| Page | |
|---|---|
| NoticeofAGM | 1 |
| Referenceandadministrativedetails | 2-3 |
| Directors’report | 4-8 |
| Strategicreport | 9-21 |
| Independentauditor’sreport | 22—24 |
| Consolidatedstatementoffinancialactivities | 25 |
| Consolidatedbalancesheet | 26 |
| Schoolbalancesheet | 27 |
| Consolidatedstatementofcashflows | 28 |
| Notestothefinancialstatements | 29-53 |
| HEADINGTONSCHOOLOXFORDLIMITED | HEADINGTONSCHOOLOXFORDLIMITED | ||
|---|---|---|---|
| DIRECTORS,OFFICERSANDADVISERS | |||
| YEARENDED31JULY2022 | |||
Appointed |
Re-electedat |
||
| AGM | |||
| Chair | ofCouncil | ||
| MrsS | CPHIPKINACAt? | 2013 | 2021 |
| ViceChairofCouncil | |||
| MrsC | OSTERWARRINERMAOxon*t+ | 2017 | 2020 |
| Directors | |||
| DrC | EFOSTEROBEBEdHons,MSc,PhD#(ResignedNovember | 2020 | 2022 |
| 2022) | |||
| MrsP | ALENONBA(HONS)*” | 2013 | 2021 |
| MrsRMARTINMEdNPQH~t(ResignedSeptember2021) | 2019 | ||
| RevFrDWMCFARLANDBA(Hons)BTh* | 2016 | 2022 | |
| MsK | NGLENMA(HONS)3 | 2019 | 2021 |
| Miss | BCMOOREMBA#(ResignedMarch2022) | 2012 | 2020 |
| MrR | JJNICHOLSONMAOxon~ | 2022 | |
| DrC | MRINGHAMBA(HONS)PhD*#~t | 2015 | 2022 |
| MrsSCESALVIDANTCertEdBEd(HONS)~(ResignedMarch2022) | 2016 | 2021 | |
| MrR | SSHIPPERLEY3# (ResignedMarch2022) |
2010 | 2019 |
| MrM | CURTISMAOxon3t(AppointedMarch2022) | 2022 | |
| Miss | SHINCKSMAOxon,PGCE~t(AppointedMarch2022) | 2022 | |
| MrT | MONTGOMERYMBAOxon*(AppointedMarch2022) | 2022 | |
| MsL | KRUGERBA(Hons)#(AppointedMarch2022) | 2022 | |
| * | MembersoftheFinanceandGeneralPurposesCommittee. | ||
| t+ | MembersoftheRemunerationSub-Committee. | ||
| ~ | MembersoftheEducationCommittee. | ||
| 3 | MembersoftheDevelopmentCommittee. | ||
| + | MembersoftheNominationsandGovernanceCommittee. | ||
| > | DirectorsofHeadingtonSchoolInternationalLimited. | ||
| # | DirectorsofHeadingtonSchoolServicesLimited. |
•
•
HEADINGTON SCHOOL OXFORD LIMITED
ANNUAL REPORT OF THE GOVERNORS (CONTINUED) YEAR ENDED 31 JULY 2022
The School received one formal complaint during this reporting period which was resolved in accordance with the School's Complaints Procedures.
Going Concern
Budgets and cash flow forecasts have been prepared which show that pupil numbers remain strong. Results of the cash flow forecast and stress testing indicate that the cash reserves of the School are adequate to meet the School's obligations as they fall due. Despite the emerging inflationary financial pressures and operational uncertainty caused by the war in Ukraine, Headington remains in a healthy financial position. As a result, the Directors are confident that the School remains in a strong financial position, capable of dealing with any further strategic shocks. After due consideration, and as a result of the actions detailed, the Directors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future and have therefore considered it appropriate to prepare the financial statements on a going concern basis.
DECLARATION
This Annual Report, prepared under the Charities Act 2011 and the Companies Act 2006, was approved by the Governing Body of Headington School Oxford Limited on 27 January 2023, including in their capacity as company directors approving the Strategic Report contained therein, and is signed as authorised on its behalf by:
C-" Mra�:""� p� 'y'- _
Chair of Council
Page 21
, ..
HEADINGTON SCHOOL OXFORD LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HEADINGTON SCHOOL OXFORD LIMITED (CONTINUED)
basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, taxation legislation, employment legislation, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company's and the group's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were The Education (Independent School Standards) Regulations 2014.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the approval and processing of fee concessions and discounts, the completeness and accuracy of legacy income, and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Finance and General Purposes Committee about their own identification and assessment of the risks of irregularities, designing audit procedures over income, sample testing on the posting of journals, designing audit procedures over fee concessions and discounts, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate, Ofsted, and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non compliance and cannot be expected to detect non-compliance with all laws and regulations.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Guy Biggin (Senior Statutory Auditor) for and on behalf of Crowe U.K. LLP Statutory Auditor Fourth Floor St James House St James' Square Cheltenham GL50 3PR
Date: 02 March 2023
Page 24
. '
| Unrestricted | Total | Total | |||
|---|---|---|---|---|---|
| funds | funds | funds | |||
| 2022 | 2022 | 2021 | |||
| £ | £ | £ | |||
| Tradingincome-HeadingtonSchoolServicesLimited | 212,032 | 212,032 | 455 | ||
| Tradingincome-HeadingtonSchoolInternationalLimited | 206,180 | 206,180 | 200,144 | ||
| Rentalincome | 44,028 | 44,028 | 18,066 | ||
462,240 |
___462,240__ |
218.665 |
|||
| Total | 2021 | 218,665 |
218,665 |
||
| Investmentincome | |||||
| Unrestricted | Restricted | Total | Total | ||
| funds | funds | funds | funds | ||
| 2022 | 2022 | 2022 | 2021 | ||
| £ | £ | £ | £ | ||
| Dividendincome | 8,057 | 8,068 | 16,125 | 5,999 | |
| Bankinterest | 11,444 | 1 | 11,445 | 5,941 | |
19,501 |
8.069 |
27,570 |
11,940 |
||
Total2021 |
7,946 |
3,994 |
11,940 |
HEADINGTONSCHOOLOXFORDLIMITED |
HEADINGTONSCHOOLOXFORDLIMITED |
HEADINGTONSCHOOLOXFORDLIMITED |
HEADINGTONSCHOOLOXFORDLIMITED |
HEADINGTONSCHOOLOXFORDLIMITED |
|||||
|---|---|---|---|---|---|---|---|---|---|
NOTES |
TOTHEFINANCIALSTATEMENTS |
(CONTINUED) |
|||||||
| FORTHEYEAR |
ENDED31JULY |
2022 |
|||||||
| 10. | Analysisofexpenditure | by | expendituretype | ||||||
| Other | Total | Total | |||||||
| Staffcosts | Depreciation |
costs | funds | funds | |||||
| 2022 | 2022 |
2022 | 2022 | 2021 | |||||
| £ | £ | £ | £ | £ | |||||
| Expenditureonfundraising | |||||||||
| trading | 346,744 | - | 252,954 | 599,698 | 544,399 | ||||
| Costofraisingfunds | 346,744 |
- |
252,954 |
599,698 |
544,399 |
||||
| Teaching | 9,506,985 | 272,461 |
923,887 | 10,703,333 | 10,316,544 | ||||
| Welfarecosts | 2,409,444 | - | 1,434,711 | 3,844,155 | 3,234,408 | ||||
| Premisescosts | 426,254 | 927,473 |
1,495,274 | 2,849,004 | 2,450,965 | ||||
| Supportcosts | 1,717,720 | 20,598 |
734,281 | 2,472,599 | 2,008,847 | ||||
| Grants,prizesand | awards | - | - | 108,488 | 108,488 | 93,483 | |||
| Governancecosts | - | - | 86,412 | 86,412 | 85,225 | ||||
| Charitableactivities | 14,060,403 |
1,220,532 |
4,783,563 |
20,063,988 |
18189,472 |
||||
| Total2022 | —14,407,147 |
___1,220,532 |
__5,036,517_20,663,686__18733,877 |
||||||
| Total2021 | 13,827,710 |
1,138,836 |
3,767,325_ |
18,733,871 |
|||||
| 11. | Auditor'sremuneration | ||||||||
| 2022 | 2021 | ||||||||
| Fees payabletothe | School's | auditoranditsassociatesfortheauditofthe | |||||||
| School'sannualaccounts | 24,870 | 23,350 | |||||||
| Feespayabletothe | School's | auditoranditsassociatesinrespectof: | |||||||
| Taxationcomplianceservices | 2,000 | 3,400 | |||||||
| Allnon-auditservicesnot | includedabove |
| 12. | Staffcosts | ||||||
|---|---|---|---|---|---|---|---|
| Group | Group | School | School | ||||
| 2022 | 2021 | 2022 | 2021 | ||||
| £ | £ | £ | £ | ||||
| Wagesandsalaries | 11,418,023 | 10,970,222 | 11,263,201 |
10,822,722 | |||
| Socialsecuritycosts | 1,219,155 | 1,114,761 | 1,199,302 | 1,096,026 |
|||
| Contributiontopensionschemes | 1,769,969 | 1,742,727 | 1,755,401 |
1,728,051 | |||
14,407,147__13,827,710 |
_14,217,904 |
__13.646,799 |
|||||
| Theaveragenumberofpersonsemployedby | theSchoolduring | theyearwasasfollows: | |||||
| Group | Group | ||||||
| 2022 | 2021 | ||||||
| No. | No. | ||||||
| Teachingstaff | 144 | 145 |
|||||
| Otherdirectstaff | 98 | 96 |
|||||
| Visitingteachers | 38 | 38 |
|||||
| Domestic,outdoorandmaintenancestaff | 79 | 79 |
|||||
| Other | 12 | 10 |
|||||
—871 |
8G. |
||||||
Page38 |
|||||||
| ve | a | ate! | 4 | vey | |||
| it | vt | ul | 4 |
| Motor | |||||||
|---|---|---|---|---|---|---|---|
| vehicles, | Assets | ||||||
| Freehold | fixturesand | under | |||||
| property | fittings | construction | Total | ||||
| £ | £ | £ | |||||
| Costorvaluation | |||||||
| At1August2021 | 45,097,035 | 4,411,557 | 392,095 | 49,900,687 | |||
| Additions | 484,770 | 325,678 | 609,467 | 1,419,915 | |||
| Disposals | - | (285,642) | - | (285,642) | |||
| Transfersbetweenclasses | 119,070 | - | (119,070) | - | |||
| At31July2022 | 45,700,875 |
4,451,593 |
882,492 |
51,034,960 |
|||
| Depreciation | |||||||
| At1August2021 | 9,813,852 | 3,797,693 | - | 13,611,545 | |||
| Chargefortheyear | 887,617 | 332,915 | - | 1,220,532 | |||
| Ondisposals | - | (285,642) | - | (285,642) | |||
| At31July2022 | 10,701,469 |
3,844,966 |
- |
14,546,435 |
|||
| Netbookvalue | |||||||
| At31July2022 | —34,999,406 | ___606,627 | ____882,492 | __36,488.525. | |||
| At31July2021 | 35,283,183 | 613,864 | 392.095 | __36,289,142 |
| 16. | Stocks | |||||
|---|---|---|---|---|---|---|
| Group | Group |
School | School | |||
| 2022 | 2021 |
2022 | 2021 | |||
| £ | £ |
£ | £ | |||
| Finishedgoodsandgoodsforresale | —__ |
15,370 |
17,083 |
14,565 |
17,083 |
|
| 17. | Debtors | |||||
| Group | Group |
School | School | |||
| 2022 | 2021 |
2022 | 2021 | |||
| £ | £ |
£ | £ | |||
| Duewithinoneyear | ||||||
| Tradedebtors | 427,902 | 358,816 |
426,243 | 358,816 |
||
| Amountsowedbygroupundertakings | - - |
114,032 | 30,000 |
|||
| Otherdebtors | 20,741 | 23,037 |
20,741 | 21,467 | ||
| Prepaymentsandaccruedincome | .- | 602,242 | 396,784 |
396,838 | 396,784 |
|
1,050,885 |
__778.637957,854 807,067 |
|||||
| Tradedebtorsarestatedafterprovisionforimpairmentof£6,597(2021:£34,267). |
| 18. | Creditors:Amountsfallingduewithinone | year | ||||
|---|---|---|---|---|---|---|
| Group | Group | School | School | |||
| 2022 | 2021 | 2022 | 2021 | |||
| £ | ||||||
| Bankloans | 500,000 | 500,000 | 500,000 |
500,000 | ||
| Feesreceivedinadvance | 697,587 | 498,196 | 697,587 |
498,196 | ||
| Tradecreditors | 288,917 | 299,172 | 287,801 |
291,122 | ||
| Othertaxationandsocialsecurity | 337,171 | 288,241 | 337,171 |
288,241 | ||
| Othercreditors | 236,188 | 10,156 | 236,188 |
10,156 | ||
| Accrualsanddeferredincome | 832,438 | 769,453 | 782,993 |
751,886 | ||
| Depositsheld | 1,695,905 | 1,985,480 | 1,695,905 |
1,985,480 | ||
___ 4,588,206_ |
4,350,698 __4,537,645_4,325,081 |
|||||
| Handelsbankenhavefirstlegalchargeover | theHeadingtonSeniorSchool | siteassecurityforthe£7m | ||||
| revolvingcreditfacilityandthe£5mloan.The | revolvingcreditfacilityisavailableuntilAugust | 2023andthe | ||||
| loanistobefullyrepaidbyFebruary2031. | ||||||
| Includedwithinaccrualsanddeferredincome | isdeferredincome | amounting | toENil(2027:£17,316).This | |||
| is inrespectofwherethesupplyofserviceswill | bedelivered | inafuture | financialyear. | £11,316was | ||
| releasedduringtheyearfrompreviousperiodsand | £Nilwasdeferredduring | theyear. | ||||
| 19. | Creditors:Amountsfallingdueaftermore | than | oneyear | |||
| Group | Group | School | School | |||
| 2022 | 2021 | 2022 | 2021 | |||
| £ | £ | £ | £ | |||
| Bankloans | 4,005,000 | 4,905,000 | 4,005,000 |
4,905,000 | ||
| Depositsheld | 114,988 | 479,473 | 114,988 | 479,473 | ||
—4,119,988__ |
5,384,473 |
__4,119,988__5,384,473 |
| Creditors:Amountsfallingdueaftermore | thanoneyear(continued) | thanoneyear(continued) | ||
|---|---|---|---|---|
| Thebankloansfalldueasfollows: | ||||
| Group | Group | School | School | |
| 2022 | 2021 | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Between1-2years | 505,000 | 500,000 | 505,000 |
500,000 |
| Between2-5years | 1,500,000 | 1,905,000 | 1,500,000 |
1,905,000 |
| Over5years | 2,000,000 | 2,500,000 | 2,000,000 |
2,500,000 |
4,005,000 |
__4,905,000 |
4,005,0004,905.000 |
||
| Financialinstruments | ||||
| Group | Group | School | School | |
| 2022 | 2021 | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Financialassets | ||||
| Financialassetsmeasuredat fairvaluethrough | ||||
| incomeandexpenditure | __75§,756 |
512,995 |
755,756 |
512,995 |
| Financialassetsmeasuredatfairvaluethroughincomeandexpenditurecompriseinvestments. | ||||
| Sharecapital | ||||
| GroupandSchool | ||||
| 2022 | 2021 | |||
| £ | £ | |||
| Allotted,calledupandfullypaid | ||||
| 1,151Ordinarysharesof£1each | 1,151 | 1,151 | ||
1,151 |
1,151 |
|||
| Theshareshavenorighttodividendsortothesurplusonwindingup.Correspondinglyareconciliationof | ||||
| shareholder'sfundsisnotconsideredappropriate. |
| 23. | Analysisofnetassetsbetweenfunds | ||||
|---|---|---|---|---|---|
| Analysisofnetassetsbetweenfunds | -currentyear | ||||
| Unrestricted | Restricted | Share | Total | ||
| funds | funds | Capital | funds | ||
| 2022 | 2022 | 2022 | 2022 | ||
| £ | £ | £ | £ | ||
| Tangiblefixedassets | 36,488,525 | - | - | 36,488,525 | |
| Fixedassetinvestments | 468,538 | 287,218 | - | 755,756 | |
| Currentassets | 2,697,300 | 100,674 | - | 2,797,974 | |
| Creditorsduewithinoneyear | (4,588,206) | - | - | (4,588,206) | |
| Creditorsdueinmorethanoneyear | (4,119,988) | - | - | (4,119,988) | |
| ShareCapital | (1,151) | - | 1,151 | - | |
| Total | —30,945,018 |
387,892 |
1,151 |
_31,334,061 |
|
| Analysisofnetassetsbetweenfunds | -prioryear | ||||
| Unrestricted | Restricted | Share | Total | ||
| funds | funds | Capital | funds | ||
| 2021 | 2021 | 2021 | 2021 | ||
| £ | £ | £ | £ | ||
| Tangiblefixedassets | 36,289,142 | - | - | 36,289,142 | |
| Fixedassetinvestments | 210,273 | 302,722 | - | 512,995 | |
| Currentassets | 1,329,910 | 52,560 | - | 1,382,470 | |
| Creditors duewithinoneyear | (4,350,698) | - | - | (4,350,698) | |
| Creditors dueinmorethanoneyear | (5,384,473) | - | - | (5,384,473) | |
| ShareCapital | (1,151) | - | 1,151 | - | |
| Total | 28,093,003 |
___355,282 |
__1,151 |
__28,449.436. |
|
Page49 |