedures as required by law for the protection of the vulnerable. Through the risk rnanagement processes éstablished for the College, Shiplake College Governors ara satisfied that the major risks identified have been adequately miligated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed. Principal rlsks and uncertainties The principal and uncertainties lo the continued success of Ihe school are assessed as= ReputatSonal rlsk - the principal risk is a current or historic safeguarding failure leading to a loss or reputation. This risk is managed by a balan￿d approach of controls and Iraining. 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 Irained designated safeguarding lead. An annual review of safeguarding is undertaken by the Board. Financial risk - Ihe principal risk is economic change reducing the affordability of fees and a reduction in pupil numbers and therefore the abilily for the College lo cover significant capital repairs and replacements. The College mitigates this risk by regular review of its forecasts and reseNe 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 forms part of the headmaster's report lo the main board. The provision of appropriate staff and facilities is key lo attracting and retaining pupils. The Governors review termly the lev81s of staffing and through Page 10 ## **SHIPLAKE COURT LIMITED** ## **GOVERNORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024** 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. ## **STATEMENT OF GOVERNORS' RESPONSIBILITIES** The Governors are responsible for preparing the Annual Report and the statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards). Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair _view_ of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgments and estimates that are reasonable and prudent; - state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity's constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **PROVISION OF INFORMATION TO AUDITOR** Each of the persons who are Governors at the time when the Governors' Report is approved has confirmed that: • so far as that _Governor_ is aware, there is no relevant audit information of which the company's auditor is unaware, and that Governors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. ## **AUDITORS** A resolution to re-appoint Crowe U.K. LLP as the charitable company's auditor will be proposed at the Annual General Meeting. This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Governing Body of Shiplake Court Limited on 1 December 2023 including in their capacity as company directors approving the Strategic Report contained therein, and is signed as authorised on its behalf by: Approved by order of the members of the board of **Governors on** 5 December 2024 and signed on their behalf by: **Sir David Tanner CBE** Chairman Page 11 SHIPLAKE COURT LIMITED INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SHIPLAKE COURT LIMITED Opinion We have audited the financial statements of Shiplake Court Limited Ilhe 'parent charitable company'l and its subsidiaries (the 'group'l for the year ended 31 August 2024 which comprise the consolidated statement of financial activities, the consolidated balance sheet, the charity balance sheel. Ihe consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The finanGial 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 thè Group's and of the parent charitable companys affairs as at 31 August 2024 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 Inlemational Standards on Auditing IUKI IISAS (UK}) and applicable law. Our responsibilities under those standards are further described in the Auditors, 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 United Kingdom, including the Financial Reporting Council's Ethical Standard. alld we have fulfilled our other ethical responsibilities in accordance wilh these requirements. We believe that thé audit evidence we have oblained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial statements, we have concluded that the Governors, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have nol identified any material uncertainties relating to evènts or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable companls ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Govemors with respect to going concern are described in the relevant seclions of this report. Page 12 SHIPLAKE COURT LIMITED INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SHIPLAKE COURT LIMITED (CONTINUED) other Inforniatlon The other information comprises the information included in the annual report other than the financial statements and our auditors, report Ihereon. The Governors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We havo nolhing to report in this regard. Opinion on other matters proscribed by the Companies Act 2006 In our opinion, bas8d on the work undertaken in the course of the audit: the informalion given in the Governors, report including the Strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Govemors, report and the Strategic report have been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtain8d in the course of the audit, we have not identified material misstatements in the Governors, report including the Strategic report. We have nothing to report in respect of the following mallers in relation to which Companies Act 2006 requires us to report to you if. in our opinion.. the parent charitsble company has not kept adequate and sufFicient accounting records, or returns adequate for our audit havo not been received from branches nol visited by us.. or the parent charitable company financial statements are not in agreement with the accounting records and returns- or certain disclosures of Governors, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Page 13 SHIPLAKE COURT LIMITED INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SHIPLAKE COURT LIMITED {CONTINUED) Responsibilities of trustees As explained more fully in the governors, r8sponsibilities statement, the Governors (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial stalements and for being satisfied that they give a true and fair view, and for such internal Control as the Governors determine is necessary to enable the preparation of financial stalemonts that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Governors are responsible for assessing the Group's and the parent charitable companvs ability to continue as a going concern, disclosing, as applicable, matters related to going CQnC8rn and using the going concern basis of accounting unless the Governors either intend to liquidate the Group or the parent charitable company or to cease operalions, or have no realistic alternative but to do so. Page 14 SHIPLAKE COURT LIMITED INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SHIPLAKE COURT LIMITED (CONTINUED) Audltors. responslbllltles for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financia5 statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when il exists. Misstatements oan arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. Wé design procedurés in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We obtained an underslanding 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 1021. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial slalemenl ilems. 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 companls ability lo operate or to avoid a material penalty. We also considered the opportLJnities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context were The Education Ilndepondenl School Standards) Regulations 2014, Health and Safely, General Data Protection Regulations, Safeguarding and Food Standards. Auditing stsndards limit the required audit procedures to identify non- Complian￿ with thes8 law5 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 audil procedures to respond to these risks included enquiries of management, and the Finance and General Purposes Committee about their own idenlificalion and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, 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 prop8rly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance wilh 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 il. In addition. as with any audit, there remained a highér risk of non-deteclion of irregularities, as these may involve collusion, forgery, intentional omissions, misrepres8ntations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected lo delect noncompliance with all laws and regulations. A further description of our responsibilities for the audit of the financial stat8m8nts is locatod on the Financial Reporting Council's website at.. www.frc.or .uklauditorsres on5ibilities. This description forms part of our auditors, report. Page 15 ## **SHIPLAKE COURT LIMITED** ## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHIPLAKE COURT LIMITED (CONTINUED)** ## **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 auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed. ## **Alastair Lyon (senior statutory auditor)** for and on behalf of **Crowe U.K. LLP** Statutory Auditor R+ Building, 2 Blagrave Street Reading Berkshire RG1 1AZ Date: 9 December 2024 Page 16 SHIPLAKE COURT LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Note Income from.. Donations and legacies Charitable activities.. 1,869 109,313 111,182 24,634 College fees Ancillary trading income Non-ancillary trading incomè Investment income 14,386,625 1,546,551 160,076 335,994 14,386,625 1,546,551 160,076 335,994 13, 723,943 1,462,168 184,914 125, 728 Total income 16,431,115 109,313 16,540.428 15,521,387 Expendlture on: Raising funds.. Trading expenses Finance and other costs Charitable activities: School operating costs 25,662 50,212 25.662 50.212 54,120 116,785 13.884.666 59.012 13.943,678 12, 755, 684 Total expenditure 13,960,540 59,012 14,019,552 12.926, 589 Net movement in funds before other recognised gainsl{losses) 2,470.575 50,301 2,520,876 2,594, T98 Other recognised gainsl{lossesl: Fair value movement on derivative contracts {6,727) (6,727) 24,119 Net movement in funds 2,463,848 50,301 2,514,149 2,618,917 Reconclllatlon of funds: Total funds brought forward Net movement in funds 21,475,602 2,463,848 59,011 50,301 21,534,597 2,514,149 18,915.680 2,618,917 Total funds carrled forward 23,939,450 109.312 24.048,762 21,534,597 The Consolidated ststemenl of financial activities includes all gains and losses recognised in the year. The notes on pages 23 to 44 form part of these financial statements. Page 17 SHIPLAKE COURT LIMITED REGISTERED NUMBER.. 612809 CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Fixed assets Tangible assets 12 21,520,981 17,957,529 21,520,981 17,957,529 Current assets Stocks 14 19,348 557,973 8,177,834 14,548 641, 718 7,126,461 Debtors 15 Cash at bank and in hand 8,755.155 7, 782, 727 Creditors.. amounts falling due within one year 16 14,731.425) (3,811,227) Net current assets 4,023,730 3,971,500 Total assets less current liabilities 25,544,711 21,929,029 Creditors.. amounts falling due after more than one year 17 (1,494,806) (390,646) Net assets excluding penslon Ilabllily Defined benefit pension scheme liability 24,049,905 21,538,383 28 (1,1431 (3, 770) Total net assets 24,048,762 2t,534,613 Charity funds Restricted funds Unrestricted funds 21 109,312 59.011 Designated Fixed Asset Fund General funds (School and Trading) Share capital 21 21 21.108,838 2,830,596 16 17,482,039 3,993,547 16 21 Totsl unrestricted funds 21 23,939,450 21,475,602 Total funds 24,048,762 21,534,613 Page 18 ## **SHIPLAKE COURT LIMITED REGISTERED NUMBER: 612809** ## **CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2024** The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Governors on 5 December 2024 and signed on their behalf by: **Sir David Tanner CBE C Eve** Chairman Governor The notes on pages 23 to 44 form part of these financial statements. Page 19 SHIPLAKE COURT LIMITED REGISTERED NUMBER: 612809 CHARITY BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Fixed assets Tangible assets Investments 12 21,520,981 17,957,529 13 21,520,989 17,957,537 Current assets Stocks Deblors Cash al bank and in hand 14 19,348 558.656 8.136.457 14.548 644.465 7.089,225 15 8,714,461 7. 748.238 Creditors.. amounts falling due within one year 16 {4,720,621) (3.789,172) Net current assets 3,993,840 3,959,066 Total assets less current Ilabllltl88 25,514,829 21.916,603 Creditors.. amounts falling due after more than one year 17 11,494,806) (390,646) Not assets excludlng pénsion liability Defin8d benefit penslon scheme liability 24,020,023 21,525,957 28 11,143} (3, 770) Total net assets 24,018,880 21.522.187 Charity funds Restricted funds Unr8strict8d funds 21 109,312 59,011 Designated Fixed Asset Fund Share Gapital Unreslricted Funds 21 21,108,838 16 2.800.714 17.482,039 16 3.981,121 21 21 Total unr8Stricted funds 21 23,909,568 21,463,176 Total funds 24,018,880 21.522,187 Page 20 ## **SHIPLAKE COURT LIMITED REGISTERED NUMBER: 612809** ## **CHARITY BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2024** - The Charity's net movement in funds for the year excluding share capital was £2,496,677 _(2023 £2,649,709)._ The Governors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Governors on 5 December 2024 and signed on their behalf by: **Sir David Tanner CBE** **C Eve** The notes on pages 23 to 44 form part of these financial statements. Page 21 SHIPLAKE COURT LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note Cash flows from operatlng actlvltlas Net cash provided by operating activities 24 3,023,821 4,149,510 Cash flows from investing activities Investment income Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets 335,994 125, 728 2,350 350 {4,429,128) (2,360,044) Net cash used in investing activities 14,090,784) (2,233,966} Cash flows from financing activities Interest paid Repayments of borrowing Cash received for new advance fees contracts 137.0741 163,3471 2,238,436 (19,6791 (36,200) (62, 157) Amounts utilised on advanced fees contracts net of discount Net cash provided byl{used in) financing activities 2,118,336 (98,357) Change In cash and cash oqulvalents In the year Cash and cash equivalents al the beginning of the year 1,051,373 1,817,187 7,126,461 5,309,274 Cash and cash equivalents at the end of the year 25 8,177,834 7,126,461 The notes on pages 23 to 44 form part of these financial statements Page 22 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General 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 10 18. The charity. incorporated by share capital {charity number 309651. company number 612809). is registered in England and Wales. The address of the regislered office is Shiplake Collego, Henl&y on Thames, Oxon, RG9 4BW. Accounting policies 2.1 Basis of preparatlon of financial statements The financial statemenls have been prepared in accordance with the Charities SORP IFRS 102} Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 1021 (effective 1 January 2019). the Financial Reporting Slandard applicable in the UK and Republic of Iréland IFRS 1021 and th8 Companies Act 2006. Shiplake Court Limited meels the definilion of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at hislorical cost or transaction value unless otherwise stated in the relevant accounting policy. The results of the subsidiary are presented in the consolidat8d SOFA by disclosing the income and expenditure derived from ils activities separately from those of the Charity. An Income and Expenditure account for the subsidiary is included in note 13. 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. Tho charity currently holds significant cash balances. Demand for school places at rèmains strong. Conservative cash flow modelling indicates that the cash reseNes 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 2.2 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. Fees receivable and charges for servic8s and use of premises ar8 accounted for in the period in which the service is provided. Fees receivable are slated after deducting allowances. scholarships and other remissions granted by the college. 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. Page 23 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies {continued> 2.3 Expenditure Expenditure is aocrued 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 cat&gories on the basis of management eslimates of the amount attributable to that activity in the yearly reference to Staff tim&. The irrecoverable element of VAT is included with the item of expense to which it relates. Governance costs comprise the costs of running the Gharitable 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 accounlability. 2.4 Interest receivable Interest on funds held on deposit is included when receivable and Ihe amount can be measured reliably by the Group,. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.5 Tanglble flxed a8sots and depreclation Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at C05t. After recognilion, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a langible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is chargèd so as to allocate the cost of tangibla fix8d assets less their residual value over their estimated useful lives. using the slraight-line method. Depreciation is provided on the following bases- Freehold propety Vehicles and mowers Fixtures and fittings Sports equipment and boats Computer equipment 25°/o on cost 4-33 % on cost 10_25 % on cost Gains and losses on disposals are determined by comparing the proceeds with the carryng amount and aré recognised in the consolidated statement of financial activities. Page 24 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.6 Investments Fixed assel investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be moasured reliably in which case it is measured at cost less impairment. Investment gains and losses. whether realised or unrealised, are combined and presented as 'Gainsl{Losses} on investments. in the consolidated statement of financial activities. Investments in subsidiaries are valued at cost less provision for impairment. 2.7 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 2.8 Debtors Trade and olher debtors are recognised al the settlement amount after any trade discount offered. Prepayrnents are valued at the amount prepaid net of any trade discounts due. 2.9 Cash at bank and in hand 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. 2.10 Parents, deposlts 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 oducalion at the school, pupils can leave al earlier dalès. The School does not therefore have an unconditional right lo 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. 2.11 Fees In Advance Scheme The college introduced a Fees in Advance Scheme whereby participants can 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 educ81ion not yet utilised are recorded as deferred income and allocated as current liabilities where the education will be provided wilhin 12 months from the reporting date and as long-term liabilities where the education will be provided in subsequent years. Paga 25 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcies (continued) 2.12 Llabilities Liabilities and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probablé that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debl or the amount it has received as advanced paymènts for the goods or seNices it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rale that reflects the risks specific to Ihe liability. The unwinding of the discount is recognised in the consolidated ststement of financial activities as a finance cost. 2.13 Flnancial instruments Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at amortised cost. Note 19 provides more information on financial instruments where future cash flows are anticipated, with financial assets referring to fixed assel investments, cash, debtor balances éxcluding 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 dale a derivative contract is entered into and are subseqLJ8ntly 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. 2.14 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 il is not possible lo 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 elemenls. The Plan is a multi-employer scheme as it Is not possible in the normal course of events lo identify the share of the underlying assets belonging to the individual participating employers and accordingly, in accordance with FRS102. is accounled 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 26 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Ac¢ountlng policies (Continued) 2.15 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Governors in furtherance of the gèneral objectives of the Group and which have not been designated for other purposes. Designated funds comprise unreslricted funds that have been sel aside by the Governors for particular purposes. The aim and use of each designated fund is set out in th& notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses ara allocated to the appropriate fund. Critical accounting estimates and areas of judgment Estimates and judgments are continually évalualed and are based on historical experience and other factors, including expectations of future events Ihal are believed to be reasonable under the circumstsnces. Critical accounting estimates and assumptions= In the application of the charity's accounting policies. which are described in note 2 Govemors are required to make judgements, estimates and assumptions about the carrying values of assots 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 eslimalion uncertainly. Income from donations Unrestrlcted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Donations 1,869 109,313 111,182 24,634 Page 27 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 College fees 2024 2023 Gross fees Less.. Total bursaries and allowances 15,828,330 14.805,801 {1,441,7051 (1,081,858) 14,386,625 13, 723,943 Ancillary trading in¢ome 2024 2023 Registration fees Learning support incoma Fees in lieu of notice and forfeited deposits Overnight stay income School trips, events and travel Extamal courses Other income 43,309 309,580 119,801 23,780 874,506 122,042 53,533 44,200 274,023 85,843 21,708 927,549 87,382 21,463 1.546.551 1,462, 168 Non-ancillary trading income 2024 2023 Late payment surcharges Miscellaneous income 8,628 10,033 40,902 100,513 10,969 12,579 59,422 101,944 Trading - turnover Rental income 160.076 184,914 Page 28 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds 2024 2024 Total 2024 Total 2023 Teaching costs Welfare costs Premises costs Support costs Governance costs 6.682.005 1.748,860 2,800,522 2,630,588 22,691 59,012 6.741,017 1.748.860 2.800.522 2,630,588 22,691 5,540,913 1, 784,432 2,680, 759 2,730,811 18,769 13,884,666 59.012 13,943,678 12,755,684 Total 2023 12, 740,489 15, 195 12.755.684 Summary by expenditure type Staff costs Depreciatlon Other costs 2024 2024 2024 Total 2024 Total 2023 Teaching costs Welfare costs Premises costs Support costs Governance costs 6.128,813 326,983 604,456 1,232.586 612,204 1.421,877 1,330,390 1,398,002 22,691 6,741,017 1,748,860 2,800,522 2,630,588 22,691 5,540,913 I, T84.432 2,680, 759 2,730,811 18,769 865,676 8,292.838 865,676 4,785,164 13,943,678 12,755,684 Tolal 2023 7,205.060 852,660 4.697.964 72, 755, 684 Audltors. remuneratlon The consolidated auditors, remuneration amounts to an auditor fee of £20,575 (2023- £18,750), and non- audit services of £1,60012023- £1,450). Pago 29 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Staff costs Group 2024 Group 2023 Charity 2024 Charity 2023 Wages and salaries Social security costs Contribution to defined contribution pension sGhemes 6,396,884 699,053 5, 629, 775 609,257 6,396,884 699.053 5,629, 775 609.257 1,196,901 966.028 1,196,901 966,028 8.292,838 T.205,060 8,292,838 7,205.060 The average number of persons employed by the Charity during the year was as follows: Group 2024 No. Group 2023 No. Charity 2024 Charify 2023 Teaching Welfare Premises 99 14 21 51 89 99 89 14 23 21 23 Support 51 55 185 176 185 176 The number of employees whose employee bènefits (excluding employer pension costs) exceedèd £60,000 was.. Group 2024 Group 2023 In the band £60,001- £70,000 In the band £70,001- £80,000 In the band £100,001- £110.000 In the band £110,001- £120,000 In the band £140,001- £150,000 In the band £190,001- £200,000 14 Key Management Personnel included the directors and officers listed on page 1. Key Management Personnel received aggregate remuneration (including Employer's Pension, Employerfs Nl and BIKSI of £698,854 {2023'. £600,276}. Page 30 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. Governors, remuneration and expenses During the year, no Governors receivad any remuneration or other benefits (2023 - £NIL). During the year ended 31 August 2024. no Governor expenses have been incurred (2023- £NIL). 12. Tangible fixed assets Group and Charlty Boats & Assets Motor Fixtures & sports under vehicles fittings equipment construction Freehold property Total Cost or valuation At 1 Septembèr 2023 Additions Disposals Transfers between classes 22,673,958 674,436 357,230 2,384,002 1,099,917 88,938 130.977 210,956 {27,264) (116.072> 2,130,158 28,645,265 3,323,821 4.429,128 (143,336) 1,904,311 11,7551 (1.902,5561 At 31 August 2024 25,252,705 418,904 2,397,152 1,310,873 3,551,423 32,931,057 Depreciation At 1 September 2023 Charge for th8 year On disposals 7,645.713 541,236 319,009 1,879,048 31,795 215,575 {14.800) (128,536) 843,966 77,070 10,687,736 865,676 {143,3361 At 31 August 2024 8,186,949 336,004 1,966,087 921,036 11,410,076 Net book value At 31 August 2024 17.065,756 82,900 431,065 389,837 3,551,423 21,520.981 At 31 August 2023 15,028,245 38.221 504.954 255,951 2,130, 158 17,957,529 Page 31 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Fixed asset investments Investments in subsldlary ompanies Charity Cost or valuation At 1 September 2023 At 31 August 2024 Principal subsidiaries The following was a subsidiary undertaking of tha Charity: Name Company Registered office Principal number or principal place activity of business Holding Included in consolidation Shiplake Court Enterprises Limited 01276081 Shiplake College Hiring of Henley On Thames facilities and Oxfordshire the provision RG9 4BW of the College tuck shop. 100/0 Yes The financial results of the subsidiary for the year were.. Name Income Expenditure ProfiU{Loss) for the year Net assets Shipl8ke Court Entérprises Limited 54,540 30,310 24,230 29.909 14. Stocks Group 2024 Group 2023 Charity 2024 Charity 2023 Raw materials and consumables- catering stock 19,348 14.548 19.348 14,548 Page 32 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Debtors Group 2024 Gmup 2023 Charity 2024 Chaty 2023 Trade debtors Trade debtors 120,197 70, 924 118.032 2.848 284,781 152,995 63,484 11,497 319,712 249, 772 Amounts owed by group undertakings Other debtors Prepayments and accrued income 284,781 152,995 321,022 249, 772 557,973 641,718 558,656 644,465 16. Creditors: Amounts falling due wlthin one year Group 2024 Group 2023 Charity 2024 Charlty 2023 Bank loans Deposits Trade creditors Fees in Advance Scheme Other taxation and social security Olhor creditors Accruals and deferred income 85,704 955,126 732,710 1.058,542 176.122 264,491 1,458,730 86,269 888,299 75,857 85,704 955,126 731,210 1,058,542 173,137 264,491 1,452,411 86,269 888.299 74,977 155.174 251,240 2,354,388 147,657 251,240 2,340, 730 4,731,425 3,811,227 4,720,621 3, 789, 172 Deferred income ralates lo Michaelmas term fees and extras for the 2024125 financial year that were paid before the end of the current financial year totalling £1,114.79312023'. £1,349,173). Page 33 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Creditors: Amounts falling due after more than one year Group 2024 Group 2023 Charity 2024 Charity 2023 Bank loans Fees in Advance Scheme Derivative contract 326,439 1,160,215 8,152 389,221 326,439 1,160,215 8,152 389, 221 1,425 1.425 1,494,806 390,646 1,494.806 390,646 The Group has loan facilities available totalling £412.143 12023.. £475,490). There is a hedging instrument in place to protect the School against increases in interest rates in line with the group's interest rale management policy. The hedging instruments, which have been measured at fair value through income and expenditure are recognised in the financial statements in accordance with FRS102. Included within the above are amounls falling due as follows.. Group 2024 Group 2023 Charity 2024 Charity 2023 Between one and two years Bank loans 93,495 93,495 Between two and flve years Bank loans 232,944 389,221 232,944 389,227 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 Iho College's consolidated agreemenl 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. Page 34 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Deferred income - Advanced fees Amounts may be paid to the college up lo the equivalent of 5 years, tuition fees in advanGe. The money may be returned subject to specific conditions stated within the scheme literature. Assuming pupils will remain at the college advance fees will be applied: 2024 2023 Within 1 year Within 1 2 years Within 2- 5 years 1,058,542 614.212 546.003 2.218.757 The balance represents the accrued liability under teh contracts. The movements during the year are detailed as follows: 2024 2023 Al 1 Sèptember 2023 Increase Advance fees received Discounts allocated 2,238,436 1,251 2,239,687 Decrease Advance fees utilised (20,9301 2,218,757 19. Share capital 2024 2023 Allotted, called up and fully paid - 16 ordinary shares of £1 each 16 16 16 16 Page 35 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Financial instruments Group 2024 Group 2023 Charity 2024 Charity 2023 Flnanclal assets Financial assets measured at amortised cost 8,582,629 7,588.906 8,541,935 7,554,414 Group 2024 Group 2023 Charity 2024 Charity 2023 Financlal Ilabllltles Derivative financial instruments measured at fair value through income and expénditure Other financial liabilities measured at amortised cost (8.152) (5, 195) 18,1521 (5, 195) {1,746,981) (1,807,802) {1,745,481) (1,793,264) {1,755,133) (1,812,997) {1.753.633) (1. 798,459) Financial assets measured al amortised cost comprise fees receivable, other debtors, amounts due from group companies and cash at bank. DeTtvalive financial instruments measured at fair value through income and expenditure comprise tha pension deficit and derivative contracl. Other financial liabilities measured at amortised cost comprise bank loans, trade creditors, other credilors and accruals. Page 36 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Ststement of funds Statement of funds - current year Balance at 1 September 2023 Balance at Gainsl 31 August {Losses) 2024 Transfers inlout Income Expenditure Unrestricted funds Designated funds Fixed Assel fund 17,482,039 1865.6761 4,492,475 21,108,838 General funds General fund Non-charitable trading funds Share capital 3,929,722 16,376,575 (13,006,400) 14,492,475) (6,727} 2,800,695 63.825 16 54,540 (88,464) 29,901 16 3,993,563 16,431,115 (13,094.864) (4,492.475) (6,727) 2,830,612 Total Unrestricted funds 21,475,602 16,431,115 {13,960,540} 16,7271 23,939,450 Restricted funds Donations 2.706 1,555 1,750 53,000 12.706) 11.106) (1.750) 116,056) Sports tour fund Bursaries 472 7,546 921 7,546 36,944 Music fund Home for Ukraine DfE Grant 12,365 {12.365) Rowing Equipmént other restricted 87,800 1.130 {24.829} (2001 62,971 930 59,011 109.313 (59.012) 109,312 Total of funds 21.534,613 16,540,428 (14,019,552) (6,727) 24,048,762 Page 37 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Stslement of funds {continued) Statsment of funds - prior year Balance at I September 2022 Balance at 37 Augusl 2023 Transfers in/out Gain (Losses) Income Expenditure Unrestricted funds Fixed Assel fund 15,912,497 (852, 660) 2,422.202 17,482,039 General fund Non-charitable trading funds Share capital 2.907,080 15,432,990 (12,012,265) (2,422,202) 24,119 3,929, 722 43,218 16 67,076 (46.46g) 63,825 16 2, 950,314 15.500.066 (12,058, 734) (2,422,202) 24,119 3,993, 563 Total Unrestricted funds 18,862,811 15.500,066 (12,911,394) 24, 119 21,475.602 Restricted funds Donalions 2, 706 1,781 1,750 3,000 2, 706 1,555 1,750 53,000 Sports lour fund Bursaries 2,885 (3,111) Music fund Home for Ukraine DfE Grant 50,000 12,084 (12,084) 52.885 21,321 (15, 195) 59,011 Total of funds 18,915,696 15,521,387 (12, 926, 589) 24,119 21,534,613 Page 38 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 22. Summary of funds Summary of funds . current year Balance at 1 September 2023 Balance at Gainsl 31 August (Losses) 2024 Transfers inlout Income Expendlture Designaled funds 17,482.039 1865,676) 4,492,475 3.993.563 16.431,115 {13,094,864} (4,492,475) 59.011 109,313 {59,012} 21,108,838 16,727> 2,830,612 109,312 General funds Reslricted funds 21.534,613 16,540,428 114,019,552} (6,727) 24,048,762 Summary of fund8- prloryear Balan￿ 81 1 September 2022 Balance at 31 August 2023 Transfers in/out Gains/ (Losses) Income Expenditure Designated funds General funds Restricted funds 15,912,497 (852, 660) 2,422,202 2,950,314 15,500,066 (12,058, 734) (2.422.202) 52,885 21,321 (15,195) 17,482,039 3,993,563 59,011 24,119 18,915,696 15,521.387 (12,926,589) 24,119 21,534,613 23. Analysis of net assets between funds Analysis of net assets between funds - current perlod Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges 21.520,981 8.645,843 14,731.4251 11,494,806) (1,1431 21,520,981 8,755,155 {4,731,425) {1,494,806) (1,1431 109,312 Total 23.939,450 109,312 24,048,762 Page 39 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 23. Analysis of net assets between funds {continued} Analysis of net assets between funds - prior period Unrestricled fvnds 2023 Restricted funds 2023 Total runds 2023 Tangible fixed assets Current assets Creditors due within one year Creditors due in mor8 than one year Provisions for liabilities and charges 17,957,529 T,723,716 {3,87 1,227) (390,646) (3, 770) 17,957,529 7,782, 727 (3,811,227) (390. 646) (3, 770) 59,011 Total 21,475,602 59,071 21,534,613 24. Reconciliation of net movement In funds to net cash flow from operating activities Group 2024 Group 2023 Net income for the period {as per Statement of Financial Activities) 2,520,876 2,594, 798 Adjustments for: Depreciation charges IProfit)ILoss on the sale of fixed assets Investment income 865,676 {2,350) {335,994) 37.074 {4,800) 83,745 (131,052) {2,627) {6.727) 852,660 (350) (125, 728) 36,200 2,068 (253,678) 1,022.008 (2,587) 24,119 Bank interest paid Ilncrease}Idecrease in stock Decreasellincrease} in debtors IDecrease)lincrease in creditors Movement in pension deficit Gainslllossesl on derivative contract Net cash provided by operating activitles 3,023,821 4.149,570 Page 40 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 25. Analysis of cash and cash equivalents Group 2024 Group 2023 Cash in hand 8,177,834 7, 126,461 Total cash and cash equivalents 8,177,834 7, 126,461 26. Analysls of changes in net debt At1 September At31 2023 Cash flows August 2024 Cash at bank and in hand Debt due within 1 year (loans and advanced fees scheme) Debt due after 1 year (loans and advanced fees scheme) 7,126,461 1,051.373 8,177,834 (86,269) (1,057,977) (1,144.2461 {389,221 } {1,097,433) {1,486,6541 6,650.971 (1,104,037) 5,546,934 27. Capital commitments At the year end the school has £1.621,694 {2023.' £1.590.059) conlracted capital commitments. Page 41 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 28. Pension commitments Teachers, Pension Scheme The College participates in the Teachers, Pension Scheme ("the TPS") for its leaching staff. The pension charge for Ihe year includes contributions payable lo the TPS of £1,022,69612023.' £814,128) and at Ihe year-end £119,819 {2023: £95,136} was accrued in respect of contributions to this scheme. The TPS is an unfunded mulli-employer defined benefits pension scheme governed by Th8 Teachers, Pensions Regulations 2010 las amended} and The Teachers. Pension Scheme Regulations 2014 (as amended}. Members contribute on a'pay as you go" basis Wlth Gontribulions 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 Acluarls Department. The most recent actuarial valuation ofthe 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 grealer 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 23.60/0 to 28.60/0 from 1 April 2024. Employers are also required to pay a scheme administration levy of 0.08Q/o giving a total employer contribution rate of 28.68%. A formal consultation with all teachers regarding TPS was completed in February 2024. The College is in phased withdrawal from The Teachers, Pension Scheme from 1 September 2024. 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 lo 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 lo require employers to pay additional contrrbutions 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 81iminate the deficit over a specified period of time either by way of additional contributions from employers, investment returns or a combination of these. Page 42 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 28. Pension commitments (continued) The latest formal valuation of the Plan at 30 September 2020 wa5 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. 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 £43,692 at 30 September 2023. 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 faclors including total Plan liabilities, Plan investm8nt Performance, the liabilities in respect of current and former employees of Shiplake College Ltd, financial conditions at the lime 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 al a rate of 5 % totalling £174,205 (2023.. £148,953) during the accounting period. Members paid contributions at rates of 6-100/0 during the accounting period. 29. Operating lease commitments 2024 2023 Land and buildings Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 27,896 111,586 370,525 31,406 171,586 398,498 510,007 541.490 Office equipment and motor vehlcles 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years 42,532 151,664 14,794 29,T87 194,196 44,581 During the year lease payments of £87,119 {2023= £48,094) were recognised as an expenso within the SOFA. Page 43 SHIPLAKE COURT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 30. Related party transactions The subsidiary, Shiplake Court Enterprises Lirnited, provides catering facilities, entertainment, and recreational activities at Shiplake College. The subsidiary donates its annual taxable profils to the Trust under Gift Aid. The gift aid donation for this year was £6,758 {2023'. £37,821). During the year Shiplak6 Court Limited received a management charge of £4,64812023'. £5,924). During the year Shiplake Court Limited was invoiced for Pupil Agency fees of £13,63812023'. £7,654). At the year end the balance oulstanding was a debtor of £2,848 {2023'. £11,497). Gift aid relating to the 202312024 year end will be paid in 202412025. Two members of the College Management Team and 2 Trustees 12023.. 1 member of the College management team and 1 trustee} had closely related children being educated al Shiplake College. Closely related dependants of staff recèive discounts available lo all members of staff, dependent on their year of joining the College and position within the College. No closely related children of Trustees receive discount. Page 44