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2022-08-31-accounts

DRAGON SCHOOL TRUST LIMITED

GROUP ACCOUNTS FOR THE YEAR ENDED

31 AUGUST 2022

CONTENTS

i Summary Review by the Chair of Governors and Head ii – iv Governors, advisors and constitution v - xx Governors’ Annual report (including strategic report) 1 - 4. Auditor’s report 5. Group statement of financial activities 6. Group and charity balance sheets 7. Statement of cash flows 8 – 26. Notes to the group accounts

Company number: 524331

Registered charity number: 309676

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: SUMMARY REVIEW BY THE CHAIR OF GOVERNORS AND HEAD

Summary Review by the Chair of Governors and Head

This period marks an exciting new chapter in the Dragon’s history with Emma Goldsmith tsking over as Head in September 2021. Emma has brought a wealth of experience from across the sector spanning prep, senior, day and boarding.

The children’s experience continues to be exceptional with 61 pupils achieving scholarships or awards to a wide variety of senior schools. Dragon Quest continues to thrive with the offering now available to all year groups. Testimony to the success of the initiative is that over 90% of our pupils elect to come to School on a Saturday morning to participate in one of over 50 activities on offer. A new initiative has been to introduce Quest Prime where parents can come and take part in activities specifically designed for them. The Quest initiative was recognised nationally by winning a national award for innovation in education.

As result of school wide consultation, the Governors and Executive published its school development plan with a set of objectives and annual targets. These targets are focused on a clearly defined aim of the School to inspire, encourage and develop free thinking confident young people who reach for the sun.

The Governance structure has been adjusted to better support decision making and the realisation of our objectives. Specifically, new governors have joined the board to support with Risk and Compliance and business development. Improving Equality, Diversity and Inclusion is a priority all across the School, up to and including at board level.

The School was successful in securing a private placement in March 2022. This enabled the Dragon to refinance the loan used to purchase of the freehold in 2007 and gives the School sufficient financial headroom to deliver our strategic plan.

The Development Office were recognised by a national award for their bursary fundraising campaign. This award recognised the School’s strategic success in its objective to build an endowment to support transformational bursaries.

In particular, the decision was taken to proceed with the build of the Music and Performing Arts Centre, enabling works to commence at the end of the reporting period. The summer also saw a period of extensive refurbishment work across the estate including a modernisation of the Dining Hall, a thorough refit of 3 boarding houses, and further upgrades to many of the classrooms.

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DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: GOVERNORS, ORGANISATIONAL STRUCTURE, OFFICERS AND ADVISERS

Dragon School Trust Limited (“Dragon School” or “Trust”) is a company registered under the Companies Act 2006 and a registered charity. It is a company limited by guarantee; the liability of members of the company is limited to £1 each. The Governors of Dragon School are trustees of the charity, and directors and members of the company. Those serving during the year are as follows:

C Alexander G M Breen A R G P Candy G P ° (resigned 31 August 2022) J C Edmondson G* P Dr H R Gurprashad (appointed 1 September 2021) D C Goatman G (appointed 19 February 2022) N L Helliwell A C I M Jones B G P R + ° S J Kerr-Dineen A ° Dr M Letts OBE Prof Dame A R McLean A B IT (resigned 1 May 2022) N Millard Sa N D Portwood ° R C W Rambaut (appointed 20 May 2022) I A Van Every (appointed 20 May 2022) W A Webb B G T IT P R °

Subsequent to the year end M Witherick was appointed on 1 January 2023.

Committee memberships and other groups (as at the end of year):

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DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022:

GOVERNORS, ORGANISATIONAL STRUCTURE, OFFICERS AND ADVISORS (continued)

Board and committees

The Board of Governors is a self-appointing body. Governors hold office for six years, whereupon they may be reappointed. Governors normally retire at the age of 70. There may be no more than 20 and no fewer than seven Governors. All committees and groups report to the main Board. The Board and other committees and groups routinely meet three times a year and at other times as necessary.

The Academic Committee was the forum for academic discussion in which Governors and staff participate equally. From 1 September 2022, this committee has been renamed the Education Committee, to more fully represent the whole curriculum.

The Bursaries Committee proposes policy to the Governing Body and considers all applications for means tested awards and grants. From 1 September 2022, the work of this committee has been taken on by the new Social Impact Committee.

The General Purposes Committee (GPC) has particular responsibility for the School’s finances and financial strategy, but also considers risk, health & safety and compliance matters. From 1 September 2022, these responsibilities were passed onto two new Committees, the Finance Committee, which has taken responsibility for the School’s finances and financial strategy, and the Risk & Compliance Committee, which considers risk, health & safety and compliance matters.

The Nominations and Remuneration Committee is tasked with reviewing the membership of the Governing Body, recommending new Governors for GB approval, and for reviewing the performance and remuneration of Head and Chief Operating Officer, reporting via the Chairman to the Board of Governors.

The Safeguarding Children Committee ensures Board-level review and responsibility for safeguarding children; other members are senior pastoral staff. From 1 September 2022, this committee was renamed the Safeguarding and Mental Health Committee, with a more defined emphasis on Mental Health as part of its responsibilities.

The Social Responsibility Committee oversees the development and implementation of the School’s charitable, social, economic and environmental policies. The activities of this Committee are currently paused while its remit is reviewed. From 1 September 2022, this committee has been renamed the Social Impact Committee, taking responsibility for the Bursary programme in addition to its existing activities.

Other steering groups are appointed and meet as necessary, including the Property Working Group & the IT Steering Group.

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DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: GOVERNORS, ORGANISATIONAL STRUCTURE, OFFICERS AND ADVISORS (continued)

Advisors

The Trust appoints professional advisors to deal with specialist matters from time to time. All contracts are subject to periodic review as circumstances merit.

Architects: Berman Guedes Stretton Oxford MEB Design Oxford Auditors: Haysmacintyre LLP London Bankers: Barclays Bank Oxford Coutts & Co London Insurance brokers: Marsh Brokers Haywards Heath, West Sussex Pension advisors: Succession Wealth Aylesbury, Buckinghamshire Solicitors: Freeths Oxford Blake Morgan Oxford VealeWasboroughVizards London Surveyors: Sidleys Oxford McBains Cooper Oxford

Registered office and address for correspondence:

Dragon School Bardwell Road Oxford OX2 6SS

Web-site: www.dragonschool.org e-mail contact: Bursar@dragonschool.org

The Head is E Goldsmith.

The Company Secretary and Chief Operating Officer is M R Johnson.

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DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: GOVERNORS’ REPORT

The Governors present their annual report and audited accounts for the year ended 31 August 2022 in compliance with current statutory requirements for companies and charities and the company’s Memorandum and Articles of Association. This report, together with the preceding pages, incorporates the information required for the directors' report and strategic report under the Companies Act. Comparative figures in the accounts are for the year ended 31 August 2021.

REFERENCE AND ADMINISTRATIVE INFORMATION

Dragon School was founded in 1877. It was incorporated in 1953 as a company limited by guarantee and registered at Companies House, number 524331. It is registered with the Charity Commission under charity number 309676. The Governors, principal executive officers and advisers, together with contact details for the School, are given on pages ii to iv.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Dragon School is governed by its Memorandum and Articles of Association dating from 1953 and last amended in November 2008.

Governing Body

Overall responsibility for Dragon School rests with the Governors, who are listed on page ii together with information regarding their tenure and committee membership.

Recruitment and training of Governors

New Governors are appointed at a meeting of the Board on the basis of recommendations made by the Nomination and Remuneration Committee (“NRC”). Recommendations are made following an interview process with members of the NRC and on the basis of the requirements of the Board in terms of skills and expertise.

New Governors receive an introduction and induction led by the Chief Operating Officer on behalf of the Chair of Governors. This covers a range of information including general governance matters, together with more detailed discussions of strategic priorities and finances. Further opportunities to attend appropriate seminars and training events are offered when they occur.

Organisation and management

The Governors, as the trustees of the Charity, are legally responsible for the overall management and control of the School. The Board of Governors meets at least once a term, receiving reports from committees which meet with similar frequency.

The day to day running of the School is delegated to the Head and Chief Operating Officer, supported by the Senior Leadership Team and staff. Generally the Head and Chief Operating Officer

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: GOVERNORS’ REPORT (continued)

attend all Governors’ and Committee meetings, except those of the Nominations and Remuneration Committee and when restricted business is discussed.

Key Management

Key Management Personnel are defined as the Head, Chief Operating Officer, Head of Pre-Prep and the Deputy Heads.

Remuneration

Remuneration is set by the Governing Body with the overall objective of ensuring appropriate recognition and incentive to encourage exceptional performance. Remuneration must be fair and responsible, and the appropriateness of the School’s remuneration is reviewed periodically; this includes benchmarking with other schools in both independent and maintained sectors. We aim to recruit, subject to experience, at the lower to medium point within a band, providing scope to develop and grow.

Group structure and relationships

Dragon School has a wholly owned trading company, Dragon School Trading Limited (company number 1379919), which is used to generate income for the School through the hire of facilities, the sale of Dragon-related souvenirs and second-hand clothing. All residual profits are paid to the Trust under gift aid.

Dragon School has a relationship with two other charities, ‘The Lynam Educational Fund’ (274993), whose objects include assistance with school fees in cases of need, and ‘The Dragon Christmas Charity Sale’ (1106073), which raises money for charities helping children and families. The School provides support in the form of staff time to these charities, but as the School does not control these charities, their activities and financial results are not included within these reports and accounts, except to the extent that they have donated to the School.

The School actively supports the independent schools’ sector, and contributes to the furtherance of educational standards and the quality of pastoral care, through participation in and subscription to umbrella organisations such as IAPS and BSA and through exam setting and curriculum review processes. The School has also developed links with a number of schools and charities overseas both through regular contacts and as opportunity and need arise.

The School continues to promote the use of its facilities at a discounted rate or, where appropriate, gratis. This includes the use of playing fields, astro-pitches, Lynam Hall and music facilities by local schools and other community groups and charities, and in particular those involved in educational or child-related activities.

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DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: GOVERNORS’ REPORT (continued)

CHARITABLE OBJECTS, AIMS AND OBJECTIVES

Charitable objects

Dragon School’s charitable objects are set out in the Memorandum and Articles of Association. The primary object is to advance the education of the public by acquiring and carrying on any school or schools for the education of children and young adults and by ancillary or incidental educational activities and other associated activities for the benefit of the community. In pursuit of these objects the School operates the Dragon Prep School at Bardwell Road for boys and girls from 8 to 13 years old and the School’s Pre-Prep, Dragon Pre-Prep, on a separate site. Dragon Pre-Prep takes boys and girls from the age of 4.

In setting the School’s objectives, and planning its activities, the Governors have given careful consideration to the Charity Commission’s general guidance on public benefit as updated in September 2013. The School’s commitment to providing financial support to pupils whose parents could not otherwise afford to consider a Dragon education predates the 2006 Charities Act and subsequent guidance from the Charities Commission. The pursuit of wider access to the School is held to be of benefit to all Dragon pupils. To support with these goals, the School manages a number of restricted funds to be used in connection with the development of the School’s facilities, and the provision of Bursaries, prizes and other educational purposes.

Aims

The Dragon intends to provide a wide-ranging educational experience for all children, stretching all to the best of their respective abilities in academic, artistic, sporting, cultural and social activities. Although excellence is achieved by pupils in many fields, particularly academic, the School is most proud of its liberal ethos, the inclusivity of its educational provision and its pastoral care for all. In addition, the School aims to play a full and effective part in its local community.

Objectives for the year

The Dragon’s primary objective this year was to continue to provide the best possible education and care for each and every pupil, ensuring that those leaving for other schools achieve the places desired. In addition, the School has sought to widen access and increase its social impact.

Strategies used to achieve the year’s objectives

The School continues formal self-reviews of all areas of operation so as to improve methods and procedures, particularly of teaching and pastoral care, but additionally in the process of monitoring and assessing its own procedures. Specialist external reviews are also sought when deemed valuable. Specific coaching was provided to leavers tailored to the schools of their choice, and the pupils’ abilities, to ensure their applications were successful.

The school monitors several key performance indicators throughout the year to assess performance against objectives, including, but not limited to, monitoring success in reaching first choice school,

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average set size, number of extra-curricular music and drama lessons taken, academic and other awards achieved and results achieved at CE, including number of high performing results.

POLICIES

Grant making

The School is particularly sensitive about the costs associated with delivering first class education, and seeks to extend its facilities as far as possible to those who might not otherwise be able to afford such an education. In particular it continues to carry out specific fund-raising to enable means-tested Bursaries to be awarded, in appropriate circumstances, which cover all or nearly all of the fees. Currently the School provides up to 25 Bursary places at up to 100% grant under its ‘125th anniversary’ scheme. Other awards are made with respect to short-term hardship arising from significant life-changes.

In general, grants are made from the Bursaries, general and other specific funds to provide financial help with the fees. Where significant financial help may be required, the Bursaries Committee considers all circumstances involved in a grant application. This might include, where appropriate, means testing, interviews and home visits, with a view to making grants as fairly and as effectively as possible. All grants are made subject to annual review.

Risk management and key risks

The Governors are responsible for ensuring the management of the risks faced by the Dragon. This is delegated to the General Purposes Committee, who review regularly a summary of the primary risks thought most likely to materialise or have the greatest effect, together with the action taken to mitigate those risks.

Risk mitigating controls

The highest priority is placed on appropriate controls and processes to mitigate risks. Strict adherence to safer recruiting protocols, staff training, and a climate of open communication are fundamental to mitigating safeguarding risks in our School. Operational finance risks are mitigated through in-house oversight and checking. More broadly, risks associated with The Dragon’s borrowings of greater than 1-year were mitigated through appropriate hedging financial instruments where appropriate. Considered financial planning, together with comprehensive management accounting, reporting and budgetary control, ensures the School maintains adequate reserves. Robust governance, strong policies, and effective communication (both internal and external) underpin the School’s overall risk mitigation strategy. Internal monitoring of the School’s compliance is led by the Compliance Officer on behalf of the Chief Operating Officer and Head.

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DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: GOVERNORS’ REPORT (continued)

Reserves

The Governors review the restricted and designated reserves regularly. The specific objects of restricted funds are as follows:

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DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: GOVERNORS’ REPORT (continued)

None of the restricted funds are limited by their objects as to the expenditure of capital except the Endowed Bursaries and Endowment funds. All surpluses together with borrowings, eg bank loans, are reinvested to improve the School’s resources. Comparative financial information for the funds can be found in notes 25 & 26.

At the year end the School had unrestricted reserves in the General Fund of £30,312k, mainly represented by land and buildings, which have been financed by the School’s accumulated surpluses and supplemented by bank borrowings. In the absence of free reserves, working capital and cash flow are monitored closely. The Governors’ policy is to continue building up reserves out of operating surpluses, subject to the requirements for further capital expenditure. The School’s working capital is considered to be sufficient to meet its liabilities as they fall due.

Investment

The Trust’s investment powers are governed by its Memorandum and Articles of Association. These permit funds to be invested in such investments, securities or property as may be thought fit. The School invested more of its bursary funds during the year. As these assets are intended to perform over a relatively long term period, targets will be set based on performance of the funds against comparators over a rolling three year period, with comparisons made against alternative investment vehicles each full year.

Prepaid fees funds are invested at the School’s discretion in cash deposits or Government stocks so as to match individual schemes' requirements.

Miscellaneous investments represent gifts received of sundry investments. These are held with a view to realising maximum capital value within the short-term foreseeable future and then sold. The Governors have considered the requirements of Section 172 of the Companies Act 2006.

Section 172 of the Companies Act 2006

The Governors confirm that all relevant issues, factors and stakeholders have been included in this report. They further confirm that regular engagement by Governors has ensured that issues are clearly understood and regular meetings continue to take place. Further, they confirm that key decisions are made with appropriate input and guidance from the Governors

Disabled applicants and staff

The School makes inclusion a thread which runs through all its activities. Dragon School seeks to engage with the widest possible range of knowledge, skill and experience in all its activities. The School’s policies, therefore, facilitate the employment of disabled people and the provision where

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DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022:

GOVERNORS’ REPORT (continued)

appropriate of training and career development. Were an employee to become disabled whilst in service, every effort would be made to retain them.

Communication with staff

Governors place considerable importance on informing all staff of financial and other matters that affect them, consulting with them where appropriate. The Head and Chief Operating Officer report the outcome of Governors’ meetings to staff through the School’s formal management structure. All other such matters are briefed to staff as they arise through regular staff meetings.

Staff are encouraged to discuss matters of concern within the staff meetings and any feedback is discussed with the Deputy Heads, Head, Chief Operating Officer and Governors as appropriate. This can then influence school policy in a number of areas.

Relationship with parents and pupils

Dragon School considers its relationship with its parents and pupils to be of the utmost importance. The School prides itself on its open and transparent communication with its parents and pupils and never has this been more important than during the pandemic.

Dragon School issues regular bulletins on a weekly and termly basis and utilises social media to communicate with agility. Parents are encouraged to approach the School as required to ensure effective two communication.

Fundraising

In 2022, the charity undertook fundraising activity with its supporters via direct mail, fundraising events and email in line with the Fundraising Code of Practice set by Fundraising Regulator.

When you support you can be sure of the following:

The charity did not work with any fundraising partners in the academic year 2022.

The charity is registered with the Fundraising Regulator and adheres to the standards of the Fundraising Code of Practice. We did not receive any complaints about fundraising in 2022.

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DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: GOVERNORS’ REPORT (continued)

Dealing with suppliers

Dragon School prides itself on working collaboratively with its suppliers, both large and small. The School has introduced a system to monitor supplier payment terms.

Carbon Reporting

As part of our new reporting requirements, the School has reviewed its greenhouse gas emissions and energy use data to compile a report to meet the SECR reporting requirements. the overall consumption of fossil fuels, direct and indirect, can be summarised as equivalent to production of an amount of carbon dioxide (‘CO2e’), measured in tonnes. To do so we have used HM Government’s environmental reporting guidelines, the GHG Reporting Protocol and HM Government's 2022 conversion factors for company reporting, and then expressed the tCO2e per pupil.

The table below summarises the energy use relating to electricity, gas combustion and transport.

Electricity use 1,191,427 (_2021: 1,067,838)_kWh
Gas Combustion 3,824,230 (_2021: 3,733,993)_kWh
Transport 48,392 (_2021: 44,465)_kWh
Total 5,064,049 (_2021: 4,846,297)_kWh

The greenhouse gas emissions associated with the energy use identified in the table above are as follows:

Electricity use 253.0 (_2021: 226.7)_tCO2e
Gas Combustion 700.4 (_2021; 683.9)_tCO2e
Transport 11.4 (_2021: 10.5)_tCO2e
Total 964.8 (_2021: 921.1)_tCO2e
The School consumed an average of 1.21 (2021: 1.15) tCO2e/pupil based on 798 (2021: 800) pupils.

The increase in consumption is related to the comparator year to August 2021 having been disrupted by covid, whereas the year to August 2022 was a full year in school. The Dragon is committed to reducing its carbon footprint and is moving towards a Net Zero position through a number of workstreams.

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DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: GOVERNORS’ REPORT (continued)

STRATEGIC REPORT

The School provided education to its pupils in accordance with its stated aims and motto arduus ad solem . Demand for places continues to be high, in large part due to the recognised high standards achieved by the School. During the year the School had (on average) 798 pupils in total between the Prep school and Dragon Pre-Prep.

The School was inspected by the Independent Schools Inspectorate (ISI) in November 2014 and was graded Exceptional for the quality of the pupils’ achievements and learning, and Excellent in each of the other eight aspects of the School’s work (all judgements being the highest possible descriptors). The four aspects of the quality of the boarding education inspected were also all judged to be Excellent. More recently in April 2018, the School was subject to a Regulatory Compliance inspection by the ISI and was assessed as compliant in every respect. The full text of both inspection reports can be found here:

= https://www.isi.net/reports/?name Dragon%20School

IN-YEAR ACHIEVEMENTS

The School was delighted to welcome Mrs Emma Goldsmith as its new Head as at 1 September 2021.

The Music Department are extremely pleased to being almost back to normal function after a long two years of disruption.

Our teaching numbers can boast over 750 music lessons a week across wide-reaching disciplines. These cover the full complement of western classical instruments. We have even introduced Music Tech more recently which will certainly be a growing area in the school due to an increased exposure in our Dragon Quest provision (Dragons Rock and Dragon Hits).

Our choirs once again filled the school with song. We were able to run a live Piano Festival this year which incorporated the organ for the first time and numerous recorded concert performances from our choirs, strings, guitars and wind groups. We are looking forward to continuing live concerts.

246 children were took their ABRSM exams with 36 taking Grade 5 or above on many different instruments.

Musical outreach events are still very much a priority for us. We were able to organise activities with a number of local primary schools. Our Gamelan Orchestra arrived and we have our first date with a local school in the calendar and we look forward to this being an important part of our outreach programme moving forward.

In Games, too, the School’s vision of making sport accessible to everyone was embraced enthusiastically by Dragons themselves with our aim being that every child has the chance to represent the School in each major termly sport. There are a variety of other sports available for the

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children to participate in all year round with a breadth of activities on offer through our clubs’ programme in addition to the curriculum sport.

We provide extensive opportunities for the pupils to represent the school at all levels regularly have over 30 different teams playing on a match day, with our more senior sides playing fixtures on arguably the most competitive Prep-School circuit around. Furthermore, a number of Dragons earn representative honours at district, county and regional level in an increasing number of sports, realising the School’s twin aims of promoting both participation and excellence.

Our leaving pupils sat Common Entrance in School again, achieving 82% A&B Grades – an excellent comparison to previous years. Our leavers gained 61 awards to their senior schools, a School record in recent times, including 24 academic Scholarships or Exhibitions.

The School’s Social and Environmental Impact programme, is guided, under instructive facilitation, by the pupils themselves. Each pupil can cast a vote for the charitable sectors the School will support. Both veins of thinking are increasingly blended into normal curriculum subjects, as well as functioning as specific projects in the Activities and Clubs programmes. Each year group usually organises one major charity event, or challenge, each year with all pupils in the year group engaged. These usually include A Block pupils (Year 8) being invited to lead their own specific fundraising challenge and B block pupils (Year 7) being given £5 to turn into fundraising projects. Pupils are invited to participate in fundraising for, and the distribution of funds raised by, the Dragon Sale, which is the largest annual Dragon Community fundraising event.

The School was successful in securing a private placement of £30m in March 2022. This enabled the Dragon to refinance the loan used to purchase of the freehold in 2007 and gives the School sufficient financial headroom to deliver our strategic plan in the years to come.

The School continues to take important steps to improve its infrastructure. Its main capital expenditure during the year was on developing the IT infrastructure, particularly relating to the virtual education delivery and continuing progress with designing the Music School project.

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DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: GOVERNORS’ REPORT (continued)

Operational performance – Key Performance Indicators

Operational performance – Widening Access and Social Impact

a) Bursaries and other grants:

Bursaries are at the heart of the Dragon’s public benefit provision. The Dragon has a target of 25 Bursary awards across the School in the academic year and new grants per year have been awarded each year to try to meet this target. Bursary awards (day and boarding) were on average just under 75% of the fees at a cost to the School this year of £347k ( 2021: 277k ); a range of other grants including staff, hardship and scholarship totalling a further £664k ( 2021: £665k ) were awarded between 67 other pupils.

b) Social Impact:

The School believes that as an institution it should give strong support to the wider community. Of equal importance is the conviction that gaining a proper understanding of their social and environmental responsibilities must be a cornerstone of the education of each of its pupils. The School is committed to involving all pupils in such projects.

c) Educational:

The Latin in the Community initiative, whereby Dragon teachers and pupils assist teachers and children from other non-fee-paying schools without this expertise, continues to flourish; surplus equipment is donated to other schools or charities; some members of Dragon staff act as governors on local and IEB boards; other links and ideas are built into the curriculum through visits, demonstrations, lectures and debates.

d) Music, Sport and Arts:

Dragon musicians have played and sung in public at a variety of charities. International visitors have provided sporting as well as musical interaction. In addition, a range of local schools, charities and local groups and clubs continue to use the School’s facilities when available. The provision of facilities for these purposes is valued at an approximate £22k (at the normal discounted rates for charitable use).

e) Community:

During the year the staff and its pupils raised funds for other charities through wide-ranging entrepreneurial activity, most of which is pupil led. In addition, the Dragon Christmas Charity Sale

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distributed funds for various charities from proceeds of the sale held at the end of the Christmas term on the School's premises, run by the parents with the assistance of pupils and staff.

Operational performance – Fundraising

The School raised £2,045k ( 2021: £635k ) to further its activities this year. The broad fundraising strategy remains to reach out to the whole Dragon community including Old Dragons, current and past parents focusing on meeting two core needs: the maintenance of Bursary funds and supporting the School’s capital plans, in particular the Music and Performing Arts Centre. Successful events were held which promoted the Dragon’s vision and needs to all these groups.

The School is also the grateful recipient of grants from the Lynam Educational Fund with which it can provide help with fees to parents whose circumstances unexpectedly change, providing continuity of environment and education for children in a period when their home lives may be radically upset and also towards the School’s Bursaries.

Operational performance – Financial

The Trust’s accounts reflect its general success as a school; this underpins the School’s ability to service the bank loan which financed the purchase of the freehold.

Any operating surplus generated by the School is invested in the major capital projects needed to keep the School at the forefront of preparatory education, and in the provision of subsidised education for children otherwise unable to attend such a school. Inevitably, the demand for capital investment continues to exceed available resources and in setting the fees the Governors have to balance accessibility and fairness to current parents with the investment requirements of a leading school. The School is increasingly reliant on fundraising for capital projects.

Fee income fell during the year due to the reduced fees set for the Summer Term in response to the impact of the pandemic. During the year £18,658k ( 2021: £17,105 ) was generated from fees, 91% of its total income of £20,938k ( 2021: £17,888k ).

The other significant element of income is donations and legacies of £2,045k ( 2021: £635k ).

The greatest part of the Trust’s expenditure is on staff costs which at £10,823k ( 2021: £10,761k ) represent 55% ( 2021: 61% ) of expenditure; and of these staff costs, £8,233k ( 2021: £8,053k ) are spent on teaching, with an additional £1,194k ( 2021: £1,220k ) on welfare and pastoral functions.

Finance costs are significant at £640k payable ( 2021: £535k ), mostly as interest on the School’s bank loans and issued Notes. Other non-staff costs include direct expenditure on teaching of £951k ( 2021: £1,062k ), premises of £1,854k ( 2021: £1,732k ) and welfare of £2,225k ( 2021: £1,700k ). Virtually all these costs, staff, finance and other, which are necessary for the charity to meet its objects, represent semifixed overheads.

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The School spent £320k ( 2021: £700k ) on fixed assets. This is mainly represented by a range of ICT upgrades. Numerous smaller equipment purchases, some funded by donation, have been made throughout the teaching and boarding areas.

The Trust’s balance sheet is dominated by the net book value of its freeholds £41,850k ( 2021: £42,334k ), including, in particular, the main site purchased in January 2007 for £29,733k. During the year, a Private Placement was successfully issued and this forms the largest part of the liabilities at £30,000k (2021:£nil) . Some of the funds for this private placement were used during the year to repay existing loans ( 2021: £13,645k) and an associated Interest Rate Swap derivative ( 2021: £1,126k) . The other fixed assets are long term investments valued at £3,116k (2021:£1,613k) The current assets are comprised primarily of cash at £25,898k ( 2021: £9,521k ) which offset the creditors due within one year of £3,670k ( 2021: £5,591k ) which are chiefly comprised of pupil deposits and fees received in advance relating to pupils.

Future plans

The School reviews its strategic framework regularly, and a major review and overhaul of the two existing key documents, comprising of Guiding Principles and Development Strategy, is underway. The key objectives representing the main pillars of School development that were set out in the strategy, as updated for recent developments, are:

Academic Development:

Pastoral Development:

ICT Development:

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GOVERNORS’ REPORT (continued)

Social Impact and Public Benefit:

Facilities Development:

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DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: GOVERNORS’ REPORT (continued)

STATEMENT OF GOVERNORS’ RESPONSIBILITIES

The Governors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the Governors to prepare financial statements for each financial year. Under that law the Governors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Governors 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 Trust and its subsidiary (‘the group’), and of the result of the group for that year.

In preparing these financial statements, the Governors are required to:

The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust and subsidiary’s transactions and disclose with reasonable accuracy at any time the financial position of the Trust and subsidiary and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each of the Governors is aware at the time the report is approved:

The Governors are grateful for the tremendous parental support for the School in achieving all that it does. It is the commitment of parents, the leadership of the Head, the effort put into caring for the pupils by the staff, and the energy of those pupils, and the dedicated work of the support staff in all their fields of expertise, which make the School what it is today and enables it to face the future with confidence.

Page xix

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: GOVERNORS’ REPORT (continued)

This Governors’ Report, which incorporates the Strategic Report, was approved by the Governors and signed on their behalf by:

Andrew Webb, Chairman

18 March 2023

Page xx

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF DRAGON SCHOOL TRUST LIMITED

Opinion

We have audited the financial statements of Dragon School Trust Limited for the year ended 31 August 2022 which comprise Group Statement of Financial Activities, the Group and Charity Balance Sheets, the Group 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:

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

In auditing the financial statements, we have concluded that the trustees’ 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 not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Summary Review by the Chair of Governors and Head and the Governor’s 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.

Page 1

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF DRAGON SCHOOL TRUST LIMITED

(continued)

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 the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governor’s Annual Report (which incorporates the strategic report and the directors’ 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:

Responsibilities of trustees for the financial statements

As explained more fully in the governors’ responsibilities statement set out on page xxii, 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.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent 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

Page 2

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF DRAGON SCHOOL TRUST LIMITED

(continued)

intend to liquidate the group or the parent 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures 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:

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the regulatory requirements of the Charity Commission and the Independent Schools Inspectorate (ISI), and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, Companies Act 2006 and payroll taxes.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risk was related to risk of improper journals posted to income, other than in relation to income from tuition fees and investments and the risk of management bias in accounting estimates. Audit procedures performed by the engagement team included:

Page 3

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF DRAGON SCHOOL TRUST LIMITED

(continued)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

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.

Steven Harper (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of Haysmacintyre LLP, Statutory Auditor London Date: EC4R 1AG

Page 4

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: GROUP STATEMENT OF FINANCIAL ACTIVITIES

Note
INCOME FROM:
Charitable activities
School fees
2.
Other educational
3.
Other ancillary trading
4.
Other trading activities
Non-ancillary trading
Investments
Investment income
5.
Bank and other interest
6.
Voluntary sources
Donations and legacies
7.
Government grants
Total income
EXPENDITURE ON:
Raising funds
Fundraising for voluntary resources
Trading
Other
Total costs of raising funds
Charitable activities
Schools and grantmaking
Schools - financing costs
9.
Total costs of charitable activities
Total expenditure
8.
NET (DEFICIT)/INCOME BEFORE
INVESTMENT GAINS/(LOSSES)
Investment gains/(losses)
NET (DEFICIT)/INCOME
Fair Value gains
18c.
Transfers between funds
26.
NET MOVEMENT IN FUNDS
Fund balances at 1 September 2021
FUND BALANCES AT31 AUGUST2022		 Unrestricted
funds
Restricted
funds
Endowed
funds
Total
funds
2022
Total
funds
2021
£'000
£'000
£'000
£'000
£'000
18,658
-
-
18,658
17,105
80
-
-
80
41
5
-
-
5
5
109
-
-
109
21
5
3
-
8
6
33
-
-
33
6
-
2,045
-
2,045
635
-
-
-
-
69
18,890
2,048
-
20,938
17,888
282
-
-
282
241
28
-
-
28
11
59
-
-
59
53
369
-
-
369
305
17,940
395
-
18,335
16,683
640
-
-
640
535
18,580
395
-
18,975
17,218
18,949
395
-
19.344
17,523
(59)
1,653
-
1,594
365
(67)
(30)
-
(97)
234
(126)
1,623
-
1,497
599
482
-
-
482
565
427
(427)
-
-
-
783
1,196
-
1,979
1,164
29,529
3,739
448
33,716
32,552
30,312
4,935
448
35,695
33,716

All activities are continuing. No separate income and expenditure account as required under the Companies Act 2006 has been presented, as there are no differences between that and the Statement of Financial Activities presented above. The notes on pages 7 to 25 form part of these accounts.

Page 5

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: GROUP AND CHARITY BALANCE SHEETS

Note
Fixed assets
Tangible assets
12.
Investments
15.
Current assets
Stock
13.
Debtors
14.
Cash at bank and in hand
16.
Creditors: due within one year
17.
Net current assets
Total assets less current liabilities
Creditors: due in more than one year
18.
Total net assets
26.
Endowment funds
Restricted funds
Unrestricted funds
Fund balances
27.		 Group
Charity
2022
2021
2022
2021
£'000
£'000
£'000
£'000
41,850
42,334
41,850
42,334
3,116
1,613
3,116
1,613
44,966
43,947
44,966
43,947
7
8
6
6
1,252
752
1,249
738
25,898
9,521
25,809
9,521
27,157
10,281
27,064
10,265
(3,670)
(5,591)
(3,640)
(5,583)
23,487
4,690
23,424
4,682
68,453
48,637
68,390
48,629
(32,758)
(14,921)
(32,759)
(14,921)
35,695
33,716
35,631
33,708
448
448
448
448
4,935
3,739
4,935
3,739
30,312
29,529
30,248
29,521
35,695
33,716
35,631
33,708

The notes on pages 9 to 26 form part of these accounts.

In accordance with Section 408 of the Companies Act 2006, no separate Statement of Financial Activities is presented for Dragon School Trust Limited. The Trust net income for the year was £1,923k ( 2021: £1,156k ).

The financial statements were approved and authorised for issue by the Board of Governors On XX March 2023 and were signed below on its behalf by

Andrew Webb, Chairman

18 March 2023

Company number: 00524331

Page 6

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: GROUP STATEMENT OF CASH FLOWS

Note
Net cash inflow from operations
(a).
Cash flows from investing activities
Interest paid
Interest received
Receipts from disposals of investments
Payments for investments
Investment income receipts
Payments for tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Receipts from prepaid fees scheme
Payments from prepaid fees scheme
Additional borrowing
Loan repayments
Net cash used in financing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period		 2022
£'000
£'000
2,792
(640)
33
-
(1,600)
8
(320)
(2,519)
597
(204)
30,000
(14,289)
16,104
16,377
9,521
25,898		 2022
£'000
£'000
2,792
(640)
33
-
(1,600)
8
(320)
(2,519)
597
(204)
30,000
(14,289)
16,104
16,377
9,521
25,898		 2021 2021
£'000
(555)
6
126
(1,251)
6
(700)		 £'000
1,988
(2,368)
(615)
597
(204)
30,000
(14,289)		 383
(293)
-
(705)
(995)
10,516
25,898 9,521

Charity law requires separate administration of the cashflows of endowed and other restricted funds of the Trust. This constraint has not adversely affected group cashflows as stated above.

a) Reconciliation of net income to cash
flow from operating activities
Net income
Investment (gains)/losses
Fair value (gains)
Interest payable
Interest receivable
Investment income
Depreciation charges
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(Decrease) in creditors
Net cash inflow from operating activities		 2022
£'000
1,979
97
(482)
640
(33)
(8)
804
(1)
(488)
284
2,792		 2021
£’000
1,164
(234)
(565)
535
(6)
(6)
810
(2)
(288)
580
1,988

Page 7

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: GROUP STATEMENT OF CASH FLOWS

b) Analysis of cash flows and net debt
Cash at bank and in hand
Debt: bank loans		 1 Sept 2021
Cashflow
Other
movements
31 Aug 2022
£'000
£'000
£'000
£'000
9,521
16,377
-
25,898
(13,645)
(16,355)
-
(30,000)
(4,124)
22
-
(4,102)

The notes on pages 9 to 26 form part of these accounts.

Page 8

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: NOTES

1. ACCOUNTING POLICIES

a) General information

b) Basis of accounting

The accounts are prepared under the historical cost convention as modified by the revaluation of listed investments, in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the 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) - Second Edition, Effective 1 January 2019.

Having reviewed the funding facilities available to the School together with the expected ongoing demand for places and the School’s future projected cash flows, the Governors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

The functional currency of the School is considered to be GBP because that is the currency of the primary economic environment in which the School operates. The balances in the accounts are rounded to the nearest thousand.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management’s best knowledge of the amount, events or actions, actual results may ultimately differ from those estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects current and future periods. The Governors consider the following item to be an area subject to estimation and judgement:

Depreciation:

The useful economic lives of tangible fixed assets are based on management’s judgement and experience. When management identifies that actual useful economic lives differ materially from the estimates used to calculate depreciation, that charge is adjusted retrospectively. Although tangible fixed assets are significant, variances between actual and estimated useful economic lives will not have a material impact on the operating results. Historically, no changes have been required.

Page 9

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: NOTES

  1. ACCOUNTING POLICIES (continued)

The following accounting policies have been used consistently in dealing with items which are considered material in relation to the Group’s accounts.

i) Fund accounting

Depreciation is provided on all assets other than freehold land. Freehold buildings are amortised on a straight line basis, taking into account their estimated residual value, which in the case of education-specific buildings is considered negligible but in the case of residential property is expected to approximate their original costs. Leasehold land and buildings are amortised over the period of the lease. With respect to other assets depreciation is provided at straight line on cost.

The estimated lifetimes of various types of assets in use are:

Freehold buildings 50 years Other 3-10 years

Page 10

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: NOTES

  1. ACCOUNTING POLICIES (continued)

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.

Gains and losses on the realisation of investments are shown as realised gains and losses in the Statement of Financial Activities. Realised gains and losses are calculated as the difference between sale proceeds and opening carrying value or the purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value of investments at the yearend and their carrying value. Realised and unrealised investment gains and losses are allocated to the appropriate Fund according to the “ownership” of the underlying assets. Investment subsidiaries are valued at cost less provision for impairment.

m) Stock

Page 11

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: NOTES

1. ACCOUNTING POLICIES (continued)

Financial assets / liabilities held at fair value through the profit or loss comprise derivatives. 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 SoFA as a fair value movement. The School does not currently apply hedge accounting for interest rate swap derivatives.

s) Pension costs

Pension costs represent contributions under defined contribution schemes’ costs in the current year. In the prior year, these costs represent contributions under the Teachers’ Pensions Agency (TPA) teachers’ superannuation scheme, various defined contribution schemes and provision against amounts due with respect to specific obligations recognised by the Trust. Both the TPA and the defined contribution schemes’ costs are shown in the accounts as charged, the payments being made to external funds.

2. CHARITABLE ACTIVITIES - SCHOOL FEES
School fees and extras
_less_scholarships, Bursaries and grants
Bursaries paid from restricted funds
3. CHARITABLE ACTIVITIES – OTHER EDUCATIONAL
Registration fees
Courses & conferences
4. CHARITABLE ACTIVITIES – ANCILLARY TRADING
Commission and similar income
5. INVESTMENT INCOME
Listed and other investments
6. BANK AND OTHER INTEREST
Bank interest
Other		 2022
£'000
19,360
(1,097)
18,263
395		 2021
£'000
17,770
(1,012)
16,758
347
18,658 17,105
2022
£'000
47
33
2021
£'000
41
-
80 41
2022
£'000
-
2021
£'000
5
- 5
2022
£'000
8
2021
£'000
6
8 6
2022
£'000
21
12
33
2021
£'000
2
4
6

Page 12

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: NOTES

7. DONATIONS AND LEGACIES
Donations for:
Bursaries
Other
8a. ANALYSIS OF TOTAL EXPENDITURE
Cost of raising funds
Fundraising for voluntary resources
Trading costs
Other costs
Total cost of raising funds
Charitable activities
Schools and grantmaking
Teaching
Welfare
Premises
Support costs of schooling (including
governance – note 8c)
Grants, awards and prizes (note 8b)
Schools - financing costs (note 9)
Total costs of charitable activities
Total expenditure		 2022
£'000
379
1,666
2,045
Staff costs
Depr’n
£'000
£'000
220
-
-
-
-
-		 2021
£'000
542
93
635
Other
£'000
62
28
59		 2022

Total

£'000

282

28

59
220
-		 149
369
8,233
26
1,194
13
187
412
987
353
-
-		 951
2,225
1,854
1,505
395
9,210

3,432

2,453

2,845

395
10,601
804
-
-		 6,930
640
18,335

640
10,601
804		 7,570
18,975
10,821
804		 7,719 19,344

No allocation has been made of senior management time spent on governance matters as such time is additional to full time roles providing support to the School’s teaching. Staff costs are further detailed in note 10.

Page 13

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: NOTES

8a. ANALYSIS OF TOTAL EXPENDITURE (cont’d)
Prior year comparative information
Cost of raising funds
Fundraising for voluntary resources
Trading costs
Other costs
Total cost of raising funds
Charitable activities
Schools and grantmaking
Teaching
Welfare
Premises
Support costs of schooling (including
governance – note 8c)
Grants, awards and prizes (note 8b)
Schools - financing costs (note 9)
Total costs of charitable activities
Total expenditure
8b. GRANTS, AWARDS AND PRIZES
From Restricted Funds:
Bursaries and other grants and awards
8c. GOVERNANCE COSTS
Auditors’ remuneration – audit (Group)
Auditors’ remuneration – audit (subsidiary)
Auditors’ remuneration – non-audit
Reimbursement of expenses to Governors
Other governance costs		 Staff costs
Depr’n
£'000
£'000
211
-
-
-
-
-		 Staff costs
Depr’n
£'000
£'000
211
-
-
-
-
-		 Other
£'000
30
11
53		 2021

Total

£'000
241
11
53
211
-		 94 305
8,053
28
1,220
47
244
412
1,033
323
-
-		 1,062
1,700
1,732
482
347		 9,143

2,967
2,388
1,838
347
10,550
810
-
-		 5,323
535		 16,683
535
10,550
810		 5,858 17,218
10,761
810		 5,952 17,523
2022
£'000
395
2021
£'000
347
395 347
2022
£'000
14
2
2
1
98
2021
£'000
14
2
2
-
9
117 27

Page 14

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: NOTES

NOTES
9. FINANCING COSTS
Interest payable is due on:
Bank loans and overdrafts
Discounts allowed on prepaid fees		 2022
£'000
629
11
640		 2021
£'000
532
3
535

Financing costs are included in costs of charitable activities as part of the operation of the School.

10. EMPLOYEES
Staff costs:
Wages and salaries
National Insurance
Pension costs
Severance pay
The numbers of employees whose remuneration was over £60k
(including severance pay) fell into the following bands:
£60 - £70k
£70 - £80k
£80 - £90k
£100- £110k
£110- £120k
£140- £150k
These higher paid staff had defined
contribution pension schemes, total cost:
Total pension costs were made up of:
TPA pension contributions
Defined contribution schemes		 2022
£'000
8,716
872
1,143
92
10,823
No.
3
2
4
-
3
1
£'000
158
£'000
-
1,143		 2021
£'000
8,460
831
1,470
-
10,761
No.
3
4
4
2
1
-
£'000
194
£'000
1,254
216
1,143 1,470

The total employment costs of key management personnel, who are considered to consist of the Head, Head of the Pre-prep, the Chief Operating Officer, the Governors and the Deputy Heads during the year was £900k ( 2021: £810k ).

The Governors did not receive any remuneration. The accounts do not estimate the value of their time and expertise in governance and support roles, though this is considerable. Five Governors received travel expenses during the year ( 2021: none ).

Page 15

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: NOTES

10. EMPLOYEES (continued)

10. EMPLOYEES (continued)
The average number of employees, based on
head count, excluding Governors, was:
Teaching
Pensioners
Support staff
Development
11. TAXATION		 2022
No.
204
5
106
3
318		 2021
No.
203
6
120
3
332

As a registered charity the Trust does not pay corporation tax on surpluses arising from its charitable activities. The Trust’s subsidiary, Dragon School Trading Limited, pays corporation tax on profits, but these are nil for tax purposes after allowing for the payment of profits to the parent company as a charge.

The Trust suffers irrecoverable VAT on all purchases other than those made by its subsidiary trading company. Irrecoverable VAT paid to HMRC totalled approximately £601k ( 2021: £598k ) during the year.

12. TANGIBLE FIXED ASSETS (group and parent company) for own use:

Cost
at 1 September 2021
additions
disposals
at 31 August 2022
Depreciation
at 1 September 2021
charge
released
at 31 August 2022
Net book value
at 1 September 2021
at 31 August 2022		 Freehold
property
Motor
vehicles
Other
TOTAL
£'000
£'000
£'000
£'000
48,456
210
6,725
55,391
72
-
248
320
-
-
-
-
48,528
210
6,973
55,711
7,192
193
5,672
13,057
320
13
471
804
-
-
-
-
7,512
206
6,143
13,861
41,264
17
1,053
42,334
41,016
4
830
41,850

The rebuild cost of properties included in freehold was approximately £62,903k at the most recent insurance review (September 2022), though this does not include the value of the land itself. Governors are of the opinion that the current market value of freeholds is considerably in excess of the historical cost shown. With respect to other assets (fixtures, fittings and equipment), these are insured for £3,742k. These values are cited merely for comparison with the historical cost figures shown above. The School does not own any heritage assets.

Virtually all assets held are used for the purposes of the School’s operation; some small proportion is used for management and trading, but identification of the amounts involved is not practicable.

Page 16

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: NOTES

13. STOCKS
Goods for resale
Consumables
14. DEBTORS
Trade debtors
Amount owed by subsidiary
Loans
Prepayments
Accrued income
15. INVESTMENTS
Investments are shown at market value:
Other U.K. listed investments held as fixed assets
Historical cost:
Value of investments:
brought forward
disposals at value brought forward
acquired
change in unrealised values
carried forward
16. CASH AT BANK AND IN HAND
Cash on deposit
Current bank accounts and petty cash		 Gr
2022
£'000
1
6		 oup
2021
£'000
2
6		 oup
2021
£'000
2
6		 Parent co
2022
£'000
-
6		 mpany
2021
£'000
-
6
7 8 6 6
Gr
2022
£'000
406
-
9
269
568		 oup
2021
£'000
524
-
1
197
30		 Parent co
2022
£'000
403
-
9
269
568		 mpany
2021
£'000
510
-
1
197
30
1,252 752 1,249 738
Gr
2022
£'000
25,894
4		 oup
2021
£'000
9,520
1		 Group and parent
company
2022
2021
£'000
£'000
3,116
1,613
2021
£'000
1,613
3,116 1,613
2,755 1,323
1,613
-
1,600
(97)		 254
(126)
1,251
234
3,116 1,613
Parent co
2022
£'000
25,805
4		 mpany
2021
£'000
9,520
1
25,898 9,521 25,809 9,521

Page 17

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: NOTES

  1. CREDITORS: DUE WITHIN ONE YEAR
CREDITORS: DUE WITHIN ONE YEAR
Bank loans and overdrafts
Trade creditors
Taxation and social security
Accruals
Deferred income
- fees received in advance
- deposits held
- prepaid fees scheme		 Gr
2022
£'000
-
827
267
627
1,276
489
184		 oup
2021
£'000
2,152
573
405
442
1,351
497
171
5,591		 Parent co
2022
£'000
-
824
251
616
1,276
489
184		 mpany
2021
£'000
2,152
565
405
442
1,351
497
171
3,670 5,591 3,640 5,583

18a. CREDITORS: DUE IN IN MORE THAN ONE YEAR

. CREDITORS: DUE IN IN MORE THAN ONE YEAR
Bank loans
Deferred income: prepaid fees
Deposits held
Interest rate swap derivative
. ANALYSIS OF LONG TERM CREDITORS
Long term creditors are due in less than five years except as follows:
Bank loans:
due within one year
due between two and five years
due in more than five years
Deferred income - prepaid fees
19.
due within one year
due between two and five years
Deposits held:
due within one year
due between two and five years
due in more than five years
Interest rate swap derivative
due in more than five years		 Group and parent
company
2022
2021
£'000
£'000
30,000
11,493
711
320
2,047
1,982
-
1,126
2021
£'000
11,493
320
1,982
1,126
32,758 14,921
-
-
30,000		 2,152
9,546
1,947
30,000 13,645
184
711		 171
320
895 491
489
1625
422		 497
1,558
424
2,536 2,479
- 1,126

18b. ANALYSIS OF LONG TERM CREDITORS

Page 18

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: NOTES

18c. LONG TERM CREDITORS: EXPLANATORY NOTES

£21,000k was borrowed from Coutts & Co to fund the first payment for the freehold of the School’s site on 31 January 2007, with the option to draw down a further amount by January 2014 so as to pay the deferred balance due for the purchase of the School’s freehold, due by the end of that month. This option was exercised during the 2014 year, a further £6,000k being borrowed from the bank.

This loan was repayable by fixed instalments totalling £2,121k per annum (which amount anticipated the additional draw down). A hedging facility was simultaneously arranged so that in effect interest was fixed at 5.615%. The loan was secured by a fixed and floating charge on the whole of the Trust’s property, together with additional specific charges over several freehold properties. This loan was repaid during the year.

The Interest Rate Swap Derivative in the prior year was the mark to market valuation adjustment on the fixed rate hedging facility mentioned above. This Interest Rate Swap Derivative was settled at the same time as the Loan mentioned above was repaid.

On 28 August 2021, £3m was borrowed from Coutts & Co under the UK Government backed Coronavirus Business Interruption Loan scheme. The loan was also repaid during the year. This loan was also secured by a fixed and floating charge over the property secured under the loan from Coutts & Co mentioned above. The interest rate on the loan was 3.50% over Coutts Base Rate.

On 18 March 2022, the School issued £30m of Senior Secured noted in a Private Placement to Canada Life Limited and Canada Life Assurance Company. These Notes have a fixed interest rate of 3.41% and are due for repayment on 29 April 2050.

19. PREPAID FEES ACCOUNT
EPAID FEES ACCOUNT
Balance at the beginning of the year
New contracts
Amounts accrued to contracts as debt-financing costs
Amounts used in payment of fees
– to the School
– to other Schools
Balance at year end		 Group and parent
company
2022
£'000
491
597
11
(204)
-		 2021
£'000
399
383
2
(223)
(70)
491
895

20. PENSIONS

During the prior year, the majority of the staff participated in one of two pension schemes: the Teachers’ Pension Scheme (TPS) run by the Teachers’ Pension Agency specifically for teaching staff, and a defined contribution scheme for other staff, formerly with Aviva and from March 2013 with Scottish Widows.

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.

Page 19

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: NOTES

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 2016 and the Valuation Report, which was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.6% from 1 September 2019. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 23.68%.

The 31 March 2016 Valuation Report was prepared in accordance with the benefits set out in the scheme regulations and under the approach specified in the Directions, as they applied at 5 March 2022. However, the assumptions were considered and set by the Department for Education prior to the ruling in the ‘McCloud/Sargeant case’. This case has required the courts to consider cases regarding the implementation of the 2015 reforms to Public Service Pensions including the Teachers’ Pensions.

On 27 June 2019 the Supreme Court denied the government permission to appeal the Court of Appeal’s judgment that transitional provisions introduced to the reformed pension schemes in 2015 gave rise to unlawful age discrimination. The government is respecting the Court’s decision and has said it will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2022 that it intends to proceed with a deferred choice underpin under which members will be able to choose either legacy or reformed scheme benefits in respect of their service during the period between 1 April 2015 and 31 March 2022 at the point they become payable.

The TPS is subject to a cost cap mechanism which was put in place to protect taxpayers against unforeseen changes in scheme costs. The Chief Secretary to the Treasury, having in 2021 announced that there would be a review of this cost cap mechanism, in January 2022 announced a pause to the cost cap mechanism following the Court of Appeal’s ruling in the McCloud/Sargeant case and until there is certainty about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2021, and a consultation was launched on 24 June on proposed changes to the cost control mechanism following a review by the Government Actuary. Following a public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes in time for the 2021 valuations.

On 1 September 2021, the School left the TPS scheme. The school put in place a defined contribution scheme with Royal London which staff previously in the TPS could join. The assets of the scheme are held separately from the Trust in an independently administered fund. The employer contributes up to 16.48% corresponding to employees’ chosen contribution rates.

The school also operated a defined contribution scheme with Scottish Widows. The assets of the scheme were held separately from the Trust in an independently administered fund. The employer contributes up to 12% corresponding to employees’ chosen contribution rates. This scheme was closed during the year and particpants were moved into the defined contribution scheme with Royal London mentioned above.

Included within salary costs are payments to certain former staff members or their spouses whose pension provision prior to the School adopting the Teachers’ Pension Scheme was inadequate during their employment. The total amount paid was £20k ( 2021: £20k ). The Trust is under no legal obligation to continue with these payments and accordingly the accounts do not include any estimate, actuarial or otherwise, of a possible total future commitment.

Page 20

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: NOTES

21. RELATED PARTIES

Four of the Governors had children at the School during the year, for which they are charged normal fees and extras as agreed in the standard parent-school contract.

In addition to assisting the school in raising funds, Governors themselves make charitable donations to the school from time to time, but there is no requirement to do so. The total charitable contributions in the year from Governors was £2k ( 2021: £10k ).

The School also had transactions with its subsidiary company, Dragon School Trading Limited, which are detailed in note 28.

There were no other related party transactions in the current or previous year.

22. CAPITAL COMMITMENTS

The School had no capital commitments ( 2021: none ) with respect to building contracts in progress at the year-end. There were no amounts committed but not yet contracted.

23. FINANCE LEASE COMMITMENTS

The School has no future minimum lease commitments under non-cancellable finance leases.

24. OPERATING LEASE COMMITMENTS

The School had total future minimum lease commitments under non-cancellable operating leases as follows:

Other
Due within 1 year		 Group and parent
company		 Group and parent
company
2022
£'000
2
12		 2021
£'000
15
9

The total operating lease expense recognised in the SoFA for the year is £15k ( 2021: £28k ).

Page 21

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: NOTES

25. FUNDS: DETAILED MOVEMENTS

ENDOWMENT FUND
ENDOWEDBURSARIES FUND
RESTRICTED FUNDS
Knatchbull Memorial fund
Bursaries funds
Capital fund
Development fund
UNRESTRICTED FUNDS
Prepaid fees
General fund
CHARITY total funds
Non-charity trading funds
GROUP
Prior year comparative
information
ENDOWMENT FUND
ENDOWEDBURSARIES FUND
RESTRICTED FUNDS
Knatchbull Memorial fund
Bursaries funds
Capital fund
Development fund
UNRESTRICTED FUNDS
Prepaid fees
General fund
CHARITY total funds
Non-charity trading funds
GROUP		 Balance at
1 Sept
2021
Incoming
resources
Outgoing
resources
Investment
gains/
(losses)
Transfers
between
funds
Balance at
31 Aug
2022
£'000
£'000
£’000
£'000
£'000
£'000
3
-
-
-
-
3
445
-
-
-
-
445
448
-
-
-
-
448
76
3
(1)
(5)
-
73
1,300
447
(394)
(25)
(395)
933
2,151
1,512
-
-
-
3,663
212
86
-
-
(32)
266
3,739
2,048
(395)
(30)
(427)
4,935
-
-
(11)
-
11
-
29,521
18,781
(18,886)
415
424
30,255
29,521
18,781
(18,897)
415
435
30,255
33,708
20,829
(19,292)
385
8
35,638
8
109
(52)
-
(8)
57
33,716
20,938
(19,344)
385
-
35,695
Balance at
1 Sept
2019
Incoming
resources
Outgoing
resources
Investment
gains/
(losses)
Transfers
between
funds
Balance at
31 Aug
2021
£'000
£'000
£’000
£'000
£'000
£'000
3
-
-
-
-
3
394
-
-
51
-
445
397
-
-
51
-
448
57
2
-
17
-
76
967
544
(347)
136
-
1,300
2,130
21
-
-
-
2,151
377
42
-
-
(207)
212
3,531
609
(347)
153
(207)
3,739
-
-
(2)
-
2
-
28,621
17,258
(17,161)
595
208
29,521
28,621
17,258
(17,163)
595
210
29,521
32,549
17,867
(17,510)
799
3
33,708
3
21
(13)
-
(3)
8
32,552
17,888
(17,523)
799
-
33,716

Page 22

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: NOTES

NOTES
26. FUNDS: NET ASSETS
ENDOWMENT FUND
ENDOWEDBURSARIES FUND
RESTRICTED FUNDS
Knatchbull Memorial fund
Bursaries funds
Capital fund
Development fund
UNRESTRICTED FUNDS
Prepaid fees
General fund
CHARITY total funds
Non-charity trading funds
GROUP
Prior year comparative information
ENDOWMENT FUND
ENDOWEDBURSARIES FUND
RESTRICTED FUNDS
Knatchbull Memorial fund
Bursaries funds
Capital fund
Development fund
UNRESTRICTED FUNDS
Prepaid fees
General fund
CHARITY total funds
Non-charity trading funds
GROUP		 Fixed
Assets
Invest-
ments
Other net
current
assets
Long term
liabilities
Total net
Assets at 31
Aug 2022
£'000
£'000
£'000
£'000
£'000
-
-
3
-
3
-
417
28
-
445
-
417
31
-
448
-
63
10
-
73
-
977
(44)
-
933
-
-
3,663
-
3,663
-
-
266
-
266
-
1,040
3,895
-
4,935
-
-
711
(711)
-
41,850
1,659
18,794
(32,048)
30,255
41,850
1,659
19,505
(32,759)
30,255
41,850
3,116
23,431
(32,759)
35,638
-
-
57
-
57
41,850
3,116
23,488
(32,759)
35,695
Fixed
Assets
Invest-
ments
Other net
current
assets
Long term
liabilities
Total net
assets at 31
Aug 2021
£'000
£'000
£'000
£'000
£'000
-
-
3
-
3
-
425
20
-
445
-
425
23
-
448
-
68
8
-
76
-
996
304
-
1,300
-
-
2,151
-
2,151
-
-
212
-
212
-
1,064
2,675
-
3,739
-
-
320
(320)
-
42,334
124
1,664
(14,601)
29,521
42,334
124
1,984
(14,921)
29,521
42,334
124
4,682
(14,921)
33,708
-
-
8
-
8
42,334
1,613
4,690
(14,921)
33,716

Page 23

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: NOTES

27. FUNDS: EXPLANATORY NOTES

Page 24

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: NOTES

28. TRADING SUBSIDIARY

The Trust holds 100 ordinary shares of £1 each, representing 100% of the issued share capital of Dragon School Trading Limited, a company incorporated in England and Wales. The value of the investment as determined by the equity method is £100. These shares are included on the parent company balance sheet as investments held as fixed assets:

Shares in subsidiary company at cost 2022
£
100		 2021
£
100

The Trust advances working capital as necessary to the trading company to finance its operations. Interest is charged on the amount outstanding from time to time at the same rate as charged by the Trust’s bankers.

The Trading company's results for the year, and balance sheet at the year end, from the audited accounts, are summarised below:

re summarised below:
Turnover
Cost of sales
Gross profit
Administration expenses
Profit for the financial year
To be paid to Dragon School Trust Ltd under gift aid
Generated for parent company:
Surplus above
Management charges from Trust
Current assets
Intercompany account
Current liabilities
Net assets
Called up share capital
General reserves		 2022
£'000
109
(29)
80
(23)
57
57		 2021
£'000
21
(6)
15
(7)
8
8
57
4
61
93
(6)
(30)
57		 8
4
12
15
1
(8)
8
-
57		 -
8
57 8

Page 25

DRAGON SCHOOL TRUST LIMITED ANNUAL REPORT AND ACCOUNTS 2022: NOTES

  1. CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES – COMPARATIVE FIGURES BY FUND TYPE
Note
INCOME FROM:
Charitable activities
School fees
2.
Other educational
3.
Other ancillary trading
4.
Other trading activities
Non-ancillary trading
Investments
Investment income
5.
Bank and other interest
6.
Voluntary sources
Donations and legacies
7.
Government grants
Total income
EXPENDITURE ON:
Raising funds
Fundraising for voluntary resources
Trading
Other
Total costs of raising funds
Charitable activities
Schools and grantmaking
Schools - financing costs
9.
Total costs of charitable activities
Total expenditure
8.
NET INCOME BEFORE INVESTMENT
GAINS/(LOSSES)
Investment gains/(losses)
NET INCOME
Fair Value gains
18c.
Transfers between funds
26.
NET MOVEMENT IN FUNDS
Fund balances at 1 September 2021
FUND BALANCES AT31 AUGUST2022		 Unrestricted
funds
Restricted
funds
Endowed
funds
Total
funds
2021
£'000
£'000
£'000
£'000
16,901
-
-
16,901
36
-
-
36
3
-
-
3
13
-
-
13
4
9
-
13
42
-
-
42
-
469
-
469
210
-
-
210
17,209
478
-
17,687
206
-
-
206
10
-
-
10
93
-
-
93
309
-
-
309
15,290
322
-
15,612
614
-
-
614
15,904
322
-
16,226
16,213
322
-
16,535
996
156
-
1,152
(10)
(32)
-
(42)
986
123
-
1,110
527
-
-
527
331
(331)
-
-
1,844
(207)
-
1,637
26,780
3,738
397
30,915
28,624
3,531
397
32,552

Page 26