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2021-07-31-accounts

CONTENTS
Page
Notice of AGM
Directors', Officers and Advisers 2-3
Directors' report 4-9
Strategic report 9-21
Independent
auditor's		 report 22 —24
Consolidated
statement		 offinancial activities 25
Consolidated
balance sheet		 26
Company
balance sheet		 27
Consolidated
cash flow		 statement 28
Notes to the financial statements 29-54

Appointed Rewlected at
AGM
Chair ofCouncil
Mrs SC PHIPKIN ACA* t' 2013 2021
Vice Chair ofCouncil
Mrs C OSTER WARRINER
MA Oxon* t		 2017 2020
Directors
Dr C EFOSTER OBE BEd Hans, MSc, PhD X 2020
Mrs P A LENON BA(HONS) *' 2013 2021
Mrs R MARTIN MEd NPQH -t (Resigned September 2021) 2019
Rev Fr D W MCFARLAND
BA(Hons) BTh		 2016 2020
Ms K N GLEN MA(HONS) X 2019 2021
Miss BC MOORE MBA X 2012 2020
Mr RJ J NICHOLSON
MA Oxon —(Appointed		 June 2021) 2022
Dr C M RINGHAM
BA(HONS) PhD *¹-t		 2015 2020
Mrs S C E SALVIDANT Cert Ed BEd(HONS)- 2016 2021
Mr RSSHIPPERLEY * X¹ 2010 2019
Members ofthe Finance and General Purposes Committee.
Members
ofthe Remuneration
Sub-Committee.
Members ofthe Education
Committee.
X¹
Members
ofthe Development
Committee.
Directors of Headington
School International		 Limited.
Directors of Headington
School Services Limited.

ANNUAL REPORT OF THE GOVERNORS (CONTINUED)
YEAR ENDED 31JULY 2021

cy actions summary
tak		 en during the r elevant
financial year.
Year to 31"July 2021 31"July 2020
Energy consumption
used to calculate		 emissions
(kWh)		 5,236,365 5,145,895
Emissions from combustion ofgas (Scope 1)tCOze 957.2 612
Emissions from combustion offuel for transport
purposes (Scope 1)tCOze		 2.3 3
Emissions from business travel
in rental cars or employee-owned		 0.3 0.4
vehicles where company is responsible for purchasing
the fuel
Sco e 3 tCOze
Emissions from purchased electricity (Scope 2, location-based)
tCOze		 38.9 55.2
Emissions from purchased electricity (Scope 2, market-based)
tCOze
Total gross tCOze based on above 1,000 1,164
Intensity
ratio (tCOze/number		 of pupils) 1.02 1.89
Methodology
notes
Reporting
Period		 1"August 2020—31"July 2021
Boundary (consolidation approach) Operational
approach
Alignment with financial reporting SECRdisclosure
has been
annual
accounts made up		 prepared
to31"July		 in line with Headington
2021		 School's
Reporting method GHG Emissions
reporting		 are in line with the Greenhouse Gas (GHG)
Protocol Corporate
Accounting
and Reporting		 Standard
Emissions factor 8 Conversion
factor		 DEFRA, 2020 for all emissions
and conversion		 factors
source https://www.
gov.uk/government/publications/greenhouse-
gasreporting-conversion-factors-2020
Calculation method Activity Data x Emission Factor = GHG emissions
Activity Data x Conversion Factor = kWh consumption
Rounding The results
in the table are expressed		 in tons COze and may not add
up precisely to the totals due to rounding.

ANNUAL REPORT OF THE GOVERNORS (CONTINUED) REPORT OF THE GOVERNORS (CONTINUED)
YEAR ENDED 31JULY 2021
Other relevant information on calculation Electricity usage contains estimates
for sites where information		 on
consumption
was not available.
Estimation
is based on		 portfolio
average.
Diesel and petrol split was not available
from company		 mileage (6'lo
oftotal transport).
Split was made using VEH0203 statistics
https://www.
gov.uk/government/statistical-data-sets/veh02licensed-
cars
Reason for the intensity metric choice Headington
School is an independent
day, weekly and		 full-boarding
school therefore
following the recommendations
ofthe		 legislation the
chosen intensity
metric is based on tCO2 per pupil, expressing		 the
school's annual
emissions
in relation to this quantifiable		 factor.

F ORTHE Y EAR ENDED 31J ULY 2021
Unrestricted Restricted Total Total
funds funds funds funds
Note 2021
K		 2021
f		 2021
6		 2020
Income from:
Donations
and grants		 347,134 495,964 843,098 1,051,187
Charitable
activities		 18,637,142 18,637,142 19,607,641
Other trading activities 218,666 218,665 509,570
Investments 7,946 3,994 11,940 17,537
Other income 375,409 375,409 '287,734
Total income
19586296 499958 20 086254 21473669
Expenditure
on:
Raising funds:
Headingtcn
School		 Services Ltd 6,446 6,446 233,350
Headlngton
School		 International Ltd 13,233 13233 28,395
Development
Oflice		 176,298 176,298 213,877
Other 159,604 1,907 161,511 124,940
Charitable
activities		 18,262,196 1'I4,187 18,376,383 18,909,171
Total expenditure 18,617,777 116,094 1S,733,8?1 19,509,733
Net gains/(losses) on investments 28 181 44600 72781 13094
Net Income 996?00 428 464 1425164 1950842
Transfers between funds 23 564123 564123
Net movement
In		 funds
Reconciliation of funds:
I
Total funds brought forward 26,532,180 490,941 2?,023,121 25,072,279
Net movement
in funds		 1,560,823 (135,659) 1,425,164 1,950,842
Total funds carried forward

CONSOLIDATED CONSOLIDATED CONSOLIDATED BALANCE SHEET BALANCE SHEET
AS AT 31JULY 2021
2021 2020
Note
Fixed assets
Tangible assets 36,289,142 33,540,726
Investments 15 512,995 315,078
38,802,137 33,855,804
Current assets
Stocks 16 17,083 14,552
Debtors 17 778,637 571,038
Cash at bank and in hand 586,750 775,857
1,382,470 1,361,447
Creditors: amounts falling due within one
year 18 (4,350,698) (?,743,500)
Net current liabilities (2,968,228) (6,382,053)
Total assets less current liabilities 33,833,909 27,473,751
Creditors: amounts falling due after more
than one year 19 (5,384,473) (449,479)
Total net assets ~2Qg~~7
Charity funds
Share Capital 22 1,151 1,151
Restricted funds 23 355,282 490,941
Unrestricted
funds		 23 28,093,003 26,532,180
Shareholders' and Group funds ~34l44M. ~244
The surplus
for		 the year ofthe School dealt with in the financial statements was E1,436,155(2020:E1,950,275).

R E GISTERED NUMBER: 00141 GISTERED NUMBER: 00141 076
SCHOOL BALANCE SHEET
AS AT 31 JULY 2021
2021 2020
Note K
Fixed assets
Tangible assets 14 36,289,142 33,540,602
investments 15 513,000 315,083
36,802,142 33,855,685
Current assets
Stocks 16 17,083 14,552
Debtors 17 807,067 701,253
Cash at bank and in hand 535,386 613,559
1,359,536 1,329,364
Creditors: amounts falling due within one year 18 (4,325,081) (7,719,601)
Net current
liabilities		 (2,965,545) (6,390,237)
Total assets less current liabilities 33,836,597 27,465,448
Creditors: amounts falling due after more than
one year 19 (5,384,473) (449,479)
Total net assets ZLQ1k969.
Charity funds
Share Capital 22 1,151 1,151
Restricted
funds		 23 355,282 490,941
Unrestricted
funds		 23 28,095,691 26,523,877
Shareholders' and Charity funds
The financial statements were approved and authorised for issue by the Trustees on g December 2021 and
signed on their behalf by:

Note 2021f 2020
Cash flows from operating activities
Net cash used in operating activities 25 2,174,771 3,?03,547
Cash flows from investing activities
Dividends
and interest from		 investments 11,940 17,537
Proceeds from the sale oftangible
fixed		 assets 4,500
Purchase oftangible
fixed assets		 (3,887,252) (5,413,992)
Proceeds from sale of investments 370,243 52,458
Purchase ofinvestments (545,628) (50,481)
Net cash used
in investing		 activities (4,046,197) (5,394,478)
Cash flows from financing activities
Cash inflows from new borrowing 5,105,000 1,919,340
Repayments
of borrowing		 (3,269,340)
Advance fees utilised and repaid (34,353) (104,169)
Financing costs (118,988) (124,940)
Net cash provided
by financing
activities		 1,6&2,319 1,690,231
Change
in cash and cash		 equivalents in the year (189,107) (700)
Cash and cash equivalents at the beginning ofthe year 775,857 776,557
Cash and cash equivalents at the end of the year 26 ~~~ZQ~
The notes on pages 29to 54form part ofthese financial statements.

Unrestricted Restricted Total Total
funds funds funds funds
2021f 2021 2021 2020
Donations 20,108 495,964 516,072 323,960
Government grants 327,026 327,026 727,227
Total 2020

5. Fees
2021f 2020f
Fees receivable consist of:
Gross fees 18,622,756 19,669,385
Less bursaries
and		 allowances (1,057,809) (998,818)
Fees less discounts 17,564,947 18,670,567
Add back scholarships paid for by restricted funds 93,483 83,720
6. Other educational income
2021f 2020
Extra subjects 783,058 669,445
Insurance
commissions		 16,002 16,775
Registration
fees		 122,135 99,069
After School care 37,931 42,037
School shop and book sales 19,586 26,028

Unrestricted Total Total
funds funds funds
2021 2021 2020
Trading income —Headington School Services Limited 455 455 254,717
Trading income - Headington School international Limited 200,144 200,144 206,041
Rental income 18,066 18,066 48,812
~~I5. 509570
Total 2020 509570 509570

Unrestricted Restricted Total Total
funds funds funds funds
2021 2021 2021 2020
Dividend income 2,007 3,992 5,999 4,217
Bank interest 5,939 5,941 13,320
17 37
Total 2020 13320 4217 17537

Unrestricted Restricted Total Total
funds funds funds funds
2021 2021 2021f 2020
Teaching 10,295,840 20,704 10,316,544 10,951,771
Welfare costs 3,234,408 3,234,408 3,134,560
Premises costs 2,450,965 2,450,965 2,450,269
Support costs 2,195,758 2,195,758 2,190,588
Grants, prizes and awards 93,483 93,483 83,720
Governance costs 85,225 85,225 98,263
1 909171
Total 2020 18804 528 104643 18909 171

Other Total Total
Staff costs Depreciation costs funds funds
2021 2021 2021 2021 2020
Expenditure
on		 fundralsing
trading 152,668 124 204,696 357,488 600,562
Cost of raising funds 152,668 124 204,696 357,488 600,562
Teaching 9,281,651 260,604 774,289 10,316,544 10,951,771
Welfare costs 2,265,216 969,192 3,234,408 3,134,560
Premises costs 389,341 858,352 1,203,272 2,450,965 2,450,269
Support costs 1,738,834 19,756 437,168 2,195,758 2,190,588
Grants, prizes and awards 93,483 93,483 83,720
Governance
costs		 85,225 85,225 98,263
Charitable
activities		 13,675,042 1,138,712 3,562,629 18,376,383 '/8,909,171
Total 2021 ~+~25~~~21 19509733
Auditor's
remuneration
2021 2020
Fees payable
to		 the School's auditor and its associates for the audit ofthe
School's annual accounts 23,350 23,690
Fees payable to the School's auditor and its associates in respect of:
Taxation compliance services 3,400 950
All non-audit
services not included		 above 2261

Group Group School School
2021 2020 2021f 2020
Wages and salaries 10,970,222 1'/,492,0'l7 10,822,722 11,344,517
Social security costs 1,114,761 1,170,884 1,096,026 1,152,104
Contribution to pension schemes 1,742,727 '/,848,839 1,728,051 1,837,473
14511740 14334094
Group Group
2021 2020
No. No.
Teaching staff 145 160
Other direct staff 96 102
Visiting teachers 38 42
Domestic, outdoor and maintenance staff 79 81
Other 10 16
401

Group Group
2021 2020
No. No.
In the band f60,001 - f70,000 13
In the band f70,001 - f80,000
In the band f80,001 - f90,000
In the band f90,001 - f100,000
In the band f100,001 - f110,000 1 2
In the band f110,001 - f120,000
In the band f120,001 - f130,000 1 1
In the band f240,001 - f250,000

Motor
vehicles, Assets
Freehold fixtures and under
property fittings construction Total
Cost or valuation
At 1 August 2020 36,401,094 4,478,385 5,547,465 46,426,944
Additions 3,413,586 346,681 126,985 3,887,252
Disposals (412,166) (412,166)
Transfers between classes 5,282,355 (5,282,355)
At 31 July 2021 45,097,035 4,412,900 392,095 49,902,030
Depreciation
At 1 August 2020 9,044,803 3,841,415 12,886,218
Charge for the year 769,049 369,787 1,138,836
On disposals (412,166) (412,166)
At 31 July 2021 9,813,852 3,799,036 13,612,888
Net book value
At 31 July 2021
At 31Ju/y 2020 27356291 636970 5547 465 33540 726

Motor
vehicles, Assets
Freehold fixtures and under
property
f		 fittings
f		 construction
f		 Totalf
Cost or valuation
At 1 August 2020 36,401,094 4,477,042 5,547,465 46,425,601
Additions 3,413,586 346,681 126,985 3,887,252
Disposals (412,166) (412,166)
Transfers between classes 5,282,355 (5,282,355)
At 31 July 2021 45,097,035 4„411,557 392,095 49,900,687
Depreciation
At 1 August 2020 9,044,803 3,840,196 12,884,999
Charge for the year 769,049 369,663 1,138,712
On disposals (412,166) (412,166)
At 31 July 2021 9,813,852 3,797,693 13„611,545
Net book value
At 31 July 2021
At 31July 2020 27356291

15. Fixed asset investments
Listed
Group securitiesf
Cost or valuation
At 1 August 2020 315,078
Additions 545,628
Disposais (370,243)
Revaluations 22,532
At 31July 2021
Investments
in
subsidiary Listed
School companiesf securities Totalf
Cost or valuation
At 1 August 2020 5 315,078 315,083
Additions 545,628 545,628
Disposals (370,243) (370,243)
Revaluations 22,532 22,532
At 31July 2021

Group Group School School
2021
f.		 2020 2021f 2020f
Finished goods and goods for resale 14552 ~93. 14552
17. Debtors
Group Group School School
2021f 2020 2021f 2020
Due within one year
Trade debtors 358,816 121,601 358,816 121,601
Amounts owed by group undertakings 30,000 131,999
Other debtors 23,037 74,824 21,467 73,040
Prepayments and accrued income 396,784 374,613 396,784 374,613
571038 ~}57 701253

Group Group School School
2021 2020 2021 2020
Bank loans 500,000 3,269,340 500,000 3,269,340
Fees received in advance 498,196 1,143,506 498,196 1,143,506
Trade creditors 299,172 94,044 291,122 85,994
Other taxation and social security 288,241 287,347 288,241 287,347
Advance fee scheme (note 20) 34,353 34,353
Other creditors 10,156 29,740 10,156 29,740
Accruals and deferred income 769,453 1,312,298 751,886 1,296,449
Deposits held 1,985,480 1,572,872 1,985,480 1,572,872
77435 0 7719601

Group Group School School
2021f 2020 2021 2020
Bank loans 4,905,000 300,000 4,905,000 300,000
Fees received in advance 479,473 149,479 479,473 149,479
449479 449479

Creditors: Amounts
falling due a
The bank loans fall due as follows:		 fter more than one year (co ntinued)
Group Group School School
2021 2020
E		 2021f 2020
Between 1-2years 500,000 500,000
Between 2-5 years 1,905,000 300,000 1,905,000 300,000
Over 5years 2,500,000 2,500,000
300000 ~~}Q. 300000

2021f 2020f
Group and School
Due within one year (note 18) 34,353
The balance of fnil (2020: f34,353) represents the accrued liability under the contracts. The movements during
the
year were:
2021f 2020
Group and School
Balance at 1 August 2020 34,353 104,169
New contracts
34,353 104,169
Amounts
utilised
in payment		 offees (34,353) (69,816)
Amounts
refunded
Balance at 31July 2021

Group Group School School
2021 2020 2021 2020
E
Financial assets
Financial assets measured at fair value through
income and expenditure

2021 2020
Allotted, called up and fully paid
1,151 Ordinary shares off1 each 1,151 1,151
1 151

23. Statement offunds
Statement offunds - current year
Balance at 1 Transfers Gains/ Balance at 31
August 2020 Income Expendituref in/(out) (Losses) July 2021
Unrestricted
funds
Headington
School 26,523,877 19,396,697 (18,417,187) 564,123 28,181 28,095,691
Headington
School Services
Limited &,303 455 (11,446) (2,688)
Headington
School
International
Limited 200,144 (200,144)
Consolidation
adjustments (11,000) 11,000
26532180 19586296 ~18617777 564123 28 181 28 093003
Restricted funds
Charitable Trust 70,000 (70,000)
Scholarship 213,431 75,808 (24,190) 44,600 309,649
Prizes 377'12 1,350 (1,228) 37,&34
Leach 4,712 (190) 4,522
Rowing 33,301 11,250 (44,551)
Photography 12,500 (9,381) 3,119
Creativity
and
Innovation Centre 123,894 (123,894)
Drama 158 158
Ogden Trust 4,855 (4,855)
Sport Donation 6,250 (6,250)
Boathouse 190,522 31,713 (222,235)
Art School 173,443 (173,443)
490 941

Statement offunds - prior - prior year
Balance at Transfers Gains/ Balance at
1 August 2019 Income Expenditure inl(out) (Losses) 31July 2020
Z
Unrestricted
funds
Headington
School 24,742,747 20,851,956 (19,079,144) 4,259 4,059 26,523,877
Headington
School Services
Limited 7,736 369,941 (369,374) 8,303
Headington
School
International
Limited 206,041 (206,041)
Consolidation
adjustments (251,248) 251,248
24 750483 21 176 690 19403311 4259 4 059 26532 180
Restricted funds
Charitable Trust 60,000 (60,000)
Scholarship 234,359 25,982 (25,498) (4,259) (17,153) 213,431
Prizes 37,612 100 37,712
Leach 4,970 (258) 4,712
Rowing 38,417 8,900 (l4,016) 33,301
Prep 938 (938)
Creativity and
Innovation Centre 5,225 (5,225)
Drama 158 158
Ogden Trust 5,342 (487) 4,855
Sport Donation 6,250 6,250
Boathouse 190,522 190,522
321 796 296979 106422 490941

Analysis of net assets between funds - current period
Unrestricted Restricted Share Total
funds funds Capital funds
2021f 2021f 2021f 2021
Tangible fixed assets 36,289,142 36,289,142
Fixed asset investments 210,273 302,722 512,995
Current assets 1,329,910 52,560 1,382,470
Creditors due within one year (4,350,698) (4,350,69&)
Creditors due in more than one year (5,384,473) (5,384,473)
Share Capitai (1,151) 1,151
Total
Analysis of net assets between funds - prior period
Unrestricted Restricted Share Total
funds funds Capital funds
2020 2020 2020 2020
E
Tangible fixed assets 33,540,726 33,540,726
Fixed asset investments 110,283 204,795 315,078
Current assets 1,075,301 286,146 1,361,447
Creditors due within one year (7,743,500) (7,743,500)
Creditors due in more than one year (449,479) (449,479)
Share Capital (1,151) 1,151
Total
26532 180 490941 1 151 27024 272
25. Reconciliation
ofnet movement		 in funds to net cash flow from operating activities
Group Group
2021f 2020
Net income for the period (as per Statement of Financial Activities) 1,425,164 1,950,842
Adjustments
for:
Depreciation
charges		 1,138,836 1,101,907
(Gains)/losses
on investments		 (22,532) 12,170
Dividends
and interest from investments		 (11,940) (17,537)
Loss/(profit)
on the sale offixed assets		 (4,500) 1,872
(Increase)/decrease
in stocks		 (2,531) 2,795
(Increase)/decrease
in debtors		 (207,599) 211,835
Increase/(decrease)
in creditors		 (259,115) 314,723
Financing costs 118,988 124,940
Net cash provided
by operating		 activities
26. Analysis
ofcash and cash equivalents
Group Group
2021 2020
Cash at bank and in hand 5&6,750 775,857
Total cash and cash equivalents 'iSQ5k
27. Analysis
of changes
in net debt
Other
At 1 August noncash At 31July
2020
f		 Cash flowsf changes 2021
Cash at bank and in hand 775,857 (189,107) 586,750
Debt due within
1 year		 (3,269,340) 3,269,340 (500,000) (500,000)
Debt due after 1 year (300,000) (5,105,000) 500,000 (4,905,000)

Group Group School School
2021 2020 2021 2020
Not later than 1 year 97,617 88,835 97,617 88,835
Later than 1 year and not later than 5years 65,506 5,694 65,506 5,694
Later than 5years 313 313
94529 ~35. 94529